Jeffrey John Ronald Jr. 4

What Happened

• Director Jeffrey John Ronald Jr. completed two related transactions on April 21, 2026: an open‑market sale of 3,636 Argan (AGX) shares at an average price of $615.40 per share (proceeds $2,237,594) and the exercise of stock options awarded Dec 14, 2021.
• The option exercise was net‑settled: the filing shows the exercise of 5,000 options at a $37.13 strike (listed as a derivative disposition of $185,650) and the acquisition of 4,698 common shares at $37.13 (value shown $174,437). Net settlement means some shares were withheld to cover the exercise cost/taxes rather than paying cash.
• The sale is a disposition (often routine); the option exercise is a common way for insiders to convert vested options into shares, here done without an out‑of‑pocket cash payment.

Key Details

• Transaction date: April 21, 2026 (filed April 22, 2026 — filing appears timely).
• Open‑market sale: 3,636 shares at $615.40 avg → $2,237,594 total.
• Option exercise (net settlement): 5,000 options exercised at $37.13; 4,698 shares acquired (net) valued at $174,437; 302 shares effectively withheld to satisfy exercise/tax obligations (derivative disposition value $185,650).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 confirms the open‑market sale details; F2 explains the Dec 14, 2021 option award and that the exercise was net‑settled.
• No 10b5‑1 plan, gift, or late‑filing flag is disclosed in the filing.

Context

• Net‑settlement (cashless) option exercises are common: the insider converts options to shares while surrendering a portion to cover exercise price and taxes, instead of paying cash.
• Sales reduce holdings and can be routine liquidity actions; purchases typically carry more interpretive weight for bullish signals. This filing shows a significant sale alongside a net‑settled exercise, not a fresh cash purchase of shares.