Company: NC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0000789933-25-000012
Chunk: 22

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 22
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 heavily traded. Accordingly, we do not                                                                                                                                                                          |     |                                                                                                                                                                                                       |
| consider fluctuations in our stock price to be indicative of our performance.                                                                                                                                                    |     | •Provide our NEOs with employment or severance agreements or individual change-in-control agreements.                                                                                                 |
| •Provide any tax gross-ups except for service awards and certain relocation expenses.                                                                                                                                            |     | •Permit stock awards to be hedged or transferred during the restriction period.                                                                                                                       |
| •Take into account our long-term awards when determining our retirement benefits.                                                                                                                                                |     |                                                                                                                                                                                                       |

#### Consideration of Most Recent "Say on Pay" Vote
| 94       |     | % |     | NACCO again received strong support for our compensation program with approximately 94% of the votes cast approving our advisory vote on Named Executive Officer compensation at our 2024 Annual Meeting of Stockholders. |
| Approval |     |   |     |                                                                                                                                                                                                                           |

| We held a non-binding stockholder advisory vote at our 2024 Annual Meeting of Stockholders to approve the compensation of our NEOs, also known as “Say on Pay.” This stockholder resolution was approved by approximately 94% of the votes cast. This was the eighth consecutive year we received a say on pay result above 90%, which we believe demonstrates our stockholders’ satisfaction with the alignment of our NEOs' compensation with the Company's performance. Accordingly, we have not made significant changes to the compensation program for 2024 in response to this vote. |

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| Excluding founding family shares from the vote: |     |   |     |                                                                                                                                                                                                                                                                           |
| 89                                              |     | % |     | If you exclude family shares from the vote, NACCO received strong support for our compensation program with approximately 89% of the remaining votes cast approving our advisory vote on Named Executive Officer compensation at our 2024 Annual Meeting of Stockholders. |
| Approval                                        |     |   |     |                                                                                                                                                                                                                                                                           |

| Even removing the impact of shares owned by members of the founding family on the Say on Pay vote, we still have strong approval of our compensation program. This was the eighth consecutive year we received a say on pay result above 85%, which we believe demonstrates our non-family stockholders’ satisfaction with the alignment of our NEOs' compensation with the Company’s performance. |

#### Compensation Philosophy and Objectives
The philosophy underlying our executive compensation program is to provide an