[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

Peter W. Getsinger, a director of Argan Inc. (AGX), exercised stock options and sold a portion of the resulting shares in mid-September 2025. On 09/15/2025 he exercised the remaining 3,000 shares under an option granted 01/07/2016 at an exercise price of $30.44 per share using net settlement, resulting in a reported beneficial ownership of 15,505 shares. On 09/17/2025 he sold 2,609 shares on the open market at $239.68 per share, after which his reported beneficial ownership in common stock was 12,896 shares. The filing shows 3,000 option shares exercised and a remaining derivative position reported as 28,500 option-related shares.

Positive

• Transparent disclosure of option exercise and sale with dates, prices, and resulting holdings
• Substantial retained ownership after the transactions (12,896 shares reported) indicating continued stake
• Realized value via sale at $239.68 versus exercise price $30.44 per share

Negative

• Reduced common stock holdings following the open-market sale (down to 12,896 shares)
• Potential concentration risk unchanged in filing but sale decreased insider's liquid stake

Insights

Financial Analyst

TL;DR: Routine option exercise and open-market sale by a director realized gains while leaving substantial ownership.

The report documents a director exercising 3,000 option shares at $30.44 and immediately selling 2,609 shares at $239.68 per share two days later. This sequence converted option value into cash at a large per-share spread versus the exercise price, while the director retained 12,896 common shares post-sale. For investors, this is a common liquidity event by insiders and does not, by itself, indicate a change in corporate strategy or governance. The transactions are fully disclosed with dates, prices, and resulting holdings.

Corporate Governance Expert

TL;DR: Disclosure is complete and timely for Section 16 reporting; transaction pattern appears compliant.

The Form 4 provides the required details: dates, codes, prices, number of shares acquired and sold, exercise method (net settlement), and the reporter's relationship to the issuer (director). The filing includes a manual signature and explanation of the transactions. From a governance and compliance perspective, the filing meets Form 4 disclosure standards and shows no unexplained or atypical trading patterns in the provided data.

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^*

Getsinger Peter W

(Last) (First) (Middle)

35 SNOWS POINT

(Street)

EDGARTOWN MA 02539

(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)
09/15/2025

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	09/15/2025		M		2,609(1)	A	$30.44	15,505	D
Common Stock	09/17/2025		S		2,609(2)	D	$239.68	12,896	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	$30.44	09/15/2025		M			3,000	01/07/2017	01/07/2026	Common Stock	3,000	$30.44	28,500	D

Explanation of Responses:

1. On September 15, 2025, the Reporting Person exercised the remaining portion of his stock option granted on January 7, 2016 to purchase 3,000 shares of the Issuer's common stock at a price of $30.44 per share, using the net settle method.

2. On September 17, 2025, the Reporting Person sold 2,609 shares of the Issuer's common stock on the open market at a price of $239.68 per share.

	/s/ Peter W. Getsinger	09/17/2025
	** 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 Peter W. Getsinger report on Form 4 for AGX?

He reported exercising 3,000 option shares on 09/15/2025 at $30.44 and selling 2,609 shares on 09/17/2025 at $239.68 per share.

How many shares did Getsinger own after the transactions?

After the sale he reported beneficial ownership of 12,896 common shares.

What method was used to settle the option exercise?

The option exercise on 09/15/2025 used the net settle method.

What option grant was exercised?

The remaining portion of an option granted 01/07/2016 to purchase 3,000 shares at $30.44 was exercised.

At what price were the shares sold on the open market?

2,609 shares were sold at $239.68 per share on 09/17/2025.