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Form 4 ARGAN INC For: Apr 08 Filed by: Collins Charles Edwin IV

April 10, 2026 4:30 PM
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
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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).
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)
04/08/2026
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
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 $ 588.28 04/08/2026 A 332 (1) 04/08/2027 04/08/2036 Common Stock 332 $ 0 15,067 D
Time Based Restricted Stock Units $ 0 04/08/2026 A 231 (2) (2) Common Stock 231 $ 0 6,564 D
Performance Based Restricted Stock Units $ 0 04/08/2026 A 170 (3) (3) Common Stock 170 $ 0 2,670 D
Earnings Per Share Performance Based Restricted Stock Units $ 0 04/08/2026 A 2,618 (4) (4) Common Stock 2,618 $ 0 10,118 D
Explanation of Responses:
1. On April 8, 2026, the Reporting Person received 10-year options to purchase 332 shares of the Issuer's common stock with an exercise price of $588.28 per share. The options will vest ratably over three years on each anniversary of the grant date starting on 4/8/2027.
2. On April 8, 2026 the Reporting Person was granted Time-Based Restricted Stock Units ("TRSUs") covering 231 shares of common stock. The TRSUs will vest in equal installments on each of the next three anniversaries of the grant date starting on 4/8/2027.
3. On April 8, 2026, the Reporting Person was granted Performance-Based Restricted Stock Units ("PRSUs") in the target number of 170 shares, the vesting of which is subject to the rank of the Total Stock Return ("TSR") of the Issuer's common stock over a three-year period, as determined by the Issuer's Board of Directors, to the comparable TSRs of 12 peer public companies to be disclosed in the Issuer's 2026 Proxy Statement. Each PRSU represents a contingent right to receive one share of the Issuer's common stock. The payout ratio of the target number of 170 shares, ranging from 0% to 200%, will depend on the degree of achievement of the TSR ranking. The determination of the number of shares of common stock to be issued shall occur at the end of the three-year performance period.
4. On April 8, 2026, the Reporting Person was granted Earnings Per Share Performance-Based Restricted Stock Units ("EPSRSUs") in the target number of 2,618 shares, the vesting of which is subject to the sum of Earnings Per Share ("EPS") for fiscal years ending January 31, 2027, 2028 and 2029 compared to target compounded growth EPS amounts based on the sum of EPS for the fiscal years ended January 31, 2024, 2025 and 2026. The pay-out ratio of the target number of 2,618 shares, ranging from 0% to 200%, will depend on the degree of achievement of the EPS ranking at the end of the three-year performance period.
/s/ Charles E. Collins IV 04/10/2026
** 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).
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