Shake Shack : 2026 Proxy Statement of 2025
SHAK
Published on 04/29/2026 at 07:32 pm EDT
®
To Our Stockholders:
You are cordially invited to attend the 2026 Annual Meeting of Stockholders of Shake Shack Inc., which will be held virtually on June 10, 2026, at 9:00 a.m. Eastern time. The Annual Meeting can be accessed by visiting https://www.virtualshareholdermeeting.com/SHAK2026 where you will be able to listen to the meeting live, submit questions, and vote online. We believe that a virtual stockholder meeting provides greater access to those who may want to attend and therefore have chosen this over an in-person meeting.
Instructions regarding how to attend the meeting online and details concerning the matters expected to be acted upon at the meeting are described in detail in the accompanying Notice of Annual Meeting of Stockholders and Proxy Statement.
Your vote is important. Please cast your vote as soon as possible over the Internet, by telephone, or by completing and returning the enclosed proxy card in the postage-prepaid envelope so that your shares are represented. Your vote will mean that you are represented at the Annual Meeting regardless of whether or not you join the meeting. Returning the proxy card does not deprive you of your right to attend the meeting online and to vote your shares during the Annual Meeting.
We look forward to your attendance at the meeting.
Sincerely
/s/ Robert Lynch Robert Lynch
Chief Executive Officer
To Our Stockholders:
NOTICE IS HEREBY GIVEN that the 2026 Annual Meeting of Stockholders of Shake Shack Inc. will be held virtually on June 10, 2026, at 9:00 a.m. Eastern time. The Annual Meeting can be accessed by visiting https://www.virtualshareholdermeeting.com/SHAK2026, where you will be able to listen to the meeting live, submit questions, and vote online for the following purposes:
To elect the two directors named in the Proxy Statement as Class II director candidates of Shake Shack Inc., each to serve for three years and until his or her successor has been elected and qualified, or until his or her earlier death, resignation or removal.
To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 30, 2026.
To conduct an advisory vote on the compensation of our Named Executive Officers.
To transact such other business as may properly come before the meeting or any adjournment or postponement hereof.
The foregoing items of business are more fully described in the Proxy Statement accompanying this Notice.
Beginning on or about April 29, 2026, we will send to our stockholders a Notice of Internet Availability of Proxy Materials with instructions on how to access our proxy materials over the Internet, how to vote your shares and how to attend the Annual Meeting virtually. If you did not receive such Notice electronically, you may elect to receive future notices, proxy materials and annual reports electronically through the Internet by following the instructions in this Proxy Statement. Only stockholders of record at the close of business on April 13, 2026 are entitled to notice of, and to vote at, the meeting or any adjournment or postponement thereof.
By Order of the Board of Directors
/s/ Ron Palmese Ron Palmese Chief Legal Officer
New York, New York April 29, 2026
The Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Proposal No. 1 - Election of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Corporate Governance 11
Composition of our Board of Directors 11
Communications by Stockholders and Other Interested Parties with the Board of Directors 13
Board Committees 13
Risk Oversight 15
Code of Ethics 15
Director Recommendations 16
Stockholder Recommendations 17
Prohibitions on Insider Trading and Hedging Transactions 17
Compensation Committee Interlocks and Insider Participation 17
Director Compensation 17
Board and Annual Meetings 19
Stand For Something Good Summary 19
Proposal No. 2 - Ratification of Appointment of Independent Registered Public Accounting
Firm 20
Proposal No. 3 - Approve (on an Advisory Basis) Compensation of the Named Executive
Officers 21
Security Ownership of Certain Beneficial Owners and Management 22
Information about our Executive Officers 24
Compensation Discussion and Analysis 25
Executive Summary 25
Say-on-Pay and Stockholder Engagement 26
Executive Compensation Practices - Governance 26
What Guides Our Program 27
2025 Executive Compensation Program in Detail 29
Other Compensation and Governance Programs, Policies and Guidelines 32
Compensation Committee Report 36
Fiscal 2025 Compensation Tables 37
CEO Pay Ratio 40
Pay Versus Performance 41
Certain Relationships and Related-Party and Other Transactions 45
Audit Committee Report 50
Stockholder Proposals 51
Other Business 51
Where You Can Find More Information 51
[This Page Intentionally Left Blank.]
The Board of Directors (the "Board of Directors" or the "Board") of Shake Shack Inc., a Delaware corporation ("Shake Shack" or the "Company"), is soliciting proxies for use at the 2026 Annual Meeting of Stockholders (the "Annual Meeting") to be held virtually on June 10, 2026, at 9:00 a.m. Eastern time. The Annual Meeting can be accessed by visiting www.virtualshareholdermeeting.com/SHAK2026, where you will be able to listen to the meeting live, submit questions, and vote online. The Notice of Internet Availability of Proxy Materials was first furnished to stockholders on or about April 29, 2026. Electronic copies of this Proxy Statement and the Annual Report for the year ended December 31, 2025 are available at www.proxyvote.com and investor.shakeshack.com.
Only holders of record of our common stock at the close of business on April 13, 2026 (the "Record Date") will be entitled to vote at the Annual Meeting. At the close of business on the Record Date, we had 40,350,155 shares of Class A common stock outstanding and entitled to vote and 2,430,789 shares of Class B common stock outstanding and entitled to vote. Holders of the Company's Class A common stock and Class B common stock are entitled to one vote for each share held as of the Record Date. A quorum is required for our stockholders to conduct business at the Annual Meeting. The holders of a majority in voting power of all issued and outstanding stock entitled to vote at the Annual Meeting, present or represented by proxy, will constitute a quorum for the transaction of business. Your shares are counted as present at the Annual Meeting if you are present and vote online at the Annual Meeting or if you have properly submitted a proxy card. Abstentions and "broker non-votes" (as defined below) will be counted in determining whether there is a quorum.
Proposal No. 1 - Election of Directors, directors will be elected by a plurality of the votes of the shares of common stock cast at the Annual Meeting, which means that the two nominees receiving the highest number of "for" votes will be elected. Withheld votes and broker non-votes will have no effect on Proposal No. 1.
Proposal No. 2 - Ratification of Appointment of Independent Registered Public Accounting Firm, requires the affirmative vote of the holders of a majority in voting power of the stock entitled to vote at the Annual Meeting, present at the Annual Meeting or represented by proxy. Abstentions will count the same as votes against Proposal No. 2. There will be no broker non-votes with respect to Proposal No. 2 because a broker may exercise its discretion to vote for or against the proposal in the absence of instruction from its clients.
Proposal No. 3 - Approval (on an advisory basis) of the Compensation of the Named Executive Officers. In order to be approved on an advisory basis, this proposal must receive the affirmative vote of the holders of a majority in voting power of the stock entitled to vote at the Annual Meeting, present at the Annual Meeting or represented by proxy. Abstentions will count the same as votes against Proposal No. 3. Broker non-votes will have no effect on Proposal No. 3.
If you are a registered holder, meaning that you hold our stock directly (not through a bank, broker or other nominee), you may vote online at the Annual Meeting, by telephone or electronically through the Internet by following the instructions included on your Notice of Internet Availability of Proxy
Materials or proxy card, or by completing, dating, signing and promptly returning your proxy card. All signed, returned proxies that are not revoked will be voted in accordance with the instructions contained therein. Signed proxies that give no instructions as to how they should be voted on a particular proposal at the Annual Meeting will be counted as votes consistent with the recommendations of the Board with respect to such proposal, and, in the case of the election of the Class II directors, as a vote "for" the election of each of the nominees presented by the Board, votes "for" each of Proposal 2 (the ratification of the appointment of our auditors) and Proposal 3 (the say-on-pay vote).
In order to vote via the virtual meeting website, any registered holder can attend the Annual Meeting by visiting www.virtualshareholdermeeting.com/SHAK2026, where stockholders may vote and submit questions during the meeting. The meeting starts at 9:00 a.m. Eastern time. Please have your 16-Digit Control Number to join the Annual Meeting. Instructions on how to attend and participate via the Internet, including how to demonstrate proof of stock ownership, are posted at www.proxyvote.com.
If your shares are held through a bank, broker or other nominee, you are considered the beneficial owner of those shares. You may be able to vote by telephone or electronically through the Internet in accordance with the voting instructions provided by that nominee. You may also vote by completing, dating, signing and promptly returning the voting instruction form sent by that nominee. You must obtain a legal proxy from the nominee that holds your shares if you wish to vote online at the Annual Meeting. If you do not provide voting instructions to your broker in advance of the Annual Meeting, New York Stock Exchange rules grant your broker discretionary authority to vote on "routine" proposals. Where a proposal is not "routine," a broker who has received no instructions from its clients does not have discretion to vote its clients' uninstructed shares on that proposal, and the unvoted shares are referred to as "broker non-votes." For the Annual Meeting, Proposals No. 1 and 3 are not considered "routine" proposals, and Proposal No. 2 is considered a "routine" proposal.
In the event that sufficient votes in favor of the proposals are not received by the date of the Annual Meeting, the Chairman of the Annual Meeting may adjourn the Annual Meeting to permit further solicitations of proxies.
The telephone and Internet voting procedures are designed to authenticate stockholders' identities, to allow stockholders to give their voting instructions and to confirm that stockholders' instructions have been recorded properly. Stockholders voting via the telephone or Internet should understand that there may be costs associated with telephonic or electronic access, such as usage charges from telephone companies and Internet access providers, which must be borne by the stockholder.
The virtual Annual Meeting is accessible on any Internet-connected device and stockholders will be able to submit questions and comments and to vote online during the meeting. We believe that a virtual stockholder meeting provides greater access to those who may want to attend and therefore have chosen this over an in-person meeting. In the event of a technical malfunction or other problem that disrupts the Annual Meeting, the Company may adjourn, recess, or expedite the Annual Meeting, or take such other action that the Company deems appropriate considering the circumstances. If you encounter any difficulties accessing the virtual meeting during the check-in or during the meeting, a technical assistance phone number will be made available on the virtual meeting registration page 15 minutes prior to the start of the meeting.
You may virtually attend the Annual Meeting by visiting www.virtualshareholdermeeting.com/ SHAK2026, where stockholders may vote and submit questions and comments during the meeting. Please have your 16-Digit Control Number to join the Annual Meeting. Instructions on how to attend and participate via the Internet, including how to demonstrate proof of stock ownership, are posted at www.proxyvote.com.
Only holders of our common stock at the close of business on the Record Date will be permitted to ask questions during the Annual Meeting. If you wish to submit a question, on the day of the Annual Meeting, you may log in to the virtual meeting platform at www.virtualshareholdermeeting.com/ SHAK2026, and type your question for consideration into the field provided in the web portal. To allow us to answer questions from as many stockholders as possible, we may limit each stockholder to two (2) questions. Questions from multiple stockholders on the same topic or that are otherwise related may be grouped, summarized and answered together. More information on submitting questions at the Annual Meeting will be posted on the website at www.virtualshareholdermeeting.com/SHAK2026 in advance of the meeting.
In accordance with Delaware law, for the 10 days prior to our Annual Meeting, a list of registered holders entitled to vote at our Annual Meeting will be available for inspection in our offices at 225 Varick Street, Suite 301, New York, New York 10014. Stockholders will also be able to access the list of registered holders electronically during the Annual Meeting through the virtual meeting website at https://www.virtualshareholdermeeting.com/SHAK2026.
The expenses of any solicitation of proxies to be voted at the Annual Meeting will be paid by the Company. Following the original mailing of the proxies and other soliciting materials, the Company and its directors, officers or employees (for no additional compensation) may also solicit proxies in person, by telephone or email. Following the original mailing of the proxies and other soliciting materials, the Company will request that banks, brokers, and other nominees forward copies of the proxy and other soliciting materials to persons for whom they hold shares of common stock and request authority for the exercise of proxies. We will reimburse banks, brokers, and other nominees for reasonable charges and expenses incurred in forwarding soliciting materials to their clients.
Any person submitting a proxy has the power to revoke such proxy prior to the Annual Meeting or at the Annual Meeting prior to the vote. A proxy may be revoked by a writing delivered to the Company stating that the proxy is revoked, by a subsequent proxy that is submitted via telephone or Internet no later than 11:59 p.m. Eastern time on June 9, 2026, by a subsequent proxy that is signed by the person who signed the earlier proxy and is delivered before or at the Annual Meeting, or by attendance at the Annual Meeting and voting online. If you are a beneficial owner and wish to change any of your previously provided voting instructions, you must contact your bank, broker or other nominee directly.
We have adopted a procedure approved by the Securities and Exchange Commission ("SEC") called "householding" under which multiple stockholders who share the same address will receive only one copy of the Annual Report, Proxy Statement, or Notice of Internet Availability of Proxy Materials, as applicable, unless we receive contrary instructions from one or more of the stockholders. If you wish to opt out of householding and receive multiple copies of the proxy materials at the same address, you may do so by contacting Broadridge Financial Solutions at (866) 540-7095, 51 Mercedes Way, Edgewood, New York 11717, Attention: Householding Department, or by notifying us by telephone at (844) 742-2504, by email at [email protected], or by mail at Shake Shack Inc., 225 Varick Street, Suite 301, New York, New York 10014, and Broadridge and we will promptly deliver the requested materials. You also may request additional copies of the proxy materials by notifying us by telephone or in writing at the same telephone number, email address, or mailing address. If you are currently receiving multiple copies of the proxy materials and wish to receive only one copy at the same address, then please notify Broadridge or us by telephone or in writing at the same telephone numbers or addresses above. A number of brokerage firms with account holders have instituted householding. Once a stockholder has consented or receives notice from his or her broker that the broker will be householding materials to the stockholder's address, householding will continue until the
stockholder is notified otherwise or until one or more of the stockholders revokes his or her consent. Stockholders with shares registered in the name of a brokerage firm or bank may contact their brokerage firm or bank to request information about householding.
Beginning on or about April 29, 2026, we mailed or emailed to our stockholders a Notice of Internet Availability of Proxy Materials with instructions on how to access our proxy materials over the Internet and how to vote. If you received such Notice and would prefer to receive paper copies of the proxy materials, or if you received paper copies of the proxy materials and would prefer to receive a notice for future annual meetings, you may notify us by telephone, email or mail at the telephone number, email address or mailing address provided above.
Shake Shack was formed for the purpose of facilitating an initial public offering and other related transactions in order to carry on the business of SSE Holdings, LLC and its subsidiaries ("SSE Holdings"). Shake Shack is a holding company with no direct operations and our principal asset is our equity interest in SSE Holdings. We have a majority economic interest in, the sole voting interest in, and control the management of SSE Holdings.
As used in this Proxy Statement, unless the context otherwise requires:
"IPO" refers to the Company's initial public offering, which closed on February 4, 2015.
"LLC Interests" refers to the single class of common membership interests of SSE Holdings.
"Meyer Group" refers collectively to (i) Daniel Meyer, (ii) the Daniel H. Meyer Investment Trust dated 5/15/92, of which Mr. Meyer is the sole beneficiary (the "Investment Trust"), and (iii) the DHM 2012 Gift Trust (the "Gift Trust"), of which Mr. Meyer's spouse is a trustee and beneficiary.
This Proxy Statement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"), which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to the Company's financial position, results of operations, strategy, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "intend," "likely," "outlook," "potential," "project," "projection," "plan," "seek," "may," "could," "would," "will," "should," "can," "can have," the negatives thereof and other similar expressions.
All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made herein in the context of the risks and uncertainties detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC and its other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports.
The forward-looking statements included in this Proxy Statement are made only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
The Company's Board of Directors is presently comprised of nine members who are divided into three classes designated as Class I, Class II and Class III. One class of directors is elected by the stockholders at each annual meeting to serve a three-year term. Class I directors consist of: Daniel Meyer, Jeff Flug, and Lori George; Class II directors consist of Robert Lynch, Joshua Silverman, and Tristan Walker; and Class III directors consist of Sumaiya Balbale, Charles Chapman III, and Jeffrey Lawrence.
On March 9, 2026, the Company filed a Current Report on Form 8-K to report that Joshua Silverman had informed the Board of his intention to step down from the Board effective May 1, 2026, and to not stand for re-election as a Class II director at the Annual Meeting. Accordingly, the Board determined to reduce the size of the Board from nine to eight directors, effective on May 1, 2026. Following the departure of Mr. Silverman from the Board, the Board will consist of three Class I directors, two Class II directors, and three Class III directors.
Class II directors standing for re-election at the Annual Meeting are Robert Lynch and Tristan Walker. Class III directors will stand for re-election at the 2027 annual meeting of stockholders and Class I directors will stand for re-election at the 2028 annual meeting of stockholders.
Each of the nominees for election as a Class II director is currently a director of the Company. If elected at the Annual Meeting, each of the nominees would serve for three years and until his or her successor is duly elected and qualified, or until such director's earlier death, resignation or removal. If any of the nominees is unable to serve or for good cause will not serve (a contingency which the Board does not expect to occur), the proxies will be voted for a substitute nominee chosen by the present Board. In such situation and in any other situation in which a nominee will not serve, the present Board may also (i) reduce the size of the Board or (ii) maintain the size of the Board and the stockholders may vote for a substitute nominee chosen by the present Board to fill the vacancy or vote for just the remaining nominee or nominees, leaving a vacancy or vacancies that may be filled at a later date by the Board.
The names of the nominees for election as Class II directors at the Annual Meeting and of the incumbent and continuing Class I and Class III directors, and certain information about them, including their ages as of the Record Date, are included below.
Year Elected/
Expiration
Director Nominees
Class
Age
Position
Appointed
to Current Term
Current
Term Expiration
of Term for
which Nominated
Robert Lynch
II
49
Director
2024
2026
2029
Tristan Walker(1)
II
41
Director
2023
2026
2029
Incumbent and Continuing Directors
Sumaiya Balbale(2)
III
45
Director
2024
2027
-
Charles Chapman III(3)
III
63
Director
2024
2027
-
Jeffrey Lawrence(4)
III
52
Director
2024
2027
-
Daniel Meyer Jeff Flug(5)
I I
68 Ch
63
airman of the Board of Directors
Director
2025
2025
2028
2028
-
-
Lori George(6)
I
62
Director
2025
2028
-
Member of the Nominating and Corporate Governance Committee.
Chair of the Compensation Committee and a member of the Audit Committee.
Member of the Compensation Committee and the Nominating and Corporate Governance Committee.
Chair of the Audit Committee.
Lead Director and a member of the Audit Committee and the Compensation Committee.
Chair of the Nominating and Corporate Governance Committee and a member of the Compensation Committee.
Robert Lynch has served as Shake Shack's Chief Executive Officer and as a member of the Board of Directors since May of 2024. Prior to joining Shake Shack, Mr. Lynch served as President and Chief Executive Officer of Papa John's International, Inc. starting in August 2019. Prior to joining Papa John's, Mr. Lynch served in multiple positions within Arby's Restaurant Group, Inc., including as President from August 2017 to August 2019 and Brand President and Chief Marketing Officer from September 2013 to August 2017. From 2012 until August 2013, Mr. Lynch served as Vice President of Marketing at Taco Bell. Mr. Lynch also held senior roles at H.J. Heinz Company and Procter & Gamble. Mr. Lynch currently serves on the board of directors at Kontoor Brands, Inc. (NYSE: KTB). Mr. Lynch is a graduate of the University of Rochester, where he obtained his BA and MBA.
Key Skills and Experience: Mr. Lynch brings to his service on our Board of Directors extensive quick-service restaurant industry and marketing experience, leading purpose-driven organizations and high-performing teams, and growing successful consumer brands. Mr. Lynch also has a track record of leading brand turnaround and improved profitability.
Tristan Walker has served on the Board of Directors of Shake Shack since June 2020. Mr. Walker is the Founder and was the Chief Executive Officer of Walker & Company Brands, which Mr. Walker founded in 2013 and which merged with Procter & Gamble in December 2018, through June 2023. Mr. Walker is also the Founder of Heirloom Management Co., an investment fund which aims to partner with founders of disruptive companies committed to developing culturally connected products and services. Prior to founding Walker & Company Brands, Mr. Walker was an Entrepreneur-in-Residence at Andreessen Horowitz from 2012 to 2013. From 2009 to 2012, Mr. Walker served as the Director of Business Development for Foursquare, where he oversaw strategic partnerships and monetization. In this role, Mr. Walker managed integrations with large brands and media companies including American Express, The New York Times, CNN, MTV, Starwood Hotels & Resorts, and Starbucks. In 2019, Mr. Walker was named one of Fortune Magazine's 50 "World's Greatest Leaders." Mr. Walker has also been named a USA Today Person of the Year, TIME 100 Next, Ebony Magazine's 100 Most Powerful People, Vanity Fair's "Next Establishment," Fortune Magazine's "40 Under 40," AdAge "Creative 50," and Black Enterprise's "40 Next." Mr. Walker is the Founder of CODE2040, a program that matches high performing Black and Latino undergraduate and graduate coders and software engineering students with Silicon Valley start-ups for summer internships. Mr. Walker served on the board of directors of Foot Locker Inc. from 2020 to 2025. Mr. Walker holds a bachelor's degree in economics from Stony Brook University, where he graduated as valedictorian in 2005, and obtained an MBA from the Stanford University Graduate School of Business in 2010.
Key Skills and Experience: Mr. Walker brings to his service on our Board of Directors a broad-based experience and deep knowledge of strategic planning in complex organizations as well as detailed understanding of brand and marketing strategies.
Sumaiya Balbale has served on the Board of Directors of Shake Shack since March 2019. Ms. Balbale served as the Chief Operating Officer for Sequoia Capital from June 2020 until September 2025. Ms. Balbale previously served as the Vice President of E-commerce, Mobile and Digital Marketing for Walmart US, from February 2017 until her resignation from the company in February 2019. At Walmart she led e-commerce marketing and transformed the digital media, social media, marketing analytics and marketing technology capabilities of the company. Ms. Balbale joined Walmart after the retailer purchased Jet.com in 2016. At Jet.com she served as the Vice President of Marketing from September 2014 through October 2017, where she led all consumer marketing including brand, acquisition and retention efforts. During the first year of the acquisition, Ms. Balbale continued to operate in a dual capacity for both Jet.com and Walmart. From 2010 through 2014, Ms. Balbale worked for Quidsi, a collection of specialty e-commerce verticals that was acquired by Amazon during her tenure. Ms. Balbale graduated with a BA degree in History from Brown University in 2002, and received her MBA from Harvard Business School in 2009. In 2018, Ms. Balbale was named to Fortune's 40 under 40 list.
Key Skills and Experience: Ms. Balbale brings to her service on our Board of Directors particular knowledge and experience in e-commerce, mobile and digital marketing as well as digital and social media brand management.
Charles Chapman III has served on the Board of Directors of Shake Shack since July 2023. Mr. Chapman is a seasoned restaurant executive with a strong strategic and operational track record in the industry, with a background in operations, supply chain, development, and marketing. Mr. Chapman was a senior executive at Panera Bread, where he served in several leadership positions from 2011 through 2019, including as (i) Chief Operating Officer, where he was responsible for Company Operations and Franchise Operations, Learning & Development, Retail Human Resources, Operations Tools and Services, and the Bakery Function; (ii) Chief International and Supply Chain Officer; and
(iii) Executive Vice President of Development, Information Technology, and Non-Traditional Growth. Before joining Panera, Mr. Chapman also held several leadership positions at International Dairy Queen, including as Chief Operating Officer, Chief Development Officer, and Chief Concept Officer. Prior to Dairy Queen, Mr. Chapman was Chief Operating Officer of Bruegger's Bagels, and, prior to that, the President and Co-owner of Beantown Bagels, a Bruegger's Bagels franchisee. Early on, Mr. Chapman held various marketing, finance, and operations roles at Darden Restaurants. Mr. Chapman began his career as an associate consultant and consultant at Bain & Company. Mr. Chapman served as the Chief Executive Officer of Tatte Bakery & Café from 2020 through February 2024 and is a Partner in Act III Holdings, LLC, which invests in emerging niches in restaurants and entertainment. Mr. Chapman is currently a member of the board of directors of Taymax and formerly served on the Board of Directors of Cava, Panera Bread, and American Dairy Queen.
Key Skills and Experience: Mr. Chapman brings to his service on our Board of Directors broad public company experience, more than 25 years of senior executive experience in the restaurant industry, and in-depth knowledge of restaurant operations, development, supply chain, franchising, and evolving concepts.
Jeffrey Lawrence has served on the Board of Shake Shack since May 2023. Beginning in 2000, Mr. Lawrence spent more than 20 years at Domino's Pizza, Inc., the leader in the global pizza industry, including five years as Executive Vice President & Chief Financial Officer. Mr. Lawrence was instrumental in Domino's successful initial public offering, then the largest restaurant IPO ever, as well as the ground-breaking turnaround of the brand including the technological transformation, global expansion and dramatic increase in store level profitability, all of which led to best-in-class shareholder returns for more than a decade. Mr. Lawrence also previously served on the board of directors of Domino's master franchisee in China. Subsequent to his time at Domino's, he served as Chief Financial Officer of FIGS, Inc., a direct-to-consumer apparel brand, where he led its successful initial public offering and partnered to grow significant shareholder value during his tenure, from 2020 to 2021. Mr. Lawrence later served as Chief Financial Officer of ShiftKey, a technology-enabled marketplace connecting licensed professionals to the future of work, a position he held from 2022 to 2023. Mr. Lawrence is currently serving as a Senior Advisor to General Atlantic. Mr. Lawrence began his career in public accounting and is a certified public accountant (registered status) in the State of Michigan. Mr. Lawrence holds an MBA with High Distinction from the Ross School of Business at the University of Michigan as well as a BBA (summa cum laude) from Wayne State University. Mr. Lawrence serves as a member and chair of the board of directors of Joe & the Juice and previously served as a member of the board of directors of Xponential Fitness (NYSE: XPOF).
Key Skills and Experience: Mr. Lawrence brings to his service on our Board of Directors more than
25 years of experience with particular expertise in the consumer retail and restaurant industries globally, including franchising businesses, as well as in digital and technological transformation, and capital markets.
Daniel Meyer has served as the Chairman of the Board of Directors of Shake Shack since January 2010. Mr. Meyer is the Founder and Executive Chairman of Union Square Hospitality Group ("USHG"), which owns and operates restaurants, including the following: Union Square Cafe,
Gramercy Tavern, The Modern, the Cafes at MOMA, Porchlight, Daily Provisions, Ci Siamo and Manhatta; and an event services business, Union Square Events. The restaurants have earned 28 James Beard Awards among them. Mr. Meyer co-authored the best-selling Union Square Cafe Cookbook and authored the New York Times bestseller Setting the Table: The Transforming Power of Hospitality in Business. Mr. Meyer is currently a member of the board of directors of the not-for-profit Madison Square Park Conservancy. Mr. Meyer previously served as a member of the board of directors of Olo Inc. from 2015 to 2025, The Container Store from 2013 to 2017, Sotheby's from 2011 to 2015 and OpenTable from 2000 through 2014, as well as the following not-for-profit organizations: City Harvest, New Yorkers for Parks, Union Square Partnership and NYC & Co.
Key Skills and Experience: Mr. Meyer brings to his service on our Board of Directors a deep understanding of our business derived from his leadership role in our founding and our subsequent growth, his long career in hospitality, and a particular knowledge and experience in strategic planning and leadership of complex organizations, hospitality businesses and board practices of other major corporations.
Jeff Flug has served on the Board of Directors of Shake Shack since January 2010. Mr. Flug has over 25 years of leadership and management experience primarily in the financial industry, as well as in the non-profit sector. After graduating from the University of Massachusetts/Amherst in 1984, with a BBA in Accounting, summa cum laude, Mr. Flug began his career as an accountant at PricewaterhouseCoopers where he attained his CPA in 1986. Mr. Flug attended Columbia Business School, where he received his MBA in Finance in 1988. In 1988, Mr. Flug joined Goldman, Sachs & Co., and ultimately served as a Managing Director and Head of Fixed Income Financial Futures and Options Sales. In 2000, Mr. Flug became the Head of North America Fixed Income Institutional Sales for JPMorgan Chase & Co. In 2006, Mr. Flug served as Chief Executive Officer and Executive Director for Millennium Promise, a not-for-profit organization whose mission is to end extreme poverty and malaria in Africa. Mr. Flug served as USHG's Chief Financial Officer and Chief Operating Officer from December 2009 until January 2011, and as USHG's President from January 2011 until his retirement from the company in June 2015. Mr. Flug currently serves as a board member of Pennant Park Investment Corporation and Pennant Park Floating Rate Capital Limited. Mr. Flug previously served as a member of the board of directors of USHG from 2009 until his retirement from the company in June 2015 and Sears Hometown & Outlet Stores and the Mountain School of Milton Academy, both from 2012 until 2015.
Key Skills and Experience: Mr. Flug brings to his service on our Board of Directors a broad-base of financial experience and particular knowledge and experience in strategic planning and leadership of complex organizations as well as risks facing public companies.
Lori George has served on the Board of Directors of Shake Shack since October 2022. Ms. George is the former Global Chief Diversity, Equity and Inclusion ("DEI") Officer for The Coca-Cola Company ("TCCC"), a role in which she served from October 2018 until March 2022. In that role, Ms. George led TCCC's DEI Center of Excellence, directed to enable a more engaged global workforce, mirror the markets served, and support a more inclusive culture to best position the employees of TCCC to drive growth. Prior to this role, Ms. George served as the Vice President of Community and Stakeholder Relations for TCCC's North America Operating Unit from January 2018 through September 2018. Since 2002 when she joined TCCC, Ms. George served in a number of roles at TCCC relating to global issues communications, crisis management, stakeholder and community relations, shareowner affairs, social impact, and talent management. Prior to joining TCCC, Ms. George led her own public relations consultancy, LG Communications; was a vice president at Porter/Novelli, a leading public relations firm where she founded their Multicultural Communications and Alliance Building practices; and a senior public affairs specialist for the District of Columbia Government's Office of Human Rights and Minority Business. Ms. George received her BA in public relations from Howard University and her MA in public communications from American University. In 2019, Ms. George completed a 13-month Executive Leadership Experience Program at Harvard Business School and in 2021, Ms. George is a graduate of Stanford University's Graduate School of
Business Directors' Consortium and Harvard Business School's Executive Leadership Experience Program. Ms. George currently serves on the board of directors of the Coca-Cola Bottling Company UNITED, Inc. and the NAACP Foundation. Ms. George previously served as a member of the board of directors of Pioneer Natural Resources (NYSE: PXD).
Key Skills and Experience: Ms. George brings to her service on our Board of Directors experience in leadership, risk, growth and strategic planning in complex organizations and in developing and implementing breakthrough programs that meet organizational goals.
The Board of Directors recommends a vote FOR the election of each of the nominated directors.
We are committed to maintaining strong corporate governance practices that promote the long-term interests of the Company and our stockholders and help strengthen the oversight function of our management and Board of Directors. Additional information about our corporate governance policies and practices, including our committee charters, Corporate Governance Guidelines, and our Code of Business Conduct and Ethics can be found on our website under the "Corporate Governance" tab. Additionally, for more information on our commitment to corporate social responsibility and stewardship and other key initiatives, please see our Stand For Something Good Summary, which is discussed in more detail below and posted on our website referenced above. Our website is not part of this Proxy Statement; references to our website address in this Proxy Statement are intended to be inactive textual references only.
The following table highlights some of our key corporate governance practices:
Corporate Governance Best Practices
☒
Highly engaged Board members with a wide range of relevant experience, qualifications, skills, tenure, perspectives and backgrounds
☒
Active stockholder engagement
☒
Quarterly review by the Nominating and Corporate Governance Committee of board structure, governance, and shareholder rights
☒
Balance of new and experienced directors
☒
All directors attended at least 75% of Board and relevant committee meetings
☒
Regular review and assessment of committee responsibilities and adequacy of committee charters
☒
New director orientation and continuing director education
☒
Separate Chairman and CEO
☒
Annual board and committee assessments
☒
Quarterly executive sessions of independent directors
☒
Lead Independent Director elected by the independent directors
☒
Independent Audit, Compensation and Nominating and Corporate Governance Committees with the annual review of committee composition and chairs
☒
Strategy and risk oversight by full Board and committees
☒
Code of Business Conduct and Ethics applicable to all of our employees and directors
☒
Anti-hedging, anti-short-sale and anti-pledging policies
☒
Stock ownership policies for our executive officers and directors
☒
CEO and executive succession planning oversight by the Compensation Committee
☒
Clawback policy for compensation erroneously paid
☒
Annual "Say on Pay" advisory vote
☒
Robust commitment to environmental responsibility
In accordance with our amended and restated certificate of incorporation and the second amended and restated bylaws, our Board of Directors is currently comprised of nine members and is divided into three classes with staggered three-year terms. As discussed in more detail above, the Board will be reduced to eight members with Mr. Silverman's resignation from the Board effective May 1, 2026. At each annual meeting of stockholders, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the third annual meeting
following election. The authorized number of directors may be changed by resolution of the Board of Directors. Vacancies on the Board of Directors can be filled by resolution of the Board of Directors. Daniel Meyer serves as the Chairman of our Board of Directors. We believe the following directors are independent as determined by the rules of the New York Stock Exchange: Sumaiya Balbale, Charles Chapman III, Jeff Flug, Lori George, Jeffrey Lawrence, Joshua Silverman, and Tristan Walker.
Daniel Meyer, Jeff Flug, and Lori George are the Class I directors and their terms will expire in 2028.
Robert Lynch, Joshua Silverman, and Tristan Walker are the Class II directors and their current terms expire in 2026. Mr. Silverman has announced his intention to step down from the Board effective May 1, 2026 and will not stand for re-election at the Annual Meeting.
Sumaiya Balbale, Charles Chapman III, and Jeffrey Lawrence are the Class III directors and their terms will expire in 2027.
When evaluating the designation of our directors into the appropriate class, our Board considers a variety of factors, including the experience and tenure of the directors in each respective class.
We believe that the division of our Board into three classes continues to be the appropriate structure for the Company. This structure, among other things:
Promotes stability and continuity, allowing our Board and management to remain focused on our long-term strategic objectives;
Enhances independence of our non-employee directors by decreasing potential pressures from special interest groups or others who may have motives or interests contrary to the creation of sustainable stockholder value; and
Allows for the development of institutional knowledge at the Board level, which we believe is important as we continue to grow and develop our business.
As noted above, the Nominating and Corporate Governance Committee reviews and considers on a quarterly basis whether our Board structure continues to align with the Company's long-term strategic objectives, as well as reviews and considers other stockholder rights, all of which the Committee periodically reviews with the Board.
We have continued to separate the positions of Chairman of the Board and Chief Executive Officer. We believe this arrangement allows our Chief Executive Officer to focus on our day-to-day business, while allowing the Chairman of the Board to lead the Board of Directors in its fundamental role of providing advice to and independent oversight of management. Our bylaws and corporate governance guidelines, which do not require that our Chairman and Chief Executive Officer positions be separate, allow our Board to determine the board leadership structure that is appropriate for us at any given point in time, taking into account the dynamic demands of our business, our senior executive personnel, and other factors.
The Board of Directors created the position of lead director ("Lead Director") to serve as the lead non-management director of the Board in 2021, after having reviewed the duties and authority of the previously named presiding director function. The Lead Director serves in such capacity on an annual basis consistent with the Board's service year. The Lead Director receives (i) annual cash compensation equal to $17,500, payable in four equal installments of $4,375, following each of the four quarterly meetings of the Board and (ii) an annual equity award in the form of restricted stock units with an aggregate grant date fair value of $17,500, granted immediately following the annual meeting of stockholders, as additional compensation for such position. Mr. Flug was appointed Lead Director through the current director service year.
The Lead Director has the power and authority to: (i) preside at all meetings of non-management directors when they meet in executive session without management participation; (ii) set agendas, priorities and procedures for meetings of non-management directors meeting in executive session without management participation; (iii) report to the Board and senior management concerning those matters discussed in executive session without management participation that require further attention or for which decisions have been made; (iv) generally assist the Chairman of the Board and to serve as liaison between the Chairman and non-management directors; (v) add agenda items to the established agenda for meetings of the Board; (vi) request access to the Company's management, employees and its independent advisers for purposes of discharging his or her duties and responsibilities as a director; and (vii) retain independent outside financial, legal or other advisors at any time, at the expense of the Company, on behalf of the Board or any committee or subcommittee of the Board.
Stockholders and other interested parties may contact the Lead Director and the Secretary by sending regular mail to the Lead Director and the Secretary, Shake Shack Inc., 225 Varick Street, Suite 301, New York, New York 10014, Attention: Secretary, or by email at investor.shakeshack.com.
Each communication should specify the applicable addressee or addressees to be contacted, as well as the general topic of the communication. We initially will receive and process communications before forwarding them to the addressee. We also may refer communications to other departments at the Company. We generally will not forward to the directors a communication that is primarily commercial in nature, relates to an improper or irrelevant topic, or requests general information regarding the Company.
Our Board of Directors has three standing committees: an Audit Committee, a Nominating and Corporate Governance Committee and a Compensation Committee. Each of these Committees reports to the Board of Directors as appropriate, and as the Board of Directors may request. The composition, duties and responsibilities of these committees are described below. In the future, our Board of Directors may establish other committees, as it deems appropriate, to assist it with its responsibilities.
Audit Committee
The Audit Committee operates under a written charter adopted by the Board of Directors. The charter contains a detailed description of the scope of the Audit Committee's responsibilities and how they will be carried out. The Audit Committee's charter is available on our website at investor.shakeshack.com, under "Governance Documents." In accordance with its charter, the Audit Committee, among other responsibilities, (i) engages and oversees our independent registered public accounting firm; (ii) reviews and discusses with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC and the other financial information presented to our stockholders; (iii) reviews with our independent registered public accounting firm the scope and results of their audit; (iv) approves all audit and permissible non-audit services to be performed by our independent registered public accounting firm; (v) reviews and monitors our accounting principles, accounting policies, financial and accounting controls and compliance with legal and regulatory requirements; (vi) reviews our responsibilities with respect to risk assessment and risk management; (vii) establishes procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls or auditing matters;
reviews risk assessments from management with respect to our information technology systems and procedures, including cybersecurity, and oversees our cybersecurity risk management processes; and (ix) reviews risk assessments from management with respect to our food safety and quality assurance practices, and oversees our food safety and quality assurance risk management processes.
Our Audit Committee currently consists of Sumaiya Balbale, Jeff Flug, Jeffrey Lawrence, and Joshua Silverman, with Mr. Lawrence serving as chair. As required by Rule 10A-3 of the Exchange Act and the New York Stock Exchange rules, each of Messrs. Flug, Lawrence, and Silverman and Ms. Balbale meets the definition of "independent director" for purposes of serving on an audit committee. In addition, the Board of Directors has determined that each of Messrs. Lawrence and Silverman qualifies as an "audit committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. Mr. Silverman has informed the Board of his intention to step down from the Board effective May 1, 2026 and Mr. Silverman will not stand to re-election as a Class II director at the Annual Meeting. Mr. Silverman will also step down as a member of the Board's Audit Committee effective May 1, 2026.
Nominating and Corporate Governance Committee
The Nominating and Corporate Governance Committee operates under a written charter adopted by the Board of Directors. The charter contains a detailed description of the scope of the Nominating and Corporate Governance Committee's responsibilities and how they will be carried out. The Nominating and Corporate Governance Committee's charter is available on our website at investor.shakeshack.com, under "Governance Documents." The primary responsibilities of the Nominating and Corporate Governance Committee are to (i) identify individuals qualified to become members of our Board of Directors, consistent with criteria approved by our Board of Directors;
(ii) develop and recommend to our Board of Directors a set of corporate governance guidelines and principles; (iii) oversee the evaluation of the Board of Directors; and (iv) review the overall adequacy and effectiveness of, and provide oversight with respect to the Company's strategies, policies and practices relating to corporate governance, sustainability and social responsibility matters. Our Corporate Governance Guidelines include the membership criteria that apply to nominees recommended for a position on the Board of Directors.
Our Nominating and Corporate Governance Committee currently consists of Charles Chapman III, Lori George, Joshua Silverman, and Tristan Walker, with Ms. George serving as chair. As required by the New York Stock Exchange rules, each of Messrs. Chapman, Silverman and Walker and Ms. George meets the definition of "independent director" for purposes of serving on a nominating and corporate governance committee. Mr. Silverman has informed the Board of his intention to step down from the Board effective May 1, 2026 and Mr. Silverman will not stand for re-election as a Class II director at the Annual Meeting. Mr. Silverman will also step down as a member of the Board's Nominating & Corporate Governance Committee effective May 1, 2026.
Compensation Committee
The Compensation Committee operates under a written charter adopted by the Board of Directors. The charter contains a detailed description of the scope of the Compensation Committee's responsibilities and how they will be carried out. The Compensation Committee's charter is available on our website at investor.shakeshack.com under "Governance Documents." In accordance with its charter, the primary responsibilities of the Compensation Committee are to (i) review and approve the Company's executive compensation strategy and in connection with such review, identify and approve the Company's peer group companies and to establish appropriate targets, as well as the level and mix of compensation elements for executive compensation; (ii) review and approve the corporate goals and objectives with respect to the compensation of the Chief Executive Officer, evaluate the performance of the Chief Executive Officer in light of these goals and objectives, and determine the compensation of the Chief Executive Officer based upon that evaluation; (iii) review and set or make recommendations to the Board of Directors regarding the compensation of other executive officers; (iv) review and make recommendations to the Board of Directors regarding director compensation; (v) review and approve or make recommendations to the Board of Directors regarding the Company's incentive compensation and equity-based plans and arrangements; (vi) ensure an appropriate management development and succession strategy with respect to the Chief Executive Officer, the other executive officers, and senior management; and (vii) review risk assessments from management with respect to the Company's people practices, including without limitation, recruiting and retention, culture and labor.
Our Compensation Committee currently consists of Sumaiya Balbale, Charles Chapman III, Jeff Flug, and Lori George, with Ms. Balbale serving as chair. As required by New York Stock Exchange rules, each of Messrs. Chapman and Flug and Mses. Balbale and George meets the definition of "independent director" for purposes of serving on a compensation committee.
Our Board of Directors is responsible for overseeing our risk management process. Our Board of Directors focuses on our general risk management strategy and the most significant risks facing us, and oversees the implementation of risk mitigation strategies by management. Our Board of Directors is also apprised of particular risk management matters in connection with its general oversight and approval of corporate matters and significant transactions.
Our Board of Directors does not have a standing risk management committee, but rather we administer this oversight function directly through our Board of Directors as a whole. In particular, our Board of Directors is responsible for monitoring and assessing strategic risk exposure, our Audit Committee is responsible for overseeing our major financial risk exposures and the steps our management has taken to monitor and control these exposures, our Nominating and Corporate Governance Committee is responsible for the oversight of risks associated with our strategies, policies and practices relating to corporate governance, sustainability and social responsibility matters, and our Compensation Committee assesses and monitors whether any of our compensation policies and programs has the potential to encourage unnecessary risk-taking. Our Audit Committee also oversees the performance of our internal audit function and considers and approves or disapproves any related-party transactions. Additionally, our Audit Committee oversees cybersecurity risk as part of its responsibilities for the Company's risk management approach and structure. The Audit Committee receives quarterly reports from management, including the Director of Information Security who is responsible for leading our governance on information security. The Audit Committee then reports to the Board regarding its activities related to cybersecurity, data privacy and other information technology risks.
In addition, our management has created a Risk Management Oversight Committee, which is responsible for monitoring the Company's risk environment and providing direction for the activities that are anticipated to mitigate, to an acceptable level, the risks that may adversely affect the Company's ability to achieve its goals. The Risk Management Oversight Committee facilitates and monitors the implementation of effective risk mitigation steps taken by all Company leaders and assists risk owners in defining target risk exposure and reporting adequate risk-related information throughout the Company. This oversight includes identifying, evaluating, and addressing potential risks that may exist at the enterprise, strategic, financial, operational, compliance and reporting levels. We have also established a business use policy for artificial intelligence to safeguard the Company and enhance our systems.
We conducted an assessment of our compensation policies and practices for our employees and concluded that these policies and practices are not reasonably likely to have a material adverse effect on the Company. The Company's compensation program and policies mitigate risk by combining performance-based, long-term compensation elements with payouts that are highly correlated to the value delivered to stockholders. The combination of performance measures for annual bonuses and the equity compensation programs for executive officers, as well as the multi-year vesting schedules for equity awards, encourage employees to maintain both a short- and long-term view with respect to Company performance.
We have adopted a written Code of Business Conduct and Ethics that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. We have posted a current copy
of the code on our website, investor.shakeshack.com. In addition, we intend to post on our website all disclosures that are required by law or the New York Stock Exchange listing standards concerning any amendments to, or waivers from, any provision of the code.
The Nominating and Corporate Governance Committee, in recommending director candidates, and the Board, in nominating director candidates, will evaluate candidates in accordance with the qualification standards set forth in our Corporate Governance Guidelines, available on our website, investor.shakeshack.com. The Nominating and Corporate Governance Committee and the Board may also consider the additional selection criteria listed in the Corporate Governance Guidelines. These qualification standards and additional selection criteria are summarized below.
Director Qualification Standards
The Nominating and Corporate Governance Committee, in recommending director candidates for election to the Board, and the Board, in nominating director candidates, considers candidates who have a high level of personal and professional integrity, strong ethics and values and the ability to make mature business judgments.
Additional Selection Criteria
The Nominating and Corporate Governance Committee and the Board may also consider the following criteria as well as any other factor that they deem to be relevant:
Experience in corporate management, such as serving as an officer or former officer of a publicly held company;
Experience as a board member of another publicly held company;
Experience as an executive of a publicly held retail restaurant company;
Professional and academic experience relevant to the Company's industry;
Diversity of skill sets, experiences, backgrounds, and perspectives;
Strength of the candidate's leadership skills;
Experience in finance and accounting and/or executive compensation practices;
Experience in successfully scaled technology business(es);
Availability for preparation, participation and attendance at Board meetings and committee meetings;
Appreciation/understanding of the values of Daniel Meyer's vision of "Enlightened Hospitality"/ culture/brand strength;
International business experience, in particular with respect to franchising or licensing;
Understanding of technologies pertinent to the Company's business;
Experience with raising and deploying capital; and
Experience in addressing sustainability priorities.
In addition, the Board considers whether there are potential conflicts of interest with the candidate's other personal and professional pursuits.
The Board also monitors the mix of specific experience, qualifications and skills of its directors in order to assure that the Board, as a whole, has the necessary tools to perform its oversight function effectively in light of the Company's business and structure.
The Company seeks to achieve a mix of Board members that represent a diversity of skill sets, experiences, backgrounds, and perspectives, along with the qualifications set forth above. Although the Board does not establish specific goals with respect to diversity, the Board's overall diversity is a consideration in the director nomination process.
The Nominating and Corporate Governance Committee will consider director candidates recommended by stockholders in the same manner it considers other candidates, but it has no obligation to recommend such candidates. A stockholder that wants to recommend a candidate for election to the Board of Directors should send a recommendation in writing to Shake Shack Inc., c/o Corporate Secretary, 225 Varick Street, Suite 301, New York, New York 10014. Such recommendation should describe the candidate's qualifications and other relevant biographical information and provide confirmation of the candidate's consent to serve as director.
Stockholders may also nominate directors at an annual meeting by adhering to the advance notice procedure described under "Stockholder Proposals" elsewhere in this Proxy Statement.
We have adopted an Insider Trading Policy which prohibits the purchase, sale, and other transactions with respect to our equity securities or derivatives by any director, officer and employee that may be in possession of material and non-public information relating to the Company. The Insider Trading Policy provides guidance as to what constitutes material information and when information becomes public. The Insider Trading Policy addresses transactions by family members and under Company plans, as well as other transactions which may be prohibited. The policy discusses the consequences of an insider trading violation, additional trading restrictions and certain reporting requirements applicable to directors, officers and designated key employees. The policy also contains guidelines and requirements related to the establishment of Rule 10b5-1 trading plans. Our Insider Trading Policy is available on our website at investor.shakeshack.com, under "Governance Documents," and as an exhibit to our Annual Report on Form 10-K filed with the SEC. We have also implemented related processes applicable to the Company that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations and the NYSE's listing standards.
Our Insider Trading Policy also precludes all of the Company's employees, including our named executive officers, along with our directors, from engaging in hedging transactions involving the Company's equity securities, including short selling, buying exchange-traded put options or call options associated with our stock, transactions relating to zero-cost collars, forward sales contracts, purchases of the Company's securities on margin, and pledging the Company's securities as collateral to secure loans. We aim to restrict these transactions because they could serve to "hedge" the risk of owning our stock and otherwise can be highly speculative transactions with respect to our stock.
None of our executive officers currently serves, or in the past year has served, as a member of the Board of Directors or Compensation Committee of any entity that has one or more executive officers serving on our Board of Directors or Compensation Committee.
There are no family relationships among any of our directors or executive officers.
The Compensation Committee periodically reviews the director compensation program and its competitiveness relative to the compensation peer group as well as other industry peers.
Our non-employee director compensation policy awards each non-employee director a combination of cash and restricted stock units in consideration for his or her service on our Board of Directors as follows: (A) (1) annual cash compensation equal to $60,000, payable in four equal installments following each of the Board's quarterly meetings, (2) for the chairperson of each of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, additional annual cash compensation equal to $10,000, $7,500, and $7,500, respectively, payable in four equal installments following each of the Board's quarterly meetings, and (3) for the Lead Director,
$17,500, payable in four equal installments following each of the Board's quarterly meetings; and
(B) (1) an annual equity award in the form of restricted stock units with an aggregate grant date fair value of $125,000 granted immediately following the annual meeting of stockholders, (2) for the chairperson of each of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, an additional annual equity award in the form of restricted stock units with an aggregate grant date fair value of $10,000, $7,500, and $7,500, respectively, granted immediately following the annual meeting of stockholders, and (3) for the Lead Director, an additional annual equity award in the form of restricted stock units with an aggregate grant date fair value of $17,500, granted immediately following the annual meeting of stockholders. With respect to the annual cash compensation, each director may elect to receive all, 75%, or 50% of his or her annual cash compensation in the form of additional restricted stock units. In 2024, we adopted an amended and restated non-employee director compensation policy which includes the option for non-employee directors to defer the settlement of restricted stock units granted in 2025 and thereafter until a specified number of years after the settlement would have otherwise occurred or until the non-employee director's retirement from our Board.
The terms of each such annual equity award described above is set forth in a written award agreement between the applicable non-employee director and us, which provides for vesting after one year of continued service as a director, subject to acceleration upon a change of control.
The non-employee director compensation policy may be further amended, modified or terminated by our Board of Directors at any time in its sole discretion.
In addition to the non-employee director compensation policy, the Board approved revisions to the ownership guidelines in the Company's director stock ownership policy in 2024 to require non-employee directors to hold shares of our Class A common stock and/or LLC Interests with a value equal to or in excess of five times the annual cash compensation payable for Board service. Non-employee directors have a period of five years from the effective date of the policy, or for newly elected directors, five years from the date of their appointment, to achieve the required stock ownership.
The following table sets forth the cash compensation and equity grant for each of our non-employee directors in fiscal 2025. The awards below were made in accordance with the above compensation amounts.
Name
Fees paid in cash ($)(1)
Restricted Stock Units ($)(2)(3)
Total ($)
Daniel Meyer
-
185,093
185,093
Sumaiya Balbale
17,500
200,073
217,573
Charles Chapman III
-
185,093
185,093
Anna Fieler
30,625
-
30,625
Jeff Flug
80,000
142,565
222,565
Lori George
67,500
132,536
200,036
Jeffrey Lawrence
-
205,024
205,024
Joshua Silverman
15,625
185,093
200,718
Tristan Walker
60,625
125,046
185,671
In fiscal 2025, nine non-employee directors received cash compensation under the non-employee director compensation policy. The fiscal year 2025 includes one quarter of the Board service year that commenced in 2024 and three quarters of
the Board service year that commenced in 2025. For the service year that began in 2024, Ms. Fieler received cash compensation in respect to her Board service that ended in 2025. For the service year that began in 2025, Messrs. Meyer, Chapman, Lawrence, Silverman and Ms. Balbale elected to receive their cash compensation in the form of equity compensation.
In fiscal 2025, each non-employee director was awarded equity compensation under the non-employee director compensation policy. Fiscal 2025 awards were granted to Board members as of the date of the 2025 annual meeting held on June 4, 2025.
As of December 31, 2025, the following non-employee directors held unvested restricted stock units as follows: Mr. Meyer -1,458; Ms. Balbale - 1,576; Mr. Chapman - 1,458; Mr. Flug - 1,123; Ms. George - 1,044; Mr. Lawrence - 1,615; Mr. Silverman - 1,458; and Mr. Walker - 985. Ms. Fieler, who resigned from the Board as of June 4, 2025, had no remaining unvested equity as of December 31, 2025.
During fiscal 2025, the Board of Directors held four meetings, and each of the Audit Committee, the Nominating and Corporate Governance Committee and the Compensation Committee held four meetings. Each of our directors attended at least 75% of the meetings of the Board of Directors and meetings held by any of the committees of the Board on which such director served.
The Company's directors are expected to attend our Annual Meeting pursuant to our mandatory attendance policy. All of the Company's directors at the time of the Company's 2025 annual meeting attended such meeting.
Our purpose is to Stand For Something Good® in all aspects of our business. Stand For Something Good is a call to action for all of our stakeholders-our team, guests, communities, suppliers and investors-and we actively invite them all to share in this philosophy with us. This commitment drives our integration into the local communities in which we operate and fosters a deep and lasting connection with our guests. Our Stand For Something Good Summary is available on our website at investor.shakeshack.com, under "Governance Documents."
The Audit Committee of the Board of Directors has selected Ernst & Young LLP ("EY") to be the Company's independent registered public accounting firm for the fiscal year ending December 30, 2026, and recommends that the stockholders vote for ratification of such appointment. EY has been engaged as our independent registered public accounting firm since September 9, 2014. As a matter of good corporate governance, the Audit Committee has requested the Board of Directors to submit the selection of EY as the Company's independent registered public accounting firm for fiscal 2026 to stockholders for ratification. In the event of a negative vote on such ratification, the Audit Committee will reconsider its selection. We expect representatives of EY to be present at the Annual Meeting. They will have the opportunity to make a statement at the Annual Meeting if they desire to do so and will be available to respond to appropriate questions.
The following table sets forth the aggregate fees for various professional services rendered by EY:
2025
2024
Audit Fees(1)
$1,705,682
$1,622,068
Audit Related Fees(2)
19,500
58,050
Total Fees
$1,725,182
$1,680,118
Consists of fees for professional services rendered for the audits of the Company's consolidated financial statements included in its Annual Reports on Form 10-K for fiscal years 2025 and 2024 and for the review of the Company's interim condensed consolidated financial statements included in its Quarterly Reports on Form 10-Q for fiscal years 2025 and 2024.
Fiscal 2025 consists of fees for audit-related services provided in connection with the Company's Hawaii franchise disclosure document and related auditor consent. Fiscal 2024 consists of fees related to review procedures performed on Forms S-3, S-8 and various system implementations.
The Audit Committee's policy is to pre-approve all audit and permissible non-audit services provided by EY. These services may include audit services, audit-related services, tax services and all other services. Proposed services may either be pre-approved without consideration of specific case-by-case services by the Audit Committee or require the specific pre-approval of the Audit Committee. Unless a type of service has received general pre-approval, it will require specific pre-approval if it is to be provided by EY.
All of the services described above were approved by the Audit Committee.
The Board of Directors recommends a vote FOR the ratification of the appointment of Ernst & Young LLP.
As required by Section 14A of the Securities Exchange Act of 1934 (the "Exchange Act"), we are providing our stockholders with the opportunity to cast an advisory vote on the compensation of our Named Executive Officers ("NEOs") as disclosed in this Proxy Statement, including in the section entitled "Compensation Discussion and Analysis," the compensation tables and other executive compensation disclosures. The advisory stockholder vote to approve NEO compensation is often referred to as the "say-on-pay vote."
The Compensation Committee believes that compensation of our executive officers in fiscal 2025 met the objectives of our program which were to foster long-term business success using a pay-for-performance philosophy intended to encourage performance and growth and to align the executive officers' interests with those of our stockholders.
Stockholders are being asked to vote on the following resolution:
Although this say-on-pay vote proposal is advisory and not binding, the Compensation Committee, which is comprised solely of independent directors and is responsible for making decisions regarding the amount and form of compensation paid to our executive officers, will carefully consider the stockholder vote on this matter, along with other expressions of stockholder views it receives on specific policies and desirable actions. In each case, the Compensation Committee will seek to understand the concerns that influenced the vote and address them in making future decisions affecting our executive compensation program.
Please refer to the sections of this Proxy Statement entitled "Compensation Discussion and Analysis" and "Fiscal 2025 Compensation Tables" for a detailed discussion of our executive compensation principles and practices, the fiscal 2025 compensation of our NEOs, and changes implemented in our program for fiscal 2025.
The Board of Directors recommends a vote FOR the approval, on an advisory basis, of the compensation of the Named Executive Officers as disclosed in this Proxy Statement.
The following table shows information about the beneficial ownership of our Class A common stock and Class B common stock, as of the Record Date, for:
each person known by us to beneficially own more than 5% of our outstanding Class A common stock or Class B common stock, based solely on our review of filings with the SEC pursuant to Section 13(d) or 13(g) of the Exchange Act;
each of our directors and NEOs; and
all of our directors and executive officers as a group.
The number of shares beneficially owned by each stockholder is determined under rules promulgated by the SEC under which beneficial ownership includes any shares as to which the individual or entity has sole or shared voting power or investment power. In computing the number of shares beneficially owned by an individual or entity and the percentage ownership of that person, shares of common stock subject to options, or other rights held by such person that are currently exercisable or will become exercisable within 60 days of the Record Date, are considered outstanding, although these shares are not considered outstanding for purposes of computing the percentage ownership of any other person. However, in computing the number of shares of Class A common stock beneficially owned by an individual or entity, we do not include LLC Interests, which are exchangeable into Class A common stock, held by such individual or entity because the voting rights represented by the LLC Interests are reflected in the shares of Class B common stock reported for such individual or entity. Unless otherwise indicated, the address of all listed stockholders is c/o Shake Shack Inc., 225 Varick Street, Suite 301, New York, New York 10014. Each of the stockholders listed has sole voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise, subject to community property laws where applicable.
Stock Beneficially Owned
Stock Beneficially Owned
Number
Percentage
Number
Percentage
Power(1)
Named Executive Officers and Directors
Daniel Meyer(2) . . . . . . . . . . . . . . . .
1,625,520
4.0%
1,861,057
76.6%
8.1%
Robert Lynch(3) . . . . . . . . . . . . . . .
23,969
*
-
*
*
Katherine Fogertey . . . . . . . . . . . . .
17,955
*
-
*
*
Stephanie Sentell . . . . . . . . . . . . . .
453
*
-
*
*
Sumaiya Balbale(4) . . . . . . . . . . . . .
9,339
*
-
*
*
Charles Chapman III(5) . . . . . . . . . .
4,425
*
-
*
*
Anna Fieler(6) . . . . . . . . . . . . . . . . .
7,980
*
-
*
*
Jeff Flug(7) . . . . . . . . . . . . . . . . . . .
4,470
*
-
*
*
Lori George . . . . . . . . . . . . . . . . . .
2,476
*
-
*
*
Jeffrey Lawrence . . . . . . . . . . . . . .
3,174
*
-
*
*
Joshua Silverman(8) . . . . . . . . . . . .
11,105
*
-
*
*
Tristan Walker . . . . . . . . . . . . . . . .
4,756
*
-
*
*
All directors and executive officers as
a group (twelve persons) . . . . . . .
1,698,186
4.2%
1,861,057
76.6%
8.3%
Other 5% Stockholders
BlackRock, Inc.(9) . . . . . . . . . . . . . .
5,747,239
14.2%
-
-%
13.4%
Wellington Management Group
LLP(10)
. . . . . . . . . . . . . . . . . . . .
2,146,218
5.3%
-
-%
5.0%
* Represents beneficial ownership of less than 1%.
Includes the voting power of each owner based on the voting power held through both the owner's Class A common stock and Class B common stock. Represents percentage of voting power of the Class A common stock and Class B common stock of Shake Shack voting together as a single class.
Includes: (i) 346,412 shares of Class A common stock held by the Investment Trust, of which Mr. Meyer is the grantor, trustee and beneficiary, (ii) 1,861,057 shares of Class B common stock held by the Gift Trust, of which Mr. Meyer's spouse is a trustee and beneficiary, and (iii) 1,279,107 shares of Class A common stock held by the Gift Trust. Mr. Meyer disclaims beneficial ownership of all of the shares held by the Gift Trust.
Includes 12,886 shares of Class A common stock that Mr. Lynch will have the right to acquire within 60 days of the Record Date through the vesting of restricted stock units.
Includes 1,576 shares of Class A common stock that Ms. Balbale will have the right to acquire within 60 days of the Record Date through the vesting of restricted stock units.
Includes 1,458 shares of Class A common stock that Mr. Chapman will have the right to acquire within 60 days of the Record Date through the vesting of restricted stock units.
Based on the Form 4 filed on June 14, 2024, Ms. Fieler, beneficially owns 7,980 shares of Class A common stock.
Includes 1,123 shares of Class A common stock that Mr. Flug will have the right to acquire within 60 days of the Record Date through the vesting of restricted stock units.
Includes (i) 1,108 shares of Class A common stock that Mr. Silverman has the right to acquire through the exercise of stock options, and (ii) 1,458 shares of Class A common stock that Mr. Silverman will have the right to acquire within 60 days of the Record Date through the vesting of restricted stock units.
Based on a Schedule 13G filed by BlackRock, Inc. on April 30, 2025. According to the Schedule 13G, BlackRock, Inc. has sole voting power, shared voting power, sole dispositive power and shared dispositive power over 5,703,846 shares, 0 shares, 5,747,239 shares, and 0 shares, respectively, of Class A common stock. The principal business office of BlackRock, Inc. is 50 Hudson Yards, New York, NY 10001.
Based on a Schedule 13G filed by Wellington Management Group LLP on February 10, 2026. According to the Schedule 13G, Wellington Management Group LLP has sole voting power, shared voting power, sole dispositive power and shared dispositive power over 0 shares, 2,146,218 shares, 0 shares, and 2,998,240 shares, respectively, of Class A common stock. The principal business office of Wellington Management Group LLP is c/o Wellington Management Company LLP, 280 Congress Street, Boston, MA 02210.
The following table sets forth information regarding the executive officers of the Company as of the Record Date:
Name
Age
Position
Robert Lynch
49
Chief Executive Officer and Director
Stephanie Sentell
47
Chief Operations Officer
Peter Herpich
56
Interim Principal Financial Officer and Corporate Controller
Robert Lynch - please see "Proposal No. 1-Election of Directors-Incumbent and Continuing Directors" for Mr. Lynch's biography.
Stephanie Sentell has served as Shake Shack's Chief Operations Officer since July 1, 2024. Prior to joining Shake Shack, Ms. Sentell served as SVP of Company Operations at Inspire Brands. Before that, Ms. Sentell was SVP Restaurant Operations & Innovation at Inspire Brands from June 2020 until April 2023. Ms. Sentell previously served as SVP of Restaurant Excellence of Arby's Restaurant Group, Inc. from January 2018 until 2020 and prior to that served as SVP Product Development and Menu Delivery from November 2016 until February 2018. Prior to joining Arby's and Inspire Brands, Ms. Sentell spent over 11 years at Dairy Queen as the Director of Marketing and a franchise owner. Ms. Sentell is a graduate of the University of Wisconsin at River Falls, where she obtained her A.S. in Marketing Communications.
Peter Herpich has served as the Company's Corporate Controller since joining the Company in May 2023, and on February 23, 2026, was designated as the Company's principal financial officer on an interim basis while a search for a new Chief Financial Officer is undertaken. Prior to joining the Company, Mr. Herpich spent two years at Casper Inc., where he served as Vice President, Global Controller, and prior to that, Mr. Herpich spent 25 years at Barnes & Noble, Inc., where he most recently served as Vice President, Corporate Controller and principal accounting officer. Mr. Herpich is a Certified Public Accountant.
Disclaimer
Shake Shack Inc. published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 23:31 UTC.