Sardar Biglari - May 17, 2021 Form 4 Insider Report for Biglari Holdings Inc. (BH)

Role
Chairman and CEO, Director, 10%+ Owner
Signature
By: /s/ Sardar Biglari
Stock symbol
BH
Transactions as of
May 17, 2021
Transactions value $
$103,950
Form type
4
Date filed
5/19/2021, 06:59 PM
Previous filing
May 13, 2021
Next filing
Jun 2, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BH Class A common stock Purchase $104K +135 +0.17% $770.00 78.2K May 17, 2021 By The Lion Fund II, L.P. F2
holding BH Class A common stock 0.1 May 17, 2021 Direct
holding BH Class A common stock 25.7K May 17, 2021 By Biglari Capital Corp. F1
holding BH Class A common stock 36.6K May 17, 2021 By The Lion Fund, L.P. F3
holding BH Class B common stock 1 May 17, 2021 Direct
holding BH Class B common stock 71.9K May 17, 2021 By Biglari Capital Corp. F1
holding BH Class B common stock 838K May 17, 2021 By The Lion Fund II, L.P. F2
holding BH Class B common stock 366K May 17, 2021 By The Lion Fund, L.P. F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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.
F2 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.
F3 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.

Remarks:

This Form 4 is filed jointly by Mr. Biglari, BCC, the Lion Fund I and the Lion Fund II. Each of Mr. Biglari, BCC, the Lion Fund I and Lion Fund II disclaims beneficial ownership of the shares of Class A and Class B common stock reported herein except to the extent of his or its pecuniary interest therein.