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ARGAN INC — Director's Dealing 2021
Apr 13, 2021
31210_dirs_2021-04-13_7182eba2-d4f0-4c3a-b90d-a2a4dbb4c56d.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: ARGAN INC (AGX)
CIK: 0000100591
Period of Report: 2021-04-09
Reporting Person: Watson David Hibbert (SVP & CFO)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2021-04-09 | Common Stock | M | 17987 | — | Acquired | 21687 | Direct |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2021-04-09 | Performance-Based Restricted Stock Units | $0.00 | M | 8000 | Disposed | Common Stock (8000) | Direct |
Footnotes
F1: On April 9, 2021, the Reporting Person had Performance-Based Restricted Stock Units (the "PBRSUs") vest in the amount of 17,987 shares of Common Stock. These PBRSUs, which were granted April 10, 2018 with a target number of 8,000 shares (the "Target"), had vesting subject to the percentile of the Total Stock Return ("TSR") of the Issuer's common stock over a three-year period, as determined by the Issuer's Board of Directors, versus the comparative TSRs of 12 peer public companies disclosed in the Issuer's 2018 Proxy Statement. Each PBRSU represents a contingent right to receive one share of the Issuer's common stock. The potential payout ratio of the Target, ranged from 0% to 200%, depending on the degree of achievement of the percentile of the TSR. The performance achievement over the measurement period resulted in the vesting of 200% of the Target plus an adjustment for cash dividends.
F2: Assuming the trading window opens shortly after the year end financials are released, the Reporting Person intends to sell a portion of these shares primarily for the purposes of paying taxes related to the vesting of these shares.
F3: As of the date of this filing, the remaining number of PBRSUs beneficially owned by the Reporting Person includes (a) a target number of 8,000 shares of PBRSUs granted on April 12, 2019 and; (b) a target number of 10,000 shares of PBRSUs granted on April 16, 2020, all to vest in their entirety at the end of a three-year performance period.