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ARGAN INC·4

Jun 16, 4:30 PM ET

Watson David Hibbert 4

Research Summary

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Argan (AGX) CEO David Watson Sells Shares, Exercises Options

What Happened
David Hibbert Watson, President, CEO and a director of Argan Inc. (AGX), sold common stock and exercised stock options on June 15–16, 2026. He sold 9,993 shares on June 15 at an average price of $651.22 ($6,507,641) and sold 1,880 shares on June 16 at an average price of $707.35 ($1,329,818), for total open‑market proceeds of $7,837,459. On June 16 he exercised a total of 3,333 stock options (grants from 2023, 2024 and 2025) using the net‑settle (cashless) method; that exercise resulted in 1,880 shares delivered to him and 1,453 shares withheld/surrendered to cover exercise cost/taxes.

Key Details

  • Sale transactions:
    • 2026-06-15: 9,993 shares sold — $651.22 avg — proceeds $6,507,641 (Footnote F1).
    • 2026-06-16: 1,880 shares sold — $707.35 avg — proceeds $1,329,818 (Footnote F5).
  • Option exercises (all reported 2026-06-16; net‑settled per filings F2–F4):
    • 1,666 options (award 4/17/2023) at $39.47 — 862 shares delivered, 804 withheld.
    • 1,000 options (award 4/16/2024) at $61.22 — 588 shares delivered, 412 withheld.
    • 667 options (award 4/16/2025) at $148.72 — 430 shares delivered, 237 withheld.
    • Total options exercised: 3,333; shares delivered to insider: 1,880; shares withheld/surrendered: 1,453.
  • Shares owned after the transactions: not specified in the provided report.
  • Footnotes: exercises were performed using the net‑settle (cashless) method (F2–F4). Sales were open‑market trades (F1, F5).
  • Timeliness: Form 4 filed 2026‑06‑16 covering transactions on 6/15–6/16; filing appears timely.

Context

  • Net‑settle (cashless) exercises mean options were converted and enough shares were withheld/sold to cover the exercise price and taxes; the filing shows 1,880 shares were delivered to Watson and the remainder were withheld/surrendered. The same day open‑market sale of 1,880 shares suggests those delivered shares were sold immediately.
  • This filing reflects routine option exercises and insider selling of shares to realize proceeds; it does not by itself indicate the insider’s view of the company’s prospects.