Watson David Hibbert 4

What Happened

• David Hibbert, President, CEO and Director of ARGAN, reported grant awards on 2026-04-08: a 10‑year option for 415 shares (exercise price $588.28), 251 time‑based RSUs (TRSUs), 284 performance RSUs (PRSUs, target), and 3,339 EPS performance RSUs (EPSRSUs, target). These are awards/grants (code A) — not open‑market purchases or sales.

Key Details

• Transaction date: April 8, 2026; Form 4 filed April 10, 2026 (timely).
• Grants: 415 stock options (10‑year term, $588.28 strike; full cash to exercise all = ~$244,136), 251 TRSUs, 284 PRSUs (target), 3,339 EPSRSUs (target). Total target shares = 4,289.
• Vesting/condition highlights:
  • Options (F1): Vest ratably over 3 years, starting 4/8/2027.
  • TRSUs (F2): Vest in equal installments on each of the next 3 anniversaries starting 4/8/2027.
  • PRSUs (F3): 3‑year TSR performance period vs. 12 peers; payout 0%–200% of 284 target shares; final payout determined at period end.
  • EPSRSUs (F4): Payout tied to summed EPS for fiscal years ending 1/31/2027–2029 vs. baseline; payout 0%–200% of 3,339 target shares at period end.
• Shares owned after transaction: not specified in the provided filing summary.
• Filing timeliness: filed within the normal Form 4 window; not flagged late.

Context

• These were grants for compensation and incentive purposes, not immediate purchases or sales. Options are not exercised; TRSUs and performance RSUs will only convert to stock if and as they vest (time‑based) or performance targets are met (performance‑based). Performance awards can result in 0%–200% payout of the target award depending on results.