NACCO INDUSTRIES, INC. (NYSE:NC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 13, 2019, the Board of Directors of NACCO Industries, Inc. (the “Company”) approved and adopted the NACCO Industries, Inc. Short-Term Incentive Plan, effective as of March 1, 2019 (the “STIP”). The STIP amends and restates in its entirety the NACCO Industries, Inc. Annual Incentive Compensation Plan (the “Prior Plan”). The STIP continues to provide for the granting of short-term, performance-based cash award opportunities to employees of the Company and its wholly-owned subsidiaries who are in a position to help the Company meet its financial and business objectives. The Company’s named executive officers participate in the STIP.
The STIP amends and restates the Prior Plan to, among other matters:
|
remove certain terms, conditions, definitions and requirements relating to the qualified performance-based exception to Section 162(m) of the Internal Revenue Code of 1986, as amended, which exception is no longer available for new STIP awards due to 2017 tax reform legislation; |
|
revise the applicable retirement definition to now apply either after (1) age 65 or (2) age 60 with five years of service to the Company or its subsidiaries. |
The foregoing description of the STIP and its changes does not purport to be complete and is qualified in its entirety by the full text of the STIP, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
The following exhibit is filed herewith:
|
(d) Exhibits |
|
|
10.1 |
NACCO Industries, Inc. Short-Term Incentive Plan
|
NACCO INDUSTRIES INC Exhibit
EX-99 2 exhibit99-stipq119.htm EXHIBIT 99 Exhibit Exhibit 10.1 NACCO INDUSTRIES,…
To view the full exhibit click here
About NACCO INDUSTRIES, INC. (NYSE:NC)
NACCO Industries, Inc. is a holding company with principal businesses, including mining, small appliances and specialty retail. The Company operates through three segments: NACoal, HBB and KC. Its subsidiaries include The North American Coal Corporation (NACoal), Hamilton Beach Brands, Inc. (HBB) and Kitchen Collection (KC). Its NACoal segment mines coal for use in power generation and provides mining services for other natural resources companies. NACoal’s mining operations include Mississippi Lignite Mining Company and Centennial Natural Resources. Its HBB segment designs, markets and distributes a range of small electric household and specialty housewares appliances, including blenders, can openers, coffeemakers, food processors, indoor electric grills, irons, mixers, slow cookers, toasters and toaster ovens. Its KC is a national specialty retailer of kitchenware and gourmet foods operating under the Kitchen Collection and Le Gourmet Chef store names in outlets and malls.