NACCO Industries Inc. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
$NC
Coal Mining
Energy
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 8-K
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
NACCO Industries, Inc. Amended and Restated Long-Term Executive Compensation Plan
On March 1, 2026, the Board of Directors (the “Board”) of NACCO Industries, Inc.® (“NACCO”, the “Company”, “we”, “our” or “us”) adopted NACCO Industries, Inc.'s Amended and Restated Long-Term Executive Compensation Plan (the “Amended Long-Term Equity Plan”). Prior versions of the plan document were previously approved by stockholders, most recently in 2023 (“Current Plan”). The Amended Long-Term Equity Plan replaces the Current Plan.
In approving the Amended Long-Term Equity Plan, the Board made the following material changes, along with certain other immaterial and clarifying changes, to the Current Plan:
•Increase in Shares Available for Awards: Effective March 1, 2026, the number of Class A Common shares under the Amended Long-Term Equity Plan is 800,000.
•Extension of Plan Term: The Current Plan provides that no Award Shares may be issued or transferred under the Current Plan on or after March 1, 2033. The Amended Long-Term Equity Plan provides that no Award Shares may be issued or transferred under the Amended Long-Term Equity Plan on or after March 1, 2036.
The Amended Long-Term Equity Plan was effective March 1, 2026 but the issuance of Class A Common with respect to target awards granted for performance periods beginning on or after January 1, 2026 was subject to the approval of the plan by the stockholders of NACCO. The stockholders of NACCO approved the Amended Long-Term Equity Plan on May 15, 2026.
In general, the Amended Long-Term Equity Plan will be administered by the Compensation and Human Capital Committee of the Board (the "CHC Committee") and will enable the CHC Committee to provide awards to salaried employees of the Company and its wholly owned subsidiaries on a U.S. payroll who, in the judgment of the CHC Committee, occupy executive positions in which their efforts may contribute to the interests of the Company.
As of March 4, 2026, 96 employees (out of 1,763 employees) are in the class of eligible participants for the Amended Long-Term Equity Plan. The CHC Committee approves Amended Long-Term Equity Plan participants, the performance period, and applicable performance objectives for each award. The basis for participation in the Amended Long-Term Equity Plan by eligible persons is the selection of such persons by the CHC Committee or its delegate in its discretion.
The Amended Long-Term Equity Plan authorizes our CHC Committee to provide performance-based award opportunities that are payable partly in cash and partly in Class A Common shares for the purpose of providing certain key employees incentives and rewards for performance. Under no circumstances will the amount paid to any participant in a single calendar year as a result of awards under the Amended Long-Term Equity Plan (including the fair market value of any Award Shares) exceed the greater of (i) $12 million or (ii) the fair market value of 500,000 Award Shares, determined at the time of payment.
On March 11, 2026, the CHC Committee finalized the approval of the performance objectives and targets for the awards that may be earned for the one-year performance period ending December 31, 2026. The following chart shows the anticipated target awards for 2026:
| Name and Position | Dollar Value | ||||||||||
| J.C. Butler, Jr. - President and CEO of NACCO; President and CEO of NNR | $1,718,376 | ||||||||||
| Carroll Dewing - Senior Vice President and Chief Operating Officer of NNR | $297,735 | ||||||||||
| John Neumann - Senior Vice President, General Counsel and Secretary of NACCO; Vice President, General Counsel and Secretary of NNR | $234,198 | ||||||||||
| Executive Group (3 persons) | $430,727 | ||||||||||
| Non-Executive Director Group (10 persons) | — | ||||||||||
| Non-Executive Employee Group (96 persons) | $3,037,323 | ||||||||||
The Amended Long-Term Equity Plan is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. The foregoing summary is qualified in its entirety by reference to the full text of the Amended Long-Term Equity Plan.
Item 5.07. Submission of Matters to a Vote of Security Holders.
We held our Annual Meeting of Stockholders (the “Annual Meeting”) on May 15, 2026. Reference is made to our 2026 Proxy Statement (the “Proxy Statement”) filed with the Securities Exchange Commission on March 31, 2026. Refer to our Proxy Statement for more information regarding the Proposals set forth below and the vote required for approval of these matters. The matters voted upon and the final results of the vote were as follows:
Proposal 1 - The stockholders elected each of the following eleven nominees to the Board of Directors until the next annual meeting and until their successors are elected:
| DIRECTOR | VOTE FOR | VOTE WITHHELD | BROKER NON-VOTES | ||||||||
| J.C. Butler, Jr. | 19,277,020 | 873,751 | 440,344 | ||||||||
| John S. Dalrymple, III | 19,325,356 | 825,415 | 440,344 | ||||||||
| John P. Jumper | 19,325,994 | 824,777 | 440,344 | ||||||||
| Dennis W. LaBarre | 19,247,589 | 903,182 | 440,344 | ||||||||
| W. Paul McDonald | 20,129,245 | 21,526 | 440,344 | ||||||||
| Michael S. Miller | 19,324,450 | 826,321 | 440,344 | ||||||||
| Alfred M. Rankin, Jr. | 18,992,898 | 1,157,873 | 440,344 | ||||||||
| Matthew M. Rankin | 19,326,893 | 823,878 | 440,344 | ||||||||
| Valerie Gentile Sachs | 18,894,922 | 1,255,849 | 440,344 | ||||||||
| Robert S. Shapard | 20,110,495 | 40,276 | 440,344 | ||||||||
| Britton T. Taplin | 19,327,775 | 822,996 | 440,344 | ||||||||
Proposal 2 - The stockholders approved the NACCO Industries, Inc.'s Amended and Restated Executive Long-Term Incentive Compensation Plan:
| For | 19,997,399 | ||||
| Against | 128,053 | ||||
| Abstain | 25,319 | ||||
| Broker Non-Votes | 440,344 | ||||
Proposal 3 - The stockholders approved, on an advisory basis, our Named Executive Officer (NEO) Compensation:
| For | 20,071,173 | ||||
| Against | 52,619 | ||||
| Abstain | 26,979 | ||||
| Broker Non-Votes | 440,344 | ||||
Proposal 4 - The stockholders recommended, on an advisory basis, that the frequency of future advisory votes to approve the Company's NEO compensation should occur every one year:
| 1 year | 19,730,418 | ||||
| 2 years | 26,547 | ||||
| 3 years | 383,599 | ||||
| Abstain | 10,207 | ||||
| Broker Non-Votes | 440,344 | ||||
In accordance with the voting results for this proposal, the Board has determined, as was recommended with respect to this proposal by the Board in the Company’s Proxy Statement for the Annual Meeting, that an advisory vote to approve the
Company’s NEO be conducted every year until the occurrence of the next advisory vote on the frequency of such advisory say-on-pay votes.
Proposal 5 - The stockholders ratified the appointment of Ernst & Young LLP as our Independent Registered Public
Accounting Firm for 2026:
| For | 20,526,891 | ||||
| Against | 56,492 | ||||
| Abstain | 7,732 | ||||
Item 9.01 Financial Statements and Exhibits.
The following exhibit is filed herewith:
(d) Exhibits | ||||||||
| 10.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | May 18, 2026 | NACCO INDUSTRIES, INC. | ||||||||||||
| By: | /s/ Elizabeth I. Loveman | |||||||||||||
| Elizabeth I. Loveman | ||||||||||||||
| Senior Vice President and Controller | ||||||||||||||