[Form 4] ARGAN INC Insider Trading Activity

Rhea-AI Filing Summary

Charles E. Collins IV, CEO of Argan, Inc. (AGX), reported option exercise and subsequent open-market sale on 09/18/2025. He exercised 7,500 shares of a stock option granted 09/12/2018 at an exercise price of $43.10 per share, and immediately sold 7,500 shares on the open market at $257.39 per share. Following these transactions the filing shows 21,006 shares beneficially owned directly and 44,735 shares underlying options/derivatives reported as beneficially owned. The Form 4 is signed and dated 09/22/2025.

Insights

Corporate Insider / Governance Analyst

TL;DR: CEO exercised vested options and sold the exercised shares, realizing a large spread between exercise and sale price.

The filing discloses a routine but material executive transaction: exercise of 7,500 options at $43.10 and an immediate sale at $257.39 on 09/18/2025. This realizes substantial pre-tax proceeds for the CEO and reduces his direct share count by the amount sold to 21,006 shares. The disclosure appears complete and timely under Section 16 reporting rules; there is no indication of insider trading plan reliance within the form text.

Securities/Compensation Analyst

TL;DR: Transaction reflects option vest/monetization event consistent with executive compensation being realized.

The exercised option was granted 09/12/2018 and remains exercisable through 09/12/2028; exercising 7,500 shares at $43.10 and selling at $257.39 shows a large intrinsic value capture by management. The remaining derivative holdings reported (total underlying common stock equivalent 44,735) indicate continued option exposure. From a compensation perspective, this is a material monetization but not an unusual one for long-dated grants.

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^*

Collins Charles Edwin IV

(Last) (First) (Middle)

C/O ARGAN, INC.

4075 WILSON BLVD, SUITE 440

(Street)

ARLINGTON VA 22203

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER, GEMMA

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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	09/18/2025		M		7,500(1)	A	$43.1	28,506	D
Common Stock	09/18/2025		S		7,500(2)	D	$257.39	21,006	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	$43.1	09/18/2025		M			7,500(1)	09/12/2019	09/12/2028	Common Stock	7,500	$43.1	44,735	D

Explanation of Responses:

1. On September 18, 2025, the Reporting Person exercised a portion of his stock option awarded on September 12, 2018 to purchase 7,500 shares of the Issuer's common stock at a price of $43.10 per share.

2. On September 18, 2025, the Reporting Person sold 7,500 of the Issuer's common stock on the open market at a price of $257.39 per share.

	/s/ Charles E. Collins IV	09/22/2025
	** Signature of Reporting Person	Date
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