SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Collins Charles Edwin IV (Last) (First) (Middle) 68 HICKORY DRIVE (Street) SOUTH GLASTONBURY CT 06073 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ARGAN INC [ AGX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) CHIEF EXECUTIVE OFFICER, GEMMA
	3. Date of Earliest Transaction (Month/Day/Year) 04/16/2022
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/16/2022		M		1,705(1)	A	$0	1,705	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Based Restricted Stock Units	$0	04/18/2022		A		1,000		(2)	(2)	Common Stock	1,000	$0	2,000(3)	D
Renewable Performance Based Restricted Stock Units	$0	04/18/2022		A		7,500		(4)	(4)	Common Stock	7,500	$0	12,500(5)	D
Time Based Restricted Stock Units	$0	04/18/2022		A		10,000		(6)	(6)	Common Stock	10,000	$0	13,334(7)	D
Option to Purchase Common Stock	$36.78	04/18/2022		A		5,000(8)		04/18/2023	04/18/2032	Common Stock	5,000	$0	55,000(9)(10)	D

Explanation of Responses:

1. On April 16, 2022, the Reporting Person had Time-Based Restricted Stock Units (the "TBRSUs") vest in the amount of 1,705 shares of Common Stock. This issuance is pursuant to the three year vesting schedule of the 5,000 TBRSU award that was granted on April 16, 2021 and is adjusted for cash dividends.

2. On April 18, 2022, the Reporting Person was granted Performance-Based Restricted Stock Units (the "PBRSUs") in the target number of 1,000 shares (the "Target"), the vesting of which is subject to the rank of the Total Stock Return ("TSR") 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.

3. As of the date of this filing, the total number of PBRSUs owned by the Reporting Person includes (a) a target number of 1,000 shares of PBRSUs granted on April 16, 2021; and (b) a target number of 1,000 shares of PBRSUs granted on April 18, 2022; all to vest according the three-year performance period described in footnote 2 above.

4. On April 18, 2022, the Reporting Person was granted Renewable Performance-Based Restricted Stock Units (the "RRSUs") in the target number of 7,500 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 1,500 shares and a cumulative total at the end of the three-year performance period with a target number of 3,000 shares. The awards will be more fully described in the Issuer's 2022 Proxy Statement. Each RRSU represents a contingent right to receive one share of the Issuer's common stock.

5. As of the date of this filing, the total number of RRSUs owned by the reporting person include (a) a target number of 5,000 shares of RRSUs granted on April 16, 2021; and (b) a target number of 7,500 shares of RRSUs granted on April 18, 2022; all to vest according to the three-year performance schedule described in footnote 4 above.

6. On April 18, 2022, the Reporting Person was granted Time-Based Restricted Stock Units (the "TBRSUs") covering 10,000 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.

7. As of the date of this filing, the total number of TBRSUs owned by the reporting person include (a) 3,334 shares of TBRSUs granted on April 16, 2021; and (b) 10,000 shares of TBRSUs granted on April 18, 2022; all to vest according to the three-year vesting schedule described in footnote 6 above.

8. On April 18, 2022, the Reporting Person received 10-year options to purchase 5,000 shares of the Issuer's common stock with an exercise price of $36.78 per share. The options will vest ratably over three year on each anniversary of the grant date starting from 04/18/2023.

9. As of the date of this filing, the total number of options owned by the Reporting Person includes (a) options to acquire 5,000 shares of common stock at a price of $46.35 with Date Exercisable of 1/11/2019 and Expiration Date of 1/11/2028; (b) options to acquire 25,000 shares of common stock at a price of $43.10 with Date Exercisable of 9/12/2019 and Expiration Date of 9/12/2028; (c) options to acquire 10,000 shares of common stock at a price of $42.31 with Date Exercisable of 9/10/2020 and Expiration Date of 9/10/2029;

10. (d) options to acquire 10,000 shares of common stock at a price of $33.81 with Date Exercisable on 4/16/2021 and Expiration Date 4/16/2030; and (e) options to acquire 5,000 shares of common stock at a price of $36.78 with Date Exercisable of 4/18/2023 and Expiration Date of 4/18/2032; all of which will vest ratably over three years from their respective grant date.

	/s/ Charles E. Collins	04/19/2022
	** Signature of Reporting Person	Date
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