Patrick E. Bowe - 16 Mar 2022 Form 4 Insider Report for Andersons, Inc. (ANDE)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ANDE	Common Stock	Sale	$76,353	-1,771	-1.2%	$43.11	149,227	16 Mar 2022	Direct	F1
holding	ANDE	PERFORMANCE SHARE UNIT (TSR) (2023)						72,268	16 Mar 2022	Direct	F2
holding	ANDE	PERFORMANCE SHARE UNIT (TSR) (2025)						41,108	16 Mar 2022	Direct	F2
holding	ANDE	PERFORMANCE SHARE UNIT (EPS) (2024)						59,542	16 Mar 2022	Direct	F3
holding	ANDE	RESTRICTED SHARE UNIT (2025)						27,405	16 Mar 2022	Direct	F4
holding	ANDE	PERFORMANCE SHARE UNIT (EPS) (2023)						72,268	16 Mar 2022	Direct	F3
holding	ANDE	PERFORMANCE SHARE UNIT (EPS) (2025)						41,108	16 Mar 2022	Direct	F3
holding	ANDE	PERFORMANCE SHARE UNIT (TSR) (2024)						59,542	16 Mar 2022	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	This transaction was executed in multiple trades at prices ranging from $42.715 to $43.630. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
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	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.
F4	Restricted share units have a graded vesting schedule over the three-year period from date of grant.