Andersons director reports equity awards and RSU exercise

Andersons, Inc. director Gerard M. Anderson reported routine equity awards and related share movements.

Rhea-AI Filing Summary

Andersons, Inc. director Gerard M. Anderson reported routine equity awards and related share movements. He received 39.089 shares of common stock in lieu of a cash dividend and exercised 3,376 previously granted restricted share units into common stock, all at a stated price of $0.00 per share. Following these direct transactions, he held 43,932.473 shares of common stock directly. He was also granted 1,746 new restricted share units scheduled to vest one year from the May 7, 2026 grant date, each convertible into one share of common stock. Separately, 316,497 shares of common stock are reported as indirectly owned through The Anderson Irrevocable Trust.

Insider Trade Summary

3,376 shares exercised/converted

Exercise 5 txns

Insider ANDERSON GERARD M

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
holding	Common Stock	--	--	--

Holdings After Transaction: RESTRICTED SHARE UNIT (2026) — 0 contracts (Direct); RESTRICTED SHARE UNIT (2027) — 1,746 contracts (Direct); Common Stock — 43,971.562 shares (Direct); Common Stock — 316,497 shares (Indirect, The Anderson Irrevocable Trust)

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

Dividend shares: 39.089 shares RSU exercise into common: 3,376 shares New RSU grant (2027): 1,746 units +3 more

6 metrics

Dividend shares 39.089 shares Common stock received in lieu of cash dividend on May 7, 2026

RSU exercise into common 3,376 shares Restricted share units converted to common stock on May 7, 2026

New RSU grant (2027) 1,746 units Restricted share units granted May 7, 2026, vesting in one year

Direct common holdings 43,932.473 shares Total common stock directly held after transactions

Indirect trust holdings 316,497 shares Common stock held indirectly via The Anderson Irrevocable Trust

RSU-to-share ratio 1:1 Each restricted share unit delivers one share of common stock upon vesting

Key Terms

Restricted share unit, Exercise or conversion of derivative security, Shares in lieu of cash dividend, Annual equity grant

4 terms

Restricted share unit financial

"Each restricted share unit represents the right to receive, upon vesting, one share"

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.

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

Shares in lieu of cash dividend financial

"Footnote states: Shares in lieu of cash dividend."

Annual equity grant financial

"Restricted share units were granted as part of the Issuer's annual equity grant."

FAQ

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

What insider transactions did Gerard M. Anderson report for Andersons, Inc. (ANDE)?

Gerard M. Anderson reported routine equity-related acquisitions, including shares received in lieu of a cash dividend, the exercise of restricted share units into common stock, and a new grant of restricted share units that will convert into common shares upon vesting.

How many Andersons, Inc. (ANDE) shares did Gerard M. Anderson acquire through dividends and awards?

He received 39.089 shares of common stock in lieu of a cash dividend and 3,376 shares through the exercise of restricted share units, plus a new grant of 1,746 restricted share units that each represent the right to receive one share upon vesting.

What are Gerard M. Anderson’s direct and indirect holdings in Andersons, Inc. (ANDE) after these transactions?

After the reported transactions, he directly held 43,932.473 shares of Andersons, Inc. common stock. In addition, 316,497 shares of common stock are reported as indirectly owned through The Anderson Irrevocable Trust, reflecting a substantial separate block of shares.

How do the new restricted share units for Andersons, Inc. (ANDE) work?

Each restricted share unit represents the right to receive one share of Andersons, Inc. common stock upon vesting. The 1,746 restricted share units granted on May 7, 2026 were part of the annual equity grant and vest one year from the grant date, according to the disclosure.

Were Gerard M. Anderson’s Andersons, Inc. (ANDE) transactions open-market buys or sells?

The reported transactions were not open-market buys or sells. They consisted of shares issued in lieu of a cash dividend, the exercise of previously granted restricted share units into common stock, and a new grant of restricted share units as part of the company’s annual equity compensation.

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

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Accepted by SEC EDGAR 05/08/2026 - 12:23 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^*

ANDERSON GERARD M

(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	43,932.473	D
Common Stock	05/07/2026		A(1)		39.089	A	$0	43,971.562	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
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:

	Gerard M. Anderson, 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)