Item 5.02 Departure of Directors or Certain Officers, Election of Directors,
Appointment of Certain Officers, Compensatory Arrangements of Certain Officers
On November 11, 2009, NACCO Industries, Inc. (referred to as NACCO),
announced that Dr. Michael J. Morecroft, the current President and Chief
Executive Officer of Hamilton Beach Brands, Inc., a wholly-owned subsidiary of
NACCO (referred to as HBB), will retire effective January 1, 2010 and Gregory H.
Trepp will succeed Dr. Morecroft as President and Chief Executive Officer of
HBB. Mr. Trepp, currently the Vice President, Global Business of HBB and Interim
President and Chief Executive Officer of The Kitchen Collection, Inc., a
wholly-owned subsidiary of NACCO (referred to as KCI), will also become a member
of the HBB Board of Directors.
As part of a transition plan, Dr. Morecroft has agreed to serve as Vice
Chairman of the Boards of Directors of HBB and KCI following his retirement. The
terms of Dr. Morecroft's Vice Chairmanships are described in a consulting
agreement dated November 10, 2009 which is effective January 1, 2010.
For his services, Dr. Morecroft will receive a retainer from HBB (paid in
arrears) in the amount of $25,000 per month.
The consulting agreement is attached to this Current Report on Form 8-K as
Exhibit 10.1 is hereby incorporated herein by reference. The foregoing summary
of the consulting agreement is qualified in its entirety by reference to the
full text of the agreement, which is attached hereto as an exhibit.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibit Description
10.1 Consulting Agreement between Hamilton Beach Brands, Inc. and Michael J.
Morecroft, dated November 10, 2009 (effective January 1, 2010)
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