Document:

EX-10.63

 Exhibit 10.63 
 FORM OF OFFICE SERVICES AGREEMENT 
 This OFFICE SERVICES AGREEMENT
(this “Agreement”), dated as of September     , 2012, by and between NACCO Industries, Inc., a Delaware corporation (“NACCO”) and NACCO Materials Handling Group, Inc., a Delaware corporation
(“NMHG”), a wholly-owned subsidiary of Hyster-Yale Materials Handling, Inc. (“Hyster-Yale”). All capitalized terms used but not defined herein shall have their respective meanings set forth in the Separation
Agreement (as defined herein). 
 RECITALS: 
 1. NACCO and Hyster-Yale have entered into a Separation Agreement, dated as of September     , 2012 (the “Separation Agreement”), pursuant to which NACCO will
distribute all of the outstanding shares of capital stock of Hyster-Yale to NACCO’s stockholders (the “Spin-Off”); 
 2. In connection with the Spin-Off, NACCO desires to engage NMHG to provide, and NMHG is willing to provide, certain office services and access to certain meeting room space upon the terms and conditions
set forth in this Agreement. 
 Accordingly, the parties agree as follows: 

I. OFFICE SERVICES 
 1.1 NMHG Obligations. Subject to the terms and conditions of this Agreement, during the Term (as defined below), NMHG will, or will cause one of its Subsidiaries to, provide to NACCO the office
services and assistance (together, the “Services”) set forth on Schedule A hereto. 
 1.2 Term. The obligations of NMHG to provide the Services or cause such Services to be provided hereunder will begin on October 1, 2012 (the “Effective Date”) and will remain
in effect for one year after the Effective Date (the “Initial Term”). Thereafter, this Agreement will automatically renew for subsequent one year periods (each, a “Subsequent Term” and, together with the Initial
Term, the “Term”), unless (a) either NACCO or NMHG provides the other party with written notice of its desire not to renew at least 30 days before the end of the then-current Term, (b) either NACCO or NMHG provides the
other party with written notice of its desire to terminate any or all Services at least 90 days prior to the effectiveness of such termination, in which case the termination will be effective on the 90th day following delivery of such notice or such later date as may be
set forth in such notice, or (c) the parties hereto otherwise mutually agree in writing to terminate any Service on not less than 30 days prior written notice. 
 1.3 Modification of Services. During the Term, any or all of the Services may be modified in any respect upon mutual written agreement of NACCO and NMHG, and such written agreement shall be deemed
to supplement and amend this Agreement. 

  
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 1.4 Employee Cooperation. NMHG will cause its or its Subsidiaries’ employees
providing the Services (together, the “NMHG Employees”) to cooperate with the employees of NACCO and/or its Subsidiaries (the “NACCO Employees”) during the Term, but NMHG will have no other duty or obligation with
respect to such NACCO Employees. 
 1.5 Scope of Services. NMHG will not be obligated to perform, or to cause to be
performed, any Services in a volume or quantity which exceeds, in any material respect, the historical volume or quantity of such services performed by NMHG or its Subsidiaries during the two-year period ending on the date hereof. 

1.6 Office Supplies. During the Term, NMHG Employees will purchase the office supplies that they determine, in their reasonable
discretion, are necessary to provide the Services (the “Supplies”) and NACCO will pay directly for such Supplies. 
 1.7 Standard of Performance; Standard of Care. NMHG will perform, or will cause to be performed, the Services (a) in such manner as is substantially similar in nature, quality and timeliness
to the services provided by NMHG or its Subsidiaries prior to the date hereof and (b) in accordance with all applicable Laws. 
 1.8 Confidentiality. The parties hereto shall keep strictly confidential any and all proprietary, technical, business, marketing, sales and other information disclosed to another party hereto in
connection with the performance of this Agreement (the “Confidential Information”), and shall not disclose the same or any part thereof to any third party, or use the same for their own benefit or for the benefit of any third party.
The obligations of secrecy and nonuse as set forth herein shall survive the termination of this Agreement for a period of five years. Excluded from this provision is any information available in the public domain and any information disclosed to any
of the parties by a third party who is not in breach of confidential obligations owed to another person or entity. Notwithstanding the foregoing, each party hereto may disclose Confidential Information (a) to its bankers, attorneys, accountants
and other advisors subject to the same confidentiality obligations imposed herein and (b) as may be required by Law from time to time, provided, that the party required to disclose provide the other party, to the extent permitted, reasonable
notice in order for such party an opportunity to oppose such disclosure. 
 II. MEETING ROOM SPACE 

2.1 Right to Use. NMHG hereby grants to NACCO the right to use the meeting rooms referred to as the “Board Room” and the
“Caucus Room” located on the 3rd floor of the building at 5875 Landerbrook Drive, Cleveland, Ohio 44124 (together, the “Meeting Rooms”) during the Term; provided, however, that (a) NACCO will provide
NMHG no less than 48 hours prior written notice to the NMHG Facilities Manager (with a copy to the NMHG Receptionist) of its desire to use any Meeting Room, (b) NMHG and NACCO will mutually agree upon the time(s) that NACCO may use any Meeting
Room and NMHG will have no obligation to provide access to a Meeting Room at any time where NMHG had previously scheduled a meeting or other use for such Meeting 

  
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Room, and (c) NMHG may revoke NACCO’s right to use a Meeting Room at any time in its reasonable discretion. 
 III. CONSIDERATION 
 3.1 Fee. In consideration for the Services
provided by or on behalf of NMHG under this Agreement during the Term and the right to use the Meeting Rooms upon the terms and conditions set forth in this Agreement, NACCO agrees to pay or cause to be paid to NMHG or a specified Subsidiary of NMHG
a monthly fee equal to $15,000 (the “Fee”). Other than the Fee and the Expenses specified in Section 3.2, neither NACCO nor any of its Subsidiaries will be responsible for any fees or expenses incurred by NMHG or any of its
Subsidiaries in connection with its or their provision of the Services hereunder. 
 3.2 Reimbursement of Expenses. NACCO
will reimburse NMHG for the full costs of all reasonable, documented out-of-pocket expenses that arise directly out of the provision of the Services pursuant to this Agreement (together, the “Expenses”). 

3.3 Payment. NACCO will pay or cause to be paid to NMHG or a specified Subsidiary of NMHG the Fee and Expenses within 30 days
following receipt of an invoice therefor which contains customary and reasonable substantiation of the entitlement to payment of such Fee and reimbursement of such Expenses. If NACCO fails to pay the invoiced amount when due, interest will accrue on
the amount payable at a rate equal to the rate of interest publicly announced by Citibank, N.A., from time to time, in The City of New York, as such bank’s base rate (the “Citibank Base Rate”) plus 2.50% per month,
compounded monthly; provided, however, that if any such failure to pay is due to a good faith dispute, any amounts ultimately determined to be payable by the disputing party will instead include interest compounded at a rate equal to
the Citibank Base Rate plus 2.00% per month. 
 IV. TERMINATION 

4.1 Term and Termination. (a) This Agreement will remain in effect until the expiration of the Term unless earlier terminated
in accordance with this Section 4.1. 
 (b) An authorized officer of either NACCO or NMHG may terminate this
Agreement upon written notice to the other party if: 
 (i) the other party has violated any material provision
of this Agreement and such violation has not been remedied within 30 days after written notice thereof; or 

(ii) the other party has filed, or has had filed against it, a petition seeking relief under any bankruptcy, insolvency,
reorganization, moratorium or similar Law affecting creditors’ rights. 
 (c) Authorized officers of NACCO
and NMHG may terminate this Agreement by mutual written agreement. 

  
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 (d) The parties’ obligations pursuant to Sections 1.8, 3.3 and
5.2 will survive the expiration or any termination of this Agreement in accordance with its terms. 
 V. MISCELLANEOUS

 5.1 Warranty Disclaimer. EXCEPT AS PROVIDED IN SECTION 1.7, NONE OF THE PARTIES MAKES ANY WARRANTY CONCERNING THE
SERVICES AND THE WARRANTY IN SUCH SECTION 1.7 IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY THAT THE SERVICES PROVIDED UNDER THIS AGREEMENT WILL BE SUFFICIENT TO ALLOW NACCO TO SUCCESSFULLY MANAGE OR OPERATE ITS
BUSINESS. 
 5.2 Indemnification. (a) Subject to subsection (d) below, each party (the
“Indemnitor”) will indemnify and hold the other party, its Subsidiaries and each of their respective stockholders, officers, directors, employees, agents and representatives and each of the successors and assigns of any of the
foregoing (each, an “Indemnitee”) harmless from and against and will promptly defend the Indemnitees from and reimburse the Indemnitees for any and all losses, damages, costs, expenses, liabilities, obligations and claims of any
kind (including reasonable attorneys’ fees and other costs and expenses) (collectively, “Damages”), arising out of or related to (i) a breach by the Indemnitor of this Agreement and (ii) the gross negligence, bad
faith or intentional misconduct of the Indemnitor in connection with the provision or receipt of Services under this Agreement. 
 (b) The amount of any Damages for which indemnification is provided under this Section 5.2 will be computed net of any insurance proceeds actually received by the Indemnitee pursuant to an insurance
policy with respect to such Damages. 
 (c) The Indemnitee must notify the Indemnitor in writing of any claim,
demand, action or proceeding for which indemnification will be sought under Section 5.2(a), provided, however, that the failure to so notify shall not adversely impact the Indemnitee’s right to indemnification hereunder except to the extent
that such failure to notify actually prejudices or prevents the Indemnitor’s ability to defend such claim, demand, action or proceeding. If such claim, demand, action or proceeding is a third party claim, demand, action or proceeding, the
Indemnitor will have the right at its expense to assume the defense thereof using counsel reasonably acceptable to the Indemnitee. Indemnitor will notify Indemnitee whether Indemnitor so elects to assume the defense not more than five
(5) business days after written notice of the claim. The Indemnitee will have the right (i) to participate, at its own expense, with respect to any such third party claim, demand, action or proceeding that is being defended by the
Indemnitor, and (ii) to assume the defense of such third party claim, demand, action or proceeding, at the cost and expense of the Indemnitor if the Indemnitor fails or ceases to defend the same. In connection with any such third party claim,
demand, action or proceeding, the parties will cooperate with each other and provide each other with access to relevant books 

  
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and records in their possession. If a firm written offer is made to the Indemnitor to settle any such third party claim, demand, action or proceeding solely in exchange for monetary sums to be
paid by the Indemnitor (and such settlement contains a complete release of the Indemnitee and its Subsidiaries and their respective directors, officers and employees) and the Indemnitor proposes to accept such settlement and the Indemnitee refuses
to consent to such settlement, then (i) the Indemnitor will be excused from, and the Indemnitee will be solely responsible for, all further defense of such third party claim, demand, action or proceeding, (ii) the maximum liability of the
Indemnitor relating to such third party claim, demand, action or proceeding will be the amount of the proposed settlement if the amount thereafter recovered from the Indemnitee on such third party claim, demand, action or proceeding is greater than
the amount of the proposed settlement, and (iii) the Indemnitee will pay all reasonable attorneys’ fees and legal costs and expenses incurred by Indemnitee after rejection of such settlement by the Indemnitee; provided,
however, that if the amount thereafter recovered by such third party from the Indemnitee is less than the amount of the proposed settlement, the Indemnitee will be reimbursed by the Indemnitor for such attorneys’ fees and legal costs and
expenses up to a maximum amount equal to the difference between the amount recovered by such third party and the amount of the proposed settlement. 
 (d) No party will be entitled to recover any consequential, indirect, special or punitive damages (including lost profits or lost revenues) arising out of the matters covered by this Agreement, regardless
of the form of the claim or action, including claims or actions for indemnification, tort, breach of contract, warranty, representation or covenant. 
 (e) The Indemnitees’ rights to indemnification as set forth in this Section 5.2 will be their exclusive remedy with respect to any Damages arising out of the matters covered by this Agreement other
than to terminate this Agreement as set forth in Section 4.1(b). Each Indemnitee hereto will be entitled to indemnification for Damages sustained in accordance with the provisions of this Section 5.2 regardless of any Law or public policy that
would limit or impair the right of the party to recover indemnification under the circumstances. 
 5.3 Relationship of
Parties. Each of NMHG, NACCO and their respective Subsidiaries will for all purposes be deemed to be an independent contractor with respect to the provision of Services hereunder, will not be considered (nor will any of their directors,
officers, employees, contractors or agents be considered) an agent, employee, commercial representative, partner, franchisee or joint venturer of any other party and will have no duties or obligations beyond those expressly provided in this
Agreement and the Separation Agreement with respect to the provision of Services. No party will have any authority, absent express written permission from the other party, to enter into any agreement, assume or create any obligations or liabilities,
or make representations on behalf of any other party. The provision of the Services shall not alter the classification of, or the compensation and employee benefits provided to, the NACCO Employees or the NMHG Employees. The NMHG Employees shall be
employed solely by NMHG or its Subsidiaries. Neither the NACCO Employees nor the 

  
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NMHG Employees shall be entitled to any additional compensation for the provision of the Services. 
 5.4 Interpretation. (a) When a reference is made in this Agreement to Sections or Schedules, such reference will be to a Section of or Schedule to this Agreement unless otherwise indicated.
The headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they will be deemed to be followed by the words “without limitation.” Unless the context otherwise requires, (i) “or” is disjunctive but not necessarily exclusive, (ii) words in the singular include
the plural and vice versa, (iii) the use in this Agreement of a pronoun in reference to a party hereto includes the masculine, feminine or neuter, as the context may require, and (iv) terms used herein which are defined in GAAP have the
meanings ascribed to them therein. All Schedules hereto will be deemed part of this Agreement and included in any reference to this Agreement. This Agreement will not be interpreted or construed to require any party to take any action, or fail to
take any action, if to do so would violate any applicable Law. 
 (b) All parties have participated in
negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by all parties, and no presumption or burden of proof will arise
favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 
 5.5 Amendment. This
Agreement may be amended, modified or supplemented only by the written agreement of the parties hereto. 
 5.6 Waiver of
Compliance. Except as otherwise provided in this Agreement, the failure by any party to comply with any obligation, covenant, agreement or condition under this Agreement may be waived by the party entitled to the benefit thereof only by a
written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition will not operate as a waiver of, or estoppel with respect to, any
subsequent or other failure. The failure of any party to enforce at any time any of the provisions of this Agreement will in no way be construed to be a waiver of any such provision, or in any way to affect the validity of this Agreement or any part
hereof or the right of any party hereafter to enforce each and every such provision. No waiver of any breach of such provisions will be held to be a waiver of any other or subsequent breach. 

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

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

  
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 5.9 Successors and Assigns. This Agreement will be binding upon and will inure to the
benefit of the signatories hereto and their respective successors and permitted assigns. No party may assign this Agreement, or any of its rights or liabilities hereunder, without the prior written consent of the other party hereto, and any attempt
to make any such assignment without such consent will be null and void. Any such assignment will not relieve the party making the assignment from any liability under this Agreement. 

5.10 Severability. The illegality or partial illegality of any or all of this Agreement, or any provision hereof, will not affect
the validity of the remainder of this Agreement, or any provision hereof, and the illegality or partial illegality of this Agreement will not affect the validity of this Agreement in any jurisdiction in which such determination of illegality or
partial illegality has not been made, except in either case to the extent such illegality or partial illegality causes this Agreement to no longer contain all of the material provisions reasonably expected by the parties to be contained herein.

 5.11 Governing Law. This Agreement will be governed by and construed in accordance with the internal Laws of the State
of Delaware applicable to contracts made and wholly performed within such state, without regard to any applicable conflict of Laws principles. 
 5.12 Submission to Jurisdiction; Waivers. Each party irrevocably agrees that any legal action or proceeding with respect to this Agreement, the transactions contemplated hereby, any provision
hereof, the breach, performance, validity or invalidity hereof or for recognition and enforcement of any judgment in respect hereof brought by another party hereto or its successors or permitted assigns may be brought and determined in any federal
or state court located in the State of Delaware, and each party hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the
aforesaid courts. Each party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, the transactions contemplated hereby, any
provision hereof or the breach, performance, enforcement, validity or invalidity hereof, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve
process, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of
judgment, execution of judgment or otherwise), and (c) to the fullest extent permitted by applicable Laws, that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit,
action or proceeding is improper, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 
 5.13 Force Majeure. None of the parties will be liable to any other party for failure to perform or delays in performing any part of the Services if such failure or delay results from an act of
God, war, terrorism, revolt, revolution, sabotage, actions of a Governmental Entity, Laws, regulations, embargo, fire, strike, other labor trouble or any 

  
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other cause or circumstance beyond the control of such party other than financial difficulties of the other party. Upon the occurrence of any such event which results in, or will result in, delay
or failure to perform according to the terms of this Agreement, each party will promptly give notice to the other parties of such occurrence and the effect and/or anticipated effect of such occurrence. All parties will use their reasonable efforts
to minimize disruptions in their performance, to resume performance of their obligations under this Agreement as soon as practicable and to assist the other parties in obtaining, at their sole expense, an alternative source for the affected Services
and the receiving party will be released from any payment obligation to the performing party with respect to the affected Services during the period of such force majeure; provided, however, the resolution of any strike or labor
trouble will be within the sole discretion of the performing party. 
 5.14 Counterparts. This Agreement may be executed
in two or more counterparts, all of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need
not sign the same counterpart. 
 5.15 Entire Agreement. This Agreement (including the documents and the instruments
referred to in this Agreement) and the Separation Agreement constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement.

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

			
	NACCO INDUSTRIES, INC.
		
	By:	 	  

	Name:	 	J.C. Butler, Jr.
	Title:	 	Vice President, Corporate Development and Treasurer
	
	NACCO MATERIALS HANDLING GROUP, INC.
		
	By:	 	  

	Name:	 	Alfred M. Rankin, Jr.
	Title:	 	Chairmen

 Schedule A 

Office Services To Be Performed by NMHG 
  

			
	 Description of Service
	  	Contact Person /
Successor Contact Person*
	 Reception Services
	  	Sherry Webb
	 Mail Room Services
	  	Sherry Webb
	 Operator Services
	  	Sherry Webb
	 Meeting Room Services
	  	Sherry Webb
	 Executive Administrative Assistant Services
	  	Sherry Webb

  

	*	NMHG may designate a successor contact person upon written notice to NACCO.EX-10.65

 Exhibit 10.65 
 HYSTER-YALE MATERIALS HANDLING, INC. 
 LONG-TERM EQUITY INCENTIVE PLAN

  

	1.	Purpose of the Plan 

 The
purpose of this Long-Term Equity Incentive Plan (this “Plan”) is to further the long-term profits and growth of Hyster-Yale Materials Handling, Inc. (the “Company”) by enabling the Company and/or its wholly-owned subsidiaries
(together with the Company, the “Employers”) to attract, retain and reward executive employees of the Employers by offering long-term incentive compensation to those executive employees who will be in a position to make significant
contributions to such profits and growth. This incentive compensation is in addition to annual compensation and is intended to encourage enhancement of the Company’s stockholder value. 

 

	2.	Definitions 

  

	 	(a)	“Average Award Share Price.” Except as otherwise provided in the Guidelines for the 2012 and 2013 Performance Periods, Average Award Share Price means the
lesser of (i) the average of the closing price per share of Class A Common Stock on the New York Stock Exchange on the Friday (or if Friday is not a trading day, the last trading day before such Friday) for each week during the calendar
year preceding the commencement of the Performance Period (or such other previous calendar year as determined by the Committee and specified in the Guidelines; provided, however, that with respect to any Qualified Performance-Based Award, such
determination shall be made not later than 90 days after the commencement of the applicable Performance Period) or (ii) the average of the closing price per share of Class A Common Stock on the New York Stock Exchange on the Friday (or if
Friday is not a trading day, the last trading day before such Friday) for each week of the applicable Performance Period. 

  

	 	(b)	“Award” means an award paid to a Participant under this Plan for a Performance Period (or portion thereof) in an amount determined pursuant to a formula based
upon the achievement of Performance Objectives which is established by the Committee; provided, however, that with respect to any Qualified Performance-Based Award, such formula shall be established not later than 90 days after the commencement of
the Performance Period on which the Award is based and prior to the completion of 25% of such Performance Period. The Committee shall allocate the amount of an Award between the cash component, to be paid in cash, and the equity component, to be
paid in Award Shares, pursuant to a formula which is established by the Committee; provided, however, that with respect to any Qualified Performance-Based Award, such formula shall be established not later than 90 days after the commencement of the
Performance Period on which the Award is based and prior to the completion of 25% of such Performance Period. 

  

	 	(c)	“Award Shares” means fully-paid, non-assessable shares of Class A Common Stock that are issued pursuant to, and with such restrictions as are imposed by,
the terms of this Plan and the Guidelines. Such 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.

	 	(d)	“Change in Control” means the occurrence of an event described in Appendix 1 hereto. 

 

	 	(e)	“Class A Common Stock” means the Company’s Class A Common Stock, par value $1.00 per share. 

 

	 	(f)	“Committee” means the Compensation Committee of the Company’s Board of Directors or any other committee appointed by the Company’s Board of
Directors to administer this Plan in accordance with Section 3, so long as any such committee consists of not less than two directors of the Company and so long as each member of the Committee (i) is an “outside director” for
purposes of Section 162(m) and (ii) is a “non-employee director” for purposes of Rule 16b-3. 

  

	 	(g)	“Covered Employee” means any Participant who is a “covered employee” for purposes of Section 162(m) or any Participant who the Committee
determines in its sole discretion could become a “covered employee.” 

  

	 	(h)	“Guidelines” means the guidelines that are approved by the Committee for the administration of the Awards granted under this Plan. To the extent that there is
any inconsistency between the Guidelines and this Plan, the Guidelines will control. 

  

	 	(i)	“Participant” means any person who is classified as a salaried employee of the Employers (including directors of the Employers who are also salaried employees
of the Employers) who, in the judgment of the Committee, occupies a position in which his efforts may significantly contribute to the profits or growth of the Company and who is designated by the Compensation Committee as a Participant in the Plan.
A “Non-U.S. Participant” shall mean a Participant who resides outside of the U.S. and a “U.S. Participant” shall mean any Participant who is not a Non-U.S. Participant. Notwithstanding the foregoing, (A) leased employees (as
defined in Code Section 414) and (B) persons who are participants in the NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan for a particular Performance Period shall not be eligible to participate in this Plan for
the same Performance Period. 

  

	 	(j)	“Payment Period” means, with respect to any Performance Period, the period from January 1 to March 15 of the calendar year immediately following the
calendar year in which such Performance Period ends. 

  

	 	(k)	“Performance Period” means any period of one or more years (or portion thereof) on which an Award is based, as established by the Committee. Any Performance
Period(s) applicable to a Qualified Performance-Based Award shall be established by the Committee not later than 90 days after the commencement of the Performance Period on which such Qualified Performance-Based Award will be based and prior to
completion of 25% of such Performance Period. 

  

	 	(l)	 “Performance Objectives” shall mean the performance objectives established pursuant to this Plan for Participants. Performance Objectives may
be described in terms of Company-wide objectives or objectives that are related to the performance of the individual Participant or any subsidiary, division, business unit, department or function of the Company. Performance Objectives may be
measured on an absolute or relative basis. Different groups of Participants may be subject to different Performance Objectives for the same Performance Period. Relative performance may be measured by a group of peer

  
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companies or by a financial market index. Any Performance Objectives applicable to a Qualified Performance-Based Award shall be based on one or more, or a combination, of the following criteria,
or the attainment of specified levels of growth or improvement in one or more, or a combination, of the following criteria: return on equity, return on total capital employed, diluted earnings per share, total earnings, earnings growth, return on
capital, return on assets, return on sales, earnings before interest and taxes, revenue, revenue growth, gross margin, net or standard margin, return on investment, increase in the fair market value of shares, share price (including, but not limited
to, growth measures and total stockholder return), operating profit, net earnings, cash flow (including, but not limited to, operating cash flow and free cash flow), inventory turns, financial return ratios, market share, earnings measures/ratios,
economic value added, balance sheet measurements (such as receivable turnover), internal rate of return, customer satisfaction surveys or productivity, net income, operating profit or increase in operating profit, market share, increase in market
share, sales value increase over time, economic value added, economic value increase over time, new project development or net sales. 

  

	 	(m)	“Qualified Performance-Based Award” shall mean any Award or portion of an Award granted to a Covered Employee that is intended to satisfy the requirements for
“qualified performance-based compensation” under Section 162(m). 

  

	 	(n)	“Retire” or “Retirement” means a termination of employment after reaching age 60 with at least 15 years of service. 

 

	 	(o)	“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. 

  

	 	(p)	“Salary Points” means the salary points assigned to a Participant by the Committee for the applicable Performance Period pursuant to the Hay salary point
system, or any successor salary point system adopted by the Committee. 

  

	 	(q)	“Section 162(m)” means Section 162(m) of the Internal Revenue Code of 1986, as amended, or any successor provision. 

 

	 	(r)	“Spin-Off Date” means the “Spin-Off Date,” as such term is defined in the 2012 Separation Agreement between NACCO Industries, Inc. and Hyster-Yale
Materials Handling, Inc. 

  

	 	(s)	“Target Award” means a dollar amount calculated by multiplying (i) the designated salary midpoint that corresponds to a Participant’s Salary Points
by (ii) the long-term incentive compensation target percent for those Salary Points for the applicable Performance Period, as determined by the Committee. The Target Award is the award that would be paid to a Participant under this Plan if each
Performance Objective was met. 

  

	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 (including, without limitation, the Guidelines), and to make all other 

  
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determinations necessary or advisable for the administration of this Plan. Notwithstanding the foregoing, no such action may be taken by the Committee that would cause any Qualified
Performance-Based Awards to be includable as “applicable employee remuneration” of such Participant, as such term is defined in Section 162(m) (i.e., to no longer qualify for the exception for “qualified performance-based
compensation” under Section 162(m)). A majority of the Committee shall constitute a quorum, and the action of members of the Committee present at any meeting at which a quorum is present, or acts unanimously approved in writing, shall be
the act of the Committee. 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 Employers and all present and former Participants, all other employees of the Employers, 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 

 Each
Participant shall be eligible to participate in this Plan and receive Awards in accordance with Section 5. The Committee shall have the discretion to grant an Award to a Participant who does not meet the requirements specified in
Section 5; provided that no such action may be taken by the Committee that would cause any Qualified Performance-Based Awards to be includable as applicable employee remuneration of such Participant, as such term is defined in
Section 162(m) (i.e., to no longer qualify for the exception for “qualified performance-based compensation” under Section 162(m)). 
  

	5.	Awards 

 The Committee
may, from time to time and upon such conditions as it may determine, authorize the payment of Awards to Participants, which shall be consistent with, and shall be subject to all of the requirements of, the following provisions: 

 

	 	(a)	The Committee shall approve (i) a Target Award to be granted to each Participant and (ii) a formula for determining the amount of each Award, which formula is
based upon the Company’s achievement of Performance Objectives; provided, however, that with respect to any Award that is designated by the Committee as a Qualified Performance-Based Award, the Committee shall approve the foregoing not later
than the 90th day of the applicable Performance Period and prior to the completion of 25% of such Performance Period. Each grant shall specify an initial allocation between the cash portion of the Award and the equity portion of the Award.

  

	 	(b)	 Prior to the end of the Payment Period, the Committee shall approve (i) a preliminary calculation of the amount of each Award based upon the
application of the formula and actual performance relative to the Target Awards previously determined in accordance with Section 5(a); and (ii) a final calculation of the amount of each Award to be paid to each Participant for the
Performance Period. Such approval shall be certified by the Committee before any amount is paid under any Award with respect to that Performance Period. Notwithstanding the foregoing, the Committee shall have the power to (1) decrease the
amount of any Award below the amount determined in accordance with the foregoing provisions; (2) increase the amount of any Award above the initial amount determined in accordance with the foregoing provisions or adjust the amount thereof in
any other manner determined by the Committee in its sole and absolute discretion; and/or (3) adjust the allocation between the cash portion of the Award and the equity portion of the Award; provided, however, that (A) no such decrease may
occur following a Change in Control and (B) no such increase, change or adjustment may be made that 

  
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would cause any Qualified Performance-Based Award to be includable as “applicable employee remuneration” of such Participant, as such term is defined in Section 162(m)
(i.e., to no longer qualify for the exception for “qualified performance-based compensation” under Section 162(m)). No Award, including any Award equal to the Target Award, shall be payable under this Plan to any Participant
except as determined by the Committee. 

  

	 	(c)	 Calculations of Target Awards for a Performance Period shall initially be based on the Participant’s Salary Points as of January 1st of the first year of the Performance Period. However, such Target
Awards shall be changed during or after the Performance Period under the following circumstances: (i) if a Participant receives a change in Salary Points, salary midpoint and/or long-term incentive compensation target percentage during a
Performance Period, such change shall be reflected in a pro-rata Target Award, (ii) employees hired into or promoted into a position eligible to participate in the Plan during a Performance Period will be assigned a pro-rated Target Award based
on their length of service during the Performance Period; provided that the employees have been employed by the Employers for at least 90 days during the Performance Period and (iii) the Committee may increase or decrease the amount of the
Target Award at any time, in its sole and absolute discretion; provided, however, that (X) no such decrease may occur following a Change in Control and (Y) no such increase, adjustment or any other change may be made that would cause any
Qualified Performance-Based Award to be includable as “applicable employee remuneration” of such Participant, as such term is defined in Code Section 162(m) (i.e., to no longer qualify for the exception for “qualified
performance-based compensation” under Code Section 162(m)). Unless otherwise determined by the Committee (in its sole and absolute discretion), in order to be eligible to receive an Award for a Performance Period, the Participant must be
employed by an Employer and must be a Participant on December 31st of the last year of the Performance Period. Notwithstanding the foregoing, if a Participant dies, becomes disabled or Retires during the Performance Period, the Participant shall be entitled to a
pro-rata portion of the Award for such Performance Period, calculated based on actual performance for the entire Performance Period and the number of days the Participant was actually employed by the Employers during the Performance Period.

  

	 	(d)	Each Award shall be fully paid during the Payment Period and shall be paid partly in cash and partly in Award Shares. Notwithstanding the foregoing, the Committee, in
its sole and absolute discretion, may require that an Award that is payable to a Non U.S. Participant may be paid fully in cash. The number of Award Shares to be issued to a Participant shall be determined by dividing the equity portion of the Award
by the Average Award Share Price (subject to adjustment as described in Subsection (b) above). The Company shall pay any and all brokerage fees and commissions incurred in connection with any purchase by the Company of shares which are to be
issued as Award Shares and the transfer thereto to Participants. Awards shall be paid subject to all withholdings and deductions pursuant to Section 6. Notwithstanding any other provision of this Plan, the maximum amount paid to a Participant
in a single calendar year as a result of Awards under this Plan shall not exceed the greater of (i) $12,000,000 or (ii) the fair market value of 50,000 Award Shares, determined at the time of payment. 

 

	 	(e)	At such time as the Committee approves a Target Award and formula for determining the amount of each Award, the Committee shall designate whether all or any portion of
the Award is a Qualified Performance-Based Award. 

  
 - 5 -

	6.	Withholding Taxes/Offsets 

  

	 	(a)	To the extent that an Employer is required to withhold federal, state or local taxes in connection with any Award paid to a Participant under this Plan, and the amounts
available to the Employer for such withholding are insufficient, it shall be a condition to the receipt of such Award that the Participant make arrangements satisfactory to the Company for the payment of the balance of such taxes required to be
withheld, which arrangements (in the discretion of the Committee) may include relinquishment of a portion of such Award. The Company and a Participant may also make similar arrangements with respect to the payment of any other taxes derived from or
related to the Award with respect to which withholding is not required. 

  

	 	(b)	If, prior to the payment of any Award, it is determined by an Employer, in its sole and absolute discretion that any amount of money is owed by the Participant to the
Employer, the Award otherwise payable to the Participant may be reduced in satisfaction of the Participant’s debt to such Employer. Such amount(s) owed by the Participant to the Employer may include, but is not limited to, the unused balance of
any cash advances previously obtained by the Participant, or any outstanding credit card debt incurred by the Participant. 

  

	7.	Change in Control 

  

	 	(a)	The following provisions shall apply notwithstanding any other provision of this Plan to the contrary. 

 

	 	(b)	Amount of Award for Year of Change In Control. In the event of a Change in Control during a Performance Period, the amount of the Award payable to a Participant
who is employed by an Employer on the date of the Change in Control (or who died, become permanently disabled or Retired during such Performance Period and prior to the Change in Control) for such Performance Period shall be equal to the
Participant’s Target Award for such Performance Period, multiplied by a fraction, the numerator of which is the number of days during the Performance Period during which the Participant was employed by the Employers prior to the Change in
Control and the denominator of which is the number of days in the Performance Period. 

  

	 	(c)	Time of Payment. In the event of a Change in Control, the payment date of all outstanding Awards (including, without limitation, the pro-rata Target Award for
the Performance Period during which the Change in Control occurred) shall be the date that is between two days prior to, or within 30 days after, the date of the Change in Control, as determined by the Committee in its sole and absolute discretion.

  

	8.	Award Shares Terms and Restrictions 

  

	 	(a)	Award Shares granted to a Participant shall entitle such Participant to voting, dividend and other ownership rights. Each payment of Award Shares shall be evidenced by
an agreement executed on behalf of the Company by an authorized officer and delivered to and accepted by such Participant. Each such agreement shall contain such terms and provisions, consistent with this Plan, as the Committee may approve,
including, without limitation, prohibitions and restrictions regarding the transferability of Award Shares. 

  
 - 6 -

	 	(b)	Except as otherwise set forth in this Section, Award Shares shall not be assigned, transferred, exchanged, pledged, hypothecated or encumbered (a “Transfer”)
by a Participant or any other person, voluntarily or involuntarily, other than a Transfer of Award Shares (i) by will or the laws of descent and distribution, (ii) pursuant to a domestic relations order meeting 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 (“QDRO”), (iii) to a trust for the benefit of a Participant or his spouse, children or grandchildren
(provided that Award Shares transferred to such trust shall continue to be Award Shares subject to the terms of this Plan) or (iv) with the consent of the Committee, after the substitution by a Participant of a number of shares of Class A
or Class B Common Stock of the Company (the “New Shares”) for an equal number of Award Shares, whereupon the New Shares shall become and be deemed for all purposes to be Award Shares, subject to all of the terms and conditions imposed by
this Plan and the Guidelines on the shares for which they are substituted, including the restrictions on Transfer, and the restrictions hereby imposed on the shares for which the New Shares are substituted shall lapse and such shares shall no longer
be subject to this Plan or the Guidelines. The Company shall not honor, and shall instruct the transfer agent not to honor, any attempted Transfer and any attempted Transfer shall be invalid, other than Transfers described in clauses
(i) through (iv) above. 

  

	 	(c)	Each Award shall provide that a Transfer of the Award Shares shall be prohibited or restricted for a period of ten years from the last day of the Performance Period, or
such other shorter or longer period as may be determined by the Committee (in its sole and absolute discretion) from time to time. Notwithstanding the foregoing, such restrictions shall automatically lapse on the earliest of (i) the date the
Participant dies or becomes permanently disabled, (ii) five years (or earlier with the approval of the Committee) after the Participant Retires, (iii) an extraordinary release of restrictions pursuant to Subsection (d) below, or
(iv) a release of restrictions as determined by the Committee in its sole and absolute discretion (including, without limitation, a release caused by a termination of this Plan). Following the lapse of restrictions pursuant to this Subsection
or Subsection (d) below, the shares shall no longer be “Award Shares” and, at the Participant’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 Award Shares, such that the resulting shares shall be fully paid, nonassessable and unrestricted by the terms of this Plan. 

 

	 	(d)	Extraordinary Release of Restrictions. 

  

	 	(i)	A Participant may request in writing that a Committee member authorize the lapse of restrictions on a Transfer of such Award Shares if the Participant desires to
dispose of such Award Shares for (A) the purchase of a principal residence for the Participant, (B) payment of medical expenses for the Participant, his spouse or his dependents, (C) payment of expenses for the education of the
Participant, his spouse or his dependents for the next 18 months or (iv) any other extraordinary reason which the Committee has previously approved in writing The Committee shall have the sole power to grant or deny any such request. Upon the
granting of any such request, the Company shall cause the release of restrictions in the manner described in Subsection (c) on such number of Award Shares as the Committee shall authorize. 

  
 - 7 -

	 	(ii)	A Participant who is employed by the Employers may request such a release at any time following the third anniversary of the date the Award Shares were issued; provided
that the restrictions on no more than 20% of such Award Shares may be released pursuant to this Subsection (d). A Participant who is no longer employed by the Employers may request such a release at any time following the second anniversary of the
date the Award Shares were issued; provided that the restrictions on no more than 35% of such Award Shares may be released pursuant to this Subsection (d). 

 

	 	(e)	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 Award Shares, reflecting the foregoing restrictions. 

  

	9.	Amendment, Termination and Adjustments 

  

	 	(a)	The Committee, subject to approval by the Board of Directors of the Company, may alter or amend this Plan from time to time or terminate it in its entirety; provided,
however, that no such action shall, without the consent of a Participant, affect the rights in (i) an outstanding Award of a Participant that was previously approved by the Committee for a Performance Period but has not yet been paid or
(ii) any Award Shares that were previously issued to a Participant under this Plan. Unless otherwise specified by the Committee, all Award Shares that were issued 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 Shares shall lapse as otherwise provided in Section 8. 

  

	 	(b)	The Committee may make or provide for an adjustment in (A) the total number of Award Shares to be issued under this Plan specified in Section 10 or
(B) the definition of Average Award Share Price as the Committee in its sole discretion, exercised in good faith, may determine 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, 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, the “Extraordinary Events”). Any securities that are distributed in respect to Award
Shares in connection with any of the Extraordinary Events 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 waived or otherwise altered by the Committee. 

  

	 	(c)	Notwithstanding the provisions of Subsection (a) or Subsection (b), without further approval by the stockholders of the Company, no such action shall
(i) increase the maximum number of Award Shares to be issued under this Plan specified in Section 10 (except that adjustments and additions expressly authorized by this Section shall not be limited by this clause (i)),
(ii) cause Rule 16b-3 to become inapplicable to this Plan or (iii) cause any amount of any Qualified Performance-Based Award to be includable as “applicable employee remuneration” of such Participant, as such term is defined
in Section 162(m) (i.e., to no longer qualify for the exception for “qualified performance-based compensation” under Section 162(m)). 

  
 - 8 -

	10.	Award Shares Subject to Plan 

 Subject to adjustment as provided in this Plan, the total number of shares of Class A Common Stock that may be issued as Award Shares under this Plan shall be 750,000. 

 

	11.	Approval by Stockholders 

This Plan will be submitted for approval by the stockholders of the Company. If such approval has not been obtained by July 1, 2013,
all grants of Target Awards made on or after January 1, 2013 for Performance Periods beginning on or after January 1, 2013 will be rescinded. 
  

	12.	General Provisions 

  

	 	(a)	No Right of Employment. Neither the adoption or operation of this Plan, nor any document describing or referring to this Plan, or any part thereof, shall confer
upon any employee any right to continue in the employ of the Employers, or shall in any way affect the right and power of the Employers to terminate the employment of any employee at any time with or without assigning a reason therefor to the same
extent as the Employers might have done if this Plan had not been adopted. 

  

	 	(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)	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. 

  

	 	(d)	Limitation on Rights of Employees. No Trust. No trust has been created by the Employers for the payment of Awards under this Plan; nor have the employees been
granted any lien on any assets of the Employers to secure payment of such benefits. This Plan represents only an unfunded, unsecured promise to pay by the Company and a participant hereunder is a mere unsecured creditor of the Company.

  

	 	(e)	Non-transferability of Awards. Awards shall not be transferable by a Participant. Award Shares paid pursuant to an Award shall be transferable, subject to the
restrictions described in Section 8. 

  

	 	(f)	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. 

  

	13.	Effective Date 

 This Plan
shall be effective as of, and contingent upon, the Spin-Off Date. 

  
 - 9 -

 Appendix 1. Change in Control. 

Change in Control. The term “Change in Control” shall mean the occurrence of (i), (ii) or
(iii) below; provided that such occurrence occurs on or after the Spin-Off Date and meets the requirements of Treasury Regulation Section 1.409A-3(i)(5) (or any successor or replacement thereto) with respect to a Participant:

  

	 	i.	Any “Person” (as such term is used in Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other
than one or more Permitted Holders, is or becomes the “beneficial owner”(as defined in Rules 13d-3 and 13d-5 of the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the then outstanding voting
securities of Hyster-Yale Materials Handling, Inc. (“HY”), other than any direct or indirect acquisition, including but not limited to an acquisition by purchase, distribution or otherwise, of voting securities: 

 

	 	(A)	directly from HY that is approved by a majority of the Incumbent Directors (as defined below); or 

 

	 	(B)	by any Person pursuant to an Excluded HY Business Combination (as defined below); 

provided, that if at least a majority of the individuals who constitute Incumbent Directors determine in good faith that a Person
has become the “beneficial owner”(as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more than 50% of the combined voting power of the outstanding voting securities of HY inadvertently, and such Person divests as promptly as
practicable a sufficient number of shares so that such Person is the “beneficial owner”(as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of 50% or less of the combined voting power of the outstanding voting securities of HY, then
no Change in Control shall have occurred as a result of such Person’s acquisition; or 
  

	 	ii.	a majority of the Board of Directors of HY ceases to be comprised of Incumbent Directors; or 

 

	 	iii.	the consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of HY or the acquisition of assets
of another corporation, or other transaction involving HY (“HY Business Combination”) excluding, however, such a Business Combination pursuant to which both of the following apply (such a Business Combination, an “Excluded HY Business
Combination”): 

  

	 	(A)	the individuals and entities who beneficially owned, directly or indirectly, HY immediately prior to such HY Business Combination beneficially own, directly or
indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the entity resulting from such HY Business Combination (including, without limitation, an entity that as a result of such transaction owns HY or all
or substantially all of the assets of HY, either directly or through one or more subsidiaries); and 

  
 - 10 -

	 	(B)	at the time of the execution of the initial agreement, or of the action of the Board of Directors of HY, providing for such HY Business Combination, at least a majority
of the members of the Board of Directors of HY were Incumbent Directors. 

 III. Definitions. The following
terms as used herein shall be defined as follow: 
  

	 	1.	“Incumbent Directors” means the individuals who, as of the Spin-Off Date, are Directors of HY and any individual becoming a Director subsequent to such
date whose election, nomination for election by HY’s stockholders, or appointment, was approved by a vote of at least a majority of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of HY in which
such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board of Directors
of HY occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Exchange Act) with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a person other than the Board of Directors of HY. 

  

	 	2.	“Permitted Holders” shall mean, collectively, (i) the parties to the 2012 Stockholders’ Agreement, as amended from time to time, by and among
the “Depository”, the “Participating Stockholders” (both as defined therein) and HY; provided, however, that for purposes of this definition only, the definition of Participating Stockholders contained in the Stockholders’
Agreement shall be such definition in effect on the date of the Change in Control, (ii) any direct or indirect subsidiary of HY and (iii) any employee benefit plan (or related trust) sponsored or maintained by HY or any direct or indirect
subsidiary of HY. 

  
 - 11 -

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