Pamela S. Hershberger - Oct 22, 2025 Form 4 Insider Report for Andersons, Inc. (ANDE)

Role: Director
Signature: Pamela S. Hershberger, by Melissa Trippel, Limited Power of Attorney
Stock symbol: ANDE
Transactions as of: Oct 22, 2025
Transactions value $: $0
Form type: 4
Date filed: 10/23/2025, 03:31 PM
Previous filing: May 12, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Hershberger Pamela S	Director	1947 BRIARFIELD BLVD, MAUMEE	Pamela S. Hershberger, by Melissa Trippel, Limited Power of Attorney	2025-10-23	0001795702

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ANDE	Common Stock						14.3K	Oct 22, 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ANDE	RESTRICTED SHARE UNIT (2024)	Award	$0	+131	+4.25%	$0.00	3.2K	Oct 22, 2025	Common Stock	131		Direct	F1, F2
transaction	ANDE	RESTRICTED SHARE UNIT (2025)	Award	$0	+78.2	+3.44%	$0.00	2.35K	Oct 22, 2025	Common Stock	78.2		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock. These additional restricted share units represent dividends earned on the awards from vesting date through October 2025.
F2	Restricted share units were granted on May 5, 2023 as part of the Issuer's annual equity grant. Restricted share units vested one year from the date of grant. Ms. Hershberger has deferred distribution of these RSUs until her retirement date.
F3	Restricted share units were granted on May 9, 2024 as part of the Issuer's annual equity grant. Restricted share units vested one year from the date of grant. Ms. Hershberger has deferred distribution of these RSUs until her retirement date.