Andersons director awarded shares and RSUs

Andersons, Inc. director Steven K. Campbell reported equity-based compensation and related share activity.

Rhea-AI Filing Summary

Andersons, Inc. director Steven K. Campbell reported equity-based compensation and related share activity. On May 7, 2026, he acquired 39.089 shares of common stock, noted as shares received in lieu of a cash dividend, and exercised 3,376 restricted share units into common stock, bringing his directly held common shares to 10,326.579.

He was also granted 1,746 restricted share units tied to common stock as part of the issuer’s annual equity grant program. Earlier restricted share units granted in 2025 vested after one year, and the 2026 award similarly vests one year from grant.

Insider Trade Summary

3,376 shares exercised/converted

Exercise 4 txns

Insider Campbell Steven K.

Role Director

Type	Security	Shares	Price	Value
Exercise	RESTRICTED SHARE UNIT (2026)	3,376	$0.00	$0.00
Grant/Award	RESTRICTED SHARE UNIT (2027)	1,746	$0.00	$0.00
Exercise	Common Stock	3,376	$0.00	$0.00
Grant/Award	Common Stock	39.089	$0.00	$0.00

Holdings After Transaction: RESTRICTED SHARE UNIT (2026) — 0 contracts (Direct); RESTRICTED SHARE UNIT (2027) — 1,746 contracts (Direct); Common Stock — 10,326.579 shares (Direct)

Footnotes (4)

1. F1. Shares in lieu of cash dividend.
2. F2. Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock.
3. F3. Restricted share units were granted on May 8, 2025 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.
4. F4. Restricted share units were granted on May 7, 2026 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.

Key Figures

Shares in lieu of dividend: 39.089 shares RSU exercise into common stock: 3,376 shares Common shares held after transactions: 10,326.579 shares +2 more

5 metrics

Shares in lieu of dividend 39.089 shares Common stock issued instead of cash dividend on May 7, 2026

RSU exercise into common stock 3,376 shares Common shares acquired by exercising 2026 restricted share units

Common shares held after transactions 10,326.579 shares Direct ownership following May 7, 2026 transactions

New RSU grant (2027) 1,746 units Restricted share units granted May 7, 2026 as annual equity grant

RSU exercise count 1 exercise, 3,376 shares From transaction summary for derivative exercises

Key Terms

restricted share unit, annual equity grant, shares in lieu of cash dividend, Form 4

4 terms

restricted share unit financial

"Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock."

A restricted share unit (RSU) is a promise by a company to give an employee a set number of company shares at a future date, typically after meeting time or performance conditions. For investors, RSUs matter because when they convert into actual shares they increase the number of shares outstanding (like unlocking more tickets in a game), which can dilute existing holders, and they align employee incentives with company performance, influencing behavior and long-term value.

annual equity grant financial

"Restricted share units were granted on May 7, 2026 as part of the Issuer's annual equity grant."

shares in lieu of cash dividend financial

"Shares in lieu of cash dividend."

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Andersons (ANDE) director Steven K. Campbell report?

Steven K. Campbell reported equity-related acquisitions, including new restricted share units and common shares from an RSU exercise. These transactions reflect compensation and dividend-related activity rather than open-market buying or selling of Andersons, Inc. common stock.

How many Andersons (ANDE) common shares does Steven K. Campbell hold after these transactions?

After the reported transactions, Steven K. Campbell directly holds 10,326.579 shares of Andersons, Inc. common stock. This total reflects stock received in lieu of cash dividends and shares issued upon the exercise of previously granted restricted share units.

What restricted share units did Andersons (ANDE) grant to Steven K. Campbell?

Steven K. Campbell received 1,746 restricted share units in 2026 as part of Andersons, Inc.’s annual equity grant. Each unit represents the right to receive one share of common stock upon vesting, typically one year after the grant date under the company’s program.

Did Steven K. Campbell buy or sell Andersons (ANDE) shares on the open market?

The filing shows no open-market purchases or sales. Instead, Steven K. Campbell acquired shares through an RSU exercise and shares issued in lieu of a cash dividend, along with a new grant of restricted share units as part of equity compensation.

What does “shares in lieu of cash dividend” mean for Andersons (ANDE) stock?

“Shares in lieu of cash dividend” means the holder received additional Andersons, Inc. common shares instead of a cash dividend payment. In this filing, 39.089 common shares were issued to Steven K. Campbell as an alternative to receiving that dividend in cash.

How do Andersons (ANDE) restricted share units work for Steven K. Campbell?

Each restricted share unit represents one future Andersons, Inc. common share upon vesting. Units are granted annually, vest after one year, and then convert into common stock. Campbell’s 2025 units vested and converted, while his 2026 units will vest one year after grant.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/08/2026 - 12:25 PM Learn about SEC filing dates

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).

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^*

Campbell Steven K.

(Last) (First) (Middle)

1947 BRIARFIELD BLVD.

(Street)

MAUMEE OHIO 43537

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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	05/07/2026		M		3,376	A	$0	10,287.49	D
Common Stock	05/07/2026		A(1)		39.089	A	$0	10,326.579	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
RESTRICTED SHARE UNIT (2026)	(2)	05/07/2026		M			3,376	(3)	(3)	Common Stock	3,376	(2)	0	D
RESTRICTED SHARE UNIT (2027)	(2)	05/07/2026		A		1,746		(4)	(4)	Common Stock	1,746	(2)	1,746	D

Explanation of Responses:

1. Shares in lieu of cash dividend.

2. Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock.

3. Restricted share units were granted on May 8, 2025 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.

4. Restricted share units were granted on May 7, 2026 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.

Remarks:

	Steven K. Campbell, by Melissa Trippel, Limited Power of Attorney	05/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)