Argan Board Member Strengthens Shareholder Alignment with New Stock Award

Rhea-AI Filing Summary

Argan director William F. Leimkuhler reported receiving 530 Time-Based Restricted Stock Units (TRSUs) on June 17, 2025. The TRSUs, which have a conversion price of $0, represent the right to receive an equivalent number of Argan common stock shares.

Key details of the transaction:

• The TRSUs will fully vest on April 17, 2026
• Following the transaction, Leimkuhler beneficially owns 3,947 derivative securities directly
• The grant appears to be part of the company's director compensation program

This Form 4 filing, submitted on June 28, 2025, complies with SEC regulations requiring insiders to report changes in their beneficial ownership of company securities within two business days of the transaction.

Insider Trade Summary

530 shares exercised/converted

Mixed 1 txn

Insider Leimkuhler William F.

Role Director

Type	Security	Shares	Price	Value
Exercise	Time-Based Restricted Stock Units	530	$0.00	--

Holdings After Transaction: Time-Based Restricted Stock Units — 3,947 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Leimkuhler William F.

(Last) (First) (Middle)

43 SALEM STRAITS ROAD

(Street)

DARIEN CT 06820

(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		M		530		(1)	(1)	Common Stock	530	$0	3,947	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/ William F. Leimkuhler	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

What type of stock units did AGX director William Leimkuhler receive on June 17, 2025?

William Leimkuhler received 530 Time-Based Restricted Stock Units (TRSUs) of AGX common stock on June 17, 2025.

When will William Leimkuhler's AGX restricted stock units vest?

The Time-Based Restricted Stock Units (TRSUs) granted to William Leimkuhler will vest fully on April 17, 2026.

How many derivative securities does William Leimkuhler own in AGX after the June 2025 transaction?

Following the reported transaction, William Leimkuhler beneficially owns 3,947 derivative securities (Time-Based Restricted Stock Units) of AGX directly.

What is William Leimkuhler's role at AGX according to the Form 4?

According to the Form 4 filing, William F. Leimkuhler serves as a Director of Argan Inc (AGX).

What was the exercise price of the TRSUs granted to AGX's director in June 2025?

The conversion or exercise price of the Time-Based Restricted Stock Units (TRSUs) granted to William Leimkuhler was $0.