<SEC-DOCUMENT>0000921895-25-002860.txt : 20251103
<SEC-HEADER>0000921895-25-002860.hdr.sgml : 20251103
<ACCEPTANCE-DATETIME>20251103170531
ACCESSION NUMBER:		0000921895-25-002860
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20251103
DATE AS OF CHANGE:		20251103

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JACK IN THE BOX INC
		CENTRAL INDEX KEY:			0000807882
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				952698708
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-38880
		FILM NUMBER:		251445110

	BUSINESS ADDRESS:	
		STREET 1:		9357 SPECTRUM CENTER BLVD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123-1516
		BUSINESS PHONE:		8585712121

	MAIL ADDRESS:	
		STREET 1:		9357 SPECTRUM CENTER BLVD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123-1516

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JACK IN THE BOX INC /NEW/
		DATE OF NAME CHANGE:	19991013

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FOODMAKER INC /DE/
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Biglari Holdings Inc.
		CENTRAL INDEX KEY:			0001726173
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				823784946
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NBHSA Inc.
		DATE OF NAME CHANGE:	20171221
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <amendmentNo>1</amendmentNo>
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      <dateOfEvent>10/31/2025</dateOfEvent>
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          <com:street1>9357 SPECTRUM CENTER BLVD</com:street1>
          <com:city>SAN DIEGO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92123-1516</com:zipCode>
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          <personName>Sardar Biglari</personName>
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            <com:zipCode>78259</com:zipCode>
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        <notificationInfo>
          <personName>Michael Neidell, Esq.</personName>
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            <com:street1>Olshan Frome Wolosky LLP</com:street1>
            <com:street2>1325 Avenue of the Americas</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
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        <reportingPersonCIK>0001726173</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001334426</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>LION FUND, L.P.</reportingPersonName>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001580602</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>LION FUND II, L.P.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>1140952.00</soleVotingPower>
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        <sharedDispositivePower>0.00</sharedDispositivePower>
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        <percentOfClass>6.0</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Southern Pioneer Property &amp; Casualty Insurance Company</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>AR</citizenshipOrOrganization>
        <soleVotingPower>106317.00</soleVotingPower>
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        <sharedDispositivePower>0.00</sharedDispositivePower>
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        <percentOfClass>0.6</percentOfClass>
        <typeOfReportingPerson>IC</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>First Guard Insurance Company</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>AZ</citizenshipOrOrganization>
        <soleVotingPower>21900.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>21900.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
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        <typeOfReportingPerson>IC</typeOfReportingPerson>
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      <reportingPersonInfo>
        <reportingPersonCIK>0002035328</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Biglari Reinsurance Ltd.</reportingPersonName>
        <fundType>WC</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>D0</citizenshipOrOrganization>
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        <sharedVotingPower>0.00</sharedVotingPower>
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        <sharedDispositivePower>0.00</sharedDispositivePower>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.8</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0002034968</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Biglari Insurance Group Inc.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>148217.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
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        <sharedDispositivePower>0.00</sharedDispositivePower>
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        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Western Sizzlin Corporation</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
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        <sharedDispositivePower>0.00</sharedDispositivePower>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001334429</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BIGLARI CAPITAL CORP.</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>TX</citizenshipOrOrganization>
        <soleVotingPower>1683652.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1683652.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>1683652.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.9</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001334430</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BIGLARI, SARDAR</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>1884269.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
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        <sharedDispositivePower>0.00</sharedDispositivePower>
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        <percentOfClass>9.98</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock</securityTitle>
        <issuerName>JACK IN THE BOX INC</issuerName>
        <issuerPrincipalAddress>
          <com:street1>9357 SPECTRUM CENTER BLVD</com:street1>
          <com:city>SAN DIEGO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92123-1516</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended to add the following:

On October 31, 2025, the Reporting Persons delivered a letter to the Issuer nominating Sardar Biglari and Douglas Thompson for election to the Board at the 2026 annual meeting of shareholders of the Issuer (the "Annual Meeting").</transactionPurpose>
      </item4>
      <item6>
        <contractDescription>Item 6 is hereby amended to add the following:

On October 31, 2025, the Reporting Persons, Steak 'n Shake Inc. and Mr. Thompson (collectively, the "Participants") entered into a Joint Filing and Solicitation Agreement (the "Joint Filing and Solicitation Agreement") in which, among other things, (i) the Participants agreed to jointly file a statement on Schedule 13D, and any amendments thereto, with respect to securities of the Issuer to the extent required by applicable law, (ii) the Participants agreed to solicit proxies for the election of certain persons nominated for election to the Board at the Annual Meeting (including those nominated by or on behalf of the Reporting Persons), (iii) the Participants agreed to take all other action necessary to achieve the foregoing, and (iv) the Reporting Persons agreed to bear all expenses incurred in connection with the Participants' activities, including approved expenses incurred by any of the parties in connection with the solicitation, subject to certain limitations. The Joint Filing and Solicitation Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Mr. Thompson has granted Mr. Biglari a power of attorney (the "POA") to execute certain SEC filings and other documents in connection with the solicitation of proxies from the Issuer's shareholders in connection with the Annual Meeting. The POA is attached hereto as Exhibit 99.2 and are incorporated herein by reference.

The Lion Fund has signed a letter agreement (the "Indemnification Agreement") with Mr. Thompson, pursuant to which it and its affiliates have agreed to indemnify Mr. Thompson against certain claims arising from the solicitation of proxies from the Issuer's shareholders in connection with the Annual Meeting and any related transactions. For the avoidance of doubt, such indemnification does not apply to any claims made against Mr. Thompson in his capacity as a director of the Issuer, if so elected. The Indemnification Agreement is attached hereto as Exhibit 99.3 and is incorporated herein by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Item 7 is hereby amended to add the following exhibits:

99.1 - Joint Filing and Solicitation Agreement, dated October 31, 2025.

99.2 - Power of Attorney, dated October 31, 2025.

99.3 - Indemnification Agreement, dated October 31, 2025.</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Biglari Holdings Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Chairman and Chief Executive Officer</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>LION FUND, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Chairman and Chief Executive Officer of Biglari Capital Corp., its general partner</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>LION FUND II, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Chairman and Chief Executive Officer of Biglari Capital Corp., its general partner</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Southern Pioneer Property &amp; Casualty Insurance Company</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Authorized Signatory</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>First Guard Insurance Company</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Authorized Signatory</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Biglari Reinsurance Ltd.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Chairman and Chief Executive Officer</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Biglari Insurance Group Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Chairman of the Board</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Western Sizzlin Corporation</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, President</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BIGLARI CAPITAL CORP.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari, Chairman and Chief Executive Officer</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BIGLARI, SARDAR</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Sardar Biglari</signature>
          <title>Sardar Biglari</title>
          <date>11/03/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991to13da108106006_110325.htm
<DESCRIPTION>JOINT FILING AND SOLICITATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0">Exhibit 99.1</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">JOINT FILING AND SOLICITATION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, certain of the undersigned are stockholders,
direct or beneficial, of Jack in the Box Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, The Lion Fund, L.P., a Delaware limited
partnership, The Lion Fund II, L.P., a Delaware limited partnership, Biglari Capital Corp., a Texas limited liability company, First Guard
Insurance Company, an Arizona corporation, Southern Pioneer Property and Casualty Insurance Company, an Arkansas corporation, Biglari
Reinsurance Ltd., a Bermuda corporation, Biglari Insurance Group Inc., a Delaware Corporation, Steak n Shake Inc., an Indiana corporation,
Western Sizzlin Corporation, a Delaware corporation, Biglari Holdings Inc., an Indiana corporation and Sardar Biglari (collectively, &ldquo;<U>Biglari</U>&rdquo;),
and Douglas Thompson (the &ldquo;<U>Outside Nominee</U>&rdquo;) wish to form a group for the purpose of (i) seeking representation on
the Board of Directors of the Company (the &ldquo;<U>Board</U>&rdquo;) at the 2026 annual meeting of stockholders of the Company (including
any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof, the
&ldquo;<U>Annual Meeting</U>&rdquo;), (ii) soliciting proxies for the election of certain persons nominated for election to the Board
at the Annual Meeting (including those nominated by or on behalf of Biglari), (iii) taking all other action necessary to achieve the foregoing
and (iv) taking any other actions the Group (as defined below) determines to undertake in connection with their respective investment
in the Company (collectively, the &ldquo;<U>Purposes</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, IT IS AGREED, this 31<SUP>st</SUP> day
of October 2025 by the parties hereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">1.</FONT>In
accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), each
of the undersigned (collectively, the &ldquo;<U>Group</U>&rdquo;) agrees to the joint filing on behalf of each of them of statements on
Schedule 13D, and any amendments thereto, with respect to the securities of the Company to the extent required by applicable law. Each
member of the Group shall be responsible for the accuracy and completeness of his, her or its own disclosure therein, and is not responsible
for the accuracy and completeness of the information concerning the other members, unless such member knows or has reason to know that
such information is inaccurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">2.</FONT>So
long as this agreement is in effect, the Outside Nominee shall provide written notice to Olshan Frome Wolosky LLP (&ldquo;<U>Olshan</U>&rdquo;)
of (i) any of his purchases or sales of securities of the Company; or (ii) any securities of the Company over which he acquires or disposes
of beneficial ownership. Notice shall be given no later than 24 hours after each such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">3.</FONT>So
long as this agreement is in effect, the Outside Nominee agrees to provide Biglari advance written notice prior to effecting any purchase,
sale, acquisition or disposition of any securities of the Company which he has, or would have, direct or indirect beneficial ownership
so that Biglari has an opportunity to review the potential implications of any such transaction in the securities of the Company and pre-clear
any such potential transaction in the securities of the Company by the Outside Nominee. The Outside Nominee agrees that he shall not undertake
or effect any purchase, sale, acquisition or disposition of any securities of the Company without the prior written consent of Biglari.
For purposes of this agreement, the term &ldquo;<U>beneficial ownership</U>&rdquo; shall have the meaning of such term set forth in Rule
13d-3 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">4.</FONT>Each
of the undersigned agrees to form the Group for the Purposes as set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">5.</FONT><FONT STYLE="letter-spacing: -0.1pt">Biglari
shall have the right to pre-approve all expenses incurred in connection with the Group&rsquo;s activities and agrees to pay directly all
such pre-approved expenses.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">6.</FONT>Each
of the undersigned agrees that any SEC filing, press release or shareholder communication proposed to be made or issued by the Group or
any member of the Group in connection with the Group&rsquo;s activities set forth in Section 4 shall be first approved by Biglari.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">7.</FONT>The
relationship of the parties hereto shall be limited to carrying on the business of the Group in accordance with the terms of this agreement.
Such relationship shall be construed and deemed to be for the sole and limited purpose of carrying on such business as described herein.
Nothing herein shall be construed to authorize any party to act as an agent for any other party, or to create a joint venture or partnership,
or to constitute an indemnification. Except as otherwise provided herein, nothing herein shall restrict any party&rsquo;s right to purchase
or sell securities of the Company, as he, she or it deems appropriate, in his, her or its sole discretion, provided that all such purchases
and sales are made in compliance with all applicable securities laws and the provisions of this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">8.</FONT>This
agreement may be executed in counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute
but one and the same instrument, which may be sufficiently evidenced by one counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">9.</FONT>This
agreement is governed by and will be construed in accordance with the laws of the State of New York. In the event of any dispute arising
out of the provisions of this agreement or their investment in the Company, the parties hereto consent and submit to the exclusive jurisdiction
of the United States District Court for the Southern District of New York located in the Borough of Manhattan or the courts of the State
of New York located in the County of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">10.</FONT>The
parties&rsquo; rights and obligations under this agreement (other than the rights and obligations set forth in Section 5 and Section 9,
which shall survive any termination of this agreement) shall terminate upon the earlier to occur of (i) the certification of the results
of the Annual Meeting or (ii) Biglari providing written notice of termination to the other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">11.</FONT>Each
party hereby waives the application of any law, regulation, holding, or rule of construction providing that ambiguities in an agreement
or other document will be construed against the party drafting such agreement or document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">12.</FONT>Each
party acknowledges that Olshan shall act as counsel for both the Group and Biglari and its affiliates relating to their investment in
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">13.</FONT>Each
of the undersigned parties hereby agrees that this agreement shall be filed as an exhibit to a Schedule 13D pursuant to Rule 13d-1(k)(1)(iii)
under the Exchange Act.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have
caused this agreement to be executed as of the day and year first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">THE LION FUND, L.P.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">BIGLARI CAPITAL CORP., its General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Chairman and Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">THE LION FUND II, L.P.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">BIGLARI CAPITAL CORP., its General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Chairman and Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">BIGLARI CAPITAL CORP.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Chairman and Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">FIRST GUARD INSURANCE COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Authorized Signatory</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">SOUTHERN PIONEER PROPERTY AND CASUALTY INSURANCE COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Authorized Signatory</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">BIGLARI REINSURANCE LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Authorized Signatory</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">BIGLARI INSURANCE GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Authorized Signatory</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">STEAK N SHAKE INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Chief Executive Office</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">WESTERN SIZZLIN CORPORATION</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">BIGLARI HOLDINGS INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">By:</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Name: Sardar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Title: Chairman and Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 51%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">SARDAR BIGLARI</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 51%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Douglas Thompson</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt">DOUGLAS THOMPSON</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992to13da108106006_110325.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
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<P STYLE="text-align: right; margin: 0">Exhibit 99.2</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">POWER OF ATTORNEY</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Know all by these presents, that the undersigned
hereby constitutes and appoints Sardar Biglari the undersigned&rsquo;s true and lawful attorney-in-fact to take any and all action in
connection with (i) the undersigned&rsquo;s beneficial ownership of, or participation in a group with respect to, securities of Jack in
the Box Inc., a Delaware corporation (the &ldquo;Company&rdquo;), directly or indirectly beneficially owned by Biglari Capital Corp. or
any of its affiliates (collectively, the &ldquo;Group&rdquo;), and (ii) any proxy solicitation of the Group to elect the Group&rsquo;s
slate of director nominees to the board of directors of the Company at the 2026 annual meeting of stockholders of the Company (the &ldquo;Solicitation&rdquo;).
Such action shall include, but not be limited to:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">1.</FONT><FONT STYLE="font-size: 10pt">executing
for and on behalf of the undersigned any Schedule 13D, and amendments thereto, filed by the Group that are required to be filed under
Section 13(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and the rules thereunder in connection
with the undersigned&rsquo;s beneficial ownership of, or participation in a group with respect to, securities of the Company or the Solicitation;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">2.</FONT><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">if
applicable, executing for and on behalf of the undersigned all Forms 3, 4 and 5 required to be filed under Section 16(a) of the Exchange
Act in connection with the undersigned&rsquo;s beneficial ownership of, or participation in a group with respect to, securities of the
Company or the Solicitation; </FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">3.</FONT><FONT STYLE="font-size: 10pt">executing
for and on behalf of the undersigned all Joint Filing and Solicitation Agreements or similar documents pursuant to which the undersigned
shall agree to be a member of the Group;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">4.</FONT><FONT STYLE="font-size: 10pt">performing
any and all acts for and on behalf of the undersigned that may be necessary or desirable to complete and execute any such document, complete
and execute any amendment or amendments thereto, and timely file such form with the United States Securities and Exchange Commission and
any stock exchange or similar authority; and </FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">5.</FONT><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">taking
any other action of any type whatsoever in connection with the Solicitation, including entering into any agreement with the Company, that
in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall
be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact&rsquo;s discretion.
</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The undersigned hereby grants to such attorney-in-fact
full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise
of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally
present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact&rsquo;s
substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned
acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of
the undersigned's responsibilities to comply with Section 13(d), Section 16 or Section 14 of the Exchange Act.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Power of Attorney shall remain in full
force and effect until the undersigned is no longer a member of the Group unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorney-in-fact.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has caused
this Power of Attorney to be executed as of this 31<SUP>st</SUP> day of October 2025.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Douglas Thompson</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Name: DOUGLAS Thompson</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex993to13da108106006_110325.htm
<DESCRIPTION>INDEMNIFICATION AGREEMENT
<TEXT>
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<P STYLE="text-align: right; margin: 0">Exhibit 99.3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>19100 Ridgewood Parkway, Suite 1200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>San Antonio, Texas 78259</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6666 E. Cheney Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Paradise Valley, Arizona 85253</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">October 31, 2025</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: left"><B>Jack in the Box Inc.</B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Thank you for agreeing
to serve as a nominee for election to the Board of Directors of Jack in the Box Inc. (the &ldquo;Company&rdquo;) in connection with the
proxy solicitation that Biglari Capital Corp. and certain of its affiliates (collectively, the &ldquo;Biglari Group&rdquo;) is considering
undertaking to nominate and elect directors at the Company&rsquo;s 2026 annual meeting of stockholders, or any other meeting of stockholders
held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the &ldquo;Biglari Group Solicitation&rdquo;).
Your outstanding qualifications, we believe, will prove a valuable asset to the Company and all of its stockholders. This letter (this
&ldquo;Agreement&rdquo;) will set forth the terms of our agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The members of the Biglari
Group agree to jointly and severally indemnify and hold you harmless against any and all claims of any nature, whenever brought, arising
from the Biglari Group Solicitation and any related transactions, irrespective of the outcome; <U>provided</U>, <U>however</U>, that you
will not be entitled to indemnification for claims arising from your gross negligence, willful misconduct, intentional and material violations
of law, criminal actions or material breach of the terms of this Agreement; <U>provided further</U>, that upon your becoming a director
of the Company, this indemnification shall not apply to any claims made against you in your capacity as a director of the Company. This
indemnification will include any and all losses, liabilities, damages, demands, claims, suits, actions, judgments, or causes of action,
assessments, costs and expenses, including, without limitation, interest, penalties, reasonable attorneys&rsquo; fees, and any and all
reasonable costs and expenses incurred in investigating, preparing or defending against any litigation, commenced or threatened, any civil,
criminal, administrative or arbitration action, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation
asserted against, resulting, imposed upon, or incurred or suffered by you, directly or indirectly, as a result of or arising from the
Biglari Group Solicitation and any related transactions (each, a &ldquo;Loss&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event of a claim
against you pursuant to the prior paragraph or the occurrence of a Loss, you shall give the Biglari Group prompt written notice of such
claim or Loss (provided that failure to promptly notify the Biglari Group shall not relieve us from any liability which we may have on
account of this Agreement, except to the extent we shall have been materially prejudiced by such failure). Upon receipt of such written
notice, the Biglari Group will provide you with counsel to represent you. Such counsel shall be reasonably acceptable to you. In addition,
you will be reimbursed promptly for all Losses suffered by you and as incurred as provided herein. The Biglari Group may not enter into
any settlement of loss or claim without your consent unless such settlement includes a release of you from any and all liability in respect
of such claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">You
hereby agree to keep confidential and not disclose to any party, without the consent of the Biglari Group, any confidential, proprietary
or non-public information (collectively, &ldquo;Information&rdquo;) of the Biglari Group, its affiliates or any members of any group formed
by the Biglari Group pursuant to Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended (&ldquo;Schedule 13D Group&rdquo;),
which you have heretofore obtained or may obtain in connection with your service as a nominee hereunder. Notwithstanding the foregoing,
I</FONT>nformation shall not include any information that is publicly disclosed by the Biglari Group, its affiliates or any members of
any Schedule 13D Group or any information that you can demonstrate is now, or hereafter becomes, through no act or failure to act on your
part, otherwise generally known to the public.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0.4in; text-align: justify; text-indent: -0.4in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Notwithstanding
the foregoing, i</FONT>f you are required by applicable law, rule, regulation or legal process to disclose any Information you may do
so provided that you first promptly notify the Biglari Group so that the Biglari Group or any member thereof may seek a protective order
or other appropriate remedy or, in the Biglari Group&rsquo;s sole discretion, waive compliance with the terms of this Agreement. In the
event that no such protective order or other remedy is obtained or the Biglari Group does not waive compliance with the terms of this
Agreement, you may consult with counsel at the cost of the Biglari Group and you may furnish only that portion of the Information which
you are advised by counsel is legally required to be so disclosed and you will request that the party(ies) receiving such Information
maintain it as confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">All
Information, all copies thereof, and any studies, notes, records, analysis, compilations or other documents prepared by you containing
such Information, shall be and remain the property of the Biglari Group and, upon the request of a representative of the Biglari Group,
all such Information shall be returned or, at the Biglari Group&rsquo;s option, destroyed by you, with such destruction confirmed by you
to the Biglari Group in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 12pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall
be governed by the laws of the State of New York, without regard to the principles of the conflicts of laws thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&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">If you agree to the foregoing
terms, please sign below to indicate your acceptance.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</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">THE LION FUND, L.P.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Biglari Capital Corp., its general partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Sardar Biglari</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">Sadar Biglari</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chairman and Chief Executive Officer</TD></TR>
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><B>ACCEPTED AND AGREED:</B></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Douglas Thompson</P></TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>DOUGLAS THOMPSON</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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