Watson David Hibbert 4
4 · ARGAN INC · Filed Apr 20, 2026
Research Summary
AI-generated summary of this filing
ARGAN (AGX) CEO David Hibbert Sells 19,310 Shares for $11.6M
What Happened
- David Hibbert, President & CEO (and director) of ARGAN, reported the vesting/conversion of multiple restricted stock units (time‑based and performance‑based) on April 16–17, 2026. Several of those vested awards were converted into common shares (see footnotes) and he sold 19,310 shares in an open‑market transaction at an average price of $602.11 per share, generating approximately $11,626,744.
- The Form 4 shows multiple zero‑price derivative conversions and zero‑price dispositions associated with the vesting (see footnotes). Total vesting events reported include TRSUs and performance awards that became issuable (examples: 3,333, 1,333 and 4,000 TRSU shares; 20,000 ERSU shares (actual; 10,000 target); 10,000 PRSU shares (actual; 5,000 target) — all adjusted for dividends).
Key Details
- Transaction dates: April 16–17, 2026; Form 4 filed April 20, 2026 (appears to be timely).
- Sale: 19,310 shares sold on April 17, 2026 at an average price of $602.11 → proceeds ≈ $11,626,744.
- Vesting/conversions: multiple RSU/PRSUs/ERSUs became issuable and were converted to common stock (zero-dollar exercise/conversion entries listed).
- Zero‑price dispositions: 23,666 shares are reported as disposed at $0.00 in connection with the vesting/conversion events (reported on the Form 4). These zero‑price entries commonly reflect shares withheld or transferred to satisfy withholding/settlement obligations.
- Shares owned after the transactions: not specified in the provided summary — see the filed Form 4 for post-transaction holdings and exact breakdown.
Context
- The filing reflects standard insider activity tied to vesting of time‑based and performance‑based awards plus an open‑market sale. Sales following vesting are common and do not necessarily indicate a change in the insider’s view of the company.
- For derivative/award transactions: the report shows conversion/exercise of RSUs and performance awards (some settled and some immediately sold/transferred). The ERSU/PRSU items show payouts above target (actual > target), per footnotes.
- This is a company insider transaction (executive), not a 10% owner institutional trade; interpret accordingly.
Insider Transaction Report
Form 4
ARGAN INCAGX
Watson David Hibbert
DirectorPRESIDENT AND CEO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-04-16+1,869→ 49,001 total - Exercise/Conversion
Common Stock
[F2]2026-04-16+736→ 49,737 total - Exercise/Conversion
Common Stock
[F3]2026-04-17+2,302→ 52,039 total - Exercise/Conversion
Common Stock
[F4]2026-04-17+11,513→ 63,552 total - Exercise/Conversion
Common Stock
[F5]2026-04-17+5,756→ 69,308 total - Sale
Common Stock
[F6]2026-04-17$602.11/sh−19,310$11,626,744→ 49,998 total - Exercise/Conversion
Time-Based Restricted Stock Units
[F1]2026-04-16−3,333→ 11,585 totalExercise: $0.00→ Common Stock (3,333 underlying) - Exercise/Conversion
Time-Based Restricted Stock Units
[F2]2026-04-16−1,333→ 10,252 totalExercise: $0.00→ Common Stock (1,333 underlying) - Exercise/Conversion
Time-Based Restricted Stock Units
[F3]2026-04-17−4,000→ 6,252 totalExercise: $0.00→ Common Stock (4,000 underlying) - Exercise/Conversion
Earnings Per Share Performance-Based Restricted Stock Units
[F4]2026-04-17−10,000→ 18,839 totalExercise: $0.00→ Common Stock (10,000 underlying) - Exercise/Conversion
Performance-Based Restricted Stock Units
[F5]2026-04-17−5,000→ 7,284 totalExercise: $0.00→ Common Stock (5,000 underlying)
Footnotes (6)
- [F1]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.
- [F2]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.
- [F3]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.
- [F4]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.
- [F5]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.
- [F6]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.
Signature
/s/ David H. Watson|2026-04-20