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ASTE » Topics » NOW, THEREFORE,

These excerpts taken from the ASTE 10-K filed Feb 29, 2008.
NOW, THEREFORE, the Company hereby amends the Plan as follows:

1.

Effective as of January 1, 2007, Section 1.9 is amended in its entirety to read as follows:

 
“1.9
COMPENSATION:  The total base salary and annual bonuses paid by Astec Industries, Inc. to the Participant during the applicable calendar year, including salary reduction pre-tax contributions made pursuant to a Code Section 401(k) plan.  Compensation shall be determined by excluding reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, and welfare benefits (and for this purpose, workers’ compensation payments of any type and severance pay of any type shall be considered “welfare benefits,” but sick pay, short term disability and vacation pay are not considered “welfare benefits”).  In addition, Compensation shall be determined by excluding the following types of remuneration:

 
(1)
Employer 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;

 
(2)
Amounts realized from the exercise of a nonqualified 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; and

 
(3)
Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option.”

2.

Article 2 is amended in its entirety to read as follows:

“
NOW, THEREFORE, the Company
hereby amends the Plan as follows:



1.



Effective as of January 1, 2007,
Section 1.9 is amended in its entirety to read as follows:











 
“1.9
COMPENSATION:  The
total base salary and annual bonuses paid by Astec Industries, Inc. to the
Participant during the applicable calendar year, including salary
reduction pre-tax contributions made pursuant to a Code Section 401(k)
plan.  Compensation shall be determined by excluding
reimbursements or other expense allowances, fringe benefits (cash and
non-cash), moving expenses, and welfare benefits (and for this purpose,
workers’ compensation payments of any type and severance pay of any type
shall be considered “welfare benefits,” but sick pay, short term
disability and vacation pay are not considered “welfare
benefits”).  In addition, Compensation shall be determined by
excluding the
following types of remuneration:












 
(1)
Employer
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;












 
(2)
Amounts
realized from the exercise of a nonqualified 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;
and












 
(3)
Amounts
realized from the sale, exchange or other disposition of stock acquired
under a qualified stock option.”





















2.



Article 2 is amended in its entirety to
read as follows:



“

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 29, 2008

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