Andersons, Inc. (ANDE) director awarded RSUs and exercises prior grant

Rhea-AI Filing Summary

Andersons, Inc. director Steven Oakland reported equity compensation activity and related share issuances. On May 7, 2026, he acquired 22.9 shares of common stock as shares in lieu of a cash dividend and held 2,648.9 common shares afterward.

On the same date, he exercised 2,626 restricted share units from a 2026 grant into an equal number of common shares, exhausting that RSU award. He also received a new grant of 1,746 restricted share units (2027), which represent the right to receive one share of common stock per unit upon vesting.

Insider Trade Summary

2,626 shares exercised/converted

Mixed 4 txns

Insider OAKLAND STEVEN

Role null

Type	Security	Shares	Price	Value
Exercise	RESTRICTED SHARE UNIT (2026)	2,626	$0.00	--
Grant/Award	RESTRICTED SHARE UNIT (2027)	1,746	$0.00	--
Exercise	Common Stock	2,626	$0.00	--
Grant/Award	Common Stock	22.9	$0.00	--

Holdings After Transaction: RESTRICTED SHARE UNIT (2026) — 0 shares (Direct, null); RESTRICTED SHARE UNIT (2027) — 1,746 shares (Direct, null); Common Stock — 2,626 shares (Direct, null)

Footnotes (1)

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 August 22, 2025, upon his appointment to the Board of Directors. Restricted share units vest on May 7, 2026, the vesting date for the Issuer's 2025 equity grant to directors. 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.

Key Figures

Shares in lieu of dividend: 22.9 shares Common shares after transactions: 2,648.9 shares 2026 RSUs exercised: 2,626 units/shares +2 more

5 metrics

Shares in lieu of dividend 22.9 shares Common stock issued as shares in lieu of cash dividend to director

Common shares after transactions 2,648.9 shares Director’s direct holdings following May 7, 2026 transactions

2026 RSUs exercised 2,626 units/shares Restricted share units (2026) exercised into common stock on May 7, 2026

New 2027 RSU grant 1,746 units Restricted share units (2027) granted representing future rights to common stock

Exercise transactions 1 exercise, 2,626 shares Aggregate derivative exercise activity from transaction summary

Key Terms

restricted share unit, shares in lieu of cash dividend, annual equity grant, vest

4 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.

shares in lieu of cash dividend financial

"Shares in lieu of cash dividend."

annual equity grant financial

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

vest financial

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

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Form 4 Insider Transactions: What Each Field Means →

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^*

OAKLAND STEVEN

(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	05/07/2026		M		2,626	A	$0	2,626	D
Common Stock	05/07/2026		A(1)		22.9	A	$0	2,648.9	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)	(2)	05/07/2026		M			2,626	(3)	(3)	Common Stock	2,626	(2)	0	D
RESTRICTED SHARE UNIT (2027)	(2)	05/07/2026		A		1,746		(4)	(4)	Common Stock	1,746	(2)	1,746	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 August 22, 2025, upon his appointment to the Board of Directors. Restricted share units vest on May 7, 2026, the vesting date for the Issuer's 2025 equity grant to directors.

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.

Remarks:

	Steven Oakland, 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)

FAQ

What insider transactions did Andersons (ANDE) director Steven Oakland report?

Steven Oakland reported acquiring equity through compensation-related awards. He received 22.9 Andersons common shares as a stock dividend alternative, exercised 2,626 restricted share units into common stock, and was granted 1,746 new restricted share units tied to future vesting.

How many Andersons (ANDE) shares does Steven Oakland hold after these transactions?

After the reported transactions, Steven Oakland directly holds 2,648.9 shares of Andersons common stock. This total reflects the additional 22.9 shares received in lieu of a cash dividend and the 2,626 shares issued upon exercising previously granted restricted share units.

What happened to Steven Oakland’s 2026 restricted share units in this Form 4 for Andersons (ANDE)?

The 2026 restricted share units were fully exercised into 2,626 shares of Andersons common stock. Following this exercise, the balance of that specific RSU award is reported as zero, indicating the entire 2026 RSU grant has been converted into common shares.

What are the terms of the new 2027 restricted share units granted to Steven Oakland at Andersons (ANDE)?

The filing shows a grant of 1,746 restricted share units labeled 2027. Each unit represents the right to receive one share of Andersons common stock upon vesting, aligning the director’s compensation with future share performance and continued service.

Why did Steven Oakland receive 22.9 Andersons (ANDE) shares instead of a cash dividend?

A footnote explains that the 22.9 shares of Andersons common stock were issued as shares in lieu of a cash dividend. This means the director received stock rather than cash, increasing his direct share ownership through the company’s dividend-equivalent program.

How do restricted share units work for Andersons (ANDE) directors like Steven Oakland?

Restricted share units grant directors the right to receive common stock upon vesting. For Steven Oakland, earlier RSUs vested and were exercised into 2,626 shares, while a new 1,746-unit grant will convert into the same number of Andersons shares once its vesting conditions are met.