Document:

EX-10(XCII) Amdt. 3 NMHG Long Term Plan

 

Exhibit 10(xcii)

AMENDMENT NO. 3

TO THE

NACCO MATERIALS HANDLING GROUP, INC.

LONG-TERM INCENTIVE COMPENSATION PLAN

(EFFECTIVE AS OF JANUARY 1, 2000)

     NACCO Materials Handling Group, Inc. (the “Company”), on the order of the
Compensation Committee of the Board of Directors of the Company, hereby adopts
this Amendment No. 3 to the NACCO Materials Handling Group, Inc. Long-Term
Incentive Compensation Plan (Effective as of January 1, 2000) (the “Plan”)
effective as of January 1, 2003. Words and phrases used herein with initial
capital letters which are defined in the Plan are used herein as so defined.

Section 1

     Section 11(b)(ii)(2) of the Plan is hereby amended in its entirety to read
as follows:

     “(2) Notwithstanding the provisions of clause (1), (A) each Employer
shall be solely liable for the payment of the Awards it granted to its
employees; (B) if a Participant has been employed by more than one Employer,
the Employer who employs the Participant at the time of the payment of the
Award shall pay the entire amount of such Award; (C) each Employer (unless it
is Insolvent) shall reimburse the paying Employer for its allocable share of
the Participant’s Award; (D) if any responsible Employer is Insolvent at the
time of payment, the last Employer shall not be required to make a distribution
to the Participant with respect to amounts which are allocable to service with
that Employer; and (E) each Employer shall (to the extent permitted by
applicable law) receive an income tax deduction for the Employer’s allocable
share of the payment of the Participant’s Award.”

EXECUTED this 9th day of April, 2003.

	 	 	 
	 	
NACCO MATERIALS HANDLING GROUP, INC.
	 	 	 
	 	By:	
/s/ James M. Phillips
	 	 	

	 	Title:	
 Vice President Human ResourcesEX-10(XCIII) Amdt. 3 NMGH Senior Long Term Plan

 

Exhibit 10(xciii)

AMENDMENT NO. 3

TO THE

NACCO MATERIALS HANDLING GROUP, INC.

SENIOR LONG-TERM INCENTIVE COMPENSATION PLAN

(EFFECTIVE AS OF JANUARY 1, 2000)

     NACCO Materials Handling Group, Inc. (the “Company”), on the order of the
Compensation Committee of the Board of Directors of the Company, hereby adopts
this Amendment No. 3 to the NACCO Materials Handling Group, Inc. Senior
Long-Term Incentive Compensation Plan (Effective as of January 1, 2000) (the
“Plan”) effective as of January 1, 2003.. Words and phrases used herein with
initial capital letters which are defined in the Plan are used herein as so
defined.

Section 1

     Section 11(b)(ii)(2) of the Plan is hereby amended in its entirety to read
as follows:

     “(ii) Notwithstanding the provisions of clause (1), (A) each Employer
shall be solely liable for the payment of the Awards it granted to its
employees; (B) if a Participant has been employed by more than one Employer,
the Employer who employs the Participant at the time of the payment of the
Award shall pay the entire amount of such Award; (C) each Employer (unless it
is Insolvent) shall reimburse the paying Employer for its allocable share of
the Participant’s Award; (D) if any responsible Employer is Insolvent at the
time of payment, the last Employer shall not be required to make a distribution
to the Participant with respect to amounts which are allocable to service with
that Employer; and (E) each Employer shall (to the extent permitted by
applicable law) receive an income tax deduction for the Employer’s allocable
share of the payment of the Participant’s Award.”

	 	 	 
	 	
EXECUTED this 9th day of April, 2003.
	 
	 	
NACCO MATERIALS HANDLING GROUP, INC.
	 	 	 
	 	By: /s/ James M. Phillips	
 
	 	Title: Vice President Human ResourcesEX-10(XCIV) Amdt. 7 NMHG Unfunded Plan

 

Exhibit 10(xciv)

AMENDMENT NO. 7

TO THE

NACCO MATERIALS HANDLING GROUP, INC.

UNFUNDED BENEFIT PLAN

(As Amended and Restated Effective September 1, 2000)

     NACCO Materials Handling Group, Inc. hereby adopts this Amendment No. 7 to
the NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and
Restated Effective September 1, 2000) (the “Plan”), to be effective as of
January 1, 2003. Words used herein with initial capital letters which are
defined in the Plan are used herein as so defined.

Section 1

     Section 2.2 of the Plan is hereby amended in its entirety to read as
follows:

     “Section 2.2 (a) ROTCE means the means the Company’s consolidated return
on total capital employed (excluding NMHG Retail-Europe) for the applicable
time period calculated as follows:

Earnings Before Interest After-Tax (after NMHG Retail-Europe Adjustments)

divided by

Total Capital Employed (after NMHG Retail-Europe Adjustments)

	 	(b)	 	For purposes hereof, the following terms shall have the following
meanings:

		
	 	     (i) “Earnings Before Interest After-Tax “ is defined as the sum of
(A) consolidated net income for the Company for the subject year before
extraordinary items and cumulative effect of accounting changes as defined
by US generally accepted accounting principles (“GAAP”) plus (B) After-Tax
Consolidated Interest Expense;
	 
	 	     (ii) “After Tax Consolidated Interest Expense” is defined as
Consolidated Interest Expense multiplied by (1 minus the marginal tax
rate). The marginal tax rate is defined as the tax rate applicable to an
incremental amount of income related to federal, state and foreign income
taxes;
	 
	 	     (iii) “Consolidated Interest Expense” is defined as consolidated
interest expense as defined by GAAP;
	 
	 	     (iv) “Total Capital Employed” is defined as the sum of (A) average
consolidated shareholders’ equity for the Company as determined under US
GAAP plus (B) average Consolidated Debt as determined under US GAAP, each
determined at the beginning of the subject year and the end of each month
of the subject year and dividing by thirteen;
	 
	 	     (v) “Consolidated Debt” is defined as the consolidated debt incurred
by the Company under revolving credit agreements, capital lease
obligations, current maturities of long-term debt and long-term debt; and
	 
	 	     (vi) “NMHG Retail-Europe Adjustments” is defined as adjustments to
consolidated net income before extraordinary items and cumulative effect
of accounting changes, Consolidated Interest Expense, consolidated
shareholders’ equity and Consolidated Debt to exclude: the sum of (A) the
results of the Company’s European Retail Division as determined under US
GAAP plus (B) the corresponding consolidated eliminations related to the
inclusion of the Company’s European Retail Division as determined by US
GAAP, plus (C) the debt and related interest expense recorded by the
Company related to loans to its’ European Retail Division.

	 	(c)	 	ROTCE shall be determined at least annually by the Company.”

 

 

Section 2

     Section 3.7(c)(i) of the Plan is hereby amended by adding the following
new sentence to the end thereof to read as follows:

	 	 	“Notwithstanding the foregoing, a deferral election under Section 3.2 or
3.3 shall also cease with respect to a particular Sub-Account if the
Participant has reached his elected payment date with respect to such
Sub-Account and has elected to receive such Sub-Account in the form of a
single lump sum payment.”

Section 3

     Section 5.1 of the Plan is hereby amended be deleting the phrase “Adjusted
ROE” each time it appears therein and substituting the term “ROTCE” therefor.

Section 4

     Section 11.4(b) of the Plan is hereby amended in its entirety to read as
follows:

     “(b) Notwithstanding the foregoing, if an Excess Retirement Benefit
payable to or on behalf of a Participant is based on the Participant’s
employment with more than one Employer the following provisions shall apply:

     (i)  Upon a transfer of employment, the Participant’s Sub-Accounts shall be
transferred from the prior Employer to the new Employer and Excess Retirement
Benefits (and earnings) shall continue to be credited to the Sub-Accounts
following the transfer (to the extent otherwise required under the terms of the
Plan). The last Employer of the Participant shall be responsible for paying
the entire amount which is allocated to the Participant’s Sub-Accounts
hereunder; and

     (ii)  Notwithstanding the provisions of clause (i), (1) each Employer shall
be solely liable for the payment of the amounts credited to a Participant’s
Account which were earned by the Participant while he was employed y that
Employer; (2) each Employer (unless it is Insolvent) shall reimburse the last
Employer for its allocable share of the Participant’s distribution ; (3) if any
responsible Employer is Insolvent at the time of distribution, the last
Employer shall not be required to make a distribution to the Participant with
respect to amounts which are allocable to service with that Employer; and (4)
each Employer shall (to the extent permitted by applicable law) receive an
income tax deduction for the Employer’s allocable share of the Participant’s
distribution.”

     EXECUTED this 12th day of May, 2003.

	 	 	 
	
NACCO MATERIALS HANDLING GROUP, INC.
	 	 	 
	 	By:	
/s/ James M. Phillips
	 	 	

	 	Title:	
 Vice President Human Resources

- 2 -EX-10(CXX) Hamilton Beach 2004 Incentive Plan

 

Exhibit 10(cxx)

HAMILTON BEACH/PROCTOR-SILEX

2004 Annual Incentive Compensation Plan

General

Hamilton Beach/Proctor-Silex, Inc. (the “Company”) has established an Annual
Incentive Compensation Plan (the “Plan”) as part of a competitive compensation
program for the Officers and key management employees of the Company and its
Subsidiaries. This Plan is also referred to as the Short Term Incentive
Compensation Plan.

Plan Objective

The Company desires to attract and retain talented employees to enable the
Company to meet its financial and business objectives. The objective of the
Plan is to provide an opportunity to earn annual incentive compensation to
those employees whose performance has a significant impact on the Company’s
short-term and long-term profitability.

Administration and Participation

The Plan is administered by the Nominating, Organization and Compensation
Committee of the Board of Directors of the Company (the “Committee”). The
Committee:

	a.	 	May amend, modify, or discontinue the Plan.
	 
	b.	 	Will approve participation in the Plan. Generally, participants will
include all employees in Hay Salary Job Grades 14 and above. Employees
who voluntarily terminate their employment prior to year-end are not
entitled to an award, and employees joining the Company after August (31)
of any year will not be entitled to an award. Existing employees who were
hired prior to September 1 and who are subsequently promoted into Grade 14
or above are allowed to enter after August. However, the Committee may
select any employee who has contributed significantly to the Company’s
profitability to participate in the Plan and receive an annual incentive
compensation award.
	 
	c.	 	Will determine the annual performance criteria which generates the
incentive compensation pool.
	 
	d.	 	Will determine the total amount of both the target and actual annual
incentive compensation pool.
	 
	e.	 	Will approve individual incentive compensation awards to Officers and
employees above Hay Salary Job Grade 17.
	 
	f.	 	May delegate to the Chief Executive Officer of the Company the power to
approve incentive compensation awards to employees in and below Hay Salary
Job Grade 17.
	 
	g.	 	May consider at the end of each year the award of a discretionary bonus
amount to non- participants as an addition to the regular incentive
compensation pool on a special one-time basis to motivate individuals not
eligible to participate in the Plan,
	 
	h.	 	May approve a pro rata incentive compensation award for participants,
provided those participants were actively at work for 90 days in the year
of termination, whose employment is terminated (1) due to death,
disability, retirement or facility closure or partial closure, such award
to be determined pursuant to the provisions of subparagraphs e. and f.
above or (2) under other circumstances at the recommendation of the Chief
Executive Officer of the Company.
	 
	i.	 	Pursuant to item h., retirement is defined as participants who are 55
years of age or older with five years or more of service at the time of
termination. Disability is defined as an approved application for
disability benefits under the Company’s long term disability plan, or
under the applicable government program. Facility closure or partial
closure is defined as any layoff which requires WARN Act notice in the
United States. In Mexico, facility closure or partial closure is defined
as any layoff of 50 or more employees.

Determination of Corporate Incentive Compensation Pool

Each participant in the Plan will have an individual target incentive
compensation percentage which is determined by the participant’s Hay Salary Job
Grade.

This percentage is multiplied by the midpoint of the participant’s Hay Salary
Job Grade to determine his/her individual target incentive compensation award.

 

 

The total of the target incentive compensation awards of all participants
equals the target corporate incentive compensation pool (the “Target Pool”).
The Target Pool is approved each year by the Committee.

The actual corporate incentive compensation pool (the “ Actual Pool”) is
determined at the end of each year based on the Company’s actual performance
against specific criteria established in the beginning of the year by the
Committee. The Target Pool is adjusted upwards or downwards by corporate
performance adjustment factors to determine the Actual Pool. In no event will
the actual Pool exceed 150% of the Target Pool, except to the extent that the
Committee elects to increase the Actual Pool by up to 10%, as described below.

It is the intent of the Plan that the Actual Pool, as determined above, will be
the final total corporate incentive compensation pool. However, the Committee,
in its sole discretion, may increase or decrease by up to 10% the Actual Pool
or may approve an incentive compensation pool where there would normally be no
pool due to Company performance which is below the criteria established for the
year.

The Actual and Target Pools exclude commission personnel such as salespersons,
regional general managers, and manufacturers representatives.

Determination or Individual Incentive Compensation Awards

Hay Salary Job Grades and the corresponding target incentive percentage for
each participant in the Plan will be established at the beginning of each year
and approved by the Committee. Individual target incentive compensation will
then be adjusted by the appropriate pool factor. Such adjusted individual
incentive compensation will then be further modified based on a participant’s
performance as compared to his individual goals for the year. The total of all
individual incentive compensation awards must not exceed the Actual Pool for
the year.

2004 Performance Targets

The performance targets for the Hamilton Beach/Proctor-Silex Annual Incentive
Compensation Plan are attached as a Schedule to this document.

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