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: Valentine Brian A (EVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-10	Common Stock	M	4098	—	Acquired	78026.93	Direct
2025-02-10	Common Stock	M	8908	—	Acquired	86934.93	Direct
2025-02-10	Common Stock	F	4166	$40.74	Disposed	82768.93	Direct
2025-02-10	Common Stock	A	720.41	—	Acquired	83489.34	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-10	PERFORMANCE SHARE UNIT (TSR) (2025)	$	D	4810	Disposed		Common Stock (4810)	Direct
2025-02-10	PERFORMANCE SHARE UNIT (TSR) (2025)	$	M	4098	Disposed		Common Stock (4098)	Direct
2025-02-10	PERFORMANCE SHARE UNIT (EPS) (2025)	$	M	8908	Disposed		Common Stock (8908)	Direct

Footnotes

F1: Shares withheld to cover tax liability.

F2: Dividend equivalent received.

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.