NACCO Industries, Inc. and Hamilton Beach Brands Holding Company approved the separation agreement, the tax allocation agreement, and the transition services agreement. Also on September 18, 2017, NACCO approved the consulting agreement between NACCO and Alfred M. Rankin, Jr. Under the terms of the consulting agreement, Mr. Rankin will retire as the President and Chief Executive Officer of NACCO effective September 30, 2017. In order to facilitate a smooth transition, Mr. Rankin will continue to serve as the Chairman of the Board of Directors of NACCO and Mr. Rankin will support the President and Chief Executive Officer of NACCO upon request.

Mr. Rankin will have the sole discretion to determine the work schedule and the manner in which the consulting services will be performed but in no event will he be required to perform services under the consulting agreement in excess of twenty hours a month. The consulting agreement will continue in effect until September 30, 2018, at which time it will be automatically renewed for successive one year periods unless either party provides written notice of non-renewal to the other party at least thirty days prior to the expiration of the initial term of this agreement or any renewal term. James A. Ratner and David F. Taplin will resign from the Board of Directors of NACCO and the boards of directors of NACCO's principal subsidiary (NACoal), effective as of, and contingent upon, the spin-off date.

J.C. Butler, Jr., John S. Dalrymple, Matthew M. Rankin and Timothy K. Light have been elected, effective as of, and contingent upon, the spin-off date, as members of the Board of Directors of NACCO. Mr. Butler, who is the son-in-law of Alfred M. Rankin, Jr., the Chairman, President and Chief Executive Officer of NACCO, will be a member of the Executive Committee of the NACCO Board of Directors. Mr. Dalrymple will be a member of the Nominating and Corporate Governance Committee of the NACCO Board of Directors.

Mr. Light will be a member of the Compensation Committee and Audit Review Committee of the NACCO Board of Directors. Messrs. Dalrymple and Light are independent.

The Board of Directors of NACCO appointed J.C. Butler, as President and Chief Executive Officer, Thomas A. Maxwell as Vice President - Financial Planning and Analysis and Treasurer, John D. Neumann as Vice President General Counsel and Secretary, Elizabeth I. Loveman as Vice President and Controller, Sarah E. Fry as Associate General Counsel and Assistant Secretary, Miles B. Haberer as Associate General Counsel, Jesse L. Adkins as Associate Counsel and Assistant Secretary. Appointments will be effective as of, and contingent upon, the spin-off date. Alfred M. Rankin, Jr., Chairman, President and Chief Executive Officer of NACCO, will resign effective on the spin-off date as the principal executive officer of NACCO and J.C. Butler, Jr., the newly-appointed President and Chief Executive Officer of NACCO will become the principal executive officer of NACCO at the spin-Off date.

In addition, effective as of, and conditioned upon, the spin-off date, Gregory H. Trepp, President and Chief Executive Officer of Hamilton Beach Brands, Inc. (HBB) and Chief Executive Officer of The Kitchen Collection, LLC and R. Scott Tidey, Senior Vice President North American Sales & Marketing of HBB, will no longer be named executive officers of NACCO as a result of the spin-off.