Andersons director receives new RSU equity awards

Andersons, Inc. director Pamela S. Hershberger reported updated equity holdings, including new restricted share unit awards.

Rhea-AI Filing Summary

Andersons, Inc. director Pamela S. Hershberger reported updated equity holdings, including new restricted share unit awards. On May 7, 2026 she received a grant of 1,746 restricted share units labeled 2027 and an additional 39.089 restricted share units labeled 2026, both with a stated exercise price of $0.00 per unit.

Each restricted share unit represents the right to receive one share of common stock upon vesting, and the filing notes these units were granted as part of the annual equity grant and vest one year from the grant date. Following these awards, she holds 14,275.402 shares of common stock directly, along with previously granted restricted share units labeled 2024 and 2025.

Insider Trade Summary

Grant/Award: 1,785.089 shares

Grant/Award 5 txns

Insider Hershberger Pamela S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	RESTRICTED SHARE UNIT (2026)	39.089	$0.00	$0.00
Grant/Award	RESTRICTED SHARE UNIT (2027)	1,746	$0.00	$0.00
holding	RESTRICTED SHARE UNIT (2024)	--	--	--
holding	RESTRICTED SHARE UNIT (2025)	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: RESTRICTED SHARE UNIT (2026) — 3,415.089 contracts (Direct); RESTRICTED SHARE UNIT (2027) — 1,746 contracts (Direct); 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 (6)

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 8, 2025 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 7, 2026 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 5, 2023 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant
6. F6. 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 stock holdings: 14,275.402 shares RSU 2027 grant: 1,746.0000 units RSU 2026 dividend equivalent: 39.0890 units +3 more

6 metrics

Common stock holdings 14,275.402 shares Shares of common stock held directly after transactions

RSU 2027 grant 1,746.0000 units Restricted share unit (2027) grant on May 7, 2026 at $0.0000

RSU 2026 dividend equivalent 39.0890 units Restricted share unit (2026) entry with dividend equivalent received

RSU 2025 position 2,362.1690 underlying shares Restricted share unit (2025) underlying common stock

RSU 2024 position 3,223.7430 underlying shares Restricted share unit (2024) underlying common stock

Exercise price of RSUs $0.0000 per unit Exercise or conversion price for reported restricted share units

Key Terms

restricted share unit, annual equity grant, dividend equivalent

3 terms

restricted share unit financial

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

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.

annual equity grant financial

"Restricted share units were granted on May 7, 2026 as part of the Issuer's annual equity grant."

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.

FAQ

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

What did Andersons (ANDE) director Pamela Hershberger report in this Form 4?

Pamela S. Hershberger reported updated equity holdings, including new restricted share unit awards. The filing shows additional RSUs granted as part of Andersons, Inc.’s annual equity grant program, plus her existing common stock and prior RSU positions.

How many new restricted share units did the Andersons (ANDE) director receive?

The director received 1,746 restricted share units labeled 2027 and 39.089 restricted share units labeled 2026. These awards expand her equity-based compensation position in Andersons, Inc. alongside previously granted 2024 and 2025 restricted share units.

What do Andersons (ANDE) restricted share units represent for the director?

Each restricted share unit represents the right to receive one share of Andersons, Inc. common stock upon vesting. The filing notes these units were granted under the annual equity program and are scheduled to vest one year after their respective grant dates.

When do the Andersons (ANDE) director’s new restricted share units vest?

The filing states that restricted share units granted as part of the annual equity grant vest one year from their grant date. This applies to the new RSUs granted on May 7, 2026, as well as similar prior-year grants disclosed in the footnotes.

How many Andersons (ANDE) common shares does the director hold after these awards?

After the reported transactions, the director holds 14,275.402 shares of Andersons, Inc. common stock directly. In addition, she holds several tranches of restricted share units that may convert into common shares upon vesting under the company’s equity plans.

What other Andersons (ANDE) restricted share units are disclosed for the director?

Besides the new 2026 and 2027 awards, the filing lists restricted share units labeled 2024 and 2025. The 2024 RSUs cover 3,223.743 underlying common shares, while the 2025 RSUs cover 2,362.169 underlying common shares, all subject to vesting terms described in the footnotes.

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

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Accepted by SEC EDGAR 05/08/2026 - 12:25 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^*

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)
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								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 (2026)	(1)	05/07/2026		A		39.089		(2)	(2)	Common Stock	39.089(3)	(1)	3,415.089	D
RESTRICTED SHARE UNIT (2027)	(1)	05/07/2026		A		1,746		(4)	(4)	Common Stock	1,746	(1)	1,746	D
RESTRICTED SHARE UNIT (2024)	(1)							(5)	(5)	Common Stock	3,223.743		3,223.743	D
RESTRICTED SHARE UNIT (2025)	(1)							(6)	(6)	Common Stock	2,362.169		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 8, 2025 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 7, 2026 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 5, 2023 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant

6. 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	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)