Document:

SHAK-20181226_Exhibit 10.6.1

            Exhibit 10.6.1

AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED Credit Agreement
Dated as of May 11, 2016
This Amendment and Waiver to Third Amended and Restated Credit Agreement (this “Amendment”) is among  SSE Holdings, LLC, a Delaware limited liability company (the “Borrower”), the other Loan Parties party hereto, the lenders party hereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent.
PRELIMINARY STATEMENTS:
(1)    The Lenders and the Borrower have entered into that certain Third Amended and Restated Credit Agreement dated as of January 28, 2015 (as amended from time to time, the “Credit Agreement”; capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Credit Agreement).
(2)    The Borrower has requested that the Lenders waive certain defaults under the Credit Agreement.
(3)    The Lenders are, on the terms and conditions stated below, willing to grant the request of the Borrower.
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1. Amendments. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 of this Amendment, the Credit Agreement is hereby amended as follows:
(a)Definitions.    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “Applicable Rate” in its entirety with the following:

“Applicable Rate” means, for any day, with respect to any Revolving Loan or any LC Exposure, as the case may be, the applicable margin as of each immediately prior quarter-end based on the Funded Net Debt to EBITDA Ratio as set forth in the table below:
	
						
	Funded Net Debt to EBITDA  Ratio
	≤ 1.00:1.00
	≤ 1.50:1.00 
but 
> 1:00:1.00
	≤ 2.00:1.00 
but 
> 1:50:1.00
	≤ 2.50:1.00 
but 
> 2.00:1.00
	> 2.50:1.00

	CB Floating Rate
	0.00%
	0.00%
	0.25%
	0.50%
	0.75%

	Adjusted LIBO Rate
	2.25%
	2.50%
	2.75%
	3.00%
	3.25%

(b)Definitions.  Section 1.01 of the Credit Agreement is hereby amended by adding the following definition of “Material Subsidiary”: 
“Material Subsidiary” means any Subsidiary that is not an Immaterial Subsidiary.
(c)Definitions.  Section 1.01 of the Credit Agreement is hereby amended by adding the following definition of “Responsible Officer”: 

“Responsible Officer” means any chief executive officer, president, vice president, chief financial officer, treasurer, financial controller, general counsel or other similar officer or person performing similar functions.
(d)Definitions.  Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “Shake Shack Financials Test” in its entirety with the following:

“Shake Shack Financials Test” means, as of the date of any particular financial statement, (a) Shake Shack does not have any material assets or liabilities (greater than 10% of the consolidated total assets of Shake Shack) other than (i) Equity Interests in the Borrower, (ii) deferred tax assets and deferred tax liabilities in respect of its investment in Borrower, and (iii) deferred tax assets and contingent liabilities in respect of the Tax Receivable Agreement, and (b) for purposes of preparing financial statements of Shake Shack, the entire financial condition and all of the financial operations of the Borrower and its Subsidiaries will, in accordance with GAAP, be consolidated into the financial condition and financial operations of Shake Shack.
(e)Additional Collateral.  Section 5.12 of the Credit Agreement is hereby amended and restated in its entirety with the following:

5.12  Additional Collateral; Further Assurances. (a) Subject to applicable law, each Loan Party shall, within 15 days after the end of each fiscal quarter of the Borrower, cause each of its Subsidiaries (other than an Excluded Subsidiary) that has opened a new store or restaurant in such fiscal quarter to become a Loan Party, if not already a Loan Party, by executing the Joinder Agreement set forth as Exhibit C hereto (the “Joinder Agreement”). Upon execution and delivery thereof, each such Subsidiary (i) shall automatically become a Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the Lenders, in any property of such Loan Party which constitutes Collateral, including any parcel of real property located in the U.S. owned by any Loan Party.

SECTION 2. Waivers and Acknowledgement.  Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 of this Amendment, the Lenders hereby (x) acknowledge that the delivery by the Borrower to the Administrative Agent of the financial statements of Shake Shack for the fiscal year ended December 30, 2015 (and other information) that are described in  Section 5.01(a)(ii) of the Credit Agreement satisfied the Borrower’s obligations pursuant to Section 5.01(a) with respect to the fiscal year ended December 30, 2015 (and waive any default arising from the failure to timely delivery financial information for such fiscal year pursuant to said Section 5.01(a)), and (y) waive any default arising as a result of Borrower’s failure to cause each of Shake Shack Queens Central Mall LLC, a Delaware limited liability company, Shake Shack Fashion Square Scottsdale LLC, a Delaware limited liability company, Shake Shack Arizona LLC, a Delaware limited liability company, and Shake Shack West Hollywood LA LLC, a Delaware limited 

liability company, to execute a joinder agreement pursuant to Section 5.12 (the defaults described in clauses (x) and (y), the “Specified Defaults”).  For the avoidance of doubt, the waiver contained herein is a one-time waiver and is limited to the Specified Defaults.  

SECTION 3. Conditions to Effectiveness.  This Amendment shall become effective on the date that the Administrative Agent (or its counsel) shall have received counterparts of this Amendment duly executed by the Borrower and the Lenders. 

SECTION 4. Representations and Warranties.  The Borrower represents and warrants to the Lenders that (a) the representations and warranties made by it in Article III of the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not apply to any representations and warranties that are qualified or modified by materiality in the text thereof) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except that such materiality qualifier shall not apply to any representations and warranties that are qualified or modified by materiality in the text thereof) as of such earlier date, and (b) no Default now exists.

SECTION 5. Confirmation.  The Borrower agrees that each Loan Document to which it is a party, and each security interest granted by it thereunder, is hereby reaffirmed, ratified, approved and confirmed in each and every respect on and after the date of this Amendment, except that each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended or modified by this Amendment.  In all other respects, the terms of the Credit Agreement and the other Loan Documents are hereby confirmed.

SECTION 6. Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.

SECTION 7. Governing Law.  This Amendment shall be governed by and construed in accordance with the internal laws (and not the law of conflicts) of the State of New York.  This Amendment is a Loan Document, and is subject to all of the terms and conditions contained in Sections 9.09 and 9.10 of the Credit Agreement, as amended by this amendment, mutatis mutandis.

SECTION 8. Loan Document.  This Amendment is a “Loan Document” under and as defined in the Credit Agreement.

 [Remainder of page intentionally left blank.]

    
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above by their duly authorized representative.
SSE HOLDINGS, LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
CUSTARD’S FIRST STAND, LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 18TH STREET NW WASHINGTON D.C. LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 102 NORTH END AVE LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 152 E 86 LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK 300 WEST 44TH STREET LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 366 COLUMBUS LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 1111 LINCOLN ROAD LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK CORAL GABLES, LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK ENTERPRISES, LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK ENTERPRISES INTERNATIONAL, LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK FULTON STREET BROOKLYN LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK GRAND CENTRAL LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK NEW HAVEN LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK SANSOM STREET PHILADELPHIA LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK WESTBURY LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SSE IP, LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK DOMESTIC LICENSING LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK WESTPORT LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK BOSTON CHESTNUT HILL LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK BOCA RATON LLC

By:  /s/ Jeff Uttz

Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 800 F STREET LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK KING OF PRUSSIA LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK PARAMUS LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK UNIVERSITY CITY PHILADELPHIA LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK HARVARD SQUARE BOSTON LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK MIDDLE EAST LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK RUSSIA LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK TURKEY LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK UNITED KINGDOM LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK CHICAGO OHIO STREET LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK HARVARD SQUARE BOSTON LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK FLATBUSH BROOKLYN LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK BUCKHEAD ATLANTA LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK TYSON CORNER FAIRFAX COUNTY LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK UNION STATION WASHINGTON D.C. LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK WINTER PARK ORLANDO LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK DUMBO BROOKLYN LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 600 THIRD AVE NEW YORK CITY LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK GARDEN STATE PLAZA WESTFIELD LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK LAS VEGAS PARK LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK SOUTH LAMAR AUSTIN LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK THE DOMAIN AUSTIN LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK NEWBURY STREET BOSTON LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK CAA CHICAGO LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK LEGACY PLACE DEDHAM LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK SEAPORT BOSTON LLC

By:  /s/ Jeff Uttz

Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK PRATT STREET BALTIMORE LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK LAKE SUCCESS LONG ISLAND LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK ROUTE 110 MELVILLE LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK 1333 BROADWAY NYC LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK INTERNATIONAL DRIVE ORLANDO LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz

Title: Chief Financial Officer

SHAKE SHACK PENTAGON CENTER ARLINGTON LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK TEXAS MANAGEMENT COMPANY LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK TEXAS HOLDING COMPANY LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK TEXAS BEVERAGE COMPANY LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK BRIDGEWATER COMMONS LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK OLD ORCHARD SKOKIE LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK WOODBURY COMMONS LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK DOWNTOWN SUMMERLIN LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK FULTON CENTER NYC LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

SHAKE SHACK ARIZONA LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK FASHION SQUARE SCOTTSDALE LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK QUEENS CENTER MALL LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer
SHAKE SHACK WEST HOLLYWOOD LA LLC

By:  /s/ Jeff Uttz
Name: Jeff Uttz
Title: Chief Financial Officer

JPMORGAN CHASE BANK, N.A., individually as a Lender and as Administrative Agent and Issuing Bank

By:  /s/ James McDonnell
        Name: James McDonnell
        Title: Authorized SignerSHAK-20181226_Exhibit 10.9.6

Exhibit 10.9.6

FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT (EMPLOYEES)
PURSUANT TO THE 
SHAKE SHACK INC. 
2015 INCENTIVE AWARD PLAN

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), effective as of ___________________, is by and between Shake Shack Inc., a Delaware corporation (the “Company”), and __________________ (“Participant”).   Capitalized terms in this Agreement that are not defined shall have the meaning set forth in the Shake Shack Inc. 2015 Incentive Award Plan, as amended from time to time (the “Plan”).

WHEREAS, the Plan is administered by the Compensation Committee of the Board of Directors of the Company (“Board”) or such other committee or subcommittee appointed from time to time by the Board (the “Committee”); 

WHEREAS, Article 9 of the Plan authorizes the Committee to grant Restricted Stock Units to Eligible Individuals;
WHEREAS, the Committee wishes to grant awards of Restricted Stock Units to selected Eligible Individuals in accordance with the Plan; 
WHEREAS, the Committee wishes to authorize the issuance of such Restricted Stock Units, which shall vest based on Participant’s continued service over a certain time period (as set forth in each Award Supplement) (defined below), with a certain number of the Restricted Stock Units vesting on each Vesting Date (defined in each Award Supplement); and 
WHEREAS, the Committee has designated Participant as an Eligible Individual eligible to receive an award of Restricted Stock Units under the Plan pursuant to the terms and conditions of the Plan, this Agreement and each Award Supplement.
NOW, THEREFORE, for and in consideration of the mutual promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1.   Award Grant.  Subject to the restrictions and other conditions set forth in this Plan, this Agreement, and each Award Supplement. the Committee, on the applicable Award Date (defined in each Award Supplement), shall authorize the grant of a certain number of Restricted Stock Units to the Participant (the “Award”).

2.   Vesting.  This Restricted Stock Units subject to this Award shall vest on each Vesting Date in accordance with the vesting conditions set forth in each Award Supplement; provided the Participant has not had a Termination of Service prior to each Vesting Date.  There shall be no proportionate or partial vesting in the periods prior to each Vesting Date.  If all or a portion of the Restricted Stock Units is not vested on the date of Participant's Termination of Service, the unvested portion of the Restricted Stock Units shall be automatically forfeited in its entirety as of the date of such Termination of Service.  

3.   Payment.  Subject to the terms of this Agreement and the Plan, Participant shall receive one share of Common Stock with respect to each vested Restricted Stock Unit within thirty (30) days of each Vesting Date.  

4.   Dividend Equivalents.  Cash dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of Participant with respect to each Restricted Stock Unit awarded to Participant, provided, that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and will be held uninvested and without interest.  Participant’s right to receive any such cash dividends shall vest if and when the related Restricted Stock Unit vests, and such cash dividends shall be paid in cash to Participant if and when the related Restricted Stock Unit is paid to Participant.  Stock dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of Participant with respect to each Restricted Stock Unit awarded to Participant.  Participant’s right to receive any such stock dividends shall vest if and when the related Restricted Stock Unit vests, and such stock dividends shall be paid in stock to Participant if and when the related Restricted Stock Unit is paid to Participant.

5.   Rights as a Stockholder.  Participant shall have no rights as a stockholder with respect to Restricted Stock Units or shares of Common Stock subject to the Restricted Stock Units unless and until Participant has become the holder of record of such shares of Common Stock, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in this Agreement or the Plan.

6.   Restrictions on Transfer.  The Restricted Stock Units, and any part thereof, may not be sold, pledged, assigned, hypothecated, 

transferred, or disposed of in any manner other than by will or by the laws of descent or distribution.

7.   Plan Provisions Control.  This Agreement and each Award Supplement are subject to all the terms, conditions and provisions of the Plan, including any amendments thereto, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee or the Company, and as may be in effect from time to time.  The Plan is incorporated herein and into each Award Supplement by reference.  If and to the extent that this Agreement or each Award Supplement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement and each Award Supplement shall be deemed to be modified accordingly.  This Agreement and each Award Supplement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any prior agreements between the Company and Participant with respect to the subject matter hereof.
 
8.   Legend.  The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing shares of Common Stock issued pursuant to this Agreement.  Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares of Common Stock acquired pursuant to this Agreement in the possession of Participant in order to carry out the provisions of this Section 8.

9.   Not a Contract of Employment.  Nothing in this Agreement each Award Supplement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.

10.   Transfer of Personal Data.  Participant authorizes, agrees and unambiguously consents to the transmission by the Company of any personal data information related to the Units, for legitimate business purposes (including, without limitation, the administration of the Plan) out of Participant’s home country and including to countries with less data protection than the data protection provided by Participant’s home country.  This authorization/consent is freely given by Participant.

11.   Withholding Taxes.  The Company shall, with respect to any taxable event concerning Participant as a result of the Plan or this Agreement, deduct any Federal, state, local or foreign taxes required by law to be withheld by reducing the number of shares of Common Stock otherwise deliverable.  Any fraction of a share of Common Stock required to satisfy such tax obligations shall also be reduced. 

12.   Section 409A of the Code.  Although the Company does not guarantee the tax treatment of any payments under this Agreement or each Award Supplement, the intent of the parties is that payments under this Agreement and each Award Supplement be exempt from, or comply with, Section 409A of the Code and, accordingly, to the maximum extent permitted, this Agreement and each Award Supplement shall be interpreted in accordance with the foregoing.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on Participant as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.  This Award is intended to be subject to the terms and conditions of the Plan with respect to Section 409A of the Code.  Whenever a payment under this Agreement or each Award Supplement may be paid within a specified period, the actual date of payment within the specified period shall be within the Company’s sole discretion.

13.   Administration.  The Administrator shall have the power to interpret the Plan, this Agreement and each Award Supplement and to adopt such rules for the administration, interpretation and application of the Plan, this Agreement and each Award Supplement as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon Participant, the Company and all other interested persons.  To the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, this Agreement or each Award Supplement.

14.   Adjustments.  The Administrator may accelerate the vesting of all or a portion of the Restricted Stock Units in such circumstances as it, in its sole discretion, may determine.  In addition, upon the occurrence of certain events relating to the Common Stock contemplated by Section 14.2 of the Plan (including, without limitation, an extraordinary cash dividend on such Common Stock), the Administrator may make such adjustments as the Administrator deems appropriate in the number of shares of Common Stock subject to the Units and the kind of securities that may be issued upon settlement.   Participant acknowledges that the Units are subject to adjustment, modification and termination in certain events as provided in this Agreement, each Award Supplement and the Plan, including Section 14.2 of the Plan.

15.   Successors and Assigns.  The Company may assign any of its rights under this Agreement and each Award Supplement to single or multiple assignees, and this Agreement and each Award Supplement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth in Section 6 and the Plan, this Agreement and each Award Supplement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

16.   Limitation on Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This 

Agreement and each Award Supplement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Restricted Stock Units, and rights no greater than the right to receive the Common Stock as a general unsecured creditor.

17.   Counterparts.  This Agreement and each Award Supplement may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

18.   Entire Agreement.  The Plan, this Agreement and each Award Supplement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

19.   Agreement Severable.  In the event that any provision of this Agreement or any Award Supplement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement or any Award Supplement.

20.   Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last address reflected on the Company’s records.  By a notice given pursuant to this Section 20, either party may hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

21.   Amendment, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Restricted Stock Units in any material way without the prior written consent of Participant.

22.   Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan, this Agreement or any Award Supplement, if Participant is subject to Section 16 of the Exchange Act, the Plan, this Agreement, each Award Supplement and the Restricted Stock Units shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

23.   Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

24.   Governing Law.   The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement and each Award Supplement regardless of the law that might be applied under principles of conflicts of laws.

25.   Conformity to Securities Laws.  Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Units are awarded and may be settled, only in such a manner as to conform to Applicable Law.  To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law.

NO ACQUIRED RIGHTS.
PARTICIPANT ACKNOWLEDGES AND AGREES THAT: (A) THE COMPANY MAY TERMINATE OR AMEND THE PLAN AT ANY TIME; (B) THE AWARD OF RESTRICTED STOCK UNITS MADE UNDER THIS AGREEMENT IS COMPLETELY INDEPENDENT OF ANY OTHER AWARD OR GRANT AND IS MADE AT THE SOLE DISCRETION OF THE COMPANY; AND (C) NO PAST GRANTS OR AWARDS (INCLUDING, WITHOUT LIMITATION, THE RESTRICTED STOCK UNITS AWARDED HEREUNDER) GIVE PARTICIPANT ANY RIGHT TO ANY GRANTS OR AWARDS IN THE FUTURE WHATSOEVER.

By Participant’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, this Agreement, and all applicable laws and regulations.  This Agreement may be electronically accepted by Participant.

	
		
	 
	SHAKE SHACK INC.

	 
	 

	 
	 

	 
	By:   _____________________________________________

	 
	Randy Garutti

	 
	Chief Executive Officer

	 
	 

	PARTICIPANT
	 

	 
	 

	 
	 

	By:   _____________________________________________
	 

	Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]