Document:

EX 10.3 Tax Allocation Agreement

Exhibit 10.3

TAX ALLOCATION AGREEMENT
BY AND BETWEEN
NACCO INDUSTRIES, INC.
AND
HYSTER-YALE MATERIALS HANDLING, INC.
Dated September 28, 2012
 

TABLE OF CONTENTS

	
				
	 
	 
	Page

	 
	 
	 

	ARTICLE 1
	DEFINITIONS
	2
	

	1.1
	General
	2
	

	 
	 
	 

	ARTICLE 2
	PREPARATION, FILING AND PAYMENT OF TAXES AND REFUNDS SHOWN ON TAX RETURNS
	8
	

	2.1
	Responsibility of Parties to Prepare and File Pre-Closing Income Tax Returns and Straddle Period Income Tax Returns
	8
	

	2.2
	Tax Return Procedures
	9
	

	2.3
	Post-Closing Income Tax Returns and Non-Income Tax Returns
	10
	

	2.4
	Timing of Payments to Taxing Authority
	10
	

	2.5
	Expenses
	10
	

	2.6
	Coordination with Article 4
	10
	

	 
	 
	 

	ARTICLE 3
	PAYMENT OF TAXES AND INDEMNIFICATION
	11
	

	3.1
	Payment and Indemnification by Parent
	11
	

	3.2
	Payment and Indemnification by HY
	11
	

	3.3
	Timing of Tax Payments
	11
	

	3.4
	Characterization of and Adjustments to Payments
	11
	

	 
	 
	 

	ARTICLE 4
	REFUNDS, CARRYBACKS, AMENDMENTS AND TAX ATTRIBUTES
	12
	

	4.1
	Refunds
	12
	

	4.2
	Carrybacks
	12
	

	4.3
	Amended Tax Returns
	14
	

	4.4
	Tax Attributes
	15
	

	 
	 
	 

	ARTICLE 5
	TAX PROCEEDINGS
	15
	

	5.1
	Notification of Tax Proceedings
	15
	

	5.2
	Tax Proceeding Procedures
	15
	

	5.3
	Tax Proceeding Cooperation
	16
	

	5.4
	Correlative Adjustments
	16
	

	 
	 
	 

	ARTICLE 6
	TAX-FREE STATUS OF THE TRANSACTIONS
	17
	

	6.1
	Representations and Warranties
	17
	

	6.2
	Limits on Proposed Acquisition Transactions and Other Transactions During Restriction Period
	18
	

	6.3
	Tax Counsel Advance Conflict Waiver
	20
	

	 
	 
	 

	ARTICLE 7
	COOPERATION
	20
	

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TABLE OF CONTENTS

	
				
	 
	 
	Page

	 
	 
	 

	7.1
	General Cooperation
	20
	

	7.2
	Retention of Records
	20
	

	 
	 
	 

	ARTICLE 8
	MISCELLANEOUS
	21
	

	8.1
	Dispute Resolution
	21
	

	8.2
	Tax Sharing Agreements
	21
	

	8.3
	Interest on Late Payments
	21
	

	8.4
	Survival of Covenants
	22
	

	8.5
	Termination
	22
	

	8.6
	Severability
	22
	

	8.7
	Entire Agreement; Exclusivity
	22
	

	8.8
	Successors and Assigns
	22
	

	8.9
	Third-Party Beneficiaries
	23
	

	8.10
	Specific Performance
	23
	

	8.11
	Amendment
	23
	

	8.12
	Rules of Construction
	23
	

	8.13
	Counterparts
	23
	

	8.14
	Coordination with the Separation Agreement
	24
	

	8.15
	Effective Date
	24
	

	8.16
	Governing Law
	24
	

	8.17
	Force Majeure
	24
	

	8.18
	Notices
	24
	

	8.19
	No Circumvention
	25
	

	8.20
	No Duplication; No Double Recovery
	25
	

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TAX ALLOCATION AGREEMENT

THIS TAX ALLOCATION AGREEMENT (this “Agreement”), dated as of September 28, 2012, is by and between NACCO Industries, Inc. (“Parent”), a Delaware corporation, and NMHG Holding Co. (“HY”), a Delaware corporation.  Each of Parent and HY is sometimes referred to herein as a “Party” and, collectively, as the “Parties.”
WHEREAS, Parent, through its various subsidiaries, is engaged in the Parent Business and the Lift Truck Business;
WHEREAS, the board of directors of Parent has determined that it is in the best interests of Parent and its shareholders to separate and operate the Lift Truck Business as a publicly traded company;
WHEREAS, in furtherance of the foregoing, HY was merged (or will have merged, prior to the effectiveness of this Agreement) with and into NMHG Holding Co., a Delaware corporation and wholly owned Subsidiary of Parent and the name of the surviving corporation was changed to Hyster-Yale Materials Handling, Inc. (the “Merger”), as more fully described in the Separation Agreement;
WHEREAS, Parent intends, following the Merger, to contribute to HY certain assets related to the Lift Truck Business in exchange for the assumption by HY of liabilities associated with the Lift Truck Business and deemed additional equity of HY (the “Contribution”);
WHEREAS, Parent intends, following the Contribution, to distribute to holders of Parent Common Stock all of the outstanding shares of HY Common Stock by means of a distribution on the basis of one share of HY Class A Common Stock and one share of HY Class B Common Stock for every one share of Parent Class A Common Stock or Parent Class B Common Stock (the “Distribution”), and the board of directors of Parent has approved such Distribution;
WHEREAS, for U.S. federal income tax purposes, (i) the Merger is intended to qualify for tax-free treatment under Sections 332 and 337 of the Code and (ii) the Contribution and the Distribution, taken together, are intended to qualify as a reorganization that is described in Sections 355(a) and 368(a)(1)(D) of the Code;
WHEREAS, Parent anticipates receiving an opinion of McDermott Will & Emery LLP to the effect that the Contribution and the Distribution, taken together, will qualify a reorganization that is described in Sections 355(a) and 368(a)(1)(D) of the Code;
WHEREAS, prior to consummation of the Merger, the Contribution, and the Distribution, Parent will be the common parent corporation of an affiliated group of corporations within the meaning of Section 1504 of the Code that includes NMHG and HY; and
WHEREAS, the Parties wish to (a) provide for the payment of Tax liabilities and entitlement to refunds thereof, allocate responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes, and (b) set forth certain covenants and indemnities relating to the preservation of the tax-free status of the Merger, the Contribution, and the Distribution.

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NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:
ARTICLE 1 
DEFINITIONS
1.1    General.  As used in this Agreement, the following terms shall have the following meanings:
“Accounting Firm” has the meaning set forth in Section 8.1(b) of this Agreement.
“Acting Party” has the meaning set forth in Section 6.2(b).
“Adjustment” means any change in the Tax liability of a taxpayer, determined issue-by-issue or transaction-by-transaction, as the case may be.
“Aggregate Carryback Amount” has the meaning set forth in Section 4.2(c).
“Agreement” has the meaning set forth in the preamble to this Agreement.
“Benefited Party” has the meaning set forth in Section 4.1(b) of this Agreement.
“Carryback Amount” has the meaning set forth in Section 4.2(c).
“Coal Mining Business” has the meaning set forth in the Tax Representation Letter.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Contribution” has the meaning set forth in the preamble to this Agreement.
“Counsel” means McDermott Will & Emery LLP.
“Disqualifying Action” means a Parent Disqualifying Action or a HY Disqualifying Action.
“Distribution” has the meaning set forth in the preamble to this Agreement.
“Distribution Date” means the date on which the Distribution occurs.
“Distribution Taxes” means any Taxes imposed on or by reason of the Merger, the Contribution, or the Distribution (including Transfer Taxes), other than any such Taxes caused by a Disqualifying Action.  For the avoidance of doubt, Distribution Taxes include Taxes by reason of deferred intercompany transactions triggered by the Merger, the Contribution, or the Distribution.
 “Due Date” means (i) with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax Return is required to be filed under applicable Law and (ii) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid the incurrence of interest, penalties and/or additions to Tax.
 “Extraordinary Transaction” means any action that is not in the Ordinary Course of Business, but shall not include any action described in the Separation Agreement or that is undertaken pursuant to the Merger, the Contribution, or the Distribution.

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“Fifty-Percent or Greater Interest” has the meaning ascribed to such term by Section 355(d)(4) of the Code.
“Final Determination” means the final resolution of liability for any Tax for any taxable period, by or as a result of (i) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed; (ii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period; (iii) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax; or (iv) any other final resolution, including by reason of the expiration of the applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority.
“HY” has the meaning set forth in the preamble to this Agreement.
“HY Allocable Portion” means, with respect to a Mixed Business Income Tax Return filed after the Distribution Date for either a Pre-Closing Period or Straddle Period, the amount of Taxes due and payable attributable to HY or any HY Entity, calculated on a “with and without basis” consistent with Past Practice.
“HY Class A Common Stock” has the meaning set forth in the Separation Agreement.
“HY Class B Common Stock” has the meaning set forth in the Separation Agreement.
“HY Common Stock” means the HY Class A Common Stock and the HY Class B Common Stock.
“HY Disqualifying Action” means (i) any action (or the failure to take any action) by HY or any HY Entity (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions), or (ii) any event (or series of events) involving the capital stock of HY, any assets of HY or any assets of any HY Entity that, in each case, negates the Tax-Free Status of the Transactions in whole or in part, regardless of whether such act or failure to act (x) is covered by a Post-Distribution Ruling or an Unqualified Tax Opinion, or (y) occurs during or after the Restriction Period; provided, however, the term “HY Disqualifying Action” shall not include any action described in the Separation Agreement or that is undertaken pursuant to the Merger, the Contribution, or the Distribution.
“HY Entity” means any Subsidiary of HY immediately after the effective time of the Distribution.
“HY Group” means, individually or collectively, as the case may be, HY and any HY Entity.
“HY Indemnified Parties” has the meaning set forth in the Separation Agreement.
“HY Percentage” means the percentage determined by dividing (i) the average total value of the HY Common Stock for the five business days following the Distribution Date, computed for each day by averaging the intraday high and intraday low trading price of the HY Class A Common Stock and multiplying such amount by the total number of shares of HY Common Stock outstanding on such day, by (ii) the sum of (x) the amount determined in clause (i) and (y) 

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the average total value of the Parent Common Stock for the five business days following the Distribution Date, computed for each day by averaging the intraday high and intraday low trading price of the Parent Class A Common Stock and multiplying such amount by the total number of shares of Parent Common Stock outstanding on such day. 
“HY Taxes” means, without duplication, (i) any Taxes imposed on Parent (or any of its Subsidiaries) or HY (or any of its Subsidiaries) attributable to a HY Disqualifying Action, (ii) the HY Percentage of any Taxes imposed on Parent (or any of its Subsidiaries) or HY (or any of its Subsidiaries) attributable to both a HY Disqualifying Action and a Parent Disqualifying Action, (iii) the HY Percentage of any Distribution Taxes imposed on Parent (or any of its Subsidiaries), (iv) the HY Allocable Portion of any Mixed Business Income Taxes in respect of a Mixed Business Income Tax Return governed by Section 2.2(a), (v) any Taxes in respect of any Single Business Tax Return required to be filed by HY or any HY Entity pursuant to Section 2.2(b)(ii), and (vi) any Taxes in respect of any Post-Closing Tax Return or Non-Income Tax Return required to be filed by HY or any HY Entity pursuant to Section 2.3.  For the avoidance of doubt, HY Taxes shall not include any Taxes solely attributable to a Parent Disqualifying Action.
“Income Tax Return” means any Tax Return relating to Income Taxes.
“Income Taxes” means any Taxes based upon, measured by, or calculated with respect to: (A) net income or profits or net receipts (including, but not limited to, any capital gains, minimum Tax or any Tax on items of Tax preference, but not including sales, use, real or personal property, or transfer or similar Taxes) or (B) multiple bases (including corporate franchise, doing business and occupation Taxes) if one or more bases upon which such Tax may be based, measured by, or calculated with respect to, is described in clause (A).  
“Indemnifying Party” means the Party from which the other Party is entitled to seek indemnification pursuant to the provisions of Article 3.
“Indemnified Party” means the Party which is entitled to seek indemnification from the other Party pursuant to the provisions of Article 3.
“Information” has the meaning set forth in Section 7.1(a).
“Information Request” has the meaning set forth in Section 7.1(a).
“IRS” means the U.S. Internal Revenue Service or any successor thereto, including, but not limited to, its agents, representatives, and attorneys.
“Law” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or similar statute, treaty, law, ordinance, regulation, rule, code, administrative pronouncement, order, requirement or rule of law (including common law).
“LIBOR” means the London InterBank Offered Rate as published in the Wall Street Journal.
“Lift Truck Business” has the meaning set forth in the Tax Representation Letter.
“Merger” has the meaning set forth in the preamble to this Agreement.
“Mixed Business Income Taxes” means any U.S. federal, state or local, or foreign Income Taxes attributable to any Mixed Business Income Tax Return.

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“Mixed Business Income Tax Return” means any Income Tax Return including any consolidated, combined or unitary Income Tax Return, that relates to at least one asset or activity that is part of the Parent Business, on the one hand, and at least one asset or activity that is part of the Lift Truck Business, on the other hand.
“NMHG” has the meaning set forth in the preamble to this Agreement.
“Non-Acting Party” has the meaning set forth in Section 6.2(b).
“Non-Income Tax Return” means any Tax Return relating to Taxes other than Income Taxes.
 “Opinion” means the opinion of Counsel with respect to certain Tax aspects of the Merger, the Contribution, and the Distribution.
“Ordinary Course of Business” means an action taken by a Person only if such action is taken in the ordinary course of the normal day-to-day operations of such Person.
“Parent” has the meaning set forth in the preamble to this Agreement.
“Parent Business” means the business or businesses conducted by Parent or any of its Subsidiaries before the Distribution other than the Lift Truck Business.
“Parent Class A Common Stock” has the meaning set forth in the Separation Agreement.
“Parent Class B Common Stock” has the meaning set forth in the Separation Agreement.
“Parent Common Stock” means the Parent Class A Common Stock and the Parent Class B Common Stock.
“Parent Disqualifying Action” means (i) any action (or the failure to take any action) within its control by Parent or any Parent Entity (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions), or (ii) any event (or series of events) involving the capital stock of Parent, any assets of Parent or any assets of any Parent Entity that, in each case, negates the Tax-Free Status of the Transactions in whole or in part, regardless of whether such act or failure to act (x) is covered by a Post-Distribution Ruling or an Unqualified Tax Opinion, or (y) occurs during or after the Restriction Period; provided, however, the term “Parent Disqualifying Action” shall not include any action described in the Separation Agreement or that is undertaken pursuant to the Merger, the Contribution, or the Distribution.
“Parent Entity” means any Subsidiary of Parent immediately after the Distribution Date.
“Parent Group” means, individually or collectively, as the case may be, Parent and any Parent Entity.
“Parent Indemnified Parties” has the meaning set forth in the Separation Agreement.
“Parent Taxes” means any Taxes of Parent or any Subsidiary or former Subsidiary of Parent for any Pre-Closing Period and, with respect to a Straddle Period, the portion of such period ending on the Distribution Date (determined in accordance with Section 2.2(a)), in each case other than HY Taxes.
“Party” has the meaning set forth in the preamble to this Agreement.

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“Past Practice” has the meaning set forth in Section 2.2(a).
“Person” has the meaning set forth in the Separation Agreement.
“Post-Closing Income Tax Returns” means, collectively, all Income Tax Returns required to be filed by a Party or any of its Subsidiaries for a Post-Closing Period.
“Post-Closing Period” means any taxable period (or portion thereof) beginning after the Distribution Date.
“Post-Distribution Ruling” has the meaning set forth in Section 6.2(b).
“Pre-Closing Income Tax Returns” means, collectively, all Income Tax Returns required to be filed by a Party or any of its Subsidiaries for a Pre-Closing Period.
“Pre-Closing Period” means any taxable period (or portion thereof) ending on or before the Distribution Date.
“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding, arrangement, or substantial negotiations within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is supported by the applicable Party’s management or shareholders, is a hostile acquisition, or otherwise, as a result of which such Party would merge or consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from such Party and/or one or more holders of outstanding shares of such Party’s capital stock, as the case may be, a number of shares of such Party’s capital stock that would, when combined with any other changes in ownership of such Party’s capital stock pertinent for purposes of Section 355(e) of the Code, comprise 35% or more of (A) the value of all outstanding shares of stock of such Party as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (B) the total combined voting power of all outstanding shares of voting stock of such Party as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series.  Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption by a Party of a shareholder rights plan or (B) issuances by a Party that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d).  For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders.  This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly.  Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation.
 “Refund” means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or, alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes, provided, however, that for purposes of this Agreement, the amount of any Refund required to be paid to another Party 

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shall be reduced by the net amount of any Income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund determined based on the assumptions set forth in Section 3.4.
“Restriction Period” means the period beginning at the effective time of the Distribution and ending on the two-year anniversary of the day after the Distribution Date.
“Section 6.2(c) Acquisition Transaction” means any transaction or series of transactions that is not a Proposed Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 35%.
“Separation Agreement” means the Separation Agreement by and between the Parties dated as of [•], 2012.
“Single Business Tax Return” means any Tax Return including any consolidated, combined or unitary Tax Return, that includes assets or activities relating only to the Parent Business, on the one hand, or the Lift Truck Business, on the other (but not both), whether or not the Person charged by Law to file such Tax Return is engaged in the business to which the Tax Return relates.
 “Straddle Period” means any taxable period that begins on or before and ends after the Distribution Date.
“Straddle Period Income Tax Returns” mean, collectively, all Income Tax Returns required to be filed by a Party or any of its Subsidiaries for a Straddle Period.
“Subsidiary” has the meaning set forth in the Separation Agreement.
“Tax” means (i) all taxes, charges, fees, duties, levies, imposts, or other similar assessments, imposed by any U.S. federal, state or local or foreign governmental authority, including, but not limited to, income, gross receipts, excise, property, sales, use, license, capital stock, transfer, franchise, payroll, withholding, social security, value added, goods and services, consumption, and other taxes, (ii) any interest, penalties or additions attributable thereto and (iii) all liabilities in respect of any items described in clauses (i) or (ii) payable by reason of assumption, transferee or successor liability, operation of Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision under Law).
“Tax Attribute” means a net operating loss, net capital loss, tax credit, earnings and profits, overall foreign loss, separate limitation loss, previously taxed income, or any item of income, gain, loss, deduction, credit, recapture or other item that may have the effect of increasing or decreasing any Income Tax paid or payable.
“Tax Benefit” means the reduction in Taxes resulting from the payment by a Party (or its Subsidiaries) of amounts that are indemnified by the other Party under this Agreement or the Separation Agreement.
“Tax-Free Status of the Transactions” means the tax-free treatment accorded to the Contribution and the Distribution as set forth in the Opinion. 

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“Taxing Authority” means any governmental authority or any subdivision, agency, commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS).
“Tax Materials” has the meaning set forth in Section 6.1(a).
“Tax Matter” has the meaning set forth in Section 7.1(a)(i).
“Tax Package” means all relevant Tax-related information relating to the operations of the Parent Business or the Lift Truck Business, as applicable, that is reasonably necessary to prepare and file the applicable Tax Return.
“Tax Proceeding” means any audit, assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations.
“Tax Representation Letter” means any letter containing certain representations and covenants issued by Parent or any of its Subsidiaries to Counsel in connection with the Opinion.
“Tax Return” means any return, report, certificate, form or similar statement or document (including any related or supporting information or schedule attached thereto and any information return, or declaration of estimated Tax) required to be supplied to, or filed with, a Taxing Authority in connection with the payment, determination, assessment or collection of any Tax or the administration of any Laws relating to any Tax and any amended Tax return or claim for refund.
“Transfer Taxes” means all sales, use, transfer, real property transfer, intangible, recordation, registration, documentary, stamp or similar Taxes imposed on the Merger, the Contribution, or the Distribution.
“Treasury Regulations” means the final and temporary (but not proposed) Income Tax regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).
“Unqualified Tax Opinion” means a reasoned “will” opinion, without qualifications, of a nationally recognized law firm to the effect that a transaction will not affect the Tax-Free Status of the Transactions.  For purposes of this definition, an opinion is reasoned if it describes the reasons for the conclusions and includes the facts, assumptions, and supporting legal analysis.
 “U.S.” means the United States of America.
ARTICLE 2 
PREPARATION, FILING AND PAYMENT OF 
TAXES AND REFUNDS SHOWN ON TAX RETURNS
2.1    Responsibility of Parties to Prepare and File Pre-Closing Income Tax Returns and Straddle Period Income Tax Returns.
(a)    Parent Income Tax Returns.  Parent shall prepare and file (or cause a Parent Entity to prepare and file) all Income Tax Returns set forth on Schedule 2.1(a), and shall 

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pay (or cause such Parent Entity to pay) all Taxes shown to be due and payable on such Income Tax Returns.
(b)    HY Income Tax Returns.  HY shall prepare and file (or cause a HY Entity to prepare and file) all Income Tax Returns set forth on Schedule 2.1(b), and shall pay (or cause such HY Entity to pay) all Taxes shown to be due and payable on such Income Tax Returns.
2.2    Tax Return Procedures.
(a)    Mixed Business Income Tax Returns.
(i)    In connection with the preparation of any Mixed Business Income Tax Return pursuant to Section 2.1, HY will assist and cooperate with Parent by preparing and providing to Parent pro forma Tax Returns for HY and any HY Entity to be included in such Mixed Business Income Tax Return at least ninety (90) days before the Due Date of such Tax Return.  Pro forma Tax Returns shall be prepared in accordance with Parent’s past practices, accounting methods, elections and conventions (“Past Practice”), unless otherwise required by Law or agreed to in writing by Parent.  At its option and expense, Parent may engage an Accounting Firm of its choice to review the pro forma Tax Return, supporting documentation, and statements submitted by HY and in connection therewith, shall determine whether such Tax Return was prepared in accordance with Past Practice. Prior to engaging such Accounting Firm, Parent shall provide the suggested scope for such accounting review to HY for review and discussion.
(ii)    Parent shall prepare all Mixed Business Income Tax Returns consistent with Past Practice, the Opinion, and the Tax Representation Letter unless otherwise required by Law or agreed to in writing by HY.  In the event that there is no Past Practice for reporting a particular item or matter, (x) Parent shall determine the reporting of such item or matter provided that such determination is, in the reasonable opinion of Parent, at least more likely than not to be sustained and provided further that, (y) in respect to any item or matter excluded from (i), Parent and HY shall agree as to the reporting of such item.
(iii)    In connection with any Mixed Business Income Tax Return pursuant to Section 2.1(a), no later than forty-five (45) days prior to the Due Date of each such Tax Return, Parent shall make available or cause to be made available drafts of such Tax Return (together with all related work papers) to HY.  HY shall have access to any and all data and information necessary for the preparation of all such Mixed Business Income Tax Returns and the Parties shall cooperate fully in the preparation and review of such Tax Returns. Subject to the preceding sentence, no later than fifteen (15) days after receipt of such Mixed Business Income Tax Returns, HY shall have a right to object to such Mixed Business Income Tax Return (or items with respect thereto) by written notice to Parent; such written notice shall contain such disputed item (or items) and the basis for its objection.  HY shall pay to Parent no later than five (5) days prior to the Due Date of each such Tax Return the HY Allocable Portion of Taxes shown as due and payable on such Mixed Business Tax Return (net of any prepayment made against such amount).

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(iv)    With respect to a Mixed Business Income Tax Return delivered by Parent to HY pursuant to Section 2.2(a)(iii), if HY does not object by proper written notice described in Section 2.2(a)(iii), such Mixed Business Income Tax Return shall be deemed to have been accepted and agreed upon, and to be final and conclusive, for purposes of this Section 2.2(a)(iv).  If HY does object by proper written notice described in Section 2.2(a)(iii), Parent and HY shall act in good faith to resolve any such dispute as promptly as practicable; provided, however, that, notwithstanding anything to the contrary contained herein, if Parent and HY have not resolved the disputed item or items by the day five (5) days prior to the Due Date of such Mixed Business Income Tax Return, such Tax Return shall be filed as prepared pursuant to this Section 2.2(a) (revised to reflect all initially disputed items that Parent and HY have agreed upon prior to such date).  In the event that a Mixed Business Income Tax Return is filed that includes any disputed item for which proper notice was given pursuant to Section 2.2(a)(iii) that was not finally resolved and agreed upon, such disputed item (or items) shall be resolved in accordance with Section 8.1 (interpreted without regard to the requirement that the Accounting Firm render a determination no later than the Due Date of the Tax Return at issue).  In the event that the resolution of such disputed item (or items) in accordance with Section 8.1 with respect to a Mixed Business Income Tax Return is inconsistent with such Mixed Business Income Tax Return as filed, Parent (with cooperation from HY, if necessary) shall, as promptly as practicable, amend such Tax Return to properly reflect the final resolution of the disputed item (or items).  In the event that the amount of Taxes shown to be due and owing on a Mixed Business Income Tax Return is adjusted as a result of a resolution pursuant to this Section 2.2(a)(iv), proper adjustment shall be made to the amounts previously paid or required to be paid in a manner that reflects such resolution.
(b)    Single Business Tax Returns.
(i)    Parent shall prepare and file (or cause a Parent Entity to prepare and file) any Single Business Tax Return for a Pre-Closing Period or a Straddle Period required to be filed by Parent or a Parent Entity and shall pay, or cause such Parent Entity to pay, all Taxes shown to be due and payable on such Tax Return.  For the avoidance of doubt, the Single Business Tax Returns subject to this Section 2.2(b)(i) shall be set forth on Schedule 2.1(a).
(ii)    HY shall prepare and file (or cause a HY Entity to prepare and file) any Single Business Tax Return for a Pre-Closing Period or a Straddle Period required to be filed by HY or a HY Entity and shall pay, or cause such HY Entity to pay, all Taxes shown to be due and payable on such Tax Return.  For the avoidance of doubt, the Single Business Tax Returns subject to this Section 2.2(b)(ii) shall be set forth on Schedule 2.1(b).
2.3    Post-Closing Income Tax Returns and Non-Income Tax Returns.  The Party or its Subsidiary responsible under applicable Law for filing a Post-Closing Income Tax Return or a Non-Income Tax Return shall prepare and timely file or cause to be prepared and timely filed that Tax Return (at that Party’s own cost and expense) and shall pay all Taxes shown to be due and payable on such Post-Closing Tax Return or Non-Income Tax Return.
2.4    Timing of Payments to Taxing Authority.  All Taxes required to be paid or caused to be paid by either Parent, a Parent Entity, HY or a HY Entity, as the case may be, to an 

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applicable Taxing Authority, shall be paid on or before the Due Date for the payment of such Taxes.
2.5    Expenses.  Except as provided otherwise herein, each Party shall bear its own expenses incurred in connection with this Article 2.
2.6    Coordination with Article 4.  This Article 2 shall not apply to any amended Tax Returns, such amended Tax Returns being governed by Article 4.
ARTICLE 3 
PAYMENT OF TAXES AND INDEMNIFICATION
3.1    Payment and Indemnification by Parent.  Parent shall pay, and shall indemnify and hold the HY Indemnified Parties harmless from and against, without duplication, (i) all Parent Taxes, (ii) all Taxes incurred by HY or any HY Entity by reason of the breach by Parent of any of its representations, warranties or covenants hereunder, and (iii) any costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses). 
3.2    Payment and Indemnification by HY.  HY shall pay, and shall indemnify and hold the Parent Indemnified Parties harmless from and against, without duplication, (i) all HY Taxes, (ii) all Taxes incurred by Parent or any Parent Entity by reason of the breach by HY of any of its representations, warranties or covenants hereunder, and (iii) any costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses).
3.3    Timing of Tax Payments.  Unless otherwise provided in this Agreement, in the event that an Indemnifying Party is required to make a payment to an Indemnified Party pursuant to this Agreement, the Indemnified Party shall deliver written notice of the payments to the Indemnifying Party, including proof of payment to the Taxing Authority, in accordance with Section 8.18 on the last day of the calendar quarter in which the obligation giving rise to the indemnification payment must be satisfied, and the Indemnifying Party shall be required to make payment to the Indemnified Party within ten (10) days after notice of such payment is delivered to the Indemnifying Party.
3.4    Characterization of and Adjustments to Payments.
(a)    For all Tax purposes, Parent and HY agree to treat (i) any payment required by this Agreement (other than payments of expenses, interest pursuant to Section 8.3, and any item described in (ii) below) as a payment of an assumed or retained liability, as the case may be, or as either a contribution by Parent to HY or a distribution by HY to Parent, as the case may be, occurring immediately prior to the Distribution Date and (ii) any payment (x) of Taxes to or Refunds received from a Taxing Authority which either gives rise to a tax deduction or taxable income, or (y) of interest, as tax deductible, or includible in, taxable income, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in either case, except as otherwise required by applicable Law.

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(b)    Any indemnity payment under this Article 3 or the Separation Agreement shall be increased to take into account any inclusion in income of the Indemnified Party arising from the receipt of such indemnity payment and shall be decreased to take into account any reduction in income of the Indemnified Party arising from the payment by the Indemnified Party of such indemnified liability.  For purposes hereof, any inclusion or reduction shall be determined (i) using the highest applicable marginal U.S. federal corporate income tax rate in effect at the time of the determination (and excluding any state income tax effect of such inclusion or reduction) and (ii) assuming that the Indemnified Party will be liable for Taxes at such rate, has sufficient taxable income to use any tax deduction, and has no Tax Attributes at the time of the determination.
ARTICLE 4 
REFUNDS, CARRYBACKS, AMENDMENTS AND TAX ATTRIBUTES
4.1    Refunds.
(a)    Except as provided in Section 4.2, Parent shall be entitled to all Refunds of Taxes for which Parent is or may be liable pursuant to Article 3, and HY shall be entitled to all Refunds of Taxes for which HY is or may be liable pursuant to Article 3. A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled within ten (10) days after the receipt of the Refund.
(b)    Notwithstanding Section 4.1(a), to the extent that a Party applies or causes to be applied an overpayment of Taxes as a credit toward or a reduction in Taxes otherwise payable (or a Taxing Authority requires such application in lieu of a Refund) and such overpayment of Taxes, if received as a Refund, would have been payable by such Party to the other Party pursuant to this Section 4.1, such Party shall pay such amount to the other Party no later than the Due Date of the Tax Return for which such overpayment is applied to reduce Taxes otherwise payable.
(c)    In the event of an Adjustment relating to Taxes for which one Party is or may be liable pursuant to Article 3 which would have given rise to a Refund but for an offset against the Taxes for which the other Party is or may be liable pursuant to Article 3 (the “Benefited Party”), then the Benefited Party shall pay to the other Party, within ten (10) days of the Final Determination of such Adjustment an amount equal to the lesser of (i) the amount of such hypothetical Refund or (ii) the amount of such reduction in the Taxes of the Benefited Party, in each case plus interest at the rate set forth in Section 6621(a)(1) of the Code on such amount for the period from the filing date of the Tax Return that would have given rise to such Refund to the payment date to the other Party.
(d)    To the extent that the amount of any Refund under this Section 4.1 is later reduced by a Taxing Authority or as the result of a Tax Proceeding, such reduction shall be allocated to the Party that was entitled to such Refund pursuant to this Section 4.1 and an appropriate adjusting payment shall be made by such Party to the other Party if the other Party originally paid the Refund to such Party.  For the avoidance of doubt, this Section 4.1(d) is intended to make whole the other Party that was not entitled to the Refund.

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4.2    Carrybacks.
(a)    Each Party shall be permitted (but not required) to carry back (or to cause its Subsidiaries to carry back) a loss, credit, or other Tax Attribute realized in a Post-Closing Period or a Straddle Period to a Pre-Closing Period or a Straddle Period; provided, however, that if such carryback would reasonably be expected to adversely impact the other Party (including through an increase in Taxes or a loss or reduction in the utilization of a loss, credit, or other Tax Attribute regardless of whether or when such loss, credit, or other Tax Attribute otherwise would have been used), such carryback shall not be permitted without first obtaining the prior written consent of such other Party, which consent shall not be unreasonably withheld or delayed.
(b)    
(i)    Subject to Sections 4.2(c) and 4.2(d), in the event that any member of the HY Group chooses to (or is required to under applicable Law), and is permitted to under Section 4.2(a), carry back a loss, credit, or other Tax Attribute, Parent shall cooperate with HY and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax Return) at HY’s cost and expense.  HY (or such member) shall be entitled to any Refund realized by any member of the Parent Group or HY Group as a result of the carryback reduced by the value of any additional Tax Attributes allocable to any member of the HY Group as a result of the carryback.  For purposes of the preceding sentence, the value of additional Tax Attributes shall be computed by assuming that they can be immediately and fully utilized by the HY Group
(ii)    Subject to Sections 4.2(c) and 4.2(d), in the event that any member of the Parent Group chooses to (or is required to under applicable Law), and is permitted to under Section 4.2(a), carry back a loss, credit, or other Tax Attribute, HY shall cooperate with Parent and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax Return) at Parent’s cost and expense.  Parent shall be entitled to any Refund realized by any member of the HY Group or Parent Group as a result of the carryback reduced by the value of any additional Tax Attributes allocable to any member of the Parent Group as a result of the carryback.  For purposes of the preceding sentence, the value of additional Tax Attributes shall be computed by assuming that they can be immediately and fully utilized by the Parent Group.
(c)    Except as otherwise provided by applicable Law, if any loss, credit or other Tax Attribute of the Parent Business and the Lift Truck Business both would be eligible to be carried back or carried forward to the same Pre-Closing Period (had such carryback been the only carryback to such taxable period) (such amount for each of Parent Business and the Lift Truck Business separately referred to as the “Carryback Amount” and the sum of both amounts returned to as the “Aggregate Carryback Amount”), any Refund resulting therefrom shall be allocated between Parent and HY proportionately based on the ratio of the Parent Business Carryback Amount to the Aggregate Carryback Amount and the Lift Truck Business Carryback Amount to the Aggregate Carryback Amount, respectively, would have been entitled had such carryback been the only carryback to such taxable period.  Appropriate adjustments to the allocation of any Refund under the preceding sentence shall be made if the carryback results in 

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any additional Tax Attributes being allocated to the Parent Group or the HY Group (for example, under the regulations applicable to U.S. federal consolidated income tax returns) to the extent necessary to cause the Parent Group, on the one hand, and the HY Group, on the other hand, to proportionately benefit from such carryback.
(d)    To the extent the amount of any Refund under this Section 4.2 is later reduced by a Tax Authority or a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.2.
4.3    Amended Tax Returns.
(a)    Mixed Business Income Tax Returns.  Parent shall, in its sole discretion, be permitted to amend or file, or to cause HY or any HY Entity to amend or file (and HY shall, if Parent so chooses, amend or file or cause the applicable HY Entity to amend or file), any Mixed Business Income Tax Return for a Pre-Closing Period or a Straddle Period; provided, however, that unless otherwise required by a Final Determination, Parent shall not be permitted to so amend or file any such Mixed Business Income Tax Return to the extent that any such amendment or filing (i) would reasonably be expected to materially adversely impact HY (including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been used), (ii) would be inconsistent with Past Practice, or (iii) would be inconsistent with the Opinion or Tax Representation Letter, in each case without the prior written consent of HY, which consent shall not be unreasonably withheld or delayed.  If requested in writing by HY at least sixty (60) days prior to the expiration of the applicable statute of limitations, Parent shall amend or file any Mixed Business Income Tax Return for a Pre-Closing Period or a Straddle Period to reflect changes proposed by HY; provided, however, that HY shall reimburse Parent for all reasonable out-of-pocket costs and expenses incurred by Parent in amending or filing such Mixed Business Income Tax Return; provided, further, that unless otherwise required by a Final Determination, Parent shall not be required to so amend or file any such Mixed Business Income Tax Return to the extent that any such amendment or filing (i) would reasonably be expected to materially adversely impact Parent (including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been used), (ii) would be inconsistent with Past Practice, or (iii) would be inconsistent with the Opinion or Tax Representation Letter.  
(b)    Non-Income Tax Returns and Single Business Tax Returns.
(i)    Parent.  Parent shall, in its sole discretion, be permitted to amend or file (or cause or permit to be amended) any Non-Income Tax Return or Single Business Tax Return that was filed by Parent (or any Parent Entity) pursuant to Section 2.2(b)(i) or Section 2.3 for a Pre-Closing Period or Straddle Period; provided, however, that if Parent wishes to amend or file any such Tax Return for which HY may be liable for Taxes pursuant to this Agreement, then, unless otherwise required by Law or a Final Determination, Parent shall not be permitted to so amend or file (or cause or permit to be amended or filed) any such Non-Income Tax Return or Single Business Tax Return, as the case may be, to the extent that any such amendment (i) would reasonably be expected to impact HY (through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been 

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used), (ii) would be inconsistent with Past Practice, or (iii) would be inconsistent with the Opinion or Tax Representation Letter, in each case without the prior written consent of HY, which consent shall not be unreasonably withheld or delayed.
(ii)    HY.  HY shall, in its sole discretion, be permitted to amend or file (or cause or permit to be amended) any Non-Income Tax Return or Single Business Tax Return that was filed by HY (or any HY Entity) pursuant to Section 2.2(b)(ii) or Section 2.3 for a Pre-Closing Period or Straddle Period; provided, however, that if HY wishes to amend or file any such Tax Return for which Parent may be liable for Taxes pursuant to this Agreement, then, unless otherwise required by Law or a Final Determination, HY shall not be permitted to so amend or file (or cause or permit to be amended or filed) any such Non-Income Tax Return or Single Business Tax Return, as the case may be, to the extent that any such amendment (i) would reasonably be expected to impact Parent (through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been used), (ii) would be inconsistent with Past Practice, or (iii) would be inconsistent with the Opinion or Tax Representation Letter, in each case without the prior written consent of Parent, which consent shall not be unreasonably withheld or delayed.
(c)    Post-Closing Income Tax Returns.  A Party (or its Subsidiary) that files a Post-Closing Income Tax Return pursuant to Section 2.3 shall be permitted to amend such Post-Closing Income Tax Return without the consent of the other Party.
4.4    Tax Attributes.
(a)    Tax Attributes arising in a Pre-Closing Period shall be allocated to the Parent Group and the HY Group in accordance with the Code and Treasury Regulations (and any applicable state, local and foreign Law).  Parent and HY shall jointly determine the allocation of such Tax Attributes arising in Pre-Closing Periods as soon as reasonably practicable following the Distribution Date, and shall compute all Taxes for Post-Closing Periods consistently with that determination unless otherwise required by a Final Determination.
(b)    Except as otherwise provided herein, to the extent that the amount of any Tax Attribute is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to Section 4.4(a).
ARTICLE 5     
 
TAX PROCEEDINGS
5.1    Notification of Tax Proceedings.  Within ten (10) days after an Indemnified Party (or its Subsidiary) becomes aware of the commencement of a Tax Proceeding that may give rise to Taxes for which an Indemnifying Party is responsible pursuant to Article 3, such Indemnified Party shall provide notice to the Indemnifying Party of such Tax Proceeding, and thereafter shall promptly forward or make available to the Indemnifying Party copies of notices and communications relating to such Tax Proceeding. The failure of the Indemnified Party to provide 

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notice to the Indemnifying Party of the commencement of any such Tax Proceeding within such ten (10)-day period or promptly forward any further notices or communications shall not relieve the Indemnifying Party of any obligation which it may have to the Indemnified Party under this Agreement except to the extent that the Indemnifying Party is actually prejudiced by such failure.
5.2    Tax Proceeding Procedures.  The Indemnifying Party, in its sole discretion, and at its own expense, shall be entitled to control, administer, contest, litigate, compromise and settle any Adjustment proposed, asserted or assessed pursuant to any Tax Proceeding for which the Indemnifying Party is responsible pursuant to Article 3 and any such actions taken by the Indemnifying Party shall be made diligently and in good faith; provided that, the Indemnifying Party shall keep the Indemnified Party informed in a timely manner of all actions proposed to be taken by the Indemnifying Party and shall permit the Indemnified Party to comment in advance on the Indemnifying Party’s oral or written submissions with respect to such Tax Proceeding; provided further that, if such Adjustment (or any actions proposed to be taken with respect thereto) would reasonably be expected to give rise to Taxes in a Post-Closing Period of the Indemnified Party in an amount of $100,000, determined on an annual basis, then, the Indemnifying Party shall (a) prepare all correspondence or filings to be submitted to any Taxing Authority or judicial authority in a manner consistent with the Tax Return, which is the subject of such Adjustment, as filed and timely provide the Indemnified Party with copies of any such correspondence or filings for the Indemnified Party’s prior review and comment, (b) provide the Indemnified Party with written notice reasonably in advance of, and the Indemnified Party shall have the right to attend and participate in, any formally scheduled meetings with any Taxing Authority or hearings or proceedings before any judicial authority with respect to such Adjustment, (c) not enter into any settlement with any Taxing Authority with respect to such Adjustment without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld and (d) not contest such Adjustment before a judicial authority unless (A) such Adjustment would reasonably be expected to give rise to Taxes payable by the Indemnifying Party in an amount greater than $100,000 or (B) the Indemnifying Party has received an opinion of a nationally recognized law firm that it is more likely than not to prevail on the merits.
5.3    Tax Proceeding Cooperation.  The Parties shall act in good faith and use their reasonable best efforts to cooperate fully with the other Party (and its Subsidiaries) in connection with such Tax Proceeding and shall provide or cause their Subsidiaries to provide such information to each other as may be necessary or useful with respect to such Tax Proceeding in a timely manner, identify and provide access to potential witnesses, and other persons with knowledge and other information within its control and reasonably necessary  to the resolution of the Tax Proceeding.  The Indemnified Party shall (and shall cause its Subsidiaries to) execute and deliver to the Indemnifying Party any power of attorney or other document reasonably requested by the Indemnifying Party in connection with any Tax Proceeding described in Section 5.1.  Any extension of the statute of limitations for any Taxes or a Tax Return for any Pre-Closing Period or a Straddle Period shall be made by the Indemnified Party at the request of the Indemnifying Party.

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5.4    Correlative Adjustments.  If as a result of a Final Determination, a Party (or its Subsidiary) becomes entitled to an increase of an item of deduction, loss, or credit (or a reduction of an item of income or gain) that is included in a Pre-Closing Period or the portion of a Straddle Period ending on the Distribution Date, and another Party (or its Subsidiary) suffers a correlative disallowance of an item of deduction, loss, or credit (or an increase of an item of income or gain) that is included in a Pre-Closing Period or the portion of a Straddle Period ending on the Distribution Date, the former Party shall pay any amount it actually realizes as a result of the Tax benefit to the latter Party, but only to the extent of the latter Party’s detriment.  For purposes of this Section 5.4, the computation of any Tax benefit, on the one hand, and Tax detriment, on the other hand, shall be made taking into account any increase or decrease in Tax Attributes allocable to the Parent Group and the HY Group as a result of the Final Determination described in this Section 5.4.
ARTICLE 6 
TAX-FREE STATUS OF THE TRANSACTIONS
6.1    Representations and Warranties.
(a)    HY.  HY hereby represents and warrants or covenants and agrees, as appropriate, that
(i)    it has examined (A) the Opinion, (B) the Tax Representation Letter, and (C) any other materials delivered or deliverable by Parent or HY in connection with the rendering by Counsel of the Opinion (all of the foregoing, collectively, the “Tax Materials”),
(ii)    the facts presented and the representations made therein, to the extent descriptive of the HY Group (including the business purposes for the Merger, the Contribution, and the Distribution as described in the Opinion and the other Tax Materials to the extent that they relate to the HY Group and the plans, proposals, intentions and policies of the HY Group), are, or will be from the time presented or made through and including the Distribution Date and thereafter as relevant, true, correct and complete in all respects,
(iii)    it knows of no fact (after due inquiry) that may negate the Tax-Free Status of the Transactions, and
(iv)    neither it, nor any of its Subsidiaries, has any plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials.
(b)    Parent.  Parent hereby represents and warrants or covenants and agrees, as appropriate, that
(i)    it has examined the Tax Materials,
(ii)    it has delivered complete and accurate copies of the Tax Materials to HY, and the facts presented and the representations made therein, to the extent descriptive of 

17

the Parent Group (including the business purposes for the Merger, the Contribution, and the Distribution as described in the Opinion, and the other Tax Materials to the extent that they relate to the Parent Group and the plans, proposals, intentions and policies of the Parent Group), are, or will be from the time presented or made through and including the Distribution Date and thereafter as relevant, true, correct and complete in all respects,
(iii)    it knows of no fact (after due inquiry) that may negate the Tax-Free Status of the Transactions, and
(iv)    neither it, nor any of its Subsidiaries, has any plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials. 
6.2    Limits on Proposed Acquisition Transactions and Other Transactions During Restriction Period.  
(a)    During the Restriction Period, Parent and HY:
(i)    shall continue and cause to be continued the active conduct of the Coal Mining Business and the Lift Truck Business, in each case taking into account Section 355(b)(3) of the Code and as conducted immediately prior to the Distribution;
(ii)    shall not voluntarily dissolve, liquidate, or partially liquidate (including any action that is treated as a liquidation for federal Income Tax purposes);
(iii)    shall not enter into any Proposed Acquisition Transaction or, approve any Proposed Acquisition Transaction, or permit any Proposed Acquisition Transaction to occur;
(iv)    shall not redeem or otherwise repurchase (directly or through an Affiliate) any stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48 (provided, however, that the fact that any such redemption or repurchase satisfies Section 4.05(1)(b) of Revenue Procedure 96-30 shall not prevent such redemption or repurchase from being considered, or taken into account for purposes of another transaction constituting, a Proposed Acquisition Transaction, in which case clause (iii) shall apply);
(v)    shall not amend its certificate of incorporation (or other organizational documents), or take any other action or approve or permit the taking of any action, whether through a stockholder vote or otherwise, affecting the relative voting rights of the capital stock (including through the conversion of any capital stock into another class of capital stock);
(vi)    shall not issue shares of a new class of nonvoting stock;
(vii)    shall not merge or consolidate with any other Person; provided, however, that if Parent or HY acquires equity of another Person in a transaction that is not 

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otherwise described in clauses (i) through (vi), (viii), or (ix) of this Section 6.2(a), then the merger or consolidation of such Person with and into Parent or HY (with Parent or HY surviving), as applicable, shall not constitute a merger or consolidation described in this clause (vii);
(viii)    shall not sell, transfer, or otherwise dispose of or agree to, sell, transfer or otherwise dispose of (including in any transaction treated for U.S. federal Income Tax purposes as a sale, transfer or disposition, and including any sale, transfer or other disposition to an Subsidiary or otherwise) assets (including, any shares of capital stock of a Subsidiary) that, in the aggregate, constitute more than 35% of its consolidated gross or net assets.  The foregoing sentence shall not apply to (A) sales, transfers, or dispositions of assets in the Ordinary Course of Business, (B) any cash paid to acquire assets from an unrelated Person in an arm’s-length transaction, (C) any assets transferred to a Person that is disregarded as an entity separate from the transferor for U.S. federal Income Tax purposes or (D) any mandatory or optional repayment (or pre-payment) of any indebtedness of such company.  The percentages of consolidated gross and net assets sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross or net assets, as the case may be, of Parent and HY, as applicable, as of the Distribution Date.  For purposes of this Section 6.2(a)(viii), a merger of Parent or HY with and into any Person shall constitute a disposition of all of the assets of Parent or HY, respectively;
(ix)    shall not take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation made in the Tax Materials) which in the aggregate (and taking into account any other transactions described in this Section 6.2(a)) would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in Parent or HY or otherwise jeopardize the Tax-Free Status of the Transactions.
(b)    Notwithstanding the restrictions imposed by Section 6.2(a), during the Restriction Period, Parent and HY shall be permitted to take such action or one or more actions set forth in the foregoing clauses (i) through (ix), if, prior to taking any such actions, the Party taking the action (the “Acting Party”) set forth in the foregoing clauses (i) through (ix) shall (1) have received a favorable private letter ruling from the IRS, or a ruling from another appropriate Taxing Authority that confirms that such action or actions will not affect the Tax-Free Status of the Transactions, taking into account such actions and any other relevant transactions in the aggregate (a “Post-Distribution Ruling”), in form and substance satisfactory to the other Party (the “Non-Acting Party”), or (2) have received an Unqualified Tax Opinion that confirms that such action or actions will not affect the Tax-Free Status of the Transactions, or (3) the Non-Acting Party shall have waived in writing the requirement to obtain such ruling or opinion.  In determining whether a ruling or opinion is satisfactory, the Non-Acting Party shall exercise its discretion, in good faith, solely to preserve the Tax-Free Status of the Transactions and may consider, among other factors, the appropriateness of any underlying assumptions or representations used as a basis for the ruling or opinion and the Non-Acting Party’s views on the substantive merits of such ruling or opinion.  The Acting Party shall provide a copy of the Post-Distribution Ruling or the Unqualified Tax Opinion described in this paragraph to the Non-

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Acting Party as soon as practicable prior to taking or failing to take any action set forth in the foregoing clause (i) through (ix).  The Acting Party shall bear all costs and expenses of securing any such Post-Distribution Ruling or Unqualified Tax Opinion and shall reimburse the Non-Acting Party for all reasonable out-of-pocket costs and expenses that the Non-Acting Party may incur in good faith in seeking to obtain or evaluate any such Post-Distribution Ruling or Unqualified Tax Opinion.
(c)    Certain Issuances of Capital Stock.  If a Party proposes to enter into any Section 6.2(c) Acquisition Transaction or, to the extent such Party has the right to prohibit any Section 6.2(c) Acquisition Transaction, proposes to permit any Section 6.2(c) Acquisition Transaction to occur, in each case, during the Restriction Period, such Party shall provide the other Party, no later than ten (10) days following the signing of any written agreement with respect to any such Section 6.2(c) Acquisition Transaction, with a written description of such transaction (including the type and amount of such Party’s capital stock to be issued in such transaction).
6.3    Tax Counsel Advance Conflict Waiver.  Unless prohibited by Law or the ethical rules applicable to attorneys, each of the Parties agrees to waive or to cause its Affiliates to waive in advance any conflicts that must be waived in order to permit McDermott Will & Emery LLP or Jones Day to (i) evaluate whether a Party’s proposed action or actions constitute any of the actions described in clauses (i) through (ix) in Section 6.2(a) or (ii) issue any Unqualified Tax Opinion to be obtained by a Party pursuant to this Article 6.
ARTICLE 7 
COOPERATION
7.1    General Cooperation.
(a)    The Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to cooperate fully) with all reasonable requests in writing (“Information Request”) from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax Returns (including the preparation of Tax Packages), claims for Refunds, Tax Proceedings, and calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of any of the Parties or their respective Subsidiaries covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter (“Information”) and shall include, without limitation, at each Party’s own cost:
(i)    the provision of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities;

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(ii)    the execution of any document (including any power of attorney) in connection with any Tax Proceedings of any of the Parties or their respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries;
(iii)    the use of the Party’s reasonable best efforts to obtain any documentation in connection with a Tax Matter; and
(iv)    the use of the Party’s reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers, and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of the Parties or their Subsidiaries.
Each Party shall make its employees, advisors, and facilities available, without charge, on a reasonable and mutually convenient basis in connection with the foregoing matters.
7.2    Retention of Records.  Parent and HY shall retain or cause to be retained all Tax Returns, schedules and workpapers, and all material records or other documents relating thereto in their possession, until sixty (60) days after the expiration of the applicable statute of limitations (including any waivers or extensions thereof) of the taxable periods to which such Tax Returns and other documents relate or until the expiration of any additional period that any Party reasonably requests, in writing, with respect to specific material records or documents. A Party intending to destroy any material records or documents shall provide the other Party with reasonable advance notice and the opportunity to copy or take possession of such records and documents. The Parties hereto will provide notice to each other in writing of any waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained.
ARTICLE 8 
MISCELLANEOUS
8.1    Dispute Resolution.
(a)    Except as otherwise provided herein, in the event of any dispute between the Parties as to any matter covered by this Agreement, the dispute shall be governed by the procedures set forth in Section 8.1(b) of this Agreement.
(b)    With respect to any dispute governed by this Section 8.1(b), the Parties shall appoint a nationally recognized independent public accounting firm (the “Accounting Firm”) to resolve such dispute. In this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Parent and HY and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall be required to make a determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes no later than forty-five (45) days after the submission of such dispute to the Accounting Firm, but in no event later than the Due Date for the payment of Taxes or the filing of the applicable Tax Return, if applicable, and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a 

21

manner consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with the Past Practices of Parent and its Subsidiaries, except as otherwise required by applicable Law. The Parties shall require the Accounting Firm to render all determinations in writing and to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be paid by the non-prevailing Party.
8.2    Tax Sharing Agreements.  All Tax sharing, indemnification and similar agreements, written or unwritten, as between Parent, on the one hand, and HY or a HY Entity, on the other (other than this Agreement), shall be or shall have been terminated no later than the effective time of the Distribution and, after the effective time of the Distribution, none of Parent, HY or a HY Entity shall have any further rights or obligations under any such Tax sharing, indemnification or similar agreement.
8.3    Interest on Late Payments.  With respect to any payment between the Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the 1-month LIBOR plus 350 basis points.
8.4    Survival of Covenants.  Except as otherwise contemplated by this Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date and remain in full force and effect in accordance with their applicable terms, provided, however, that the representations and warranties and all indemnification for Taxes shall survive until ninety (90) days following the expiration of the applicable statute of limitations (taking into account all extensions thereof), if any, of the Tax that gave rise to the indemnification, provided, further, that, in the event that notice for indemnification has been given within the applicable survival period, such indemnification shall survive until such time as such claim is finally resolved.
8.5    Termination.  Notwithstanding any provision to the contrary, this Agreement may be terminated at any time prior to the Distribution Date by and in the sole discretion of Parent without the prior approval of any Person, including HY. In the event of such termination, this Agreement shall become void and no Party, or any of its officers and directors shall have any liability to any Person by reason of this Agreement. After the Distribution Date, this Agreement may not be terminated except by an agreement in writing signed by each of the Parties to this Agreement.
8.6    Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner.
8.7    Entire Agreement; Exclusivity.  Except as otherwise expressly provided in this Agreement, this Agreement (including the Schedules thereto) constitutes the entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersedes all prior 

22

agreements and undertakings, both written and oral, between or on behalf of the Parties hereto with respect to the subject matter of this Agreement.  Except as specifically set forth in the Separation Agreement, all matters related to Taxes or Tax Returns of the Parties and their respective Subsidiaries shall be governed exclusively by this Agreement.  In the event of a conflict between this Agreement and the Separation Agreement with respect to such matters, this Agreement shall govern and control.
8.8    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns; provided, however, that the rights and obligations of either Party under this Agreement shall not be assignable by such Party without the prior written consent of the other Party.  The successors and permitted assigns hereunder shall include any permitted assignee as well as the successors in interest to such permitted assignee (whether by merger, liquidation (including successive mergers or liquidations) or otherwise).
8.9    Third-Party Beneficiaries.  Except as provided in Article 3 with respect to the HY Indemnified Parties and the Parent Indemnified Parties, this Agreement is for the sole benefit of the Parties to this Agreement and their respective Subsidiaries and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
8.10    Specific Performance.  Subject to the provisions of Section 8.1, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief (on an interim or permanent basis) of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, may be inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by the Parties to this Agreement.
8.11    Amendment.  No provision of this Agreement may be amended or modified except by a written instrument signed by the Parties to this Agreement. No waiver by any Party of any provision of this Agreement shall be effective unless explicitly set forth in writing and executed by the Party so waiving. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach.
8.12    Rules of Construction.  Interpretation of this Agreement shall be governed by the following rules of construction: (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires; (ii) references to the terms Article, Section, paragraph, clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, exhibits and schedules of this Agreement unless otherwise specified; (iii) the terms “hereof,” “herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits 

23

hereto; (iv) references to “$” shall mean U.S. dollars; (v) the word “including” and words of similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (vi) the word “or” shall not be exclusive; (vii) references to “written” or “in writing” include in electronic form; (viii) provisions shall apply, when appropriate, to successive events and transactions; (ix) the table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (x) Parent and HY have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; and (xi) a reference to any Person includes such Person’s successors and permitted assigns.
8.13    Counterparts.  This Agreement may be executed in one or more counterparts each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of any such Agreement. 
8.14    Coordination with the Separation Agreement.  To the extent any covenants or agreements between the Parties with respect to employee withholding Taxes are set forth in the Separation Agreement, such Taxes shall be governed exclusively by the Separation Agreement and not by this Agreement.
8.15    Effective Date.  This Agreement shall become effective only upon the occurrence of the Distribution.
8.16    Governing Law.  This Agreement shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware irrespective of the choice of Laws principles of the State of Delaware.
8.17    Force Majeure.  No party hereto (or any Person acting on its behalf) shall have any liability or responsibility for failure to fulfill any obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure.  A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event, (i) notify the other Party of the nature and extent of any such Force Majeure condition and (ii) use commercially reasonable efforts to remove any such causes and resume performance under this Agreement as soon as feasible.
8.18    Notices.  All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt confirmed, by electronic mail with receipt confirmed or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following 

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addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 8.18):
If to Parent, to:
NACCO Industries, Inc.
5875 Landerbrook Dr., Suite 200
Cleveland, OH 44124
Attention:    Frank Brown
        
EMail:    Brown@naccoind.com

if to HY:
Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Dr., Suite 300
Cleveland, OH 44124
Attention:    Greg Breier
        
EMail:    Greg.Breier@nmhg.com

8.19    No Circumvention.  Each Party agrees not to directly or indirectly take any actions, act in concert with any Person who takes any action, or cause or allow any of its Subsidiaries to take any actions (including the failure to take any reasonable action) such that the resulting effect is to materially undermine the effectiveness of any of the provisions of this Agreement (including adversely affecting the rights or ability of any Party to successfully pursue indemnification or payment pursuant to the provisions of this Agreement).
8.20    No Duplication; No Double Recovery.  Nothing in this Agreement is intended to confer or impose upon any Party a duplicative right, entitlement, obligation, or recovery with respect to any matter arising out of the same facts and circumstances.
 [The remainder of this page is intentionally left blank.]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.

	
		
	NACCO Industries, Inc.
	Hyster-Yale Materials Handling, Inc.

	 
	 

	Name: /s/ Charles A. Bittenbender       
	Name: /s/ Suzanne S. Taylor           

	Title: Vice President           
	Title: Associate General Counsel and Assistant Secretary                   

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Schedule 2.1(a) Parent Income Tax Returns
All Pre-Closing Period or Straddle Period U.S. federal Income Tax Returns of Parent and its subsidiaries.
All U.S. state Income Tax Returns and non-U.S. Income Tax Returns required to be filed by Parent or any Parent Entity.

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Schedule 2.1(b) HY Income Tax Returns
All U.S. state Income Tax Returns and non-U.S. Income Tax Returns required to be filed by HY or any HY Entity.

28EX 10.4 Hyster-Yale Stockholders Agreement

Exhibit 10.4

STOCKHOLDERS’ AGREEMENT

dated as of 
 
September 28, 2012

STOCKHOLDER'S AGREEMENT

TABLE OF CONTENTS

	
				
	 
	 
	Page

	 
	 
	 

	1.
	Definitions
	1
	

	2.
	Permitted Transfers
	6
	

	3.
	Transfers for Which First Refusal Procedure is Required
	7
	

	4.
	First Refusal Procedures
	10
	

	5.
	Representations and Warranties
	15
	

	6.
	Changes in Shares of Class B Common Stock
	16
	

	7.
	Compliance Provisions
	17
	

	8.
	Amendment and Termination
	18
	

	9.
	Further Assurances
	19
	

	10.
	Miscellaneous
	20
	

	11.
	Power of Attorney
	21
	

	12.
	Voting of Class B Common Stock
	22
	

1

STOCKHOLDERS’ AGREEMENT
This STOCKHOLDERS’ AGREEMENT (this “Agreement”) dated as of September 28, 2012 by and among the signatories hereto (“Participating Stockholders,” as described in Section 1.14 hereof), Hyster-Yale Materials Handling, Inc., a Delaware corporation (the “Corporation”), and the Depository (as described in Section 1.10 hereof).  

W I T N E S S E T H:
WHEREAS, the Participating Stockholders own of record or beneficially shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation; and 
WHEREAS, the Participating Stockholders desire to subject the transfer of all of the shares of Class B Common Stock now owned or hereafter acquired by them to certain mutually agreeable limitations;
NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth and other good and valuable consideration had and received, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.Definitions.
1.1    The term “Administrator” shall mean the Corporation, as administrator under this Agreement, shall include any other corporation or other entity to which this Agreement may be assigned, by operation of law or otherwise, in connection with any merger, reorganization, consolidation or other corporate transaction having an effect similar to the foregoing.
1.2    The term “Agreement” shall have the meaning set forth in the introductory paragraph above.

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1.3    The term “Amendment” shall mean the Amendment to Stockholders’ Agreement substantially in the form of Exhibit A hereto.
1.4    The term “business day” means any day other than Saturday, Sunday or a day on which commercial banks are authorized or required to close in Cleveland, Ohio, and shall consist of the time period from 12:01 a.m. through 12:00 midnight, Eastern Standard Time or Eastern Daylight Savings Time, whichever is then in effect in Cleveland, Ohio.  In computing any time period for purposes of this Agreement, the date of the event which begins the running of such time period shall be included, except that if such event occurs on other than a business day such period shall begin to run on and shall include the first business day thereafter.
1.5    The term “Charitable Organization” shall mean an organization to which contributions are deductible for federal income, estate or gift tax purposes and which is established by one or more Participating Stockholders.
1.6    The term “Class A Common Stock” shall mean Class A Common Stock, par value $0.01 per share, of the Corporation.
1.7    The term “Class B Common Stock” shall have the meaning assigned to it in the first WHEREAS clause of this Agreement.
1.8    The term “Corporation” shall have the meaning assigned to it in the introductory paragraph of this Agreement.
1.9    The term “current trust interest” means the interest of any beneficiary of a trust to whom income or principal is currently distributable either in the discretion of the trustee or otherwise.
1.10    The term “Depository” shall mean the Administrator.
1.11    The term “Family Member” shall mean Clara Taplin Rankin, Frank E. Taplin and Thomas E. Taplin, their spouses, their lineal descendants by blood or by legal adoption prior to 

2

the age of 18, the spouses of such lineal descendants, the lineal descendants of any such spouses and trusts exclusively for the benefit of any such persons.  In applying the term “exclusively” for purposes of this Agreement, the interest of any Charitable Organization that is a Participating Stockholder (or does not fail to become a Participating Stockholder at the time provided in Section 1.14(c) hereof) or any contingent trust interest having at the time of transfer an actuarial value (under valuation tables then used for federal gift tax purposes for gifts between private individuals) of not more than five percent of the value of the assets of the trust or an unexercised power of appointment shall be ignored.
1.12    The term “Offered Shares” shall have the meaning assigned to it in Section 4.1(a) hereof.
1.13    The term “Offeror” shall have the meaning assigned to it in Section 4.1 hereof.
1.14    The term “Participating Stockholder” shall mean any Family Member, Charitable Organization or Participating Stockholder Organization which has executed a counterpart of this Agreement and delivered a copy thereof to all other Participating Stockholders, any Family Member, Charitable Organization or Participating Stockholder Organization, which hereafter executes and delivers an Amendment, and is bound by the terms hereof.  With regard to the definition of “Participating Stockholder,” the following also shall apply:
(a)    No Participating Stockholder who is a natural person shall be deemed to forfeit the status of Participating Stockholder upon divorce, remarriage or adoption.
(b)    In order for a trust exclusively for the benefit of a Family Member or Members to be considered a Participating Stockholder:
(i)    the trustee and all adult beneficiaries of such trusts having a current trust interest (as well as all Charitable Organization beneficiaries having a current trust interest) shall sign this Agreement as Participating Stockholders;

3

(ii)    the trustee and a parent or legal guardian, for trusts with minor beneficiaries having a current trust interest, shall sign this Agreement on behalf of any such minor beneficiaries; or
(iii)    the trustee and legal guardian, if any, for trusts with incompetent beneficiaries having a current trust interest, shall sign this Agreement on behalf of any such incompetent beneficiaries.
(c)    If, at any time, any trust shall have an adult beneficiary (and such beneficiary is not incompetent) having a current trust interest or an ascertainable Charitable Organization beneficiary having a current trust interest and if such beneficiary shall fail or be unable to sign this Agreement for a period of 30 calendar days following notification to such beneficiary of the terms of this Agreement by the Depository and following signature of this Agreement by the trustee, the trust shall thereupon cease to be a Participating Stockholder and Section 3.2 of this Agreement shall then apply as if the shares of Class B Common Stock held by the trust were then to be converted.  The donor of a trust that is revocable by the donor alone, during the lifetime of such donor, shall be considered the only beneficiary thereof so long as such trust is so revocable.
(d)    In the case of Class B Common Stock held by a custodian under the Uniform Transfers to Minors Act (or the practical equivalent thereof) for the benefit of a minor Family Member, the custodian shall sign this Agreement on behalf of such minor if such minor is to be considered a Participating Stockholder.
(e)    In the case of Class B Common Stock held in the name of a minor Family Member, a parent or legal guardian of such minor shall sign this Agreement on behalf of such minor if such minor is to be considered a Participating Stockholder.

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(f)    In the case of Class B Common Stock held in the name of an incompetent Family Member, the legal guardian of such incompetent shall sign this Agreement on behalf of such incompetent if such incompetent is to be considered a Participating Stockholder.
(g)    When a minor described in Section 1.14(d) or (e) reaches the age of majority, or an incompetent described in Section 1.14(f) is no longer impaired by such disability and has reached the age of majority, such Family Member shall execute and deliver an Amendment which has been executed and delivered by the Participating Stockholders (or their attorney-in-fact), the Corporation and the Depository.  If such  Family Member shall fail or be unable to sign such Amendment for a period of 30 calendar days following notification to such Family Member of the terms of this Agreement by the Depository, such Family Member shall thereupon cease to be a Participating Stockholder and Section 3.2 of this Agreement shall then apply as if the shares of Class B Common Stock were then to be converted.
1.15    The term “Participating Stockholder Organization” shall mean (a) any corporation all of the outstanding capital stock of which is owned by Participating Stockholders; (b) any partnership all of the partners of which are Participating Stockholders; and (c) any limited liability company all of the members of which are Participating Stockholders.  Notwithstanding the first sentence of this Section 1.15, a corporation, partnership or limited liability company may not be a Participating Stockholder Organization unless its certificate of incorporation, partnership agreement, or other organizational and governance documents provide that only Participating Stockholders may acquire or retain any capital stock, partnership interest or other ownership interest of such entity or of any survivor of a merger or consolidation of such entity.  

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1.16    The term “Permitted Transferee” shall have the meaning set forth in paragraph 4 of the Restated Certificate.
1.17    The term “personal representative” means the executor, administrator or other personal representative of the estate of a deceased Participating Stockholder.
1.18    The term “Purchaser” shall have the meaning assigned to it in Section 4.3 hereof.
1.19    The term “Restated Certificate” shall mean the Amended and Restated Certificate of Incorporation of the Corporation, as amended to the date of this Agreement.
1.20    The term “spouse” includes a widow or a widower.
2.    Permitted Transfers.
2.1    Any Participating Stockholder may at any time sell, assign, give, exchange or otherwise transfer shares of Class B Common Stock or any interest therein to any Family Member who is a Participating Stockholder or becomes a new Participating Stockholder by, simultaneously with such transfer, signing and delivering an Amendment which has been signed and delivered by the Participating Stockholders (or their attorney-in-fact), the Corporation and the Depository.  Any Participating Stockholder may at any time sell, assign, give, exchange or otherwise transfer shares of Class B Common Stock or any interest therein to a Participating Stockholder Organization that is a Participating Stockholder or becomes a new Participating Stockholder by, simultaneously with such transfer, signing and delivering an Amendment which has been signed and delivered by the Participating Stockholders (or their attorney-in-fact).  Any Participating Stockholder may at any time give shares of Class B Common Stock or any interest therein to a Charitable Organization that is a Participating Stockholder or becomes a new Participating Stockholder by, simultaneously with such gift, signing and delivering an Amendment.  Any shares of Class B Common Stock so transferred shall remain subject to this Agreement in the hands of the transferee.  The Participating Stockholder transferring shares of 

6

Class B Common Stock pursuant to this Section 2.1 shall provide written notice to the Depository of the transfer at least five business days in advance of the transfer, which notice shall include any instructions regarding the transfer of such shares.  Upon request of the Depository, the Participating Stockholder and the transferee shall provide affidavits or such other proof as the Depository may request to confirm that the transfer is permitted by this Section 2.1.
2.2    Any Participating Stockholder may pledge shares of Class B Common Stock as security for a loan if the pledgee (being competent to do so) agrees in writing to be bound by this Agreement and to receive such shares of Class B Common Stock subject to this Agreement and otherwise subject to the Restated Certificate and, in the event of default on such loan and levy upon the collateral, to offer such shares of Class B Common Stock to the Participating Stockholders other than the pledgor in accordance with the procedures specified in Section 4 hereof, and to convert into shares of Class A Common Stock in accordance with the Restated Certificate any shares of Class B Common Stock not purchased by such Participating Stockholders.
3.    Transfers for Which First Refusal Procedure is Required.
3.1    Any Participating Stockholder who desires to sell, assign, give, exchange or otherwise transfer any shares of Class B Common Stock (or the shares of Class A Common Stock into which they are convertible) or any interest therein otherwise than as provided in Section 2 hereof shall first offer to sell or exchange such shares of Class B Common Stock to or with the other Participating Stockholders and the Corporation.  Such offer shall be made, and may be accepted, in accordance with the procedures specified in Section 4 hereof.  During a period of 30 business days following the last to expire of the rights of the other Participating Stockholders and the Corporation, the Offeror shall have the right, in accordance with the Restated Certificate, to convert any such Offered Shares into shares of Class A Common Stock 

7

and may transfer such shares of Class A Common Stock or any interest herein free of the limitations provided for herein, but only to the person (except for sales of shares of Class A Common Stock to be made on a national securities exchange or pursuant to an automated quotation system of national securities dealers) to whom such transfer was originally proposed to be made and only on terms (except for price in the case of a gift and sales to be made on a national securities exchange or pursuant to an automated quotation system of national securities dealers) no more favorable to such person than those upon which the Offered Shares were offered to the other Participating Stockholders.  If such transfer or conversion is not accomplished within such 30-day period, all of the provisions of this Agreement shall again be in effect with respect to such shares of Class B Common Stock.
3.2    Any Participating Stockholder who desires to convert shares of Class B Common Stock to Class A Common Stock (except as permitted by Section 3.1 or 3.3 hereof) in accordance with the Restated Certificate shall first offer to sell or exchange such shares of Class B Common Stock to or with the other Participating Stockholders and the Corporation in accordance with the procedures specified in Section 4 hereof.  During a period of 30 business days following the last to expire of the rights of the other Participating Stockholders and the Corporation, the Offeror desiring to convert Offered Shares may do so, but only to the extent that such Offered Shares were not accepted by any other Participating Stockholder or the Corporation, and the shares of Class A Common Stock into which such Offered Shares are converted thereafter shall be free from all of the limitations provided for herein.
3.3    Upon the death of a Participating Stockholder, any shares of Class B Common Stock then owned by such Participating Stockholder may be transferred in accordance with Section 2.1 hereof to any other Participating Stockholder by the personal representative of the estate of such deceased Participating Stockholder (or by the trustee of any trust or by any other 

8

person by reason of the death of such deceased Participating Stockholder).  To the extent that any such personal representative, trustee or other person is required or desires to transfer any shares of Class B Common Stock (or the shares of Class A Common Stock into which they are convertible) owned by a deceased Participating Stockholder, or any interest therein, otherwise than as permitted by Section 2.1 hereof, or is required or desires to convert such shares otherwise than as permitted by this Section 3, such personal representative, trustee or other person shall offer to sell or exchange such shares of Class B Common Stock to or with the other Participating Stockholders and the Corporation in accordance with the procedures specified in Section 4 hereof.  Upon completion of the procedures specified in Section 4 hereof, those Offered Shares not purchased by any other Participating Stockholder or the Corporation shall, in accordance with the Restated Certificate, be converted into shares of Class A Common Stock, and thereafter such shares of Class A Common Stock may be transferred to the designated recipient thereof (except for sales to be made on a national securities exchange or pursuant to an automated quotation system of national securities dealers), free of all of the limitations provided for herein.  Each of the Participating Stockholders who is a natural person shall cause all appropriate testamentary documents providing for implementation of the foregoing procedures upon such Participating Stockholder’s death to be in effect at all times after the date hereof.  Each of the Participating Stockholders hereby agrees that the terms and provisions of this Agreement shall govern the transfer of all shares of Class B Common Stock now or hereafter owned by such Participating Stockholder, notwithstanding the terms or provisions of any existing revocable or future estate planning document to the contrary.

9

4.    First Refusal Procedures.
4.1    A Participating Stockholder, the personal representative of the estate of a deceased Participating Stockholder or the trustee of any trust agreement of which a deceased Participating Stockholder is donor (or any other person in possession of shares of Class B Common Stock which are to pass by reason of the death of a Participating Stockholder), in each case which proposes to transfer or convert shares of Class B Common Stock otherwise than as provided in Section 2 hereof, or a pledgee who is required by Section 2.2 hereof to offer shares of Class B Common Stock to other Participating Stockholders and the Corporation (collectively, an “Offeror”), shall send to the Depository a written notice (which shall be irrevocable), dated the date on which it is sent, containing the following information:
(a)    The number of shares of Class B Common Stock proposed to be transferred (before conversion) or converted (the “Offered Shares”);
(b)    Whether the Offeror proposes to transfer under Section 3.1 or 3.3 hereof or to convert under Section 3.2 or 3.3 hereof the Offered Shares;
(c)    If the Offeror proposes to transfer the Offered Shares under Section 3.1 or 3.3 hereof, the name and address of each proposed transferee and the price per share, if any, payable to the Offeror upon such transfer; and
(d)    The date on which the Offeror desires to carry out the proposed transfer or conversion of the Offered Shares, which shall be consistent with the procedures provided for in this Agreement (such date may be not less than 25 nor more than 55 business days after the date of such notice).
If the Offeror proposes to sell Offered Shares under Section 3.1 or 3.3 hereof, such notice shall be accompanied by written evidence that any price per share payable to the Offeror as specified in such notice is being offered for the Offered Shares in good faith by the proposed transferee.  

10

Upon receipt of such notice, the Depository forthwith shall send it to each of the other Participating Stockholders and the Corporation.
4.2    Upon delivery of the notice pursuant to the last sentence of Section 4.1 hereof, the other Participating Stockholders shall have the right and option to acquire the Offered Shares, or any of them, for the consideration specified in Section 4.3 hereof.  Each of such other Participating Stockholders may exercise such right, at any time before the expiration of seven business days after such written notice and accompanying evidence (if applicable) have been sent to such other Participating Stockholders and the Corporation, in proportion to the respective holdings of shares of Class B Common Stock of such other Participating Stockholder compared to the aggregate holdings of shares of Class B Common Stock of all such other Participating Stockholders.  The right to acquire Offered Shares may be exercised by a Participating Stockholder by sending a written notice (which shall be irrevocable) to the Depository, dated the date that it is sent and sent at any time prior to the expiration of the aforesaid seven-day period, specifying the number of Offered Shares such Participating Stockholder is acquiring and the consideration such Participating Stockholder will deliver in accordance with Section 4.3 hereof.
If any such Participating Stockholder fails to exercise such Participating Stockholder’s right to acquire the Offered Shares to its full extent, then such right may be exercised by the other such Participating Stockholders (to the extent that it has not been exercised by such Participating Stockholder) at any time before the expiration of five business days after written notice has been sent by the Depository to such other Participating Stockholders of such failure, in whatever proportion they may agree upon and, if they cannot agree, in proportion to the respective holdings of each compared to the aggregate holdings of all of them.  If any of such other Participating Stockholders fail to exercise their rights to acquire any Offered Shares to their full extent, then such rights may be exercised by the Corporation (to the extent of any Offered 

11

Shares remaining) at any time before the expiration of three business days after written notice has been sent by the Depository to the Corporation of such failure.  The right of Participating Stockholders or the Corporation to acquire additional Offered Shares as to which any Participating Stockholder has failed to exercise his right to acquire may be exercised by sending a written notice (which shall be irrevocable) to the Depository, dated the date that it is sent and sent at any time prior to the expiration of the aforesaid five-day period or three-day period, as the case may be, specifying the number of Offered Shares to be acquired and the consideration to be delivered in accordance with Section 4.3 hereof.
In applying the term “holdings” in this Section 4.2 in the case of shares of Class B Common Stock owned by a trust, the trust shall be considered to own the holding; except that, if the trustee fails to any extent to exercise a right to acquire Offered Shares, beneficiaries of the trust who are Participating Stockholders owning more than 50 percent of either the then current income or the remainder interest in the trust and desiring to exercise such right shall be considered to own the holding only in such proportions as such beneficiaries shall agree upon.
4.3    Shares of Class B Common Stock acquired by a Participating Stockholder or the Corporation in accordance with Section 4.2 (individually, a “Purchaser”) hereof may be paid for, at the election of such Purchaser, in cash, shares of Class A Common Stock or a combination of such consideration as follows:
(a)    To the extent that such Purchaser elects that the price be paid in shares of Class A Common Stock, the number of shares of Class A Common Stock that shall be delivered in exchange shall be equal to the number of shares of Class B Common Stock to be exchanged; and
(b)    To the extent that such Purchaser elects that the price shall be paid in cash, the cash price for shares of Class B Common Stock shall be equal to the average of the 

12

last sale price of the shares of Class A Common Stock as reported on the New York Stock Exchange (or on the principal national securities exchange or automated quotation system of national securities dealers on which the shares of Class A Common Stock may then be traded) on the 5 trading days preceding the date of the Offeror’s notice sent pursuant to Section 4.1 hereof, as reported in The Wall Street Journal (or, if such periodical is not then published, the most comparable periodical then being published) or such higher price as may have been specified in such notice.
4.4    The sale or exchange contemplated by these procedures shall be closed (a “Closing”) at the principal corporate trust office of the Depository on the date which is not later than 25 business days after the date of the notice given pursuant to Section 4.1 hereof.
4.5    At any Closing hereunder:
(a)    Against delivery of the Offered Shares to be purchased from the Offeror, each Purchaser shall make payment to the Offeror by certified or bank check payable to the Offeror or wire transfer to an account designated by the Offeror of that portion of the aggregate price for the Offered Shares being paid in cash by such Purchaser and shall deliver, in payment of that portion of the aggregate purchase price for the Offered Shares being paid in shares of Class A Common Stock by such Purchaser, a duly executed certificate or certificates representing such shares, together with stock powers endorsed in blank relating to such certificates and a written representation by such Purchaser that the Offeror will receive good and marketable title to such shares, free of all adverse claims, liens, encumbrances and security interests other than such of the foregoing as have been created by or through such Offeror; and
(b)    The Offeror shall deliver to each Purchaser of the Offered Shares being purchased by such Purchaser a duly executed certificate or certificates representing such 

13

Offered Shares, together with stock powers endorsed in blank relating to such certificates and a written representation by such Offeror that such Purchaser will receive good and marketable title to such shares, free of all adverse claims, liens, encumbrances and security interests, other than such of the foregoing as have been created by the Restated Certificate by or through such Purchaser.
If, following the record date for determining the stockholders entitled to vote at a meeting of the Corporation’s stockholders, but before the date of such meeting, either a Purchaser taking delivery of Offered Shares or an Offeror taking delivery of shares of Class A Common Stock requests, the party delivering such shares shall also deliver an irrevocable proxy, duly executed by such party, authorizing such persons as the Purchaser or the Offeror, as the case may be, shall designate to act as his lawful agents, attorneys and proxies, with full power of substitution, to vote in such manner as each such agent, attorney and proxy or his substitute shall in his sole discretion deem proper.  If, following the record date for determining the stockholders entitled to consent in writing to an action of the Corporation without a meeting, but before the latest effective date for written consents with regard to such action, the Purchaser taking delivery of Offered Shares or the Offeror taking delivery of shares of Class A Common Stock requests, the party delivering such shares shall also deliver a power of attorney, duly executed by such party, authorizing such persons as the Purchaser or the Offeror, as the case may be, shall designate to act as his lawful attorneys or attorneys-in-fact, with full power to consent in writing in such manner as each such attorney or attorney-in-fact shall in his sole discretion deem proper.

14

5.    Representations and Warranties.
Each Participating Stockholder, for such Participating Stockholder only and not for any other Participating Stockholder, represents and warrants to the other Participating Stockholders and the Corporation as follows:
(a)    Such Participating Stockholder is the record and beneficial owner of the shares of Class B Common Stock identified below such Participating Stockholder’s name on the signature pages hereto (except as otherwise described thereon), and except as otherwise described thereon such Participating Stockholder does not own of record or beneficially or have any interest in any other shares of Class B Common Stock or any options to purchase or rights to subscribe for or otherwise acquire any other shares of Class B Common Stock other than pursuant to this Agreement;
(b)    Such Participating Stockholder has the right, power and authority to execute and deliver this Agreement and to perform such Participating Stockholder’s obligations hereunder; if this Agreement is being executed by a trustee on behalf of a trust, such trustee has full right, power and authority to enter into this Agreement on behalf of the trust and to bind the trust and its beneficiaries to the terms hereof; if this Agreement is being executed on behalf of a Participating Stockholder Organization, the person executing this Agreement is a duly authorized representative of such Participating Stock Organization with full right, power and authority to enter into this Agreement on behalf of such Participating Stock Organization and to bind such Participating Stock Organization to the terms hereof; the execution, delivery and performance of this Agreement by such Participating Stockholder will not constitute a violation of, conflict with or result in a default under (i) any contract, understanding or arrangement to which such Participating Stockholder is a party or by which such Participating Stockholder is 

15

bound or require the consent of any other person or any party pursuant thereto; (ii) any judgment, decree or order applicable to such Participating Stockholder; or (iii) any law, rule or regulation of any governmental body;
(c)    This Agreement constitutes a legal, valid and binding agreement on the part of such Participating Stockholder; the shares of Class B Common Stock owned of record and beneficially by such Participating Stockholder are fully paid and non‐assessable; and 
(d)    The shares of Class B Common Stock owned beneficially and of record by such Participating Stockholder are now held by such Participating Stockholder, free and clear of all adverse claims, liens, encumbrances and security interests (except as created by this Agreement and the Restated Certificate).
6.    Changes in Shares of Class B Common Stock.
In the event of any change in the terms of the shares of Class B Common Stock, or any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Corporation, or any merger, reorganization, consolidation or other corporate transaction having an effect similar to the foregoing, the provisions of this Agreement shall continue to apply to the shares of Class B Common Stock or any securities of any corporation issued in lieu thereof or with respect thereto subject, however, to such equitable adjustment, if any, as may be necessary to reflect any change in the relative rights and privileges of the shares of Class A Common Stock and Class B Common Stock.

16

7.    Compliance Provisions.
7.1    All certificates representing the shares of Class B Common Stock owned of record or beneficially by the Participating Stockholders issued after the date of this Agreement shall be marked conspicuously on the face or the back thereof with a legend to the following effect:
The shares of Class B Common Stock, par value $0.01 per share, of Hyster-Yale Materials Handling, Inc., a Delaware corporation (the “Corporation”), represented by this Certificate are subject to a Stockholders’ Agreement dated as of September 28, 2012 by and among the Corporation, the Participating Stockholders (as defined therein) and the Depository (as defined therein).  Pursuant to such Agreement, such shares may not be sold, assigned, given, exchanged or otherwise transferred or converted into shares of Class A Common Stock, par value $0.01 per share, of the Corporation (except for transfers to certain persons specified in such Agreement) except upon compliance with certain procedures, including, without limitation, offer of such shares to certain other stockholders of the Corporation and the Corporation and, in certain situations, conversion into shares of Class A Common Stock of the Corporation.  The Corporation will mail to the holder hereof a copy of such agreement without charge within five days after receipt of a written request therefor.
For all uncertificated shares of Class B Common Stock owned of record or beneficially by the Participating Stockholders issued after the date of this Agreement, within a reasonable time after the issuance or transfer of such uncertificated shares of Class B Common Stock, the Corporation shall send to the registered owner thereof (a) a written notice containing the information included in the foregoing legend or (b) a statement that the Corporation will furnish without charge to each Participating Stockholder who so requests the powers, designations, preferences and relative participating, optional or other special rights of Class B Common Stock and the qualifications, limitations or restrictions of such preferences and/or rights.  Each Participating Stockholder, forthwith upon becoming the record or beneficial owner of any other shares of Class B Common Stock, and each other Family Member, Charitable Organization or 

17

Participating Stockholder Organization, forthwith upon becoming a new Participating Stockholder by executing and delivering an Amendment and becoming the record or beneficial owner of any shares of Class B Common Stock shall, to the extent legally able to do so, cause all certificates, if such shares are represented by certificates, representing the same to be delivered to the Depository for the application of such legend.  The Depository shall return each such certificate to its Participating Stockholder owner by registered mail, return receipt requested, following the application of such legend.  All of the certificates, if such shares are represented by certificates, representing all shares of Class B Common Stock now or hereafter owned (of record or beneficially) by any of the Participating Stockholders shall continue to bear a restrictive legend until such shares of Class B Common Stock are converted into shares of Class A Common Stock as permitted by Section 3 hereof or, if earlier, the termination of this Agreement in accordance with the terms hereof.  Any Participating Stockholder may cause possession of such certificates to be given to or retained by any pledgee to be held as security in accordance with Section 2.2 hereof upon delivery to the Depository of the written agreement of the pledgee referred to in such Section.
7.2    The further rights and duties of the Depository shall be governed by the terms and conditions contained in Exhibit B attached hereto.
8.    Amendment and Termination.
This Agreement may be amended or terminated only by a written instrument referring specifically to this Agreement and executed and delivered by Participating Stockholders owning 66 2⁄3 percent of the shares of Class B Common Stock subject to this Agreement, provided, however, that (a) notwithstanding the foregoing, a Family Member, Charitable Organization or Participating Stockholder Organization may execute and deliver the Amendment in accordance with Section 2 hereof for the purpose of becoming a Participating Stockholder, (b) only those 

18

Participating Stockholders, or their attorney-in-fact, executing and delivering an amendment extending the term of this Agreement or amending the restrictions on transfer of shares of Class B Common Stock contained herein shall be bound by such amendment, and (c) no amendment of the rights and obligations of the Depository set forth herein or in Exhibit B hereto shall be binding upon the Depository without its prior written agreement.  This Agreement, unless extended in accordance with the immediately preceding sentence, shall terminate on March 15, 2030.  This Agreement, moreover, shall terminate in any event 21 years after the death of the last to die of the lineal descendants of Clara T. Rankin living on the date of this Agreement.
9.    Further Assurances.
9.1    Each party hereto shall perform such further acts and execute such further documents as may reasonably be required to carry out the provisions of this Agreement, including instruments necessary or desirable to complete the transfer, sale and assignment of any Offered Shares.  Each Participating Stockholder agrees that at all times during the term of this Agreement all shares of Class B Common Stock owned beneficially and of record by such Participating Stockholder shall be held free and clear of all adverse claims, liens, encumbrances and security interests (except as created by this Agreement and the Restated Certificate and except as permitted by Section 2.2 hereof).
9.2    Each Participating Stockholder shall defend, indemnify and hold harmless each of the other Participating Stockholders from and against any and all claims, damages, demands, causes of action, suits, judgments, debts, liabilities, costs and expenses (including but not limited to court costs and attorneys fees) resulting from (a) any failure by such Participating Stockholder to carry out, perform, satisfy, discharge any of its covenants, agreements, undertakings, obligations or liabilities under this Agreement, and (b) any breach of a warranty or representation made by such Participating Stockholder hereunder.

19

10.    Miscellaneous.
10.1    Notwithstanding any provisions hereof to the contrary, shares of Class B Common Stock may be offered to the Corporation solely for cash at any time it may offer to purchase the same, free of the limitations provided for in this Agreement.
10.2    All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed given when delivered in hand or 72 hours after being deposited in a United States Post Office, postage prepaid, registered or certified mail, and addressed to the addressee at the address set forth below such addressee’s signature on the signature pages hereto, or to such other address as such addressee may specify to the Depository.
10.3    This Agreement shall inure to the benefit of and be binding upon the Participating Stockholders, any pledgee who agrees to be bound hereby pursuant to Section 2.2 hereof and their respective successors, heirs, personal representatives, legatees and assigns, provided, however, that no Participating Stockholder or the Corporation may assign any of their rights hereunder.  All references herein to the Corporation and the Depository shall include any other corporation or other entity to which this Agreement may be assigned, by operation of law or otherwise, in connection with any merger, reorganization, consolidation or other corporate transaction having an effect similar to the foregoing, and all references herein to the Restated Certificate shall refer to the charter of any such other corporation, however denominated.
10.4    If any term or provision of this Agreement shall be found unenforceable by any court of competent jurisdiction to any extent, such holding shall not invalidate or render unenforceable such term or provision to any greater extent or render unenforceable or invalidate any other term or provision hereof.

20

10.5    This Agreement may be executed in multiple counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument, without production of the others.
10.6    This Agreement shall be construed in accordance with the internal substantive laws of the State of Delaware, provided, however, that the rights and duties of the Depository contained in Exhibit B attached hereto shall be construed in accordance with the internal substantive laws of the State of Ohio.
10.7    The parties hereto agree that the shares of Class B Common Stock subject to this Agreement are unique and that legal remedies for breach of this Agreement will be inadequate and that this Agreement may be enforced by injunctive or other equitable relief in addition to any other remedies which the parties hereto otherwise may have.
10.8    Notwithstanding any other term or provision of this Agreement to the contrary, this Agreement shall not be effective until  it has been executed and delivered by Alfred M. Rankin, Jr.
11.    Power of Attorney.
Each of the undersigned Participating Stockholders hereby constitutes and appoints Alfred M. Rankin, Jr., Dennis W. LaBarre, Thomas C. Daniels, Charles A. Bittenbender, Suzanne Schulze Taylor and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and resubstitution, for the undersigned and in the name, place and stead of the undersigned, in any and all capacities to:
(a)    execute any and all statements under Section 13 or Section 16 of the Securities Exchange Act of 1934 of beneficial ownership of shares of Class B Common Stock subject to this Agreement, including all statements on Schedule 13D and all amendments thereto, all joint filing agreements pursuant to Rule 13d-1(k) under such 

21

Exchange Act in connection with such statements, all initial statements of beneficial ownership on Form 3 and any and all other documents to be filed with the Securities and Exchange Commission, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission; and 
(b)    execute and deliver any and all Amendments whereby a Family Member, Charitable Organization or Participating Stockholder Organization becomes a Participating Stockholder or any other amendment to this Agreement in accordance with Section 8 of this Agreement, other than those amendments that (i) extend the term of this Agreement or (ii) amend Section 2, 3, 4 or 8 hereof, thereby granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and to perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them, or their substitutes or resubstitutes, may lawfully do or cause to be done by virtue of this Section 11.  The grant of this power of attorney shall not be affected by any disability of such undersigned individual Participating Stockholder.  If applicable law requires additional or substituted language or formalities (including witnesses or acknowledgments) in order to validate the power of attorney intended to be granted by this Section 11, each Participating Stockholder agrees to execute and deliver such additional instruments and to take such further acts as may be necessary to validate such power of attorney.
12.    Voting of Class B Common Stock.
Notwithstanding any other term or provision in this Agreement to the contrary, nothing in this Agreement shall obligate any Participating Stockholder to cast votes with respect to the shares of Class B Common Stock now or hereafter owned by such Participating Stockholder in 

22

any manner, to vote for or against, or to abstain from voting with respect to, any matter submitted to a vote of the stockholders of the Corporation or to express or withhold consent to any action of the Corporation in writing without a meeting, and nothing in this Agreement shall be deemed to authorize any Participating Stockholder to act by proxy for any other Participating Stockholder.

23

IN WITNESS WHEREOF, the Depository, the Corporation and the Participating Stockholders have executed this Agreement or caused this Agreement to be executed in their respective names on the date set forth beneath each signature.

	
		
	HYSTER-YALE MATERIALS HANDLING, INC., as Depository

	 

	By:
	/s/ Charles A. Bittenbender

	 
	 

	Name:
	Charles A. Bittenbender

	 
	 

	Title:
	Vice President

	 
	 

	Date:
	9/28/2012

24

	
		
	HYSTER-YALE MATERIALS HANDLING, INC.

	 

	By:
	/s/ Charles A. Bittenbender

	 
	 

	Name:
	Charles A. Bittenbender

	 
	 

	Title:
	Vice President

	 
	 

	Date:
	9/28/2012

	
		
	Clara L. T. Rankin

	The Clara L.T. Rankin Trust created under  
Agreement dated July 20, 2000 between Clara L.T. Rankin, as Trustee, for the benefit of Clara L.T. Rankin

	By:  Clara L. T. Rankin, as Trustee

	The Trust created under the Agreement dated January 5, 1977 between PNC Bank as Co-Trustee, Alfred M. Rankin, Jr., as Co-Trustee, for the benefit of Clara L.T. Rankin

	By:  Clara L. T. Rankin, as beneficiary

	Name:
	/s/ Clara L. T. Rankin

	 
	Clara L. T. Rankin

	Date:
	9/10/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	
		
	Alfred M. Rankin, Jr.

	Rankin Associates I, L.P. (f/k/a CTR Family Associates, L.P.);

	Rankin Associates II, L.P.; and

	Rankin Associates IV, L.P.

	By:  Alfred M. Rankin, Jr., as General Partner

	Rankin Management, Inc.

	By:  Alfred M. Rankin, Jr., as President

	The Trust created under the Agreement, dated September 28, 2000, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Alfred M. Rankin, Jr., for the benefit of Alfred M. Rankin, Jr.;

	The Trust created under the Agreement, dated September 28, 2000, between Alfred M. Rankin, Jr., as trustee, and Bruce T. Rankin, for the benefit of Bruce T. Rankin;

	The Trust created under the Agreement, dated January 1, 1977, between PNC Bank, as Co-Trustee, Alfred M. Rankin, Jr., as Co-Trustee, and Clara L. T. Rankin, for the benefit of Clara L. T. Rankin;

	Alfred M. Rankin, Jr.’s 2011 Grantor Retained Annuity Trust; and

	Alfred M. Rankin, Jr. 2012 Retained Annuity Trust

	By:  Alfred M. Rankin, Jr., as Trustee

	Alfred M. Rankin Jr.—Roth IRA— Brokerage Account #*****

	By:  Alfred M. Rankin, Jr.

	Name:
	/s/ Alfred M. Rankin, Jr.

	 
	Alfred M. Rankin, Jr.

	 
	 

	Date:
	9/21/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Victoire G. Rankin

	The Trust created under the Agreement, dated September 28, 2000, as supplemented, amended and restated, between Victoire G. Rankin, as trustee, and Victoire G. Rankin, for the benefit of Victoire G. Rankin

	By:  Victoire G. Rankin, as Trustee

	Name:
	/s/ Victoire G. Rankin

	 
	Victoire G. Rankin

	 
	 

	Date:
	9/9/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Helen Rankin Butler (f/k/a Helen P. Rankin)

	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Helen P. (Rankin) Butler, as trustee, and Helen P. (Rankin) Butler for the benefit of Helen P. (Rankin) Butler; and

	2012 Helen R. Butler Trust

	By:  Helen Rankin Butler (f/k/a Helen P. Rankin), as Trustee

	Name:
	/s/ Helen Rankin Butler

	 
	Helen Rankin Butler (f/k/a Helen P. Rankin)

	 
	 

	Date:
	9/2/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	John C. Butler, Jr.

	Trust created by the Agreement, dated June 17, 1999, between John C. Butler, Jr., as trustee, and John C. Butler, Jr., creating a trust for the benefit of John C. Butler, Jr.;

	Clara Rankin Butler 2002 Trust, dated November 5, 2002; and

	Griffin Bedwell Butler 2002 Trust, dated November 5, 2002

	By:  John C. Butler, Jr., as Trustee

	Clara Rankin Butler (by John C. Butler, Jr., as Custodian); and

	Griffin B. Butler (by John C. Butler, Jr., as Custodian)

	By:  John C. Butler, Jr., as Custodian

	John C. Butler, Jr.—Roth IRA— Brokerage Account #*****

	By:  John C. Butler, Jr.

	Name:
	/s/ J.C. Butler, Jr.

	 
	John C. Butler, Jr.

	 
	 

	Date:
	9/10/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Clara T. Rankin Williams (f/k/a Clara T. Rankin)

	2012 Clara R. Williams Trust; and

	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Clara T. (Rankin) Williams, as trustee, and Clara T. (Rankin) Williams for the benefit of Clara T. (Rankin) Williams

	By:  Clara T. Rankin Williams, as Trustee

	Name:
	/s/ Clara T. Rankin Williams

	 
	Clara T. Rankin Williams

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	David B. Williams

	The David B.H. Williams Trust, David B.H. Trustee u/a/d October 14, 2009

	Margo Jamison Victoire Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B. H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Margo Jamison Victoire Williams; and

	Helen Charles Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B.H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Helen Charles Williams

	By:  David B. Williams, as Trustee

	Margo Jamison Victoire Williams (by David B. Williams, as Custodian); and

	Helen Charles Williams (by David B. H. Williams, as Custodian)

	By:  David B. Williams, as Custodian

	Name:
	/s/ David B. Williams

	 
	David B. Williams

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Thomas T. Rankin

	The Trust created under the Agreement, dated December 29, 1967, as supplemented, amended and restated, between Thomas T. Rankin, as trustee, and Thomas T. Rankin, creating a trust for the benefit of Thomas T. Rankin

	By:  Thomas T. Rankin, as Trustee

	The Trust created under the Agreement, dated December 20, 1993, between Thomas T. Rankin, as co-trustee, Matthew M. Rankin, as co-trustee, and Matthew M. Rankin, for the benefit of Matthew M. Rankin

	By:  Thomas T. Rankin, as Co-Trustee

	Name:
	/s/ Thomas T. Rankin

	 
	Thomas T. Rankin

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Corbin Rankin

	2012 Corbin K. Rankin Trust

	By:  Corbin K. Rankin, as Trustee

	Name:
	/s/ Corbin Rankin

	 
	Corbin Rankin

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Matthew M. Rankin

	The Trust created under the Agreement, dated December 20, 1993, between Thomas T. Rankin, as co-trustee, Matthew M. Rankin, as co-trustee, and Matthew M. Rankin, for the benefit of Matthew M. Rankin;

	Trust created by the Agreement, dated May 10, 2007, between Mathew M. Rankin, as Grantor, and Mathew M. Rankin and James T. Rankin, as co-trustees, for the benefit of Mary Marshall Rankin; and

	Trust created by Agreement, dated May 10, 2007, between Matthew M. Rankin, as trustee, and James T. Rankin, creating a trust for the benefit of William Alexander Rankin

	By:  Matthew M. Rankin, as Co-Trustee

	Mary Marshall Rankin (by Matthew M. Rankin, as Custodian); and

	William Alexander Rankin (by Matthew M. Rankin, as Custodian)

	By:  Matthew M. Rankin, as Custodian

	Name:
	/s/ Matthew M. Rankin

	 
	Matthew M. Rankin

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Elizabeth B. Rankin

	Name:
	/s/ Elizabeth B. Rankin

	 
	Elizabeth B. Rankin

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	James T. Rankin

	Trust created by the Agreement, dated May 10, 2007, between Mathew M. Rankin, as Grantor, and Mathew M. Rankin and James T. Rankin, as co-trustees, for the benefit of Mary Marshall Rankin; and

	Trust created by Agreement, dated May 10, 2007, between Matthew M. Rankin, as trustee, and James T. Rankin, creating a trust for the benefit of William Alexander Rankin

	By:  James T. Rankin, as Co-Trustee

	Margaret Pollard Rankin (by James T. Rankin, as custodian)

	By:  James T. Rankin, as Custodian

	Name:
	/s/ James T. Rankin

	 
	James T. Rankin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Lynne Turman Rankin

	Name:
	/s/ Lynne Turman Rankin

	 
	Lynne Turman Rankin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Claiborne R. Rankin

	The Trust created under the Agreement, dated June 22, 1971, as supplemented, amended and restated, between Claiborne R. Rankin, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Claiborne R. Rankin

	By:  Claiborne R. Rankin, as Trustee

	Claiborne R. Rankin, Jr. Revocable Trust dated August 25, 2000; and

	Trust created by the Agreement, dated December 21, 2004, between Claiborne R. Rankin, as trustee, and Julia L. Rankin, creating a trust for the benefit of Julia L. Rankin

	By:  Claiborne R. Rankin, as Co-Trustee

	Name:
	/s/ Claiborne R. Rankin

	 
	Claiborne R. Rankin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Chloe O. Rankin

	Trust created under the Agreement, dated June 1, 1995, between Chloe O. Rankin, as Trustee, and Chloe O. Rankin, for the benefit of Chloe O. Rankin; and

	2012 Chloe O. Rankin

	By:  Chloe O. Rankin, as Trustee

	Name:
	/s/ Chloe O. Rankin

	 
	Chloe O. Rankin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Claiborne R. Rankin, Jr.

	Claiborne R. Rankin, Jr. Revocable Trust dated August 25, 2000

	By:  Claiborne R. Rankin, Jr., as Co-Trustee

	Name:
	/s/ Claiborne R. Rankin, Jr.

	 
	Claiborne R. Rankin, Jr.

	 
	 

	Date:
	9/7/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Julia L. Rankin Kuipers

	Trust created by the Agreement, dated December 21, 2004, between Claiborne R. Rankin, as trustee, and Julia L. Rankin, creating a trust for the benefit of Julia L. Rankin

	By:  Julia L. Rankin Kuipers, as Co-Trustee

	The Trust created under the Agreement, dated December 28, 1976, between National City Bank, as trustee, and Clara L.T. Rankin, for the benefit of grandchildren

	By:  Julia L. Rankin Kuipers, as beneficiary

	Name:
	/s/ Julia L. Rankin Kuipers

	 
	Julia L. Rankin Kuipers

	 
	 

	Date:
	9/5/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Jacob A. Kuipers

	Name:
	/s/ Jacob A. Kuipers

	 
	Jacob A. Kuipers

	 
	 

	Date:
	9/5/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Chloe R. Seelbach (f/k/a Chloe E. Rankin)

	Trust created by the Agreement, dated April 10, 2009, between Chloe R. Seelbach, as trustee, creating a trust for the benefit of Chloe R. Seelbach;

	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Taplin Elizabeth Seelbach;

	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Isabelle Scott Seelbach; and

	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Thomas Wilson Seelbach

	By:  Chloe R. Seelbach, as Trustee

	Taplin Elizabeth Seelbach (by Chloe R. Seelbach, as Custodian);

	Isabelle Seelbach (by Chloe R. Seelbach, as Custodian); and

	Thomas Wilson Seelbach (by Chloe R. Seelbach, as Custodian)

	By:  Chloe R. Seelbach, as Custodian

	Name:
	/s/ Chloe R. Seelbach

	 
	Chloe R. Seelbach

	 
	 

	Date:
	9/10/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Scott Seelbach

	Name:
	/s/ Scott Seelbach

	 
	Scott Seelbach

	 
	 

	Date:
	9/7/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Roger F. Rankin

	The Trust created under the Agreement, dated September 11, 1973, as supplemented, amended and restated, between Roger F. Rankin, as trustee, and Roger F. Rankin, creating a trust for the benefit of Roger F. Rankin

	By:  Roger F. Rankin, as Trustee

	Name:
	/s/ Roger F. Rankin

	 
	Roger F. Rankin

	 
	 

	Date:
	9/7/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Alison A. Rankin

	Alison A. Rankin Revocable Trust, dated September 11, 2000;

	2012 Alison A. Rankin Trust;

	Alison A. Rankin, as trustee fbo A. Farnham Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor;

	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of A. Farnham Rankin;

	Alison A. Rankin, as trustee fbo Elisabeth M. Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor; and

	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of Elisabeth M. Rankin

	By:  Alison A. Rankin, as Trustee

	Elisabeth M. Rankin (by Alison A. Rankin, as Custodian)

	By:  Alison A. Rankin, as Custodian

	Name:
	/s/ Alison A. Rankin

	 
	Alison A. Rankin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	A. Farnham Rankin

	The Trust created under the Agreement, dated December 28, 1976, between National City Bank, as trustee, and Clara L.T. Rankin, for the benefit of grandchildren

	By:  A. Farnham Rankin, as beneficiary

	Name:
	/s/ A. Farnham Rankin

	 
	A. Farnham Rankin

	Date:
	9/3/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Thomas Parker Rankin

	The Trust created under the Agreement, dated December 28, 1976, between National City Bank, as trustee, and Clara L.T. Rankin, for the benefit of grandchildren

	By:  Thomas Parker Rankin, as beneficiary

	Name:
	/s/ Thomas Parker Rankin

	 
	Thomas Parker Rankin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Beatrice B. Taplin

	Marital Trust created by the Agreement, dated January 21, 1966, as supplemented, amended and restated, between National City Bank and Beatrice Taplin, as Trustees, and Thomas E. Taplin, for the benefit of Beatrice B. Taplin;

	Taplin Annuity Trust #1 of Beatrice B. Taplin dated June 18, 2011;

	The Beatrice B. Trust created by the Agreement, Beatrice B. Taplin, as Trustee, for the benefit of Beatrice B. Taplin;

	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 and as amended, Beatrice Taplin, Trustee; and

	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 amended, per IRC 1015(A) Dual Basis Sub-Account, Beatrice Taplin, Trustee

	By:  Beatrice B. Taplin, as Trustee

	Name:
	/s/ Beatrice B. Taplin

	 
	Beatrice B. Taplin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Britton T. Taplin

	The Trust created under the Agreement, dated December 30, 1977, as supplemented, amended and restated, between National City Bank, as trustee, and Britton T. Taplin for the benefit of Britton T. Taplin

	By:  Britton T. Taplin, as Trustee

	Name:
	/s/ Britton T. Taplin

	 
	Britton T. Taplin

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Thomas E. Taplin, Jr.

	The Trust created under the Agreement, dated August 26, 1974, between National City Bank, as trustee, and Thomas E. Taplin, Jr., for the benefit of Thomas E. Taplin, Jr.

	By:  Thomas E. Taplin, Jr., as Trustee

	Name:
	/s/ Thomas E. Taplin, Jr.

	 
	Thomas E. Taplin, Jr.

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Cory Freyer

	Name:
	/s/ Cory Freyer

	 
	Cory Freyer

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Frank F. Taplin

	The Trust created under the Agreement, dated July 24, 1998, as amended, between Frank F. Taplin, as trustee, and Frank F. Taplin, for the benefit of Frank F. Taplin

	By:  Frank F. Taplin, as Trustee

	Name:
	/s/ Frank F. Taplin

	 
	Frank F. Taplin

	 
	 

	Date:
	9/5/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Theodore D. Taplin

	The Trust created under the Agreement, dated October 15, 1975, between National City Bank, as trustee, and Theodore D. Taplin, for the benefit of Theodore D. Taplin

	By:  Theodore D. Taplin, as Trustee

	Name:
	/s/ Theodore D. Taplin

	 
	Theodore D. Taplin

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	David F. Taplin

	National City Bank as agent under the Agreement, dated July 16, 1969, with Margaret E. Taplin

	By:  David F. Taplin, as Co-Trustee

	Ngaio T. Lowry Trust, dated February 26, 1998, Caroline T. Ruschell, Trustee and David F. Taplin, as beneficiary

	By:  David F. Taplin, as beneficiary

	Name:
	/s/ David F. Taplin

	 
	David F. Taplin

	 
	 

	Date:
	9/10/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Caroline T. Ruschell

	Caroline T. Ruschell Trust Agreement dated December 8, 2005, Caroline T. Ruschell as Trustee; and

	Ngaio T. Lowry Trust, dated February 26, 1998, Caroline T. Ruschell, Trustee and beneficiary

	By:  Caroline T. Ruschell, as Trustee

	Name:
	/s/ Caroline T. Ruschell

	 
	Caroline T. Ruschell

	 
	 

	Date:
	9/4/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Jennifer T. Jerome

	Ngaio T. Lowry Trust, dated February 26, 1998 Carolyn Ruschell, Trustee and Jennifer T. Jerome as beneficiary

	By:  Jennifer T. Jerome, as beneficiary

	Name:
	/s/ Jennifer T. Jerome

	 
	Jennifer T. Jerome

	 
	 

	Date:
	9/1/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Jennifer Dickerman

	National City Bank as agent under the Agreement, dated July 16, 1969, with Margaret E. Taplin

	By:  Jennifer Dickerman, as Co-Trustee

	Name:
	/s/ Jennifer Dickerman

	 
	Jennifer Dickerman

	 
	 

	Date:
	9/5/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Martha S. Kelly

	Name:
	/s/ Martha S. Kelly

	 
	Martha S. Kelly

	 
	 

	Date:
	9/3/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Susan Sichel

	Name:
	/s/ Susan Sichel

	 
	Susan Sichel

	 
	 

	Date:
	9/5/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	Bruce T. Rankin

	Name:
	/s/ Bruce T. Rankin

	 
	Bruce T. Rankin

	 
	 

	Date:
	9/10/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

	
		
	DiAhn Taplin

	Name:
	/s/ DiAhn Taplin

	 
	DiAhn Taplin

	 
	 

	Date:
	8/31/2012

	Address:
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

EXHIBIT A
AMENDMENT TO STOCKHOLDERS’ AGREEMENT
This AMENDMENT TO STOCKHOLDERS’ AGREEMENT, dated as of ________________, 20__ (this “Amendment”), by and among the Depository, Hyster-Yale Materials Handling, Inc., a Delaware corporation (the “Corporation”), the new Participating Stockholder identified on the signature pages hereto (the “New Participating Stockholder”) and the Participating Stockholders under the Stockholders’ Agreement, dated as of September __, 2012, as amended (the “Stockholders’ Agreement”), by and among the Depository, the Corporation and the Participating Stockholders.  Capitalized terms defined in the Stockholders’ Agreement are used herein as so defined.
This Amendment sets forth the terms and conditions on which the New Participating Stockholder will join in and become a party to the Stockholders’ Agreement.  
Pursuant to Section 8 of the Stockholders’ Agreement, prior to the acquisition of Class B Common Stock by a Permitted Transferee, the Stockholders’ Agreement may be amended to add a Permitted Transferee as a Participating Stockholder by a writing signed by the Signatories, the Corporation and such Permitted Transferee.
In consideration of the mutual promises hereinafter set forth and other good and valuable consideration had and received, the parties hereto agree as follows:
1.    Representations and Warranties.  The New Participating Stockholder represents and warrants to the other Participating Stockholders and the Corporation as follows:
(a)    The New Participating Stockholder is the beneficial owner of, or simultaneously with the execution hereof will acquire and be deemed to be the beneficial owner of, the shares of Class B Common Stock identified below such New Participating Stockholder’s name on the signature pages hereto (except as otherwise described thereon), and except as otherwise described thereon such New Participating Stockholder does not own of record or beneficially or have any interest in any other shares of Class B Common Stock or any options to purchase or rights to subscribe or otherwise acquire any other shares of Class B Common Stock other than pursuant to the Stockholders’ Agreement;
(b)    The New Participating Stockholder has the right, power and authority to execute and deliver this Amendment and to perform such New Participating Stockholder’s obligations hereunder and under the Stockholders’ Agreement; if this Amendment is being executed by a trustee on behalf of a trust, such trustee has full right, power and authority to enter into this Amendment on behalf of the trust and to bind the trust and its beneficiaries to the terms hereof; if this Amendment is being executed on behalf of a Participating Stockholder Organization, the person executing this Amendment is a duly authorized representative of such Participating Stockholder Organization with full right, power and authority to execute and deliver this Amendment on behalf of such Participating Stockholder Organization and to bind such Participating Stockholder Organization to the terms hereof; the execution, delivery and performance of this 

A-1

Amendment by such New Participating Stockholder will not constitute a violation of, conflict with or result in a default under (i) any contract, understanding or arrangement to which such New Participating Stockholder is a party or by which such New Participating Stockholder is bound or require the consent of any other person or any party pursuant thereto; (ii) any organizational, charter or other governance documents (including, without limitation, any partnership agreement, certificate of incorporation, or bylaws) of the New Participating Stockholder, (iii) any judgment, decree or order applicable to such New Participating Stockholder; or (iv) any law, rule or regulation of any governmental body; 
(c)    This Amendment and the Stockholders’ Agreement constitute legal, valid and binding agreements on the part of such New Participating Stockholder; the shares of Class B Common Stock owned beneficially by such New Participating Stockholder are fully paid and nonassessable; and
(d)    The shares of Class B Common Stock owned beneficially by the New Participating Stockholder are now held by the New Participating Stockholder, free and clear of all adverse claims, liens, encumbrances and security interests (except as created by the Stockholders’ Agreement and any Amendments thereto, including this Amendment, and the Restated Certificate).
2.    Address for Notices.  The address for all notices to each New Participating Stockholder provided pursuant to the Stockholders’ Agreement shall be the address set forth below such New Participating Stockholder’s name on the signature pages hereto, or to such other address as such New Participating Stockholder may specify to the Depository.
3.    Agreement to be Bound by Stockholders’ Agreement.  The New Participating Stockholder agrees to be bound by all of the terms and provisions of the Stockholders’ Agreement applicable to Participating Stockholders. 
4.    Beneficiaries.  The New Participating Stockholder acknowledges that the Corporation and each Participating Stockholder is a beneficiary of this Amendment.
5.    Amendment of Stockholders’ Agreement.  The Stockholders’ Agreement is hereby amended to add the New Participating Stockholder as a Participating Stockholder. 
6.    Signature of Amendment by Trusts, Minors and Incompetents.
(a)    In order for a trust exclusively (as defined in Section 1.11 of the Stockholders’ Agreement) for the benefit of a Family Member or Members to be considered a Participating Stockholder:
(i)    the trustee and all adult beneficiaries of such trusts having a current trust interest (as well as all Charitable Organization beneficiaries having a current trust interest) shall have previously signed the Stockholders’ Agreement or shall sign this Amendment as a Participating Stockholder;

A-2

(ii)    the trustee and a parent or legal guardian, for trusts with minor beneficiaries having a current trust interest, shall sign this Amendment on behalf of any such minor beneficiaries; or
(iii)    the trustee and legal guardian, if any, for trusts with incompetent beneficiaries having a current trust interest, shall sign this Amendment on behalf of any such incompetent beneficiaries.
(b)    If, at any time, any trust shall have an adult beneficiary (and such beneficiary is not incompetent) having a current trust interest or an ascertainable Charitable Organization beneficiary having a current trust interest and if such beneficiary has not previously signed the Stockholders’ Agreement, then if such beneficiary shall fail or be unable to sign this Amendment for a period of 30 calendar days following notification to such beneficiary of the terms of this Amendment and the Stockholders’ Agreement by the Depository and following signature of this Amendment by the trustee, the trust shall thereupon cease to be a Participating Stockholder and Section 3.2 of the Stockholders’ Agreement shall then apply as if the shares of Class B Common Stock held by the trust were then to be converted. The donor of a trust that is revocable by the donor alone, during the lifetime of such donor, shall be considered the only beneficiary thereof so long as such trust is so revocable.
(c)    In the case of Class B Common Stock held by a custodian under the Uniform Transfers to Minors Act (or the practical equivalent thereof) for the benefit of a minor Family Member, the custodian shall sign this Amendment on behalf of such minor if such minor is to be considered a Participating Stockholder. 
(d)    In the case of Class B Common Stock held in the name of a minor Family Member, a parent or legal guardian of such minor shall sign this Amendment on behalf of such minor if such minor is to be considered a Participating Stockholder.
(e)    In the case of Class B Common Stock held in the name of an incompetent Family Member, the legal guardian of such incompetent shall sign this Amendment on behalf of such incompetent if such incompetent is to be considered a Participating Stockholder.
(f)    When a minor described in Section 6(c) or (d) reaches the age of majority, or an incompetent described in Section 6(e) is no longer impaired by such disability and has reached the age of majority, such Family Member shall execute and deliver an Amendment which has been executed and delivered by the Participating Stockholders (or their attorney-in-fact), the Corporation and the Depository. If such Family Member shall fail or be unable to sign such Amendment for a period of 30 calendar days following notification to such Family Member of the terms of the Stockholders’ Agreement by the Depository, such Family Member shall thereupon cease to be a Participating Stockholder and Section 3.2 of the Stockholders’ Agreement shall then apply as if the shares of Class B Common Stock were then to be converted.
7.    Power of Attorney.  The undersigned New Participating Stockholder hereby constitutes and appoints Alfred M. Rankin, Jr., Dennis W. LaBarre, Thomas C. Daniels, Charles 

A-3

A. Bittenbender, Suzanne Schulze Taylor and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and resubstitution, for the undersigned and in the name, place and stead of the undersigned, in any and all capacities to:
(a)    execute any and all statements under Section 13 or Section 16 of the Securities Exchange Act of 1934 of beneficial ownership of shares of Class B Common Stock subject to the Stockholders’ Agreement as amended by this Amendment, including all statements on Schedule 13D and all amendments thereto, all joint filing agreements pursuant to Rule 13d-1(k) under such Exchange Act in connection with such statements, all initial statements of beneficial ownership on Form 3 and any and all other documents to be filed with the Securities and Exchange Commission, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, and
(b)    execute and deliver any and all Amendments whereby a Family Member, Charitable Organization or Participating Stockholder Organization becomes a Participating Stockholder or any other amendment to the Stockholders’ Agreement in accordance with Section 8 of the Stockholders’ Agreement, other than those amendments that (i) extend the term of the Stockholders’ Agreement or (ii) amend Section 2, 3, 4 or 8 of the Stockholders’ Agreement, thereby granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and to perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them, or their substitutes or resubstitutes, may lawfully do or cause to be done by virtue of this Section 7.  The grant of this power of attorney shall not be affected by any disability of such undersigned New Participating Stockholder.  If applicable law requires additional or substituted language or formalities (including witnesses or acknowledgments) in order to validate the power of attorney intended to be granted by this Section 7, each New Participating Stockholder agrees to execute and deliver such additional instruments and to take such further acts as may be necessary to validate such power of attorney.
8.    Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument, without production of the others. 

A-4

IN WITNESS WHEREOF, the New Participating Stockholder, the Participating Stockholders, the Corporation and the Depository have executed  this Amendment or caused this Amendment to be executed in their respective  names, all as of the date and year first above written. 

	
		
	 

	(a new Participating Stockholder)

	Address:
	 

	 
	 

	 
	 

	 
	 

	 
	 

	
		
	Number of Shares of  
Class B Common Stock
	Certificate No.

	 
	 

	 
	 

A-5

	
				
	 
	, as Depository

	 
	 

	 
	 

	By:
	 
	 

	 
	 

A-6

	
			
	HYSTER-YALE MATERIALS HANDLING, INC.

	 
	 

	By:
	 

	 
	 

A-7

	
			
	THE PARTICIPATING STOCKHOLDERS  
listed in Exhibit A attached hereto  
and incorporated herein by this reference

	 
	 

	By:
	 

	 
	 

A-8

Exhibit A
PARTICIPATING STOCKHOLDERS 
		
	1.
	Clara L. T. Rankin

		
	2.
	Alfred M. Rankin, Jr. 

		
	3.
	Victoire G. Rankin 

		
	4.
	Helen Rankin Butler (f/k/a Helen P. Rankin) 

		
	5.
	Clara T. Rankin Williams (f/k/a Clara T. Rankin)

		
	6.
	Thomas T. Rankin 

		
	7.
	Matthew M. Rankin 

		
	8.
	James T. Rankin 

		
	9.
	Claiborne R. Rankin 

		
	10.
	Chloe O. Rankin 

		
	11.
	Chloe R. Seelbach (f/k/a Chloe E. Rankin) 

		
	12.
	Claiborne R. Rankin, Jr. 

		
	13.
	Roger F. Rankin 

		
	14.
	Bruce T. Rankin 

		
	15.
	Martha S. Kelly 

		
	16.
	Susan Sichel

		
	17.
	Jennifer T. Jerome 

		
	18.
	Caroline T. Ruschell 

		
	19.
	David F. Taplin 

		
	20.
	Beatrice B. Taplin 

		
	21.
	Thomas E. Taplin, Jr. 

		
	22.
	Theodore D. Taplin 

		
	23.
	Britton T. Taplin 

		
	24.
	Frank F. Taplin 

		
	25.
	Rankin Management, Inc. 

A-9

		
	26.
	Rankin Associates I, L.P. (f/k/a CTR Family Associates, L.P.) 

		
	27.
	The Trust created under the Agreement, dated December 28, 1976, between National City Bank, as trustee, and Clara L.T. Rankin, for the benefit of grandchildren

		
	28.
	The Trust created under the Agreement, dated July 20, 2000, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Clara T. Rankin, for the benefit of Clara T. Rankin

		
	29.
	The Trust created under the Agreement, dated September 28, 2000, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Alfred M. Rankin, Jr., for the benefit of Alfred M. Rankin, Jr. 

		
	30.
	The Trust created under the Agreement, dated September 28, 2000, as supplemented, amended and restated, between Victoire G. Rankin, as trustee, and Victoire G. Rankin, for the benefit of Victoire G. Rankin 

		
	31.
	The Trust created under the Agreement, dated December 29, 1967, as supplemented, amended and restated, between Thomas T. Rankin, as trustee, and Thomas T. Rankin, creating a trust for the benefit of Thomas T. Rankin 

		
	32.
	The Trust created under the Agreement, dated June 22, 1971, as supplemented, amended and restated, between Claiborne R. Rankin, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Claiborne R. Rankin 

		
	33.
	The Trust created under the Agreement, dated September 11, 1973, as supplemented, amended and restated, between Roger F. Rankin, as trustee, and Roger F. Rankin, creating a trust for the benefit of Roger F. Rankin 

		
	34.
	The Trust created under the Agreement, dated September 28, 2000, between Alfred M. Rankin, Jr., as trustee, and Bruce T. Rankin, for the benefit of Bruce T. Rankin 

		
	35.
	The Trust created under the Agreement, dated August 26, 1974, between National City Bank, as trustee, and Thomas E. Taplin, Jr., for the benefit of Thomas E. Taplin, Jr. 

		
	36.
	The Trust created under the Agreement, dated October 15, 1975, between National City Bank, as trustee, and Theodore D. Taplin, for the benefit of Theodore D. Taplin 

		
	37.
	The Trust created under the Agreement, dated December 30, 1977, as supplemented, amended and restated, between National City Bank, as trustee, and Britton T. Taplin for the benefit of Britton T. Taplin 

		
	38.
	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Clara T. (Rankin) Williams for the benefit of Clara T. (Rankin) Williams 

		
	39.
	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Helen P. (Rankin) Butler for the benefit of Helen P. (Rankin) Butler 

A-10

		
	40.
	Corbin Rankin 

		
	41.
	Alison A. Rankin

		
	42.
	National City Bank as agent under the Agreement, dated July 16, 1969, with Margaret E. Taplin

		
	43.
	Alison A. Rankin, as trustee fbo A. Farnham Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor 

		
	44.
	Alison A. Rankin, as trustee fbo Elisabeth M. Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor 

		
	45.
	Rankin Associates II, L.P. 

		
	46.
	John C. Butler, Jr. 

		
	47.
	Clara Rankin Butler (by John C. Butler, Jr. as custodian) 

		
	48.
	The Trust created under the Agreement, dated July 24, 1998, as amended, between Frank F. Taplin, as trustee, and Frank F. Taplin, for the benefit of Frank F. Taplin 

		
	49.
	David B. Williams 

		
	50.
	Griffin B. Butler (by John C. Butler, Jr. as Custodian) 

		
	51.
	Claiborne R. Rankin as Trustee of the Claiborne R. Rankin, Jr. Revocable Trust dated August 25, 2000 

		
	52.
	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of A. Farnham Rankin 

		
	53.
	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of Elisabeth M. Rankin 

		
	54.
	Alison A. Rankin as Trustee of the Alison A. Rankin Revocable Trust, dated September 11, 2000 

		
	55.
	The Trust created under the Agreement, dated December 20, 1993, between Thomas T. Rankin, as co-trustee, Matthew M. Rankin, as co-trustee, and Matthew M. Rankin, for the benefit of Matthew M. Rankin 

		
	56.
	Scott Seelbach 

		
	57.
	Margo Jamison Victoire Williams (by Clara Rankin Williams as Custodian) 

		
	58.
	Trust created under the Agreement, dated June 1, 1995, between Chloe O. Rankin, as Trustee, and Chloe O. Rankin, for the benefit of Chloe O. Rankin 

		
	59.
	Trust created by the Agreement, dated June 17, 1999, between John C. Butler, Jr., as trustee, and John C. Butler, Jr., creating a trust for the benefit of John C. Butler, Jr. 

A-11

		
	60.
	Clara Rankin Butler 2002 Trust, dated November 5, 2002 

		
	61.
	Griffin Bedwell Butler 2002 Trust, dated November 5, 2002 

		
	62.
	Elizabeth B. Rankin 

		
	63.
	Margo Jamison Victoire Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B.H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Margo Jamison Victoire Williams 

		
	64.
	Helen Charles Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B.H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Helen Charles Williams 

		
	65.
	Helen Charles Williams (by David B.H. Williams as Custodian) 

		
	66.
	Julia L. Rankin Kuipers

		
	67.
	Trust created by the Agreement, dated December 21, 2004, between Claiborne R. Rankin, as trustee, and Julia L. Rankin, creating a trust for the benefit of Julia L. Rankin 

		
	68.
	Thomas Parker Rankin 

		
	69.
	Taplin Elizabeth Seelbach (by Scott Seelbach as Custodian) 

		
	70.
	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Taplin Elizabeth Seelbach 

		
	71.
	Rankin Associates IV, L.P. 

		
	72.
	Marital Trust created by the Agreement, dated January 21, 1966, as supplemented, amended and restated, between National City Bank and Beatrice Taplin, as Trustees, and Thomas E. Taplin, for the benefit of Beatrice B. Taplin 

		
	73.
	Trust created by the Agreement, dated May 10, 2007, between Mathew M. Rankin, as Grantor, and Mathew M. Rankin and James T. Rankin, as co-trustees, for the benefit of Mary Marshall Rankin 

		
	74.
	Trust created by Agreement, dated May 10, 2007, between Mathew M. Rankin, as trustee, and James T. Rankin, creating a trust for the benefit of William Alexander Rankin 

		
	75.
	Trust created by the Agreement dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Isabelle Scott Seelbach 

		
	76.
	Lynne Turman Rankin 

A-12

		
	77.
	Jacob A. Kuipers

		
	78.
	Alfred M. Rankin, Jr.’s 2011 Grantor Retained Annuity Trust

		
	79.
	Alfred M. Rankin, Jr. 2012 Retained Annuity Trust

		
	80.
	2012 Chloe O. Rankin

		
	81.
	2012 Corbin K. Rankin Trust

		
	82.
	2012 Alison A. Rankin Trust

		
	83.
	2012 Helen R. Butler Trust

		
	84.
	2012 Clara R. Williams Trust

		
	85.
	The David B.H. Williams Trust, David B.H. Trustee u/a/d October 14, 2009

		
	86.
	Mary Marshall Rankin (by Matthew M. Rankin, as Custodian)

		
	87.
	William Alexander Rankin (by Matthew M. Rankin, as Custodian)

		
	88.
	Margaret Pollard Rankin (by James T. Rankin, as Custodian)

		
	89.
	Trust created by the Agreement, dated April 10, 2009, between Chloe R. Seelbach, as trustee, creating a trust for the benefit of Chloe R. Seelbach

		
	90.
	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Thomas Wilson Seelbach

		
	91.
	Isabelle Seelbach (by Chloe R. Seelbach, as Custodian)

		
	92.
	Elisabeth M. Rankin (by Alison A. Rankin, as Custodian)

		
	93.
	A. Farnham Rankin

		
	94.
	Taplin Annuity Trust #1 of Beatrice B. Taplin dated June 18, 2011

		
	95.
	The Beatrice B. Taplin Trust/Custody dtd December 12, 2001, Beatrice B. Taplin, as Trustee, for the benefit of Beatrice B. Taplin

		
	96.
	Cory Freyer

		
	97.
	Ngaio T. Lowry Trust, dated February 26, 1998, Caroline T. Ruschell, Trustee

		
	98.
	Caroline T. Ruschell Trust Agreement dated December 8, 2005, Caroline T. Ruschell as Trustee

		
	99.
	Jennifer Dickerman

A-13

		
	100.
	The Trust created under the Agreement dated January 5, 1977 between PNC Bank as Co-Trustee, Alfred M. Rankin, Jr., as Co-Trustee, for the benefit of Clara L.T. Rankin

		
	101.
	The Trust created under the Agreement, dated January 1, 1977, between PNC Bank, as Co-Trustee, Alfred M. Rankin, Jr., as Co-Trustee, and Clara L. T. Rankin, for the benefit of Clara L. T. Rankin

		
	102.
	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 and as amended, Beatrice Taplin, Trustee

		
	103.
	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 amended, per IRC 1015(A) Dual Basis Sub-Account, Beatrice Taplin, Trustee

		
	104.
	Alfred M. Rankin Jr.—Roth IRA— Brokerage Account #*****

		
	105.
	John C. Butler, Jr.—Roth IRA— Brokerage Account #*****

		
	106.
	DiAhn Taplin

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EXHIBIT B
TERMS AND CONDITIONS
Section 1.    The Depository shall mark the appropriate legend on the face or the back of each certificate representing shares of Class B Common Stock (“Certificate”) delivered hereunder in accordance with Section 7.1 of the Stockholders’ Agreement, dated September 28, 2012 (the “Stockholders’ Agreement”), by and among the Corporation, the Participating Stockholders and the Depository.
Section 2.    (a)  In the event that the Depository receives written notification, pursuant to the terms of the Stockholders’ Agreement, which states that shares of Class B Common Stock are to be converted or are to be transferred otherwise than as provided under Section 2.1 of the Stockholders’ Agreement, then the Depository shall take such action as is required by the Stockholders’ Agreement and otherwise is in accordance with written instructions executed by the parties to the Stockholders’ Agreement who are transferring, converting or acquiring the shares of Class B Common Stock represented by such Certificates.
(b)  In the event that such written notification states that shares of Class B Common Stock are to be transferred by a Participating Stockholder as provided under Section 2.1 of the Stockholders’ Agreement, then the Depository shall take such action as is required by the Stockholders’ Agreement and otherwise is in accordance with the written instructions of the Participating Stockholder making such transfer and may, as a condition to taking any such action, require the furnishing of affidavits, or other proof as it deems necessary to establish that such transfer is permitted by such Section 2.1.
Section 3.    Duties and Adverse Claims.  The duties and obligations of the Depository shall be determined solely by the express provisions of the Stockholders’ Agreement, including this Exhibit B.  In the event of any disagreement or the presentation of any adverse claim or demand in connection with rights and duties of the Depository, the Depository shall, at its option, be entitled to refuse to comply with any such claims or demands during the continuance of such disagreements and in so doing, the Depository shall not become liable to any party to the Stockholders’ Agreement or to any other person due to its failure to comply with such adverse claim or demand.  the Depository shall be entitled to continue, without liability, to refrain and refuse to act:
(a)  until authorized to act by a court order from a court having jurisdiction over the parties and the property, after which time the Depository shall be entitled to act in conformity with such adjudication; or 
(b)  until all differences shall have been adjusted by agreement and the Depository shall have been notified thereof and shall have been directed in writing, signed jointly or in counterpart by all persons making adverse claims or demands, at which time the Depository shall be protected in acting in compliance therewith.
Section 4.    The Depository’s Liability Limited.  The Depository shall not be liable to anyone whatsoever by reason of any error of judgment or for any act done or step taken or omitted by it in good faith or for any mistake of fact or law or for anything which it may do or refrain from doing in connection herewith unless caused by or arising out of its own gross 

B-1

negligence or willful misconduct.  The parties to the Stockholders’ Agreement represent to the Depository that they have and shall continue to solicit the advice of their respective counsel regarding compliance with all applicable state and federal securities laws in connection with the transactions contemplated by the Stockholders’ Agreement and that they will act in accordance with such advice.  The Depository shall have no responsibility to ensure compliance with any such securities laws, and such responsibility rests solely with the parties to the Stockholders’ Agreement.
Section 5.    Reliance by the Depository on Documents, Etc.  The Depository shall be entitled to rely and shall be protected in acting in reliance upon any instructions or directions furnished to it in writing pursuant to any provisions of the Stockholders’ Agreement and shall be entitled to treat as genuine, and as the document it purports to be, any letter, paper or other document furnished to it and believed by it to be genuine and to have been signed and presented by the proper party or parties.
Section 6.    Indemnification and Legal Counsel for the Depository.  The parties to the Stockholders’ Agreement hereby agree to indemnify the Depository and save it harmless from and against all losses, damages, costs, charges, payments, liabilities and expenses, including the costs of litigation, investigation and reasonable legal fees incurred by the Depository and arising directly or indirectly out of its role as Depository pursuant to the Stockholders’ Agreement, including such losses, damages, costs, charges, payments, and suits made or asserted, whether groundless or otherwise, against the Depository unless the same arise out of the willful misconduct or gross negligence of the Depository.  The parties to the Stockholders’ Agreement agree that the Depository does not assume any responsibility for the failure of any of the parties to make payments or perform the conditions of the Stockholders’ Agreement, nor shall the Depository be responsible for the collection of any monies provided to be paid to it.  The Depository may consult with counsel of its own choice (including inside counsel for the Depository) and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel.  The provisions of this Section 6 shall survive termination of the arrangement contemplated hereby.
Section 7.    Compensation.  The parties to the Stockholders’ Agreement agree to pay the Depository reasonable compensation for the services to be rendered hereunder and will pay or reimburse the Depository upon request for all expenses, disbursements and advances, including reasonable attorneys’ fees, incurred or made by it in connection with carrying out its duties hereunder.
Section 8.    Registration and Dismissal.  The Depository shall have the right to resign, and Participating Stockholders owning 66-2/3 percent of the shares of Class B Common Stock subject to the Stockholders’ Agreement shall have the right to dismiss the Depository, in each case upon giving thirty (30) days written notice by mailing said written notice thereof to the proper party or parties; provided, however, that no such resignation or dismissal shall become effective until a successor has been duly appointed to act as Depository by amendment to the Stockholders’ Agreement and such successor has agreed so to act.
Section 9.    Defined Terms.  Capitalized terms defined in the Stockholders’ Agreement and not otherwise defined herein are used herein as so defined in the Stockholders’ Agreement.

B-2

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