SARDAR BIGLARI - 17 Dec 2021 Form 4 Insider Report for Biglari Holdings Inc. (BH)

Role
Chairman and CEO, Director, 10%+ Owner
Signature
By: /s/ Sardar Biglari
Issuer symbol
BH
Transactions as of
17 Dec 2021
Net transactions value
+$1,497,505
Form type
4
Filing time
20 Dec 2021, 19:02:25 UTC
Previous filing
15 Dec 2021
Next filing
10 Jun 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BH Class B common stock Purchase $1,497,505 +10,072 +1.1% $148.68 890,272 17 Dec 2021 By The Lion Fund II, L.P. F2, F4
holding BH Class A common stock 0 17 Dec 2021 Direct
holding BH Class A common stock 25,663 17 Dec 2021 By Biglari Capital Corp. F1
holding BH Class A common stock 83,465 17 Dec 2021 By The Lion Fund II, L.P. F2
holding BH Class A common stock 36,572 17 Dec 2021 By The Lion Fund, L.P. F3
holding BH Class B common stock 1 17 Dec 2021 Direct
holding BH Class B common stock 71,855 17 Dec 2021 By Biglari Capital Corp. F1
holding BH Class B common stock 365,726 17 Dec 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.
F4 The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $143.09 to $150.96. 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.

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.