Biglari Holdings Company Culture

Mr. Sardar Biglari serves as an Editor-in-Chief of Maxim Inc. He has been the Chief Executive Officer of Biglari Holdings Inc. since 2010. Mr. Biglari has been Principal, Chairman of the Board of Directors and Chief Executive Officer of Biglari Capital Corp. since its inception in 2000. He has been Chief Executive Officer and President of Steak n Shake Operations, Inc. since August 2008. Mr. Biglari serves Chief Executive Officer of Steak n Shake Enterprises Inc. He has been the Executive Chairman of Steak n Shake Enterprises Inc. and Steak n Shake Operations Inc. since June 2008. Mr. Biglari has been an Executive Director of Biglari Holdings Inc. since March 2008. He serves as an Executive Director of Steak n Shake Enterprises Inc. Mr. Biglari was elected Chairman of the Board of the Predecessor of Biglari Holdings in June 2008 and appointed Chief Executive Officer in August 2008. He served as the Chief Executive Officer and President at Western Sizzlin Corporation since May 16, 2007. Mr. Biglari has been Chairman of the Board at Biglari Holdings Inc. since June 2008. He served as the Chairman of Western Sizzlin Corp., since March 21, 2006. Mr. Biglari served as the Chairman of Austins Steaks & Saloon Inc. He served as Co-Chairman of Insignia Systems Inc. from January 11, 2016 to March 1, 2017. Mr. Biglari has been a Director of Steak n Shake since March 2008. He has been a Director of CCA Industries Inc. since October 2, 2015. Mr. Biglari has been an Independent Director of Insignia Systems Inc. since December 7, 2015. He serves on the Board of Directors of Consumer Credit Counseling Service of Greater San Antonio and CFA Society of San Antonio. Mr. Biglari was elected to the Board of the Predecessor of Biglari Holdings in March 2008. He served as a Director of Western Sizzlin Corp. since December 1, 2005. Mr. Biglari served as a Director of CCA Industries Inc. from August 4, 2011 to July 1, 2014. He served as a Director of Austins Steaks & Saloon Inc. since December 1, 2005. Mr. Biglari has extensive managerial and investing experience in a broad range of businesses. He also has experience serving on the boards of directors of public companies. Mr. Biglari is a Chartered Financial Analyst.

Mr. Bruce W. Lewis has been Controller of Biglari Holdings Inc. since January, 2012. Mr. Lewis serves as the Chief Compliance Officer of Biglari Capital Corp. Mr. Lewis served as the Principal Financial Officer and Chief Executive Officer at BB Liquidating Inc. (formerly, Blockbuster Inc.) since May 3, 2011 and served as its Secretary. He served as Controller of BB Liquidating Inc. from 2007 to 2011. Mr. Lewis served as Senior Vice President and Principal Accounting Officer of BB Liquidating Inc. from September 2004 to May 3, 2011. He joined BB Liquidating in 2001 and has performed the roles of Treasurer, Vice President of Internal Controls, International Controller and Tax Director. Prior to BB Liquidating, Mr. Lewis held various leadership positions with Lend Lease REI, Cinemark and Deloitte & Touche.