Shake Shack (SHAK) Chairman Meyer and CEO Garutti Adopt Stock Trading Plans
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Shake Shack (NYSE: SHAK) disclosed that on August 16, 2016, Daniel Meyer, Chairman of the Board of Directors of Shake Shack Inc., and, on August 23, 2016, Randall Garutti, Chief Executive Officer and a director of the Company, adopted stock trading plans under substantially similar terms as their previous trading plans, dated December 15, 2015, to sell shares of the Company’s Class A Common Stock, par value $0.001 per share, as part of their personal long-term financial planning.
The trading plans are designed to comply with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, and the Company’s insider trading compliance policy.
Under Mr. Garutti’s trading plan, he may sell up to 56,000 shares of Common Stock through March 31, 2017, which represent approximately 3.73% of his equity holdings (including vested and unvested options) in the Company. On September 23, 2016, Mr. Garutti sold 8,000 out of the 56,000 shares available to sell under the trading plan. Under Mr. Meyer’s trading plan, he may sell up to 300,000 shares of Common stock through March 31, 2017, which represent approximately 5.04% of his equity holdings (including vested and unvested options) in the Company.
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