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    Jaco G. van der Merwe

    President and Chief Executive Officer (CEO) at ASTEC INDUSTRIES
    Board
    Since January 2023
    Age
    52 years
    Education
    Holds a Bachelor's degree in Metallurgical Engineering from Tshwane University of Technology and a Master of Business Administration from the University of Pretoria.
    Tenure
    Joined ASTE as Group President – Energy in August 2016, was promoted to Group President for the Infrastructure Solutions Group in January 2019, and became President and CEO in January 2023.

    Also at ASTEC INDUSTRIES

    BS
    Barend Snyman
    Group President — Infrastructure Solutions
    BJH
    Brian J. Harris
    Chief Financial Officer (CFO)
    ETG
    E. Terrell Gilbert
    General Counsel, Chief Compliance Officer, and Corporate Secretary

    About

    Jaco G. van der Merwe is a naturalized U.S. citizen originally from South Africa with a solid educational background in Metallurgical Engineering and Business Administration, which laid the foundation for his diverse career in leadership roles.

    He began his professional journey with roles at Denel Aviation before moving through various positions at Atlas Copco/Epiroc, where he developed expertise in quality, sales, marketing, and global manufacturing operations.

    At ASTE, he joined the company in August 2016 as Group President – Energy and steadily advanced through the ranks, serving as Group President for the Infrastructure Solutions Group from January 2019, before assuming his current role as President and CEO in January 2023, where he focuses on driving operational excellence and innovation.

    $ASTE Performance Under Jaco G. van der Merwe

    Past Roles

    OrganizationRoleDate RangeDetails
    Astec Industries, Inc. Group President - Infrastructure Solutions group January 2019 - December 2022 Former ASTE role; ended with promotion to CEO
    Astec Industries, Inc. Group President - Energy August 2016 - December 2018 Former ASTE role; transitioned after role completion
    Epiroc (formerly Atlas Copco) Vice President Marketing - Deephole Drilling group 2013 - 2016 Former leadership role at Epiroc
    Epiroc (formerly Atlas Copco) President/General Manager - Mining and Rock Excavation Customer Center 2010 - 2013 Former leadership role at Epiroc
    Atlas Copco Quality Manager & Operational/Manufacturing Excellence 1998 - 2010 Held multiple positions; transitioned from quality to operations
    Denel Aviation Various positions N/A Specific roles not detailed

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$800,000 Annually (Effective as of year-end)10.3% increase from 2023; effective April 1, 2024.
    Time-Based RSUs$2,187,089 Vesting per RSU scheduleGrant date fair value awarded in 2024; includes time-based RSUs with a potential additional increase of $537,492 if highest performance achieved.
    All Other Compensation$232,313 As allocatedComprises Employer Contribution to 401(k) ($13,800), SERP ($190,001), Automobile Allowance ($27,237), and Group Term Life Insurance ($1,275).
    Termination Benefits (Varies)VariesContingent on termination eventsWithout Change in Control: $4,041,752; With Change in Control: $8,036,134; Retirement/Death/Disability: $3,133,681.

    Performance Compensation

    Data from  FY 2024

    Performance Stock Units (PSUs)

    MetricDetails
    Performance MetricsAdjusted ROIC (50%) and Total Shareholder Return (TSR) (50%)
    Evaluation PeriodThree-year performance period
    Vesting ScheduleCliff vesting on the third anniversary of the grant date
    Grant DateFebruary 26, 2024
    Grant Date Fair Value$1,075,020 for 30,523 shares ; potential additional increase of $537,492 with highest performance
    TSR Performance Thresholds200% target: ≥75th percentile; 100% target: 50th percentile; 50% target: 25th percentile; 0%: below 25th percentile

    Non-Equity Incentive Plan Compensation

    MetricDetails
    Payout LevelsThreshold: $400,000; Target: $800,000 (100% of base salary); Maximum: $1,600,000
    Grant DateFebruary 26, 2024
    Vesting & Performance ConditionsSpecific vesting schedules and performance conditions are not detailed
    Fair Value AllocationIncludes fair values of: $1,075,020 for time-based RSUs, $537,492 for performance-based RSUs with Adjusted ROIC, and $574,577 for TSR-based RSUs

    These components align executive performance with shareholder returns through clearly defined metrics, thresholds, and vesting schedules.