Company: ASTE
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001104659-25-023778
Chunk: 67

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 67
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 a period of 18 months after termination, for up to $10,000; and ● treatment of equity compensation awards as follows: – immediate pro-rata vesting of unvested time-based awards (based on the number of calendar days of employment during the vesting period); and – pro-rata vesting of unvested performance-based awards at target (based on the number of days employed during the performance period). Former CIC Severance Plan Under the Former CIC Severance Plan, if a participating executive’s employment was terminated by the Company without cause or by the participant for good reason, and the termination occurred within a 24 month period following a change in control of the Company, the participant would be entitled to certain severance payments and benefits, generally as follows: ● lump sum cash payments of the following amounts: (1) a pro rata target annual bonus for the year of termination, (2) a severance payment equal to 2.0 times the participant’s base salary and target annual bonus, and (3) a payment equal to the full cost to provide group health benefits to the participant for 24 months (based on group health benefits sponsored by the Company and maintained by the participant as of the termination date); ● all of the participant’s outstanding stock options, restricted stock units and other stock awards with time-based vesting restrictions would become fully vested and exercisable, and all of the participant’s outstanding performance-based stock awards would be deemed to have been fully earned as of the termination date based on an assumed achievement of all relevant performance goals at “target” level, and would payout within 60 days following the termination date; ● the participant would also be eligible for 12 months following the termination date for up to $25,000 of outplacement services payable by the Company. As a condition to receiving payments and benefits under the CIC Severance Plan, a participant was required to enter into a separation agreement with the Company, which would include a general release of claims and certain restrictive covenants, including non-competition, customer non-solicitation and employee non-recruitment, that would apply for a period of eight months following the participant’s termination of employment. TABLE OF CONTENTS 47 Astec Industries, Inc. | Notice of Annual Meeting and Proxy Statement 2025 Current Severance Plan Under the Severance Plan, if a participating executive’s employment is terminated by the Company without cause or by the participant for good reason (as such terms are defined in the Severance Plan), and the termination