8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 28, 2008

NACCO INDUSTRIES, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-9172	34-1505819
(Commission File Number)	(IRS Employer Identification Number)
5875 Landerbrook Drive, Cleveland, OH	44124-4017
(Address of Principal Executive Offices)	(Zip Code)

(440) 449-9600

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

     On July 28, 2008, NACCO Industries, Inc.’s wholly owned subsidiary, NACCO Materials Handling Group, Inc. (“NMHG”), amended its Restated and Amended Joint Venture and Shareholders Agreement dated as of April 15, 1998 with General Electric Capital Corporation (“GECC”), effective July 1, 2008, to extend the term of the agreement through December 31, 2013.

     On July 28, 2008, NMHG amended its International Operating Agreement dated as of April 15, 1998 with GECC, effective July 1, 2008, to extend the term of the agreement through December 31, 2013, to extend the base term of each country agreement, regional agreement and master regional operating agreement until December 31, 2013, and to require each country or regional Annual Operating Plan to contain reports on certain items based on the relevance to each particular region or country.

     On July 28, 2008, NMHG and NMHG Financial Services, Inc. amended their Recourse and Indemnity Agreement dated as of October 21, 1998 with GECC, effective July 1, 2008, to add certain new definitions, as well as to extend the base term until December 31, 2013. In addition, the amendment adds a loss pool which establishes annual loss pool accounts that limit NMHG’s financial risk related to certain U.S.-based fleet rental financing accounts.

     The foregoing summaries are qualified in their entirety by reference to Amendment No. 3 to the Restated and Amended Joint Venture and Shareholders Agreement, Amendment No. 7 to the International Operating Agreement and Amendment No. 2 to the Recourse and Indemnity Agreement which are filed as Exhibits 10.1, 10.2 and 10.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference thereto.

Item 9.01 Financial Statements and Exhibits.

     As described in Item 1.01 of this Current Report on Form 8-K, the following Exhibits are filed as part of this Current Report on Form 8-K.

     (d) Exhibits

10.1	Amendment No. 3, effective as of July 1, 2008, to the Restated and Amended Joint Venture and Shareholders Agreement, dated as of April 15, 1998, by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation
10.2	Amendment No. 7, effective as of July 1, 2008, to the International Operating Agreement, dated as of April 15, 1998, by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation
10.3	Amendment No. 2, effective as of July 1, 2008, to the Recourse and Indemnity Agreement, dated as of October 21, 1998, by and among NACCO Materials Handling Group, Inc., NMHG Financial Services, Inc. and General Electric Capital Corporation

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NACCO INDUSTRIES, INC.
By:	/s/ Kenneth C. Schilling
	Name:	Kenneth C. Schilling
	Title:	Vice President and Controller

Date: August 1, 2008

EXHIBIT INDEX

Exhibit
Number	Description
10.1	Amendment No. 3, effective as of July 1, 2008, to the Restated and Amended Joint Venture and Shareholders Agreement, dated as of April 15, 1998, by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation
10.2	Amendment No. 7, effective as of July 1, 2008, to the International Operating Agreement, dated as of April 15, 1998, by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation
10.3	Amendment No. 2, effective as of July 1, 2008, to the Recourse and Indemnity Agreement, dated as of October 21, 1998, by and among NACCO Materials Handling Group, Inc., NMHG Financial Services, Inc. and General Electric Capital Corporation

EX-10.1

Exhibit 10.1

AMENDMENT NO. 3 TO RESTATED AND AMENDED JOINT VENTURE AND
SHAREHOLDERS AGREEMENT

     This Amendment (this “Amendment”) amends that certain RESTATED AND AMENDED JOINT VENTURE AND SHAREHOLDERS AGREEMENT (the “JV Agreement”) dated as of April 15, 1998, as may be further amended, restated or supplemented from time to time, by and between NACCO MATERIALS HANDLING GROUP, INC. (“NMHG”) and GENERAL ELECTRIC CAPITAL CORPORATION (“GECC”) and is made effective as of the Effective Date set forth below. All capitalized terms not otherwise defined herein will have the meanings set forth in the JV Agreement.

     WHEREAS, GECC and NMHG each have determined that it is in their best interest to make certain amendments to the above-captioned JV Agreement;

     NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which the parties hereto acknowledge; the parties hereto intending to be legally bound agree as follows:

     1. Section 14. Term and Termination. Section 14(a) is hereby amended by deleting the date “December 31, 2008” in the second line of such Section 14(a) and replacing it with the date “December 31, 2013”.

     2. Effective Date. This Amendment is executed to be effective as of July 1, 2008.

     3. Effect of Amendment. All terms and conditions of the JV Agreement not expressly modified hereby remain in full force and are hereby ratified by the parties.

IN WITNESS WHEREOF, the duly authorized representatives of the parties have executed this Amendment on the dates set forth below but as of the date first set forth above.

NACCO MATERIALS HANDLING GROUP, INC.
By:	/s/ Jeffery C. Mattern
Title:	Treasurer
Date:	July 1, 2008

GENERAL ELECTRIC CAPITAL CORPORATION
By:	/s/ Raymond Scott Barber
Title:	General Manager
Date:	July 1, 2008

EX-10.2

Exhibit 10.2

Amendment No. 7 to the International Operating Agreement

Dated As of July 1, 2008 (the “Effective Date”)

Between

(1)	General Electric Capital Corporation (“GE Capital”), a Delaware corporation with a principal address at 44 Old Ridgebury Road, Danbury, Connecticut 06810; and
(2)	NACCO Materials Handling Group, Inc. (“NMHG”), a Delaware corporation with a principal address at 650 N.E. Holladay Street, Suite 1600, Portland, Oregon 97232

BACKGROUND

GE Capital and NMHG are parties to that certain International Operating Agreement dated as of April 15, 1998, as previously amended and as may be further amended, supplemented or otherwise modified from time to time (the “IOA”). Capitalized terms used herein without definition shall have the meanings assigned thereto in the IOA. GE Capital and NMHG have agreed that in order to most effectively promote the development of international financing programs involving their respective Affiliates, it is advisable for such Affiliates to enter into Regional Agreements and or Master Regional Operating Agreements for countries in which such financing activities will be conducted. GE Capital and NMHG have further agreed to amend and clarify the IOA to better define the activities conducted by the various Working Committees internationally and how such activities are reported in each country’s or region’s respective Annual Operating Plan as such activities relate to the business of the various Master Regional Operating Agreements and Regional or Country Agreements, and to otherwise supplement the IOA.

NOW THEREFORE, in consideration of the above premises and of the representations, warranties and agreements contained herein, the parties, intending to be legally bound, agree to amend, clarify and supplement the IOA as follows:

1. Base Term Extension: For the avoidance of doubt, the parties agree that the Base Term (as that term is defined in Sec. 6.8(a) of the IOA) of each of the various Country Agreements, Regional Agreements and Master Regional Operating Agreements shall be extended to December 31, 2013 and, except as may otherwise be expressly modified or otherwise agreed in writing by the parties, all other terms and conditions of the Country Agreements, Regional Agreements and/or Master Regional Operating Agreements shall remain unmodified and in full force and effect; and

2. Working Committee Annual Operating Plans: GE Capital and NMHG hereby agree that, except as set forth below, the following items shall be reviewed and considered (at least annually) by each regional and or country Working Committee and that a brief description regarding the status and year to date progress made with respect to each item shall be set forth in the regional and/or country specific Annual Operating Plan, copies of which shall be

provided to the International Executive Committee shortly following adoption by each respective country or region. The parties agree that each country or regional Annual Operating Plan, where relevant, shall contain reports on such items as:

(i)	Discounts for NMHG subsidies;
(ii)	Introduction to Revised Fixed Residual Discount Percentage Tables;
(iii)	Win/Loss Analysis of Deals;
(iv)	Implementation of Syndication Strategy;
(v)	GE Resource Commitments;
(vi)	Proactive Dealer Engagements;
(vii)	Major Accounts;
(viii)	Extranet Implementation;
(ix)	Volume Based Retrospective Rebates;
(x)	NMHG Recourse Support Reduction Initiatives;
(xi)	NMHG Program Commitments and on-going support;
(xii)	Target Metrics; including:

(a)	Credit approval targets;
(b)	Decision time targets;
(c)	Payment time targets;
(d)	Lease penetration targets;
(e)	Residual value realization.

	The parties hereto hereby acknowledge and agree that not all of the items set forth above will be relevant to a particular region or country and, in such case, any such item or items shall not be considered and/or included in the applicable Annual Operating Plan.
3.	Effect of Amendment: All terms and conditions of the IOA not expressly modified hereby shall remain in full force and effect and are herby ratified by the parties.

IN WITNESS WHEREOF, the duly authorized representatives of the parties hereto have executed this Amendment as of the Effective Date first set forth herein.

GENERAL ELECTRIC CAPITAL CORPORATION
By:	/s/ Raymond Scott Barber
Name:	Raymond Scott Barber
Title:	General Manager
NACCO MATERIALS HANDLING GROUP, INC.
By:	/s/ Jeffery C. Mattern
Name:	Jeffery C. Mattern
Title:	Treasurer

EX-10.3

Exhibit 10.3

AMENDMENT NO. 2
DATED AS OF JULY 1, 2008
TO
RECOURSE AND INDEMNITY AGREEMENT
DATED AS OF OCTOBER 21, 1998
BY AND BETWEEN
GENERAL ELECTRIC CAPITAL CORPORATION
NMHG FINANCIAL SERVICES, INC.
AND
NACCO MATERIALS HANDLING GROUP, INC.

US ULTIMATE NET LOSS PROGRAM

     WHEREAS, General Electric Capital Corporation (“GECC”), and NACCO Materials Handling Group, Inc. (“NMHG”) each have determined that it is in their best interest to make certain amendments to the above-captioned agreement (as previously amended, and as may be further amended, supplemented or modified from time to time, the “R&I Agreement”). All capitalized terms not specifically defined herein shall have the respective meanings set forth in the R&I Agreement or (as applicable) in the Restated and Amended Joint Venture and Shareholders Agreement dated April 15, 1998 between GECC and NMHG (as amended, the “JV Agreement”).

     NOW, THEREFORE, in consideration of the above premises and mutual covenants contained herein below, the parties hereto agree that as of the “Effective Date” (defined below), the R&I Agreement is amended as follows:

1. The following new definitions are inserted at the end of ARTICLE I CERTAIN DEFINITIONS:

1.05 “Base Term” as that term is employed in the JV Agreement and R&I Agreement shall be extended as of the Effective Date and the new Base Term shall expire on December 31, 2013.

1.06 “Fleet Rental Financing Account” means and includes any loan or other extension of credit to a Dealer (as defined in the JV Agreement) for the acquisition by the Dealer of NMHG Equipment (and any related trade-ins) only if and to the extent such NMHG Equipment (and any related trade-ins) is or becomes part of such Dealer’s rental fleet, but does not include any loan or other extension of credit by the Corporation to a Customer (as defined in the R&I Agreement).

1.07 “Loss Pool Credit" means for the Initial Loss Pool Account (defined below) seven and one half percent (7.5%) of the Net Book Value (defined below) of each outstanding UNL Eligible US Fleet Rental Financing Account. For subsequent annual Loss Pool Accounts the Loss Pool Credit shall be seven and one-half percent (7.5%) of the purchase price funded by the Corporation of any US Fleet Rental Financing transaction. The beginning Loss Pool Balance in each Loss Pool Account will be one million five hundred

thousand ($1,500,000). Unless otherwise specifically agreed by the parties, no additional contribution will be made to a Loss Pool Account until the aggregate purchase price funded by the Corporation under the Program for the applicable year (the “Annual Aggregate Purchase Price”) exceeds twenty million dollars ($20,000,000). When the Annual Aggregate Purchase Price exceeds twenty million dollars ($20,000,000), the Corporation will, simultaneously with the payment of the purchase price for any new transaction, record in the applicable Loss Pool Account an amount equal to the applicable Loss Pool Credit.

1.08 “Net Book Value” means the value of the UNL Eligible US Fleet Rental Financing Account (defined below), as reflected on the Corporation’s books and records, calculated on the basis of: (i) all accrued and unpaid sums due under the UNL Eligible US Fleet Rental Financing Account; plus (ii) all future payments due during the remainder of the term of the UNL Eligible US Fleet Rental Financing Account, with each such payment discounted to its present value from the due date thereof to the date of payment of the Net Book Value at the interest rate applicable to the UNL Eligible US Fleet Rental Financing Account.

1.09 “Net Remarketing Proceeds” means the proceeds actually received by NMHG upon its remarketing of NMHG Equipment, minus any applicable sales taxes and Actual Out-Of-Pocket Costs (as defined in Section 2.01(b) (2) of the R&I Agreement). If NMHG does not remarket the NMHG Equipment during the Remarketing Period, Net Remarketing Proceeds will be deemed to be equal to the Net Book Value paid to the Corporation and the adjustment to the applicable Loss Pool Account will be zero.

1.10 “Remarketing Period” means the period beginning on the date of receipt of the Net Book Value under section 2.01 below and ending one hundred eighty (180) days thereafter.

1.11 “Sale Out of Trust” means any conversion, disposal, sale or encumbrance (other than a permitted rental or sublease to a Customer) by a Dealer of any NMHG Equipment that is the subject of a US Fleet Rental Financing Account in violation of the terms of the applicable US Fleet Rental Financing Account without the prior written consent of the Corporation.

1.12 “UNL Eligible US Fleet Rental Financing Account” means and includes all US Fleet Rental Financing Accounts (defined below) other than any US Fleet Rental Financing Accounts constituting a “UNL Ineligible US Fleet Rental Financing Account” (defined below) approved by the Corporation in its sole discretion to qualify as UNL Eligible US Fleet Rental Financing Accounts hereunder.

1.13 “UNL Eligible US Fleet Rental Financing Account Default” means and includes any default of an obligor under a UNL Eligible US Fleet Rental Financing Account (whether such obligor is the direct obligor or a surety) where such default is not cured by such obligor within 45 days of such obligor’s receipt of notice of said default.

1.14 “UNL Ineligible US Fleet Rental Financing Account” means and includes the following: (i) Fleet Rental Financing Accounts financing property located outside of the United States; (ii) any US Fleet Rental Financing Account covered by a separate recourse arrangement outside of the Ultimate Net Loss Program; and (iii) any US Fleet Rental Financing Account that is not approved by the Corporation in its sole discretion to qualify as a UNL Eligible US Fleet Rental Financing Account.

1.15 “US Fleet Rental Financing Account” means and includes any Fleet Rental Financing Account financing property located in the United States.

2. The following provisions shall be added to the end of Section 2 of the R&I Agreement. Except as otherwise provided in this Amendment No. 2, the following Section 2.06 shall apply to all UNL Eligible US Fleet Rental Financing Accounts to the exclusion of Section 2.01 of the R&I Agreement. For the avoidance of doubt, the parties hereto hereby confirm: Fleet Rental Financing Accounts other than UNL Eligible US Fleet Rental Financing Accounts, and UNL Eligible US Fleet Rental Financing Accounts that become UNL Ineligible US Fleet Rental Financing Accounts due to a Sale Out of Trust shall continue to be covered under Section 2.01 of the R&I Agreement.

     2.06(a) Loss Pool

(1) All UNL Eligible US Fleet Rental Financing Accounts funded prior to January 1, 2008 shall represent the Initial Loss Pool Account (the “Initial Loss Pool Account”).

(2) Commencing on January 1, 2008, and ending on, December 31, 2008 and annually thereafter ending on the last day of each subsequent calendar year during the Base Term of the R&I Agreement (or on the last day of the Base Term if such term expires on a day which is not the last day of such calendar year), the Corporation and NMHG will (for notional purposes only) establish annual loss pool accounts (each a “Loss Pool Account”) for all UNL Eligible US Fleet Rental Financing Accounts funded during that calendar year.

(3) The starting Loss Pool Balance in each Loss Pool Account will be equal to the Loss Pool Credit as set forth in “Loss Pool Credit” above

(4) In the event that the Corporation determines that a UNL Eligible US Fleet Rental Financing Account Default has occurred, the Corporation may at its discretion provide NMHG with written notice of such default, including the applicable Net Book Value for such account (“Loss Pool Default Notice”).

(5) Within ten (10) days of its receipt of a Loss Pool Default Notice, NMHG will pay the Corporation the applicable Net Book Value. Notwithstanding the foregoing, if the applicable Net Book Value exceeds the then existing applicable Loss Pool Balance,

NMHG shall be required to pay only that portion of the applicable Net Book Value (the “Partial Net Book Value”) that does not exceed the then existing applicable Loss Pool Balance (unless NMHG, in its discretion, chooses to make a payment to the Corporation in excess of that balance). Further, if the particular Net Book Value is greater than the applicable Loss Pool Balance, the Corporation will be entitled to obtain the unpaid portion out of any future Loss Pool Balance and/or retain any future collections in regard to the defaulted Transaction (up to the applicable Net Book Value).

(6) Provided that the Corporation has received the applicable Net Book Value from NMHG, the Corporation will transfer and assign all its right, title and interest in such UNL Eligible US Fleet Rental Financing Account to NMHG on an AS-IS, WHERE-IS basis, without representation or warranty, except that neither the Corporation nor any agent of the Corporation shall have encumbered the applicable account.

(7) Upon receipt of either the Net Book Value or the Partial Net Book Value, as the case may be, and the remarketing of the applicable NMHG Equipment pursuant to the remarketing agreement, the applicable Loss Pool Balance will be reduced by the difference between such Partial Net Book Value or Net Book Value, as the case may be, and the applicable Net Remarketing Proceeds. For the avoidance of doubt, no Loss Pool Account will be reduced to less than zero at any time.

(8) In no event shall the payment by NMHG of any Recourse US Wholesale Amount, any indemnity payment, or any other amount payable pursuant to Section 2.01 of the R&I Agreement, result in a reduction of, or otherwise affect, any Loss Pool Balance.

(9) Notwithstanding the foregoing, on no more than (3) occasions (unless the Corporation shall agree in writing to a greater number) during the term of any UNL Eligible US Fleet Rental Financing Account, NMHG, in its discretion, may choose to cure a UNL Eligible US Fleet Rental Financing Account Default by paying the accrued and unpaid amounts (each a “Cure Payment”) due under such account as of the date of the corresponding Loss Pool Default Notice in lieu of paying the Corporation the applicable Net Book Value. Should a UNL Eligible US Fleet Rental Financing Account Default occur following NMHG’s making of three (3) Cure Payments, NMHG shall be required to pay the applicable Net Book Value.

2.06(b) Remarketing

(1) Upon payment of the Net Book Value, NMHG shall obtain possession and, on a best efforts basis, remarket the NMHG Equipment during the Remarketing Period. In performing its remarketing responsibilities, NMHG will not discriminate between the NMHG Equipment and equipment owned by it or another party to whom NMHG may be bound to provide remarketing assistance.

(2) In an attempting to remarket the NMHG Equipment to a third party on a best efforts basis during the Remarketing Period, NMHG shall be entitled to the actual and reasonable costs of repossession, repair, refurbishment, insurance and remarketing

(“Actual Out-Of-Pocket Costs”) which do not exceed fifteen percent (15%) of the Net book Value of the NMHG Equipment being remarketed.

     (3) If NMHG is able to remarket the NMHG Equipment to a third party during the Remarketing Period, the proceeds actually received by NMHG will be distributed in the following manner: (i) first, to NMHG, an amount equal to the Actual Out-Of-Pocket Costs; (ii) second, to the Corporation, an amount equal to the outstanding Net Book Value, to the extent not previously paid by NMHG; (iii) third, to NMHG, an amount equal to that portion of the Net Book Value that was previously paid by NMHG to the Corporation; and (iv) fourth, any amount remaining after payment of the amounts described in subparagraphs (i) through (iii) shall be remitted to the applicable Customer.

3. Effective Date. This Amendment is executed to be effective as of the date set forth below.

4. Effect of Amendment. All terms and conditions of the R&I Agreement not expressly modified hereby remain in full force and effect and are hereby ratified by the parties.

IN WITNESS WHEREOF, the duly authorized representatives of the parties hereto have executed this Amendment on the dates set forth below.

General Electric Capital Corporation
By	/s/ Raymond Scott Barber
Print Name Raymond Scott Barber
Title General Manager
Date: July 1, 2008
NACCO Materials Handling Group, Inc.
By	/s/ Jeffery C. Mattern
Print Name Jeffery C. Mattern
Title Treasurer
Date: July 1, 2008