[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

James W. Quinn, a director of Argan Inc. (AGX), disclosed open-market sales of the issuer's common stock on September 19 and September 22, 2025. He sold 11,897 shares on September 19 at an average price of $260.73 per share, leaving 4,660 shares held directly after that transaction. He then sold the remaining 4,660 shares on September 22 at an average price of $259.35 per share, leaving no direct holdings. The filing also shows indirect ownership of 63,014 shares through the James W. Quinn 2025 GRAT No.1. The transactions are reported on a Form 4 and were signed by Mr. Quinn on September 22, 2025.

Positive

• Transparent disclosure of exact share counts, dates, and average sale prices for both transactions
• Continued indirect ownership of 63,014 shares via the James W. Quinn 2025 GRAT No.1, indicating retained economic exposure

Negative

• Elimination of direct holdings following the September 22, 2025 sale (direct beneficial ownership reduced to 0 shares)
• Significant insider sales: total of 16,557 shares sold, which may be viewed as a reduction in direct insider stake

Insights

Corporate Governance Expert

TL;DR: Director disclosed routine open-market sales that eliminated direct holdings while retaining indirect ownership via a GRAT.

The Form 4 shows Mr. Quinn executed two open-market dispositions totaling 16,557 shares across two dates at average prices of $260.73 and $259.35. From a governance perspective, these are reported insider sales consistent with Section 16 disclosure requirements. The retention of 63,014 shares indirectly through a grantor retained annuity trust (GRAT) indicates continued economic exposure despite the elimination of direct holdings. The filing contains clear transaction details and signed certification, satisfying reporting transparency standards.

Securities Analyst

TL;DR: Two market sales were reported with explicit share counts and average prices; no derivative activity disclosed.

Transactions listed are simple sales (code S) on 09/19/2025 and 09/22/2025 totaling 16,557 shares sold on-market at average prices of $260.73 and $259.35 respectively. Post-transactions direct beneficial ownership was reduced to zero while indirect ownership via the James W. Quinn 2025 GRAT No.1 remains at 63,014 shares. There are no derivative securities reported in Table II. For investors, the filing documents execution details and remaining indirect exposure but does not provide motive or planned future actions.

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^*

QUINN JAMES W

(Last) (First) (Middle)

C/O ALLEN & COMPANY, 711 FIFTH AVENUE

(Street)

NEW YORK NY 10022

(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)
09/19/2025

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	09/19/2025		S		11,897(1)	D	$260.73	4,660	D
Common Stock	09/22/2025		S		4,660(2)	D	$259.35	0	D
Common Stock								63,014	I	the James W. Quinn 2025 GRAT No.1

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

Explanation of Responses:

1. On September 19, 2025, the Reporting Person sold 11,897 shares of the Issuer's common stock on the open market at an average price of $260.73 per share.

2. On September 22, 2025, the Reporting Person sold 4,660 shares of the Issuer's common stock on the open market at an average price of $259.35 per share.

	/s/ James W. Quinn	09/22/2025
	** 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 James W. Quinn report on the AGX Form 4?

He reported two open-market sales: 11,897 shares sold on 09/19/2025 at $260.73 average and 4,660 shares sold on 09/22/2025 at $259.35 average.

How many AGX shares does James W. Quinn directly and indirectly own after these transactions?

After the reported transactions Mr. Quinn held 0 shares directly and 63,014 shares indirectly through the James W. Quinn 2025 GRAT No.1.

Were any derivative securities reported by the reporting person in this Form 4?

No. Table II shows no derivative securities acquired, disposed of, or beneficially owned following the reported transactions.

What reporting code was used for the transactions on the Form 4?

Both transactions used transaction code "S", indicating sale of the issuer's common stock on the open market.

When was the Form 4 signed by the reporting person?

The Form 4 was signed by /s/ James W. Quinn on 09/22/2025.