ARGAN INC — Director's Dealing 2021

Apr 13, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARGAN INC (AGX)
CIK: 0000100591
Period of Report: 2021-04-09

Reporting Person: BOSSELMANN RAINER H (Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-09	Common Stock	M	22484	—	Acquired	349895	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	10000	Disposed		Common Stock (10000)	Direct

Footnotes

F1: On April 9, 2021, the Reporting Person had Performance-Based Restricted Stock Units (the "PBRSUs") vest in the amount of 22,484 shares of Common Stock. These PBRSUs, which were granted April 10, 2018 with a target number of 10,000 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: 2,241 shares are held by Rainer and Beverley Bosselmann, as joint tenants, and the remaining shares are held directly by Rainer Bosselmann.

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 10,000 shares of PBRSUs granted on April 12, 2019 and; (b) a target number of 12,500 shares of PBRSUs granted on April 16, 2020, all to vest in their entirety at the end of a three-year performance period.