Document:

exh10-25.htm

    Exhibit
10.25

    

    AMENDMENT
TO THE ASTEC INDUSTRIES, INC.

    2006
INCENTIVE PLAN

    

    THIS
AMENDMENT (this “Amendment”) to the Astec Industries, Inc. 2006 Incentive Plan
(the “Plan”) is made this 23rd day of
October, 2008.

    

    1.  Section
11.3 of the Plan is hereby amended by deleting the word
“Retirement.”

    

    2.  The
first sentence of Section 14.6 and the first sentence of Section 14.7(b) are
hereby amended by replacing the words “as soon as practicable after the amount
earned has been determined (or, if later, the first date that such payment may
be made without causing a violation of Section 409A of the Code)” with the words
“within sixty (60) days following the date of termination (unless a later date
is required by Section 17.4 hereof).”

    

    3.  The
Plan is hereby amended by deleting Section 15.1 in its entirety and replacing it
with the following:

    

    “15.1.         MANDATORY
ADJUSTMENTS. In the event of a nonreciprocal transaction between the
Company and its stockholders that causes the per-share value of the Stock to
change (including, without limitation, any stock dividend, stock split,
spin-off, rights offering, or large nonrecurring cash dividend), the
authorization limits under Section 5.1, 5.4 and 5.5 shall be adjusted
proportionately, and the Committee shall make such adjustments to the Plan and
Awards as it deems necessary, in its sole discretion, to prevent dilution or
enlargement of rights immediately resulting from such
transaction.  Action by the Committee may include: (i) adjustment of
the number and kind of shares that may be delivered under the Plan; (ii)
adjustment of the number and kind of shares subject to outstanding Awards; (iii)
adjustment of the exercise price of outstanding Awards or the measure to be used
to determine the amount of the benefit payable on an Award; and (iv) any other
adjustments that the Committee determines to be equitable.  Without
limiting the foregoing, in the event of a subdivision of the outstanding Stock
(stock-split), a declaration of a dividend payable in Shares, or a combination
or consolidation of the outstanding Stock into a lesser number of Shares, the
authorization limits under Section 5.1 and 5.4 shall automatically be adjusted
proportionately, and the Shares then subject to each Award shall automatically,
without the necessity for any additional action by the Committee, be adjusted
proportionately without any change in the aggregate purchase price
therefor.

    
      
        
           

           

        

         

      

      
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    15.2           DISCRETIONARY
ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate
event or transaction involving the Company (including, without limitation, any
merger, reorganization, recapitalization, combination or exchange of shares, or
any transaction described in Section 15.1), the Committee may, in its sole
discretion, provide (i) that Awards will be settled in cash rather than Stock,
(ii) that Awards will become immediately vested and exercisable and will expire
after a designated period of time to the extent not then exercised, (iii) that
Awards will be assumed by another party to a transaction or otherwise be
equitably converted or substituted in connection with such transaction, (iv)
that outstanding Awards may be settled by payment in cash or cash equivalents
equal to the excess of the Fair Market Value of the underlying Stock, as of a
specified date associated with the transaction, over the exercise price of the
Award, (v) that performance targets and performance periods for Performance
Awards will be modified, consistent with Code Section 162(m) where applicable,
or (vi) any combination of the foregoing.  The Committee’s
determination need not be uniform and may be different for different
Participants whether or not such Participants are similarly
situated.

    

    15.3           GENERAL. Any
discretionary adjustments made pursuant to this Article 15 shall be subject to
the provisions of Section 16.2.  To the extent that any adjustments
made pursuant to this Article 15 cause Incentive Stock Options to cease to
qualify as Incentive Stock Options, such Options shall be deemed to be
Nonstatutory Stock Options.”

    

    4.           The
Plan is hereby amended by deleting Section 17.4 in its entirety and replacing it
with the following:

    

    “17.4
SPECIAL PROVISIONS
RELATED TO SECTION 409A OF THE CODE.

    

    (a)           It
is intended that the payments and benefits provided under the Plan and any Award
shall either be exempt from the application of, or comply with, the requirements
of Section 409A of the Code.  The Plan and all Award Certificates
shall be construed in a manner that effects such
intent.  Nevertheless, the tax treatment of the benefits provided
under the Plan or any Award is not warranted or guaranteed.  Neither
the Company, its Affiliates nor their respective directors, officers, employees
or advisers shall be held liable for any taxes, interest, penalties or other
monetary amounts owed by any Participant or other taxpayer as a result of the
Plan or any Award.

    
      
        
           

          

           

        

         

      

      
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    (b)           Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, to the extent
that any amount or benefit that would constitute non-exempt “deferred
compensation” for purposes of Section 409A of the Code would otherwise be
payable or distributable, or a different form of payment (e.g., lump sum or
installment) would be effected, under the Plan or any Award Certificate by
reason of the occurrence of a Change in Control, or the Participant’s Disability
or separation from service, such amount or benefit will not be payable or
distributable to the Participant, and/or such different form of payment will not
be effected, by reason of such circumstance unless the circumstances giving rise
to such Change in Control, Disability or separation from service meet any
description or definition of “change in control event”, “disability” or
“separation from service”, as the case may be, in Section 409A of the Code and
applicable regulations (without giving effect to any elective provisions that
may be available under such definition).  This provision does not
prohibit the vesting of
any Award upon a Change in Control, Disability or separation from service,
however defined.  If this provision prevents the payment or
distribution of any amount or benefit, such payment or distribution shall be
made on the next earliest payment or distribution date or event specified in the
Award Certificate that is permissible under Section 409A of the
Code.  If this provision prevents the application of a different form
of payment of any amount or benefit, such payment shall be made in the same form
as would have applied absent such designated event or circumstance.

    

    (c)           If
any one or more Awards granted under the Plan to a Participant could qualify for
any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9),
but such Awards in the aggregate exceed the dollar limit permitted for the
separation pay exemptions, the Company shall determine which Awards or portions
thereof will be subject to such exemptions.

    

    (d)           Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, if any amount
or benefit that would constitute non-exempt “deferred compensation” for purposes
of Section 409A of the Code would otherwise be payable or distributable under
this Plan or any Award Certificate by reason of a Participant’s separation from
service during a period in which the Participant is a Specified Employee (as
defined below), then, subject to any permissible acceleration of payment by the
Committee 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):

    

    (i)
 the amount of such non-exempt deferred compensation that would otherwise
be payable during the six-month period immediately following the Participant’s
separation from service will be accumulated through and paid or provided on the first day of the seventh month
following the Participant’s separation from service (or, if the Participant dies
during such period, within 30 days after the Participant's death) (in either
case, the “Required Delay Period”), and

    
      
        
           

          

           

        

         

      

      
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    (ii)
 the normal payment or distribution schedule for any remaining payments or
distributions will resume at the end of the Required Delay Period.

    

    For
purposes of this Plan, the term “Specified Employee” has the meaning given such
term in Section 409A of the Code and the final regulations
thereunder.

    

    (e)           Eligible
Participants who are service providers to an Affiliate may be granted Options or
SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of
service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the
final regulations under Section 409A of the Code.

    

    (f)           No
Option or SAR granted under the Plan shall provide for any feature for the
deferral of compensation other than the deferral of recognition of income until
the exercise or disposition of the Option or SAR.”

    

    5.           Except
as expressly amended hereby, the terms of the Plan shall be and remain unchanged
and the Plan as amended hereby shall remain in full force and
effect.

    

    IN WITNESS WHEREOF, the Company has
caused this Amendment to be executed by its duly authorized representative on
the day and year first above written.

    

    Astec
Industries, Inc.

    

    By: /s/ F. Mckamy
Hall

     

    
      
         

      

      
        4exh10-26.htm

    

      Exhibit
10.26

      

      AMENDMENT
TO THE ASTEC INDUSTRIES, INC.

      1998
NON-EMPLOYEE DIRECTORS’ STOCK INCENTIVE PLAN

      

      THIS
AMENDMENT (this “Amendment”) to the Astec Industries, Inc. 1998 Non-Employee
Directors’ Stock Incentive Plan (the “Plan”) is made this 23rd day of
October, 2008.

      

      1.  The
Plan is hereby amended by deleting Section 4 in its entirety and replacing with
the following:

      

      “(a)  Shares
subject to Options granted to a Participant prior to August 1, 2004 and Stock
Awards granted under Section 6 of the Plan (including deferred rights to receive
Stock) shall not exceed in the aggregate 200,000 Shares of Common
Stock.  Such Shares may be authorized and unissued Shares or treasury
Shares.  This Plan does not constitute a separate source of shares for
the grant of Options from and after August 1, 2004.

      

      (b)  Options
granted to a Participant pursuant to Section 7 of this Plan from and after
August 1, 2004 and prior to April 27, 2006 shall be granted under the Astec
Industries, Inc. 1998 Long-Term Incentive Plan (the “1998 Incentive
Plan”).  The terms contained in the 1998 Incentive Plan are
incorporated into and made a part of this Plan with respect to such Options and
such Options shall be governed by and construed in accordance with the 1998
Incentive Plan.  In the event of any actual or alleged conflict
between the provisions of the 1998 Incentive Plan and the provisions of this
Plan, the provisions of the 1998 Incentive Plan shall be controlling and
determinative with respect to Options granted to a Participant pursuant to
Section 7 hereof from and after August 1, 2004 and prior to April 27,
2006.

      

      (c)  Options
granted to a Participant pursuant to Section 7 of this Plan from and after April
27, 2006 shall be granted under the Astec Industries, Inc. 2006 Incentive Plan,
or any subsequent equity incentive plan approved by the Company’s shareholders
for the grant of options to its employees and directors (the “Current Incentive
Plan”).  The terms contained in the Current Incentive Plan are
incorporated into and made a part of this Plan with respect to such Options and
such Options shall be governed by and construed in accordance with the Current
Incentive Plan.  In the event of any actual or alleged conflict
between the provisions of the Current Incentive Plan and the provisions of this
Plan, the provisions of the Current Incentive Plan shall be controlling and
determinative with respect to Options granted to a Participant pursuant to
Section 7 hereof from and after April 27, 2006.”

      
        
          
             

          

           

        

        
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      2.  The
Plan is hereby amended by adding a new Section 11 to read as
follows:

      

      “11.  Internal Revenue Code
Section 409A.

      

      (a)  It
is intended that the payments and benefits provided under the Plan shall either
be exempt from the application of, or comply with, the requirements of Section
409A of the Internal Revenue Code.  The Plan shall be construed in a
manner that effects such intent.  Nevertheless, the tax treatment of
the benefits provided under the Plan is not warranted or
guaranteed.  Neither the Company, its affiliates nor their respective
directors, officers, employees or advisers shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by any Participant or other
taxpayer as a result of the Plan.

      

      (b)  Notwithstanding
anything in the Plan to the contrary, to the extent that any amount or benefit
that would constitute non-exempt “deferred compensation” for purposes of Section
409A of the Internal Revenue Code would otherwise be payable or distributable,
or a different form of payment (e.g., lump sum or installment) would be
effected, under the Plan by reason of the occurrence the Participant’s
termination of service as a director, such amount or benefit will not be payable
or distributable to the Participant, and/or such different form of payment will
not be effected, by reason of such circumstance unless the circumstances giving
rise to such termination of service meet any description or definition of
“separation from service” in Section 409A of the Internal Revenue Code and
applicable regulations (without giving effect to any elective provisions that
may be available under such definition).  If this provision prevents
the payment or distribution of any amount or benefit, such payment or
distribution shall be made on the next earliest payment or distribution date or
event specified that is permissible under Section 409A of the Internal Revenue
Code.  If this provision prevents the application of a different form
of payment of any amount or benefit, such payment shall be made in the same form
as would have applied absent such designated event or circumstance.

      

      (c) No
Option granted under the Plan shall provide for any feature for the deferral of
compensation other than the deferral of recognition of income until the exercise
or disposition of the Option.”

      

      Each
subsequent Section shall be re-numbered accordingly.

      

      3.           The
Plan shall be amended by deleting Section 14 in its entirety and replacing it
with the following:

      

      “The Plan
shall remain in effect until terminated by the Committee.”

      
        
          
             

             

          

           

        

        
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      4.           The
Plan shall be amended by deleting Section 16 in its entirety and replacing it
with the following:

      

      “The Plan
originally became effective on April 23, 1998 (the “Effective
Date”).”

      

      5.           Except
as expressly amended hereby, the terms of the Plan, as previously amended, shall
be and remain unchanged and the Plan as amended hereby shall remain in full
force and effect.

      

      IN WITNESS WHEREOF, the Company has
caused this Amendment to be executed by its duly authorized representative on
the day and year first above written.

      

      Astec
Industries, Inc.

      

      By: /s/ F. McKamy
Hall

       

      
 

      
        
          
          

        

        
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