Document:

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                                                                    Exhibit 10.7

                      NACCO MATERIALS HANDLING GROUP, INC.
             SENIOR EXECUTIVE LONG-TERM INCENTIVE COMPENSATION PLAN
                 (AS AMENDED AND RESTATED AS OF JANUARY 1, 2005)

1.   Effective Date

     The Effective Date of this amendment and restatement of the NACCO Materials
Handling Group, Inc. Senior Executive Long-Term Incentive Compensation Plan (the
"Plan") is January 1, 2005.

2.   Purpose of the Plan

     The purpose of this Plan is to further the long-term profits and growth of
NACCO Materials Handling Group, Inc. (the "Company") by enabling the Company and
its Subsidiaries (collectively, the "Employers") to attract and retain key
executive employees by offering long-term incentive compensation to those key
executive employees who will be in a position to make significant contributions
to such profits and growth. This incentive is in addition to annual compensation
and is intended to reflect growth in the value of the Company's stockholders'
equity.

3.   Application of American Jobs Creation Act ("AJCA")

     (a)  Awards with Grant Dates of January 1, 2004 or earlier (the "Pre-2005
          Awards") are "grandfathered" under Code Section 409A (as enacted by
          the AJCA) and, as such, will continue to be governed by the law
          applicable to nonqualified deferred compensation prior to the
          enactment of Code Section 409A.

     (b)  Awards with Grant Dates of January 1, 2005 or later (the "Post-2004
          Awards") are subject to the provisions of Code Section 409A, as
          enacted by the AJCA. It is intended that the provisions of the Plan
          that relate to the Post-2004 Awards be administered in accordance with
          the requirements of Code Section 409A, so as to prevent the inclusion
          in gross income of any Post-2004 Awards hereunder in a taxable year
          that is prior to the taxable year or years in which such Awards would
          otherwise be actually paid or made available to the Participant.

4.   Definitions

     (a)  "Award" shall mean an award of Book Value Units granted to a
          Participant under this Plan for an Award Term in an amount determined
          pursuant to a formula which is established by the Committee not later
          than the 90th calendar day of the Award Term.

NMHG LITP/Senior 2005 Restatement

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          The Participant's Awards shall be further divided into the Pre-2005
          Awards and the Post-2004 Awards in accordance with the terms of
          Section 3 hereof.

     (b)  "Award Units" shall mean Book Value Units which are issued pursuant
          to, and with such restrictions as are imposed by, the terms of this
          Plan.

     (c)  "Award Unit Price" as to any Book Value Unit shall mean the Book Value
          on the Quarter Date coincident with or immediately preceding the Grant
          Date of the Award.

     (d)  "Award Term" shall mean the period of one or more years on which an
          Award is based.

     (e)  "Beneficiary" shall mean the person(s) designated in writing (on a
          form acceptable to the Committee) to receive the payment of all Awards
          hereunder in the event of the death of a Participant. In the absence
          of such a designation and at anytime when there is no existing
          Beneficiary hereunder, Participant's Beneficiary shall be his
          surviving legal spouse or, if none, his estate.

     (f)  "Book Value" as to any Book Value Unit shall mean an amount determined
          by the Committee or, if no amount is set by the Committee, as of any
          date (i) the stockholders' equity (as determined in accordance with
          generally accepted accounting principles, applied on a consistent
          basis) allocable to the Common Stock of the Company, as set forth on
          the consolidated balance sheet of the Company and its Subsidiaries as
          of the Quarter Date coincident with or immediately preceding such
          date, divided by (ii) the number of Notional Shares existing as of
          such Quarter Date; provided, however, that Book Value and/or the
          number of Notional Shares may be adjusted to such an extent as may be
          determined by the Committee to preserve the benefit of the arrangement
          for holders of Book Value Units and the Company, if in the opinion of
          the Committee, after consultation with the Company's independent
          public accountants, changes in the Company's accounting policies,
          acquisitions or other unusual or extraordinary items have materially
          affected the stockholders' equity allocable to the Notional Shares.

     (g)  "Book Value Unit" or "Unit" shall mean a right granted pursuant to the
          terms and conditions set forth in Section 7.

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     (h)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

     (i)  "Committee" shall mean the Compensation Committee of the Company's
          Board of Directors or any other committee appointed by the Company's
          Board of Directors to administer this Plan in accordance with Section
          5.

     (j)  "Disability" or "Disabled." A Participant shall be deemed to have a
          "Disability" or be "Disabled" if the Participant is determined to be
          totally disabled by the Social Security Administration or if the
          Participant (i) is unable to engage in any substantial gainful
          activity by reason of any medically determinable physical or mental
          impairment which can be expected to result in death or can be expected
          to last for a continuous period of not less than 12 months, or (ii)
          is, by reason of any medically determinable physical or mental
          impairment which can be expected to result in death or can be expected
          to last for a continuous period of not less than 12 months, receiving
          income replacement benefits for a period of not less than 3 months
          under an Employer sponsored accident and health plan.

     (k)  "Grant Date" shall mean the effective date of an Award, as determined
          under Section 7(b)(ii) of the Plan.

     (l)  "Guidelines" shall mean the guidelines that are approved by the
          Committee for each Award Term for the administration of the Awards
          granted under the Plan. To the extent that there is any inconsistency
          between the Guidelines and the Plan, the Guidelines shall control.

     (m)  "Hay Salary Grade" shall mean the salary grade or points assigned to a
          Participant by the Company pursuant to the Hay Salary System, or any
          successor salary system subsequently adopted by the Company.

     (n)  "Key Employee" shall mean a key employee, as defined in Section 416(i)
          of the Code (without regard to paragraph (5) thereof) of an Employer
          as long as the stock of NACCO Industries, Inc. (or a related entity)
          is publicly traded on an established securities market or otherwise on
          the date of the employee's Termination of Employment. Key Employees
          are identified on a controlled group-wide basis and include
          non-resident alien employees (whether or not such employees are
          eligible to participate in the Plan). The selected identification date
          for Key Employees is December 31st. As such, any employee

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          who is classified by the Company as a Key Employee as of December 31st
          of a particular Plan Year shall maintain such classification for the
          12-month period commencing the following April 1st. The Company shall
          have the sole and absolute discretion to classify employees as Key
          Employees hereunder. To the extent determined by the Company, such
          classification may include up to 75 highly compensated employees
          (including some who do not meet the statutory requirements of a Key
          Employee) as long as such determination is made in a consistent,
          reasonable and good faith manner.

     (o)  "Maturity Date" shall mean the date established by the Committee with
          respect to a Post-2004 Award, as determined under Section 10(a) of the
          Plan.

     (p)  "Notional Shares" shall mean the number of assumed shares of Common
          Stock of the Company as determined by the Committee from time to time
          in order to implement the purposes of the Plan. The number of Notional
          Shares under the Plan (including the Plan as in effect prior to the
          Effective Date) shall equal 20 million shares.

     (q)  "Participant" shall mean any person who meets the eligibility criteria
          set forth in Section 6 and who is granted an Award under the Plan.

     (r)  "Quarter Date" shall mean the last business day of each calendar
          quarter.

     (s)  "Retirement" or "Retire" shall mean the (i) termination of a U.S.
          Participant's employment with the Employers after the Participant has
          reached age 60 and completed at least 15 years of service, or (ii)
          termination of a non-U.S. Participant's employment with the Employers
          which qualifies as a retirement under local practices and procedures
          and/or which qualifies the non-U.S. Participant for foreign retirement
          benefits.

     (t)  "Subsidiary" shall mean any corporation, partnership or other entity,
          the majority of the outstanding voting securities of which is owned,
          directly or indirectly, by the Company.

     (u)  "Target Award" shall mean the dollar value of the Award to be paid to
          a Participant under the Plan assuming that the performance targets are
          met.

     (v)  "Termination of Employment" shall mean a separation of service as
          defined in Code Section 409A (and the regulations and guidance issued
          thereunder).

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     (w)  "Unforeseeable Emergency" shall mean an event which results in a
          severe financial hardship to the Participant as a consequence of (i)
          an illness or accident of the Participant, the Participant's spouse or
          a dependent within the meaning of Code Section 152(a), (ii) loss of
          the Participant's property due to casualty or (iii) other similar
          extraordinary and unforeseeable circumstances arising as a result of
          events beyond the control of the Participant.

5.   Administration

     (a)  This Plan shall be administered by the Committee. A majority of the
          Committee shall constitute a quorum, and the action of members of the
          Committee present at any meeting at which a quorum is present, or acts
          unanimously approved in writing, shall be the act of the Committee.
          All acts and decisions of the Committee with respect to any questions
          arising in connection with the administration and interpretation of
          this Plan, including the severability of any or all of the provisions
          hereof, shall be conclusive, final and binding upon the Employers and
          all present and former Participants, all other employees of the
          Employers, and their respective descendants, successors and assigns.
          No member of the Committee shall be liable for any such act or
          decision made in good faith.

     (b)  The Committee shall have complete authority to interpret all
          provisions of this Plan, to prescribe the form of any instrument
          evidencing any Award granted under this Plan, to adopt, amend and
          rescind general and special rules and regulations for its
          administration (including, without limitation, the Guidelines and any
          such rules or regulations deemed necessary or appropriate in
          connection with the requirements of Code Section 409A to the extent
          applicable), and to make all other determinations necessary or
          advisable for the administration of this Plan.

6.   Eligibility

     Any person who is classified by an Employer as a salaried employee of an
Employer (including any Subsidiary acquired after adoption of this Plan)
generally at a Hay Salary Grade of 25 or above (or a compensation level
equivalent thereto), who in the judgment of the Committee occupies an officer or
other key executive position in which his efforts may significantly contribute
to the profits or growth of an Employer, may be awarded Book Value Units.
Notwithstanding the foregoing, the following persons shall not be eligible to
participate in the Plan: (a) directors of an Employer who are not classified as

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salaried employees of an Employer, (b) leased employees (as such term is defined
in Code Section 414 and (c) salaried employees of an Employer who are
participants in the NACCO Materials Handling Group, Inc. Long-Term Incentive
Compensation Plan for a particular Award Term shall not be eligible to
participate in this Plan and receive an Award hereunder for the same Award Term.
A person who satisfies the requirements of this Section 6 shall become a
Participant in the Plan when granted an Award hereunder.

7.   Granting of Awards

     The Committee may, from time to time and upon such conditions as it may
determine, authorize the granting of Awards to Participants, which shall be not
inconsistent with, and shall be subject to all of the requirements of, the
following provisions:

     (a)  Not later than the ninetieth day of each calendar year, the Committee
          shall approve (i) a Target Award to be granted to each Participant for
          such year and (ii) a formula for determining the amount of each Award,
          which formula is based upon the Company's return on total capital
          employed for the applicable Award Term.

     (b)  Effective no later than April of the calendar year following the Award
          Term, the Committee shall approve (i) a preliminary calculation of the
          amount of each Award based upon the application of the formula (as in
          effect at the calculation date) and actual performance to the Target
          Awards previously determined in accordance with Section 7(a); and (ii)
          a final calculation of the amount of each Award to be granted to each
          Participant for the Award Term (with the specified "Grant Date" of
          such Award being January 1st of the calendar year following the Award
          Term). The Committee shall have the power to increase or decrease the
          amount of any Award above or below the amount determined in accordance
          with Section 7(b)(i); provided, however, no Award, including any Award
          equal to the Target Award, shall be payable under the Plan to any
          Participant except as determined by the Committee.

     (c)  Calculations of Target Awards shall initially be based on the
          Participant's Hay Salary Grade as of January 1 of the first year of
          the Award Term. However, Target Awards may be changed during or after
          an Award Term under the following circumstances (as determined by the
          Chief Executive Officer of the Company with the consent of the
          Committee (in their sole and absolute discretion)): (i) if a
          Participant receives a change

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          in Hay Salary Grade, salary midpoint and/or long-term incentive
          compensation target percentage, such change may be reflected in a
          pro-rata Target Award, (ii) employees hired into or promoted into a
          position eligible to participate in the Plan (as specified in Section
          6 above) during an Award Term will, if designated as a Plan
          Participant by the Chief Executive Officer of the Company with the
          consent of the Committee, be assigned a pro-rated Target Award based
          on their length of service during an Award Term and (iii) the
          Committee may increase or decrease the amount of the Target Award at
          any time, in its sole and absolute discretion. In order to be eligible
          to receive an Award for an Award Term, the Participant must be
          employed by an Employer and must be a Participant on December 31 of
          the last year of an Award Term. Notwithstanding the foregoing, if a
          Participant dies, becomes Disabled or Retires during the Award Term,
          the Participant may be entitled to a pro-rata portion of the Award for
          such Award Term, based on the number of days the Participant was
          actually employed by the Employers during the Award Term; provided
          that such pro-rata Award is not duplicative of any prior Awards
          granted hereunder.

     (d)  Each Award shall be granted in the form of Book Value Units. The
          number of Book Value Units to be issued to a Participant shall be
          determined by dividing the amount of the Award by the Award Unit
          Price. Notwithstanding any other provision of the Plan, the maximum
          cash value of the Awards granted to a Participant under this Plan in a
          single year shall not exceed $2,250,000.

     (e)  Multiple Awards may be granted to a Participant; provided, however,
          that no two Awards to a Participant may have identical performance
          periods.

8.   Vesting

     All Book Value Units granted pursuant to an Award hereunder shall be
immediately 100% vested as of the Grant Date.

9.   Payment of Pre-2005 Awards

     (a)  Payment Restrictions. Each Pre-2005 Award shall provide that the Book
          Value Units granted therein shall be subject to a payment restriction
          in the manner and to the extent prescribed by the Committee for a
          period of five years from the Grant Date, or such other shorter or
          longer period as may be specified in the Guidelines for the Award
          Term.

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          Notwithstanding the foregoing, such payment restrictions shall
          automatically lapse upon death (whether before or after termination of
          employment) or termination of employment by reason of permanent
          disability (as determined by the Committee) or Retirement.

     (b)  Payment Date/Value. Unless a Participant makes a deferral election
          under Subsection (c) of this Section, as soon as practicable following
          the lapse of a payment restriction applicable to a Pre-2005 Award
          pursuant to Subsection (a) of this Section, the Employer or former
          Employer of the Participant shall deliver to the Participant (or, if
          applicable, his Beneficiary), a check in full payment of the Book
          Value Units granted pursuant to such Award. The value of such Book
          Value Units shall be based on the Book Value as of the Quarter Date
          coincident with or immediately preceding the date on which the payment
          restriction lapses; provided, however, that for Participants who
          terminated employment for reasons other than permanent disability or
          Retirement prior to the date on which the payment restriction lapses,
          the value of such Book Value Units shall be based on the Book Value as
          of the Quarter Date coincident with or immediately preceding the date
          of termination.

     (c)  Deferral Option. Prior to the date described in Subsection (b),
          subject to the rules and procedures specified in the Guidelines, a
          Participant may make an irrevocable election to defer receipt of 100%
          of a Pre-2005 Award granted to him for a particular Award Term for a
          period not to exceed ten (10) years from the Grant Date of such
          Pre-2005 Award. A separate deferral election may be made with respect
          to each Pre-2005 Award granted under the Plan. The Pre-2005 Awards
          that are subject to such a deferral election shall continue to be
          subject to the terms and conditions of this Plan and shall continue to
          be valued in accordance with the terms of the Plan until the date of
          payment (or further deferral, as described in the following sentence).
          In addition, a Participant who has made an irrevocable election to
          defer the receipt of a Pre-2005 Award until exactly ten (10) years
          from the Grant Date of such Award shall be permitted (subject to the
          rules and procedures contained in the Guidelines) to make another
          irrevocable election to further defer the receipt of such deferred
          Pre-2005 Award under and into the NACCO Materials Handling Group, Inc.
          Unfunded Benefit Plan (the "Unfunded Plan"). Deferred Pre-2005 Awards
          payable to an active employee under this Plan shall be paid to the
          Participant as soon as practicable following the payment date
          previously elected by the Participant and

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          shall be based on the Book Value as of the Quarter Date coincident
          with or immediately preceding such payment date. Deferred Pre-2005
          Awards which are further deferred into the Unfunded Plan shall be
          credited to the Unfunded Plan as soon as practicable following the
          10th anniversary of the Grant Date of such Pre-2005 Award and shall be
          based on the Book Value as of the Quarter Date coincident with or
          immediately preceding such anniversary date. Notwithstanding the
          foregoing, any deferral election hereunder shall automatically
          terminate (and shall be of no further effect) upon a Participant's
          termination of employment with the Employers for any reason (including
          death or disability) and payment of all such deferred Pre-2005 Awards
          shall be made as soon as practicable following the date of the
          Participant's termination of employment, based on the Book Value as of
          the Quarter Date coincident with or immediately preceding such
          termination date; provided, however, that any Pre-2005 Awards that are
          subject to a deferral election at the time of a Participant's
          Retirement shall automatically be deferred under and into the Unfunded
          Plan as of the date of the Participant's Retirement, with the value of
          the Book Value Units being based on the Book Value as of the Quarter
          Date coincident with or immediately preceding such Retirement date if
          (and only if) the Participant has a currently-effective payment
          election relating to Pre-2005 Awards under the Unfunded Plan and is
          then eligible to participate in the Unfunded Plan.

10.  Payment of Post-2004 Awards

     (a)  Maturity Date.

          (i)  In the Guidelines adopted for each Award Term, the Committee
               shall establish a Maturity Date for the Book Value Units granted
               in each Post-2004 Award for such Award Term which shall generally
               be the fifth anniversary of the Grant Date of such Post-2004
               Award (or such other date specified in the Guidelines); provided,
               however, that once established, the Maturity Date of an Award as
               specified in the Guidelines may not thereafter be changed.

          (ii) Notwithstanding the foregoing, (A) in the event a Participant
               dies prior to the Maturity Date, the Maturity Date of all of the
               Participant's outstanding Post-2004 Awards shall be the date of
               such Participant's death (whether before or after Termination of
               Employment) and (B) in the event a Participant incurs a

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               Termination of Employment as a result of becoming Disabled or
               Retirement prior to the Maturity Date (and prior to making a
               deferral election described in Subsection (c) below), the
               Maturity Date of all of the Participant's Post-2004 Awards shall
               be the date of his Disability or Retirement; provided, however,
               that if a Participant who incurs a Termination of Employment on
               account of Retirement is a Key Employee, the Participant's
               Maturity Date shall be the six month anniversary of the date of
               his Termination of Employment (or, if earlier, the date of the
               Participant's death).

     (b)  Payment Date, Form of Payment and Value.

          (i)  Payment Date and Form. Unless a Participant timely makes a
               deferral election under Subsection (c) of this Section, the
               Participant's Employer or former Employer shall deliver to the
               Participant (or, if applicable, his Beneficiary), a check in full
               payment of the Book Value Units granted pursuant to each
               Post-2004 Award as soon as practicable following the Maturity
               Date of such Award.

          (ii) Value. For Participants who are employed on the Maturity Date,
               the value of the Book Value Units shall be based on the Book
               Value as of the Quarter Date on or immediately preceding the
               Maturity Date. For Participants who incur a Termination of
               Employment for reasons other than Disability or Retirement, the
               value of the Book Value Units shall be based on the Book Value as
               of the Quarter Date coincident with or immediately preceding the
               date of Termination (despite the fact that such amounts are not
               paid until the Maturity Date). For Participants who die or incur
               a Termination of Employment due to Disability or Retirement, the
               value of such Book Value Units shall be based on the Book Value
               as of the Quarter Date coincident with or immediately preceding
               the Maturity Date; provided, however, that if a Participant who
               incurs a Termination of Employment on account of Retirement is a
               Key Employee whose payment is delayed for 6 months, the value of
               the Book Value Units shall be based on the Book Value as of the
               Quarter Date coincident with or immediately preceding the payment
               date.

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     (c)  Deferral Option. A Participant who is a citizen or resident of the
          United States may make an irrevocable election to defer receipt of
          100% of a Post-2004 Award granted to him for a particular Award Term.
          A separate deferral election may be made with respect to each
          Post-2004 Award granted under the Plan. Such a deferral election must
          be made, in writing, on a form approved by the Committee and (i) will
          not be valid unless the election is made at least 12 months prior to
          the Maturity Date of the Award and (ii) will not be given effect until
          at least 12 months after the date on which such election is made. If a
          valid and timely deferral election is made with respect to a Post-2004
          Award, the payment of such Award will automatically be deferred until
          the 10th anniversary of the Grant Date of such Award. The Post-2004
          Awards that are subject to such a deferral election shall continue to
          be valued in accordance with the terms of the Plan until the date of
          payment. Post-2004 Awards that are deferred until the 10th anniversary
          of the Grant Date shall be paid as soon as practicable thereafter in
          the form of a single, lump-sum payment and shall be based on the Book
          Value as of the Quarter Date coincident with or immediately preceding
          such date. Notwithstanding the foregoing, any deferral election under
          this Subsection (c) shall automatically terminate (and shall be of no
          further effect) upon a Participant's death or Termination of
          Employment due to Disability and payment of all such deferred Awards
          shall be made as soon as practicable following the date of such death
          or Termination of Employment due to Disability, based on the Book
          Value as of the Quarter Date coincident with or immediately preceding
          such date.

     (d)  Notwithstanding the foregoing, the Committee may at any time, upon
          written request of the Participant, cause to be paid to such
          Participant an amount equal to all or any part of the Participant's
          Post-2004 Awards, if the Committee determines, based on such
          reasonable evidence that it shall require, that such a payment or
          payments is necessary for the purpose of alleviating the consequences
          of an Unforeseeable Emergency occurring with respect to the
          Participant. Payments made on account of an Unforeseeable Emergency
          shall be permitted only to the extent the amount does not exceed the
          amount reasonably necessary to satisfy the emergency need (plus an
          amount necessary to pay taxes and penalties reasonably anticipated as
          a result of the distribution) and may not be made to the extent such
          Unforeseeable Emergency is or may be relieved through reimbursement or
          compensation by insurance or otherwise or by liquidation of

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          the Participant's assets (to the extent such liquidation would not
          itself cause severe financial hardship).

11.  Amendment, Termination and Adjustments

     (a)  The Committee, in its sole and absolute discretion, may alter or amend
          this Plan from time to time; provided, however, that no such amendment
          shall, without the consent of a Participant, affect the amount of any
          outstanding Award or any Award Units of such Participant.

     (b)  The Committee, in its sole and absolute discretion, may terminate this
          Plan in its entirety at any time; provided that, except as provided in
          this Subsection (b), no such termination shall, without the consent of
          a Participant, affect the amount of any outstanding Award or any Award
          Units of such Participant. Except as otherwise provided in an
          amendment to the Plan, all Target Awards and Awards granted prior to
          any termination of this Plan shall continue to be subject to the terms
          of this Plan. Notwithstanding the foregoing, upon a complete
          termination of the Plan, the Committee, in its sole and absolute
          discretion, shall have the right to change the time of distribution of
          Participants' Award Units under the Plan, including requiring that all
          such Award Units be immediately distributed in the form of lump sum
          cash payments (but only to the extent such change is permitted by Code
          Section 409A).

     (c)  Any amendment or termination of the Plan shall be in the form of a
          written instrument executed by an officer of the Company on the order
          of the Committee. Such amendment or termination shall become effective
          as of the date specified in the instrument or, if no such date is
          specified, on the date of its execution.

     (d)  The Committee may make or provide for an adjustment in the total
          number of Award Units to be issued under this Plan as the Committee in
          its sole discretion, exercised in good faith, may determine is
          equitably required to reflect (i) any stock dividend, stock split,
          combination of shares, recapitalization or any other change in the
          capital structure of the Company, (ii) any merger, consolidation,
          spin-off, split-off, spin-out, split-up, reorganization, partial or
          complete liquidation or other distribution of assets, issuance of
          rights or warrants to purchase securities, or (iii) any other
          corporate transaction or event having an effect similar to any of the
          foregoing.

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12.  General Provisions

     (a)  No Right of Employment. Neither the adoption or operation of this
          Plan, nor any document describing or referring to this Plan, or any
          part thereof, shall confer upon any employee any right to continue in
          the employ of an Employer, or shall in any way affect the right and
          power of an Employer to terminate the employment of any employee at
          any time with or without assigning a reason therefor to the same
          extent as the Employer might have done if this Plan had not been
          adopted.

     (b)  Governing Law. The provisions of this Plan shall be governed by and
          construed in accordance with the laws of the State of North Carolina,
          except when preempted by federal law.

     (c)  Expenses. Expenses of administering the Plan shall be paid by the
          Employers, as directed by the Company.

     (d)  Assignability. No Award granted to a Participant under this Plan shall
          be transferable by him for any reason whatsoever; provided, however,
          that upon the death of a Participant (whether before or after
          termination), the proceeds of an Award shall be paid to the
          Beneficiary as soon as practicable thereafter.

     (e)  Taxes. There shall be deducted from each payment under the Plan the
          amount of any tax required by any governmental authority to be
          withheld and paid over to such governmental authority for the account
          of the person entitled to such payment.

     (f)  Limitation on Rights of Participants; No Trust.

          (i)  No trust has been created by the Employers for the payment of
               Book Value Units granted under this Plan; nor have the grantees
               of Book Value Units been granted any lien on any assets of the
               Employers to secure payment of such benefits. This Plan
               represents only an unfunded, unsecured promise to pay by the
               Employer or former Employer of the Participant, and the
               Participants and Beneficiaries are merely unsecured creditors of
               the Participant's Employer or former Employer.

          (ii) Notwithstanding any other provision of the Plan to the contrary
               (but except as provided in Section 13 hereof), no Employer shall
               be required to make any

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               payment hereunder to any Participant or Beneficiary if the
               Employer is "Insolvent" at the time such payment is due to be
               made or if the payment would jeopardize the solvency of the
               Employer; provided that the payment shall be made during the
               first calendar year in which funds of the Employer are sufficient
               to make the payment without jeopardizing the solvency of the
               Employer. For purposes of the Plan, an Employer shall be
               considered Insolvent at such time as it (1) is unable to pay its
               debts as they mature or (2) is subject to a pending voluntary or
               involuntary proceeding as a debtor under the United States
               Bankruptcy Code (or similar foreign law).

     (g)  Payment to Guardian. If an Award is payable to a minor, to a person
          declared incompetent or to a person incapable of handling the
          disposition of his property, the Committee may direct payment of such
          Award to the guardian, legal representative or person having the care
          and custody of such minor, incompetent or person. The Committee may
          require such proof of incompetency, minority, incapacity or
          guardianship as it may deem appropriate prior to the distribution of
          such Award. Such distribution shall completely discharge the Employers
          from all liability with respect to such Award.

     (h)  Miscellaneous.

          (i)  Headings are given to the sections of this Plan solely as a
               convenience to facilitate reference. Such headings, numbering and
               paragraphing shall not in any case be deemed in any way material
               or relevant to the construction of this Plan or any provisions
               thereof.

          (ii) The use of the masculine gender shall also include within its
               meaning the feminine. The use of the singular shall also include
               within its meaning the plural, and vice versa.

          (iii) Time of Payment/Processing. All payments under the Plan shall be
               made on, or as soon as practicable after, the specified payment
               date (and, in any event, no later than December 31 of the year
               that includes the specified payment date or, if later, by the
               15th day of the third calendar month following the specified
               payment date). Notwithstanding the foregoing,

                                       14

<PAGE>

               if the calculation of the amount payable for the Post-2004 Awards
               is not administratively practicable due to events beyond the
               control of the Employer and the Participant, the payment shall be
               made during the first calendar year in which the payment is
               administratively practicable.

          (iv) Acceleration of Payments. Notwithstanding any provision of the
               Plan to the contrary, payments of Post-2004 Awards hereunder may
               be accelerated (i) to the extent necessary to comply with a
               certificate of divestiture (as defined in Code Section
               1043(b)(2)) or (ii) to the extent necessary to pay the FICA taxes
               imposed under Code Section 3101, and the income withholding taxes
               related thereto. Payments may also be accelerated if the Plan (or
               a portion thereof) fails to satisfy the requirements of Code
               Section 409A; provided that the amount of such payment may not
               exceed the amount required to be included as income as a result
               of the failure to comply with Code Section 409A.

13.  Liability of Employers, Transfers and Guarantees.

     (a)  In general. The provisions of this Section 13 shall apply
          notwithstanding any other provision of the Plan to the contrary.

     (b)  Liability for Payment/Transfers of Employment.

          (i)  Subject to the provisions of clause (ii) of this Section, the
               Employers shall each be liable for the payment of the Awards
               which are payable hereunder to or on behalf of the Participants
               who are (or were) its employees.

          (ii) Notwithstanding the foregoing, if the Awards hereunder which are
               payable to or on behalf of a Participant are based on the
               Participant's employment with more than one Employer, the
               following provisions shall apply:

               (1)  Each Award shall be granted by the Employer for whom the
                    Participant was performing services during the Award Term.
                    In the event that a Participant performed services for more
                    than one Employer during the Award Term, the Award shall be
                    divided so that the Participant shall receive a pro-rata
                    number of Book Value Units from each Employer, based on the
                    Participant's service with, and compensation from, each

                                       15

<PAGE>

                    such Employer (as determined by the Committee in its sole
                    and absolute discretion).

               (2)  Notwithstanding the provisions of clause (1), (A) each
                    Employer shall be solely liable for the payment of the
                    Awards it granted to its employees or former employees; (B)
                    if a Participant has been employed by more than one
                    Employer, the Employer who employs the Participant at the
                    time of the payment of the Award shall pay the entire amount
                    of such Award; (C) each Employer (unless it is Insolvent)
                    shall reimburse the paying Employer for its allocable share
                    of the Participant's Award; (D) if any responsible Employer
                    is Insolvent at the time of payment, the last Employer shall
                    not be required to make a distribution to the Participant
                    with respect to amounts which are allocable to service with
                    that Employer (until the time specified in Section
                    12(f)(ii)); and (E) each Employer shall (to the extent
                    permitted by applicable law) receive an income tax deduction
                    for the Employer's allocable share of the payment of the
                    Participant's Award.

     (c)  Notwithstanding the foregoing, in the event that NMHG Oregon, LLC
          (known as NMHG Oregon, Inc. prior to the close of business on December
          31, 2005) is unable or refuses to satisfy its obligations hereunder
          with respect to the payment of Awards to or on behalf of its
          employees, the Company (unless it is Insolvent) shall guarantee and be
          responsible for the payment thereof.

                                        NACCO MATERIALS HANDLING GROUP, INC.

                                        By: /s/ Charles A. Bittenbender
                                            ------------------------------------
                                        Title: Assistant Secretary
                                               ---------------------------------
                                        Date: February 8, 2006
                                              ----------------------------------

                                       16<PAGE>
                                                                    Exhibit 10.8

                                 AMENDMENT NO. 1
                                     TO THE
                      NACCO MATERIALS HANDLING GROUP, INC.
             SENIOR EXECUTIVE LONG-TERM INCENTIVE COMPENSATION PLAN
                 (AS AMENDED AND RESTATED AS OF JANUARY 1, 2005)

     NACCO Materials Handling Group, Inc. (the "Company"), hereby adopts this
Amendment No. 1 to the NACCO Materials Handling Group, Inc. Senior Executive
Long-Term Incentive Compensation Plan (As Amended and Restated as of January 1,
2005) (the "Plan"), effective as of January 1, 2006. Words and phrases used
herein with initial capital letters which are defined in the Plan are used
herein as so defined.

                                    Section 1

     Pursuant to the amendment and termination powers granted under Section 11
of the Plan, the Company, on the order of the Compensation Committee, hereby
permanently freezes the Plan, effective as of January 1, 2006. As a result, the
Plan is hereby amended by adding the following new Section 2A thereto,
immediately following Section 2 thereof, to read as follows:

     "2A. Benefit Freeze. Notwithstanding any provision of the Plan (or the
Guidelines) to the contrary, the Plan shall be frozen as of January 1, 2006. No
additional employees shall become eligible to participate in the Plan after such
date and, except as described in the following sentence, no further Awards or
Target Awards shall be granted or payable hereunder. Notwithstanding the
foregoing, the Compensation Committee may grant Awards for the 2004-2005 Award
Term (which Awards shall have a Grant Date of January 1, 2006). In furtherance
of, but without limiting the foregoing, (a) Awards that have previously been
granted under the Plan (including Awards with a Grant Date of January 1, 2006,
if any) shall continue to be subject to the terms of the Plan until such Awards
have reached their maturity date and the Participants and Beneficiaries have
received payment for the value thereof and (b) the Guidelines that were issued
for the 2005-2006 Award Term are hereby rescinded in their entirety and, as a
result, the Target Awards for the 2005-2006 Award Term that were previously
communicated to the Participants are void and of no further force or effect and
Participants and Beneficiaries shall have no further rights with respect
thereto."

     EXECUTED this 8th day of February, 2006.

                                        NACCO MATERIALS HANDLING GROUP, INC.

                                        By: /s/ Charles A. Bittenbender
                                            ------------------------------------
                                        Title: Assistant Secretary
                                               ---------------------------------

NMHG LTIP/Sr. Amend 1

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