Document:

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                                                                   Exhibit 10.17

                       THE NORTH AMERICAN COAL CORPORATION
               DEFERRED COMPENSATION PLAN FOR MANAGEMENT EMPLOYEES

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

NA Coal NQ/Def. Comp. Plan JOBS Act Restatement

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                       THE NORTH AMERICAN COAL CORPORATION
               DEFERRED COMPENSATION PLAN FOR MANAGEMENT EMPLOYEES

          The North American Coal Corporation (the "Company") does hereby adopt
this amendment and restatement of The North American Coal Corporation Deferred
Compensation Plan for Management Employees, effective as of January 1, 2005.

                                   ARTICLE I.
                                  INTRODUCTION

Section 1.01 Effective Date. The effective date of this restatement of the Plan
is January 1, 2005.

Section 1.02 Purpose of the Plan. The purpose of this Plan is to provide for
certain Employees the benefits they would have received under the Savings Plan
but for the limitations imposed under Code Sections 402(g), 401(a)(17),
401(k)(3), 401(m) and 415.

Section 1.03 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 1.04 Gender and Number. For purposes of interpreting the provisions of
this Plan, the masculine gender shall be deemed to include the feminine, the
feminine gender shall be deemed to include the masculine, and the singular shall
include the plural unless otherwise clearly required by the context.

Section 1.05 Status of Plan. This document is classified as a single "plan" for
purposes of recordkeeping, the Code and the requirements of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"). For purposes of
the federal securities laws, however, this document shall be classified as two
separate "plans." One plan shall consist of the Accounts of those persons who
satisfy the requirements of an "accredited investor" or a "sophisticated
purchaser" under Rule 506 of the Securities Act of 1933 and the other plan shall
consist of the Accounts of all other Plan Participants.

Section 1.06 Application of the American Jobs Creation Act ("AJCA").

     (a)  The following Sub-Accounts (collectively, the "Pre-2005 Sub-Accounts")
          (and all earnings thereon) 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: (i) the VAP Deferral Sub-Account; (ii)
          amounts credited to the Excess 401(k) Sub-Account for periods prior to
          January 1, 2005 (the "Pre-2005 Excess 401(k) Sub-Account"); (iii)
          amounts credited to the Excess Matching Sub-Account for periods prior
          to January 1, 2005 (the "Pre-2005 Excess Matching Sub-Account"); and
          (iv) amounts credited to the Excess Profit Sharing Sub-Account for
          Pre-2005 Plan Years (including the amount that was credited in 2005
          for the 2004 Plan Year) (the "Pre-2005 Excess Profit Sharing
          Sub-Account").

     (b)  The following Sub-Accounts (collectively, the "Post-2004
          Sub-Accounts") (and all earnings thereon) are subject to the
          provisions of Code Section 409A, as enacted by the

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          AJCA: (i) amounts credited to the Excess 401(k) Sub-Account for
          periods on or after January 1, 2005 (the "Post-2004 Excess 401(k)
          Sub-Account"); (ii) amounts credited to the Excess Matching
          Sub-Account for periods on or after January 1, 2005 (the "Post-2004
          Excess Matching Sub-Account"); and (iii) amounts credited to the
          Excess Profit Sharing Sub-Account for the 2005 Plan Year and beyond
          (beginning with amounts credited in 2006 for the 2005 Plan Year) (the
          "Post-2004 Excess Profit Sharing Sub-Account"). It is intended that
          the provisions of the Plan that relate to the Post-2004 Sub-Accounts
          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-Accounts 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 Participants.

                                  ARTICLE II.
                                  DEFINITIONS

     Except as otherwise provided in this Plan, terms defined in the Savings
     Plan as they may be amended from time to time shall have the same meanings
     when used herein, unless a different meaning is clearly required by the
     context of this Plan. In addition, the following words and phrases shall
     have the following respective meanings for purposes of this Plan.

Section 2.01 Account shall mean the record maintained in accordance with Section
3.05 by the Employer as the sum of the Participant's Excess Retirement Benefits
hereunder. The Participant's Account shall be further divided into the
Sub-Accounts described in Section 1.06 hereof.

Section 2.02 Beneficiary shall mean the person or persons designated by the
Participant as his Beneficiary under this Plan, in accordance with the
provisions of Article VII hereof.

Section 2.03 Benefits Committee shall mean the NACCO Industries, Inc. Benefits
Committee.

Section 2.04 Bonus shall mean any bonus under The North American Coal
Corporation Annual Incentive Compensation Plan that would be taken into account
as Compensation under the Savings Plan, which is earned with respect to services
performed by a Participant during a Plan Year (whether or not such Bonus is
actually paid to the Participant during such Plan Year). An election to defer a
Bonus under this Plan must be made before the period in which the services are
performed which gives rise to such Bonus.

Section 2.05 Company shall mean The North American Coal Corporation or any
entity that succeeds The North American Coal Corporation by merger
reorganization or otherwise.

Section 2.06 Compensation shall have the same meaning as under the Savings Plan,
except that Compensation shall be deemed to include (a) the amount of
compensation deferred by the Participant under this Plan, excluding VAP Deferral
Benefits and (b) amounts in excess of the limitation imposed by Code Section
401(a)(17). Notwithstanding the foregoing, the timing and crediting of Bonuses
hereunder shall be as specified in Section 3.01.

Section 2.07 Compensation Committee shall mean the Compensation Committee of the
Board of Directors of the Company.

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Section 2.08 Employer shall mean the Company and any other Controlled Group
Member that adopts this Plan pursuant to Section 8.07.

Section 2.09 Excess Retirement Benefit or Benefit shall mean a VAP Deferral
Benefit, an Excess Profit Sharing Benefit, an Excess 401(k) Benefit or an Excess
Matching Benefit (all as described in Article III) that is payable to or with
respect to a Participant under this Plan.

Section 2.10 Fixed Income Fund shall mean the Stable Asset Fund under the
Savings 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 2.11 Insolvent. For purposes of this Plan, an Employer shall be
considered Insolvent at such time as it (a) is unable to pay its debts as they
mature, or (b) is subject to a pending voluntary or involuntary proceeding as a
debtor under the United States Bankruptcy Code.

Section 2.12 Key Employee shall mean a key employee, as defined in Code Section
416(i) (without regard to paragraph (5) thereof) of an Employer, as long as the
stock of NACCO (or a related entity) 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 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.

Section 2.13 NACCO shall mean NACCO Industries, Inc.

Section 2.14 Participant.

     (a)  For purposes of Sections 3.01 and 3.02 of the Plan, the term
          "Participant" means an Employee of an Employer (other than a San
          Miguel Employee or a Florida Dragline Employee) who is a Participant
          in the Savings Plan (i) who is unable to make all of the Before-Tax
          Contributions that he has elected to make to the Savings Plan, or is
          unable to receive the maximum amount of Matching Contributions under
          the Savings Plan because of the limitations of Code Section 402(g),
          401(a)(17), 401(k)(3), 401(m) or 415; (ii) who is in salary grade 14
          or above; and (iii) whose total compensation from the Controlled Group
          for the year in which a deferral election is required is at least
          $115,000.

     (b)  For purposes of Section 3.04 of the Plan, the term "Participant" means
          an Employee of an Employer (i) who is a Salaried Profit Sharing
          Employee under the Savings Plan, (ii) whose Profit Sharing
          Contribution under the Savings Plan is limited by the application of
          Code Section 401(a)(17) or 415 or is reduced due to his deferral of
          Compensation under this Plan, (iii) who is in salary grade 14 or
          above, and (iv) whose total compensation from the Controlled Group for
          the year in which an Excess Profit Sharing Benefit is required is at
          least $115,000.

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     (c)  The term "Participant" shall also include any other person who has an
          Account balance hereunder or who was defined as a participant in a
          prior version of the Plan.

Section 2.15 Plan shall mean The North American Coal Corporation Deferred
Compensation Plan for Management Employees, as herein set forth or as duly
amended.

Section 2.16 Plan Administrator shall mean the Administrative Committee
appointed under the Savings Plan.

Section 2.17 Plan Year shall mean the calendar year.

Section 2.18 ROTCE shall mean the consolidated return on total capital employed
for NACCO, as determined by NACCO, for purposes of the NACCO Industries, Inc.
Annual Incentive Compensation Plan as in effect for a particular Plan Year.

Section 2.19 Savings Plan shall mean The North American Coal Corporation
Retirement Savings Plan (or any successor plan).

Section 2.20 Termination of Employment shall mean a separation of service as
defined under Code Section 409A (and the regulations and other guidance issued
thereunder).

Section 2.21 Unforeseeable Emergency shall mean an event which results in a
severe financial hardship to the Participant as a consequence of (a) an illness
or accident of the Participant, the Participant's spouse or a dependent within
the meaning of Code Section 152(a), (b) 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 2.22 Valuation Date shall mean the last business day of each Plan Year
and any other date chosen by the Plan Administrator.

                                  ARTICLE III.
                           EXCESS RETIREMENT BENEFITS

Section 3.01 Basic and Additional Excess 401(k) Benefits.

     (a)  Amount of Excess 401(k) Benefits. Each Participant may, on or prior to
          each December 31st , by completing an approved deferral election form,
          direct his Employer to reduce his Compensation for the next Plan Year
          by an amount equal to the difference between (i) a specified
          percentage, in 1% increments, with a maximum of 25%, of his
          Compensation for the Plan Year, and (ii) the maximum Before-Tax
          Contributions actually permitted to be contributed for him to the
          Profit Sharing Plan for such Plan Year by reason of the application of
          the limitations under Code Sections 402(g), 401(a)(17), 401(k)(3)and
          415. All amounts deferred under this Section shall be referred to
          herein collectively as the "Excess 401(k) Benefits." Notwithstanding
          the foregoing, a Participant's direction to reduce a Bonus earned
          during a particular Plan Year shall be made no later than December
          31st of the Plan Year preceding the Plan Year in which the Bonus
          commences to be earned. As a result, Bonuses that are paid in 2005
          shall not be taken into account for purposes of calculating Excess
          401(k) Benefits hereunder.

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     (b)  Classification of Excess 401(k) Benefits. The Excess 401(k) Benefits
          for a particular Plan Year shall be calculated monthly and shall be
          further divided into the "Basic Excess 401(k) Benefits" and the
          "Additional Excess 401(k) Benefits" as follows:

          (i)  The Basic Excess 401(k) Benefits shall be determined by
               multiplying each Excess 401(k) Benefit by a fraction, the
               numerator of which is the lesser of the percentage of
               Compensation elected to be deferred in the deferral election form
               for such Plan Year or 7% and the denominator of which is the
               percentage of Compensation elected to be deferred; and

          (ii) The Additional Excess 401(k) Benefits (if any) shall be
               determined by multiplying such Excess 401(k) Benefit by a
               fraction, the numerator of which is the difference between (1)
               the percentage of Compensation elected to be deferred in the
               deferral election form for such Plan Year and (2) 7%, and the
               denominator of which is the percentage of Compensation elected to
               be deferred.

          (iii) The Basic Excess 401(k) Benefits shall be credited to the Basic
               Excess 401(k) Sub-Account under this Plan and the Additional
               Excess 401(k) Benefits shall be credited to the Additional Excess
               401(k) Sub-Account hereunder. The Basic and Additional Excess
               401(k) Sub-Accounts shall be referred to collectively as the
               "Excess 401(k) Sub-Account."

     (c)  Consequences of Deferral Election. Any direction by a Participant to
          defer Compensation under Subsection (a) shall be effective with
          respect to Compensation otherwise payable to the Participant during
          the Plan Year for which the deferral election form is effective, and
          the Participant shall not be eligible to receive such Compensation.
          Instead, such amounts shall be credited to the Participant's Excess
          401(k) Sub-Account hereunder. Any such direction shall be irrevocable
          with respect to Compensation earned for such Plan Year, but shall have
          no effect on Compensation that is earned in subsequent Plan Years. A
          new deferral election will be required for each Plan Year.

     (d)  Time of Payment Election. The initial deferral election made by a
          Participant under this Plan shall also contain the Participant's
          IRREVOCABLE election regarding the payment date of the Participant's
          Pre-2005 and/or Post-2004 Excess 401(k) Sub-Account hereunder. A
          Participant who does not timely and properly file such an election
          form shall be deemed to have elected to receive such Benefits as soon
          as practicable following the date on which he ceases to be an Employee
          of the Controlled Group (for Pre-2005 Sub-Accounts) or incurs a
          Termination of Employment (for Post-2004 Sub-Accounts). The
          Participant may elect to commence payment of such Sub-Accounts on one
          of the following dates:

          (1)  the date on which he ceases to be an Employee of the Controlled
               Group (or incurs a Termination of Employment for Post-2004
               Sub-Accounts),

          (2)  the date on which he attains an age specified in the deferral
               election form,

          (3)  the earlier of such dates, or

          (4)  the later of such dates (for Pre-2005 Sub-Accounts only).

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          In the event that a Participant elects to receive his Post-2004 Excess
401(k) 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 Excess
401(k) Sub-Account shall automatically be paid to the Participant in the form of
a lump sum payment at his Termination of Employment.

     (e)  Post-Payment Date Deferrals. In the event that a Participant elects to
          receive his Post-2004 Excess 401(k) 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 Excess 401(k) Sub-Account
          shall automatically be paid to the Participant in the form of a lump
          sum payment at his Termination of Employment.

     (f)  Automatic Termination of Deferral Elections. The deferral election of
          a Participant whose eligibility to make Before-Tax Contributions to
          the Savings Plan has been involuntarily suspended because he has taken
          a Hardship withdrawal shall automatically terminate. Such termination
          shall be in effect for the remainder of the Plan Year in which he
          receives such Hardship withdrawal (or, if later, the end of the Plan
          Year that includes the end of his period of suspension from the
          Savings Plan). As a result, the Participant shall be required to
          reenroll in this Plan effective as of the next applicable January 1st.

Section 3.02 Excess Matching Benefits. A Participant shall have credited to his
Basic Excess Matching Sub-Account an amount equal to the Matching Contributions
attributable to his Basic Excess 401(k) Benefits that he is prevented from
receiving under the Savings Plan because of the limitations imposed under Code
Sections 402(g), 401(a)(17), 401(k)(3), 401(m) and 415 (the "Excess Matching
Benefits"). Payment of the Participant's Excess Matching Sub-Account shall be
made at the same time and in the same form as the payment of the Participant's
corresponding Excess 401(k) Sub-Account.

Section 3.03 VAP Deferral Benefits. The Accounts of certain Participants contain
amounts that were allocated to a VAP Deferral Sub-Account (the "VAP Deferral
Benefits") hereunder prior to December 31, 2004. Participants were required to
make an IRREVOCABLE election regarding the payment date for their VAP Deferral
Sub-Account at the time of the initial deferral election. A Participant who
failed to timely make such an election shall be deemed to have elected to
receive such payment on the date on which he ceases to be an Employee of the
Controlled Group.

Section 3.04 Excess Profit Sharing Benefits. Each Employer shall credit to a
Sub-Account (the "Excess Profit Sharing Sub-Account") established for each
Participant who is an Employee of such Employer, an amount equal to the excess,
if any, of (i) the amount of the Employer's Profit Sharing Contribution that
would have been made to the Savings Plan on behalf of the Participant for a Plan
Year if (1) such Plan did not contain the limitations imposed under Code
Sections 401(a)(17) and 415 and (2) the term "Compensation" (as defined in
Section 2.06 hereof) were used for purposes of determining the amount of Profit
Sharing Contributions under the Savings

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Plan, over (ii) the amount of the Employer's Profit Sharing Contribution that is
actually made to the Savings Plan on behalf of the Participant for such Plan
Year (the "Excess Profit Sharing Benefits").

Section 3.05 Participants' Accounts. Each Employer shall establish and maintain
on its books for each Participant who is an Employee of such Employer an Account
which shall contain the following entries:

     (a)  Credits to a Basic or Additional Excess 401(k) Sub-Account (as
          applicable) for the Excess 401(k) Benefits described in Section 3.01,
          which shall be credited to the Sub-Account when a Participant is
          prevented from making a Before-Tax Contribution under the Savings
          Plan;

     (b)  Credits to a Basic Excess Matching Sub-Account for the Basic Excess
          Matching Benefits described in Section 3.02, which shall be credited
          to the Sub-Account when a Participant is prevented from receiving
          Matching Contributions under the Savings Plan;

     (c)  Credits to a VAP Deferral Sub-Account for the VAP Deferral Benefits
          described in Section 3.03, which were credited to the Sub-Account at
          the time such Benefits were deferred under this Plan;

     (d)  Credits to an Excess Profit Sharing Sub-Account for the Excess Profit
          Sharing Benefits described in Section 3.04, which shall be credited to
          the Sub-Account at the time the Profit Sharing Contributions are
          otherwise credited to Participants' accounts under the Savings Plan;

     (e)  Credits to all Sub-Accounts for the earnings described in Article IV,
          which shall continue until such Sub-Accounts have been distributed to
          the Participant or his Beneficiary; and

     (f)  Debits for any distributions made from the Sub-Accounts and for any
          amounts forfeited under Section 6.04(b).

     (g)  The Employers shall make the above-described credits and debits to the
          Participant's Pre-2005 Sub-Accounts or the Post-2004 Sub-Accounts, as
          applicable, in accordance with Code Section 409A.

Section 3.06 Statements. Participants shall be provided with statements of their
Account balances at least once each Plan Year.

                                  ARTICLE IV.
                                   EARNINGS

Section 4.01 Earnings on Basic 401(k), Basic Matching and Excess Profit Sharing
Sub-Accounts.

     (a)  Subject to Subsection (b) and Section 4.04, at the end of each
          calendar month during a Plan Year, the Basic Excess 401(k)
          Sub-Account, the Basic Excess Matching Sub-Account and the Excess
          Profit Sharing Sub-Account of each Participant shall be credited with
          an amount determined by multiplying such Participant's average
          Sub-Account

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          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 determined for such Plan Year exceeds the rate credited
          to the Participant's Sub-Accounts under the preceding sentence, such
          Sub-Accounts 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
          Sub-Account balance during each month of such Plan Year by the ROTCE
          determined for such Plan Year, compounded monthly.

     (b)  The ROTCE calculation described in 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 NACCO. For any
          subsequent month following such termination, the ROTCE calculation
          shall not apply. The Fixed Income Fund calculation described in
          Subsection (a)for the month in which the Participant receives a
          distribution from his Sub-Account shall be based on the blended rate
          earned during the preceding month by the Fixed Income Fund.

Section 4.02 Earnings on Additional Excess 401(k) Sub-Accounts. Subject to
Section 4.04, at the end of each calendar month during a Plan Year, the
Additional Excess 401(k) Sub-Account of each Participant shall be credited with
an amount determined by multiplying such Participant's average Sub-Account
balance during such month by the blended rate earned during such month by the
Fixed Income Fund. The earnings calculation for the month in which the
Participant receives a distribution from his Sub-Account shall be based on the
blended rate earned during the preceding month by the Fixed Income Fund.

Section 4.03 Earnings on VAP Deferral Sub-Accounts. Subject to Section 4.04, at
the end of each calendar month during a Plan Year, the VAP Deferral Sub-Account
of each Participant shall be credited with an amount determined by multiplying
such Participant's average Sub-Account balance during such month by "10-Year
U.S. Treasury Yield" plus 2.0%. For purposes hereof, the 10-Year U.S. Treasury
Yield shall be the 10 year yield on U.S. Treasury issues as listed in the Bond
Market Data Bank for the last day of the preceding calendar quarter as printed
in the Wall Street Journal (or as published on the website for the Wall Street
Journal) . In the event that a yield is not listed for a maturity exactly 10
years from the calendar quarter end, the next preceding chronological treasury
bond issue yield shall be used.

Section 4.04 Changes in/Limitations on Earnings Assumptions.

     (a)  To the extent not prohibited by Code Section 409A, the Company (with
          the approval or ratification of the Benefits Committee) or the
          Compensation Committee may change (but not suspend) the earnings rate
          credited on Accounts hereunder at any time.

     (b)  Notwithstanding any provision of the Plan to the contrary, in no event
          will earnings on Accounts for a Plan Year be credited at a rate which
          exceeds 14%.

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                                   ARTICLE V.
                                    VESTING

Section 5.01 Vesting A Participant shall always be 100% vested in the amounts
credited to his Account hereunder.

                                  ARTICLE VI.
                    TIME AND FORM OF PAYMENT TO PARTICIPANTS

Section 6.01 Excess Profit Sharing Benefits.

     (a)  Pre-2005 Excess Profit Sharing Sub-Accounts. Amounts allocated to a
          Participant's Pre-2005 Excess Profit Sharing Sub-Account shall be paid
          in the form of a lump sum payment at the same time as the Profit
          Sharing Contributions are paid (or commence to be paid) under the
          Savings Plan.

     (b)  Post-2004 Excess Profit Sharing Sub-Accounts. The Participant shall
          elect the payment date for his entire Post-2004 Excess Profit Sharing
          Sub-Account prior to December 31, 2004 (or when the Plan first becomes
          applicable to him, if later). He may elect to receive payment of his
          Post-2004 Excess Profit Sharing Sub-Account as soon as practicable
          following (i) the date on which he incurs a Termination of Employment,
          (ii) the date he attains a specified age or (iii) the earlier of such
          dates. A Participant who does not timely and properly file such an
          election shall be deemed to have elected to receive amounts allocated
          to his Post-2004 Excess Profit Sharing Sub-Account as soon as
          practicable following the date of his Termination of Employment. Once
          made, the election (or deemed election) of the time of payment of the
          Post-2004 Excess Profit Sharing Sub-Account shall be IRREVOCABLE.
          Amounts allocated to a Participant's Post-2004 Excess Profit Sharing
          Sub-Account shall automatically be paid in the form of a lump sum
          payment. In the event that a Participant elects to receive his
          Post-2004 Excess Profit Sharing 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 Profit Sharing Sub-Account
          shall automatically be paid to the Participant in the form of a lump
          sum payment at his Termination of Employment.

Section 6.02 VAP Deferral Sub-Account. A Participant's VAP Deferral Sub-Account
shall be paid (or commence to be paid) at the time originally elected by the
Participant under Section 3.03. VAP Deferral Benefits shall be subject to the
form of payment rules described in Section 6.03(b) below.

Section 6.03 Excess 401(k) and Excess Matching Sub-Accounts.

     (a)  Timing. The Excess 401(k) Sub-Account and the Excess Matching
          Sub-Account shall be paid (or commence to be paid) to the Participant
          on the date elected (or deemed elected) in the Participant's initial
          deferral election form (as provided in Section 3.01).

     (b)  Form of Payment of Pre-2005 Sub-Accounts. The Pre-2005 Excess 401(k)
          and Matching Sub-Account (and the VAP Deferral Sub-Account) shall be
          distributed to the Participant in the form of ten annual installments.
          All installment payments under the Plan will be

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          based on the value of the applicable Sub-Account on the Valuation Date
          immediately preceding the date on which such installment is to be
          paid, with each installment 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 installment will be paid
          as soon as practicable after the designated payment date, with each
          additional installment being paid in the month of January of each
          succeeding year. All installment payments under the Plan will be
          classified as a single payment for purposes of Code Section 409A.
          Notwithstanding the foregoing, the Participant may elect to receive
          the amount credited to his Pre-2005 Excess 401(k) and Excess Matching
          Sub-Accounts (and/or his VAP Deferral Sub-Account) in the form of a
          single lump sum payment or in annual installments for a period of less
          than 10 years by filing a notice in writing, signed by the Participant
          and filed with the Plan Administrator while the Participant is alive
          and at least one year prior to the time he had elected to commence
          receiving payment of such Sub-Account. Any such election of the form
          of benefit may be changed at any time and from time to time, without
          the consent of any other person, by filing a later election in writing
          that is signed by the Participant and filed with the Plan
          Administrator while the Participant is alive and at least one year
          prior to the time he had elected to commence receiving payment of such
          Sub-Account. Any such lump sum payment shall be paid as soon as
          practicable following the designated payment date.

     (c)  Form of Payment of Post-2004 Excess 401(k) and Matching Sub-Accounts.
          Except for amounts described in Section 3.01(e), the Participant shall
          elect a form of payment for his Post-2004 Excess 401(k) Sub-Account
          (which shall automatically apply to his Post-2004 Excess Matching
          Sub-Account) prior to December 31, 2004 (or when the Plan first
          becomes applicable to him, if later). He may elect to receive such
          Sub-Account in the form of a lump sum payment or in the form of annual
          installment payments (for 10 or fewer years), with the installment
          payments (if any) being calculated in accordance with the rules
          specified in Subsection (b), above. If the Participant does not make a
          timely election regarding the form of payment, his Post-2004 Excess
          401(k) Sub-Account shall be distributed in the form of a single lump
          sum payment. Once made, the election (or deemed election) of a form of
          payment under this Subsection (c) may only be changed in the limited
          circumstances described in the following sentences. Notwithstanding
          the foregoing, a Participant may change his form of payment election
          (or deemed election) for his Post-2004 Excess 401(k) and Excess
          Matching Sub-Accounts by filing a subsequent notice in writing, signed
          by the Participant and filed with the Plan Administrator. 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.

Section 6.04 Withdrawals.

     (a)  Unforseeable Emergency Distributions. Notwithstanding any provision of
          the Plan to the contrary, the Plan Administrator 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

                                       10

<PAGE>

          Participant's Account if the Plan Administrator determines, in its
          absolute discretion based on such reasonable evidence that it shall
          require, that such a payment or payments is necessary for the purpose
          of alleviating the consequences of an Unforeseeable Emergency
          occurring with respect to the Participant. Payments made on account of
          an Unforeseeable Emergency 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 or 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).
          Unforeseeable Emergency distributions shall be paid to the Participant
          in the form of a lump sum payment as soon as practicable after such
          distribution request is approved and processed by the Plan
          Administrator.

     (b)  Withdrawals Subject to a 10% Penalty. Notwithstanding any other
          provision of the Plan to the contrary, (i) a Participant who is an
          Employee may, at any time (and from time to time) elect in writing to
          receive a withdrawal from his Pre-2005 Additional Excess 401(k)
          Sub-Account and/or his VAP Deferral Sub-Account and (ii) a Participant
          who has ceased to be an Employee of the Controlled Group may also
          elect in writing to receive a withdrawal from his Pre-2005 Basic
          Excess 401(k) Sub-Account and/or his Pre-2005 Basic Excess Matching
          Sub-Account. Withdrawals under this Subsection shall be equal to the
          entire amount credited to any such Sub-Account, less 10%. Such 10%
          reduction shall be treated as a forfeiture hereunder and shall
          immediately be subtracted from the applicable Sub-Account, never to be
          restored. Such forfeitures shall inure to the benefit of the Employers
          and shall be used to pay Excess Retirement Benefits under the Plan
          and/or to pay the administrative expenses of the Plan.

Section 6.05 Other Payment Rules and Restrictions.

     (a)  Payments From Post-2004 Sub-Accounts Violating Contractual
          Requirements. Notwithstanding any provision of the Plan to the
          contrary, the payment of all or any portion of the amounts payable
          hereunder from a Participant's Post-2004 Sub-Accounts will be deferred
          to the extent that the Employer reasonably anticipates that the making
          of such payment would violate a term of a loan agreement or other
          similar contract to which the Employer is a party and the violation
          will cause material harm to the Employer. The deferred amount shall
          become payable at the earliest date at which the Employer reasonably
          anticipates that making the payment will not cause such violation, or
          such violation will not cause material harm to the Employer.

     (b)  Payments Violating Applicable Law. Notwithstanding any provision of
          the Plan to the contrary, the payment of all or any portion of the
          amounts payable hereunder will be deferred to the extent that the
          Employer reasonably anticipates that the making of such payment would
          violate Federal securities laws or other applicable law (provided that
          the making of a payment that would cause income taxes or penalties
          under the Code shall not be treated as a violation of applicable law).
          The deferred amount shall become payable at

                                       11

<PAGE>

          the earliest date at which the Employer reasonably anticipates that
          making the payment will not cause such violation.

     (c)  Small Sub-Accounts. Notwithstanding any provision of the Plan to the
          contrary, (i) in the event that the sum of a Participant's Pre-2005
          Sub-Account balances do not exceed $10,000 on the date of the
          Participant's termination of employment with the Controlled Group,
          such Sub-Accounts shall automatically be paid to him in a single lump
          sum payment on the date of his termination of employment with the
          Controlled Group and (ii) in the event that the sum of a Participant's
          Post-2004 Sub-Account balances (plus any amounts that are required to
          be aggregated therewith under Code Section 409A) do not exceed $10,000
          on the date of the Participant's Termination of Employment, such
          Sub-Accounts shall automatically be paid to him in a single lump sum
          payment at the latest of (A) the date of his Termination of
          Employment, (B) the date on which all amounts allocable to the
          Participant's Account for the year of such termination have been
          credited to such Sub-Accounts (but in no event later than March 15th
          of the year following his Termination of Employment) or (C) the end of
          the 6-month period described in Subsection (e) below for Key
          Employees.

     (d)  Insolvency. Notwithstanding any provision of the Plan to the contrary,
          an 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.

     (e)  Key Employees. Notwithstanding any provision of the Plan to the
          contrary, distributions of Post-2004 Sub-Accounts to Key Employees
          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 (as specified in Section 8.05) or (ii) a conflict of
          interest or the payment of FICA taxes (as specified in Subsection (g)
          below). Any Benefits that are otherwise payable to the Key Employee
          during the 6-month period following his Termination of Employment
          shall be accumulated and paid as soon as practicable following the end
          of such 6-month period.

     (f)  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.

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

                                       12

<PAGE>

          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.

Section 6.06 Liability for Payment/Expenses. The Employer by which the
Participant was last employed prior to his payment commencement date under the
Plan shall pay all Excess Retirement Benefits hereunder 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 Excess Retirement Benefits
payable to or on behalf of a Participant are based on the Participant's
employment with more than one Employer, the liability for such Benefits shall be
shared by all such Employers (by reimbursement to the Employer making such
payment) as may be agreed to among them in good faith (taking into consideration
the Participant's service and Compensation paid by each such Employer) and as
will permit the deduction (for purposes of federal income tax) by each such
Employer of its portion of the payments made and to be made hereunder. Expenses
of administering the Plan shall be paid by the Employers, as directed by the
Company.

                                  ARTICLE VII.
                                 BENEFICIARIES

Section 7.01 Beneficiary Designations. A designation of a Beneficiary hereunder
may be made only by an instrument (in form acceptable to the Plan Administrator)
signed by the Participant and filed with and received by the Plan Administrator
prior to the Participant's death. Separate Beneficiary designations may be made
for (i) the Excess 401(k) and Matching Benefits, (ii) the VAP Deferral Benefits
and (iii) the Excess Profit Sharing Benefits. In the absence of such a
designation and at any other time when there is no existing Beneficiary
designated hereunder, the Beneficiary of a Participant for his Excess Retirement
Benefits shall be the estate of the last to die of the Participant and his
Beneficiaries. If two or more persons designated as a Participant's Beneficiary
are in existence with respect to a single Sub-Account, the amount of any payment
to the Beneficiary under this Plan shall be divided equally among such persons
unless the Participant's designation specifically provides for a different
allocation. Any change in Beneficiary shall be made by giving written notice
thereof to the Plan Administrator and any change shall be effective only if
received by the Plan Administrator prior to the death of the Participant.

Section 7.02 Distributions to Beneficiaries. The Excess Retirement Benefit
payable to a Participant's Beneficiary under this Plan shall be equal to the
balance in the applicable Sub-Account on the date of the distribution of the
Account to the Beneficiary. Excess Retirement Benefits payable to a Beneficiary
shall be paid in the form of a lump sum payment made as soon as practicable
following the death of the Participant.

                                       13

<PAGE>

                                  ARTICLE VIII.
                                  MISCELLANEOUS

Section 8.01 Liability of Employers. Nothing in this Plan shall constitute the
creation of a trust or other fiduciary relationship between an Employer and any
Participant, Beneficiary or any other person.

Section 8.02 Limitation on Rights of Participants and Beneficiaries - No Lien.
The Plan is designed to be an unfunded, nonqualified plan. Nothing contained
herein shall be deemed to create a trust or lien in favor of any Participant or
Beneficiary on any assets of an Employer. The Employers shall have no obligation
to purchase any assets that do not remain subject to the claims of the creditors
of the Employers for use in connection with the Plan. No Participant or
Beneficiary or any other person shall have any preferred claim on, or any
beneficial ownership interest in, any assets of an Employer prior to the time
that such assets are paid to the Participant or Beneficiary as provided herein.
Each Participant and Beneficiary shall have the status of a general unsecured
creditor of his Employer.

Section 8.03 No Guarantee of Employment. Nothing in this Plan shall be construed
as guaranteeing future employment to Participants. A Participant continues to be
an Employee of the Employers solely at the will of the Employers subject to
discharge at any time, with or without cause.

Section 8.04 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 Plan Administrator 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 Plan Administrator 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 Employers from all liability with respect to such
Benefit.

Section 8.05 Anti-Assignment/Early Payment in the Event of a QDRO.

     (a)  Subject to Subsection (b), no right or interest under this Plan of any
          Participant or Beneficiary shall be assignable or transferable in any
          manner or be subject to alienation, anticipation, sale, pledge,
          encumbrance or other legal process or in any manner be liable for or
          subject to the debts or liabilities of the Participant or Beneficiary.

     (b)  Notwithstanding the foregoing, the Plan Administrator shall honor a
          qualified domestic relations order ("QDRO") from a state domestic
          relations court which requires the payment of all or a part of a
          Participant's or Beneficiary's Account under this Plan to an
          "alternate payee" as defined in Code Section 414(p).

Section 8.06 Severability. If any provision of this Plan or the application
thereof to any circumstance(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 8.07 Adoption by Other Employers. Any member of the Controlled Group
that is an Employer under the Savings Plan may adopt this Plan with the consent
of the Benefits

                                       14

<PAGE>

Committee by executing an instrument evidencing its adoption of this Plan on the
order of its Board of Directors (or the applicable committee of such Board of
Directors) (or its delegate) and filing a copy thereof with the Company. Such
adoption may be subject to such terms and conditions as the Benefits Committee
requires or approves.

Section 8.08 Effect on other Benefits. Benefits payable to or with respect to a
Participant under the Savings Plan or any other Employer-sponsored (qualified or
nonqualified) plan, if any, are in addition to those provided under this Plan.

                                  ARTICLE IX.
                             ADMINISTRATION OF PLAN

Section 9.01 Administration. The Plan shall be administered by the Plan
Administrator. The Plan Administrator shall have the discretion to interpret
where necessary all provisions of the Plan (including, without limitation, by
supplying omissions from, correcting deficiencies in, or resolving
inconsistencies or ambiguities in, the language of the Plan), to make factual
findings with respect to any issue arising under the Plan, to determine the
rights and status under the Plan of Participants, or other persons, to resolve
questions (including factual questions) or disputes arising under the Plan and
to make any determinations with respect to the benefits payable under the Plan
and the persons entitled thereto as may be necessary for the purposes of the
Plan. Without limiting the generality of the foregoing, the Plan Administrator
is hereby granted the authority (i) to determine whether a person is a
Participant, and (ii) to determine if a person is entitled to Excess Retirement
Benefits hereunder and, if so, the amount and duration of such Benefits. The
Plan Administrator's determination of the rights of any person hereunder shall
be final and binding on all persons, subject only to the provisions of Sections
9.03 and 9.04 hereof. The Plan Administrator may delegate any of its
administrative duties, including, without limitation, duties with respect to the
processing, review, investigation, approval and payment of Excess Retirement
Benefits, to a named administrator or administrators. Pursuant to this
delegation power, the Company has appointed the Administrative Committee under
the Savings Plan (as it exists from time to time) as the Plan Administrator of
this Plan.

Section 9.02 Regulations. The Plan Administrator shall promulgate any rules and
regulations it deems necessary in order to carry out the purposes of the Plan or
to interpret the provisions of the Plan; provided, however, that no rule,
regulation or interpretation shall be contrary to the provisions of the Plan.
The rules, regulations and interpretations made by the Plan Administrator shall,
subject to the provisions of Sections 9.03 and 9.04 hereof, be final and binding
on all persons.

Section 9.03 Claims and Appeals Procedures.

     (a)  The Plan Administrator shall determine the rights of any person to any
          Excess Retirement Benefits hereunder. Any person who believes that he
          has not received the Excess Retirement Benefits to which he is
          entitled under the Plan must file a claim in writing with the Plan
          Administrator specifying the basis for his claim and the facts upon
          which he relies in making such a claim. Such a claim must be signed by
          the claimant or his duly authorized representative (the "Claimant").

                                       15

<PAGE>

     (b)  Whenever the Plan Administrator denies (in whole or in part) a claim
          for benefits under the Plan, the Plan Administrator shall transmit a
          written notice of such decision to the Claimant, no later than 90 days
          after the receipt of a claim (plus an additional period of 90 days if
          required for processing, provided that notice of the extension of time
          is given to the claimant within the first 90 day period). Such notice
          shall be written in a manner calculated to be understood by the
          Claimant and shall state (i) the specific reasons for the denial; (ii)
          specific reference to pertinent Plan provisions on which the denial is
          based; (iii) a description of any additional material or information
          necessary for the Claimant to perfect the claim and an explanation of
          why such material or information is necessary; and (iv) an explanation
          of the Plan's claim review procedure. and the time limits applicable
          thereto (including a statement of the Claimant's right to bring a
          civil action under Section 502(a) of ERISA following an adverse
          benefit determination on review.

     (c)  Within 60 days after receipt of denial of a claim, the Claimant must
          file with the Plan Administrator a written request for a review of
          such claim. If such an appeal is not filed within such 60-day period,
          the Claimant shall be deemed to have acquiesced in the original
          decision of the Plan Administrator on his claim. If such an appeal is
          so filed within such 60 day period, a named fiduciary designated by
          the Plan Administrator shall conduct a full and fair review of such
          claim. During such review, the Claimant shall be given the opportunity
          to review documents that are pertinent to his claim and to submit
          issues and comments in writing. For this purpose, the named fiduciary
          shall have the same power to interpret the Plan and make findings of
          fact thereunder as is given to the Plan Administrator under Section
          9.01 above. The named fiduciary shall mail or deliver to the Claimant
          a written decision on the matter based on the facts and the pertinent
          provisions of the Plan within 60 days after the receipt of the request
          for review (unless special circumstances require an extension of up to
          60 additional days, in which case written notice of such extension
          shall be given to the Claimant prior to the commencement of such
          extension). Such decision (i) shall be written in a manner calculated
          to be understood by the Claimant, (ii) shall state the specific
          reasons for the decision and the specific Plan provisions on which the
          decision was based and (iii) shall, to the extent permitted by
          applicable law, be final and binding on all interested persons. In
          addition, the notice of adverse determination shall also include
          statements that the Claimant is entitled to receive, upon request and
          free of charge, reasonable access to, and copies of all documents,
          records and other information relevant to the Claimant's claim for
          benefits and a statement of the Claimant's right to bring a civil
          action under Section 502(a) of ERISA.

Section 9.04 Revocability of Plan Administrator/ Employer Action. Any action
taken by the Plan Administrator or an Employer with respect to the rights or
benefits under the Plan of any person shall be revocable by the Plan
Administrator or the Employer as to payments not yet made to such person. In
addition, the acceptance of any Excess Retirement Benefits under the Plan
constitutes acceptance of and agreement to the Plan Administrator's or the
Employer's making any appropriate adjustments in future payments to they payee
(or to recover from such person) any excess payment or underpayment previously
made to him.

Section 9.05 Amendment. The Company (with the approval or ratification of the
Benefits Committee) may at any time (without the consent of an Employer)
authorize the amendment of any or all of the provisions of this Plan, except
that (a) no such amendment may adversely affect

                                       16

<PAGE>

any Participant's Excess Retirement Benefit as of the date of such amendment and
(b) no such amendment may suspend the crediting of earnings on the balance of a
Participant's Account, until the entire balance of such Account has been
distributed, in either case, without the prior written consent of the affected
Participant. Any amendment shall be in the form of a written instrument executed
by an officer of the Company on the order of the Benefits Committee. Subject to
the foregoing provisions of this Section, such amendment shall become effective
as of the date specified in such instrument or, if no such date is specified, on
the date of its execution.

Section 9.06 Termination.

     (a)  The Board of Directors of the Company (or the Compensation Committee),
          in its sole discretion, may terminate this Plan at any time and for
          any reason whatsoever, except that, subject to Subsection (b) hereof,
          (i) no such termination may adversely affect any Participant's Excess
          Retirement Benefit as of the date of such termination, and (ii) no
          such termination may suspend the crediting of earnings on the balance
          of a Participant's Account, until the entire balance of such Account
          has been distributed, in either case, without the prior written
          consent of the affected Participant. Any such termination shall be
          expressed in the form of a written instrument executed by an officer
          of the Company on the order of the Board (or Compensation Committee,
          as applicable). Subject to the foregoing provisions of this
          Subsection, such termination shall become effective as of the date
          specified in such instrument or, if no such date is specified, on the
          date of its execution. Written notice of any termination shall be
          given to the Participants as soon as practicable after the instrument
          is executed.

     (b)  Notwithstanding anything in the Plan to the contrary, to the extent
          permitted under Code Section 409A, in the event of a termination of
          the Plan, the Company, in its sole and absolute discretion (but with
          the consent of the Benefits Committee or the Compensation Committee),
          shall have the right to change the time and form of distribution of
          Participants' Excess Retirement Benefits, including requiring that all
          amounts credited to Participant's Accounts hereunder be immediately
          distributed in the form of a lump sum payment.

     (c)  Any Employer (other than the Company) that adopts the Plan may elect
          to withdraw from the Plan and such withdrawal shall constitute a
          termination of the Plan as to such Employer; provided, however, that
          such terminating Employer shall continue to be an Employer for the
          purposes hereof as to Participants or Beneficiaries to whom it owes
          obligations hereunder. Such withdrawal and termination shall be
          expressed in an instrument executed by the terminating Employer on
          authority of its Board of Directors (or the applicable Committee
          thereof) and filed with the Company, 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. Notwithstanding any other
          provision of the Plan, if an Employer (other than the Company) ceases
          to be a member of the Controlled Group, to the extent permitted by
          Code Section 409A, the Plan shall automatically terminate with respect
          to such Employer and all amounts credited to the Accounts of Employees
          of such Employer shall be immediately payable in the form of a lump
          sum payment.

                                       17

<PAGE>

                Executed, this 8th day of February, 2006.

                                        THE NORTH AMERICAN COAL CORPORATION

                                        By: /s/ Charles A. Bittenbender
                                            ------------------------------------
                                        Title: Assistant Secretary
                                               ---------------------------------

                                       18<PAGE>
                                                                   Exhibit 10.18

                    THE NACCO MATERIALS HANDLING GROUP, INC.
                     EXCESS PENSION PLAN FOR UK TRANSFEREES
                 (AS AMENDED AND RESTATED AS OF JANUARY 1, 2005)

NMHG NQ/UK Excess JOBs Act Restmt

<PAGE>

                      NACCO MATERIALS HANDLING GROUP, INC.
                     EXCESS PENSION PLAN FOR UK TRANSFEREES

     NACCO Materials Handling Group, Inc. (the "Company") does hereby adopt this
     amendment and restatement of the NACCO Materials Handling Group, Inc.
     Excess Pension Plan for UK Transferees, on the terms and conditions
     described hereinafter.

                               ARTICLE I - PREFACE

     Section 1.1. Effective Date. This Plan was initially effective as of
October 1, 2002 for all Participants. The Effective Date of this amendment and
restatement is January 1, 2005.

     Section 1.2. Purpose of the Plan. The purpose of this Plan is to provide
Participants with non-qualified supplemental pension benefits that are designed
to provide the Participants (and their Beneficiaries) with a level of retirement
benefits at least equal to the retirement benefits they would have received had
they continued to participate in the UK Pension Plan through December 31, 2005.

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

     Section 1.4. Gender and Number. For purposes of interpreting the provisions
of this Plan, the masculine gender shall be deemed to include the feminine, the
feminine gender shall be deemed to include the masculine, and the singular shall
include the plural unless otherwise clearly required by the context.

     Section 1.5. American Jobs Creation Act (AJCA).

          (a) Any Excess Pension Benefits (or portion thereof) that were vested
and deferred prior to January 1, 2005 and that qualify for "grandfathered
status" under Section 409A of the Code (determined in accordance with the
regulations issued thereunder) shall continue to be governed by the law
applicable to nonqualified deferred compensation prior to the addition of
Section 409A to the Code, shall be subject to the terms and conditions specified
in the Plan as in effect prior to January 1, 2005 and shall be referred to
herein as the "Grandfathered Excess Pension Benefits."

          (b) The portion of a Participant's Excess Pension Benefits that does
not qualify for "grandfathered status" under Section 409A of the Code is
intended to comply with the provisions of Section 409A of the Code, as enacted
by the AJCA, so as to prevent the inclusion in gross income of any amount of
Supplemental Retirement benefit accrued 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 and shall be referred
to herein as the "Non-Grandfathered Excess Pension Benefits."

<PAGE>

                                                                               2

                            ARTICLE II - DEFINITIONS

     Except as otherwise provided in this Plan, terms defined in the Profit
     Sharing Plan as it may be amended from time to time shall have the same
     meanings when used herein, unless a different meaning is clearly required
     by the context of this Plan. In addition, the following words and phrases
     shall have the following respective meanings for purposes of this Plan.

     Section 2.1. Actual UK Pension Benefit shall mean an amount payable in
British Pounds Sterling equal to the annual benefit in fact payable to the
Participant or his Beneficiary under the UK Pension Plan at the time of the
Participant's termination of employment with all members of the Company's
Controlled Group (whether on account of death, retirement or otherwise), taking
into account for this purpose any cost-of-living increases between the Effective
Date of a Participant's participation in the Plan and the date of termination.

     Section 2.2. Beneficiary shall mean the Participant's surviving spouse or
any other designated beneficiary who is entitled to receive survivor benefits
under the UK Pension Plan.

     Section 2.3. Company shall mean NACCO Materials Handling Group, Inc. or any
entity that succeeds NACCO Materials Handling Group, Inc. by merger,
reorganization or otherwise.

     Section 2.4. Compensation shall mean the actual US compensation received by
the Participant from the Controlled Group through December 31, 2005. In those
circumstances where it is necessary to convert US dollars to UK equivalent
earnings, the conversion will be based on comparable compa-ratio to midpoint of
UK equivalent level position.

     Section 2.5. Controlled Group shall have the meaning specified in the
Profit Sharing Plan (i.e., the Company and any and all other corporations,
trades and/or businesses, the Employees of which, together with the Employees of
the Company, are required by Code Section 414 to be treated as if they were
employed by a single employer).

     Section 2.6. Employer shall mean the Company and NMHG Oregon, LLC.

     Section 2.7. Excess Pension Benefit or Benefit shall mean the retirement
benefits described in Article III which are payable to or with respect to a
Participant under this Plan.

     Section 2.8. Insolvent. For purposes of this Plan, an Employer shall be
considered Insolvent at such time as it (a) is unable to pay its debts as they
mature, or (b) is subject to a pending voluntary or involuntary proceeding as a
debtor under the United States Bankruptcy Code (or similar foreign law).

     Section 2.9. Key Employee shall mean a key employee, as defined in Code
Section 416(i) (without regard to paragraph (5) thereof) of an Employer, as 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
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
date for Key Employees is December 31st. As such, any Employee who is

<PAGE>

                                                                               3

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.

     Section 2.10. Participant. shall mean those highly compensated or select
management employees of an Employer who (a) were participants in the UK Pension
Plan, (b) were designated by the President of the Company as a Participant in
this Plan and (c) were listed on Exhibit A to the initial Plan document.

     Section 2.11. Plan shall mean the NACCO Materials Handling Group, Inc.
Excess Pension Plan for UK Transferees, as herein set forth or as duly amended.

     Section 2.12. Plan Administrator shall mean the Administrative Committee
appointed under the NACCO Materials Handling Group, Inc. Profit Sharing
Retirement Plan.

     Section 2.13. Plan Year shall mean the calendar year.

     Section 2.14. Profit Sharing Plan shall mean the NACCO Materials Handling
Group, Inc. Profit Sharing Plan or any successor thereto, as in effect from time
to time.

     Section 2.15. Targeted UK Pension Benefit . With respect to the
Participant, the Targeted UK Pension Benefit shall mean an amount payable to the
Participant in British Pounds Sterling equal to the annual benefit which would
have been paid to the Participant under the UK Pension Plan if the Participant
had continued to participate in the UK Pension Plan until December 31, 2005,
taking into account the Participant's service with the US members of the
Controlled Group and all Compensation which would otherwise satisfy the
definition of pensionable earnings under the UK Pension Plan (converted to UK
equivalent earnings) through such date. As applied to a Beneficiary, if the
Participant dies after December 31, 2005 but before terminating employment with
all members of the Controlled Group, the Targeted UK Pension Benefit payable to
the Beneficiary shall be calculated as if the Participant had died while an
active member of the UK Pension Plan (taking into account service projected to
the normal retirement date under such plan, but Compensation through December
31, 2005); provided, however, that the Beneficiary shall not be entitled to
receive the death in service lump sum benefit that would otherwise have been
payable with respect to the UK Pension Plan. Furthermore, if the Participant
dies after December 31, 2005 and after commencing payment of his Excess Pension
Benefit hereunder, the Targeted UK Pension Benefit payable to a Beneficiary
shall be calculated in accordance with the survivor benefit provisions of the UK
Pension Plan (i.e., a 50% survivor benefit and, if the Participant should die
within 5 year of his retirement date, an additional benefit calculated based on
the benefits that would have been paid to the Participant for the remainder of
the 5 year period but for his death).

     Section 2.16. Termination of Employment shall mean a separation of service
as defined under Code Section 409A (and the regulations and other guidance
issued thereunder).

<PAGE>

                                                                               4

     Section 2.17. UK Pension Plan: shall mean the NMHG UK Retirement Plan, as
in effect from time to time.

     Section 2.18. Unfunded Plan shall mean the NACCO Materials Handling Group,
Inc. Unfunded Benefit Plan, or any successor thereto, as in effect from time to
time.

     Section 2.19. US Retirement Benefits shall mean the sum of (a) the "Deemed
401(k)/Matching Contributions" (as defined in the next sentence) and (b) the
actual Profit Sharing Contributions and Excess Profit Sharing Contributions
which are allocated to the Participant's accounts under the Profit Sharing Plan
and the Unfunded Plan, in both cases, for periods on and after the Effective
Date, increased at an assumed investment return rate of 6% per year until
termination of employment. For purposes of the Plan, the Deemed 401(k)/Matching
Contributions shall be the amounts that would be allocated to the Participant's
accounts under the Profit Sharing Plan and Unfunded Plan if the Participant
elected to make Before-Tax Contributions and Excess 401(k) Benefits from his
Compensation in an amount equal to the amount needed to obtain the maximum
amount of Matching Contributions (and Excess Matching Benefits) under such
plans, as in effect from time to time. In furtherance of, but without limiting
the foregoing, as of the Effective Date, the Deemed 401(k)/Matching
Contributions shall be calculated assuming that the Participant annually
deferred 7% of Compensation and received a combined Matching Employer
Contribution/Excess Matching Benefit equal to 3% of Compensation.

     Section 2.20. Valuation Date shall mean the last day of each Plan Year and
any other date chosen by the Plan Administrator.

                      ARTICLE III - EXCESS PENSION BENEFITS

     Section 3.1. Excess Pension Benefits.

          (a) Amount . Subject to the provisions of Sections 6.6, 6.7 and 7.5
hereof, the Excess Pension Benefit shall initially be calculated as an annual
retirement benefit equal to the difference between:

          (i)  The Targeted UK Pension Benefit reduced by the Actual UK Pension
               Benefit; and

          (ii) The US Retirement Benefits, converted (1) to British Pounds
               Sterling and (2) to an annuity using a 6% interest rate and the
               1983 Group Annuity Mortality table.

     The annual Excess Pension Benefit so determined shall be divided by twelve
     (12) to determine the monthly Excess Pension Benefit payable hereunder.

     Benefit Freeze. Notwithstanding any provision of the Plan to the contrary,
     all Excess Pension Benefits under the Plan shall be frozen as of December
     31, 2005. In furtherance thereof, but without limiting the foregoing, a
     Participant shall not receive credit under this Plan for any service or
     compensation that is earned after December 31, 2005 (except for projected
     service required under the survivor benefit provisions of the UK Pension

<PAGE>

                                                                               5

     Plan if the Participant dies prior to his termination of employment with
     the Controlled Group, as specified in Section 2.15 hereof).

          (b) Time and Form of Payment.

          (i) In General. The monthly Excess Pension Benefit shall be paid to
the Participant (or his Beneficiary, in the event of his death) in the form of
monthly annuity payments for the life of the Participant (or Beneficiary, as
applicable), with the first payment thereof commencing on the first day of the
second month after the Participant's termination of employment with the
Controlled Group. Notwithstanding the foregoing, in the event that the
Participant is a Key Employee, payment of the Non-Grandfathered portion of his
Excess Pension Benefit will be delayed for a period of six months following the
Participant's Termination of Employment (for any reason other than death), at
which time a single "make up" payment shall be issued.

          (ii) Optional Lump Sum Payment For Grandfathered Excess Pension
Benefits Subject to 10% Penalty. Notwithstanding the foregoing, the Participant
(or Beneficiary, if applicable), shall be permitted to elect an immediate lump
sum payment of the present value of the Grandfathered Excess Pension Benefits,
at any time following the Participant's termination of employment with the
Controlled Group. The amount of such lump sum payment shall be equal to the
present value of the Grandfathered Excess Pension Benefits, calculated using a
6% interest rate and the 1983 Group Annuity Mortality Table, less 10%. Such
payment shall be made as soon as practicable after such withdrawal request is
processed by the Employer and shall fully discharge the Employer for any and all
liabilities hereunder to the Participant and his Beneficiary.

          (iii) Small Benefits. Notwithstanding the foregoing payment
provisions, in the event that the present value of a Participant's (or
Beneficiary's) Excess Pension Benefit (calculated using the assumptions
contained in (ii) above) does not exceed $50,000 on the date of the
Participant's termination of employment with the Controlled Group, such Benefit
shall automatically be paid in a single lump sum payment as soon as practicable
following the date of the Participant's termination of employment with the
Controlled Group. Notwithstanding the foregoing, in the event that the
Participant is a Key Employee, payment of the Non-Grandfathered portion of his
Excess Pension Benefit will be delayed for a period of six months following the
Participant's Termination of Employment (for any reason other than death), at
which time a single "make up" payment shall be issued.

          (iv) Other Acceleration of Payment. Notwithstanding the foregoing
payment provisions, in the event that the Plan (or a portion thereof) fails to
satisfy the requirements of Code Section 409A, the payment of Benefits under the
Plan may be accelerated; 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.

<PAGE>

                                                                               6

                              ARTICLE IV - VESTING

     Section 4.1. Vesting. A Participant shall always be 100% vested in his
Excess Pension Benefits hereunder. Notwithstanding the foregoing, while
Participants are always 100% vested in their Excess Pension Benefits hereunder,
this does not give rise to any right or entitlement (whether legal, equitable or
otherwise) to payment or distribution otherwise than in accordance with Article
III of the Plan.

                            ARTICLE V - MISCELLANEOUS

     Section 5.1. Liability of Employers. Nothing in this Plan shall constitute
the creation of a trust or other fiduciary relationship between an Employer and
any Participant, Beneficiary or any other person.

     Section 5.2. Limitation on Rights of Participants and Beneficiaries - No
Lien.

          (a) This Plan is designed to be an unfunded, nonqualified plan.
Nothing contained herein shall be deemed to create a trust or lien in favor of
any Participant or Beneficiary on any assets of an Employer. The Employers shall
have no obligation to purchase any assets that do not remain subject to the
claims of the creditors of the Employers for use in connection with the Plan. No
Participant or Beneficiary or any other person shall have any preferred claim
on, or any beneficial ownership interest in, any assets of the Employers prior
to the time that such assets are paid to the Participant or Beneficiary as
provided herein. In the event of the Insolvency of an Employer, each Participant
and Beneficiary shall have the status of a general unsecured creditor of his
Employer. Any liabilities on the books of the Employers are purely notional.
They do not give the Participant any right or entitlement (whether legal,
equitable or otherwise) to any particular assets held for the purposes of the
Plan or otherwise.

          (b) An 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.

     Section 5.3. No Guarantee of Employment. Nothing in this Plan shall be
construed as guaranteeing future employment to Participants. A Participant
continues to be an Employee of an Employer solely at the will of such Employer
subject to discharge at any time, with or without cause.

     Section 5.4. 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 Plan Administrator 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 Plan
Administrator 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 Employers from all liability
with respect to such Benefit.

<PAGE>

                                                                               7

     Section 5.5. Assignment.

          (a) Subject to Subsection (b), no right or interest under this Plan of
any Participant or Beneficiary shall be assignable or transferable in any manner
or be subject to alienation, anticipation, sale, pledge, encumbrance or other
legal process or in any manner be liable for or subject to the debts or
liabilities of the Participant or Beneficiary.

          (b) Notwithstanding the foregoing, the Plan Administrator shall honor
a judgment, order or decree from a state domestic relations court which requires
the payment of all or a part of a Participant's or Beneficiary's vested interest
under this Plan to an "alternate payee" as defined in Code Section 414(p).

     Section 5.6. Severability. If any provision of this Plan or the application
thereof to any circumstance(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 5.7. Effect on other Benefits. Benefits payable to or with respect
to a Participant under the Profit Sharing Plan or any other Employer sponsored
(qualified or nonqualified) plan, if any, are in addition to those provided
under this Plan. In addition, the Excess Pension Benefits provided hereunder
shall not be taken into account for any purpose under any other Employer
sponsored plan.

     Section 5.8. Taxes. Benefits payable under the Plan shall be reduced by all
applicable income and employment taxes.

                       ARTICLE VI - ADMINISTRATION OF PLAN

     Section 6.1. Administration.

          (a) In general. The Plan shall be administered by the Plan
Administrator. The Plan Administrator shall have discretion to interpret where
necessary all provisions of the Plan (including, without limitation, by
supplying omissions from, correcting deficiencies in, or resolving
inconsistencies or ambiguities in, the language of the Plan), to make factual
findings with respect to any issue arising under the Plan, to determine the
rights and status under the Plan of Participants or other persons, to resolve
questions (including factual questions) or disputes arising under the Plan and
to make any determinations with respect to the Benefits payable under the Plan
and the persons entitled thereto as may be necessary for the purposes of the
Plan. Without limiting the generality of the foregoing, the Plan Administrator
is hereby granted the authority (i) to determine whether a particular employee
is a Participant, and (ii) to determine if a person is entitled to Benefits
hereunder and, if so, the amount and duration of such Benefits. The Plan
Administrator's determination of the rights of any person hereunder shall be
final and binding on all persons, subject only to the provisions of Sections 6.3
and 6.4 hereof.

          (b) Delegation of Duties. The Plan Administrator may delegate any of
its administrative duties, including, without limitation, duties with respect to
the processing, review, investigation, approval and payment of Benefits, to a
named administrator or administrators.

<PAGE>

                                                                               8

     Section 6.2. Regulations. The Plan Administrator shall promulgate any rules
and regulations it deems necessary in order to carry out the purposes of the
Plan or to interpret the provisions of the Plan; provided, however, that no
rule, regulation or interpretation shall be contrary to the provisions of the
Plan. The rules, regulations and interpretations made by the Plan Administrator
shall, subject only to the provisions of Sections 6.3 and 6.4 hereof, be final
and binding on all persons.

     Section 6.3. Claims Procedures. The Plan Administrator shall determine the
rights of a person to any Benefits hereunder. Any person who believes that he
has not received the Benefits to which he is entitled under the Plan may file a
claim in writing with the Plan Administrator. The Plan Administrator shall, no
later than 90 days after the receipt of a claim (plus an additional period of 90
days if required for processing, provided that notice of the extension of time
is given to the claimant within the first 90 day period), either allow or deny
the claim in writing. If a claimant does not receive written notice of the Plan
Administrator's decision on his claim within the above-mentioned period, the
claim shall be deemed to have been denied in full.

     A denial of a claim by the Plan Administrator, wholly or partially, shall
     be written in a manner calculated to be understood by the claimant and
     shall include:

          (a)  the specific reasons for the denial;

          (b)  specific reference to pertinent Plan provisions on which the
               denial is based;

          (c)  a description of any additional material or information necessary
               for the claimant to perfect the claim and an explanation of why
               such material or information is necessary; and

          (d)  an explanation of the claim review procedure.

     A claimant whose claim is denied (or his duly authorized representative)
     may within 60 days after receipt of denial of a claim file with the Plan
     Administrator a written request for a review of such claim. If the claimant
     does not file a request for review of his claim within such 60-day period,
     the claimant shall be deemed to have acquiesced in the original decision of
     the Plan Administrator on his claim. If such an appeal is so filed within
     such 60 day period, the Company (or its delegate) shall conduct a full and
     fair review of such claim. During such review, the claimant shall be given
     the opportunity to review documents that are pertinent to his claim and to
     submit issues and comments in writing. For this purpose, the Company (or
     its delegate) shall have the same power to interpret the Plan and make
     findings of fact thereunder as is given to the Plan Administrator under
     Section 6.1(a) above.

     The Company shall mail or deliver to the claimant a written decision on the
     matter based on the facts and the pertinent provisions of the Plan within
     60 days after the receipt of the request for review (unless special
     circumstances require an extension of up to 60 additional days, in which
     case written notice of such extension shall be given to the claimant prior
     to the commencement of such extension). Such decision shall be written in a
     manner calculated to be understood by the claimant, shall state the
     specific reasons for the decision and the specific Plan provisions on which
     the decision was based and

<PAGE>

                                                                               9

     shall, to the extent permitted by law, be final and binding on all
     interested persons. Such a decision shall include statements that (i) the
     claimant is entitled to receive, upon request and free of charge,
     reasonable access to, and copies of, all documents, records and other
     information relevant to the claimant's claim for benefits and (ii) a
     statement of the claimant's right to bring an action under Section 502(a)
     of ERISA.

     Section 6.4. Revocability of Plan Administrator/Company Action. Any action
taken by the Plan Administrator or the Company with respect to the rights or
benefits under the Plan of any person shall be revocable by the Plan
Administrator or the Company as to payments not yet made to such person. In
addition, acceptance of any Benefits under the Plan constitutes acceptance of
and agreement to the Plan Administrator's or the Company's making any
appropriate adjustments in future payments to any person (or to recover from
such person) any excess payment or underpayment previously made to him.

     Section 6.5. Amendment. The Company may at any time (without the consent of
any Employer) amend any or all of the provisions of this Plan, except that no
such amendment may reduce or adversely affect any Participant's vested Benefit
as of the date of such amendment without the prior written consent of the
affected Participant Any amendment shall be (1) subject to the approval or
ratification of The NACCO Industries, Inc. Benefits Committee and (2) in the
form of a written instrument executed by an officer of the Company. Subject to
the foregoing provisions of this Section, such amendment shall become effective
as of the date specified in such instrument or, if no such date is specified, on
the date of its execution.

     Section 6.6. Termination.

          (a) The Company (without the consent of any Employer), in its sole
discretion, may terminate this Plan at any time and for any reason whatsoever,
except that, subject to Subsection (b) hereof, no such termination may reduce or
adversely affect any Participant's vested Benefit as of the date of such
termination without the prior written consent of the affected Participant. Any
such termination shall be expressed in the form of a written instrument executed
by an officer of the Company on the order of the Compensation Committee of the
Board of Directors of the Company. Subject to the foregoing provisions of this
Section, such termination shall become effective as of the date specified in
such instrument or, if no such date is specified, on the date of its execution.
Written notice of any termination shall be given to the Participants as soon as
practicable after the instrument is executed.

          (b) Notwithstanding anything in the Plan to the contrary, in the event
of a termination of the Plan (or any portion thereof), the Company, in its sole
and absolute discretion, shall have the right to change the time and form of
distribution of Participants' Excess Pension Benefits, including requiring that
all such Benefits be immediately distributed in the form of lump sum payments
(calculated using the assumptions specified in Section 3.1(b)(ii)); to the
extent permitted by Code Section 409A. In the event that the Company exercises
its rights under this Subsection and pays Benefits to a Participant in the form
of a single lump sum, then the Participant shall also be entitled to receive a
"tax gross up payment" equal to the sum of (i) the difference between the
"Taxes" (as such term is defined in the following sentence) which the
Participant actually pays on such lump sum payment and the Taxes which would
have been paid by the Participant had the Benefits been paid in the normal form
of payment hereunder and (ii)

<PAGE>

                                                                              10

all Taxes incurred by the Participant as a result of the receipt of this tax
gross up payment. For purposes of this Section, the terms "Taxes" means the
incremental Federal, state, local and foreign income, excise and other taxes
payable by the Participant with respect to the Benefits (and/or the tax gross up
payment, as applicable). The Company shall be solely responsible for the
calculation of the amount of the tax gross up payment and shall notify the
Participant of the amount thereof. The tax gross up payment (if any) shall be
paid at the same time as the lump sum payment of the Benefits hereunder.

       ARTICLE VII - ADOPTION BY OTHER EMPLOYERS, TRANSFERS AND GUARANTEES

     Section 7.1. In general.

          The provisions of this Article shall apply notwithstanding any other
provision of the Plan to the contrary.

     Section 7.2. Adoption of Plan by other Employers/Withdrawal.

          (a) Any Controlled Group Member may adopt the Plan with the written
consent of the Company (on the authorization of the NACCO Industries, Inc.
Benefits Committee). Any such adopting employer must (i) execute an instrument
evidencing such adoption and (ii) file a copy of such Instrument with the Plan
Administrator. Such adoption may be subject to such terms and conditions as the
Company requires or approves. By this adoption of the Plan, Employers other than
the Company shall be deemed to authorize the Company to take any actions within
the authority of the Company under the terms of the Plan.

          (b) Notwithstanding the foregoing, in the case of any Employer that
adopts the Plan and thereafter (i) ceases to exist, (ii) ceases to be a
Controlled Group Member or (iii) withdraws or is eliminated from the Plan, it
shall not thereafter be considered an Employer hereunder.

          (c) Any Employer (other than the Company) which adopts this Plan may
elect separately to withdraw from the Plan and such withdrawal shall constitute
a termination of the Plan as to it; provided, however, that (i) such terminating
Employer shall continue to be an Employer for the purposes hereof as to
Participants or Beneficiaries to whom it owes obligations hereunder, and (ii)
such termination shall be subject to the limitations and other conditions
described in Section 6.6, treating the Employer as if it were the Company.

     Section 7.3. Expenses. The expenses of administering the Plan shall be paid
by the Employers, as directed by the Company.

     Section 7.4. Liability for Payment/Transfers of Employment Within U.S.

          (a) Subject to the provisions of Subsections (b) and (c) hereof, each
Employer shall be liable for the payment of the Excess Pension Benefits which
are payable hereunder to or on behalf of its Employees.

<PAGE>

                                                                              11

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

          (i) Upon a transfer of employment, the liabilities accrued on the
          books of the prior Employer shall be frozen and the new Employer shall
          establish a liability on its books for future accruals.

          (ii) Upon distribution, each Employer shall be liable for the payment
          of its portion of the Excess Pension Benefits and each Employer shall
          (to the extent permitted by applicable law) receive an income tax
          deduction for the amount of those payments.

          (c) Notwithstanding the foregoing, in the event that NMHG Oregon, LLC
is unable or refuses to satisfy its obligations hereunder with respect to the
payment of Excess Pension Benefits to its Employees, the Company (unless it is
Insolvent) shall guarantee and be responsible for the payment thereof.

          EXECUTED, this 8th day of February, 2006.

                                        NACCO MATERIALS HANDLING GROUP, INC.

                                        By: /s/ Charles A. Bittenbender
                                            ------------------------------------
                                        Title: Assistant Secretary
                                               ---------------------------------

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