<SEC-DOCUMENT>0001415889-23-006710.txt : 20230419
<SEC-HEADER>0001415889-23-006710.hdr.sgml : 20230419
<ACCEPTANCE-DATETIME>20230419163022
ACCESSION NUMBER:		0001415889-23-006710
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230416
FILED AS OF DATE:		20230419
DATE AS OF CHANGE:		20230419

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Deily Richard H
		CENTRAL INDEX KEY:			0001358787

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31756
		FILM NUMBER:		23830376

	MAIL ADDRESS:	
		STREET 1:		C/O ARGAN, INC.
		STREET 2:		ONE CHURCH STREET, SUITE 201
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

	FORMER NAME:	
		FORMER CONFORMED NAME:	DEILY HANK
		DATE OF NAME CHANGE:	20060410

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

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            <rptOwnerName>Deily Richard H</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerStreet1>1 CHURCH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 201</rptOwnerStreet2>
            <rptOwnerCity>ROCKVILLE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>20850</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHIEF FINANCIAL OFFICER, SVP</officerTitle>
            <otherText></otherText>
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    <footnotes>
        <footnote id="F1">On April 16, 2023, the Reporting Person had Time-Based Restricted Stock Units (the &quot;TBRSUs&quot;) vest in the amount of 1,227 shares of Common Stock. This issuance is pursuant to the ratable three year vesting schedule of the 3,500 TBRSU award that was granted on April 16, 2021 and is adjusted for cash dividends.</footnote>
        <footnote id="F2">On April 18, 2023, the Reporting Person had TBRSUs vest in the amount of 1,198 shares of Common Stock. This issuance is pursuant to the ratable three-year vesting schedule of the 3,500 TBRSU award that was granted on April 18, 2022 and is adjusted for cash dividends.</footnote>
        <footnote id="F3">On April 17, 2023, the Reporting Person received 10-year options to purchase 2,500 shares of the Issuer's common stock with an exercise price of $39.47 per share. The options will vest ratably over three years on each anniversary of the grant date starting from 4/17/2024.</footnote>
        <footnote id="F4">As of the date of this Filing, the total number of options owned by the Reporting Person includes (a) options acquire 10,000 shares of common stock at the price of $33.85 per share with a Date Exercisable of 04/13/2017 and Expiration Date of 04/13/2026; (b) options to acquire 10,000 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; (c) options to acquire 10,000 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; (d) options to acquire 10,000 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;</footnote>
        <footnote id="F5">(e) options to acquire 10,000 shares of common stock at a price of $33.81 per share with a Date Exercisable of 4/16/2021 and Expiration Date of 4/16/2030; (f) options to acquire 3,500 shares of common stock at a price of $54.60 per share with a Date Exercisable of 4/16/2022 and Expiration Date of 4/16/2031; (g) options to acquire 3,500 shares of common stock at a price of $36.78 per share with a Date Exercisable of 4/18/2023 and Expiration Date of 4/18/2032; and (h) options to acquire 2,500 shares of common stock at a price of $39.47 with a Date Exercisable of 4/17/2024 and Expiration Date of 4/17/2033. Options identified in subjects (c), (d), (e), (f), (g) and (h) are subject to the three-year ratable vesting schedule described in Footnote 3.</footnote>
        <footnote id="F6">On April 17, 2023, the Reporting Person was granted Earnings Per Share Performance-Based Restricted Stock Units (&quot;EPSRSUs&quot;) in the target number of 2,500 shares, the vesting of which is subject to the sum of Earnings Per Share (&quot;EPS&quot;) for fiscal years ending January 31, 2024, 2025 and 2026 compared to target compounded growth EPS amounts based on the sum of EPS for the fiscal years ended January 31, 2021, 2022 and 2023. The pay-out ratio of the Target, ranging from 0% to 200%, will depend on the degree of achievenent of the EPS ranking at the end of the three-year performance period. The awards will be more fully described in the Issuer's 2023 Proxy Statement. Each EPSRSU represents a contingent right to achieve one share of the Issuer's common stock.</footnote>
        <footnote id="F7">As of the date of this filing, the remaining number of TBRSUs beneficially owned by the Reporting Person includes (a) 1,167 shares of TBRSUs granted on April 16, 2021; (b) 2,334 shares of TBRSUs granted on April 18, 2022; and (c) 12,500 shares of TBRSUs granted on September 13, 2022; all to vest pursuant to their respective three-year vesting schedule.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Richard H. Deily</signatureName>
        <signatureDate>2023-04-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
