Andersons, Inc. — Director's Dealing 2022

Feb 24, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Andersons, Inc. (ANDE)
CIK: 0000821026
Period of Report: 2022-02-22

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-02-22	Common Stock	M	100	$35.40	Acquired	144014.4144	Direct
2022-02-22	Common Stock	S	100	$40.08	Disposed	143914.4144	Direct
2022-02-23	Common Stock	M	1529	$35.40	Acquired	145443.4144	Direct
2022-02-23	Common Stock	S	1529	$40.8922	Disposed	143914.4144	Direct
2022-02-23	Common Stock	M	7814	$35.40	Acquired	151728.4144	Direct
2022-02-23	Common Stock	S	7814	$41.1964	Disposed	143914.4144	Direct
2022-02-23	Common Stock	M	8125	$35.40	Acquired	152039.4144	Direct
2022-02-23	Common Stock	S	8125	$41.5705	Disposed	143914.4144	Direct
2022-02-23	Common Stock	M	8125	$35.40	Acquired	152039.4144	Direct
2022-02-23	Common Stock	S	8125	$41.4168	Disposed	143914.4144	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-02-22	Common Stock	$35.4	M	100	Disposed	2022-11-02	Common Stock (100.0)	Direct
2022-02-23	Common Stock	$35.4	M	1529	Disposed	2022-11-02	Common Stock (1529.0)	Direct
2022-02-23	Common Stock	$35.4	M	7814	Disposed	2022-11-02	Common Stock (7814.0)	Direct
2022-02-23	Common Stock	$35.4	M	8125	Disposed	2022-11-02	Common Stock (8125.0)	Direct
2022-02-23	Common Stock	$35.4	M	8125	Disposed	2022-11-02	Common Stock (8125.0)	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

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $40.11 to $41.68. 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 $40.615 to $41.78. 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 $41.075 to $41.705. 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: This transaction was executed in multiple trades at prices ranging from $41.50 to $41.75. 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.

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.