Watson David Hibbert 4

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.