EX-10(XXVIII) Amdt 5 Alfred Rankin Retirement Plan



 



Exhibit 10(xxviii)


AMENDMENT NO. 5

TO THE RETIREMENT BENEFIT PLAN

FOR ALFRED M. RANKIN, JR.

(As Amended and Restated Effective as of January 1, 1994)



     NACCO Industries, Inc. hereby adopts this Amendment No. 5 to the
Retirement Benefit Plan for Alfred M. Rankin, Jr. (As Amended and Restated
Effective January 1, 1994) (the “Plan”), to be effective as of January 1, 2003.
Words used herein with initial capital letters which are defined in the Plan
are used herein as so defined.


Section 1



     Section 3.4(a) of the Plan is hereby amended in its entirety to read as
follows:


     “(a) Definitions. For purposes of this Section, the following terms shall
have the following meanings:



		
	 	     (i) “Earnings Before Interest After-Tax “ is defined as the sum of
(A) consolidated net income for NACCO Industries, Inc. for the subject
year before extraordinary items and cumulative effect of accounting
changes as defined by US generally accepted accounting principles
(“GAAP”) plus (B) After-Tax Consolidated Interest Expense;
	 
	 	     (ii) “After Tax Consolidated Interest Expense” is defined as
Consolidated Interest Expense multiplied by (1 minus the marginal tax
rate). The marginal tax rate is defined as the tax rate applicable to an
incremental amount of income related to federal, state and foreign income
taxes;
	 
	 	     (iii) “Consolidated Interest Expense” is defined as consolidated
interest expense as defined by US GAAP;
	 
	 	     (iv) “Total Capital Employed” is defined as the sum of (A) average
consolidated shareholders’ equity for NACCO Industries, Inc. as
determined under US GAAP) plus (B) average Consolidated Debt as
determined under US GAAP, each determined at the beginning of the subject
year and the end of each month of the subject year and dividing by
thirteen;
	 
	 	     (v) “Consolidated Debt” is defined as the consolidated debt incurred
by NACCO Industries, Inc. under revolving credit agreements, capital
lease obligations, current maturities of long-term debt and long-term
debt;
	 
	 	     (vi) “NMHG Retail-Europe Adjustments” is defined as adjustments to
consolidated net income before extraordinary items and cumulative effect
of accounting changes, Consolidated Interest Expense, consolidated
shareholders’ equity and Consolidated Debt to exclude: the sum of (A)
the results of the European Retail Division of NACCO Materials Handling
Group, Inc. (“NMHG”) as determined under US GAAP plus (B) the
corresponding consolidated eliminations related to the inclusion of the
NMHG European Retail Division as determined under US GAAP, plus (C) the
debt and related interest expense recorded by NMHG related to loans to
NMHG’s European Retail Division;



 






 







		
	 	     (vii) “Project Mining Subsidiaries Adjustment” is defined as
adjustments to Consolidated Interest Expense and Consolidated Debt to
exclude the debt and related interest expense recorded at the three
project mine subsidiaries of The North American Coal Corporation (The
Coteau Properties Company, The Falkirk Mining Company and The Sabine
Mining Company);



     (viii)  “Fixed Income Fund” shall mean the Stable Asset Fund under the
Profit Sharing Plan or any equivalent fixed income fund under such Plan that is
designed by the NACCO Industries, Inc. Retirement Funds Investment Committee as
the successor to the Stable Asset Fund; and


     (ix)  ROTCE means NACCO Industries, Inc.’s consolidated return on total
capital employed (excluding NMHG Retail- Europe) for the applicable time period
calculated as follows:


Earnings Before Interest After-Tax (after NMHG Retail-Europe Adjustments and
Project Mining Subsidiaries Adjustments)


divided by



Total Capital Employed (after NMHG Retail-Europe Adjustments and Project Mining
Subsidiaries Adjustments)


ROTCE shall be determined at least annually by the Employer.”



Section 2



     Section 3.4 of the Plan is hereby amended be deleting the phrase “Adjusted
ROE” each time it appears therein and substituting the term “ROTCE” therefor.


     EXECUTED this 24th day of June, 2003.



	 	 	 
	 	
NACCO INDUSTRIES, INC.
	 	 	 
	 	By:	
/s/ Charles A. Bittenbender
	 	 	


	 	Title:	
  Vice President, General Counsel and
	 	 	
  Secretary




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