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Exhibit 10(x)
AMENDMENT NO. 1
TO THE
RETIREMENT BENEFIT PLAN FOR
ALFRED M. RANKIN, JR.
(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 1994)
NACCO Industries, Inc. hereby adopts this Amendment No. 1 to
The Retirement Benefit Plan for Alfred M. Rankin, Jr. (the "Plan"). The
provisions of this Amendment shall be effective April 1, 1995. Words and
phrases used herein with initial capital letters which are defined in the Plan
are used herein as so defined.
Section 1
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Section 3.4 of the Plan is hereby amended in its entirety to
read as follows:
"SECTION 3.4. EARNINGS.
(a) DEFINITIONS. For purposes of this Section, the following
terms shall have the following meanings:
(i) "NET INCOME (BEFORE EXTRAORDINARY ITEMS)" is defined as
consolidated net income, as defined by general accepted accounting principles
("GAAP"), for NACCO Industries, Inc. and its subsidiaries for the subject year
before extraordinary items, but including any extraordinary items related to
refinancings (net of tax);
(ii) "AMORTIZATION OF GOODWILL" is defined as the
consolidated amortization expense related to the intangible asset goodwill for
NACCO Industries, Inc. and its subsidiaries for the subject year;
(iii) "WEIGHTED AVERAGE STOCKHOLDERS' EQUITY" is calculated
by adding the consolidated stockholders' equity for NACCO Industries, Inc., as
defined by GAAP, at the beginning of the subject year and the end of each month
of the subject year and dividing by thirteen;
(iv) "WEIGHTED AVERAGE ACCUMULATED AMORTIZATION OF GOODWILL"
is calculated by adding consolidated accumulated amortization of goodwill, as
defined by GAAP, at the beginning of the subject year and the end of each month
of the subject year and dividing by thirteen;
(v) "WEIGHTED AVERAGE UMWA ADJUSTMENT" is calculated by
adding the balance in the Obligation to United Mine Workers of America Combined
Benefit Fund, net of tax, for NACCO Industries, Inc. at the beginning of the
subject year and the end of each month of the subject year and dividing by
thirteen;
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(vi) "FIXED INCOME FUND" shall mean the Stable Asset Fund
under the Profit Sharing Plan or any equivalent fixed income fund under such
Plan that is designated by the NACCO Industries, Inc. Retirement Funds
Investment Committee as the successor to the Stable Asset Fund; and
(vii) "ADJUSTED ROE" shall mean the average return on equity
of the Employer calculated by the Employer for the applicable time period,
based on A divided by B, where:
A = Net Income (before extraordinary items) + Amortization of
Goodwill; and
B = Weighted Average (Stockholders' Equity + Accumulated
Amortization of Goodwill + UMWA Adjustment).
Adjusted ROE shall be determined at least annually by the Employer.
(b) WHILE ACTIVELY EMPLOYED. At the end of each calendar
month during a calendar year while the Participant is employed by an Employer
on December 31 of such year, the Account of the Participant shall be credited
with an amount determined by multiplying such Participant's average Account
balance during such month by the blended rate earned during such month by the
Fixed Income Fund. Notwithstanding the foregoing, in the event that the
Adjusted ROE determined for such calendar year exceeds the rate credited to the
Participant's Account under the preceding sentence, the Participant's Account
shall retroactively be credited with the difference between (i) the amount
determined under the preceding sentence, and (ii) the amount determined by
multiplying the Participant's average Account balance during each month of such
year by the Adjusted ROE determined for such year, compounded monthly.
(c) FOLLOWING TERMINATION. After the Participant has
terminated employment with the Controlled Group, his Account shall be credited
with earnings as described in subsection (b), until his Account has been
distributed in full in accordance with Article V. The Adjusted ROE calculation
described in the second sentence of subsection (b) shall be made during the
month in which the Participant terminates employment and shall be based on the
year-to-date Adjusted ROE for the month ending prior to the date the
Participant terminated employment, as calculated by the Employer. For any
subsequent month, the Adjusted ROE calculation described in the second sentence
of subsection (b) shall not apply. The Fixed Income Fund calculation described
in the first sentence of subsection (b) for the month in which the Participant
receives a distribution from his Account shall be based on the blended rate
earned during the preceding month by the Fixed Income Fund.
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(d) CHANGES IN EARNINGS ASSUMPTIONS. The Committee (as
defined in Section 6.4) may change the earnings rate credited on the
Participant's Account hereunder at any time upon at least 30 days advance
notice to the Participant."
Executed this 13th day of March, 1995.
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NACCO INDUSTRIES, INC.
By: Charles A. Bittenbender
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Title: Vice President
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