<SEC-DOCUMENT>0000921895-25-003016.txt : 20251113
<SEC-HEADER>0000921895-25-003016.hdr.sgml : 20251113
<ACCEPTANCE-DATETIME>20251113160646
ACCESSION NUMBER:		0000921895-25-003016
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251113

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRACKER BARREL OLD COUNTRY STORE, INC
		CENTRAL INDEX KEY:			0001067294
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				620812904
		FISCAL YEAR END:			0801

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-25225
		FILM NUMBER:		251478403

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 787
		CITY:			LEBANON
		STATE:			TN
		ZIP:			370880787
		BUSINESS PHONE:		6154439217

	MAIL ADDRESS:	
		STREET 1:		PO BOX 787
		CITY:			LEBANON
		STATE:			TN
		ZIP:			37087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CBRL GROUP INC
		DATE OF NAME CHANGE:	19980730

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIGLARI CAPITAL CORP.
		CENTRAL INDEX KEY:			0001334429
		ORGANIZATION NAME:           	
		EIN:				742975855
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259
		BUSINESS PHONE:		(210) 344-3400

	MAIL ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a08106004_11122025.htm
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under &sect; 240.14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CRACKER BARREL OLD COUNTRY STORE, INC.</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BIGLARI CAPITAL CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE LION FUND II, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BIGLARI HOLDINGS INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FIRST GUARD INSURANCE COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SOUTHERN PIONEER PROPERTY AND CASUALTY INSURANCE COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BIGLARI REINSURANCE LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BIGLARI INSURANCE GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SARDAR BIGLARI</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Biglari Capital Corp.,
together with the other participants named herein (collectively, &ldquo;Biglari&rdquo;), has filed a definitive proxy statement and accompanying
<B>GOLD</B> proxy card with the Securities and Exchange Commission to be used to solicit <B>AGAINST</B> votes on the election of certain
directors of Cracker Barrel Old Country Store, Inc., a Tennessee corporation (the &ldquo;Company&rdquo;), at the Company&rsquo;s 2025
annual meeting of shareholders (the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 13, 2025, Biglari
issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Biglari Capital Urges ALL Shareholders to Send
a Strong Message to the Cracker Barrel Board </B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>That the Current Plan Is Failing</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Share Price Has <B>Declined 30%</B><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
Since the Company Reiterated Its Commitment to Pursue the Same Failed Transformation Plan and Support a CEO That Has Already Destroyed
Over $1 Billion in Market Value<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I><U>Short Interest in Cracker Barrel Stock Is High
and Has Remained High Despite the Falling Share Price. </U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I><U>Short Sellers Expect Further Downside </U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Biglari Capital Urges Shareholders to Join Its
Efforts to Send the Board a Resounding Message Demanding Change by Voting AGAINST the Election of Certain Cracker Barrel Directors on
the<BR>
GOLD Proxy Card at the Upcoming Annual Meeting</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">San Antonio, TX, Nov. 13, 2025
/PRNewswire/ &mdash; Biglari Capital Corp. (together with its affiliates, &ldquo;Biglari Capital&rdquo;) today released the following
statement to shareholders of Cracker Barrel Old Country Store, Inc. (the &ldquo;Company&rdquo; or &ldquo;Cracker Barrel&rdquo;) (NASDAQ:
CBRL).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">Cracker Barrel&rsquo;s share price continues to decline. The board&rsquo;s
insistence on pursuing its ill-conceived and poorly executed transformation plan has failed to restore investor confidence. Despite the
shareholder loss, the board does not believe the Company is on the wrong path. The board&rsquo;s refusal to acknowledge it was on the
wrong path may put Cracker Barrel&rsquo;s survival at risk.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">We believe that only a new CEO with relevant turnaround experience in
company-operated restaurants can fix the business and reverse the massive losses that Cracker Barrel shareholders have suffered under
CEO Julie Masino.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">The level of fundamental destruction has led to high levels (~25%) of
short interest (see table below). These people are, of course, betting that the stock will decline further. Despite the 70% decline in
the share price over the last five years, the short sellers have not covered their positions, suggesting they expect the share price to
fall further.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> Proxy filed on October 7, 2025. Share price change measured between October 7, 2025, and November 12, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT> FactSet: <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Change in market value between August 7, 2023 ($2.0 billion) with Julie Masino was appointed as CEO-elect and November 12, 2025 ($667.8 million)</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Short Interest ('000)</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Short Interest % of Float</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0066CC"><B>11/07/25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,358.09</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0066CC"><B>10/31/25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,358.09</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0066CC"><B>09/26/25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,998.66</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.98</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0066CC"><B>08/29/25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,401.77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.84</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0066CC"><B>07/25/25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,457.28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.09</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0066CC"><B>06/27/25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,236.39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0066CC"><B>05/30/25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,226.95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.84</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">Source: FactSet data as of November 12, 2025.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">The upcoming 2025 shareholder meeting is an opportunity for investors
to hold CEO Julie Masino and the board accountable for massive shareholder value destruction.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">By voting AGAINST the election of CEO Julie Masino and the other director
identified by Biglari Capital, you can send a strong message to the board that the status quo is no longer acceptable. The board must
act urgently to find a new leader who can formulate a credible plan for turning around Cracker Barrel.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Your vote is important, no matter how many or
how few shares of common stock you own. Biglari Capital urges you to sign, date, and return the GOLD proxy card today.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Stockholders who have questions or require assistance
in voting their GOLD Proxy Card, or those who require copies of Biglari Capital&rsquo;s proxy materials, should contact: Saratoga Proxy
Consulting LLC at (888) 368-0379 or info@saratogaproxy.com.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Additional Information</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Biglari Capital has filed a definitive proxy statement
and accompanying&nbsp;<B>GOLD&nbsp;</B>proxy card with the SEC, to be used to solicit proxies to vote&nbsp;<B>AGAINST</B>&nbsp;certain
directors in connection with the Annual Meeting. Shareholders are advised to read the proxy statement and any other documents related
to the solicitation of shareholders of the Company in connection with the Annual Meeting because they contain important information, including
information relating to Biglari Capital. These materials and other materials filed by Biglari Capital with the SEC in connection with
the solicitation of proxies are available at no charge on the SEC&rsquo;s website at&nbsp;http://www.sec.gov. The definitive proxy statement
and other relevant documents filed by Biglari Capital with the SEC are also available, without charge, by directing a request to Biglari
Capital&rsquo;s proxy solicitor, Saratoga Proxy Consulting, at its toll-free number (888) 368-0379 or via email at&nbsp;info@saratogaproxy.com.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Stockholders can contact:</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Saratoga Proxy Consulting LLC</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">John Ferguson &amp; Joseph Mills</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(212) 257-1311/(888) 368-0379</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">info@saratogaproxy.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B><U></U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B><U>Additional Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Biglari has filed a definitive
proxy statement and accompanying <B>GOLD </B>proxy card with the SEC to be used to solicit proxies to vote <B>AGAINST</B> certain directors
in connection with the Annual Meeting. Shareholders are advised to read the proxy statement and any other documents related to the solicitation
of shareholders of the Company in connection with the Annual Meeting because they contain important information, including information
relating to Biglari. These materials and other materials filed by Biglari with the SEC in connection with the solicitation of proxies
are available at no charge on the SEC&rsquo;s website at&nbsp;http://www.sec.gov. The definitive proxy statement and other relevant documents
filed by Biglari with the SEC are also available, without charge, by directing a request to Biglari&rsquo;s proxy solicitor, Saratoga
Proxy Consulting, at its toll-free number (888) 368-0379 or via email at&nbsp;info@saratogaproxy.com.&nbsp;</P>




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