FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Valentine Brian A
2. Issuer Name and Ticker or Trading Symbol

Andersons, Inc. [ ANDE ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
EVP & Chief Financial Officer
(Last)          (First)          (Middle)

P.O. BOX 119
3. Date of Earliest Transaction (MM/DD/YYYY)

2/21/2023
(Street)

MAUMEE, OH 43537
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
PERFORMANCE SHARE UNIT (EPS) (2023) 2/21/2023  J(1)  633.72 A$0 13599.72 D  
PERFORMANCE SHARE UNIT (TSR) (2023) 2/21/2023  J(1)  456.30 A$0 13422.30 D  
PERFORMANCE SHARE UNIT (EPS) (2023) 2/21/2023  J(2)  13599.72 D$0 0 D  
PERFORMANCE SHARE UNIT (TSR) (2023) 2/21/2023  J(2)  9792.30 D$0 3630 D  
Common Stock 2/21/2023  J(3)  13599.72 A$44.74 53013.75 D  
Common Stock 2/21/2023  J(3)  9792.30 A$44.74 62806.05 D  
PERFORMANCE SHARE UNIT (TSR) (2023) 2/21/2023  J(4)  3630 D$0 0 D  
Common Stock 2/21/2023  F  3992 D$44.74 58814.05 D  
Common Stock 2/21/2023  F  3986 D$44.74 54828.05 D  
PERFORMANCE SHARE UNIT (EPS) (2024)         11142 (5)D  
PERFORMANCE SHARE UNIT (EPS) (2025)         8908 (5)D  
PERFORMANCE SHARE UNIT (TSR) (2024)         11142 (6)D  
PERFORMANCE SHARE UNIT (TSR) (2025)         8.908 (6)D  
RESTRICTED SHARE UNIT (2025)         8907 (7)D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares

Explanation of Responses:
(1) Dividend equivalent received.
(2) PSU vested.
(3) Shares received from vesting of PSU (Performance Share Unit).
(4) PSU Vesting for fewer than allocated shares. Excess shares are being cancelled.
(5) 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.
(6) 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.
(7) Restricted share units have a graded vesting schedule over the three-year period from date of grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Valentine Brian A
P.O. BOX 119
MAUMEE, OH 43537


EVP & Chief Financial Officer

Signatures
Brian A. Valentine, by Melissa Trippel, Limited Power of Attorney2/22/2023
**Signature of Reporting PersonDate


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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