Andersons, Inc. — Director's Dealing 2022

Mar 17, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Andersons, Inc. (ANDE)
CIK: 0000821026
Period of Report: 2022-03-15

Reporting Person: Walz Brian K. (VP-Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-03-15	Common Stock	J	278.36	$38.47	Acquired	18866.42	Direct
2022-03-15	Common Stock	F	85	—	Disposed	18781.42	Direct
2022-03-15	PERFORMANCE SHARE UNIT (EPS) (2022)	J	675	—	Disposed	263	Direct
2022-03-15	PERFORMANCE SHARE UNIT (EPS) (2022)	J	15.36	—	Acquired	278.36	Direct
2022-03-15	PERFORMANCE SHARE UNIT (EPS) (2022)	J	278.36	—	Disposed	0	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
PERFORMANCE SHARE UNIT (EPS) (2023)	2116	Direct
PERFORMANCE SHARE UNIT (EPS) (2024)	1742	Direct
PERFORMANCE SHARE UNIT (EPS) (2025)	1656	Direct
PERFORMANCE SHARE UNIT (TSR) (2023)	2116	Direct
PERFORMANCE SHARE UNIT (TSR) (2024)	1742	Direct
PERFORMANCE SHARE UNIT (TSR) (2025)	1656	Direct
RESTRICTED SHARE UNIT (2025)	1656	Direct

Footnotes

F1: Shares received from vesting of PSU (Performance Share Unit).

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

F3: Dividend equivalent received.

F4: PSU vested.

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.

F6: 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.

F7: Restricted share units have a graded vesting schedule over the three-year period from date of grant.