Jack in the Box adopts poison pill with 12.5% trigger after Biglari accumulates 9.9% stake

JACK IN THE BOX INC

Rights plan triggered if any person acquires 12.5%+ of common stock; Biglari owns 9.9% and intends to increase.
Rights expire July 1, 2026 (or July 1, 2028 if ratified by stockholders).
Each right initially allows purchase of 1/1000th share of preferred stock at $90 exercise price.
If triggered, rights holders (except acquiring person) may buy shares at 50% discount or exchange each right for one common share.
Board states plan protects long-term value and allows time to execute 'JACK on Track' strategy.

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