On December 19, 2024, NACCO Industries, Inc. amended its consulting agreement with Alfred M. Rankin, Jr., who serves as the Chairman of the Board of Directors. The amendment reduced Mr. Rankin's annual consulting fees from $200,000 to $100,000. Under the revised agreement, Mr. Rankin will continue to provide support to the President, Chief Executive Officer, and senior leadership teams of NACCO and NACCO Natural Resources.

The Amendment to the Consulting Agreement has been filed as Exhibit 10.1 to this Form 8-K and is incorporated by reference. This change reflects adjustments to consulting arrangements while retaining Mr. Rankin's leadership contributions.