[Form 4] NACCO INDUSTRIES INC Insider Trading Activity

Rhea-AI Filing Summary

Alison A. Rankin, an officer and related party to NACCO Industries, reported acquisitions on Form 4 dated 10/01/2025. The filing shows an open-market or plan acquisition of 707 shares of Class A Common Stock (transaction code A). The schedule details numerous indirect holdings across trusts and limited partnerships: several entries list beneficial interests in Class A shares and conversions from Class B holdings resulting in aggregate indirect interests (for example, 204,919 shares held by spouse/trust and multiple partnership/trust interests). Many holdings are held in trusts for family members where the reporting person disclaims beneficial ownership. The filing is a disclosure of insider ownership changes and extensive family/associated trust ownership structure.

Positive

• Insider acquisition disclosed: Reporting person acquired 707 Class A shares on 10/01/2025 (transaction code A).
• Comprehensive ownership disclosure: Filing details extensive indirect holdings via trusts and partnerships, improving transparency for investors.

Negative

• None.

Insights

Financial Analyst

TL;DR: Officer acquired 707 Class A shares; filing outlines large, primarily indirect family and partnership holdings.

The Form 4 documents a small direct acquisition by Alison A. Rankin and extensive indirect ownership through trusts and limited partnerships. The reported indirect totals, including a listed 204,919 Class A-share interest tied to spouse/trust arrangements and other partnership interests, indicate concentrated family control though the reporting person disclaims beneficial ownership in many trusts. For investors, this clarifies insider exposure and governance linkages but does not provide transaction price or economic terms.

Corporate Governance Expert

TL;DR: Disclosure highlights intertwined family trusts and trustee roles with a modest direct purchase by the officer.

The filing emphasizes trustee relationships and disclaimed beneficial ownership across multiple trusts and partnership entities. Roles include the reporting person and spouse acting as trustees and limited partners, which is typical in family-controlled holdings. The single reported acquisition (707 Class A shares) is routine disclosure under Section 16. The record strengthens transparency on ownership structure but contains no information on voting agreements or changes to control.

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^*

RANKIN ALISON A

(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)

	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)		707	A	(2)	7,811	I	By Spouse/Trust(3)
Class A Common Stock								30,904	I	By Assoc II(4)
Class A Common Stock								6,613	I	By Trust(5)
Class A Common Stock								5,320	I	By Spouse/Trust 2 (Sr.)(6)
Class A Common Stock								9,600	I	AMR - Trust3 (GC)(7)
Class A Common Stock								2,191	I	By Trust/Daughter 1(8)
Class A Common Stock								2,191	I	By Trust/Daughter 2(9)
Class A Common Stock								2,046	I	By Trust (Daughter 2)(10)
Class A Common Stock								620	I	By Trust/Daughter 2(11)
Class A Common Stock								16,738	I	By Assoc II/Daughter 2(12)
Class A Common Stock								4,944	I	By Assoc II/Daughter 2(13)
Class A Common Stock								745	I	By Assoc II/Daughter 2(14)
Class A Common Stock								4,553	I	By Trust (Daughter 1)(15)
Class A Common Stock								14,931	I	By Assoc II/Daughter 1(12)
Class A Common Stock								3,056	I	By Assoc II/Daughter 1(13)
Class A Common Stock								2,552	I	By Assoc II/Daughter 1(16)
Class A Common Stock								1,975	I	By Spouse/RMI (Delaware)(17)

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	75,504		75,504	I	By Assoc I(18)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	85,056		85,056	I	By Assoc IV(19)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	9,431		9,431	I	By Trust/Daughter 1(20)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	9,431		9,431	I	By Trust/Daughter 2(21)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	7,858		7,858	I	By Trust/Daughter 1(8)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	7,858		7,858	I	By Trust/Daughter 2(9)
Class B Common Stock	$0(2)							(2)	(2)	Class A Common Stock	25		25	I	By GP(22)
Class B Common Stock	$0(2)							(2)	(2)	Class A Common Stock	4,808		4,808	I	By Assoc I/Spouse(23)
Class B Common Stock	$0(2)							(2)	(2)	Class A Common Stock	204,919		204,919	I	By Spouse/Trust(3)

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 Roger F. Rankin. Reporting Person disclaims beneficial ownership of all such shares.

4. Represents the Reporting Person's proportionate limited partnership interests in shares held by Rankin Associates II, L.P.

5. Reporting Person serves as Trustee of a Trust for the benefit of Alison Rankin.

6. Reporting Person's spouse serves as Trustee of Trusts for the benefit of the Estate of Alfred M. Rankin, Sr. Reporting Person disclaims beneficial ownership of all such shares.

7. Reporting Person's spouse serves as Trustee of Trusts for the benefit of each of grantor's grandchildren. Reporting Person disclaims beneficial ownership of all such shares.

8. Reporting Person's spouse serves as trustee for BTR 2020 GST Trust f/b/o Anne F. Rankin. Reporting Person disclaims beneficial ownership of all such shares.

9. Reporting Person's spouse serves as trustee for BTR 2020 GST Trust f/b/o Elisabeth M. Rankin. Reporting Person disclaims beneficial ownership of all such shares.

10. Held by Trust dated December 18, 1997. Reporting Person is Co-Trustee for the benefit of Reporting Person's daughter. Reporting Person disclaims beneficial ownership of all such shares.

11. Held by Trust dated December 30, 2015. Reporting Person's Spouse serves as Trustee of the Trust for the benefit of Reporting Person's daughter. Reporting Person disclaims beneficial ownership of all such shares.

12. Represents the Reporting Person's daughter's proportionate limited partnership interest in shares held by Rankin Associates II, L.P. which is held in a trust dated December 18, 1997 for the benefit of the daughter. Reporting Person is the co-trustee of the Trust. Reporting Person disclaims beneficial ownership of all such shares.

13. Represents the Reporting Person's daughter's proportionate limited partnership interest in shares held by Rankin Associates II, L.P. which is held in a trust dated September 11, 2000 (Posterity Trust) for the benefit of the daughter. Reporting Person is the trustee of the Trust. Reporting Person disclaims beneficial ownership of all such shares.

14. Represents the Reporting Person's daughter's proportionate limited partnership interest in shares held by Rankin Associates II, L.P. which is held in a trust dated December 30, 2015 for the benefit of the daughter. Reporting Person's spouse is the trustee of the Trust. Reporting Person disclaims beneficial ownership of all such shares.

15. Held by Trust dated August 15, 2012. Reporting Person is Co-Trustee for the benefit of Reporting Person's daughter. Reporting Person disclaims beneficial ownership of all such shares.

16. Represents the Reporting Person's daughter's proportionate limited partnership interest in shares held by Rankin Associates II, L.P. which is held in a trust dated August 15, 2012 for the benefit of the daughter. Reporting Person is the trustee of the Trust. Reporting Person disclaims beneficial ownership of all such shares.

17. 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.

18. Represents the Reporting Person's proportionate limited partnership interests in shares held by Rankin Associates I, L.P.

19. Represents Reporting Person's proportionate limited partnership interest in shares held by Rankin Associates IV, L.P.

20. Reporting person serves as trustee of BTR 2012 GST Trust for the benefit of Anne F. Rankin.

21. Reporting person serves as trustee of BTR 2012 GST Trust for benefit of Elisabeth Rankin.

22. GP-Represents Reporting Person's spouse's proportionate limited partnership interest in shares of Rankin Associates IV, L.P. held by the Trust for the benefit of Reporting Person's spouse, as general partner. Reporting Person disclaims beneficial ownership of all such shares.

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

	/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 Alison A. Rankin report on Form 4 for NACCO Industries (NC)?

The Form 4 reports an acquisition on 10/01/2025 of 707 shares of Class A Common Stock (transaction code A).

Does the Form 4 disclose Alison Rankin's total beneficial ownership?

The filing lists numerous indirect interests including large holdings such as 204,919 Class A shares attributed to spouse/trust and other partnership/trust interests, but no single consolidated total is provided.

Are the reported shares held directly or indirectly by Alison Rankin?

The 707-share acquisition appears as a direct purchase, while most other listed shares are indirect through trusts, partnerships, or spouse-held arrangements where the reporting person often disclaims beneficial ownership.

Is transaction price disclosed on the Form 4?

No price is provided for the reported acquisition in the submitted content.

Who signed the Form 4 on behalf of the reporting person?

The filing is signed by /s/ Matthew J. Dilluvio, attorney-in-fact dated 10/01/2025.