Jack In The Box Inc. · NASDAQ:JACK
Jack In The Box — Proxy Contest (February 2026)
14 slides from Jack In The Box's proxy contest presentation, Feb 12, 2026
Slide 1: Biglari Capital Provides Evidence Against JACK's False and Misleading Statements
Biglari Capital Provides Evidence Against JACK’s False and Misleading Statements Feb. 12, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer The materials contained herein (the “Materials”) represent the opinions of Biglari Capital Corp. and its affiliates (collectively, “Biglari Capital”) and are based on publicly available information with respect to Jack in the Box. (the “Company”, “Jack in the Box”, “JACK”). Biglari
Slide 3: JACK's False and Misleading Statements are Evidence of a Board Beholden to David Goebel
JACK’s False and Misleading Statements are Evidence of a Board Beholden to David Goebel – The Company is Deliberately Misrepresenting Facts JACK’s Mischaracterizations and False Fact 1: Mr. Biglari agreed to travel to Kansas City as Statements suggested by JACK “After lengthy travel by Mr. Goebel an
Slide 4: Evidence Against JACK: Mr. Biglari Agreed to Meet Mr. Goebel in Kansas City
Evidence Against JACK: Mr. Biglari Agreed to Meet Mr. Goebel in Kansas City, as Requested by JACK Fact 2: Mr. Goebel DID NOT undertake “lengthy Fact 1: Mr. Biglari agreed to fly to Kansas City from travel” – he was already in Kansas City for a San Antonio (TX) to meet Mr. Goebel where he was schedul
Slide 5: Evidence Against JACK: Mr. Biglari Requested a one-on-one Meeting with Mr. Goebel
Evidence Against JACK: Mr. Biglari Requested a one-on-one Meeting with Mr. Goebel Fact 3: Mr. Biglari made it clear that he would meet with Mr. Goebel in a one-on-one meeting only company representative’s response dated Jan 9, 2026 (2:55 PM) Email to company representative, dated Jan 9, 2026 (3:30 P
Slide 6: Evidence Against JACK: Mr. Biglari Requested a one-on-one Meeting with Mr. Goebel
Evidence Against JACK: Mr. Biglari Requested a one-on-one Meeting with Mr. Goebel Fact 3: Mr. Biglari made it clear that he would meet with Mr. Goebel in a one-on-one meeting only Company representative’s response dated Jan 9, 2026 (10:34 PM) “Thanks, Amanda. My travel plans are already set to atten
Slide 7: Evidence Against JACK: Mr. Biglari's Meeting was Never Confirmed
Evidence Against JACK: Mr. Biglari’s Meeting was Never Confirmed Fact 4: After Mr. Biglari reiterated that he would meet Mr. Goebel in a one-on-one meeting only, JACK never confirmed the meeting Email to company representative, dated Jan 10, 2026 (11:41AM) Company representative’s response dated Jan
Slide 8: Just Like the 'No Show' Statements, JACK is Misrepresenting Facts About Mr. Biglari
Just Like the ‘No Show’ Statements, JACK is Misrepresenting Facts About Mr. Biglari JACK’s mischaracterization of Mr. Biglari being a “no show” for a meeting with Mr. Goebel calls into question their account of what occurred during a Zoom call — specifically, the claims of "yelling," "abusive," an
Slide 9: David Goebel's Track Record is Indefensible
David Goebel’s Track Record is Indefensible. It is Clear to us that Shareholders cannot Afford One More Year of his Failed Leadership. Governance Failures Management Failures Shareholder Value Destruction Created a Board dynamic where Failed to provide management Approved failed Del Taco he wa
Slide 10: Exhibit 1
Exhibit 1 Sent: Thursday, January 8, 2026 10:31 AM Hi Amanda, Hope all is well. Will you please confirm 1-2p Sunday work for Sardar in Kansas City? Dave gave me a few recommendations for meeting space; | will follow up with location once time is confirmed, would be ~20-30 from KC airport. Thank you,
Slide 11: Exhibit 2
Exhibit 2 From; Fh Sent: Thursday, January 8, 2026 6:30 PM To: Amanda Anderson Hi Amanda, Thanks for confirming. Dave Goebel suggested the Loews Hotel at 1515 Wyandotte St, Kansas City, MO 64108 as it will be ~20 minutes for both parties, and Dave will be joining from a prior engagement. Now that th
Slide 12: Exhibit 3
Exhibit 3 From: Amand An der:n Sent: Friday, January 9, 2026 3:30 PM To: Rachel Subject: [EXTERNAL] Re: Mtg From Sardar Biglari: My assistant has conveyed to me the conditions you have set up for our meeting. | proposed this meeting so that we could sit down, one on one, in an informal setting, with
Slide 13: Exhibit 4
Exhibit 4 On Jan 10, 2026, at 11:41 AM, Amanda Anderson i vr ote: Ms. Webb, Mr. Biglari will meet with Chairman one on one. In fact he would be delighted to meet the chairman with whom he has never met in person. | have scheduled many in person meetings with management but none with directors in per
Slide 14: Exhibit 5
Exhibit 5 From: Fach Date: January 11, 2026 at 9:13:41 AM CST To: Amand An¢e's7 i Subject: Re: [EXTERNAL] Re: Mtg Hi Amanda, The lawyers spoke yesterday and confirmed we should set the meeting for after next week. Thank you! Rachel