Argan Inc. (NYSE: AGX) director reports stock from vested RSU awards in 2025

Rhea-AI Filing Summary

Argan Inc. director reports vested equity awards. On 12/14/2025 and 12/16/2025, the reporting person acquired 856 and 1,844 shares of Argan Inc. common stock at a price of $0 following the exercise of derivative awards, bringing direct ownership to 19,128 common shares.

The transactions relate to time-based restricted stock units awarded on 12/14/2023 and 12/16/2022, under which 833 and 1,750 shares of common stock became issuable on the respective 2025 vesting dates, adjusted for dividends. After these settlements, the director continues to hold 3,114 and 1,364 time-based restricted stock units as derivative securities.

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

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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^*

Flanders Cynthia

(Last) (First) (Middle)

10006 WILDWOOD ROAD

(Street)

KENSINGTON MD 20895

(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)
12/14/2025

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
Common Stock	12/14/2025		M		856(1)	A	$0	17,284	D
Common Stock	12/16/2025		M		1,844(2)	A	$0	19,128	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
Time-Based Restricted Stock Units	$0	12/14/2025		M			833	(1)	(1)	Common Stock	833	$0	3,114	D
Time-Based Restricted Stock Units	$0	12/16/2025		M			1,750	(2)	(2)	Common Stock	1,750	$0	1,364	D

Explanation of Responses:

1. Pursuant to the three-year vesting schedule of the Time-Based Restricted Stock Unit ("TRSU") awarded to the Reporting Person on December 14, 2023, 833 shares of common stock became issuable to the Reporting Person on December 14, 2025 and is adjusted for dividends.

2. Pursuant to the three-year vesting schedule of the Time-Based Restricted Stock Unit ("TRSU") awarded to the Reporting Person on December 16, 2022, 1,750 shares of common stock became issuable to the Reporting Person on December 16, 2025 and is adjusted for dividends.

	/s/ Cynthia A. Flanders	12/17/2025
	** 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.
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FAQ

What insider transaction did Argan Inc. (AGX) disclose in this filing?

An Argan Inc. director reported acquiring 856 and 1,844 shares of common stock at a price of $0 on 12/14/2025 and 12/16/2025 through the settlement of equity awards.

How many Argan Inc. shares does the director own after these transactions?

Following the reported transactions, the director beneficially owns 19,128 shares of Argan Inc. common stock in direct ownership.

What type of equity awards vested for the Argan Inc. director?

The transactions involve time-based restricted stock units (TRSUs). Awards granted on 12/14/2023 and 12/16/2022 resulted in 833 and 1,750 shares of common stock becoming issuable, adjusted for dividends.

Does the Argan Inc. director still hold restricted stock units after the vesting events?

Yes. After the reported settlements, the director continues to hold 3,114 and 1,364 time-based restricted stock units as derivative securities.

What is the reporting person’s relationship to Argan Inc. (AGX)?

The reporting person is identified as a Director of Argan Inc., and the filing is submitted by one reporting person.

Were any Argan Inc. shares sold in these insider transactions?

The Form 4 shows transactions coded as M, indicating the exercise or conversion of derivative securities into common stock at $0, with no sales of common stock reported.