Andersons, Inc. director receives RSU dividend grant

Andersons, Inc. director Pamela S. Hershberger reported the acquisition of dividend-equivalent restricted share units tied to three prior annual equity grants.

Rhea-AI Filing Summary

Andersons, Inc. director Pamela S. Hershberger reported the acquisition of dividend-equivalent restricted share units tied to three prior annual equity grants. On July 22, 2026 she received 8.2820, 6.0680 and 8.7740 restricted share units, increasing those award balances to 3,232.0250; 2,368.2370; and 3,423.8630 units, respectively. Each unit represents one share of common stock upon vesting, and she now directly holds 14,275.4020 shares of common stock.

Insider Trade Summary

Grant/Award: 23.124 shares

Grant/Award 4 txns

Insider Hershberger Pamela S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	RESTRICTED SHARE UNIT (2024) F1, F2, F3	8.282	--	--
Grant/Award	RESTRICTED SHARE UNIT (2025) F1, F4, F3	6.068	--	--
Grant/Award	RESTRICTED SHARE UNIT (2026) F1, F5, F3	8.774	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: RESTRICTED SHARE UNIT (2024) — 3,232.025 contracts (Direct); RESTRICTED SHARE UNIT (2025) — 2,368.237 contracts (Direct); RESTRICTED SHARE UNIT (2026) — 3,423.863 contracts (Direct); Common Stock — 14,275.402 shares (Direct)

Footnotes (5)

1. F1. Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock.
2. F2. Restricted share units were granted on May 5, 2023 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.
3. F3. Dividend equivalent received.
4. F4. Restricted share units were granted on May 9, 2024 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.
5. F5. 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.

Key Figures

RSU dividend equivalents (2024 award): 8.2820 units RSU dividend equivalents (2025 award): 6.0680 units RSU dividend equivalents (2026 award): 8.7740 units +5 more

8 metrics

RSU dividend equivalents (2024 award) 8.2820 units Restricted share unit (2024) dividend-equivalent grant on July 22, 2026

RSU dividend equivalents (2025 award) 6.0680 units Restricted share unit (2025) dividend-equivalent grant on July 22, 2026

RSU dividend equivalents (2026 award) 8.7740 units Restricted share unit (2026) dividend-equivalent grant on July 22, 2026

RSU balance after 2024 transaction 3,232.0250 units Total restricted share units (2024 award) following transaction

RSU balance after 2025 transaction 2,368.2370 units Total restricted share units (2025 award) following transaction

RSU balance after 2026 transaction 3,423.8630 units Total restricted share units (2026 award) following transaction

Common stock directly held 14,275.4020 shares Direct holdings of Andersons, Inc. common stock after reported transactions

Derivative transactions reported 3 transactions Number of derivative (RSU) acquisition entries in this Form 4

Key Terms

restricted share unit, dividend equivalent, annual equity grant

3 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.

dividend equivalent financial

"Dividend equivalent received."

A dividend equivalent is a payment someone receives that matches the cash dividends paid on a stock, even though they don’t actually hold the shares. It often shows up in stock-based pay or certain derivatives, and matters to investors because it preserves the income value and alters the after-tax return and timing of payouts — think of it like getting a paycheck for the dividends you would have earned if you owned the stock directly.

annual equity grant financial

"Restricted share units were granted on May 5, 2023 as part of the Issuer's annual equity grant."

FAQ

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

What insider activity did Andersons, Inc. (ANDE) report for Pamela S. Hershberger?

Pamela S. Hershberger reported dividend-equivalent grants of restricted share units on July 22, 2026. These were small additions across three existing RSU awards and did not involve any open-market buy or sell transactions.

How many restricted share units did Hershberger receive in the latest ANDE Form 4?

Hershberger received 23.124 restricted share units in total, split as 8.2820, 6.0680 and 8.7740 units. Each restricted share unit represents the right to receive one share of Andersons, Inc. common stock upon vesting.

What are Pamela S. Hershberger’s RSU balances in Andersons, Inc. (ANDE) after these transactions?

After the dividend-equivalent credits, her three RSU awards show balances of 3,232.0250, 2,368.2370 and 3,423.8630 restricted share units. These awards were originally granted as annual equity grants that vest one year from their respective grant dates.

How many Andersons, Inc. (ANDE) common shares does Hershberger hold after this Form 4?

Following the reported transactions, Pamela S. Hershberger directly holds 14,275.4020 shares of Andersons, Inc. common stock. This figure reflects her reported direct ownership and is separate from her unvested RSU awards.

Were the ANDE insider transactions for Hershberger made under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not marked, indicating the reported RSU acquisitions were not designated as occurring under a Rule 10b5-1 trading plan. They arose from dividend equivalents on existing annual equity grants.

What do the dividend-equivalent restricted share units mean for ANDE director compensation?

Dividend-equivalent restricted share units give Hershberger additional RSUs when dividends are paid, instead of cash. These small incremental awards align her compensation with shareholder returns tied to prior annual equity grants that vest one year from grant.

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

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Available on EDGAR 07/27/2026 - 11:51 AM Accepted by SEC EDGAR 07/27/2026 - 11:51 AM 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^*

Hershberger Pamela S

(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)
07/22/2026

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								14,275.402	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 (2024)	(1)	07/22/2026		A		8.282		(2)	(2)	Common Stock	8.282(3)	(1)	3,232.025	D
RESTRICTED SHARE UNIT (2025)	(1)	07/22/2026		A		6.068		(4)	(4)	Common Stock	6.068(3)	(1)	2,368.237	D
RESTRICTED SHARE UNIT (2026)	(1)	07/22/2026		A		8.774		(5)	(5)	Common Stock	8.774(3)	(1)	3,423.863	D

Explanation of Responses:

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

2. Restricted share units were granted on May 5, 2023 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.

3. Dividend equivalent received.

4. Restricted share units were granted on May 9, 2024 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.

5. 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.

Remarks:

	Pamela S. Hershberger, by Melissa Trippel, Limited Power of Attorney	07/27/2026
	** 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)