<SEC-DOCUMENT>0001104659-23-061457.txt : 20230516
<SEC-HEADER>0001104659-23-061457.hdr.sgml : 20230516
<ACCEPTANCE-DATETIME>20230516170026
ACCESSION NUMBER:		0001104659-23-061457
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20230515
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230516
DATE AS OF CHANGE:		20230516

FILER:

	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:			1227

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36823
		FILM NUMBER:		23928459

	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
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -13.5pt">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -13.5pt">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -13.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>UNITED
                                         STATES</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>&#160;</b></span></p>

<p style="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>FORM
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>CURRENT
REPORT</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Date
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt">&#160;</span></p>

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<p style="margin: 0pt 0; text-align: center"><span style="font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">(Exact
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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<tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
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<tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(<span id="xdx_908_edei--CityAreaCode_c20230515__20230515_zZd8fJfvLkUc"><ix:nonNumeric contextRef="From2023-05-15to2023-05-15" name="dei:CityAreaCode">646</ix:nonNumeric></span>)
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">(Registrant's
telephone number, including area code)</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>Not applicable</b></p>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">(Former
name or former address, if changed since last report)</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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<tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
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    <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 97%; padding-top: 2pt; padding-bottom: 2pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
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<tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
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<tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Securities
registered pursuant to Section 12(b) of the Act</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
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</td>
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</td>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Emerging
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Item 1.01. Entry into a Material Definitive Agreement.</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><i>Cooperation Agreement</i></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On May 15, 2023, Shake Shack Inc. (the &#8220;<span style="text-decoration: underline">Company</span>&#8221;)
entered into a cooperation agreement (the &#8220;<span style="text-decoration: underline">Cooperation Agreement</span>&#8221;) with Engaged Capital, LLC and certain of its affiliates
(collectively, the &#8220;<span style="text-decoration: underline">Engaged Group</span>&#8221;).</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pursuant to the Cooperation Agreement, the Company&#8217;s
Board of Directors (the &#8220;<span style="text-decoration: underline">Board</span>&#8221;) expanded the size of the Board to twelve and appointed Jeffrey D. Lawrence as a Class
III director with a term expiring at the Company&#8217;s 2024 annual meeting of stockholders (the &#8220;<span style="text-decoration: underline">2024 Annual Meeting</span>&#8221;)
to fill the resulting vacancy.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition, the Company and the Engaged Group
have agreed to cooperate to jointly identify an additional independent director candidate for appointment to the Board (the &#8220;<span style="text-decoration: underline">Additional
Independent Director</span>&#8221;) to serve as a Class II director. The Company has agreed that the Board will consist of no more than eleven
members as of the conclusion of the 2024 Annual Meeting.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company has also agreed that it will hire
a consultant to advise the Company on certain matters relating to the operations of the Company, with the engagement of the consultant
to be overseen by a working group of up to four members of the Board that will include Mr. Lawrence and the Additional Independent Director.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Subject to certain exceptions set forth in the
Cooperation Agreement, the Cooperation Agreement generally terminates on the date that is 30 calendar days prior to the notice deadline
under the Company&#8217;s bylaws for the nomination of director candidates for election to the Board at the 2024 Annual Meeting (or, if
earlier, 120 calendar days prior to the first anniversary of the Company&#8217;s 2023 annual meeting of stockholders (the &#8220;<span style="text-decoration: underline">2023
Annual Meeting</span>&#8221;)). The Engaged Group has agreed to abide by certain customary voting commitments and standstill restrictions
during the term, and has withdrawn its nomination notice in connection with the 2023 Annual Meeting, which the Company has agreed to hold
no later than July 15, 2023. The Cooperation Agreement also contains customary mutual non-disparagement provisions.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The foregoing description does not purport to
be complete and is qualified in its entirety by reference to the Cooperation Agreement, a copy of which is attached hereto as Exhibit
10.1 and is incorporated by reference herein.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><i>Stockholders Agreement Amendments </i></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Concurrently and in connection with the entry
into the Cooperation Agreement, the Company, SSE Holdings, LLC and certain other persons and entities entered into two amendments to that
certain Stockholders Agreement, dated February 4, 2015, by and among the Company, SSE Holdings LLC and the persons entities listed on
the schedules thereto (the &#8220;<span style="text-decoration: underline">Stockholders Agreement</span>&#8221;). Amendment No. 4 to the Stockholders Agreement, dated May 15,
2023, removes certain entities that no longer are stockholders as parties to the Stockholders Agreement. Amendment No. 5 to the Stockholders
Agreement, dated May 15, 2023, reduces the number of director designees that the Meyer Stockholders (as defined in the Stockholders Agreement)
are entitled to under the Stockholders Agreement to three, modifies the stepdown of the related rights in the future, and provides that
the rights of the Meyer Stockholders to designate any directors of the Company will terminate immediately after the Company&#8217;s 2025
annual meeting of stockholders.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The foregoing description does not purport to
be complete and is qualified in its entirety by reference to Amendment No. 4 and Amendment No. 5 to the Stockholders Agreement, copies
of which are attached hereto as Exhibits 10.2 and 10.3 and are incorporated by reference herein.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="background-color: white">Item 5.02 </span>Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers<span style="background-color: white">.</span></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On May 15, 2023, the Board appointed Jeffrey D.
Lawrence to serve on the Board, effective immediately. Mr. Lawrence was appointed as a Class III member who will stand for election at
the 2024 Annual Meeting. T<span style="background-color: white">he Board has determined that Mr. Lawrence is independent under the listing
standards of the New York Stock Exchange and the Company&#8217;s Corporate Governance Guidelines.&#160; Mr. Lawrence has been appointed
to the Audit Committee of the Board. </span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mr. Lawrence has more than 25 years of leadership
experience with particular expertise in the consumer retail and restaurant industries globally, as well as in digital and technological
transformations, franchising and financial strategy. Mr. Lawrence is currently the Chief Financial Officer of ShiftKey, a technology-enabled
marketplace connecting licensed professionals to the future of work. Mr. Lawrence previously served as Chief Financial Officer of FIGS,
Inc., where he led its successful initial public offering and partnered to grow significant shareholder value during his tenure. Mr. Lawrence
previously spent more than 20 years at Domino&#8217;s Pizza, Inc., the leader in the global pizza industry, including five years as Executive
Vice President &amp; Chief Financial Officer. Mr. Lawrence was instrumental in Domino&#8217;s successful initial public offering, then
the largest restaurant IPO ever, as well as the ground-breaking turnaround of the brand including the technological transformation, global
expansion and dramatic increase in store level profitability, all of which led to best-in-class shareholder returns for more than a decade.
Mr. Lawrence previously served on the Board of Directors of Domino&#8217;s master franchisee in China. Mr. Lawrence began his career in
public accounting and is a certified public accountant (registered status) in the State of Michigan. Mr. Lawrence holds an MBA with High
Distinction from the Ross School of Business at the University of Michigan as well as a BBA (<i>summa cum laude</i>) from Wayne State
University.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Mr. Lawrence is eligible
to receive compensation for his service on the Board consistent with that provided to all non-employee director pursuant to the Company&#8217;s
Non-Employee Director Compensation Policy. A copy of the Company&#8217;s Non-Employee Director Compensation Policy is available on the
Company&#8217;s website at&#160;<i>investor.shakeshack.com/investors-company overview/corporate governance.</i>&#160;The contents of the
Company&#8217;s website are not incorporated by reference into this current report on Form 8-K.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">There is no arrangement
or understanding between Mr. Lawrence and any other persons or entities pursuant to which Mr. Lawrence was appointed as a director other
than the matters referred to in Item 1.01 of this Form 8-K. There have been no transactions, nor are there any currently proposed transactions,
in which the Company was or is to be a participant and which Mr. Lawrence, or any member of his immediate family, had, or will have, a
direct or indirect material interest.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">A copy of the letter
agreement between Mr. Lawrence and the Company with respect to his service as director, dated May 15, 2023, is filed as Exhibit 10.4 to
this current report on Form 8-K. In addition, Mr. Lawrence has executed the Company&#8217;s form of indemnification agreement, a copy
of which has been filed as Exhibit 10.21 to the Company&#8217;s Registration Statement on Form S-1 filed with the U.S. Securities and
Exchange Commission on January 20, 2015.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Item 7.01. Regulation FD Disclosure.</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On May 16, 2023, the Company issued a press release
announcing the Cooperation Agreement, the provisions of Amendment No. 5 to the Stockholders Agreement and Mr. Lawrence&#8217;s appointment
to the Board. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The information furnished pursuant to Item 7.01
of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed to be &#8220;filed&#8221; for purposes of Section
18 of the Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated
by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly
set forth by specific reference in such filing.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Item&#160;9.01 Financial Statements and Exhibits.</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(d) Exhibits.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="padding-top: 5pt; padding-bottom: 5pt"><a href="tm2315964d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif; background-color: white">10.1</span></a></td>
    <td style="padding-top: 5pt; padding-bottom: 5pt; text-align: justify"><a href="tm2315964d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif">Cooperation Agreement, dated May 15, 2023, by and among Engaged Capital Flagship Master Fund, LP, Engaged Capital Co-Invest XV, LP, Engaged Capital Co-Invest XV-A, LP, Engaged Capital Flagship Fund, LP, Engaged Capital Flagship Fund, Ltd., Engaged Capital, LLC, Engaged Capital Holdings, LLC, Glenn W. Welling and Shake Shack Inc.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 5pt; padding-bottom: 5pt"><a href="tm2315964d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif; background-color: white">10.2</span></a></td>
    <td style="padding-top: 5pt; padding-bottom: 5pt; text-align: justify"><a href="tm2315964d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif">Amendment No. 4 to Stockholders Agreement, dated and effective as of May 15, 2023, by and among Shake Shack Inc., SSE Holdings, LLC, the Meyer Stockholders and the LGP Stockholders.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 5pt; padding-bottom: 5pt"><a href="tm2315964d1_ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif; background-color: white">10.3</span></a></td>
    <td style="padding-top: 5pt; padding-bottom: 5pt; text-align: justify"><a href="tm2315964d1_ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif">Amendment No. 5 to Stockholders Agreement, dated and effective as of May 15, 2023, by and among Shake Shack Inc., SSE Holdings, LLC and the Meyer Stockholders.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 5pt; padding-bottom: 5pt"><a href="tm2315964d1_ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif; background-color: white">10.4</span></a></td>
    <td style="padding-top: 5pt; padding-bottom: 5pt; text-align: justify"><a href="tm2315964d1_ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif">Letter Agreement by and between Jeffrey D. Lawrence and Shake Shack Inc., dated May 15, 2023</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 5pt; padding-bottom: 5pt"><a href="tm2315964d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif; background-color: white">99.1</span></a></td>
    <td style="padding-top: 5pt; padding-bottom: 5pt"><a href="tm2315964d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Arial, Helvetica, Sans-Serif">Press Release issued by Shake Shack Inc., dated May 16, 2023.</span></a></td></tr>
  <tr style="vertical-align: top">
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>


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<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">SIGNATURES</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <td style="font-weight: bold"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif">(Registrant)</span></td>
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  <tr style="vertical-align: top">
    <td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated:&#160;&#160;May 16, 2023</span></td>
    <td style="width: 3%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; width: 32%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;/s/ Ronald Palmese, Jr.</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ronald Palmese, Jr.</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief Legal Officer</span></td>
    <td>&#160;</td></tr>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 243pt">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 243pt">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 243pt">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>

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<DOCUMENT>
<TYPE>EX-10.1
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<FILENAME>tm2315964d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.1</B></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">COOPERATION AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; 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 COOPERATION AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of May 15, 2023, by and among Shake Shack Inc., a Delaware corporation
(the &ldquo;<U>Company</U>&rdquo;), and the persons and entities set forth on <U>Exhibit A</U> hereto (collectively, the &ldquo;<U>Engaged
Group</U>&rdquo; and, for clarity, as applicable, including each member thereof acting individually). The Company and the Engaged Group
are each herein referred to as a &ldquo;<U>Party</U>&rdquo; and collectively, the &ldquo;<U>Parties</U>.&rdquo; Capitalized terms used
herein and not otherwise defined have the meanings ascribed to them in <U>Section 12</U> below.</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-transform: uppercase; text-align: center">RECITALS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and Engaged
Capital, LLC, a member of the Engaged Group, have engaged in various discussions and communications concerning the Company&rsquo;s business,
financial performance and strategic plans;</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">WHEREAS, as of the date hereof,
the Engaged Group is the beneficial owner of 1,961,422 shares of Class A Common Stock of the Company, par value $0.001 per share (the
 &ldquo;<U>Class A Common Stock</U>&rdquo; and together with the Class B Common Stock of the Company, par value $0.001 per share, the &ldquo;<U>Common
Stock</U>&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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on March 15, 2023,
the Engaged Group provided notice to the Company (the &ldquo;<U>Nomination Notice</U>&rdquo;) of its intent to nominate candidates for
election to the Board of Directors of the Company (the &ldquo;<U>Board</U>&rdquo;) at the Company&rsquo;s 2023 annual meeting of stockholders
(the &ldquo;<U>2023 Annual Meeting</U>&rdquo;)&#894; and</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">WHEREAS, the Company and the
Engaged Group have determined to come to an agreement with respect to the composition of the Board and certain other matters as provided
in this Agreement.</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-transform: uppercase; text-align: center">AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Board
Appointments, Committees and Related Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Board Composition</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Following
the execution of this Agreement, the Board and any applicable committees thereof shall take all necessary actions to appoint Jeffrey
D. Lawrence to the Board to serve as a Class III director, with a term expiring at the Company&rsquo;s 2024 annual meeting of
stockholders (the &ldquo;<U>2024 Annual Meeting</U>&rdquo;), in accordance with the Charter, the Bylaws and the DGCL. In addition,
following the execution of this Agreement, the Board and the Engaged Group shall cooperate to jointly identify a candidate (the
 &ldquo;<U>Additional Independent Director</U>&rdquo; and, together with Mr. Lawrence, the &ldquo;<U>New Directors</U>&rdquo;) for
appointment to the Board. Any Additional Independent Director candidate shall be subject to the review and approval of the
Nominating and Corporate Governance Committee of the Board (the &ldquo;<U>Nominating Committee</U>&rdquo;) and the Board, shall be
reasonably acceptable to the Engaged Group, and shall (unless waived by the Board) satisfy the Director Criteria. The Additional
Independent Director shall serve as a Class II director of the Board. Following the joint identification of the Additional
Independent Director, the Board and any applicable committees thereof shall take all necessary actions to appoint the Additional
Independent Director as a member of the Board in accordance with the Charter, the Bylaws and the DGCL. To the extent the Additional
Independent Director is appointed to the Board prior to the 2023 Annual Meeting, he or she shall be included on the Company&rsquo;s
slate of director nominees for election at the 2023 Annual Meeting with the other Class II directors, and the Company shall solicit
proxies in favor of the election of, and otherwise support the election of, the Additional Independent Director in a manner no less
rigorous and favorable than the manner in which the Company supports its other nominees for election at the 2023 Annual Meeting
(<I>provided</I>, that the Additional Independent Director will not be appointed to the Board during the period beginning on the
filing of the Company&rsquo;s definitive proxy statement for the 2023 Annual Meeting with the SEC and ending at the 2023 Annual
Meeting). The Nominating Committee&rsquo;s and the Board&rsquo;s determination that any candidate is reasonably acceptable to them
shall be subject to their review of a fully completed copy of the Company&rsquo;s standard director &amp; officer questionnaire
submitted by the candidate and, if desired by the Nominating Committee or the Board, completion of a customary background check with
respect to the candidate.</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"></P>

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<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: 1.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;</FONT>The Board will consist of no more than eleven (11) members as of the conclusion of the 2024 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>New
Director Committee Appointments</U>. Subject to the Company&rsquo;s applicable corporate governance guidelines and New York Stock Exchange
(&ldquo;<U>NYSE&rdquo;)</U> rules and applicable laws, the Board and all applicable committees of the Board shall take all actions necessary
to ensure that, until the Termination Date (as defined below), the New Directors shall each be appointed to at least one standing committee
of the Board, subject to his or her willingness to so serve. In addition, until the Termination Date and subject to the Company&rsquo;s
applicable corporate governance guidelines and NYSE rules and applicable laws, each of the New Directors shall be included in the Working
Group (as defined below) so long as the Working Group exists, subject to his or her willingness to so serve. Further, subject to the
Company&rsquo;s applicable corporate governance guidelines and NYSE rules and applicable laws, the Board and all applicable committees
of the Board shall take all action necessary to ensure that any new standing committee of the Board formed prior to the Termination Date
shall include at least one New Director, subject to his or her willingness to so serve. Without limiting the foregoing, subject to the
Company&rsquo;s applicable corporate governance guidelines and NYSE rules and applicable laws, the Board shall give each New Director
the same due consideration for membership to any committee of the Board as any other independent director.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Director
Replacements</U>. From the date of the appointment of the Additional Independent Director until the Termination Date, if the
Additional Independent Director is no longer able to serve as a director for any reason, and so long as the Engaged Group
continuously (from the date hereof through such date of determination) beneficially owns in the aggregate at least the lesser of (x)
3% of the then-outstanding shares of Class A Common Stock and (y) 1,182,151 shares of Class A Common Stock (subject to adjustment
for stock splits, reclassifications, combinations and similar adjustments) (the &ldquo;<U>Ownership Threshold</U>&rdquo;), then the
Board and the Engaged Group shall cooperate jointly to identify a replacement director to fill the resulting vacancy and any such
candidate shall (i) be subject to review and approval by the Nominating Committee and the Board and shall be reasonably acceptable
to the Engaged Group and (ii) unless waived by the Board, satisfy the Director Criteria (any such replacement director, a
 &ldquo;<U>Replacement Director</U>&rdquo;). The Nominating Committee&rsquo;s and the Board&rsquo;s determination that any such
replacement director candidate is reasonably acceptable shall be subject to their review of a fully completed copy of the
Company&rsquo;s standard director &amp; officer questionnaire and, if desired by the Nominating Committee or the Board, completion
of a customary background check with respect to the candidate; provided, that the Board and the Nominating Committee shall use
reasonable efforts to complete any such review as promptly as reasonably practicable and shall make any such determination in good
faith. Upon a Replacement Director&rsquo;s appointment to the Board, the Board and all applicable committees of the Board shall
consider whether such Replacement Director has the necessary qualifications to be appointed to any committee of the Board of which
the replaced director was a member immediately prior to such director&rsquo;s departure from the Board, and, if the qualifications
for such committee(s) are met and he or she is willing to so serve, shall appoint such Replacement Director to such committee(s) or,
if the qualifications for such committee(s) are not met, shall appoint the Replacement Director to another committee of the Board
for which such Replacement Director shall possess the relevant qualifications and to the extent permissible under the
Company&rsquo;s applicable corporate governance guidelines and NYSE rules and applicable laws and he or she is willing to so serve.
Upon a Replacement Director&rsquo;s appointment to the Board, such Replacement Director shall be deemed to be the Additional
Independent Director for all purposes under this Agreement. The Engaged Group shall promptly notify the Company upon failing to
satisfy the Ownership Threshold at any time. The Engaged Group shall cease to have any rights pursuant to this <U>Section 1(c)</U>
immediately upon ceasing to satisfy the Ownership Threshold.</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"></P>

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<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: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Additional
Agreements</U>.</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: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Effective upon the execution and delivery of this Agreement, the Engaged Group hereby irrevocably withdraws the Nomination Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;While
the Additional Independent Director serves as a member of the Board, he or she shall receive compensation (including equity based compensation,
if any) for Board and committee meetings attended, an annual retainer, benefits (including expense reimbursements), director and officer
insurance and any indemnity and exculpation arrangements on the same basis as all other non-employee directors of the Company in accordance
with the Company&rsquo;s Third Amended &amp; Restated Non-Employee Director Compensation Policy (as the same may be amended, supplemented
or otherwise modified) and other Company Policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company agrees that the Board and all applicable committees of the Board shall take all actions reasonably necessary, effective no
later than immediately prior to the execution of this Agreement with respect to Mr. Lawrence and no later than immediately prior to
his or her appointment with respect to the Additional Independent Director, to determine, in connection with his or her initial
appointment as a director, that each New Director is deemed to be (A) a director whose election by the Board or nomination for
election was approved by a vote of at least a majority of the directors then still in office (which approving directors also satisfy
such requirements) or is otherwise deemed to satisfy any similar concept (i.e., any &ldquo;incumbent director&rdquo; or similar
concept) to the extent applicable, in each case, under the Company&rsquo;s incentive plans, options plans, equity plans, deferred
compensation plans, employment agreements, severance plans, retention plans, loan agreements, indentures, material agreements
(&ldquo;<U>Documents</U>&rdquo;), or any other related plans or agreements that refer to any such Document&rsquo;s definition of
 &ldquo;change in control&rdquo; or any similar term) and (B) a member of the Board as of the beginning of any applicable measurement
period for the purposes of the definition of &ldquo;change in control&rdquo; or any similar term under the Documents, in each case
for clauses (A) and (B), to the extent permitted under each Document.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: 1.5in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Promptly
following the execution of this Agreement, the Board shall take all necessary action to establish a working group of no more than four
(4) directors to be designated by the Board, which shall include each of the New Directors (with respect to the Additional Independent
Director, beginning with his or her appointment to the Board) if they are willing to so serve (the &ldquo;<U>Working Group</U>&rdquo;).
The Working Group shall identify and engage a consultant to the Company (the &ldquo;<U>Consultant</U>&rdquo;), which Consultant shall
advise the Company on certain matters relating to the operations of the Company as may be determined by the Working Group. The Working
Group shall consider in good faith recommendations by the Engaged Group as to the consulting firm to be engaged as the Consultant; <U>provided</U>,
any decision with respect to the engagement of the Consultant shall be made in the sole discretion of the Working Group. The scope of
the work of the Consultant shall be defined by the Working Group and the following areas will be evaluated within that scope: restaurant
operations, supply chain and procurement costs, real estate selection and build costs and general and administrative expense efficiency.
The Engaged Group agrees (a) not to attempt to directly or indirectly obtain any confidential information from the Consultant or otherwise
relating to the engagement of the Consultant or any work or services related thereto or otherwise provided by the Consultant (it being
understood that the foregoing shall not restrict the Engaged Group from making inquiries to the Company with respect to the status of
the retention of the Consultant and the identity thereof) and (b) that the Company and the Consultant shall have no obligation to make
any such information available to the Engaged Group; provided, that notwithstanding the foregoing, the Company shall promptly disclose
to the Engaged Group the identity of the Consultant following the selection thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Effective
concurrently with the execution and delivery of this Agreement, the Company and the other parties to the Stockholders Agreement shall
amend the Stockholders Agreement to modify the nomination and Board designation rights of the Meyer Stockholders (as defined in the Stockholders
Agreement) set forth in Section 2.1(b) of the Stockholders Agreement to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; background-color: white"><FONT STYLE="background-color: white">&ldquo;For
so long as the Meyer Stockholders hold a number of shares of Common Stock representing at least the percentage of shares of Common Stock
held by such Meyer Stockholders as of the Closing shown below, the Company and the Principal Stockholders shall use their reasonable best
efforts to include in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting
of stockholders at which directors are to be elected that number of individuals designated by the Meyer Stockholders (each, a &ldquo;<U>Meyer
Stockholder Designee</U>&rdquo;) that, if elected, will result in the number of Meyer Directors serving on the Board of Directors that
is shown below.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; 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">Percentage</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">Number&nbsp;of&nbsp;Directors</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 83%; font-size: 10pt; text-align: left">50% or greater</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Less than 50% but greater than or equal to 33%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Less than 33% but greater than or equal to 20%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Less than 20%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0in">The rights of the Meyer
Stockholders to designate Meyer Stockholder Designees shall terminate immediately following the conclusion of the Company&rsquo;s 2025
annual meeting of stockholders.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The Company agrees to hold the 2023 Annual Meeting no later than July 15, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Voting Commitment</U>. Until the Termination Date, the Engaged Group agrees that it shall, and shall cause each of its Affiliates
and Associates to, appear in person or by proxy at each Stockholder Meeting and to vote all shares of Common Stock and Voting Securities
beneficially owned, directly or indirectly, by the Engaged Group or such Affiliates and Associates (of which the Engaged Group or such
Affiliate or Associate has the right or ability to vote) at such Stockholder Meeting (a) in favor of the nominees for director recommended
by the Board and (b) in accordance with the Board&rsquo;s recommendation with respect to any other matter presented at such Stockholder
Meeting&#894; <I>provided</I>, <I>however</I>, that if Institutional Shareholder Services Inc. (&ldquo;<U>ISS</U>&rdquo;) recommends otherwise
with respect to any proposals (other than as related to the election or removal of directors), the Engaged Group shall be permitted to
vote in accordance with ISS&rsquo;s recommendation; <I>provided, further,</I> that the Engaged Group shall be permitted to vote in its
sole discretion with respect to any publicly announced proposals relating to an Extraordinary Transaction.</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">Section 3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Standstill</U>.
Until the Termination Date, the Engaged Group shall not, and shall cause each of its Affiliates and Associates not to, directly or indirectly,
in any manner, alone or in concert with others, in each case without the prior written waiver authorized by the Board:</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: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(i) acquire, cause to be acquired, or offer, seek or agree to acquire, whether by purchase, tender or exchange offer, through the
acquisition of control of another person, by joining or forming a partnership, limited partnership, syndicate or other group (including
any group of persons that would be treated as a single &ldquo;person&rdquo; under Section 13(d) of the Exchange Act), through swap or
hedging transactions or other Synthetic Equity Interests, or otherwise, directly or indirectly (the taking of any such action, an &ldquo;<U>Acquisition</U>&rdquo;),
ownership (including beneficial ownership) of any securities or assets of the Company (or any direct or indirect rights or options to
acquire such ownership, including voting rights decoupled from the underlying Voting Securities) such that after giving effect to any
such Acquisition, the Engaged Group or any of its Affiliates and Associates holds, directly or indirectly, in excess of 10% of the Voting
Securities (including notional shares associated with Synthetic Equity Interests), (ii) acquire, cause to be acquired or offer, seek or
agree to acquire, whether by purchase or otherwise, directly or indirectly, any interest in any indebtedness of the Company or (iii) acquire,
cause to be acquired or offer, seek or agree to acquire, directly or indirectly, ownership (including beneficial ownership) of any asset
or business of the Company or any right or option to acquire any such asset or business from any person, in the case of this clause (iii),
other than securities of the Company permitted by the foregoing clauses (i) or (ii)&#894;</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: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>except
as otherwise expressly provided in <U>Section 1</U>, (i) nominate, give notice of an intent to nominate, or recommend for nomination
a person for election to the Board or take any action in respect of the removal of any director, (ii) seek or knowingly encourage
any person to submit any nomination in furtherance of a &ldquo;contested solicitation&rdquo; or take any other action in respect of
the election or removal of any director, (iii) submit, or seek or knowingly encourage the submission of, any stockholder proposal
(pursuant to Rule 14a-8 under the Exchange Act or otherwise) for consideration at, or bring any other business before, any
Stockholder Meeting, (iv) request, initiate, or knowingly encourage or participate in any request, to call a Stockholder Meeting or
to act by written consent, (v) publicly seek to amend any provision of the Charter, the Bylaws, the Stockholders Agreement or other
stockholder agreement or governing documents of the Company (each as may be amended from time to time), or (vi) take any action
similar to the foregoing with respect to any subsidiary of the Company;</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"></P>

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<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: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>solicit any proxy, consent or other authority to vote of stockholders or conduct any other referendum (binding or non-binding)
(including any &ldquo;withhold,&rdquo; &ldquo;vote no&rdquo; or similar campaign) with respect to, or from the holders of, Voting Securities,
or become a &ldquo;participant&rdquo; (as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange
Act) in, initiate, or knowingly assist, advise, encourage or influence any person (other than the Company) in, any &ldquo;solicitation&rdquo;
of any proxy, consent or other authority to vote any Voting Securities (other than such assistance, advice, encouragement or influence
that is consistent with the Board&rsquo;s recommendation in connection with such matter); <I>provided, however</I>, that the foregoing
shall not restrict the Engaged Group from stating how it intends to vote with respect to an Extraordinary Transaction, if any, in accordance
with <U>Section 2</U>&#894;</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: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(i)
grant any proxy, consent or other authority to vote with respect to any matters other than to the named proxies included in the Company&rsquo;s
proxy card for any Stockholder Meeting (excluding any director candidates or proposals of any person other than the Board (e.g., pursuant
to the universal proxy rules) included in the Company&rsquo;s proxy card) or as otherwise permitted by the provisos in <U>Section 2</U>
or (ii) deposit or agree or propose to deposit any securities of the Company in any voting trust or similar arrangement, or subject any
securities of the Company to any agreement or arrangement with respect to the voting of such securities (including a voting agreement
or pooling arrangement), other than (A) any such voting trust or arrangement solely for the purpose of delivering to the Company or its
designee a proxy, consent or other authority to vote in connection with a solicitation made by or on behalf of the Company or (B) customary
brokerage accounts, margin accounts and prime brokerage accounts&#894;</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: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>knowingly encourage, advise or influence any person or knowingly assist or direct any person in so encouraging, advising or influencing
any person, with respect to the giving or withholding of any proxy, consent or authority to vote any Voting Securities or in conducting
any referendum (binding or non-binding) (including any &ldquo;withhold,&rdquo; &ldquo;vote no,&rdquo; or similar campaign), in each case
other than such encouragement, advice or influence that is consistent with the Board&rsquo;s recommendation in connection with such matter
or consistent with the Engaged Group&rsquo;s obligations set forth in <U>Section 2</U> with respect to an Extraordinary Transaction&#894;</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: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>without the prior written approval of the Board, separately or in conjunction with any other person in which it is or proposes
to be either a principal, partner or financing source or is acting or proposes to act as broker or agent for compensation, publicly propose,
suggest or recommend, or in a manner that the Engaged Group is required under applicable law, rule or regulation to disclose publicly,
any Extraordinary Transaction&#894; <I>provided</I>, <I>however</I>, that nothing in this <U>Section 3</U> shall be interpreted to prohibit
the Engaged Group from proposing, suggesting or recommending any Extraordinary Transaction privately to the Company so long as any such
action is not publicly disclosed by the Engaged Group and is made by the Engaged Group in a manner that would not reasonably be expected
to require the public disclosure thereof by the Company, the Engaged Group or any other person&#894;</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: 1in"></P>

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<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: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT> form, join, encourage the formation of, or in any way participate in any partnership, limited partnership, syndicate or group
(within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any Voting Securities (other than a group that includes all
or some of the members of the Engaged Group, but does not include any other entities or persons that are not members of the Engaged Group
as of the date hereof&#894; <I>provided, however,</I> that nothing herein shall limit the ability of an Affiliate of the Engaged Group
to join such group following the execution of this Agreement, so long as any such Affiliate agrees with the Company to be bound by the
terms and conditions of this Agreement)&#894;</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: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;make
or publicly advance any request or proposal to amend, modify or waive any provision of this Agreement, or take any action challenging
the validity or enforceability of any provision of or obligation arising under this Agreement&#894; <I>provided, however,</I> that the
Engaged Group may make confidential requests to the Board to amend, modify or waive any provision of this Agreement, which the Board
may accept or reject in its sole and absolute discretion, so long as any such request is not publicly disclosed by the Engaged Group
and is made by the Engaged Group in a manner that would not reasonably be expected to require the public disclosure thereof by the Company,
the Engaged Group or any other person&#894;</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: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;make
a request for a list of the Company&rsquo;s stockholders or for any books and records of the Company pursuant to Section 220 of the DGCL
or otherwise&#894;</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: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>enter into or acquire any Short Interests or otherwise engage in any short selling of any of the Company&rsquo;s securities;</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: 1in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;knowingly
transfer any Common Stock or other Voting Securities of the Company to (i) any Activist Investor or (ii) any person who, as a result
of such transfer, will beneficially own 5% or greater of the issued and outstanding shares of Common Stock or other class of Voting Securities
of the Company;</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: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>except as expressly permitted by Section 3(c) with respect to an Extraordinary Transaction, (i) take any public action (including
speaking to reporters or members of the media, directly or indirectly (whether &ldquo;on the record&rdquo; or &ldquo;on background&rdquo;
or &ldquo;off the record&rdquo;)), including a public communication to stockholders, in support of, or make any proposal or request that
constitutes (or relates to): (A) controlling or changing, or intending to influence, the Board or management of the Company, including
any plans or proposals to change the number or term of directors or to fill any vacancies on the Board; (B)&nbsp;controlling or changing,
or intending to influence, the capitalization, stock repurchase programs and practices, capital allocation programs and practices, or
dividend policy of the Company; (C)&nbsp;controlling or changing, or intending to influence, the Company&rsquo;s management, business
strategy, operations or corporate structure; (D) seeking to have the Company or any other party waive or make amendments or modifications
to the Charter, the Bylaws, the Stockholders Agreement or other stockholder agreement or governing documents of the Company (each as may
be amended from time to time); (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be
quoted on, any securities exchange; or (F) causing a class of securities of the Company to become eligible for termination of registration
pursuant to Section 12(g)(4) of the Exchange Act or (ii) engage in any private communications campaigns or any coordinated activity with
other stockholders relating to any of the foregoing clauses (i)(A)-(F) even if conducted privately; or</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: 1in"></P>

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<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: 1in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;enter into any discussion, negotiation, agreement, arrangement or understanding concerning any of the foregoing (other than this Agreement)
or encourage, assist, solicit, seek, or seek to cause any person to undertake any action inconsistent with this <U>Section 3</U>.</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">Notwithstanding anything in this Agreement to
the contrary, the foregoing provisions of this <U>Section 3</U> shall not be deemed to restrict the Engaged Group from: (i) communicating
privately with the Board or any of the Company&rsquo;s executive officers regarding any matter, so long as such communications are not
intended to, and would not reasonably be expected to, require any public disclosure by the Company, the Engaged Group or any person, (ii)
communicating privately with stockholders of the Company and others in a manner that does not otherwise violate this <U>Section 3</U>
or <U>Section 6</U>, (iii) making any public disclosure necessary to comply with any Legal Requirement or (iv) making a presentation or
responding to questions regarding the Company in the ordinary course of business of the Engaged Group at an investor conference to the
extent (x) in the case of a presentation, the substantive content of such presentation has been consented to in advance by the Company
in writing (and the Company agrees to consider any such request for consent in good faith), and (y) in a manner that does not otherwise
violate this <U>Section 3</U> or <U>Section 6</U>. Furthermore, for the avoidance of doubt, nothing in this Agreement shall be deemed
to restrict in any way the New Directors in the exercise of their fiduciary duties under applicable law as directors of the Company.</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">Section 4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations
and Warranties of All Parties and the Company</U>. Each Party represents and warrants to the other Party that (a) such Party has all
requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder, (b) this Agreement has
been duly and validly authorized, executed and delivered by it and is a valid and binding obligation of such Party, enforceable against
such Party in accordance with its terms (subject to applicable bankruptcy and similar laws relating to creditors&rsquo; rights and to
general equity principles) and (c) this Agreement will not result in a material violation of any (i) term or condition of any agreement
to which such person is a party or by which such Party may otherwise be bound or (ii) law, rule, license, regulation, judgment, order
or decree governing or affecting such Party. For the avoidance of doubt, the Company represents and warrants to the Engaged Group that
the Company has received all necessary consents and approvals from the Meyer Stockholders and, to the extent necessary, the other parties
to the Stockholders Agreement, to take the actions specified in this Agreement and to perform the Company&rsquo;s obligations 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">Section
5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations and
Warranties of the Engaged Group</U>. The Engaged Group represents and warrants to the Company that, as of the date hereof: (a) the
Engaged Group collectively beneficially owns an aggregate of 1,961,422 shares of Common Stock and has economic exposure to an
additional 650,397 shares of Common Stock in the form of certain cash-settled total return swap agreements, (b) except as set forth
in the preceding clause (a), no member of the Engaged Group, individually or in the aggregate with any of their Affiliates or
Associates, has any other beneficial ownership of, or economic exposure to, any shares of Common Stock, nor does it currently have,
or have any right to acquire, any interest in any other securities of the Company (or any rights, options or other securities
convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after
the passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of
any securities of the Company or any of its Affiliates, including any Synthetic Equity Interests, whether or not any of the
foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether
or not to be settled by delivery of shares of Common Stock, payment of cash or by other consideration, and without regard to any
short position under any such contract or arrangement), (c) the Engaged Group does not own any Short Interests in the Company, nor
do any of its Affiliates or Associates and (d) the Engaged Group does not own any debt securities or other interest in any
indebtedness of the Company, nor do any of its Affiliates or Associates. In addition: (i) the Engaged Group has not provided or
agreed to provide, and will not provide, any compensation in cash or otherwise to the Additional Independent Director or any
Replacement Director in connection with such person&rsquo;s appointment to, or service as a director on, the Board, and (ii) the
Engaged Group will not become party to any agreement, arrangement or understanding (whether written or oral) with the Additional
Independent Director or any Replacement Director with respect to such person&rsquo;s service as a director on the Board, including
any such agreement, arrangement or understanding with respect to how such person should or would vote or act on any issue or
question as a director.</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"></P>

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<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">Section 6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Non-Disparagement</U>. Subject to applicable law, each of the Parties covenants and agrees that, until the Termination Date,
or if earlier, until such time as the other Party or (a) any of its Affiliates or Associates, or (b) its or their respective directors,
officers, employees, partners, members, managers, legal or other advisors and agents, acting in a capacity on behalf of, in concert with
or at the direction of such other Party or its Affiliates or Associates (the persons in clauses (a) and (b), &ldquo;<U>Representatives</U>&rdquo;)
shall have breached this <U>Section 6</U>, neither it nor any of its Representatives shall make, or cause to be made, by press release
or other public statement to the press or media, any public statement that constitutes an ad hominem attack or disparages, calls into
disrepute or otherwise defames, slanders or criticizes the other Party or the business of such Party, the other Party&rsquo;s current
or former directors (including, with respect to the Company, the New Directors), officers or employees, the other Party&rsquo;s subsidiaries
or the business of those subsidiaries. The foregoing shall not prevent the making of any factual statement in connection with any compelled
testimony or production of information by Legal Requirement.</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">Section 7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Litigation</U>.</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: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Party agrees that, until the Termination Date, it shall not, and shall not permit any of its Representatives to, directly or indirectly,
alone or in concert with others, pursue or assist any other person to threaten or initiate, any lawsuit, claim, action or proceeding
before any court or government or self-regulatory agency (each, a &ldquo;<U>Legal Proceeding</U>&rdquo;) against the other Party, any
Affiliate of the other Party, or any of its or their respective current or former directors or officers (solely in connection with their
service in such capacities).</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
restrictions set forth in <U>Section 7(a)</U> shall not apply to (a) any Legal Proceeding initiated primarily to remedy a breach of
or to enforce this Agreement or (b) counterclaims with respect to any proceeding initiated by, or on behalf of one Party or its
Affiliates against the other Party or its Affiliates. Further, <U>Section 7(a)</U> shall not prevent any Party or any of its
Representatives from responding to oral questions, interrogatories, requests for information or documents, subpoenas, civil
investigative demands or similar processes (each, a &ldquo;<U>Legal Requirement</U>&rdquo;) in connection with any Legal Proceeding
if such Legal Proceeding has not been initiated by, on behalf of or at the suggestion of such Party or any of its Representatives, <I>provided,
however,</I> that in the event any Party or any of its Representatives receives such Legal Requirement, such Party shall give prompt
written notice of such Legal Requirement to the other Party (except where such notice would be legally prohibited or not
practicable). Notwithstanding anything to the contrary herein, this <U>Section 7</U> shall not prohibit the Engaged Group from
exercising statutory appraisal rights, if any, with respect to the Company. Each Party represents and warrants that neither it nor
any assignee of such Party has filed or initiated any Legal Proceeding against or otherwise pertaining to the other Party.</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"></P>

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<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">Section 8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Press
Release and SEC Filings</U>.</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: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No later than two (2) Business Days following the execution of this Agreement, the Company shall issue a press release in the form
attached hereto as <U>Exhibit B</U> (the &ldquo;<U>Press Release</U>&rdquo;) announcing certain terms of this Agreement. Neither the Company
nor the Engaged Group shall make or cause to be made, and the Company and the Engaged Group shall cause their respective Affiliates and
Associates not to make or cause to be made, any public announcement or statement with respect to the subject matter of this Agreement
that is contrary to the statements made in the Press Release or the terms of this Agreement, except as required by law or the rules of
any stock exchange or with the prior written consent of the other Party. The Engaged Group acknowledges and agrees that the Company may
file this Agreement and file or furnish the Press Release with the SEC as exhibits to a Current Report on Form 8-K and other filings with
the SEC.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Engaged Group shall be given a reasonable opportunity to review and comment on any Current Report on Form 8-K or other filing with the
SEC made by the Company with respect to the entry into this Agreement, and the Company shall give good faith consideration to any comments
of the Engaged Group on such Form 8-K. The Form 8-K shall be consistent with the terms of this Agreement and the Press Release.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event the Engaged Group becomes obligated to make any filings with the SEC with respect to this Agreement (or the Company, but solely
with respect to matters relating to this Agreement), the Company shall be given a reasonable opportunity to review and comment on any
such filing and the Engaged Group shall give good faith consideration to any comments of the Company on such filing. Any such filing
shall be consistent with the terms of this Agreement and the Press Release.</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">Section 9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Confidentiality</U>. The Engaged Group acknowledges and agrees that the Additional Independent Director shall be required to
preserve the confidentiality of the Company&rsquo;s information, including any non-public information entrusted to or obtained by such
director by reason of his or her position as a director of the Company. The Engaged Group further acknowledges and agrees that the Additional
Independent Director shall not share any confidential information about the Company with the Engaged Group without the Board&rsquo;s consent,
and the Engaged Group shall not seek to obtain any confidential information from the Additional Independent Director.</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">Section 10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Affiliates and Associates</U>. The Engaged Group agrees (a) to cause its Affiliates and Associates to comply with the terms
of this Agreement and (b) that it shall be responsible for any breach of this Agreement by any such Affiliate or Associate. A breach of
this Agreement by a controlled Affiliate or Associate of any member of the Engaged Group, if such Affiliate or Associate is not a party
hereto, shall be deemed to occur if such Affiliate or Associate engages in conduct that would constitute a breach of this Agreement if
such Affiliate or Associate was a party hereto to the same extent as the Engaged Group.</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">Section 11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Termination</U>.</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: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
otherwise mutually agreed in writing by each Party, this Agreement shall terminate on the earliest to occur of (i) 30 calendar days
prior to the notice deadline under the Bylaws for the nomination of director candidates for election to the Board at the 2024 Annual
Meeting, (ii) 120 calendar days prior to the first anniversary of the 2023 Annual Meeting or (iii)&nbsp;the consummation of an
Extraordinary Transaction (the effective date of termination, the &ldquo;<U>Termination Date</U>&rdquo;); <U>provided</U>, <U>however</U>,
that if the Additional Independent Director has not been appointed by the Board by July 31, 2023, either Party may terminate this
Agreement (<U>provided</U> that neither Party may terminate this Agreement as a result of this proviso if it is then in material
breach of this Agreement, or has breached this Agreement in a way that is the primary cause of the failure to have appointed the
Additional Independent Director to the Board by such date).</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"></P>

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<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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
this Agreement is terminated in accordance with this <U>Section 11</U>, this Agreement shall forthwith become null and void, but no termination
shall relieve a Party from liability for any breach of this Agreement prior to such termination.</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: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding the foregoing terms of this <U>Section 11</U>, <U>Section 1(a)(ii)</U> and <U>Section 11</U> through <U>Section
24</U> shall survive the termination of this Agreement.</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-indent: 0.5in">Section 12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain Defined Terms</U>. For purposes of this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Activist Investor</U>&rdquo; means, as of any date of determination, a person that has, directly or indirectly, whether individually
or as a member of a &ldquo;group&rdquo; (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), within the five-year
period immediately preceding such date of determination, (i) called or publicly sought to call a meeting of stockholders or other equityholders
of any public company, (ii) publicly initiated any proposal for action by stockholders or other equityholders of any public company,
which such action was (at any point after the announcement thereof) publicly opposed by the board of directors (or similar governing
body) of such public company, (iii) publicly sought (A) election to, or to place a director or representative on, the board of directors
(or similar governing body) of any public company (including by nominating any Person for such election) or (B) the removal of a director
or other representative from such board of directors (or similar governing body) of any public company, in each case, which election
or removal was not recommended or approved publicly (at the time such election or removal was first sought) by the board of directors
(or similar governing body) of such public company or (iv) publicly disclosed any intention, plan or arrangement to do any of the foregoing.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Affiliate</U>&rdquo;
and &ldquo;<U>Associate</U>&rdquo; (and any plurals thereof) have the meanings ascribed to such terms under Rule 12b-2 promulgated by
the SEC under the Exchange Act and shall include all persons or entities that at any time prior to the Termination Date become Affiliates
or Associates of any applicable person or entity referred to in this Agreement&#894; <I>provided</I>, <I>however</I>, that the term &ldquo;Associate&rdquo;
shall refer only to Associates controlled by the Company or the Engaged Group, as applicable, and the term &ldquo;Affiliate&rdquo; shall
not include any publicly-traded portfolio company of the Engaged Group&#894; <I>provided</I>, <I>further</I>, that, for purposes of this
Agreement, the Engaged Group shall not be an Affiliate or Associate of the Company and the Company shall not be an Affiliate or Associate
of the Engaged Group&#894;</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: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<U>beneficial ownership</U>,&rdquo; &ldquo;<U>group</U>,&rdquo; &ldquo;<U>person</U>,&rdquo; &ldquo;<U>proxy</U>&rdquo;
and &ldquo;<U>solicitation</U>&rdquo; (and any plurals thereof) have the meanings ascribed to such terms under the Exchange Act and the
rules and regulations promulgated thereunder&#894; <I>provided</I>, <I>however</I>, that the meaning of &ldquo;solicitation&rdquo; shall
be without regard to the exclusions set forth in Rules 14a-1(1)(2)(iv) and 14a-2 under the Exchange Act&#894;</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: 1in"></P>

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<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: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Business Day</U>&rdquo; means any day that is not (i) a Saturday, (ii) a Sunday or (iii) other day on which commercial banks
in the State of New York are authorized or required to be closed by applicable law&#894;</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: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Bylaws</U>&rdquo;
means the Second Amended and Restated Bylaws of the Company (as may be amended from time to time)&#894;</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: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<U>Charter</U>&rdquo; means the Amended and Restated Certificate of Incorporation of the Company (as may be amended from
time to time)&#894;</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: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>DGCL</U>&rdquo;
means the Delaware General Corporation Law&#894;</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: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Director
Criteria</U>&rdquo; means that a person (i) qualifies as &ldquo;independent&rdquo; pursuant to the independence requirements of the New
York Stock Exchange, applicable SEC rules and regulations and the Company&rsquo;s applicable corporate governance guidelines and policies,
(ii) qualifies to serve as a director under the DGCL, (iii) is not an Affiliate, Associate, employee or principal of either the Company
or the Engaged Group and (iv) has the relevant experience to be a director of the Company, including relevant experience in the restaurant
industry.</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: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder&#894;</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: 1in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Extraordinary
Transaction</U>&rdquo; means any tender offer, exchange offer, merger, consolidation, acquisition, business combination, sale, recapitalization,
restructuring, or other transaction with a person that, in each case, results in a change in control of the Company or the sale of all
or substantially all of its assets&#894;</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: 1in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>SEC</U>&rdquo;
means the U.S. Securities and Exchange Commission&#894;</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: 1in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Short
Interests</U>&rdquo; means any agreement, arrangement, understanding or relationship, including any repurchase or similar so-called &ldquo;stock
borrowing&rdquo; agreement or arrangement, engaged in, directly or indirectly, by such person, the purpose or effect of which is to mitigate
loss to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the Company&rsquo;s equity securities
by, manage the risk of share price changes for, or increase or decrease the voting power of, such person with respect to the shares of
any class or series of the Company&rsquo;s equity securities, or that provides, directly or indirectly, the opportunity to profit from
any decrease in the price or value of the shares of any class or series of the Company&rsquo;s equity securities&#894;</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: 1in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Stockholders
Agreement</U>&rdquo; means that certain Stockholders Agreement, dated February 4, 2015 and amended on October 8, 2015, May 11, 2017 and
October 16, 2018, by and among the Company, SSE Holdings, LLC and the other signatories thereto as it may be further amended, supplemented
or otherwise modified in accordance with its terms;</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: 1in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Stockholder
Meeting</U>&rdquo; means each annual or special meeting of stockholders of the Company, or any action by written consent of the Company&rsquo;s
stockholders in lieu thereof, and any adjournment, postponement, rescheduling, continuation or meeting held in lieu thereof&#894;</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: 1in"></P>

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<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: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<U>Synthetic
Equity Interest</U>s&rdquo; means any derivative, swap or other transaction or series of transactions engaged in, directly or indirectly,
by such person, the purpose or effect of which is to give such person economic risk similar to ownership of equity securities of any
class or series of the Company, including due to the fact that the value of such derivative, swap or other transactions are determined
by reference to the price, value or volatility of any shares of any class or series of the Company&rsquo;s equity securities, or which
derivative, swap or other transactions provide the opportunity to profit from any increase in the price or value of shares of any class
or series of the Company&rsquo;s equity securities, without regard to whether (i) the derivative, swap or other transactions convey any
voting rights in such equity securities to such person&#894; (ii) the derivative, swap or other transactions are required to be, or are
capable of being, settled through delivery of such equity securities&#894; or (iii) such person may have entered into other transactions
that hedge or mitigate the economic effect of such derivative, swap or other transactions&#894;</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: 1in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Third
Party</U>&rdquo; refers to any person that is not a Party, a member of the Board, a director or officer of the Company, or legal counsel
to either Party&#894; and</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: 1in">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Voting
Securities</U>&rdquo; means the Common Stock and any other securities of the Company entitled to vote in the election of directors.</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">In this Agreement, (i) the word &ldquo;including&rdquo;
(in its various forms) means &ldquo;including, without limitation&#894;&rdquo; (ii) the words &ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo;
 &ldquo;hereto&rdquo; and words of similar import are references in this Agreement as a whole and not to any particular provision of this
Agreement&#894; (iii) the word &ldquo;or&rdquo; is not exclusive&#894; (iv) references to &ldquo;Sections&rdquo; in this Agreement are
references to Sections of this Agreement unless otherwise indicated&#894; (v) whenever the context requires, the masculine gender shall
include the feminine and neuter genders; and (vi) the phrase &ldquo;to the extent&rdquo; means the degree to which something extends,
and not merely &ldquo;if&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">Section 13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Injunctive Relief&#894; Fees</U>.</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: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Party acknowledges and agrees that any breach of any provision of this Agreement shall cause the other Party irreparable harm which would
not be adequately compensable by money damages. Accordingly, in the event of a breach or threatened breach by a Party of any provision
of this Agreement, the other Party shall be entitled to seek an injunction or other preliminary or equitable relief, without having to
prove irreparable harm or actual damages or post a bond or other security. The foregoing right shall be in addition to such other rights
or remedies that may be available to the non-breaching Party for such breach or threatened breach, including the recovery of money damages.</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: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If a Party institutes any legal suit, action or proceeding against the other Party to enforce this Agreement (or obtain any other
remedy regarding any breach of this Agreement) or arising out of or relating to this Agreement, including contract, equity, tort, fraud
and statutory claims, the prevailing Party in the suit, action or proceeding is entitled to receive, and the non-prevailing Party shall
pay, in addition to all other remedies to which the prevailing Party may be entitled, the costs and expenses incurred by the prevailing
Party in conducting the suit, action or proceeding, including actual attorneys&rsquo; fees and expenses, even if not recoverable by law.</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: 1in"></P>

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<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">Section 14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect
and shall in no way be affected, impaired or invalidated. Each Party agrees to use its commercially reasonable best efforts to agree
upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable
by a court of competent jurisdiction.</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">Section 15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.
Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and shall be deemed to have been delivered (a) upon receipt, when delivered personally, (b) upon delivery when sent
by e-mail (<I>provided, however,</I> that no automatically generated &ldquo;undeliverable&rdquo; or similar message is received in respect
of the e-mail transmission) or (c) one Business Day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the Party to receive the same. The addresses for such communications shall be:</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">If to the Company:</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: 1in">Shake Shack Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">225 Varick Street, Suite 301</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">New York, New York 10014</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Email: rpalmese@shakeshack.com</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: 1in">with a copy (which shall not
constitute notice) to:</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: 1in">Wachtell, Lipton, Rosen &amp;
Katz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">51 West 52nd Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">New York, New York 10019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 1in">Jenna E. Levine</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;JELevine@wlrk.com</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">If to the Engaged Group:</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: 1in">Engaged Capital, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">610 Newport Center Drive, Suite
250</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Newport Beach, California 92660</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Attention: Glenn W. Welling</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Email: glenn@engagedcapital.com</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: 1in">with a copy (which shall not
constitute notice) to:</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: 1in">Olshan Frome Wolosky LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1325 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Attention:&#8239;&#8239;&#8239;Ryan Nebel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Email:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;rnebel@olshanlaw.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Expenses</U>.
Each Party shall be responsible for its own fees and expenses incurred in connection with the negotiation, execution and effectuation
of this Agreement and the transactions contemplated hereby, except that the Company shall, within seven (7) Business Days of the execution
of this Agreement, reimburse the Engaged Group in the amount of $350,000 for its out of pocket fees and expenses incurred in connection
with the negotiation and entry into this Agreement and the matters 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">Section 17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law&#894; Jurisdiction&#894; Jury Waiver</U>. This Agreement and all actions, proceedings or counterclaims (whether based on contract,
tort or otherwise) arising out of or relating to this Agreement or any action of the Company or the Engaged Group in the negotiation,
administration, performance or enforcement hereof shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any
other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each Party irrevocably
agrees that any legal action or proceeding with respect to this Agreement and any rights and obligations arising hereunder, or for recognition
and enforcement of any judgment in respect of this Agreement and any rights and obligations arising hereunder brought by the other Party
or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court
therefrom within the State of Delaware (or, solely if the Delaware Court of Chancery declines to accept jurisdiction over a particular
matter, any federal court within the State of Delaware) (the &ldquo;<U>Chosen Courts</U>&rdquo;). Each Party hereby irrevocably submits
with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal
jurisdiction of the Chosen Courts and agrees that it shall not bring any action relating to this Agreement in any court other than the
Chosen Courts. Each Party hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement,
(a) any claim that it is not personally subject to the jurisdiction of the Chosen Courts for any reason, (b) any claim that it or its
property is exempt or immune from jurisdiction of any Chosen Court or from any legal process commenced in the Chosen Courts (whether
through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
and (c) to the fullest extent permitted by applicable legal requirements, any claim that (i) the suit, action or proceeding in any Chosen
Court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or
the subject matter hereof, may not be enforced in or by the Chosen Courts. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.</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">Section 18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Counterparts&#894; Electronic Transmission</U>. This Agreement may be executed in two or more counterparts, which together shall
constitute a single agreement. Any signature to this Agreement transmitted by facsimile transmission, by electronic mail in &ldquo;portable
document format&rdquo; (&ldquo;.pdf&rdquo;) form or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original signature.</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">Section 19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Waiver</U>. Neither the failure nor any delay by a Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any right, power or privilege 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"></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: justify; text-indent: 0.5in">Section 20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire Agreement&#894; Amendments</U>. This Agreement contains the entire understanding of the Parties with respect to the subject
matter hereof. This Agreement may only be amended pursuant to a written agreement executed by each Party.</FONT></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">Section 21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors
and Assigns</U>. This Agreement may not be transferred or assigned by any Party without the prior written consent of the other Party.
Any purported assignment without such consent is null and void. Subject to the foregoing, this Agreement shall be binding upon, inure
to the benefit of, and be enforceable by and against the permitted successors and assigns of each Party.</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">Section 22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Third Party Beneficiaries</U>. This Agreement is solely for the benefit of the Parties and is not enforceable by any other 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">Section 23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Interpretation and Construction</U>. Each Party acknowledges that it has been represented by independent counsel of its choice
throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said
independent counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the
documents referred to herein, and any and all drafts relating thereto exchanged among the Parties shall be deemed the work product of
all of the Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law or
any legal decision that would require interpretation of any ambiguities in this Agreement against any Party that drafted or prepared it
is of no application and is hereby expressly waived by each Party, and any controversy over any interpretation of this Agreement shall
be decided without regards to events of drafting or preparation. The section headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement.</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">Section 24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Headings</U>.
The headings set forth in this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect in
any way the meaning or interpretation of this Agreement or any term or provision of this Agreement.</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-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature Page Follows</I>]</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, each Party has executed this
Agreement, or caused the same to be executed by its duly authorized representative, as of the date first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">THE COMPANY:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">SHAKE SHACK INC.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Ronald Palmese, Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Legal Officer</TD></TR>
  </TABLE>




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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[SIGNATURE PAGE TO COOPERATION
AGREEMENT]</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"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">ENGAGED CAPITAL:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">ENGAGED CAPITAL FLAGSHIP MASTER FUND, LP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">Engaged Capital, LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">General Partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Founder and Chief Investment Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">ENGAGED CAPITAL FLAGSHIP FUND, LP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Engaged Capital, LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">General Partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> /s/ Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Founder and Chief Investment Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">ENGAGED CAPITAL FLAGSHIP FUND, LTD.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Director</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">ENGAGED CAPITAL CO-INVEST XV, LP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Engaged Capital, LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">General Partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> /s/ Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Founder and Chief Investment Officer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[SIGNATURE PAGE TO COOPERATION
AGREEMENT]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">ENGAGED CAPITAL CO-INVEST XV-A, LP</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">Engaged Capital, LLC</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">General Partner</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> /s/ Glenn W. Welling</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Glenn W. Welling</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Founder and Chief Investment Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom"><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">ENGAGED CAPITAL, LLC</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Glenn W. Welling</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Glenn W. Welling</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Founder and Chief Investment Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom"><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>ENGAGED
                                            CAPITAL HOLDINGS, LLC</B></P></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Glenn W. Welling</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Glenn W. Welling</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Sole Member</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">/s/ Glenn W. Welling</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">GLENN W. WELLING</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[SIGNATURE PAGE TO COOPERATION
AGREEMENT]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Exhibit A</U></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">Engaged Capital Flagship Master Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Engaged Capital Flagship Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Engaged Capital Flagship Fund, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Engaged Capital Co-Invest XV, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Engaged Capital Co-Invest XV-A, LP</P>

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

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

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

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Shake Shack Enters Into Cooperation Agreement
with Engaged Capital</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Appoints Jeffrey D. Lawrence to its
Board of Directors</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Agrees to Add One Additional Mutually
Agreed Director with Restaurant Operations Experience</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Company to Engage Operational Consulting
Firm and Enhance Corporate Governance </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New York, May 16, 2023 </B>&ndash; Shake Shack
Inc. (&ldquo;Shake Shack&rdquo; or the &ldquo;Company&rdquo;) (NYSE: SHAK) today announced that it has entered a cooperation agreement
(the &ldquo;Cooperation Agreement&rdquo;) with Engaged Capital, LLC (&ldquo;Engaged Capital&rdquo;). As part of the Cooperation Agreement,
Shake Shack appointed Jeffrey D. Lawrence to its Board as an independent director, effective immediately. The Company will also work with
Engaged Capital to identify an additional mutually agreed upon independent director to appoint to the Shake Shack Board with restaurant
operations experience. The Company also agreed to take other actions that both the Company and Engaged Capital believe are in the best
interests of the Company and its stockholders.</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">Randy Garutti, Shake Shack&rsquo;s CEO, commented,
 &ldquo;We appreciate our constructive dialogue with Engaged Capital and believe the appointment of Jeff and another new director will
benefit our Company and stockholders. We are executing our strategic plan and share Engaged Capital&rsquo;s view that Shake Shack can
drive additional profit growth. We look forward to continuing to increase stockholder value.&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">Lawrence, former CFO of Domino&rsquo;s Pizza Inc.,
brings strong financial management, business operations, and transformation expertise from leading restaurant and consumer-facing companies.
While at Domino&rsquo;s, he guided the company&rsquo;s digital transformation and international expansion. Lawrence currently serves as
CFO of technology company ShiftKey.</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">&ldquo;Jeff is a seasoned leader in the restaurant
industry, and we are excited to welcome him to the Board,&rdquo; said Danny Meyer, Chairman of the Board. &ldquo;It became clear that
Jeff is an ideal addition to our Board after an extensive search that began in January&nbsp;2023 led by the Nominating &amp; Corporate
Governance Committee of the Board. Given his expertise in scaled operations, digital and international expansion, as well as his strong
financial leadership experience, we believe he will be able to make immediate and impactful contributions to Shake Shack. I am also pleased
that we reached an agreement with Engaged Capital, one of our largest stockholders, that I believe will further our mutual goal of enhancing
stockholder value.&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">Pursuant to the Cooperation Agreement, Shake Shack
has agreed to retain a consulting firm to support its ongoing operational initiatives to improve restaurant execution, cost structure
and profitability, and Danny Meyer and certain of his affiliates have agreed to step down their director designation rights over time.&nbsp;</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"></P>

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<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">&ldquo;We are pleased to have aligned with the
Board on a constructive path forward to helping Shake Shack achieve its potential. Due to its strong brand, elevated product and uplifting
guest experience, Shake Shack has a unique opportunity for substantial profitable growth. Jeff and an additional director with expertise
successfully scaling profitable restaurant concepts will be tremendous additions to the Board as the company continues to improve the
guest experience, Shack and company profitability and returns on capital,&rdquo; commented Glenn W. Welling, Founder and Chief Investment
Officer at Engaged Capital.</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">&quot;I am honored to join the Board of such an
outstanding global brand, a brand whose mission to Stand for Something Good resonates strongly with me.&nbsp;I have long admired Shake
Shack and could not be more excited to partner with Danny, Randy and the rest of the team to continue to build real and sustainable value
for all of our important stakeholders,&rdquo; said Jeff Lawrence.</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">Engaged Capital has agreed to abide by certain
customary standstill and voting commitments in connection with the Cooperation Agreement and will support the Board&rsquo;s full slate
of directors at the 2023 Annual Meeting of Stockholders. The agreement will be filed by the Company with the U.S. Securities and Exchange
Commission (&ldquo;SEC&rdquo;) as an exhibit to the Current Report on Form 8-K.</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>Jeffrey Lawrence Bio</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">Jeffrey (Jeff) D. Lawrence has more than 25 years
of leadership experience with particular expertise in the consumer retail and restaurant industries globally as well as in digital and
technological transformations, franchising and financial strategy.&nbsp;Mr. Lawrence is currently the Chief Financial Officer of ShiftKey,
a technology-enabled marketplace connecting licensed professionals to the future of work.&nbsp;Mr. Lawrence previously served as Chief
Financial Officer of FIGS, Inc., where he led its successful initial public offering and partnered to grow significant shareholder value
during his tenure.&nbsp;Mr. Lawrence previously spent more than 20 years at Domino&rsquo;s Pizza, Inc., the leader in the global pizza
industry, including five years as Executive Vice President &amp; Chief Financial Officer. Mr. Lawrence was instrumental in Domino&rsquo;s
successful initial public offering, then the largest restaurant IPO ever, as well as the ground-breaking turnaround of the brand including
the technological transformation, global expansion and dramatic increase in store level profitability, all of which led to best-in-class
shareholder returns for more than a decade.&nbsp;Mr. Lawrence previously served on the Board of Directors of Domino&rsquo;s master franchisee
in China.&nbsp;Mr. Lawrence began his career in public accounting and is a certified public accountant (registered status) in the State
of Michigan.&nbsp;Mr. Lawrence holds an MBA with High Distinction from the Ross School of Business at the University of Michigan as well
as a BBA (summa cum laude) from Wayne State University.</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"><B>About Shake Shack</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">Shake Shack serves elevated versions of
American classics using only the best ingredients. It&rsquo;s known for its delicious made-to-order Angus beef burgers, crispy
chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm
hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal.
Shake Shack&rsquo;s purpose is to Stand For Something Good&reg;, from its premium ingredients and employee development, to its
inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC&rsquo;s Madison Square Park, the
Company has expanded to over 450 locations systemwide, including over 290 in 32 U.S. States and the District of Columbia, and over
150 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.</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"></P>

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<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>About Engaged Capital</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">Engaged Capital, LLC (&ldquo;Engaged Capital&rdquo;)
is an investment advisor with a private equity-like investing style in the U.S. public equity markets. Engaged Capital seeks to help build
sustainable businesses that create long-term stockholder value by engaging with and bringing an owner&rsquo;s perspective to the managements
and boards of undervalued public companies and working with them to unlock the embedded value within their businesses. Engaged Capital
focuses on delivering superior, long-term, risk-adjusted returns for its limited partners. Engaged Capital was established in 2012 and
is based in Newport Beach, California. Learn more at www.engagedcapital.com.</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"><B>Media:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>mcastranova@shakeshack.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lex Suvanto or Nora Flaherty, Edelman Smithfield</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>shakeshack@edelmansmithfield.com</U></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>Investor Relations:</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(844) SHACK-04 (844-742-2504)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>investor@shakeshack.com</U></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">Source: Shake Shack Inc.</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"></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2315964d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><U>AMENDMENT NO.
4 TO STOCKHOLDERS AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; 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 AMENDMENT NO. 4 TO STOCKHOLDERS
AGREEMENT (this &#8220;<U>Amendment</U>&#8221;), dated and effective as of May 15, 2023 (the &#8220;<U>Effective Date</U>&#8221;), is
entered into by and among (i)&nbsp;Shake Shack Inc., a Delaware corporation (the &#8220;<U>Company</U>&#8221;), (ii) SSE Holdings, LLC,
a Delaware limited liability company (&#8220;<U>Holdings</U>&#8221;), (iii) the Persons listed on the signature pages hereto under the
caption &#8220;Meyer Stockholders&#8221; (the &#8220;<U>Meyer Stockholders</U>&#8221;) and (iv) the Persons listed on the signature pages
hereto under the caption &#8220;LGP Stockholders&#8221; (the &#8220;<U>LGP Stockholders</U>&#8221;). All capitalized terms defined herein
but not used herein shall have the meanings as ascribed to such terms in the Stockholders Agreement (as defined below).</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-top: 0pt; margin-bottom: 0pt; text-align: center">W I T N E S S E T H:</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">WHEREAS, the Company, Holdings,
the Meyer Stockholders, the LGP Stockholders and certain other stockholders of the Company have previously entered into a Stockholders
Agreement, dated and effective as of February 4, 2015, as amended (collectively, the &#8220;<U>Stockholders Agreement</U>&#8221;); and</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">WHEREAS, the Company, SSE
Holdings, Meyer Stockholders and the LGP Stockholders desire to amend the Stockholders Agreement as hereinafter provided to remove the
LGP Stockholders from the Stockholders Agreement.</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">NOW, THEREFORE, the Company,
Holdings, Meyer Stockholders and the LGP Stockholders hereto 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>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Removal of the LGP Stockholders as Parties to the Stockholders Agreement</U>. The Stockholders Agreement
shall be amended as follows: the LGP Stockholders shall be removed as parties thereto, and all references and other provisions of the
Stockholders Agreement pertaining to the LGP Stockholders, and participation by the LGP Stockholders in the Stockholders Agreement, are
hereby terminated as of the Effective Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 36pt"></TD><TD STYLE="width: 22.5pt">B.</TD><TD STYLE="text-align: justify"><U>Full Force and Effect</U>. All other provisions of the Stockholders Agreement not otherwise expressly
amended herein shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 36pt"></TD><TD STYLE="width: 22.5pt">C.</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. The terms and conditions of this Amendment shall be governed by and construed in
accordance with the laws of the State of Delaware.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 36pt"></TD><TD STYLE="width: 22.5pt">D.</TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of which when
                                                              taken together shall constitute a single instrument.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature pages
follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: center; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: center; text-indent: -22.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: center; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, each of
the undersigned has signed this Amendment No. 4 to Stockholders Agreement as of the date first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>COMPANY</U>:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">SHAKE SHACK INC.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Legal Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>HOLDINGS</U>:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">SSE HOLDINGS, LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Legal Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>MEYER STOCKHOLDERS</U>:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">DANIEL H. MEYER 2012 GIFT TRUST UAD 10/31/12</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Mike McQuinn</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Mike McQuinn</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Co-Trustee</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">DANIEL H. MEYER INVESTMENT TRUST DATED 5/15/92</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Authorized Signatory</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>LGP STOCKHOLDERS</U>:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">GREEN EQUITY INVESTORS VI, L.P.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">By: GEI Capital VI, LLC, its General Partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Andrew Goldberg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Andrew Goldberg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: General Counsel</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">GREEN EQUITY INVESTORS SIDE VI, L.P.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">By: GEI Capital VI, LLC, its General Partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Andrew Goldberg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Andrew Goldberg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: General Counsel</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">LGP MALTED COINVEST LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">By: Peridot Coinvest Manager LLC, its Manager</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">By: Leonard Green &amp; Partners, L.P., its Manager</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">By: LGP Management, Inc., its General Partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Andrew Goldberg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Andrew Goldberg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: General Counsel</TD></TR>
  </TABLE>




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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2315964d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AMENDMENT NO.
5 TO STOCKHOLDERS AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; 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 AMENDMENT NO. 5 TO STOCKHOLDERS
AGREEMENT (this &#8220;<U>Amendment</U>&#8221;), dated and effective as of May 15, 2023 (the &#8220;<U>Effective Date</U>&#8221;), is
entered into by and among (i)&nbsp;Shake Shack Inc., a Delaware corporation (the &#8220;<U>Company</U>&#8221;), (ii) SSE Holdings, LLC,
a Delaware limited liability company (&#8220;<U>Holdings</U>&#8221;), and (iii) the Persons listed on the signature pages hereto under
the caption &#8220;Meyer Stockholders&#8221; (the &#8220;<U>Meyer Stockholders</U>&#8221;). All capitalized terms defined herein but not
used herein shall have the meanings as ascribed to such terms in the Stockholders Agreement (as defined below).</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: center">W I T N E S S E T H:</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">WHEREAS, the Company, Holdings,
the Meyer Stockholders and certain other stockholders of the Company have previously entered into a Stockholders Agreement, dated and
effective as of February 4, 2015, as amended (collectively, the &#8220;<U>Stockholders Agreement</U>&#8221;); and</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">WHEREAS, the Company, SSE
Holdings and the Meyer Stockholders desire to amend the Stockholders Agreement as hereinafter provided to modify the Meyer Stockholders&#8217;
rights with respect to Meyer Stockholder Designees.</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">NOW, THEREFORE, the Company,
Holdings and the Meyer Stockholders hereto 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>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Amendment</U>. Section 2.1(b) of the Stockholders Agreement shall be replaced in its entirety with
the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;(b) <U>Meyer Stockholder
Representation</U>. For so long as the Meyer Stockholders hold a number of shares of Common Stock representing at least the percentage
of shares of Common Stock held by such Meyer Stockholders as of the Closing shown below, the Company and the Principal Stockholders shall
use their reasonable best efforts to include in the slate of nominees recommended by the Board for election as directors at each applicable
annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by the Meyer Stockholders
(each, a &#8220;<U>Meyer Stockholder Designee</U>&#8221;) that, if elected, will result in the number of Meyer Directors serving on the
Board of Directors that is shown below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><U>Percentage</U></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Number of Directors</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">50% or greater</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less than 50% but greater than 33%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less than 33% but greater than 20%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less than 20%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">0</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rights of the Meyer Stockholders
to designate Meyer Stockholder Designees shall terminate immediately following the conclusion of the Company&#8217;s 2025 annual meeting
of stockholders.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: 36pt"></TD><TD STYLE="width: 22.5pt">B.</TD><TD STYLE="text-align: justify"><U>Full Force and Effect</U>. All other provisions of the Stockholders Agreement not otherwise expressly
amended herein shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 36pt"></TD><TD STYLE="width: 22.5pt">C.</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. The terms and conditions of this Amendment shall be governed by and construed in
accordance with the laws of the State of Delaware.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 36pt"></TD><TD STYLE="width: 22.5pt">D.</TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of which when
                                                              taken together shall constitute a single instrument.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: center; text-indent: -22.5pt">[Signature pages
follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: center; text-indent: -22.5pt">&nbsp;</P>

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

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<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">IN WITNESS WHEREOF, each of
the undersigned has signed this Amendment No. 5 to Stockholders Agreement as of the date first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>COMPANY</U>:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">SHAKE SHACK INC.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Legal Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>HOLDINGS</U>:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">SSE HOLDINGS, LLC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Ronald Palmese Jr.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Legal Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>MEYER STOCKHOLDERS</U>:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">DANIEL H. MEYER 2012 GIFT TRUST UAD 10/31/12</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Mike McQuinn</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Mike McQuinn</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Co-Trustee</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">DANIEL H. MEYER INVESTMENT TRUST DATED 5/15/92</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Daniel H. Meyer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Authorized Signatory</TD></TR>
  </TABLE>


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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tm2315964d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_01.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May 15, 2023</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">Jeffrey D. Lawrence</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">Dear Jeff:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">This letter sets forth the
terms and conditions of your appointment to serve as a director (&ldquo;<B>Director</B>&rdquo;) on the board of directors (the &ldquo;<B>Board</B>&rdquo;)
of Shake Shack Inc. (the &ldquo;<B>Company</B>&rdquo;) and to serve as a member of the Audit Committee of the Board (the &ldquo;<B>Committee</B>&rdquo;),
effective as of May 15, 2023 (the &ldquo;<B>Effective Date</B>&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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a Director, you will be
expected to attend at least four (4) Board and four (4) Committee meetings annually and shall have such other duties and responsibilities
as are customarily associated with this position. You shall continue to serve on the Board until such time as either you or the Company
terminates your service or you are not re-elected to the Board at the Annual General Meeting of Stockholders in June 2024.</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">As consideration for your
anticipated service on the Board and the Committee, you will be eligible to receive cash and equity compensation totaling One Hundred
Twenty-Five Thousand Dollars ($125,000) each service year.<SUP>1</SUP> This is pursuant to the Compensation&rsquo;s Non-Employee Director
Compensation Policy, a copy of which has been provided to you. You may elect to receive additional equity in lieu of some or all of the
cash portion of your compensation. Please refer to the Director Compensation Election Cover Letter and Director Compensation Election
Form, copies of which have been provided to you as well.</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">You will also be entitled
to coverage under a directors&rsquo; and officers&rsquo; liability insurance policy maintained by the Company.</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">During your tenure as a Director,
you shall at all times and for all purposes be acting as an independent contractor and not as an employee of the Company. Accordingly,
you shall not be eligible to participate in employee benefit plans provided by the Company to its employees and the Company shall not,
on your account, (i) pay any unemployment tax or other taxes required under the law to be paid with respect to employees or (ii) withhold
any monies from any compensation paid to you for income or employment tax purposes. Director compensation is established by the Board
and so, notwithstanding this letter, it may be revised at any time and from time to time.</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">You will receive a number
of onboarding documents from Ron Palmese, the Company&rsquo;s General Counsel. He will be your primary contact in the weeks ahead. If
you have any questions once you receive them, do not hesitate to reach out to him.</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">Please confirm that the foregoing
reflects your understanding by signing and returning to us the enclosed duplicate of this letter at your earliest convenience. We are
glad to have you aboard and look forward to working together. Please feel free to contact me should you wish to discuss any aspect of
your service on the Company&rsquo;s Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/ Daniel H. Meyer</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel H. Meyer, Chairman</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted &amp; Agreed:</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"><U>/s/ Jeff Lawrence________________<BR>
</U>Jeff Lawrence<BR>
Date: May 15, 2023</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">&nbsp;</P>

<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> Each service year
runs from Q2 in a given year through Q1 the following year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="image_02.jpg" ALT=""></P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>tm2315964d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Shake Shack Enters Into Cooperation Agreement with Engaged Capital</B></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><I>Appoints Jeffrey D. Lawrence to its Board of Directors</I></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><I>Agrees to Add One Additional Mutually Agreed Director with Restaurant
Operations Experience</I></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><I>Company to Engage Operational Consulting Firm and Enhance Corporate
Governance</I></P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>New York, May 16, 2023 &ndash;</B> Shake Shack Inc. (&ldquo;Shake Shack&rdquo;
or the &ldquo;Company&rdquo;) (NYSE: SHAK) today announced that it has entered a cooperation agreement (the &ldquo;Cooperation Agreement&rdquo;)
with Engaged Capital, LLC (&ldquo;Engaged Capital&rdquo;). As part of the Cooperation Agreement, Shake Shack appointed Jeffrey D. Lawrence
to its Board as an independent director, effective immediately. The Company will also work with Engaged Capital to identify an additional
mutually agreed upon independent director to appoint to the Shake Shack Board with restaurant operations experience. The Company also
agreed to take other actions that both the Company and Engaged Capital believe are in the best interests of the Company and its stockholders.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Randy Garutti, Shake Shack&rsquo;s CEO, commented, &ldquo;We appreciate our constructive dialogue with Engaged Capital and believe the
appointment of Jeff and another new director will benefit our Company and stockholders. We are executing our strategic plan and share
Engaged Capital&rsquo;s view that Shake Shack can drive additional profit growth. We look forward to continuing to increase stockholder
value.&rdquo;</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Lawrence, former CFO of Domino&rsquo;s Pizza Inc., brings strong financial management, business operations, and transformation expertise
from leading restaurant and consumer-facing companies. While at Domino&rsquo;s, he guided the company&rsquo;s digital transformation and
international expansion. Lawrence currently serves as CFO of technology company ShiftKey.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&ldquo;Jeff is a seasoned leader in the restaurant industry, and we are excited to welcome him to the Board,&rdquo; said Danny Meyer,
Chairman of the Board. &ldquo;It became clear that Jeff is an ideal addition to our Board after an extensive search that began in January
2023 led by the Nominating &amp; Corporate Governance Committee of the Board. Given his expertise in scaled operations, digital and international
expansion, as well as his strong financial leadership experience, we believe he will be able to make immediate and impactful contributions
to Shake Shack. I am also pleased that we reached an agreement with Engaged Capital, one of our largest stockholders, that I believe will
further our mutual goal of enhancing stockholder value.&rdquo;</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Pursuant to the Cooperation Agreement, Shake Shack has agreed to retain a consulting firm to support its ongoing operational initiatives
to improve restaurant execution, cost structure and profitability, and Danny Meyer and certain of his affiliates have agreed to step down
their director designation rights over time.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&ldquo;We are pleased to have aligned with the Board on a constructive path forward to helping Shake Shack achieve its potential. Due
to its strong brand, elevated product and uplifting guest experience, Shake Shack has a unique opportunity for substantial profitable
growth. Jeff and an additional director with expertise successfully scaling profitable restaurant concepts will be tremendous additions
to the Board as the company continues to improve the guest experience, Shack and company profitability and returns on capital,&rdquo;
commented Glenn W. Welling, Founder and Chief Investment Officer at Engaged Capital.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">"I am honored to join the Board of such an outstanding global brand, a brand whose mission to Stand for Something Good resonates strongly
with me. I have long admired Shake Shack and could not be more excited to partner with Danny, Randy and the rest of the team to continue
to build real and sustainable value for all of our important stakeholders,&rdquo; said Jeff Lawrence.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Engaged Capital has agreed to abide by certain customary standstill and voting commitments in connection with the Cooperation Agreement
and will support the Board&rsquo;s full slate of directors at the 2023 Annual Meeting of Stockholders. The agreement will be filed by
the Company with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) as an exhibit to the Current Report on Form 8-K.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>Jeffrey Lawrence Bio</B></P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Jeffrey (Jeff) D. Lawrence has more than 25 years of leadership experience with particular expertise in the consumer retail and restaurant
industries globally as well as in digital and technological transformations, franchising and financial strategy. Mr. Lawrence is currently
the Chief Financial Officer of ShiftKey, a technology-enabled marketplace connecting licensed professionals to the future of work. Mr.
Lawrence previously served as Chief Financial Officer of FIGS, Inc., where he led its successful initial public offering and partnered
to grow significant shareholder value during his tenure. Mr. Lawrence previously spent more than 20 years at Domino&rsquo;s Pizza, Inc.,
the leader in the global pizza industry, including five years as Executive Vice President &amp; Chief Financial Officer. Mr. Lawrence
was instrumental in Domino&rsquo;s successful initial public offering, then the largest restaurant IPO ever, as well as the ground-breaking
turnaround of the brand including the technological transformation, global expansion and dramatic increase in store level profitability,
all of which led to best-in-class shareholder returns for more than a decade. Mr. Lawrence previously served on the Board of Directors
of Domino&rsquo;s master franchisee in China. Mr. Lawrence began his career in public accounting and is a certified public accountant
(registered status) in the State of Michigan. Mr. Lawrence holds an MBA with High Distinction from the Ross School of Business at the
University of Michigan as well as a BBA (summa cum laude) from Wayne State University.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>About Shake Shack</B></P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Shake Shack serves elevated versions of American classics using only the best ingredients. It&rsquo;s known for its delicious made-to-order
Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a
great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread
appeal. Shake Shack&rsquo;s purpose is to Stand For Something Good&reg;, from its premium ingredients and employee development, to its
inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC&rsquo;s Madison Square Park, the Company
has expanded to over 450 locations systemwide, including over 290 in 32 U.S. States and the District of Columbia, and over 150 international
locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>About Engaged Capital</B></P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Engaged Capital, LLC (&ldquo;Engaged Capital&rdquo;) is an investment advisor with a private equity-like investing
style in the U.S. public equity markets. Engaged Capital seeks to help build sustainable businesses that create long-term stockholder
value by engaging with and bringing an owner&rsquo;s perspective to the managements and boards of undervalued public companies and working
with them to unlock the embedded value within their businesses. Engaged Capital focuses on delivering superior, long-term, risk-adjusted
returns for its limited partners. Engaged Capital was established in 2012 and is based in Newport Beach, California. Learn more at www.engagedcapital.com.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>Media:</B></P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Meg Davis, Shake Shack</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><U>mcastranova@shakeshack.com</U></P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">or</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Lex Suvanto or Nora Flaherty, Edelman Smithfield</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><U>shakeshack@edelmansmithfield.com</U></P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>Investor Relations:</B></P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Melissa Calandruccio, ICR</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Michelle Michalski, ICR</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">(844) SHACK-04 (844-742-2504)</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><U>investor@shakeshack.com</U></P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">Source: Shake Shack Inc.</P>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

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    <import namespace="http://fasb.org/us-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2021" schemaLocation="https://xbrl.sec.gov/country/2021/country-2021.xsd" />
    <import namespace="http://fasb.org/srt/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>shak-20230515_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.18a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>shak-20230515_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139690963327904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 15, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 15,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-36823<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">SHAKE
SHACK INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001620533<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">47-1941186<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">225
        Varick Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New
York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10014<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">646<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">747-7200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Common Stock, par value $0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SHAK<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
