<SEC-DOCUMENT>0000950123-11-037623.txt : 20110421
<SEC-HEADER>0000950123-11-037623.hdr.sgml : 20110421
<ACCEPTANCE-DATETIME>20110421121526
ACCESSION NUMBER:		0000950123-11-037623
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110419
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110421
DATE AS OF CHANGE:		20110421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARGAN INC
		CENTRAL INDEX KEY:			0000100591
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
		IRS NUMBER:				131947195
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31756
		FILM NUMBER:		11772747

	BUSINESS ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 401
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301 315-0027

	MAIL ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 401
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUROFLOW INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ULTRA DYNAMICS CORP
		DATE OF NAME CHANGE:	19830522
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c15779e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="margin-left: 0.25in; width: 7.5in;font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<!-- xbrl,dc -->
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): April 19, 2011</B></DIV>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ARGAN, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
<TD nowrap align="center" valign="top"><B>Delaware
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>001-31756
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>13-1947195</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="48%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
<TD align="center" valign="bottom"><B>One Church Street, Suite 201, Rockville, MD <BR>

</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>20850</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(301) 315-0027</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5.02(e)
&#151; Compensatory Arrangements of Certain Officers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;19, 2011, Gemma Power Systems, LLC (&#147;GPS&#148;), Gemma Power, Inc. (&#147;GPS-Connecticut&#148;) and
Gemma Power Systems California, Inc. (&#147;GPS-California&#148;), each of which is a wholly-owned subsidiary
of Argan, Inc. (&#147;Argan&#148;), and Gemma Power Hartford, LLC (&#147;GPS-Hartford&#148;) and Gemma Renewable Power,
LLC (&#147;GRP&#148;, and together with GPS, GPS-Connecticut, GPS-California and GPS-Hartford, the
&#147;Companies&#148;), each of which is a wholly-owned subsidiary of GPS, entered into an Amended and
Restated Employment Agreement, effective as of April&nbsp;1, 2011 (the &#147;Employment Agreement&#148;), with
their current Chief Executive Officer, William F. Griffin, Jr. (&#147;Griffin&#148;). The Employment
Agreement replaced Griffin&#146;s employment agreement with GPS dated as of December&nbsp;8, 2006, as amended
February&nbsp;8, 2008 and March&nbsp;5, 2009. Griffin is also the current Vice Chairman of the Boards of
Directors of GPS, GPS-Connecticut and GPS-California, and will continue to serve in such capacity
under the Employment Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the Employment Agreement, the initial term of Griffin&#146;s employment will be three
(3)&nbsp;years, commencing on April&nbsp;1, 2011, and will automatically renew for successive one (1)&nbsp;year
periods unless sooner terminated by GPS or Griffin in accordance with the terms of the Employment
Agreement. Griffin&#146;s initial annual base salary is $600,000 during the first year of his initial
three (3)&nbsp;year term, and any increases in base salary after the first year will be negotiated in
good faith by GPS and Griffin. For each fiscal year of GPS occurring within, or partially within,
the term of Griffin&#146;s employment, Griffin will be eligible for bonuses for special or extraordinary
circumstances or occurrences as, in the sole discretion of the Board of Directors of GPS, may merit
special consideration for Griffin; provided, however, that Griffin will be entitled to a minimum
bonus (the &#147;Minimum Bonus&#148;) of $400,000 for each fiscal year of GPS occurring within, or partially
within, the term of Griffin&#146;s employment (prorated as necessary for any such partial fiscal year)
and payable upon the completion of each fiscal year. For purposes of GPS&#146;s fiscal year ending
January&nbsp;31, 2012, if Griffin is employed by GPS on that date, then he will be entitled to 100% of
the Minimum Bonus.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Griffin will be permitted to participate in all employee health, retirement and insurance
benefit plans applicable to officers of the Companies, and such other plans as may from time to
time be made available or applicable to the Companies. GPS and/or the other Companies will
maintain and pay the premiums on a key-man term life insurance policy on the life of Griffin. Such
key-man term life insurance policy will name Argan as the sole beneficiary, be in an amount of not
less than $5,000,000 and remain in full force and effect for the term of Griffin&#146;s employment or
until expiration of the term of the policy. Upon the termination of Griffin&#146;s employment for any
reason, GPS and/or the other Companies will assign to Griffin any and all rights which GPS and/or
the Companies may have in and to the key-man term life insurance policy for the value of the
prepaid unearned premium. GPS will also provide Griffin with a car allowance in the amount of
$1,500 per month and GPS-paid reserved parking. Griffin is also subject to certain confidentiality
provisions under the Employment Agreement, and during the term of his employment and for two (2)
years thereafter, he is subject to certain non-competition and non-solicitation covenants as more
fully described in the Employment Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the event that Griffin&#146;s employment is terminated by GPS at the Company&#146;s Convenience (as
such term is defined in the Employment Agreement) or by Griffin for Good Reason (as such term is
defined in the Employment Agreement), Griffin will be entitled to receive severance benefits as
follows: (i)&nbsp;Griffin will continue to receive his salary for the duration of the then-current term;
(ii)&nbsp;a pro rata share of the Minimum Bonus (calculated based upon the elapsed portion of GPS&#146;s
fiscal year in which the employment termination occurs); and (iii)&nbsp;continued participation in the
Companies&#146; health and benefit plans and programs (other than the Companies&#146; 401(k) plan(s), any
other qualified retirement plan(s) or any vacation benefit) for the duration of the then-current
term, or, in the case of the Companies&#146; health plan(s), until Griffin becomes eligible for health
insurance from another source other than Medicare, subject to the terms of such continued
participation in the Companies&#146; health and benefit plans and programs as set forth in the
Employment Agreement. In the event that Griffin&#146;s employment is terminated as a result of death or
Disability (as such term is defined in the Employment Agreement), Griffin or his surviving spouse
or estate, as applicable, will be entitled to receive a pro rata share of the Minimum Bonus
(calculated based upon the elapsed portion of GPS&#146;s fiscal year in which the employment termination
occurs) and applicable health, disability or death benefits, if any, offered by GPS or the other
Companies, subject to the eligibility requirements of such benefits. In addition to the foregoing,
if Griffin&#146;s employment is terminated by GPS or he resigns for any reason, he will be entitled to
receive his salary and benefits accrued, reimbursement of expenses properly incurred, payment for
all accrued vacation calculated in accordance with GPS&#146;s standard payroll practices, in each case
through the date of termination or resignation, and any other benefits required by applicable law
for which he may be eligible.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foregoing summary of the material terms of the Employment Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the Employment
Agreement. A copy of the Employment Agreement is attached hereto as Exhibit&nbsp;10.1 to this Form 8-K
and is incorporated herein by reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;Exhibits.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description&nbsp;</TD>
</TR>


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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp; &nbsp;
10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">
Amended and Restated Employment Agreement, dated
April&nbsp;1, 2011, by and among Gemma Power Systems,
LLC, Gemma Power, Inc., Gemma Power Systems
California, Inc., Gemma Power Hartford, LLC,
Gemma Renewable Power, LLC and William F.
Griffin, Jr.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ARGAN, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: April 20, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Arthur Trudel
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Arthur Trudel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President and<BR>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c15779exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>AMENDED AND RESTATED</B></U><BR>
<U><B>EMPLOYMENT AGREEMENT</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made and entered
into as of this 1st day of April, 2011 (the &#147;<U>Effective Date</U>&#148;), by, between and among (i)
GEMMA POWER SYSTEMS, LLC, a Connecticut limited liability company (the &#147;<U>Company</U>&#148;), GEMMA
POWER, INC., a Connecticut corporation (&#147;<U>GPS-Connecticut</U>&#148;), GEMMA POWER SYSTEMS CALIFORNIA,
INC., a California corporation (&#147;<U>GPS-California</U>&#148;), GEMMA POWER HARTFORD, LLC, a Connecticut
limited liability company (&#147;<U>GPS-Hartford</U>&#148;), and GEMMA RENEWABLE POWER, LLC, a Delaware
limited liability company (&#147;<U>GRP</U>&#148;); and (ii)&nbsp;WILLIAM F. GRIFFIN, JR. (the
&#147;<U>Employee</U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>RECITALS</B></U><B>:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>R-1. </B>The Company is a wholly-owned subsidiary of Argan, Inc., a Delaware corporation
(&#147;<U>Argan</U>&#148;);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>R-2. </B>GPS-Connecticut and GPS-California are also wholly-owned subsidiaries of Argan;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>R-3. </B>GPS-Hartford and GRP are wholly-owned subsidiaries of the Company (GPS-Hartford, GRP,
GPS-Connecticut and GPS-California are sometimes hereinafter referred to together as the
&#147;<U>Affiliates</U>&#148;);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>R-4. </B>The Employee is a principal employee of the Company and the Affiliates (the Company and
the Affiliates are sometimes hereinafter referred to together as the &#147;<U>Companies</U>&#148;);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>R-5. </B>The Employee and the Company entered into that certain Employment Agreement dated as of
December&nbsp;8, 2006, as amended by that certain First Amendment thereto dated February&nbsp;8, 2008, and by
that certain Second Amendment thereto dated March&nbsp;5, 2009 (the &#147;<U>Original Employment
Agreement</U>&#148;); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>R-6. </B>The parties wish to enter into this Agreement to amend and restate the terms of the
Employee&#146;s continued employment by the Company and the Affiliates, as set forth hereinafter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW, THEREFORE</B>, in consideration of the foregoing premises, the mutual promises and covenants
set forth herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>1.&nbsp;</B><U><B>Employment</B></U><B>. </B>Each of the Companies hereby agrees to continue to employ the
Employee, and the Employee hereby agrees to accept such continued employment, subject to the terms
and conditions set forth in this Agreement. This Agreement supersedes and replaces any previous oral or written agreement concerning the Employee&#146;s
employment by the Company or the Affiliates.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>2.&nbsp;</B><U><B>Duties of the Employee</B></U>. During the &#147;<U>Term</U>&#148; (as defined below) of employment
of the Employee, the Employee shall serve as Chief Executive Officer of the Company and of each of
the Affiliates, and shall faithfully and diligently perform all services as may be assigned to him
by the Board of Directors of the Company (the &#147;<U>Company Board</U>&#148;), and shall exercise such
power and authority as may from time to time be delegated to him by the Company Board. In
addition, during the Term, the Employee shall also serve as Vice Chairman of the Company Board and
of the Boards of Directors of GPS-Connecticut and GPS-California. The Employee shall perform all
services to be rendered by him hereunder to the best of his ability, and use his best efforts to
promote the interests of the Company and the Affiliates. Notwithstanding the foregoing, it shall
not be a breach or violation of this Agreement for the Employee to manage personal investments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>3.&nbsp;</B><U><B>Term of Employment</B></U><B>. </B>Employment of the Employee pursuant to the terms and
provisions of this Agreement shall commence on the Effective Date, and shall continue for a term of
three (3)&nbsp;years thereafter (the &#147;<U>Initial Term</U>&#148;), unless earlier terminated as provided in
this Agreement. At the end of the Initial Term, the Employee&#146;s employment hereunder shall
automatically renew for successive one year terms (each, a &#147;<U>Renewal Term</U>&#148;), subject to
earlier termination as provided in this Agreement, unless the Company or the Employee delivers
written notice to the other at least three (3)&nbsp;months prior to the expiration date of the Initial
Term or any Renewal Term, as the case may be, of its or his election not to renew the term of
employment. The period during which the Employee shall be employed by the Companies pursuant to
the terms and provisions of this Agreement is sometimes referred to herein as the &#147;<U>Term</U>.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>4. </B><U><B>Compensation</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>4.1 </B><U><B>Salary</B></U><B>. </B>Subject to Section&nbsp;4.3 below, the Company shall pay the Employee
compensation at the annual rate of $600,000 (the &#147;<U>Salary</U>&#148;) during first year of the Initial
Term (i.e., April&nbsp;1, 2011 through March&nbsp;31, 2012), payable in installments consistent with the
Company&#146;s normal payroll schedule, subject to applicable withholding and other taxes. Any
increases after the first year shall be negotiated in good faith. Not later than two (2)&nbsp;months
prior to the expiration of each year of the Initial Term or of any Renewal Term, as the case may
be, the Company and the Employee shall commence discussions aimed at determining a mutually
acceptable Salary for the then impending year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>4.2 </B><U><B>Bonus</B></U><B>. </B>In addition to the Salary set forth in Section&nbsp;4.1, for each fiscal year
of the Company occurring within, or partially within, the Term, the Employee shall be eligible for
such bonus(es) for special or extraordinary circumstances or occurrences as, in the sole discretion
of the Company Board, may merit special consideration for the Employee, subject to the provisions
of Section&nbsp;4.3 below and to such approvals as may, in the judgment of the Company Board, be
necessary or appropriate from the Board
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">of
Directors of Argan, or from the Compensation Committee or other committees of the Board of Directors of Argan; provided, however, that, subject to
the provisions of Section&nbsp;11.2 and Section&nbsp;11.3 hereof, as may be applicable, the Employee shall be
entitled to a minimum bonus of $400,000 for each fiscal year of the Company occurring within, or
partially within, the Term (prorated as necessary for any such partial fiscal year during the Term)
and payable upon the completion of each fiscal year (the &#147;<U>Minimum Bonus</U>&#148;). Notwithstanding
anything to the contrary in the foregoing, the parties agree that, for purposes of the Company&#146;s
fiscal year ending January&nbsp;31, 2012, if the Employee is employed by the Company on that date, then
the Employee will be entitled to 100% of the Minimum Bonus, notwithstanding the fact that the Term
of the Employee&#146;s employment under this Agreement is deemed to commence as of April&nbsp;1, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>4.3 </B><U><B>Apportionment of Salary, Bonus and Benefits</B></U><B>. </B>Notwithstanding anything to the
contrary contained in the foregoing provisions of this Section&nbsp;4 and elsewhere in this Agreement,
Salary, Bonus and the costs of all benefit plans or programs in which the Employee participates, as
set forth in Section&nbsp;5 below, or other benefits made available to the Employee, as set forth
elsewhere in this Agreement, shall be equitably apportioned among the Company and the Affiliates in
such manner as the Company and the Affiliates shall agree among themselves, and reconciliation of
all such Employee-related costs shall be effectuated through appropriate inter-company transfers
not less frequently than annually.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>5. </B><U><B>Benefit Plans; Insurance</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>5.1 </B><U><B>Benefit Plans</B></U><B>. </B>The Employee shall be permitted to participate in all employee
health, retirement and insurance benefit plans applicable to officers of the Companies, and such
other plans as may from time to time be made available or applicable to the Companies, consistent
with the policies of the Companies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>5.2 </B><U><B>Key-Man Term Life Insurance</B></U><B>. </B>The Company and/or the Affiliates, as the case may
be, will maintain and will pay the premiums on a key-man term life insurance policy on the life of
the Employee. Such policy shall (a)&nbsp;name Argan as sole beneficiary, (b)&nbsp;be in the amount of not
less than Five Million Dollars ($5,000,000), and (c)&nbsp;remain in full force and effect for the Term,
or until the expiration of the term of said policy, if sooner. The Employee and each of the
Companies agree to take whatever action is reasonably required by the insurer to maintain such
policy in full force and effect for such time. Upon the termination of the Employee&#146;s employment
hereunder for any reason, the Company and/or the Affiliates, as the case may be, shall assign to
the Employee any and all rights which it may have in and to said insurance policy for the value of
the prepaid unearned premium thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>6.&nbsp;</B><U><B>Vacation</B></U><B>. </B>The Employee shall be entitled to unlimited paid vacation during the
Term; provided that the Employee is available by telephone during such periods of paid vacation.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>7.&nbsp;</B><U><B>Expenses</B></U><B>. </B>The Companies shall reimburse the Employee, consistent with the
Companies&#146; expense reimbursement policies and procedures and subject to receipt of appropriate
documentation, for all reasonable and necessary out-of-pocket travel, business entertainment, and
other business expenses incurred or expended by the Employee incident to the performance of his
duties hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>8.&nbsp;</B><U><B>Working Facilities; Parking; Car Allowance</B></U><B>. </B>During the Term the Company shall
furnish the Employee with an office, secretarial help and such other facilities and services
suitable to his position and adequate for the performance of his duties hereunder; and will provide
the Employee with and pay for covered (if reasonably available) and reserved parking. In addition
to the payment for covered and reserved parking costs, the Company shall provide to the Employee a
car allowance in the amount of $1,500 per month, to be used by the Employee to defray the costs of
ownership, leasing, financing, maintenance and/or operation of a car or other vehicle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>9.&nbsp;</B><U><B>Withholding</B></U>. Notwithstanding anything in this Agreement to the contrary, all
payments required to be made by the Company hereunder to the Employee or his estate or
beneficiaries shall be subject to the withholding of such amounts relating to taxes as the Company
may reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu
of withholding such amounts, in whole or in part, the Company may, in its sole discretion, accept
other provisions for payment of taxes and withholding as required by law, provided it is satisfied
that all requirements of law affecting its responsibilities to withhold have been satisfied.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>10. </B><U><B>Termination of Employment</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>10.1 </B><U><B>For Cause</B></U><B>. </B>The Company may terminate the Employee&#146;s employment at any time for
&#147;<U>Cause</U>&#148; (as defined below). For the purposes of this Agreement, &#147;<U>Cause</U>&#148; shall mean
(i)&nbsp;habitual drunkenness or any substance abuse which adversely affects the Employee&#146;s performance
of his job responsibilities; (ii)&nbsp;any illegal use of drugs; (iii)&nbsp;commission of a felony
(including, without limitation, any violation of the Foreign Corrupt Practices Act); (iv)
dishonesty materially relating to the Employee&#146;s employment; (v)&nbsp;any misconduct by the Employee
which would cause the Company or any of the Affiliates to violate any state or federal law relating
to sexual harassment or age, sex or other prohibited discrimination, or any intentional violation
of any written policy of the Companies adopted with respect to any such law; (vi)&nbsp;any other conduct
in the performance of the Employee&#146;s employment which the Employee knows or should know (either as
a result of a prior warning by any of the Companies, custom within the industry or the flagrant
nature of the conduct) violates applicable law or causes any of the Companies to violate applicable
law in any material respect; (vii)&nbsp;failure to follow the lawful written instructions of the Company
Board, if such failure continues uncured for a period of ten (10)&nbsp;days after receipt by the
Employee of written notice from the Company stating that continuation of such failure would
constitute grounds for termination for Cause; (viii)&nbsp;any violation of the confidentiality or
non-competition provisions hereof; or (ix)&nbsp;any other material violation of this Agreement.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>10.2 </B><U><B>Upon Death or Disability</B></U><B>. </B>The employment of the Employee shall automatically
terminate upon the death of the Employee and may be terminated by the Company upon the
&#147;<U>Disability</U>&#148; (as defined below) of the Employee. For purposes of this Section&nbsp;10.2, the
Employee shall be deemed &#147;<U>Disabled</U>&#148; (and termination of his employment shall be deemed to
be due to such &#147;<U>Disability</U>&#148;) if an independent medical doctor (selected by the Company&#146;s
applicable health or disability insurer) certifies that the Employee, for a cumulative period of
more than 120&nbsp;days during any 365-day period, has been disabled in a manner which seriously
interferes with his ability to perform the essential functions of his job even with a reasonable
accommodation to the extent required by law. Any refusal by the Employee to submit to a medical
examination for the purpose of certifying Disability shall be deemed conclusively to constitute
evidence of the Employee&#146;s Disability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>10.3 </B><U><B>For Convenience of the Company</B></U><B>. </B>Notwithstanding any other provisions of this
Agreement, the Company shall have the right, upon ninety (90)&nbsp;days written notice to the Employee,
to terminate the Employee&#146;s employment at the &#147;<U>Company&#146;s Convenience</U>&#148; (i.e., for reasons
other than Cause, resignation for reasons other than &#147;<U>Good Reason</U>&#148; &#091;as defined below&#093;,
death or Disability). For purposes hereof, resignation by the Employee for Good Reason also shall
be deemed to constitute termination by the Company at the Company&#146;s Convenience.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><B>10.4 </B><U><B>Resignation; Good Reason</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%"><B>(a)&nbsp;</B>The Employee shall have the right to resign at any time upon ninety (90)&nbsp;days&#146; written
notice to the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%"><B>(b)&nbsp;</B>For the purposes of this Agreement, resignation by the Employee as a result of the
following shall be deemed to constitute resignation for &#147;<U>Good Reason</U>,&#148; provided that and on
condition that the Employee has not consented to the action constituting Good Reason and such
resignation occurs within 15&nbsp;days following the occurrence of such action (or, in the case of
clause (iii)&nbsp;below, following the expiration of the 45-day cure period), and that the Employee is
not Disabled (or incapacitated in a manner which would, with the passage of time and appropriate
doctor&#146;s certification, constitute Disability) at the time of resignation: (i)&nbsp;a transfer of the
Company&#146;s offices, or a transfer of the Employee (other than on a temporary basis), to a location
which would increase the Employee&#146;s commute (by the most direct route) from his residence as of the
date hereof by more than 25 miles in each direction, or (ii)&nbsp;a material adverse change made by the
Company to the Employee&#146;s duties, responsibilities and/or working conditions such that such duties,
responsibilities and/or working conditions are inappropriate and not customary for a chief
executive officer of a similarly situated company, or (iii)&nbsp;a material breach by the Company or any
of the Affiliates of this Agreement which breach continues uncured for a period of 45&nbsp;days after
receipt by the Company of written notice thereof from the Employee specifying the breach.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>11. </B><U><B>Effect of Termination on Compensation</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>11.1 </B><U><B>Termination for Cause; Resignation</B></U><B>. </B>In the event (i)&nbsp;the Employee&#146;s employment
with the Companies is terminated by the Company for Cause, or (ii)&nbsp;the Employee resigns (for
reasons other than Good Reason), none of the Companies shall have any further liability to the
Employee hereunder, whether for Salary, benefits, or otherwise, other than for Salary and benefits
accrued, reimbursement of expenses properly incurred, payment for all accrued vacation calculated
in accordance with the Company&#146;s standard payroll practices, in each case through the date of
termination or resignation, and any other benefits required by applicable law (e.g., COBRA) for
which the Employee may be eligible.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>11.2 </B><U><B>Death or Disability</B></U><B>. </B>In the event the Employee&#146;s employment with the Companies
terminates as a result of the death of the Employee or is terminated by the Company as a result of
the Disability of the Employee, the Employee or, in the event of his death, his surviving spouse
(or his estate, if there is no surviving spouse), shall be entitled to receive his Salary and
benefits accrued, reimbursement of expenses properly incurred, a pro rata share of the Minimum
Bonus (which proration shall be calculated upon the elapsed portion of the Company&#146;s fiscal year in
which the employment termination occurs &#091;for purposes of illustration, if the Employee were to
become Disabled as of September&nbsp;1, 2012, then the Employee would be entitled to 7/12s of the
Minimum Bonus, covering the period of February&nbsp;1, 2012 through August&nbsp;31, 2012&#093;), and payment for
all accrued vacation calculated in accordance with the Company&#146;s standard payroll practices, in
each case through the date of termination, as well as applicable health, disability or death
benefits, if any, offered by the Company or the Affiliates, as the case may be, at the time
consistent with the policies of the Companies and subject to the eligibility requirements of such
benefits.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><B>11.3. </B><U><B>The Company&#146;s Convenience or Good Reason</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%"><B>(a)&nbsp;</B>In the event the Employee&#146;s employment with the Companies is terminated by the Company at
the Company&#146;s Convenience or by the Employee for Good Reason, then the Employee shall be entitled
to (i)&nbsp;continue to receive his Salary for the duration of the Term, (ii)&nbsp;a pro rata share of the
Minimum Bonus (which proration shall be calculated upon the elapsed portion of the Company&#146;s fiscal
year in which the employment termination occurs &#091;for purposes of illustration, if the Employee&#146;s
employment is terminated as of September&nbsp;1, 2012, then the Employee would be entitled to 7/12s of
the Minimum Bonus, covering the period of February&nbsp;1, 2012 through August&nbsp;31, 2012&#093;)), and (iii)
continue to participate in the Companies&#146; health and benefit plans and programs described in
Section&nbsp;5.1 other than the Companies&#146; 401(k) plan(s) and any other qualified retirement plan(s)
(but specifically excluding the vacation benefit described in Section&nbsp;6) for the duration of the
Term, or, in the case of the Companies&#146; health plan(s), until the Employee becomes eligible for
health insurance from another source other than Medicare (e.g., another employer&#146;s health insurance
program), if earlier; provided that such continued participation during such period does not cause
a plan,
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">program
or practice to cease to be qualified under any applicable law or regulation and is permitted by the plan or program, and that continuation under any such plan,
program or practice shall be limited to benefits customarily provided by the Companies to their
senior executives during the period of such continuation, and provided further that any such plan
or program shall be subject to modifications applicable to executive-level employees generally.
The compensation, allowances and benefits described in the foregoing provisions of this Section
11.3(a) (&#147;<U>Severance Benefits</U>&#148;) shall continue to be paid or provided at the times and in
the manner consistent with the standard payroll practices of the Companies for their active
executive-level employees. In addition, the Employee shall be entitled to receive his salary and
benefits accrued, reimbursement of expenses properly incurred and payment for all accrued vacation
calculated in accordance with the Company&#146;s standard payroll practices, in each case through the
date of termination. Except as provided in this Section, no other compensation or benefits
hereunder shall be payable during the balance of the Term.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%"><B>(b)&nbsp;</B>As a condition to receiving the Severance Benefits described in clause (a)&nbsp;above, the
Employee shall be required to execute and deliver to the Company, and not to have revoked, the
written confirmation described in Section&nbsp;12 and a general release of all claims the Employee may
have against the Company, the Affiliates or Argan, and their respective subsidiaries and
affiliates, and the officers, directors, shareholders, managers, members and agents of each of
them, in each case in such form as may be reasonably requested by the Company, including without
limitation all claims for wrongful termination, for employment discrimination under Title VII of
the Civil Rights Act of 1964, as amended, and claims under the Americans with Disabilities Act of
1990, the Equal Pay Act of 1963, the Age Discrimination in Employment Act of 1967, the Older
Workers Benefit Protection Act of 1990, the Civil Rights Act of 1866, the Family and Medical Leave
Act of 1993, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974 and
any equivalent state, local and municipal laws, rules and regulations). Notwithstanding the
foregoing, the Employee shall not be required to release any claims (i)&nbsp;for unpaid compensation or
other benefits remaining unpaid by the Company or the Affiliates at the time of termination, but
may be required to agree upon and acknowledge the amount, if any, thereof remaining unpaid if such
amount is calculable at the time, and (ii)&nbsp;which the Employee may have in connection with any
unexercised options to purchase common stock of Argan granted to the Employee under and pursuant to
any stock option plan maintained by Argan from time to time hereinafter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%"><B>(c)&nbsp;</B>Upon the occurrence of any material breach of this Agreement after the effective date of
employment termination (it being understood that, without limitation, any breach of Sections&nbsp;12, 13
or 14 of this Agreement shall be deemed material), the Company shall have no further liability to
pay Severance Benefits hereunder and may, in addition to exercising any other remedies it may have
hereunder or under law, immediately discontinue payment of remaining unpaid Severance Benefits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>11.4 </B><U><B>Adjustments to Comply with American Jobs Creation Act</B></U><B>. </B>In the event any of the
severance payment provisions of this Section should prove to be inconsistent with the requirements
of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended, or the regulations thereunder, the Company and the Employee shall endeavor to
amend those severance payment provisions in order to eliminate any inconsistency with Section&nbsp;409A
while ensuring, to the greatest extent possible, that the Employee will continue to be entitled to
the benefits provided under this Agreement without increase in the economic cost to either party.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>11.5 </B><U><B>COBRA Benefits</B></U><B>. </B>Should the Employee (i)&nbsp;be eligible for COBRA benefits (allowing
the Employee to maintain his health insurance benefits at his expense for up to the applicable
coverage period under COBRA) after the termination of his employment with the Companies for reasons
other than Cause, and (ii)&nbsp;make a timely affirmative election of continuation coverage under COBRA,
then, if and to the extent that continuation coverage under COBRA would apply to a period beyond
the period for which the Employee is entitled to participate in the Companies&#146; health plan(s)
pursuant to Section&nbsp;11.3(a) above, the Company will pay the monthly premium costs thereof for
coverage for the Employee, and/or his spouse and dependent children, if any, for the period(s) for
which the Employee, or his spouse and any dependent children, as the case may be, are entitled to
continuation coverage under COBRA, or until the Employee, or his spouse or any dependent children,
as the case may be, become eligible for health insurance from another source other than Medicare
(e.g., another employer&#146;s health insurance program), if earlier.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>12.&nbsp;</B><U><B>Confidentiality</B></U><B>. </B>The Employee recognizes and acknowledges that certain
information possessed by the Company and the Affiliates, and any subsidiaries and affiliates of
them, constitutes valuable, special, and unique proprietary information and trade secrets.
Accordingly, the Employee shall not, during the Term of his employment with the Companies, or at
any time thereafter, divulge, use, furnish, disclose or make available to any person, whether or
not a competitor of any of the Companies, any confidential or proprietary information concerning
the assets, business, or affairs of the Company or the Affiliates, of any affiliate or subsidiary
of them, or of its or their suppliers, customers, licensees or licensors, including, without
limitation, any information regarding trade secrets and information (whether or not constituting
trade secrets) concerning sources of supply, costs, pricing practices, financial data, business
plans, employee information, manufacturing processes, product designs, production applications and
technical processes (hereinafter called &#147;<U>Confidential Information</U>&#148;), except as may be
required by law or as may be required in the ordinary course of performing his duties hereunder.
The foregoing shall not be applicable to any information which now is or hereafter shall be in the
public domain other than through the fault of the Employee. Upon the expiration or termination of
the Employee&#146;s employment, for any reason, whether voluntary or involuntary and whether by the
Company or the Employee, or at any time the Company may request, the Employee shall (a)&nbsp;surrender
to the Company all documents and data of any kind (including data in machine-readable form) or any
reproductions (in whole or in part) of any items relating to the Confidential Information, as well
as information stored in an electronic or digital format, containing or embodying Confidential
Information, including without limitation internal and external business forms, manuals, notes,
customer lists, and computer files and programs (including information stored in any electronic or
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">digital
format), and shall not make or retain any copy or extract of any of the foregoing, and (b)&nbsp;will confirm in writing
that (i)&nbsp;no Confidential Information exists on any computers, computer storage devices or other
electronic media that were at any time within the Employee&#146;s control (other than those which remain
at, or have been returned to, the Company) and (ii)&nbsp;he has not disclosed any Confidential
Information to others outside of any of the Companies in violation of this Section. The Company
shall have the right at any time at its option to replace the hard drive in the Employee&#146;s laptop
or other computer supplied by any of the Companies with another equivalent hard drive. As used in
this Agreement, &#147;<U>affiliate</U>&#148; means, with respect to the Company or any other entity, any
person or entity controlling, controlled by or under common control with, the Company or such other
entity, including without limitation Argan, and &#147;<U>control</U>&#148; for such purpose means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a person or entity, whether through the ownership of voting securities or voting
interests, by contract or otherwise.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>13. </B><U><B>Rights in the Company&#146;s Property; Inventions</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>13.1 </B><U><B>Company Property</B></U><B>. </B>The Employee hereby recognizes the Companies&#146; proprietary
rights in the tangible and intangible property of the Companies and acknowledges that
notwithstanding the relationship of employment, the Employee will not obtain or acquire, and has
not obtained or acquired, through such employment any personal property rights in any of the
property of any of the Companies, including without limitation any writing, communications,
manuals, documents, instruments, contracts, agreements, files, literature, data, technical
information, secrets, formulas, products, methods, mailing lists, business models, business plans,
procedures, processes, devices, apparatuses, trademarks, trade names, trade styles, service marks,
logos, copyrights, patents, or other matters which are the property of any of the Companies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>13.2 </B><U><B>Inventions</B></U><B>. </B>The Employee agrees that during the Term of his employment with the
Companies and for a period of three (3)&nbsp;months thereafter, any and all discoveries, inventions,
improvements and innovations (including all data and records pertaining thereto)
(&#147;<U>Inventions</U>&#148;), whether or not patentable, copyrightable or reduced to writing, which the
Employee may have conceived or made, or may conceive or make, either alone or in conjunction with
others and whether or not during working hours or by the use of the facilities of any of the
Company, which are related or in any way connected with the Business of the Company or the
Affiliates, or any affiliate or subsidiary thereof, are and shall be the sole and exclusive
property of the Company, or the Affiliates, or any such affiliate or subsidiary thereof, as the
case may be. The Employee shall promptly disclose all such Inventions to the Company, shall
execute at the request of the Company any assignments or other documents the Company may deem
necessary to protect or perfect its or any of the Affiliates&#146; or such affiliates&#146; or subsidiaries&#146;
rights therein, and shall assist the Company, at the Company&#146;s expense, in obtaining, defending and
enforcing the Companies&#146; rights therein. The Employee hereby appoints the Company as his
attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by
the Company to protect or perfect
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">its, or any of the Affiliates&#146; or such affiliates&#146; or
subsidiaries&#146;, rights to any Inventions. For purposes of this
Agreement, the &#147;Business&#148; of the Company and the Affiliates, or any affiliate or subsidiary thereof, shall mean
the business of engineering and constructing power energy systems, providing consulting, owner&#146;s
representative, operating, and maintenance services to the energy market, and such other businesses
or enterprises in which the Company or the Affiliates, or any affiliate or subsidiary thereof,
shall be actively engaged from time to time (collectively, the &#147;<U>Business</U>&#148;).
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>14. </B><U><B>Non-Competition, Non-Solicitation Covenants</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>14.1 </B><U><B>Covenant Not to Compete</B></U><B>. </B>At all times during the Term and for a period of two
(2)&nbsp;years after the Term (the &#147;<U>Restrictive Period</U>&#148;), the Employee shall not, directly or
indirectly, alone or with others, engage in any competition with, or have any financial or
ownership interest in any sole proprietorship, corporation, company, partnership, association,
venture or business or any other person or entity (whether as an employee, officer, director,
partner, manager, member, agent, security holder, creditor, consultant or otherwise) that directly
or indirectly (or through any affiliated entity) competes with the Business of the Company or the
Affiliates, or any affiliate or subsidiary thereof; provided that such provision shall not apply to
(i)&nbsp;the Employee&#146;s ownership of Argan stock; (ii)&nbsp;the Employee&#146;s ownership of interests in entities
which may develop, own and operate (but not design or build) power plants; (iii)&nbsp;the acquisition by
the Employee, solely as an investment, of securities of any issuer that is registered under Section
12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and that are listed or admitted
for trading on any United States national securities exchange or that are quoted on the Nasdaq
Stock Market, or any similar system or automated dissemination of quotations of securities prices
in common use, so long as the Employee does not control, acquire a controlling interest in, or
become a member of a group that exercises direct or indirect control of, more than 5% of any class
of capital stock or other indicia of ownership of such issuer; or (iv)&nbsp;the Employee&#146;s ownership of
a greater than 5% interest in Megawatt Solar and membership on its board of directors. For
purposes of clause (ii)&nbsp;of this Section&nbsp;14.1 above, and for clause (b)&nbsp;of Section&nbsp;14.2 below,
&#147;develop&#148; or &#147;development of&#148; power plants shall mean the usual and customary actions taken by an
owner or potential owner of a power plant to obtain licenses, permits or other governmental
approvals required in order to own and operate a power plant, but not the designing or constructing
of a power plant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>14.2 </B><U><B>Non-Solicitation</B></U>. At all times during the Restrictive Period, the Employee shall
not, directly or indirectly, for himself or for any other person, firm, corporation, company,
partnership, association, venture or business or any other person or entity: (a)&nbsp;solicit for
employment, employ or attempt to employ or enter into any contractual arrangement with any employee
or former employee (which, for purposes of this Section&nbsp;14.2 shall mean anyone employed during the
24&nbsp;month period ending on the date of termination of the Employee&#146;s employment with the Companies)
of the Company, the Affiliates, or Argan, or any affiliate or subsidiary of any of them, except
Raymond J. Bednarz and Fred Kresse; and/or (b)&nbsp;call on or solicit any of the actual or targeted
prospective customers or clients, or any actual distributors or suppliers, of the Company (except
in connection with the Employee&#146;s
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">development,
ownership and operation (but not the designing or building) of power plants), the Affiliates, or Argan, or any affiliate or
subsidiary of any of them, on behalf of himself or on behalf of any person or entity in connection
with any business that competes with the Business of the Company, the Affiliates, or any affiliate
or subsidiary of any of them, nor shall the Employee make known the names or addresses or other
contact information of such actual or prospective customers or clients, or any such actual
distributors or suppliers, or any information relating in any manner to the Company&#146;s, or the
Affiliates&#146; or Argan&#146;s, or any of their subsidiaries&#146; or affiliates&#146;, trade or business
relationships with such actual or prospective customers or clients, or any such actual distributors
or suppliers, other than in connection with the performance by the Employee of his duties under
this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>15.&nbsp;</B><U><B>Acknowledgment by the Employee</B></U><B>. </B>The Employee acknowledges and confirms that the
restrictive covenants contained in Sections&nbsp;12, 13 and 14 hereof (including without limitation the
length of the term of the provisions of Section&nbsp;14) are required by the Companies as an inducement
to enter into this Agreement, are reasonably necessary to protect the legitimate business interests
of the Companies, and are not overbroad, overlong, or unfair and are not the result of
overreaching, duress or coercion of any kind. The Employee further acknowledges that the
restrictions contained in Sections&nbsp;12, 13 and 14 hereof are intended to be, and shall be, for the
benefit of and shall be enforceable by the Companies and their successors and assigns. The
Employee expressly agrees that upon any breach or violation of the provisions of Sections&nbsp;12, 13,
or 14 hereof, the Companies, or any of them, shall be entitled, as a matter of right, in addition
to any other rights or remedies they may have, to: (a)&nbsp;temporary and/or permanent injunctive relief
in any court of competent jurisdiction as described in Section&nbsp;16 hereof; and (b)&nbsp;such damages as
are provided at law or in equity. The existence of any claim or cause of action against any of the
Company, the Affiliates, or Argan, or their respective subsidiaries or affiliates, whether
predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement of
any of the restrictions contained in Sections&nbsp;12, 13 or 14 hereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>16. </B><U><B>Enforcement; Modification</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>16.1 </B><U><B>Injunction</B></U><B>. </B>It is recognized and hereby acknowledged by the parties hereto that
a breach by the Employee of any of the covenants contained in Sections&nbsp;12, 13 or 14 of this
Agreement will cause irreparable harm and damage to the Companies. As a result, the Employee
recognizes and hereby acknowledges that each of the Companies shall be entitled to an injunction
from any court of competent jurisdiction enjoining and restraining any violation of any or all of
the covenants contained in Sections&nbsp;12, 13 or 14 of this Agreement by the Employee or any of his
affiliates, associates, partners or agents, either directly or indirectly, and that such right to
injunction shall be cumulative and in addition to whatever other remedies the Companies may
possess.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>16.2 </B><U><B>Reformation by Court</B></U><B>. </B>In the event that a court of competent jurisdiction shall
determine that any provision of Sections&nbsp;12, 13 or 14 is invalid or more restrictive than permitted
under the governing law of such jurisdiction, then only as to enforcement of Sections&nbsp;12, 13 or 14 within the jurisdiction of such court, such provision shall be
interpreted or reformed and enforced as if it provided for the maximum restriction permitted under
such governing law.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>16.3 </B><U><B>Extension of Time</B></U><B>. </B>If the Employee shall be in violation of any provision of
Sections&nbsp;12, 13 or 14, then each time limitation set forth in Sections&nbsp;12, 13 or 14 shall be
extended for a period of time equal to the period of time during which such violation or violations
occur. If any of the Companies seeks injunctive relief from such violation in any court, then the
covenants set forth in Sections&nbsp;12, 13 and 14 shall be extended for a period of time equal to the
pendency of such proceeding including all appeals by either of the Sellers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>16.4 </B><U><B>Survival</B></U>. The provisions of Sections&nbsp;12, 13, 14 and 15, and of this Section&nbsp;16,
shall survive the termination of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>16.5 </B><U><B>Purchase Agreement</B></U><B>. </B>Notwithstanding anything to the contrary contained in this
Agreement, nothing herein shall limit or otherwise affect the restrictive covenants applicable to
the Employee, as Seller, under and pursuant to the terms, covenants and conditions of that certain
Membership Interest Purchase Agreement dated December&nbsp;8, 2006 (the &#147;<U>Purchase Agreement</U>&#148;) by
and among Argan, the Company, the Employee and the other parties named therein, including without
limitation the covenant not to compete for a period of five years from the Closing Date (as defined
in the Purchase Agreement), all of which such restrictive covenants shall remain in full force and
effect in accordance with the terms and conditions of the Purchase Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>17.&nbsp;</B><U><B>Assignment</B></U><B>. </B>Each of the Company and the Affiliates shall have the right to assign
this Agreement and its rights and obligations hereunder in whole, but not in part, to any
corporation or other entity with or into which the Company or such Affiliate, as the case may be,
may hereafter merge or consolidate or to which the Company or such Affiliate may transfer all or
substantially all of its assets, if in any such case said corporation or other entity shall by
operation of law or expressly in writing assume all obligations of the Company or such Affiliate
hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign
this Agreement or its rights and obligations hereunder. The Employee may not assign or transfer
this Agreement or any rights or obligations hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>18.&nbsp;</B><U><B>Benefits; Binding Effect</B></U><B>. </B>This Agreement shall be for the benefit of and binding
upon the parties hereto and their respective heirs, personal representatives, legal
representatives, successors and, where permitted and applicable, assigns, including, without
limitation, any successor to the Company or any Affiliate, whether by merger, consolidation, sale
of stock, sale of assets or otherwise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>19.&nbsp;</B><U><B>Severability</B></U>. The invalidity of any one or more of the words, phrases, sentences,
clauses, provisions, sections or articles contained in this Agreement shall not affect the
enforceability of the remaining portions of this Agreement or any part thereof, all of
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">which are
inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses, provisions, sections or articles
contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such
invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, provisions or
provisions, section or sections or article or articles had not been inserted. If such invalidity
is caused by length of time or size of area, or both, the otherwise invalid provision will be
considered to be reduced to a period or area which would cure such invalidity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>20.&nbsp;</B><U><B>Waivers</B></U><B>. </B>The waiver by either party hereto of a breach or violation of any term
or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent
breach or violation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>21.&nbsp;</B><U><B>Damages; Attorneys Fees</B></U><B>. </B>Nothing contained herein shall be construed to prevent
the Company or any Affiliate, on the one hand, or the Employee, on the other, from seeking and
recovering from the other damages sustained as a result of the other&#146;s breach of any term or
provision of this Agreement. In the event that either party hereto seeks to collect any damages
resulting from, or the injunction of any action constituting, a breach of any of the terms or
provisions of this Agreement, then the party found to be at fault shall pay all reasonable costs
and attorneys&#146; fees of the other party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>22.&nbsp;</B><U><B>Section&nbsp;Headings</B></U>. The article, section and paragraph headings contained in this
Agreement are for reference purposes only, and shall not affect in any way the meaning or
interpretation of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>23.&nbsp;</B><U><B>No Third Party Beneficiary</B></U>. Nothing expressed or implied in this Agreement is
intended, or shall be construed, to confer upon or give any person other than the parties hereto
and their respective heirs, personal representatives, legal representatives, successors and
permitted assigns, any rights or remedies under or by reason of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>24.&nbsp;</B><U><B>Counterparts</B></U><B>. </B>This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together shall constitute one and the
same.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>25.&nbsp;</B><U><B>Governing Law</B></U>. This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Connecticut, without regard to principles of
conflict of laws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>26.&nbsp;</B><U><B>Jurisdiction and Venue</B></U><B>. </B>Each of the parties irrevocably and unconditionally: (a)
agrees that any suit, action or legal proceeding arising out of or relating to this Agreement which
is expressly permitted by the terms of this Agreement to be brought in a court of law, shall be
brought in the Superior Court of the State of Connecticut for the Judicial District of Hartford or
in the United States District Court for the District of Connecticut; (b)&nbsp;consents to the
jurisdiction of each such court in any such suit, action or proceeding; (c)&nbsp;waives any objection
which it or he may have to the laying of venue of any such suit, action or proceeding in any of
such courts; and (d)&nbsp;agrees that service of any court papers may be effected on such party by mail, as provided in this Agreement,
or in such other manner as may be provided under applicable laws or court rules in such courts.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>27.&nbsp;</B><U><B>Notices</B></U><B>. </B>All notices required or permitted to be given hereunder shall be in
writing and shall be personally delivered by courier, sent by registered or certified mail, return
receipt requested, sent by overnight courier, or sent by confirmed facsimile transmission addressed
as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier
shall be deemed given on the date of delivery and notices mailed in accordance with the foregoing
shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return
receipt thereof, or three days after deposit in the U.S. mail. Notice shall be sent: (a)&nbsp;if to the
Company or to any Affiliate, addressed to the Company or such Affiliate, as the case may be, One
Church Street, Suite&nbsp;201, Rockville, Maryland 20850, Attention: Arthur F. Trudel; and (b)&nbsp;if to the
Employee, to his address as reflected on the payroll records of the Company, or to such other
address as either party shall request by notice to the other in accordance with this provision.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>28.&nbsp;</B><U><B>Entire Agreement</B></U><B>. </B>This Agreement constitutes the entire agreement between and
among the parties hereto with respect to the subject matter hereof and, upon its effectiveness,
shall supersede all prior agreements, understandings and arrangements, both oral and written,
between the Employee and the Company and/or the Affiliates with respect to such subject matter,
including without limitation the Original Employment Agreement. This Agreement may not be modified
in any way unless by a written instrument signed by the Companies and the Employee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;SIGNATURES ON FOLLOWING PAGES&#093;</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, each of the undersigned has executed, or has caused its duly authorized
representative to execute, this Agreement as of the date first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE COMPANY</B>:<BR>
<BR>
<B>GEMMA POWER SYSTEMS, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE AFFILIATES:<BR>
<BR>
GEMMA POWER, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GEMMA POWER SYSTEMS<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALIFORNIA, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-bottom: 0px solid #000000">Name:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GEMMA POWER HARTFORD, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-bottom: 0px solid #000000">Name:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GEMMA RENEWABLE POWER, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE EMPLOYEE:</B>
</tr>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD colspan="3" align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>


<tr>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD colspan="3" align="left">

<B>WILLIAM F. GRIFFIN, JR.</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
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