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Filing Details

Accession Number:: 0000921895-21-002858
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2021-12-15 19:46:35
Reporting Period:: 2021-12-13

Accepted Time:: 2021-12-15 19:46:35
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1726173	Biglari Holdings Inc.	BH	()	DE

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1334426	Lion Fund, L.p.	17802 Ih 10 West, Suite 400 San Antonio TX 78257		No	No	Yes	No
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	Chairman And Ceo	Yes	Yes	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
Class B Common Stock	Acquisiton	2021-12-13	389	$144.00	879,653	No	4	P	Indirect	By The Lion Fund II, L.P.
Class B Common Stock	Acquisiton	2021-12-14	547	$143.81	880,200	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.

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Class A Common Stock	0	Direct
Class A Common Stock	25,663	Indirect	By Biglari Capital Corp.
Class A Common Stock	83,465	Indirect	By The Lion Fund II, L.P.
Class A Common Stock	36,572	Indirect	By The Lion Fund, L.P.
Class B Common Stock	1	Direct
Class B Common Stock	71,855	Indirect	By Biglari Capital Corp.
Class B Common Stock	365,726	Indirect	By The Lion Fund, L.P.

Footnotes

Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.
Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.
Shares owned directly by 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund I.
The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $143.00 to $144.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.