Company: ASTE
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0000792987-25-000038
Chunk: 9

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-06-25
Form: 11-K
Chunk 9
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 credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

#### 6. Income Tax Status
The Company adopted a pre-approved plan, which received a favorable opinion letter from the IRS on November 14, 2022 which stated that the pre-approved plan was designed in accordance with the applicable sections of the Code. The Plan itself has not received a determination letter from the IRS stating that the Plan is qualified under Section 401(a) of the Code. However, the Plan administrator believes that the adopted pre-approved plan is designed and is currently being operated in compliance with the applicable requirements of the Code and is therefore, qualified and exempt from taxation.

U.S. GAAP requires Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects for a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

7. Parties-In-Interest and Related Party Transactions

Transactions with parties-in-interest include investments in the Company's common stock, a pooled separate account and participant loans. These transactions are exempt from the prohibited transactions rules under ERISA.

Transactions in Company stock qualify as related party transactions. The Plan held Company stock valued at $2,005,237 and $2,518,605 at December 31, 2024 and 2023, respectively. During the Plan year ended December 31, 2024, the Plan had purchases of Company stock in the amount of $319,234 and sales in the amount of $626,020.

Empower Trust Company, LLC, Empower Retirement, LLC and Empower Annuity Insurance Company of America (collectively, "Empower") provide certain administrative services to the Plan pursuant to a Master Services Agreement ("Agreement"). Empower receives revenue for recordkeeping fees charged to participants' accounts as specified in the Agreement. This revenue

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