Document:

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                                                                   Exhibit 10.11

                       THE NORTH AMERICAN COAL CORPORATION
                           VALUE APPRECIATION PLAN FOR
                               YEARS 2000 TO 2009

                 (AS AMENDED AND RESTATED AS OF JANUARY 1, 2005)

1.   PURPOSE OF THE PLAN

     The purpose of this Value Appreciation Plan ("VAP" or the "Plan") is to
further the long-term profits and growth of The North American Coal Corporation
(the "Company") by offering long-term incentive to those officers and key
management employees of the Company and its Subsidiaries who will be in a
position to make significant contributions to such profits or growth. This
incentive is in addition to annual compensation and is intended to reflect
growth in the value of the Company.

2.   AMERICAN JOBS CREATION ACT (AJCA)

     (a) Due to the ability of the Committee to reduce the vested amounts
previously credited to a Participant's VAP Account hereunder (as specified in
Sections 5.3 and 8 of the Plan), none of the amounts that are credited to a
Participant's VAP Account are "grandfathered" under Code Section 409A (as
enacted by the AJCA). As such, all amounts payable under the Plan are subject to
the provisions of Code Section 409A, as enacted by the AJCA. It is intended that
the Plan be administered in accordance with the requirements of Code Section
409A, so as to prevent the inclusion in gross income of any amount credited to a
Participant's VAP Sub-Account hereunder in a taxable year that is prior to the
taxable year or years in which such amounts would otherwise actually be
distributed or made available to the Participant.

2.   DEFINITIONS

     (a)  "Account" means the account established in accordance with Section 7
          hereof to reflect the Participant's interest under the Plan.

NA Coal VAP/Jobs Act Restatement

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     (b)  "Award" means an award of a VAP Amount under the provisions of the
          Plan.

     (c)  Committee" shall mean the Compensation Committee of the Company's
          Board of Directors appointed to administer the Plan in accordance with
          Section 3.

     (d)  "Current Projects" shall mean the Company's existing projects, such as
          Coteau, Falkirk, Sabine, Red River Mining, Mississippi Lignite Mining,
          San Miguel, Florida Dragline Operations, and interest income from
          notes receivable.

     (e)  "New Projects" shall mean any new mining activities or projects, such
          as the Dos Republicas Project, the Jayamkondam Project (India), Guney
          Ege Enerji Project (Turkey), expansions at current operations, and
          other new projects and activities.

     (f)  "Plan Term" shall mean the ten (10) year period from January 1, 2000
          through December 31, 2009.

     (g)  "Salary Grade" shall mean the salary grade assigned to a Plan
          Participant by the Company.

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

     (i)  "Value Appreciation" shall mean an amount equal to after-tax net
          income less a capital charge which is ten percent (10%) of the book
          value of the entity.

     (j)  "VAP Amount" shall mean a Plan Participant's VAP Target Amount times a
          VAP Multiplier, as determined in accordance with Section 8.

     (k)  "VAP Goals for Current Projects" shall mean the expected Value
          Appreciation for the Company and its Subsidiaries over the Plan Term
          as determined by the Committee.

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     (l)  "VAP Goal for New Projects" shall be the cumulative amount of Value
          Appreciation to be obtained over the Plan Term from New Projects, as
          determined by the Committee.

     (m)  "VAP Multiplier" shall mean a factor based on VAP Ratio as further
          described herein.

     (n)  "VAP Percentage" shall mean a percentage of the Plan Participant's
          salary range midpoint, and shall be determined for each Plan
          Participant by the Committee.

     (o)  "VAP Ratio" shall mean a factor determined based on actual performance
          versus VAP Goals as further described herein.

     (p)  "VAP Target Amount" shall mean (i) a dollar amount equal to the VAP
          Percentage for a Plan Participant's Salary Grade times the Plan
          Participant's salary range midpoint or (ii) such amount as otherwise
          determined by the Committee.

     (q)  "VAP Targets for New Projects" shall mean those targets calculated
          based on the expected capital investment and income projections that
          are used, in good faith as realistic best estimates, to obtain
          Management approval of the New Project.

     (r)  "Disability" or "Disabled." A Participant shall be deemed to have a
          "Disability" or be "Disabled" if the Participant is determined to be
          totally disabled by the Social Security Administration or if the
          Participant (i) is unable to engage in any substantial gainful
          activity by reason of any medically determinable physical or mental
          impairment which can be expected to result in death or can be expected
          to last for a continuous period of not less than twelve months, or
          (ii) is, by reason of any medically determinable physical or mental
          impairment which can be expected

                                      -3-

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          to result in death or can be expected to last for a continuous period
          of not less than twelve months, receiving income replacement benefits
          for a period of not less than three months under an employer-sponsored
          accident and health plan.

     (s)  "Key Employee" shall mean a key employee, as defined in Section 416(i)
          of the Code (without regard to paragraph (5) thereof) of the Company
          or a Subsidiary (or related entity) so long as the stock of NACCO
          Industries, Inc. (or a related entity) is publicly traded on an
          established securities market or otherwise on the date of the
          Employee's Separation From Service. Key Employees are identified on a
          controlled group-wide basis and include non-resident alien employees
          (whether or not such employees are eligible to participate in the
          Plan). The selected identification date for Key Employees is December
          31st. As such, any employee who is classified by the Company as a Key
          Employee as of December 31st of a particular Plan Year shall maintain
          such classification for the 12-month period commencing the following
          April 1st. The Company shall have the sole and absolute discretion to
          classify employees as Key Employees hereunder. To the extent
          determined by the Company, such classification may include up to 75
          highly compensated employees (including some who do not meet the
          statutory requirements of a Key Employee) as long as such
          determination is made in a consistent, reasonable and good faith
          manner.

     (t)  "Separation From Service" means a separation of service as defined in
          Code Section 409A (and the regulations and guidance issued
          thereunder).

     (u)  "Unforeseeable Emergency" shall mean an event which results in a
          severe financial hardship to the Participant as a consequence of (i)
          an illness or accident

                                      -4-

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          of the Participant, the Participant's spouse or a dependent within the
          meaning of Code Section 152(a), (ii) loss of the Participant's
          property due to casualty or (iii) other similar extraordinary and
          unforeseeable circumstances arising as a result of events beyond the
          control of the Participant.

3.   ADMINISTRATION

     This Plan shall be administered by the Committee. The Committee shall have
complete authority to interpret all provisions of this Plan consistent with law,
to prescribe the form of any instrument evidencing any Award granted under this
Plan, to adopt, amend and rescind general and special rules and regulations for
its administration, and to make all other determinations necessary or advisable
for the administration of the Plan. All acts and decisions of the Committee with
respect to any questions arising in connection with the administration and
interpretation of this Plan, including the severability of any or all of the
provisions hereof, shall be conclusive, final and binding upon the Company and
all present and former Participants, all other employees of the Company and its
Subsidiaries, and their respective descendants, successors and assigns. No
member of the Committee shall be liable for any such act or decision made in
good faith.

4.   ELIGIBILITY

     Any person who is classified as a salaried employee of the Company or any
Subsidiary (including any Subsidiary acquired after adoption of this Plan)
generally at a Salary Grade no lower than 16, who in the judgment of the
Committee occupies an officer or other key management position in which his
efforts may significantly contribute to the profits or growth of the Company or
Subsidiary may receive an Award under this Plan. Directors of the Company or any
Subsidiary who are not also classified as employees of the Company or any
Subsidiary are

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not eligible to participate in this Plan. Any person receiving an Award shall be
referred to as a "Participant."

5.   VAP AMOUNTS

     5.1 Awards. As to each Award under this Plan, the Committee shall determine
and approve (a) the VAP Target Amount that may be awarded for each Salary Grade,
(b) the employees to whom VAP Amounts are to be awarded and (c) the VAP Amount
to be awarded to each individual employee. All Awards under this Plan shall be
effective as of January 1 of the year determined by the Committee. Each Award
shall vest and the amount represented thereby shall be payable upon the terms
and conditions set forth in Section 5.2.

     5.2 Vesting; Payment of VAP Amounts.

     (a) Each Participant's interest in his VAP Account under this Plan shall
vest at the rate of 20 percent for each year following the effective date of the
Participant's initial Award under this Plan during which the Participant remains
in the continuous employ of the Company or a Subsidiary; provided, however, a
Participant's interest in his VAP Account shall vest 100 percent in the event
(i) of such Participant's death or Disability while employed by the Company or a
Subsidiary, (ii) such Participant remains in the continuous employ of the
Company or a Subsidiary through December 31, 2009, or (iii) of such
Participant's termination of employment with the Company or Subsidiary at or
after age 55 with at least 10 years of service or at or after age 65 (i.e.,
retirement). Notwithstanding the foregoing, all payments under this Plan must be
approved by the Committee (even after vesting). Subject to the provisions of
Section 5.2(f) and Section 5.3, the vested amounts in a Participant's VAP
Account, including any Award for the year 2009, shall be payable as soon as
practicable following approval thereof by the Committee and following the
earlier to occur of:

          (i)  December 31, 2009;

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          (ii) the date of a Participant's Separation From Service for death,
               Disability or retirement (as defined above); provided, however,
               that if the Participant is a Key Employee, such payment shall be
               delayed for a period of six months following retirement (with
               interest continuing to accrue until the actual payment date); or

          (iii) the termination of this Plan pursuant to Section 9, to the
               extent permitted by Code Section 409A.

Notwithstanding the foregoing, the Committee may vest a Participant whose
employment otherwise terminates in such amounts, up to 100 percent of his VAP
Account, as the Committee may in its sole discretion determine; provided that
such vesting shall not result in the acceleration of the payment thereof to a
date earlier than the dates specified above.

     (b) In the event that all or any portion of a Participant's VAP Account
does not vest pursuant to Section 5.2(a), the VAP Amount represented thereby
shall terminate and be forfeited.

     (c) As soon as practicable following Committee approval following the
payment dates specified above, the Company or Subsidiary shall deliver to the
Participant or, if applicable, his designated beneficiaries (or, if none, his
estate) a check in full payment of the amount represented by the Participant's
vested interest in his VAP Account. The employer by which the Participant was
last employed prior to the payment date of an Award shall be liable for the
payment of such Award to or on behalf of such Participant, but such employer's
liability shall be limited to its proportionate share of such amount, as
hereinafter provided. If the Award(s) payable to or on behalf of a Participant
are based on the Participant's employment with more than one employer, the
liability for such Awards shall be shared by all such employers (by
reimbursement to the employer making such payment(s)) as determined by the
Company (taking into consideration the Participant's service and compensation
paid by each such employer) and as will permit the deduction (for purposes of
federal and foreign income tax) by each such employer of its portion of the
payments made and to be made hereunder. Expenses of

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administering the Plan shall be paid by the Company and the Subsidiaries, as
directed by the Company.

     (d) The amounts payable under this Plan shall be calculated as of a
valuation date determined by the Committee, and in the absence of such
determination, shall be calculated based on the value of the VAP Account as of
the December 31 coincident with or immediately preceding the date of payment.

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

     (f) At any time a Participant may request in writing that the Committee
permit the Participant to exercise and receive payment of an amount up to his
then vested interest in his VAP Account if such funds are needed because of an
Unforeseeable Emergency; provided, however, that such payment shall be permitted
only to the extent the amount does not exceed the amount reasonably necessary to
satisfy the emergency need (plus an amount necessary to pay taxes and penalties
reasonably anticipated as a result of the distribution) (or, if less, 40% of the
Participant's vested interest in his VAP Account). Such payments may not be made
to the extent such Unforeseeable Emergency is or may be relieved through
reimbursement or compensation by insurance or otherwise or by liquidation of the
Participant's assets (to the extent such liquidation would not itself cause
severe financial hardship).

     5.3 Forfeiture of VAP Amounts. Notwithstanding anything to the contrary
contained in this Plan, (a) in the event a Participant shall intentionally
commit an act materially adverse to the interests of the Company or a
Subsidiary, and the Board of Directors of the Company or the Committee shall so
find, his Award shall be deemed to have terminated at the time of such act

                                      -8-

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and his interest in his VAP Account shall immediately be terminated and
forfeited and (b) the Committee shall have the sole and absolute discretion to
reduce a Participant's vested interest in his VAP Account, in the event that the
Committee determines that an adjustment is required to be made under Section
8(e) hereof (provided, however, that the Committee shall not have the discretion
to reduce the amount of any amount that was previously paid to a Participant
hereunder).

6.   ASSIGNABILITY

     No Award to an employee under this Plan shall be transferable by him for
any reason whatsoever; provided, however, that the right to the proceeds of an
Award which are payable upon vesting pursuant to Section 5.2 may be transferred
by will or the laws of descent and distribution.

7.   VAP ACCOUNTS

     The Company shall maintain an account ("VAP Account") on its books and
records in the name of each Participant to reflect the Participant's interest
under this Plan. The VAP Account of each Participant shall be adjusted in
accordance with the provisions of Sections 5 and 8 hereof. Each Participant's
VAP Account also shall be credited with earnings as determined in accordance
with provisions of this Section 7 and shall be debited for any distributions
made to the Participant from his VAP Account.

     As of the end of each calendar year, each Participant's VAP Account shall
be credited with an amount determined by multiplying the Participant's average
VAP Account balance during such year by the average monthly rate during such
year for 10-year U.S. Treasury Bonds. In the event that a Participant terminates
employment prior to the end of a calendar year and becomes entitled to a payment
of his VAP Account hereunder, the Participant's VAP Account

                                      -9-

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shall be credited with a pro-rata share of earnings, based on the portion of the
year prior to the payment date.

     The Treasurer of the Company (or his delegate) shall keep an accurate
record of the amounts credited or debited to each Participant's VAP Account and,
as of December 31 of each year, shall deliver to each Participant a written
statement showing the credits and debits made during the year to this VAP
Account and the accumulated balance thereof.

8.   CALCULATION OF VALUE APPRECIATION; ADJUSTMENTS OF VAP AMOUNTS

     Value Appreciation and all VAP Amounts to be credited to a Participant's
VAP Account under this Plan shall be determined based on the actual performance
of Current Projects and on the acquisition and actual performance of New
Projects as hereinafter described. Following the acquisition of New Projects,
the VAP Targets for New Projects shall be included in the VAP Goals for Current
and New Projects.

     (a) Annual Value Appreciation of Current and New Projects

          As of December 31 of each year, the amount to be credited to a
Participant's VAP Account based on the annual Value Appreciation of all Current
and New Projects shall be determined as follows:

     VAP AMOUNT FOR ANNUAL VALUE APPRECIATION OF ALL CURRENT AND NEW PROJECTS
     = VAP MULTIPLIER X 30% X VAP TARGET AMOUNT

where

     VAP MULTIPLIER = 4 X VAP RATIO -3

where

     VAP RATIO = TOTAL ACTUAL ANNUAL VALUE APPRECIATION OF ALL CURRENT
                                    AND NEW PROJECTS
                 -----------------------------------------------------
                    TOTAL ANNUAL VAP GOAL OF ALL CURRENT PROJECTS
                       (INCLUDING VAP TARGETS FOR NEW PROJECTS)

                                      -10-

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          However, if the VAP Multiplier calculated above is less than 0, it
shall be 0, and if greater than 2.00, it shall be 2.00. See Exhibit I hereto.

     (b) Cumulative Value Appreciation of Current and New Projects.

     As of December 31 of each year, the amount to be credited to a
Participant's VAP Account based on the cumulative Value Appreciation of all
Current and New Projects from the beginning of the Plan Term (or from the
beginning of a Participant's participation in this Plan, in the case of a
Participant whose initial Award is effective after January 1, 2000) shall be
determined as follows:

     VAP AMOUNT FOR CUMULATIVE VALUE APPRECIATION OF ALL CURRENT
        AND NEW PROJECTS
     = VAP MULTIPLIER X 30% X VAP TARGET AMOUNT

where

     VAP MULTIPLIER = 4 X VAP RATIO -3

where

     VAP RATIO = ACTUAL CUMULATIVE VALUE APPRECIATION OF ALL CURRENT
                                    AND NEW PROJECTS
                 ---------------------------------------------------
                     CUMULATIVE VAP GOAL OF ALL CURRENT PROJECTS
                       (INCLUDING VAP TARGETS FOR NEW PROJECTS)

          However, if the VAP Multiplier calculated above is less than 0, it
shall be 0, and if greater than 2.00, it shall be 2.00. See Exhibit I hereto.

     (c)  VAP Amounts for the Acquisition of New Projects

          The acquisition of a New Project for purposes of this Plan shall be
determined by the Committee. The amount to be credited to a Participant's VAP
Account for the Acquisition of a New Project shall be determined as follows:

     VAP AMOUNT FOR THE ACQUISITION OF NEW PROJECTS
     = VAP MULTIPLIER X 40% X VAP TARGET AMOUNT X 10

where

     VAP MULTIPLIER =  A
                      ---
                       B

where

                                      -11-

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     A = THE PRESENT VALUE OF THE EXPECTED CUMULATIVE VALUE
         APPRECIATION OF ALL NEW PROJECTS FOR THE ACTUAL EXPECTED TERM(S) OF
         THE NEW PROJECT(S) BASED ON A DISCOUNT FACTOR OF 10%, AND

     B = THE TOTAL VAP GOAL FOR NEW PROJECTS OVER THE PLAN TERM AS DETERMINED
         BY THE COMMITTEE.

          The expected cumulative Value Appreciation for each New Project shall
be reviewed from time to time and the VAP Amount for the Acquisition of the New
Projects shall be adjusted, as appropriate (including, without limitation,
adjustments for amounts previously credited to the VAP Account). Any earnings on
such VAP Amount during the period between reviews shall not be adjusted.

     (d)  Total VAP Amount for Current and New Projects

          The total VAP Amount to be credited to each Participant's VAP Account
shall be determined as of December 31 of each year by adding the VAP amounts for
Current and New Projects (as determined under Section 8(a) and 8(b)) to the VAP
Amounts for the Acquisition of New Projects (as determined under Section 8(c)).

     (e)  Committee Discretion

          Notwithstanding the provisions of this Plan, the Committee, in its
sole discretion, may make equitable adjustments by increasing or decreasing the
VAP Amount to be credited (or that was previously credited) to a Participant's
VAP Account or may approve an Award where one otherwise would not be made.

9.   AMENDMENT AND TERMINATION

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

                                      -12-

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     (b) The Committee or the Board of Directors of the Company, in its sole and
absolute discretion, may terminate this Plan in its entirety at any time;
provided that, except as provided in this Subsection, no such termination shall,
without the consent of a Participant, affect the Participant's rights in/the
amount of any outstanding Award of such Participant. Upon any termination of the
Plan, all outstanding Awards shall be immediately 100% vested. Except as
otherwise provided in an amendment to the Plan, all Awards granted prior to any
termination of this Plan shall continue to be subject to the terms of this Plan.
Notwithstanding the foregoing, upon a complete termination of the Plan, the
Committee or the Board of Directors of the Company, in its sole and absolute
discretion, shall have the right to change the time of distribution of
Participants' Awards under the Plan, including requiring that all such Awards
Units be immediately distributed; provided such action does not otherwise
violate the requirements of Code Section 409A.

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

10.  GENERAL PROVISIONS

     Neither the adoption or operation of this Plan, nor any document describing
or referring to the Plan, or any part thereof, shall confer upon any employee
any right to continue in the employ of the Company or any Subsidiary, or shall
in any way affect the right and power of the Company or any Subsidiary to
terminate the employment of any employee at any time with or without assigning a
reason therefore to the same extent as the Company or a Subsidiary might have
done if this Plan had not been adopted.

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<PAGE>

     The provisions of the Plan shall be governed by and construed in accordance
with the laws of the State of Texas, except when pre-empted by Federal law.

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

     No trust has been created by the Company or any Subsidiary for the payment
of VAP Amounts granted under this Plan; nor have the Participants been granted
any lien on any assets of the Company or any Subsidiary to secure payment of
such benefits. This Plan represents only an unfunded, unsecured promise to pay
by the Company, and the Participants hereunder are unsecured creditors of the
Company.

     Headings are given to the sections of the 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 the 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 with
its meaning the plural, and vise versa.

11.  EFFECTIVE DATE

     The original effective date of this Plan was January 1, 2000.

                                      -14-

<PAGE>

                                    EXHIBIT I

                                       TO

                       THE NORTH AMERICAN COAL CORPORATION

                             VALUE APPRECIATION PLAN

<TABLE>
<CAPTION>
VAP RATIO   VAP MULTIPLIER
---------   --------------
<S>         <C>
  0.00            0.0
  0.75            0.0
  0.85            0.4
  0.95            0.8
  1.00            1.0
  1.05            1.2
  1.15            1.6
  1.25            2.0
  1.50            2.0
</TABLE>

                                      -15-<PAGE>
                                                                   Exhibit 10.12

                             RETIREMENT BENEFIT PLAN
                            FOR ALFRED M. RANKIN, JR.
                 (AS AMENDED AND RESTATED AS OF JANUARY 1, 2005)

          WHEREAS, NACCO Industries, Inc. (the "Employer") originally adopted
the Retirement Benefit Plan for Alfred M. Rankin Jr. (the "Plan") effective as
of March 1, 1989, amended and restated such Plan as of January 1, 1994 and
further amended the Plan; and

          WHEREAS, Mr. Rankin and the Employer desire to amend and restate the
Plan in order to (i) incorporate all prior amendments and (ii) bring the Plan
into compliance with the requirements of the American Jobs Creation Act.

          NOW THEREFORE, the Employer hereby adopts and publishes this amendment
and restatement of the Plan, which shall contain the following terms and
conditions:

                                    ARTICLE I
                                     PREFACE

          SECTION 1.1. Effective Date and Plan Year The effective date of this
amendment and restatement of the Plan is January 1, 2005. The Plan Year of the
Plan is the calendar year.

          SECTION 1.2. Purpose of the Plan. The purpose of this Plan is to
provide retirement benefits to the Participant.

          SECTION 1.3. Governing Law. This Plan shall be regulated, construed
and administered under the laws of the State of Ohio, except when preempted by
federal law.

          SECTION 1.4. Severability. If any provision of this Plan or the
application thereof to any circumstances(s) or person(s) is held to be invalid
by a court of competent jurisdiction, the remainder of the Plan and the
application of such provision to other circumstances or persons shall not be
affected thereby.

          SECTION 1.5. Application of American Jobs Creations Act (AJCA).

          (a) The Participant's Supplemental Profit Sharing Contributions (plus
earnings) that were credited to his Account for Plan Years prior to 2005
(including the Opening Account Balance and the vested amount that was credited
to his Account in 2005 for the 2004 Plan Year) and Transitional Benefits (plus
earnings) that were credited to his Account on or before December 31, 2004
(collectively, the "Grandfathered Sub-Account") are "grandfathered" under Code
Section 409A (as enacted by the AJCA) and, as such, will continue to be governed
by the law applicable to nonqualified deferred compensation prior to the
enactment of Code Section 409A.

          (b) All other amounts that are credited to the Participant's Account
hereunder (collectively, the "Post-2004 Sub-Account") are subject to the
provisions of Code Section 409A, as enacted by the AJCA. It is intended that the
provisions of the Plan that relate to the Post-2004 Sub-Account be administered
in accordance with the requirements of Code Section 409A, so as to prevent the
inclusion in gross income of any amount credited to the Participant's Post-2004
Sub-Account hereunder in a taxable year that is prior to the taxable year or
years in which such amounts would otherwise be actually distributed or made
available to the Participant.

NACCO NQ/Rankin Plan

<PAGE>

                                   ARTICLE II
                                   DEFINITIONS

          SECTION 2.1. The following words and phrases when used in this Plan
with initial capital letters shall have the following respective meanings,
unless the context clearly indicates otherwise.

          SECTION 2.1(1). "Account" shall mean the record maintained in
accordance with Section 3.3 by the Employer for the Participant's Supplemental
Benefit. The Participant's Account shall be further divided into the
"Grandfathered Sub-Account" and the "Post-2004 Sub-Account" as described in
Section 1.5 hereof.

          SECTION 2.1(2). "Beneficiary" shall mean the person or persons
(natural or otherwise) as may be designated by the Participant as his
Beneficiary under this Plan. Such a designation may be made, and may be revoked
or changed (without the consent of any previously designated Beneficiary), only
by an instrument (in form acceptable to the Employer) signed by the Participant
and filed with the Employer prior to the Participant's death. In the absence of
such a designation and at any other time when there is no existing Beneficiary
designated by the Participant to whom payment is to be made pursuant to his
designation, his Beneficiary shall be his surviving legal spouse or, if none,
his estate. A person designated by a Participant as his Beneficiary who or which
ceases to exist shall not be entitled to any part of any payment thereafter to
be made to the Participant's Beneficiary unless the Participant's designation
specifically provided to the contrary. If two or more persons designated as a
Participant's Beneficiary are in existence, the amount of any payment to the
Beneficiary under this Plan shall be divided equally among such persons unless
the Participant's designation specifically provided to the contrary.

          SECTION 2.1(3). "Code" shall mean the Internal Revenue Code of 1986,
as it has been and may be amended from time to time.

          SECTION 2.1(4). "Code Limitations" shall mean the limitations imposed
by Sections 401(a)(17) and 415 of the Code, or any successor(s) thereto, on the
amount of the contributions which may be made to the Profit Sharing Plan for a
participant.

          SECTION 2.1(5). "Compensation" shall have the same meaning as under
the Profit Sharing Plan, except that Compensation (a) shall not be subject to
the dollar limitation imposed by Code Section 401(a)(17), and (b) shall be
deemed to include cash in lieu of perquisites and the amount of compensation
deferred by the Participant under The North American Coal Corporation Deferred
Compensation Plan for Management Employees (prior to 1995), the NACCO Materials
Handling Group, Inc., Unfunded Benefit Plan (for periods from 1995 through
August 31, 2000) and the NACCO Industries, Inc. Unfunded Benefit Plan (effective
as of September 1, 2000).

          SECTION 2.1(6). "Controlled Group" shall mean the Employer and any
other company, the employees of which, together with the employees of the
Employer, are required to be treated as if they were employed by a single
employer pursuant to Section 414 of the Code.

          SECTION 2.1(7). "Employer" shall mean NACCO Industries, Inc.

          SECTION 2.1(8). "Fixed Income Fund" shall mean the Stable Asset Fund
under the Profit Sharing Plan or any equivalent fixed income fund thereunder
which is designated by the NACCO Industries, Inc. Retirement Funds Investment
Committee as the successor to the Stable Asset Fund.

          SECTION 2.1(9). "Key Employee" shall mean a key employee, as defined
in Code Section 416(i) (without regard to paragraph (5) thereof) of the
Employer, as long as the stock of the Employer is publicly traded on an
established securities market or otherwise on the date of the Employee's
Termination of Employment. Key Employees are identified on a Controlled
Group-wide basis and include non-resident alien employees (whether or not such
employees are eligible to participate in the Plan). The selected identification

                                       2

<PAGE>

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

          SECTION 2.1(10). "Participant" shall mean Alfred M. Rankin, Jr.

          SECTION 2.1(11). "Plan" shall mean this NACCO Industries, Inc.
Retirement Benefit Plan for Alfred M. Rankin, Jr., as it may be amended from
time to time.

          SECTION 2.1(12). "Profit Sharing Plan" shall mean the profit sharing
portion of the NACCO Materials Handling Group, Inc. Profit Sharing Retirement
Plan, as such plan may be amended from time to time.

          SECTION 2.1(13). "Supplemental Benefit" shall mean the sum of the
Participant's Transitional Benefit and his Supplemental Profit Sharing Plan
Benefit.

          SECTION 2.1(14). "Supplemental Profit Sharing Benefit" shall mean the
amounts credited to the Participant's Account pursuant to Section 3.1

          SECTION 2.1(15). "Termination of Employment" shall mean a separation
of service as defined under Code Section 409A (and the regulations and other
guidance issued thereunder).

          SECTION 2.1(16). "Transitional Benefits" shall mean the amounts
credited to the Participant's Account pursuant to Section 3.2.

          SECTION 2.1(17). "Unforeseeable Emergency" shall mean an event which
results in severe financial hardship to the Participant as a consequence of (a)
an illness or accident of the Participant, the Participant's spouse or dependent
(within the meaning of Code Section 152(a)), (b) a loss of the Participant's
property due to casualty or (c) other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the
Participant.

          SECTION 2.1(18). "Valuation Date" shall mean the last day of each Plan
Year, plus such additional date(s), if any, selected by the Employer.

                                  ARTICLE III
                              SUPPLEMENTAL BENEFIT

          SECTION 3.1. Amount of Supplemental Profit Sharing Benefit.

          (a) Effective as of January 1, 1994, the Employer credited the
Participant's Account with an Opening Account Balance.

          (b) For periods on or after January 1, 1994, the Employer shall credit
the Participant's Account annually with amounts (hereinafter referred to as the
"Supplemental Profit Sharing Contributions") equal to the amounts that would
have been contributed by the Employer to the Profit Sharing Plan for such
Participant, from time to time, as profit sharing contributions if (i) the
Participant had been eligible to participate in the Profit Sharing Plan, (ii)
the Profit Sharing Plan did not contain the Code Limitations, and (iii) the term
"Compensation" (as defined in Section 2.1(5) hereof) were used for purposes of
determining the amount of profit sharing contributions under the Plan.

          SECTION 3.2. Amount of Transitional Benefit. The Employer shall also
credit the Participant's Account with an amount (hereinafter referred to as the
"Transitional Benefits") equal to (a)

                                       3

<PAGE>

$34,900 on December 31, 1994 and (b) in each subsequent year, an amount that is
4 percent greater than the amount credited under this Section 3.2 for the
preceding year. The Transitional Benefits described in the preceding sentence
shall be credited annually as of each December 31, commencing on December 31,
1994 and ending on the earlier of the Participant's first termination of
employment with the Controlled Group for any reason or the termination of the
Plan.

          SECTION 3.3. Participant's Account. The Employer shall establish and
maintain on its books an Account for the Participant which shall contain the
following entries:

          (a) the Opening Account Balance, which was credited to the
     Participant's Account as of January 1, 1994;

          (b) the Supplemental Profit Sharing Contributions which shall be
     credited to the Participant's Account at the same time as actual profit
     sharing contributions are credited to the accounts of the participants in
     the Profit Sharing Plan;

          (c) The Transitional Benefits, which shall be credited to the
     Participant's Account as of each December 31;

          (d) Earnings, as determined under Section 3.4; and

          (e) Debits for any distributions made from the Account and for any
     amounts forfeited under Section 5.1(d).

     The Employer shall allocate such credits and debits between the
Participant's Grandfathered Sub-Account or Post-2004 Sub-Account, as applicable.

          SECTION 3.4. EARNINGS.

          (a) While Actively Employed. At the end of each calendar month during
a calendar year while the Participant is employed by an Employer on December 31
of such year, the Account of the Participant shall be credited with an amount
determined by multiplying such Participant's average Account balance during such
month by the blended rate earned during such month by the Fixed Income Fund.
Notwithstanding the foregoing, in the event that the ROTCE (as defined in
subsection (d) below) determined for such calendar year exceeds the rate
credited to the Participant's Account under the preceding sentence, the
Participant's Account shall retroactively be credited with the difference
between (i) the amount determined under the preceding sentence, and (ii) the
amount determined by multiplying the Participant's average Account balance
during each month of such year by the ROTCE determined for such year, compounded
monthly.

          (b) Following Termination. After the Participant has terminated
employment with the Controlled Group, his Account shall be credited with
earnings as described in subsection (a), until his Account has been distributed
in full in accordance with Article V. The ROTCE calculation described in the
second sentence of subsection (a) shall be made during the month in which the
Participant terminates employment and shall be based on the year-to-date ROTCE
for the month ending prior to the date the Participant terminated employment, as
calculated by the Employer. For any subsequent month, the ROTCE calculation
described in the second sentence of subsection (a) shall not apply. The Fixed
Income Fund calculation described in the first sentence of subsection (a) for
the month in which the Participant receives a distribution from his Account
shall be based on the blended rate earned during the preceding month by the
Fixed Income Fund.

          (c) Changes/Limitations in Earnings Assumptions. To the extent not
prohibited by Code Section 409A, the Compensation Committee may change the
earnings rate credited on the Participant's Account hereunder; provided, however
that notwithstanding any provision of the Plan to the contrary, in no event will
the earnings rate credited to the Participant's Account hereunder exceed 14%.

                                       4

<PAGE>

          (d) ROTCE. For purposes of the Plan, the term ROTCE shall mean the
Employer's consolidated return on total capital employed, as determined by the
Compensation Committee for purposes of the NACCO Industries, Inc. Annual
Incentive Compensation Plan as in effect for the particular Plan Year.

                                   ARTICLE IV
                                     VESTING

          SECTION 4.1. Vesting. The Participant shall be 100% vested in his
Supplemental Benefit hereunder.

                                   ARTICLE V
                      DISTRIBUTION OF SUPPLEMENTAL BENEFIT

          SECTION 5.1. Form and Timing of Distribution of Grandfathered
Sub-Account.

          (a) The Participant's Grandfathered Sub-Account shall be distributed
to the Participant in the form of ten annual installments with each installment
being based on the value of such Sub-Account on the Valuation Date immediately
preceding the date such installment is to be paid and being a fraction of such
value in which the numerator is one and the denominator is the total number of
remaining installments to be paid. The first annual installment payment of such
Sub-Account shall be made to the Participant on the first day of the calendar
year following the earlier of the year in which the Participant terminates
employment with the Controlled Group or the year in which he attains age 70 (but
not before the year in which he attains age 65), and each subsequent installment
(if any) shall be made to the Participant as soon as practicable following the
anniversary of such date.

          (b) Notwithstanding the foregoing, the Participant may elect an
alternate form of distribution (including a lump sum distribution) by filing a
notice in writing, signed by the Participant and filed with the Employer while
the Participant is alive and at least one year prior to the commencement of
benefits under subsection (a) of this Section. Any such selection of the form of
benefit may be changed at any time and from time to time, without the consent of
any existing Beneficiary or any other person, by filing a later selection in
writing that is signed by the Participant and filed with the Employer while the
Participant is alive and at least one year prior to the commencement of benefits
under subsection (a) of this Section.

          (c) In the event of the death of the Participant, his Beneficiary(ies)
shall receive a lump sum distribution of the balance of the Participant's
Grandfathered Sub-Account as soon as practicable after the Participant's death.
Notwithstanding the foregoing, the Participant may elect an alternate form of
distribution for his Beneficiary(ies) by filing a notice in writing, signed by
the Participant and filed with the Employer while the Participant is alive and
at least one year prior to the commencement of benefits under subsection (a) of
this Section.

          (d) Withdrawals From Grandfathered Sub-Account Subject to a 10%
Penalty.

          (i) The provisions of this Subsection shall apply notwithstanding any
other provision of the Plan to the contrary. If the Participant elects a
withdrawal under this Subsection, such withdrawal must include the entire amount
attributable to the type of Contributions specified by the Participant, less
10%. Such 10% reduction shall be treated as a forfeiture hereunder and shall
immediately be subtracted from the Participant's Grandfathered Sub-Account,
never to be restored.

          (ii) While the Participant is an Employee, he may, at any time (and
from time to time) elect in writing to receive a withdrawal from the portion of
his Grandfathered Sub-Account attributable to his Transitional Benefits, plus
earnings.

          (iii) In addition to the amounts described in (ii) above, once the
Participant has ceased to be an Employee of the Controlled Group, he may also
elect in writing to receive a withdrawal from the portion of

                                       5

<PAGE>

his Grandfathered Sub-Account attributable to his Opening Account Balance and
his Supplemental Profit Sharing Contributions, plus earnings.

          SECTION 5.2. Form and Timing of Distribution of Post-2004 Sub-Account.

          (a) Time of Payment. Prior to January 1, 2005, the Participant may
     irrevocably elect to receive the Supplemental Benefits that are allocable
     to his Post-2004 Sub-Account as soon as practicable following one of the
     following dates: (i) the date on which he incurs a Termination of
     Employment, (ii) January 1 of the year following the date on which he
     incurs a Termination of Employment; (iii) the date on which he attains an
     age specified in the election form; (iv) January 1 of the year following
     the date on which he attains an age specified in the election form, or (v)
     the earlier of the date on which he incurs a Termination of Employment or
     attains a specified age or (vi) the earlier of January 1 of the year
     following the date on which he attains a specified age or the January 1 of
     the year following the date on which he incurs a Termination of Employment.
     If the Participant does not make a timely election regarding the time of
     payment, his Supplemental Benefit attributable to his Post-2004 Sub-Account
     shall be distributed to the Participant on the date on which he incurs a
     Termination of Employment. Once made, the election (or deemed election) of
     a time of payment shall be irrevocable.

          (b) Form of Payment.

          (i) Prior to December 31, 2004, the Participant may elect to receive
the Supplemental Benefits that are allocable to his Post-2004 Sub-Account in the
form of a lump sum payment or in the form of annual installment payments (for 10
years or such other time period as elected by the Participant), with the
installment payments (if any) being calculated in accordance with the rules
specified in Section 5.1. All installment payments under the Plan will be
classified as a single payment for purposes of Code Section 409A. Any form of
payment election must be in writing (on a form provided by the Employer) and
filed with the Employer. If the Participant does not make a timely election
regarding the form of payment, his Supplemental Benefit attributable to his
Post-2004 Sub-Account shall be distributed to the Executive in the form of a
single lump sum payment. Once made, the election (or deemed election) of a form
of payment under this Section 5.2 shall be irrevocable except as specified in
Section 5.2(b)(ii) below.

          (ii) Notwithstanding the foregoing, the Participant may change his
form of payment election (or deemed election) by filing a subsequent written
election with the Employer. Such election will not be effective unless (i) it is
made not less than twelve months prior to the date that distribution would have
been made absent such election, (ii) the previously elected payment date is
automatically delayed for a period of five years (except for payments made on
account of death or disability), (iii) such election will not take effect until
at least twelve months after the date on which the election is made and (iv)
unless otherwise permitted under Code Section 409A, the election does not
accelerate the payment.

          (c) Time and Form of Payment of Contributions Made After Elected
     Payment Date. In the event that the Participant elects to receive his
     Post-2004 Sub-Account at a specified age (or the earlier of a specified age
     or Termination of Employment) and the Participant continues to be employed
     past such date, any additional amounts that are credited to his Post-2004
     Sub-Account shall be paid to the Participant at the same time, and in the
     same form, as the Participant elected for the remainder of his Post-2004
     Sub-Account under Subsections (a) and (b) above.

          (d) Payment To Beneficiaries. In the event of the death of the
     Participant, his Beneficiary(ies) shall receive (or commence to receive)
     payment of the balance of the Participant's Post-2004 Sub-Account as soon
     as practicable following the Participant's death. Prior to December 31,
     2006, the Participant may elect that his Beneficiary(ies) will receive his
     Post-2004 Sub-Account in the form of a lump sum payment or in the form of
     annual installment payments (for 10 years or such other time period as
     elected by the Participant), with the installment payments (if any) being
     calculated in accordance with the rules specified in Section 5.1. Any form
     of payment election must be in writing (on

                                       6

<PAGE>

     a form provided by the Employer) and filed with the Employer. If the
     Participant does not make a timely election regarding the form of payment,
     his Post-2004 Sub-Account shall be distributed to the Beneficiary in the
     form of a single lump sum payment. Once made, the election (or deemed
     election) of a form of payment under this Subsection shall be irrevocable.

          SECTION 5.3. Withholding/Taxes. To the extent required by applicable
law, the Employer shall withhold from the Supplemental Benefits hereunder any
income, employment or other taxes required to be withheld therefrom by any
federal, state or local government.

          SECTION 5.4. Unforeseeable Emergency Distributions. Notwithstanding
the foregoing, the Compensation Committee may at any time, upon written request
of the Participant, cause to be paid to such Participant an amount equal to all
or any part of the Participant's Account if the Employer determines, based on
such reasonable evidence as it shall require, that such a payment or payments is
necessary for the purpose of alleviating the consequences of an Unforeseeable
Emergency. Payments made on account of an Unforeseeable Emergency shall be
permitted only to the extent the amount does not exceed the amount necessary to
satisfy the emergency need (plus amounts necessary to pay taxes and penalties
reasonably anticipated as a result of the distribution) and may not be made to
the extent such Unforeseeable Emergency is or may be relieved through
reimbursement or compensation by insurance or otherwise or by liquidation of the
Participant's assets (to the extent such liquidation would not itself cause
severe financial hardship.

                                   ARTICLE VI
                                  MISCELLANEOUS

          SECTION 6.1. Limitation on Rights of Participant and Beneficiaries -
No Lien. This Plan is designed to be an unfunded, nonqualified plan and the
entire cost of this Plan shall be paid from the general assets of the Employer.
No liability for the payment of benefits under the Plan shall be imposed upon
any officer, director, employee, or stockholder of the Employer. Nothing
contained herein shall be deemed to create a lien in favor of the Participant or
any Beneficiary on any assets of any Employer. The establishment of the
Participant's Account hereunder is solely for the Employer's convenience in
administering the Plan and amounts "credited" to the Account shall continue for
all purposes to be part of the general assets of the Employer. The Participant's
Account is merely a record of the value of the Employer's unsecured contractual
obligation to the Participant and his Beneficiary under the Plan and the
Employer shall have no obligation to purchase any assets that do not remain
subject to the claims of the creditors of the Employer for use in connection
with the Plan. The Participant and each Beneficiary shall have the status of a
general unsecured creditor of the Employer and shall have no right to, prior
claim to, or security interest in, any assets of the Employer.

          SECTION 6.2. Nonalienation. No right or interest of the Participant or
any Beneficiary under this Plan shall be anticipated, assigned (either at law or
in equity) or alienated by the Participant or Beneficiary, nor shall any such
right or interest be subject to attachment, garnishment, levy, execution or
other legal or equitable process or in any manner be liable for or subject to
the debts of the Participant or Beneficiary. Notwithstanding the foregoing, the
Employer shall honor a qualified domestic relations order ("QDRO") from a state
domestic relations court which requires the payment of part or all of the
Account under this Plan to an alternate payee under Code Section 414(p).

          SECTION 6.3. Employment Rights. Employment rights shall not be
enlarged or affected hereby. The Employer shall continue to have the right to
discharge or retire the Participant, with or without cause.

                                       7

<PAGE>

          SECTION 6.4. Administration of Plan.

          (a) The Employer shall be the sponsor of the Plan for purposes of
ERISA. The Compensation Committee shall be the Plan administrator and shall be
responsible for the general administration of the Plan and for carrying out the
provisions hereof. The Compensation Committee shall have discretion to interpret
the provisions of the Plan, including, without limitation, by supplying
omissions from, correcting deficiencies in or in resolving inconsistencies or
ambiguities in the language of the Plan, to make factual findings with respect
to any issue arising under the Plan and to decide disputes arising under the
Plan and to make any determinations (including factual determinations) with
respect to benefits payable hereunder.

          (b) Either the Committee or the Employer may, from time to time,
delegate all or part of the administrative powers, duties and authorities
delegated to it under this Plan to such person or persons, office or committee
as it shall select.

          SECTION 6.5. Payment to Guardian. If a benefit payable hereunder is
payable to a minor, to a person declared incompetent or to a person incapable of
handling the disposition of his property, the Employer may direct payment of
such benefit to the guardian, legal representative or person having the care and
custody of such minor, incompetent or person. The Employer may require such
proof of incompetency, minority, incapacity or guardianship as it may deem
appropriate prior to distribution of the benefit. Such distribution shall
completely discharge the Employer from all liability with respect to such
benefit.

          SECTION 6.6. Statement of Account. The Employer shall deliver to the
Participant a written statement of his Account as of the end of each calendar
year.

          SECTION 6.7. Other Payment Rules and Restrictions.

(a)  Insolvency. Notwithstanding any provision of the Plan to the contrary, the
     Employer shall not be required to make any payment hereunder to any
     Participant or Beneficiary if the Employer is "insolvent" at the time such
     payment is due to be made or if the payment would jeopardize the solvency
     of the Employer; provided that the payment shall be made during the first
     calendar year in which the funds of the Employer are sufficient to make the
     payment without jeopardizing the solvency of the Employer. For purposes
     hereof, the Employer shall be considered "insolvent" at such time as it (i)
     is unable to pay its debts as they mature or (ii) is subject to a pending
     voluntary or involuntary proceeding as a debtor under the United States
     Bankruptcy Code.

(b)  Key Employees. Notwithstanding any provision of the Plan to the contrary, a
     distribution of the Post-2004 Sub-Account to a Key Employee made on account
     of a Termination of Employment may not be made before the date that is six
     months after such Termination of Employment (or, if earlier, the date of
     death) except for payments made on account of (i) a QDRO or (ii) a conflict
     of interest or the payment of FICA taxes (as specified in Subsection (d)
     below). Any amounts that are otherwise payable to the Key Employee during
     the 6-month period following his Termination of Employment shall be paid in
     a lump sum make-up payment as soon as practicable following the end of such
     6-month period.

(c)  Time of Payment/Processing. All payments under the Plan shall be made on,
     or as soon as practicable after, the specified payment date (and, in any
     event, no later than December 31 of the year that includes the specified
     payment date or, if later, by the 15th day of the third calendar month
     following the specified payment date). Notwithstanding the foregoing, if
     the calculation of the amount payable from the Post-2004 Sub-Accounts is
     not administratively practicable due to events beyond the control of the
     Employer and the Participant, the payment shall be made during the first
     calendar year in which the payment is administratively practicable.

(d)  Acceleration of Payments. Notwithstanding any provision of the Plan to the
     contrary, payment of the Post-2004 Sub-Account hereunder may be accelerated
     (i) to the extent necessary to comply with a

                                       8

<PAGE>

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

                                  ARTICLE VII
                            AMENDMENT AND TERMINATION

          SECTION 7.1. Amendment. Subject to Section 7.3, the Employer (with the
approval or ratification of the NACCO Industries, Inc. Benefits Committee) does
hereby reserve the right to amend, at any time, any or all of the provisions of
the Plan, without the consent of the Participant, Beneficiary or any other
person; provided, however, that the Compensation Committee retains the sole
right to amend the earnings rate that is credited to the Participant's Account
under Section 3.4. Any such amendment shall be expressed in an instrument
executed by an officer of the Employer on the order of the Benefits Committee
(or Compensation Committee, as applicable) and shall become effective as of the
date designated in such instrument or, if no such date is specified, on the date
of its execution.

          SECTION 7.2. Termination. Subject to Section 7.3, the Compensation
Committee does hereby reserve the right to terminate the Plan at any time
without the consent of the Participant, Beneficiary or any other person. Such
termination shall be expressed in an instrument executed by an officer of the
Employer on the order of the Compensation Committee and shall become effective
as of the date designated in such instrument, or if no date is specified, on the
date of its execution.

          SECTION 7.3. Limitations on Amendment and Termination. Notwithstanding
the foregoing provisions of this Article, no amendment or termination of the
Plan shall, without the written consent of the Participant (or, in the case of
his death, his Beneficiary), reduce the amount of any Supplemental Benefit under
the Plan of the Participant or any Beneficiary as of the date of the amendment
or termination.

          IN WITNESS WHEREOF, NACCO Industries, Inc., has executed this Plan at
Cleveland, Ohio, this 8th day of February, 2006.

                                        NACCO INDUSTRIES, INC.

                                        By /s/ Charles A. Bittenbender
                                           -------------------------------------
                                        Title: Vice President, General Counsel
                                               and Secretary
                                               ---------------------------------

                                       9

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