Company: ASTE
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001104659-25-023778
Chunk: 50

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 50
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 successful on-time achievement of project milestones associated with our enterprise resource planning implementation project because this is a strategic initiative that is critical to the Company’s transformation. Based on achievement on the performance goals in calendar year 2024, the Compensation Committee approved the following 2024 AIP bonus payments for the named executive officers: Mr. van der Merwe, $464,848; Mr. Harris, $52,673; Mr. Norris, $148,876; Mr. Snyman, $156,537; Mr. Gilbert, $89,724 and Mr. Jonker $76,584. As noted above, Ms. Weyenberg’s employment with the Company terminated prior to the end of calendar year 2024, and as a result, she did not earn an AIP incentive payment. Long-Term Incentive Compensation Grants of equity-based compensation are designed to create a strong and direct link between executive officer pay and shareholder return and to enable executive officers to develop and maintain a long-term position in the Company’s common stock. For calendar year 2024, the Committee approved equity awards to key employees, including the named executive officers, consisting of time-based restricted stock units (RSUs) and performance-based restricted stock units (PSUs). RSUs comprise 50% of the 2024 annual Long-Term Incentive (“LTI”) grant value, and will vest in equal installments on the first three anniversaries of the grant date, subject to the participant’s continued employment with the Company. PSUs comprise the remaining 50% of the annual LTI grant value awarded in 2024 and can be earned in amounts between 0% and 200% of the target number of shares granted. The PSUs granted in 2024 have a single, three-year performance period and will vest and be earned on the third anniversary of the grant date. The amount of PSUs earned will be based on the level of achievement of performance goals relating to two metrics: ● Adjusted ROIC is based on a three-year average that accounts for 50% of the total PSU award value. Adjusted ROIC has historically been strongly correlated to shareholder value creation and supports a disciplined approach to capital management. Adjusted ROIC is a non-GAAP financial measure that is defined as income or loss from operations less income taxes and further adjusted for gains or losses outside the normal scope of our ordinary activities including but not limited to transformation program costs, restructuring and other related charges, asset impairments, gains or losses on