Shake Shack in its Cooperation Agreement with Engaged Capital
On May 16th, Shake Shack Inc. (NYSE: SHAK) announced it has entered into a cooperation agreement with Engaged Capital. As part of the cooperation agreement, Shake Shack appointed Jeffrey D. Lawrence to its Board and also agreed to work with Engaged Capital to identify an additional mutually agreed upon independent director. In addition, Shake Shack’s founder, Danny Meyer, and certain of his affiliates have agreed to step down their director designation rights over time. Engaged Capital has agreed to customary standstill and voting commitments and will support the Board’s full slate of directors at the 2023 annual stockholders meeting.
Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Shake Shack.