Andersons, Inc. — Director's Dealing 2025

Feb 12, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Andersons, Inc. (ANDE)
CIK: 0000821026
Period of Report: 2025-02-10

Reporting Person: Bowe Patrick E. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-10	Common Stock	M	18910	—	Acquired	99084.2224	Direct
2025-02-10	Common Stock	M	41108	—	Acquired	140192.2224	Direct
2025-02-10	Common Stock	A	3324.42	—	Acquired	143516.6424	Direct
2025-02-10	Common Stock	F	24875	$40.74	Disposed	118641.6424	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-10	PERFORMANCE SHARE UNIT (TSR) (2025)	$	D	22198	Disposed		Common Stock (22198)	Direct
2025-02-10	PERFORMANCE SHARE UNIT (TSR) (2025)	$	M	18910	Disposed		Common Stock (18910)	Direct
2025-02-10	PERFORMANCE SHARE UNIT (EPS) (2025)	$	M	41108	Disposed		Common Stock (41108)	Direct

Footnotes

F1: Dividend equivalent received.

F2: Shares withheld to cover tax liability.

F3: Performance share units (PSUs) represent the right to receive common stock following a 3 year performance period. Number of underlying shares are determined by the three-year cumulative fully diluted EPS for the
performance period.

F4: Each PSU vests and converts to common stock as of February 10, 2025.

F5: PSU Vesting for fewer than allocated shares. Excess shares are being cancelled.

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.