[Form 4/A] Argan, Inc Amended Insider Trading Activity

Rhea-AI Filing Summary

Charles E. Collins IV, Chief Executive Officer of Argan, Inc. (AGX), reported amended insider transactions on Form 4/A. On 07/29/2025 he exercised 1,500 stock options at $46.35 and sold the same 1,500 shares on the open market at an average price of $241.50, leaving him with 22,506 shares. On 07/31/2025 he exercised 2,735 options at $46.35 and 2,265 options at $43.10, then sold 5,000 shares on the open market at an average price of $245, resulting in 21,006 shares beneficially owned following the reported transactions. The filings list option exercise dates and original grant dates and show the exercises were from options granted 01/11/2019 and 09/12/2019. The Form is signed by Mr. Collins on 08/29/2025.

Positive

• Retains meaningful ownership: 21,006 shares beneficially owned after transactions
• Transparency: Amended Form 4 clarifies option exercises and open-market sales with specific prices and grant dates

Negative

• Insider sales: 6,500 shares sold on the open market (1,500 at $241.50 and 5,000 at $245), which may be viewed negatively by some investors
• Increase in shares issued: Total of 6,500 option shares exercised, diluting existing shareholders by the exercised amount

Insights

Corporate Governance Expert

TL;DR: Insider exercised long-held options and sold shares, but retains meaningful ownership; activity appears routine and nondisclosive of new corporate events.

The report documents option exercises from grants dated 01/11/2019 and 09/12/2019 and subsequent open-market sales. Such exercises and sales are common when options vest and are exercised for liquidity or tax reasons. Mr. Collins still holds 21,006 shares after the transactions, indicating continued direct ownership. The Form 4/A is an amended filing clarifying transaction details; no new corporate actions, compensation changes, or material disclosures beyond the transactions are reported here.

Securities Analyst

TL;DR: Transactions are material for share count and insider sales disclosure but do not alone imply change in company fundamentals.

Reported activity: exercised 6,500 option shares in total across two grant dates at exercise prices of $46.35 and $43.10, and sold 6,500 shares in two open-market trades averaging $241.50 and $245. The exercises increased net shares issued and the sales reduced Mr. Collins' direct holding to 21,006 shares. From a market-impact perspective, disclosed insider sales at these prices are notable for transparency but are routine in scope relative to typical executive option exercises; the filing contains no information about use of proceeds or any hedging arrangements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Collins Charles Edwin IV

(Last) (First) (Middle)

C/O ARGAN, INC.

4075 WILSON BLVD, SUITE 440

(Street)

ARLINGTON VA 22203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARGAN INC [ AGX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER, GEMMA

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/01/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/29/2025		M		1,500(1)	A	$46.35	22,506	D
Common Stock	07/29/2025		S		1,500(2)	D	$241.5	21,006	D
Common Stock	07/31/2025		M		2,735(3)	A	$46.35	23,741	D
Common Stock	07/31/2025		M		2,265(4)	A	$43.1	26,006	D
Common Stock	07/31/2025		S		5,000(5)	D	$245	21,006	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to Purchase Common Stock	$46.35	07/29/2025		M			1,500(1)	01/11/2019	01/11/2028	Common Stock	1,500	$46.35	57,235	D
Option to Purchase Common Stock	$46.35	07/31/2025		M			2,735(3)	01/11/2019	01/11/2028	Common Stock	2,735	$46.35	54,500	D
Option to Purchase Common Stock	$43.1	07/31/2025		M			2,265(4)	09/12/2019	09/12/2028	Common Stock	2,265	$43.1	52,235	D

Explanation of Responses:

1. On July 29, 2025 the Reporting Person exercised a portion of his stock option awarded on January 11, 2018 to purchase 1,500 shares of the Issuer's common stock at price of $46.35 per share.

2. On July 29, 2025 the Reporting Person sold 1,500 shares of common stock on the open market at an average price of $241.50 per share.

3. On July 31, 2025, the Reporting Person exercised the remainder of his stock option awarded on January 11, 2018 to purchase 2,735 shares of the Issuer's common stock at a price of $46.35 per share.

4. On July 31, 2025, the Reporting Person exercised a portion of his stock option awarded on September 12, 2018 to purchase 2,265 shares of the Issuer's common stock at a price of $43.10 per share.

5. On July 31, 2025, the Reporting Person sold 5,000 shares of the Issuer's common stock on the open market at an average price of $245 per share.

	/s/ Charles E. Collins IV	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did AGX CEO Charles E. Collins IV report on Form 4/A?

He reported exercising a total of 6,500 option shares (1,500 on 07/29/2025 and 5,000 on 07/31/2025 broken into 2,735 and 2,265) and selling 6,500 shares on the open market.

At what prices were the option exercises and open-market sales executed?

Exercises were at $46.35 and $43.10 per share; open-market sales averaged $241.50 (1,500 shares) and $245.00 (5,000 shares).

How many shares does Mr. Collins beneficially own after these transactions?

The Form 4/A reports Mr. Collins beneficially owned 21,006 shares following the reported transactions.

From which option grants were the exercised shares sourced?

Exercises were from options awarded on 01/11/2019 (1,500 and 2,735 shares) and 09/12/2019 (2,265 shares).

Does the Form 4/A disclose any new compensation arrangements or company events?

No. The filing only documents option exercises and open-market sales and does not disclose new compensation arrangements or other corporate events.