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Exhibit 10.2

ASTEC INDUSTRIES INC.

RESTRICTED STOCK UNIT AWARD CERTIFICATE

Non-transferable

G R A N T   T O

________________________________
(“Grantee”)

by Astec Industries, Inc. (the “Company”) of Restricted Stock Units (the “Units”) representing the right to receive, on a one-for-one basis, shares of the Company’s $0.20 par value common stock (“Shares”), pursuant to and subject to the provisions of the Astec Industries 2021 Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following pages of this award certificate (this “Certificate”).  

The number of Units subject to this award is ______ (the “Award”).   

Unless vesting is accelerated as provided in Section 2 of the Terms and Conditions or otherwise in the discretion of the Committee, the Units shall vest (become non-forfeitable) in accordance with the following schedule, subject to Grantee’s Continuous Service on each vesting date:
						
	                        
Vesting Date
	Percent of 
Units Vesting

		33%
		33%
		34%

By accepting this award, Grantee shall be deemed to have agreed to the terms and conditions of this Certificate and the Plan.  

IN WITNESS WHEREOF, Astec Industries Inc., acting by and through its duly authorized officers, has caused this Certificate to be executed as of the Grant Date.

						
	ASTEC INDUSTRIES, Inc.

By: ____________________________________________
Its:  Authorized Representative
	Grant Date:

Accepted by Grantee:                         

TERMS AND CONDITIONS

1.    Defined Terms.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.

2.    Vesting of Units.  The Units will be credited to a bookkeeping account on behalf of Grantee as soon as practicable.  Subject to either Grantee’s Continuous Service or Grantee’s Retirement (as defined below) prior to the final Vesting Date, the Units will vest and become non-forfeitable as to the percentages of the Units specified on the cover page hereof, on the respective dates specified on the cover page hereof; or, as to all of the Units, earlier upon (i) Grantee’s termination of employment due to death or Disability (ii) a Change in Control, unless the Units are assumed by the surviving or acquiring entity or otherwise equitably converted or substituted in connection with the Change in Control, or (iii) if the Units are assumed by the surviving or acquiring entity or otherwise equitably converted or substituted in connection with a Change in Control, the termination of Grantee’s employment by the Company (or the surviving or acquiring entity) without Cause (or Grantee’s resignation for Good Reason, as provided in any employment, severance or similar agreement between Grantee and the Company or an Affiliate) within two years after the effective date of the Change in Control (the “Vesting Date”).  If Grantee’s Continuous Service terminates prior to the Vesting Date for any reason other than due to Grantee’s Retirement or as specified in subsection (i) and (iii) of the preceding sentence, Grantee shall forfeit all right, title and interest in and to the Units as of the date of such termination and the Units will be reconveyed to the Company without further consideration or any act or action by Grantee. For the avoidance of doubt, if Grantee has a termination of Continuous Service due to Retirement prior to the final Vesting Date, the Units shall remain eligible to vest on the schedule specified on the cover page hereof, on the respective dates specified on the cover page hereof as if Grantee had not incurred a termination of Continuous Service, with such continued vesting subject to the Grantee signing a separation agreement with the Company in the form established by the Company and continuing to comply with the provisions thereof (which may include, among other things, non-competition, non-solicitation, confidentiality and nondisparagement covenants).  For purposes of this Certificate, “Retirement” means a Participant’s termination of employment with the Company or an Affiliate after attaining age 65 and with the Committee’s approval where at least 6 months’ notice of termination has been provided by the Participant.

3.    Conversion to Shares.  Subject to the following sentence, the Units that vest will be converted to actual Shares (one Share per vested Unit) after the Vesting Date as soon as practicable (and no later than 30 days) after the [Vesting Date] 

[earliest to occur of (i) Grantee’s termination of employment or (iii) a Change in Control] [earliest to occur of (i) the [__] anniversary of the Grant Date, (ii) Grantee’s termination of employment, or (iii) a Change in Control] (the “Conversion Date”), provided, however, that if the vesting of the Units occurs as a result of Grantee’s separation from service during a period in which Grantee is a “specified employee” (as defined in Code Section 409A and the regulations thereunder), then, to the extent necessary to avoid the imposition of tax penalties under Code Section 409A, and subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes), the Conversion Date will be delayed until the earlier of Grantee’s death or the first day of the seventh month following Grantee’s separation from service.  Shares will be registered on the books of the Company in Grantee’s name as of the Conversion Date and delivered to Grantee as soon as practical thereafter, in certificated or uncertificated form, as Grantee shall direct.   

4.    Rights as Shareholder.  Grantee shall not have voting or any other rights as a shareholder of the Company with respect to the Units.  Upon conversion of the Units into shares of Stock, Grantee will obtain full voting and other rights as a stockholder of the Company.

5.    Dividend Equivalents.  If any dividends or other distributions are paid with respect to the Company’s Stock while the Units are outstanding, the dollar amount or fair market value of such dividends or distributions with respect to the number of shares of Stock then underlying the Units shall be converted into additional Units in Grantee’s name, based on the Fair Market Value of the Stock as of the date such dividends or distributions were payable, and such additional Units shall be subject to the same forfeiture and transfer restrictions and deferral terms as apply to the Units with respect to which they relate.  Upon conversion of the Units into shares of Stock at the Conversion Date or any applicable deferral termination date, Grantee will obtain full voting and other rights as a shareholder of the Company.

6.    Restrictions on Transfer and Pledge.  No right or interest of Grantee in the Units may be pledged, encumbered, or hypothecated or made subject to any lien, obligation or liability of Grantee to any other party other than the Company or an Affiliate.  The Units may not be sold, assigned, transferred or otherwise disposed of by Grantee other than by will or the laws of descent and distribution.  

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7.    No Right of Continued Service.  Nothing in this Certificate shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee’s employment at any time, nor confer upon Grantee any right to continue in employment of the Company or any Affiliate.

8.    Payment of Taxes.   The Company or any Affiliate employing Grantee has the authority and the right to deduct or withhold, or require Grantee to remit to the employer, an amount sufficient to satisfy federal, state and local taxes (including Grantee’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting or settlement of the Units.  Unless the Committee determines otherwise, the withholding requirement shall be satisfied by withholding from the settlement of the Units Shares having a Fair Market Value on the date of withholding equal to the amount required to be withheld for tax purposes.

9.    Restrictions on Issuance of Shares.  If at any time the Committee shall determine, in its discretion, that registration, listing or qualification of the Shares underlying the Units upon any securities exchange or similar self-regulatory organization or under any federal or state securities law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to the settlement of the Units, the Units will not be converted to Shares in whole or in part unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 

10.    Plan Controls. The terms contained in the Plan shall be and are hereby incorporated into and made a part of this Certificate and this Certificate shall be governed by and construed in accordance with the Plan.  Without limiting the foregoing, the terms and conditions of the Units, including the number of shares and the class or series of capital stock which may be delivered upon settlement of the Units, are subject to adjustment as provided in Article 15 of the Plan.  In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Certificate, the provisions of the Plan shall be controlling and determinative.

11.  Successors.  This Award Certificate shall be binding upon any successor of the Company, in accordance with the terms of this Award Certificate and the Plan.

12.    Compensation Recoupment Policy. The Units and any Stock issued thereunder shall be subject to any compensation recoupment policy of the Company that is applicable by its terms to Grantee and to awards of this type.

13.    Notices. Notices and communications under this Certificate must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to Astec Industries, Inc., 1725 Shepherd Road, Chattanooga, Tennessee 37421; Attention: LTIP Plan Administrator, or any other address designated by the Company with notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company.

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Exhibit 10.3

ASTEC INDUSTRIES INC.

PERFORMANCE-BASED
RESTRICTED STOCK UNIT AWARD CERTIFICATE
(Three-Year Award)

Non-transferable

G R A N T   T O

_______________ ________________
(“Grantee”)

by Astec Industries, Inc. (the “Company”) of Restricted Stock Units (the “Units”) representing the right to receive, on a one-for-one basis, shares of the Company’s $0.20 par value common stock (“Shares”), pursuant to and subject to the provisions of the Astec Industries 2021 Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following pages of this award certificate (this “Certificate”).  

The target number of Shares subject to this award is [__] (the “Target Award”).  Depending on the Company’s (i) Return on Invested Capital, and (ii) Total Shareholder Return (TSR) ranking relative to the Company’s TSR Peer Group (as such terms are defined in Section 1 of this Agreement) for the three fiscal-year period beginning January 1, 20__ and ending December 31, 20__ (the “Performance Period”), and Grantee’s continued employment with the Company or its Affiliates through the third anniversary of the Grant Date, Grantee may earn and vest in between 0% and 200% of the Target Award, subject to the terms and conditions of this Agreement and as set forth in Exhibit A.

By accepting this award, Grantee shall be deemed to have agreed to the terms and conditions of this Certificate and the Plan.  

IN WITNESS WHEREOF, Astec Industries Inc., acting by and through its duly authorized officers, has caused this Certificate to be executed as of the Grant Date.

						
	ASTEC INDUSTRIES, Inc.

By: ____________________________________________
Its:  Authorized Representative
	Grant Date:

Accepted by Grantee:                         

TERMS AND CONDITIONS

1.    Defined Terms.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.  In addition, and notwithstanding any contrary definition in the Plan, for purposes of this Certificate:

(a)“Return on Invested Capital” or “ROIC” means the ratio of Net Operating Profit After Tax and Invested Capital.

(b)  “Total Shareholder Return” or “TSR” means (i) (a) the 20-trading day average closing price of the applicable entity’s common stock as of the last trading day of the Performance Period, minus (b) the 20-trading day average closing price of the applicable entity’s common stock as of the last trading day preceding the Performance Period, plus (c) the sum of all dividends and other distributions paid on such entity’s common stock during the Performance Period, on a per share basis, divided by (ii) the 20-trading day average closing price of the applicable entity’s common stock as of the last trading day preceding the Performance Period (adjusted to reflect any stock splits or recapitalizations that occur during the Performance Period).

(c)    “TSR Peer Group” is defined in Exhibit A.

2.    Earning and Vesting of Units.  

(a)Units Earned During Performance Period.  The Units have been credited to a bookkeeping account on behalf of Grantee and do not represent actual Shares of common stock.  The Units represent the right to earn and vest in between 0% and 200% of the Target Award, payable in Shares of common stock on the Vesting Date (as defined below), depending on (i) the Company’s level of achievement of performance goals relating to Average Return on Invested Capital and the Company’s Total Shareholder Return (TSR) ranking relative to the Company’s TSR Peer Group for Performance Period in accordance with Exhibit A, and (ii) either (A) Grantee’s continued employment with the Company or its Affiliates through the third anniversary of the Grant Date or (B) Grantee’s Retirement (as defined below) during the Performance Period, subject to the Grantee signing a separation agreement with the Company in the form established by the Company and continuing to comply with the provisions thereof (which may include, among other things, non-competition, non-solicitation, confidentiality and nondisparagement 

covenants).  As soon as practical following the Performance Period, the Compensation Committee (the “Committee”) shall determine and certify (i) the Company’s level of achievement of the Average Return on Invested Capital goals and Company’s Total Shareholder Return (TSR) ranking relative to the Company’s TSR Peer Group during the Performance Period, and (ii) the number of Units that were earned based on such measures, provided, that in the event of Grantee’s Retirement, the number of Units earned shall be prorated by multiplying the result by a fraction, the numerator of which is the number of whole months elapsed in the Performance Period prior to Grantee’s Retirement and the denominator of which is 36.  For purposes of this Certificate, “Retirement” means a Participant’s termination of employment with the Company or an Affiliate after attaining age 65 and with the Committee’s approval where at least 6 months’ notice of termination has been provided by the Participant.

(b)  Units Earned Upon Certain Employment Terminations.  In the event that (i) Grantee’s employment is terminated during the Performance Period due to death or Disability, or (ii) Grantee’s employment is terminated during the Performance Period without Cause or Grantee resigns for Good Reason, in either case within two years after the effective date of a Change in Control in which the Units were assumed by the surviving entity or otherwise equitably converted or substituted, the Units shall be deemed to have been earned at: (A) 100% of the Target Award if the termination occurs during the first year of the Performance Period, and (B) a percentage of the Target Award based on actual performance through the termination, as determined by the Committee, if the termination occurs during the second or third year of the Performance Period.  Performance through the termination shall be determined based on the Fair Market Value per Share as of immediately prior to the termination with respect to the Company’s TSR and based on completed years in the Performance Period with respect to the Company’s Average Return on Invested Capital.

(c)  Units Earned Upon Change in Control.  In the event of a Change in Control during the first year of the Performance Period in which the Units are not assumed by the surviving entity or otherwise equitably converted or substituted, Grantee shall be deemed to have earned 100% of the Target Award. In the event of a Change in Control during the second or third year of the Performance Period in which the Units are not assumed by the surviving entity or otherwise equitably converted or 

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substituted, Grantee shall be deemed to have earned a percentage of the Target Award based on actual performance through the Change in Control, as determined by the Committee.  Performance through the Change in Control shall be determined based on the Fair Market Value per Share as of immediately prior to the Change in Control with respect to the Company’s TSR and based on completed years in the Performance Period with respect to the Company’s Average Return on Invested Capital.

(d)    Vesting of Units.  Any Units that are earned pursuant to Section 2(a), 2(b) or 2(c) above shall vest and become non-forfeitable on the earliest to occur of the following (the “Vesting Date”):

(i)the third anniversary of the Grant Date, provided that Grantee has continued in the employment of the Company, its Affiliates, and/or its Subsidiaries through such date or in the event of Grantee’s Retirement during the Performance Period, or

(ii)the termination of Grantee’s employment under circumstances described in Section 2(b) above, or

(iii)the occurrence of a Change in Control in which the Units are not assumed by the surviving entity or otherwise equitably converted or substituted, provided Grantee has continued in the employment of the Company, its Affiliates, and/or its Subsidiaries through such date.

Any Units that are not earned during the Performance Period in accordance with the terms set forth above will be forfeited to the Company without further consideration or any act or action by Grantee.  If Grantee’s employment with the Company or an Affiliate or Subsidiary terminates prior to the Vesting Date for any reason other than due to Grantee’s Retirement or as described in Section 2(b) above, Grantee shall forfeit all right, title and interest in and to the earned Units as of the date of such termination and the Units will be forfeited to the Company without further consideration or any act or action by Grantee.

3.    Conversion to Shares.  Unless the Units are forfeited prior to the Vesting Date as provided in section 2 above, the Units will be converted to actual Shares (one Share per vested Unit) after the Vesting Date as soon as practicable (and no later than 30 days) after the [Vesting Date] [earliest to occur of (i) Grantee’s termination of employment or (ii) a Change in Control] [earliest to occur of (i) the [__] anniversary of the Grant Date, (ii) Grantee’s termination 

of employment, or (iii) a Change in Control].  Stock certificates evidencing the conversion of Units into Shares of common stock will be registered on the books of the Company in Grantee’s name (or in street name to Grantee’s brokerage account) as of the Vesting Date and delivered to Grantee, in certificated or uncertificated form, as soon as practical thereafter.  

4.    Rights as Shareholder.  Grantee shall not have voting or any other rights as a shareholder of the Company with respect to the Units.  Upon conversion of the Units into shares of Stock, Grantee will obtain full voting and other rights as a stockholder of the Company.

5.    Dividend Equivalents.  If any dividends or other distributions are paid with respect to the Company’s Stock while the Units are outstanding, the dollar amount or fair market value of such dividends or distributions with respect to the number of shares of Stock then underlying the Units shall be converted into additional Units in Grantee’s name, based on the Fair Market Value of the Stock as of the date such dividends or distributions were payable, and such additional Units shall be subject to the same forfeiture and transfer restrictions and deferral terms as apply to the Units with respect to which they relate.  Upon conversion of the Units into shares of Stock at the Conversion Date or any applicable deferral termination date, Grantee will obtain full voting and other rights as a shareholder of the Company.

6.    Restrictions on Transfer and Pledge.  No right or interest of Grantee in the Units may be pledged, encumbered, or hypothecated or made subject to any lien, obligation or liability of Grantee to any other party other than the Company or an Affiliate.  Except as otherwise provided in the Plan, the Units may not be sold, assigned, transferred or otherwise disposed of by Grantee other than by will or the laws of descent and distribution.  

7.    No Right of Continued Service.  Nothing in this Certificate shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee’s employment at any time, nor confer upon Grantee any right to continue in employment of the Company or any Affiliate.

8.    Payment of Taxes.   The Company or any Affiliate employing Grantee has the authority and the right to deduct or withhold, or require Grantee to remit to the employer, an amount sufficient to satisfy federal, state and local taxes (including Grantee’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting or settlement of the Units.  Unless the Committee determines otherwise, the withholding requirement shall be satisfied by withholding from the settlement of the Units 

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Shares having a Fair Market Value on the date of withholding equal to the amount required to be withheld for tax purposes.  The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company, and, where applicable, its Affiliates or Subsidiaries will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to Grantee.

9.    Restrictions on Issuance of Shares.  If at any time the Committee shall determine, in its discretion, that registration, listing or qualification of the Shares underlying the Units upon any securities exchange or similar self-regulatory organization or under any federal or state securities law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to the settlement of the Units, the Units will not be converted to Shares in whole or in part unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 

10.    Plan Controls. The terms contained in the Plan shall be and are hereby incorporated into and made a part of this Certificate and this Certificate shall be governed by and construed in accordance with the Plan.  Without limiting the foregoing, the terms and conditions of the Units, including the number of shares and the class or series of capital stock which may be delivered upon settlement of the Units, are subject to adjustment as provided in Article 15 of the Plan.  In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Certificate, the provisions of the Plan shall be controlling and determinative.

11.    Successors.  This Award Certificate shall be binding upon any successor of the Company, in accordance with the terms of this Award Certificate and the Plan.

12.    Compensation Recoupment Policy. The Units and any Stock issued thereunder shall be subject to any compensation recoupment policy of the Company that is applicable by its terms to Grantee and to awards of this type.

13.    Notices. Notices and communications under this Certificate must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to Astec Industries, Inc., 1725 Shepherd Road, Chattanooga, Tennessee 37421; Attention: LTIP Plan Administrator, or any other address designated by the Company with notice to Grantee. Notices to Grantee will be 

directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company. 

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EXHIBIT A

The Units will be earned, in whole or in part, based on the Company’s average Return on Invested Capital and Relative Total Shareholder Return over the Performance Period, based on the following tables.

Performance Matrix for Average Return on Invested Capital (Weighted 50%)

									
	Degree of Performance Attainment	Return on Invested Capital Targets	Percentage of Weighted Target Award Earned *
	Maximum	[___]%	200%
	Target	[___]%	100%
	Threshold	[___]%	50%
	Below Threshold	<[___]%	0%

Performance Matrix for Relative Total Shareholder Return (Weighted 50%)

									
	Degree of Performance Attainment	Company TSR Percentile Ranking Relative to TSR Peer Group	Percentage of Weighted Target Award Earned *
	Maximum	75th Percentile and above
	200%
	Target	50th Percentile
	100%
	Threshold	25th Percentile
	50%
	Below Threshold	Below 25th Percentile
	0%

* Payouts between performance levels will be determined based on straight line interpolation.
    
For purposes of this Award Certificate, the “TSR Peer Group” shall consist of the following companies: Actuant Corp (Enerpac Tool Group) EPAC; AGCO Corporation AGCO; Alamo Group Inc. ALG; Altra Industrial Motion Corp. AIMC; Caterpillar Inc. CAT; CIRCOR International, Inc. CIR; Columbus McKinnon Corporation CMCO; Commercial Vehicle Group, Inc. CVGI; Deere & Company DE; Douglas Dynamics, Inc. PLOW; Dril-Quip, Inc. DRQ; EnPro Industries, Inc. NPO; Federal Signal Corporation FSS; Forum Energy Technologies, Inc. FET; Gencor Industries, Inc. GENC; Greenbrier Companies, Inc. GBX; Hyster-Yale Materials Handling, Inc. HY; Lindsay Corporation LNN, Manitowoc Company, Inc. MTW; Miller Industries, Inc. MLR; Nordson Corporation NDSN; Oshkosh Corporation OSK; Terex Corporation TEX; Titan International, Inc. TWI; Toro Company TTC; Wabash National Corporation WNC.

If the common stock of any company in the TSR Peer Group ceases to be publicly traded at any time during the Performance Period by reason of a merger, acquisition, going-private transaction or other similar corporate transaction, or in the event of a public announcement during the Performance of any such transaction that has not closed by the end of the Performance Period, such company shall be disregarded and deleted from the TSR Peer Group for the entire Performance Period.  

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If the common stock of any company in the TSR Peer Group ceases to be publicly traded at any time during the Performance Period by reason of exchange delisting, bankruptcy, liquidation or dissolution of the company, such company shall remain in the TSR Peer Group for the entire Performance Period, but shall be deemed to have a negative TSR equal to -100%.
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