Company: NC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0000789933-25-000012
Chunk: 68

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 68
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 in Company-paid life insurance; (2) Company-paid accidental death and dismemberment insurance for the Director and spouse; (3) $10 million in personal excess liability insurance for the Director and immediate family members who reside with the Director and (4) up to $5,000 per year in matching charitable contributions.

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| PROPOSAL 2  - APPROVAL OF NACCO INDUSTRIES, INC.'S AMENDED AND RESTATED NON-EMPLOYEE DIRECTORS' EQUITY COMPENSATION PLAN |

We are asking our stockholders to approve NACCO Industries, Inc.'s Amended and Restated Non-Employee Directors' Equity Compensation Plan (the "Amended Directors' Plan") that was adopted by our Board on February 19, 2025. Prior versions of the plan document were previously approved by stockholders, most recently in 2021 (the "Current Directors' Plan"). If approved by stockholders, the Amended Directors' Plan will replace the Current Directors' Plan.

Our principal reason for adopting the Amended Directors' Plan is to increase the number of Class A Common shares available for issuance. The Amended Directors' Plan provides that 200,000 shares may be issued or transferred under the Amended Directors' Plan on or after May 14, 2025.

In approving the Amended Directors' Plan, the Board made the following material changes to the Current Directors' Plan:

• Increase in Shares Available for Awards: Effective May 14, 2025, the number of shares of Class A Common under the Amended Directors' Plan is 200,000. For more information regarding the shares available for issuance, see "Why We Believe You Should Vote for Proposal 3" below.

• Extension of Plan Term: The Current Directors' Plan provides that no Mandatory or Voluntary Shares (as defined on page 44) may be issued under the Current Directors' Plan on or after May 19, 2031. The Amended Directors' Plan provides that no Mandatory or Voluntary Shares may be issued under the Amended Directors' Plan on or after May 14, 2035.

Why We Believe You Should Vote for Proposal 2. The Amended Directors' Plan authorizes our Board to provide quarterly retainers to our non-employee Directors that are payable partly in cash and partly in Class A Common shares for the purpose of helping to align the interests of our non-employee Directors with the stockholders of the Company.

We