Company: NC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0000789933-25-000012
Chunk: 82

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 82
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 partnership interests in Associates and Rankin Management, Inc. ("RMI"), the general partner of Associates, may be deemed to be a "group" as defined under the Exchange Act that beneficially owns the 338,295 shares of Class A Common held by Associates. Although Associates holds the 338,295 shares of Class A Common, it does not have any power to vote or dispose of such shares of Class A Common. RMI has the sole power to vote such shares and shares the power to dispose of such shares with the other individuals and entities holding limited partnership interests in Associates. RMI exercises such powers by action of its board of directors, which acts by majority vote and consists of Alfred M. Rankin, Jr., Thomas T. Rankin, Claiborne R. Rankin and Roger F. Rankin, the individual trusts of whom are the stockholders of RMI.

(5) J.C. Butler, Jr. may be deemed to beneficially own, and share the power to dispose of, 338,295 shares of Class A Common held by Associates as a result of Mr. Butler serving as trustee of trusts that are limited partners of Associates; however, Mr. Butler disclaims beneficial ownership of all 338,295 shares of Class A Common held by Associates. As a result of Mr. Butler's spouse serving as a trustee and beneficiary of a trust that is a general partner of AMR Associates NC, L.P. ("AMR Associates NC"), Mr. Butler may be deemed to beneficially own and share the power to dispose of 2,064 shares of Class A Common held by AMR Associates NC; however, Mr. Butler disclaims beneficial ownership of all 2,064 shares of Class A Common held by AMR Associates NC. In addition, Mr. Butler may be deemed to share with his spouse voting and investment power over 67,482 shares of Class A Common beneficially owned by his spouse; he disclaims all interest in such shares. In addition, Mr. Butler disclaims all interest in 8,010 shares of Class A Common held in trust for the benefit of his children and for which he is the trustee and has sole power to vote and dispose of the shares. Mr. Butler's spouse, as trustee of a generation-skipping trust (“GST”) that was established for her benefit, pledged 2,191 shares of Class A Common in connection with sales of partnership interests that were executed as part of multigenerational Rankin family estate planning.

(6) Purs