[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

Director and CEO David H. Watson reported multiple stock transactions on 10/09/2025. He sold 4,441 shares on the open market at an average price of $277.01 per share and gifted 559 shares to the David and Laura Watson Foundation (a donor-advised fund). The Foundation then sold the 559 shares at $272.27 per share. After these reported transactions the filing shows the Reporting Person beneficially owned 47,132 shares directly.

Positive

• Insider used a donor-advised gift to transfer 559 shares to charity prior to sale
• Transactions were reported on a timely Form 4 with specific prices and share counts

Negative

• Sale of 4,441 shares reduced direct holdings, lowering insider ownership from prior level to 47,132 shares

Insights

Corporate Governance Analyst

TL;DR: Insider completed routine open-market sales and a charitable gift on 10/09/2025.

The director and CEO executed an open-market sale of 4,441 shares at an average price of $277.01, and also transferred 559 shares to a donor-advised foundation, which subsequently sold those shares at $272.27. These are reported as separate transactions with direct and indirect ownership adjustments.

The transactions appear structured as a mix of liquidity-taking and charitable gifting rather than a single large disposition. Monitor short-term trading patterns or any follow-on filings within the usual Section 16 reporting window for additional sales or purchases.

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).

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^*

Watson David Hibbert

(Last) (First) (Middle)

4075 WILSON BOULEVARD

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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/09/2025

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	10/09/2025		S		4,441(1)	D	$277.01	47,691	D
Common Stock	10/09/2025		G		559(2)	D	$0	47,132	D
Common Stock	10/09/2025		G		559	A	$0	559	I	Held in The David and Laura Watson Foundation
Common Stock	10/09/2025		S		559(3)	D	$272.27	0	I	Held in The David and Laura Watson Foundation

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 9, 2025, the Reporting Person sold 4,441 shares of the Issuer's common stock on the open market at an average price of $277.01 per share.

2. On October 9, 2025, the Reporting Person gifted 559 shares of the Issuer's common stock to the David and Laura Watson Foundation, a donor-advised fund administered by Raymond James Charitable.

3. On October 9, 2025, the David and Laura Watson Foundation sold 559 shares of the Issuer's common stock on the open market at a price of $272.27 per share.

	/s/ David H. Watson	10/10/2025
	** 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 ARGAN INC (AGX) insider David H. Watson sell on 10/09/2025?

He sold 4,441 shares of common stock on the open market at an average price of $277.01 per share.

Did David H. Watson make any gifts of AGX stock?

Yes, he gifted 559 shares to the David and Laura Watson Foundation (a donor-advised fund).

What happened to the shares gifted to the David and Laura Watson Foundation?

The Foundation sold the gifted 559 shares on the open market at $272.27 per share on 10/09/2025.

How many AGX shares does David H. Watson beneficially own after these transactions?

The Form 4 reports he beneficially owned 47,132 shares directly following the reported transactions.

What roles does the reporting person hold at ARGAN INC (AGX)?

The reporting person is listed as a Director and as President and CEO.