Exhibit 7
AMENDMENT TO STOCKHOLDERS' AGREEMENT
This AMENDMENT TO STOCKHOLDERS' AGREEMENT, dated as of October 24, 2002
(this "Amendment"), by and among National City Bank, (Cleveland, Ohio), as
depository ("Depository"), the Participating Stockholders under the
Stockholders' Agreement, dated as of March 15, 1990, as amended, NACCO
Industries, Inc., a Delaware corporation (the "Corporation"), and the new
Participating Stockholder identified on the signature page hereto (the "New
Participating Stockholder").
This Amendment sets forth the terms and conditions on which the New
Participating Stockholder will join in and become a party to the Stockholders'
Agreement, dated as of March 15, 1990, as amended (the "Stockholders'
Agreement"). Capitalized terms defined in the Stockholders' Agreement are used
herein as so defined.
Pursuant to Section 8 of the Stockholders' Agreement, prior to the
acquisition of Class B Common Stock by a Permitted Transferee, the Stockholders'
Agreement may be amended to add a Permitted Transferee as a Participating
Stockholder by a writing signed by the Signatories, the Corporation and such
Permitted Transferee.
In consideration of the mutual promises hereinafter set forth and other
good and valuable consideration had and received, the parties hereto agree as
follows:
1. REPRESENTATIONS AND WARRANTIES. The New Participating Stockholder,
for such New Participating Stockholder only and not for any other Participating
Stockholder, represents and warrants to the other Participating Stockholders and
the Corporation as follows:
(a) Such New Participating Stockholder is the beneficial owner
of, or simultaneously with the execution hereof will acquire and be
deemed to be the beneficial owner of, the shares of Class B Common
Stock identified below such New Participating Stockholder's name on the
signature pages hereto (except as otherwise described thereon), and
except as otherwise described thereon such New Participating
Stockholder does not own of record or beneficially or have any interest
in any other shares of Class B Common Stock or any options to purchase
or rights to subscribe or otherwise acquire any other shares of Class B
Common Stock other than pursuant to the Stockholders' Agreement;
(b) Such New Participating Stockholder has the right, power
and authority to execute and deliver this Amendment and to perform such
New Participating Stockholder's obligations hereunder and under the
Stockholders' Agreement; if this Amendment is being executed by a
trustee on behalf of a trust, such trustee has full right, power and
authority to enter into this Amendment on behalf of the trust and to
bind the trust and its beneficiaries to the terms hereof; if this
Amendment is being executed on behalf of a Participating Stockholder
Organization, the person executing this Amendment is a duly authorized
representative of such Participating Stockholder Organization with full
right, power and authority to execute and deliver this Amendment on
behalf of such Participating Stockholder Organization and to bind such
Participating Stockholder Organization to the terms hereof; the
execution, delivery and performance of this Amendment by such New
Participating Stockholder will not constitute a violation
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of, conflict with or result in a default under (i) any contract,
understanding or arrangement to which such New Participating
Stockholder is a party or by which such New Participating Stockholder
is bound or require the consent of any other person or any party
pursuant thereto; (ii) any organizational, charter or other governance
documents (including, without limitation, any partnership agreement,
certificate of incorporation, or bylaws) of the New Participating
Stockholder, (iii) any judgment, decree or order applicable to such New
Participating Stockholder; or (iv) any law, rule or regulation of any
governmental body;
(c) This Amendment and the Stockholders' Agreement constitute
legal, valid and binding agreements on the part of such New
Participating Stockholder; the shares of Class B Common Stock owned
beneficially by such New Participating Stockholder are fully paid and
nonassessable; and
(d) The shares of Class B Common Stock owned beneficially by
such New Participating Stockholder are now held by such New
Participating Stockholder, free and clear of all adverse claims, liens,
encumbrances and security interests (except as created by the
Stockholders' Agreement and any Amendments thereto, including this
Amendment, and the Restated Certificate).
2. ADDRESS FOR NOTICES. The address for all notices to the New
Participating Stockholder provided pursuant to the Stockholders' Agreement shall
be the address set forth below such New Participating Stockholder's name on the
signature pages hereto, or to such other address as such New Participating
Stockholder may specify to the Depository.
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3. AGREEMENT TO BE BOUND BY STOCKHOLDERS' AGREEMENT. The New
Participating Stockholder agrees to be bound by all of the terms and provisions
of the Stockholders' Agreement applicable to Participating Stockholders.
4. BENEFICIARIES. The New Participating Stockholder acknowledges that
the Corporation and each Participating Stockholder is a beneficiary of this
Amendment.
5. AMENDMENT OF STOCKHOLDERS' AGREEMENT. The Stockholders' Agreement is
hereby amended to add the New Participating Stockholder as a Participating
Stockholder.
6. SIGNATURE OF AMENDMENT BY TRUSTS, MINORS AND INCOMPETENTS.
(a) In order for a trust exclusively (as defined in Section
1.9 of the Stockholders' Agreement) for the benefit of a Family Member
or Members to be considered a Participating Stockholder:
(i) the trustee and all adult beneficiaries
of such trusts having a current trust interest (as
well as all Charitable Organization beneficiaries
having a current trust interest) shall have
previously signed the Stockholders' Agreement or
shall sign this Amendment as a Participating
Stockholder;
(ii) the trustee and a parent or legal
guardian, for trusts with minor beneficiaries having
a current trust interest, shall sign this Amendment
on behalf of any such minor beneficiaries; or
(iii) the trustee and legal guardian, if
any, for trusts with incompetent beneficiaries having
a current trust interest, shall sign this Amendment
on behalf of any such incompetent beneficiaries.
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(b) If, at any time, any trust shall have an adult beneficiary
(and such beneficiary is not incompetent) having a current trust
interest or an ascertainable Charitable Organization beneficiary having
a current trust interest and if such beneficiary has not previously
signed the Stockholders' Agreement, then if such beneficiary shall fail
or be unable to sign this Amendment for a period of 30 calendar days
following notification to such beneficiary of the terms of this
Amendment and the Stockholders' Agreement by the Depository and
following signature of this Amendment by the trustee, the trust shall
thereupon cease to be a Participating Stockholder and Section 3.2 of
the Stockholders' Agreement shall then apply as if the shares of Class
B Common Stock held by the trust were then to be converted. The donor
of a trust that is revocable by the donor alone, during the lifetime of
such donor, shall be considered the only beneficiary thereof so long as
such trust is so revocable.
(c) In the case of Class B Common Stock held by a custodian
under the Uniform Transfers to Minors Act (or the practical equivalent
thereof) for the benefit of a minor Family Member, the custodian shall
sign this Amendment on behalf of such minor if such minor is to be
considered a Participating Stockholder.
(d) In the case of Class B Common Stock held in the name of a
minor Family Member, a parent or legal guardian of such minor shall
sign this Amendment on behalf of such minor if such minor is to be
considered a Participating Stockholder.
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(e) In the case of Class B Common Stock held in the name of an
incompetent Family Member, the legal guardian of such incompetent shall
sign this Amendment on behalf of such incompetent if such incompetent
is to be considered a Participating Stockholder.
(f) When a minor described in Section 6(c) or (d) reaches the
age of majority, or an incompetent described in Section 6(e) is no
longer impaired by such disability and has reached the age of majority,
such Family Member shall execute and deliver an Amendment which has
been executed and delivered by the Participating Stockholders (or their
attorney-in-fact), the Corporation and the Depository. If such Family
Member shall fail or be unable to sign such Amendment for a period of
30 calendar days following notification to such Family Member of the
terms of the Stockholders' Agreement by the Depository, such Family
Member shall thereupon cease to be a Participating Stockholder and
Section 3.2 of the Stockholders' Agreement shall then apply as if the
shares of Class B Common Stock were then to be converted.
7. POWER OF ATTORNEY. The undersigned New Participating Stockholder
hereby constitutes and appoints Xxxxx X. Xxxxxx, Xxxxxx X. Xxxxxx, Xxxxxx X.
Xxxxxx, Xx., Xxxxxx X. XxXxxxx, Xxxxxx X. Xxxxxxx, Xxxxxxx X. Xxxxxxxxxxxx, and
each of them, as the true and lawful attorney or attorneys-in-fact, with full
power of substitution and resubstitution, for the undersigned and in the name,
place and stead of the undersigned, in any and all capacities to:
(a) Execute any and all statements under Section 13
or Section 16 of the Securities Exchange Act of 1934 of
beneficial ownership of shares of Class B
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Common Stock subject to the Stockholders' Agreement as amended
by this Amendment, including all statements on Schedule 13D
and all amendments thereto, all joint filing agreements
pursuant to Rule 13d-l(f)(iii) under such Exchange Act in
connection with such statements, all initial statements of
beneficial ownership on Form 3 and any and all other documents
to be filed with the Securities and Exchange Commission, and
to file the same, with all exhibits thereto, and all other
documents in connection therewith, with the Securities and
Exchange Commission, and
(b) Execute and deliver any and all Amendments
whereby a Family Member or a Charitable Organization becomes a
Participating Stockholder or any other Amendment that does not
require approval of 66-2/3 percent of the shares of Class B
Common Stock subject to the Stockholders' Agreement pursuant
to Section 8 of the Stockholders' Agreement, including,
without limitation, a change in the depository, thereby
granting to said attorney or attorneys-in-fact, and each of
them, full power and authority to do so and to perform each
and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes
as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorney or
attorneys-in-fact or any of them, or their substitutes or
resubstitutes, may lawfully do or cause to be done by virtue
of this Section 7. The grant of this power of attorney shall
not be affected by any disability of the undersigned New
Participating Stockholder. If applicable law requires
additional or substituted language or formalities (including
witnesses or
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acknowledgments) in order to validate the power of attorney intended to
be granted by this Section 7, the New Participating Stockholder agrees
to execute and deliver such additional instruments and to take such
further acts as may be necessary to validate such power of attorney.
8. COUNTERPARTS. This Amendment may be executed in multiple
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument, without production of the others.
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IN WITNESS WHEREOF, the New Participating Stockholder, the
Participating Stockholders, the Corporation and the Depository have executed
this Amendment or caused this Amendment to be executed in their respective
names, all as of the date and year first above written.
Xxxxx X. Xxxxxx'x Qualified Annuity
Interest Trust 2004 A
/s/ Xxxxxx X. Xxxxxx, Xx.
---------------------------------------------
Name: Xxxxxx X. Xxxxxx, Xx.
Title: Trustee
Address: 0000 Xxxxxxxxxxx Xxxxx
Xxxxx 000
Xxxxxxxx Xxxxxxx, Xxxx 00000-0000
Number of Shares of
Class B Common Stock
Xxxxx X. Xxxxxx'x Qualified Annuity
Interest Trust 2004 B
/s/ Xxxxxx X. Xxxxxx, Xx.
---------------------------------------------
Name: Xxxxxx X. Xxxxxx, Xx.
Title: Trustee
Address: 0000 Xxxxxxxxxxx Xxxxx
Xxxxx 000
Xxxxxxxx Xxxxxxx, Xxxx 00000-0000
Number of Shares of
Class B Common Stock
National City Bank, (Cleveland, Ohio)
By: /s/ Xxxxx X. Xxxxxx
---------------------------------
Name: Xxxxx X. Xxxxxx
Title: Vice President
NACCO INDUSTRIES, INC.
By: /s/ Xxxxxx X. Xxxxxx, Xx.
------------------------------------------------
Name: Xxxxxx X. Xxxxxx, Xx.
Title: President and Chief Executive
Officer
THE PARTICIPATING STOCKHOLDERS listed
in Exhibit A attached hereto and incorporated herein
by this reference
By: /s/ Xxxxxx X. Xxxxxx, Xx.
------------------------------------------------
Xxxxxx X. Xxxxxx, Xx., Attorney-in-Fact
Exhibit A
PARTICIPATING STOCKHOLDERS
1. Xxxxx X. X. Xxxxxx
2. Xxxxxx X. Xxxxxx, Xx.
3. Xxxxxxxx X. Xxxxxx
4. Xxxxx Xxxxxx Xxxxxx (fka Xxxxx X. Xxxxxx)
5. Xxxxx X. Xxxxxx Xxxxxxxx (fka Xxxxx X. Xxxxxx)
6. Xxxxxx X. Xxxxxx
7. Xxxxxxx X. Xxxxxx
8. Xxxxx X. Xxxxxx
9. Claiborne X. Xxxxxx
10. Xxxxx X. Xxxxxx
11. Xxxxx X. Xxxxxx (by Xxxxxxxxx X. Xxxxxx as custodian)
12. Xxxxx X. Xxxxxxxx (fka Xxxxx X. Xxxxxx)
13. Claiborne X. Xxxxxx, Xx.
14. Xxxxx X. Xxxxxx
15. Xxxxx X. Xxxxxx
16. Xxxxx X. Xxxxxx
17. Xxxxxxxx X. Xxxxxx
18. Xxxxxxxxx X. Xxxxx (by Xxxxxx X. Xxxxxx III, Attorney-in-fact)
19. Xxxxxx X. Xxxxx
20. Xxxxx Xxxxxx (fka Xxxxx X. Xxxxxxx)
21. Xxxxxxxx X. Xxxxxx
22. Xxxxxxxx X. Xxxxxxxx
23. Xxxxx X. Xxxxxx
24. Xxxxxx X. Xxxxxx
25. Xxxxxxxx X. Xxxxxx
00. Xxxxxx X. Xxxxxx, Xx.
00. Xxxxxxxx X. Xxxxxx
28. Xxxxxxx X. Xxxxxx
29. Xxxxx X. Xxxxxx
30. Xxxxxx Management, Inc.
31. Xxxxxx Associates I, L.P. (fka CTR Family Associates, L.P.)
32. The Trust created under the Agreement, dated December 18, 1963, among
National City Bank, as trustee, Xxxxx X. Xxxxxx, Xxxxxx X. Xxxxxx and
Xxxxx X. Xxxxxx, for the benefit of Xxxxxxxxx X. Xxxxx.
33. The Trust created under the Agreement, dated December 15, 1976, between
National City Bank, as trustee, and Xxxxx X. Xxxxxx, for the benefit of
grandchildren.
34. The Trust created under the Agreement, dated December 28, 1976, between
National City Bank, as trustee, and Xxxxx X.X. Xxxxxx, for the benefit
of grandchildren.
35. The Trust created under the Agreement, dated January 11, 1965, as
supplemented, amended and restated, between National City Bank, as
trustee, and Xxxxxx X. Xxxxxx, for the benefit of Xxxxxx X. Xxxxxx.
36. The Trust created under the Agreement, dated July 20, 2000, as
supplemented, amended and restated, between Xxxxxx X. Xxxxxx, Xx., as
trustee, and Xxxxx X. Xxxxxx, for the benefit of Xxxxx X. Xxxxxx.
37. The Trust created under the Agreement, dated September 28, 2000, as
supplemented, amended and restated, between Xxxxxx X. Xxxxxx, Xx., as
trustee, and Xxxxxx X. Xxxxxx, Xx., for the benefit of Xxxxxx X.
Xxxxxx, Xx.
38. The Trust created under the Agreement, dated September 28, 2000, as
supplemented, amended and restated, between Victoire X. Xxxxxx, as
trustee, and Victoire X. Xxxxxx, for the benefit of Victoire X. Xxxxxx.
39. The Trust created under the Agreement, dated December 29, 1967, as
supplemented, amended and restated, between National City Bank, as
co-trustee, and Xxxxxx X. Xxxxxx, as co-trustee, creating a trust for
the benefit of Xxxxxx X. Xxxxxx.
40. The Trust created under the Agreement, dated June 22, 1971, as
supplemented, amended and restated, between National City Bank, as
co-trustee, and Claiborne X. Xxxxxx, as co-trustee, creating a trust
for the benefit of Claiborne X. Xxxxxx.
41. The Trust created under the Agreement, dated September 11, 1973, as
supplemented, amended and restated, between National City Bank, as
co-trustee, and Xxxxx X. Xxxxxx, as co-trustee, creating a trust for
the benefit of Xxxxx X. Xxxxxx.
42. The Trust created under the Agreement, dated September 28, 2000,
between Xxxxxx X. Xxxxxx, Xx., as trustee, and Xxxxx X. Xxxxxx, for the
benefit of Xxxxx X. Xxxxxx.
43. The Trust created under the Agreement, dated December 11, 1957, as
supplemented, amended and restated, between National City Bank, as
trustee, and Xxxxx X. Xxxxxx, for the benefit of Xxxxx X. Xxxxxx.
44. The Trust created under the Agreement, dated January 21, 1966, as
supplemented, amended and restated, between National City Bank, as
trustee, and Xxxxxx X. Xxxxxx, for the benefit of Xxxxxx X. Xxxxxx.
45. The Trust created under the Agreement, dated August 26, 1974, between
National City Bank, as trustee, and Xxxxxx X. Xxxxxx, Xx., for the
benefit of Xxxxxx X. Xxxxxx, Xx.
46. The Trust created under the Agreement, dated October 15, 1975, between
National City Bank, as trustee, and Xxxxxxxx X. Xxxxxx, for the benefit
of Xxxxxxxx X. Xxxxxx.
47. The Trust created under the Agreement, dated December 30, 1977, as
supplemented, amended and restated, between National City Bank, as
trustee, and Xxxxxxx X. Xxxxxx for the benefit of Xxxxxxx X. Xxxxxx.
48. The Trust created under the Agreement, dated December 29, 1989, as
supplemented, amended and restated, between Xxxxxx X. Xxxxxx, Xx., as
trustee, and Xxxxx X. (Xxxxxx) Xxxxxxxx for the benefit of Xxxxx X.
(Xxxxxx) Xxxxxxxx.
49. The Trust created under the Agreement, dated December 29, 1989, as
supplemented, amended and restated, between Xxxxxx X. Xxxxxx, Xx., as
trustee, and Xxxxx X. (Xxxxxx) Xxxxxx for the benefit of Xxxxx X.
(Xxxxxx) Xxxxxx.
50. Xxxxxx Xxxxxx
51. Xxxxxx X. Xxxxxx
52. National City Bank as agent under the Agreement, dated July 16, 1969,
with Xxxxxxxx X. Xxxxxx.
53. Xxxxxx Xxxxxx Xxxxxx (by Xxxxxx X. Xxxxxx as custodian)
54. Xxxxxx X. Xxxxxx, as trustee fbo X. Xxxxxxx Xxxxxx under Irrevocable
Trust No. 1, dated December 18, 1997, with Xxxxx Xxxxxx, Grantor.
55. Xxxxxx X. Xxxxxx, as trustee fbo Xxxxxxxxx X. Xxxxxx under Irrevocable
Trust No. 1, dated December 18, 1997, with Xxxxx Xxxxxx, Grantor.
56. Xxxxxx Associates II, L.P.
57. Xxxx X. Xxxxxx, Xx.
58. Xxxxx Xxxxxx Xxxxxx (by Xxxx X. Xxxxxx, Xx. as custodian)
59. The Trust created under the Agreement, dated July 24, 1998, as amended,
between Xxxxx X. Xxxxxx, as trustee, and Xxxxx X. Xxxxxx, for the
benefit of Xxxxx X. Xxxxxx.
60. Xxxxx X. Xxxxxxxx
61. Xxxxxxx X. Xxxxxx (by Xxxx X. Xxxxxx, Xx. as Custodian)
62. Claiborne X. Xxxxxx as Trustee of the Claiborne X. Xxxxxx, Xx.
Revocable Trust dated August 25, 2000.
63. Xxxxxx X. Xxxxxx as Trustee under Irrevocable Trust No. 2, dated
September 11, 2000, for the benefit of X. Xxxxxxx Xxxxxx.
64. Xxxxxx X. Xxxxxx as Trustee under Irrevocable Trust No. 2, dated
September 11, 2000, for the benefit of Xxxxxxxxx X. Xxxxxx.
65. Xxxxxx X. Xxxxxx as Trustee of the Xxxxxx X. Xxxxxx Revocable Trust,
dated September 11, 2000.
66. The Trust created under the Agreement, dated December 20, 1993, between
Xxxxxxx X. Xxxxxx, as trustee, and Xxxxxxx X. Xxxxxx, for the benefit
of Xxxxxxx X. Xxxxxx.
67. Xxxxx Xxxxxxxx
68. Xxxxxx (Xxxxxx) Xxxxxx (by Xxxxxx X. Xxxxxx as Custodian)
69. Xxxxx Xxxxxxx Xxxxxxxx Xxxxxxxx (by Xxxxx Xxxxxx Xxxxxxxx as Custodian)
70. Trust created under the Agreement, dated June 1, 1995, between Xxxxx X.
Xxxxxx, as Trustee, and Xxxxx X. Xxxxxx, for the benefit of Xxxxx X.
Xxxxxx
71. Xxxxx X. Xxxxxx'x Qualified Annuity Interest Trust 2004 A
72. Xxxxx X. Xxxxxx'x Qualified Annuity Interest Trust 2004 B
