Argan CEO awarded options and stock units

ARGAN INC President and CEO David Hibbert Watson reported new equity awards made on April 8, 2026.

Rhea-AI Filing Summary

ARGAN INC President and CEO David Hibbert Watson reported new equity awards made on April 8, 2026. He received 10-year options to purchase 415 shares of common stock at an exercise price of $588.28 per share, vesting ratably over three years starting April 8, 2027.

He was also granted 251 time-based RSUs vesting in three equal annual installments from April 8, 2027, 284 performance-based RSUs tied to three-year total shareholder return versus 12 peers, and 3,339 EPS performance-based RSUs with payouts from 0% to 200% based on multi-year earnings targets.

Insider Trade Summary

Grant/Award: 4,289 shares

Grant/Award 4 txns

Insider Watson David Hibbert

Role PRESIDENT AND CEO

Type	Security	Shares	Price	Value
Grant/Award	Option to Purchase Common Stock	415	$0.00	$0.00
Grant/Award	Time-Based Restricted Stock Units	251	$0.00	$0.00
Grant/Award	Performance-Based Restricted Stock Units	284	$0.00	$0.00
Grant/Award	Earnings Per Share Performance-Based Restricted Stock Units	3,339	$0.00	$0.00

Holdings After Transaction: Option to Purchase Common Stock — 6,081 contracts (Direct); Time-Based Restricted Stock Units — 14,918 contracts (Direct); Performance-Based Restricted Stock Units — 12,284 contracts (Direct); Earnings Per Share Performance-Based Restricted Stock Units — 28,839 contracts (Direct)

Footnotes (4)

1. F1. On April 8, 2026, the Reporting Person received 10-year options to purchase 415 shares of the Issuer's common stock with an exercise price of $588.28 per share. The options will vest ratably over three years on each anniversary of the grant date starting on 4/8/2027.
2. F2. On April 8, 2026, the Reporting Person was granted Time-Based Restricted Stock Units ("TRSUs") covering 251 shares of common stock. The TRSUs will vest in equal installments on each of the next three anniversaries of the grant date starting on 4/8/2027.
3. F3. On April 8, 2026, the Reporting Person was granted Performance-Based Restricted Stock Units ("PRSUs") in the target number of 284 shares, the vesting of which is subject to the rank of the Total Stock Return ("TSR") of the Issuer's common stock over a three-year period, as determined by the Issuer's Board of Directors, to the comparable TSRs of 12 peer public companies to be disclosed in the Issuer's 2026 Proxy Statement. Each PRSU represents a contingent right to receive one share of the Issuer's common stock. The payout ratio of the target number of 284 shares, ranging from 0% to 200%, will depend on the degree of achievement of the TSR ranking. The determination of the number of shares of common stock to be issued shall occur at the end of the three-year performance period.
4. F4. On April 8, 2026, the Reporting Person was granted Earnings Per Share Performance-Based Restricted Stock Units ("EPSRSUs") in the target number of 3,339 shares, the vesting of which is subject to the sum of Earnings Per Share ("EPS") for fiscal years ending January 31, 2027, 2028 and 2029 compared to target compounded growth EPS amounts based on the sum of EPS for the fiscal years ended January 31, 2024, 2025 and 2026. The pay-out ratio of the target number of 3,339 shares, ranging from 0% to 200%, will depend on the degree of achievement of the EPS ranking at the end of the three-year performance period.

FAQ

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What insider transactions did ARGAN INC (AGX) report for David Hibbert Watson?

David Hibbert Watson reported grants of options and restricted stock units. On April 8, 2026, he received 415 stock options at $588.28 per share plus new time-based and performance-based RSUs, including awards tied to total shareholder return and multi-year earnings per share targets.

How many stock options did the Argan CEO receive and at what exercise price?

The CEO received options to purchase 415 shares at $588.28 per share. These are 10-year options on Argan common stock. They vest ratably over three years, with one-third vesting on each anniversary of the April 8, 2026 grant date beginning April 8, 2027.

What time-based RSUs were granted to the Argan (AGX) CEO in this Form 4?

The CEO was granted 251 time-based restricted stock units. These TRSUs cover 251 shares of common stock and will vest in equal installments on each of the next three anniversaries of the April 8, 2026 grant date, starting April 8, 2027.

How are the performance-based RSUs for ARGAN INC’s CEO structured?

Performance-based RSUs use a three-year total shareholder return test. The CEO received a target of 284 PRSUs, with vesting tied to Argan’s TSR rank versus 12 peer companies over three years. The payout can range from 0% to 200% of the 284-share target.

What are the earnings-per-share performance RSUs disclosed for AGX’s CEO?

The CEO was granted 3,339 EPS-based performance RSUs. Vesting depends on the sum of EPS for fiscal years ending January 31, 2027, 2028 and 2029 relative to target compounded EPS growth based on fiscal 2024, 2025 and 2026, with payouts from 0% to 200% of target.

Did the Argan CEO buy or sell any common stock in the market in this Form 4?

No open-market buys or sells are reported in this Form 4. All transactions are coded as grants or awards (code A) of options and restricted stock units, representing compensation-related acquisitions rather than purchases or sales of existing Argan common shares.

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Accepted by SEC EDGAR 04/10/2026 - 04:30 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^*

Watson David Hibbert

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/08/2026

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

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	$588.28	04/08/2026		A		415(1)		04/08/2027	04/08/2036	Common Stock	415	$0	6,081	D
Time-Based Restricted Stock Units	$0	04/08/2026		A		251		(2)	(2)	Common Stock	251	$0	14,918	D
Performance-Based Restricted Stock Units	$0	04/08/2026		A		284		(3)	(3)	Common Stock	284	$0	12,284	D
Earnings Per Share Performance-Based Restricted Stock Units	$0	04/08/2026		A		3,339		(4)	(4)	Common Stock	3,339	$0	28,839	D

Explanation of Responses:

1. On April 8, 2026, the Reporting Person received 10-year options to purchase 415 shares of the Issuer's common stock with an exercise price of $588.28 per share. The options will vest ratably over three years on each anniversary of the grant date starting on 4/8/2027.

2. On April 8, 2026, the Reporting Person was granted Time-Based Restricted Stock Units ("TRSUs") covering 251 shares of common stock. The TRSUs will vest in equal installments on each of the next three anniversaries of the grant date starting on 4/8/2027.

3. On April 8, 2026, the Reporting Person was granted Performance-Based Restricted Stock Units ("PRSUs") in the target number of 284 shares, the vesting of which is subject to the rank of the Total Stock Return ("TSR") of the Issuer's common stock over a three-year period, as determined by the Issuer's Board of Directors, to the comparable TSRs of 12 peer public companies to be disclosed in the Issuer's 2026 Proxy Statement. Each PRSU represents a contingent right to receive one share of the Issuer's common stock. The payout ratio of the target number of 284 shares, ranging from 0% to 200%, will depend on the degree of achievement of the TSR ranking. The determination of the number of shares of common stock to be issued shall occur at the end of the three-year performance period.

4. On April 8, 2026, the Reporting Person was granted Earnings Per Share Performance-Based Restricted Stock Units ("EPSRSUs") in the target number of 3,339 shares, the vesting of which is subject to the sum of Earnings Per Share ("EPS") for fiscal years ending January 31, 2027, 2028 and 2029 compared to target compounded growth EPS amounts based on the sum of EPS for the fiscal years ended January 31, 2024, 2025 and 2026. The pay-out ratio of the target number of 3,339 shares, ranging from 0% to 200%, will depend on the degree of achievement of the EPS ranking at the end of the three-year performance period.

	/s/ David H. Watson	04/10/2026
	** 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).
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* Form 4: SEC 1474 (03-26)