[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

William F. Leimkuhler, a director of Argan Inc. (AGX), reported a sale of the issuer's common stock on October 1, 2025. The filing records a sale transaction with an average price of $274.73 per share and indicates the disposal of either 11,802 shares (table entry) or 11,806 shares (explanatory paragraph), with a reported remaining beneficial ownership of 38,834 shares following the transaction. The Form 4 is a routine Section 16 disclosure showing an open-market sale by an insider and lists the reporting persons Darien, CT address and role as a director. The filing does not include any option or derivative transactions.

Positive

• None.

Negative

• Insider sale disclosed: The director sold shares on the open market, which may be interpreted by some investors as a negative signal even though Form 4 does not explain motivation.
• Discrepancy in reported share count: The table lists 11,802 shares sold while the explanatory text states 11,806, creating an inconsistency in the filing that should be corrected.

Insights

Financial Analyst

TL;DR: Insider sale reported; transaction size and remaining ownership disclosed, but a small inconsistency in share count appears.

The filing documents an open-market sale by Director William F. Leimkuhler on October 1, 2025, showing an average sale price of $274.73 per share. The table reports 11,802 shares sold while the explanation states 11,806 shares, creating a discrepancy that should be resolved by an amended filing for precise record-keeping. The report shows the director retained 38,834 shares after the sale. This is a standard Section 16 disclosure; absent other context in this Form 4, the sale alone does not provide information about company performance or strategy.

Corporate Governance Expert

TL;DR: Routine insider disposition disclosed; governance implications limited but paperwork inconsistency noted.

The Form 4 indicates the reporting person is a director and filed as an individual reporting person. The document properly records the open-market sale and remaining beneficial ownership. Governance best practices favor clarity in official filings; the conflicting share counts (11,802 vs 11,806) should be clarified by the reporting person or issuer to maintain disclosure accuracy. No derivative or related-party transactions are reported here.

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).

1. Name and Address of Reporting Person^*

Leimkuhler William F.

(Last) (First) (Middle)

43 SALEM STRAITS ROAD

(Street)

DARIEN CT 06820

(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)
10/01/2025

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	10/01/2025		S		11,802(1)	D	$274.73	38,834	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

Explanation of Responses:

1. On October 1, 2025, the Reporting Person sold 11,806 shares of the Issuer's common stock on the open market at an average price of $274.73 per share.

	/s/ William F. Leimkuhler	10/01/2025
	** 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 did AGX director William F. Leimkuhler report on Form 4?

He reported an open-market sale on October 1, 2025 with an average sale price of $274.73 per share and a reported remaining ownership of 38,834 shares.

How many shares did the reporting person sell in the AGX Form 4?

The filing shows 11,802 shares sold in the transaction table and the explanation paragraph lists 11,806, so the precise number is unclear from this filing.

Does the Form 4 show any option or derivative transactions for AGX?

No. Table II for derivative securities contains no reported transactions; only a non-derivative common stock sale is reported.

Is the Form 4 filing individual or joint for AGX insider activity?

The form is filed by one reporting person, indicating an individual filing by William F. Leimkuhler.

What is William F. Leimkuhlers relationship to AGX as stated on the Form 4?

He is reported as a Director of Argan Inc.