13D Filing: Marathon Partners and J. Alexander’s Holdings Inc. (JAX)

Page 9 of 12

Page 9 of 12 – SEC Filing

B. Mr. Cibelli
(a) Mr. Cibelli, as the managing member of each of Cibelli Research and Marathon Partners, may be deemed
the beneficial owner of the (i) 800,000 Shares owned by Partners LP and (ii) 120,000 Shares owned by Focus Fund.

Percentage: Approximately
6.3%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 920,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 920,000

(c) Mr. Cibelli has not entered into any transactions in the Shares since the filing of Amendment No.
1 to the Schedule 13D. The transactions in the Shares on behalf of Focus Fund since the filing of Amendment No. 1 to the Schedule
13D are set forth in Schedule A and are incorporated herein by reference.
C. Focus Fund
(a) As of the close of business on December 5, 2017, Focus Fund beneficially owned 120,000 Shares.

Percentage:
Approximately 0.8%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 120,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 120,000

(c) The transactions in the Shares by Focus Fund since the filing of Amendment No.1 to the Schedule
13D are set forth in Schedule A and are incorporated herein by reference.
D. Cibelli Research
(a) Cibelli Research, as the general partner of Focus Fund, may be deemed the beneficial owner of the
120,000 Shares owned by Focus Fund.

Percentage:
Approximately 0.8%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 120,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 120,000
(c) Cibelli Research has not entered into any transactions in the Shares since the filing of Amendment
No. 1 to the Schedule 13D. The transactions in the Shares on behalf of Focus Fund since the filing of Amendment No. 1 to the Schedule
13D are set forth in Schedule A and are incorporated herein by reference.
9

Follow J. Alexander's Holdings Inc. (NASDAQ:JAX)

Page 9 of 12