[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

Charles E. Collins IV, Chief Executive Officer of Argan, Inc. (AGX), reported option exercise and open-market sale on September 24, 2025. He exercised 5,000 shares from an option granted September 12, 2019, at an exercise price of $43.10 per share, and immediately sold 5,000 common shares on the open market at $267 per share. Following these transactions the Form 4 reports 26,006 shares beneficially owned after the exercise and 21,006 shares after the sale; the filing also records ownership of options underlying 5,000 shares and total derivative beneficial ownership of 39,735.

The Form 4 is signed and dated September 26, 2025, and identifies Collins as an officer (CEO). The filing documents standard Section 16 reporting of insider option exercise and subsequent disposition of shares.

Positive

• Timely and complete Section 16 disclosure with signature dated 09/26/2025
• CEO exercised options at $43.10, demonstrating conversion of vested equity into shares

Negative

• Open-market sale of 5,000 shares reduced the reporting person’s direct holdings from 26,006 to 21,006 shares
• No additional context provided on reasons for sale (e.g., diversification or tax), limiting interpretability

Insights

Financial Analyst

TL;DR: CEO exercised 5,000 options at $43.10 and sold 5,000 shares at $267 on 09/24/2025; insider still holds material equity.

The reported exercise converts options into 5,000 common shares at a low exercise price relative to the reported sale price, allowing realization of substantial value per share. The filings show sequential reporting of the exercise (transaction code M) and an open-market sale (transaction code S) the same day, with beneficial ownership numbers reported before and after each event. This is routine Section 16 activity that provides liquidity to the insider while maintaining continued ownership exposure via outstanding options and remaining shares. No additional corporate events or changes in control are reported in this Form 4.

Corporate Governance Expert

TL;DR: Timely, properly signed Form 4 discloses exercise and sale by the CEO; filing appears compliant and complete.

The Form 4 includes clear identification of the reporting person, relationship to the issuer (Chief Executive Officer), transaction dates, codes, quantities, prices, and a signature dated 09/26/2025. The explanation section documents both the option exercise and subsequent sale. From a governance and disclosure perspective this meets Section 16 reporting requirements and enables market transparency about insider activity. The filing does not disclose any amendments or corrective statements.

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
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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^*

Collins Charles Edwin IV

(Last) (First) (Middle)

C/O ARGAN, INC.

4075 WILSON BLVD, 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER, GEMMA

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

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	09/24/2025		M		5,000(1)	A	$43.1	26,006	D
Common Stock	09/24/2025		S		5,000(2)	D	$267	21,006	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
Option to Purchase Common Stock	$43.1	09/24/2025		M			5,000(1)	09/12/2019	09/12/2028	Common Stock	5,000	$43.1	39,735	D

Explanation of Responses:

1. On September 24, 2025, the Reporting Person exercised a portion of his stock option awarded on September 12, 2018 to purchase 5,000 shares of the Issuer's common stock at a price of $43.10 per share.

2. On September 24, 2025, the Reporting Person sold 5,000 shares of the Issuer's common stock on the open market at a price of $267 per share.

	/s/ Charles E. Collins IV	09/26/2025
	** 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 AGX CEO Charles E. Collins IV report on Form 4?

The Form 4 reports that on 09/24/2025 he exercised 5,000 option shares at an exercise price of $43.10 and sold 5,000 common shares on the open market at $267 per share.

How many Argan (AGX) shares does Collins beneficially own after the reported transactions?

The filing shows 26,006 shares beneficially owned following the exercise and 21,006 shares following the sale; it also reports derivative beneficial ownership underlying 5,000 option shares and total derivative beneficial ownership of 39,735.

What is Collins's relationship to Argan, Inc. as stated in the filing?

The Form 4 identifies Charles E. Collins IV as an Officer with the title Chief Executive Officer, GEMMA and indicates he is filing as one reporting person.

When was the Form 4 signed and filed?

The Form 4 is signed by Charles E. Collins IV and dated 09/26/2025.

Were the exercised options subject to an earlier grant date?

Yes. The explanation states the exercised option was awarded on 09/12/2019 (the filing lists the award date as September 12, 2019).