<SEC-DOCUMENT>0001415889-22-012845.txt : 20221220
<SEC-HEADER>0001415889-22-012845.hdr.sgml : 20221220
<ACCEPTANCE-DATETIME>20221220161517
ACCESSION NUMBER:		0001415889-22-012845
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20221216
FILED AS OF DATE:		20221220
DATE AS OF CHANGE:		20221220

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Flanders Cynthia
		CENTRAL INDEX KEY:			0001463638

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31756
		FILM NUMBER:		221474969

	MAIL ADDRESS:	
		STREET 1:		10006 WILDWOOD ROAD
		CITY:			KENSINGTON
		STATE:			MD
		ZIP:			20895

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>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-12202022_041201.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-12-16</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001463638</rptOwnerCik>
            <rptOwnerName>Flanders Cynthia</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10006 WILDWOOD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>KENSINGTON</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20895</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option to Purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>35.72</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-12-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2023-12-16</value>
            </exerciseDate>
            <expirationDate>
                <value>2032-12-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>87000</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Time-Based Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-12-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1750</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2025-12-16</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-12-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1750</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3500</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On December 16, 2022, the Reporting Person received 10-year options to purchase 5,000 shares of the Issuer's common stock with an exercise price of $35.72 per share. The options will vest ratably over three years on each anniversary of the grant date starting from 12/16/2023.</footnote>
        <footnote id="F2">As of the date of this filing, the Reporting Person owns options to purchase (a) 7,000 shares of common stock at a price of $26.88 per share with initial Date Exercisable of 12/17/2014 and Expiration Date of 12/17/2023; (b) 10,000 shares of common stock at a price of $31.82 per share with initial Date Exercisable of 12/11/2015 and Expiration Date of 12/11/2024; (c) 10,000 shares of common stock at a price of $30.44 per share with initial Date Exercisable of 1/7/2017 and Expiration Date of 1/7/2026; d) 10,000 shares of common stock at a price of $71.75 per share with initial Date Exercisable of 1/5/2018 and Expiration Date of 1/5/2027; (e) 10,000 shares of common stock at a price of $46.35 per share with initial Date Exercisable of 1/11/2019 and Expiration Date of 1/11/2028; (f) 10,000 shares of common stock at a price of $41.19 per share with initial Date Exercisable of 12/12/2019 and Expiration Date of 12/12/2028;</footnote>
        <footnote id="F3">(g) 10,000 shares of common stock at a price of $40.15 per share with initial Date Exercisable of 12/23/2020 and Expiration Date of 12/23/2029; (h) 10,000 shares of common stock at a price of $45.75 per share with initial Date Exercisable of 12/14/2021 and Expiration Date of 12/14/2030; (i) 5,000 shares of common stock at a price of $37.13 per share with initial Date Exercisable of 12/14/2022 and Expiration Date of 12/14/2031; and (j) 5,000 shares of common stock at a price of 35.72 per share with initial Date Exercisable of 12/16/2023 and Expiration Date of 12/16/2032. All stock options are subject to the aforementioned three-year ratable vesting schedule except those awarded prior to January 2018 which vested fully on the first anniversary of the date of award.</footnote>
        <footnote id="F4">On December 16, 2022, the Reporting Person was granted Time-Based Restricted Stock Units (the &quot;TBRSUs&quot;) covering 1,750 shares of common stock. The TBRSUs will vest in their entirety on the third anniversary of the grant date on 12/16/2025.</footnote>
        <footnote id="F5">As of the date of this filing, the total number of TBRSUs owned by the the Reporting Person includes (a) 1,750 shares TBRSUs granted on December 14, 2021 and (b) 1,750 shares of TBRSUs granted on December 16, 2022. All are to vest in their entirety on the third anniversary of their respective grant date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Cynthia A. Flanders</signatureName>
        <signatureDate>2022-12-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
