Document:

EX-10.17

 Exhibit 10.17 

EXECUTIVE SEVERANCE AGREEMENT 

This Executive Severance Agreement (this “Agreement”), dated as of ____________, 20__ (the “Effective
Date”), is made by and between ____________ (the “Executive”) and Procore Technologies, Inc., a Delaware corporation. Capitalized terms used but not defined within the text of this Agreement shall have the respective
meanings ascribed to them in Section 6. 
 RECITALS 

A. The Company’s Board of Directors (the “Board”) believes that it is in the best interests of the Company and its
stockholders that the Company provide Executive with certain benefits upon a termination of Executive’s employment under certain circumstances, which benefits are intended to provide Executive with financial security and provide sufficient
income and encouragement to Executive to remain with the Company, notwithstanding the possibility of a termination of Executive’s employment with the Company. 

B. To accomplish the foregoing objectives, the Board desires to provide the opportunity for severance and change in control benefits to
Executive on the terms provided in this Agreement. 
 Now therefore, in consideration of the mutual promises, covenants and agreements
contained herein, and in consideration of the continuing employment of Executive by the Company, the parties hereto agree as follows: 
 1.
Effectiveness and Term of Agreement. This Agreement shall become effective as of the Effective Date and will have an initial term ending on the third anniversary of the Effective Date. Upon such third anniversary, and on each
anniversary of the Effective Date thereafter, the term of this Agreement shall automatically be extended for an additional year, unless either the Company or Executive provides written notice of non-renewal no
later than sixty (60) days prior to such anniversary. Notwithstanding the foregoing, if a Change in Control occurs during the term of this Agreement and less than twelve (12) months remain in the term as of the closing of such Change in
Control, then the term of this Agreement shall be extended through the date that is twelve (12) months following the closing of such Change in Control. 

2. Qualifying Termination. If Executive is subject to a Qualifying Termination, then, subject to Sections 4, 8, and 9 below,
Executive will be entitled to the following payments and benefits: 
 (a) Severance Benefits. The Company shall pay Executive an
amount equal to [____] months of Executive’s monthly base salary at the rate in effect immediately prior to the Qualifying Termination. Executive will receive such severance payment in a cash lump sum, which will be paid on the
first business day occurring after the sixtieth (60th) day following the Qualifying Termination, provided that the Release Conditions have been satisfied. In addition, if
Executive was employed on the last day of any performance period applicable to any cash incentive program of the Company in which Executive participated prior to Executive’s Separation, then Executive shall be paid such incentive compensation,
if any (calculated based on actual achievement of such program’s applicable performance criteria), at the time that other participants in such program are paid thereunder, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year in which the Separation occurs or at such earlier time as may be required by applicable law, provided that the Release
Conditions have been satisfied. 

 (b) Equity. If Executive is subject to a Qualifying Termination, no Equity Awards
shall accelerate, except as may be provided in an individual award agreement between Executive and the Company. 
 (c) Continued Employee
Benefits. If Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Company shall pay the full amount of Executive’s COBRA premiums on behalf of Executive for
Executive’s continued coverage under the Company’s health, dental and vision plans, including coverage for Executive’s eligible dependents, for the [____]-month period following Executive’s Separation or, if earlier, until
Executive has obtained coverage under another substantially equivalent medical insurance plan from a subsequent employer or is otherwise ineligible for COBRA; provided, however, that if the Company determines that it cannot provide
the payment of COBRA on behalf of Executive without violating applicable law, the Company will provide Executive, in lieu thereof, a taxable lump sum payment for the balance of the [____]-month COBRA period, which payment will equal 100% of the
applicable COBRA premium for Executive and any dependents. The number of months of COBRA to be paid to Executive, in the event of a cash payment under the preceding sentence, shall be reduced by the number of months of COBRA premiums previously paid
by the Company on Executive’s behalf. 
 3. CIC Qualifying Termination. If Executive is subject to a CIC Qualifying
Termination, then, subject to Sections 4, 8, and 9 below, Executive will be entitled to the following payments and benefits: 
 (a)
Severance and Bonus Payments. The Company or its successor shall pay Executive an amount equal to the sum of (i) [____] months of Executive’s monthly base salary and (ii) a pro rata portion of Executive’s then current target
annual bonus (based on the number of days employed in the performance year), each at the rate (or target level, as applicable) in effect immediately prior to the CIC Qualifying Termination. Executive will receive such severance payment in a
cash lump sum, which will be paid on the first business day occurring after the sixtieth (60th) day following the CIC Qualifying Termination, provided that the Release
Conditions have been satisfied. In addition, if Executive was employed on the last day of any performance period applicable to any cash incentive program of the Company in which Executive participated prior to Executive’s Separation, then
Executive shall be paid such incentive compensation, if any (calculated based on actual achievement of such program’s applicable performance criteria), at the time that other participants in such program are paid thereunder, and, in any event,
no later than two and one-half (2-1/2) months after the end of the taxable year in which the Separation occurs or at such earlier time as may be required
by applicable law, provided that the Release Conditions have been satisfied. 
 (b) Equity. Except as set forth
below, each of Executive’s then outstanding unvested Equity Awards shall accelerate in full and become fully vested (and, if applicable, exercisable). “Equity Awards” means all options to purchase shares of Company common
stock, restricted stock units, and all other stock-based awards granted to Executive, including but not limited to stock bonus awards, restricted stock and stock appreciation rights. Subject to Section 4, the accelerated vesting described above
shall be effective as of the CIC Qualifying Termination. Notwithstanding the foregoing, to the extent an Equity Award vests based upon the satisfaction of any performance criteria, only the time-based aspect (if any) 

 
of the vesting schedule of such Equity Award shall accelerate pursuant to the terms of this Section 3(b), and any remaining performance-based aspect of the vesting schedule of such Equity
Award shall remain subject to the terms of such Equity Award and shall not be subject to accelerated vesting pursuant to the terms of this Section 3(b). 

(c) Continued Employee Benefits. If Executive timely elects continued coverage under COBRA, the Company shall pay the full amount of
Executive’s COBRA premiums on behalf of Executive for Executive’s continued coverage under the Company’s health, dental and vision plans, including coverage for Executive’s eligible dependents, for the [____]-month period
following Executive’s Separation or, if earlier, until Executive has obtained coverage under another substantially equivalent medical insurance plan from a subsequent employer or is otherwise ineligible for COBRA; provided,
however, that if the Company determines that it cannot provide the payment of COBRA on behalf of Executive without violating applicable law, the Company will provide Executive, in lieu thereof, a taxable lump sum payment for the
balance of the [____]-month COBRA period, which payment will equal 100% of the applicable COBRA premium for Executive and any dependents. The number of months of COBRA to be paid to Executive, in the event of a cash payment under the preceding
sentence, shall be reduced by the number of months of COBRA previously paid by the Company on Executive’s behalf. 
 (d) Benefits
True Up. In the event Executive Separates pursuant to a Qualifying Termination under Section 2 and such Separation is later determined by the Company to qualify as a CIC Qualifying Termination, then the Company shall make a true-up payment to Executive so that the aggregate of all benefits provided to Executive equal those set forth in Section 3. Notwithstanding the timing described in Sections 3(a), 3(b) and 3(c), this true-up payment will occur on the closing of the Change in Control, and any Equity Awards that would otherwise be forfeited upon a Qualifying Termination shall remain outstanding and eligible to vest
pursuant to this Agreement for three (3) months following such Qualifying Termination to permit the acceleration described in Section 3(b) above. 

4. General Release. Any other provision of this Agreement notwithstanding, the benefits under Sections 2 and 3 shall
not apply unless Executive has executed a general release of claims in a reasonable form prescribed by the Company and such release has become effective (the document effecting the foregoing, the “Release”). The Company will deliver
the form of Release to Executive within ten (10) days after Executive’s Separation. Executive must execute and return the Release within the time period specified in the Release, and in all events within sixty (60) days following the
Separation event described in Section 2 or 3, as applicable. 
 5. Accrued Compensation and
Benefits. Notwithstanding anything to the contrary in Sections 2 and 3 above, the Company shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and
including the date of Separation, including unused earned vacation pay and unreimbursed documented business expenses incurred by Executive prior to the date of Separation (collectively, “Accrued Compensation and Expenses”). In
addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the date of Separation under any other employee benefit plans and arrangements maintained by the Company, in accordance with
the terms of such plans and arrangements, except as may be modified herein (collectively, “Accrued Benefits”). Any Accrued Compensation and Expenses to which Executive is entitled shall be paid to Executive in cash as soon as
administratively practicable after the Separation, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year in
which the Separation occurs or at such earlier time as may be required by applicable law. Any Accrued Benefits to which Executive is entitled shall be paid to Executive as provided in the relevant plans and arrangements. 

 6. Definitions. 

(a) “Cause” means, with respect to Executive, the occurrence of one or more of the following: (i) the conviction of, or
entry of a plea of guilty or no contest to, a felony offense or crime of dishonesty against the Company; (ii) willful misconduct with respect to the Company that results in, or is reasonably likely to result in, material harm to the Company;
(iii) willful and repeated failure to perform the lawful and reasonable instructions of the [Board] [Company’s Chief Executive Officer] (other than due to a Disability) in a manner consistent with Executive’s position and duties,
which failure is not cured (to the extent capable of being cured) within a reasonable time after receipt of written notice thereof from the [Board] [Company’s Chief Executive Officer]; or (iv) a material breach of any material term of this
Agreement or any other material agreement with, or of any material policy of, the Company, which breach is not cured (to the extent capable of being cured) within a reasonable time after receipt of written notice thereof from the Company. 

(b) “Change in Control” has the meaning set forth in the Equity Plan. 

(c) “CIC Qualifying Termination” means a Separation (i) within twelve (12) months following a Change in Control or
(ii) within three (3) months preceding a Change in Control, in each case, resulting from (x) the Company terminating Executive’s employment for any reason other than Cause or (y) Executive voluntarily resigning
Executive’s employment for Good Reason. A termination or resignation due to Executive’s death or Disability shall not constitute a CIC Qualifying Termination. 

(d) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) “Company” means Procore Technologies, Inc. or, following a Change in Control, any successor thereto. 

(f) “Disability” has the meaning set forth in the Equity Plan. 

(g) “Equity Plan” means the Company’s 2014 Equity Incentive Plan, as it may be amended from time to time, or any
successor plan thereto. 
 (h) “Good Reason” means, without Executive’s prior written consent, (i) a material
reduction of Executive’s title, authority, duties, or responsibilities, relative to Executive’s title, authority, duties, or responsibilities in effect immediately prior to such proposed reduction; (ii) a reduction of Executive’s
annual base salary or target bonus opportunity to an amount that is materially below the base salary or bonus opportunity, respectively, in effect at the time of such proposed reduction, other than a reduction in annual base salary or bonus
opportunity of ten percent (10%) or less applicable to all executives of the Company and in equal percentages; (iii) relocation of Executive’s principal place of employment more than thirty-five (35) miles from the Company’s
office in which Executive is then principally based; (iv) any other action or inaction that constitutes a material breach by the Company of this Agreement or any other material agreement with Executive; or (v) a change in Executive’s
reporting 

 
arrangement that results in Executive no longer reporting to the [Board] [Chief Executive Officer of the Company or any successor thereto]. In order to establish Good Reason, (x) Executive
must provide the Company with written notice of the existence of the condition giving rise to Good Reason within ninety (90) days after Executive becomes aware of the existence of such condition, (y) the Company must fail to cure such
condition (to the extent capable of being cured) within thirty (30) days after the receipt of such notice, and (z) Executive must resign Executive’s employment no later than one year following the date Executive became aware of the
existence of the condition giving rise to Good Reason. 
 (i) “Qualifying Termination” means a Separation that is not a CIC
Qualifying Termination, but which results from [(i)] the Company terminating Executive’s employment for any reason other than Cause [or (ii) Executive voluntarily resigning Executive’s employment for Good Reason]. A termination or resignation due to Executive’s death or Disability shall not constitute a Qualifying Termination. 

(j) “Release Conditions” means (i) the Company has received Executive’s executed Release and (ii) any
rescission period applicable to Executive’s executed Release has expired such that the Release is effective. 
 (k)
“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Code. 

7. Successors. 
 (a)
Company’s Successors. The Company shall require any successor to all or substantially all of the Company’s business and/or assets (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or
otherwise), by an agreement in substance and form reasonably satisfactory to Executive, to assume this Agreement and the obligations hereunder and to agree expressly to perform this Agreement and the obligations hereunder in the same manner and to
the same extent as the Company would be required to perform it in the absence of a succession, and any such successor will assume this Agreement and such obligations and agree to expressly perform this Agreement and such obligations in the same
manner and to the same extent as the Company would be required to perform this Agreement and such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the
Company’s business and/or assets or which becomes bound by this Agreement by operation of law or otherwise. 
 (b) Executive’s
Successors. This Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. 
 8. Golden Parachute Taxes. In the event that (a) any payment or benefit arising out of or in connection with a
change of ownership or effective control of the Company or a substantial portion of its assets within the meaning of Section 280G of the Code, that is made or provided, or to be made or provided, by the Company (or any successors thereto or
affiliates thereof) to Executive, whether pursuant to the terms of this Agreement or any other plan, agreement, or arrangement (any such payment or benefit, a “Parachute Payment”) would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”) and (b) the net after-tax amount (taking into account all applicable taxes payable by Executive, including any Excise Taxes) that
Executive would receive with respect to such Parachute 

 
Payments does not exceed the net after-tax amount that Executive would receive if the amount of such Parachute Payments were reduced to the maximum amount
that could otherwise be payable to Executive without the imposition of the Excise Tax, then such Parachute Payments shall be reduced to the extent necessary to eliminate the imposition of the Excise Tax. Any reduction in the Parachute Payments
required to be made pursuant to this Section 8 shall be made first with respect to Parachute Payments payable in cash before being made in respect to any Parachute Payments to be provided in the form of benefits or Equity Award acceleration,
and in the form of benefits before being made with respect to Equity Award acceleration, and in any case, shall be made with respect to such Parachute Payments in inverse order of the scheduled dates or times for the payment or provision of such
Parachute Payments. 
 9. Miscellaneous. 

(a) Section 409A. To the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or
plan referenced herein, in connection with Executive’s Separation of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Executive is deemed at the time of such Separation of
employment to be a “specified” employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (x) the expiration of the six (6)-month period measured from
Executive’s Separation; or (y) the date of Executive’s death following such Separation; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive,
including without limitation the additional tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which
would have otherwise been made during that period in the absence of this Section 9(a) shall be paid to Executive or Executive’s beneficiary in one lump sum (without interest). Except as otherwise expressly provided herein, to the extent
any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the
Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind
benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive incurred such expenses, and in no event shall any right to
reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. To the extent that any provision of this Agreement is ambiguous as to its exemption or
compliance with Section 409A of the Code, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A of the Code to the maximum permissible extent, and for any payments where such construction
is not tenable, that those payments comply with Section 409A of the Code to the maximum permissible extent. To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of
Section 409A of the Code, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A of the Code under another provision of Section 409A. Payments pursuant to this Agreement, or
otherwise referenced in this Agreement, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A of the Code.
Notwithstanding anything to the contrary in this Agreement, if the period of time comprising (x) the time to consider and make effective the Release and (y) the time after the expiration or cessation of any cure period or attempt to cure
Good Reason, spans two calendar years, then, any payments that constitute deferred compensation subject to Section 409A of the Code will be made in the second calendar year. 

(b) Other Arrangements. This Agreement, together with the documents and agreements referenced herein, constitutes the entire agreement,
arrangement, and understanding between the parties with respect to severance benefits and accelerated vesting benefits, and supersedes and preempts any and all prior or contemporaneous agreements, arrangements, or understandings between the

 
parties with respect to severance benefits and accelerated vesting benefits which were previously offered or provided by the Company to Executive, and Executive hereby waives Executive’s
rights to such other benefits; provided, however, that the terms of any Equity Awards that relate to vesting based on the satisfaction of performance criteria shall remain in effect with respect to such Equity Awards; and provided further,
however, that any acceleration provisions in existence as of the Effective Date relating to any Equity Awards shall continue to apply, to the extent more favorable than the terms of this Agreement (including but not limited to by reason of the
amount of vesting or the terms of any definitions of cause, good reason or change in control), for so long as the agreements containing such acceleration provisions remain in effect. For the avoidance of doubt, in no event shall Executive receive
benefits under both Sections 2 and 3 with respect to Executive’s Separation, except pursuant to the application of Section 3(d). 

(c) Choice of Law. The terms of this Agreement and the resolution of any disputes as to the meaning, effect, performance, or validity
of this Agreement, Executive’s employment with the Company, or any other relationship between Executive and the Company will be governed by and construed in accordance with the laws of the State of California, without regard to choice of law or
conflicts of law rules or provisions, whether of the State of California or any other jurisdiction. 
 (d) Notice. Notices and all
other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given to the other party when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and
postage prepaid or deposited with a nationally-recognized courier service, with shipping charges prepaid. In the case of notices to Executive, mailed notices shall be addressed to Executive at the home address most recently communicated to the
Company in writing. In the case of notices to the Company, mailed notices shall be addressed to its corporate headquarters to the attention of its Secretary. 

(e) Waiver. No provision of this Agreement shall be modified, waived, or discharged unless the modification, waiver, or discharge is
agreed to in writing and signed by Executive and an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be
considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (f) Withholding
Taxes. All payments made under this Agreement shall be subject to applicable withholding and income taxes. 
 (g) Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any other provision or any other jurisdiction, and this Agreement will be reformed, construed, and enforced in such jurisdiction as if
such invalid, illegal, or unenforceable provisions had never been contained herein. 
 (h)
At-Will Employment. Nothing in this Agreement shall confer upon Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict
in any way the rights of the Company or any subsidiary of the Company or of Executive, which rights are hereby expressly reserved by each, to terminate Executive’s service at any time and for any reason. 

(i) Counterparts. This Agreement may be signed in two or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by a duly authorized officer, as of the Effective Date. 
  

			
	 EXECUTIVE:
	  	COMPANY:
		
		  	Procore Technologies, Inc.
		
	
                      
                                         
         
	  	                                      
                                  
	 Name:
	  	Name:
		  	Title:

 Signature Page to Executive Severance AgreementDocument

Exhibit 10.1

ASTEC INDUSTRIES, INC.
DEFERRED COMPENSATION PLAN
Effective January 1, 2021

PREAMBLE
The Plan is intended to be a “plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, or an “excess benefit plan” within the meaning of Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended, or a combination of both. The Plan is intended to provide nonqualified deferred compensation and is intended to conform with the requirements of Internal Revenue Code Section 409A and the final regulations issued thereunder and shall be interpreted, implemented and administered in a manner consistent therewith.

    
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Article 1  -  GENERAL
1.1    Purpose.  The purpose of the Plan is to provide Eligible Employees an opportunity to defer to a future date the receipt of base and bonus compensation.  
1.2    Effective Date.  The Effective Date of the Plan is January 1, 2021.
Article 2  -  DEFINITIONS
Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly indicates otherwise. Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context:
“Account” means an account established for the purpose of recording amounts credited on behalf of a Participant and any income, expenses, gains, losses or distributions included thereon. The Account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant or to the Participant’s Beneficiary pursuant to the Plan.
 “Base Compensation” means the Participant’s the portion of the Participant’s Compensation derived from the Participant’s base rate of compensation (for example regular compensation, holiday, vacation, personal and sick pay) and other amounts of Compensation that are not Bonus Compensation.
“Beneficiary” means the persons, trusts, estates or other entities entitled under Section 7.2 to receive benefits under the Plan upon the death of a Participant.
“Board” or “Board of Directors” means the Board of Directors of the Company.
“Bonus Compensation” means portion of the Participant’s Compensation derived from short-term incentive programs sponsored by the Company.  Bonus Compensation for a Plan Year shall refer to amounts earned with respect to such Plan Year, even if paid after the end of the Plan Year. 
“Code” means the Internal Revenue Code of 1986, as amended.
“Company” means Astec Industries, Inc.  
“Committee” means the Committee designated by the Board of Directors to administer the Plan, as described in Section 12.1. 
“Compensation” shall mean the total base salary and annual bonuses paid by the Company to the Participant during the applicable calendar year.  Compensation shall be determined without regard to any limits on Compensation applicable under a qualified retirement plan (such as the limit under Code Section 401(a)(17)).  Compensation shall be determined by excluding reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, and welfare benefits. For this purpose, workers’ compensation payments of any type and severance pay of any type shall be considered “welfare benefits” and are excluded from the definition of Compensation however holiday, vacation, personal and sick pay, and short term disability are not considered “welfare benefits” for this purpose and are included in the definition of Compensation.  In addition, Compensation shall exclude all of the following:
(1)    Company contributions to a plan of deferred compensation which are not includible in the employee’s gross income for the taxable year in which contributed, or employer contributions under a simplified employee pension plan, or any distributions from a plan of deferred compensation;
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(2)    Amounts realized from the exercise of a stock option, or when restricted stock (or property) held by the employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; 
(3)      Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified or nonqualified stock option;
(4)     Amounts earned or received under a long term incentive program sponsored by the Company;
(5)    Any amounts not paid through United States payroll; and
(6)    Other amounts determined from time to time by the Committee to be excluded from Compensation or ineligible for deferral.
“Effective Date” means January 1, 2021.
“Election Period” means the period established by the Committee during which Participant deferral and distribution elections must be made in accordance with the requirements of Code Section 409A.  Unless otherwise specified by the Committee, the Election Period shall be the month of December, provided however that the Election Period shall in no event end later than the last day of the Plan Year immediately preceding the Plan Year in which Compensation with regard to which a deferral is made is earned.  Elections shall only be permissible if made during the Election Period.  
Notwithstanding the foregoing, in the case of an employee who first becomes an Eligible Employee after the start of the Plan Year (who for clarification has not previously been eligible to defer compensation into this or any (and any other plan of the Company that would be aggregated with this Plan for purposes of Section 409A of the Code)., the Committee shall provide an initial election period of not more than 30 days from the date an Eligible Employee first becomes eligible.  This initial election period shall also be treated as an Election Period for purposes of the Plan with regard to affected Eligible Employees, provided that such Eligible Employees shall only be eligible to defer Compensation earned after their elections have become irrevocable.   
“Eligible Employee” means a member of the management team of the Company and other select employees of the Company selected by the Committee.  Unless specifically approved by the Committee, an employee must have annual scheduled Base Compensation of at least $175,000 to be selected.  Notwithstanding the foregoing, the Committee shall have the discretion to designate individuals with scheduled Base Compensation below this threshold provided that the Committee determines that such individuals are part of a select group of management or highly compensated employees. 
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
“Participant” means an Eligible Employee who commences participation in the Plan in accordance with Article 3.
“Plan” means the Astec Industries, Inc. Deferred Compensation Plan, as set forth herein and as amended from time to time.

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“Plan Year” means the period commencing January 1 and ending on December 31.
 “Separation from Service” means the date that the Participant resigns, retires or otherwise has a voluntary or involuntary termination of employment with respect to the Company and any entity that is a member of the Company’s controlled group of corporations provided however that such termination of employment must also constitute a “separation from service” under Code Section 409A and all applicable rules and regulations issued thereunder. 
Article 3  -  PARTICIPATION
3.1    Participation.  An Eligible Employee shall commence participation in the Plan upon the effectiveness of his first deferral election in accordance with Section 4.1.
3.2    Termination of Participation. The Committee may determine, in advance of any Plan Year, that a Participant shall not be an Eligible Employee for that Plan Year.  In such case, the Participant shall continue to be a Participant in the Plan but shall be ineligible to elect deferrals for future Plan Years unless and until the Participant is again determined by the Committee to be an Eligible Employee.   For clarification, a determination that an individual is no longer an Eligible Employee shall have no effect on deferral elections that have already become irrevocable.
Article 4  -  PARTICIPANT ELECTIONS
4.1    Deferral Agreement. An Eligible Employee may elect during the applicable Election Period, by executing in writing or electronically a deferral agreement on form(s) approved by the Committee, to defer the receipt of a designated percentage of Compensation earned and payable with respect to a Plan Year.  The Participant shall make a separate deferral election for Base and Bonus Compensation deferrals for each Plan Year.  
Subject to Section 4.4, a new deferral election must be timely executed and delivered to the Committee for each Plan Year during which the Eligible Employee desires to defer Compensation.  Except as provided in Section 8.5, elections shall become irrevocable for a Plan Year at the end of the Election Period immediately preceding that Plan Year.
A deferral election for a Plan Year shall also include an election of time and form of payment from the list set forth in Article 8.   
4.2    Revocation/Modification of Deferral Elections.  A Participant may not revoke or modify his deferral agreement after the Election Period.  The Committee, in its discretion, may cancel a deferral election if permitted under Code Section 409A, provided that the Participant shall not be provided an election with respect to such cancellation. 
4.3    Amount of Deferrals. An Eligible Employee is not required to make a deferral election for any Plan Year.  However, if an Eligible Employee makes a deferral election, the following minimums and maximums apply. These minimums and/or maximums may be modified by the Committee for a given Plan Year on the election forms for such Plan Year without the need of a formal plan amendment.  
(a)    Minimum Base Compensation Deferral Election. The minimum deferral election percentage an Eligible Employee may make for a Plan Year with respect to Base Compensation is 10% of Base Compensation.  For clarification, an Eligible Employee may also elect not to defer any Base Compensation.

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(b)    Minimum Bonus Compensation Deferral Election. The minimum deferral election percentage an Eligible Employee may make for a Plan Year with respect to Bonus Compensation is 10% of such Eligible Employee’s Bonus Compensation for a Plan Year.  For clarification, an Eligible Employee may also elect not to defer any Bonus Compensation.
(c)    Maximum Base Compensation Deferral Election. The maximum deferral election percentage an Eligible Employee may make for a Plan Year with respect to Base Compensation is 75% of Base Compensation for the Plan Year
(d)    Maximum Bonus Compensation Deferral Election. The maximum deferral election percentage an Eligible Employee may make for a Plan Year with respect to Bonus Compensation is 100% of such Eligible Employee’s Bonus Compensation for the Plan Year.
4.4    Timing of Election to Defer; No Evergreen Elections.  A new deferral agreement must be timely executed during the Election Period for each Plan Year during which the Eligible Employee desires to defer Compensation.  If an Eligible Employee fails to submit a valid deferral election to the Committee or its designee before the end of the Election Period, the Eligible Employee will be deemed not to have elected to defer any Compensation for the Plan Year to which the Election Period applies.
4.5    Election of Form of Payment.  All elections of a form of payment will be made in accordance with rules and procedures established by the Committee.  Unless otherwise provided by the Committee, a Participant may elect a different time or form of payment with regard to deferrals and earnings for each Plan Year during the election period for that Plan Year.  Failure to submit a time or form of payment election shall result in the Participant’s being deemed to have elected the default time and form of payment set forth in Sections 8.2 and 8.3.   
4.6    No Deferrals from Severance.  Deferral elections shall not apply to severance or other amounts payable after a Participant’s Separation from Service.
4.7    No Deferrals from Equity Compensation.  Deferral elections shall not apply to any equity compensation.   
Article 5  -  ACCOUNTS AND CREDITS
5.1    Establishment of Account.  For accounting and computational purposes only, the Committee will establish and maintain an Account on behalf of each Participant which will reflect the credits made pursuant to Section 5.2, distributions or withdrawals, along with the earnings, expenses, gains and losses allocated thereto.  The Committee may establish and maintain such other records and accounts, as it decides in its discretion to be reasonably required or appropriate to discharge its duties under the Plan.
5.2    Credits to Account.  For purposes of determining earnings and losses, a Participant’s Account will be credited for each Plan Year with the amount of his elective deferrals under Section 4.1 at the time the amount subject to the deferral election would otherwise have been payable to the Participant: deferrals of Base Compensation shall be credited each payroll period, and deferrals of Bonus Compensation shall be credited at such time as such Bonus Compensation would otherwise be paid.  

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Article 6  -  INVESTMENTS AND EARNINGS
6.1    Investment Direction.  The Account of each Participant shall be credited or reduced with its allocable share of deemed investment gains and losses. Credits or reductions for investment gains or losses shall generally occur each business day, unless otherwise specified by the Committee.  A Participant may direct how his Accounts are deemed to be invested, but only among such deemed investment vehicles as are made available by the Committee from time to time. A Participant’s investment elections shall be made in accordance with procedures established by the Committee. The investment election made in accordance with this Article 6 shall continue unless the Participant changes the investment election in accordance with the procedures established by the Committee or until otherwise superseded by the Committee.  Investment elections shall generally be permitted each business day, unless otherwise specified by the Committee, provided however that the Committee may suspend the ability to make or change investment elections from time to time for any reason and provide alternative methods for determining gains and losses.  Investment elections and changes thereto shall be effective prospectively only.
6.2    Earnings in Initial Period.    Notwithstanding Section 6.1, for a period beginning on the Effective Date and continuing until the Committee is able to establish procedures for submitting investment elections, (the “Initial Period”), investment elections shall not be permitted and gains and losses shall not be credited or reduced.  For the Initial Period, the Committee shall instead determine an appropriate rate of gains or losses in the Committee’s sole discretion and shall credit or reduce Accounts by such rate as soon as practicable after the end of the Initial Period.   
6.3    Gains Invested in Same Option.  Dividends, interest, and other distributions credited with respect to any deemed investment shall be deemed to be invested in the same investment option.
6.4    Participant Reports on Account Values.  At the end of each Plan Year (or on a more frequent basis as determined by the Committee), a report shall be issued to each Participant who has an Account stating the value of such Account.
Article 7  -  RIGHT TO BENEFITS
7.1    Vesting.  A Participant, at all times, has a 100% nonforfeitable interest in the amounts credited to his Account.
7.2    Beneficiary Designations.  A Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries in accordance with rules and procedures established by the Committee.  Any Beneficiary designation shall remain in effect until changed by the Participant pursuant to procedures set forth by the Committee.  For clarification, a change in the Participant’s marital status shall not affect existing Beneficiary designations unless and until the Participant takes action, pursuant to the Committee’s procedures, to change such designations.
A copy of the death notice or other sufficient documentation must be filed with and approved by the Committee or its designee. If upon the death of the Participant there is, in the opinion of the Committee, no designated Beneficiary for part or all of the Participant’s vested Account, such amount will be paid to the Participant’s estate (such estate shall be deemed to be the Beneficiary for purposes of the Plan) in accordance with the provisions of Article 8.

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Article 8  -  DISTRIBUTION OF BENEFITS
8.1    Amount of Benefits.  The vested amount credited to a Participant’s Account (as adjusted for investment gains and losses) shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.
8.2    Timing of Distribution.  Except as otherwise expressly provided herein, amounts credited to a Participant’s Account for each Plan Year shall be paid to the Participant at the time elected by the Participant (each a “Distribution Date”).  Participants may elect to commence payment on the earliest to occur use any combination of the following Distribution Dates:
(a)    The date at which the Participant reached age 65;
(b)    The first day of the seventh month following the Participant’s Separation from Service;
(c)    A specific future date no sooner than two full years after the end of the Plan Year to which the Election Period applies.
A Participant may elect a different Distribution Date each Election Period with respect to Compensation to be deferred during the following Plan Year.  If a Participant fails to elect a Distribution Date for any Plan Year, the Participant shall be deemed to have elected Option (b) with regard to Compensation deferred in that Plan Year.  
8.3    Form of Distribution. Vested amounts credited to a Participant’s Account shall, at the Participant’s election specified in his deferral agreement in accordance with Article 4, be payable to the Participant in a single sum cash payment or in substantially equal annual cash installments over a period of two to ten years, with such period elected by the Participant during the Election Period.  Annual installment payments shall be calculated by dividing the Account balance subject to the installment election by the remaining annual installments to be made, and a series of installment payments shall be treated as a single payment for purposes of Code Section 409A.   
A Participant may elect a different form of payment each Election Period with respect to Compensation to be deferred during the following Plan Year. If a Participant fails to elect a form of payment for any Plan Year, the Participant shall be deemed to have elected to receive a single lump sum with regard to Compensation deferred in that Plan Year.
8.4    Death of Participant.  Notwithstanding the Participant’s election as to the time or form of payment, upon the Participant’s death, the Participant’s entire Account (including any amounts with respect to which installment payments have previously commenced) shall be paid to the Participant’s Beneficiary in a single sum cash payment as soon as practicable following the Participant’s death, but in no event later than the last day of the calendar year following the year in which the Participant’s death occurs.  
8.5    Changes to Time or Form of Payment.  A Participant may elect to change the time or form of any payment subject to the following requirements:
(i)      The election to change the time or form of payment must be submitted in writing no later than twelve (12) months preceding the date at which such payments would otherwise begin;

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(ii)    The election to change the time or form of payment shall not be effective until 12 months after it is delivered to the Committee; and
(iii)    The commencement of benefits must delayed until at least five years from the date such payment would have otherwise commenced.
The Committee may impose additional restrictions on the right of Participants to change the time or form of payment provided such restrictions are at least as restrictive as the foregoing and are otherwise compliant with the requirements of Code Section 409A. 
8.6    Permissible Delays in Payment.  Distributions may be delayed beyond the date payment would otherwise occur in accordance with the provisions of Article 8 in circumstances permissible under Code Section 409A as long as the Company treats all payments to similarly situated Participants on a reasonably consistent basis.
(a)    The Company may also delay payment if it reasonably anticipates that the making of the payment will violate federal securities laws or other applicable laws provided payment is made at the earliest date on which the Company reasonably anticipates that the making of the payment will not cause such violation.
(b)    The Company reserves the right to apply delays in payment (with or without amending the Plan) upon events and conditions as the Secretary of the Treasury (or the Secretary’s delegate) may prescribe in generally applicable guidance published. 
8.7    Permitted Acceleration of Payment.  The Committee may permit acceleration of the time or schedule of any payment or amount scheduled to be paid pursuant to a payment under the Plan provided such acceleration would be permitted by the provisions of Treas. Reg. Section 1.409A-3(j)(4), including the following events:
(a)    Compliance with Ethics Agreements and Legal Requirements.  A payment may be accelerated as may be necessary to comply with ethics agreements with the Federal government or as may be reasonably necessary to avoid the violation of Federal, state, local or foreign ethics law or conflicts of laws, in accordance with the requirements of Code Section 409A.
(b)    FICA.  A payment may be accelerated to the extent required to pay the Federal Insurance Contributions Act tax imposed under Code Sections 3101, 3121(a) and 3121(v)(2) of the Code with respect to compensation deferred under the Plan (the “FICA Amount”). Additionally, a payment may be accelerated to pay the income tax on wages imposed under Code Section 3401 of the Code on the FICA Amount and to pay the additional income tax at source on wages attributable to the pyramiding Code Section 3401 wages and taxes. The total payment under this subsection (b) may not exceed the aggregate of the FICA Amount and the income tax withholding related to the FICA Amount.
(c)    Section 409A Additional Tax.  A payment may be accelerated if the Plan fails to meet the requirements of Code Section 409A; provided that such payment may not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Code Section 409A.
(d)    Offset.  A payment may be accelerated in the Company’s discretion as satisfaction of a debt of the Participant to the Company, where such debt is incurred in the ordinary course of the 
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service relationship between the Participant and the Company, the entire amount of the reduction in any of the Company’s taxable years does not exceed $5,000, and the reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant.
(e)    Other Events.  A payment may be accelerated in the Committee’s discretion in connection with such other events and conditions as permitted by Code Section 409A.
Article 9  -  AMENDMENT AND TERMINATION
9.1    Amendment or Termination by Company.  The Company reserves the right to amend or terminate the Plan through action of the Committee. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his Account which had accrued and vested prior to the amendment.  Notwithstanding the foregoing, the Company may terminate the Plan in a manner that complies with the requirements of Code Section 409A.  
 
Article 10  -  TRUST
10.1    Right to Establish Trust.  The Company may, but is not required to, establish a trust to hold amounts which the Company may contribute from time to time to correspond to some or all amounts credited to Participants under the Plan. In the event that the Company wishes to establish a trust to provide a source of funds for the payment of Plan benefits, any such trust shall be constructed to constitute an unfunded arrangement that does not affect the status of the Plan as an unfunded plan for purposes of Title I of ERISA and the Code. 
10.2    Rabbi Trust.  Any trust established by the Company with respect to the Plan shall be between the Company and a trustee pursuant to a separate written agreement under which assets are held, administered and managed, subject to the claims of the Company’s creditors in the event of the Company’s insolvency. Any such trust shall be intended to qualify as a rabbi trust in accordance with existing guidance of the Internal Revenue Service, and the establishment of the trust shall not cause the Participant to realize current income on amounts contributed thereto. 
10.3    Investment of Trust Funds.  Any amounts contributed to the trust by the Company shall be invested by the trustee in accordance with the provisions of the trust and the instructions of the Committee.
Article 11  -  PLAN ADMINISTRATION
11.1    Powers and Responsibilities of the Committee.  The Committee shall be the plan administrator of the Plan, provided however that any action ascribed or assigned to the Committee may instead be performed by the Board of Directors if the Board of Directors so directs.  The members of the Committee shall be appointed by the Board of Directors, and in the event no such Committee is appointed, references to the Committee shall instead apply to the Board of Directors.  The Committee has the full power and the full responsibility to administer the Plan in all of its details, subject, however, to the applicable requirements of ERISA. The Committee’s powers and responsibilities include, but are not limited to, the following:
(a)    To make and enforce such rules and procedures as it deems necessary or proper for the efficient administration of the Plan;
(b)    To interpret the Plan, its interpretation thereof to be final;

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(c)    To establish rules and procedures for making elections, directing deemed investments, designating and changing beneficiaries, and any other procedures the Committee determines appropriate;  
(d)    To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan;
(e)    To administer the claims and review procedures specified in Section 11.2;
(f)    To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan;
(g)    To determine the person or persons to whom such benefits will be paid;
(h)    To authorize the payment of benefits;
(i)    To comply with the applicable reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA or exemptions thereto;
(j)    To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan;
(k)    By written instrument, to allocate and delegate its responsibilities, including the formation of an administrative committee to administer the Plan.
11.2    Claims and Review Procedures.
(a)    Claims Procedure.  If any person believes he is being denied any rights or benefits under the Plan, such person may file a claim in writing with the Committee. Such a claim must be submitted within two (2) years, beginning on the earlier of the date on the date on which the applicable payment was made or the date on which the action complained of occurred.  If any such claim is wholly or partially denied, the Committee will notify such person of its decision in writing. Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim and an explanation of why such material or information is necessary, and (iv) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the person’s right to bring a civil action following an adverse decision on review. Such decision will be given in writing within 90 days after the claim is received by the Committee. The Committee may extend the period for providing its decision by 90 days if the Committee determines special circumstances require an extension of time for processing the claim and if written notice of such extension and circumstance is given to such person within the initial 90 day period. If such decision is not given within such period, the claim will be considered denied as of the last day of the applicable period and the affected person may request a review of his claim.
(b)    Review Procedure.  Within 60 days after the date on which a person receives a written notification of denial of claim (or, if written notification is not provided, within 60 days of the date denial is considered to have occurred), such person (or his duly authorized representative) may (i) file a written request with the Committee for a review of his denied claim and of pertinent documents and (ii) submit written issues and comments to the Committee. The Committee will notify such person of its decision in writing. Such written 
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decision will be written in a manner calculated to be understood by the person and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions. The written decision will explain that the person is entitled to receive, upon request and free of charge, reasonable access to and copies of all pertinent documents and has the right to bring a civil action following an adverse decision on review. The decision on review will be made within 60 days, provided that the Committee may extend the period for making the decision on review by 60 days if the Committee determines special circumstances require an extension of time for processing the request and if written notice of such extension and circumstances is given to such person within the initial 60-day period. If the decision on review is not made within such period, the claim will be considered denied.
(c)    Exhaustion of Claims Procedures and Right to Bring Legal Claim.  No action at law or in equity may be brought (including against the Committee or the Company) prior to the exhaustion of the administrative remedies under this Plan including the claims procedures set forth above.  Additionally, any action, in law or equity, must commence not later than one year from the date of the decision on appeal (or, if no decision is furnished with 120 days of receipt of the request for review, the 120th day after receipt of request for review).   Failure to file suit within this time period shall extinguish any and all right to benefits under the Plan.  
11.3    Plan Administrative Costs.  All reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Committee in administering the Plan shall be paid by the Plan to the extent not paid by the Company.
Article 12  -  MISCELLANEOUS
12.1    Unsecured General Creditor of the Company.  Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Company. For purposes of the payment of benefits under the Plan, any and all of the Company’s assets shall be, and shall remain, the general, unpledged, unrestricted assets of the Company. Each Company obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.
12.2    Company’s Liability.  The Company’s liability for the payment of benefits under the Plan shall be defined only by the Plan and by the deferral elections entered into between a Participant and the Company. The Company shall have no obligation or liability to a Participant under the Plan except as provided by the Plan and a deferral election or agreements.  
12.3    Limitation of Rights.  Neither the establishment of the Plan, nor any amendment thereof, nor the creation of any fund or account, nor the payment of any benefits, will be construed as giving to the Participant or any other person any legal or equitable right against the Company, the Plan or the Committee, except as provided herein; and in no event will the terms of employment or service of the Participant be modified or in any way affected hereby.
12.4    Anti-Assignment.  None of the benefits or rights of a Participant or any Beneficiary of a Participant shall be subject to the claim of any creditor. In particular, to the fullest extent permitted by law, all such benefits and rights shall be free from attachment, garnishment, or any other legal or equitable process available to any creditor of the Participant and his or her Beneficiary. Neither the Participant nor his or her Beneficiary shall have the right to alienate, anticipate, commute, pledge, encumber, or assign any of the payments which he or she may expect to receive, contingently or otherwise under the Plan (and any attempt to do so shall be void), except the right to designate a Beneficiary to receive death benefits provided hereunder.  
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Furthermore the Plan shall not honor or permit assignment of benefits under a domestic relations order, including a qualified domestic relations order.  Notwithstanding the preceding, the benefit payable from a Participant’s Account may be reduced, at the discretion of the Committee, to satisfy any debt or liability to the Company.   
12.5    Facility of Payment.  If the Committee determines, on the basis of medical reports or other evidence satisfactory to the Committee, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by reason of minority, illness, infirmity or other incapacity, the Committee may direct the Company to disburse such payments to a person or institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal authority under State law for the care and control of such recipient. The receipt by such person or institution of any such payments therefore, and any such payment to the extent thereof, shall discharge the liability of the Company, the Plan and the Committee for the payment of benefits hereunder to such recipient.
12.6    Notices.  Any notice or other communication to the Company or Committee in connection with the Plan shall be deemed delivered in writing if addressed to the Company at the following address: 1725 Shepherd Road, Chattanooga, Tennessee 37421 and if either actually delivered at said address or, in the case or a letter, 5 business days shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered or certified.  The address specified in the preceding sentence may be updated by any officer of the Company as necessary and without the need to amend the Plan.  
12.7    Required Information.  Each Participant and Beneficiary shall furnish the Committee such information as the Committee shall consider necessary or desirable for purposes of administering the Plan.  The provisions of the Plan respecting the payment of any benefit are conditional upon the Committee’s prompt receipt of such information.  The Company, the Committee, and any other party involved in the administration of the Plan shall be entitled to rely upon any information furnished by a Participant or Beneficiary with respect to any matters required to be determined hereunder and shall not be liable on account of the payment of any moneys or the doing of any act or failure to act in reliance thereon.  The Committee may determine that any individual’s benefits under this Plan are forfeited if the Committee is unable to locate such individual due to that individual’s failure to provide the Committee with current contact information.   
12.8    Taxes.  
(a)    All amounts payable under this Plan shall be subject to all applicable withholdings, and the Company may withhold such amounts from any payments due the Participant or from amounts deferred, as permitted by law, or otherwise make appropriate arrangements with the Participant or his Beneficiary for satisfaction of such obligation. Tax, for purposes of this Section 12.8 means any federal, state, local or any other governmental income tax, employment or payroll tax, excise tax, or any other tax or assessment owing with respect to amounts deferred, any earnings thereon, and any payments made to Participants under the Plan.  The Committee may condition receipt of any benefits upon the Participant’s (or Beneficiary’s) satisfaction of applicable tax and withholding obligations.
(b)     Notwithstanding anything else in this Plan, and regardless of any action the Company takes with respect to any or taxes, the ultimate liability for all taxes due by a participant is and remains the Participant's responsibility, and the Company and the Committee: (i) make no representations or undertakings regarding the treatment of any taxes; and (ii) do not commit 
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to structure the terms of the payment under the Plan to optimize, reduce, or eliminate the Participant's or Beneficiary’s liability for taxes.  Without limiting the foregoing, the Company and the Committee make no guarantee with regard to any tax treatment of any benefit or payment under this Plan, and the Participant or Beneficiary shall be solely and exclusively responsible for any taxes, penalties, and interest owing with regard to participation under this Plan.  Without limiting the foregoing, neither the Company nor the Committee nor any other person shall have any liability to any Participant or Beneficiary should any provision of the Plan fail to satisfy the requirements of Code Section 409A. 
12.9    Successors.  The provisions of the Plan shall bind and inure to the benefit of the Company and its successors and assigns and the Participant and the Participant’s designated Beneficiaries.
12.10    Governing Law. The Plan will be construed, administered and enforced according to the laws of Tennessee.
Executed this 23rd day of October, 2020 but effective January 1, 2021 except as otherwise expressly provided herein.
ASTEC INDUSTRIES, INC. 
/s/ Reuben Srinivasan            
By: Reuben P. Srinivasan
Its: Senior Vice President of Human Resources
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