Company: NC
Filing Date: 2025-04-28
Form Type: 8-K
Source: 0000789933-25-000017
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Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-28
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 22, 2025, the Board of Directors of The Coteau Properties Company, which is an indirect wholly-owned subsidiary of NACCO Industries, Inc. (the Company) approved the termination of The Coteau Properties Company Pension Plan (the Coteau Plan) effective as of June 30, 2025 (or as soon thereafter as permitted by law) and the distribution of the assets of the Coteau Plan to participants thereof as soon as administratively feasible after such date in accordance with the terms of the Coteau Plan and applicable law.

The Coteau Plan is a qualified defined benefit pension plan, and Carroll L. Dewing, the Company’s Senior Vice President, Chief Operating Officer and a named executive officer, is a participant in the plan. Mr. Dewing’s pension benefits under the Coteau Plan were frozen on December 31, 2004, but his pension benefits were increased by a cost-of-living adjustment through December 31, 2013. His benefit under the Coteau Plan is computed under the following formula: (1) 1.1% of “final average pay” multiplied by years of credited service up to 30, plus (2) 0.5% of “final average pay” multiplied by years of credited service in excess of 30. Additional benefits are paid for earnings in excess of “covered compensation” taken into account for federal Social Security purposes. “ Final average pay” is his average annual earnings for the highest five years during the last ten years prior to December 31, 2004. Mr. Dewing is 100% vested in his accrued benefit under the Coteau Plan.

Mr. Dewing will not become entitled to receive any new benefits under the Coteau Plan as a result of the plan termination but will become entitled to a distribution of his vested accrued benefit in accordance with the terms of the Coteau Plan (including in the form of a lump sum distribution, if so elected). The actuarial present value of Mr. Dewing’s accrued benefit under the Coteau Plan equals $469,300.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.