Cynthia Flanders - Dec 16, 2022 Form 4 Insider Report for ARGAN INC (AGX)

Role: Director
Signature: /s/ Cynthia A. Flanders
Stock symbol: AGX
Transactions as of: Dec 16, 2022
Transactions value $: $0
Form type: 4
Date filed: 12/20/2022, 03:15 PM
Previous filing: Dec 16, 2021
Next filing: Oct 12, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AGX	Option to Purchase Common Stock	Award	$0	+5K	+6.1%	$0.00	87K	Dec 16, 2022	Common Stock	5K	$35.72	Direct	F1, F2, F3
transaction	AGX	Time-Based Restricted Stock Units	Award	$0	+1.75K	+100%	$0.00	3.5K	Dec 16, 2022	Common Stock	1.75K	$0.00	Direct	F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On December 16, 2022, the Reporting Person received 10-year options to purchase 5,000 shares of the Issuer's common stock with an exercise price of $35.72 per share. The options will vest ratably over three years on each anniversary of the grant date starting from 12/16/2023.
F2	As of the date of this filing, the Reporting Person owns options to purchase (a) 7,000 shares of common stock at a price of $26.88 per share with initial Date Exercisable of 12/17/2014 and Expiration Date of 12/17/2023; (b) 10,000 shares of common stock at a price of $31.82 per share with initial Date Exercisable of 12/11/2015 and Expiration Date of 12/11/2024; (c) 10,000 shares of common stock at a price of $30.44 per share with initial Date Exercisable of 1/7/2017 and Expiration Date of 1/7/2026; d) 10,000 shares of common stock at a price of $71.75 per share with initial Date Exercisable of 1/5/2018 and Expiration Date of 1/5/2027; (e) 10,000 shares of common stock at a price of $46.35 per share with initial Date Exercisable of 1/11/2019 and Expiration Date of 1/11/2028; (f) 10,000 shares of common stock at a price of $41.19 per share with initial Date Exercisable of 12/12/2019 and Expiration Date of 12/12/2028;
F3	(g) 10,000 shares of common stock at a price of $40.15 per share with initial Date Exercisable of 12/23/2020 and Expiration Date of 12/23/2029; (h) 10,000 shares of common stock at a price of $45.75 per share with initial Date Exercisable of 12/14/2021 and Expiration Date of 12/14/2030; (i) 5,000 shares of common stock at a price of $37.13 per share with initial Date Exercisable of 12/14/2022 and Expiration Date of 12/14/2031; and (j) 5,000 shares of common stock at a price of 35.72 per share with initial Date Exercisable of 12/16/2023 and Expiration Date of 12/16/2032. All stock options are subject to the aforementioned three-year ratable vesting schedule except those awarded prior to January 2018 which vested fully on the first anniversary of the date of award.
F4	On December 16, 2022, the Reporting Person was granted Time-Based Restricted Stock Units (the "TBRSUs") covering 1,750 shares of common stock. The TBRSUs will vest in their entirety on the third anniversary of the grant date on 12/16/2025.
F5	As of the date of this filing, the total number of TBRSUs owned by the the Reporting Person includes (a) 1,750 shares TBRSUs granted on December 14, 2021 and (b) 1,750 shares of TBRSUs granted on December 16, 2022. All are to vest in their entirety on the third anniversary of their respective grant date.