Document:

EX-10.3

 Exhibit 10.3 

 
 

 
 Plan Red 
 Relocation 
 Policy 

Effective: July, 2008 

 Contents 
  

					
	 Introduction
	  	 	3	  
		
	 Homeowner Policy Summary
	  	 	4	  
		
	 Renter Policy Summary
	  	 	6	  
		
	 Relocation Program Eligibility
	  	 	7	  
		
	 Conflict of Interest
	  	 	7	  
		
	 National Do Not Call List Authorization
	  	 	8	  
		
	 Relocation Repayment Agreement
	  	 	8	  
		
	 Sarbanes-Oxley Act
	  	 	8	  
		
	 Lump Sum Allowance
	  	 	8	  
		
	 Temporary Living
	  	 	9	  
		
	 Customized Web Site
	  	 	10	  
		
	 Travel Arrangements
	  	 	11	  
		
	 Selling Your Home
	  	 	12	  
		
	 Home Sale Assistance Eligibility
	  	 	12	  
		
	 Real Estate Agent Selection
	  	 	13	  
		
	 Marketing Assistance
	  	 	14	  
		
	 Guaranteed Buyout Option
	  	 	15	  
		
	 Appraisal Process
	  	 	16	  
		
	 Appraiser Selection Guide
	  	 	17	  
		
	 Home Sale Incentive
	  	 	17	  
		
	 Loss on Sale
	  	 	19	  
		
	 Disclosure
	  	 	19	  
		
	 Closing the Sale and Obtaining Your Equity
	  	 	19	  
		
	 Direct Reimbursement of Closing Costs
	  	 	20	  
		
	 Destination Assistance
	  	 	21	  
		
	 AIReS Connect
	  	 	21	  
		
	 Purchasing Your New Home
	  	 	22	  
		
	 Equity Advance
	  	 	22	  
		
	 New Home Closing Costs
	  	 	22	  
		
	 New Home Mortgage
	  	 	24	  
		
	 Family Transition Assistance
	  	 	24	  
		
	 Moving Your Household Goods
	  	 	25	  
		
	 Shipment
	  	 	25	  
		
	 Automobiles
	  	 	26	  
		
	 Storage
	  	 	26	  
		
	 Valuation Protection
	  	 	26	  
		
	 Tax Considerations
	  	 	27	  
		
	 Tax Table
	  	 	29	  
		
	 Attachment A- Relocation Repayment Agreement
	  	 	30	  
		
	 Attachment B-Broker Exclusion Clause
	  	 	33	  
		
	 Attachment C-National Do Not Call Authorization
	  	 	34	  

  

									
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 INTRODUCTION 
 Congratulations on your upcoming relocation with Dresser-Rand. This is an exciting time for you and your family. It is also a challenging time as you prepare for the change. 

Dresser-Rand wants the transition to be as smooth as possible. Therefore, we have prepared this relocation assistance guide for you and your family. This
is a tool designed to assist you through the relocation process. This program reimburses you or pays on your behalf, the eligible expenses associated with your relocation including travel, temporary living expenses, home sale expenses, new home
closing costs, and estimated federal, state and FICA taxes in the U.S. or provincial and revenue for Canada on expenses which are not tax deductible. 
 Throughout your relocation there are numerous personal, legal and tax issues to be considered. Making well informed decisions requires an understanding of Dresser-Rand’s relocation policy and your
role in the process. Please take the time to read this guide carefully. 
 Dresser-Rand has partnered with American International Relocation
Solutions, (AIReS), to assist you in coordinating your relocation within the United States and Canada. Upon receiving notification of your relocation, AIReS will assign a dedicated Program Manager who will be your primary point of contact throughout
your move. Your Program Manager will navigate you through every step of the relocation process and answer any questions. Your Program Manager will also outline the information you need to provide AIReS so that your needs can be responded to quickly
and appropriately. (See Attachment A for contact information.) 
 We encourage you to become fully involved in your move and to work closely
with the professionals who have been made available to you. The more actively that you participate and provide information, the more effectively your Program Manager and others can serve you. Planning your move with a clear understanding of the
policy will also help to avoid unpleasant surprises such as non-reimbursable costs. The most successful moves are those which are well planned. 

Should interpretation of the policy be required, the ultimate authority will be that of the Dresser-Rand policy committee. Settlement of disputes arising
from the provisions of this policy will be settled through arbitration. 
 Best wishes for a successful relocation!

  

									
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 HOMEOWNER POLICY SUMMARY 
  

			
	Benefit	  	 Description

	Eligibility	  	 •     Full time, regular employee, relocating at the Company’s request

	Web-site	  	 •     Customized web access for destination relocation assistance

		  	 •     Password provided by AIReS

	Lump Sum	  	 •     Lump sum payment equal to one month’s new annual base salary, minimum $9,000 and maximum
$15,000. Covers all Home Finding, Temporary Living Expenses, other than the actual housing expense, Return Trips Home during Temporary Living, the Final Family Move and Miscellaneous expenses

		  	 •     Payment is processed after initiation

		  	 •     Tax assisted in the U.S. and over $650 in Canada

	Home Sale Assistance	  	 •     Property eligibility requirement

		  	 •     Disclosure Requirement

		  	 •     90 day Mandatory Marketing Assistance

		  	 •     Amended Value Sale Incentive

		  	 •     Appraised Value Offer

		  	 •     Offer process starts after 30 days of marketing assistance and the offer can be accepted up
to 90 days from the date of the offer

	Loss on Sale	  	 •     Current employee only and must be following marketing assistance guidelines for
eligibility

		  	 •     Employee will receive loss differential based on the original purchase price minus sale price
(appraised value offer or amended value sale, whichever is higher) up to a maximum amount of $20,000

		  	 •     Capital improvements are not included in the calculation

		  	 •     Tax assisted

	Equity Advance	  	 •     Equity Loan-up to 90% of the employee’s home equity, based on the appraised value offer
unless classified as a “key” officer under Sarbanes-Oxley

		  	 •     Final Equity-Employee receives final equity upon acquisition or vacate date, whichever is
later

		  	 •     Employee is responsible for all financial payments on the home until acquisition or vacate
date, whichever is later

	Destination Assistance	  	 •     AIReS acts as the employee advocate and makes first contact with a real estate agent or
rental specialist based on housing needs in the destination

	Temporary Living	  	 •     Cost for housing direct billed to the Company

		  	 •     Temporary Living expenses for 60 days

	Home Purchase Closing	  	 •     For a homeowner in the departure location only

	Costs Assistance	  	 •     Reimbursement of actual, reasonable, and customary buyer’s closing costs including
typical inspections (general home inspection, termite, and/or radon)

		  	 •     Origination fees up to 1% of the mortgage amount

		  	 •     Discount points paid based on sliding interest rate scale (not automatically eligible for
reimbursement; based on current interest rate)

		  	 •     Tax assisted except for origination fees and discount points in the U.S. Not considered
income in Canada

	National Lender
Program	  	 •     Direct bill option in the U.S. through AIReS approved national lenders

	Family Transition
Assistance	  	 •     AIReS will refer family members to appropriate transition counseling
consultant

		  	 •     Up to $1,500 worth of services will directly billed to Company,
tax

  

									
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	Benefit	  	 Description

		  	 assisted in the U.S., not considered income in Canada

	Household Goods Move	  	 •     Packing, shipping, unloading, and debris pick-up

		  	 •     Partial unpack

		  	 •     $100,000 of valuation protection up to $5.00 per lb.

		  	 •     Storage in-transit for up to 60 days

		  	 •     Up to two automobiles shipped (by an open-air carrier) if the distance to the destination
location exceeds 400 miles/650 kilometres

	Tax Assistance	  	 •     Assistance for federal, state, provincial, local, and FICA (based on destination location)
determined using Dresser-Rand derived compensation only

 Please note: All currencies are in the employee’s pay currency, except insurance and area touring charges.

  

									
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 RENTER POLICY SUMMARY 
  

			
	Benefit	  	 Description

	Eligibility	  	 •     Full time, regular employee, relocating at the Company’s request

	Web-site	  	 •     Customized web access for destination relocation assistance

		  	 •     Password provided by AIReS

	Lump Sum	  	 •     Lump sum payment equal to one month’s new annual base salary, maximum $15,000. Covers
all Home Finding, Temporary Living Expenses, other than the actual housing expense, Return Trips Home during Temporary Living, the Final Family Move and Miscellaneous expenses

		  	 •     Payment is processed after initiation

		  	 •     Tax assisted in the U.S. Not considered income in Canada

	Lease Cancellation	  	 •     Up to the equivalent of two months’ former rent reimbursed for lease cancellation
penalties and/or duplicate rent

		  	 •     Tax assisted in the U.S. Not considered income in Canada

	Destination Assistance	  	 •     AIReS acts as the employee advocate and makes first contact with a real estate agent or
rental specialist based on housing needs in the destination

	Finder’s/Area Touring Fees	  	 •     Reimbursement of actual expenses to secure a lease in the destination location up to a
maximum amount equivalent to one month’s new rent

		  	 •     Up to $500 for Area touring, if required

		  	 •     Inclusion of a Transfer Clause in a new lease, should employee be relocated prior to the end
of his/her lease

		  	 •     Tax assisted in the U.S. Not considered income in Canada

	Temporary Living	  	 •     Cost for housing direct billed to the Company

		  	 •     Temporary Living expenses for 60 days

	Family Transition Assistance	  	 •     AIReS will refer family members to appropriate transition counseling
consultant

		  	 •     Up to $1,500 worth of services will directly billed to Company, tax assisted in the U.S. Not
considered income in Canada

	Household Goods Move	  	 •     Packing, shipping, unloading, and debris pick-up

		  	 •     Partial unpack

		  	 •     $100,000 of valuation protection up to $5.00 per lb.

		  	 •     Storage in-transit for up to 60 days

		  	 •     Up to two automobiles shipped (by an open-air carrier) if the distance to the destination
location exceeds 400 miles/650 kilometres

	Tax Assistance	  	 •     Assistance for federal, state, provincial, local, and FICA (based on destination location)
determined using Dresser-Rand derived compensation only

 Please note: All currencies are in the employee’s pay currency, except insurance and area touring charges.

  

									
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 RELOCATION PROGRAM ELIGIBILITY 

The Dresser-Rand relocation program is designed to facilitate a move that brings you substantially closer to your new work location within
North America. This policy is applicable to the employee, spouse/domestic partner and dependent children less than 21 years of age living with the employee. To be eligible for this relocation package, the following criteria must be met: 

 

	 	•	 	 You must be an exempt full-time employee within the US. or Canada 

 

	 	•	 	 The transfer must be company-initiated. 

  

	 	•	 	 The distance between the former residence and the new work location must be 50 miles greater than the distance between the former residence and the
former work location, per IRS guidelines in the United States or 40 kilometres in Canada according to the CCRA. 

  

	 	•	 	 In the United States, you must work full time at the new location for a minimum of thirty-nine (39) weeks within the first year after the
transfer. Per IRS rules, moves that fall outside of these guidelines are considered to be fully taxable. 

  

	 	•	 	 In the United States, all reimbursable relocation expenses must be incurred within one year from the effective date of your transfer or hire.

  

	 	•	 	 You must sign and return the Relocation Repayment Agreement to the AIReS Program Manager before any relocation benefits can be processed

 Transfers for the convenience of the employee are not eligible for relocation benefits. 

In the event that an additional member of your household is asked to relocate by Dresser-Rand, only one individual is eligible to receive
relocation benefits. This applies when a husband and wife or employee and domestic partner/significant other are both accepting new jobs and being relocated to the same location. 

Dresser-Rand reserves the right to end, suspend or amend the relocation policy. Further, Dresser-Rand retains ultimate discretionary
authority to interpret the provisions of this policy and to determine eligibility for benefits. Please understand that nothing in this policy constitutes a contract or guarantee of employment. 

Dresser-Rand recognizes that circumstances not specifically identified in this policy may arise. If a unique or special situation requires
an exception, modification or other action not expressly outlined within this policy, approval must be obtained in writing by Human Resources before any expense is incurred. 
 CONFLICT OF INTEREST 
 You and/or spouse, domestic partner, parents,
children and their spouses, domestic partner’s children and their spouses should not engage in any activity that might benefit you personally at the expense of the company, or that would be harmful to the company, without the express written
consent of the company. For example, 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	7	  
	

	  		  		  			

 finder’s fees, commissions from listing, selling or purchasing your residence, fees or
rebates from transporting your household goods or vehicles, lease of rental automobiles, bridge loans to enable you to purchase a residence, fees to family members or friends for baby-sitting and temporary lodging would be a conflict of interest.

 NATIONAL DO NOT CALL LIST AUTHORIZATION 
 You will be asked to sign an authorization allowing AIReS and related providers to contact you in the performance of services authorized on your behalf for matters specific to your relocation. 

RELOCATION REPAYMENT AGREEMENT 
 Moving an employee requires a substantial investment by Dresser-Rand. Therefore, if you voluntarily cancel your move, resign within two years of your effective hire or transfer date or are terminated for
gross misconduct, all relocation payments will cease and you will be required to repay a prorated portion of all the expenses incurred by Dresser-Rand for your relocation. 
 You must sign and return the Relocation Repayment Agreement (see Attachment B) to your AIReS Program Manager before any relocation benefits can be processed. 

SARBANES-OXLEY ACT 
 Due
to the Sarbanes-Oxley Act effective July 30, 2002, if you are classified as a Section 16b Executive Officer as set forth in the Proxy Statement filing submitted to the SEC, you may not be able to receive certain benefits in this program.
Please discuss this with the Director of Global Compensation if you think you may be classified as a 16b Executive Officer to avoid possible penalties and fines to the Company. 

  

									
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 LUMP SUM ALLOWANCE 
 You will be provided a Lump Sum Allowance which is intended to cover all expenses associated with: 
  

	 	•	 	 House Hunting Trip(s) 

  

	 	•	 	 Temporary Living Expenses, other than the actual housing expense which will be direct billed to Dresser-Rand 

 

	 	•	 	 Return Trips Home during Temporary Living 

  

	 	•	 	 Interim Living 

  

	 	•	 	 The Final Family Move when you and your family move to the new location. 

 

	 	•	 	 Pet Transportation 

  

	 	•	 	 Miscellaneous Expense Allowance 

 The funds are yours to spend for expenses incurred with your relocation. You may retain any portion of these funds not spent. Any shortfall of funds is to be covered by you at your expense. It is not
necessary to submit individual expenses; however, you are encouraged to save your receipts for your personal records and tax reporting purposes. Your AIReS Program Manager will advise you of the process necessary to request your Lump Sum upon
receipt of your signed repayment agreement. 
 The Lump Sum allowance is calculated based on one month’s new base salary
with a maximum of $15,000. The minimum allowance for Homeowners is $9,000. There is no minimum for renters. The lump sum payment is in the employee home country currency. 
 Will my Lump Sum Be Enough? 
 Your allowance should cover the expenses normally
associated with House Hunting, meals, incidental expenses and return trips home during Temporary Living and the Final Family Move. The lump sum is also to be used to cover expenses not covered by the program such as driver’s license(s),
registration fees and security or utility deposits and extended interim living. The Lump Sum is for you to spend for your relocation needs. It is not a “bonus” for accepting a transfer. However, depending on your requirements and
how you manage your spending you may have money left over to use for other things, 
 Suggestions for using a Lump Sum
Effectively. 
  

	 	•	 	 Plan the events carefully 

  

	 	•	 	 Develop a timeline 

  

	 	•	 	 Work with your AIReS Program Manager to coordinate your real estate needs efficiently in scheduling your home finding trip only after the value for
your current home has been determined. Become educated about the destination area and housing options by allowing your PM to coordinate listing, school and personal family needs information for you. 

 

	 	•	 	 Consider advance purchase airline tickets, with a Saturday night stay to reduce your cost. 

  

									
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 Intra-U.S.: This payment is considered taxable income and will be tax assisted. 

Intra-Canada: The allowance is taxable income and will be tax assisted when your earnings are updated. The first $650.00 of this allowance
is considered non-taxable when used for miscellaneous items as outlined in the CCRA T4130 document. You will be required to sign a form stating that you have incurred $650 of incidental expenses (no receipts are required). For further information,
please reference the section on Moving Expenses and non-accountable allowances in CCRA document T4130. 

http://www.cra-arc.gc.ca/E/pub/tg/t4130/t4130-05e.pdf 
 TEMPORARY LIVING 
 Temporary living is available should it be necessary for
you to live at your new location prior to moving your family, establishing a permanent residence, and/or you are unable to move into your home or apartment at the time of arrival at the new location. Your Program Manager will assist you in obtaining
suitable living facilities. 
 Authorization includes: 

 

	 	•	Up to 60 days of temporary living 

Temporary living coverage considers that you may be faced with expenses at both the old and new location. If you are not maintaining
expenses at the old location, temporary living expenses at the new location will not be covered. 
 Expenses associated with
Temporary living will come from your Lump Sum and include such items as: 
  

	 	•	Airfare 

  

	 	•	Mileage at the company standard rate if driving personal automobile 

  

	 	•	Meals 

  

	 	•	Car rental 

  

	 	•	Long distance phone calls 

  

	 	•	Set up charges for one telephone line and basic cable 

  

	 	•	Laundry 

  

	 	•	Parking 

  

	 	•	Etc. 

 Payment of Temporary
Living accommodations only will be coordinated by AIReS and will be reported as taxable income. Tax assistance will be provided. 

Temporary/Interim Living expenses are not taxable for moves within Canada. 

  

									
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 CUSTOMIZED WEB SITE 
 AIReS offers a customized and secure private Internet web site that provides you with instant access to real time data 24/7 to track the status of your relocation. To protect your confidential
information, the AIReS web site is a secure environment that requires a unique user ID and password for entry. 
 Your AIReS
Program Manager will provide you with your user ID and initial password. 
 Using the Dresser-Rand Relocation web site you will
be able to: 
  

	 	•	Access data regarding relocation expense payments, 

  

	 	•	Create a personalized moving timeline calendar, 

  

	 	•	Links to information that allows you to narrow your home finding search and provides destination area information, 

 

	 	•	Access to AIReS Connect that allows you to arrange for utilities and services in the destination area, 

 

	 	•	Access interactive timeline tools, planners, and mortgage calculators. 

 TRAVEL ARANGEMENTS 
 Dresser-Rand’s preferred travel provider is:

  

	 	American	Express Travel 

 Travel should be
coordinated through the company travel agency whenever possible. 
 Please Note: Corporate Travel can be used to book travel
arrangements for discounts, however, expenses are to be paid from the Lump Sum Allowance. Failure to have the expenses directly charged to you constitutes fraud and could be grounds for termination. 

  

									
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 SELLING YOUR HOME 
 Home Sale Assistance Eligibility 
 Home Sale Assistance is available for
your primary residence at the time of transfer. Assistance is limited to occupied single family dwellings, condominiums, or townhouses in North America. 
 Home Sale Assistance is not available for cooperative apartments, duplexes, mobile homes, property sold under a land contract or other deferred passage-of-title arrangements, seasonal residences, farms,
income producing properties, homes with excess acreage or additional lots, and properties that are zoned for agriculture. Properties where the employee is not in title and homes valued in excess of $1,000,000 will need prior Company approval.

 Dresser-Rand reserves the right not to provide Home Sale Assistance to any property that is deemed cost prohibitive due to any
of the following: 
  

	 	•	Severe marketability problems 

  

	 	•	Zoning or easement disputes 

  

	 	•	Hazardous substances (such as but not limited to: radon, asbestos, synthetic stucco, LP siding, methamphetamines or the by-products of a “meth” lab);

  

	 	•	Cooperative apartments, mobile homes; 

  

	 	•	Vacation/secondary homes; 

  

	 	•	Homes that cannot be financed by a lending institution or are uninsurable; 

 

	 	•	Homes uninhabitable or unmarketable due to the physical condition and/or homes that are structurally unsound; 

 

	 	•	Homes that do not qualify for standard insurance rates 

  

	 	•	Homes that do not comply with local building codes; 

  

	 	•	Homes that are partially completed or are under substantial renovation; 

  

	 	•	Investment or rental properties; 

  

	 	•	Properties with excessive acreage for the area (+5 acres); 

  

	 	•	Houseboats; and 

  

	 	•	Vacant lots appraised as contributory value only. 

 In the event your home is not eligible for Home Sale Assistance, you may be reimbursed for normal and reasonable selling costs associated with the sale of your property. Please refer to the section
entitled: “Direct Reimbursement of Closing Costs.” 

  

									
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 Real Estate Agent Selection 
 Dresser-Rand understands that getting the best price for your home is vital to a successful relocation. Selection of a knowledgeable real estate broker is very important. Dresser-Rand has arranged for
AIReS to provide you access to a network of the most qualified real estate agents available in your community who specialize in assisting relocating associates by participating in AIReS Broker/Agent Network Program. The AIReS Broker/Agent Network
has been specially trained to effectively market your home as well as address the needs that are unique to relocation. In addition to giving you access to the most qualified agents in your area, use of one of these agents may relieve you of any
pressure you may feel to use the services of a friend, relative or acquaintance in the real estate field. 
 AIReS will provide
you with a list of qualified agents in your area from which to choose. We recommend you interview several brokers from our list to assess their ability to effectively market your home. Please advise them that you are considering using their services
and have been referred by AIReS. 
 Do not sign a listing agreement until you have spoken with your Program Manager. Your selling
agent must be registered with AIReS. 
 Some of the questions you might ask them to help you in your selection process are:

  

	 	•	What locations and price ranges are you most active in? 

  

	 	•	How many homes similar to mine have you sold in the last 90 days? 

  

	 	•	How do you intend to market my home (number of open houses, how often and where will my home be advertised)? 

 

	 	•	What are the comparable home listings and sales you will or have used to arrive at your recommended list price? 

Should you decide to list with a broker outside the broker network you must contact your Program Manager first. AIReS will then interview
the realtor and verify that the agent is qualified. A registration form will be sent to the broker for signature and the listing process can begin. 
 Your listing agreement must include the Broker Exclusion Clause (See Attachment C). The exclusion clause protects you from having to pay a broker’s commission should you obtain a sale on your home
through the Buyer Value Option. If your listing realtor has any questions regarding the exclusion clause, please contact your Program Manager before signing the listing agreement. 

AIReS must sign the sale agreement in lieu of you, the seller. Do not sign any documents associated with the buyer’s offer to
purchase. 

  

									
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 Marketing Assistance 
 Dresser-Rand understands that getting the best price for your home is vital to a successful relocation. As such, Dresser-Rand has arranged for professional marketing assistance through AIReS’
Marketing Assistance Program. Your Program Manager will work in partnership with your listing agent to ensure that an effective marketing strategy on your home is always in place. 

You must participate in the Marketing Assistance Program for a minimum period of 90 days to obtain benefits under this policy. 

AIReS will provide you with a list of agents to choose from, and will order a Broker’s Market Analysis (BMA) from two realtors in
order to develop a recommended list price and a probable sale price for your home. The Broker’s Market Analyses will also be used by your Program Manager in discussing a marketing strategy for your home. You must list your home no higher than
105% of the average of the two BMA’s provided they are within a 5% variance of one-another. If they are not, a third BMA will be ordered by your AIReS PM and the two closest will serve as the “Suggested Sales Price”. 

The marketing strategy will include: 
  

	 	•	Suggestions on how to prepare your home for sale 

  

	 	•	A recommended listing price and anticipated sales price 

  

	 	•	Information on competing properties for sale and recently closed comparable homes 

 

	 	•	A designated buyer profile for your property 

  

	 	•	Creative home sale promotion ideas 

 Your Program Manager will monitor the entire listing effort, including a review of homes currently listed in your area and an evaluation of recently closed properties, to ensure that a realistic pricing
strategy is in place. Marketing Assistance also includes pro-active marketing-strategy calls, follow-up on buyer and Realtor feedback, follow-up on advertising and open house events. Your Program Manager will also make recommendations to adjust your
price, advertising, terms, or conditions accordingly. 
 Present all offers to your Program Manager for review, approval and
signature. Please include the following clause in any purchase agreement: “This offer is subject to the review and approval and signature of AIReS.” 
 During the sale approval process, your Program Manager will indicate any items that you have agreed to which may not be in your best interest or may not be reimbursable under the Dresser-Rand relocation
program. Once the sale has been approved, your Program Manager will work with you and your realtor to coordinate and manage the closing through AIReS. 

  

									
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 GUARANTEED BUYOUT OPTION AMENDED SALE PROGRAM 

The following are the key elements and procedures for the Guaranteed Buyout Option Program in order to meet the IRS requirements. (The
same procedure will be followed in Canada as the United States. While not a CCRA requirement, establishing two separate transactions meets certain local and provincial requirements and facilitates the process.): 

Any transferred employee offered the Home Sale/Marketing Assistance and Guaranteed Buyout Option/ Amended Sale Program and who lists his
or her home with a real estate agent must include a suitable exclusion clause (refer to the section entitled “Broker Exclusion Clause”) in the listing agreement whereby the listing agreement is terminated upon the sale of the home to
either the employer or the relocation company. This is also to protect you so you will not owe the broker a commission in case you do not find a buyer and choose to accept the Appraised Value Offer, or you find an outside buyer pursuant to the
Amended Sale program. 
 Under no circumstances should you accept a down payment from any potential buyer. 

Under no circumstances should you sign an offer presented by any potential buyer. 

You will need to enter into a binding contract (“Contract of Sale”) with AIReS once your buyer has completed all inspections,
and all issues pertaining to the inspections have been resolved. 
 After the execution of the Contract of Sale with AIReS and
after you have vacated the home, all of the burdens and benefits of ownership passes to AIReS. 
 The Contract of Sale between
you and AIReS is unconditional and not contingent on any event, including the potential buyer obtaining a mortgage commitment. 

Neither you, nor Dresser-Rand in the case of a relocation company transaction, exercise any discretion over the subsequent sale of the
home by the relocation services company. 
 AIReS enters into a separate listing agreement with the real estate broker to assist
with the resale of the property. 
 AIReS enters into a separate agreement to sell the home to the buyer. 

AIReS arranges for the transfer of title to the buyer. 
 The purchase price eventually paid by the buyer has no effect on the purchase price paid to you. 
 If the above procedures are followed, there will be no tax liability to you for costs reimbursed for the sale of your home. In the event you do not follow these procedures, Dresser-Rand may reimburse the
closing costs on the sale of your home, but this reimbursement will NOT be tax assisted/grossed up. These expenses are not considered income in Canada. 

  

									
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 Appraisal Process 
 Should your home remain unsold after 30 days of the mandatory 90-day Marketing Assistance period, AIReS will begin the appraisal process which will lead to a Guaranteed Buyout Option, (GBO). 

AIReS, on behalf of Dresser-Rand engages the services of professional appraisers to establish the appraised value of your home. Your
appraised value offer is determined as the average of two appraisals as long as they are within 5% of each other. If the two are not within 5% of each other, a third appraisal will be ordered. Once the third appraisal is received, the appraisals
will be calculated as follows: the two closest appraisals will be averaged and the furthest will not be included. Please note; your PM will order all appropriate inspections for your home simultaneously with the appraisal process. The Appraised
Value Offer will be subject to all inspections being completed and clear. Remember, inspection results must be disclosed to all potential purchasers. 
 AIReS will provide you with a list of appraisers in your area. You will have the option to choose two appraisers and an alternate off the list. 

To be eligible for the Appraised Value Offer, you must choose an appraiser that is approved by AIReS. If you would like to recommend an
appraiser, your PM will conduct an interview with the appraiser to determine their qualifications. If AIReS deems the appraiser to be qualified to conduct a current fair market appraisal utilizing the approved ERC Appraisal Forms, they will be added
to your selection list. 
 Once the Appraised Value is established, your PM will extend the Appraised Value Offer to you. You
must immediately reduce your listing price to within 105% of the Appraised Value Offer if your current listing price is higher, in order to remain eligible to accept the Appraised Value Offer. You will have ninety (90) days to make a decision
on the offer. During this time period it will be mandatory for you to market your home for a minimum of sixty (60) days using the Marketing Assistance Program. This program is designed to assist you in selling your home to an outside buyer and
close with the relocation company through the amended sale program. 
 Think of the Appraised Value Offer as you would an offer
from any other buyer. Although an independent appraisal process is used to decide how much to offer, the offer does not necessarily represent the highest (or lowest) amount other buyers would be willing to pay for your home. Rather, it should be
considered as a “fall back offer” to be accepted only after you have thoroughly marketed your home and have concluded that it is the highest offer you expect to receive within your 90 day offer period. 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	16	  
	

	  		  		  			

 Appraiser Selection Guide 
 The appraisers used by AIReS are professionals who recognize relocation appraising as a specialty and are committed to maintaining their independence, adhering to the highest standards of professional
ethics, and providing the best possible accuracy and highest level of service quality. Below is a list of questions that you may wish to address individually when selecting your appraisers. This will help you select an appraiser who is best suited
to your needs. 
 Experience 
  

	 	•	Have you appraised other homes in my area recently? 

  

	 	•	How long have you been an appraiser? 

  

	 	•	Is appraising your full-time profession or do you also engage in other facets of Real Estate? (i.e. Broker) 

Methodology 
  

	 	•	May I provide you with comparable sales and a list of capital improvements for my appraisal? 

 

	 	•	Will you need any information or documentation that I can assemble for you? 

 

	 	•	How do you obtain and verify the market data information that will be utilized in the appraisal? 

Timelines 
  

	 	•	How quickly will you submit data to the relocation services company? 

  

	 	•	If I select you as one of the appraisers, is there anything which would prevent you from completing this assignment on a timely basis? 

Home Sale Incentive 
 A
graduated home sale bonus will be paid on the net sales price of your home if you obtain a bona fide buyer within the first 90 days of the Marketing Assistance listing period to a maximum amount of $9,000. To be eligible for this incentive your must
follow the Marketing Assistance Program guidelines outlined above. The Home Sale Incentive is for those employees that locate and negotiate an acceptable outside offer. (The acceptance of the Guaranteed buyout does not qualify for payment of the
incentive.) The Home Sale Incentive is not eligible for gross up assistance. The incentive will be paid on the following schedule: 
  

					
	 Contract within first 30 days:
	  	 	3.0	% 
	 Contract within days 31-90:
	  	 	2.0	% 
	 Contract within days 91-120:
	  	 	1.0	% 

 In an effort to assist you in selling your home, Dresser-Rand will allow outside offers within 97% of the
Appraised Value Offer from AIReS. If your home sells between 97% and 100% of the appraised value, you will receive the appraised value price plus the incentive based on the schedule noted above. The sale must close with the contracted buyer for the
employee to be eligible for the incentive payment. 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	17	  
	

	  		  		  			

 EXAMPLES (Based on a sale within 31- 90 days): 

 

									
	 Amended Sale
	  	Example 1	 	 	Example 2	 
	 Suggested Sales Price
	  	$	100,000	  	 	$	100,000	  
	 Employee Generated Sale
	  	$	102,000	  	 	$	102,000	  
			
	 Buyer’s Closing Costs (concessions)
	  	 	N/A	  	 	$	1,000	  
	 Net Sales Price
	  	$	102,000	  	 	$	101,000	  
	 Home Sale Incentive
	  	$	2,040	  	 	$	2,020	  
		  	 	(2% x 102,000	) 	 	 	(2% x 101,000	) 
			
	 Amended Sale Prior To
 Appraisals
	  	Example 1	 	 	Example 2	 
	 Appraised Value Offer
	  	 	N/A	  	 	 	N/A	  
	 Employee Generated Sale
	  	$	102,000	  	 	$	102,000	  
			
	 Buyer’s Closing Costs (concessions)
	  	 	N/A	  	 	$	1,000	  
	 Net Sales Price
	  	$	102,000	  	 	$	101,000	  
	 Home Sale Incentive
	  	$	2,040	  	 	$	2,020	  
		  	 	(2% x 102,000	) 	 	 	(2% x 101,000	) 
			
	 Offer Below Appraised Value
	  	Example 1	 	 	Example 2	 
	 Appraised Value Offer
	  	$	100,000	  	 	$	100,000	  
	 Employee Generated Sale
	  	$	98,500	  	 	$	98,500	  
			
	 Buyer’s Closing Costs (concessions)
	  	 	N/A	  	 	$	1,500	  
	 Net Sales Price
	  	$	98,500	  	 	$	97,000	  
	 Home Sale Incentive
	  	$	2,040	  	 	$	2,020	  
		  	 	(2% x 102,000	) 	 	 	(2% x 101,000	) 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	18	  
	

	  		  		  			

 Loss on Sale 
 In a Company-initiated transfer, should your current home’s value be less than the original purchase price, Dresser-Rand will reimburse the you for any loss sustained, provided an independent third
party verifies the market situation. The reimbursement will be limited to ten percent (10%) of the current appraised value up to a maximum of $20,000 provided you have marketed and sold the home at a price approved by the Company. The loss on
sale benefit will be reduced by any home sale bonus due the employee. 
 This provision does not provide for reimbursement of
capital improvements made to the home or to a cooperative apartment. 
 Disclosure 

It is your responsibility as the homeowner to disclose the full condition of your property to AIReS, as well as to any potential buyers.
Failure to disclose may constitute at a minimum misrepresentation and, more likely, fraud that may result in your immediate termination. An AIReS Homeowner Disclosure Statement, and any applicable, mandatory state disclosure forms, will be included
in your initial package. Please complete these forms and return them to your AIReS Program Manager along with any other requested documents as soon as possible. 
  

	 	•	When you generate a sale, all inspections must be disclosed to the buyer. 

  

	 	•	If you do not disclose complete and accurate information that is subsequently discovered, you may be held responsible for all expenses involved in correcting the
defect(s) and any possible litigation. 

 Disclosure: It is the duty of the seller to make known to a buyer, the
condition of the property, particularly any defect that could affect its value, habitability, or desirability. 
 Closing the Sale And
Obtaining Your Equity 
 Once you have accepted the Guaranteed Buyout Option Offer or an Amended Value Sale Offer, AIReS will
assume responsibility of all mortgage payments, utilities, and maintenance as of the date of possession. Possession is defined as the day you contract or vacate, whichever is later. Before possession, all expenses will remain your responsibility.
Your Program Manager will identify and supply the necessary documents required to contract with AIReS. 
 Your equity will be
your Guaranteed Buyout Offer or Amended Value Offer minus your unpaid mortgage balance, tax pro-ration, costs of any repairs and all other liens against the property. 
 You will be relieved of the necessity of attending the closing, as all documents will be pre-signed and AIReS will coordinate the closing process. 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	19	  
	

	  		  		  			

 Direct Reimbursement Of Closing Costs 

You are eligible for Direct Reimbursement of Closing Costs should one of the following occur: 

 

	 	1.	You secure a bona fide purchaser for your property and elect not to close the home through AIReS. 

 

	 	2.	Your home is ineligible for the home sale program. 

 Should you elect not to close your home through AIReS, you will NOT receive tax assistance on the closing costs associated with the sale of your home. 

If your home is ineligible for the home sale program, a special determination will be made as to tax assistance. These expenses are not
considered income in Canada. 
 Under this option, you will be reimbursed for the realtor’s sales commission and other
typical and customary seller’s closing costs. Examples of reimbursable costs: 
  

	 	•	Real Estate Commission (prevailing rate for the area, not to exceed 6% 7% on the first $100,000 and 3% on the remainder in Canada) 

 

	 	•	Abstract of Title / Lenders Title Insurance 

  

	 	•	Required legal fees 

  

	 	•	Documentary Tax / Excise Stamps, Tax Certificates 

  

	 	•	State/Provincial local transfer taxes 

  

	 	•	Survey Expense 

  

	 	•	Inspection Fees as Required by Lender (termite, radon, etc.) 

  

	 	•	Escrow / Conveyance Fee 

  

	 	•	Local Statutory Costs 

  

	 	•	Notary Fees 

  

	 	•	Mortgage Recording or Discharge Fees 

  

	 	•	Prepayment Penalties: Up to a max of $5,000. This payment will be tax protected 

 

	 	•	Transfer Taxes 

  

	 	•	FHA/VA Fees 

 The following costs
are examples of items that will NOT be reimbursed: 
  

	 	•	Home Owner Warranties 

  

	 	•	Buyer Closing Costs 

  

	 	•	Origination/discount fees 

  

	 	•	Commissions to the Buyer (examples are: repair or decorating allowances, homeowner’s association or property tax credits) 

 

	 	•	Buyer Broker Fees 

  

	 	•	Contract Review Fees 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	20	  
	

	  		  		  			

 These lists are not all-inclusive. Questionable items should be addressed with your Program
Manager before the scheduled closing. 
 Reimbursement will be coordinated by AIReS upon receipt of documented selling expenses
(HUD statement) on the relocation expense report. Keep in mind that under the direct reimbursement of closing costs program, you will be required to attend the closing, and this reimbursement payment will be considered taxable income to you. Tax
assistance may be considered for homes that are ineligible for the home sale program, but this is subject to review by the Relocation Coordinator in Corporate Human Resources. 
 DESTINATION ASSISTANCE 
 Dresser-Rand understands that finding the right
home in the new location is vital to a successful relocation. Destination services provide access to finding a qualified real estate agent who will be able to assist with area counseling and provide specific information such as: 

 

	 	•	Types and price ranges of available rental housing or homes for sale 

  

	 	•	Town and neighborhood data 

  

	 	•	Property tax information 

  

	 	•	Commuting information 

  

	 	•	Education, medical, religious and other personal information 

 The Real Estate professionals in the AIReS Real Estate Network have been specially trained to address issues that are unique to relocation. 

Your AIReS Program manager will provide assistance to you and act as your advocate throughout your relocation. Should a need arise to
change agents or expand your search area, your AIReS Program Manager will coordinate the necessary arrangements on your behalf. 
 AIReS
CONNECT 
 To help you quickly arrange for home services in the United States, AIReS offers AIReS Connect. This is an
interactive website that allows you to set up various types of services for your new home. The service can reduce the amount of time spent waiting on the telephone. Instant connection for utilities and other home services are at your fingertips.
AIReS Connect automatically verifies your home address and provides a list of service providers from which you can choose to update the services you wish to receive. 
 AIReS Connect takes the work out of ordering essential home services and helps you quickly settle into your new home and neighborhood. You are able to spend less time and money ordering essential home
services such as local telephone, long distance service and change of address. You can compare service provider offerings in a simple “apples to apples” format. You can select your preferred providers and order services in minutes, 24
hours a day, seven days a week. Best of all, Service Providers participating in AIReS Connect agree to offer their Best Price Guarantee. 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	21	  
	

	  		  		  			

 PURCHASING YOUR NEW HOME 
 Equity Advance 
 The Equity Advance program is designed to provide you with
financial assistance in the purchase of a home in the new location prior to selling or closing on the home you own in the old location. Eligibility for this program requires the following: 

 

	 	•	 	 Your participation in the Marketing Assistance program, and 

 

	 	•	 	 Your acceptance of AIReS offer and the return of properly executed documents to AIReS (once an outside buyer has been identified, the price negotiated
and the offer deemed acceptable by AIReS) and 

  

	 	•	 	 Your use of the Equity Loan funds for the purpose of securing a home in the new location. 

The loan is based on 90% of the Guaranteed Offer, less all outstanding liens and encumbrances. The loan may not exceed the maximum
required for closing. A copy of the purchase contract on the new residence and a signed Promissory note in the amount of the loan are required. The funds will be made available a maximum of ten (10) days prior to the anticipated closing date of
the new residence. This equity loan must be repaid within ten (10) days after closing of the sale or assignment of the residence at the former work location. 
 New Home Closing Costs 
 There are numerous expenses associated with the
closing of a new home. Current homeowners may be reimbursed for certain reasonable and customary expenses incurred in the purchase of a new residence. 
 Closing costs are paid by Dresser-Rand for all eligible transferees if they are charges that the buyer is normally required to pay in order to close on a home. 

The following criteria must be met for reimbursement: 
  

	 	•	 	 You must have owned a home in the departure location to be eligible for assistance. Additionally, you must purchase a home in the destination location
within one year from the start of your job (commencement of salary) in the destination location. 

 Normal and
customary closing costs include but are not limited to reimbursement of actual, reasonable, and customary buyer’s closing costs as follows: 
  

	 	•	 	 Appraisal, credit report, lender application and survey fees, 

 

	 	•	 	 State/provincial and local transfer taxes and tax stamps (buyer’s portion), 

 

	 	•	 	 Processing and recording fees, 

  

	 	•	 	 Attorney’s fees, 

  

	 	•	 	 Title insurance and commitment charges (lender only), 

 

	 	•	 	 Closing agent or attorney fees, 

  

	 	•	 	 Lender inspections and flood zone certification fees, and 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	22	  
	

	  		  		  			

	 	•	 	 Typical property inspections; 

  

	 	•	 	 Reimbursement of actual, reasonable, and customary origination fees not to exceed 1% of the mortgage amount; 

 

	 	•	 	 Discount points paid based on the following scale using the Fannie Mae 30 year fixed rate mortgage based on a 60 day lock (FNMA 30/60) on the day you
lock your actual rate (The national lender will include; if you use another lender, you will need to obtain the FNMA rate from the Wall Street Journal Money Section): 

 

	 	•	 	 Below 7.0% – 0% 

  

	 	•	 	 7.0% to 8.0% – 0.5% 

  

	 	•	 	 8.01% to 9.0% – 1.0% 

  

	 	•	 	 9.01% to 10% – 1.5% 

  

	 	•	 	 10.01% and above 2.0% 

 Construction loan procurement expense and interest, as well as mortgage loan credit insurance, are not reimbursable. 
 Non-deductible home purchase expenses will be tax protected/grossed up for income tax purposes. Loan Origination and Discount points may be deducted on a Federal and sometimes the State level; therefore,
these items may not be grossed-up for tax purposes. 
 Expenses which are not eligible for payment or reimbursement include:

  

	 	•	 	 Down payment or deposit 

  

	 	•	 	 Property taxes 

  

	 	•	 	 Mortgage interest 

  

	 	•	 	 Hazard insurance (homeowners policy) 

  

	 	•	 	 Private mortgage insurance (PMI) 

  

	 	•	 	 Association fees/dues 

  

	 	•	 	 Repairs required by lender 

  

	 	•	 	 Any costs normally charged to the seller 

  

	 	•	 	 Any costs associated with a second mortgage or equity line of credit 

 

	 	•	 	 Duplicate lender fees or inspections other than those required by a lender to close on the loan 

 

	 	•	 	 Buyer Broker or agency administrative fees or commission 

 

	 	•	 	 Soil reports (geological surveys) 

  

	 	•	 	 Goods and Services Tax (GST) in Canada 

  

	 	•	 	 Improvement assessments by state/provincial, county or city taxing authorities 

 

	 	•	 	 Owner’s Title Policy unless required to pay by buyer by standard contract and not as a negotiated item 

Note: For U.S. Moves: A copy of the signed HUD1 Settlement Statement must be included with your expense report for reimbursement. . If
you use a non-AIReS designated lender, submit your HUD-1 Statement along with a Relocation Expense Report to AIReS for reimbursement once the home has closed. 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	23	  
	

	  		  		  			

 Purchase closing costs are considered taxable income in the U.S. and will be tax assisted.

 For Intra-Canada Moves: A copy of the Statement of Adjustments must be included with your expense report for reimbursement.

 Purchase closing costs are considered non-taxable income in Canada. 

Voluntary charges or those charges not required by the seller in the purchase of a new home are not eligible for payment or
reimbursement. 
 If you have any questions on what is normal and customary for your new area, please check with your Program
Manager. Reimbursement of these items will be coordinated by AIReS and will be considered taxable income. Tax assistance will be provided. 

New Home Mortgage 

Applying for a mortgage can be a time consuming process. To simplify the process, Dresser-Rand has established a relationship with
AIReS’ preferred mortgage lenders. 
 You are free to obtain your loan through the lender of your choice, however the
benefits of utilizing AIReS’ preferred lender are: 
  

	 	•	 	 Competitive rates for transferring employees 

  

	 	•	 	 Pre-approval prior to your house hunting trip 

  

	 	•	 	 Prompt mortgage approval and processing turn- around times 

 

	 	•	 	 Reduced documentation requirements 

  

	 	•	 	 Direct billing of eligible closing costs to AIReS, eliminating the need to provide cash at closing for all reimbursable costs

 In Canada, due to Canadian banking restrictions, direct billing is not available for home purchases, so
please plan accordingly. If you are a Canadian hire, you should port your mortgage when available since the Company will not reimburse you for any mortgage pre-payment penalties. 

In addition to delivering these benefits, these preferred lenders are very familiar with the benefits you are receiving under the
relocation guidelines of Dresser-Rand. Your Mortgage Consultant will help you analyze all aspects of your new mortgage. 
 Your
Program Manager will describe the program to you during your initial conversation. Your AIReS Program Manager will provide a list of preferred lenders to you. When contacting lenders, please be sure to identify yourself as an employee of
Dresser-Rand working with AIReS. 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	24	  
	

	  		  		  			

 FAMILY TRANSITION ASSISTANCE 
 Dresser-Rand recognizes the wide range of needs unique to each family during relocation. To assist you and your spouse/domestic partner and family in transitioning to the new location, Dresser-Rand offers
family transition services from a provider that specializes in this field. 
 Based on demonstrated need, assistance to your
spouse/domestic partner or qualified family members may be provided up to a maximum of $1,500. Receipts are required for the following benefits that may qualify for reimbursement: 

 

	 	•	 	 an assessment of skills, 

  

	 	•	 	 licensing requirements for professionals, 

  

	 	•	 	 networking strategies, 

  

	 	•	 	 resume production, 

  

	 	•	 	 interviewing techniques and follow-up. 

  

	 	•	 	 elder care issues 

  

	 	•	 	 child care issues 

 Contact your AIReS PM for additional information. Reimbursement for expenses associated with family transition assistance is considered income in the U.S. and tax assistance will be provided. This is not
considered income in Canada. 
 MOVING YOUR HOUSEHOLD GOODS 
 In anticipation of your forthcoming move, Dresser-Rand will pay to move your household and personal goods. AIReS has contracted with top quality, national van lines to provide this service to you.

 You will be given the name of the mover who is best suited to provide you with quality service based on your location.

 You should contact your Program Manager as early as possible to establish a preliminary schedule as household goods shipments
can take up to three weeks to book. Once a mover has been selected, a representative will be contacting you to arrange for a pre-move survey. This person will work with you in all subsequent scheduling of packing, moving and delivery. 

Shipment 
 The following
expenses and services are covered: 
  

	 	•	 	 Shipping, packing and partial unpacking of ordinary household goods and personal effects 

 

	 	•	 	 Disconnect and reconnect of normal household appliances 

 

	 	•	 	 One debris pick up 

 The following expenses and services are not covered: 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	25	  
	

	  		  		  			

	 	•	 	 Moving furnishings of secondary homes. 

  

	 	•	 	 Shipment of hazardous materials such as explosives, chemicals, flammable materials, firearms, garden chemicals. 

 

	 	•	 	 Shipment of firewood, lumber or other building materials. 

 

	 	•	 	 Shipment of livestock. 

  

	 	•	 	 Valuables such as jewelry, currency, dissertations or publishable papers, and other collectibles or items of extraordinary value.

  

	 	•	 	 Removal, disassembling or installation of carpeting, drapery rods, storage sheds or other permanent fixtures. 

 

	 	•	 	 Shipment of snowmobiles, boats over 14 feet, recreational vehicles and unusually heavy or cumbersome hobby materials 

 

	 	•	 	 Satellite dishes. 

  

	 	•	 	 Extra pickups or deliveries. 

  

	 	•	 	 Overtime charges (weekends and evening hours). 

  

	 	•	 	 Special packing or transportation of frozen foods, plants, wine collections or other perishables. 

 

	 	•	 	 Moving or shipping such items as trees, shrubs, construction materials, firewood, livestock and other animals such as pets.

  

	 	•	 	 Tips or other gifts to the moving company’s employees. 

 

	 	•	 	 Any services performed by the employee, dependents or relatives. 

 Automobiles 
 If the distance to the new location is less than 400 miles/650
kilometres, you may ship one (1) automobile. If the distance to the new location is 400 miles/650 kilometres or greater, you may ship up to two (2) automobiles. Insurance on such vehicles will be provided. 

Storage in Transit 
 If
your new home is not accessible for delivery of your household goods or if you are required to vacate your previous residence due to a buyer requiring immediate occupancy, temporary storage will be provided for a period not to exceed 60 days.
Delivery out of storage will be covered as well. If a partial shipment is made, you will be responsible for all expenses associated with additional shipments. 
 Valuation Protection 
 Valuation protection at full replacement value is
provided at $5 per pound, up to $100,000 for your personal property while in transit. The protection does not cover: bank accounts, bills, deeds, evidence of debt, currency, letters of credit, passports, airline or other tickets, securities,
bullion, precious stones, stamp or coin collections. Special arrangements should be made for these items. 
 Additional
insurance is at your expense. Consult your personal insurance policy representative for an explanation of coverage for items in transit, as well as coverage for vacant property at the former and/or new locations, if applicable. 

Please note: These expenses will be paid in the employee’s destination currency. 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	26	  
	

	  		  		  			

 TAX CONSIDERATIONS 
 In the United States: 
 Most reimbursed expenses and payments made under
this policy must be included in your gross income. Certain other expenses are excluded from your gross income as non-taxable fringe benefits. 
 Excludable Expenses 
 Expenses such as the transportation of household goods and
family in-transit moving expenses excluding meals are considered deductible and, therefore, will be excluded from your gross income under provisions of the Internal Revenue Code. These expense amounts will not be grossed-up since these expenses are
not considered income to you. 
 Deductible Expenses 
 Mortgage points and any payments made which are actually interest payments can be deducted by you. Although they will be reported as income to you, these amounts will not be grossed-up since you can
deduct interest on Schedule A of your tax return. 
 Gross-Up Policy 

The Company will pay the estimated federal, state and local taxes on your behalf in order to alleviate the tax burden associated with
non-deductible and non-excludable moving expense reimbursements. These gross-up payments will be calculated based on your Company gross income, standard deductions and personal exemptions. 

Year-End Information 
 At year-end, you will be furnished with a copy of an Employee Moving Tax Package by AIReS. This will provide an itemized list of all reimbursements, payments and allowances paid to you, or on your behalf
for expenses incurred in connection with your move. You are responsible for reporting taxable moving expense reimbursements on your tax return. 
 In Canada: 
 Taxable relocation payments or reimbursements made to you or on
your behalf will appear on your T4 in Canada for the year the payment was disbursed to you in compliance with Canada Customs and Revenue Agency (CCRA, formerly Revenue Canada) regulations. 

The tax treatment of all taxable expenses within this policy is stated in each benefit section. Tax gross-up calculations will be based
on income earned at Dresser-Rand No other income will be considered. Tax gross-up payments are paid directly to the taxing authority by Dresser-Rand 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	27	  
	

	  		  		  			

 Please note the following: 

It is imperative to keep records and receipts of all relocation expenses to manage your tax return filing process at year-end.

 An itemized Relocation Summary will be prepared and emailed to you in February in the year(s) following the delivery of
relocation benefits. 
 Neither Dresser-Rand nor AIReS will provide tax advice; however, consulting a professional tax advisor
independently and at your own cost is recommended. 
 For tax information, forms and publications, access the CCRA web site:
www.ccra-adrc.gc.ca or call 1-800 959-2221. 
 Once your relocation is complete, please ensure Dresser-Rand Payroll has accurate
information on your new location and withholding choices. Payroll change forms are located on the Payroll website: 
 Canada:
http://www.cra-arc.gc.ca/formspubs/forms/td1-e.html 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	28	  
	

	  		  		  			

 TAX TABLE 
  

									
	 Reimbursement
	  	Added to
W-2	  	 U.S. Taxable

Income

Per IRS
	  	Added to
T4	  	Canadian
Taxable
Income Per
CCRA
	 Closing Costs Old Home (paid directly to employee)
	  	Yes	  	Yes	  	No	  	No
					
	 Closing Costs Old Home (paid through GBO/BVO Program
	  	No	  	No	  	N/A	  	N/A
					
	 Final Move Expenses
	  	Yes – only
 meals
and
a portion of
 mileage
	  	 Partial-(meals and
 a portion of the
 mileage amount are

taxable)
	  	No	  	No
					
	 Home Finding Trip
	  	Yes	  	Yes	  	No	  	No
					
	 New Home Purchase Expenses
	  	Yes	  	Yes	  	No	  	No
					
	 Miscellaneous Allowance
	  	Yes	  	Yes	  	Yes
 Over $650
	  	Yes

The first $650
 is non-taxable

					
	 Lease Cancellation Fees
	  	Yes	  	Yes	  	No	  	No
					
	 Rental Finder’s Fees
	  	Yes	  	Yes	  	No	  	No
					
	 Shipment of Household Goods
	  	No	  	No	  	No	  	No
					
	 Storage of Household Goods — first 30 days
	  	No	  	No	  	No	  	No
					
	 Storage of Household Goods- days 31+
	  	Yes	  	Yes	  	No	  	No
					
	 Temporary Living/Duplicate Living Expenses
	  	Yes	  	Yes	  	No	  	No

 IRS Tax Information: www.irs.gov  

Publication 521 — Moving Expenses 

Publication 523 — Selling Your Home 
 CCRA Tax Information:www.ccra-adrc.gc.ca  
 1-800-959-2221

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	29	  
	

	  		  		  			

 Attachment A – Relocation Expense Reimbursement Agreement 

RELOCATION EXPENSE REIMBURSEMENT AGREEMENT 
  

									
	Employee Name:	 	              
	 		  	New Work Location:	 	              

  

									
	Job Assignment Title:	 	
                 
	 		  	Start Date of New Assignment:	  	  

 1. This Agreement effective this             day of
            , 200            (hereinafter “Effective Date”) is by and between
            (hereinafter “Employee”) and DRESSER-RAND COMPANY (hereinafter “DRESSER-RAND”). As of the Effective Date of this Agreement, DRESSER-RAND has agreed to incur
expenses or reimburse Employee for certain expenses for the purpose of relocating Employee and Employee’s eligible household members to a new DRESSER-RAND work location identified above. The relocation benefits being offered are described in
the Relocation Letter of Understanding, a copy of which is attached hereto for reference. 
 2. Employee confirms that neither they nor any
other household member is receiving relocation benefits from any other company or source. If so, Employee acknowledges and agrees that relocation benefits paid by DRESSER-RAND are subject to reduction in an amount equal to any relocation benefits
paid by another source. 
 3. If Employee voluntarily terminates employment with DRESSER-RAND for any reason or requests a transfer from the New
Work Location, then Employee agrees to repay DRESSER-RAND any and all relocation expenses, or payments made in lieu of relocation, incurred or reimbursed by DRESSER-RAND on the prorated basis described in 7 below. 

4. Likewise, if DRESSER-RAND terminates Employee’s employment for Cause (as defined below), then Employee agrees to repay DRESSER-RAND any and all
relocation expenses, or payments made in lieu of relocation, incurred or reimbursed by DRESSER-RAND on the same prorated basis described in 7 below. 
 5. For purposes of this Agreement, DRESSER-RAND shall have “Cause” to terminate Employee’s employment hereunder upon its determination that Employee engaged in unacceptable conduct such as:
1) having engaged in any act involving fraud, theft, misappropriation, dishonesty, insubordination or embezzlement, 2) committed intentional or negligent acts that impair the goodwill or business of DRESSER-RAND, and/or 3) failed to perform
employment duties in any material respect. 
 6. Nothing in this Agreement shall change Employee’s status as an “At-Will”
employee whose employment may be terminated for any reason at any time by either DRESSER-RAND or Employee. Nothing in this Agreement constitutes a contract or guarantee of employment for any specific term or limits either party’s right to
terminate the employment relationship. 
 7. EMPLOYEE’S PRORATED RELOCATION REPAYMENT SCHEDULE: 

Employee agrees that from the start date of the new assignment at the new location listed above and if a voluntary termination of
employment, a request for transfer out of the assignment location, or Employee’s employment is terminated for Cause occurs then with respect to the periods of times listed below: 

If employment is terminated within one year, per this Agreement, then Employee will repay 100% After more than one year, but less than
thirteen months, Employee will repay 90% 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	30	  
	

	  		  		  			

 After more than thirteen months, but less than fourteen months, Employee will repay 80%

 After more than fourteen months, but less than fifteen months, Employee will repay 70% 

After more than fifteen months, but less than sixteen months, Employee will repay 60% 

After more than sixteen months, but less than seventeen months, Employee will repay 50% 

After more than seventeen months, but less than eighteen months, Employee will repay 40% 

After more than eighteen months, but less than nineteen months, Employee will repay 30% 

After more than nineteen months, but less than twenty months, Employee will repay 25% 

After more than twenty months, but less than twenty-one months, Employee will repay 20% 

After more than twenty-one months, but less than twenty-two months, Employee will repay 15% 

After more than twenty-two months, but less than twenty-three months, Employee will repay 10% 

After more than twenty-three months, but less than twenty-four months, Employee will repay 5% 

8. If termination of employment occurs after twenty-four months after the start date of new assignment in the new location, Employee will not be required
to repay relocation expenses. 
 9. Any repayment required under this Agreement will be due and payable to DRESSER-RAND within thirty
(30) days of voluntary termination of employment, request for transfer out of the assignment location, or termination for Cause, or will be deducted from Employee’s final pay check(s) including, without limitation, deduction from salary,
commissions, bonuses, vacation or other paid leave, severance or separation pay, and expense reimbursements, up to the full amount of the reimbursement owed to DRESSER-RAND. If such paycheck deduction does not fully satisfy the amount of
reimbursement due, Employee agrees to immediately repay the remaining unpaid balance to DRESSER-RAND. Employee agrees that DRESSER-RAND may deduct part of his/her wages for any amount due under this Agreement. Employee further agrees that this
deduction will be for a lawful purpose. In addition, Employee agrees that signing this Agreement does hereby further constitute Employee’s irrevocable authorization to DRESSER-RAND to withhold any such sum from Employee as provided for in this
Agreement. Employee further agrees to fully pay and reimburse DRESSER-RAND for any attorneys’ fees and costs that DRESSER-RAND incurs in enforcing the terms of this Agreement. 
 10. The terms of this Agreement shall be governed by and interpreted in accordance with the laws of the State of Texas. This Agreement contains the entire agreement and understanding between Employee and
DRESSER-RAND with respect to the subject matter hereof and supersedes all prior understandings, arrangements, representations, warranties and agreements between the parties, whether oral or written, with respect to the same.This Agreement may only
be modified by a writing that is signed by each DRESSER-RAND’S duly authorized representative. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which shall constitute one and
the same instrument. Faxed and electronic copies shall be given the full force and effect as an original. 
 EMPLOYEE HEREBY EXPRESSLY
WARRANTS AND REPRESENTS THAT, BEFORE ENTERING INTO THIS AGREEMENT, THAT THEY HAVE READ, INFORMED THEMSELF OF AND UNDERSTAND ALL THE TERMS, CONTENTS, CONDITIONS AND EFFECTS OF ALL PROVISIONS 

AGREEMENT CONTINUED ON NEXT PAGE 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	31	  
	

	  		  		  			

 OF THIS AGREEMENT, THAT NO PROMISE OR REPRESENTATION OF ANY KIND HAS BEEN MADE, EXCEPT FOR THOSE
EXPRESSLY STATED IN THIS AGREEMENT AND THAT THEY ARE ENTERING INTO THIS AGREEMENT ON A KNOWING AND VOLUNTARY BASIS. 
 IN WITNESS
THEREOF, this Agreement is accepted and agreed to by Employee as of the Effective 
 Date first written above. 

Employee                        
                                         
        
 Name Printed:
                                         
                          
  

					
	STATE OF                         
	 	)	  	
		 	) SS:	  	
	COUNTY OF                     	 	)	  	

  
 On
this             day of             , 200            ,
before me personally appeared
                                        
    , to me known to be the person who executed the foregoing instrument and acknowledged that they executed the same in their representative capacity and as their own free act and deed. 

 

	
	  

	NOTARY PUBLIC
	
	
	 My Commission
Expires:                                     

	

 SEAL 

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	32	  
	

	  		  		  			

 Attachment B – Broker Exclusion Clause 
 This clause must be included in any listing agreement to protect you from having to pay a broker’s commission. 
 If your broker has any questions regarding including this clause in the listing, have your agent immediately contact your Program Manager. 
 Do not sign the listing agreement without the Exclusion Clause. 
 This addendum shall
override any conflicting clauses or statements in the Listing Agreement. 
 1. The real estate agent/broker expressly acknowledges and agrees
that the seller(s)/owner(s) hereby reserve the right: 
 (a) To sell the property to AIReS Services Corporation or any affiliate
of AIReS Services Corporation(AIReS) at any time, and in such event, this Listing Agreement is deemed cancelled with no obligation for payment of a commission or continuance of the listing thereafter; or(b) To turn over or assign any acceptable
written offer hereunder to AIReS for negotiation, completion and closing, with payment of commission being the obligation of AIReS. 
 (b) No commission or compensation shall be earned by, or be due and payable to, the real estate agent/ broker until a sale has been consummated, the deed delivered to the buyer(s), and the purchase price
delivered to the seller(s)/owner(s) or to AIReS. No monies above and beyond the percentage commission rate specified in the listing agreement will be paid to the real estate agent/broker for any reason. 

2. The real estate agent/broker agrees to provide AIReS, its designate such information with regard to any prospective buyer(s) as may be necessary for
AIReS to determine that an offer is bona fide; that the prospective buyer(s) can reasonably be expected to qualify for any mortgage or other loan required to consummate the purchase and sale; or that the prospective buyer(s) can perform any other
term or condition of any offer, counteroffer or prospective contract. 
  

	
	 Real Estate Agent/Broker Date

 

	 Seller Date

 

	 Seller Date

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	33	  
	

	  		  		  			

 Attachment C – National Do No Call List Authorization 

I/we understand and agree that AIReS and their supplier partners including but not limited to; real estate brokers/agents, appraisers, inspection
companies, van line companies, household goods suppliers and mortgage companies may contact us for the purpose of providing relocation services. AIReS and their service partners may contact us by mail, telephone, fax or e-mail solely as it relates
to the delivery of relocation services authorized on my/our behalf by Dresser-Rand. (Employer). 
 Signature:
                                     

Date:                      

  

									
		  	        Plan Red Relocation Policy        	  	Effective: March, 2007        	  	 	34EX-4.4

 EXHIBIT 4.4 

HYSTER-YALE MATERIALS HANDLING, INC. 
 SUPPLEMENTAL LONG-TERM EQUITY INCENTIVE PLAN DATED SEPTEMBER 28, 2012 
  

	1.	Purpose of the Plan 

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

	2.	Definitions 

  

	 	(a)	“Average Award Share Price.” Except as otherwise determined by the Committee for the 2012 and 2013 Award Years, the Average Award Share Price means the lesser
of (i) the average of the closing price per share of Class A Common Stock on the New York Stock Exchange on the Friday (or if Friday is not a trading day, the last trading day before such Friday) for each week during the calendar year
preceding the commencement of the Award Year (or such other previous calendar year as determined in advance by the Committee) or (ii) the average of the closing price per share of Class A Common Stock on the New York Stock Exchange on the
Friday (or if Friday is not a trading day, the last trading day before such Friday) for each week of the applicable Award Year. Notwithstanding the foregoing, in the event that an Award is paid fully in Award Shares, the Average Award Share Price
shall be equal to the average of the opening and closing price per share of the Class A Common Stock on the New York Stock Exchange on the date the Award is granted. 

 

	 	(b)	“Award” means an award paid to a Participant under this Plan for an Award Year (if any) in an amount determined by the Committee. The Committee shall allocate
the amount of an Award between the cash component, to be paid in cash, and the equity component, to be paid in Award Shares. 

  

	 	(c)	“Award Shares” means fully-paid, non-assessable shares of Class A Common Stock that are issued pursuant to, and with such restrictions as are imposed by,
the terms of this Plan. Such shares may be shares of original issuance or treasury shares or a combination of the foregoing and, in the discretion of the Company, may be issued as certificated or uncertificated shares. 

 

	 	(d)	“Award Year” means the calendar year on which an Award is based. 

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

 

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

  

	 	(g)	“Participant” means any person who is classified as a salaried employee of the Employers who, in the judgment of the Committee, contributed to the profits or
growth of the Employers during an Award Year. 

  

	 	(h)	“Retire” means a termination of employment that entitles the Participant to immediate commencement of his pension benefits under the NACCO Materials Handling
Group, Inc. Pension Plan for Non-Union Employees or, for Participants who are not members of such plan, a termination of employment after reaching age 60 with at least 15 years of service with one or more of the Employers. 

 

	 	(i)	“Rule 16b-3” means Rule 16b-3 promulgated under the Securities Exchange Act of 1934 (or any successor rule to the same effect), as in effect from
time to time. 

  

	3.	Administration 

 This Plan
shall be administered by the Committee. The Committee shall have complete authority to interpret all provisions of this Plan consistent with law, to prescribe the form of any instrument evidencing any Award granted under this Plan, to adopt, amend
and rescind general and special rules and regulations for its administration, and to make all other determinations necessary or advisable for the administration of this Plan. A majority of the Committee shall constitute a quorum, and the act of a
majority of members of the Committee present at any meeting at which a quorum is present, unless a greater number is required by law, the Company’s Certificate of Incorporation or its Bylaws, or acts unanimously approved in writing, shall be
the act of the Committee. All acts and decisions of the Committee with respect to any questions arising in connection with the administration and interpretation of this Plan, including the severability of any or all of the provisions hereof, shall
be conclusive, final and binding upon the Employers and all present and former Participants, all other employees of the Employers, and their respective descendants, successors and assigns. No member of the Committee shall be liable for any such act
or decision made in good faith. 
  

	4.	Eligibility 

 Each
Participant may be eligible to participate in this Plan and receive Awards in accordance with Section 5. 

  
 2 

	5.	Awards 

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

	 	(a)	 At any time during an Award Year, but no later than March 15th following each Award Year, the Committee shall determine whether any Awards will be granted hereunder to any
Participant and the amount thereof. When making such determination, the Committee shall take into account such factors as (i) individual performance and contributions towards various goals of the Employers, (ii) extraordinary results and
(iii) any extraordinary events. The Committee shall have the power to specify the allocation between the cash portion of the Award and the equity portion of the Award (if any). Notwithstanding the foregoing, no Award shall be payable under this
Plan to any Participant except as determined by the Committee. Each Award shall be fully paid prior to
March 15th of the year following the Award Year.

  

	 	(b)	The Committee may determine whether an Award shall be paid fully in Award Shares or partly in cash and partly in Award Shares. If an Award is to be paid fully in Award
Shares, the number of Award Shares shall be determined by the Committee in its sole discretion. If the Award is to be paid partly in cash and partly in Award Shares, the number of Award Shares to be issued to a Participant shall be based upon the
number of shares of Class A Common Stock that can be purchased with the equity portion of the Award at the Average Award Share Price. The Company shall pay any and all brokerage fees and commissions incurred in connection with the purchase by
the Company of shares which are to be issued as Award Shares and the transfer thereto to Participants. 

  

	 	(c)	Awards shall be paid subject to all withholdings and deductions pursuant to Section 6. Notwithstanding any other provision of this Plan, the maximum Award granted
to a Participant in a single calendar year under this Plan shall not exceed the greater of (i) $1,000,000 or (ii) the fair market value of 10,000 Award Shares. 

 

	 	(d)	Except as otherwise set forth in this Section, Award Shares shall not be sold, assigned, transferred, exchanged, pledged, hypothecated or encumbered (collectively, a
“Transfer”) by a Participant or any other person, voluntarily or involuntarily, other than a Transfer of Award Shares (i) by will or the laws of descent and distribution, (ii) pursuant to a domestic relations order meeting the
definition of a qualified domestic relations order under Section 206(d)(3)(B) of the Employee Retirement Income Security Act of 1974, as amended (“QDRO”) or (iii) to a trust for the benefit of a Participant or his spouse,
children or grandchildren (provided that Award Shares transferred to such trust shall continue to be Award Shares subject to the terms of this Plan). The Company shall not honor, and shall instruct the transfer agent not to honor, any attempted
Transfer and any attempted Transfer shall be invalid, other than Transfers described in clauses (i) through (iii) above. 

  
 3 

	 	(e)	Award Shares shall entitle such Participant to voting, dividend and other ownership rights. Each Award shall provide that a Transfer of the Award Shares shall be
prohibited or restricted in the manner and to the extent prescribed by the Committee at the date of payment for a period of ten years from the last day of the Award Year, or such other shorter or longer period as may be determined by the Committee
(in its sole and absolute discretion) from time to time. Notwithstanding the foregoing, such restrictions shall automatically lapse on the earliest of (i) the date the Participant dies or becomes permanently disabled, (ii) five years (or
earlier with the approval of the Committee) after the Participant Retires or (iii) a release of restrictions as determined by the Committee in its sole and absolute discretion (including, without limitation, a release caused by a termination of
this Plan). 

  

	 	(f)	The Company shall cause an appropriate legend to be placed on each certificate, or other applicable records with respect to uncertificated shares, for the Award Shares,
reflecting the foregoing restrictions. 

  

	 	(g)	Each payment of Award Shares shall be evidenced by an agreement executed on behalf of the Company by an authorized officer and delivered to and accepted by such
Participant. Each such agreement shall contain such terms and provisions, consistent with this Plan, as the Committee may approve, including, without limitation, prohibitions and restrictions regarding the Transfers of Award Shares. Following the
lapse of restrictions in accordance with this Section, the shares shall no longer be “Award Shares” and, at the Participant’s request, the Company shall take all such action as may be necessary to remove such restrictions from the
stock certificates, or other applicable records with respect to any uncertificated shares, representing the Award Shares, such that the resulting shares shall be fully paid, nonassessable and unrestricted by the terms of this Plan.

  

	6.	Withholding Taxes 

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

  

	7.	Amendment, Termination and Adjustments 

  

	 	(a)	 The Committee, subject to the approval of the Board of Directors of the Company, may alter or amend this Plan from time to time or terminate it in its
entirety; provided, however, that no such action shall, without the consent of a Participant, affect the rights in any Award Shares that were previously issued to a Participant under this Plan. Unless otherwise specified by the Committee, all

  
 4 

	 	
Award Shares that were issued prior to the termination of this Plan shall continue to be subject to the terms of this Plan following such termination; provided that the transfer restrictions on
such Award Shares shall lapse in accordance with Section 5. 

  

	 	(b)	Notwithstanding the provisions of Subsection (a) or Subsection (c), without further approval by the stockholders of the Company, no such action shall
(i) increase the maximum number of Award Shares to be issued under this Plan specified in Section 8 (except that adjustments and additions expressly authorized by this Section 7 shall not be limited by this clause (i)) or
(ii) cause Rule 16b-3 to become inapplicable to this Plan. 

  

	 	(c)	The Committee may make or provide for an adjustment (A) in the total number of Award Shares to be issued under this Plan specified in Section 8 or (B) to
the definition of Average Award Share Price as the Committee in its sole discretion, exercised in good faith, may determine is equitably required to reflect (i) any stock dividend, stock split, combination of shares, recapitalization or any
other change in the capital structure of the Company, (ii) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to
purchase securities, or (iii) any other corporate transaction or event having an effect similar to any of the foregoing (collectively, the “Extraordinary Events”). Any securities that are distributed in respect to Award Shares in
connection with any of the Extraordinary Events shall be deemed to be Award Shares and shall be subject to the transfer restrictions set forth herein to the same extent and for the same period as if such securities were the original Award Shares
with respect to which they were issued, unless such restrictions are waived or otherwise altered by the Committee. 

  

	8.	Award Shares Subject to Plan 

 Subject to adjustment as provided in this Plan, the total number of shares of Class A Common Stock that are available for issuance as Award Shares under this Plan shall be 100,000. 

 

	9.	Approval by Stockholders 

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

	10.	General Provisions 

  

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

  
 5 

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

 

	 	(c)	Miscellaneous. Headings are given to the sections of this Plan solely as a convenience to facilitate reference. Such headings, numbering and paragraphing shall
not in any case be deemed in any way material or relevant to the construction of this Plan or any provisions thereof. The use of the masculine gender shall also include within its meaning the feminine. The use of the singular shall also include
within its meaning the plural, and vice versa. 

  

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

  

	 	(e)	Non-transferability of Awards. Awards shall not be transferable by a Participant. Award Shares paid pursuant to an Award shall be transferable, subject to the
restrictions described in Section 5. 

  

	 	(f)	Section 409A of the Internal Revenue Code. This Plan is intended to be exempt from the requirements of Section 409A of the Internal Revenue Code of
1986, as amended, and applicable Treasury Regulations issued thereunder, and shall be administered in a manner that is consistent with such intent. 

  

	11.	Effective Date 

 This Plan
shall be effective as of, and contingent upon, the “Spin-Off Date,” as such term is defined in the 2012 Separation Agreement by and between NACCO Industries, Inc. and the Company. 

  
 6

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