Joshua S. Baugher - 16 Apr 2025 Form 4 Insider Report for ARGAN INC (AGX)

Role: Chief Financial Officer
Signature: /s/ Joshua S. Baugher
Issuer symbol: AGX
Transactions as of: 16 Apr 2025
Net transactions value: +$148,720
Form type: 4
Filing time: 06 May 2025, 17:16:27 UTC
Previous filing: 06 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Baugher Joshua Scott	Chief Financial Officer	4075 WILSON BOULEVARD, SUITE 440, ARLINGTON	/s/ Joshua S. Baugher	06 May 2025	0002066213

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AGX	Common Stock	Options Exercise	$0	+538	+143%	$0.000000	913	16 Apr 2025	Direct	F1
transaction	AGX	Common Stock	Options Exercise	$0	+322	+35%	$0.000000	1,235	17 Apr 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AGX	Time-Based Restricted Stock Units	Options Exercise	$0	-1,000	-24%	$0.000000	3,167	16 Apr 2025	Common Stock	1,000	$0.000000	Direct	F1
transaction	AGX	Time-Based Restricted Stock Units	Award	$0	+2,000	+63%	$0.000000	5,167	16 Apr 2025	Common Stock	2,000	$0.000000	Direct	F3
transaction	AGX	Time-Based Restricted Stock Units	Options Exercise	$0	-583	-11%	$0.000000	4,584	17 Apr 2025	Common Stock	583	$0.000000	Direct	F2
transaction	AGX	Option to Purchase Common Stock	Award	$148,720	+1,000	+67%	$148.72	2,500	16 Apr 2025	Common Stock	1,000	$148.72	Direct	F4
transaction	AGX	Performance-Based Restricted Stock Units	Award	$0	+1,500		$0.000000	1,500	16 Apr 2025	Common Stock	1,500	$0.000000	Direct	F5
transaction	AGX	Earnings Per Share Performance-Based Restricted Stock Units	Award	$0	+3,750		$0.000000	3,750	16 Apr 2025	Common Stock	3,750	$0.000000	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the three-year vesting schedule of the Time-Based Restricted Stock Unit ("TRSU") awarded to the Reporting Person on April 16, 2024, 1,000 shares of Common Stock became issuable to the Reporting Person on April 16, 2025.
F2	Pursuant to the three-year vesting schedule of the TRSU awarded to the Reporting Person on April 17, 2023, 583 shares of Common Stock became issuable to the Reporting Person on April 17, 2025.
F3	On April 16, 2025, the Reporting Person was granted TRSUs covering 2,000 shares of common stock. The TRSUs will vest in equal installments on each of the next three anniversaries of the grant date starting on 4/16/2026.
F4	On April 16, 2025, the Reporting Person received 10-year options to purchase 1,000 shares of the Issuer's common stock with an exercise price of $148.72 per share. The options will vest ratably over three years on each anniversary of the grant date starting on 4/16/2026.
F5	On April 16, 2025, the Reporting Person was granted Performance-Based Restricted Stock Units ("PRSUs") in the target number of 1,500 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 2025 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 1,500 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.
F6	On April 16, 2025, the Reporting Person was granted Earnings Per Share Performance-Based Restricted Stock Units ("EPSRSUs") in the target number of 3,750 shares, the vesting of which is subject to the sum of Earnings Per Share ("EPS") for fiscal years ending January 31, 2026, 2027 and 2028 compared to target compounded growth EPS amounts based on the sum of EPS for the fiscal years ended January 31, 2023, 2024 and 2025. The pay-out ratio of the target number of 3,750 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.