<SEC-DOCUMENT>0000921895-26-000517.txt : 20260220
<SEC-HEADER>0000921895-26-000517.hdr.sgml : 20260220
<ACCEPTANCE-DATETIME>20260220153259
ACCESSION NUMBER:		0000921895-26-000517
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260220
DATE AS OF CHANGE:		20260220

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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09390
		FILM NUMBER:		26659466

	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 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>dfan14a08106006_02202026.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

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<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>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

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<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>



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<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>



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<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>

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    <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">JACK IN THE BOX 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, L.P.</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">WESTERN SIZZLIN CORPORATION</P>

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

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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 proxies to vote <B>AGAINST</B> the election of
Chairman David Goebel at the 2026 annual meeting of stockholders (the &ldquo;Annual Meeting&rdquo;) of Jack in the Box Inc. (the &ldquo;Company&rdquo;),
a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 20, 2026, Biglari
issued the following press release:</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; background-color: white"><FONT STYLE="font-size: 14"><B>Biglari
Capital: 18% decline in Jack in the Box Share Price after Q1 Earnings</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="background-color: white"><B>Continued
Deterioration of JACK&rsquo;s Share Price and Operating Metrics Further<BR>
Warrants Voting <U>Against</U><BR>
the Election of David Goebel</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">SAN ANTONIO, Feb. 20, 2026 /PRNewswire/
-- Biglari Capital Corp. (&ldquo;Biglari Capital&rdquo;), the largest shareholder of Jack in the Box Inc. (NasdaqGS: JACK) with a 9.86%
ownership stake, today issued the following statement:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white"><B>Disastrous Quarterly Results Confirm
the Need for Urgent Action </B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">For any shareholder still weighing whether
Chairman Goebel&rsquo;s continued presence poses a real risk, JACK&rsquo;s first-quarter fiscal 2026 earnings provide the answer &mdash;
in case the last 17 years were not convincing enough. The results are terrible by any measure:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Same-store sales declined 6.7% systemwide, a sharp deterioration from the
0.4% gain in the same period last year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Adjusted EBITDA declined approx. 23% year over year; and the adjusted EBITDA
margin fell to 19.5%, down 400 bps from the comparable period last year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">EPS from continuing operations fell to $0.75 &mdash; a decline of 54% from
the same period last year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white"><B><U>JACK&rsquo;s share price fell another
18% following the earnings announcement<SUP>1</SUP>.</U></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white"><B>We Believe JACK&rsquo;s Board Is Incapable
of Shifting Direction as Long as David Goebel Maintains Board Influence</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">We firmly believe these latest results
are a direct consequence of the Board&rsquo;s continued reliance on Mr. Goebel, whose tenure has already led to massive shareholder value
destruction, declining profitability, and an increased risk of financial insolvency.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">Since Mr. Goebel joined JACK&rsquo;s board
in 2009<SUP>2</SUP>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Shareholders have lost over $800 million in market value;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Meanwhile, Mr. Goebel has collected over $3.7 million in total compensation.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white"></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">The value destruction is even higher since
Mr. Goebel became chairman of the board in June 2020<SUP>3</SUP>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Shareholders have lost over $1.2 billion in market value;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Meanwhile, Mr. Goebel has collected over $1.8 million in total compensation.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">Given Mr. Goebel&rsquo;s disastrous performance,
no true owner would approve of spending $5 million<SUP>4</SUP> to defend his failed leadership and directorship.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">One more year of Mr. Goebel&rsquo;s leadership
could cause irreparable harm.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">The latest earnings report is an ominous
warning sign for JACK and compelling proof of why JACK needs to move away from Mr. Goebel&rsquo;s influence now.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white">Today&rsquo;s share price is all the evidence
that shareholders need to vote AGAINST Mr. Goebel, as waiting another year might just be too late.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>We urge ALL shareholders
to vote AGAINST the re-election of<BR>
David Goebel at the upcoming annual meeting.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>If you have already
voted your shares, you can still change your vote. Only your last dated vote counts.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="color: #373737"><B>Contact:</B></FONT></TD><TD><FONT STYLE="color: Blue"><B><U>info@saratogaproxy.com<BR>
                                            www.saratogaproxy.com/JACK</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; background-color: white; color: #373737"><SUP>1 </SUP>Source: FactSet.
Based on change in share price from Feb. 18, 2026 to Feb. 19, 2026<BR>
<SUP>2 </SUP>Source: Company SEC filings. FactSet, Change in market value from Dec. 16, 2008 to Feb. 18, 2026<BR>
<SUP>3 </SUP>Source: Company SEC filings. FactSet, Change in market value from Jun. 15, 2020 to Feb. 18, 2026<BR>
<SUP>4 </SUP>Source: Cost of proxy solicitation by JACK according to the Company&rsquo;s SEC filings</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: center; background-color: white; color: #373737">***</P>

<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> Chairman David
Goebel in connection with the Annual Meeting. Stockholders are advised to read the proxy statement and any other documents related to
the solicitation of stockholders 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 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 info@saratogaproxy.com.</P>

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