Andersons (ANDE) Director Adds Shares Through Dividend Election — Form 4/A

Rhea-AI Filing Summary

Insider transaction summary: Gerard M. Anderson, a company director of Andersons, Inc. (ANDE), acquired additional shares of the issuer's common stock by electing to receive shares in lieu of a cash dividend. The Form 4/A reports the acquisition as an A-code transaction with 9.65 shares received at a reported price of $0 (shares issued in lieu of cash), increasing his direct beneficial ownership to 40,556.473 shares and confirming an indirect holding of 316,497 shares through The Anderson Irrevocable Trust. The filing was amended to reflect these details and includes a limited power of attorney signature.

Positive

• Dividend reinvestment increased insider equity alignment — shares issued in lieu of cash show continued insider exposure to company stock

Negative

• None.

Insights

Financial Analyst

TL;DR: Director modestly increased stake via dividend reinvestment; transaction is routine and not likely material to valuation.

The reported transaction shows a small in-kind acquisition of common shares through a dividend election rather than an open-market purchase. The added 9.65 shares at $0 represent fractional-share issuance and do not change control dynamics. Combined direct and indirect holdings indicate ongoing insider exposure to company equity, but the absolute incremental size is immaterial relative to typical public-company float. This is a disclosure of routine insider ownership maintenance rather than a strategic accumulation.

Corporate Governance Expert

TL;DR: Disclosure appears compliant; amendment clarifies holdings and uses a power of attorney signature.

The Form 4/A properly records a director's acquisition of shares via dividend reinvestment and identifies indirect ownership through a trust. The use of an amended filing and a limited power of attorney for signature are standard governance practices to ensure accurate Section 16 reporting. There is no indication of unusual timing, derivatives, or large-scale changes to insider ownership in this submission.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ANDERSON GERARD M

(Last) (First) (Middle)

1947 BRIARFIELD BLVD.

(Street)

MAUMEE OH 43537

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Andersons, Inc. [ ANDE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
05/12/2025

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	05/09/2025		A(1)		9.65	A	$0	40,556.473	D
Common Stock								316,497	I	The Anderson Irrevocable Trust

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

Explanation of Responses:

1. Shares in lieu of cash dividend.

Remarks:

	Gerard M. Anderson, by Melissa Trippel, Limited Power of Attorney	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Gerard M. Anderson report on the Form 4/A for ANDE?

The filing reports an acquisition of 9.65 common shares received in lieu of a cash dividend (an in-kind dividend election).

How many shares does Gerard M. Anderson beneficially own after this transaction?

The report shows 40,556.473 shares beneficially owned directly and 316,497 shares held indirectly through The Anderson Irrevocable Trust.

Was any cash paid for the acquired shares in this Form 4/A?

No; the transaction lists a price of $0, reflecting shares issued in lieu of a cash dividend.

Does the filing indicate any sale or derivative transactions by the reporting person?

No; the Form 4/A reports only a non-derivative acquisition via dividend reinvestment and shows no derivative or sale activity.

Was the Form 4 amended and signed by an authorized representative?

Yes; the submission is an amended Form 4/A and includes a signature executed by a limited power of attorney on behalf of Gerard M. Anderson.