Andersons, Inc. — Director's Dealing 2023

Mar 3, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Andersons, Inc. (ANDE)
CIK: 0000821026
Period of Report: 2023-03-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-01	PERFORMANCE SHARE UNIT (EPS) (2026)	A	1884	—	Acquired	1884	Direct
2023-03-01	PERFORMANCE SHARE UNIT (TSR) (2026)	A	1884	—	Acquired	1884	Direct
2023-03-01	RESTRICTED SHARE UNIT (2026)	A	1883	—	Acquired	1883	Direct
2023-03-01	RESTRICTED SHARE UNIT (2025)	J	8.79	—	Acquired	1664.79	Direct
2023-03-01	RESTRICTED SHARE UNIT (2025)	J	561.79	—	Disposed	1103	Direct
2023-03-01	Common Stock	J	561.79	$45.63	Acquired	18594.941	Direct
2023-03-01	Common Stock	F	171	$45.63	Disposed	18423.941	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	18033.151	Direct
PERFORMANCE SHARE UNIT (EPS) (2024)	1742	Direct
PERFORMANCE SHARE UNIT (EPS) (2025)	1656	Direct
PERFORMANCE SHARE UNIT (TSR) (2024)	1742	Direct
PERFORMANCE SHARE UNIT (TSR) (2025)	1656	Direct
RESTRICTED SHARE UNIT (2025)	1656	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.

F3: Restricted share units have a graded vesting schedule over the three-year period from date of grant.

F4: Dividend equivalent received.

F5: RSU vested.

F6: Shares received from vesting of RSU (Restricted Share Unit).