Document:

EX-10.1

 Exhibit 10.1 
 FORM OF TRANSITION SERVICES AGREEMENT 
 This TRANSITION SERVICES
AGREEMENT (this “Agreement”), dated as of September     , 2012, by and among NACCO Industries, Inc., a Delaware corporation (“NACCO”) and Hyster-Yale Materials Handling, Inc., a Delaware
corporation and a wholly owned subsidiary of NACCO (“Hyster-Yale”). All capitalized terms used but not defined herein shall have their respective meanings set forth in the Separation Agreement (as defined herein). 

RECITALS: 

1. NACCO and Hyster-Yale have entered into a Separation Agreement, dated as of September     , 2012 (the
“Separation Agreement”), pursuant to which NACCO will distribute all of the outstanding shares of capital stock of Hyster-Yale to NACCO’s stockholders (the “Spin-Off”); 

2. In order to facilitate the separation of Hyster-Yale from NACCO and its Subsidiaries (as defined below) pursuant to the Separation
Agreement, (a) Hyster-Yale desires, and NACCO is willing to provide or cause its Subsidiaries to provide, certain transition services upon the terms and conditions set forth in this Agreement and (b) NACCO and its Subsidiaries desire, and
Hyster-Yale is willing to provide or cause its Subsidiaries to provide, certain transition services upon the terms and conditions set forth in this Agreement. For purposes of this Agreement, a “Subsidiary” of any Person means any Person
whose financial results are required to be consolidated with the financial results of the first Person in the preparation of the first Person’s financial statements under United States generally accepted accounting principles as in effect from
time to time, consistently applied. 
 Accordingly, the parties agree as follows: 

I. TRANSITION SERVICES 
 1.1 NACCO Obligations. Subject to the terms and conditions of this Agreement, during the Transition Period (as defined below), NACCO will, or will cause one of its Subsidiaries to, provide to
Hyster-Yale and/or a designated Subsidiary of Hyster-Yale the transitional services and assistance (together, the “NACCO Transition Services”) set forth on Schedule A hereto. 

1.2 Hyster-Yale Obligations. Subject to the terms and conditions of this Agreement, during the Transition Period, Hyster-Yale
will, or will cause one of its Subsidiaries to, provide to NACCO and/or a designated Subsidiary of NACCO, as the case may be, the transitional services and assistance (together, the “Hyster-Yale Transition Services” and, together
with the NACCO Transition Services, the “Transition Services”) set forth on Schedule B hereto. 

  
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 1.3 Term. The obligations of each of NACCO and Hyster-Yale to provide each respective
Transition Service or cause such Transition Service to be provided hereunder will begin on October 1, 2012 (the “Effective Date”) and will remain in effect for one year after the Effective Date (the “Initial Termination
Date”); provided, however, that with respect to any Transition Service, NACCO or Hyster-Yale may, upon written notice to the other party not less than 30 days prior to the Initial Termination Date, extend the term of such
Transition Services for the subsequent transition period; provided, however, that such extension shall not be for a period of more than three months unless the other party consents, in writing, to a period beyond three months (the
“Subsequent Transition Period”). For the purposes of this Agreement, the (a) term “Initial Transition Period” for each Transition Service means the period beginning on the date on which the Spin-Off occurs (the
“Closing Date”) and ending on the Initial Termination Date, and (b) the terms Initial Transition Period and Subsequent Transition Period are collectively referred to herein as the “Transition Period.”

 1.4 Modification of Transition Services. During the Transition Period, any or all of the Transition Services may be
modified in any respect upon mutual written agreement of NACCO and Hyster-Yale, and such written agreement shall be deemed to supplement and amend this Agreement. 
 1.5 Employee Cooperation. NACCO will cause its or its Subsidiaries’ employees providing the Transition Services (together, the “NACCO Employees”) to cooperate with the
employees of Hyster-Yale and/or its Subsidiaries (the “Hyster-Yale Employees”) during the Transition Period, but neither NACCO nor its Subsidiaries will have any other duty or obligation with respect to such Hyster-Yale Employees.
Hyster-Yale will cause the Hyster-Yale Employees providing the Transition Services to cooperate with the NACCO Employees during the Transition Period, but Hyster-Yale will have no other duty or obligation with respect to such NACCO Employees.

 1.6 Scope of Services. Neither NACCO nor Hyster-Yale will be obligated to perform, or to cause to be performed, any
Transition Services in a volume or quantity that unreasonably interferes with the operation of its business in the ordinary course provided, however, that each such party will be required to provide Transition Services consistent with historical
volume or quantity during the two years preceding the Spin-Off and such level of services will not be deemed to unreasonably interfere with the operation of the business of the party supplying such Transition Service. 

1.7 Standard of Performance; Standard of Care. Each of NACCO and Hyster-Yale will perform, or will cause to be performed, the
Transition Services (a) in such manner as is substantially similar in nature, quality and timeliness to the services provided by NACCO, Hyster-Yale or their respective Subsidiaries, as applicable, prior to the date hereof and (b) in
accordance with all applicable Laws. 

  
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 1.8 Confidentiality The parties hereto shall keep strictly confidential any and all
proprietary, technical, business, marketing, sales and other information disclosed to another party hereto in connection with the performance of this Agreement (the “Confidential Information”), and shall not disclose the same or any
part thereof to any third party, or use the same for their own benefit or for the benefit of any third party. The obligations of secrecy and nonuse as set forth herein shall survive the termination of this Agreement for a period of five years.
Excluded from this provision is any information available in the public domain and any information disclosed to any of the parties by a third party who is not in breach of confidential obligations owed to another person or entity. Notwithstanding
the foregoing, each party hereto may disclose Confidential Information (a) to its bankers, attorneys, accountants and other advisors subject to the same confidentiality obligations imposed herein and (b) as may be required by Law from time
to time provided that the party required to disclose provide the other party, to the extent permitted, reasonable notice in order for such party an opportunity to oppose such disclosure. 

II. CONSIDERATION 
 2.1 Hyster-Yale Fees. (a) In consideration for the Transition Services provided by or on behalf of NACCO under this Agreement during the first six-months of the Transition Period, Hyster-Yale
agrees to pay NACCO or a specified Subsidiary the monthly fees set forth in Schedule A attached hereto and, for each remaining month in the Transition Period, Hyster-Yale agrees to pay NACCO or a specified Subsidiary 50% of the monthly fee
for such Transition Service set forth in Schedule A or such other amount as may be agreed by the parties in writing (the “HY Fees”). Other than the HY Fees and the expenses specified in Section 2.2, neither Hyster-Yale
nor any of its Subsidiaries will be responsible for any fees or expenses incurred by NACCO or any of its Subsidiaries in connection with its or their provision of the Transition Services hereunder. 

(b) For any portion of the Transition Period in which a Transition Service is not rendered for an entire month, the HY
Fees described in Schedule A or percentage thereof with respect to such Transition Service will be prorated based on the actual number of days in such period, if applicable. 

2.2 NACCO Fees. (a) In consideration for the Transition Services provided by or on behalf of Hyster-Yale under this Agreement
during the first six-months of the Transition Period, NACCO agrees to pay Hyster-Yale or a specified Subsidiary the monthly fees set forth in Schedule B attached hereto and, for each remaining month in the Transition Period, NACCO agrees to
pay Hyster-Yale 50% of the monthly fee for such Transition Service set forth in Schedule B or such other amount as may be agreed by the parties in writing (the “NACCO Fees”). Other than the NACCO Fees and the expenses
specified in Section 2.2, neither NACCO nor any of its Subsidiaries will be responsible for any fees or expenses incurred by Hyster-Yale or any of its Subsidiaries in connection with its or their provision of the Transition Services hereunder.

  
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 (b) For any portion of the Transition Period in which a Transition Service
is not rendered for an entire month, the NACCO Fees described in Schedule B or percentage thereof with respect to such Transition Service will be prorated based on the actual number of days in such period, if applicable. 

2.3 Out-of-Pocket Expenses. All (a) reasonable, documented out-of-pocket expenses (including travel expenses) that arise
directly out of the provision of Transition Services pursuant to this Agreement and are incurred by any of the parties or their Subsidiaries (the “Out-of-Pocket Expenses”) and (b) sales or similar non-income taxes incurred by
any of the parties or their Subsidiaries in connection with the provision of Transition Services pursuant to this Agreement (together with the Out-of-Pocket Expenses, “Expenses”) will be reimbursed by the party receiving the
services; provided, however, that for any Expense described in clause (a) in excess of $10,000 per occurrence or event, the party providing the services will be required to obtain prior approval thereof from the party receiving
the services, which approval will not be unreasonably withheld; provided, further, that such consent will not be required for any Expense in excess of $10,000 if such Expense does not exceed the historical cost of such Expense by more
than 10%. 
 2.4 Payment. Each of Hyster-Yale and NACCO will pay or cause to be paid to the other the NACCO Fees or the
HY Fees, as applicable, and Expenses in each calendar month within 30 days following receipt of an invoice therefor which contains customary and reasonable substantiation of the entitlement to payment of such Fees and reimbursement of such Expenses.
If either party fails to pay the invoiced amount when due, interest will accrue on the amount payable at a rate equal to the rate of interest publicly announced by Citibank, N.A., from time to time, in The City of New York, as such bank’s base
rate (the “Citibank Base Rate”) plus 2.50% per month, compounded monthly; provided, however, that if any such failure to pay is due to a good faith dispute, any amounts ultimately determined to be payable by the
disputing party will instead include interest compounded at a rate equal to the Citibank Base Rate plus 2.00% per month. 

III. TERMINATION 
 3.1 Term and Termination. (a) This Agreement will remain in effect with respect to each Transition Service from the Closing Date until the expiration of the Transition Period for such
Transition Service unless earlier terminated in accordance with this Section 3.1. 
 (b) An authorized
officer of either NACCO or Hyster-Yale may terminate this Agreement upon written notice to the other party if: 

(i) the other party has violated any material provision of this Agreement and such violation has not been remedied within
30 days after written notice thereof; or 

  
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 (ii) the other party has filed, or has had filed against it, a petition
seeking relief under any bankruptcy, insolvency, reorganization, moratorium or similar Law affecting creditors’ rights. 
 (c) An authorized officer of either NACCO or Hyster-Yale may terminate the Transition Period with respect to any Transition Service that is being provided by the other party or its Subsidiaries at any
time by giving such party 30 days’ prior written notice of its intention to do so. 
 (d) Authorized
officers of NACCO and Hyster-Yale may terminate this Agreement by mutual written agreement. 
 (e) The
parties’ obligations pursuant to Sections 1.8, 2.4 and 4.2 will survive the expiration or any termination of this Agreement in accordance with its terms. 
 IV. MISCELLANEOUS 
 4.1 Warranty Disclaimer. EXCEPT AS
PROVIDED IN SECTION 1.7, NONE OF THE PARTIES MAKES ANY WARRANTY CONCERNING THE TRANSITION SERVICES AND THE WARRANTY IN SUCH SECTION 1.7 IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY THAT THE SERVICES PROVIDED UNDER
THIS AGREEMENT WILL BE SUFFICIENT TO ALLOW HYSTER-YALE OR NACCO TO SUCCESSFULLY TRANSITION, MANAGE OR OPERATE ITS BUSINESS. 

4.2 Indemnification. (a) Subject to subsection (d) below, each party (the “Indemnitor”) will indemnify
and hold the other party, its Subsidiaries and each of their respective stockholders, officers, directors, employees, agents and representatives and each of the successors and assigns of any of the foregoing (each, an “Indemnitee”)
harmless from and against and will promptly defend the Indemnitees from and reimburse the Indemnitees for any and all losses, damages, costs, expenses, liabilities, obligations and claims of any kind (including reasonable attorneys’ fees and
other costs and expenses) (collectively, “Damages”), arising out of or related to (i) a breach by the Indemnitor of this Agreement and (ii) the gross negligence, bad faith or intentional misconduct of the Indemnitor in
connection with the provision or receipt of Transition Services under this Agreement. 
 (b) The amount of any
Damages for which indemnification is provided under this Section 4.2 will be computed net of any insurance proceeds actually received by the Indemnitee pursuant to an insurance policy with respect to such Damages. 

(c) The Indemnitee must notify the Indemnitor in writing of any claim, demand, action or proceeding for which
indemnification will be sought under Section 4.2(a), provided, however, that the failure to so notify shall not adversely impact the Indemnitee’s right to indemnification hereunder except to the extent that

  
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such failure to notify actually prejudices or prevents the Indemnitor’s ability to defend such claim, demand, action or proceeding. If such claim, demand, action or proceeding is a third
party claim, demand, action or proceeding, the Indemnitor will have the right at its expense to assume the defense thereof using counsel reasonably acceptable to the Indemnitee. Indemnitor will notify Indemnitee whether Indemnitor so elects to
assume the defense not more than five (5) business days after written notice of the claim. The Indemnitee will have the right (i) to participate, at its own expense, with respect to any such third party claim, demand, action or proceeding
that is being defended by the Indemnitor, and (ii) to assume the defense of such third party claim, demand, action or proceeding, at the cost and expense of the Indemnitor if the Indemnitor fails or ceases to defend the same. In connection with
any such third party claim, demand, action or proceeding, the parties will cooperate with each other and provide each other with access to relevant books and records in their possession. If a firm written offer is made to the Indemnitor to settle
any such third party claim, demand, action or proceeding solely in exchange for monetary sums to be paid by the Indemnitor (and such settlement contains a complete release of the Indemnitee and its Subsidiaries and their respective directors,
officers and employees) and the Indemnitor proposes to accept such settlement and the Indemnitee refuses to consent to such settlement, then (i) the Indemnitor will be excused from, and the Indemnitee will be solely responsible for, all further
defense of such third party claim, demand, action or proceeding, (ii) the maximum liability of the Indemnitor relating to such third party claim, demand, action or proceeding will be the amount of the proposed settlement if the amount
thereafter recovered from the Indemnitee on such third party claim, demand, action or proceeding is greater than the amount of the proposed settlement, and (iii) the Indemnitee will pay all reasonable attorneys’ fees and legal costs and
expenses incurred by Indemnitee after rejection of such settlement by the Indemnitee; provided, however, that if the amount thereafter recovered by such third party from the Indemnitee is less than the amount of the proposed
settlement, the Indemnitee will be reimbursed by the Indemnitor for such attorneys’ fees and legal costs and expenses up to a maximum amount equal to the difference between the amount recovered by such third party and the amount of the proposed
settlement. 
 (d) No party will be entitled to recover any consequential, indirect, special or punitive damages
(including lost profits or lost revenues) arising out of the matters covered by this Agreement, regardless of the form of the claim or action, including claims or actions for indemnification, tort, breach of contract, warranty, representation or
covenant. 
 (e) The Indemnitees’ rights to indemnification as set forth in this Section 4.2 will be
their exclusive remedy with respect to any Damages arising out of the matters covered by this Agreement other than to terminate this Agreement as set forth in Section 3.1(b). Each Indemnitee hereto will be entitled to indemnification for
Damages sustained in accordance with the provisions of this Section 4.2 regardless of any Law or public policy that would limit or impair the right of the party to recover indemnification under the circumstances. 

  
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 4.3 Relationship of Parties. Each of Hyster-Yale, NACCO and their respective
Subsidiaries will for all purposes be deemed to be an independent contractor with respect to the provision of Transition Services hereunder, will not be considered (nor will any of their directors, officers, employees, contractors or agents be
considered) an agent, employee, commercial representative, partner, franchisee or joint venturer of any other party and will have no duties or obligations beyond those expressly provided in this Agreement and the Separation Agreement with respect to
the provision of Transition Services. No party will have any authority, absent express written permission from the other party, to enter into any agreement, assume or create any obligations or liabilities, or make representations on behalf of any
other party. The provision of the Transition Services shall not alter the classification of, or the compensation and employee benefits provided to the NACCO Employees or the Hyster-Yale Employees. The NACCO Employees shall be employed solely by
NACCO or its Subsidiaries, and the Hyster-Yale Employees shall be employed solely by Hyster-Yale or its Subsidiaries. Neither the NACCO Employees nor the Hyster-Yale Employees shall be entitled to any additional compensation for the provision of the
Transition Services. 
 4.4 Interpretation. (a) When a reference is made in this Agreement to Sections or Schedules,
such reference will be to a Section of or Schedule to this Agreement unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” Unless the context otherwise requires,
(i) “or” is disjunctive but not necessarily exclusive, (ii) words in the singular include the plural and vice versa, (iii) the use in this Agreement of a pronoun in reference to a party hereto includes the masculine,
feminine or neuter, as the context may require, and (iv) terms used herein which are defined in GAAP have the meanings ascribed to them therein. All Schedules hereto will be deemed part of this Agreement and included in any reference to this
Agreement. This Agreement will not be interpreted or construed to require any party to take any action, or fail to take any action, if to do so would violate any applicable Law. 

(b) All parties have participated in negotiating and drafting this Agreement. In the event that an ambiguity or a question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by all parties, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any provision of this
Agreement. 
 4.5 Amendment. This Agreement may be amended, modified or supplemented only by the written agreement of the
parties hereto. 
 4.6 Waiver of Compliance. Except as otherwise provided in this Agreement, the failure by any party to
comply with any obligation, covenant, agreement or condition under this Agreement may be waived by the party entitled to the benefit thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist
upon strict compliance with such obligation, covenant, agreement or condition will not operate as a waiver of, or estoppel with respect to, any subsequent or other 

  
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failure. The failure of any party to enforce at any time any of the provisions of this Agreement will in no way be construed to be a waiver of any such provision, or in any way to affect the
validity of this Agreement or any part hereof or the right of any party hereafter to enforce each and every such provision. No waiver of any breach of such provisions will be held to be a waiver of any other or subsequent breach. 

4.7 Notices. All notices required or permitted pursuant to this Agreement must be given as set forth in the Separation Agreement.

 4.8 Third Party Beneficiaries. Except as otherwise provided in this Agreement, nothing in this Agreement, expressed or
implied, is intended to confer on any person or entity other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

4.9 Successors and Assigns. This Agreement will be binding upon and will inure to the benefit of the signatories hereto and their
respective successors and permitted assigns. No party may assign this Agreement, or any of its rights or liabilities hereunder, without the prior written consent of the other party hereto, and any attempt to make any such assignment without such
consent will be null and void. Any such assignment will not relieve the party making the assignment from any liability under this Agreement. 
 4.10 Severability. The illegality or partial illegality of any or all of this Agreement, or any provision hereof, will not affect the validity of the remainder of this Agreement, or any provision
hereof, and the illegality or partial illegality of this Agreement will not affect the validity of this Agreement in any jurisdiction in which such determination of illegality or partial illegality has not been made, except in either case to the
extent such illegality or partial illegality causes this Agreement to no longer contain all of the material provisions reasonably expected by the parties to be contained herein. 

4.11 Governing Law. This Agreement will be governed by and construed in accordance with the internal Laws of the State of Delaware
applicable to contracts made and wholly performed within such state, without regard to any applicable conflict of Laws principles. 
 4.12 Submission to Jurisdiction; Waivers. Each party irrevocably agrees that any legal action or proceeding with respect to this Agreement, the transactions contemplated hereby, any provision
hereof, the breach, performance, validity or invalidity hereof or for recognition and enforcement of any judgment in respect hereof brought by another party hereto or its successors or permitted assigns may be brought and determined in any federal
or state court located in the State of Delaware, and each party hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the
aforesaid courts. Each party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, the transactions contemplated hereby, any
provision 

  
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hereof or the breach, performance, enforcement, validity or invalidity hereof, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason
other than the failure to lawfully serve process, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to
judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and (c) to the fullest extent permitted by applicable Laws, that (i) the suit, action or proceeding in any such court is brought in an inconvenient
forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

4.13 Force Majeure. None of the parties will be liable to any other party for failure to perform or delays in performing any part
of the Transition Services if such failure or delay results from an act of God, war, terrorism, revolt, revolution, sabotage, actions of a Governmental Entity, Laws, regulations, embargo, fire, strike, other labor trouble or any other cause or
circumstance beyond the control of such party other than financial difficulties of the other party. Upon the occurrence of any such event which results in, or will result in, delay or failure to perform according to the terms of this Agreement, each
party will promptly give notice to the other parties of such occurrence and the effect and/or anticipated effect of such occurrence. All parties will use their reasonable efforts to minimize disruptions in their performance, to resume performance of
their obligations under this Agreement as soon as practicable and to assist the other parties in obtaining, at their sole expense, an alternative source for the affected Transition Services and the receiving party will be released from any payment
obligation to the performing party with respect to the affected Transition Services during the period of such force majeure; provided, however, the resolution of any strike or labor trouble will be within the sole discretion of the
performing party. 
 4.14 Counterparts. This Agreement may be executed in two or more counterparts, all of which will be
considered one and the same agreement and will become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need not sign the same counterpart. 

4.15 Entire Agreement. This Agreement (including the documents and the instruments referred to in this Agreement) and the
Separation Agreement, constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement. 

[SIGNATURES ON FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, each of the signatories hereto has caused this Agreement to be signed by
its duly authorized officer as of the date first above written. 
  

			
	NACCO INDUSTRIES, INC.
		
	By:	 	  

	Name:	 	J.C. Butler, Jr.
	Title:	 	Vice President, Corporate Development and Treasurer
	
	HYSTER-YALE MATERIALS HANDLING, INC.
		
	By:	 	  

	Name:	 	Alfred M. Rankin, Jr.
	Title:	 	Chairman, President and Chief Executive Officer

 Schedule A 

Transition Services To Be Performed by NACCO and Its Subsidiaries 

 

							
	 Description of Transition Service
	  	Monthly
Fee(s)	 	  	Contact Person
/ Successor
Contact
Person*
	 Tax Support
	  	$	5,000	  	  	TBD
	 IT operating system support services for Hyster-Yale
	  	$	1,000	  	  	TBD

  

	*	NACCO may designate a successor contact person upon written notice to Hyster-Yale. 

 Schedule B 

Transition Services To Be Performed by Hyster-Yale 

 

							
	 Description of Transition Service
	  	Monthly
Fee(s)	 	  	Contact Person /
Successor
Contact Person*
	 General Accounting Support, including SEC
	  	$	25,000	  	  	Ken
Schilling/Jennifer
Langer
	 Tax Compliance and Consulting Support
	  	$	30,000	  	  	Greg Breier
	 Internal Audit – Consulting; Advisory and Audit Services
	  	$	5,000	  	  	Ed Wilcox
	 IT operating system support services for NACCO
	  	$	1,000	  	  	John Bartho
	 Public Company Legal Support (SEC, NYSE, Sarbanes-Oxley, etc.)
	  	$	5,000	  	  	Chuck
Bittenbender/Suzy
Taylor
	 Employee Benefit and HR Legal and Consulting Support
	  	$	10,000	  	  	Mary Maloney
	 Compensation Support
	  	$	5,000	  	  	JoAnn Morano

  

	*	Hyster-Yale may designate a successor contact person upon written notice to NACCO.EX-10.2

 Exhibit 10.2 
 FORM OF 
 TAX ALLOCATION AGREEMENT 

BY AND BETWEEN 

NACCO INDUSTRIES, INC. 
 AND 
 HYSTER-YALE MATERIALS HANDLING, INC. 

Dated [                    ]

 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
	  	 	8	  
	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	  	 	10	  
			
	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 Restricted Period
	  	 	18	  
	6.3     	 	 Tax Counsel Advance Conflict Waiver
	  	 	20	  
			
	 ARTICLE 7
	 	COOPERATION	  	 	20	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	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
[—], 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. 
 NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained herein, and for other good and valuable

  
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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. 
 “Fifty-Percent or Greater Interest” has the meaning ascribed to such term by Section 355(d)(4) of the Code. 

  
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 “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) 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. 

  
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 “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. 

“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. 

  
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 “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. 

“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. 

  
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 “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 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 

  
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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.  
 “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. 

  
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 “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 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.

  
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 (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 Allocation Portion of Taxes shown as due and payable on such Mixed Business Tax Return (net of any
prepayment made against such amount). 
 (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 

  
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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 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 

  
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 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. 
 (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. 

  
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 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. 

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. 

  
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 (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 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. 

  
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 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 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 

  
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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 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

  
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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. 
 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. 

  
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 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 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. 

  
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 6.2 Limits on Proposed Acquisition Transactions and Other Transactions During Restricted
Period. 
 (a) During the Restricted 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 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 

  
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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-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). 

  
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 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; 

(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

  
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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 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 

  
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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 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). 

  
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 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 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 

  
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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 addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 8.18): 

  
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 If to Parent, to: 

NACCO Industries, Inc. 
 5875 Landerbrook Dr., Suite 200 
 Cleveland, OH 44124 

Attention: Frank Brown 
 Facsimile: [—] 

EMail: [—] 

if to HY: 
 Hyster-Yale Materials Handling, Inc. 
 5875 Landerbrook Dr., Suite
300 
 Cleveland, OH 44124 

Attention: Greg Breier 
 Facsimile: [—] 

EMail: [—] 

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:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

  

  
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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. 

  
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