Sec Form 13D Filing - MSR I SBIC LP filing for ARGAN INC (AGX) - 2013-10-01

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

 

 

Argan, Inc.

(Name of Issuer)

Common Stock, par value $0.15

(Title of Class of Securities)

04010E 10 9

(CUSIP Number)

Cheryl L. Johnson

Levett Rockwood P.C.

33 Riverside Avenue

Westport, Connecticut 06880

(203) 222-0885

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

November 13, 2012

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.   ¨

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No 04010E 10 9   Page 2 of 20

 

  (1)   

Names of reporting persons

 

MSR I SBIC, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨

 

  (3)  

SEC use only

 

  (4)  

Source of funds (see instructions)

 

Not applicable

  (5)  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)  ¨

 

  (6)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

     (7)    

Sole Voting Power

 

292,336

     (8)   

Shared Voting Power

 

0

     (9)   

Sole Dispositive Power

 

292,336

   (10)   

Shared Dispositive Power

 

0

(11)  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

292,336

(12)  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

(13)  

Percent of Class Represented by Amount in Row (11)

 

2.1%

(14)  

Type of Reporting Person (See Instructions)

 

PN

 


CUSIP No 04010E 10 9   Page 3 of 20

 

  (1)   

Names of reporting persons

 

MSR Fund II, L.P.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨

 

  (3)  

SEC use only

 

  (4)  

Source of funds (see instructions)

 

Not applicable

  (5)  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)  ¨

 

  (6)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

     (7)    

Sole Voting Power

 

146,545

     (8)   

Shared Voting Power

 

0

     (9)   

Sole Dispositive Power

 

146,545

   (10)   

Shared Dispositive Power

 

0

(11)  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

146,545

(12)  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

(13)  

Percent of Class Represented by Amount in Row (11)

 

1.1%

(14)  

Type of Reporting Person (See Instructions)

 

PN

 


CUSIP No 04010E 10 9   Page 4 of 20

 

  (1)   

Names of reporting persons

 

MSR Fund II GP, LLC

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨

 

  (3)  

SEC use only

 

  (4)  

Source of funds (see instructions)

 

Not applicable

  (5)  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)  ¨

 

  (6)  

Citizenship or place of organization

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

     (7)    

Sole Voting Power

 

0

     (8)   

Shared Voting Power

 

146,545 (1)

     (9)   

Sole Dispositive Power

 

0

   (10)   

Shared Dispositive Power

 

146,545 (1)

(11)  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

146,545 (1)

(12)  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

(13)  

Percent of Class Represented by Amount in Row (11)

 

1.1%

(14)  

Type of Reporting Person (See Instructions)

 

OO

 

(1)  MSR Fund II GP, LLC may be deemed to indirectly beneficially own 146,545 shares of Common Stock held directly by MSR Fund II, L.P.


CUSIP No 04010E 10 9   Page 5 of 20

 

  (1)   

Names of reporting persons

 

Tri-Lev LLC

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨

 

  (3)  

SEC use only

 

  (4)  

Source of funds (see instructions)

 

Not applicable

  (5)  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)  ¨

 

  (6)  

Citizenship or place of organization

 

Connecticut

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

     (7)    

Sole Voting Power

 

3,000

     (8)   

Shared Voting Power

 

0

     (9)   

Sole Dispositive Power

 

3,000

   (10)   

Shared Dispositive Power

 

0

(11)  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

3,000

(12)  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

(13)  

Percent of Class Represented by Amount in Row (11)

 

0%

(14)  

Type of Reporting Person (See Instructions)

 

OO

 


CUSIP No 04010E 10 9   Page 6 of 20

 

  (1)   

Names of reporting persons

 

MSR Advisors, Inc.

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨

 

  (3)  

SEC use only

 

  (4)  

Source of funds (see instructions)

 

WC

  (5)  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)  ¨

 

  (6)  

Citizenship or place of organization

 

Connecticut

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

     (7)    

Sole Voting Power

 

0

     (8)   

Shared Voting Power

 

438,881 (1)

     (9)   

Sole Dispositive Power

 

0

   (10)   

Shared Dispositive Power

 

438,881 (1)

(11)  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

438,881 (1)

(12)  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

(13)  

Percent of Class Represented by Amount in Row (11)

 

3.2%

(14)  

Type of Reporting Person (See Instructions)

 

CO

 

(1) MSR Advisors, Inc. may be deemed to indirectly beneficially own (i) 292,336 shares of Common Stock held directly by MSR I SBIC, L.P. and (ii) 146,545 shares of Common Stock held directly by MSR Fund II, L.P.


CUSIP No 04010E 10 9   Page 7 of 20

 

  (1)   

Names of reporting persons

 

MSR I SBIC Partners, LLC

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨

 

  (3)  

SEC use only

 

  (4)  

Source of funds (see instructions)

 

Not applicable

  (5)  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)  ¨

 

  (6)  

Citizenship or place of organization

 

Connecticut

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

     (7)    

Sole Voting Power

 

0

     (8)   

Shared Voting Power

 

292,336 (1)

     (9)   

Sole Dispositive Power

 

0

   (10)   

Shared Dispositive Power

 

292,336 (1)

(11)  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

292,336 (1)

(12)  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

(13)  

Percent of Class Represented by Amount in Row (11)

 

2.1%

(14)  

Type of Reporting Person (See Instructions)

 

OO

 

(1) MSR I SBIC Partners, LLC may be deemed to indirectly beneficially own 292,336 shares of Common Stock held directly by MSR I SBIC, L.P.


CUSIP No 04010E 10 9   Page 8 of 20

 

  (1)   

Names of reporting persons

 

Daniel A. Levinson

  (2)  

Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨

 

  (3)  

SEC use only

 

  (4)  

Source of funds (see instructions)

 

Not applicable

  (5)  

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)  ¨

 

  (6)  

Citizenship or place of organization

 

United States

Number of

shares

beneficially

owned by

each

reporting

person

with:

 

     (7)    

Sole Voting Power

 

0

     (8)   

Shared Voting Power

 

441,881 (1)

     (9)   

Sole Dispositive Power

 

0

   (10)   

Shared Dispositive Power

 

441,881 (1)

(11)  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

441,881 (1)

(12)  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

(13)  

Percent of Class Represented by Amount in Row (11)

 

3.2%

(14)  

Type of Reporting Person (See Instructions)

 

IN

 

(1) Mr. Levinson may be deemed to indirectly beneficially own (i) 292,336 shares of Common Stock held directly by MSR I SBIC, L.P., (ii) 146,545 shares of Common Stock held directly by MSR Fund II, L.P., and (iii) 3,000 shares of Common Stock held directly by Tri-Lev LLC.


CUSIP No 04010E 10 9    Page 9 of 20

 

ITEM 1.     SECURITY AND ISSUER

This Statement on Schedule 13D (this “Schedule13 D”) relates to the common stock, par value $0.15 per share (the “Common Stock”), of Argan, Inc., a Delaware corporation (the “Issuer”).

The address of Issuer’s principal office is One Church Street, Suite 201, Rockville, MD 20850.

ITEM 2.     IDENTITY AND BACKGROUND

This Schedule 13D is being filed on behalf of MSR I SBIC, L.P., a Delaware limited partnership (“MSRI”), MSR Advisors, Inc., a Connecticut corporation (“MSRA”), MSR I SBIC Partners, LLC, a Connecticut limited liability company (“MSRI Partners”), Tri-Lev LLC, a Connecticut limited liability company (“Tri-Lev”), MSR Fund II, L.P., a Delaware limited partnership (“Fund II”), MSR Fund II GP, LLC, a Delaware limited liability company (“Fund II GP”), and Daniel A. Levinson, an individual and citizen of the United States (“Levinson” and, collectively with MSRI, MSRA, MSRI Partners, Tri-Lev, Fund II, and Fund II GP, the “Reporting Persons”).

Appendix A attached hereto and incorporated herein by reference sets forth with respect to each general partner, executive officer and director of MSRI, MSRA, MSRI Partners, Tri-Lev, Fund II and Fund II GP the following information: (a) name; (b) residence or business address; (c) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted; and (d) citizenship of such person.

MSRI’s principal business is to invest in small to mid-sized companies with less than $18,000,000 in net worth. The principal business address of MSRI is One Morningside Drive North – Building B, Westport, Connecticut 06880.

Fund II’s principal business is to invest in small to mid-size companies. The principal business address of Fund II is One Morningside Drive North – Building B, Westport, Connecticut 06880.

Fund II GP’s principal business is acting as the general partner of Fund II. The principal business address of Fund II GP is One Morningside Drive North – Building B, Westport, Connecticut 06880.

Tri-Lev’s principal business is investing in a variety of investments. The principal business address of Tri-Lev is One Morningside Drive North – Building B, Westport, Connecticut 06880.

MSRA’s principal business is to act as an investment counselor and portfolio manager of certain funds. The principal business address of MSRA is One Morningside Drive North – Building B, Westport, Connecticut 06880.


CUSIP No 04010E 10 9    Page 10 of 20

 

MSRI Partners’ principal business is acting as the general partner of MSRI. The principal business address of MSRI Partners is One Morningside Drive North – Building B, Westport, Connecticut 06880.

Levinson’s principal business is acting as the president of MSRA. Levinson’s principal business address is One Morningside Drive North – Building B, Westport, Connecticut 06880.

None of the Reporting Persons or the individuals listed in Appendix A has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.

None of the Reporting Persons or the individuals listed in Appendix A has been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining further violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws during the last five years.

ITEM 3.     SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

This Amendment No. 5 to Schedule 13D is being filed to report the sale of shares of Common Stock of the Issuer by MSRI and Fund II.

On August 23, 2012, MSRA acquired 32,000 shares of Common Stock of the Issuer through the exercise of a warrant. The aggregate purchase price for the shares was $248,000. These shares were then sold by MSRA in September 2012.

ITEM 4.     PURPOSE OF TRANSACTION

This Amendment No. 5 to Schedule 13D is being filed to report the sale of shares of Common Stock of the Issuer by MSRI and Fund II.

The shares of Common Stock of the Issuer acquired by MSRA on August 23, 2012 were acquired for the purpose of making an investment in the Issuer and not with the present intention of acquiring control of the Issuer’s business.

ITEM 5.     INTEREST IN SECURITIES OF THE ISSUER

(a) and (b) The table below sets forth the number of shares of Common Stock directly and indirectly beneficially owned by each Reporting Person based on the number of shares of Common Stock reported to be outstanding on September 3, 2013, in the Issuer’s Quarterly Report on Form 10-Q for the period ended July 31, 2013, as filed with the Securities and Exchange Commission on September 6, 2013. Each Reporting Person expressly disclaims beneficial ownership of any securities beneficially owned by any other Reporting Person.


CUSIP No 04010E 10 9    Page 11 of 20

 

Due to their relationship with one another, the Reporting Persons may be deemed to constitute a “group” under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Act”), with respect to their beneficial ownership of the shares of Common Stock. The Reporting Persons, however, expressly disclaim such status and declare that the filing of this Schedule 13D is not and should not be deemed an admission that any Reporting Person, for purposes of Section 13(d) of the Act or otherwise, is the beneficial owner of the shares of Common Stock held by any other Reporting Person.

 

Reporting

Persons

  

Number of Shares With

Sole Voting and Dispositive

Power

    

Number of Shares With

Shared Voting

and Dispositive Power

   

Aggregate

Number of Shares

Beneficially Owned

   

Percentage

of Class

Beneficially

Owned

 

MSRI

     292,336         0       292,336        2.1

Fund II

     146,545         0        146,545        1.1

Fund II GP

     0         146,545 (1)      146,545 (1)      1.1

Tri-Lev

     3,000         0        3,000        0

MSRA

     0         438,881 (2)     438,881 (2)      3.2

MSRI Partners

     0         292,336 (3)      292,336 (3)      2.1

Daniel A. Levinson

     0         441,881 (4)      441,881 (4)      3.2

 

(1) Fund II GP may be deemed to indirectly beneficially own 146,545 shares of common stock held directly by Fund II.
(2) MSRA may be deemed to indirectly beneficially own 292,336 shares of common stock held directly by MSRI and 146,545 shares of common stock held directly by Fund II.
(3) MSRI Partners may be deemed to indirectly beneficially own 292,336 shares of common stock held directly by MSRI.
(4) Mr. Levinson may be deemed to indirectly beneficially own (i) 292,336 shares of common stock held directly by MSRI, (ii) 146,545 shares of common stock held directly by Fund II, and (iii) 3,000 shares of common stock held directly by Tri-Lev.


CUSIP No 04010E 10 9    Page 12 of 20

 

  (c) Set forth below are the transactions in the Common Stock of the Issuer by the Reporting Persons since Amendment No. 4 to the Schedule 13D was filed on January 4, 2007:

 

  1. MSRI

MSRI made the following sales of Common Stock of the Issuer through Allen & Company LLC, a registered broker-dealer:

 

Date of

Transaction

   Number of
Shares Sold
     Price Per
Share
 

9/21/2012

     7,400       $ 17.1452   

9/24/2012

     8,575       $ 17.1097   

9/25/2012

     15,200       $ 17.1268   

9/26/2012

     11,535       $ 17.2944   

9/27/2012

     27,788       $ 17.8051   

9/28/2012

     6,975       $ 17.7901   

10/1/2012

     2,527       $ 17.8750   

10/5/2012

     6,000       $ 17.8163   

10/8/2012

     2,398       $ 17.7962   

10/9/2012

     11,602       $ 17.3234   

10/11/2012

     3,500       $ 17.1917   

10/15/2012

     3,153       $ 17.1572   

10/16/2012

     13,347       $ 17.3769   

10/17/2012

     2,629       $ 17.1625   

10/18/2012

     8,771       $ 17.2768   

10/19/2012

     8,600       $ 17.2769   

10/25/2012

     15,000       $ 17.3395   

10/26/2012

     5,000       $ 17.3110   

11/12/2012

     18,000       $ 18.1495   

11/13/2012

     22,200       $ 18.2058   

11/14/2012

     1,100       $ 18.0341   

11/15/2012

     28,700       $ 18.1320   

11/19/2012

     61,070       $ 18.5410   

11/20/2012

     32,000       $ 18.5565   

11/21/2012

     10,687       $ 18.5650   

11/27/2012

     67       $ 18.2500   

11/28/2012

     6,000       $ 18.2635   

11/29/2012

     40,264       $ 18.2712   

11/30/2012

     86,285       $ 18.5358   

12/3/2012

     30,000       $ 19.1071   

12/4/2012

     20,000       $ 19.0059   

12/12/2012

     3,200       $ 19.3232   

12/13/2012

     533       $ 19.2850   

12/19/2012

     26,000       $ 19.3141   

12/20/2012

     2,856       $ 19.3012   

12/27/2012

     6,667       $ 18.2233   

12/28/2012

     3,535       $ 18.1337   

12/31/2012

     28,230       $ 18.0337   


CUSIP No 04010E 10 9    Page 13 of 20

 

  2. Fund II

Fund II made the following sales of Common Stock of the Issuer through Allen & Company LLC, a registered broker-dealer:

 

Date of

Transaction

   Number of
Shares Sold
     Price Per
Share
 

10/3/2012

     10,000       $ 17.5430   

10/4/2012

     20,000       $ 17.7908   

10/5/2012

     10,000       $ 17.8237   

10/9/2012

     6,900       $ 17.3951   

10/10/2012

     1,908       $ 17.1712   

10/11/2012

     1,192       $ 17.4108   

10/16/2012

     5,000       $ 17.2403   

10/17/2012

     5,000       $ 17.3355   

10/22/2012

     2,100       $ 17.1790   

10/24/2012

     6,874       $ 17.1695   

10/25/2012

     1,026       $ 17.2907   

10/26/2012

     4,886       $ 17.2920   

10/31/2012

     5,114       $ 17.4656   

11/1/2012

     10,000       $ 17.7017   

11/2/2012

     10,000       $ 17.7000   

11/5/2012

     13,000       $ 17.8011   

11/6/2012

     7,000       $ 18.1988   

11/6/2012

     5,000       $ 18.2916   

11/7/2012

     5,000       $ 18.3022   

11/8/2012

     20,000       $ 18.2009   

11/16/2012

     38,930       $ 18.1963   

11/20/2012

     16,000       $ 18.5565   

11/21/2012

     5,343       $ 18.5650   

11/27/2012

     33       $ 18.2500   

11/28/2012

     3,000       $ 18.2635   

11/29/2012

     20,103       $ 18.2712   

12/3/2012

     15,000       $ 19.1071   

12/4/2012

     10,000       $ 19.0059   

12/12/2012

     1,700       $ 19.3232   

12/13/2012

     267       $ 19.2850   

12/19/2012

     13,000       $ 19.3141   

12/20/2012

     1,426       $ 19.3012   

12/27/2012

     3,333       $ 18.2233   

12/28/2012

     1,765       $ 18.1337   

12/31/2012

     14,095       $ 18.0337   


CUSIP No 04010E 10 9    Page 14 of 20

 

  3. MSRA

MSRA acquired 32,000 shares of Common Stock of the Issuer on August 23, 2012, through the exercise of a warrant. The purchase price per share was $7.75. These shares where then sold by MSRA through Allen & Company LLC, a registered broker-dealer, as follows:

 

Date of

Transaction

   Number of
Shares Sold
     Price Per
Share
 

9/17/2012

     4,000       $ 16.9933   

9/18/2012

     9,000       $ 16.9323   

9/19/2012

     10,100       $ 17.0618   

9/20/2012

     8,900       $ 17.0733   


CUSIP No 04010E 10 9    Page 15 of 20

 

(d) No other persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock held by the Reporting Persons.

(e) (1) MSRI ceased to beneficially own more than 5% of the Issuer’s Common Stock on November 13, 2012.

(2) MSRA ceased to beneficially own more than 5% of the Issuer’s Common Stock on December 4, 2012.

(3) MSRI Partners ceased to beneficially own more than 5% of the Issuer’s Common Stock on November 13, 2012.

(4) Levinson ceased to beneficially own more than 5% of the Issuer’s Common Stock on December 4, 2012.

ITEM 6.     CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

There are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer.

ITEM 7.     MATERIAL FILED AS EXHIBITS

 

  1. Joint Filing Agreement, dated December 28, 2006.


CUSIP No 04010E 10 9    Page 16 of 20

 

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: September 30, 2013

 

MSR I SBIC, L.P.
By:  

 /s/ Daniel Levinson

Name:  Daniel Levinson
Title:    President, MSR Advisors, Inc.
Tri-Lev LLC
By:  

 /s/ Daniel Levinson

Name:  Daniel Levinson
Title:    Managing Member
MSR Advisors, Inc.
By:  

 /s/ Daniel Levinson

Name:  Daniel Levinson
Title:    President
MSR I SBIC Partners, LLC
By:  

 /s/ Daniel Levinson

Name:  Daniel Levinson
Title:    President, MSR Advisors, Inc.
MSR Fund II, L.P.
By:  

 /s/ Daniel Levinson

Name:  Daniel Levinson
Title:    President, MSR Advisors, Inc.
MSR Fund II GP, LLC
By:  

 /s/ Daniel Levinson

Name:  Daniel Levinson
Title:    President, MSR Advisors, Inc.
By:  

 /s/ Daniel Levinson

Name:  Daniel Levinson


CUSIP No 04010E 10 9    Page 17 of 20

 

APPENDIX A

MSR Advisors, Inc., a Connecticut corporation (“MSRA”); Investment Advisor to MSRI and Fund II and Manager of Tri-Lev, MSRI Partners and Fund II GP

The individual listed below is a resident of the United States and has his business address at One Morningside Drive North – Building B, Westport, Connecticut 06880. The listed individual’s position with MSRA is also his principal occupation.

 

NAME/PLACE OF CITIZENSHIP   POSITION WITH MSRA

Daniel A. Levinson

  Sole Shareholder/President

MSR I SBIC Partners, LLC, a Connecticut limited liability company (“MSRI Partners”): General Partner of MSRI

The individual listed below is a resident of the United States.

 

NAME/PLACE OF

CITIZENSHIP

  POSITION WITH MSRI
PARTNERS
 

PRINCIPAL

OCCUPATION

 

PRINCIPAL

BUSINESS/RESIDENTIAL

ADDRESS

Daniel A. Levinson

  Managing Member   President of MSRA  

One Morningside Drive North –

Building B

Westport, Connecticut 06880

MSR Advisors, Inc.

  Manager  

Investment Counselor and

Portfolio Manager

 

One Morningside Drive North –

Building B

Westport, Connecticut 06880

MSR I SBIC, L.P., a Delaware limited partnership (“MSRI”)

The person listed below has its business address at One Morningside Drive North – Building B, Westport, Connecticut 06880. MSRI Partners’ principal occupation is also its position with MSRI.

 

NAME/PLACE OF CITIZENSHIP   POSITION WITH MSRI

MSR I SBIC Partners, LLC

  General Partner

Tri-Lev LLC, a Connecticut limited liability company

Each of the listed individuals is a resident of the United States.

 

NAME/PLACE OF

CITIZENSHIP

 

POSITION WITH TRI-

LEV LLC

 

PRINCIPAL

OCCUPATION

 

PRINCIPAL

BUSINESS/RESIDENTIAL
ADDRESS

Daniel A. Levinson

  Managing Member   President of MSRA  

One Morningside Drive North –

Building B

Westport, Connecticut 06880

MSR Advisors, Inc.

  Manager  

Investment Counselor and

Portfolio Manager

 

One Morningside Drive North –

Building B

Westport, Connecticut 06880

Jonathan Levinson

  Member   Private Investor  

75 Dorchester Road,

Scarsdale, New York 10583

Deborah Weber

  Member   Homemaker  

220 Mulbury Road,

Orange, Connecticut 06477


CUSIP No 04010E 10 9    Page 18 of 20

 

MSR Fund II, L.P., a Delaware limited partnership (“Fund II”)

The person listed below has its business address at One Morningside Drive North – Building B, Westport, Connecticut 06880. Fund II GP’s principal occupation is also its position with Fund II.

 

NAME/PLACE OF CITIZENSHIP   POSITION WITH FUND II

MSR Fund II GP, LLC

  General Partner

MSR Fund II GP, LLC, a Delaware limited liability company (“Fund II GP”): General Partner of Fund II

The individual listed below is a resident of the United States and has his business address at One Morningside Drive North – Building B, Westport, Connecticut 06880.

 

NAME/PLACE OF CITIZENSHIP   POSITION WITH FUND II   PRINCIPAL OCCUPATION

Daniel A. Levinson

  Managing Member   President of MSRA