Document:

Exhibit

Exhibit 10.33
Annual Incentive Plan (AIP)        

Corporate Annual Incentive Plan (AIP) Description
(Administrative Document Only)

Eligibility
Participants are in salaried exempt positions throughout the company and do not participate in other incentive compensation programs. Historically, all salaried-exempt employees have participated in either the Management Performance Program (MPP) or the Professional and Technical Performance (PTP) Program. Collectively, these are referred to as our corporate annual incentive plan (the “plan”).

Standard Compensation Structure & Payment Guidelines
		
	1.
	Total target incentive dollars are established based on a multiple (i.e., percentage) of salary range midpoint scaled to job evaluation points (i.e., level of responsibility).  The percentage scale is set and adjusted periodically based on competitive data.

		
	2.
	Seventy percent (70%) of total target incentive dollars are allocated to Group and/or Company performance. Target incentive dollars are allocated based on the participant’s assignment: 70% Company for Corporate participants; or 20% Company and 50% Group for business Group participants.  Group-based participants reporting to Corporate (e.g., Group-based accounting) have 50% allocated to Company and 20% allocated to the Group.

		
	3.
	The remaining thirty percent (30%) of total target incentive dollars are allocated to a Group level Individual Objective pool.

		
	4.
	All participants have a minimum of 20% of their target incentive dollars allocated to Company performance.  If Group performance is below threshold, then the payout based on Company performance cannot exceed 100% of AIP dollars allocated to Company performance.

		
	5.
	Company and Group performance is measured using pre-tax income.  Targets are generally aligned with the annual business plan and may vary based on other factors.  Thresholds are generally set at 50% of Target.

		
	6.
	At threshold performance 30% of target formula dollars are delivered.  For all income from threshold to target a linear (“straight line”) relationship between threshold and target income determines additional compensation.  

		
	7.
	For income above target, the rate of payout continues on a straight-line basis so that 200% of the allocated target formula dollars are achieved when income reaches 171% of target income.  AIP amounts determined by formula are capped at 200% of an individual’s total formula dollars at target.

		
	8.
	Company and business unit senior management may approve and award participants cash amounts from the group’s Individual Objective pool as appropriate based on individual performance.  The group’s Individual Objective pool is funded based on the group’s pre-tax income results.  Final payouts are subject to executive officer oversight for their business group or corporate area(s).  

		
	9.
	Annually, the CEO, CFO and VP of HR review established Plan standards in light of current plan year expectations to determine any exceptions that may be needed.  Plan standards include, but may not be limited to, targets, thresholds, caps, modifiers, triggers, allocations, rate of payout below and above target, and component weightings 

General Terms
		
	1.
	Generally the Plan year is from January 1 to December 31.  

		
	2.
	Participants that are promoted or change jobs during the plan year will have their formula programs pro-rated to the nearest month based on the effective date of the change.  

		
	3.
	If a participant leaves the Company for any reason, other than death, permanent disability, or retirement, on or prior to December 31 all potential payments for the Plan year shall be forfeited.  If a participant terminates employment due to death, permanent disability, or retirement on or prior to December 31; any potential payment shall be pro-rated to the nearest month based on the effective date of the termination.  If a participant terminates due to Company initiated involuntary termination for cause after December 31, but prior to the payment date (typically in early March) the entire payment for the prior Plan year shall be forfeited.  The Company reserves the right to exercise sole discretion to make payments under the plan to a participant who terminates for any other reason.  This discretion is exercised by the CEO, CFO, and VP, Human Resources.

2017 AIP Summary        Page 1 of 2

Exhibit 10.33
Annual Incentive Plan (AIP)        

		
	4.
	Payments are determined based on official Company records.  Individual payments for non-officers must be approved by the appropriate Group President or Corporate Vice President and the CEO.  The Compensation & Leadership Development Committee of the Board of Directors reviews and approves payments to officers and recommends to the Board of Directors payments to the CEO.

		
	5.
	Payments made under the Plan are not part of the terms of employment between the Company and the participants.  Payments made under the Plan are not part of agreed compensation to any participants.  Participation in one year does not guarantee participation in future years.

		
	6.
	Payments, if any, will be paid as soon as administratively practical after the end of the Plan Year upon completion of the financial statement audit and approval by the Board of Directors.  This Plan is not intended to be a nonqualified deferred compensation plan as defined under Section 409A of the Internal Revenue Service Code and the regulations there under.  Accordingly, all payments made to Participants under this Plan shall be paid no later than the 15th day of the third month following the end of the first taxable year in which the right to the payment is no longer subject to a substantial risk of forfeiture.  

		
	7.
	In accordance with the provisions of Section 304 of the Sarbanes-Oxley Act of 2002, the CEO and CFO are required to reimburse the Company bonuses, or other incentive-based or equity-based compensation, and profits from securities sales following certain financial restatements resulting from misconduct. The Andersons has adopted a policy commencing 2014 requiring the repayment or “clawback” of excess cash or equity based compensation from each executive officer of the Company and also the group controller of the relevant business unit where the payments were based on the achievement of financial results that were subsequently the subject of a financial restatement (regardless of involvement in the cause of the restatement). 

		
	8.
	The Company reserves the right to terminate, amend or modify the Plan in any respect as it may deem advisable. 

Computational Note:
Formula AIP Exclusions
Formula AIP and CPS awards are based on pretax accounting income (GAAP) adjusted for the following items when appropriate:
		
	•
	Gains or losses from involuntary conversions of assets (insurance proceeds), sales of assets or abandonment of assets.  Sales of equipment in the normal course of business will not be adjusted; however, significant sales of income producing assets that drive large gains may be eliminated.

		
	•
	Asset impairment charges 

		
	•
	Impacts from new accounting pronouncements that haven't been considered in the setting of targets and thresholds (first year impact).

All proposed adjustments will be identified and communicated as soon as possible by group controllers and group presidents to the V.P., Corporate Controller, CFO, and CEO.  It is expected that these adjustments will be rare and that they will only be made when significant and when not excluding them leads to a discrepancy between pay and performance as assessed by management.  It is not expected that these adjustments will continue into future years.  Rather, any impact (i.e. business divestitures) should be reflected in the target setting process the following year.  The V.P., Corporate Controller, CFO, and CEO are the control point for deciding inclusion or exclusion of items.

All adjustments will impact each formula calculation that includes the adjusted component.
 
Pretax income in accordance with GAAP will be a consideration when determining how much of the Individual Objectives bonus pool is allocated.  Since there is no promise to pay the amount in this pool calculation, considering both the GAAP and GAAP adjusted income is appropriate.

2017 AIP Summary        Page 2 of 2Exhibit

Exhibit 10.34

<Date>

To:         < participant name >
From:         Valerie Blanchett, Vice President Human Resources
Subject:    Modification to Change in Control and Severance Policy Participation Agreement

The Andersons, Inc. is pleased to inform you of a modification to the Change in Control and Severance Policy as Amended and Restated Effective January 1, 2015 (the “Policy”).  You were previously selected as a participant in the Policy, and your participation continues to be subject to the terms and conditions of the Policy and your Participation Agreement (the “Agreement”) as modified by this amendment letter to reflect a recent change to the Policy. Unless otherwise expressly set forth herein, all capitalized terms used herein shall have the meaning given in the Policy.

Before executing this amendment to your Agreement, please read the information provided below regarding the specific provisions. By signing this amendment to your Agreement you agree to be bound by all the terms and conditions contained herein. When you are satisfied that you understand the terms and conditions of the Policy, please sign the Agreement and return it to Tamara Lipp in Human Resources.  Remember to keep a copy for your files.

OTHER EMPLOYER ENTITIES
Your original Agreement was with The Andersons, Inc. From time to time, The Andersons, Inc. may assign or transfer employees to wholly owned or majority owned entities, or cause such affiliates to directly hire new employees. Any such assignment or transfer alone shall not necessarily constitute a “Good Reason” under the Agreement, as hereby amended, absent actual occurrence of the events specifically listed in the definition of Good Reason, nor a “Change in Control.” Notwithstanding any such transfer or assignment to such an affiliate, the “Company” referred to in the definition of “Change in Control” shall continue to refer only to The Andersons, Inc.

CERTAIN DEFINITIONS and PROVISIONS
The following definition is hereby amended in the Policy and in your Agreement:

““Good Reason” shall mean (a) a material diminution in the Participant’s annual base salary or annual incentive plan; or (b) a material diminution in the Participant’s authority, duties, or responsibilities; or (c) relocation of the Participant’s primary work location by more than 35 miles from its then current location. The Participant must give the Company written notice of the Participant’s intention to terminate for Good Reason within ninety (90) days following the occurrence of the event the Participant believes constitutes Good Reason. The Company shall have 30 days from the date of receipt of such written notice from a Participant alleging that a Good Reason condition exists, to remedy or dispute the Good Reason condition. If the Company fails to remedy the Good Reason condition prior to the end of such period, the Participant must actually terminate employment within thirty (30) days following the end of such cure period, otherwise the Participant shall be deemed to have waived such specific instance of Good Reason.”
The following provision is hereby added to the Policy and to your Agreement:

The following provision is hereby added in the Policy and in your Agreement:

Page 1 of 3

Modification to Change in Control and Severance Policy Participation Agreement
<Date> 
Page 2 of 3

“CODE SECTION NET 280G BEST RESULTS
If any payment or benefit you would receive from the Company pursuant to the Policy (“Payment”), would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), the such Payment shall be either (x) reduced to the minimum extent necessary to avoid application of the Excise Tax or (y) provided to you in full, whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, results in your receipt, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under the Excise Tax.  In the event of a reduction in benefits, the reduction shall occur in the following order: (i) benefits valued as parachute payments, (ii) any cash severance based on multiple of your base salary, annual bonus, or target bonus, (iii) any other cash amounts payable to you, and (iv) acceleration of vesting of any equity awards.”

MISCELLANEOUS
Your Agreement, as amended herein, and the written Policy constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.  This amendment to your Agreement may only be amended in writing signed by the parties hereto in accordance with Section 20 of the Policy.  The Agreement, as amended hereby shall be enforced and construed in accordance with the laws of the State of Ohio.  The captions herein are for convenience of reference only and shall not be deemed in any manner to modify, explain, enlarge or restrict any of the provisions of the Agreement, as amended herein.  The Agreement, as amended hereby shall be binding upon and inure to the benefit of the Company, Participant and their respective heirs, personal representatives, successors and assigns.

PAYMENT ELECTION (CASH SEVERANCE CHANGE IN CONTROL)
I hereby elect to receive my cash severance as follows (choose (1) or (2) below):
      (1) In continuous payroll period installments over the benefit period described in Section 1 and subject to the limitations of Section 4(c) of the Policy with the balance payable in a single lump sum. 
(2) In a single lump sum payment.

PAYMENT ELECTION (CASH SEVERANCE OTHER THAN CHANGE IN CONTROL)
I hereby elect to receive my cash severance as follows (choose (1) or (2) below):
      (1) In continuous payroll period installments over the benefit period described in Section 2 and subject to the limitations of Section 5(c) of the Policy with the balance payable in a single lump sum. 
(2) In a single lump sum payment.

ACKNOWLEDGEMENT
By signing this amendment to your Agreement, I agree and acknowledge that:
(a)I have received a written copy of the Policy as amended and restated effective January 1, 2017.

Modification to Change in Control and Severance Policy Participation Agreement
<Date> 
Page 3 of 3

(b)I may not assign, transfer, or alienate my benefits under this Policy in any way, except as may be required by law.
(c)    I must execute a Release of Claims in substantially the same form as Exhibit B of the Policy before becoming entitled to any payment under the Policy.
(d)    I will immediately forfeit any unpaid benefits under the Policy if I engage in any activity which is in violation of the Covenants set forth in Exhibit A of the Policy.
(e)    I, the undersigned, acknowledge that the Agreement, as amended hereby is subject to compulsory binding arbitration, as provided in the Policy. Any adjudication of the enforceability of the arbitration provision or the enforcement of any award or as to the terms of the Agreement if arbitration shall not be adjudicated to be compulsory shall be conducted in Toledo, Ohio before a judge, and the parties waive all right to a jury trial for such proceeding. 

IN WITNESS WHEREOF, the parties have executed this amendment to the Agreement as of the date first set forth above.

THE ANDERSONS, INC.    PARTICIPANT

By:        By:     

Title: Vice President, Human Resources        Title:    

Date: <Date>        Date:    

Executed copy to:  Senior Vice President, General Counsel
                               Personnel File

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