ARGAN INC — Director's Dealing 2016

Dec 19, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARGAN INC (AGX)
CIK: 0000100591
Period of Report: 2016-12-16

Reporting Person: Sherras Brian R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-16	Common Stock	M	10000	$16.47	Acquired	10000	Direct
2016-12-16	Common Stock	S	10000	$70.33	Disposed	0	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	27965	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option to purchase Common Stock	$0	2024-12-11	Common Stock (35000)	35000	Direct

Footnotes

F1: On December 16, 2016, the Reporting Person exercised his stock option received on April 2, 2012 to purchase 10,000 shares of the Issuer's common stock at a price of $16.47 per share.

F2: On December 16, 2016, the Reporting Person sold 10,000 shares of the Issuer's common stock on the open market at a price of $70.33 per share.

F3: Electrigen Limited ("Electrigen") acquired the common stock of the Issuer in exchange for Electrigen's ownership interest in Atlantic Projects Company Limited having an estimated value of $917,531.65. The Reporting Person is a 50% owner and director of Electrigen; therefore, the Reporting Person may be deemed to indirectly beneficially own the shares owned by Electrigen.

F4: As of the date of this filing, the total number of stock options owned by the Reporting Person includes options to acquire an aggregate number of 35,000 shares of the Issuer's common stock with Exercise Prices ranging from $16.47 to $31.82 with Dates Exercisable ranging from April 2, 2013 to December 11, 2015 and Expiration Dates ranging from April 2, 2022 to December 11, 2024. (Please refer to the Form 4's filed by the Reporting Person on April 3, 2012, January 9, 2013, December 18, 2013 and December 12, 2014 for more information.)