13G Filing: Bandera Partners and Lubys Inc (LUB)

Jefferson
Gramm

(a)

Amount beneficially owned:

1,690,667 Shares

(b)

Percent of class:

5.8%
(based on 28,971,670 Shares outstanding as of November 9, 2016, as disclosed in the Issuer’s Annual Report on Form 10-K filed
with the Securities and Exchange Commission on November 23, 2016)

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote

10,000 Shares

(ii)

Shared power to vote or to direct the vote

1,680,667 Shares

(iii)

Sole power to dispose or to direct the disposition of

10,000 Shares

(iv)

Shared power to dispose or to direct the disposition of

1,680,667 Shares

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement
is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [ ].

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

The right to receive dividends from, or the proceeds
from the sale of, the Master Fund’s Shares is held by Bandera Master Fund, a private investment fund for which Bandera Partners
serves as investment manager. Bandera Partners, Mr. Bylinsky and Mr. Gramm disclaim beneficial ownership of the Master Fund’s
Shares reported in this statement pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable.

Item 8.

Identification and Classification of Members of the Group.

See Exhibit 99.1 to Amendment No.
5 to the Schedule 13G filed with the Securities and Exchange Commission on February 14, 2014.