<SEC-DOCUMENT>0001193125-23-032597.txt : 20230210
<SEC-HEADER>0001193125-23-032597.hdr.sgml : 20230210
<ACCEPTANCE-DATETIME>20230210161459
ACCESSION NUMBER:		0001193125-23-032597
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230210
DATE AS OF CHANGE:		20230210
GROUP MEMBERS:		2012 ALISON A. RANKIN TRUST
GROUP MEMBERS:		2012 CHLOE O. RANKIN TRUST
GROUP MEMBERS:		2012 CORBIN K. RANKIN TRUST
GROUP MEMBERS:		BTR 2020 GST TRUST FOR ANNE F. RANKIN
GROUP MEMBERS:		BTR 2020 GST TRUST FOR CHLOE R. SEELBACH
GROUP MEMBERS:		BTR 2020 GST TRUST FOR CLAIBORNE R. RANKIN, JR.
GROUP MEMBERS:		BTR 2020 GST TRUST FOR CLARA R. WILLIAMS
GROUP MEMBERS:		BTR 2020 GST TRUST FOR ELISABETH M. RANKIN
GROUP MEMBERS:		BTR 2020 GST TRUST FOR HELEN R. BUTLER
GROUP MEMBERS:		BTR 2020 GST TRUST FOR JAMES T. RANKIN
GROUP MEMBERS:		BTR 2020 GST TRUST FOR JULIA R. KUIPERS
GROUP MEMBERS:		BTR 2020 GST TRUST FOR MATTHEW M. RANKIN
GROUP MEMBERS:		BTR 2020 GST TRUST FOR THOMAS P.K. RANKIN
GROUP MEMBERS:		CLAIBORNE R. RANKIN
GROUP MEMBERS:		CLARA R. WILLIAMS
GROUP MEMBERS:		HELEN R. BUTLER
GROUP MEMBERS:		ROGER F. RANKIN
GROUP MEMBERS:		THOMAS T. RANKIN

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NACCO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000789933
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE SURFACE MINING [1221]
		IRS NUMBER:				341505819
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-38001
		FILM NUMBER:		23612022

	BUSINESS ADDRESS:	
		STREET 1:		5875 LANDERBROOK DR
		STREET 2:		SUITE 220
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124-4069
		BUSINESS PHONE:		4402295123

	MAIL ADDRESS:	
		STREET 1:		5875 LANDERBROOK DR
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RANKIN ALFRED M ET AL
		CENTRAL INDEX KEY:			0000904532

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		5875 LANDERBROOK DR
		CITY:			MAYFIELD HEIGHTS
		STATE:			OH
		ZIP:			44124
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>d398645dsc13da.htm
<DESCRIPTION>SC 13D/A
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<TITLE>SC 13D/A</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Schedule
13D/A </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Under the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;12) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>NACCO
Industries, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Issuer) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Class&nbsp;B Common Stock, par value $1.00 per share </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class&nbsp;of Securities) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>629579202 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number)
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alfred M. Rankin, Jr. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5875 Landerbrook Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cleveland, Ohio 44124-4017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(440) <FONT STYLE="white-space:nowrap">449-9600</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>February 2023 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Date of
Event Which Requires Filing of This Statement) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the filing
person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of <FONT STYLE="white-space:nowrap">&#167;&#167;240.13d-1(e),</FONT> <FONT
STYLE="white-space:nowrap">240.13d-1(f)</FONT> or <FONT STYLE="white-space:nowrap">240.13d-1(g),</FONT> check the following box.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information required on the remainder of this cover page shall not be deemed to be &#147;filed&#148; for the purpose of Section&nbsp;18 of
the Securities Exchange Act of 1934 (&#147;<B><I>Act</I></B>&#148;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD VALIGN="top"><B>CUSIP No. 629579202</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Schedule 13D/A</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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 of 3</B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part II to Schedule 13D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;12 to Schedule 13D (this &#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;12</I></B>&#148;) is hereby filed
to update and supplement certain information with respect to beneficial ownership of shares of Class&nbsp;B Common Stock (&#147;<B>Class</B><B></B><B>&nbsp;B Common</B>&#148;) of NACCO Industries, Inc. (the &#147;<B><I>Company</I></B>&#148;) held by
Rankin Associations IV, L.P., a Delaware limited partnership (the &#147;<B><I>Partnership</I></B>&#148;)<I>,</I> that appeared in the Schedule 13D filed by the Reporting Persons on March&nbsp;8, 2005 (the &#147;<B><I>Initial
Filing</I></B>&#148;)<I>,</I> as amended by Amendment No.&nbsp;1 filed on February&nbsp;14, 2006, as amended by Amendment No.&nbsp;2 filed on February&nbsp;13, 2009, as amended by Amendment No.&nbsp;3 filed on February&nbsp;16, 2010, as amended by
Amendment No.&nbsp;4 filed on February&nbsp;14, 2012, as amended by Amendment No.&nbsp;5 filed on February&nbsp;14, 2013, as amended by Amendment No.&nbsp;6 filed on February&nbsp;14, 2014, as amended by Amendment No.&nbsp;7 filed on
February&nbsp;13, 2015, as amended by Amendment No.&nbsp;8 filed on February&nbsp;14, 2017, as amended by Amendment No.&nbsp;9 filed on February&nbsp;13, 2018, as amended by Amendment No.&nbsp;10 filed on February&nbsp;12, 2021 and as amended by
Amendment No.&nbsp;11 filed on February&nbsp;11, 2022 (collectively, the &#147;<B><I>Filings</I></B>&#148;)<I>.</I> This Amendment No.&nbsp;12 reflects the beneficial ownership of shares of Class&nbsp;B Common by the Reporting Persons. Capitalized
items used herein but not defined herein have the meanings assigned to them in the Initial Filing. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information provided with respect to the Stockholders&#146; Agreement is hereby amended by inserting at the end
thereof the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective February&nbsp;10, 2023, each of the Issuer and the Participating Stockholders executed and delivered an
Amendment to the Stockholders&#146; Agreement amending the Amended and Restated Stockholders&#146; Agreement to add additional Participating Stockholders under the Stockholders&#146; Agreement. A copy of the Fourth Amendment to the Amended and
Restated Stockholders&#146; Agreement is attached hereto as Exhibit 24 and is incorporated herein in its entirety. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Material to be Filed as Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Item 7 of the Initial Filing is hereby amended by adding the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Exhibit&nbsp;24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/789933/000119312523031914/d379983dex9967.htm">Fourth Amendment to Amended and Restated Stockholders&#146; Agreement, dated as of February&nbsp;
10, 2023, by and between the Depository, the Issuer, the new Participating Stockholders and the Participating Stockholders (incorporated by reference to Exhibit 67 filed with Amendment No.&nbsp;
29 to the Statement on Schedule 13D, filed by the Reporting Persons named therein on February&nbsp;10, 2023, Commission File Number <FONT STYLE="white-space:nowrap">005-38001).</FONT> </A></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Signatures begin on the next page.] </B></P>
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<TD VALIGN="top"><B>CUSIP No. 629579202</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Schedule 13D/A</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B> Page
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 of 3</B></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true,
complete and correct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: February&nbsp;10, 2023 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Name: Rankin Associates IV, L.P.</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">By: Main Trust of Alfred M. Rankin, Jr., created under the Agreement, dated as of September&nbsp;28, 2000, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Alfred M. Rankin, Jr.,
creating a trust for the benefit of Alfred M. Rankin, Jr. (successor in interest to the Trust created by the Agreement, dated August&nbsp;30, 1967, as supplemented, amended and restated, between National City Bank, as trustee, and Alfred M. Rankin,
Jr., creating a trust for the benefit of Alfred M. Rankin, Jr.), as one of its General Partners</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alfred M. Rankin, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alfred M. Rankin, Jr., as Trustee</TD></TR>
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<TD VALIGN="top" COLSPAN="3">REPORTING PERSONS</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alfred M. Rankin, Jr.</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alfred M. Rankin, Jr., on behalf of himself and as:</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for Thomas T. Rankin*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for Claiborne R. Rankin*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for Roger F. Rankin*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for Helen R. Butler*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for Clara R. Williams*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for 2012 Alison A. Rankin Trust*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for 2012 Chloe O. Rankin Trust *</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for 2012 Corbin K. Rankin Trust*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Helen R. Butler*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Clara R. Williams*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Matthew M. Rankin*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for James T. Rankin*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Thomas P.K. Rankin*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Chloe R. Seelbach*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Claiborne R. Rankin, Jr.*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Julia R. Kuipers*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Anne F. Rankin*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT> for BTR 2020 GST Trust for Elisabeth M. Rankin*</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The power of attorney authorizing the above named individual to act on behalf of each of the foregoing
Reporting Persons is included in Exhibit 19 of the Filings. </P></TD></TR></TABLE>
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