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: Walz Brian K. (VP & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-10	Common Stock	M	762	—	Acquired	16242.861	Direct
2025-02-10	Common Stock	M	1656	—	Acquired	17898.861	Direct
2025-02-10	Common Stock	A	133.93	—	Acquired	18032.791	Direct
2025-02-10	Common Stock	F	911	$40.74	Disposed	17121.791	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-10	PERFORMANCE SHARE UNIT (TSR) (2025)	$	D	894	Disposed		Common Stock (894)	Direct
2025-02-10	PERFORMANCE SHARE UNIT (TSR) (2025)	$	M	762	Disposed		Common Stock (762)	Direct
2025-02-10	PERFORMANCE SHARE UNIT (EPS) (2025)	$	M	1656	Disposed		Common Stock (1656)	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 based upon the level of satisfaction of the total shareholder return 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.