Andersons, Inc. — Director's Dealing 2021

Nov 8, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Andersons, Inc. (ANDE)
CIK: 0000821026
Period of Report: 2021-11-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-11-04	Common Stock	S	76953	$36.643	Disposed	122925.0222	Direct
2021-11-04	Common Stock	S	2000	$37.042	Disposed	120925.0222	Direct
2021-11-05	Common Stock	S	46943	$37.57	Disposed	73982.0222	Direct
2021-11-04	Common Stock	M	30400	$35.40	Acquired	104382.0222	Direct
2021-11-04	Common Stock	M	10402	$35.40	Acquired	114784.0222	Direct
2021-11-05	Common Stock	M	19998	$35.40	Acquired	134782.0222	Direct
2021-11-05	Common Stock	M	26885	$35.40	Acquired	161667.0222	Direct
2021-11-05	Common Stock	M	60	$35.40	Acquired	161727.0222	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-11-04	Common Stock	$35.4	M	30400	Disposed	2022-11-02	Common Stock (30400.0)	Direct
2021-11-04	Common Stock	$35.4	M	10402	Disposed	2022-11-02	Common Stock (10402.0)	Direct
2021-11-05	Common Stock	$35.4	M	19998	Disposed	2022-11-02	Common Stock (19998.0)	Direct
2021-11-05	Common Stock	$35.4	M	26885	Disposed	2022-11-02	Common Stock (26885.0)	Direct
2021-11-05	Common Stock	$35.4	M	60	Disposed	2022-11-02	Common Stock (60.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT (TSR) (2023)	72268	Direct
PERFORMANCE SHARE UNIT (TSR) (2024)	59542	Direct
PERFORMANCE SHARE UNIT (EPS) (2024)	59542	Direct
PERFORMANCE SHARE UNIT (TSR) (2022)	43346	Direct
PERFORMANCE SHARE UNIT (EPS) (2023)	72268	Direct
PERFORMANCE SHARE UNIT (EPS) (2022)	43346	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock	$35.4	2022-11-02	Common Stock (325000.0)	325000	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $36.02 to $37.02. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F2: This transaction was executed in multiple trades at prices ranging from $37.04 to $37.05. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F3: This transaction was executed in multiple trades at prices ranging from $37.12 to $38.015. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F4: 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.

F5: 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.