Form 4: ARGAN Director Reports Stock Sales and Gift

ARGAN Director William F. Leimkuhler reported the sale of 200 shares of common stock by two trusts and a gift of 500 shares.

Summary

• William F. Leimkuhler, a Director of ARGAN INC (AGX), reported transactions involving the company's common stock.
• On December 23, 2025, the Emily K. Leimkuhler Trust, for which Mr. Leimkuhler serves as Trustee, sold 100 shares of ARGAN common stock at a price of $337.01 per share in an open market transaction.
• On the same date, the Elizabeth K. Leimkuhler Trust, also overseen by Mr. Leimkuhler as Trustee, sold 100 shares of ARGAN common stock at a price of $337.93 per share in an open market transaction.
• Additionally, on December 23, 2025, Mr. Leimkuhler made a bona fide gift of 500 shares of ARGAN common stock.
• Following these transactions, the Emily K. Leimkuhler Trust and Elizabeth K. Leimkuhler Trust each beneficially own 900 shares indirectly.
• Mr. Leimkuhler directly beneficially owns 41,034 shares of common stock.
• The reported sales were made pursuant to a Rule 10b5-1(c) plan, indicating pre-planned transactions.

Sentiment

Score: 5

Explanation: The transactions involve insider sales and a gift. While sales by an insider can be viewed with some caution, the relatively small volume (200 shares sold by trusts, 500 gifted) compared to the director's total holdings, and the disclosure of a Rule 10b5-1 plan, mitigate significant negative sentiment. The gift is neutral to slightly positive for the recipient but reduces the insider's direct stake.

Positives

• The transactions were conducted under a Rule 10b5-1(c) plan, which indicates pre-scheduled sales rather than reactive selling, potentially reducing market speculation.
• The gift of 500 shares represents a transfer of value, which could be seen as a positive for the recipient.

Negatives

• Insider sales, even if pre-planned, can sometimes be perceived negatively by the market as a reduction in insider ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This insider transaction report is specific to ARGAN INC and its director, William F. Leimkuhler, and does not provide broader industry context or trends.

Related Party Transactions

• Sale of 100 shares by Emily K. Leimkuhler Trust, where the reporting person (William F. Leimkuhler) serves as Trustee.
• Sale of 100 shares by Elizabeth K. Leimkuhler Trust, where the reporting person (William F. Leimkuhler) serves as Trustee.
• Bona fide gift of 500 shares by the reporting person.

Stakeholder Impact

• Shareholders: May observe a slight reduction in insider ownership, though the impact is mitigated by the pre-planned nature of the sales under a 10b5-1 plan.

Key Dates

Keywords

ARGAN INC, AGX, Insider Trading, Form 4, Stock Sale, Director, Equity Transaction, Rule 10b5-1, Common Stock, Beneficial Ownership