Shake Shack (SHAK) director adds 8,290 shares in open-market buys

Rhea-AI Filing Summary

Shake Shack Inc. director Josh Silverman reported new open-market purchases of Class A common stock. On May 15, 2026, an entity associated with him, the Silverman-Ghotbi Revocable Trust, bought a total of 8,290 shares in open-market transactions at weighted average prices around $60–$61 per share.

Following these trades, Silverman now holds 9,997 Class A shares directly and 8,290 shares indirectly through the Silverman-Ghotbi Revocable Trust, according to the filing.

Insider Trade Summary

Net Buyer: 8,290 shares ($500,525)

Net Buy 3 txns

Insider Silverman Josh

Role null

Bought 8,290 shs ($501K)

Type	Security	Shares	Price	Value
Purchase	CLASS A COMMON STOCK	8,190	$60.3668	$494K
Purchase	CLASS A COMMON STOCK	100	$61.21	$6K
holding	CLASS A COMMON STOCK	--	--	--

Holdings After Transaction: CLASS A COMMON STOCK — 8,190 shares (Indirect, Silverman-Ghotbi Revocable Trust); CLASS A COMMON STOCK — 9,997 shares (Direct, null)

Footnotes (1)

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Key Figures

Open-market purchase: 8,190 shares at $60.3668 Additional purchase: 100 shares at $61.2100 Total shares bought: 8,290 shares +3 more

6 metrics

Open-market purchase 8,190 shares at $60.3668 Class A common stock bought on May 15, 2026

Additional purchase 100 shares at $61.2100 Class A common stock bought on May 15, 2026

Total shares bought 8,290 shares Net open-market purchases reported in this Form 4

Direct holdings after 9,997 shares Class A common stock held directly after transactions

Indirect holdings after 8,290 shares Class A common stock held via Silverman-Ghotbi Revocable Trust

Trade price range $60.07–$60.97 Range of individual trade prices on May 15, 2026

Key Terms

open-market purchase, Silverman-Ghotbi Revocable Trust, Class A common stock, weighted average sales price

4 terms

open-market purchase financial

"transaction_action: open-market purchase for both non-derivative entries"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

Silverman-Ghotbi Revocable Trust financial

"nature_of_ownership: Silverman-Ghotbi Revocable Trust on indirect holdings"

Class A common stock financial

"security_title: CLASS A COMMON STOCK for each transaction"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

weighted average sales price financial

"footnote: price reported reflects the weighted average sales price"

Form 4 Insider Transactions: What Each Field Means →

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Silverman Josh

(Last) (First) (Middle)

C/O SHAKE SHACK INC.

225 VARICK STREET, SUITE 301

(Street)

NEW YORK NEW YORK 10014

(City) (State) (Zip)

UNITED STATES

(Country)

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		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/15/2026		P		8,190	A	$60.3668(1)	8,190	I	Silverman-Ghotbi Revocable Trust
CLASS A COMMON STOCK	05/15/2026		P		100	A	$61.21	8,290	I	Silverman-Ghotbi Revocable Trust
CLASS A COMMON STOCK								9,997	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

Explanation of Responses:

1. The transaction was executed in multiple trades at prices ranging from $60.07 to $60.97. The price reported above reflects the weighted average sales price. The Reporting Person undertakes to provide upon request to the Securities and Exchange Commission, 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.

Remarks:

	/s/ Ronald Palmese Jr, Esq., Attorney-in-Fact for Joshua Silverman	05/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Shake Shack (SHAK) disclose for Josh Silverman?

Shake Shack reported that director Josh Silverman’s associated trust purchased 8,290 Class A shares. These were open-market buys on May 15, 2026, at weighted average prices around $60–$61 per share, increasing his indirect ownership in the company.

How many Shake Shack (SHAK) shares did Josh Silverman buy on May 15, 2026?

An entity linked to Josh Silverman bought 8,290 Shake Shack Class A shares. The purchases were executed in multiple open-market trades, including 8,190 shares at $60.3668 and 100 shares at $61.2100, as disclosed in the Form 4 filing.

At what prices did Josh Silverman’s trust purchase Shake Shack (SHAK) shares?

The disclosed Shake Shack share purchases occurred around $60–$61 per share. The filing lists 8,190 shares at a weighted average price of $60.3668 and 100 shares at $61.2100, with individual trades executed between $60.07 and $60.97.

What are Josh Silverman’s total reported Shake Shack (SHAK) holdings after these trades?

After the reported transactions, Josh Silverman holds 9,997 Shake Shack shares directly and 8,290 indirectly. The indirect position is through the Silverman-Ghotbi Revocable Trust, while the 9,997-share line is reported as direct ownership in his name.

Were Josh Silverman’s Shake Shack (SHAK) transactions open-market purchases?

Yes, the Form 4 characterizes Josh Silverman’s transactions as open-market purchases. Both 8,190 shares and 100 shares of Class A common stock are coded as “P,” indicating open-market or private purchase transactions, rather than option exercises or gifts.

How is the Silverman-Ghotbi Revocable Trust involved with Shake Shack (SHAK) shares?

The Silverman-Ghotbi Revocable Trust is reported as holding Shake Shack shares indirectly for Josh Silverman. The trust acquired 8,290 Class A shares in the May 15, 2026 open-market transactions, giving Silverman indirect beneficial ownership of that block.