Larroque Alexander Lisa 4

What Happened

• Lisa Larroque, a director of Argan, Inc. (AGX), reported derivative conversion/exercise transactions on April 16, 2026. The filing shows an acquisition of 700 shares via exercise/conversion of a derivative (code M) at $0.00 per share and a simultaneous reported disposition/conversion of 695 shares at $0.00 per share. The total reported cash value for both lines is $0.00.

Key Details

• Transaction date: April 16, 2026; Filing date: April 20, 2026 (timely filed within the Form 4 window).
• Transaction codes: M = exercise or conversion of a derivative security.
• Reported prices: $0.00 per share for both the acquired 700 shares and the 695 shares listed as disposed.
• Shares owned after transaction: Not specified in the excerpt provided.
• Footnote: F1 — 695 shares became issuable to the reporting person on April 16, 2026 under a one‑year vesting schedule for Time‑Based Restricted Stock Units (TRSUs) awarded on April 16, 2025; the amount is adjusted for dividends.
• The filing does not specify whether the 695‑share disposition reflects a sale, tax withholding, or administrative settlement.

Context

• Code M and the $0.00 price indicate these were conversions/exercises of derivative awards (TRSUs), not open‑market purchases or sales. Conversions of RSUs/TRSUs typically have no cash purchase price; any net share settlement or withholding for taxes may show as a disposal line, but the filing here does not detail the reason for the 695‑share disposition.
• These kinds of award vesting and conversions are common for directors and executives and do not by themselves indicate a buy/sell signal in the market.