Christine M. Castellano - 02 May 2025 Form 4 Insider Report for Andersons, Inc. (ANDE)

Role: EVP, Gen Counsel & Corp Sec
Signature: Christine M. Castellano, by Melissa Trippel, Limited Power of Attorney
Issuer symbol: ANDE
Transactions as of: 02 May 2025
Net transactions value: -$93,623
Form type: 4
Filing time: 05 May 2025, 11:44:50 UTC
Previous filing: 04 Mar 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Castellano Christine M.	EVP, Gen Counsel & Corp Sec	1947 BRIARFIELD BLVD, MAUMEE	Christine M. Castellano, by Melissa Trippel, Limited Power of Attorney	05 May 2025	0001559159

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ANDE	Common Stock	Options Exercise	$0	+4,259	+11%	$0.000000	44,536	02 May 2025	Direct
transaction	ANDE	Common Stock	Options Exercise	$0	+2,258	+5.1%	$0.000000	46,794	02 May 2025	Direct
transaction	ANDE	Common Stock	Options Exercise	$0	+1,366	+2.9%	$0.000000	48,160	02 May 2025	Direct
transaction	ANDE	Common Stock	Other	$0	+140	+0.29%	$0.000000	48,300	02 May 2025	Direct	F1
transaction	ANDE	Common Stock	Tax liability	$93,623	-2,456	-5.1%	$38.12	45,844	02 May 2025	Direct

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 (2026)	Options Exercise		-1,366	-100%		0	02 May 2025	Common Stock	1,366		Direct	F2, F3
transaction	ANDE	RESTRICTED SHARE UNIT (2027)	Options Exercise		-2,258	-100%		0	02 May 2025	Common Stock	2,258		Direct	F2, F4
transaction	ANDE	RESTRICTED SHARE UNIT (2028)	Options Exercise		-4,259	-100%		0	02 May 2025	Common Stock	4,259		Direct	F2, F5

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

Christine M. Castellano is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Shares in lieu of cash dividend.
F2	Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock.
F3	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.
F4	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.
F5	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.