Document:

Exhibit 10.14 2014 10-K

Exhibit 10.14
  NACCO Industries, Inc.

NACCO Industries Inc.
5875 Landerbrook Drive, Suite 220
Cleveland, Ohio 44124-4069
Attention:  Secretary

		
	Re:
	[YEAR] Grant of Award Shares Executive Long-Term Incentive Compensation Plan                    

The undersigned is an employee of NACCO Industries, Inc. (the “Company”) or one of its wholly-owned subsidiaries (together with the Company, the “Employers”) to whom grants of an award (the “Award”) consisting of [insert number] fully paid and nonassessable shares (the “Award Shares”) of Class A Common Stock, par value $1.00 per share, of the Company (“Class A Common”) were made on [DATE] by the Compensation Committee (the “Committee”) of the Board of Directors of the Company pursuant to the NACCO Industries, Inc. Executive Long-Term Incentive Compensation Plan (the “Plan”).  I hereby accept the Award and acknowledge to and agree with the Company as follows:
		
	1.
	Award.  I acknowledge that the Committee has granted the Award to me subject to the terms of the Plan and the related Executive Long-Term Incentive Compensation Plan Guidelines for the [DATE] through [DATE] Award Term (the “[DATE] Guidelines”) and the terms of this Agreement, and I hereby acknowledge receipt of stock certificate numbered [] for [] shares of Class A Common representing the Award Shares.

		
	2.
	Restrictions on Transfer.  I represent and covenant that, other than a Transfer (as defined below) (a) by will or the laws of descent and distribution, (b) pursuant to a domestic relations order meeting the definition of a qualified domestic relations order under Section 206(d)(3)(B) of the Employee Retirement Income Security Act of 1974, as amended (“QDRO”), (c) to a trust (a “Trust”) for my benefit or the benefit of my spouse, my children or my grandchildren (provided that Award Shares transferred to such a Trust shall continue to remain subject to the transfer restrictions hereinafter set forth) or (d) as otherwise permitted under the Plan with the consent of the Committee, the Award Shares shall be non-transferable and I shall not make (or attempt to make) any sale, assignment, transfer, exchange, pledge, hypothecation or encumbrance of the Award Shares (collectively, a “Transfer”).

		
	3.
	Lapse of Restrictions.  I acknowledge that the transfer restrictions on the Award Shares set forth in paragraph (2) above shall lapse for all purposes and shall be of no further force or effect upon the earliest to occur of:  (a) December 31, [YEAR]; (b) the date of my death or permanent disability; (c) five years after retirement in accordance with the terms of The Combined Defined Benefit Plan of NACCO Industries, Inc. and Its Subsidiaries (or, if I am not a member of such plan, five years after my termination of employment with the Employers after reaching age 60 with at least 15 years of service with the Employers) (or earlier with the approval of the Committee); (d) an extraordinary release of transfer restrictions pursuant to Section 8(d) of the Plan; (e) the Transfer of Award Shares pursuant to a QDRO, but only as to the shares so transferred and (f) a lapse of transfer restrictions as determined by the Committee in accordance with the Plan.  As notice of such transfer restrictions, I acknowledge that there is affixed to each stock certificate representing Award Shares the following legend:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN THE NACCO INDUSTRIES, INC. EXECUTIVE LONG-TERM INCENTIVE COMPENSATION PLAN (“PLAN”).  SUCH RESTRICTIONS ON TRANSFER UNDER THE PLAN SHALL LAPSE FOR ALL PURPOSES AND SHALL BE OF NO FURTHER FORCE OR EFFECT AFTER DECEMBER 31, [DATE], OR SUCH EARLIER TIME AS PROVIDED IN THE PLAN. 
		
	4.
	Obligations.  I agree that each Trust and I shall fulfill the obligations imposed with respect to Award Shares by the Plan, this Agreement and the [DATE] Guidelines.

		
	5.
	Rights.  I understand that, subject to the transfer restrictions set forth herein, I shall have all of the rights of a holder of Class A Common with respect to the Award Shares, including the right to vote such shares, to receive any dividends paid thereon and to participate in any of the matters described in clauses (b) and (c) of Section 9 of the Plan. Any securities that I receive in respect to Award Shares in connection with any of such matters shall be deemed to be Award Shares, and 

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shall be subject to the transfer restrictions set forth herein to the same extent and for the same period as if such securities were the original Award Shares with respect to which they were issued (unless such restrictions are modified or eliminated by the Committee).

		
	6.
	Surrender of Certificates.  I understand that: (a) in the case of a Transfer under clause (a) or (b) of paragraph 2 above, on surrender to the Company by my successor or successors in interest to the Award Shares of the appropriate certificate or certificates reflecting the Award Shares, or (b) on surrender to the Company (or its delegate) of the appropriate certificate or certificates reflecting Award Shares with respect to which the transfer restrictions have otherwise lapsed in accordance with paragraph 3 above, the Company shall cause a new certificate or certificates to be issued without any legend referring to such restrictions.

		
	7.
	Withholding.  In order that the applicable Employer may satisfy its withholding obligations with respect to the compensation income resulting from the grant of any Award Shares, I authorize and direct the applicable Employer to withhold from any amounts otherwise payable to me such amounts of taxes with respect to the income attributable to such shares and at such time or times as may be required to be withheld, including, without limitation, taxes required to be withheld by reason of the compensation required to be reported for Federal income and employment tax purposes by me, all as determined in good faith in the sole judgment of the Company. If there are no such amounts otherwise payable to me, or if such amounts are insufficient, I will reimburse or indemnify the applicable Employer or make provision satisfactory to the Board of Directors or the Committee (or to any officer authorized for that purpose by the Board of Directors or the Committee) to reimburse or indemnify the applicable Employer for such amounts of taxes at such time and from time to time, as the Company may make demand for such reimbursement or indemnity.  If and to the extent that in the sole judgment of the Board of Directors or the Committee (or any officer authorized for that purpose by the Board of Directors or the Committee) it appears advisable to do so, in order to enforce the Company’s rights under the Plan and this Agreement, the Company shall not issue or cause to be issued to me (or to my successor in interest), any new stock certificate without any legend referring to the transfer restrictions with respect to the Award Shares as to which such restrictions have lapsed, unless and until such amounts of taxes have been withheld from amounts otherwise payable to me (or any of my successors in interest), or I (or such successor in interest) reimburse or indemnify the applicable Employer for such amounts of such taxes or make other provisions for reimbursement or indemnification to the applicable Employer of such taxes, satisfactory in the sole judgment of the Board of Directors or the Committee (or such officer) exercised in good faith.

		
	8.
	No Right to Employment.  I acknowledge that the grant of Award Shares to me does not in any way entitle me to continued employment with the Employers and does not limit or restrict any right that the Employers otherwise may have to terminate my employment.

	
		
	 
	 

	 
	[Name]

	ACCEPTED [DATE]
NACCO INDUSTRIES, INC.
	 

	 
	 

	By:
	 

	[Officer/Title] 
	 

2Exhibit 10.43 2014 10-K

Exhibit 10.43
                    

FIRST AMENDMENT TO THIRD RESTATEMENT
OF LIGNITE MINING AGREEMENT

THIS FIRST AMENDMENT TO THIRD RESTATEMENT OF LIGNITE MINING AGREEMENT between Southwestern Electric Power Company (“SWEPCO”) and The Sabine Mining Company (“SABINE”) is executed this 18th day of October, 2013 ("First Amendment").

WITNESSETH

WHEREAS, Caddo Creek Resources Company, L.L.C., a wholly-owned subsidiary of The North American Coal Corporation, a Delaware corporation (“Caddo Creek”), an Affiliate of SABINE under the common control of North American Coal, is developing a surface lignite mine in close geographical proximity to the Mine operated by SABINE and located in SWEPCO’s Reserves;

WHEREAS, SABINE and Caddo Creek perform certain services for one another and desire to allocate portions of their respective supplies, labor costs and office costs for such services;

WHEREAS, SWEPCO desires to receive credit to the Cost of Production for the time and to the extent such Cost of Production is incurred while SABINE is performing any work related to the surface mine being operated by Caddo Creek; and

WHEREAS, SABINE desires for SWEPCO to pay as Cost of Production for the time and to the extent such Cost of Production is incurred by employees of Caddo Creek while performing work related to the Mine operated by SABINE located in SWEPCO’s Reserves.

AGREEMENT

NOW, THEREFORE, for and in consideration of the covenants contained in this First Amendment, SWEPCO and SABINE hereby agree as follows:

		
	1.
	Capitalized terms in this First Amendment that are not defined herein shall have the meaning assigned to them in the Third Restatement of Lignite Mining Agreement ("Agreement").

		
	2.
	The definition of “Caddo Creek” in Article I of the Agreement is hereby added as follows:

“(ss) “Caddo Creek” shall mean Caddo Creek Resources, L.L.C., a Nevada limited liability company, which is wholly-owned by The North American Coal Corporation and is an Affiliate of SABINE by or under common control.” 

		
	3.
	Article III of the Agreement is hereby amended by adding the following additional paragraph to the end of Article III:

“SABINE’s primary responsibility shall always be to the Mine.  SABINE shall not perform work for the mine operated by Caddo Creek unless SABINE reasonably believes such work will not be detrimental to or will not interfere with the operation of the Mine operated by SABINE in SWEPCO’s Reserves.”

4.    Article IX, Section 2(a)(i)(hh) of the Agreement is hereby  deleted and replaced with the following:

“(hh)  Reasonable and necessary services rendered by persons other than Affiliates of SABINE; however, reasonable and necessary services rendered by Caddo Creek as an Affiliate of SABINE, for the benefit of the Mine, are allowed costs subject to the other limitations herein and must be approved by SWEPCO in writing."

		
	5.
	Article IX, 2(a)(i) is hereby amended by the addition of the following language to the end of the first full paragraph on page 23 of the Agreement at line 10:

“Additionally, there shall be credited to costs under this Subsection 2(a) any costs of employees of SABINE for the time and to the extent they perform functions for Caddo Creek (rather than the Mine operated by SABINE).  There shall also be credited to costs under this Subsection 2(a) office costs and shop and consumable supply costs incurred for work performed for the benefit of the mine operated by Caddo Creek (rather than the Mine operated by SABINE).”

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	6.
	Article IX, Section 2(a)(iii)(b) of the Agreement is hereby amended by adding the following to the end of the paragraph:

“Notwithstanding the foregoing, any general and administrative costs of employees of Caddo Creek for the time and to the extent they perform functions relating to SABINE or the Agreement shall not be included within the fixed corporate general and administrative amount of $668,430, but shall be included in the Cost of Production.”

		
	7.
	Except as modified by this First Amendment, all terms and provisions of the Agreement shall remain in full force and effect.

8.    This First Amendment may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties, with the intent to be bound hereby, have executed this First Amendment as of the date first above written.

SOUTHWESTERN ELECTRIC POWER COMPANY

                        	
		
	By:
	/s/ Timothy K. Light

	Name:
	Timothy K. Light

	Its:
	Vice President

                

                
THE STATE OF TEXAS

COUNTY OF HARRISON 

BEFORE ME, the undersigned authority, on this day personally appeared Timothy K. Light, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of SOUTHWESTERN ELECTRIC POWER COMPANY, a Delaware Corporation and that he executed the same as the act of such corporation for the purposes and consideration therein expressed, and in the capacity therein stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE this 18th day of October, 2013.

                        	
		
	By:
	/s/ Linda S. Campbell

	Name:
	Linda S. Campbell

	 
	NOTARY PUBLIC

	 
	My Commission Expires: 02-27-2016

                                    
                                

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THE SABINE MINING COMPANY

                        	
		
	By:
	/s/ Rick J. Ziegler

	Name:
	Rick J. Ziegler

	Its:
	President

                

                
THE STATE OF TEXAS

COUNTY OF HARRISON 

BEFORE ME, the undersigned authority, on this day personally appeared Rick J. Ziegler, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of THE SABINE MINING COMPANY, a Nevada Corporation, and that he executed the same as the act of such corporation for the purposes and consideration therein expressed, and in the capacity therein stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE this 18th day of October, 2013.

                        	
		
	By:
	/s/ Linda S. Campbell

	Name:
	Linda S. Campbell

	 
	NOTARY PUBLIC

	 
	My Commission Expires: 02-27-2016

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