Company: NC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0000789933-25-000012
Chunk: 70

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 70
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 Plan) of $32.13 through March 21, 2025, we estimate that 11,103 Class A Common shares will be issued under the Current Directors' Plan in April 2025 in connection with quarterly retainer payments. This is just an estimate; the actual number of Class A Common shares that may be issued in April 2025 could be more or less than this estimate. The number of Class A Common shares that may be issued in April 2025 will not exceed the

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total number of Class A Shares remaining available for issuance under the Current Directors' Plan. Upon approval of the Amended Directors' Plan requested hereby, the maximum number of shares available for future issuance on or after the effective date as Mandatory and Voluntary Shares under the Amended Directors' Plan will be an aggregate of 200,000 shares of Class A Common (subject to adjustments as described in the Amended Directors' Plan). With 41,211 shares of Class A Common remaining available under the Current Directors' Plan and assuming we issue 11,103 Class A Common Shares under the Current Directors' Plan in April 2025 in connection with quarterly retainer payments, so that the estimated new share request of 169,892 shares represents 2.90% of our outstanding Class A Common shares. This percentage represents our view of the estimated additional potential simple dilution of our stockholders that could occur if the Amended Directors' Plan is approved. This new share request is just an estimate due to the unknown number of shares to be issued under the Current Directors' Plan in April 2025. However, the new share request will not exceed 200,000 Class A Common shares.

Based on the closing price on the NYSE for our Class A Common Shares on March 21, 2025 of $34.19 per share, the aggregate market value of the 200,000 shares of Class A Common that will be available for future issuance under the Amended Directors' Plan was $6,838,000.

In 2022, 2023 and 2024, we issued Mandatory and Voluntary Shares under the Current Directors' Plan covering 33,113 shares, 34,951 shares, and 42,665 shares, respectively. Based on our basic weighted average shares of Class A Common outstanding for those three years of 5,745,199, 5,912,268 and 5,797,293, respectively, for the three-year period