Jeffrey John Ronald Jr. 4

What Happened
Jeffrey John Ronald Jr., a director of Argan, Inc. (AGX), exercised two stock option grants on June 30, 2026. He exercised options covering 5,000 shares (strike $35.72) and 1,000 shares (strike $43.70). The Form 4 shows he acquired 4,772 shares valued at $170,456 and 944 shares valued at $41,253 (total acquired: 5,716 shares; total reported value: $211,709). The filing also reports the conversion/disposition of the underlying derivatives for 5,000 and 1,000 shares respectively (reflecting the option instruments converted).

Key Details

• Transaction date: June 30, 2026.
• Option grants exercised: 5,000 shares at $35.72 and 1,000 shares at $43.70.
• Shares acquired (net): 4,772 shares (from 2022 grant) and 944 shares (from 2023 grant) — 5,716 total; reported acquired value $170,456 and $41,253 respectively (total $211,709).
• Underlying derivatives converted/disposed: 5,000 and 1,000 option units (these disposals are the options being exercised, not open-market share sales); exercise price cash equivalent for the full 6,000 shares = $222,300.
• Shares owned after transaction: Not specified in the provided Form 4 summary.
• Footnotes: F1 — 5,000-share option awarded 12/16/2022 exercised via net-settle. F2 — 1,000-share option awarded 12/14/2023 exercised via net-settle.
• Filing timeliness: No late filing indicator noted in the supplied data.

Context
This was an option exercise using the net-settle (cashless) method: the reporting person converted option derivatives into stock and had shares withheld/settled to cover exercise consideration and any withholding obligations. The reported "disposed" lines reflect conversion of the derivative instruments, not an open-market sale of received shares. Option exercises are routine insider events and do not by themselves indicate the insider's market view.