<SEC-DOCUMENT>0001144204-19-044407.txt : 20190912
<SEC-HEADER>0001144204-19-044407.hdr.sgml : 20190912
<ACCEPTANCE-DATETIME>20190912161044
ACCESSION NUMBER:		0001144204-19-044407
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190912
DATE AS OF CHANGE:		20190912
GROUP MEMBERS:		RANDALL J. GARUTTI 2014 GST TRUST DATED 12/30/14

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shake Shack Inc.
		CENTRAL INDEX KEY:			0001620533
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		IRS NUMBER:				471941186
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88605
		FILM NUMBER:		191090514

	BUSINESS ADDRESS:	
		STREET 1:		225 VARICK STREET
		STREET 2:		SUITE 301
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014
		BUSINESS PHONE:		(646) 747-7200

	MAIL ADDRESS:	
		STREET 1:		225 VARICK STREET
		STREET 2:		SUITE 301
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GARUTTI RANDALL J
		CENTRAL INDEX KEY:			0001632017

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		C/O SHAKE SHACK INC.
		STREET 2:		24 UNION SQUARE EAST, 5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tv529365_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 228.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of
1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. 5)*+</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shake Shack Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class A Common Stock, $0.001 par value
per share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>819047 101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Randall J. Garutti</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o Shake Shack Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>225 Varick Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 301</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(646) 747-7200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address and Telephone Number of Person
Authorized to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Receive Notices and Communications)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 9, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event which Requires Filing of
this Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule
because of &sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify"><B>Note</B>: Schedules filed
in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for
other parties to whom copies are to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">*&nbsp;&nbsp;The remainder of
this cover page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover
page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">The information required on
the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities
Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">+ Represents (i) Amendment No.
5 to the Schedule 13D filed by Randall J. Garutti and (ii) Amendment No. 4 to the Schedule 13D filed by Randall J. Garutti 2014
GST Trust dated 12/30/14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>CUSIP No. 819047 101</B></TD><TD STYLE="width: 34%; text-align: center"><B>Schedule 13D/A</B></TD><TD STYLE="width: 33%"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 5%; border: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">1</TD>
    <TD STYLE="vertical-align: bottom; width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Names of Reporting Persons</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Randall J. Garutti</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">2</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Check the Appropriate Box if a Member of a Group</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">(a)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">(b)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">3</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">SEC Use Only</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">4</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Source of Funds</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">PF</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Wingdings"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Citizenship or Place of Organization</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">United States of America</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="8" STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Number of Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Beneficially Owned by</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Each Reporting</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Person With:</P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="vertical-align: top; width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Sole Voting Power</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">759,569</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Shared Voting Power</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">55,972</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Sole Dispositive Power</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">759,569</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Shared Dispositive Power</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">55,972</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 5%; border: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD STYLE="vertical-align: bottom; width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Aggregate Amount Beneficially Owned by Each Reporting Person</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">815,541</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Check if the Aggregate Amount in Row (11) Excludes Certain Securities</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Wingdings"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Percent of Class Represented by Amount in Row (11)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2.4%</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Type of Reporting Person</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">IN</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>CUSIP No. 819047 101</B></TD><TD STYLE="width: 34%; text-align: center"><B>Schedule 13D/A</B></TD><TD STYLE="width: 33%"><B>&nbsp;</B></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 5%; border: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">1</TD>
    <TD STYLE="vertical-align: bottom; width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Names of Reporting Persons</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Randall J. Garutti 2014 GST Trust dated 12/30/14<SUP>(1) </SUP></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">2</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Check the Appropriate Box if a Member of a Group</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">(a)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">(b)&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">3</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">SEC Use Only</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">4</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Source of Funds</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">OO (Cash from Trust)</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Wingdings"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Citizenship or Place of Organization</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Delaware</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="8" STYLE="width: 20%; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; border-top: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Number of Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Beneficially Owned by</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Each Reporting</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Person With:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="vertical-align: top; width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Sole Voting Power</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&mdash;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Shared Voting Power</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">55,972</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Sole Dispositive Power</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&mdash;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Shared Dispositive Power</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">55,972</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 5%; border: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD STYLE="vertical-align: bottom; width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Aggregate Amount Beneficially Owned by Each Reporting Person</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">55,972</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Check if the Aggregate Amount in Row (11) Excludes Certain Securities</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Wingdings"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Percent of Class Represented by Amount in Row (11)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">0.2%</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt">Type of Reporting Person</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">OO</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD><FONT STYLE="font-size: 10pt">Ronald Garutti, Jr., the brother of Randall J. Garutti, and Maria Garutti, the wife of Randall
J. Garutti, are trustees of the Randall J. Garutti GST Trust dated 12/30/14.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Preliminary Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This filing, dated
September 12, 2019 (this &quot;Amendment&quot;), amends and supplements the Schedule 13Ds initially filed on February 17, 2015
for each of Randall J. Garutti and Randall J. Garutti 2014 GST Trust dated 12/30/14 (as amended and supplemented to date, the &quot;Schedule
13Ds&quot;) relating to shares of Class A common stock, $0.001 par value per share (the &quot;A-Common&quot;), of Shake Shack Inc.
(the &quot;Issuer&quot;). Capitalized terms used in this Amendment and not otherwise defined herein shall have the same meanings
ascribed to them in the Schedule 13Ds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 75.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4.</B></TD><TD STYLE="text-align: justify"><B>Purpose of Transaction</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4 of the Schedule 13Ds is hereby amended and supplemented
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 7, 2019, Randall J. Garutti and J.P. Morgan Securities
LLC entered into a stock trading plan (the &ldquo;August 2019 10b5-1 Plan&rdquo;) designed to comply with Rule 10b5-1 of the Securities
and Exchange Act of 1934, as amended, and the Issuer's insider trading compliance policy. Under the August 2019 10b5-1 Plan, Mr.
Garutti may sell, beginning September 9, 2019, up to 150,000 shares of A-Common, which Mr. Garutti has the right to acquire through
the exercise of vested outstanding stock options, through February 28, 2020, subject to the price, volume and other conditions
set forth in the August 2019 10b5-1 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.</B></TD><TD><B>Interest in Securities of the Issuer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5 of the Schedule 13Ds is amended and restated in its entirety
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)-(b)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate percentage of shares of A-Common
reported to be beneficially owned by the Reporting Persons is based upon a total of 33,631,106 shares of A-Common outstanding,
which is the total number of shares of A-Common told by the Issuer to the Reporting Persons to be outstanding as of September 11,
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the close of business on September 11,
2019, the Reporting Persons may be deemed to beneficially own 815,541 shares of A-Common in the aggregate, constituting approximately
2.4% of the shares of A-Common outstanding, as set forth in further detail below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt"><B>Reporting Person</B></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>Amount<BR>
 beneficially <BR>
owned</B></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>Percent <BR>
of class</B></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>Sole power<BR>
 to&nbsp;vote or to <BR>
direct the<BR>
 vote</B></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>Shared<BR>
 power to <BR>
vote or to<BR>
 direct the<BR>
 vote</B></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>Sole power to<BR>
 dispose or to<BR>
 direct the<BR>
 disposition of</B></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>Shared power<BR>
 to dispose or to<BR>
 direct the<BR>
 disposition of</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left; vertical-align: middle">RANDALL J. GARUTTI<SUP>(1)</SUP></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">815,541<SUP>(3)</SUP></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">2.4%</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">759,569</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">55,972</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">759,569</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">55,972</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 0; text-align: left; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">RANDALL
J. GARUTTI 2014 GST TRUST DATED 12/30/14<SUP>(2)</SUP>&nbsp;</P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">55,972<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">0.2%</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">&mdash;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">55,972</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">&mdash;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; vertical-align: middle">55,972</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Mr. Garutti disclaims beneficial ownership of the securities held by the Randall J. Garutti 2014 GST Trust dated 12/30/14.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Ronald Garutti, Jr., the brother of Randall J. Garutti, and Maria Garutti, the wife of Randall J. Garutti, are co-trustees
of the Randall J. Garutti 2014 GST Trust dated 12/30/14.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Includes 17,518 shares of A-Common and 254,051 LLC Interests that may be exchanged for shares of A-Common at the election of
Mr. Garutti.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Includes 55,972 LLC Interests that may be exchanged for shares of A-Common at the election of the Randall J. Garutti 2014 GST
Trust dated 12/30/14.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>CUSIP No. 819047 101</B></TD><TD STYLE="width: 34%; text-align: center"><B>Schedule 13D/A</B></TD><TD STYLE="width: 33%"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) The following table sets forth the transactions with respect
to shares of A-Common by each of the Reporting Persons required to be reported pursuant to this Item 5(c).&nbsp; Each day's sales
comprised open market transactions made on that day, and the price per share reported for each sale is the weighted average sales
price. The Reporting Person&rsquo;s will provide upon request of the SEC staff the full information regarding the number of shares
purchased or sold at each separate price.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Reporting Person</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date of Transaction</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares <BR> Acquired (A) or <BR> Disposed (D) of</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Price per Share</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 43%; font-size: 10pt; text-align: left">RANDALL J. GARUTTI</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 10pt; text-align: right">July 26, 2019</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">37,523</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">(D)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">74.0509</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">RANDALL J. GARUTTI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">July 26, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,377</TD><TD STYLE="font-size: 10pt; text-align: left">(D)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">74.8172</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">RANDALL J. GARUTTI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">July 26, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">(D)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">75.53</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(3)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">RANDALL J. GARUTTI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">September 9, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,058</TD><TD STYLE="font-size: 10pt; text-align: left">(D)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">102.6294</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">RANDALL J. GARUTTI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">September 9, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,042</TD><TD STYLE="font-size: 10pt; text-align: left">(D)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">103.3988</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">RANDALL J. GARUTTI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">September 9, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,400</TD><TD STYLE="font-size: 10pt; text-align: left">(D)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">104.4403</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(6)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">RANDALL J. GARUTTI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">September 9, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">500</TD><TD STYLE="font-size: 10pt; text-align: left">(D)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">105.2100</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(7)</SUP></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) The transaction was executed in multiple trades as prices
ranging from $<FONT STYLE="background-color: white">73.5050 to $74.5049</FONT>.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) The transaction was executed in multiple trades as prices
ranging from $<FONT STYLE="background-color: white">74.5050 to $75.5049</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
(3) The transaction was executed in multiple trades as prices ranging from $<FONT STYLE="background-color: white">75.5050 to $75.5300</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
(4) The transaction was executed in multiple trades as prices ranging from $<FONT STYLE="background-color: white">102.0550 to $103.0549</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
(5) The transaction was executed in multiple trades as prices ranging from $<FONT STYLE="background-color: white">103.0550 to $104.0549</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
(6) The transaction was executed in multiple trades as prices ranging from $<FONT STYLE="background-color: white">104.0550 to $105.0549</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7) The transaction was executed in multiple trades as prices
ranging from $<FONT STYLE="background-color: white">105.0550 to $105.2300</FONT>.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 6.</B></TD><TD><B>Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The disclosure under Item 4 relating to the August 2019 10b5-1
Plan is incorporated herein by reference. The description of the August 2019 10b5-1 Plan is qualified in its entirety by the copy
of the August 2019 10b5-1 Plan filed as Exhibit 7.10, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 7 of the Schedule 13D is hereby amended
and supplemented as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 82%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">7.10</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Sales Plan, adopted August 7, 2019, between Randall J. Garutti and J.P. Morgan Securities LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">Dated: September 12, 2019</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Ronald Palmese, Jr.</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Ronald Palmese, Jr., Esq., Attorney-in-Fact for Randall J. Garutti</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">Dated: September 12, 2019</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Ronald Palmese, Jr.</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">Ronald Palmese, Jr., Esq., Attorney-in-Fact for</P>
                                           <P STYLE="margin-top: 0; margin-bottom: 0">Randall J. Garutti 2014 GST Trust dated 12/30/14</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-7.10
<SEQUENCE>2
<FILENAME>tv529365_ex7-10.htm
<DESCRIPTION>EXHIBIT 7.10
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 7.10</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B><IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Sales Plan</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales Plan, adopted
August 7, 2019 (the &ldquo;<B>Sales Plan</B>&rdquo;, and such date the &ldquo;<B>Adoption Date</B>&rdquo;), between Randall Garutti
(&ldquo;<B>Seller</B>&rdquo;) and J.P. Morgan Securities LLC (&ldquo;<B>JPMS</B>&rdquo;). The purpose of this Sales Plan is to
achieve the investment objectives of broader diversification of investments, while reducing the risk of over concentration in a
particular investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>RECITALS</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller
desires to establish this Sales Plan to sell Class A common shares (the &ldquo;<B>Stock</B>&rdquo;) of Shake Shack Inc. (&ldquo;the
&ldquo;<B>Issuer</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller
desires to sell a total of <B><U>150,000</U></B> shares of Stock (the &ldquo;<B>Total Plan Shares</B>&rdquo;), which Seller has
the right to acquire through the exercise of vested, outstanding stock options issued by the Issuer listed on <U>Schedule B</U>
hereto (the &ldquo;<B>Options</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller
desires to engage JPMS to effect sales of shares of Stock in accordance with the Sales Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the
Seller and JPMS hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>A. IMPLEMENTATION
OF THE SALES PLAN</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMS
shall effect sales (each a &ldquo;<B>Sale</B>&rdquo;) of shares of Stock only on days on which the New York Stock Exchange (the
&ldquo;<B>Exchange</B>&rdquo;) is open and the Stock trades regular way on the Exchange (&ldquo;<B>Trading Day</B>&rdquo;), pursuant
to the specific instructions specified on Schedule A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
acknowledges and agrees that JPMS will handle the above order on a best efforts basis. In the event any limit prices of orders
are away from the prevailing market prices at any time, there can be no assurance that such orders will be executed in whole or
in part. Seller agrees that all orders may be partially executed and will not be treated as an all or none order. JPMS may effect
sales of Stock which may coincide with sales of Stock by other accounts held with JPMS including, but not limited to, sales made
pursuant to other sales plans with JPMS. In such instances, JPMS will make allocations in a manner believed by JPMS to be equitable
to each client. JPMS may aggregate sales of Stock under the Sales Plan with sales of the Stock by other JPMS accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMS
shall exercise a sufficient number of Options to effect such sales as indicated on <U>Schedule B</U>. <U>Schedule B</U> establishes
the specific grant date, number of shares and strike price. JPMS shall in no event exercise any Option if at the time of exercise
the exercise price of the Option is equal to or higher than the market price of the Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
agrees to make appropriate arrangements with the Issuer and its transfer agent and stock plan administrator to permit JPMS to furnish
notice to the Issuer of the exercise of up to <B><U>150,000</U></B> Options (&ldquo;<B>Total Plan Options</B>&rdquo;) and to have
underlying shares delivered to JPMS as necessary to effect sales under this Sales Plan. Seller hereby authorizes JPMS to serve
as Seller&rsquo;s agent and attorney-in-fact and, in accordance with the terms of this Sales Plan, to exercise the Options. Seller
agrees to complete, execute and deliver to JPMS Cashless Stock Option Exercise Forms for the exercise of Options pursuant to this
Sales Plan at such times and in such numbers as JPMS shall request. Stock received upon exercise of Options shall be delivered
to the Seller&rsquo;s JPMorgan Chase Bank, N.A. Asset Custody Account or JPMS Margin Brokerage Account (&ldquo;<B>Account</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMS
shall, in connection with the exercise of Options, remit to the Issuer the exercise price thereof along with such amounts as may
be necessary to satisfy withholding obligations. These amounts shall be deducted from the proceeds of sale of the Stock, together
with interest thereon computed in accordance with JPMS customary practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6</FONT>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Seller
agrees not to exercise any of the Total Plan Options outside of this Sales Plan. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMS
will deduct its reasonable and customary commissions from the proceeds of sales of Stock under this Sales Plan, together with any
other expenses incurred by JPMS in connection with such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Total Plan Shares, the Total Plan Options, the shares to be sold on a particular day, the limit prices, and the strike price of
Options shall be adjusted automatically on a proportionate basis to take into account any stock split, reverse stock split or stock
dividend with respect to the Stock or Options or any change in capitalization with respect to the Issuer that occurs during the
term of this Sales Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to <U>Paragraph F.5</U>,sales will commence under this Sales Plan on the Sales Commencement Date, as defined in <U>Schedule A</U>,
and shall terminate on the earlier of (a) the close of business on <U>February 28, 2020</U>; (b) the date on which the Total Plan
Shares have been sold; (c) the date this Sales Plan is terminated pursuant to <U>Section E</U>; (d) the date on which the unit
of JPMS responsible for executing sales of Stock pursuant to this Sales Plan receives notice or otherwise becomes aware of (i)
the closing of a tender or exchange offer with respect to the Stock or of a merger, acquisition, reorganization, recapitalization
or comparable transaction affecting the securities of the Issuer as a result of which the Stock is to be exchanged or converted
into shares of another company or for other consideration; (ii) if Seller is a natural person, the death or mental incapacity of
the Seller; or (iii) the commencement or impending commencement of any proceedings in respect of or triggered by Seller&rsquo;s
bankruptcy or insolvency. Notwithstanding the above, this Sales Plan shall not be considered effective, but instead shall be considered
null and void, if at least one of the accounts referenced in <U>A.4</U> above has not been established in the name of Seller and
open for the receipt of Stock by the Sales Commencement Date. Seller understands that such an account cannot be opened until JPMS
and its affiliates have performed customer due diligence and customer identification in accordance with internal policies and procedures
and relevant federal laws including, but not limited to, the Bank Secrecy Act as amended by the USA PATRIOT Act and the regulations
promulgated thereunder.&nbsp; Seller understands that there may be significant time delays during this process and that an account
may not be open for the receipt of Stock by the Sales Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
acknowledges and agrees that he does not have authority, influence or control over any sales of Stock effected by JPMS pursuant
to this Sales Plan, and will not attempt to exercise any authority, influence or control over such sales. JPMS agrees not to seek
advice from Seller with respect to the manner in which it effects sales under this Sales Plan. JPMS shall execute the trades in
such a way as to attempt to minimize the negative price impact on the market and to attempt to maximize the prices obtained for
the shares sold.&nbsp; JPMS may use its discretion in how to work the order to attempt to achieve the best execution above the
minimum price per share, but at no time will the Seller communicate to JPMS any instructions on how to execute the order.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
will be notified of all transactions pursuant to customary trade confirmations that are provided in the normal course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
understands that JPMS may not be able to effect a sale due to a market disruption or a legal, regulatory or contractual restriction
applicable to JPMS, an insufficient number of shares of Stock being in the Account, JPMS having received written confirmation from
the Issuer that the Issuer has not complied with the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act
of 1934 (the &ldquo;Exchange Act&rdquo;) that are a condition to complying with Rule 144 or 145 under the Securities Act of 1933
(the &ldquo;<B>Securities Act</B>&rdquo;), if applicable, or a pending sale under this Sales Plan causing Seller to exceed any
applicable volume limitations of Rule 144 or 145 under the Securities Act, if applicable. If any sale cannot be executed as required
by <U>Paragraph A.1</U> due to, if applicable: (a) Issuer not complying with the reporting requirements of Section 13 or 15(d)
of the Exchange Act that are a condition to complying with Rule 144 or 145 under the Securities Act, JPMS will carry over any unsold
shares to be sold in whole or in increments pursuant to the terms of Schedule A as and when the Issuer has provided written confirmation
to JPMS that the Issuer is currently compliant with such reporting requirements; (b) the applicable volume limitations of Rule
144 or 145 under the Securities Act, then JPMS will recalculate the volume limitations on a weekly basis and carry over any unsold
shares to be sold in whole or in increments pursuant to the terms of Schedule A as and when the volume limitations permit; or (c)
a market disruption, a legal, regulatory or contractual restriction applicable to JPMS or any other such event, such sale shall
be cancelled and shall not be effected pursuant to this Sales Plan, and, notwithstanding any language to the contrary herein, there
shall be no carryover associated with such cancelled sale other than as set forth in Schedule A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the intent of the parties that this Sales Plan comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act
and this Sales Plan shall be interpreted to comply with the requirements of Rule 10b5-1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that it is necessary for JPMS to borrow or purchase shares of Stock in order to complete any sale on behalf of Seller
pursuant to this Sales Plan, Seller authorizes JPMS to borrow or purchase such shares and agrees to be responsible for any expense
or loss which JPMS may sustain relating to such borrowing or purchase, including any expense or loss JPMS may sustain as a result
of its inability to borrow or purchase shares of Stock to complete its delivery obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>B. RULES 144
AND 145</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following three
paragraphs shall only apply to the Total Plan Shares to the extent sales are made pursuant to Rules 144 and 145.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMS
agrees to conduct all sales in accordance with the manner of sale requirement of Rule 144 or 145 under the Securities Act, and
in no event shall JPMS effect any such sale if such sale would exceed the then applicable volume limitation under Rule 144, assuming
JPMS&rsquo;s sales under this Sales Plan and those notified to JPMS pursuant to Paragraph B.3 are the only sales subject to that
limitation. JPMS will be responsible for completing and filing on behalf of the Seller the required Form 144s that Seller shall
execute and provide, as requested by JPMS. Seller understands and agrees that JPMS shall make Form 144 filings as necessary to
comply with Rule 144, the frequency of which will be at the discretion of JPMS after the initial filing is made no later than the
date on which the first order to sell Stock is executed hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
such Form 144 shall state that the sales thereunder are being made pursuant to a previously adopted plan intended to comply with
Rule 10b5-1(c), shall include the date the Seller adopted this Sales Plan and shall indicate that the representation regarding
the Seller&rsquo;s knowledge of material information speaks as of the adoption date of this Sales Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
agrees not to take any action that would cause the sales not to comply with Rule 144 or 145, and Seller agrees not to cause any
person or entity with which Seller would be required to aggregate sales of Stock pursuant to paragraph (a)(2) or (e) of Rule 144
to take any action that would cause the sales not to comply with Rules 144 or 145. Seller will (a) promptly following the date
hereof, provide notice to JPMS of any such transactions during the three months preceding the date hereof and (b) from the date
hereof until the expiration of this Sales Plan pursuant to Paragraph A.9 above, provide prompt notice to JPMS of Seller&rsquo;s
entry into any other selling program or transaction in Stock. Seller further agrees that JPMS, without independent inquiry, may
reasonably (c) rely on Seller&rsquo;s notices pursuant to this Paragraph B.3, and (d) conclude in the absence of such notices that
the Seller has entered into no such transactions or outside selling programs.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>C. REPRESENTATIONS
AND AGREEMENTS OF SELLER</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
represents and warrants that as of the time of execution of, and entering into, this Sales Plan: (a) to the best of Seller&rsquo;s
knowledge there is no blackout period (as defined in 17 C.F.R. Section 245.100(b), a &ldquo;<B>Blackout Period</B>&rdquo;) in effect
for Issuer, (b) the Seller is not aware of material, nonpublic information with respect to the Issuer or any securities of the
Issuer (including the Stock) or of the actual or approximate beginning or ending dates of a Blackout Period for Issuer, and (c)
the Seller is entering into this Sales Plan, and the transactions contemplated herein, in good faith and not as part of a plan
or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act or other applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of Seller&rsquo;s execution of this Sales Plan, Seller has not entered into or altered a corresponding or hedging transaction
with respect to the Total Plan Shares. Seller agrees not to enter into any such transaction while this Sales Plan remains in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
agrees to make all filings, if any, required under and monitor his own compliance with Sections 13(d), 13(g) and 16 of the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in <U>Paragraph B.1</U>, Seller acknowledges and agrees that JPMS has no duty to determine whether Seller has violated
Rules 144 or 145 under the Securities Act, Sections 13(d), 13(g) or 16 of the Exchange Act or the rules adopted by the SEC thereunder,
or any other laws or regulations applicable to the Seller in connection with this Sales Plan. Seller understands that this Sales
Plan in no way alters his obligations and responsibilities under Section 16, including those prohibitions against short swing profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
understands that the laws and regulations of U.S. states or non-United States jurisdictions (collectively, &ldquo;<B>State or Foreign
Regulation</B>&rdquo;) may impose further restrictions or limitations on sales of shares of Stock by or on behalf of Seller. State
or Foreign Regulation may include, without limitation, the European Union Market Abuse Regulation (Regulation (EU) No 596/2014
of the European Parliament and of the Council of 16 April 2014). Seller acknowledges and agrees that JPMS has no duty to determine
whether any State or Foreign Regulation would impose restrictions or limitations on this Sales Plan. Seller understands that this
Sales Plan in no way alters his obligations and responsibilities, or the obligations and responsibilities of the Issuer, under
State or Foreign Regulation. For the avoidance of doubt, references in this Sales Plan to applicable laws, regulations and legal/regulatory
restrictions shall be construed to include any applicable State and Foreign Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
acknowledges and agrees that JPMS has not provided Seller with any tax, accounting or legal advice. Seller understands that he
should seek the advice of counsel regarding this Sales Plan and the various securities and tax law issues related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
agrees to notify JPMS immediately in the event of trading restrictions being imposed as the result of any applicable regulatory
prohibition or lock up event restricting sales by or on behalf of affiliates, such as a stock offering or tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
represents and warrants that he is able to sell shares of Stock, as contemplated by this Sales Plan, in accordance with the Issuer&rsquo;s
insider trading policies and Seller has obtained the acknowledgement of the Issuer to enter into this Sales Plan. Seller further
represents and warrants that the Stock is not subject to any liens, security interests or other impediments to transfer (except
for limitations imposed by Rules 144 or 145, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>D. INDEMNIFICATION
AND LIMITATION ON LIABILITY</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
agrees to indemnify and hold harmless JPMS and its directors, officers, employees and affiliates from and against all claims, losses,
damages and liabilities (including without limitation, any legal or other expenses reasonably incurred in connection with defending
or investigating any such action or claim) arising out of or attributable to JPMS&rsquo;s actions taken or not taken in compliance
with this Sales Plan or arising out of or attributable to any breach by Seller of this Sales Plan (including Seller&rsquo;s representations
and warranties hereunder) or any violation by Seller of applicable laws or regulations. This indemnification shall survive termination
of this Sales Plan. Notwithstanding the foregoing, Seller shall have no indemnification obligation to the extent any claims, losses,
damages or liabilities are due to the gross negligence, recklessness or willful misconduct of JPMS or any other indemnified person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision hereof, JPMS shall not be liable to Seller for: (a) special, indirect, punitive, exemplary or consequential
damages, or incidental losses or damages of any kind, even if advised of the possibility of such losses or damages or if such losses
or damages could have been reasonably foreseen; or (b) any failure to perform or to cease performance or any delay in performance
that results from a cause or circumstance that is beyond its reasonable control, including but not limited to failure of electronic
or mechanical equipment, strikes, failure of common carrier or utility systems, severe weather, market disruptions or other causes
commonly known as &ldquo;acts of God&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>E. SUSPENSION,
TERMINATION AND AMENDMENT</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Sales Plan may be (a) suspended or terminated by Issuer at any time upon one Trading Day prior written notice or (b) terminated
by Seller at any time upon one Trading Day prior written notice; provided however that JPMS may in its sole discretion decide to
suspend or terminate on the same Trading Day that written notice is provided, if JPMS deems such action practicable. Any such suspension
or termination shall be made in good faith and not as a part of a plan or scheme to evade the prohibitions of Rule 10b5-1 or other
applicable securities laws. JPMS will require certain representations from Seller and acknowledgement of Issuer as a condition
to such suspension or termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Sales Plan shall be suspended, or at JPMS&rsquo;s option, terminated, if JPMS receives notice, whether pursuant to <U>Paragraph
C.7</U> or otherwise, of (a) the occurrence of any legal, contractual or regulatory restriction applicable to Seller or its affiliates,
including without limitation, any restriction related to a merger or acquisition, or (b) a stock offering requiring an affiliate
lock-up, that would prohibit sales pursuant to this Sales Plan, or (c) if the Stock has been delisted from the Exchange, or becomes
subject to the delisting procedure from the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
may amend or modify this Sales Plan only upon the written consent of JPMS. Any such amendment or modification shall be made in
good faith and not as a part of a plan or scheme to evade the prohibitions of Rule 10b5-1 or other applicable securities laws.
Seller agrees that he will not amend or modify this Sales Plan at any time: (a) that a Blackout Period is in effect for Issuer
or (b) that he is aware of any material non-public information about the Issuer and/or the Stock or of the actual or approximate
beginning or ending dates of a Blackout Period for Issuer. JPMS will require certain representations from Seller and acknowledgement
of Issuer as a condition to such amendment or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>F. GENERAL</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Sales Plan shall be governed by and construed in accordance with the laws of the State of New York without reference to choice
of law principles and may be modified or amended only by a writing signed by the parties hereto and acknowledged by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Sales Plan shall be subject to all terms and conditions governing the Seller&rsquo;s Account, including the General Terms for <FONT STYLE="text-transform: uppercase">a</FONT>ccounts
and Services, the Asset Account Agreement and the JPMS Brokerage Agreement, including such provisions dealing with binding arbitration
and waiving the right to litigate. This Sales Plan, together with the terms and conditions referenced in the preceding sentence,
as well as any amendments or modifications made pursuant to this Sales Plan and those terms and conditions, represent the complete
agreement between the parties on these subjects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
notices to JPMS under this Sales Plan shall be given to JPMS by email: jpm_10b5-1@jpmchase.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller&rsquo;s
rights and obligations under this Sales Plan may not be assigned or delegated without the written permission of JPMS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 31.5pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Sales Plan shall not be effective until executed by Seller and JPMS, and acknowledged by Issuer. This Sales Plan may be signed
in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto were upon
the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Signature(s):</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 33%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">August 7, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line"></TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">Randall Garutti</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: normal; text-indent: 0; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">J.P. Morgan Securities LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">August 7, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Name: Richelle Mackiewicz</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Acknowledged:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Shake Shack Inc.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">August 7, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 1pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name: Ronald Palmese Jr.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 1pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title: Sr. Vice President and General Counsel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 1pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Address: 225 Varick Street, Suite 301, NY, NY 10014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
