<SEC-DOCUMENT>0001415889-22-004130.txt : 20220419
<SEC-HEADER>0001415889-22-004130.hdr.sgml : 20220419
<ACCEPTANCE-DATETIME>20220419161512
ACCESSION NUMBER:		0001415889-22-004130
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220416
FILED AS OF DATE:		20220419
DATE AS OF CHANGE:		20220419

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOSSELMANN RAINER H
		CENTRAL INDEX KEY:			0001028546

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31756
		FILM NUMBER:		22835110

	MAIL ADDRESS:	
		STREET 1:		PUROFLOW INCORPORATED
		STREET 2:		ONE CHURCH STREET SUITE 302
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARGAN INC
		CENTRAL INDEX KEY:			0000100591
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
		IRS NUMBER:				131947195
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	BUSINESS ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 201
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301 315-0027

	MAIL ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 201
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUROFLOW INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ULTRA DYNAMICS CORP
		DATE OF NAME CHANGE:	19830522
</SEC-HEADER>
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<SEQUENCE>1
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    <documentType>4</documentType>

    <periodOfReport>2022-04-16</periodOfReport>

    <issuer>
        <issuerCik>0000100591</issuerCik>
        <issuerName>ARGAN INC</issuerName>
        <issuerTradingSymbol>AGX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001028546</rptOwnerCik>
            <rptOwnerName>BOSSELMANN RAINER H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ARGAN, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1 CHURCH STREET, SUITE 201</rptOwnerStreet2>
            <rptOwnerCity>ROCKVILLE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20850</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHAIRMAN &amp; CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2022-04-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>4264</value>
                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
                    <value>0</value>
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        </nonDerivativeTransaction>
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    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option to Purchase Common Stock</value>
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            <conversionOrExercisePrice>
                <value>36.78</value>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2023-04-18</value>
            </exerciseDate>
            <expirationDate>
                <value>2032-04-18</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>12500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                    <footnoteId id="F4"/>
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                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Performance-Based Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-04-18</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>12500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
                    <value>12500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>37500</value>
                    <footnoteId id="F7"/>
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                <directOrIndirectOwnership>
                    <value>D</value>
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                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Time-Based Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-04-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>12500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F8"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>12500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>20834</value>
                    <footnoteId id="F9"/>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On April 16, 2022, the Reporting Person had Time-Based Restricted Stock Units (the &quot;TRSUs&quot;) vest in the amount of 4,264 shares of Common Stock.  This issuance is pursuant to the three year vesting schedule of the 12,500 TRSU award that was granted on April 16, 2021 and is adjusted for cash dividends.</footnote>
        <footnote id="F2">2,241 shares are held by Rainer and Beverley Bosselmann, as joint tenants, and the remaining shares are held directly by Rainer Bosselmann.</footnote>
        <footnote id="F3">On April 18, 2022, the Reporting Person received 10-year options to purchase 12,500 shares of the Issuer's common stock with an exercise price of $36.78 per share. The options will vest ratably over three years on each anniversary of the grant date starting from 04/18/2023.</footnote>
        <footnote id="F4">As of the date of this filing, the total number of options owned by the Reporting Person includes (a) options to acquire 25,000 shares of common stock at a price of $16.37 per share with Date Exercisable of 03/07/2014 and Expiration Date of 03/07/2023; (b) options to acquire 50,000 shares of common stock at a price of $32.68 with Date Exercisable of 04/16/2016 and Expiration Date of 04/16/2025; (c) options to acquire 50,000 shares of common stock at a price of $33.85 per share with Date Exercisable of 04/13/2017 and Expiration Date of 04/13/2026; (d) options to acquire 50,000 shares of common stock at a price of $64.25 per share with Date Exercisable of 04/06/2018 and Expiration Date of 04/06/2027; (e) options to acquire 40,000 shares of common stock at a price of $37.60 per share with Date Exercisable of 04/13/2019 and Expiration Date of 04/13/2028;</footnote>
        <footnote id="F5">(f) options to acquire 40,000 shares of common stock at a price of $50.30 per share with Date Exercisable of 4/12/2020 and Expiration Date of 4/12/2029; (g) options to acquire 40,000 shares of common stock at a price of $33.81 per share with Date Exercisable 4/16/2021 and Expiration Date of 4/16/2030; (h) options to acquire 12,500 shares of common stock at a price of $54.60 with Date Exercisable of 4/16/2022 and Expiration Date of 4/16/2031 and (i) options to acquire 12,500 shares of common stock at a price of $36.78 per share with Date Exercisable of 4/18/2023 and Expiration Date of 4/18/2032; all of which are subject to the aforementioned three-year ratably vesting schedule</footnote>
        <footnote id="F6">On April 18, 2022, the Reporting Person was granted Performance-Based Restricted Stock Units (the &quot;PBRSUs&quot;) in the target number of 12,500 shares (the &quot;Target&quot;), the vesting of which is subject to the rank of the Total Stock Return (&quot;TSR&quot;) of the Issuer's common stock over a three-year period, as determined by the Issuer's Board of Directors, to the comparable TSRs of 12 peer public companies to be disclosed in the Issuer's 2022 Proxy Statement. Each PBRSU represents a contingent right to receive one share of the Issuer's common stock. The payout ratio of the Target, ranging from 0% to 200%, will depend on the degree of achievement of the TSR ranking. The determination of the number of shares of common stock to be issued shall occur at the end of the three-year performance period</footnote>
        <footnote id="F7">As of the date of this filing, the remaining number of PBRSUs beneficially owned by the Reporting Person includes (a) a target number of 12,500 shares of PBRSUs granted on April 16, 2020; (b) a target number of 12,500 shares of PBRSUs granted on April 16, 2021; and (c) a target number of 12,500 shares of PBRSUs granted on April 18, 2022, all to vest in their entirety at the end of a three-year performance period.</footnote>
        <footnote id="F8">On April 18,2022, the Reporting Person was granted Time-Based Restricted Stock Units (the &quot;TBRSUs&quot;) covering 12,500 shares of common stock. The TBRSUs will vest in equal installments on each of the next three anniversaries of the grant date starting on 04/18/2023.</footnote>
        <footnote id="F9">As of the date of this filing, the remaining number of TBRSUs beneficially owned by the Reporting Person includes (a) 8,334 shares of TBRSUs granted on April 12, 2021; and (b) 12,500 shares of TBRSUs granted on April 18, 2022, all to vest pursuant to the three year vesting schedule reported under footnote 8 above.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Rainer H. Bosselmann</signatureName>
        <signatureDate>2022-04-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
