AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT

THIS AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT, dated and effective as of October 8, 2015 (this “Agreement”) is entered into by and among Shake Shack Inc., a Delaware corporation (the “Corporation”), and each person identified on the signature pages hereto (each, a “Holder” and, collectively, the “Holders”).

WHEREAS, the Corporation and each Holder have previously entered into a Registration Rights Agreement, dated and effective as of February 4, 2015 (the “Original Registration Rights Agreement”); and

WHEREAS, the Holders desire to amend the Original Registration Rights Agreement as hereinafter provided.

NOW, THEREFORE, the Holders hereto agree as follows:

A.Section 2(d)(iii) of the Original Registration Rights Agreement is hereby amended and restated as follows:

“2(d)(iii)    Notwithstanding the foregoing, if a Controlling Holder wishes to engage in an underwritten block trade off of a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an existing Shelf Registration Statement), then, notwithstanding the foregoing time periods, such Controlling Holder need only notify the Corporation of the block trade Shelf Offering two Business Days prior to the day such offering is to commence (unless a longer period is agreed to by Controlling Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall promptly notify other Controlling Holders and such other Controlling Holders must elect whether or not to participate by the next Business Day (i.e., one Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by Controlling Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall as expeditiously as possible use its reasonable efforts to facilitate such offering (which may close as early as three Business Days after the date it commences); provided that Controlling Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade shall use commercially reasonable efforts to work with the Corporation and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the underwritten block trade.”

IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to Registration Rights Agreement as of the date first written above.