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Form 4 ARGAN INC For: Apr 16 Filed by: Watson David Hibbert

April 20, 2026 5:00 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 *
Watson David Hibbert
(Last) (First) (Middle)
4075 WILSON BOULEVARD
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)
X Director 10% Owner
X Officer (give title below) Other (specify below)
PRESIDENT AND CEO
3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026
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 04/16/2026 M 1,869 (1) A $ 0 49,001 D
Common Stock 04/16/2026 M 736 (2) A $ 0 49,737 D
Common Stock 04/17/2026 M 2,302 (3) A $ 0 52,039 D
Common Stock 04/17/2026 M 11,513 (4) A $ 0 63,552 D
Common Stock 04/17/2026 M 5,756 (5) A $ 0 69,308 D
Common Stock 04/17/2026 S 19,310 (6) D $ 602.11 49,998 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
Time-Based Restricted Stock Units $ 0 04/16/2026 M 3,333 (1) (1) Common Stock 3,333 $ 0 11,585 D
Time-Based Restricted Stock Units $ 0 04/16/2026 M 1,333 (2) (2) Common Stock 1,333 $ 0 10,252 D
Time-Based Restricted Stock Units $ 0 04/17/2026 M 4,000 (3) (3) Common Stock 4,000 $ 0 6,252 D
Earnings Per Share Performance-Based Restricted Stock Units $ 0 04/17/2026 M 10,000 (4) (4) Common Stock 10,000 $ 0 18,839 D
Performance-Based Restricted Stock Units $ 0 04/17/2026 M 5,000 (5) (5) Common Stock 5,000 $ 0 7,284 D
Explanation of Responses:
1. Pursuant to the three-year vesting schedule of the Time-Based Restricted Stock Units ("TRSUs") awarded to the Reporting Person on April 16, 2024, 3,333 shares of Common Stock became issuable to the Reporting Person on April 16, 2026 and is adjusted for dividends.
2. Pursuant to the three-year vesting schedule of the TRSUs awarded to the Reporting Person on April 16, 2025, 1,333 shares of Common Stock became issuable to the Reporting Person on April 16, 2026 and is adjusted for dividends.
3. Pursuant to the three-year vesting schedule of the TRSUs awarded to the Reporting Person on April 17, 2023, 4,000 shares of Common Stock became issuable to the Reporting Person on April 17, 2026 and is adjusted for dividends.
4. Pursuant to three-year performance period vesting schedule of the Earnings Per Share Performance-Based Restricted Stock Units ("ERSUs") awarded to the Reporting Person on April 17, 2023, 20,000 shares of the Issuer's Common stock became issuable to the Reporting Person on April 17, 2026 and is adjusted for dividends. The target number of shares was 10,000.
5. Pursuant to three-year performance period vesting schedule of the Performance-Based Restricted Stock Units ("PRSUs") awarded to the Reporting Person on April 17, 2023, 10,000 shares of the Issuer's Common stock became issuable to the Reporting Person on April 17, 2026 and is adjusted for dividends. The target number of shares was 5,000.
6. On April 17, 2026, the Reporting Person sold 19,310 shares of the Issuer's common stock on the open market at an average price of $602.11 per share.
/s/ David H. Watson 04/20/2026
** 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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