Document:

SHAK-20190327_Exhibit 10.1

Exhibit 10.1

AMENDMENT NO. 2 TO SHAKE SHACK INC.
2015 INCENTIVE AWARD PLAN

This AMENDMENT NO. 2 TO 2015 INCENTIVE AWARD PLAN, dated and effective as of February 5, 2019 (this “Amendment”), is entered into by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Shake Shack Inc., a Delaware corporation (the “Company”). All capitalized terms defined herein but not used herein shall have the meanings as ascribed to such terms in the 2015 Incentive Plan (as defined below).

W I T N E S S E T H:

WHEREAS, on January 29, 2015, the Board and its stockholders approved the Shake Shack Inc. 2015 Incentive Award Plan (as amended, the “2015 Incentive Plan”), which provides for, among other things, the grant, at the discretion of the Committee (as Administrator), of Awards to certain eligible individuals upon the terms and subject to the provisions of the 2015 Incentive Plan;

WHEREAS, pursuant to Section 14.1 of the 2015 Incentive Plan, the 2015 Incentive Plan may be partially amended by the Committee;

WHEREAS, on April 26, 2016, the Committee amended the 2015 Incentive Plan; and

WHEREAS, the Committee desires to further amended the 2015 Incentive Plan.

NOW, THEREFORE, the Committee hereby amends the 2015 Incentive Plan as follows:

A.    Section 2.41 of the 2015 Incentive Plan is hereby amended and restated in its entirety as follows (with emphasis on added or deleted terms):

“2.41 “Performance Criteria” shall mean the criteria (and adjustments) that the Committee selects for an Award for purposes of establishing the Performance Goal or Performance Goals for a Performance Period, determined as follows:

(a)     The Performance Criteria that shall be used to establish Performance Goals are limited to the following: (i) net earnings or losses (either before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization; and (E) rent); and (F) bonuses and related employer payroll taxes on such bonuses; (ii) gross or net sales or revenue; (iii) revenue growth or product revenue growth; (iv) net income (either before or after taxes); (v) same-store sales; (vi) operating earnings or profit (either before or after one or more of the following: (A) general and administrative expenses, (B) depreciation, (C) pre-opening costs, (D) loss on disposal of property and equipment, (E) occupancy and related expenses; and (F) utilities; and (G) bonuses and related employer payroll taxes on such bonuses); (vii) cash flow (including, but not limited to, operating cash flow and free cash flow); (viii) return on assets or net assets; (ix) return on capital and cost of capital; (x) return on stockholders’ equity; (xi) total stockholder return; (xii) return on sales; (xiii) gross or net profit or operating margin; (xiv) costs, reductions in costs and cost control measures; (xv) funds from operations or funds available for distributions; (xvi) expenses; (xvii) working capital; (xviii) earnings or loss per share; (xix) adjusted pro forma earnings or loss per share; (xx) price per share of Common Stock or appreciation in and/or maintenance of such price; (xxi) economic value added models or similar metrics; (xxii) regulatory achievements or compliance (including, without limitation, regulatory body approval for commercialization of a product); (xxiii) implementation or completion of critical projects or processes; (xxiv) sales or market share; (xxv) licensing revenue; (xxvi) brand recognition/acceptance, (xxvii) inventory turns or cycle time and supply chain achievements (including, without limitation, establishing relationships with manufacturers or suppliers of component materials and manufacturers of the Company’s products), (xxviii) strategic initiatives (including, without limitation, with respect to market penetration, geographic business expansion, manufacturing, commercialization, production and productivity, customer satisfaction and growth, employee satisfaction, recruitment and maintenance of personnel, human resources management, supervision of litigation and other legal matters, information technology, strategic partnerships and transactions (including acquisitions, dispositions, joint ventures, in-licensing and outlicensing of intellectual property, and establishment of relationships with commercial entities with respect to the marketing, distribution and sale of Company products, and factoring transactions, research and development and related activity, and financial or other capital raising transactions); (xxix) new or existing store results and operations and new store openings; and (xxx) financial ratios (including, without limitation, those measuring liquidity, activity, profitability or leverage), any of which may be measured either in absolute terms or as compared to any incremental increase or decrease or as compared to results of a peer group or to market performance indicators or indices. Performance Criteria shall be calculated in accordance with the Company’s financial statements or generally accepted accounting principles, on an operating basis, or under a methodology established by the Committee prior to the issuance of an Award that is consistently applied and identified.

(b)     The Administrator, in its sole discretion, may provide that one or more objectively determinable adjustments shall be made to one or more of the Performance Goals. Such adjustments may include one or more of the following: (i) items related to a change in accounting principle; (ii) items relating to financing activities; (iii) expenses for restructuring or productivity initiatives; (iv) other non-operating 

items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the Performance Period; (vii) items related to the disposal of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a business under Applicable Accounting Standards; (ix) items attributable to any stock dividend, stock split, combination or exchange of stock occurring during the Performance Period; (x) any other items of significant income or expense which are determined to be appropriate adjustments (including certain non-cash and other items not considered in the Company’s evaluation of ongoing operating performance, including equity-based compensation expense, non-cash deferred rent charges and certain non-recurring charges); (xi) items relating to unusual or extraordinary corporate transactions, events or developments, (xii) items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the Company’s core, on-going business activities; (xiv) items related to acquired in-process research and development; (xv) items relating to changes in tax laws; (xvi) items relating to major licensing or partnership arrangements; (xvii) items relating to asset impairment charges; (xviii) items relating to gains or losses for litigation, arbitration and contractual settlements; or (xix) items relating to any other unusual or nonrecurring events or changes in Applicable Law, accounting principles or business conditions. For all Awards intended to qualify as Performance-Based Compensation, such determinations shall be made within the time prescribed by, and otherwise in compliance with, Section 162(m) of the Code.”

B.    As hereby amended by this Amendment, the 2015 Incentive Plan remains in full force and effect.

IN WITNESS WHEREOF, each of the undersigned members of the Compensation Committee of the Board of Directors of Shake Shack Inc. has signed this Amendment No. 2 to 2015 Incentive Award Plan as of the date first above written.

	
			
	 
	 
	/s/ Bert Vivian

	 
	 
	Name: Bert Vivian

	 
	 
	Title:    Chair, Compensation Committee

	 
	 
	 

	 
	 
	/s/ Anna Fieler

	 
	 
	Name: Anna Fieler

	 
	 
	Title:     Compensation Committee

	 
	 
	 

	 
	 
	/s/ Jenna Lyons

	 
	 
	Name: Jenna Lyons

	 
	 
	Title:     Compensation Committee

	 
	 
	 

	 
	 
	/s/ Jonathan D. Sokoloff

	 
	 
	Name: Jonathan D. Sokoloff

	 
	 
	Title:     Compensation CommitteeEX-10.1

			
	

	  	Exhibit 10.1

 SURMODICS, INC. 

2019 EQUITY INCENTIVE PLAN 

Non-Qualified Stock Option Award Agreement 

SurModics, Inc. (the “Company”), pursuant to its 2019 Equity Incentive Plan (the “Plan”), hereby grants an Option to
purchase shares of the Company’s common stock to you, the Participant named below. The terms and conditions of the Option Award are set forth in this Non-Qualified Stock Option Agreement (the
“Agreement”), consisting of this cover page and the Terms and Conditions on the following pages, and in the Plan document, a copy of which has been provided to you. Any capitalized term that is used but not defined in this Agreement shall
have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future. 
  

			
	Name of Participant:
[                                         
 ]
		
	No. of Shares Covered: [                ]	  	Grant Date:             , 20    
		
	Exercise Price Per Share: $[                ]	  	Expiration Date:             , 20    
	
	Vesting and Exercise Schedule:
		
	Dates	  	 Portion of Shares as to Which

Option Becomes Vested and Exercisable

 By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the
Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company
regarding your right to purchase shares of the Company’s common stock pursuant to this Option. 
  

					
	PARTICIPANT:	  	SURMODICS, INC.
			
	                                      
                                         
         	  	By:	 	                                      
                                         
         
		  	Title:	 	                                      
                                         
         

 SurModics, Inc. 

2019 Equity Incentive Plan 

Non-Qualified Stock Option Award Agreement 

Terms and Conditions 
  

	1.	 Non-Qualified Stock Option. This Option is not
intended to be an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code and will be interpreted accordingly. 

  

	2.	 Vesting and Exercisability of Option. 

(a)    Scheduled Vesting. This Option will vest and become exercisable as to the number of Shares and on the dates
specified in the Vesting and Exercise Schedule on the cover page to this Agreement, so long as your Service to the Company does not end. The Vesting and Exercise Schedule is cumulative, meaning that to the extent the Option has not already been
exercised and has not expired or been terminated or cancelled, you or the person otherwise entitled to exercise the Option as provided in this Agreement may at any time purchase all or any portion of the Shares subject to the vested portion of the
Option. 
 (b)    Accelerated Vesting. Vesting and exercisability of this Option may be accelerated during the
term of the Option under the circumstances described in Section 12(b) of the Plan, and at the discretion of the Committee in accordance with Section 3(b)(2) of the Plan. 

 

	3.	 Expiration. This Option will expire and will no longer be exercisable at 4:00 p.m. Central
Time on the earliest of: 

  

	 	(a)	 The expiration date specified on the cover page of this Agreement; 

 

	 	(b)	 Upon your termination of Service for Cause; 

 

	 	(c)	 Upon the expiration of any applicable period specified in Section 6(e) of the Plan or Section 2 of
this Agreement during which this Option may be exercised after your termination of Service; or 

  

	 	(d)	 The date (if any) fixed for termination or cancellation of this Option pursuant to Section 12 of the Plan.

  

	4.	 Service Requirement. Except as otherwise provided in Section 6(e) of the Plan or
Section 2 of this Agreement, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate, and only if you have continuously provided such Service since the Grant Date of this Option.

  

	5.	 Exercise of Option. Subject to Section 4, the vested and exercisable portion of this
Option may be exercised in whole or in part at any time during the Option term by delivering a written or electronic notice of exercise to the Company’s Corporate Controller or to such other party as may be designated by such officer including
an outside plan administrator, and by providing for payment of the exercise price of the Shares being acquired and any related withholding taxes. The notice of exercise must be in a form approved by the Company and state the number of Shares to be
purchased, the method of payment of the aggregate exercise price and the directions for the delivery of the Shares to be acquired, and must be signed or otherwise authenticated by the person exercising the Option. If you are not the person
exercising the Option, the person submitting the notice also must submit appropriate proof of his/her right to exercise the Option. 

  

			
	Non-Qualified Stock Option Award Agreement (2019 Equity Incentive Plan)	 	Page 2

	6.	 Payment of Exercise Price. When you submit your notice of exercise, you must include payment of
the exercise price of the Shares being purchased through one or a combination of the following methods: 

  

	 	(a)	 Cash (including personal check, cashier’s check or money order); 

 

	 	(b)	 By means of a broker-assisted cashless exercise in which you irrevocably instruct your broker to deliver
proceeds of a sale of all or a portion of the Shares to be issued pursuant to the exercise to the Company in payment of the exercise price of such Shares; or 

  

	 	(c)	 By delivery to the Company of Shares (by actual delivery or attestation of ownership in a form approved by the
Company) already owned by you that are not subject to any security interest and that have an aggregate Fair Market Value on the date of exercise equal to the exercise price of the Shares being purchased; or 

 

	 	(d)	 By authorizing the Company to retain, from the total number of Shares as to which the Option is being
exercised, that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares as to which the Option is being exercised. 

 

	7.	 Withholding Taxes. You may not exercise this Option in whole or in part unless you make
arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the exercise of this Option. You hereby authorize the Company (or any Affiliate) to withhold from payroll or
other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan. You may satisfy such withholding tax
obligations by delivering Shares you already own or by having the Company retain a portion of the Shares being acquired upon exercise of the Option, provided you notify the Company in advance of any exercise of your desire to pay withholding taxes
in this manner. Delivery of Shares upon exercise of this Option is subject to the satisfaction of applicable withholding tax obligations. 

  

	8.	 Delivery of Shares. As soon as practicable after the Company receives the notice of
exercise and payment of the exercise price as provided above, and has determined that all other conditions to exercise, including satisfaction of withholding tax obligations and compliance with applicable laws as provided in Section 16(c) of
the Plan, have been satisfied, it shall deliver to the person exercising the Option, in the name of such person, the Shares being purchased, as evidenced by issuance of a stock certificate or certificates, electronic delivery of such Shares to a
brokerage account designated by such person, or book-entry registration of such Shares with the Company’s transfer agent. The Company shall pay any original issue or transfer taxes with respect to the issue or transfer of the Shares and all
fees and expenses incurred by it in connection therewith. All Shares so issued shall be fully paid and nonassessable. 

  

	9.	 Transfer of Option. During your lifetime, only you (or your guardian or legal representative in
the event of legal incapacity) may exercise this Option except in the case of a transfer described below. You may not assign or transfer this Option except (i) for a transfer upon your death in accordance with your will or by the laws of
descent and distribution, or (ii) pursuant to a domestic relations order. The Option held by any such transferee will continue to be subject to the same terms and conditions that were applicable to the Option immediately prior to its transfer
and may be exercised by such transferee as and to the extent that the Option has become exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement. 

  

			
	Non-Qualified Stock Option Award Agreement (2019 Equity Incentive Plan)	 	Page 3

	10.	 No Shareholder Rights Before Exercise. Neither you nor any permitted transferee of this Option
will have any of the rights of a shareholder of the Company with respect to any Shares subject to this Option until a certificate evidencing such Shares has been issued, electronic delivery of such Shares has been made to your designated brokerage
account, or an appropriate book entry in the Company’s stock register has been made. No adjustments shall be made for dividends or other rights if the applicable record date occurs before your stock certificate has been issued, electronic
delivery of your Shares has been made to your designated brokerage account, or an appropriate book entry in the Company’s stock register has been made, except as otherwise described in the Plan. 

 

	11.	 Governing Plan Document. This Agreement and Option are subject to all the provisions of the Plan,
and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the
Plan will govern. 

  

	12.	 Choice of Law. This Agreement will be interpreted and enforced under the laws of the state of
Minnesota (without regard to its conflicts or choice of law principles). 

  

	13.	 Binding Effect. This Agreement will be binding in all respects on your heirs, representatives,
successors and assigns, and on the successors and assigns of the Company. 

  

	14.	 Electronic Delivery and Acceptance. The Company may deliver any documents related to this Option
Award by electronic means and request your acceptance of this Agreement by electronic means. You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an
on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator. 

By signing the cover page of this Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree to all the terms and
conditions described above and in the Plan document. 

  

			
	Non-Qualified Stock Option Award Agreement (2019 Equity Incentive Plan)	 	Page 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]