Andersons director receives added RSU awards

Hershberger Pamela S reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Hershberger Pamela S reported acquisition or exercise transactions in this Form 4 filing.

Andersons, Inc. director Pamela S. Hershberger reported routine equity compensation changes. She received small dividend-equivalent awards of 6.224 and 8.495 restricted share units tied to prior annual grants from 2023 and 2024. Each restricted share unit represents the right to receive one share of common stock upon vesting. After these updates, she holds 14,275.402 common shares directly, along with ongoing restricted share unit positions in the 2024 and 2025 award cycles.

Insider Trade Summary

Grant/Award: 14.719 shares

Grant/Award 3 txns

Insider Hershberger Pamela S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	RESTRICTED SHARE UNIT (2024)	8.495	$0.00	$0.00
Grant/Award	RESTRICTED SHARE UNIT (2025)	6.224	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: RESTRICTED SHARE UNIT (2024) — 3,223.743 contracts (Direct); RESTRICTED SHARE UNIT (2025) — 2,362.169 contracts (Direct); Common Stock — 14,275.402 shares (Direct)

Footnotes (4)

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.

Key Figures

Common shares held: 14,275.402 shares 2025 RSU dividend equivalent: 6.224 units 2024 RSU dividend equivalent: 8.495 units +2 more

5 metrics

Common shares held 14,275.402 shares Direct holdings after transactions

2025 RSU dividend equivalent 6.224 units Additional restricted share units credited

2024 RSU dividend equivalent 8.495 units Additional restricted share units credited

2025 RSU balance 2,362.169 units Restricted share units following transaction

2024 RSU balance 3,223.743 units Restricted share units following transaction

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 (ANDE) report for Pamela S. Hershberger?

Pamela S. Hershberger reported routine equity compensation updates. She received small dividend-equivalent restricted share units linked to earlier grants, with no open-market buying or selling of Andersons common stock disclosed in this filing.

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

After the reported updates, Pamela S. Hershberger directly holds 14,275.402 shares of Andersons common stock. This figure reflects her position following the dividend-equivalent restricted share unit adjustments reported on the transaction date.

What restricted share unit awards were updated for Andersons (ANDE) director Hershberger?

The filing updates two restricted share unit awards for Hershberger, labeled 2024 and 2025. They stem from annual equity grants initially made in May 2023 and May 2024 and are structured to vest one year from each original grant date.

What does each restricted share unit represent for Andersons (ANDE)?

Each restricted share unit represents the right to receive one share of Andersons common stock upon vesting. This means that, as units vest, they convert into an equivalent number of common shares for the reporting person.

What are dividend-equivalent restricted share units in the Andersons (ANDE) filing?

Dividend-equivalent restricted share units are additional units credited when dividends are paid, rather than cash. In this filing, small increments were added to Hershberger’s existing grants, noted in the footnote simply as a “Dividend equivalent received.”

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

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Accepted by SEC EDGAR 04/27/2026 - 12:28 PM 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)
04/22/2026

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)	04/22/2026		A		8.495		(2)	(2)	Common Stock	8.495(3)	(1)	3,223.743	D
RESTRICTED SHARE UNIT (2025)	(1)	04/22/2026		A		6.224		(4)	(4)	Common Stock	6.224(3)	(1)	2,362.169	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.

Remarks:

	Pamela S. Hershberger, by Melissa Trippel, Limited Power of Attorney	04/27/2026
	** 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)