[Form 4] Argan, Inc Insider Trading Activity

Rhea-AI Filing Summary

Argan, Inc. (AGX) – Form 4 insider filing:

Director Lisa Larroque filed a Form 4 on 20 June 2025 disclosing the award of 530 Time-Based Restricted Stock Units (TRSUs) granted on 17 June 2025. Each TRSU converts into one share of AGX common stock at no cost and will vest fully on 17 April 2026.

The filing shows no open-market purchases or sales; it is strictly an equity incentive grant. Following the transaction, the director’s derivative holdings linked to common stock increased to 1,225 units, all held directly.

The award is part of routine director compensation, adds only a modest potential dilution upon settlement, and does not alter Argan’s capital structure or control.

Insights

Securities Analyst

TL;DR: Routine 530-unit RSU grant to director; no cash transactions, minimal dilution, neutral market effect.

The Form 4 records a standard equity incentive: 530 TRSUs that vest in April 2026. No shares were bought or sold and the exercise price is $0, indicating a non-cash award. Post-grant derivative holdings total 1,225 units—immaterial relative to Argan’s outstanding shares. The filing therefore carries negligible valuation or liquidity impact and simply aligns director incentives with shareholder interests.

Corporate Governance Specialist

TL;DR: Incentive grant enhances board-shareholder alignment; governance-neutral, financially immaterial.

Time-based RSUs are common for outside directors. The single-tranche, one-year vesting schedule meets best-practice norms, fostering retention without over-leveraging risk. Because the award size is small and there are no performance hurdles, it neither materially strengthens nor weakens governance structures. Overall, this is a compliance-driven disclosure with no strategic ramifications.

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^*

Larroque Alexander Lisa

(Last) (First) (Middle)

488 8TH AVENUE

(Street)

SAN DIEGO CA 92101

(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)
06/17/2025

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

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
Time-Based Restricted Stock Units	$0	06/17/2025		A		530		(1)	(1)	Common Stock	530	$0	1,225	D

Explanation of Responses:

1. On June 17, 2025, the Reporting Person was granted Time-Based Restricted Stock Units ("TRSUs") covering 530 shares of the Issuer's common stock. The TRSUs will vest fully on April 17, 2026.

	/s/ Lisa Larroque	06/20/2025
	** 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

How many RSUs did Argan (AGX) Director Lisa Larroque receive?

530 Time-Based Restricted Stock Units were granted on 17 June 2025.

When will the granted RSUs to AGX director vest?

The RSUs vest in full on 17 April 2026.

Did the Form 4 report any stock sales or purchases by the director?

No. The filing shows only the RSU grant; there were no open-market transactions.

What is the director’s total derivative holding after the transaction?

Post-grant, the director beneficially owns 1,225 derivative securities linked to common stock.

Is this Form 4 filing likely to be material for Argan shareholders?

The grant is routine and financially immaterial; it is unlikely to influence the share price.