Exhibit 10.2

AMENDMENT No. 2 TO STOCKHOLDERS AGREEMENT
THIS AMENDMENT NO. 2 TO STOCKHOLDERS AGREEMENT, dated and effective as of May
11, 2017 (this “Amendment”), is entered into by and among (i) Shake Shack Inc.,
a Delaware corporation (the “Company”), (ii) SSE Holdings, LLC, a Delaware
limited liability company (“Holdings”), (iii) the Persons listed on the
signature pages hereto under the caption “Meyer Stockholders” (the “Meyer
Stockholders”), (iv) the Persons listed on the signature pages hereto under the
caption “LGP Stockholders” (the “LGP Stockholders”) and (v) the Persons listed
on the signature pages hereto under the caption “SEG Stockholders” (the “SEG
Stockholders”). 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).
W I T N E S S E T H:
WHEREAS, the Company, Holdings, the Meyer Stockholders, the LGP Stockholders,
the SEG Stockholders and certain other stockholders of the Company (together
with their Affiliates and the Meyer Stockholders, collectively, the “Management
Stockholders”) have previously entered into a Stockholders Agreement, dated and
effective as of February 4, 2015, as amended by Amendment No. 1 to Stockholders
Agreement, dated and effective as of October 8, 2015 (collectively, the
“Stockholders Agreement”); and
WHEREAS, the Meyer Stockholders, the LGP Stockholders and the SEG Stockholders
desire to amend the Stockholders Agreement as hereinafter provided to remove
certain persons as Management Stockholders.
NOW, THEREFORE, Meyer Stockholders, the LGP Stockholders and the SEG
Stockholders hereto agree as follows:
A.
Schedule 2 (Management Stockholders) to the Stockholders Agreement is hereby
amended and restated in its entirety and replaced by Schedule 2 attached hereto.

B.
As hereby amended by this Amendment, the Stockholders Agreement remains in full
force and effect.

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Exhibit 10.2

IN WITNESS WHEREOF, each of the undersigned has signed this Amendment No. 2 to
Stockholders Agreement as of the date first above written.

 
 
 
COMPANY:
 
 
 
 
 
 
 
 
 
 
SHAKE SHACK INC.
 
 
 
 
 
 
 
 
 
 
By:
/s/ Ronald Palmese, Jr.
 
 
 
 
Name:
Ronald Palmese, Jr.
 
 
 
 
Title:
General Counsel
 
 
 
 
 
 
 
 
 
 
HOLDINGS:
 
 
 
 
 
 
 
 
 
 
SSE HOLDINGS, LLC
 
 
 
 
 
 
 
 
 
 
By:
/s/ Ronald Palmese, Jr.
 
 
 
 
Name:
Ronald Palmese, Jr.
 
 
 
 
Title:
General Counsel
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature Page to Amendment No. 2 to Stockholders Agreement]

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Exhibit 10.2

 
 
 
MEYER STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
GRAMERCY TAVERN CORP.
 
 
 
 
 
 
 
 
 
 
By:
/s/ Daniel H. Meyer 
 
 
 
 
Name:
Daniel H. Meyer
 
 
 
 
Title:
Authorized Signatory
 
 
 
 
 
 
 
 
 
 
By:
/s/ Daniel H. Meyer 
 
 
 
 
Daniel H. Meyer
 
 
 
 
 
 
 
 
 
 
DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12
 
 
 
 
 
 
 
 
 
 
By:
/s/ Audrey Meyer
 
 
 
 
Name:
Audrey Meyer, not individually but solely as Co-Trustee
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

[Signature Page to Amendment No. 2 to Stockholders Agreement]

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Exhibit 10.2

 
 
 
LGP STOCKHOLDERS:

 
 
 
 
 
 
 
 
 
 
GREEN EQUITY INVESTORS VI, L.P.

 
 
 
 
 
 
 
 
 
 
By:

GEI Capital VI, LLC, its General Partner
 
 
 
 
 
 
 
 
 
 
By:
/s/ J.T. Schumacher

 
 
 
 
Lance J.T. Schumacher

 
 
 
 
Vice President - Tax

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GREEN EQUITY INVESTORS SIDE VI, L.P.
 
 
 
 
 
 
 
 
 
 
By:

GEI Capital VI, LLC, its General Partner
 
 
 
 
 
 
 
 
 
 
By:
/s/ J.T. Schumacher

 
 
 
 
Lance J.T. Schumacher

 
 
 
 
Vice President - Tax

 
 
 
 
 
 
 
 
 
 
LGP MALTED COINVEST LLC
 
 
 
 
 
 
 
 
 
 
By:

Peridot Coinvest Manager LLC, its Manager
 
 
 
 
By:

Leonard Green & Partners, L.P., its Manager
 
 
 
 
By:

LGP Management, Inc., its General Partner
 
 
 
 
 
 
 
 
 
 
By:
/s/ J.T. Schumacher

 
 
 
 
Lance J.T. Schumacher

 
 
 
 
Vice President - Tax

 

[Signature Page to Amendment No. 2 to Stockholders Agreement]

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Exhibit 10.2

 
 
 
SEG STOCKHOLDERS:
 
 
 
 
 
 
 
 
 
 
SEG PARTNERS, L.P.
 
 
 
 
 
 
 
 
 
 
By:

SEG Partners Holdings, LLC, its general partner
 
 
 
 
 
 
 
 
 
 
By:
/s/ George Loening
 
 
 
 
Name:
George Loening
 
 
 
 
Title:
Managing Member
 
 
 
 
 
 
 
 
 
 
SEG PARTNERS II, L.P.
 
 
 
 
 
 
 
 
 
 
By:

SEG Partners II Holdings, LLC, its general partner
 
 
 
 
 
 
 
 
 
 
By:
/s/ George Loening
 
 
 
 
Name:
George Loening
 
 
 
 
Title:
Managing Member
 
 
 
 
 
 
 
 
 
 
SEG PARTNERS OFFSHORE MASTER FUND, LTD
 
 
 
 
 
 
 
 
 
 
By:
/s/ George Loening
 
 
 
 
Name:
George Loening
 
 
 
 
Title:
Director
 

[Signature Page to Amendment No. 2 to Stockholders Agreement]

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Exhibit 10.2

SCHEDULE 2
MANAGEMENT STOCKHOLDERS
Daniel H. Meyer
Daniel H. Meyer 2012 Gift Trust U/A/D 10/31/12
Gramercy Tavern Corp.
Jeff Flug
Flug 2015 GS Trust U/A/D 12/29/15
Randy Garutti
The Randall J. Garutti 2014 GST Trust
Robert Vivian