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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-01	PERFORMANCE SHARE UNIT (EPS) (2026)	A	39360	—	Acquired	39360	Direct
2023-03-01	PERFORMANCE SHARE UNIT (TSR) (2026)	A	39360	—	Acquired	39360	Direct
2023-03-01	RESTRICTED SHARE UNIT (2026)	A	26240	—	Acquired	26240	Direct
2023-03-01	RESTRICTED SHARE UNIT (2025)	J	145.16	—	Acquired	27550.16	Direct
2023-03-01	RESTRICTED SHARE UNIT (2025)	J	9281.16	—	Disposed	18269	Direct
2023-03-01	Common Stock	J	9281.16	$45.63	Acquired	224618.1024	Direct
2023-03-01	Common Stock	F	4163	$45.63	Disposed	220455.1024	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	215336.9424	Direct
PERFORMANCE SHARE UNIT (EPS) (2024)	59542	Direct
PERFORMANCE SHARE UNIT (EPS) (2025)	41108	Direct
PERFORMANCE SHARE UNIT (TSR) (2024)	59542	Direct
PERFORMANCE SHARE UNIT (TSR) (2025)	41108	Direct
RESTRICTED SHARE UNIT (2025)	27405	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).