Maxwell Thomas A 4

What Happened

• Thomas A. Maxwell, Senior VP Finance and Treasurer of NACCO Industries (NC), was granted 1,870 shares under the company's Executive Long-Term Incentive Compensation Plan on 2026-02-17. To cover tax withholding related to that award, 296 of the awarded shares were surrendered to the company (cashless withholding), resulting in a net increase of 1,574 shares to his holdings.
• The reported transactions are labeled as an Award/Grant (code A) and a tax-withholding disposition (code F). No per-share price or total dollar value was reported (listed as N/A).

Key Details

• Transaction date: 2026-02-17; Form 4 filed 2026-02-18 (timely filing).
• Awarded: 1,870 shares (Executive LTIP award — footnote F1).
• Tax withholding: 296 shares surrendered to the company to satisfy withholding (cashless withholding — footnote F3).
• Net shares added: 1,574 (1,870 awarded minus 296 withheld).
• Price/Value: Not disclosed on the Form 4 (N/A).
• Shares owned after transaction: Not reported in the filing.
• Filing timeliness: Reported the next day; not indicated as late.

Context

• This was an equity award under the company's long-term incentive plan, not an open-market purchase or sale. The 296-share disposition was a routine tax-withholding action (cashless surrender of some awarded shares) and should be interpreted as a mechanical tax-related step, not a market sale expressing sentiment.
• For retail investors, awards increase insider exposure to company equity but do not necessarily signal a near-term trading view; purchases are generally more informative about personal conviction than routine award-related withholdings.