Document:

EX-10.35

 Exhibit 10.35 

HAMILTON BEACH BRANDS HOLDING COMPANY 

NON-EMPLOYEE DIRECTORS’ EQUITY COMPENSATION PLAN 

Hamilton Beach Brands Holding Company (the “Company”) does hereby adopt this Hamilton Beach Brands Holding Company Non-Employee Directors’ Equity Compensation Plan (the “Plan”) to be effective as of, and contingent upon, the “Spin-Off Date,” as such term is defined
in the 2017 Separation Agreement between NACCO Industries, Inc. and Hamilton Beach Brands Holding Company (the “Effective Date”). 
  

	1.	Purpose of the Plan 

 The purpose of this Plan is to provide for the payment to the non-employee directors of the Company of a portion of directors’ fees in capital stock of the Company in order to help further align the interests of the directors with the stockholders of the Company and
thereby help promote the long-term profits and growth of the Company. 
  

	2.	Definitions 

 (a) “Average Share Price” means the average of the closing price
per share of Class A Common Stock on the New York Stock Exchange, or, if not listed on such exchange, on any other national securities exchange on which the shares of Class A Common Stock are listed, on the Friday (or if Friday is not a
trading day, the last trading day before such Friday) for each week of the calendar quarter ending on the Quarter Date. 
 (b)
“Board” means the Board of Directors of the Company. 
 (c) “Class A Common Stock” means (i) the
Company’s Class A Common Stock, par value $0.01 per share and (ii) any security into which Class A Common Stock may be converted by reason of any transaction or event of the type referred to in Section 4(c) of this Plan.

 (d) “Committee” means the Compensation Committee of the Board or any other committee appointed by the Board to administer this
Plan in accordance with the provisions hereof. 
 (e) “Director” means an individual duly elected or chosen as a director of the
Company who is not also an employee of the Company or any of its subsidiaries. 
 (f) “Extraordinary Event” shall have the meaning
set forth in Section 4. 
 (g) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute. 
 (h) “Payment Deadline” means the date that is the fifteenth day of the third month after each Quarter Date.

  
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 (i) “Quarter Date” means the last day of the calendar quarter for which a Required
Amount or Voluntary Amount is earned. 
 (j) “Required Amount” means an amount of money (expressed in dollars) constituting that
portion (as determined from time to time by the Board) of a Director’s retainer earned by such Director for his services as a director of the Company for any calendar quarter that is payable in Required Shares as described in
Section 3.1(a). 
 (k) “Required Shares” means fully-paid and non-assessable shares
of Class A Common Stock that are issued or transferred to a Director pursuant to, and with such restrictions as are imposed by, the terms of this Plan in respect of the Director’s Required Amount. 

(l) “Rule 16b-3” means Rule 16b-3 promulgated under
the Securities Exchange Act of 1934 (or any successor rule to the same effect), as in effect from time to time. 
 (m) “Transfer”
shall have the meaning set forth in Section 3.2(a). 
 (n) “Voluntary Amount” shall have the meaning set forth in
Section 3.1(b). 
 (o) “Voluntary Shares” means fully-paid and non-assessable shares
of Class A Common Stock that are issued or transferred to a Director in accordance with Section 3.1(c) in respect of the Director’s Voluntary Amount. 
  

	3.	Required Shares and Voluntary Shares 

  

	 	3.1	Required Amount and Voluntary Amount 

 (a) Required Amount. From time to time,
the Board shall determine (i) the amount of the retainer to be paid to each Director for each calendar quarter of a year, (ii) subject to Section 3.1(b), the portion of the retainer that shall be paid in cash and (iii) the equity
portion of the retainer (expressed in dollars) that is required to be paid in Required Shares as described in Section 3.1(c) (the “Required Amount”), in each case subject to pro-ration in the
event that the Director begins or ceases service during the applicable calendar quarter. 
 (b) Voluntary Shares. For any calendar
quarter, a Director may elect to have up to 100% of the cash component of the retainer payable for such quarter in excess of the Required Amount, and any other cash to be earned by the Director for such quarter for services as a director of the
Company (collectively referred to as a “Voluntary Amount”), not paid to the Director in cash, but instead to have the Voluntary Amount applied to the issuance or transfer to the Director of Voluntary Shares as described in
Section 3.1(c); provided that the Director must notify the Company in writing of such election prior to the first day of the calendar quarter for which such election is made, which election will be irrevocable after such date for such calendar
quarter and shall remain in effect for future calendar quarters unless or until revoked by the Director prior to the first day of a calendar quarter. 

  
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 (c) Issuance of Required Shares and Voluntary Shares. Promptly following each Quarter Date
(and, in any event, no later than the Payment Deadline), the Company shall issue or transfer to each Director (or to a trust for the benefit of a Director, or such Director’s spouse, children or grandchildren, if so directed by the Director)
(i) a number of whole Required Shares equal to the Required Amount for the calendar quarter ending on such Quarter Date divided by the Average Share Price and (ii) a number of whole Voluntary Shares equal to such Director’s Voluntary
Amount for such calendar quarter divided by the Average Share Price. To the extent that the application of the foregoing formulas would result in fractional Required Shares or fractional Voluntary Shares, no fractional shares of Class A Common
Stock shall be issued or transferred by the Company pursuant to this Plan, but instead, such amount shall be paid to the Director in cash at the same time the Required Shares and Voluntary Shares are issued or transferred to the Director. Required
Shares and Voluntary Shares shall be fully-paid, non-assessable shares of Class A Common Stock. Required Shares shall be subject to the restrictions set forth in this Plan, whereas Voluntary Shares shall
not be so restricted. Required Shares and Voluntary Shares may be shares of original issuance or treasury shares or a combination of the foregoing and, in the discretion of the Company, may be issued as certificated or uncertificated shares. The
Company shall pay any and all fees and commissions incurred in connection with the purchase by the Company of shares of Class A Common Stock which are to be Required Shares or Voluntary Shares and the transfer to Directors of Required Shares or
Voluntary Shares. 
 (d) Withholding Taxes. To the extent that the Company is required to withhold federal, state or local taxes in
connection with any amount payable to a Director under this Plan, and the amounts available to the Company for such withholding are insufficient, it shall be a condition to the receipt of any Required Shares or Voluntary Shares that the Director
make arrangements satisfactory to the Committee for the payment of the balance of such taxes required to be withheld, which arrangements may include relinquishment of the Required Shares or the Voluntary Shares. To the extent permitted under
applicable law, the Committee and Director may also make similar arrangements with respect to the payment of any other taxes derived from or related to the payment of Required Shares or Voluntary Shares with respect to which withholding is not
required. 
  

	 	3.2	Restrictions on Required Shares. 

 (a) Restrictions on Transfer of Required
Shares. No Required Shares shall be sold, assigned, transferred, exchanged, pledged, hypothecated or encumbered (collectively, a “Transfer”) by a Director or any other person, voluntarily or involuntarily, other than (i) by will
or by the laws of descent and distribution, (ii) pursuant to a domestic relations order that would meet the definition of a qualified domestic relations order under Section 206(d)(3)(B) of ERISA if such provisions applied to the Plan or a
similar binding judicial order (“QDRO”), or (iii) directly or indirectly to a trust or partnership for the benefit of a Director, or such Director’s spouse, children or grandchildren. Required Shares transferred to a person other
than the Director pursuant to a QDRO shall not be subject to the restrictions described in this Section 3.2(a), but shares transferred to a trust or partnership for the benefit of a 

  
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Director, or such Director’s spouse, children or grandchildren, shall remain subject to the restrictions described in this Section 3.2(a) until such restrictions lapse pursuant to the
following sentence. The restrictions on Required Shares set forth in this Section shall lapse for all purposes and shall be of no further force or effect upon the earliest to occur of (A) ten years after the Quarter Date with respect to
which such Required Shares were issued or transferred, (B) the date of the death or permanent disability of the Director, (C) five years (or earlier with the approval of the Board) after the date on which the Director is no longer a member
of the Board, (D) the date that a Director is, both, no longer a member of the Board and has reached 70 years of age or (E) at such other time as determined by the Board in its sole and absolute discretion. Following the lapse of
restrictions, at the Director’s request, the Company shall take all such action as may be necessary to remove such restrictions from the stock certificates, or other applicable records with respect to uncertificated shares, representing the
Required Shares, such that the resulting shares shall be fully-paid, non-assessable and unrestricted by the terms of this Plan. 

(b) Dividends, Voting Rights, Exchanges, Etc. Except for the restrictions set forth in this Section 3.2 and any restrictions
required by law, a Director shall have all rights of a stockholder with respect to his Required Shares including the right to vote and to receive dividends as and when declared by the Board and paid by the Company. Except for any restrictions
required by law, a Director shall have all rights of a stockholder with respect to his Voluntary Shares. 
 (c) Restriction on Transfer
of Rights to Required Shares. No rights to Required Shares or Voluntary Shares shall be sold, assigned, transferred, exchanged, pledged, hypothecated or encumbered by a Director or any other person, voluntarily or involuntarily, other than
(i) by will or by the laws of descent and distribution or (ii) pursuant to a QDRO. 
 (d) Legend. The Company shall cause
an appropriate legend to be placed on each certificate, or other applicable records with respect to uncertificated shares, for the Required Shares, reflecting the foregoing restrictions. 

 

	4.	Amendment, Termination and Adjustments 

 (a) The Board may alter or amend the Plan from
time to time or may terminate it in its entirety; provided, however, that no such action shall, without the consent of a Director, materially adversely affect the rights in any Required Shares or Voluntary Shares that were previously issued or
transferred to the Director or that were earned by, but not yet issued or transferred to, such Director. Unless otherwise specified by the Committee, all Required Shares that were issued or transferred prior to the termination of this Plan shall
continue to be subject to the terms of this Plan following such termination; provided that the transfer restrictions on such Required Shares shall lapse in accordance with Section 3.2(a). In any event, no Required Shares or Voluntary Shares may
be issued or transferred under this Plan on or after the tenth anniversary of the Effective Date. 

  
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 (b) Notwithstanding the provisions of Subsection (a), without further approval by the
stockholders of the Company no such amendment or termination shall (i) materially increase the total number of shares of Class A Common Stock that may be issued or transferred under this Plan specified in Section 5 (except that
adjustments and additions expressly authorized by this Section shall not be limited by this clause (i)) or (ii) make any other change for which stockholder approval would be required under applicable law or stock exchange requirements.

 (c) The Committee shall make or provide for such adjustments in the Average Share Price, in the kind of shares that may be issued or
transferred hereunder, in the number of shares of Class A Common Stock specified in Section 5(a) or 5(b), in the number of outstanding Required Shares or Voluntary Shares for each Director, and in the terms applicable to Required Shares
under this Plan, as the Committee, in its sole discretion, exercised in good faith, determines is equitably required to reflect (i) any stock dividend, stock split, combination of shares, recapitalization or any other change in the capital
structure of the Company, (ii) any merger, consolidation, spin-off, split-off, spin-out,
split-up, reorganization, partial or complete liquidation or other distribution of assets or issuance of rights or warrants to purchase securities, or (iii) any other corporate transaction or event having
an effect similar to any of the foregoing (collectively referred to as an “Extraordinary Event”). Moreover, in the event of any such Extraordinary Event, the Committee may provide in substitution for any or all outstanding Required Shares
or Voluntary Shares under this Plan such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable under the circumstances and shall require in connection therewith the surrender of all Required Shares
or Voluntary Shares so replaced. All securities received by a Director with respect to Required Shares in connection with any Extraordinary Event shall be deemed to be Required Shares for purposes of this Plan and shall be restricted pursuant to the
terms of this Plan to the same extent and for the same period as if such securities were the original Required Shares with respect to which they were issued or transferred, unless the Committee, in its sole and absolute discretion, eliminates such
restrictions or accelerates the time at which such restrictions on transfer shall lapse. 
  

	5.	Shares Subject to Plan 

 (a) Subject to adjustment as provided in this Plan, the total
number of shares of Class A Common Stock that may be issued or transferred under this Plan will not exceed in the aggregate 200,000. Notwithstanding anything to the contrary contained in this Plan, shares of Class A Common Stock withheld
by the Company, tendered or otherwise used to satisfy any tax withholding obligation will count against the aggregate number of shares of Class A Common Stock available under this Section 5(a). 

(b) Notwithstanding anything in this Section 5, or elsewhere in this Plan to the contrary, and subject to adjustment as provided in
Section 4(c) of this Plan, in no event will any Director receive in any calendar year more than 30,000 shares of Class A Common Stock, in the aggregate, under this Plan. 

  
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	6.	Approval By Stockholders 

 Prior to the Spin-Off
Date, this Plan was approved by the Board of Directors and sole stockholder of the Company on September 18, 2017. 
  

	7.	General Provisions 

 (a) No Continuing Right as Director. Neither the adoption nor
operation of this Plan, nor any document describing or referring to this Plan, or any part thereof, shall confer upon any Director any right to continue as a director of the Company or any subsidiary of the Company. 

(b) Governing Law. The provisions of this Plan shall be governed by and construed in accordance with the laws of the State of Delaware.

 (c) Cash If Shares Not Issued. All Required Amounts and Voluntary Amounts are the property of the Directors and shall be paid to
them in cash in the event that Required Shares and Voluntary Shares may not be issued or transferred to Directors hereunder in respect of Required Amounts or Voluntary Amounts. 

(d) Miscellaneous. Headings are given to the sections of this Plan solely as a convenience to facilitate reference. Such headings,
numbering and paragraphing shall not in any case be deemed in any way material or relevant to the construction of this Plan or any provisions thereof. The use of the masculine gender shall also include within its meaning the feminine. The use of the
singular shall also include within its meaning the plural, and vice versa. 
 (e) Section 409A of the Internal Revenue Code. This
Plan is intended to be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and applicable Treasury Regulations issued thereunder, and shall be administered in a manner that is consistent with such
intent. 

  
 6EX-10.36

 Exhibit 10.36 

Hamilton Beach Brands Holding Company 

Hamilton Beach Brands Holding Company 
 4421 Waterfront Drive

 Glen Allen, VA 23060 
 Attention: Secretary 

 

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

 The
undersigned is an employee of Hamilton Beach Brands Holding Company (the “Company”) or one of its wholly-owned subsidiaries (together with the Company, the “Employers”) to whom payment of an award (the “Award”)
consisting of [insert number] fully paid and non-assessable shares (the “Award Shares”) of Class A Common Stock, par value $0.01 per share, of the Company (“Class A
Common”) was approved on [DATE] by the Compensation Committee (the “Committee”) of the Board of Directors of the Company pursuant to the Hamilton Beach Brands Holding Company Executive Long-Term Equity Incentive Plan (the
“Plan”). I hereby accept the Award and acknowledge to and agree with the Company as follows: 
  

	 	1.	Award/Surrender of Award Shares for Cashless Exercise. I acknowledge that the Company has paid the Award to me subject to the terms of the Plan and the related Executive Long-Term Incentive Compensation Plan
Guidelines for the [DATE] through [DATE] Performance Period (the “[DATE] Guidelines”) and the terms of this Agreement. I hereby acknowledge the initial grant of [number] shares of Class A Common under the
Plan. Coincident with my receipt of the Award, I immediately and irrevocably surrendered [number] Award Shares to the Company to be used to satisfy a portion of my income and employment withholding tax obligations with respect to the Award.
As a result, upon receipt by the Company of this signed Agreement I will receive a stock certificate for [number] shares of Class A Common representing my non-surrendered Award Shares.

  

	 	2.	Restrictions on Transfer. I represent and covenant that, other than a Transfer (as defined below) (a) by will or the laws of descent and distribution, (b) pursuant to a domestic relations order that
would meet the definition of a qualified domestic relations order under Section 206(d)(3)(B) of the Employee Retirement Income Security Act of 1974, as amended, if such provisions applied to the Plan, or a similar binding judicial order( a
“domestic relations order”), (c) directly or indirectly to a trust or partnership for my benefit or the benefit of my spouse, my children or my grandchildren (provided that Award Shares transferred to such a trust or partnership shall
continue to remain subject to the transfer restrictions hereinafter set forth) or (d) as otherwise permitted under the Plan with the consent of the Committee (including, without limitation, a cashless surrender in order to satisfy tax
withholding obligations), the Award Shares shall be non-transferable and I shall not make (or attempt to make) any sale, assignment, transfer, exchange, pledge, hypothecation or encumbrance of the Award Shares
(collectively, a “Transfer”). 

  

	 	3.	 Lapse of Restrictions. I acknowledge that the transfer restrictions on the
non-surrendered Award Shares set forth in paragraph (2) above shall lapse for all purposes and shall be of 

	 	
no further force or effect upon the earliest to occur of: (a) December 31, [DATE]; (b) the date of my death or permanent disability (as reasonably determined by the Committee);
(c) three years after retirement in accordance with the terms of any of the qualified defined benefit pension plans sponsored by the Employers (or, if I am not a member of any such plan, three years after my termination of employment with the
Employers after reaching age 60 with at least 15 years of service with the Employers) (or earlier with the approval of the Committee); (d) an extraordinary release of transfer restrictions pursuant to Section 8(d) of the Plan; (e) the
Transfer of Award Shares pursuant to a domestic relations order, but only as to the shares so transferred and (f) any other lapse of transfer restrictions as determined by the Committee in accordance with the Plan. As notice of such transfer
restrictions, I acknowledge that there is affixed to each stock certificate representing Award Shares the following legend (or, to the extent the Award Shares are uncertificated, that another appropriate notation shall apply): 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN THE HAMILTON BEACH BRANDS HOLDING
COMPANY EXECUTIVE LONG-TERM EQUITY INCENTIVE PLAN (“PLAN”). SUCH RESTRICTIONS ON TRANSFER UNDER THE PLAN SHALL LAPSE FOR ALL PURPOSES AND SHALL BE OF NO FURTHER FORCE OR EFFECT AFTER DECEMBER 31, [DATE], OR SUCH EARLIER TIME AS
PROVIDED IN THE PLAN. 
  

	 	4.	Obligations. I agree that each I (or any applicable trust or partnership) shall fulfill the obligations imposed with respect to Award Shares by the Plan, this Agreement and the [DATE] Guidelines.

  

	 	5.	Rights. I understand that, subject to the transfer restrictions set forth herein, I shall have all of the rights of a holder of Class A Common with respect to the Award Shares, including the right to vote
such shares, to receive any dividends paid thereon. I also understand that the Award Shares are subject to adjustment as described in clauses (b) and (c) of Section 9 of the Plan and that any securities that I receive in respect to Award
Shares in connection with any such adjustment shall be deemed to be Award Shares, and shall be subject to the transfer restrictions set forth herein to the same extent and for the same period as if such securities were the original Award Shares with
respect to which they were issued (unless such restrictions are modified or eliminated by the Committee). 

  

	 	6.	Removal of Restrictions. I understand that: (a) in the case of a Transfer under clause (a) or (b) of paragraph 2 above, on surrender to the Company by my successor or successors in interest to the Award
Shares of the appropriate certificate or certificates reflecting the Award Shares (or ownership in book entry format)u, or (b) on surrender to the Company (or its delegate) of the appropriate certificate or certificates reflecting Award Shares
(or ownership in book entry format) with respect to which the transfer restrictions have otherwise lapsed in accordance with paragraph 3 above, the Company shall take all such action as may be necessary to remove such restrictions from the stock
certificates or other applicable records with respect to uncertificated shares, representing the Award Shares, such that the resulting shares shall be fully paid, non-assessable and unrestricted by the terms
of the Plan and this Agreement. 

  
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	 	7.	Withholding. In order that the applicable Employer may satisfy its withholding obligations with respect to the compensation income resulting from the payment of any Award Shares, I agree to surrender the number
the of Award Shares listed in paragraph 1 above to satisfy a portion of my income and employment tax withholding obligations with respect to my Award. In the event that the surrender of such Award Shares is insufficient to satisfy such withholding
obligations, I authorize and direct the applicable Employer to withhold from any amounts otherwise payable to me (to the extent permitted under Section 409A of the Internal Revenue Code) such amounts of taxes with respect to the income
attributable to such shares and at such time or times as may be required to be withheld, including, without limitation, taxes required to be withheld by reason of the compensation required to be reported for Federal income and employment tax
purposes by me, all as determined in good faith in the sole judgment of the Company. If there are no such amounts otherwise payable to me, or if such amounts are insufficient, I will reimburse or indemnify the applicable Employer or make provision
satisfactory to the Board of Directors or the Committee (or to any officer authorized for that purpose by the Board of Directors or the Committee) to reimburse or indemnify the applicable Employer for such amounts of taxes at such time and from time
to time, as the Company may make demand for such reimbursement or indemnity. If and to the extent that in the sole judgment of the Board of Directors or the Committee (or any officer authorized for that purpose by the Board of Directors or the
Committee) it appears advisable to do so, in order to enforce the Company’s rights under the Plan and this Agreement, the Company shall not issue or cause to be issued to me (or to my successor in interest), any new stock certificate (or book
entry) without any legend (or notation) referring to the transfer restrictions with respect to the Award Shares as to which such restrictions have lapsed, unless and until such amounts of taxes have been withheld from amounts otherwise payable to me
(or any of my successors in interest), or I (or such successor in interest) reimburse or indemnify the applicable Employer for such amounts of such taxes or make other provisions for reimbursement or indemnification to the applicable Employer of
such taxes, satisfactory in the sole judgment of the Board of Directors or the Committee (or such officer) exercised in good faith. 

  

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

  

							
		 	  

		 	 [Name]

	 ACCEPTED [DATE]

HAMILTON BEACH BRANDS HOLDING COMPANY
	 	
				
	 By:
	 	  
	 		 	
		 	 [Officer/Title]
	 		 	

  
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