Company: ASTE
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001104659-25-023778
Chunk: 44

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 44
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 Meeting and Proxy Statement 2025

Elements of Our Compensation Program In calendar year 2024, the principal elements of our executive compensation program, and the purposes for each element, were as follows:

| ​ | Component                 | ​ | ​ | Objectives                                                                                                                                                       | ​ | ​ | Key Features                                                                                                                                                               | ​ |
| ​ | Base Salary               | ​ | ​ | Recognizes market pay information, as well as individual experience, performance and level of responsibility                                                     | ​ | ​ | Reasonable level of fixed compensation designed to attract and retain talent                                                                                               | ​ |
| ​ | Annual Cash Incentive     | ​ | ​ | Motivates and establishes a strong link between pay and performance during the year                                                                              | ​ | ​ | Variable, at risk compensation directly tied to the achievement of financial and strategic annual goals                                                                    | ​ |
| ​ | Long-term EquityIncentive | ​ | ​ | Aligns management compensation with creating long-term shareholder value and retains talent through multi-year vesting; Facilitates stock ownership by employees | ​ | ​ | Time-based restricted stock units (RSUs) and performance-based restricted stock units (PSUs) that vest based on continued employment and satisfaction of performance goals | ​ |

In addition to the above described key components, the Company’s executive officer compensation program also includes certain limited perquisites and executive benefits, including contributions to the Company’s Supplemental Executive Retirement Plan (“SERP”) (the SERP is closed to new participants), a non-qualified deferred compensation plan (“Deferred Compensation Plan”) that allows participants to defer a portion of their base salary and/or annual bonus, as well as other benefits that are generally available to all employees of the Company, including medical and 401(k) plans. Base Salary Base salary is the fixed component of our named executive officers’ target total direct compensation. The Compensation Committee reviews base salaries on an annual basis and increases for named executive officers, when given, historically have been intended to reflect changes in market-based compensation for similarly-situated executives in our industry, with further increases approved by the Compensation Committee based on a subjective assessment of a number of factors as discussed above. Base salary changes for the CEO are approved by the Company’s full Board. In determining base salaries for the non-CEO named executive officers each year, the Compensation Committee considers evaluations and recommendations provided by the Company’s CEO regarding whether adjustments to base compensation of the other named executive officers are warranted (each of whom report directly to the CEO), its own observations, and market data provided by