What restricted share unit activity did the Andersons (ANDE) Form 4 disclose?

The filing shows 3,376 restricted share units converting into common stock. Each restricted share unit represented the right to receive one share upon vesting. After the conversion, the related RSU position was reduced to zero, leaving only the underlying common shares outstanding in his account.

When were the restricted share units underlying this Andersons (ANDE) Form 4 originally granted?

The restricted share units were granted on May 8, 2025. They were issued as part of Andersons’ annual equity grant program and were scheduled to vest one year from the grant date, after which they converted into common stock as shown in the filing.

Andersons, Inc. (NASDAQ: ANDE) director awarded shares and RSU stock

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Andersons, Inc. director Ross W. Manire increased his stock-based holdings through routine equity compensation. He received 39.089 shares of common stock in lieu of a cash dividend, reflecting dividend-equivalent compensation. He also acquired 3,376 shares of common stock upon exercising restricted share units granted as part of the company’s annual equity program, and the corresponding RSU position was fully settled. These transactions were compensation-related and did not involve any open-market purchases or sales.

Insider Trade Summary

3,376 shares exercised/converted

Mixed 3 txns

Insider MANIRE ROSS W

Role null

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

Holdings After Transaction: RESTRICTED SHARE UNIT (2026) — 0 shares (Direct, null); Common Stock — 36,943.182 shares (Direct, null)

Footnotes (1)

Shares in lieu of cash dividend. Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock. 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

Dividend-equivalent shares: 39.089 shares RSUs converted: 3,376 units RSU conversion ratio: 1:1 +2 more

5 metrics

Dividend-equivalent shares 39.089 shares Common stock received in lieu of cash dividend

RSUs converted 3,376 units Restricted share units exercised into common stock

RSU conversion ratio 1:1 Each restricted share unit settled into one common share

Post-grant holdings example 36,982.271 shares Total common shares shown following one reported acquisition

Derivative exercises 1 transaction Exercise or conversion of derivative security on May 7, 2026

Key Terms

Shares in lieu of cash dividend, Restricted share unit, Annual equity grant, Vesting

4 terms

Shares in lieu of cash dividend financial

"Shares in lieu of cash dividend."

Annual equity grant financial

"Restricted share units were granted on May 8, 2025 as part of the Issuer's annual equity grant."

Vesting financial

"Restricted share units vest one year from the date of grant."

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.

Form 4 Insider Transactions: What Each Field Means →

05/08/2026 - 01:51 PM

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^*

MANIRE ROSS W

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/07/2026		M		3,376	A	$0	36,943.182	D
Common Stock	05/07/2026		A⁽¹⁾		39.089	A	$0	36,982.271	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
RESTRICTED SHARE UNIT (2026)	⁽²⁾	05/07/2026		M			3,376	⁽³⁾	⁽³⁾	Common Stock	3,376	⁽²⁾	0	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.

Remarks:

	Ross W. Manire, 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Andersons (ANDE) director Ross W. Manire report in his latest Form 4?

Ross W. Manire reported equity-based acquisitions of Andersons common stock. He received shares as part of an annual equity grant and dividend equivalents, and settled restricted share units into common stock. These were compensation-related events, not open-market trading, and increased his direct ownership stake.

How many Andersons (ANDE) shares did Ross W. Manire receive as dividend equivalents?

Ross W. Manire received 39.089 Andersons common shares in lieu of a cash dividend. This means the dividend that could have been paid in cash was instead delivered as additional shares, slightly increasing his equity position through stock-based dividend compensation.

Were Ross W. Manire’s Andersons (ANDE) transactions open-market buys or sells?

No, the disclosed transactions were not open-market buys or sells. They reflect a grant or award of shares, dividend-equivalent shares in lieu of cash, and the exercise of restricted share units into common stock within the company’s equity compensation framework.