Brian A. Valentine - 03 Mar 2025 Form 4 Insider Report for Andersons, Inc. (ANDE)

Role: EVP & Chief Financial Officer
Signature: Brian A. Valentine, by Melissa Trippel, Limited Power of Attorney
Issuer symbol: ANDE
Transactions as of: 03 Mar 2025
Net transactions value: -$98,736
Form type: 4
Filing time: 04 Mar 2025, 16:34:02 UTC
Previous filing: 12 Feb 2025
Next filing: 13 Feb 2026
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ANDE	Common Stock	Options Exercise	$0	+1,763	+2.1%	$0.000000	85,252	03 Mar 2025	Direct
transaction	ANDE	Common Stock	Options Exercise	$0	+2,843	+3.3%	$0.000000	88,095	03 Mar 2025	Direct
transaction	ANDE	Common Stock	Options Exercise	$0	+2,968	+3.4%	$0.000000	91,063	03 Mar 2025	Direct
transaction	ANDE	Common Stock	Award	$0	+287	+0.32%	$0.000000	91,350	03 Mar 2025	Direct	F1
transaction	ANDE	Common Stock	Tax liability	$98,736	-2,308	-2.5%	$42.78	89,042	03 Mar 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ANDE	RESTRICTED SHARE UNIT (2028)	Award		+6,814			6,814	03 Mar 2025	Common Stock	6,814		Direct	F3, F4
transaction	ANDE	RESTRICTED SHARE UNIT (2027)	Options Exercise		-1,763	-33%		3,523	03 Mar 2025	Common Stock	1,763		Direct	F3, F5
transaction	ANDE	RESTRICTED SHARE UNIT (2026)	Options Exercise		-2,843	-50%		2,842	03 Mar 2025	Common Stock	2,843		Direct	F3, F6
transaction	ANDE	RESTRICTED SHARE UNIT (2025)	Options Exercise		-2,968	-100%		0	03 Mar 2025	Common Stock	2,968		Direct	F3, F7

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

Explanation of Responses:

Id	Content
F1	Shares in lieu of cash dividend.
F2	Shares withheld to cover tax liability.
F3	Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock.
F4	Restricted share units were granted on March 3, 2025 as part of the Issuer's annual equity grant. Restricted share units have a graded vesting schedule over the three-year period from date of grant.
F5	Restricted share units were granted on March 1, 2024 as part of the Issuer's annual equity grant. Restricted share units have a graded vesting schedule over the three-year period from date of grant.
F6	Restricted share units were granted on March 1, 2023 as part of the Issuer's annual equity grant. Restricted share units have a graded vesting schedule over the three-year period from date of grant.
F7	Restricted share units were granted on March 2, 2022 as part of the Issuer's annual equity grant. Restricted share units have a graded vesting schedule over the three-year period from date of grant.