[Form 4] Hyster-Yale, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is issuing Autocallable Securities linked to the Energy Select Sector SPDR Fund (XLE). Each note has a $1,000 face amount, prices on 30-Jun-2025 and, unless earlier redeemed, matures on 06-Jul-2028.

Autocall mechanics: the notes are automatically redeemed (plus premium) if on any of the first two valuation dates the XLE closing price is at or above the initial value of $84.81. Premiums are fixed at 12.5 % (2026) or 25 % (2027). If not called, at maturity investors receive: (i) principal + 37.5 % premium if XLE ≥ initial value; (ii) principal only if XLE is between 70 % and 100 % of the initial value; (iii) a loss matching the downside of XLE (1-for-1) if XLE falls below the 70 % barrier ($59.367). The notes pay no coupons, are not listed, and carry issuer and guarantor credit risk.

Economics & fees: issue price $1,000 vs. estimated value $955.30 (-4.5 %), reflecting up to $22.50 underwriting fee and hedging costs; gross proceeds are $278,588 on a small $285,000 issuance. No secondary-market maker is obligated to support liquidity and any bid will reflect a concession and credit spread.

Key risks highlighted by the issuer include

• Potential 100 % principal loss if XLE drops <70 % of initial level at final valuation
• Limited upside capped at fixed premiums, no participation in XLE dividends or further appreciation
• Concentrated exposure to the energy sector, subject to commodity price volatility and regulatory changes
• Credit risk of Citigroup entities and lack of listing/liquidity

The structure suits investors willing to trade liquidity, dividends and upside for defined premiums and conditional protection, and who accept sector-specific and credit risks.

Positive

• Fixed premiums of 12.5 %-37.5 % provide defined upside if XLE closes at or above initial value on observation dates.

Negative

• Full downside exposure below 70 % barrier could lead to 100 % principal loss.
• Estimated value ($955.30) is 4.5 % below issue price, indicating high embedded fees.
• No listing or guaranteed secondary market, creating potential liquidity trap for holders.
• Exposure concentrated in energy sector, heightening volatility and cyclicality risk.

Insights

Structured Products Analyst

TL;DR Limited-upside autocall offers 12.5-37.5 % premiums but full downside below 70 % barrier; high fees and credit risk dampen appeal.

The deal is a classic autocall/contingent income note. Premiums translate to non-annualised IRRs of ~12.5 %, 11.8 % and 9.1 % respectively, attractive versus 3-year Treasuries but investors forgo dividends (~3-4 % p.a. for XLE) and upside beyond the cap. The 70 % barrier is standard, implying ~30 % buffer, yet historical 3-year drawdowns for XLE have breached this level multiple times (2020, 2015-16). Economic value is 95.5 % of issue price, so investors pay ~450 bp premium. With a tranche size under $0.3 m, secondary liquidity will be thin. Overall, risk/return is neutral for sophisticated yield seekers; unsuitable for core fixed-income allocations.

Risk Analyst

TL;DR Note embeds significant tail risk, sector concentration and negative carry; expect high volatility and low resale value.

Investors face three risk layers: (1) market – energy equities are leveraged to oil price swings and geopolitical shocks; (2) product design – nonlinear payoff yields asymmetric downside, no interim coupons, and path dependency on only three observation dates, increasing gap-risk; (3) credit/liquidity – Citigroup IG credit is strong but not risk-free, while unlisted status eliminates price transparency. The 4.5 % over-par premium plus dealer funding spread implies negative carry from day one, and any secondary bid will decline after the three-month concession amortises. Suitability is limited to clients with high risk tolerance and tactical energy views.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WILLIAMS CLARA R

(Last) (First) (Middle)

5875 LANDERBROOK DRIVE

(Street)

MAYFIELD HEIGHTS OH 44124

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HYSTER-YALE, INC. [ HY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of a Group

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/01/2025		A(1)		948	A	$0	21,411	I	Spouse serves as Trustee of trust fbo David B. Williams(2)
Class A Common Stock								153,313	I	proportionate partnership interest shares held by AMR Associates LP
Class A Common Stock								983	I	Serves as Trustee of HRB 2020 GST trust fbo Clara Butler(2)
Class A Common Stock								2,647	I	Reporting Person serves as Trustee of GSTs for the benefit of Clara R. Williams
Class A Common Stock								182,185	I	Held by trust for the benefit of Reporting Person
Class A Common Stock								983	I	Serves as Trustee of HRB 2020 GST trust fbo Griffin Butler(2)
Class A Common Stock								1,967	I	Child's proportionate partnership interest shares held by AMR Associates LP(2)
Class A Common Stock								7,211	I	Reporting Person?s spouse is trustee of a Trust fbo child.(2)
Class A Common Stock								983	I	Spouse is Trustee of CRW 2020 GST trust fbo Helen Williams(2)
Class A Common Stock								1,967	I	Child's proportionate partnership interest shares held by AMR Associates LP(2)
Class A Common Stock								9,961	I	Reporting Person?s spouse is trustee of a Trust fbo child.(2)
Class A Common Stock								983	I	Spouse is Trustee of CRW 2020 GST trust fbo Margo Williams(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	147,481		147,481	I	proportionate partnership interest shares held by AMR Associates LP
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	20,160		20,160	I	Serves as Trustee of BTR 2020 GST trust fbo Clara Williams
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	62,034		62,034	I	Serves as Trustee of HRB 2020 GST trust fbo Clara Butler(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	41,679		41,679	I	Reporting Person serves as Trustee of GSTs for the benefit of Clara R. Williams
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	52,321		52,321	I	Reporting Person?s proportionate interests in shares held by Rankin Associates I.
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	85,056		85,056	I	Reporting Person?s proportionate interests in shares held by Rankin Associates IV.
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	146		146	I	Reporting person's proportionate interest in shares held by Rankin Associates VI
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	11,766		11,766	I	spouse's proportionate LP interest in shares held by RA II LP(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	905		905	I	Spouse's proportionate interests held in shares in Rankin Associates V(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	635		635	I	Spouse's proportionate interest in shares held by Rankin Associates VI(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	62,035		62,035	I	Serves as Trustee of HRB 2020 GST trust fbo Griffin Butler(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	1,992		1,992	I	Child's proportionate partnership interest shares held by AMR Associates LP(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	22,654		22,654	I	Child's trust?s proportionate interests in shares held by Rankin Associates II.(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	461		461	I	child's proportionate interests held in shares in Rankin Associates V(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	634		634	I	Child's proportionate interest in shares held by Rankin Associates VI(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	61,935		61,935	I	Spouse is Trustee of CRW 2020 GST trust fbo Helen Williams(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	1,892		1,892	I	Child's proportionate partnership interest shares held by AMR Associates LP(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	19,904		19,904	I	Child's trust?s proportionate interests in shares held by Rankin Associates II.(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	461		461	I	child's proportionate interests held in shares in Rankin Associates V(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	634		634	I	Child's proportionate interest in shares held by Rankin Associates VI(2)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	62,035		62,035	I	Spouse is Trustee of CRW 2020 GST trust fbo Margo Williams(2)

Explanation of Responses:

1. Spouse's Award-Shares of Class A Common Stock awarded to the Reporting Person's Spouse as "Required Shares" under the company's Non-Employee Directors' Equity Compensation Plan.

2. Reporting Person disclaims beneficial ownership of all such shares.

3. N/A

	/s/ Suzanne S. Taylor, attorney-in-fact	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the ticker for the underlying ETF in Citigroup's autocallable notes?

The notes reference the Energy Select Sector SPDR Fund, trading on NYSE Arca under XLE.

How much premium can investors earn on C's 2025-2028 autocall notes?

Premiums are fixed at 12.5 % (2026), 25 % (2027) or 37.5 % (2028) of principal, depending on call/maturity.

What happens if XLE falls below 70 % of its initial value at maturity?

Holders incur a 1-for-1 loss on principal for every percentage XLE is below the initial level; total loss is possible.

Are the Citigroup autocallable securities listed on an exchange?

No. The notes will not be listed; any resale depends on dealer willingness to bid.

Why is the estimated value of the C notes lower than the $1,000 issue price?

The $955.30 estimate reflects underwriting fees, hedging costs and Citigroup’s internal funding rate, reducing economic value to investors.

Do the Citigroup notes pay periodic interest or dividends?

No. The securities do not pay coupons and investors do not receive XLE dividends during the term.