Document:

REGISTRATION
      RIGHTS AGREEMENT

    

      THIS
        REGISTRATION
        RIGHTS
        AGREEMENT
        (this
        “Agreement”) is made as of December 8, 2006, among Argan,
        Inc.,
        a
        Delaware corporation (the “Company”), and the parties identified on Schedule A
        attached hereto (each a “Stockholder” or “Holder”).

    

    

      RECITAL:

    

    

    The
      Company and Stockholders are parties to that certain Stock Purchase Agreement
      of
      even date herewith (the “Purchase Agreement”), whereby Stockholders purchased
      1,000,000 shares of the common stock of the Company, par value $0.15 per share
      (the “Common Stock”). Capitalized terms used but not defined in this Agreement
      have the meanings assigned to such terms in the Purchase Agreement. As
      an
      inducement to Stockholders to enter into the Purchase Agreement, the Company
      agrees with Stockholders as follows:

      

      AGREEMENT:

      

      NOW, THEREFORE, the
        parties hereby agree as follows:

      

      1. CERTAIN
        DEFINITIONS.
        As
        used
        in this Agreement, the following terms shall have the following respective
        meanings:

    

    

    1.1 Affiliates.
      “Affiliate”
      shall mean any person that, directly or indirectly, through one or more
      intermediaries, controls or is controlled by, or is under common control with,
      any party specified in this Agreement.

    

    1.2 Commission.
      “Commission”
      shall mean the United States Securities Exchange Commission or any other federal
      agency at the time administering the Securities Act.

    

    1.3 Common
      Shares. “Common
      Shares” shall mean the shares of Common Stock issued at any time to the
      Stockholders pursuant to the Purchase Agreement.

    

    1.4 Exchange
      Act. “Exchange
      Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar
      Federal statute, and the rules and regulations of the Commission thereunder,
      all
      as the same shall be in effect from time to time.

    

    1.5 Person.
      “Person”
      shall mean any individual, partnership, limited liability company, corporation,
      trust or other entity.

    

    1.6 Register;
      Registered; Registration. “Register,”
      “registered” and “registration” shall refer to a registration effected by
      preparing and filing a registration statement in compliance with the Securities
      Act, and the declaration or ordering of the effectiveness of such registration
      statement by the Commission.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    1.7 Registrable
      Shares. “Registrable
      Shares” shall mean (i) the Common Shares and (ii) all shares of the Company’s
      Common Stock issued as a dividend on, or other distribution with respect to,
      or
      in exchange or in replacement of, the Common Shares, until, in the case of
      any
      such security, the earliest of (i) its effective registration under the
      Securities Act and resale in accordance with the registration statement covering
      it, (ii) the earliest date all of such shares may be sold pursuant to Rule
      144(k) under the Securities Act, (iii) its sale pursuant to Rule 144 or
      otherwise, except in sales referenced in the proviso to Section
      5.1.

    

    1.9 Registration
      Expenses. “Registration
      Expenses” shall mean all expenses incurred by the Company in complying with
Section
      3,
      including all registration and filing fees, exchange listing fees, printing
      expenses, fees and disbursements of counsel for the Company, state securities’
law fees and expenses, and the expense of any special consents and advice or
      similar audit services of independent auditors incident to or required by any
      such registration. 

    

    1.10 Securities
      Act. “Securities
      Act” shall mean the Securities Act of 1933, as amended, or any similar federal
      statute, and the rules and regulations of the Commission thereunder, all as
      the
      same shall be in effect from time to time.

    

    1.11 Selling
      Expenses. “Selling
      Expenses” shall mean any underwriting discounts and selling commissions
      associated with the sale of Registrable Securities by a Holder hereunder.
      Selling Expenses are and shall be the responsibility of the
      Holders.

    

    2.
      RESTRICTIONS
      ON
      TRANSFER. 

    

    2.1 Notice
      of Proposed Transfers.
      Unless
      there is an effective registration statement under the Securities Act covering
      a
      proposed transfer, Stockholder shall notify the Company of its intention to
      affect a transfer of any of its Common Shares. Such notice shall describe the
      manner and circumstances of the proposed transfer in sufficient detail, and
      shall be accompanied (except that the requirements set forth in the balance
      of
      this sentence need not be complied with where the proposed transaction complies
      with Rule 144 as long as the Company is furnished with evidence of compliance
      with such rule) by:

    

    (a) an
      unqualified written opinion of legal counsel which is reasonably satisfactory
      to
      the Company addressed to the Company’s counsel, to the effect that the proposed
      transfer of the Common Shares may be effected without registration of the
      Securities Act; or 

    

    (b) a
“no
      action” letter from the Commission to the effect that the distribution of such
      securities without registration will not result in a recommendation by the
      staff
      of the Commission that action be taken with respect thereto;

    

    provided,
      that
      this Section 2.1 shall not require a legal opinion or “no action letter” in
      connection with any transfer described in the proviso to Section 5.1 of this
      Agreement.

    

    2.2 Compliance. Each
      certificate evidencing the Common Shares transferred as above provided shall
      bear the appropriate restrictive legend set forth in the Purchase Agreement,
      except that such certificate shall not bear such restrictive legend if in the
      opinion of counsel for the Company such legend is not required in order to
      establish compliance with any provisions of the Securities Act or applicable
      state securities laws.

     

    
      
        
        

      

      
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    3.
      REGISTRATION
      RIGHTS

    

    3.1 Shelf
      Registration.

    

    (a)
      The
      Company shall prepare and file with the Commission as soon as practicable but
      in
      no event later than 120 days after the closing of the transaction contemplated
      by the Purchase Agreement, a registration statement (the “Initial Shelf
      Registration Statement,” and together with any Subsequent Shelf Registration
      Statement (as defined below), including,
      in each case, the prospectus, amendments and supplements to such registration
      statements, including post-effective amendments, all exhibits, and all materials
      incorporated by reference or deemed to be incorporated by reference in such
      registration statements, are herein collectively referred to as the “Shelf
      Registration Statement”)
      for an
      offering to be made on a delayed or continuous basis pursuant to Rule 415 of
      the
      Securities Act of 1933, as amended (the “Securities Act”) (the “Shelf
      Registration”), registering the resale from time to time by Stockholders of all
      of the Registrable Securities. The Initial Shelf Registration Statement shall
      be
      on an appropriate form under the Securities Act permitting registration of
      such
      Registrable Securities for resale by Stockholders from time to time as set
      forth
      in the Initial Shelf Registration Statement. The
      Company shall use its best efforts to cause the Initial Shelf Registration
      Statement to be declared effective under the Securities Act as promptly as
      is
      practicable and to keep the Initial Shelf Registration Statement (or any
      Subsequent Shelf Registration Statement) continuously effective under the
      Securities Act to
      permit
      the prospectus included therein to be lawfully delivered by the Stockholders,
      for a period that will terminate when (i) all the Registrable Securities covered
      by the Shelf Registration Statement have been sold pursuant thereto or (except
      in sales described in the proviso to Section 5.1) otherwise or (ii) such
      Registrable Securities may be sold pursuant to the provisions of Rule 144 under
      the Securities Act (such period, the “Effectiveness Period”).  

    

    (b)
      If
      the
      Initial Shelf Registration Statement or any Subsequent Shelf Registration
      Statement ceases to be effective for any reason at any time during the
      Effectiveness Period (other than because all Registrable Securities registered
      thereunder have been resold pursuant thereto or have otherwise ceased to be
      Registrable Securities), the Company shall use its best efforts to obtain the
      prompt withdrawal of any order suspending the effectiveness thereof, and in
      any
      event shall within thirty (30) days of such cessation of effectiveness amend
      such Shelf Registration Statement in a manner reasonably expected to obtain
      the
      withdrawal of the order suspending the effectiveness thereof, or file an
      additional Shelf Registration Statement covering all of the securities that
      as
      of the date of such filing are Registrable Securities (a “Subsequent Shelf
      Registration Statement”). If a Subsequent Shelf Registration Statement is filed,
      the Company shall use its best efforts to cause the Subsequent Shelf
      Registration Statement to become effective as promptly as is practicable after
      such filing and to keep such Subsequent Shelf Registration Statement
      continuously effective until the end of the Effectiveness Period.

    

    (c)
      The
      Company shall supplement and amend the Shelf Registration Statement if required
      by the rules, regulations or instructions applicable to the registration form
      used by the Company for such Shelf Registration Statement, if required by the
      Securities Act.

     

    
      
        
        

      

      
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    (d)
      Notwithstanding any other provisions of this Agreement to the contrary, the
      Company shall cause the Shelf Registration Statement and the related prospectus
      and any amendment or supplement thereto, as of the effective date of the Shelf
      Registration Statement, amendment or supplement, (i) to comply in all material
      respects with the applicable requirements of the Securities Act and the rules
      and regulations of the Commission and (ii) not to contain any untrue statement
      of a material fact or omit to state a material fact required to be stated
      therein or necessary in order to make the statements therein not
      misleading.

    

    3.2 Registration
      Procedures. In
      connection with the Shelf Registration contemplated by Section 3.1 hereof,
      the following provisions shall apply:

    

    (a)
      The
      Company shall (i) furnish to each Stockholder, prior to the filing thereof
      with the Commission, a copy of any Shelf Registration Statement and each
      amendment thereof and each supplement, if any, to the prospectus included
      therein and the Company shall use its best efforts to reflect in the Shelf
      Registration Statement, when so filed with the Commission, such comments as
      a
      Stockholder may reasonably and timely propose.

    

    (b)
      The
      Company shall give written notice to each Stockholder (which notice pursuant
      to
      clauses (ii) through (v) hereof shall be accompanied by an instruction to
      suspend the use of the prospectus until the requisite changes have been
      made):

    

    (i)
      when
      the Shelf Registration Statement or any amendment thereto has been filed with
      the Commission and when the Shelf Registration Statement or any post-effective
      amendment thereto has become effective;

    

    (ii)
      of
      any request by the Commission for amendments or supplements to the Shelf
      Registration Statement or the prospectus included therein or for additional
      information;

    

    (iii)
      of
      the issuance by the Commission of any stop order suspending the effectiveness
      of
      the Shelf Registration Statement or the initiation of any proceedings for that
      purpose;

    

    (iv)
      of
      the receipt by the Company or its legal counsel of any notification with respect
      to the suspension of the qualification of the Registrable Securities for sale
      in
      any jurisdiction or the initiation or threatening of any proceeding for such
      purpose; and

    

    (v)
      of
      the happening of any event that requires the Company to make changes in the
      Shelf Registration Statement or the prospectus in order that the Shelf
      Registration Statement or the prospectus do not contain an untrue statement
      of a
      material fact nor omit to state a material fact required to be stated therein
      or
      necessary to make the statements therein (in the case of the prospectus, in
      light of the circumstances under which they were made) not
      misleading.

     

    
      
        
        

      

      
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    (c)
      The
      Company shall make every reasonable effort to obtain the withdrawal at the
      earliest possible time, of any order suspending the effectiveness of the Shelf
      Registration Statement or the lifting of any suspension of the qualification
      (or
      exemption from qualification) of any of the Registrable Securities for sale
      in
      any jurisdiction in which they have been qualified for sale.

    

    (d)
      The
      Company shall furnish to each Stockholder, without charge, at least one copy
      of
      the Shelf Registration Statement and any post-effective amendment thereto,
      including financial statements and schedules, and, if such Stockholder so
      requests, all exhibits thereto (including those, if any, incorporated by
      reference).

    

    (e)
      The
      Company shall, during the Effectiveness Period, deliver to each Stockholder,
      without charge, except for normal copying and actual delivery costs, as many
      copies of the prospectus (including each preliminary prospectus, if any)
      included in the Shelf Registration Statement and any amendment or supplement
      thereto as such Stockholder may reasonably request. The Company consents,
      subject to the provisions of this Agreement, to the use of the prospectus or
      any
      amendment or supplement thereto by Stockholders in connection with the offering
      and sale of the Registrable Securities covered by the prospectus, or any
      amendment or supplement thereto, included in the Shelf Registration
      Statement.

    

    (f)
      Prior
      to any public offering of the Registrable Securities pursuant to any Shelf
      Registration Statement the Company shall register or qualify or cooperate with
      the Stockholders and their counsel in connection with the registration or
      qualification of the Registrable Securities for offer and sale under the
      securities or “blue sky” laws of such states of the United States as any
      Stockholder reasonably requests in writing and do any and all other acts or
      things necessary or advisable to enable the offer and sale in such jurisdictions
      of the Registrable Securities covered by such Shelf Registration Statement,
      provided, however, that in no event shall the Company be required to qualify
      to
      do business as a foreign corporation in any jurisdiction where it would not,
      but
      for the requirements of this paragraph (f), be required to be so qualified,
      to
      subject itself to taxation in any such jurisdiction or to consent to general
      service of process in any such jurisdiction.

    

    (g)
      The
      Company shall cooperate with Stockholders to facilitate the timely preparation
      and delivery of certificates representing the Registrable Securities to be
      sold
      pursuant to any Shelf Registration Statement free of any restrictive legends
      and
      in such denominations and registered in such names as the Holders may request
      a
      reasonable period of time prior to sales of the Registrable Securities pursuant
      to such Shelf Registration Statement. Stockholders shall provide such
      representations as may be reasonably requested by the Company’s transfer agent
      in this regard.

     

    
      
        
        

      

      
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    (h)
      Upon
      the occurrence of any event contemplated by paragraphs (ii) through (v) of
      Section 3.2(b) above during the period for which the Company is required to
      maintain an effective Shelf Registration Statement, the Company shall promptly
      prepare and file a post-effective amendment to the Shelf Registration Statement
      or a supplement to the related prospectus and any other required document so
      that, as thereafter delivered to Stockholders, the prospectus will not contain
      an untrue statement of a material fact or omit to state any material fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances under which they were made, not misleading. If the
      Company notifies the Stockholders in accordance with paragraphs
      (ii) through (v) of Section 3.2(b) above to suspend the use of the
      prospectus until the requisite changes to the prospectus have been made, then
      each Stockholder shall suspend use of such prospectus and, if so directed by
      the
      Company, destroy or deliver to the Company all copies then in Stockholder’s
      possession of the prospectus covering such Registrable Securities that was
      in
      effect at the time of such notice (such period during which the availability
      of
      the Shelf Registration Statement and any related prospectus is suspended being
      a
“Deferral Period”). The period of effectiveness of the Shelf Registration
      Statement provided for in Section 3.1(a) above shall be extended by the
      number of days from and including the date of the giving of such notice to
      and including the date when the Holders of Registrable Securities shall have
      received such amended or supplemented prospectus pursuant to this
      Section 3.2(h). The Company will use its best efforts to ensure that the
      use of the prospectus may be resumed as promptly as is practicable. The Company
      shall be entitled to exercise its right under this Section 3.2(h) to suspend
      the
      availability of the Shelf Registration Statement or any prospectus for one
      or
      more periods not to exceed 30 days in any 3 month period and not to exceed,
      in
      the aggregate, 90 days in any 12 month period. 

    

    (i)
      The
      Company shall prepare and file with the Commission such amendments and
      post-effective amendments to each Shelf Registration Statement as may be
      necessary to keep such Shelf Registration Statement continuously effective
      for
      the applicable period specified in Section 3.1(a) and shall cause the related
      prospectus to be supplemented by any required prospectus supplement to be filed
      pursuant to Rule 424 (or any similar provisions then in force) under the
      Securities Act. The Company will comply with all rules and regulations of the
      Commission to the extent and so long as they are applicable to the Shelf
      Registration and the Company will make generally available to its
      securityholders (or otherwise provide in accordance with Section 11(a) of
      the Securities Act) an earnings statement satisfying the provisions of
      Section 11(a) of the Securities Act, no later than 45 days after the
      end of a 12-month period (or 90 days, if such period is a fiscal year)
      beginning with the first month of the Company’s first fiscal quarter commencing
      after the effective date of the Shelf Registration Statement, which statement
      shall cover such 12-month period.

    

    (j)
      The
      Company may require Stockholders to furnish to the Company such information
      regarding the Stockholders and the distribution of the Registrable Securities
      as
      the Company may from time to time reasonably require for inclusion in the Shelf
      Registration Statement.

    

    (k)
      The
      Company shall (i) make reasonably available for inspection by Stockholders,
      any underwriter participating in any disposition pursuant to the Shelf
      Registration Statement and any attorney, accountant or other agent retained
      by
      Stockholders or any such underwriter, all relevant financial and other records,
      pertinent corporate documents and properties of the Company and (ii) cause
      the Company’s officers, directors, employees, accountants and auditors to supply
      all relevant information reasonably requested by Stockholders or any such
      underwriter, attorney, accountant or agent in connection with the Shelf
      Registration Statement, in each case, as shall be reasonably necessary to enable
      such persons, to conduct a reasonable investigation within the meaning of
      Section 11 of the Securities Act.

     

    
      
        
        

      

      
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    (l)
      The
      Company shall use its best efforts to take all other steps necessary to effect
      the registration of the Registrable Securities covered by a Shelf Registration
      Statement contemplated hereby.

    

    (m)
      The
      Company shall as
      promptly as practicable (if reasonably requested by Stockholders),
      incorporate in a prospectus supplement or post-effective amendment to the Shelf
      Registration Statement such information as any Stockholder
      or
      shall, on the basis of an opinion of nationally recognized counsel experienced
      in such matters, determine to be required to be included therein and make any
      required filings of such prospectus supplement or such post-effective amendment;
      provided
      that the
      Company shall not be required to take any actions under this Section 3.2(m)
      that
      are not, in the reasonable opinion of counsel for the Company, in compliance
      with applicable law.

    

    3.3 Expenses
      of Registration.
      The
      Company shall pay all Registration Expenses incurred in connection with the
      performance of the Company’s obligations under this Agreement.

    

    4.
      INDEMNIFICATION

    

    4.1 Indemnification
      by the Company.
      The
      Company agrees to indemnify and hold harmless each Stockholder and its
      Affiliates, against all claims, losses, damages and liabilities, joint or
      several (or actions in respect thereof, and including, but not limited to,
      any
      claims, losses, damages, liabilities or actions relating to purchases and sales
      of the Registrable Securities), including any of the foregoing incurred in
      settlement of any litigation, commenced or threatened, to which any of them
      may
      become subject under the Securities Act, the Exchange Act or other federal
      or
      state law, arising out of or based on the following:

    

    (a) any
      untrue statement or alleged untrue statement of a material fact contained in
      any
      such registration statement, preliminary prospectus, prospectus, offering
      circular or other similar document (including any related registration
      statement, notification or the like, and including any amendment or supplement
      thereto) incident to any such registration, or based on any omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein not misleading; 

    

    (b) any
      violation by the Company of any federal, state or common law rule or regulation
      applicable to the Company in connection with any such registration,
      qualification or compliance; and

    

    (c) any
      legal
      and any other expenses reasonably incurred in connection with investigating
      or
      defending any such claim, loss, damage, liability or action, as incurred related
      to the foregoing.

     

    
      
        
        

      

      
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    4.2 Indemnification
      by Stockholders.
      If
      Registrable Securities held by Stockholders are included in the securities
      as to
      which such registration is being effected, each Stockholder shall, severally
      and
      not jointly, indemnify the Company, each of its officers and directors, each
      underwriter and each person who controls any underwriter, and each person,
      if
      any, who controls the Company or any such underwriter within the meaning of
      Section 15 of the Securities Act, and each person affiliated with or retained
      by
      the Company and who may be subject to liability under any applicable securities
      laws, against all claims, losses, damages and liabilities (or actions in respect
      thereof), including any of the foregoing incurred in settlement of any
      litigation, commenced or threatened, to which they may become subject under
      the
      Securities Act or other federal or state law, arising out of or based
      on:

    

    (a) any
      untrue statement or alleged untrue statement of a material fact contained in
      any
      such registration statement, prospectus, offering circular or other similar
      document, or any omission or alleged omission to state therein a material fact
      required to be stated therein or necessary to make the statements therein not
      misleading in the light of the circumstances under which they were made, in
      each
      case to the extent, but only to the extent, that such untrue statement or
      alleged untrue statement or omission or alleged omission is made in such
      registration statement, prospectus, offering circular or other document in
      reliance upon and in conformity with written information furnished to the
      Company by an instrument duly executed by such Stockholder and stated to be
      specifically for use therein; and

    

    (b) any
      legal
      and other expenses reasonably incurred in connection with investigating or
      defending any such claim, loss, damage, liability or action, as
      incurred.

    

    4.3 Limitation
      on the Indemnification Obligation. 

    

    (a) No
      party
      required to provide indemnification under this Section
      4
      (the
“Indemnifying Party”) shall be liable, and shall have any indemnification
      obligation hereunder, for any amounts paid in settlement by any party entitled
      to indemnification hereunder (the “Indemnified Party”) of any such loss, claim,
      damage, liability or action if such settlement is effected without the consent
      of the Indemnifying Party (which consent shall not be unreasonably withheld).
      

    

    (b) The
      Company shall not be liable under Section 4.1 hereof for any such claim, loss,
      damage, liability or expense to the extent it arises out of or is based on
      any
      untrue statement or omission, made in reliance on and in conformity with written
      information furnished to the Company by an instrument duly executed by any
      Stockholder, underwriter or controlling person and stated to be specifically
      for
      use therein.

     

    
      
        
        

      

      
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    4.4 Indemnification
      Procedure.
      Each
      Indemnified Party” shall give notice to the Indemnifying Party promptly after
      such Indemnified Party has actual knowledge of any claim as to which indemnity
      may be sought, and shall
      permit the Indemnifying Party to assume the defense of any such claim or any
      litigation resulting therefrom,
      provided the Indemnifying Party acknowledges its obligations to indemnify the
      Indemnified Party with respect to the claim and provided further that counsel
      for the Indemnifying Party, who
      shall conduct the defense of such claim or litigation,
      shall
      be approved by the Indemnified Party (whose approval shall not unreasonably
      be
      withheld), and the Indemnified Party may participate in such defense at such
      party’s expense, and provided further that the failure of any Indemnified Party
      to give notice as provided herein shall not relieve the Indemnifying Party
      of
      its obligations under this Section
      4
      except
      to the extent that the failure to give such notice is materially prejudicial
      to
      an Indemnifying Party’s ability to defend such action and provided further, that
      the Indemnifying Party shall not assume the defense for matters as to which
      there is a conflict of interest or separate and different defenses but shall
      bear the expense of such defense nevertheless. No Indemnifying Party, in the
      defense of any such claim or litigation, shall, except with the consent of
      each
      Indemnified Party, consent to entry of any judgment or enter into any settlement
      which does not include as an unconditional term thereof the giving by the
      claimant or plaintiff to such Indemnified Party of a release from all liability
      in respect to such claim or litigation. If the Indemnifying Party does not
      assume the defense of any claim or proceeding resulting therefrom, the
      Indemnified Party may defend against such claim or proceeding as the Indemnified
      Part may deem appropriate and may
      settle such claim or proceeding
      in such
      manner as the Indemnified Party may deem appropriate, all
      without prejudice to its right to indemnification
      hereunder.

    

    4.5 Contribution,
      Allocation, etc.
      If the
      indemnification provided for in this Section
      4
      is
      unavailable or insufficient to hold harmless an Indemnified Party under such
      paragraphs in respect of any losses, claims, damages or liabilities or actions
      in respect thereof referred to therein, then each Indemnifying Party shall
      in
      lieu of indemnifying such Indemnified Party contribute to the amount paid or
      payable by such Indemnified Party as a result of such losses, claims, damages,
      liabilities or actions in such proportion as appropriate to reflect the relative
      fault of the Company, on the one hand, and the underwriters and Stockholders,
      on
      the other, in connection with the statements or omissions which resulted in
      such
      losses, claims, damages, liabilities or actions as well as any other relevant
      equitable considerations, including the failure to give any notice under
Section
      4.4.
      The
      relative fault shall be determined by reference to, among other things, whether
      the untrue or alleged untrue statement of a material fact relates to information
      supplied by the Company, on the one hand, or the underwriters or Stockholders,
      on the other, and to the parties’ relative intent, knowledge, access to
      information and opportunity to correct or prevent such statement or omission.
      The Company and Stockholders agree that it would not be just and equitable
      if
      contributions pursuant to this paragraph were determined by pro rata allocation
      or by any other method of allocation which did not take account of the equitable
      considerations referred to above in this paragraph. The amount paid or payable
      by an Indemnified Party as a result of the losses, claims, damages, liabilities
      or action in respect thereof, referred to above in this paragraph, shall be
      deemed to include any legal or other expenses reasonably incurred by such
      Indemnified Party in connection with investigating or defending any such action
      or claim. Notwithstanding the provisions of this paragraph, no Stockholder
      shall
      be required to contribute any amount in excess of the lesser of (i) the
      proportion that the public offering price of shares sold by such Stockholders
      under such registration statement bears to the total public offering price
      of
      all securities sold thereunder, but not to exceed the proceeds received by
      such
      Stockholder for the sale of Registrable Shares covered by such registration
      statement and (ii) the amount of any damages which it would have otherwise
      been
      required to pay by reason of such untrue or alleged untrue statement or
      omission. No person guilty of fraudulent misrepresentations (within the meaning
      of Section 11(f) of the Securities Act), shall be entitled to contribution
      from
      any person who is not guilty of such fraudulent misrepresentation.

     

    
      
        
        

      

      
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    4.6 Conflicts
      with Underwriting Agreement.
      Notwithstanding anything in this Section
      4
      to the
      contrary, to the extent that the provisions on indemnification and contribution
      contained in the underwriting agreement entered into in connection with the
      underwritten public offering are in conflict with the foregoing provisions,
      the
      provisions in the underwriting agreement shall control.

    

    5.
      MISCELLANEOUS
      PROVISIONS.

    

    5.1 No
      Transfer of Registration Rights.
      The
      registration rights granted under this Agreement may not be assigned or
      otherwise conveyed by Stockholders without the consent of the Company, which
      consent shall not be unreasonably withheld; provided,
      that
      registration rights may be assigned by a Stockholder in connection with a sale
      or other transfer to an immediate family member or to an entity controlled
      by or
      under common control with Stockholders.

    

    5.2 Governing
      Law.
      This
      Agreement shall be governed by, and construed and enforced in accordance with,
      the laws of the State of Delaware, without giving effect to conflict of laws
      or
      any other rules or principles which may require the application of the laws
      of
      any other jurisdiction.

    

    5.3 Delays
      or Omissions.
      No delay
      or omission to exercise any right, power or remedy accruing to Stockholders,
      upon any breach or default by the Company under this Agreement, shall impair
      any
      such right, power or remedy of Stockholders nor shall it be construed to be
      a
      waiver of any such breach or default, or an acquiescence therein, or of or
      in
      any similar breach or default thereunder occurring; nor shall any waiver of
      any
      single breach or default be deemed a waiver of any other breach or default
      theretofore or thereafter occurring. Any waiver, permit, consent or approval
      of
      any kind or character on the part of any Stockholder or any breach or default
      under this Agreement, or any waiver on the part of any Stockholder of any
      provisions or conditions of this Agreement, must be in writing and shall be
      effective only to the extent specifically set forth in such writing. All
      remedies, either under this Agreement, or by law or otherwise afforded to
      Stockholders, shall be cumulative and not alternative.

    

    5.4 Rule
      144. The
      Company shall
      use
      its best efforts to file the reports required to be filed by it under the
      Securities Act and the Exchange Act in a timely manner and, if at any time,
      the
      Company is not required to file such reports, it will, upon the request of
      any
      Stockholder, make publicly available other information so long as necessary
      to
      permit sales of their securities pursuant to Rule 144 under the Securities
      Act.
      The Company covenants that it will take such further action as any Stockholder
      may reasonably request, all to the extent required from time to time to enable
      Stockholders to sell Registrable Securities without registration under the
      Securities Act within the limitation of the exemptions provided by Rule 144.
      Upon the request of Stockholders, the Company shall deliver to such Stockholder
      a written statement as to whether it has complied with such filing requirements.
      Notwithstanding the foregoing, nothing in this Section 5.4
      shall be
      deemed to require the Company to register any of its securities pursuant to
      the
      Exchange Act if not otherwise registered.

    

    5.5 Remedies. Each
      of
      the parties hereto acknowledges and agrees that any failure by a party to
      perform its obligations hereunder or otherwise breach this Agreement,
      irreparable injury may occur for which there is no adequate remedy at law,
      that
      it will not be possible to measure damages for such injuries precisely and
      that,
      in the event of any such failure, a party may obtain such relief as may be
      required to specifically enforce the other party’s obligations hereunder.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

    5.6 No
      Inconsistent Agreements.
      The
      Company will not on or after the date of this Agreement enter into any agreement
      with respect to its securities that is inconsistent with the rights granted
      to
      Stockholders in this Agreement or otherwise conflicts with the provisions
      hereof. The Company represents and warrants that the rights granted to
      Stockholders hereunder do not in any way conflict with and are not inconsistent
      with the rights granted to the holders of securities of the Company under any
      agreement in effect on the date hereof.

    

    5.7 Entire
      Agreement.
      This
      Agreement constitutes the entire agreement and understanding of the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      agreements, correspondence, arrangements and understandings relating to the
      subject matter hereof.

    

    5.8 Binding
      Effect.
      All of
      the terms, provisions and conditions hereof shall be binding upon and shall
      inure to the benefit of and be enforceable by the parties hereto, and their
      respective heirs, personal representatives, successors and assigns.

    

    5.9 Headings;
      Construction.
      The
      headings contained herein are for the purposes of convenience only, and will
      not
      be deemed to constitute a part of this Agreement or to affect the meaning or
      interpretation of this Agreement in any way. Unless the context clearly states
      otherwise, the use of the singular or plural in this Agreement shall include
      the
      other and the use of any gender shall include all others. The parties have
      participated jointly in the negotiation and drafting of this Agreement. If
      any
      ambiguity or question of intent or interpretation arises, no presumption or
      burden of proof shall arise favoring or disfavoring any party by virtue of
      the
      authorship of any of the provisions of this Agreement. All references herein
      to
      Sections shall refer to this Agreement unless the context clearly otherwise
      requires.

    

    5.10 Notices.
      All
      notices and other communications hereunder shall be in writing and shall be
      deemed given upon (a) transmitter’s confirmation of receipt of a facsimile
      transmission, (b) confirmed delivery by a standard overnight carrier or when
      delivered by hand or (c) the expiration of five (5) business days (or seven
      (7)
      business days where the addressee is not in the United States) after the day
      when mailed by certified or registered mail, postage prepaid, to the addresses
      set forth on the signature pages hereto, or to such other address as any party
      may, from time to time, designate in a written notice given in a like
      manner.

    

    5.11 Severability
      of Provisions.
      If
a
      court
      in any proceeding holds any provision of this Agreement or its application
      to
      any person or circumstance invalid, illegal or unenforceable, the remainder
      of
      this Agreement, or the application of such provision to persons or circumstances
      other than those to which it was held to be invalid, illegal or unenforceable,
      shall not be affected, and shall be valid, legal and enforceable to the fullest
      extent permitted by law, but only if and to the extent such enforcement would
      not materially and adversely frustrate the parties’ essential objectives as
      expressed in this Agreement. Furthermore, in lieu of any such invalid or
      unenforceable term or provision, the parties intend
      that
      the court add to this Agreement a provision as similar in terms to such invalid
      or unenforceable provision as may be valid and enforceable, so as to effect
      the
      original intent of the parties to the greatest extent possible.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    

    5.12 No
      Third Party Beneficiaries.
      This
      Agreement does not create, and will not be construed as creating, any rights
      enforceable by any person not a party to this Agreement. 

    

    5.13 Waiver
      of Jury Trial.
      TO THE
      EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND
      ALL
      RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
      OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE RELATIONSHIPS OF THE
      PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS
      TO
      DEMAND A TRIAL BY JURY ARISING FROM ANY SOURCE INCLUDING, BUT NOT LIMITED TO,
      THE CONSTITUTION OF THE UNITED STATES OR ANY STATE THEREIN, COMMON LAW OR ANY
      APPLICABLE STATUTE OR REGULATIONS. EACH PARTY HERETO ACKNOWLEDGES THAT IT IS
      KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY
      JURY.

    

    5.14 Amendment.
      This
      Agreement may be amended, modified, superseded, or canceled only by a written
      instrument signed by all of the parties hereto and any of the terms, provisions
      and conditions hereof may be waived, only by a written instrument signed by
      the
      waiving party. 

    

    5.15 Counterparts.
      This
      Agreement may be executed in any number of counterparts and each such
      counterpart shall for al purposes be deemed to be an original, and all such
      counterparts shall together constitute but one and the same instrument.

    

    Signature
      Pages Follow

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    

      IN
        WITNESS
        WHEREOF, the
        parties have entered into this Agreement as of the date first written
        above.

       

    

    
      	 	 	 	THE
              COMPANY:
	 	 	 	 
	 	 	 	ARGAN, INC.
	 	 	 	
               

               

            
	 	 	 	/s/ Rainer
              Bosselmann
	
            	 	 	
              

              By:
                Rainer Bosselmann

              Its:
                President

            

    

    

    
      	 	 	 	BUYERS:
              
	 	 	 	 
	 	 	 	ARGAN INVESTMENTS
              LLC
	 	 	 	
               

               

            
	 	 	 	/s/ Robert
              Averick
	
            	 	 	
              

              
                By:
                  Robert Averick

                Its:
                  Member 

              

            

    

     

    
      
        
        

      

      
        -13-ESCROW
      AGREEMENT

    

    This
      ESCROW AGREEMENT (this “Escrow
      Agreement”)
      is
      dated as of the 8th
      day of
      December, 2006, by and among Argan, Inc., a Delaware corporation (the
“Company”),
      the
      purchasers identified on Schedule
      A
      attached
      hereto (each a “Buyer”,
      and
      collectively the “Buyers”)
      and
      Robinson & Cole LLP (the “Escrow
      Agent”).
      Capitalized terms not otherwise defined herein shall have the meanings ascribed
      to them in the Purchase Agreement (defined below)

    

    P
      R E M I S E S:

    

    WHEREAS,
      the Company and the Buyers are parties to that certain Stock Purchase Agreement,
      dated as of the date hereof (the “Purchase
      Agreement”),
      pursuant to which the Company is offering, and the Buyers are purchasing (the
      “Transaction”),
      an
      aggregate of up to 2,853,335 shares (the “Shares”)
      of the
      Company’s common stock, $.15 par value, at a purchase price of $3.75 per share
      (the “Share
      Consideration”);
      and

    

    WHEREAS,
      pursuant to the terms of the Purchase Agreement, the Company and the Buyers
      shall deliver to the Escrow Agent the Shares and the Share Consideration,
      respectively (collectively, the “Escrow
      Amount”),
      to
      provide for certain contingencies as set forth herein. 

    

    A
      G R E E M E N T S:

    

    NOW,
      THEREFORE, in consideration of the above premises and of the covenants and
      agreements contained herein, the Company, the Buyers and the Escrow Agent agree
      as follows:

     

    Section
      1

    Escrow
      Fund

    

    1.1 Delivery.
      Simultaneously with the execution and delivery of this Agreement, (i) the
      Company shall deliver to the Escrow Agent written instructions to its transfer
      agent instructing it to issue a stock certificate in the name of each Buyer
      for
      the respective number of Shares issued to such Buyer as set forth on Schedule
      A
      attached hereto (collectively, “Certificates”),
      pursuant to the Purchase Agreement, and (ii) each Buyer shall deliver to the
      Escrow Agent such Buyer’s respective portion of the Share Consideration for the
      number of Shares purchased by such Buyer as set forth on Schedule A attached
      hereto, pursuant to the Purchase Agreement. Upon receipt of the Escrow Amount
      by
      the Escrow Agent, the Escrow Amount held by the Escrow Agent pursuant to this
      Escrow Agreement shall be deemed to comprise the “Escrow
      Fund”.
      The
      Escrow Agent agrees to hold the Escrow Amount in an interest bearing account
      with JP Morgan Chase & Co. until the Escrow Amount is released from escrow
      in accordance with the provisions of Section 2 hereof.

    

    Section
      2

    Disbursement
      of Escrow Fund

    

    The
      Escrow Agent agrees to hold the Escrow Amount as provided hereunder until the
      Escrow Amount is released as follows:

    

    2.1 Disbursement
      of Escrow Amount.
      The
      Escrow Agent shall release the Escrow Amount in accordance with this Paragraph
      2.1 upon the consummation of the acquisition by the Company of Gemma Power
      Systems, LLC and its affiliated entities (the “Release Condition”). Upon
      satisfaction of the Release Condition, the Escrow Agent shall deliver (i) the
      Share Consideration, and the interest earned thereon, to the Company and (ii)
      the Certificates to the Buyers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2.2 Expiration
      of Escrow Period.
      In
      the
      event that the Release Condition is not fulfilled by January 1, 2007, unless
      otherwise agreed in writing by the parties, the Transaction shall terminate
      and
      the Escrow Agent shall return (i) the Certificates to the Company, and (ii)
      the
      Share Consideration (including interest earned thereon) to the Buyers in their
      respective amounts. 

    

    2.3 Dispute
      Resolution.
      In the
      event that any dispute arises with respect to this Agreement or in the event
      that any claim is made with respect to the Escrow Fund, then the Escrow Agent,
      upon receipt of written notice of such dispute, is authorized and directed
      to
      retain in its possession without liability to any person or party, all of the
      Escrow Amount until such dispute shall have been settled either by the mutual
      agreement of the parties involved or by a final, unappealable order, decree
      or
      judgment of a court of competent jurisdiction. 

    

    Section
      3

    Escrow
      Agent

    

    3.1 Appointment
      and Duties.
      The
      Company and each Buyer hereby appoints the Escrow Agent to serve hereunder,
      and
      the Escrow Agent hereby agrees to perform all duties which are expressly set
      forth in this Escrow Agreement.

    

    3.2 Acknowledgement.
      The
      Company and each Buyer acknowledges that the Escrow Agent acts as counsel to
      the
      Company and is likely to continue to act in such capacity in any matter not
      in
      conflict with its duties as the Escrow Agent hereunder.

    

    3.3 Indemnification.
      Each
      Buyer severally but not jointly, and the Company, jointly and severally with
      each Buyer, will indemnify and defend the Escrow Agent, and hold it harmless
      from any and all claims, regardless of nature, arising out of or because of
      this
      Escrow Agreement, and exonerate the Escrow Agent from any liability in
      connection with its discharge of obligations pursuant to this Escrow Agreement
      in the absence of fraud or gross negligence.

    

    3.4 Resignation.
      The
      Escrow Agent may resign at any time upon giving the other parties hereto ten
      (10) days prior written notice of resignation. In such event, the successor
      shall be such person, firm or corporation as shall be mutually selected by
      the
      Company and the Buyers. It is understood and agreed that such resignation shall
      not be effective until a successor agrees to act hereunder; provided,
      however,
      if no
      successor is appointed and acting hereunder within ten (10) days after such
      notice is given, the Escrow Agent may pay and deliver the Escrow Fund to a
      court
      as part of an interpleader or like action.

    

    3.5
       Payment
      of Fees.
      The
      Company shall pay all of the Escrow Agent’s fees and expenses arising out of or
      relating to this Escrow Agreement. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    Section
      4

    Liabilities
      of Escrow Agent

    

    4.1 Limitations. The
      Escrow Agent shall be liable only to accept, hold and deliver the Escrow Fund
      in
      accordance with the provisions of this Escrow Agreement and amendments hereto;
      provided,
      however,
      that
      the Escrow Agent shall not incur any liability with respect to any action taken
      or omitted (a) in good faith upon the advice of its counsel given with respect
      to any questions relating to its duties and responsibilities as the Escrow
      Agent
      under this Escrow Agreement, or (b) in reliance upon any instrument which the
      Escrow Agent shall in good faith believe to be genuine (including the execution,
      identity, or authority of any person executing such instrument, its validity
      and
      effectiveness, and the truth and accuracy of any information contained therein),
      to have been signed by a proper person or persons, and to conform to the
      provisions of this Escrow Agreement.

    

    4.2 Collateral
      Agreements.
      The
      Escrow Agent shall not be bound in any way by any contract or agreement between
      the parties hereto, whether or not it has knowledge of any such contract or
      agreement or of the terms or conditions of any such contract or agreement,
      including without limitation, the Purchase Agreement.

    

    Section
      5

    Termination

    

    This
      Escrow Agreement, other than Paragraph 3.4, Paragraph 3.5 and Section 4, shall
      be terminated upon the earliest to occur of: (i) the full disbursement of the
      Escrow Fund by the Escrow Agent; (ii) written mutual consent signed by the
      Company and Buyers; or (iii) the transfer of the Escrow Fund to a court in
      accordance with Paragraph 3.4 hereof. This Escrow Agreement shall not otherwise
      be terminated. 

    

    Section
      6

    Other
      Provisions

    

    6.1 Notices.
      Any
      notices required or permitted to be given to any party hereto shall be given
      to
      all of the parties hereto. Any notices required or permitted hereunder shall
      be
      sufficiently given pursuant to the notice provisions in the Purchase
      Agreement.

    

    6.2 Benefit.
      This
      Escrow Agreement shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assigns.

    

    6.3 Entire
      Agreement; Amendment.
      This
      Escrow Agreement contains all the terms agreed upon by the parties with respect
      to the subject matter hereof. This Escrow Agreement may be amended only by
      a
      written instrument signed by all of the parties hereto.

    

    6.4 Headings.
      The
      headings of the sections and sub-sections of this Escrow Agreement are for
      ease
      of reference only and do not evidence the intentions of the
      parties.

    

    6.5 Governing
      Law.
      This
      Escrow Agreement shall be governed by, and construed according to, the laws
      of
      the State of Connecticut, without regard to the principles thereof relating
      to
      conflicts of laws. The parties hereto consent to the jurisdiction of the courts
      of the State of Connecticut in Fairfield County and the United States District
      Court for the District of Connecticut.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    6.6 Counterparts.
      This
      Escrow Agreement may be executed in one or more counterparts, each of which
      shall be deemed an original, but all of which taken together shall constitute
      one and the same instrument. This Agreement may be executed by telecopied
      signatures with the same effect as original signatures.

    

    [signatures
      to follow]

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as
      of
      the date first written above.

     

    
      	 	 	
              THE
                COMPANY:

            
	 	 	 
	 	 	
              ARGAN,
                INC.

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Rainer Bosselmann

            
	 	 	
              
                
By:
                Rainer Bosselmann

            
	 	 	
              Its:
                President

            
	 	 	 
	 	 	 
	 	 	
              BUYERS:
                

            
	 	 	 
	 	 	
              Argan
                Investments LLC

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Robert Averick

            
	 	 	
              
                
                  
                    
By:
                    Robert Averick

                

              

            
	 	 	
              Its:
                Member

            
	 	 	 
	 	 	 
	 	 	
              ALLEN
                SBH INVESTMENTS, LLC

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Kim M. Wieland

            
	 	 	
              
                
By:
                Kim M. Wieland

            
	 	 	
              Its:
                CFO 

            
	 	 	 
	 	 	 

    

    
      	 	 	
              ALLEN
                & COMPANY, LLC

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Kim M. Wieland

            
	 	 	
              
                
By:
                Kim M. Wieland

            
	 	 	
              Its:
                Managing Director and CFO 

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	 	 
	 	 	
              /s/
                Bruce Allen

            
	 	 	
              
                
Bruce
                Allen

            
	 	 	 
	 	 	 
	 	 	
              /s/
                James Quinn

            
	 	 	
              
                
                  
James
                  Quinn

              

            
	 	 	 
	 	 	 
	 	 	
              /s/
                John Simon

            
	 	 	
              
                
John
                Simon

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Mark Levy

            
	 	 	
              
                
Mark
                Levy

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Stephen J. Adler

            
	 	 	
              
                
Stephen
                J. Adler

            
	 	 	 
	 	 	 
	 	 	
              WHITNEY
                GREEN RIVER MANAGEMENT

            
	 	 	
              CO.,
                LLC

            
	 	 	 
	 	 	 
	 	 	
              /s/
                John Hockin

            
	 	 	
              
                
By:
                John Hockin

            
	 	 	
              Its:
                

              
                

              

            

    

    
      	 	 	
              PERENNIAL
                PARTNERS LP

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Paul Fino

            
	 	 	
              
                
By:
                Paul Fino

            
	 	 	
              Its:
                Principal

            
	 	 	 
	 	 	 
	 	 	
              WESTWIND
                EQUITY PARTNERS, LLC

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Beth Maxwell

            
	 	 	
              
                
By:
                Beth Maxwell

            
	 	 	
              Its:
                Executive Director

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	 	
              MSR
                I SBIC, L.P.

            
	 	 	 
	 	 	
              By:
                MSR I SBIC Partners, LLC (its General Partner)

            
	 	 	 
	 	 	
              By:
                MSR Advisors, Inc. (its Manager)

            
	 	 	
               

               

            
	 	 	
              /s/
                Daniel A. Levinson

            
	 	 	
              
                
By:
                Daniel A. Levinson

            
	 	 	
              Its:
                President

            
	 	 	 
	 	 	 
	 	 	
              MSR
                FUND II, L.P.

            
	 	 	 
	 	 	
              MSR
                Fund II GP, LLC (its General Partner)

            
	 	 	 
	 	 	
              By:
                MSR Advisors, Inc. (its Manager)

            
	 	 	
               

               

            
	 	 	
              /s/
                Daniel A. Levinson

            
	 	 	
              
                
By:
                Daniel A. Levinson

            
	 	 	
              Its:
                President

            
	 	 	 
	 	 	 
	 	 	
              ESCROW
                AGENT:

            
	 	 	 
	 	 	
              ROBINSON
                & COLE LLP

            
	 	 	 
	 	 	 
	 	 	
              /s/
                Richard A. Krantz 

            
	 	 	
              
                
By:
                Richard A. Krantz

            
	 	 	
              Its:
                Partner

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Schedule
      A

     

    Buyers
      of Restricted Stock

     

    
      	
              Buyer

            	 	
              Number
                of Shares

            	 	
              Purchase
                Price

            	 	
              Number
                of Shares

            	 	
              Purchase
                Price

            	 
	
              Argan
                Investments LLC

            	 	 	
              1,000,000

            	 	
              $

            	
              3,750,000.00

            	 	 	
              1,000,000

            	 	
              $

            	
              3,750,000.00

            	 
	
              Allen
                SBH Investments, LLC

            	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 	 	
              173,333

            	 	
              $

            	
              649,999.00

            	 
	
              Perennial
                Partners LP

            	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 
	
              Whitney
                Green River Management Co., LLC

            	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 
	
              Westwind
                Equity Partners, LLC

            	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 
	
              MSR
                I SBIC, L.P.

            	 	 	
              92,793

            	 	
              $

            	
              347,974.00

            	 	 	
              92,793

            	 	
              $

            	
              347,974.00

            	 
	
              MSR
                Fund II, L.P.

            	 	 	
              440,540

            	 	
              $

            	
              1,652,025.00

            	 	 	
              440,540

            	 	
              $

            	
              1,652,025.00

            	 
	
              Allen
&
Company,
                LLC

            	 	 	
              80,000

            	 	$	300,000.00	 	 	
              266,667

            	 	
              $

            	
              1,000,000.00

            	 
	
              Bruce
                Allen

            	 	 	
              53,333

            	 	$	200,000.00	 	 	
              160,000

            	 	
              $

            	
              600,000.00

            	 
	
              John
                Simon

            	 	 	
              80,000

            	 	$	300,000.00	 	 	 	 	 	 	 
	
              James
                Quinn

            	 	 	
              26,667

            	 	$	100,000.00	 	 	 	 	 	 	 
	
              Mark
                Levy

            	 	 	
              6,667

            	 	$	25,000.00	 	 	 	 	 	 	 
	
              Stephen
                J. Adler

            	 	 	
              6,667

            	 	
              $

            	
              25,000.00

            	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]