Andersons, Inc. — Director's Dealing 2020

May 14, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Andersons, Inc. (ANDE)
CIK: 0000821026
Period of Report: 2020-05-12

Reporting Person: Krueger William E. (President, Trade Group)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-12	COMMON STOCK	P	8414	$12.99	Acquired	592423	Indirect
2020-05-12	COMMON STOCK	P	400	$12.98	Acquired	592823	Indirect
2020-05-12	COMMON STOCK	P	276	$12.97	Acquired	593099	Indirect
2020-05-12	COMMON STOCK	P	100	$12.96	Acquired	593199	Indirect
2020-05-12	COMMON STOCK	P	410	$12.93	Acquired	593609	Indirect
2020-05-12	COMMON STOCK	P	400	$12.95	Acquired	594009	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK	132783.4	Direct
PERFORMANCE SHARE UNIT (EPS) (2022)	6252	Direct
PERFORMANCE SHARE UNIT (EPS) (2023)	10456	Direct
PERFORMANCE SHARE UNIT (TSR) (2022)	6252	Direct
PERFORMANCE SHARE UNIT (TSR) (2023)	10456	Direct

Footnotes

F1: 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.

F2: 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.