Company: ASTE
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001104659-25-023778
Chunk: 66

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 66
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 entitled if their employment had terminated on December 31, 2024, under various circumstances. Severance Agreements and Executive Change in Control Plan As noted above, prior to and during 2024, Mr. van der Merwe was a party to a severance agreement with the Company (the “van der Merwe Severance Agreement”), and each of the named executive officers participated in the Company’s former Executive Change in Control Severance Plan (the “Former CIC Severance Plan”). On December 18, 2024, the Company adopted the Executive and Key Employee Severance Plan (the “Severance Plan”) to replace the van der Merwe Severance Agreement and the Former CIC Severance Plan, effective as of January 1, 2025. While neither the van der Merwe Severance Agreement or the Former CIC Plan are currently in effect, they were effective as of December 31, 2024, and accordingly, a description of these arrangements, as well as a quantification of the benefits that the named executives would have received had their employment been terminated as of December 31, 2024, are provided below. In addition, a description of the current Severance Plan is provided. van der Merwe Severance Agreement Pursuant to the van der Merwe Severance Agreement, Mr. van der Merwe and Ms. Weyenberg was eligible for certain severance benefits upon a termination of employment under certain circumstances. The van der Merwe Severance Agreement provided that if the executive’s employment with the Company was terminated (i) by the Company other than due to cause, death or disability, or (ii) by the executive officer for Good Reason, then, in addition to certain accrued compensation and benefits, the Company would make certain severance payments and provide certain benefits to the executive, generally as follows: ● a lump sum cash amount equal to a pro-rata portion of the executive’s target annual cash incentive under the Company’s annual incentive programs for the year of termination (based on the number of days employed during such year); ● a lump sum cash amount equal to 1.5 multiplied by the sum of (1) the executive’s annual base salary plus (2) the executive’s target annual cash incentive; ● cash payment for health coverage equal to monthly cost to provide group medical, dental, vision and/or prescription drug plan benefits sponsored by the Company and maintained by the executive officer as of the date of the termination multiplied by 18; ● reasonable and customary outplacement services for