Document:

Exhibit 10.24

 

SEPARATION AGREEMENT AND RELEASE

This Separation Agreement and Release (“Agreement”) is made by and between John W.  White (“Employee”), and U.S. Xpress, Inc. (“Employer”).

1.          Separation Date.  Employee acknowledges that Employer is terminating his employment effective October 22, 2018 (the “Separation Date”).  In lieu of the prior written notice required by Section 3.1(c) of the Amended and Restated Employment and Non-Competition Agreement entered into between Employer and Employee on April 30, 2018 (the “Employment Agreement”), Employer agrees to pay Employee’s Base Salary as defined in Section 2.1 of the Employment Agreement ($6,442.31 per week), minus applicable withholdings, through November 2, 2018, as well as the Employer’s match of Employee’s contribution to his U.S. Xpress Deferred Compensation account through November 2, 2018, provided that the Employee’s contribution amount is not changed and the Employer’s match does not exceed $35,000 for the calendar year.

2.          Consideration.  In exchange for the release of claims and other promises by Employee detailed in this Agreement and for the Restrictive Covenants and Nondisclosure obligations set forth in Articles IV and V of the Employment Agreement, Employer agrees to pay Employee 52 weeks of Employee’s Base Salary as defined in Section 2.1 of the Employment Agreement ($6,442.31 per week) minus applicable withholdings. Such amount will be paid pursuant to Employer's regular pay schedule with the first payment beginning on the first regular payday following the latter of November 2, 2018 or the eighth day after Employee executes this Agreement.  As additional consideration, Employer agrees to pay Employee the pro-rated portion of any quarterly and annual bonus to which he would have been entitled, but for this Separation of Employment, for the quarter and year in which this separation occurs pursuant to the Employer’s Short Term Incentive Bonus Plan.  Employer will make no other payments, bonuses, or benefits to Employee, and Employee acknowledges that he has no entitlement to, or any right to make any claim for, any additional payments, commissions, bonus, or benefits by Employer of any kind whatsoever.    In the event of any breach of this Agreement by Employee, Employer shall have no further obligation for the remainder of the 52 weeks Base Salary payment or bonus payments that occur after such breach.

3.          Continuation of Benefits.  Employee’s eligibility for coverage as an active employee under all employee benefit plans maintained by Employer will terminate on the Separation Date.   However, Employee may elect continuation of coverage under COBRA.  As additional consideration and subject to Employee’s election, Employer agrees to pay directly to Employer’s third-party vendor Employee’s COBRA premiums for Medical, Dental and Vision coverage, at the same plan level as Employee was enrolled on the Separation Date, for a period of time not to exceed the lesser of six months or until such time as Employee is covered under the benefit plans of another employer.

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4.          Treatment of Stock.

	
(a)

	
Restricted Stock Granted Prior to April 30, 2018.  Pursuant to the Restricted Membership Unit Agreement dated April 4, 2016 (the “RMU Agreement”),  Employee was awarded 15,000 restricted membership units under the New Mountain Lake Holdings, LLC Restricted Membership Units Plan (the “NMLH Plan”), and such restricted membership units to vest upon the determination, to be made solely by Eric Fuller and Lisa Pate, that Employee had met certain performance conditions set forth in Section 6(a) thereof.  In 2017, Mr. Fuller and Ms. Pate vested 5,000 of the restricted membership units, leaving 10,000 unvested.  At the closing of the Initial Public Offering of Employer’s parent company U.S. Xpress Enterprises, Inc. on June 18, 2018 (the “IPO”), and pursuant to Section 2 of the RMU Agreement and Section 10 of the NMLH Plan, the 10,000 unvested restricted membership units were equitably adjusted and exchanged for 46,667 shares of Class A Common Stock in U.S. Xpress Enterprises, Inc.  Pursuant to Section 3.2(c) of the Employment Agreement, those 46,667 performance-based shares of restricted stock shall vest immediately upon Employee’s separation from employment, which for purposes of this provision the parties deem to be on the eighth day following Employee’s execution of this Agreement.   Further, pursuant to Section 8(b) of the RMU Agreement, the Employer shall pay a Gross-Up Payment equal to the deemed amount of federal income taxes imposed upon Employee as a result of the vesting of the shares of restricted stock, such amount to be calculated based on a federal tax rate of 33%.

	
(b)

	
Restricted Stock Awards Granted After April 30, 2018.  Pursuant to Section 2 of the June 18, 2018 Restricted Stock Award Notice under the U.S. Xpress Enterprises, Inc. 2018 Omnibus Incentive Plan (the “Post IPO Stock Award”), all stock awarded under such Post IPO Stock Award is unvested and therefore forfeited as of October 22, 2018.

	
(c)

	
Restricted Stock Options Granted After April 30, 2018.  Pursuant to Section 3 of the June 18, 2018 Stock Option Award Notice under the U.S. Xpress Enterprises, Inc. 2018 Omnibus Incentive Plan (the “Post IPO Option Award”), all options awarded under such Post IPO Option Award are unvested and therefore forfeited as of October 22, 2018.

5.          Non-Admission.  Employee understands and acknowledges that this Agreement is in no way an admission of any legal liability by Employer for any acts or omissions arising out of Employee’s employment with, or separation of employment from, Employer.

6.          Release.  Employee hereby releases Employer and its affiliates, subsidiaries, parent corporations and partners, and their officers, directors, shareholders, employees, agents, representatives, predecessors, successors, and assigns (collectively the “Releasees”), from any and all claims, causes of action, liabilities, costs (including attorney’s fees), obligations, and judgments of any kind in Employee’s favor (whether known or unknown), including but not limited to claims that arise out of Employee’s employment with, or the termination of Employee’s employment with, Employer, except for claims arising under this Agreement (collectively the “Released Claims”).  Employee also represents and warrants that he has not sold, assigned, or transferred any Released Claim.  The Released Claims will include, but are not limited to, any rights or claims in law or equity for breach of contract, wrongful termination, or past wages under applicable state law; claims under or based on Title VII of the Civil Rights Act of 1964, as amended, the Sarbanes-Oxley Act of 2002, the Americans With Disabilities Act, as amended (“ADA”), the Age Discrimination in Employment Act, as amended (“ADEA”), and/or other federal, state, or local laws or common law; claims under or based on the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); claims under or based on the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”); claims under or based on the Family and Medical Leave Act (“FMLA”); claims for personal injury, defamation, mental anguish, injury to health and personal reputation; and any other claim arising out of Employee’s employment or termination of employment with Employer; provided, however, that this release shall not extend to rights or claims under the ADEA that may arise after the date of this Agreement.  As part of this release, Employee covenants not to sue the Releasees in any court or to request arbitration against the Releasees on any of the Released Claims.  This paragraph does not apply to any non-waivable charges or claims brought before any governmental agency. With respect to any such non-waivable claims, however, Employee agrees to waive his right (if any) to any monetary or other recovery.

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7.          Acknowledgements.  Employee represents and warrants that:

(a)          Subject to the payment noted in Paragraph 1 hereto, Employee has received all pay to which Employee was entitled during his employment with Employer and is owed no unpaid wages or unpaid overtime compensation by Employer;

(b)          Employee does not believe that his  rights under any state or federal wage and hour laws, including the federal Fair Labor Standards Act (“FLSA”), have been violated during his employment with Employer;

(c)          Employee has not experienced a work-related illness or injury while employed by Employer for which he has not been fully compensated under the applicable workers’ compensation laws;

(d)          As of the date he signs this Agreement, Employee has not filed or commenced any suit, claim, charge, complaint, action, arbitration or legal proceeding of any kind against the Employer or any Releasees; and

(e)          As of the date he signs this Agreement, Employee has not cooperated with any plaintiff or claimant or any agent or representative of any plaintiff or claimant, in any suit, claim, charge, complaint, action, arbitration or legal proceeding of any kind against the Employer or any Releasees.

8.          Reemployment.  Employee agrees that he will not seek reemployment or any contractual relationship with Employer.

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9.          Consideration Period.  Employee acknowledges and understands that he has a period of twenty-one days from receipt of this Agreement to consider its terms.  If Employee has not executed this Agreement and returned it to Employer within that twenty-one-day period, this Agreement shall be cancelled and shall have no effect.

10.          Revocation Period. Employee acknowledges and understands that, for a period of seven days following his signing and delivery of this Agreement, he may revoke his acceptance of this Agreement by delivering a written revocation to the Corporate General Counsel, 4080 Jenkins Road, Chattanooga, TN 37421 or via email to lbattersby@usxpress.com. This Agreement shall not be effective or enforceable until the seven-day period for revocation has expired.

11.          Voluntary Execution.  Employee acknowledges that he has been advised to consult with an attorney of his choice before signing this Agreement; that he has carefully read this Agreement in its entirety; that he has had an adequate opportunity to consider it; that he understands its terms; that he voluntarily assents to all the terms and conditions contained in this Agreement; that he is signing it voluntarily and of his own free will; and that he is not suffering from any disability or condition that would render him unable to enter into this agreement.

12.          Confidentiality of Agreement.  Employee shall keep the terms of this Agreement confidential and shall not disclose its terms to anyone other than Employee’s (i) spouse; (ii) attorney; or (iii) professional tax adviser or tax preparer for the limited purpose of preparing or obtaining advice regarding such tax return or returns as may be necessary; provided that all such persons agree to this obligation of confidentiality.  Employee may also disclose the terms of this Agreement if compelled by legal process to do so, but agrees to notify General Counsel of Employer in such event.

13.          Non-disparagement. Employee agrees that Employee will not make any statements, written or verbal, that are derogatory or disparaging concerning the Releasees, including but not limited to derogatory or disparaging comments about any employee who is a Named Executive Officer of U.S. Xpress Enterprises, Inc. as listed in that Company’s IPO Prospectus or any employee who now or will hereafter hold the position of Chief Marketing Officer or Vice President of Sales and Marketing for Employer. In the event that Employee does not comply with the provisions of this paragraph, this Agreement will not be void but Employee will be liable to Employer for any damages incurred as a result of such noncompliance.  Employee also acknowledges that equitable relief, including, but not limited to, specific performance by injunction, would be an appropriate remedy for the breach of this paragraph.

14.          Confidential Information.  Employee acknowledges that the provisions of Article V of the Employment Agreement related to Confidential Information shall survive Employee’s separation from employment.  Employee represents that he does not have any, and has returned to Employer, all property and business records of Releasees in any form, and all copies of such records.  Employee also acknowledges that, in his position with Employer, Employee had access to Employer’s confidential information, including but not limited to confidential business plans and strategies, including but not limited to plans and strategies for sales and marketing, pricing, network design, customer development and pricing, and operations; financial records; financial and other plans; marketing methods and systems; advertising strategies and methods; strategic plans; databases; payroll information, including driver pay plans; information regarding driver hiring; information regarding suppliers and vendors; reports prepared by consultants; material non-public information; and other business information (collectively and separately “Confidential Information”).  Employee agrees not to use such Confidential Information or to disclose such Confidential Information to any third parties.  If Employee does not comply with the provisions of this paragraph, this Agreement will not be void but Employee will be liable to Employer for any damages incurred as a result of such noncompliance.  Employee also acknowledges that equitable relief, including, but not limited to, specific performance by injunction, would be an appropriate remedy for the breach of this paragraph.

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15.          Cooperation.  Employee agrees that it is an essential term of this Agreement that he cooperate with Employer and its counsel at all times in any claims and/or lawsuits involving Employer of which Employee may have particular knowledge or in which Employee may be a witness.  Such cooperation includes meeting with Employer representatives and counsel to disclose such facts as Employee may know; preparing with Employer counsel for any deposition, trial, hearing, or other proceeding; attending any deposition, trial, hearing or other proceeding to provide truthful testimony; and providing other assistance to Employer and its counsel in the defense or prosecution of litigation as may, in the judgment of Employer’s counsel, be necessary.  Employer agrees to reimburse Employee for reasonable and necessary out-of-pocket expenses incurred by him in the course of complying with this obligation of cooperation and which are pre-authorized by Employer.  Nothing in this paragraph or any part of this Agreement should be construed in any way as prohibiting or discouraging Employee from testifying truthfully under oath as part of, or in connection with, a legal proceeding.

16.          Entire Agreement.  Except to the extent set forth in Articles IV and V of the Employment Agreement, related to certain Restrictive Covenants and Non-Disclosure obligations, which Restrictive Covenants and Nondisclosure obligations the parties acknowledge remain in effect following the execution of this Agreement, this Agreement constitutes the entire understanding of the parties, supersedes all prior oral or written agreements on the subject matter of this Agreement, and cannot be modified except by a writing signed by both parties.

17.          Applicable Law.  This Agreement will be governed and construed under the laws of the State of Tennessee without regard to the conflict of laws principles of that state.

18.          Binding Effect.  This Agreement inures to the benefit of, and shall be binding upon, the parties and their respective successors and assigns.

19.          Captions. The captions to the various paragraphs of this Agreement are for convenience only and are not part of the Agreement.

20.          Severability.  If any provisions of this Agreement are determined to be invalid or unenforceable for any reason, such determination will not affect the validity of the remainder of the Agreement, including any other provision of the Agreement.  If a court finds that any provision of this Agreement is invalid or unenforceable, but that modification of such provision will make it valid or enforceable, then such provision will be deemed to be so modified.

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21.          Waiver.  The waiver by either party of a breach by the other party of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach by the party.

22.          Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute the same Agreement. The undersigned have executed this Agreement as follows.

	 	
/s/ John W. White

	
11-12-18

	 	
John W. White

	
Date

	 	 
	
SWORN TO AND SUBSCRIBED by

	 
	
John W. White, this 12th day of November, 2018

	 
	 	 
	
/s/ Chris Stevens

	 
	
Notary Public

	
(SEAL)

	 	 
	
My Commission Expires: 05-09-2022

	 
	 	 

	 	
U.S. Xpress, Inc.

	 	 
	 	
By:

	
/s/ Leigh Anne Battersby

	 	 
	 	
Name:

	
Leigh Anne Battersby

	 	 
	 	
Title:

	
Corp. General Counsel

	 	 
	 	
Date:

	
November 12, 2018

 

 

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Addendum to Separation Agreement and Release

In conjunction with the Separation Agreement and Release (“Separation Agreement”) between John W. White and U.S. Xpress, Inc. (collectively, the “Parties”), this Addendum is to provide clarification regarding Article IV of the Parties’ Amended and Restated Employment and Noncompetition Agreement (“Employment Agreement”), dated April 30, 2018. For the purposes of Article IV of the Employment Agreement, U.S. Xpress, Inc. expressly acknowledges and confirms that a business that provides freight transportation services by use of tanker trucks, flatbed trucks, box cars, or intermodal containers is not a competitive business under Article IV and is not a violation of the Employment Agreement, Separation Agreement, or any other agreements or understandings between the Parties, so long as such business does not also provide transportation services by use of dry van trailer equipment.

Notwithstanding the confidentiality of the Employment Agreement and Separation Agreement, this Addendum may be disclosed in the event of litigation concerning the terms of the Employment Agreement, Separation Agreement or this Addendum.

	
/s/ John W. White

	 	
/s/ Leigh Anne Battersby

	
John W. White

	 	
U.S. Xpress, Inc.

	 	 	 
	 	 	 
	
Date:

	
11-12-18

	 	
Name:

	
Leigh Anne Battersby

	 	 	 
	 	 	
Title:

	
Corp. General Counsel

	 	 	 
	 	 	
Date:

	
November 12, 2018

NAI-1505324440v1

Back to Form 10-KExhibit

Exhibit 4.5

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT
This AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT, dated as of February 14, 2019 (this “Amendment”), by and among the Depository, NACCO Industries, Inc., a Delaware corporation (the “Corporation”), the new Participating Stockholder identified on the signature pages hereto (the “New Participating Stockholder”) and the Participating Stockholders under the Amended and Restated Stockholders’ Agreement, dated as of September 29, 2017, as amended (the “Stockholders’ Agreement”), by and among the Depository, the Corporation and the Participating Stockholders.  Capitalized terms defined in the Stockholders’ Agreement are used herein as so defined.
This Amendment sets forth the terms and conditions on which the New Participating Stockholder will join in and become a party to the Stockholders’ Agreement.
Pursuant to Section 8 of the Stockholders’ Agreement, prior to the acquisition of Class B Common Stock by a Permitted Transferee, the Stockholders’ Agreement may be amended to add a Permitted Transferee as a Participating Stockholder by a writing signed by the Signatories, the Corporation and such Permitted Transferee.
In consideration of the mutual promises hereinafter set forth and other good and valuable consideration had and received, the parties hereto agree as follows:
1.    Representations and Warranties.  The New Participating Stockholder represents and warrants to the other Participating Stockholders and the Corporation as follows:
(a)    The New Participating Stockholder is the beneficial owner of, or simultaneously with the execution hereof will acquire and be deemed to be the beneficial owner of, the shares of Class B Common Stock identified below such New Participating Stockholder’s name on the signature pages hereto (except as otherwise described thereon), and except as otherwise described thereon such New Participating Stockholder does not own of record or beneficially or have any interest in any other shares of Class B Common Stock or any options to purchase or rights to subscribe or otherwise acquire any other shares of Class B Common Stock other than pursuant to the Stockholders’ Agreement;
(b)    The New Participating Stockholder has the right, power and authority to execute and deliver this Amendment and to perform such New Participating Stockholder’s obligations hereunder and under the Stockholders’ Agreement; if this Amendment is being executed by a trustee on behalf of a trust, such trustee has full right, power and authority to enter into this Amendment on behalf of the trust and to bind the trust and its beneficiaries to the terms hereof; if this Amendment is being executed on behalf of a Participating Stockholder Organization, the person executing this Amendment is a duly authorized representative of such Participating Stockholder Organization with full right, power and authority to execute and deliver this Amendment on behalf of such Participating Stockholder Organization and to bind such Participating Stockholder Organization to the terms hereof; the execution, delivery and performance of this Amendment by such New Participating Stockholder will not constitute a violation of, conflict with or result in a default under (i) any contract, understanding or arrangement to which such New Participating Stockholder is a party or by which such New Participating Stockholder is bound or require the consent of any other person or any party pursuant thereto; (ii) any organizational, charter or other governance documents (including, without limitation, any partnership agreement, certificate of incorporation, or bylaws) of the New Participating 

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Stockholder, (iii) any judgment, decree or order applicable to such New Participating Stockholder; or (iv) any law, rule or regulation of any governmental body;
(c)    This Amendment and the Stockholders’ Agreement constitute legal, valid and binding agreements on the part of such New Participating Stockholder; the shares of Class B Common Stock owned beneficially by such New Participating Stockholder are fully paid and nonassessable; and
(d)    The shares of Class B Common Stock owned beneficially by the New Participating Stockholder are now held by the New Participating Stockholder, free and clear of all adverse claims, liens, encumbrances and security interests (except as created by the Stockholders’ Agreement and any Amendments thereto, including this Amendment, and the Restated Certificate).
2.    Address for Notices.  The address for all notices to each New Participating Stockholder provided pursuant to the Stockholders’ Agreement shall be the address set forth below such New Participating Stockholder’s name on the signature pages hereto, or to such other address as such New Participating Stockholder may specify to the Depository.
3.    Agreement to be Bound by Stockholders’ Agreement.  The New Participating Stockholder agrees to be bound by all of the terms and provisions of the Stockholders’ Agreement applicable to Participating Stockholders.
4.    Beneficiaries.  The New Participating Stockholder acknowledges that the Corporation and each Participating Stockholder is a beneficiary of this Amendment.
5.    Amendment of Stockholders’ Agreement.  The Stockholders’ Agreement is hereby amended to add the New Participating Stockholder as a Participating Stockholder.
6.    Signature of Amendment by Trusts, Minors and Incompetents.
(a)    In order for a trust exclusively (as defined in Section 1.11 of the Stockholders’ Agreement) for the benefit of a Family Member or Members to be considered a Participating Stockholder:
(i)    the trustee and all adult beneficiaries of such trusts having a current trust interest (as well as all Charitable Organization beneficiaries having a current trust interest) shall have previously signed the Stockholders’ Agreement or shall sign this Amendment as a Participating Stockholder;
(ii)    the trustee and a parent or legal guardian, for trusts with minor beneficiaries having a current trust interest, shall sign this Amendment on behalf of any such minor beneficiaries; or 
(iii)    the trustee and legal guardian, if any, for trusts with incompetent beneficiaries having a current trust interest, shall sign this Amendment on behalf of any such incompetent beneficiaries.
(b)    If, at any time, any trust shall have an adult beneficiary (and such beneficiary is not incompetent) having a current trust interest or an ascertainable Charitable Organization beneficiary having a current trust interest and if such beneficiary has not previously signed the Stockholders’ Agreement, then if such beneficiary shall fail or be unable to sign this Amendment for a period of 30 calendar days following notification to such beneficiary of the terms of this Amendment and the 

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Stockholders’ Agreement by the Depository and following signature of this Amendment by the trustee, the trust shall thereupon cease to be a Participating Stockholder and Section 3.2 of the Stockholders’ Agreement shall then apply as if the shares of Class B Common Stock held by the trust were then to be converted.  The donor of a trust that is revocable by the donor alone, during the lifetime of such donor, shall be considered the only beneficiary thereof so long as such trust is so revocable.
(c)    In the case of Class B Common Stock held by a custodian under the Uniform Transfers to Minors Act (or the practical equivalent thereof) for the benefit of a minor Family Member, the custodian shall sign this Amendment on behalf of such minor if such minor is to be considered a Participating Stockholder.
(d)    In the case of Class B Common Stock held in the name of a minor Family Member, a parent or legal guardian of such minor shall sign this Amendment on behalf of such minor if such minor is to be considered a Participating Stockholder.
(e)    In the case of Class B Common Stock held in the name of an incompetent Family Member, the legal guardian of such incompetent shall sign this Amendment on behalf of such incompetent if such incompetent is to be considered a Participating Stockholder.
(f)    When a minor described in Section 6(c) or(d) reaches the age of majority, or an incompetent described in Section 6(e) is no longer impaired by such disability and has reached the age of majority, such Family Member shall execute and deliver an Amendment which has been executed and delivered by the Participating Stockholders (or their attorney-in-fact), the Corporation and the Depository.  If such Family Member shall fail or be unable to sign such Amendment for a period of 30 calendar days following notification to such Family Member of the terms of the Stockholders’ Agreement by the Depository, such Family Member shall thereupon cease to be a Participating Stockholder and Section 3.2 of the Stockholders’ Agreement shall then apply as if the shares of Class B Common Stock were then to be converted.
7.    Power of Attorney.  The undersigned New Participating Stockholder hereby constitutes and appoints Alfred M. Rankin, Jr., Dennis W. LaBarre, John D. Neumann, Jesse L. Adkins and Kimberly J. Pustulka and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and resubstitution, for the undersigned and in the name, place and stead of the undersigned, in any and all capacities to: 
(a)    execute any and all statements under Section 13 or Section 16 of the Securities Exchange Act of 1934 of beneficial ownership of shares of Class B Common Stock subject to the Stockholders’ Agreement as amended by this Amendment, including all statements on Schedule 13D and all amendments thereto, all joint filing agreements pursuant to Rule 13d-l(k) under such Exchange Act in connection with such statements, all initial statements of beneficial ownership on Form 3 and any and all other documents to be filed with the Securities and Exchange Commission, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, and
(b)    execute and deliver any and all Amendments whereby a Family Member, Charitable Organization or Participating Stockholder Organization becomes a Participating Stockholder or any other amendment to the Stockholders’ Agreement in accordance with Section 8 of the Stockholders’ Agreement, other than those amendments that (i) extend the term of the Stockholders’ Agreement or(ii) amend Section 2, 3, 4 or 8 of the Stockholders’ Agreement, thereby granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and to perform each and 

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every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them, or their substitutes or resubstitutes, may lawfully do or cause to be done by virtue of this Section 7.  The grant of this power of attorney shall not be affected by any disability of such undersigned New Participating Stockholder.  If applicable law requires additional or substituted language or formalities (including witnesses or acknowledgments) in order to validate the power of attorney intended to be granted by this Section 7, each New Participating Stockholder agrees to execute and deliver such additional instruments and to take such further acts as may be necessary to validate such power of attorney.
8.    Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument, without production of the others. 

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

Elisabeth Marshall Rankin Trust u/a/d December 30, 2015 as amended

(a new Participating Stockholder)

Name:        /s/ Elisabeth M. Rankin, Trustee        
Elisabeth M. Rankin, Trustee

Address:    5875 Landerbrook Drive            
Mayfield Heights, Ohio 44124        

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

NACCO INDUSTRIES, INC.

By:    /s/ John D. Neumann    

Name:    John D. Neumann    

Title:    Vice President, General Counsel and Secretary

Date:    2/14/2019    

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

NACCO INDUSTRIES, INC., as Depository

By:    /s/ John D. Neumann    

Name:    John D. Neumann    

Title:    Vice President, General Counsel and Secretary

Date:    2/14/2019    

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

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

By:    /s/ John D. Neumann    
John D. Neumann, Attorney-in-fact

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Annex A
PARTICIPATING STOCKHOLDERS
1.    Clara L. T. Rankin
2.    Alfred M. Rankin, Jr.
3.    Victoire G. Rankin
4.    Helen Rankin Butler (f/k/a Helen P. Rankin)
5.    Clara T. Rankin Williams (f/k/a Clara T. Rankin)
6.    Thomas T. Rankin
7.    Matthew M. Rankin
8.    James T. Rankin
9.    Claiborne R. Rankin
10.    Chloe O. Rankin
11.    Chloe R. Seelbach (f/k/a Chloe E. Rankin)
12.    Claiborne R. Rankin, Jr.
13.    Roger F. Rankin
14.    Bruce T. Rankin
15.    Martha S. Kelly
16.    Susan Sichel
17.    Jennifer T. Jerome
18.    Caroline T. Ruschell
19.    David F. Taplin
20.    Beatrice B. Taplin
21.    Theodore D. Taplin
22.    Britton T. Taplin
23.    Frank F. Taplin
24.    Rankin Management, Inc.
25.    Rankin Associates I, L.P. (f/k/a CTR Family Associates, L.P.)
		
	26.
	The Trust created under the Agreement, dated December 28, 1976, between National City Bank, as trustee, and Clara L.T. Rankin, for the benefit of grandchildren

		
	27.
	The Trust created under the Agreement, dated July 20, 2000, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Clara T. Rankin, for the benefit of Clara T. Rankin

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

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

		
	30.
	The Trust created under the Agreement, dated December 29, 1967, as supplemented, amended and restated, between Thomas T. Rankin, as trustee, and Thomas T. Rankin, creating a trust for the benefit of Thomas T. Rankin

		
	31.
	The Trust created under the Agreement, dated June 22, 1971, as supplemented, amended and restated, between Claiborne R. Rankin, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Claiborne R. Rankin

		
	32.
	The Trust created under the Agreement, dated September 11, 1973, as supplemented, amended and restated, between Roger F. Rankin, as trustee, and Roger F. Rankin, creating a trust for the benefit of Roger F. Rankin

		
	33.
	The Trust created under the Agreement, dated September 28, 2000, between Alfred M. Rankin, Jr., as trustee, and Bruce T. Rankin, for the benefit of Bruce T. Rankin

		
	34.
	The Trust created under the Agreement, dated October 15, 1975, between National City Bank, as trustee, and Theodore D. Taplin, for the benefit of Theodore D. Taplin

		
	35.
	The Trust created under the Agreement, dated December 30, 1977, as supplemented, amended and restated, between National City Bank, as trustee, and Britton T. Taplin for the benefit of Britton T. Taplin

		
	36.
	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Clara T. (Rankin) Williams, as trustee, and Clara T. (Rankin) Williams for the benefit of Clara T. (Rankin) Williams

		
	37.
	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Helen P. (Rankin) Butler, as trustee, and Helen P. (Rankin) Butler for the benefit of Helen P. (Rankin) Butler

		
	38.
	Corbin Rankin

		
	39.
	Alison A. Rankin

		
	40.
	National City Bank as agent under the Agreement, dated July 16, 1969, with Margaret E. Taplin

		
	41.
	Alison A. Rankin, as trustee fbo A. Farnham Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor

		
	42.
	Alison A. Rankin, as trustee fbo Elisabeth M. Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor

		
	43.
	Rankin Associates II, L.P.

		
	44.
	John C. Butler, Jr.

		
	45.
	Clara Rankin Butler

10

		
	46.
	The Trust created under the Agreement, dated July 24, 1998, as amended, between Frank F. Taplin, as trustee, and Frank F. Taplin, for the benefit of Frank F. Taplin

		
	47.
	David B. H. Williams

		
	48.
	Griffin B. Butler (by John C. Butler, Jr. as Custodian)

		
	49.
	The Claiborne R. Rankin, Jr. Revocable Trust dated August 25, 2000

		
	50.
	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of A. Farnham Rankin

		
	51.
	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of Elisabeth M. Rankin

		
	52.
	Alison A. Rankin as Trustee of the Alison A. Rankin Revocable Trust, dated September 11, 2000

		
	53.
	The Trust created under the Agreement, dated December 20, 1993 for the benefit of Matthew M. Rankin

		
	54.
	Scott Seelbach

		
	55.
	Margo Jamison Victoire Williams (by Clara Rankin Williams as Custodian)

		
	56.
	Trust created under the Agreement, dated June 1, 1995, between Chloe O. Rankin, as Trustee, and Chloe O. Rankin, for the benefit of Chloe O. Rankin

		
	57.
	Trust created by the Agreement, dated June 17, 1999, between John C. Butler, Jr., as trustee, and John C. Butler, Jr., creating a trust for the benefit of John C. Butler, Jr.

		
	58.
	Clara Rankin Butler 2002 Trust, dated November 5, 2002

		
	59.
	Griffin Bedwell Butler 2002 Trust, dated November 5, 2002

		
	60.
	Elizabeth B. Rankin

		
	61.
	Margo Jamison Victoire Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B.H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Margo Jamison Victoire Williams

		
	62.
	Helen Charles Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B.H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Helen Charles Williams

		
	63.
	Helen Charles Williams (by David B.H. Williams as Custodian)

		
	64.
	Julia L. Rankin Kuipers

		
	65.
	Trust created by the Agreement, dated December 21, 2004 for the benefit of Julia L. Rankin

		
	66.
	Thomas Parker Rankin

		
	67.
	Taplin Elizabeth Seelbach (by Scott Seelbach as Custodian)

		
	68.
	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Taplin Elizabeth Seelbach

		
	69.
	Rankin Associates IV, L.P.

11

		
	70.
	Marital Trust created by the Agreement, dated January 21, 1966, as supplemented, amended and restated, between PNC Bank and Beatrice Taplin, as Trustees, and Thomas E. Taplin, for the benefit of Beatrice B. Taplin

		
	71.
	Trust created by the Agreement, dated May 10, 2007, between Mathew M. Rankin, as Grantor, and Mathew M. Rankin and James T. Rankin, as co-trustees, for the benefit of Mary Marshall Rankin

		
	72.
	Trust created by Agreement, dated May 10, 2007, between Mathew M. Rankin, as trustee, and James T. Rankin, creating a trust for the benefit of William Alexander Rankin

		
	73.
	Trust created by the Agreement dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Isabelle Scott Seelbach

		
	74.
	Lynne Turman Rankin

		
	75.
	Jacob A. Kuipers

		
	76.
	2012 Chloe O. Rankin Trust

		
	77.
	2012 Corbin K. Rankin Trust

		
	78.
	2012 Alison A. Rankin Trust

		
	79.
	2012 Helen R. Butler Trust

		
	80.
	2012 Clara R. Williams Trust

		
	81.
	The David B.H. Williams Trust, David B.H. Trustee u/a/d October 14, 2009

		
	82.
	Mary Marshall Rankin (by Matthew M. Rankin, as Custodian)

		
	83.
	William Alexander Rankin (by Matthew M. Rankin, as Custodian)

		
	84.
	Margaret Pollard Rankin (by James T. Rankin, as Custodian)

		
	85.
	Trust created by the Agreement, dated April 10, 2009, between Chloe R. Seelbach, as trustee, creating a trust for the benefit of Chloe R. Seelbach

		
	86.
	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Thomas Wilson Seelbach

		
	87.
	Isabelle Seelbach (by Chloe R. Seelbach, as Custodian)

		
	88.
	Elisabeth M. Rankin

		
	89.
	A. Farnham Rankin

		
	90.
	Taplin Annuity Trust #1 of Beatrice B. Taplin dated June 18, 2011

		
	91.
	The Beatrice B. Taplin Trust/Custody dtd December 12, 2001, Beatrice B. Taplin, as Trustee, for the benefit of Beatrice B. Taplin

		
	92.
	Ngaio T. Lowry Trust, dated February 26, 1998, Caroline T. Ruschell, Trustee

		
	93.
	Caroline T. Ruschell Trust Agreement dated December 8, 2005, Caroline T. Ruschell as Trustee

		
	94.
	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 and as amended, Beatrice Taplin, Trustee

12

		
	95.
	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 amended, per IRC 1015(A) Dual Basis Sub-Account, Beatrice Taplin, Trustee

		
	96.
	Alfred M. Rankin Jr.-Roth IRA- Brokerage Account #*****

		
	97.
	John C. Butler, Jr.-Roth IRA- Brokerage Account #*****

		
	98.
	DiAhn Taplin

		
	99.
	BTR 2012 GST for Helen R. Butler

		
	100.
	BTR 2012 GST for Clara R. Williams

		
	101.
	BTR 2012 GST for James T. Rankin

		
	102.
	BTR 2012 GST for Matthew M. Rankin

		
	103.
	BTR 2012 GST for Thomas P. Rankin

		
	104.
	BTR 2012 GST for Chloe R. Seelbach

		
	105.
	BTR 2012 GST for Claiborne R. Rankin, Jr.

		
	106.
	BTR 2012 GST for Julia R. Kuipers

		
	107.
	BTR 2012 GST for Anne F. Rankin

		
	108.
	BTR 2012 GST for Elisabeth M. Rankin

		
	109.
	The Anne F. Rankin Trust dated August 15, 2012

		
	110.
	Trust created by the Agreement, dated August 20, 2009 between James T. Rankin, as Trustee, and James T. Rankin, creating a trust for the benefit of James T. Rankin

		
	111.
	Thomas P.K. Rankin, Trustee of the trust created by agreement, dated February 2, 2011, as supplemented, amended and restated, between Thomas P.K. Rankin, as trustee, and Thomas P.K. Rankin, creating a trust for the benefit of Thomas P.K. Rankin

		
	112.
	Claiborne R. Rankin Trust for children of Julia R. Kuipers dated December 27, 2013 under Custody Agreement dated December 27, 2013 fbo Evelyn R. Kuipers

		
	113.
	2016 Anne F. Rankin Trust

		
	114.
	2016 Elisabeth M. Rankin Trust

		
	115.
	AMR Associates, LP

		
	116.
	Claiborne R. Rankin Trust for Children of Claiborne R. Rankin, Jr. dtd 08/26/2016 FBO Claiborne Read Rankin III

		
	117.
	Claiborne R. Rankin Trust for Children of Julia R. Kuipers dtd 12/27/2013 FBO Matilda Alan Kuipers

		
	118.
	Claiborne Read Rankin III (by Claiborne R. Rankin, Jr., as Custodian)

		
	119.
	Matilda Alan Kuipers (by Julia R. Kuipers, as Custodian)

		
	120.
	Vested Trust for James T. Rankin, Jr. U/A/D December 4, 2015

		
	121.
	Vested Trust for Margaret Pollard Rankin U/A/D December 4, 2015

13

122.    Evelyn R. Kuipers (by Julia R. Kuipers, as Custodian)
123.    James T. Rankin, Jr. (by James T. Rankin, as Custodian)
124.    Thomas Wilson Seelbach (by Chloe R. Seelbach, as Custodian)
		
	125.
	The Trust created under the Agreement, dated January 11, 1965, as supplemented, amended, and restated, between PNC Bank, as Co-Trustee, and Alfred M. Rankin, Jr., as Co-Trustee, for the benefit of the grandchildren

		
	126.
	Rankin Associates V, L.P.

		
	127.
	Rankin Associates VI, L.P.

14

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