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Form 4 ARGAN INC For: Jun 15 Filed by: Watson David Hibbert

June 16, 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 *
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)
06/15/2026
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 06/15/2026 S 9,993 (1) D $ 651.22 40,005 D
Common Stock 06/16/2026 M 862 (2) A $ 39.47 40,867 D
Common Stock 06/16/2026 M 588 (3) A $ 61.22 41,455 D
Common Stock 06/16/2026 M 430 (4) A $ 148.72 41,885 D
Common Stock 06/16/2026 S 1,880 (5) D $ 707.35 40,005 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 $ 39.47 06/16/2026 M 1,666 (2) 04/17/2024 04/17/2033 Common Stock 1,666 $ 39.47 4,415 D
Option to Purchase Common Stock $ 61.22 06/16/2026 M 1,000 (3) 04/16/2025 04/16/2034 Common Stock 1,000 $ 61.22 3,415 D
Option to Purchase Common Stock $ 148.72 06/16/2026 M 667 (4) 04/16/2026 04/16/2035 Common Stock 667 $ 148.72 2,748 D
Explanation of Responses:
1. On June 15, 2026, the Reporting Person sold 9,993 shares of the Issuer's common stock on the open market at an average price of $651.22 per share.
2. On June 16, 2026, the Reporting Person exercised the remaining portion of his stock option awarded on April 17, 2023 to purchase 1,666 shares of the Issuer's common stock at a price of $39.47 per share using the net settle method.
3. On June 16, 2026, the Reporting Person exercised a portion of his stock option awarded on April 16, 2024 to purchase 1,000 shares of the Issuer's common stock at a price of $61.22 per share using the net settle method.
4. On June 16, 2026, the Reporting Person exercised a portion of his stock option awarded on April 16, 2025 to purchase 667 shares of the Issuer's common stock at a price of $148.72 per share using the net settle method.
5. On June 16, 2026 the Reporting Person sold 1,880 shares of the Issuer's common stock on the open market at an average price of $707.35 per share.
/s/ David H. Watson 06/16/2026
** 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.
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.

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