NC Form 4: Director William McDonald Receives 707 Class A Shares

Rhea-AI Filing Summary

William Paul McDonald, a director of NACCO Industries Inc. (NC), reported a securities transaction dated 10/01/2025. He received 707 shares of Class A Common Stock as "Required Shares" under the company's Non-Employee Directors' Equity Compensation Plan. Following the reported acquisition, he beneficially owns a total of 5,963 shares, held indirectly through a trust for his benefit.

The Form 4 indicates the acquisition was a non-derivative award to a director under the standard equity compensation plan and that the newly acquired shares were added to his existing indirect holdings in a trust.

Positive

• Director alignment with shareholders via equity compensation awarded under the Non-Employee Directors' Equity Compensation Plan
• Clear disclosure of acquisition type and that shares are held in a trust for the reporting person

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity award; modest share increase, limited market impact.

The reported 707-share acquisition is described as "Required Shares" under the Non-Employee Directors' Equity Compensation Plan, representing compensation rather than open-market buying. The post-transaction beneficial ownership of 5,963 shares is held indirectly via trust, which suggests alignment with typical director compensation structures. This disclosure is procedural and unlikely to materially affect NACCO's valuation or capital structure.

Corporate Governance Expert

TL;DR: Standard governance practice: director receives equity compensation and holds shares in trust.

The transaction is consistent with common corporate governance practice where non-employee directors receive required equity awards to align interests with shareholders. The filing notes the shares are held through a trust for the reporting person, which is a routine ownership structure for directors. No departures from standard disclosure or governance norms are indicated by the form.

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

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

1. Name and Address of Reporting Person^*

McDonald William Paul

(Last) (First) (Middle)

22901 MILLCREEK BLVD.

SUITE 600

(Street)

CLEVELAND OH 44122

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NACCO INDUSTRIES INC [ NC ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		A(1)		707	A	(2)	5,963	I	By Trust(3)

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

Explanation of Responses:

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

2. N/A

3. Held through a trust for the benefit of Reporting Person.

	/s/ Matthew J. Dilluvio, attorney-in-fact	10/01/2025
	** 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 transaction did William Paul McDonald report on Form 4 for NACCO Industries (NC)?

He reported the acquisition of 707 shares of Class A Common Stock as "Required Shares" under the company's Non-Employee Directors' Equity Compensation Plan.

How many NACCO (NC) shares does William Paul McDonald beneficially own after the reported transaction?

The Form 4 shows he beneficially owns 5,963 shares following the reported transaction, held indirectly through a trust.

Was the transaction an open-market purchase or a compensation award?

The filing identifies the shares as awarded Required Shares under the Non-Employee Directors' Equity Compensation Plan, indicating a compensation award.

Is the reported ownership direct or indirect for William Paul McDonald in NACCO (NC)?

The shares are reported as indirect beneficial ownership, held through a trust for the benefit of the reporting person.

Does the Form 4 disclose any derivative securities for William Paul McDonald?

No. Table II for derivative securities contains no entries; only non-derivative Class A Common Stock was reported.