Andersons director acquires dividend-linked stock units

The filing separately lists each award-year RSU balance and states that each unit represents the right to receive one common share upon vesting.

Rhea-AI Filing Summary

Andersons, Inc. director Pamela S. Hershberger acquired 9.839 restricted share units labeled 2024, 7.209 labeled 2025, and 10.423 labeled 2026 on October 22, 2026; the entries are described as dividend equivalents. Each unit represents the right to receive one share of common stock upon vesting. The respective post-transaction RSU balances were 3,241.864, 2,375.446, and 3,434.286 units. She also directly held 14,275 shares of common stock.

Insider Trade Summary

Grant/Award: 27.471 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	9.839	--	--
Grant/Award	RESTRICTED SHARE UNIT (2025) F1, F4, F3	7.209	--	--
Grant/Award	RESTRICTED SHARE UNIT (2026) F1, F5, F3	10.423	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: RESTRICTED SHARE UNIT (2024) — 3,241.864 contracts (Direct); RESTRICTED SHARE UNIT (2025) — 2,375.446 contracts (Direct); RESTRICTED SHARE UNIT (2026) — 3,434.286 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

2024 RSU acquisition: 9.839 restricted share units 2025 RSU acquisition: 7.209 restricted share units 2026 RSU acquisition: 10.423 restricted share units +4 more

7 metrics

2024 RSU acquisition 9.839 restricted share units Dividend equivalent received October 22, 2026

2025 RSU acquisition 7.209 restricted share units Dividend equivalent received October 22, 2026

2026 RSU acquisition 10.423 restricted share units Dividend equivalent received October 22, 2026

2024 RSU balance 3,241.864 restricted share units Reported following the transaction

2025 RSU balance 2,375.446 restricted share units Reported following the transaction

2026 RSU balance 3,434.286 restricted share units Reported following the transaction

Common stock held directly 14,275 shares Reported October 22, 2026

Key Terms

restricted share unit, Dividend equivalent, vesting, annual equity grant

4 terms

restricted share unit financial

"Each restricted share unit represents the right to receive"

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.

vesting financial

"upon vesting, one share"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

annual equity grant financial

"as part of the Issuer's annual equity grant"

FAQ

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

How many RSUs did ANDE director Pamela S. Hershberger acquire?

Pamela S. Hershberger acquired 9.839 2024 RSUs, 7.209 2025 RSUs, and 10.423 2026 RSUs on October 22, 2026. The entries are described as dividend equivalents.

What do ANDE restricted share units represent, and when do they vest?

Each restricted share unit represents the right to receive one share of common stock upon vesting. The 2024 RSUs were granted May 5, 2023, the 2025 RSUs May 9, 2024, and the 2026 RSUs May 8, 2025; each tranche vests one year from its grant date.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/26/2026 - 10:13 AM EDT Accepted by SEC EDGAR 10/26/2026 - 10:12 AM EDT 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)
10/22/2026

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)	10/22/2026		A		9.839		(2)	(2)	Common Stock	9.839(3)	(1)	3,241.864	D
RESTRICTED SHARE UNIT (2025)	(1)	10/22/2026		A		7.209		(4)	(4)	Common Stock	7.209(3)	(1)	2,375.446	D
RESTRICTED SHARE UNIT (2026)	(1)	10/22/2026		A		10.423		(5)	(5)	Common Stock	10.423(3)	(1)	3,434.286	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	10/26/2026
	** 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)