Company: ASTE
Filing Date: 2025-05-02
Form Type: 8-K
Source: 0001104659-25-044104
Chunk: 1

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-05-02
Form: 8-K
Item: Item 1.01
Chunk 1
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 accordance with the terms of the Agreement.

The Sellers have agreed to indemnify the Company
for certain losses arising from breaches of their respective representations and warranties in the Agreement, subject to certain customary
limitations. In addition, the Company has obtained a commitment for “representations and warranties” insurance which will
provide coverage for breaches of certain representations and warranties of TerraSource and the Sellers contained in the Agreement,
subject to certain deductibles, exclusions, policy limits and other terms and conditions.

The Sellers will also enter into customary non-competition
and non-solicitation agreements in connection with the Transaction.

The Agreement provides that the Company will establish
cash and equity retention programs to be allocated among key executives of TerraSource for retention payments post-Closing.

The foregoing descriptions of
the Agreement and the Transaction contemplated thereby do not purport to be complete and are subject to, and qualified in their
entirety by, the full text of the Agreement, which is attached hereto as Exhibit 2.1 and incorporated herein by reference.

The Agreement governs the
contractual rights between the parties in relation to the Company’s acquisition of 100% of the equity interests of
TerraSource. The Agreement has been filed as an exhibit to this Current Report on Form 8-K to provide investors with
information regarding the terms of the Agreement and is not intended to provide, modify or supplement any information about the
Company, TerraSource or any of their respective subsidiaries or affiliates, or their respective businesses. In particular,
the Agreement is not intended to be, and should not be relied upon as, disclosures regarding any facts and circumstances
relating to the Company or TerraSource. The representations and warranties contained in the Agreement have been negotiated
with the principal purpose of establishing the circumstances in which a party may have the right not to consummate the Closing if
the representations and warranties of the other party prove to be untrue due to a change in circumstance or otherwise, and
allocating risk between the parties, rather than establishing matters as facts. The representations and warranties may also be
subject to contractual standards of materiality that may be different from those generally applicable under the securities laws. For
the foregoing reasons, the representations and warranties should not be relied upon as statements of factual information. Moreover,
information concerning the subject matter of the representations and warranties may change after the date of the Agreement, which
subsequent information may or may not be fully reflected in the Company’s public disclosures.

Item 8.01. Other Events.