Argan (NYSE: AGX) director exercises multiple stock option awards

Rhea-AI Filing Summary

Argan Inc. director Cynthia Flanders reported multiple stock option exercises in Argan Inc. common stock. On January 13, 2026, she exercised four "Option to Purchase Common Stock" awards covering 10,000 shares at $40.15 per share, 10,000 shares at $45.75 per share, 5,000 shares at $37.13 per share, and 5,000 shares at $35.72 per share, each described as using the net settle method.

Following these exercises, her directly held common stock increased in steps to 45,207 shares. The Form 4 also shows that after the transactions she continued to hold derivative positions in options to purchase Argan common stock, including 21,500, 11,500, 6,500 and 1,500 option shares at the respective exercise prices.

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).

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^*

Flanders Cynthia

(Last) (First) (Middle)

10006 WILDWOOD ROAD

(Street)

KENSINGTON MD 20895

(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)
01/13/2026

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	01/13/2026		M		8,713(1)	A	$40.15	27,841	D
Common Stock	01/13/2026		M		8,534(2)	A	$45.75	36,375	D
Common Stock	01/13/2026		M		4,405(3)	A	$37.13	40,780	D
Common Stock	01/13/2026		M		4,427(4)	A	$35.72	45,207	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	$40.15	01/13/2026		M			10,000(1)	12/23/2020	12/23/2029	Common Stock	10,000	$40.15	21,500	D
Option to Purchase Common Stock	$45.75	01/13/2026		M			10,000(2)	12/14/2021	12/14/2030	Common Stock	10,000	$45.75	11,500	D
Option to Purchase Common Stock	$37.13	01/13/2026		M			5,000(3)	12/14/2022	12/14/2031	Common Stock	5,000	$37.13	6,500	D
Option to Purchase Common Stock	$35.72	01/13/2026		M			5,000(4)	12/16/2023	12/16/2032	Common Stock	5,000	$35.72	1,500	D

Explanation of Responses:

1. On January 13, 2026, the Reporting Person exercised her stock option awarded on December 23, 2019 to purchase 10,000 shares of the Issuer's common stock at a price of $40.15 per share, using the net settle method.

2. On January 13, 2026, the Reporting Person exercised her stock option awarded on December 14, 2020 to purchase 10,000 shares of the Issuer's common stock at a price of $45.75 per share, using the net settle method.

3. On January 13, 2026, the Reporting Person exercised her stock option awarded on December 14, 2021 to purchase 5,000 shares of the Issuer's common stock at a price of $37.13 per share, using the net settle method.

4. On January 13, 2026, the Reporting Person exercised her stock option awarded on December 16, 2022 to purchase 5,000 shares of the Issuer's common stock at a price of $35.72 per share, using the net settle method.

	/s/ Cynthia A. Flanders	01/14/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Argan Inc. (AGX) report for Cynthia Flanders?

Argan Inc. (AGX) reported that director Cynthia Flanders exercised four stock option awards on January 13, 2026, converting derivative "Option to Purchase Common Stock" positions into Argan common shares using the net settle method.

How many Argan (AGX) stock options did Cynthia Flanders exercise?

On January 13, 2026, Cynthia Flanders exercised options covering 10,000 shares at $40.15, 10,000 shares at $45.75, 5,000 shares at $37.13, and 5,000 shares at $35.72 per share, as disclosed in the Form 4 footnotes.

How many Argan Inc. (AGX) shares does Cynthia Flanders hold after the reported transactions?

After the reported option exercises on January 13, 2026, the Form 4 shows that Cynthia Flanders beneficially owned 45,207 shares of Argan Inc. common stock in direct form.

Does Cynthia Flanders still hold Argan (AGX) stock options after these exercises?

Yes. The Form 4 indicates she continues to hold options to purchase Argan common stock, including 21,500 option shares at $40.15, 11,500 at $45.75, 6,500 at $37.13, and 1,500 at $35.72 per share.

What is the role of Cynthia Flanders at Argan Inc. (AGX)?

The Form 4 identifies Cynthia Flanders as a director of Argan Inc., with the box for director checked and no officer or 10% owner status indicated.

What transaction code is used in the Argan (AGX) Form 4 for these insider trades?

The transactions are reported with code M, which in this context reflects the exercise of derivative securities (stock options) into Argan Inc. common stock.