SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* GARUTTI RANDALL J (Last) (First) (Middle) C/O SHAKE SHACK INC. 225 VARICK STREET, SUITE 301 (Street) NEW YORK NY 10014 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Shake Shack Inc. [ SHAK ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) Chief Executive Officer
	3. Date of Earliest Transaction (Month/Day/Year) 01/15/2021
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
CLASS A COMMON STOCK	01/15/2021		M(1)		145,000	A	$21	196,891	D
CLASS A COMMON STOCK	01/15/2021		S		13,209	D	$109.3082(2)(3)	183,682	D
CLASS A COMMON STOCK	01/15/2021		S		21,952	D	$110.3464(3)(4)	161,730	D
CLASS A COMMON STOCK	01/15/2021		S		77,394	D	$111.1644(3)(5)	84,336	D
CLASS A COMMON STOCK	01/15/2021		S		8,687	D	$112.1392(3)(6)	75,649	D
CLASS A COMMON STOCK	01/15/2021		S		13,258	D	$113.2444(3)(7)	62,391	D
CLASS A COMMON STOCK	01/15/2021		S		5,089	D	$114.3794(3)(8)	57,302	D
CLASS A COMMON STOCK	01/15/2021		S		4,311	D	$115.2811(3)(9)	52,991	D
CLASS A COMMON STOCK	01/15/2021		S		1,100	D	$116.2064(3)(10)	51,891	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$21	01/15/2021		M			145,000	(11)	01/29/2025	CLASS A COMMON STOCK	145,000	$0	140,000	D

1. Name and Address of Reporting Person* GARUTTI RANDALL J (Last) (First) (Middle) C/O SHAKE SHACK INC. 225 VARICK STREET, SUITE 301 (Street) NEW YORK NY 10014 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner X Officer (give title below) Other (specify below) Chief Executive Officer

1. Name and Address of Reporting Person* GARUTTI MARIA L (Last) (First) (Middle) C/O SHAKE SHACK INC. 225 VARICK STREET, SUITE 301 (Street) NEW YORK NY 10014 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

2. The transaction was executed in multiple trades at prices ranging from $108.79 to $109.7899. The price reported above reflects the weighted average sales price.

3. Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

4. The transaction was executed in multiple trades at prices ranging from $109.79 to $110.7899. The price reported above reflects the weighted average sales price.

5. The transaction was executed in multiple trades at prices ranging from $110.79 to $111.7899. The price reported above reflects the weighted average sales price.

6. The transaction was executed in multiple trades at prices ranging from $111.79 to $112.7899. The price reported above reflects the weighted average sales price.

7. The transaction was executed in multiple trades at prices ranging from $112.79 to $113.7899. The price reported above reflects the weighted average sales price.

8. The transaction was executed in multiple trades at prices ranging from $113.79 to $114.7899. The price reported above reflects the weighted average sales price.

9. The transaction was executed in multiple trades at prices ranging from $114.79 to $115.7899. The price reported above reflects the weighted average sales price.

10. The transaction was executed in multiple trades at prices ranging from $115.79 to $116.43. The price reported above reflects the weighted average sales price.

11. An option to purchase 685,000 shares of Class A common stock at $21 per share was granted to Mr. Garutti on January 29, 2015. 137,000 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018, January 29, 2019, and January 20, 2020.

Remarks:

	/s/ Ronald Palmese, Jr., Esq., Attorney-in-Fact for Randall J. Garutti	01/20/2021
	/s/ Ronald Palmese, Jr., Esq., Attorney-in-Fact for Maria L. Garutti	01/20/2021
	** Signature of Reporting Person	Date
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