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Filing Details

Accession Number:: 0001209191-18-005940
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2018-01-29 20:41:42
Reporting Period:: 2018-01-25

Accepted Time:: 2018-01-29 20:41:42
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
93859	Biglari Holdings Inc.	BH	Retail-Eating Places (5812)	370684070

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1334429	Biglari Capital Corp.	17802 Ih 10 West, Suite 400 San Antonio TX 78257	No	No	Yes	No
1334430	Biglari, Sardar	17802 Ih 10 West, Suite 400 San Antonio TX 78257	Yes	No	Yes	No
1580602	Lion Fund Ii, L.p.	17802 Ih 10 West, Suite 400 San Antonio TX 78257	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Stated Value $0.50 Per Share	Acquisiton	2018-01-25	1,244	$414.00	697,759	No	4	P	Indirect	By The Lion Fund II, L.P.
Common Stock, Stated Value $0.50 Per Share	Acquisiton	2018-01-26	780	$418.93	698,539	No	4	P	Indirect	By The Lion Fund II, L.P.
Common Stock, Stated Value $0.50 Per Share	Acquisiton	2018-01-29	816	$417.31	699,355	No	4	P	Indirect	By The Lion Fund II, L.P.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By The Lion Fund II, L.P.
No	4	P	Indirect	By The Lion Fund II, L.P.
No	4	P	Indirect	By The Lion Fund II, L.P.

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock, Stated Value $0.50 Per Share	1	Direct
Common Stock, Stated Value $0.50 Per Share	31,018	Indirect	See Footnote.
Common Stock, Stated Value $0.50 Per Share	365,726	Indirect	By The Lion Fund, L.P.

Footnotes

These transactions were effected pursuant to a Rule 10b5-1 trading plan.
The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $407.01 to $420.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). Biglari Capital Corp ("BCC") is the general partner of the Lion Fund II. Sardar Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by the Lion Fund II.
The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $415.00 to $420.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $416.93 to $419.14. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
Shares owned directly by BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Common Stock of the Issuer owned directly by BCC.
Shares owned directly by the The Lion Fund, L.P. (the "Lion Fund I"). BCC is the general partner of the Lion Fund I. Mr. Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by the Lion Fund I.