[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

James W. Quinn, a director of Argan Inc. (AGX), reported on Form 4 that he sold 13,444 shares of the issuer's common stock on September 30, 2025, at an average price of $269.12 per share. Following the sale, Mr. Quinn is reported to beneficially own 49,570 shares indirectly through the James W. Quinn 2025 GRAT No.1. The Form 4 is signed and dated October 1, 2025.

Positive

• Timely disclosure of the insider sale on Form 4, signed and dated
• Continued indirect ownership of 49,570 shares via the James W. Quinn 2025 GRAT No.1

Negative

• Insider disposition of 13,444 shares sold on the open market

Insights

Financial Analyst

TL;DR: A director completed a single open-market sale of 13,444 AGX shares, retaining indirect ownership via a GRAT.

The transaction is a routine, disclosed insider sale reported on Form 4. The sale price of $269.12 per share and the post-transaction indirect holding of 49,570 shares are explicitly reported. This disclosure provides transparency on insider liquidity while showing continued economic interest through the James W. Quinn 2025 GRAT No.1. There is no accompanying information about the purpose of the sale, any option exercises, or derivative transactions in this filing.

Corporate Governance Expert

TL;DR: Director filing shows compliance with Section 16 reporting after an open-market disposition; retains indirect stake.

The Form 4 indicates timely reporting and a clear record of beneficial ownership changes for a director. The retained 49,570 shares held indirectly in a grantor retained annuity trust suggest continued alignment with shareholder interests, while the open-market sale of 13,444 shares reduces direct exposure. The filing contains no indication of related-party transactions or other governance concerns beyond the disclosed sale.

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^*

QUINN JAMES W

(Last) (First) (Middle)

C/O ALLEN & COMPANY, 711 FIFTH AVENUE

(Street)

NEW YORK NY 10022

(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)
09/30/2025

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	09/30/2025		S		13,444(1)	D	$269.12	49,570	I	the James W. Quinn 2025 GRAT No.1

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 September 30, 2025, the Reporting Person sold 13,444 shares of the Issuer's common stock on the open market at an average price of $269.12 per share.

	/s/ James W. Quinn	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 transaction did James W. Quinn report for AGX?

He sold 13,444 shares of Argan Inc. common stock on 09/30/2025 at an average price of $269.12 per share.

How many AGX shares does James W. Quinn beneficially own after the reported sale?

49,570 shares are reported as beneficially owned indirectly through the James W. Quinn 2025 GRAT No.1.

When was the Form 4 signed and filed?

The Form 4 is signed on 10/01/2025 as indicated on the filing.

Was the sale disclosed as an open-market transaction?

Yes. The explanation states the shares were sold on the open market and gives an average price per share.

Does the Form 4 report any derivative transactions or option exercises?

No. The filing contains only a reportable non-derivative sale and no derivative securities are listed.