NC Insider Filing: 1,232 Director Shares; Multiple Indirect Holdings Listed

Rhea-AI Filing Summary

Victoire G. Rankin, identified as an officer of NACCO Industries, Inc. (ticker: NC), reported a transaction dated 10/01/2025 on SEC Form 4. The filing shows an acquisition of 1,232 shares of Class A common stock identified as "Required Shares" awarded to the reporting person’s spouse under the company’s Non-Employee Directors' Equity Compensation Plan. The Form lists multiple indirect beneficial holdings attributed to trusts, IRAs and limited partnerships connected to the reporting person or spouse, including 214,953, 14,160, 1,975, 2,044, 10,110, and 34,936 Class A shares in specified accounts or entities. The derivatives section reports indirect beneficial interests in Class A shares underlying Class B positions, including 201,928 and other listed amounts (e.g., 2,000, 25, 9,431). The filer disclaims beneficial ownership for many of the indirect holdings where noted. The form is signed by an attorney-in-fact on behalf of the reporting person.

Insights

Insider-Transactions Analyst

Routine director-related share award recorded; multiple indirect holdings disclosed.

The Form 4 documents a 1,232-share acquisition labeled as Required Shares tied to the company's director equity plan, recorded 10/01/2025. The filing also enumerates numerous indirect holdings across trusts, IRAs and partnerships with specific share figures, and shows derivative-based underlying Class A interests including 201,928 shares in an entity.

This is a disclosure of ownership and not a forward-looking change to company operations; the reporting person disclaims beneficial ownership for many indirect holdings, which the filing explicitly states.

Corporate-Governance Specialist

Disclosure reflects governance compensation mechanics and family/trust holdings.

The explanation clarifies the 1,232 shares stem from director equity compensation awarded to the reporting person’s spouse and lists several trust/partnership arrangements where the spouse serves as trustee or has partnership interests. The reporting person expressly disclaims beneficial ownership of many of these holdings, aligning with common governance disclosures separating personal and family/trust interests.

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).

1. Name and Address of Reporting Person^*

RANKIN VICTOIRE G

(Last) (First) (Middle)

NACCO INDUSTRIES, INC.

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)

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

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)		1,232	A	(2)	214,953	I	AMR - Main Trust - A(3)
Class A Common Stock								14,160	I	AMR - IRA(4)
Class A Common Stock								1,975	I	AMR - RMI (Delaware)(5)
Class A Common Stock								2,044	I	AMR Associates NC, L.P.(6)
Class A Common Stock								10,110	I	BTR-Class A Trust(7)
Class A Common Stock								34,936	I	VGR - Trust(8)

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	(2)							(2)	(2)	Class A Common Stock	2,000		2,000	I	AMR - RAI (B)(9)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	201,928		201,928	I	AMR Associates NC, L.P.(6)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	25		25	I	AMR-RAIV-GP(10)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	9,431		9,431	I	By Trust/Daughter 2(11)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	9,431		9,431	I	By Trust/Daughter 1(12)

Explanation of Responses:

1. Spouse's 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. N/A

3. Reporting Person's spouse serves as Trustee of a Trust for the benefit of Alfred M. Rankin, Jr. Reporting Person disclaims beneficial ownership of all such shares.

4. Held in an Individual Retirement Account for the benefit of the Reporting Person's spouse. Reporting Person disclaims beneficial ownership of all such shares.

5. Represents the Reporting Person's spouse's proportionate interest in shares held by Rankin Management, Inc. ("RMI"). Reporting Person disclaims beneficial ownership of all such shares.

6. Represents the Reporting Person's spouse's proportionate limited partnership interest in shares held by AMR NC. Reporting Person disclaims beneficial ownership of all such shares.

7. Reporting Person's spouse serves as Trustee of Trusts for the benefit of Bruce T Rankin. Reporting Person disclaims beneficial ownership of all such shares.

8. Reporting Person's spouse serves as Trustee of a Trust for the benefit of Victoire G. Rankin.

9. Represents Reporting Person's spouse's proportionate limited partnership interest in shares held by Rankin Associates I, L.P. R eporting Person disclaims beneficial ownership of all such shares.

10. Represents Reporting Person's spouse's proportionate limited partnership interest in shares held by Rankin Associates IV, L.P. Reporting Person disclaims beneficial ownership of all such shares.

11. Reporting Person's spouse serves as trustee of BTR 2012 GST for the benefit of Clara Williams.

12. Reporting Person's spouse serves as trustee of BTR 2012 GST for the benefit of Helen Butler.

	/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 NACCO insider Victoire G. Rankin report on 10/01/2025 (NC)?

The Form 4 shows an acquisition of 1,232 Class A common shares dated 10/01/2025, described as "Required Shares" awarded under the company's Non-Employee Directors' Equity Compensation Plan.

Does the Form 4 disclose other holdings for the reporting person or related parties?

Yes. The filing lists multiple indirect Class A holdings tied to trusts, IRAs and partnerships, including amounts such as 214,953, 14,160, 1,975, 2,044, 10,110, and 34,936 shares.

Are there derivative interests reported in the Form 4 for NACCO (NC)?

Yes. The derivatives table shows indirect interests in Class A shares underlying Class B positions, notably 201,928 Class A shares and other amounts like 2,000, 25, and 9,431 listed for various entities.

Does the reporting person claim beneficial ownership of the indirect holdings?

For many listed indirect holdings the reporting person disclaims beneficial ownership, and the filing provides explanations where the spouse or trustee roles account for those interests.

Who signed the Form 4 and when?

The form is signed by /s/ Matthew J. Dilluvio, attorney-in-fact on behalf of the reporting person, dated 10/01/2025.