[Form 4] Argan, Inc Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: On June 17, 2025, Argan, Inc. (AGX) director John R. Jeffrey Jr. was granted 530 time-based restricted stock units (RSUs) at a conversion price of $0. The RSUs will vest in full on April 17, 2026.

After the grant, the director’s aggregate derivative holdings tied to AGX common stock increased to 3,947 RSUs. No common shares were bought or sold on the open market, so the transaction has no direct cash impact on the company. This appears to be a routine equity-compensation award intended to further align the director’s incentives with shareholder interests.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU grant; aligns incentives; market impact negligible.

The filing shows a modest equity award—530 RSUs—to a non-executive director. Such grants are standard practice to promote long-term alignment between board members and shareholders. The award size is immaterial relative to Argan’s shares outstanding, and no sale or purchase of common stock occurred. Therefore, there is no dilution concern and no signal of insider sentiment change. Overall, governance implications are neutral.

Portfolio Manager

TL;DR: Immaterial insider transaction; investment thesis unchanged.

From a portfolio perspective, the 530-unit RSU grant represents a fraction of one-percent of daily AGX trading volume and has no valuation effect. The vesting schedule (less than one year) is short, suggesting a near-term retention tool rather than a strategic shift. I view the disclosure as routine and not actionable for position sizing or risk management.

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^*

Jeffrey John Ronald Jr.

(Last) (First) (Middle)

C/O ARGAN, INC.

4075 WILSON BOULEVARD, 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

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

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

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
Time-Based Restricted Stock Units	$0	06/17/2025		A		530		(1)	(1)	Common Stock	530	$0	3,947	D

Explanation of Responses:

1. On June 17, 2025, the Reporting Person was granted Time-Based Restricted Stock Units ("TRSUs") covering 530 shares of the Issuer's common stock. The TRSUs will vest fully on April 17, 2026.

	/s/ John R. Jeffrey, Jr.	06/20/2025
	** 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 insider activity was reported for AGX on June 17, 2025?

Director John R. Jeffrey Jr. received 530 time-based RSUs according to the Form 4 filing.

How many restricted stock units were granted to the AGX director?

The director was granted 530 RSUs.

When will the newly granted RSUs vest?

The RSUs will vest fully on April 17, 2026.

What is the director’s total derivative ownership after the grant?

Following the transaction, he beneficially owns 3,947 derivative securities tied to AGX common stock.

Did the filing include any open-market buy or sell transactions?

No. The Form 4 only disclosed an RSU grant; there were no purchases or sales of common shares.