Argan CFO exercises RSUs and sells 600 shares

ARGAN INC Chief Financial Officer Joshua Scott Baugher reported a mix of equity exercises and sales.

Rhea-AI Filing Summary

ARGAN INC Chief Financial Officer Joshua Scott Baugher reported a mix of equity exercises and sales. On April 16 and 17, 2026, several tranches of Time-Based Restricted Stock Units vested under three-year schedules, resulting in exercises covering a total of 2,251 shares of common stock.

On April 16, 2026, he sold 600 shares of common stock in an open-market transaction at an average price of $605.60 per share, while retaining the remainder. Following these transactions, he directly holds 1,784 shares of common stock and 2,459 Time-Based Restricted Stock Units.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 7 txns

Insider Baugher Joshua Scott

Role Chief Financial Officer

Sold 600 shs ($363K)

Approx. gross sale proceeds $363K

Approx. exercise cost $0.00

Type	Security	Shares	Price	Value
Exercise	Time-Based Restricted Stock Units	584	$0.00	$0.00
Exercise	Common Stock	305	$0.00	$0.00
Exercise	Time-Based Restricted Stock Units	1,000	$0.00	$0.00
Exercise	Time-Based Restricted Stock Units	667	$0.00	$0.00
Exercise	Common Stock	509	$0.00	$0.00
Exercise	Common Stock	335	$0.00	$0.00
Sale	Common Stock	600	$605.60	$363K

Holdings After Transaction: Time-Based Restricted Stock Units — 2,459 contracts (Direct); Common Stock — 1,784 shares (Direct)

Footnotes (4)

1. F1. Pursuant to the three-year vesting schedule of the Time-Based Restricted Stock Units ("TRSUs") awarded to the Reporting Person on April 16, 2024, 1,000 shares of common stock became issuable to the Reporting Person on April 16, 2026 and is adjusted for dividends.
2. F2. Pursuant to the three-year vesting schedule of the TRSUs awarded to the Reporting Person on April 16, 2025, 667 shares of common stock became issuable to the Reporting Person on April 16, 2026 and is adjusted for dividends.
3. F3. On April 16, 2026, the Reporting Person sold 600 shares of the Issuer's common stock on the open market at an average price of $605.60 per share.
4. F4. Pursuant to the three-year vesting schedule of the TRSUs awarded to the Reporting Person on April 17, 2023, 584 shares of Common Stock became issuable to the Reporting Person on April 17, 2026 and is adjusted for dividends.

Key Figures

Open-market sale: 600 shares Sale price: $605.60 per share Derivative exercises: 2,251 shares +5 more

8 metrics

Open-market sale 600 shares Common stock sold April 16, 2026

Sale price $605.60 per share Average price for 600 shares sold April 16, 2026

Derivative exercises 2,251 shares Total shares from derivative exercises (M-code) in April 2026

Common shares held 1,784 shares Direct common stock holding after April 17, 2026 transactions

RSUs held 2,459 units Time-Based Restricted Stock Units after April 17, 2026

TRSU vesting 2024 grant 1,000 shares TRSUs from April 16, 2024 award vested April 16, 2026

TRSU vesting 2025 grant 667 shares TRSUs from April 16, 2025 award vested April 16, 2026

TRSU vesting 2023 grant 584 shares TRSUs from April 17, 2023 award vested April 17, 2026

Key Terms

Time-Based Restricted Stock Units, three-year vesting schedule, open market, derivative security

4 terms

Time-Based Restricted Stock Units financial

"The security title lists Time-Based Restricted Stock Units and related vesting."

Time-based restricted stock units are a form of employee compensation where individuals are granted company shares that are earned over a set period, often as a reward for staying with the company. These shares typically become fully owned and transferable only after passing specific time milestones, encouraging long-term commitment. For investors, they highlight a company's focus on employee retention and can influence future stock supply and company stability.

three-year vesting schedule financial

"Footnotes describe a three-year vesting schedule for TRSUs awarded in 2023, 2024, and 2025."

open market financial

"A footnote notes the sale of 600 shares on the open market at an average price."

An open market is a system where buying and selling of goods, services, or financial assets happen freely without restrictions or special controls. For investors, it means they can trade assets easily and quickly, which helps determine fair prices based on supply and demand. This environment encourages transparency and competition, making it easier to buy or sell with confidence.

derivative security financial

"The transaction code description identifies M as Exercise or conversion of derivative security."

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did ARGAN (AGX) report for CFO Joshua Scott Baugher?

ARGAN’s CFO Joshua Scott Baugher exercised Time-Based Restricted Stock Units and sold shares. Multiple TRSU awards vested into common stock, and on April 16, 2026, he sold 600 common shares in an open-market transaction while retaining a remaining equity position.

How many ARGAN (AGX) shares did the CFO sell and at what price?

On April 16, 2026, the CFO sold 600 shares of ARGAN common stock in an open-market transaction at an average price of $605.60 per share, according to the Form 4 footnote describing this specific sale.

How many ARGAN (AGX) shares did the CFO acquire through RSU vesting?

Across April 16 and 17, 2026, the CFO exercised Time-Based Restricted Stock Units tied to multiple award years, covering 2,251 shares of common stock as derivative exercises, reflecting scheduled three-year vesting adjusted for dividends.

What is the CFO’s ARGAN (AGX) common stock holding after these transactions?

After the reported transactions, the CFO directly holds 1,784 shares of ARGAN common stock. This figure reflects the net result of his derivative exercises and the 600-share open-market sale reported for April 16, 2026.

How many ARGAN (AGX) Time-Based Restricted Stock Units does the CFO still hold?

Following the April 2026 derivative transactions, the CFO holds 2,459 Time-Based Restricted Stock Units. These awards follow three-year vesting schedules, with recent vesting events on April 16 and April 17, 2026, adjusted for dividends.

What do the ARGAN (AGX) Form 4 footnotes say about the RSU vesting?

Footnotes explain that TRSUs granted in 2023, 2024, and 2025 vest over three years. On April 16 and 17, 2026, specific portions—1,000, 667, and 584 shares—became issuable as common stock to the CFO, with amounts adjusted for dividends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/20/2026 - 05:00 PM Learn about SEC filing dates

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^*

Baugher Joshua Scott

(Last) (First) (Middle)

4075 WILSON BOULEVARD

SUITE 440

(Street)

ARLINGTON VIRGINIA 22203

(City) (State) (Zip)

UNITED STATES

(Country)

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 Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026

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

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

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

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	04/16/2026		M		509(1)	A	$0	1,744	D
Common Stock	04/16/2026		M		335(2)	A	$0	2,079	D
Common Stock	04/16/2026		S		600(3)	D	$605.6	1,479	D
Common Stock	04/17/2026		M		305(4)	A	$0	1,784	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	04/16/2026		M			1,000	(1)	(1)	Common Stock	1,000	$0	3,710	D
Time-Based Restricted Stock Units	$0	04/16/2026		M			667	(2)	(2)	Common Stock	667	$0	3,043	D
Time-Based Restricted Stock Units	$0	04/17/2026		M			584	(4)	(4)	Common Stock	584	$0	2,459	D

Explanation of Responses:

1. Pursuant to the three-year vesting schedule of the Time-Based Restricted Stock Units ("TRSUs") awarded to the Reporting Person on April 16, 2024, 1,000 shares of common stock became issuable to the Reporting Person on April 16, 2026 and is adjusted for dividends.

2. Pursuant to the three-year vesting schedule of the TRSUs awarded to the Reporting Person on April 16, 2025, 667 shares of common stock became issuable to the Reporting Person on April 16, 2026 and is adjusted for dividends.

3. On April 16, 2026, the Reporting Person sold 600 shares of the Issuer's common stock on the open market at an average price of $605.60 per share.

4. Pursuant to the three-year vesting schedule of the TRSUs awarded to the Reporting Person on April 17, 2023, 584 shares of Common Stock became issuable to the Reporting Person on April 17, 2026 and is adjusted for dividends.

	/s/ Joshua S. Baugher	04/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)