<SEC-DOCUMENT>0001415889-25-011169.txt : 20250422
<SEC-HEADER>0001415889-25-011169.hdr.sgml : 20250422
<ACCEPTANCE-DATETIME>20250422184335
ACCESSION NUMBER:		0001415889-25-011169
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250416
FILED AS OF DATE:		20250422
DATE AS OF CHANGE:		20250422

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Collins Charles Edwin IV
		CENTRAL INDEX KEY:			0001791800
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31756
		FILM NUMBER:		25858861

	MAIL ADDRESS:	
		STREET 1:		68 HICKORY DRIVE
		CITY:			SOUTH GLASTONBURY
		STATE:			CT
		ZIP:			06073

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARGAN INC
		CENTRAL INDEX KEY:			0000100591
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				131947195
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	BUSINESS ADDRESS:	
		STREET 1:		4075 WILSON BOULEVARD SUITE 440
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		301 315-0027

	MAIL ADDRESS:	
		STREET 1:		4075 WILSON BOULEVARD SUITE 440
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

	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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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15500</value>
                </sharesOwnedFollowingTransaction>
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            <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>2025-04-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3334</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3334</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6334</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Renewable Performance Based Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-04-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F6"/>
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            <expirationDate>
                <footnoteId id="F6"/>
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            <underlyingSecurity>
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                <underlyingSecurityShares>
                    <value>4500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11000</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Performance Based Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-04-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F7"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F7"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the three-year vesting schedule of the Time-Based Restricted Stock Unit (&quot;TRSU&quot;) awarded to the Reporting Person on April 18, 2022, 3,334 shares of Common Stock became issuable to the Reporting Person on April 18, 2025.</footnote>
        <footnote id="F2">Pursuant to the one-year performance period vesting schedule of the Renewable Performance-Based Restricted Stock Unit (&quot;RRSUs&quot;) awarded to the Reporting Person on April 16, 2024, 1,000 shares of the Issuer's Common stock became issuable to the Reporting Person on April 16, 2025.</footnote>
        <footnote id="F3">Pursuant to the three-year vesting schedule of the TRSU awarded to the Reporting Person on April 17, 2023, 1,667 shares of Common Stock became issuable to the Reporting Person on April 17, 2025.</footnote>
        <footnote id="F4">Pursuant to the one-year performance period vesting schedule of the RRSU awarded to the Reporting Person on April 17, 2023, 1,500 shares of the Issuer's Common stock became issuable to the Reporting Person on April 17, 2025.</footnote>
        <footnote id="F5">Pursuant to the three-year vesting schedule of the TRSU awarded to the Reporting Person on April 18, 2022, 3,334 shares of Common Stock became issuable to the Reporting Person on April 18, 2025.</footnote>
        <footnote id="F6">Pursuant to the one-year performance period vesting schedule of the RRSU awarded to the Reporting Person on April 18, 2022, 4,500 shares of the Issuer's Common stock became issuable to the Reporting Person on April 18, 2025.</footnote>
        <footnote id="F7">Pursuant to the three-year vesting schedule of the Performance-Based Restricted Stock Unit (&quot;PRSU&quot;) awarded to the reporting person on April 18, 2022, 2,000 shares of the Common Stock became issuable to the Reporting Person on April 18, 2025. The target number of shares was 1,000.</footnote>
        <footnote id="F8">On April 16, 2025 the Reporting Person was granted TRSUs covering 2,000 shares of common stock. The TRSUs will vest in equal installments on each of the next three anniversaries of the grant date starting on 4/16/2026.</footnote>
        <footnote id="F9">On April 16, 2025, the Reporting Person received 10-year options to purchase 1,000 shares of the Issuer's common stock with an exercise price of $148.72 per share. The options will vest ratably over three years on each anniversary of the grant date starting on 4/16/2026.</footnote>
        <footnote id="F10">On April 16, 2025 the Reporting Person was granted RRSUs in the target number of 2,500 shares, the vesting of which is subject to Gemma Power Systems, LLC and its affiliates obtaining new renewable energy projects with an aggregate contract value exceeding certain identified hurdle amounts for each of the performance periods. The four performance periods cover three consecutive one-year periods each with a target number of 500 shares and a cumulative total at the end of the three-year performance period with a target number of 1,000 shares. The awards will be more fully described in the Issuer's 2025 Proxy Statement. Each RRSU represents a contingent right to receive one share of the Issuer's common stock.</footnote>
        <footnote id="F11">On April 16, 2025, the Reporting Person was granted PRSUs in the target number of 500 shares, 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 2025 Proxy Statement. Each PBRSU represents a contingent right to receive one share of the Issuer's common stock. The payout ratio of the target number of 500 shares, 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="F12">On April 16, 2025, the Reporting Person was granted Earnings Per Share Performance-Based Restricted Stock Units (&quot;EPSRSUs&quot;) in the target number of 3,000 shares, the vesting of which is subject to the sum of Earnings Per Share (&quot;EPS&quot;) for fiscal years ending January 31, 2026, 2027 and 2028 compared to target compounded growth EPS amounts based on the sum of EPS for the fiscal years ended January 31, 2023, 2024 and 2025. The pay-out ratio of the target number of 3,000 shares ranging from 0% to 200%, will depend on the degree of achievement of the EPS ranking at the end of the three-year performance period.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Charles E. Collins IV</signatureName>
        <signatureDate>2025-04-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
