Baugher Joshua Scott 4

What Happened

• Joshua Scott Baugher, Argan Inc. (AGX) Chief Financial Officer, had several Time‑Based Restricted Stock Units (TRSUs) vest on April 16–17, 2026 and converted those awards into common stock (exercise/conversion, code M). Following those vestings he sold 600 shares in an open‑market trade at an average price of $605.60, generating proceeds of $363,360.
• The filing shows multiple conversion entries (some resulting in shares acquired by the reporting person and others listed as disposed), all with $0 exercise price (typical for RSU/TRSU conversions). No other cash purchases were reported.

Key Details

• Transaction dates: April 16, 2026 and April 17, 2026.
• Open‑market sale: 600 shares at $605.60 avg = $363,360 (footnote F3).
• TRSU vesting/conversions noted:
  • 1,000 shares became issuable on 4/16/2026 (awarded 4/16/2024) (F1).
  • 667 shares became issuable on 4/16/2026 (awarded 4/16/2025) (F2).
  • 584 shares became issuable on 4/17/2026 (awarded 4/17/2023) (F4).
  • Filing also shows 509, 335 and 305 shares acquired (conversion entries) on 4/16–4/17.
• Total shown as acquired via conversion: 1,149 shares (509+335+305). Total shown as disposed via conversion/withholding: 2,251 shares (1,000+667+584) in the filing alongside the 600‑share market sale.
• Shares owned after the transactions: not specified in the provided filing.
• Filing date: April 20, 2026 — the Form 4 was submitted within the SEC’s two‑business‑day reporting window for the April 16–17 transactions (i.e., appears timely).
• No 10b5‑1 plan, gift, or other special plan is indicated in the footnotes.

Context

• These are primarily vesting/conversion events for TRSUs (time‑based restricted stock units). Code M indicates exercise/conversion of a derivative (here, conversion of RSUs/TRSUs to common shares at no exercise price).
• The filing lists some conversion entries as “disposed,” which commonly reflects shares immediately transferred or withheld (often to cover taxes or broker settlement), but the filing does not explicitly state the reason.
• The lone open‑market sale (600 shares) is a routine insider sale and provides cash proceeds; it does not by itself indicate the officer’s view of the company.