Document:

Rentech Nitrogen Partners, L.P. 2011 Long-Term Incentive Plan

 Exhibit 10.1 
 RENTECH NITROGEN PARTNERS, L.P. 
 2011 LONG-TERM INCENTIVE PLAN

 SECTION 1. Purpose of the Plan. 
 This Rentech Nitrogen Partners, L.P. 2011 Long-Term Incentive Plan (the “Plan”) has been adopted by Rentech Nitrogen GP, LLC, a Delaware limited liability company (the
“Company”), the general partner of Rentech Nitrogen Partners, L.P., a Delaware limited partnership (the “Partnership”). The Plan is intended to promote the interests of the Partnership and the Company
by providing incentive compensation awards denominated in or based on Units to Employees, Consultants and Directors to encourage superior performance. The Plan is also intended to enhance the ability of the Partnership, the Company and their
Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership, the Company and their Affiliates and to encourage them to devote their best efforts to advancing the business of the
Partnership, the Company and their Affiliates. 
 SECTION 2. Definitions. 

As used in the Plan, the following terms shall have the meanings set forth below: 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “ASC Topic
718” means Accounting Standards Codification Topic 718, Compensation Stock Compensation, or any successor accounting standard. 
 “Award” means an Option, Restricted Unit, Phantom Unit, DER, Substitute Award, Unit Appreciation Right, Profits Interest Unit or Unit Award granted under the Plan. 

“Award Agreement” means the written or electronic agreement by which an Award shall be evidenced. 

“Board” means the board of directors or board of managers, as the case may be, of the Company. 

“Cause” means, unless otherwise set forth in an Award Agreement or other written agreement between the Company
and the applicable Participant, a finding by the Committee, before or after the Participant’s termination of Service, of: (i) any material failure by the Participant to perform the Participant’s duties and responsibilities under any
written agreement between the Participant and the Company or its Affiliate(s); (ii) any act of fraud, embezzlement, theft or misappropriation by the Participant relating to the Company, the Partnership or any of their Affiliates; (iii) the
Participant’s commission of a felony or a crime involving moral turpitude; (iv) any gross negligence or intentional misconduct on the part of the Participant in the conduct of the Participant’s duties and responsibilities with the
Partnership, the Company or any Affiliate(s) of the Company or which adversely affects the image, reputation or business of the 

 
Company, the Partnership or their Affiliates; or (v) any material breach by the Participant of any agreement between the Company or any of its Affiliates, on the one hand, and the
Participant on the other. The findings and decision of the Committee with respect to such matter, including those regarding the acts of the Participant and the impact thereof, will be final for all purposes. 

“Change in Control” means, and shall be deemed to have occurred upon
one or more of the following events: 
 (i) any “person” or “group” within the meaning of
Sections 13(d) and 14(d)(2) of the Exchange Act, other than the Company or an Affiliate of the Company (as determined immediately prior to such event), shall become the beneficial owner, by way of merger, acquisition, consolidation,
recapitalization, reorganization or otherwise, of 50% or more of the combined voting power of the equity interests in the Company or the Partnership; 
 (ii) the limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership; 

(iii) the sale or other disposition by either the Company or the Partnership of all or substantially all of its assets in
one or more transactions to any Person other than the Company, the Partnership or an Affiliate of the Company or the Partnership; or 
 (iv) a transaction resulting in a Person other than the Company or an Affiliate of the Company (as determined immediately prior to such event) being the sole general partner of the Partnership.

 Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Award which provides
for the deferral of compensation and is subject to Section 409A, the transaction or event described in subsection (i), (ii), (iii) or (iv) above with respect to such Award must also constitute a “change in control event,” as
defined in Treasury Regulation §1.409A-3(i)(5), and as relates to the holder of such Award, to the extent required to comply with Section 409A. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means the Board, except that it shall mean such committee as is appointed by the Board if, from and after such time as and to the extent that the Board appoints such a
committee comprised solely of two or more “non-employee directors” (within the meaning of Rule 16b-3 promulgated under the Exchange Act) to administer the Plan. 
 “Consultant” means an individual who renders consulting services to the Company, the Partnership or any of their Affiliates. 

“DER” means a distribution equivalent right, representing a contingent right to receive an amount in cash, Units,
Restricted Units and/or Phantom Units equal in value to the distributions made by the Partnership with respect to a Unit during the period such Award is outstanding. 

  
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 “Director” means a member of the board of directors or board of
managers, as the case may be, of the Company, the Partnership or any of their Affiliates who is not an Employee or a Consultant (other than in that individual’s capacity as a Director). 

“Disability” means, as determined by the Committee in its discretion exercised in good faith, a physical or
mental condition of a Participant that would entitle him or her to payment of disability income payments under the Company’s, the Partnership’s or one of their Affiliates’ long-term disability insurance policy or plan for employees as
then in effect; or in the event that a Participant is not covered, for whatever reason, under any such long-term disability insurance policy or plan for employees or the Company, the Partnership or one of its Affiliates does not maintain such a
long-term disability insurance policy, “Disability” means a total and permanent disability within the meaning of Section 22(e)(3) of the Code; provided, however, that if a Disability constitutes a payment event with respect to
any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required to comply with Section 409A, the Participant must also be considered “disabled” within the meaning of
Section 409A(a)(2)(C) of the Code. A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, Participants shall submit to an examination by such physician upon request by the Committee.

 “Employee” means an employee of the Company, the Partnership or any of their Affiliates. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, as of any given date, the closing sales price on such date during normal trading hours
(or, if there are no reported sales on such date, on the last date prior to such date on which there were sales) of the Units on the New York Stock Exchange or, if not listed on such exchange, on any other national securities exchange on which
the Units are listed or on an inter-dealer quotation system, in any case, as reported in such source as the Committee shall select. If there is no regular public trading market for the Units, the Fair Market Value of the Units shall be determined by
the Committee in good faith and, to the extent applicable, in compliance with the requirements of Section 409A. 

“Option” means an option to purchase Units granted pursuant to Section 6(a) of the Plan. 

“Other Unit-Based Award” means an award granted pursuant to Section 6(f) of the Plan. 

“Participant” means an Employee, Consultant or Director granted an Award under the Plan and any authorized
transferee of such individual. 
 “Partnership Agreement” means the [Second Amended and Restated
Agreement of Limited Partnership] of the Partnership, as it may be amended or amended and restated from time to time. 

“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used
in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

  
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 “Phantom Unit” means a notional interest granted under the Plan
that, to the extent vested, entitles the Participant to receive a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion. 

“Profits Interest Unit” means to the extent authorized by the Partnership Agreement, an interest in the
Partnership that is intended to constitute a “profits interest” within the meaning of the Code, Treasury Regulations promulgated thereunder, and any published guidance by the Internal Revenue Service with respect thereto. 

“Restricted Period” means the period established by the Committee with respect to an Award during which the Award
remains subject to forfeiture and is either not exercisable by or payable to the Participant, as the case may be. 

“Restricted Unit” means a Unit granted pursuant to Section 6(b) of the Plan that is subject to a Restricted
Period. 
 “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act or any successor
rule or regulation thereto as in effect from time to time. 
 “Securities Act” means the Securities Act
of 1933, as amended. 
 “SEC” means the Securities and Exchange Commission, or any successor thereto.

 “Section 409A” means Section 409A of the Code and the Department of Treasury regulations and
other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date (as defined in Section 9 below). 

“Service” means service as an Employee, Consultant or Director. The Committee, in its sole discretion, shall
determine the effect of all matters and questions relating to terminations of Service, including, without limitation, the questions of whether and when a termination of Service occurred and/or resulted from a discharge for Cause, and all questions
of whether particular changes in status or leaves of absence constitute a termination of Service. The Committee, in its sole discretion, subject to the terms of any applicable Award Agreement, may determine that a termination of Service has not
occurred in the event of (a) a termination where there is simultaneous commencement by the Participant of a relationship with the Partnership, the Company or any of their Affiliates as an Employee, Director or Consultant or (b) a
termination which results in a temporary severance of the service relationship. 
 “Substitute Award”
means an award granted pursuant to Section 6(g) of the Plan. 
 “Unit” means a Common Unit of the
Partnership. 
 “Unit Appreciation Right” or “UAR” means a contingent right that
entitles the holder to receive the excess of the Fair Market Value of a Unit on the exercise date of the UAR over the exercise price of the UAR. 

  
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 “Unit Award” means an award granted pursuant to Section 6(d) of
the Plan. 
 SECTION 3. Administration. 
 (a) The Plan shall be administered by the Committee, subject to subsection (b) below; provided, however, that in the event that the Board is not also serving as the Committee, the Board, in
its sole discretion, may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan. The governance of the Committee shall be subject to the charter, if any, of the Committee as approved by the Board.
Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent,
and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or
waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the Committee deems necessary or desirable
for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to such extent as the Committee deems necessary or appropriate.
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and
shall be final, conclusive, and binding upon all Persons, including the Company, the Partnership, any of their Affiliates, any Participant and any beneficiary of any Participant. 

(b) To the extent permitted by applicable law and the rules of any securities exchange on which the Units are listed, quoted or traded,
the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to
Section 3(a); provided, however, that in no event shall an officer of the Company be delegated the authority to grant awards to, or amend awards held by, the following individuals: (i) individuals who are subject to Section 16
of the Exchange Act, or (ii) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted to
the extent that it is permissible under applicable provisions of the Code and applicable securities laws and the rules of any securities exchange on which the Units are listed, quoted or traded. Any delegation hereunder shall be subject to such
restrictions and limitations as the Board or Committee, as applicable, specifies at the time of such delegation, and the Board or Committee, as applicable, may at any time rescind the authority so delegated or appoint a new delegatee. At all times,
the delegatee appointed under this Section 3(b) shall serve in such capacity at the pleasure of the Board and the Committee. 

  
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 SECTION 4. Units. 

(a) Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c), the number of Units that may be delivered
with respect to Awards under the Plan is Three Million Eight Hundred Twenty Five Thousand (3,825,000). Units withheld from an Award to either satisfy the Company’s or its Affiliates’ tax withholding obligations with respect to the Award or
pay the exercise price of an Award shall be counted against the number of Units that may be delivered under the Plan and shall not be available for future grants of Awards. If any Award is forfeited, cancelled, exercised, paid, or otherwise
terminates or expires without the actual delivery of Units pursuant to such Award (for the avoidance of doubt, the grant of Restricted Units is not a delivery of Units for this purpose unless and until such Restricted Units vest and any restrictions
placed upon them under the Plan lapse), the Units subject to such Award shall again be available for Awards under the Plan. To the extent permitted by applicable law and securities exchange rules, Substitute Awards and Units issued in assumption of,
or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Partnership or any Affiliate thereof shall not be counted against the Units available for issuance pursuant to the Plan. There shall not be any
limitation on the number of Awards that may be paid in cash. 
 (b) Sources of Units Deliverable Under Awards. Any Units
delivered pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from the Partnership, any Affiliate thereof or any other Person, or Units otherwise issuable by the Partnership, or any combination of the
foregoing, as determined by the Committee in its discretion. 
 (c) Anti-dilution Adjustments. 

(i) Equity Restructuring. With respect to any “equity restructuring” event that could result in an additional
compensation expense to the Company or the Partnership pursuant to the provisions of ASC Topic 718 if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units covered by
each outstanding Award and the terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect such event and shall adjust the number and type of Units (or other securities or property) with
respect to which Awards may be granted under the Plan after such event. With respect to any other similar event that would not result in an ASC Topic 718 accounting charge if the adjustment to Awards with respect to such event were subject to
discretionary action, the Committee shall have complete discretion to adjust Awards and the number and type of Units (or other securities or property) with respect to which Awards may be granted under the Plan in such manner as it deems appropriate
with respect to such other event. 
 (ii) Other Changes in Capitalization. In the event of any non-cash distribution,
Unit split, combination or exchange of Units, merger, consolidation or distribution (other than normal cash distributions) of Partnership assets to unitholders, or any other change affecting the Units of the Partnership, other than an “equity
restructuring,” the Committee may make equitable adjustments, if any, to reflect such change with respect to (A) the aggregate 

  
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number and kind of Units that may be issued under the Plan; (B) the number and kind of Units (or other securities or property) subject to outstanding Awards; (C) the terms and
conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (D) the grant or exercise price per Unit for any outstanding Awards under the Plan. 

SECTION 5. Eligibility. 
 Any Employee, Consultant or Director shall be eligible to be designated a Participant and receive an Award under the Plan. 
 SECTION 6. Awards. 
 (a) Options and UARs. The Committee shall have
the authority to determine the Employees, Consultants and Directors to whom Options and/or UARs shall be granted, the number of Units to be covered by each Option or UAR, the exercise price therefor, the Restricted Period and other conditions and
limitations applicable to the exercise of the Option or UAR, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. Options
which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(A) and UARs which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(B) or, in each case, any successor regulation, may be granted only
if the requirements of Treasury Regulation Section 1.409A-1(b)(5)(iii), or any successor regulation, are satisfied. Options and UARs that are otherwise exempt from or compliant with Section 409A may be granted to any eligible Employee,
Consultant or Director. 
 (i) Exercise Price. The exercise price per Unit purchasable under an Option or
subject to a UAR shall be determined by the Committee at the time the Option or UAR is granted but, except with respect to a Substitute Award, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option or UAR.

 (ii) Time and Method of Exercise. The Committee shall determine the exercise terms and any applicable
Restricted Period with respect to an Option or UAR, which may include, without limitation, provisions for accelerated vesting upon the achievement of specified performance goals and/or other events, and the method or methods by which payment of the
exercise price with respect to an Option or UAR may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Company, withholding Units having a Fair Market Value on the exercise date equal to the
relevant exercise price from the Award, a “cashless” exercise through procedures approved by the Company, or any combination of the foregoing methods. 
 (iii) Exercise of Options and UARs on Termination of Service. Each Option and UAR Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option or
UAR following a termination of the Participant’s Service. Unless otherwise determined by the Committee, if the Participant’s Service is 

  
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terminated for Cause, the Participant’s right to exercise the Option or UAR shall terminate as of the start of business on the effective date of the Participant’s termination. To the
extent the Option or UAR is not vested and exercisable as of the termination of Service, the Option or UAR shall terminate when the Participant’s Service terminates. Subject to the foregoing, such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Options and UARs issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 

(iv) Term of Options and UARs. The term of each Option and UAR shall be stated in the Award Agreement,
provided, that the term shall be no more than ten (10) years from the date of grant thereof. 
 (v)
Prohibition on Repricing. Subject to Section 4(c) and Section 7(c), the Committee shall not, without the approval of the unitholders of the Partnership, (i) reduce the per Unit exercise price of any outstanding Option or UAR,
(ii) cancel any Option or UAR in exchange for cash or another Award when the Option or UAR price per Unit exceeds the Fair Market Value of the underlying Units, or (iii) otherwise reprice any Option or UAR. Subject to Sections 4(c), 7 and
8(e) hereof, the Committee shall have the authority, without the approval of the unitholders of the Partnership, to amend any outstanding Award, to increase the exercise price per Unit, or to cancel and replace an Award with the grant of an Award
having an exercise price per Unit that is greater than or equal to the exercise price per Unit of the original Award. 
 (b)
Restricted Units and Phantom Units. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Restricted Units and/or Phantom Units shall be granted, the number of Restricted Units or Phantom Units
to be granted to each such Participant, the applicable Restricted Period, the conditions under which the Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions, including, without limitation,
restrictions on transferability, as the Committee may establish with respect to such Awards. 
 (i) Payment of
Phantom Units. The Committee shall specify, or permit the Participant to elect in accordance with the requirements of Section 409A, the conditions and dates or events upon which the cash or Units underlying an award of Phantom Units shall
be issued, which dates or events shall not be earlier than the date on which the Phantom Units vest and become nonforfeitable and which conditions and dates or events shall be subject to compliance with Section 409A (unless the Phantom Units
are exempt therefrom). 
 (ii) Vesting of Restricted Units. Upon or as soon as reasonably practicable
following the vesting of each Restricted Unit, subject to satisfying the tax withholding obligations of Section 8(b), the Participant shall be entitled to have the restrictions removed from his or her Unit certificate (or book-entry account, as
applicable) so that the Participant then holds an unrestricted Unit. 

  
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 (c) DERs. The Committee shall have the authority to determine the
Employees, Consultants and/or Directors to whom DERs are granted, whether such DERs are tandem or separate Awards, whether the DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the
discretion of the Committee), any vesting restrictions and payment provisions applicable to the DERs, and such other provisions or restrictions as determined by the Committee in its discretion, all of which shall be specified in the applicable Award
Agreements. Distributions in respect of DERs shall be credited as of the distribution dates during the period between the date an Award is granted to a Participant and the date such Award vests, is exercised, is distributed or expires, as determined
by the Committee. Such DERs shall be converted to cash, Units, Restricted Units and/or Phantom Units by such formula and at such time and subject to such limitations as may be determined by the Committee. Tandem DERs may be subject to the same or
different vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either exempt
from or in compliance with Section 409A. 
 (d) Unit Awards. Unit Awards may be granted under the Plan
(i) to such Employees, Consultants and/or Directors and in such amounts as the Committee, in its discretion, may select, and (ii) subject to such other terms and conditions, including, without limitation, restrictions on transferability,
as the Committee may establish with respect to such Awards. 
 (e) Profits Interest Units. Any Restricted Unit award or
Unit Award consisting of Profits Interest Units may only be issued to a Participant for the performance of services to or for the benefit of the Partnership (i) in the Participant’s capacity as a partner of the Partnership, (ii) in
anticipation of the Participant becoming a partner of the Partnership, or (iii) as otherwise determined by the Committee, provided that the Profits Interest Units would constitute “profits interests” within the meaning of the Code,
Treasury Regulations promulgated thereunder and any published guidance by the Internal Revenue Service with respect thereto. At the time of grant, the Committee shall specify the date or dates on which the Profits Interest Units shall vest and
become nonforfeitable, and may specify such conditions to vesting as it deems appropriate. Profits Interest Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose. 

(f) Other Unit-Based Awards. Other Unit-Based Awards may be granted under the Plan to such Employees, Consultants and/or Directors
as the Committee, in its discretion, may select. An Other Unit-Based Award shall be an award denominated or payable in, valued in or otherwise based on or related to Units, in whole or in part. The Committee shall determine the terms and conditions
of any Other Unit-Based Award. Upon vesting, an Other Unit-Based Award may be paid in cash, Units (including Restricted Units) or any combination thereof as provided in the Award Agreement. 

(g) Substitute Awards. Awards may be granted under the Plan in substitution of similar awards held by individuals who become
Employees, Consultants or Directors as a result of a merger, consolidation or acquisition by the Partnership or an Affiliate of another entity or the assets of another entity. Such Substitute Awards that are Options or UARs may have

  
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exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with Section 409A and other applicable laws and securities exchange
rules. 
 (h) General. 
 (i) Forfeitures. Except as otherwise provided in the terms of an Award Agreement, upon termination of a Participant’s Service for any reason during an applicable Restricted Period, all
outstanding, unvested Awards held by such Participant shall be automatically forfeited by the Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to any such Award; provided, that any such
waiver shall be effective only to the extent that such waiver will not cause any Award intended to satisfy the requirements of Section 409A to fail to satisfy such requirements. 

(ii) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or
awards granted under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

(iii) Limits on Transfer of Awards. 

(A) Except as provided in paragraph (C) below, each Option and UAR shall be exercisable only by the Participant
during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 
 (B) Except as provided in paragraph (C) below, no Award and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant
other than by will or the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company, the Partnership or any Affiliate.

 (C) The Committee may provide in an Award Agreement that an Award may, on such terms and conditions as the
Committee may from time to time establish, be transferred by a Participant without consideration to any “family member” of the Participant, as defined in the instructions to use of the Form S-8 Registration Statement under the Securities
Act, as applicable, or any other transferee specifically approved by the Committee after taking into account any state, federal, local or foreign tax and securities laws applicable to transferable Awards. In addition, vested Units may be transferred
to the extent permitted by the Partnership Agreement and not otherwise prohibited by the Award Agreement or any other agreement restricting the transfer of such Units. 

  
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 (iv) Term of Awards. Subject to Section 6(a)(iv) above, the term
of each Award, if any, shall be for such period as may be determined by the Committee. 
 (v) Unit
Certificates. Unless otherwise determined by the Committee or required by any applicable law, rule or regulation, neither the Company nor the Partnership shall deliver to any Participant certificates evidencing Units issued in connection with
any Award and instead such Units shall be recorded in the books of the Partnership (or, as applicable, its transfer agent or equity plan administrator). All certificates for Units or other securities of the Partnership delivered under the Plan and
all Units issued pursuant to book entry procedures pursuant to any Award or the exercise thereof shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations,
and/or other requirements of the SEC, any securities exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be inscribed on any such
certificates or book entry to make appropriate reference to such restrictions. 
 (vi) Consideration for
Grants. To the extent permitted by applicable Law, Awards may be granted for such consideration, including services, as the Committee shall determine. 
 (vii) Delivery of Units or other Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any Award Agreement to the contrary, subject to compliance with
Section 409A, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Units pursuant to the exercise or vesting of any Award, unless and until the Board or the Committee has determined, with
advice of counsel, that the issuance of such Units is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange on which the Units are listed or traded, and the
Units are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or the Committee may require that a Participant make such reasonable covenants,
agreements, and representations as the Board or the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. Without limiting the generality of the foregoing, the delivery of Units pursuant
to the exercise or vesting of an Award may be deferred for any period during which, in the good faith determination of the Committee, the Company is not reasonably able to obtain or deliver Units pursuant to such Award without violating applicable
law or the applicable rules or regulations of any governmental agency or authority or securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the
Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the Company. 
 SECTION 7. Amendment and Termination; Certain Transactions. 
 Except to the
extent prohibited by applicable law: 

  
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 (a) Amendments to the Plan. Except as required by applicable law or the rules of the
principal securities exchange, if any, on which the Units are traded and subject to Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner without the consent of any partner,
Participant, other holder or beneficiary of an Award, or any other Person. The Board shall obtain securityholder approval of any Plan amendment to the extent necessary to comply with applicable law or securities exchange listing standards or rules.

 (b) Amendments to Awards. Subject to Section 7(a) above, the Committee may waive any conditions or rights under,
amend any terms of, or alter any Award theretofore granted, provided that no change, other than pursuant to Section 7(c) below, in any Award shall materially reduce the rights or benefits of a Participant with respect to an Award without the
consent of such Participant. 
 (c) Actions Upon the Occurrence of Certain Events. Upon the occurrence of a Change in
Control, any transaction or event described in Section 4(c) above, any change in applicable laws or regulations affecting the Plan or Awards hereunder, or any change in accounting principles affecting the financial statements of the Company or
the Partnership, the Committee, in its sole discretion, without the consent of any Participant or holder of an Award, and on such terms and conditions as it deems appropriate, may take any one or more of the following actions: 

(i) provide for either (A) the termination of any Award in exchange for a payment in an amount, if any, equal to the
amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights under such Award (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction or event, the Committee
determines in good faith that no amount would have been payable upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment) or (B) the replacement of such
Award with other rights or property selected by the Committee in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon the exercise of such Award or realization of the Participant’s rights had
such Award been currently exercisable or payable or fully vested; 
 (ii) provide that such Award be assumed by
the successor or survivor entity, or a parent or subsidiary thereof, or be exchanged for similar options, rights or awards covering the equity of the successor or survivor, or a parent or subsidiary thereof, with appropriate adjustments as to the
number and kind of equity interests and prices; 
 (iii) make adjustments in the number and type of Units (or
other securities or property) subject to outstanding Awards, the number and kind of outstanding Awards, the terms and conditions of (including the exercise price), and/or the vesting and performance criteria included in, outstanding Awards; and

 (iv) provide that such Award shall vest or become exercisable or payable, notwithstanding anything to the
contrary in the Plan or the applicable Award Agreement. 

  
 -12-

 Notwithstanding the foregoing, (i) with respect to an above event that constitutes an
“equity restructuring” that would be subject to a compensation expense pursuant ASC Topic 718, the provisions in Section 4(c) above shall control to the extent they are in conflict with the discretionary provisions of this
Section 7, provided, however, that nothing in this Section 7(c) or Section 4(c) above shall be construed as providing any Participant or any beneficiary of an Award any rights with respect to the “time value,”
“economic opportunity” or “intrinsic value” of an Award or limiting in any manner the Committee’s actions that may be taken with respect to an Award as set forth in this Section 7 or in Section 4(c) above; and
(ii) no action shall be taken under this Section 7 which shall cause an Award to fail to comply with Section 409A, to the extent applicable to such Award. 
 SECTION 8. General Provisions. 
 (a) No Rights to Award. No Person
shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 

(b) Tax Withholding. Unless other arrangements have been made that are acceptable to the Company, the Company or any Affiliate
thereof is authorized to deduct or withhold, or cause to be deducted or withheld, from any Award, from any payment due or transfer made under any Award, or from any compensation or other amount owing to a Participant the amount (in cash or Units,
including Units that would otherwise be issued pursuant to such Award, or other property) of any applicable taxes payable in respect of an Award, including its grant, its exercise, the lapse of restrictions thereon, or any payment or transfer
thereunder or under the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy its withholding obligations for the payment of such taxes. In the event that Units that would otherwise be issued pursuant to an
Award are used to satisfy such withholding obligations, the number of Units which may be so withheld or surrendered shall be limited to the number of Units which have a Fair Market Value (which, in the case of a broker-assisted transaction, shall be
determined by the Committee, consistent with applicable provisions of the Code) on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign
income tax and payroll tax purposes that are applicable to such supplemental taxable income. 
 (c) No Right to Employment or
Services. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company, the Partnership or any of their Affiliates, continue consulting services or to remain on the Board, as
applicable. Furthermore, the Company, the Partnership and/or an Affiliate thereof may at any time dismiss a Participant from employment or consulting free from any liability or any claim under the Plan, unless otherwise expressly provided in the
Plan, any Award Agreement or other written agreement between any such entity and the Participant. 
 (d) No Rights as
Unitholder. Except as otherwise provided herein, a Participant shall have none of the rights of a unitholder with respect to Units covered by any Award unless and until the Participant becomes the record owner of such Units. 

  
 -13-

 (e) Section 409A. To the extent that the Committee determines that any Award
granted under the Plan is subject to Section 409A, the Award Agreement evidencing such Award shall include the terms and conditions required by Section 409A. To the extent applicable, the Plan and Award Agreements shall be interpreted in
accordance with Section 409A. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date (as defined in Section 9 below), the Committee determines that any Award may be subject to
Section 409A, the Committee may adopt such amendments to the Plan and the applicable Award Agreement, adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), and/or take any other actions
that the Committee determines are necessary or appropriate to preserve the intended tax treatment of the Award, including without limitation, actions intended to (i) exempt the Award from Section 409A, or (ii) comply with the
requirements of Section 409A ; provided, however, that nothing herein shall create any obligation on the part of the Committee, the Partnership, the Company or any of their Affiliates to adopt any such amendment, policy or procedure or
take any such other action, nor shall the Committee, the Partnership, the Company or any of their Affiliates have any liability for failing to do so. Notwithstanding any provision in the Plan to the contrary, the time of payment with respect to any
Award that is subject to Section 409A shall not be accelerated, except as permitted under Treasury Regulation Section 1.409A-3(j)(4). 
 (f) Lock-Up Agreement. Each Participant shall agree, if so requested by the Company or the Partnership and any underwriter in connection with any public offering of securities of the Partnership or
any Affiliate, not to directly or indirectly offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer any
Units held by it for such period, not to exceed one hundred eighty (180) days following the effective date of the relevant registration statement filed under the Securities Act in connection with such public offering, as such underwriter shall
specify reasonably and in good faith. The Company or the Partnership may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such 180-day period. Notwithstanding the foregoing, the
180-day period may be extended for up to such number of additional days as is deemed necessary by such underwriter or the Company or Partnership to continue coverage by research analysts in accordance with FINRA Rule 2711 or any successor rule.

 (g) Compliance with Laws. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of
Units and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to state, federal and
foreign securities law and margin requirements), the rules of any securities exchange or automated quotation system on which the Units are listed, quoted or traded, and to such approvals by any listing, regulatory or governmental authority as may,
in the opinion of counsel for the Company or the Partnership, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the Person acquiring such securities shall, if
requested by the Company or the Partnership, provide such assurances and representations to the Company or the Partnership as the Company or the Partnership may deem necessary or desirable to assure compliance with all applicable legal requirements.
To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be 

  
 -14-

 
deemed amended to the extent necessary to conform to such laws, rules and regulations. In the event an Award is granted to or held by a Participant who is employed or providing services outside
the United States, the Committee may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such Participant to comply with applicable foreign law or to recognize differences in local law, currency or tax
policy. The Committee may also impose conditions on the grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s or the Partnership’s obligations with
respect to tax equalization for Participants employed outside their home country. 
 (h) Governing Law. The validity,
construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles. 

(i) Severability. If any provision of the Plan or any Award is or becomes, or is deemed to be, invalid, illegal, or unenforceable
in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such
Award shall remain in full force and effect. 
 (j) Other Laws. The Committee may refuse to issue or transfer any Units
or other consideration under an Award if, in its sole discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on
which the Units are then traded, or entitle the Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with
the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. 
 (k) No Trust or
Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company, the Partnership or any of their Affiliates, on the one hand, and a
Participant or any other Person on the other hand. To the extent that any Person acquires a right to receive payments pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Partnership or any
participating Affiliate of the Partnership. 
 (l) No Fractional Units. No fractional Units shall be issued or delivered
pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be
canceled, terminated, or otherwise eliminated. 
 (m) Headings. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision hereof. 

  
 -15-

 (n) No Guarantee of Tax Consequences. None of the Board, the Committee, the Company
or the Partnership provides or has provided any tax advice to any Participant or any other Person or makes or has made any assurance, commitment or guarantee that any federal, state or local tax treatment will (or will not) apply or be available to
any Participant or other Person. 
 (o) Clawback; Misconduct. To the extent required by applicable law or any applicable
securities exchange listing standards, Awards and amounts paid or payable pursuant to or with respect to Awards shall be subject to clawback as determined by the Committee, which clawback may include forfeiture, repurchase and/or recoupment of
Awards and amounts paid or payable pursuant to or with respect to Awards. In addition, and without limiting the foregoing, except as otherwise provided by the Committee, if at any time (including after a notice of exercise has been delivered or an
award has vested) the Committee or any person designated by the Committee (each such person, an “Authorized Officer”) reasonably believes that a Participant may have committed an Act of Misconduct as described in this
Section 8(o), the Authorized Officer, the Committee or the Board may suspend the Participant’s rights to exercise or to vest in an Award, and/or to receive payment for or receive Units in settlement of an Award pending a determination of
whether an Act of Misconduct has been committed. 
 If the Committee or an Authorized Officer determines that a Participant has
committed an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Company or any Affiliate of the Company, breach of fiduciary duty, violation of ethics policy or code of conduct, or deliberate disregard of the
Company’s or Affiliate of the Company’s rules resulting in loss, damage or injury to the Company or any Affiliate of the Company, or if a Participant makes an unauthorized disclosure of any trade secret or confidential information,
solicits any Employee or other service provider to leave the employ or cease providing services to the Company or any Affiliate of the Company, breaches any intellectual property or assignment of inventions covenant, engages in any conduct
constituting unfair competition, breaches any non-competition agreement, induces any customer to breach a contract with the Company or any Affiliate of the Company or to cease doing business with the Company or any Affiliate of the Company, or
induces any principal for whom the Company or any Affiliate of the Company acts as agent to terminate such agency relationship (any of the foregoing acts, an “Act of Misconduct”), then except as otherwise provided by the Committee,
(i) neither the Participant nor his or her estate nor transferee shall be entitled to exercise any Option or Unit Appreciation Right whatsoever, vest in or have the restrictions on an Award lapse, or otherwise receive payment in respect of an
Award, (ii) the Participant will forfeit all outstanding Awards and (iii) the Participant may be required, at the Committee’s sole discretion, to return and/or repay to the Company or the Partnership any then vested Units previously
granted under the Plan. In making such determination, the Committee or an Authorized Officer may, in its discretion, give the Participant an opportunity to appear and present evidence on his or her behalf at a hearing before the Committee or its
designee or an opportunity to submit written comments, documents, information and arguments to be considered by the Committee. 

(p) Facility Payment. Any amounts payable hereunder to any Person under legal disability or who, in the judgment of the Committee,
is unable to manage properly his or her 

  
 -16-

 
financial affairs, may be paid to the legal representative of such Person, or may be applied for the benefit of such Person in any manner that the Committee may select, and the Partnership, the
Company and all of their Affiliates shall be relieved of any further liability for payment of such amounts. 
 SECTION 9.
Term of the Plan. 
 The Plan shall be effective on the date on which the Plan is adopted by the
Board (the “Effective Date”) and shall continue until the earliest of (i) the date terminated by the Board, or (ii) the tenth (10th) anniversary of the date on which the Plan is adopted by the Board. However, any Award granted prior to such
termination, and the authority of the Board or the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. The Plan shall,
within twelve (12) months after the date of the Board’s initial adoption of the Plan, be submitted for approval by a majority of the outstanding Units of the Partnership entitled to vote. 

[Signature Page Follows] 

  
 -17-

 * * * * * 
 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of Rentech Nitrogen GP, LLC on November 2, 2011. 

Executed on this 8th day of November, 2011. 

 

			
	By:	 	 /s/ Colin M. Morris

		 	Name: Colin M. Morris
		 	Title: Senior Vice President, General Counsel and Secretary

 * * * * * 
 I hereby certify that the foregoing Plan was approved by the unitholder of Rentech Nitrogen Partners, L.P. on November 3, 2011. 

Executed on this 8th day of November, 2011. 

 

			
	By:	 	 /s/ Colin M. Morris

		 	Name: Colin M. Morris
		 	Title: Senior Vice President, General Counsel and Secretary

  
 -18-EX-10.1

 Exhibit 10.1 
 CLIFFS NATURAL RESOURCES INC. 
 2012 NON-QUALIFIED DEFERRED COMPENSATION
PLAN 
 This Cliffs Natural Resources Inc. 2012 Non-Qualified Deferred Compensation Plan is hereby adopted
as of the Effective Date (as defined hereunder) to provide certain supplemental non-qualified deferred compensation deferral opportunities and benefits for Participants (as defined hereunder). 

ARTICLE I 

DEFINITIONS 
 As used in this Plan, the following definitions shall apply: 

1.1         “Account” or
“Accounts” means the bookkeeping accounts established and maintained for each Participant under Article IV. The Account types and the Contributions associated with each Account type are as more fully described and defined
under Article IV. 
 1.2         “Base
Salary” means a Participant’s base earnings paid by an Employer to a Participant without regard to any increases or decreases in base earnings as a result of an election to defer under this Plan or under a plan of an Employer
maintained pursuant to Section 125, 132(f) or 401(k) of the Code; provided, however, that base earnings will be included in “Base Salary” only to the extent that had there been no such Plan or plan, the amount would have
been payable in cash to the Participant. Base Salary payable after the last day of the calendar year for services performed during a final payroll period that spans two (2) calendar years shall be treated as Base Salary for services performed
in the subsequent calendar year in which the payment is made. 
 1.3
        “Beneficiary” means the person or persons designated or deemed to be designated by the Participant pursuant to Article VI to receive benefits payable under the Plan in the
event of the Participant’s death. A Beneficiary’s right to (and the Committee’s duty to provide to the Beneficiary, if any) information concerning the Plan does not arise until the Beneficiary first becomes entitled to receive a
benefit under the Plan. 
 1.4         “Board”
means the Company’s Board of Directors. 
 1.5
        “Bonus” means a cash bonus payable to the Participant under, as applicable, the Company’s Management Performance Incentive Plan or Executive Management Performance
Incentive Plan and such other cash payments awarded under such other incentive compensation arrangements that are designated by the Committee as eligible for deferral under this Plan. 

1.6         “Cause” means that, prior to
Termination, the Participant shall have committed: (i) and been convicted of a criminal violation involving fraud, embezzlement or theft in connection with his duties or in the course of his employment with the Company or any other Employer;
(ii) intentional wrongful damage to property of the Company or any other Employer; (iii) intentional wrongful disclosure of secret processes or confidential information of the Company or any other Employer; or (iv) intentional
wrongful engagement in any competitive 

  
 1 

 
activity; and any such act shall have been demonstrably and materially harmful to the Company. For purposes of this Plan, no act or failure to act on the part of the Participant shall be deemed
“intentional” if it was due primarily to an error in judgment or negligence, but shall be deemed “intentional” only if done or omitted to be done by the Participant not in good faith and without reasonable belief that the
Participant’s action or omission was in the best interest of the Company. Notwithstanding the foregoing, the Participant shall not be deemed to have been terminated for “Cause” hereunder unless and until there shall have been
delivered to the Participant a copy of a resolution duly adopted by the affirmative vote of not less than three quarters of the Board then in office at a meeting of the Board called and held for such purpose, after reasonable notice to the
Participant and an opportunity for the Participant, together with the Participant’s counsel (if the Participant chooses to have counsel present at such meeting), to be heard before the Board, finding that, in the good faith opinion of the
Board, the Participant had committed an act constituting “Cause” as herein defined and specifying the particulars thereof in detail. Nothing herein will limit the right of the Participant or his Beneficiaries to contest the validity or
propriety of any such determination. 
 1.7
        “Change in Control” means, with respect to any Participant, the first to occur of any of the following events: 

     (a)         Any one person, or more than one
person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. However, if any
one person, or more than one person acting as a group, is considered to own more than 50% of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons is not
considered to cause a Change in Control. An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as
an acquisition of stock for purposes of this Section 1.7. This Section 1.7 applies only when there is a transfer of stock of the Company (or issuance of stock of the Company) and stock in the Company remains outstanding after the
transaction; 
      (b)         Any one
person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 35% or more of the
total voting power of the stock of the Company; 
      (c)
        A majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the
appointment or election; or 
      (d)
        Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from
the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. 

  
 2 

 Notwithstanding the foregoing, for purposes of this Section 1.7, any
acquisition of ownership of stock of the Company by any one person, or more than one person acting as a group, pursuant to a Business Combination shall not constitute a Change in Control. A “Business Combination” shall mean
any business transaction such as a reorganization, merger or consolidation involving the Company, a sale or other disposition of all or substantially all of the assets of the Company, or any other transaction involving the Company, if, in each case,
immediately following any such business transaction: 

            (1)
        all or substantially all of the individuals and entities who were the beneficial owners of stock of the Company immediately prior to such business transaction beneficially own, directly or indirectly,
more than 55% of the combined voting power of the then outstanding shares of stock of the entity resulting from such business transaction (including, without limitation, an entity which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions relative to each other as their ownership, immediately prior to such business transaction, of the stock of the
Company; 
             (2)
        no one person, or more than one person acting as a group (other than the Company, such entity resulting from such business transaction, or any employee benefit plan (or related trust) sponsored or
maintained by the Company, any subsidiary corporation, as defined under Section 424(f) of the Code, or such entity resulting from such business transaction), beneficially owns, directly or indirectly, 30% or more of the combined voting power of
the then outstanding shares of stock of the entity resulting from such business transaction; and 

            (3)
        at least a majority of the members of the board of directors of the entity resulting from such business transaction were members of the Incumbent Board at the time of the execution of the initial
agreement or of the action of the Board providing for such business transaction. 
 The “Incumbent
Board” shall mean those individuals who, as of January 1, 2012, constitute the Board; provided, however, that any individual becoming a director subsequent to January 1, 2012 whose election, or nomination for
election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is
named as a nominee for director, without objection to such nomination) shall be deemed to have been a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of an
actual or threatened election contest (as described in Rule 14a-12(c) of the Securities Exchange Act of 1934) with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a
person other than the Board. 
 For purposes of this Section 1.7, other than the definition of
“Business Combination,” (x) persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the
Company, and (y) if a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar 

  
 3 

 
transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation prior to the transaction giving rise to the change and not with respect to the
ownership interest in the other corporation. 
 1.8
        “Code” means the Internal Revenue Code of 1986, as amended, and all lawful regulations and pronouncements promulgated thereunder upon which taxpayers may rely. References to
a particular section of the Code include references to successor provisions of the Code or any successor statute. 
 1.9         “Committee” means the committee described in Section 7.1. 

1.10       “Company” means Cliffs Natural Resources Inc.

 1.11       “Contribution” or
“Contributions” means the amounts credited to a Participant’s Accounts under Article IV. The Contribution types and the Account associated with each Contribution type are as more fully described and defined under
Articles III and IV. 
 1.12       “Disability”
means, with respect to any Participant, that such Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12
months, either (a) unable to engage in any substantial gainful activity, or (b) receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of an Employer.
Without limitation, for purpose of this Plan, a Participant will be deemed to have a Disability if the Participant is determined to be totally disabled by the Social Security Administration, or is determined to be disabled in accordance with a
disability insurance program of the Company or any Employer (provided that the definition of disability applied under such disability insurance program complies with the requirements of Section 409A of the Code). 

1.13       “Effective Date” means January 1, 2012, as
applied in the manner more fully described in Article II. 
 1.14
      “Election Deadline” means, as applicable, the deadline established for an Elective Contribution pursuant to Article III. 

1.15       “Elective Contribution” means an elective
contribution made or deemed made by a Participant under Article III and allocated to a Participant Account under Article IV. 
 1.16       “Eligible Employee” generally means a corporate officer of the Company, a Mine Manager of an Employer or an employee of an Employer
in “Salary Band E” or higher; provided, however, that “Eligible Employee” status: (a) shall not include any person who is an employee of a non-U.S. affiliate outside the United States unless he or she was an
employee of a U.S. affiliate in the United States and, immediately prior to his or her transfer to the non-U.S. affiliate, was an Eligible Employee hereunder; (b) shall first become effective only as confirmed by the Company in writing, at its
discretion; and (c) may be prospectively revoked by the Company at its discretion, upon written notice to the affected individual, subject to the applicable requirements of Code Section 409A; and provided, further, that such
Eligible Employee is 

  
 4 

 
among a select group of management or highly compensated employees (within the meaning of Section 201(2) of ERISA). 

1.17       “Employer” means the Company and any corporation
or business organization during any period in which it is a member of a controlled group of corporations or trades or businesses that includes the Company within the meaning of Code Sections 414(b) and 414(c) provided that in such Code Sections
“50%” shall be used wherever “80%” appears; but only during the periods any such corporation or business organization would be so considered under such Code Sections. 

1.18       “Employer Contribution” means Contributions
credited allocated to a Participant’s Account under Section 4.2. 
 1.19
      “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and regulations and rulings thereunder. References to a particular section of ERISA include references to
successor provisions of ERISA or any successor statute. 
 1.20
      “Initial Election Deadline” means December 31, 2011 or, if later, the first Election Deadline applicable to the Eligible Employee under Section 3.2 for his or her first Plan
Year (or portion thereof) of eligibility thereunder. 
 1.21
      “Initial Participation Agreement” means: (a) for each Eligible Employee who is a Participant in the Plan on January 1, 2012, the first Participation Agreement properly
completed and submitted by the Participant on or before the Initial Election Deadline; and (b) for each Eligible Employee who first becomes a Participant after January 1, 2012, the first Participation Agreement properly completed and
submitted by the Participant on or before the Initial Election Deadline for the new Participant’s initial period of Plan participation, as described under Section 3.2. 

1.22       “Investment Credit” means the deemed
earnings/losses credited to a Participant’s Accounts using the applicable Investment Measure. 
 1.23
      “Investment Measure” means the deemed investment measure or measures established at any given time, and from time to time, for purposes of determining the Investment Credits applicable
to a Participant’s Accounts. For this purpose, the deemed measure or measures may include investment options which allow Participant direction among the alternatives pursuant to any and all rules and procedures as are or may be established, at
any time or from time to time, for this purpose by the Company at its discretion. If the Company does not establish a deemed investment measure or measures for a given period of time, the Participant’s Accounts shall be deemed invested in a
vehicle producing the return equivalent to the Moody’s Corporate Average Bond Yield, as adjusted on the first business day of each January, April, July and October. 

1.24       “Participant” means an Eligible Employee who
satisfies the requirements for participation set forth in Section 3.2 and who otherwise receives a Contribution allocation pursuant to Article IV. 

  
 5 

 1.25       “Participating
Employer” means the Company and/or any other Employer that pays compensation to a Participant. 

1.26       “Participation Agreement” means, for a Plan Year,
the timely submitted form for that Plan Year pursuant to which a Participant elects to make Elective Contributions under Article III. 
 1.27       “Plan” means this Cliffs Natural Resources Inc. 2012 Non-Qualified Deferred Compensation Plan, as amended from time to time pursuant
to Article VIII. 
 1.28       “Plan Year” means
the calendar year. 
 1.29       “Savings Plan”
means, as applicable to the Participant, the Cliffs Natural Resources Inc. and Associated Employers Salaried Employees Savings Plan or the Northshore Mining Company and Silver Bay Power Company Retirement Savings Plan (or any successors thereto).

 1.30       “Six-Month Date” means the first day
next following six (6) months after the date of a Participant’s Termination. 
 1.31
      “Subsequent Deferral Election” means a one-time election by a Participant to change the form and/or timing of distributions under the Plan subject to and in accordance with the
requirements of Section 6.2(c). 
 1.32       “Subsequent
Deferral Election Commencement Date” means, if effective under Section 6.2(c), the day next following the fifth anniversary of the Participant’s Six-Month Date. 

1.33       “Termination” or
“Terminated” means the “separation from service” for purposes of Code Section 409A of any Participant or former Participant from the Company and all other Employers, generally including the severance of such
employee’s employment relationship with the Company and all Employers for any reason, voluntarily or involuntarily, and with or without cause, including without limitation, quit, discharge, retirement, disability, death, failure to return to
active employment at the end of a leave of absence (including military leave, sick leave, or other bona fide leave of absence) or permanent decrease in service to the Company and all Employers to a level that is no more than twenty
percent (20%) of its prior level, as described below. For this purpose, whether a separation from service has occurred is determined based on whether it is reasonably anticipated that no further services will be performed by such employee after
a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of
bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services if the employee has been providing services for less than
thirty-six (36) months). The transfer of an employee from the Company or other Employer to the Company or another Employer shall not constitute a Termination for purposes of this Plan. 

  
 6 

 1.34       “Valuation
Date” means, for each Account, a date as of which the Account is valued for purposes of the Plan, as determined under rules and procedures reasonably established by the Company for administrative convenience. 

1.35       “Vested” means the existence of a vested interest
in an Account, as determined under Article V. 
 ARTICLE II 

EFFECTIVE DATE 
 2.1         Effective Date and First Plan Year.   The general Effective Date of this Plan is January 1, 2012. For the first Plan Year
(2012), the following deferrals under the Plan become effective as follows: (a) Elective Contributions relating to any Base Salary and/or Bonus earned for the 2012 Plan Year, in order to be effective, must be elected under a properly completed
Participation Agreement, submitted by the applicable Election Deadline, but no later than December 31, 2011, or if later, as permitted under Section 3.2(d); (b) Employer Contributions relating to any such Elective Contributions (i.e.,
if applicable, the Supplemental Matching Contribution) shall be credited for the 2012 Plan Year only if the requirements of clause (a), above are satisfied with respect to such Elective Contributions; and (c) Employer Contributions relating to
discretionary performance contributions under the Savings Plan, if any, shall be credited under this Plan to the extent such Employer Contributions relate to Savings Plan discretionary performance contributions made on behalf of the 2012 Plan Year
under the Savings Plan. 
 2.2         Coordination with 2005
Plan.   Amounts elected to be deferred and contributions or other amounts required to be credited under the provisions of the Cliffs Natural Resources Inc. 2005 Voluntary Non-Qualified Deferred Compensation Plan, as amended (the
“2005 Plan”) as in effect immediately prior to the Effective Date, including the crediting of investment or interest credits after 2011, shall continue to be governed in all respects by the terms and conditions of the 2005
Plan. Deferral and contribution opportunities under the 2005 Plan shall cease with respect to the periods for which Elective Contribution opportunities and Employer Contributions commence under this Plan in the manner set forth in Section 2.1.
There shall be no duplication of deferral opportunities or benefits under this Plan and the 2005 Plan. 
 ARTICLE III

 PARTICIPATION AND DEFERRAL ELECTIONS 

3.1         Participation.   Each Eligible Employee shall
become a Participant when he or she properly and timely submits an election to make Elective Contributions pursuant to a Participation Agreement under Section 3.2 or when he or she otherwise is credited with an amount pursuant to
Section 4.2. In addition, the Committee shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary. A Participant who ceases to be an Eligible Employee shall remain a Participant
for Plan purposes, but shall have no further opportunity to elect or make Elective Contributions and shall have no 

  
 7 

 
eligibility for further Employer Contributions, except as may be required under Code Section 409A. 
 3.2         Elective Contribution Deferral Elections. 
     (a)       General.   An Eligible Employee may make Elective Contributions by properly completing and timely submitting a
Participation Agreement made available by the Company in accordance with this Section 3.2, subject to any and all further rules and procedures as may be required by the Company, at its discretion. If no such election is timely made for a Plan
Year, the amount of Elective Contributions shall be zero for that Plan Year. All deferral elections hereunder shall become null and void upon the occurrence of a Change in Control. 

    (b)       Base Salary Deferral.   For each Plan
Year, an Eligible Employee may irrevocably elect to defer as an Elective Contribution hereunder up to 50% of the Base Salary earned and payable during such Plan Year (“Base Salary Deferral Contribution”). The election to make
a Base Salary Deferral Contribution for a Plan Year shall become irrevocable on the December 31st preceding the commencement of the Plan Year and the Election Deadline for making and submitting such an election shall be such date or such
earlier date as may be established by the Company at its discretion. 
     (c)
      Bonus Deferral.   For each Plan Year, an Eligible Employee may irrevocably elect to defer as an Elective Contribution hereunder up to 100% of the Bonus earned during such Plan Year and payable
during the next following Plan Year (“Bonus Deferral Contribution”). The election to make a Bonus Deferral Contribution of the Bonus earned during a Plan Year shall become irrevocable on the December 31st preceding the
commencement of such Plan Year and the Election Deadline for making and submitting such an election shall be such date or such earlier date as may be established by the Company at its discretion. 

    (d)       Special Rules for New Eligible Employees.
  In the event that an Eligible Employee first becomes eligible to participate in the Plan or first commences employment during the course of a Plan Year, a properly completed Participation Agreement may be submitted not later than 30 days
following the later of his or her eligibility date or date of employment (the “Initial Election Deadline” under this Section 3.2(d)); provided, however, that, for purposes of this Section 3.2(d), an
Eligible Employee who was in employment with an Employer in a status other than that of an Eligible Employee is considered to be first eligible to participate in this Plan only if the individual is not a participant in any other agreement, method,
program or arrangement that, along with this Plan, would be treated as a single nonqualified deferred compensation plan under Code Section 409A. A deferral election hereunder becomes irrevocable as of the last permissible date for making such
election, as described in this Section, and shall be prospectively applied only (i) to amounts of Base Salary to be paid for services performed after the election becomes irrevocable and (ii) to amounts of Bonuses that are earned based
upon a specified performance period equal to the total amount of the applicable Bonus for the performance period multiplied by the ratio of the number of days remaining in the performance period after the election becomes effective over the total
number of days in the performance period. 

  
 8 

 ARTICLE IV 
 ACCOUNTS AND ALLOCATIONS 

4.1        Elective Contributions. 

(a)        Base Salary Deferral Contribution.    All
Base Salary Deferral Contributions deferred with respect to a Participant under Article III shall be credited and allocated to the Participant’s Base Salary Deferral Contribution Account as of the date such amounts would have been paid to the
Participant absent the deferral election or such later date established by the Company for administrative convenience. 
 (b)        Bonus Deferral Contribution.  All Bonus Deferral Contributions deferred with respect to a Participant under Article III shall be
credited and allocated to the Participant’s Bonus Deferral Contribution Account as of the date such amounts would have been paid to the Participant absent the deferral election or such later date established by the Company for administrative
convenience. 
 4.2        Employer Contributions.

 (a)        Supplemental Performance
Contribution.    If a discretionary Employer performance contribution percentage is determined for a plan year under the Savings Plan (with such determination made after the end of such plan year) and such amount (expressed
as a percentage of Base Salary) cannot be fully allocated to a Participant due to the limitations under the Savings Plan imposed by Code Section 401(a)(17) and/or 415, then the portion of such amount that cannot be allocated with respect to the
Participant under the Savings Plan for such plan year shall be credited as a Supplemental Performance Contribution hereunder and shall be allocated to the Participant’s Supplemental Performance Contribution Account as of the date such amount
would have been received and allocated under the Savings Plan or such later date established by the Company for administrative convenience. 
 (b)        Supplemental Matching Contribution.    From time to time, but not less frequently than once per Plan Year, a Supplemental
Matching Contribution shall be determined and credited to the Supplemental Matching Contribution Account of each “Matching Eligible Participant” (as defined below) equal to the amount, if any, by which the Full Formula Match amount
described in (1) below exceeds the Actual Savings Plan Match amount described in (2) below: 

(1)        Full Formula Match.    The
“Full Formula Match” is the total matching contribution amount that would result by applying the matching formula under the Savings Plan for the period on account of which the matching contribution was made (the
“matching contribution period”) to the Matching Eligible Participant’s Base Salary for such matching contribution period, taking into account: (A) the elective deferrals and other contributions that were made under the Savings
Plan and would be eligible for matching under such formula if the limitations of Code Sections 401(a)(17) and 415 did not apply; and (B) if applicable, Base Salary Deferral Contributions made under this Plan as to such matching

  
 9 

 
contribution period as if made as regular (non-catch-up) elective deferrals under the Savings Plan, determined without regard to the limitations of Code Section 402(g). 

(2)        Actual Savings Plan Match.  The “Actual
Savings Plan Match” is the total matching contribution amount actually allocated under the Savings Plan for the Matching Eligible Participant under the Savings Plan matching formula for such matching contribution period. 

The Supplemental Matching Contribution, if any, shall be credited on a date or dates as more specifically determined by
the Company for administrative convenience. For purposes of this Section 4.2(b), a person is a “Matching Eligible Participant” for a matching contribution period under the Savings Plan only if he or she was both an
Eligible Employee at the beginning of such matching contribution period and remained employed by an Employer as an Eligible Employee from such date through the date as of which the Supplemental Matching Contribution is credited under the immediately
preceding sentence. 
 (c)        Cessation of Employer
Contributions upon Certain Events.  In the event a Participant’s employment is Terminated for Cause, no additional Employer Contributions shall be credited to such Participant’s Account on or after the date of such
Termination. Additionally, pursuant to Section 9.12, Employer Contributions will no longer be credited to a Participant’s Account in the event a legal action is filed in any court other than those prescribed by Section 9.12.

 4.3        Investment Credits.  On a periodic
basis not less frequently than once per calendar quarter, all Participant Accounts shall be credited, positively or negatively, with Investment Credits to reflect the deemed investment performance of each such Account during the relevant period
using the applicable Investment Measure, as determined under the crediting rules and procedures reasonably established by the Company. 
 4.4        Status of Accounts.  Anything contained herein to the contrary notwithstanding: (a) all amounts respecting a
Participant’s Accounts under this Plan, including amounts that may be determined, credited, allocated or considered Vested under the terms hereof or amounts that may be reported to the Participant in any form, shall at all times be mere
bookkeeping entries, with no actual assets or funds being specifically dedicated, set aside or otherwise associated with such amounts; and (b) all rights of, or relating to, Participants, Contributions and/ or Accounts under this Plan shall be
limited to those contained in this Plan instrument, the Participation Agreement and other forms used to administer this Plan, with such rights and any related claims being no greater than that of a general unsecured creditor of the Company.

 ARTICLE V 
 VESTING 
 All Accounts of a Participant under this Plan
shall be fully Vested and nonforfeitable at all times. 

  
 10 

 ARTICLE VI 
 DISTRIBUTIONS 

6.1        Time of Distribution. 

(a)        Distribution Following
Termination.      A Participant’s Accounts shall become distributable upon a Participant’s Termination for reasons other than death or Disability, with actual distribution occurring or commencing on, or as
soon as is practicable following, the Participant’s Six-Month Date, or such later date as required pursuant to Section 6.2(c). 
 (b)        Distribution Following Death or Disability.    A Participant’s Accounts shall become distributable upon a
Participant’s death or Disability, with actual distribution occurring within sixty (60) days following his or her death or Disability. 
 (c)        Distribution Upon Change in Control.    A Participant’s Accounts shall become distributable upon the occurrence of a
Change in Control, with actual distribution occurring within three (3) business days after the Change in Control. 
 6.2        Form of Distribution. 
 (a)        Lump-Sum Normal Form.    All distributions pursuant to Section 6.1(a) shall be in the form of one lump-sum cash payment,
except as provided otherwise under Section 6.2(b). All distributions pursuant to Section 6.1(b) and 6.1(c) shall be in the form of one lump-sum cash payment. All lump-sum distributions made to or with respect to a Participant under
Section 6.1 shall be based upon the value of each of the Participant’s Accounts as of the Valuation Date immediately preceding the date distribution thereunder occurs. 

(b)        Optional Installments.  If elected by a Participant
on a properly completed and submitted Initial Participation Agreement prior to the applicable Initial Election Deadline or under a properly completed and effective Subsequent Deferral Election under Section 6.2(c), under such further rules and
procedures established by the Company consistent with the requirements of Code Section 409A, distribution under 6.1(a) shall be made in the number of annual installments (from two (2) to ten (10)) so elected by the Participant with
respect to all of his or her Accounts. The first payment of an installment distribution elected under a Participant’s Initial Participation Agreement shall commence on, or as soon as is practicable following, the Participant’s Six-Month
Date, and the remaining installments shall be paid on each anniversary of the Participant’s Six-Month Date or as soon thereafter as is administratively practicable. The first payment of an installment distribution elected under a
Participant’s Subsequent Deferral Election, if effective under Section 6.2(c), shall commence on, or as soon as is practicable following, the Participant’s Subsequent Deferral Election Commencement Date, and the remaining installments
shall be paid on each anniversary of the Participant’s Subsequent Deferral Election Commencement Date or as soon thereafter as is administratively practicable. All installment payments made to or with respect to a Participant under this
Section 6.2(b) shall be calculated by multiplying the balance of the Participant’s Accounts as of the Valuation Date immediately preceding the installment payment date by a fraction, the numerator of which is

  
 11 

 
one (1) and the denominator of which is the number of annual installments remaining to be paid (including the installment for which the amount is being determined). 

(c)        One-Time Subsequent Deferral
Election.      Subject to the further requirements of this Section 6.2(c), each Participant, on a form made available by the Company and subject to such other rules and requirements as the Company may
prescribe, may irrevocably elect to receive installment distributions under Section 6.2(b) in lieu of an otherwise applicable lump-sum distribution method (whether applicable by election or default) or an election to receive installment
distributions under his or her Initial Participation Agreement or may irrevocably elect to receive a lump-sum distribution in lieu of an otherwise applicable lump-sum distribution (whether applicable by election or default) or an election to receive
installment distributions under his or her Initial Participation Agreement. In order for an election under the preceding sentence to be effective, any such election: (1) must be the only election or attempted election ever made by the
Participant under this Section 6.2(c); (2) must provide that the distribution so elected shall be made or, in the case of installments, shall commence, on the Participant’s Subsequent Deferral Election Commencement Date; and
(3) the date such irrevocable election is properly made and submitted to the Company in accordance with the rules and requirements the Company may prescribe must, in fact, precede the Participant’s Termination by at least twelve (12)
months. Any election or attempted election that is not effective under the preceding sentence is not considered to be an effective Subsequent Deferral Election hereunder and shall be completely null and void. 

(d)        Automatic Cash-Out.  Notwithstanding the election of
installments under the preceding provisions of this Section 6.2: (1) if the combined value of a Participant’s Accounts is less than $50,000 on a Valuation Date as of which an installment to the Participant is being determined, then
the remaining undistributed value of all such Accounts as of such Valuation Date shall be distributed in one final lump-sum distribution as soon as is practicable, but no later than 30 days following the date the installment otherwise is or would be
made; or (2) if the Participant dies with installments remaining to be paid following the date of death, then the remaining undistributed value of all of his or her undistributed Accounts shall be distributed to the Participant’s
Beneficiary in one final lump-sum as soon as is practicable, but no later than 60 days following proper notice of the Participant’s death, based upon the value of the undistributed Accounts as of the Valuation Date next preceding the date of
distribution. 
 6.3        Distributions to Beneficiary Upon
Death.    For a distribution under Section 6.1(b) following a Participant’s Termination on account of death or for a distribution under Section 6.2(d) with respect to a Participant who dies with
installments remaining to be paid, distribution shall be made to the Participant’s Beneficiary. For purposes of this Plan, each Participant shall have the right, at any time, to designate any person or persons, contingently or successively, as
his or her Beneficiary to whom payment under the Plan shall be made in the event of his or her death prior to complete distribution to the Participant of his or her Account(s). Any Beneficiary designation shall be made in a written instrument
properly completed and filed with the Company and shall be effective only when received in writing by the Company. Any Beneficiary designation may be changed by a Participant by the filing of a new Beneficiary designation, which will cancel all
Beneficiary designations previously filed. If a Participant fails to designate a Beneficiary as provided above, or if all designated Beneficiaries (and all contingent or successive Beneficiaries) predecease the Participant, or such designations are

  
 12 

 
invalid for any reason, or all such Beneficiaries disclaim the Participant’s benefits under this Plan and the Committee has accepted the disclaimers as valid under applicable law, then the
Participant’s designated Beneficiary shall be deemed to be the Participant’s estate. Notwithstanding the foregoing, a divorce decree, or a decree of legal separation that is effective after the Effective Date of this Plan, shall revoke the
Participant’s prior designation, if any, of his or her spouse or former spouse as his or her Beneficiary under the Plan unless a qualified domestic relations order provides otherwise. Payment to a Participant’s Beneficiary (or, upon the
death of all designated Beneficiaries (and all contingent or successive Beneficiaries), to the Beneficiary’s estate) shall completely discharge the Participating Employer, all other Employers, and the Committee from all liability with respect
to such benefit obligations under the Plan. 
 If the Committee has any bona fide doubt as to the proper
Beneficiary to receive a deceased Participant’s benefit under this Plan, the Committee shall have the right, exercisable in their sole discretion, to cause the Participating Employer to withhold such payment until this dispute is resolved to
the Committee’s satisfaction. In this case, the payment shall be made no later than the end of the first taxable year of the Beneficiary(ies) in which the Committee and the Beneficiary(ies) enter into a legally binding settlement of such
dispute or the Participating Employer is required to make such payment pursuant to a final and nonappealable judgment or other binding decision. 
 ARTICLE VII 
 ADMINISTRATION 

7.1        Administration by
Committee.      The Plan shall be administered by the Company, acting by and through the “Committee” comprised of those members of the Compensation and Organization Committee of the Board (or any
successor committee) who are not Participants, as long as there are at least three (3) such members. If there are not at least three (3) such non-participating persons on the Compensation and Organization Committee (or any successor
committee), the chief executive officer of the Company shall appoint other non-participating Directors or Company officers to serve on the Committee. The Committee shall supervise the administration and operation of the Plan, may from time to time
adopt rules and procedures governing the Plan and shall have authority to construe and interpret the Plan (including, without limitation, by supplying omissions from, correcting deficiencies in, or resolving inconsistencies and ambiguities in, the
language of the Plan). 

7.2        Delegation.    The Committee may
appoint an individual or group of individuals, who may be an employee or employees of the Company, to be the Committee’s authorized agent with respect to the day-to-day administration of Company duties and determinations under the Plan. In
addition, the Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Company. 

7.3        Binding Effect of Decisions.    Any
decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan shall be final and binding upon all persons who at any time have, have had, or may
have a claim to any interest or rights whatsoever under this Plan. 

  
 13 

 7.4       Indemnity of
Committee.   The Company shall indemnify and hold harmless the members of the Committee and their duly appointed agents under Section 7.2 against any and all claims, loss, damage, expense or liability arising from any action
or failure to act with respect to the Plan, except in the case of gross negligence or willful misconduct by any such member or agent of the Committee. 
 ARTICLE VIII 
 AMENDMENT AND TERMINATION 

8.1       Amendment.   The Company, on behalf of itself and of each
Employer may, subject to Section 8.3, at any time amend, suspend or reinstate any or all of the provisions of the Plan, except that no such amendment, suspension or reinstatement may adversely affect any Account of any Participant, as it
existed as of the effective date of such amendment, suspension or reinstatement, without such Participant’s prior written consent, unless such amendment is deemed necessary by the Company to bring this Plan into compliance with
Section 409A of the Code or any other applicable law. 
 8.2
      Termination.   The Company, on behalf of itself and of each Employer, in its sole discretion, may, subject to Section 8.3, terminate this Plan at any time and for any reason whatsoever.

 8.3       Prohibition Against Acceleration.
  Notwithstanding the authority of the Company to amend, suspend, reinstate or terminate this Plan and/or its provisions under this Article and notwithstanding the interpretative authority retained under Article VII, in no event shall any
such action provide for, allow or result in an acceleration of payment or benefits prohibited by Code Section 409A, recognizing the exceptions to such prohibitions contained in Treas. Reg. § 1.409A-3(j). 

ARTICLE IX 

MISCELLANEOUS 
 9.1       Funding.   Participants, their Beneficiaries, and their heirs, successors and assigns, shall have no secured interest or claim in any
property or assets of any Employer. The obligation of the Company and other Employers under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. Notwithstanding the foregoing, in the event of a Change in
Control, the Company shall create an irrevocable trust to hold funds to be used in payment of the obligations of the Employers under the Plan, and the Company shall fund such trust in an amount equal to no less than the total value of the
Participants’ Accounts under the Plan as of the date immediately preceding the Change in Control, provided that any funds contained therein shall remain liable for the claims of the respective Employer’s general creditors. 

9.2       Employer’s Liability.   A Participating
Employer’s liability for the payment of benefits under this Plan is exclusively contained in this Plan instrument, Participation Agreements and other forms used to administer this Plan. Neither a Participating Employer nor

  
 14 

 
any other Employer shall have an obligation to a Participant under the Plan except as expressly provided in the Plan and his or her Participation Agreement and other administrative forms.

 9.3       Nonassignability.   No right or interest
under the Plan of a Participant or his or her Beneficiary (or any person claiming through or under any of them) shall be assignable or transferable in any manner or be subject to alienation, anticipation, sale, pledge, encumbrance or other legal
process or in any manner be liable for or subject to the debts or liabilities of any such Participant or Beneficiary, except as expressly required by law. If any Participant or Beneficiary shall attempt to or shall transfer, assign, alienate,
anticipate, sell, pledge or otherwise encumber his or her benefits hereunder or any part thereof, or if by reason of his or her bankruptcy or other event happening at any time such benefits would devolve upon anyone else or would not be enjoyed by
him or her, then such assignment shall be null and void, except as expressly required by law. Notwithstanding to foregoing provisions of this Section 9.3, the Plan will recognize, to the extent lawful, applicable and required, orders issued
under domestic relations laws. 
 9.4       Legal Fees and Expenses.
  It is the intent of the Company and each other Employer that following a Change in Control no Eligible Employee or former Eligible Employee be required to incur the expenses associated with the enforcement of his or her rights under this
Plan by litigation or other legal action because the cost and expense thereof would substantially detract from the benefits intended to be extended to an Eligible Employee hereunder. Accordingly, if it should appear that the Employer has failed to
comply with any of its obligations under this Plan or in the event that the Employer or any other person takes any action to declare this Plan void or unenforceable, or institutes any litigation designed to deny, or to recover from, the Eligible
Employee the benefits intended to be provided to such Eligible Employee hereunder, the Employer irrevocably authorizes such Eligible Employee from time to time to retain counsel of his or her choice, at the expense of the Employer as hereafter
provided, to represent such Eligible Employee in connection with the initiation or defense of any litigation or other legal action, whether by or against the Employer or any director, officer, stockholder or other person affiliated with the Employer
in any jurisdiction. The Employer shall pay and be solely responsible for any and all attorneys’ and related fees and expenses incurred by such Eligible Employee as a result of the Employer’s failure to perform under this Plan or any
provision thereof; or as a result of the Employer or any person contesting the validity or enforceability of this Plan or any provision thereof. The Employer agrees to reimburse an Eligible Employee or pay directly to such counsel any and all
reasonable costs and expenses (including but not limited to reasonable attorneys’ fees) an Eligible Employee may incur in connection with such failure to perform under the Plan with such reimbursement to occur no later than the end of the
taxable year following the taxable year in which such expense was incurred. In addition, the amounts eligible for reimbursement during any one taxable year under this Section 9.4 may not affect the expenses eligible for reimbursement in any
other taxable year under this Section 9.4. 
 9.5       Withholding
Taxes. The Employer shall withhold the minimum amount of taxes which it determines it is required by law or required by the terms of this Plan to withhold in connection with any recognition of income incident to this Plan payable to a
Participant or Beneficiary. 

  
 15 

 9.6       Captions.
  The captions contained herein are for convenience only and shall not control or affect the meaning or construction hereof. 
 9.7       Governing Law.   The provisions of the Plan shall be construed and interpreted according to the laws of the State of Ohio without regard to
its conflicts of laws principals unless superseded by ERISA or other federal law. 
 9.8
      Successors.   The provisions of the Plan shall bind and inure to the benefit of the Company, the other Employers, and their respective successors and assigns. The term “successors”
as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise, acquire all or substantially all of the business and assets of the Company or another Employer and successors
of any such corporation or other business entity. 
 9.9       Right to
Continued Service.   Nothing contained herein shall be construed to be a contract of employment or to confer upon any Eligible Employee the right to continue to serve as an Eligible Employee of the Employer or in any other
capacity. 
 9.10       Section 409A Compliance.   It
is the intention and purpose of the Company that this Plan shall be, at all relevant times, in compliance with (or, where applicable, exempt from) Code Section 409A and other applicable laws, and this Plan shall be so interpreted and
administered. In addition to the general amendment rights of the Company with respect to the Plan, the Company specifically retains the unilateral right (but not the obligation) to make, prospectively or retroactively, any amendment to this Plan or
any related document as it deems necessary or desirable to more fully address issues in connection with compliance with (or exemption from) Code Section 409A and/or such other laws. In no event, however, shall this Section 9.10 or any
other provisions of this Plan be construed to require the Company to provide any gross-up for the tax consequences of any provisions of, or payments under, this Plan and the Company shall have no responsibility for tax or legal consequences to any
Participant (or Beneficiary) resulting from the terms or operation of this Plan. 
 9.11
      Deadline to File a Claim under Plan; Deadline to file Legal Action.   No claim for benefits may be made by a Participant or Beneficiary on any disputed matter pertaining to this Plan unless
such claim is made within one (1) year following the occurrence of the earliest event upon which the claim may be made. With respect to any claim relating to the contents of a notice pertaining to this Plan, the Participant or Beneficiary must
make such claim within one (1) year following the date the notice was given. No legal action to enforce or clarify rights under this Plan or under any provision of law, whether or not statutory, or any other action arising from, or related to,
this Plan, may be brought by any Participant or Beneficiary on any matter pertaining to this Plan unless the legal action is commenced in the proper forum as prescribed by Section 9.12 before the earlier of: (a) two (2) years after
the Participant or Beneficiary knew or reasonably should have known of the principal facts on which the claim is based; or (b) one (1) year after the Participant or Beneficiary has exhausted any claim procedure applicable to this Plan. For
purposes of applying the foregoing provisions of this Section, knowledge of all of the facts that a Participant knew or reasonable should have known shall be imputed to every Participant or Beneficiary who is or claims to be a beneficiary of the
Participant or otherwise claims to derive a benefit or entitlement under this Plan by reference to that Participant. 

  
 16 

 9.12      Venue.   Any
legal actions, suits or proceedings pertaining to this Plan shall be brought in the courts of Ohio (whether federal or state) and the Participant, Beneficiary, persons claiming to be a beneficiary or any other persons who claim to derive a benefit
or entitlement under this Plan by reference to the Participant irrevocably submit to the exclusive jurisdiction of Ohio courts. The Participant, Beneficiary, persons claiming to be a Beneficiary or any other person who claim to derive a benefit or
entitlement under this Plan by reference to the Participant waive, to the fullest extent permitted by law, any objection any such person may now or hereafter have to laying venue in any suit, action or proceeding hereunder in any court, as well as
any right any such person may now or hereafter have to remove any such suit, action or proceeding once commenced to another court in any jurisdiction on the grounds of forum non-convenience or otherwise. In the event that any such person resorts to
an improper forum, such forum shall award the Company reasonable attorney’s fees and costs incurred by the Company to enforce the provisions of this Plan, and such forum shall award the Company such other legal or equitable relief as the forum
deems appropriate. In the event a legal action is filed in any court other than a federal or state court located in Ohio, the Participant’s Accounts shall not be credited with any additional Employer Contributions on or after the date such
legal action, suit, or proceeding is filed. 
 9.13       Use of Electronic
Media and Written Communications.   All Plan notices and all Participant or Beneficiary notices, designations, elections, consents or waivers must be in writing (which may include an electronic communication) and made in a form the
Plan specifies or otherwise approves. Any person entitled to notice under the Plan may waive the notice or shorten the notice period unless such actions are contrary to applicable law. The Plan, using any electronic medium, may give or receive any
Plan notice, communicate any Plan policy, conduct any written Plan communication, satisfy any Plan filing or other compliance requirement and conduct any other Plan transaction to the extent permissible under applicable law. A Participant, a
Participant’s spouse, or a Beneficiary, may use any electronic medium to provide any Beneficiary designation, election, notice, consent or waiver under the Plan, to the extent permissible under applicable law. Any reference in this Plan to a
“form,” a “notice,” an “election,” a “consent,” a “waiver,” a “designation,” a “policy” or to any other Plan-related communication includes an electronic version thereof as
permitted under applicable law. 
     IN WITNESS WHEREOF, the undersigned, being an
authorized officer of Cliffs Natural Resources Inc., has hereto set his or her hand as of this        day of             , 2011. 

 

	
	CLIFFS NATURAL RESOURCES INC.
	
	By:                             
                                         
 
	 James Michaud
 Senior Vice President,
 Human Resources

  
 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]