X0306 4 2014-02-19 1 0000225051 ARDEN GROUP INC ARDNA 0001162644 DANHAKL JOHN G 2020 S. CENTRAL AVENUE COMPTON CA 90220 1 Stock Appreciation Rights 2014-02-19 4 D 0 7000 D Class A Common Stock 7000 0 D Disposed of pursuant to an Agreement and Plan of Merger, dated as of December 20, 2013 (the "Merger Agreement"), among the issuer, GRCY Holdings, Inc. and GRCY Acquisition, Inc. in exchange for cash merger consideration of $126.50 per share. This stock appreciation right was exercisable in 25% increments on each of January 15, 2013, 2014, 2015 and 2016. Effective as of the Effective Time, as defined under the Merger Agreement (the "Effective Time"), and pursuant to the terms of the Merger Agreement, this stock appreciation right became exercisable in full, was cancelled and was converted into the right to receive cash equal to the product of (a) the excess of $126.50 (the merger consideration) over the current base price of $90 under this stock appreciation right, multiplied by (b) the number of stock appreciation rights subject to such award (less any applicable withholding taxes), which amount is due and payable as soon as practicable after the Effective Time but in no event later than seven days thereafter. /s/ John G. Danhakl 2014-02-19