Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 123

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 123
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 by reason of failure to meet time-based and/or performance-based vesting requirements), any unissued or forfeited shares originally subject to the award will be added back to the 2021 Plan share reserve and again be available for issuance pursuant to awards granted under the 2021 Plan. The 2021 Plan authorizes the grant of options, share appreciation rights, restricted stock, restricted stock units, deferred stock units, performance awards, dividend equivalents and other share-based and cash awards. Awards granted under the 2021 Plan provide for dividend equivalents, which are subject to the same forfeiture, transfer restrictions and deferral terms as apply to the award to which they relate.Share-based compensation expense of $5.0 million, $4.1 million and $6.8 million was recorded in the years ended December 31, 2024, 2023 and 2022, respectively, and recognized in "Selling, general and administrative expenses" in the Consolidated Statements of Operations.Restricted Stock Units ("RSUs")Key members of management are awarded with RSUs each year based on a predetermined award value of the base salary of eligible employees aligned to a total compensation program. RSUs awards generally vest ratably, at the end of each 12-month period, over a three-year service period. A participant generally must be employed by the Company on the vesting date of each award; however, awards will vest if employment terminates earlier on account of a qualifying employment termination event such 

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as death, disability or retirement at age 65. Additional RSUs are granted on an annual basis to the Company's outside directors under the 2021 Plan generally with a one-year vesting period.Changes in restricted stock units during the year ended December 31, 2024 are as follows:(in thousands, except weighted average grant date fair value)Restricted Stock UnitsWeighted Average Grant Date Fair ValueUnvested as of January 1, 2024128 $47.34 Granted142 $36.76 Vested(70)$47.99 Forfeited(30)$39.76 Unvested as of December 31, 2024170 $39.58 The following additional activity occurred for the Company's restricted stock units:Years Ended December 31, (in millions, except weighted average grant date fair value per award granted)202420232022Weighted average grant date fair value per award$36.76 $43.50 $