ARGAN,INC. (NYSE:AGX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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ARGAN,INC. (NYSE:AGX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b), (c)On November7, 2017, Gemma Power Systems, LLC (“Gemma”), a wholly-owned subsidiary of Argan,Inc. (the “Company”), and Daniel L. Martin reached agreement on the terms of his retirement from the position of President of Gemma, effective November17, 2017. Mr.Martin’s retirement is not due to a disagreement with the Company (including Gemma) or any of its directors regarding the Company’s operations, policies or practices. The Company thanks Mr.Martin for almost eight years of leadership and service during a period of tremendous growth and change.

Because no employment agreement existed previously between Gemma and Mr.Martin, both parties entered into a Separation Agreement (“Agreement”) on November7, 2017.

to the Agreement, Mr.Martin will receive three payments, in January2018, 2019, and 2020, respectively, that will total to $630,000 in aggregate, or two-times his base salary. Protection of confidential information and trade secrets as well as a two-year non-competition period are part of the Agreement.

The foregoing summary does not constitute a complete description of the terms of the Agreement, and reference is made to the complete text of the Agreement that will be filed as an exhibit to the Company’s next quarterly report on Form10-Q. The Agreement is incorporated herein by reference.

The Company has appointed Gemma’s current CEO and Vice Chairman, William F. Griffin,Jr., as President of Gemma, effective upon Mr.Martin’s retirement, or November17, 2017. Mr.Griffin is an existing board member of the Company and no modifications were made to his Amended and Restated Employment Agreement, dated April13, 2016, as a result of this appointment.


About ARGAN,INC. (NYSE:AGX)

Argan, Inc. is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc. (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets. Through SMC, the telecommunications infrastructure services segment of the Company provides project management, construction, installation and maintenance services to commercial, local government and federal government customers. Through Roberts, the Company’s industrial fabrication and field services segment produces, delivers and installs fabricated steel components specializing in pressure vessels and heat exchangers for industrial plants.