Amendment No. 3 to NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan (Effective January 1, 2000)

Summary

This amendment, effective January 1, 2003, modifies the NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan. It clarifies how awards are paid to employees who have worked for more than one employer within the group. The employer at the time of payment is responsible for the full award, but other employers must reimburse their share unless they are insolvent. The amendment also addresses tax deductions related to these payments. The amendment was executed by the company's Vice President of Human Resources.

EX-10.XCII 10 l05650aexv10wxcii.htm EX-10(XCII) AMDT. 3 NMHG LONG TERM PLAN EX-10(XCII) Amdt. 3 NMHG Long Term Plan

Exhibit 10(xcii)

AMENDMENT NO. 3
TO THE
NACCO MATERIALS HANDLING GROUP, INC.
LONG-TERM INCENTIVE COMPENSATION PLAN
(EFFECTIVE AS OF JANUARY 1, 2000)

NACCO Materials Handling Group, Inc. (the “Company”), on the order of the Compensation Committee of the Board of Directors of the Company, hereby adopts this Amendment No. 3 to the NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan (Effective as of January 1, 2000) (the “Plan”) effective as of January 1, 2003. Words and phrases used herein with initial capital letters which are defined in the Plan are used herein as so defined.

Section 1

Section 11(b)(ii)(2) of the Plan is hereby amended in its entirety to read as follows:

“(2) Notwithstanding the provisions of clause (1), (A) each Employer shall be solely liable for the payment of the Awards it granted to its employees; (B) if a Participant has been employed by more than one Employer, the Employer who employs the Participant at the time of the payment of the Award shall pay the entire amount of such Award; (C) each Employer (unless it is Insolvent) shall reimburse the paying Employer for its allocable share of the Participant’s Award; (D) if any responsible Employer is Insolvent at the time of payment, the last Employer shall not be required to make a distribution to the Participant with respect to amounts which are allocable to service with that Employer; and (E) each Employer shall (to the extent permitted by applicable law) receive an income tax deduction for the Employer’s allocable share of the payment of the Participant’s Award.”

EXECUTED this 9^th day of April, 2003.


	NACCO MATERIALS HANDLING GROUP, INC.

	By:	/s/ James M. Phillips

	Title:	Vice President Human Resources