ARGAN INC — Director's Dealing 2022

Sep 14, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARGAN INC (AGX)
CIK: 0000100591
Period of Report: 2022-09-13

Reporting Person: Deily Richard H (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-09-13	Time-Based Restricted Stock Units	$0	A	12500	Acquired		Common Stock (12500)	Direct
2022-09-13	Performance-Based Restricted Stock Units	$0	A	2500	Acquired		Common Stock (2500)	Direct

Footnotes

F1: On September 13, 2022, the Reporting Person was granted Time-Based Restricted Stock Units (the "TBRSUs") covering 12,500 shares of common stock. The TBRSUs will vest in equal installments on each of the next three anniversaries of the grant date starting on 9/13/2023.

F2: As of the date of this filing, the total number of TBRSUs beneficially owned by the Reporting Person includes (a) 2,334 shares of TBRSUs granted on April 16, 2021; (b) 3,500 shares of TBRSUs granted on April 18, 2022; and (c) 12,500 shares of TBRSUs granted on September 13, 2022. All are to vest pursuant to their respective three year vesting schedule similar to the one described in footnote 1 above.

F3: On September 13, 2022, the Reporting Person was granted Performance-Based Restricted Stock Units (the "PBRSUs") in the target number of 2,500 shares (the "Target"), the vesting of which is subject to the rank 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, to the comparable TSRs of 12 peer public companies disclosed in the Issuer's 2022 Proxy Statement. Each PBRSU represents a contingent right to receive one share of the Issuer's common stock. The payout ratio of the Target, ranging from 0% to 200%, will depend on the degree of achievement of the TSR ranking. The determination of the number of shares of common stock to be issued shall occur at the end of the three-year performance period.