Andersons, Inc. — Director's Dealing 2019

Feb 21, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Andersons, Inc. (ANDE)
CIK: 0000821026
Period of Report: 2019-02-20

Reporting Person: Bowe Patrick E. (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-02-20	COMMON STOCK	J	1736	$35.24	Acquired	102369.27	Direct
2019-02-21	COMMON STOCK	F	779	$35.24	Disposed	101590.27	Direct
2019-02-20	PERFORMANCE SHARE UNIT (TSR) (2019)	J	35677	$0.00	Disposed	1623	Direct
2019-02-20	PERFORMANCE SHARE UNIT (TSR) (2019)	J	113	$0.00	Acquired	1736	Direct
2019-02-20	PERFORMANCE SHARE UNIT (TSR) (2019)	J	1736	$0.00	Disposed	0	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT (TSR) (2020)	25900	Direct
PERFORMANCE SHARE UNIT (TSR) (2021)	29816	Direct
PERFORMANCE SHARE UNIT (EPS) (2019)	37300	Direct
PERFORMANCE SHARE UNIT (EPS) (2020)	25900	Direct
PERFORMANCE SHARE UNIT (EPS) (2021)	29816	Direct

Footnotes

F1: Shares received from vesting of PSU (Performance Share Unit). Agreement allows 75 days from performance end date to issue shares.

F2: PSU Vesting for fewer than originally allocated shares. Excess shares are being cancelled.

F3: Dividend equivalent received.

F4: PSU Vested.

F5: Stock performance unit (TSR) granted pursuant to The Andersons, Inc. Plan. Units vest 100% in 3 years contingent on the Company's annualized total shareholder return. Number of underlying shares are based upon the level of satisfaction of the total shareholder return for the performance period.

F6: Stock performance unit granted pursuant to The Andersons, Inc. Plan. Units vest 100% in 3 years contingent on cumulative EPS. Number of underlying shares are determined by the three-year cumulative fully diluted EPS for the performance period.