Document:

Potlatch Corporation Management Deferred Compensation Plan

 Exhibit (10)(x) 
 POTLATCH CORPORATION 
 MANAGEMENT DEFERRED COMPENSATION PLAN 
 Effective June 1, 2008 
 Amended and Restated as of May 1, 2009 

 1. ESTABLISHMENT AND PURPOSE 
 (a) The Potlatch Corporation Management Deferred Compensation Plan was adopted on May 16, 2008, by the Board of Directors of Potlatch Corporation to provide an opportunity for senior management who have made
the maximum elective contributions permitted under the 401(k) Plan to elect to defer additional compensation and to invest and accumulate such compensation on a tax-deferred basis. This restatement incorporates changes to the Plan effective
May 1, 2009. 
 (b) This Plan is also intended to provide the rules and regulations for deferral of awards under the Potlatch
Corporation Management Performance Award Plan II (“MPAP II”) for the 2008 performance period and under the Potlatch Corporation Annual Incentive Plan (the “AIP”) beginning with the 2009 performance period. 
 (c) Effective as of October 1, 2008, this Plan also provides the rules and regulations for the administration of deferrals previously made under
the MPAP II. For avoidance of doubt, deferrals made under the Potlatch Corporation Management Performance Award Plan, which are not subject to Section 409A of the Code, continue to be subject to the rules of that plan and the administrative
rules and regulations applicable thereto. 
 (d) Pursuant to the Employee Matters Agreement by and between Potlatch Corporation and
Clearwater Paper Corporation (the “EMA”), all deferred compensation liabilities with respect to “Clearwater Employees” (as defined in the EMA) under this Plan, the MPAP II and the Potlatch Corporation Management Performance Award
Plan have been transferred to and assumed by the Clearwater Paper Corporation Management Deferred Compensation Plan (the “Clearwater Plan”). Deferral and payment elections made by Clearwater Employees under this Plan and the MPAP II shall
be given effect under the Clearwater Plan. 
 (e) The provisions of this Plan for elections to defer base salary are effective for base
salary earned on or after January 1, 2009. 
 (f) The Plan is intended to comply with the requirements of Section 409A of the
Code. The Plan is intended to constitute an unfunded program for the benefit of a select group of management or highly compensated employees of ERISA, and, as such, to be exempt from all of the provisions of Parts 2, 3, and 4 of Title I of ERISA.

 2. DEFINITIONS 
 (a)
“Affiliate” means any other entity which would be treated as a single employer with the Corporation under Section 414(b) or (c) of the Code, provided that in applying such Sections and in accordance with the rules of
Treasury Regulations Section 1.409A-1(h)(3), the language “at least 50 percent” shall be used instead of “at least 80 percent.” 
 (b) “AIP” means the Potlatch Corporation Annual Incentive Plan and any successor plan thereto. 
 (c) “Beneficiary” means the person or persons who become entitled to receive payment of the Participant’s Deferred Compensation Account as a result of the death of the Participant. A Participant’s designated beneficiary
under the 401(k) Plan shall be the Participant’s Beneficiary under this Plan. 
  

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 (d) “Board” and “Board of Directors” means the board of directors of the
Corporation. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended. 
 (f) “Committee” means the Executive Compensation and Personnel Policies Committee of the Board. 
 (g) “Compensation” means the amount of compensation due by the Corporation to an Employee for his or her services as an Employee as either
(i) annual base salary or (ii) an award under the MPAP II or AIP. 
 (h) “Corporation” means Potlatch Corporation, a
Delaware corporation. 
 (i) “Deferred Compensation Account” means the bookkeeping account established pursuant to
Section 6 on behalf of each Employee who elects to participate in the Plan. Within a Participant’s Deferred Compensation Account, a Directed Investment Account, Stock Unit Account, Holding Account, and appropriate sub-accounts shall be
maintained as are necessary for the proper administration of a Participant’s Deferred Compensation Account. An Employee who has made a deferral under the MPAP II shall be deemed to have elected to participate in this Plan. 
 (j) “Disabled” means an Employee is unable to engage in any substantial gainful activity 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 twelve months. 
 (k) “Dividend Equivalent” means an amount equal to the cash distribution paid on an outstanding share of the Corporation’s common stock. Dividend Equivalents shall be credited with respect to Stock Units as if each Stock Unit
were an outstanding share of the Corporation’s common stock, except that Dividend Equivalents shall also be credited with respect to fractional Stock Units. 
 (l) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 (m)
“Employee” means a full-time salaried employee of the Corporation or any subsidiary thereof. 
 (n) “401(k) Plan”
means the Potlatch Salaried 401(k) Plan, as amended. 
 (o) “Holding Account” means the bookkeeping account established pursuant
to Section 6 on behalf of an Employee who elects to have Compensation deferred under the Plan deemed to be invested in Stock Units. Such deferrals shall be temporarily credited to the Holding Account until the date they are converted to Stock
Units. 
  

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 (p) “MPAP II” means the Potlatch Corporation Management Performance Award Plan II, as
amended. 
 (q) “Participant” means an Employee who has deferred Compensation credited to a Deferred Compensation Account under
the Plan. 
 (r) “Performance-Based Compensation” means compensation the amount of which, or the entitlement to which, is
contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least twelve (12) consecutive months. Organizational or individual performance criteria are considered
preestablished if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at the time the criteria are
established. Performance-Based Compensation does not include any amount or portion of any amount that will be paid either regardless of performance, or based upon a level of performance that is substantially certain to be met at the time the
criteria is established. Compensation may be Performance-Based Compensation where the amount will be paid regardless of satisfaction of the performance criteria due to the Employee’s death, disability, or a Change in Control Event (as defined
in Treasury Regulation Section l.409A-3(i)(5)), provided that a payment made under such circumstances without regard to the satisfaction of the performance criteria will not constitute performance-based compensation. For this purpose, a disability
refers to any medically determinable physical or mental impairment resulting in the Employee’s inability to perform the duties of his or her position or any substantially similar position, where such impairment can be expected to result in
death or can be expected to last for a continuous period of not less than six months. Performance-Based Compensation may include payments based upon subjective performance criteria, provided that: (i) the subjective performance criteria are
bona fide and relate to the performance of the Employee, a group of service providers that includes the Employee, or a business unit for which the Employee provides services (which may include the entire organization); and (ii) the
determination that any subjective performance criteria have been met is not made by the Employee or a family member of the Employee (as defined in Section Code 267(c)(4) applied as if the family of an individual includes the spouse of any member of
the family), or a person under the effective control of the Employee or such a family member, and no amount of the compensation of the person making such determination is effectively controlled in whole or in part by the Employee or such a family
member. 
 (s) “Plan” means the Potlatch Corporation Management Deferred Compensation Plan. 
 (t) “Plan Year” means the 12-month period beginning January 1 and ending December 31. 
 (u) “Separation from Service” means termination of an Employee’s service as an Employee consistent with Section 409A of the Code
and the regulations promulgated thereunder. For purposes of the Plan, “Separation from Service” generally means termination of an Employee’s employment as a common-law employee of the Corporation and each Affiliate of the Corporation.
A Separation from Service will not be deemed to have occurred if an Employee continues to provide services to the Corporation or an Affiliate in a capacity other than as an

  

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employee and if the former employee is providing a level of bona fide services that is fifty percent (50%) or more of the average level of services rendered during the immediately preceding
thirty-six (36) months of employment with the Corporation or Affiliate; provided, however, that a Separation from Service will be deemed to have occurred if it is reasonably anticipated that an Employee’s service with the Corporation and
its Affiliates will terminate after a certain date or the level of bona fide services that the Employee will perform after such date (whether as an employee or another capacity) will permanently reduce to a rate that is less than twenty percent
(20%) of the bona fide level of services rendered, on average, during the immediately preceding thirty-six (36) months (or if employed by the Corporation and its Affiliates less than thirty-six (36) months, such lesser period).
However, the employment relationship is treated as continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the
individual’s right to reemployment with the service recipient is provided either by statute or by contract. If the period of leave exceeds six months and the individual’s right to reemployment is not provided either by statute or by
contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. 
 (v)
“Stock Units” means the deferred portion of Compensation which is converted into a unit denominated in shares of the Corporation’s common stock. 
 (w) “Value” means the closing price of the Corporation’s common stock as reported in the New York Stock Exchange, Inc., composite transactions reports for the relevant date. 
 (x) “Variable Fractions Method” is a distribution method for amounts payable in installments. The amount of the first installment is
determined by dividing the Participant’s account balance by the total number of installments due. Each subsequent annual installment is equal to the Participant’s account balance as adjusted for earnings or losses since the last
distribution date divided by a denominator equal to the total number of installments due minus the number of installments previously paid. 
 (y) “Year” shall mean the calendar year. 
 3. ELIGIBILITY TO MAKE DEFERRALS 
 (a) Each Employee who is in a position that is eligible for Long-Term Incentive awards (an “Eligible Employee”) and who has made the maximum
elective deferrals under Section 402(g) of the Code or the maximum elective contributions permitted under the terms of the 401(k) Plan shall be eligible to elect to defer base salary under the Plan. 
 (b) Each Eligible Employee who is eligible to receive an award under the MPAP II or AIP (other than an award under an AIP Special Awards Fund) shall
be eligible to defer such award under the Plan; provided that, an Employee who is required to defer his or her award shall automatically become a participant in this Plan. 
  

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 4. PARTICIPATION 
 (a) Each Employee who is eligible to participate in the Plan pursuant to Section 3 above shall, prior to the beginning of each Year and in accordance with the applicable deadline established by the Committee,
have the option to make an irrevocable election to defer a percentage of his or her Compensation earned during the following Year before the beginning of each such Year. Compensation paid after December 31 of a Plan Year for services performed
by the Employee during the final payroll period of the calendar year and which payroll period includes the last day of such calendar year shall be treated as earned for services performed in the year paid. 
 (b) Notwithstanding the foregoing, an Employee may make an irrevocable election to participate during a Year with respect to Compensation earned
during that Year and subsequent to the filing of such election, provided such election is made within thirty (30) days of the Employee’s initial eligibility to participate in this Plan and any other nonqualified deferred compensation plans
treated as a single plan with this Plan under Section 409A of the Code. Any such initial election shall apply only to Compensation earned for services performed after the date of the election. If compensation is due for services performed over
a period of time which includes the period both before and the period after the date of the election, the election will apply to an amount equal to the total amount of the compensation paid for such performance period multiplied by the ratio of the
number of days remaining in the performance period after the election over the total number of days in the performance period. 
 (c)
Notwithstanding the preceding rules, a deferral election for an award of Compensation under the MPAP II or AIP, which constitutes Performance-Based Compensation, may be made no later than six months before the end of such performance period. This
special election rule is available only if (i) the Employee performs services for the Company or its Affiliate continuously from the later of the beginning of the performance period or the date the performance criteria are established through
the date an election is made with respect to such payment, (ii) the election is made before the amount of the Performance-Based Compensation to be received becomes reasonably ascertainable or, if the Performance-Based Compensation is a
specified or calculable amount, when the amount is substantially certain to be paid, and (iii) the performance period is at least twelve (12) months in duration. 
 (d) The Committee may also adopt such additional or alternative election rules provided that such rules comply with the rules of Section 409A of
the Code and applicable regulatory authority. 
 5. DEFERRAL ELECTIONS 
 (a) An Employee who elects to participate in the Plan with respect to annual base salary or an award under the MPAP II or AIP for a Year shall file a
deferral election with respect to each type of Compensation on such form as the Committee shall prescribe, which shall indicate: 
 (i)
The amount or percentage of each type of Compensation that such Employee elects to defer pursuant to the terms of the Plan. The percentage must be in increments

  

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of ten percent (10%) and may not exceed fifty percent (50%) in the case of annual base salary. An election to voluntarily defer an award under the MPAP II or AIP must be in increments
of ten percent (10%) and shall be for not less than fifty percent (50%) of such award. Notwithstanding the foregoing, an election to defer Compensation may not reduce the Employee’s remaining compensation below the amount necessary to
satisfy applicable employment tax withholding, income tax withholding, and benefit plan withholding. This election shall be irrevocable with respect to each type of Compensation for that Year to which it applies after the applicable deadline for
making such election as provided in Section 4 for that Year. 
 (ii) The percentage of the Compensation deferred pursuant to the
election that is to be converted into Stock Units or deemed invested in any other investment account available under Section 7. 
 (b) An Employee who elects to participate in the Plan shall have only one form of payment election in effect for all amounts deferred under the Plan. Subject to Section 5(c), below, at the time of an Employee’s initial election to
defer base salary or an award under the MPAP II or AIP, the Employee shall file an election and shall indicate whether the deferred Compensation shall be paid in a lump sum or paid in annual installments over a period of fifteen (15) or fewer
years. For purposes of the Plan, installment payments shall be treated as a single distribution for purposes of Section 409A of the Code. Deferred Compensation shall be distributed in a single lump sum payment unless the Employee elects
otherwise. 
 (c) An Employee’s election as to the time and form of payment of deferred Compensation shall be irrevocable and binding
on all deferred Compensation under the Plan. For avoidance of doubt it is intended that a Participant shall have only one method of payment in effect. 
 (d) For purposes of determining the payment election in effect for a Participant with existing deferrals under this Plan prior to May 1, 2009 or under the MPAP II, the payment election in effect as of
April 30, 2009 shall remain in effect for all existing and future deferrals under the Plan. 
 6. ESTABLISHMENT OF DEFERRED ACCOUNTS

 (a) For each Employee who has deferred compensation under the MPAP II or AIP or who has elected to defer base salary, the Corporation
shall establish a Deferred Compensation Account to which shall be credited an amount equal to that portion of the Compensation which would have been payable currently to the Employee but for the terms of the deferral election. 
 (b) If the deferral election includes an election to convert a percentage of the Compensation deferred pursuant to the election into Stock Units, the
number of full and fractional Stock Units shall be determined as follows: 
 (i) For an award deferred under the MPAP II, such conversion
shall be made in accordance with Section 9(c) of the MPAP II. 
  

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 (ii) Any amount of base salary or AIP award that is deferred under this Plan and with respect to which
the Employee has elected to allocate to Stock Units shall be accumulated in the Holding Account. The balance of the Holding Account shall be converted into full and fractional Stock Units and transferred to a Stock Unit Account on a quarterly basis
as of the last trading day of each calendar quarter by dividing the balance of the Holding Account by the Value of the Corporation’s common stock on such crediting date. 
 (c) Amounts credited to a Participant’s Deferred Compensation Account shall be fully vested at all times. 
 7. TREATMENT OF DEFERRED COMPENSATION ACCOUNT AND STOCK UNITS DURING DEFERRAL PERIOD 
 (a) Directed Investment Account. The balance of each Participant’s Directed Investment Account shall be adjusted, for earnings and losses
commencing with the date as of which any amount is credited to the Directed Investment Account. Such earnings or losses during the deferral period for amounts credited to a Participant’s Directed Investment Account shall be computed by
reference to the rate of return on one or more of the investment alternatives that are available under the 401(k) Plan and which are designated by the Committee as available under this Plan, which shall include a stable value fixed income fund (the
“Stable Value Fund”). Each participating Employee may select (in ten percent (10%) increments) which investment alternative(s) will be used for this purpose with respect to his or her deferred Compensation, and the alternative(s)
selected need not be the same as the Employee has selected under the 401(k) Plan, but any such selection will apply only prospectively. The Committee shall determine how frequently such selections may be changed. 
 (b) Stock Unit Account. Amounts deemed invested in the Stock Unit Account may not be transferred to any other investment and must remain in the
Stock Unit Account until distributed to the Participant. On each dividend payment date, Dividend Equivalents shall be credited to each full and fractional Stock Unit to the extent such Stock Unit was in the Participant’s Stock Unit Account on
the dividend record date immediately preceding the applicable dividend payment date. As of the dividend payment date, the value of such Dividend Equivalents shall be credited to the Participant’s Directed Investment Account and initially shall
be deemed invested in the Stable Value Fund described in Section 7(a) above, subject to the Participant’s ability to subsequently change such investment in accordance with Section 7(a). 
 (c) Holding Account. The Holding Account shall be available only for the temporary holding of amounts pending conversion into Stock Units in
accordance with Section 6, and during such temporary holding period shall be deemed invested in the Stable Value Fund. Participants shall not be permitted to select the Holding Account as a deemed investment for their deferrals. 
 (d) Effect of Certain Transactions. In the event that there occurs a dividend or other distribution of shares of the Corporation’s common
stock (“Shares”), a dividend in the form of cash or other property that materially affects the fair market value of the Shares, a stock split, a reverse stock split, a split-up, a split-off, a spin-off, a combination or subdivision of
Shares or other securities of the Corporation, an exchange of Shares for other securities of the Corporation, or a similar transaction or event that materially affects the fair market value of the Shares, the Committee, in order to prevent
diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, shall make appropriate adjustments in the number of each Participant’s Stock Units determined as of the date of such occurrence.

  

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 8. FORM AND TIME OF PAYMENT OF DEFERRED COMPENSATION ACCOUNT 
 Subject to Section 8(b), payment of a Participant’s Deferred Compensation Account shall commence on, or within the 30-day
period that begins on, the March 15th of the year following the year in
which Separation from Service occurs. A Participant may request an earlier distribution of an amount credited to his or her Deferred Compensation Account upon the occurrence of an unforeseeable emergency within the meaning of Section 409A and
the regulations thereunder as determined by the Committee, but only to the extent necessary to alleviate the emergency. Payment of a Participant’s Stock Units shall also be made at such time except that, within the six-month period beginning on
the last date on which Compensation has been converted into Stock Units on behalf of the Participant, to the extent that the Committee reasonably determines that earlier payment would result in a violation of Federal securities laws, payment of the
Participant’s Stock Units shall be made on, or within the 30-day period that begins on, the last day of the month in which such six-month period expires. Notwithstanding the previous sentence, Stock Unit payments shall be made following the
Participant’s death, Disability or the date of the Participant’s Separation from Service, without regard to whether such six-month period has expired. For the purpose of payment, Stock Units shall be converted to cash based on the Value of
the Corporation’s common stock on the last trading day of the month preceding the month during which the distribution is due to be made. 
 The amount of each installment payment due for a Deferred Compensation Account shall be determined by application of the Variable Fractions Method. Each annual installment for Years subsequent to the Year in which
payment commences shall be made on, or within the 30-day period that begins on, March 15th. 
 In the case of a Participant who has both Stock Units and other deemed investment accounts
available under Section 7, if a partial distribution of a deferred portion of Compensation is to be made and if the Participant’s Stock Units are immediately payable in accordance with the first paragraph of this Section, payment shall be
made partially from the Participant’s Stock Units and partially from such other deemed investment accounts, in proportion to the relative value of the Participant’s Stock Units and such other accounts. If the Participant’s Stock Units
are not immediately payable in accordance with the previous paragraph, the partial payment shall be made entirely from such other deemed investment accounts, in proportion to the relative value of such accounts. 
 Notwithstanding any other provision of the Plan to the contrary: 
 (a) No distribution shall be made from the Plan that would constitute an impermissible acceleration of payment as defined in Section 409A(a)(3) of the Code and regulations promulgated thereunder; and

 (b) A distribution made to a Participant who is identified as a Key Employee at the time of his or her Separation from Service will be
delayed for a minimum of six (6) months if the Participant’s distribution is triggered by his or her Separation from Service. Any payment that

  

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otherwise would have been made except for the application of this subsection (b) during such six (6)-month period will be made in one (1) lump sum payment no later than the last day of
the second month following the month that is six (6) months from the date of the Participant’s Separation from Service. The Participant’s Deferred Compensation Account shall continue to be adjusted for earnings and losses and Dividend
Equivalents during the delay. The determination of which Participants are Key Employees will be made by the Corporation in its sole discretion in accordance with this subsection (b) and Sections 416(i) and 409A of the Code and the regulations
promulgated thereunder. 
 (i) “Identification Date” means each December 31. 
 (ii) “Key Employee” means an Employee who, on an Identification Date, is: 
 (A) An officer of the Corporation having annual compensation greater than the compensation limit in Section 416(i)(1)(A) (i) of the Code,
provided that no more than fifty (50) officers of the Corporation shall be determined to be Key Employees as of any Identification Date; 
 (B) A five percent (5%) owner of the Corporation; or 
 (C) A one percent (1%) owner of the Corporation having annual
compensation from the Corporation of more than $150,000. 
 If an Employee is identified as a Key Employee on an Identification Date, then
such Employee shall be considered a Key Employee for purposes of the Plan during the period beginning on the first April 1 following the Identification Date and ending on the next March 31. 
 (c) Notwithstanding the foregoing, a lump sum distribution shall be made in the Committee’s discretion to clear out a small balance held for the
benefit of the Participant (or his or her Beneficiary) provided that the Committee’s decision is evidenced in-writing prior to the date of the distribution, the distribution is not greater than the applicable dollar amount under
Section 402(g)(1)(B) of the Code and the payment results in the termination of all benefits due under the plan and all other “account balance plans” treated as a single nonqualified deferred compensation plan with this Plan under
Treasury Regulation Section 1.409A-1(c)(2). 
 (d) If a Plan benefit is payable to a minor or a person declared incompetent or to a
person incapable of handling the disposition of property, the Committee may direct payment to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Administrator may require proof of
incompetency, minority, incapability or guardianship as it may deem appropriate prior to distribution. Such distribution shall completely discharge the Committee, the trustees of any trusts, and the Corporation from all liability with respect to
such benefit. 
 9. EFFECT OF DEATH OF PARTICIPANT 
 Upon the death of a Participant, all amounts, if any, remaining in his or her Deferred Compensation Account shall be distributed to the Beneficiary designated by the Participant. Such distribution shall be made at
the time or times specified in the Participant’s deferral

  

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election. If the designated Beneficiary does not survive the Participant or dies before receiving payment in full of the Participant’s Deferred Compensation Account, payment shall be made to
the estate of the last to die of the Participant or the designated Beneficiary. 
 10. CLAIMS AND REVIEW PROCEDURE 
 (a) Informal Resolution of Questions. Any participant who has questions or concerns about his or her deferred compensation under the Plan is
encouraged to communicate with the Vice President, Human Resources. If this discussion does not give the participant satisfactory results, a formal claim for benefits may be made within one (1) year of the event giving rise to the claim in
accordance with the procedures of this Section 10. 
 (b) Formal Benefits Claim - Review by Appeals Committee. A participant
may make a written request for review of any matter concerning his or her deferred Compensation under the Plan. The claim must be addressed to the Appeals Committee, Management Deferred Compensation Plan, Potlatch Corporation, 601 W. First Ave.,
Suite 1600, Spokane, Washington 99201. The Corporation’s Appeals Committee shall decide the action to be taken with respect to any such request and may require additional information, if necessary, to process the request. The Appeals Committee
shall review the request and shall issue its decision, in writing, no later than ninety (90) days after the date the request is received, unless the circumstances require an extension of time. If such an extension is required, written notice of
the extension shall be furnished to the person making the request within the initial ninety (90)-day period, and the notice shall state the circumstances requiring the extension and the date by which the Appeals Committee expects to reach a decision
on the request. In no event shall the extension exceed a period of ninety (90) days from the end of the initial period. 
 (c)
Notice of Denied Request. If the Appeals Committee denies a request in whole or in part, it shall provide the person making the request with written notice of the denial within the period specified in Subsection (b) above. The notice
shall set forth the specific reason for the denial, reference to the specific Plan provisions upon which the denial is based, a description of any additional material or information necessary to perfect the request, an explanation of why such
information is required, and an explanation of the Plan’s appeal procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA
following an adverse benefit determination on review. 
 (d) Appeal to Appeals Committee. 
 (i) A person whose request has been denied in whole or in part (or such person’s authorized representative) may file an appeal of the decision in
writing with the Appeals Committee within sixty (60) days of receipt of the notification of denial. The appeal must be addressed to: Appeals Committee, Management Deferred Compensation Plan, Potlatch Corporation, 601 W. First Ave., Suite 1600,
Spokane, Washington 99201. The Appeals Committee, for good cause shown, may extend the period during which the appeal may be filed for another sixty (60) days. The appellant and his or her authorized representative shall be permitted to submit
written comments, documents, records and other information relating to the claim for benefits. Upon request and free of charge, the appellant should be provided reasonable access to and copies of, all documents, records or other information relevant
to the appellant’s claim. 
  

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 (ii) The Appeals Committee’s review shall take into account all comments, documents, records and
other information submitted by the appellant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Appeals Committee’s review shall not be restricted to those
provisions of the Plan cited in the original denial of the claim. 
 (iii) The Appeals Committee shall issue a written decision within a
reasonable period of time but not later than sixty (60) days after receipt of the appeal, unless special circumstances require an extension of time for processing, in which case the written decision shall be issued as soon as possible, but not
later than one-hundred twenty (120) days after receipt of an appeal. If such an extension is required, written notice shall be furnished to the appellant within the initial sixty (60)-day period. This notice shall state the circumstances
requiring the extension and the date by which the Appeals Committee expects to reach a decision on the appeal. 
 (iv) If the decision on
the appeal denies the claim in whole or in part written notice shall be furnished to the appellant. Such notice shall state the reason(s) for the denial, including references to specific Plan provisions upon which the denial was based. The notice
shall state that the appellant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. The notice shall describe any voluntary
appeal procedures offered by the Plan and the appellant’s right to obtain the information about such procedures. The notice shall also include a statement of the appellant’s right to bring an action under Section 502(a) of ERISA.

 (v) The decision of the Appeals Committee on the appeal shall be final, conclusive and binding upon all persons and shall be given the
maximum possible deference allowed by law. 
 (e) Exhaustion of Remedies. No legal or equitable action for benefits under the Plan
shall be brought unless and until the claimant has submitted a written claim for benefits in accordance with Section 10(a) above, has been notified that the claim is denied in accordance with Section 10(c) above, has filed a written
request for a review of the claim in accordance with Section 10(d) above, and has been notified in writing that the Appeals Committee has affirmed the denial of the claim in accordance with Section 10(d) above; provided, however, that an
action for benefits may be brought after the Appeals Committee has failed to act on the claim within the time prescribed in Section 10(b) and Section 10(d), respectively. 
 11. PARTICIPANT’S RIGHTS UNSECURED 
 The interest under the Plan of any Employee and such
Employee’s right to receive a distribution from the Plan shall be an unsecured claim against the general assets of the Corporation. The Deferred Compensation Account and all deemed investment accounts available under Section 7 shall be
bookkeeping entries only and no Employee shall have an interest in or claim against any specific asset of the Corporation pursuant to the Plan. Notwithstanding the foregoing, the Corporation may, in its discretion, choose to contribute to the
Potlatch Corporation Benefits Protection Trust Agreement to assist with the payment of benefits under the Plan. 
  

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 12. STATEMENT OF DEFERRED COMPENSATION ACCOUNT 
 The Committee shall provide a quarterly statement of each Participant’s Deferred Compensation Account. 
 13. NONASSIGNABILITY OF INTERESTS 
 The interest
and property rights of any Employee under the Plan shall not be subject to option nor be assignable either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other
creditor’s process, and any act in violation of this Section 13 shall be void. 
 14. ADMINISTRATION OF THE PLAN 
 The Plan shall be administered by the Committee. In addition to the powers and duties otherwise set forth in the Plan, the Committee shall have full
power and authority to administer and interpret the Plan, to establish procedures for administering the Plan and to take any and all necessary action in connection therewith, including retaining outside managers to assist with the administration of
the Plan. The Committee’s interpretation and construction of the Plan shall be conclusive and binding on all persons. In its discretion, the Committee may delegate to the Vice President, Human Resources the authority for the effective
administration of the Plan and for assigning responsibility to designated managers to carry out such duties. 
 Within thirty
(30) days after a Change of Control (as defined in Section 17), the Committee shall appoint an independent committee consisting of at least three (3) current (as of the effective date of the Change of Control) or former Corporation
officers and directors, which shall thereafter administer all claims for benefits under the Plan. Upon such appointment the Committee shall cease to have any responsibility for claims administration under the Plan. 
 15. AMENDMENT OR TERMINATION OF THE PLAN 
 (a)
The Board or the Committee may amend, suspend or terminate the Plan at any time. The foregoing notwithstanding, the Plan may not be amended (including any amendment to this Section 15) or terminated by the Board or the Committee if such
amendment or termination would or adversely affect or impair the Employee’s right to receive amounts credited to his or her Deferred Compensation Account. 
 (b) Except as provided in Section 15(c) or as otherwise permitted under Section 409A of the Code, in the event of termination of the Plan, the Participants’ Deferred Compensation Accounts may, in the
Board’s or the Committee’s discretion, be distributed within the period beginning twelve months after the date the Plan was terminated and ending twenty-four months after the date the Plan was terminated, or pursuant to Section 8, if
earlier. If the Plan is terminated and Deferred Compensation Accounts are distributed, the Board or the Committee shall terminate all account balance non-qualified deferred compensation plans with respect to all

  

 13 

 
Employees and shall not adopt a new account balance non-qualified deferred compensation plan for at least three (3) years after the date the Plan was terminated. A termination and
liquidation of the Plan under this Section 15(b) shall be made only in compliance with Treasury Regulation Section 1.409A-3(j)(4)(ix)(c). 
 (c) The Board or the Committee may terminate the Plan upon a corporate dissolution of the Corporation that is taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11
U.S.C. Section 503(b)(1)(A), provided that the Participants’ Deferred Compensation Accounts are distributed and included in the gross income of the Participants by the latest of (i) the Year in which the Plan terminates or
(ii) the first Year in which payment of the Deferred Compensation Accounts is administratively practicable. 
 (d) Notwithstanding
the foregoing, the Vice President, Human Resources of the Corporation shall have the power and authority to amend the Plan with respect to any amendment that (i) does not materially increase the cost of the Plan to the Corporation or
(ii) is intended to comply with new or changed legal requirements applicable to the Plan, including, but not limited to, Section 409A of the Code. 
 16. SUCCESSORS AND ASSIGNS 
 The Plan shall be binding upon the Corporation, its successors and assigns, and any parent
corporation of the Corporation’s successors or assigns. Notwithstanding that the Plan may be binding upon a successor or assign by operation of law, the Corporation shall require any successor or assign to expressly assume and agree to be bound
by the Plan in the same manner and to the same extent that the Corporation would be if no succession or assignment had taken place. 
 17. CHANGE OF
CONTROL 
 For purposes of the Plan, “Change of Control” shall mean 
 (a) Upon consummation of a merger or consolidation involving the Corporation (a “Business Combination”), in each case, unless, following
such Business Combination, 
 (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively,
of the then outstanding shares of common stock of the Corporation (the “Outstanding Common Stock”) and the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding
Voting Securities”) immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors of the corporation or other entity resulting from such Business Combination (including, without limitation, a corporation or other entity which as a result of such transaction
owns the Corporation either directly or through one or more subsidiaries), 
 (ii) no individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act)) (a “Person”) (excluding any corporation or other entity resulting from such Business Combination or any

  

 14 

 
employee benefit plan (or related trust) sponsored or maintained by the Corporation or any of its subsidiaries or such other corporation or other entity resulting from such Business Combination)
beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock or common equity of the corporation or other entity resulting from such Business Combination or the combined voting power of the
then outstanding voting securities of such corporation or other entity except to the extent that such ownership is based on the beneficial ownership, directly or indirectly, of Outstanding Common Stock or Outstanding Voting Securities immediately
prior to the Business Combination, and 
 (iii) at least a majority of the members of the board of directors or similar governing body of
the corporation or other entity resulting from such Business Combination were members of the Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (b) On the date that individuals who, as of 11:59 p.m. (Pacific) on December 16, 2008, constitute the Board of Directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual who becomes a member of the Board on or subsequent to the day immediately following December 16, 2008 whose
election, or nomination for election by the Corporation’s stockholders, was approved by a vote of at least a majority of the members of the Board then comprising the Incumbent Board shall be considered as though such individual were a member of
the Incumbent Board, but excluding, for purposes of this proviso, any such individual whose appointment to the Board occurs as a result of an actual or threatened election contest with respect to the election or removal of a member or members of the
Board, an actual or threatened solicitation of proxies or consents or any other actual or threatened action by, or on behalf of, any Person other than the Incumbent Board; or 
 (c) Upon the acquisition on or after December 16, 2008 by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of 30% or more of either 
 (i) the then Outstanding Common Stock, or 
 (ii) the combined voting power of the Outstanding Voting Securities; 
 provided, however, that the following acquisitions shall not be deemed to be covered by this paragraph (c): 
 (A) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by the Corporation, 
 (B) any acquisition of
Outstanding Common Stock or Outstanding Voting Securities by any employee benefit plan (or related trust) sponsored or maintained by the Corporation, or 
 (C) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of paragraph (a) of this
Section; or 
  

 15 

 (d) Upon the consummation of the sale, lease or exchange of all or substantially all of the assets of
the Corporation; or 
 (e) Upon the approval by the stockholders of the Corporation of a complete liquidation or dissolution of the
Corporation. 
 18. EXECUTION 
 Pursuant to the authority granted under Section 15(d) of the Plan, the Corporation’s Vice President, Human Resources hereby adopts this amendment and restatement of the Plan as of this 2nd day of February, 2010. 
  

			
	POTLATCH CORPORATION
		
	By:	 	 /s/ Jane E. Crane

	Name:	 	Jane E. Crane
	Title:	 	Vice President, Human Resources

  

 16Second Amendment to Multicurrency Credit Agreement

 Exhibit 4(c) 
 [EXECUTION COPY] 
 SECOND AMENDMENT TO

 MULTICURRENCY CREDIT AGREEMENT 
 This SECOND AMENDMENT TO MULTICURRENCY CREDIT AGREEMENT, dated as of October 29, 2009 (this “Amendment”), among (i) CLIFFS NATURAL RESOURCES INC. (f/k/a
Cleveland-Cliffs Inc), an Ohio corporation (the “Borrower”), (ii) the undersigned Lenders, and (iii) BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, amends certain provisions of the
Multicurrency Credit Agreement, dated as of August 17, 2007 (as amended, restated and otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders, Bank of America, N.A., as Administrative
Agent, Swing Line Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as Syndication Agent. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement. 
 RECITALS 
 WHEREAS, the Borrower, the Lenders party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer entered into that certain proposed Second Amendment to Multicurrency Credit Agreement dated as of
October 24, 2008 (the “Non-Effective Second Amendment”) and attached hereto as Exhibit A, the effectiveness of which was conditioned upon the satisfaction of the conditions precedent set forth in Section 2 thereof
on or before April 15, 2009; and 
 WHEREAS, the Borrower has failed to satisfy the conditions to the effectiveness
of the Non-Effective Second Amendment on or before April 15, 2009, such that the Second Amendment Effective Date (as defined in the Non-Effective Second Amendment) has not occurred and the Non-Effective Second Amendment is not, and will not in
the future, be effective; and 
 WHEREAS, the Borrower has requested that the undersigned Lenders and the Administrative
Agent again agree to amend certain of the terms and provisions of the Credit Agreement, as specifically set forth in this Amendment; and 
 WHEREAS, the undersigned Lenders and the Administrative Agent are prepared to amend the Credit Agreement on the terms, subject to the conditions and in reliance on the representations set forth
herein. 
 NOW THEREFORE, in consideration of the mutual agreements contained in the Credit Agreement and herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1. Non-Effective Second Amendment. The Borrower, the undersigned Lenders and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer each
acknowledge and agree that (a) the Non-Effective Second Amendment

 
is not and shall not be effective and that the conditions precedent to effectiveness referred to in Section 2 therein have not been and will not be satisfied, and (b) any amendment to
the Credit Agreement referred to in the Non-Effective Second Amendment is without any force and effect. 
 Section 2. Amendment to Credit Agreement. 
 (a) Amendment to Section 1.1
(Definitions). From and after the New Second Amendment Effective Date, the definition of “Alternative Currency” contained in Section 1.1 of the Credit Agreement shall be amended by deleting the reference to “Section 1.5”
contained in such definition and inserting in lieu thereof a reference to “Section 1.6”. 
 (b) Amendment to
Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of “Interest Coverage Ratio” contained in Section 1.1 of the Credit Agreement shall be amended by (i) deleting the word
“EBIT” contained in clause (a) of such definition and inserting in lieu thereof the word “EBITDA” and (ii) deleting the proviso “; provided, however, that Interest Expense for any period shall
(y) include the Interest Expense for any Person or business unit acquired by Borrower or any of its Restricted Subsidiaries for any portion of such period prior to the date of acquisition, and (z) exclude the Interest Expense for any
Person or business unit that has been disposed of by the Borrower or any of its Restricted Subsidiaries for the portion of such period prior to the disposition” contained therein. 
 (c) Amendment to Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of
“EBIT” in Section 1.1 of the Credit Agreement shall be deleted in its entirety. 
 (d) Amendment to
Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of “Permitted Investment Amount” contained in Section 1.1 of the Credit Agreement shall be amended by deleting the words
“Consolidated Net Income” contained in clause (b) of such definition and inserting in lieu thereof the words “consolidated Net Income”. 
 (e) Amendment to Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of “Applicable Margin” contained in Section 1.1 of the Credit
Agreement shall be amended by restating the table contained in such definition in its entirety as follows: 
  

									
	 LEVEL
	 	 TOTAL FUNDED DEBT
TO
EBITDA RATIO FOR SUCH
PRICING DATE
	 	 APPLICABLE MARGIN
FOR
BASE RATE LOANS AND L/C
BORROWINGS SHALL BE:
	 	 APPLICABLE MARGIN
 FOR EUROCURRENCY
 LOANS AND LETTER OF
 CREDIT FEE SHALL BE:
	 	 APPLICABLE MARGIN
 FOR COMMITMENT FEE
 SHALL BE:

	 I
	 	Less than 1.00 to 1.00	 	0.000%	 	0.950%	 	0.190%
					
	 II
	 	Less than 1.50 to 1.00, but greater than or equal to 1.00 to 1.00	 	0.000%	 	1.00%	 	0.200%

									
	 III
	 	Less than 2.00 to 1.00, but greater than or equal to 1.50 to 1.00	 	0.125%	 	1.125%	 	0.225%
					
	 IV
	 	Less than 2.75 to 1.00, but greater than or equal to 2.00 to 1.00	 	0.375%	 	1.375%	 	0.275%
					
	 V
	 	Greater than or equal to 2.75 to 1.00	 	0.625%	 	1.625%	 	0.325%

 (f) Amendment to Section 1.1 (Definitions). From and after the New Second
Amendment Effective Date, Section 1.1 of the Credit Agreement shall be further amended by restating the following definitions in their entirety as set forth below: 
 “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate” and (c) the rate of interest in effect on such day, pursuant to this Agreement, for a Borrowing of Eurocurrency Loans with an Interest Period of one month (or
if such day is not a Business Day, the immediately preceding Business Day) plus 1%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general
economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of
business on the day specified in the public announcement of such change. 
 “Defaulting Lender” means any
Lender that, as determined by the Administrative Agent, (a) has failed to perform its obligation to fund any portion of its Loans, participations in L/C Obligations or participations in Swing Loans within one Business Day of the date required
to be funded by it hereunder, unless such obligation is the subject of a good faith dispute, (b) has notified the Borrower, the Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations
under this Agreement or has made a public statement that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) has failed, within one
Business Day after written request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent, that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans,
participations in L/C Obligations or participations in Swing Loans, (d) otherwise has failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of

 
the date when due, unless the subject of a good faith dispute, or (e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
bankruptcy or insolvency proceeding, or (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for
it, or (iii) taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any equity interest in such Lender or direct or indirect parent company thereof by a Governmental Authority. 
 “EBITDA” means, with reference to any period, Net Income for such period plus, without duplication, (a) all amounts deducted in arriving at such Net Income amount in respect of (i) Interest Expense for such
period, (ii) federal, state and local income taxes as accrued for such period, (iii) depreciation of fixed assets and amortization of intangible assets for such period, and (iv) non-cash items decreasing Net Income for such period,
minus, without duplication, (b) the sum of (i) cash payments made during such period in respect of items added to the calculation of Net Income pursuant to clause (a)(iv) above during such period or any previous period, and
(ii) non-cash items increasing Net Income for such period; provided, however, that, solely for the purposes of calculating compliance with Section 6.19(a), EBITDA for any period shall (x) include the EBITDA for any Person or
business unit that has been acquired by the Borrower or any of its Restricted Subsidiaries for any portion of such period prior to the date of acquisition, and (y) exclude the EBITDA for any Person or business unit that has been disposed of by
the Borrower or any of its Restricted Subsidiaries for the portion of such period after the date of disposition. 
 “L/C
Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Percentage. All L/C Advances shall be denominated in U.S. Dollars. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been
reimbursed on the date when made or refinanced as a Base Rate Loan pursuant to Section 2.2. All L/C Borrowings shall be denominated in U.S. Dollars. 
 “L/C Obligations” means, as at any date of determination, an amount equal to the aggregate amount available to be drawn under all outstanding Letters of Credit plus the U.S. Dollar
Equivalent of the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.4. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such
Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 
 “L/C
Sublimit” means U.S. $150,000,000, as reduced pursuant to the terms hereof. 

 “Letter of Credit” means any standby letter of credit issued hereunder and
shall include the Existing Foreign Letters of Credit. Letters of Credit may be issued in U.S. Dollars or in an Alternative Currency. 
 “Net Income” means, with reference to any period, the net income (or net loss) of the Borrower and its Restricted Subsidiaries for such period computed on a consolidated basis in accordance with GAAP; provided that
(a) there shall be excluded from Net Income (i) the net income (or net loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of, or has merged into or consolidated with, the Borrower or another Restricted
Subsidiary and (ii) the net income (or net loss) of any Person (other than a Restricted Subsidiary) in which the Borrower or any of its Restricted Subsidiaries has an equity interest in, except to the extent of the amount of dividends or other
distributions actually paid to the Borrower or any of its Restricted Subsidiaries during such period, and (b) solely for the purposes of calculating compliance with Section 6.19(a), Net Income for any period shall (i) include the net
income (or net loss) for any Person or business unit that has been acquired by the Borrower or any of its Restricted Subsidiaries for any portion of such period prior to the date of acquisition, and (ii) exclude the net income (or net loss) for
any Person or business unit that has been disposed of by the Borrower or any of its Restricted Subsidiaries for the portion of such period after the date of disposition. 
 “Permitted Acquisition” means any Acquisition with respect to which the following condition is satisfied: after giving effect to the Acquisition, no Default or Event of Default shall
exist, including with respect to the covenant contained in Section 6.19(a) hereof on a pro forma basis. 
 “Portman Limited Facility” means any credit agreement, multi-option facility, facility agreement, loan agreement or other agreements or instruments entered into from time to time under which the applicable lenders or
holders of such instruments have agreed to make loans or otherwise extend credit to Cliffs Natural Resources Holdings Pty Ltd or any Restricted Subsidiary thereof. 
 “Revaluation Date” means (a) with respect to any Loan, each of the following: (i) each date of a Borrowing of a Eurocurrency Loan denominated in an Alternative Currency,
(ii) each date of a continuation of a Eurocurrency Loan denominated in an Alternative Currency pursuant to Section 2.4, and (iii) such additional dates as the Administrative Agent shall determine or the Required Lenders shall
require; and (b) with respect to any Letter of Credit, each of the following: (i) each date of issuance or extension of the expiry date of a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of
any such Letter of Credit having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date of any payment by the L/C Issuer under any Letter of Credit denominated in an Alternative Currency, and
(iv) such additional dates as the Administrative Agent or the L/C Issuer shall determine or the Required Lenders shall require. 

 (g) Amendment to Section 1.1 (Definitions). From and after the New Second
Amendment Effective Date, Section 1.1 of the Credit Agreement shall be further amended by inserting the following new definitions to such Section 1.1 in the appropriate alphabetical order: 
 “Existing Foreign Letters of Credit” means those Letters of Credit issued by Bank of America and described on Schedule
1(c). 
 “Second Amendment” means that certain Second Amendment to this Agreement, dated as of
October 29, 2009. 
 (h) Amendment to Section 1.1 (Definitions). From and after the New Second Amendment
Effective Date, Section 1.1 of the Credit Agreement shall be further amended by deleting subclause (g) from the definition of “Restricted Investment” in its entirety and replacing it with the following: 
 (g) Hedging Liability and Other Hedging Liability to any other Person, in all cases incurred in the ordinary course of business and not for
speculative purposes; 
 (i) Amendment to Section 1.4 (Letter of Credit Amounts). From and after the New Second
Amendment Effective Date, Section 1.4 of the Credit Agreement shall be amended by restating such Section in its entirety as follows: 
 Section 1.4 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the U.S. Dollar Equivalent of the stated amount
of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount
thereof, the amount of such Letter of Credit shall be deemed to be the U.S. Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in
effect at such time. 
 (j) Amendment to Section 1.5(b) (Exchange Rates; Currency Equivalents). From and after the
New Second Amendment Effective Date, Section 1.5(b) of the Credit Agreement shall be amended by restating such Section in its entirety as follows: 
 (b) Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such
as a required minimum or multiple amount, is expressed in U.S. Dollars, but such Borrowing, Eurocurrency Loan or Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such
U.S. Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent. 

 (k) Amendment to Section 1.6 (Additional Alternative Currencies). From and after
the New Second Amendment Effective Date, Section 1.6 of the Credit Agreement shall be amended by restating such Section in its entirety as follows: 
 Section 1.6 Additional Alternative Currencies. (a) The Borrower may from time to time request that Eurocurrency Loans be made and/or Letters of Credit be issued in a currency other than
those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is a lawful currency (other than U.S. Dollars) that is readily available and freely transferable and convertible into U.S.
Dollars. In the case of any such request with respect to the making of Eurocurrency Loans, such request shall be subject to the approval of the Administrative Agent and the Revolving Lenders; and in the case of any such request with respect to the
issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the L/C Issuer. 
 (b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 10 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in
the case of any such request pertaining to Letters of Credit, the L/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Eurocurrency Loans, the Administrative Agent shall promptly notify each Revolving Lender
thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the L/C Issuer thereof. Each Revolving Lender (in the case of any such request pertaining to Eurocurrency Loans) or the L/C
Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of
Eurocurrency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency. 
 (c) Any failure by a
Revolving Lender or the L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the L/C Issuer, as the case may be, to permit
Eurocurrency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders consent to making Eurocurrency Loans in such requested currency, the Administrative Agent shall so
notify the Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Eurocurrency Loans; and if the Administrative Agent and the L/C Issuer consent to the issuance
of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit
issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.6, the Administrative Agent shall promptly so notify the Borrower. 

 (l) Amendment to Section 2.2(a) (The Letter of Credit Commitment). From and
after the New Second Amendment Effective Date, Section 2.2(a) of the Credit Agreement shall be amended by: 
 (i) amending
subclause (i) by inserting the following new sentence immediately following the end of the first sentence of such subclause: 
 Any such Letter of Credit may be issued in U.S. Dollars or any Alternative Currency. 
 (ii) restating subclause
(iii)(3) contained in such Section in its entirety as follows: 
 (3) except as otherwise agreed by the Administrative Agent
and the L/C Issuer, such Letter of Credit is to be denominated in a currency other than U.S. Dollars or an Alternative Currency; 
 (iii) restating subclause (iii)(4) contained in such Section in its entirety as follows: 
 (4) a default of any
Revolving Lender’s obligations to fund under Section 2.2(c) exists or any Revolving Lender is at such time an Defaulting Lender, unless the L/C Issuer has entered into arrangements satisfactory to the L/C Issuer with the Borrower or such
Revolving Lender to eliminate the L/C Issuer’s risk with respect to such Revolving Lender. 
 (iv) inserting the following
new subclause (iii)(5) immediately following existing subclause (iii)(4): 
 (5) the L/C Issuer does not as of the issuance
date of such requested Letter of Credit issue Letters of Credit in the requested currency. 
 (m) Amendment to
Section 2.2(b) (Procedures for Issuance and Amendment of Letters of Credit). From and after the New Second Amendment Effective Date, Section 2.2(b) of the Credit Agreement shall be amended by inserting the words “and
currency” immediately following the word “amount” contained in clause (b)(i)(2). 
 (n) Amendment to
Section 2.2(b) (Procedures for Issuance and Amendment of Letters of Credit). From and after the New Second Amendment Effective Date, Section 2.2(b) of the Credit Agreement shall be amended by inserting the following new subsection
(iv) immediately following the existing subsection (iii): 
 (iv) If the Borrower so requests in any applicable
Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such
Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not
later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to
make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of
Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be
permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.2(a) or otherwise),
or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to
permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 3.2 is not then satisfied, and in each such case directing the L/C Issuer not
to permit such extension. 

 (o) Amendment to Section 2.2(c)(i) (Drawings and Reimbursements; Funding of
Participations). From and after the New Second Amendment Effective Date, Section 2.2(c)(i) of the Credit Agreement shall be amended by inserting the following new sentence immediately following the end of the first sentence of such Section:

 In the case of a Letter of Credit denominated in an Alternative Currency, the L/C Issuer shall notify the Borrower of the
U.S. Dollar Equivalent of the amount of the drawing promptly following the determination thereof and the Company shall reimburse the L/C Issuer in U.S. Dollars. 
 (p) Amendment to Section 2.2(e) (Obligations Absolute). From and after the New Second Amendment Effective Date, Section 2.2(e) of the Credit Agreement shall be amended by: 
 (i) deleting the word “or” at the end of clause (iv); 
 (ii) deleting the period (“.”) at the end of clause (v) and inserting in lieu thereof “; or”; and 
 (iii) inserting the following new clause (vi) in the appropriate numerical order: 

 (vi) any adverse change in the relevant exchange rates. 
 (q) Amendment to Section 2.2(g) (Cash Collateral). From and after the New Second Amendment Effective Date, Section 2.2(g)
of the Credit Agreement shall be amended by inserting the following new sentence immediately following the end of the first sentence of such Section: 
 In addition, if the Administrative Agent notifies the Borrower at any time that the U.S. Dollar Equivalent of all L/C Obligations at such time exceeds the L/C Sublimit then in effect, then, within
two Business Days after receipt of such notice, the Borrower shall Cash Collateralize the L/C Obligations in an amount equal to the amount by which the U.S. Dollar Equivalent of all L/C Obligations exceeds the L/C Sublimit; provided,
however, that if at any time the sum of (x) the L/C Sublimit plus (y) the aggregate amount of all cash collateral provided pursuant to this sentence that is then in the Administrative Agent’s possession exceeds the
U.S. Dollar Equivalent of all L/C Obligations at such time, the Administrative Agent shall, within four Business Days after the Borrower’s written request therefor, return to the Borrower cash collateral in an amount equal to the lesser of
(x) the amount of such excess and (y) the aggregate amount of all cash collateral provided pursuant to this sentence that is then in the Administrative Agent’s possession. 
 (r) Amendment to Section 2.10(a) (The Swing Line). From and after the New Second Amendment Effective Date, Section 2.10(a)
of the Credit Agreement shall be amended by inserting the following new sentence immediately following the end of the last sentence of such Section: 
 Notwithstanding anything to the contrary contained in this Agreement, the Borrower agrees that all Swing Loans shall be made at the sole and absolute discretion of the Swing Line Lender. 
 (s) Amendment to Section 2.10(b) (Borrowing Procedure). From and after the New Second Amendment Effective Date,
Section 2.10(b) of the Credit Agreement shall be amended by inserting the following new sentence immediately following the end of the last sentence of such Section: 
 Notwithstanding foregoing, if the Swing Line Lender shall elect, pursuant to Section 2.10(a), not to fund any Swing Loan for any reason, the Swing Line Lender shall promptly notify the Borrower and
the Administrative Agent of such election after the receipt of the relevant Swing Loan Notice. 
 (t) Amendment to
Section 6.12 (Indebtedness). From and after the New Second Amendment Effective Date, Section 6.12 of the Credit Agreement shall be amended by: 
 (i) restating subsection (e) contained in such Section in its entirety as follows: 

 (e) Indebtedness under the Portman Limited Facility in an aggregate principal amount not to
exceed at any time outstanding the U.S. Dollar Equivalent of $120,000,000 Australian Dollars; 
 (ii) restating subsection
(j) contained in such Section in its entirety as follows: 
 (j) Indebtedness of Non-Guarantor Subsidiaries not
otherwise permitted by this Section; provided that the aggregate amount at any time outstanding of all such Indebtedness plus Indebtedness of the Borrower and all Restricted Subsidiaries secured by Liens shall not exceed 20% of Net
Worth as measured as of the end of the most recently completed fiscal quarter prior to the incurrence of such Indebtedness; and 
 (u) Amendment to Section 6.13 (Liens). From and after the New Second Amendment Effective Date, Section 6.13 of the Credit Agreement shall be amended by: 
 (i) restating subsection (d) contained in such Section in its entirety as follows: 
 (d) Liens in favor of the Administrative Agent on cash collateral provided pursuant to Section 2.2(g); 
 (ii) deleting the reference to “Section 6.12(j)” contained in subsection (e) of such Section and inserting in lieu thereof
the reference to “Section 6.12(i)” 
 (iii) restating subsection (j) contained in such Section in its entirety as
follows: 
 (j) Liens securing Indebtedness; provided that the aggregate amount of such secured Indebtedness at any time
outstanding plus the Indebtedness of Non-Guarantor Subsidiaries under Section 6.12(j), without duplication, shall not exceed 20% of Net Worth as measured as of the end of the most recently completed fiscal quarter prior to the incurrence
of such Indebtedness. 
 (v) Amendment to Section 6.14 (Consolidation, Merger, Sale of Assets, etc.). From and after
the New Second Amendment Effective Date, subsection (m) contained in Section 6.14 of the Credit Agreement shall be amended by: 
  

	 	(i)	deleting each reference to “Section 6.19” contained in such subsection (m) and inserting in lieu thereof the reference to “Section 6.19(a)” in
each such instance; and 

  

	 	(ii)	deleting the amount “$15,000,000” referenced in the proviso contained in such subsection (m) and inserting in lieu thereof the amount
“$100,000,000”. 

 (w) Amendment to Section 6.17 (Limitations on Restrictions). From and after the
New Second Amendment Effective Date, Section 6.17 of the Credit Agreement shall be amended by: 
  

	 	(i)	restating clause (ix) contained in such Section in its entirety as follows; 

 (ix) in the case of clause (e), any agreements evidencing Indebtedness permitted to be incurred pursuant to Section 6.12 (other than
Indebtedness permitted to be incurred by Non-Guarantor Subsidiaries that are Foreign Subsidiaries pursuant to clause (j) thereof); 
  

	 	(ii)	restating clause (x) contained in such Section in its entirety as follows: 

 (x) any agreements not referred to in clause (ix) above evidencing Indebtedness of Non-Guarantor Subsidiaries that are Foreign
Subsidiaries, the aggregate outstanding principal amount of which, under all such agreements, shall not exceed at any time an amount equal 20% of Net Worth (as measured as of the end of the most recently completed fiscal quarter prior to the
incurrence of such Indebtedness); 
 (x) Amendment to Section 6.19(b) (Minimum Interest Coverage Ratio). From and
after the New Second Amendment Effective Date, Section 6.19(b) of the Credit Agreement shall be amended by deleting the ratio of “3.00 to 1.00” contained therein and inserting in lieu thereof the ratio of “2.50 to 1.00”.

 (y) Amendment to Section 10.7 (Sharing of Set-Off). From and after the New Second Amendment Effective Date,
Section 10.7 of the Credit Agreement shall be amended by inserting the parenthetical “(other than any payment obtained by the L/C Issuer in connection with cash collateral or other arrangements made in respect of a Defaulting Lender)”
immediately following the words “in which Revolving Lenders have made L/C Advances” in the last sentence of such Section. 
 (z) Amendment to Exhibits. From and after the New Second Amendment Effective Date, Exhibit E to the Credit Agreement shall be restated in its entirety as Exhibit E attached to this Amendment. 
 (aa) Amendment to Schedules. From and after the New Second Amendment Effective Date, (a) the table of contents to the Credit
Agreement shall be amended by (i) inserting a reference to “Schedule 1(c) — Existing Foreign Letters of Credit” immediately following the reference to “Schedule 1(b) — Mandatory Costs” contained therein and
(ii) deleting the reference to “Schedule 6.12 — Existing Indebtedness” contained therein, and (b) the Schedules to the Credit Agreement shall be amended by (i) deleting Schedule 6.12 and (ii) inserting as Schedule
1(c) thereto, Schedule 1(c) attached to this Amendment. 

 Section 3. Conditions Precedent. This Amendment shall become
effective as of the date first set forth above (the “New Second Amendment Effective Date”) upon the satisfaction of each of the following conditions: 
 (a) Documentation. Administrative Agent shall have received all of the following, in form and substance satisfactory to Administrative Agent: 
 (i) a fully-executed and effective Amendment by the Borrower, the Guarantors, the Administrative Agent and the Required Lenders; 

(ii) a fully-executed and effective fee letter, dated as of the date hereof, among the Borrower, the Administrative Agent and the Banc
of America Securities, LLC. 
 (vi) such additional documents, instruments and information as Administrative Agent may
reasonably request to effect the transactions contemplated hereby. 
 (b) Each of the Lenders consenting to this Amendment on or
prior to 5:00 p.m. ET on October 23, 2009 shall have received, on or prior to the New Second Amendment Effective Date, an amendment fee (the “Amendment Fee”) in an amount equal to 15 basis points on the sum of (i) the
principal amount of such Lender’s Revolving Credit Commitment and (ii) the aggregate principal amount of such Lender’s Term Loans. 
 Section 4. Continued Validity of Loan Documents. Except for the amendments to the Credit Agreement set forth in Section 2 hereof, this Amendment shall not, by
implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of the Administrative Agent or any Lender under any of the Loan Documents, nor alter, modify, amend or in any way affect any of the rights,
remedies, obligations or any covenants of the Borrower or any Guarantor contained in any of the other Loan Documents, all of which are ratified and confirmed in all respects and shall continue in full force and effect. 
 Section 5. Representations and Warranties. Each of the Borrower and the Guarantors (each, a “Loan
Party”) hereby represents and warrants to the Administrative Agent and the Lenders as follows: 
 (a) Due Execution
and Authorization; Legal, Valid and Binding Obligation. The execution and delivery and performance by such Loan Party of this Amendment is within such Person’s corporate powers and has been duly authorized by all necessary action on its
part. This Amendment, the Credit Agreement as amended hereby and all other Loan Documents to which such Person is a party constitute the legal, valid and binding obligations of such Person, enforceable against such Person in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar Laws affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether the
application of such principles is considered in a proceeding in equity or at Law). This Amendment, the Credit Agreement as amended hereby and the other Loan Documents do not, nor does the performance or observance by such Loan Party of any of the
matters and things herein or therein provided for, (i) contravene or constitute a default under any provision of Law or any judgment, injunction, order or decree binding upon such Loan Party or any provision of the organizational documents
(e.g., charter, articles of incorporation or by laws, articles of association or operating agreement, partnership agreement or other similar document) of such Loan Party, (ii) contravene or constitute a default under any covenant, indenture or
agreement of or affecting such Loan Party or any of its Property, in each case where such contravention or default, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (c) result in the creation
or imposition of any Lien on any Property of such Loan Party. 

 (b) Representations and Warranties in Loan Documents. All representations and
warranties of each Loan Party set forth in the Credit Agreement and in any other Loan Document are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date, except to the extent
such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date. 
 (c) No Default. No Default or Event of Default has occurred and is continuing. 
 Section 6. Ratification. Except as expressly amended or waived hereby, the Credit Agreement, the other Loan
Documents and all documents, instruments and agreements related thereto, are hereby ratified and confirmed in all respects and shall continue in full force and effect. The Credit Agreement, together with this Amendment, shall be read and construed
as a single agreement. All references in the Loan Documents to the Credit Agreement or any other Loan Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended hereby. 
 Section 7. Counterparts; Integration; Effectiveness. This Amendment may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Amendment by
telecopier (or electronic mail (in PDF format)) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 8. Miscellaneous. This Amendment constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior understandings or agreements which may have existed with
respect thereto. Except as expressly provided herein, this Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of the Administrative Agent or any Lender under the Credit
Agreement or the other Loan Documents, nor alter, modify, amend or in any way affect any of the obligations or covenants contained in the Credit Agreement or any of the other Loan Documents, all of which are ratified and confirmed in all respects
and shall continue in full force and effect. To the extent there is any inconsistency between the terms and provisions of any Loan Document and the terms and provisions of this Amendment, the terms and provisions of this Amendment shall govern. The
headings used in this Amendment are for convenience of reference only and shall not in any way be deemed to limit, define or describe the scope and intent of this Amendment or any provision hereof. This Amendment shall be binding upon and inure to
the benefit of the Administrative Agent, each of the Lenders and each of the Loan Parties and their respective Subsidiaries, and to each of their respective successors in title and assigns. This Amendment may not be modified or amended except in a
manner permitted by Section 10.11 of the Credit Agreement. In making proof of this Amendment, it shall not be necessary to produce or account for more than one such counterpart. 

 Section 9. Costs and Expenses. Pursuant to Section 10.13 of
the Credit Agreement, all reasonable out-of-pocket costs and expenses incurred or sustained by the Administrative Agent in connection with this Amendment, including all reasonable and properly documented fees, charges and disbursements fees of
counsel of the Administrative Agent in producing, reproducing and negotiating this Amendment, will be for the account of the Borrower whether or not this Amendment is consummated. 
 Section 10. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY). 
 [Remainder of page intentionally blank.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered as of the date first above written. 
  

			
	“BORROWER”
	
	 CLIFFS NATURAL RESOURCES INC.
 (F/K/A CLEVELAND-CLIFFS INC)

		
	By:	 	/s/    Laurie Brlas
	 Name:  Laurie Brlas
 Title:    Executive Vice President and Chief Financial Officer

  
 Second
Amendment to Credit Agreement 
  

			
	“ADMINISTRATIVE AGENT”
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/    George S. Carey        
	 Name:  George S. Carey
 Title:    Assistant Vice President

  
 Second
Amendment to Credit Agreement 
  

			
	BANK OF AMERICA, N.A., as a Lender, Swing Line Lender and as L/C Issuer
		
	By:	 	/s/    Kenneth G. Wood
	 Name:  Kenneth G. Wood
 Title:    Senior Vice President

  
 Second
Amendment to Credit Agreement 

			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/    Barry A. Boderschatz
	 Name:  Barry A. Boderschatz
 Title:    Assistant Vice President

  
 Second
Amendment to Credit Agreement 

			
	RBS CITIZENS, N.A., as a Lender
		
	By:	 	/s/    Debra L. McAllonis
	 Name:  Debra L. McAllonis
 Title:    Senior Vice President

  
 Second
Amendment to Credit Agreement 

			
	KEYBANK NATIONAL ASSOCIATION, as Documentation Agent and a Lender
		
	By:	 	/s/    Suzannah Harris
	 Name:  Suzannah Harris
 Title:    Vice President

  
 Second
Amendment to Credit Agreement 

			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	/s/    R. C. Lanctot
	 Name:  Roy C. Lanctot
 Title:    Vice President

  
 Second
Amendment to Credit Agreement 

			
	COMMONWEALTH BANK OF AUSTRALIA, as
a Lender
		
	By:	  	/s/    Greg A. Caione
	Name:	  	Greg Caione
	Title:	  	Head of Natural Resources- America

  
 Second
Amendment to Credit Agreement 

			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	  	/s/    Joseph G. Moran
	Name:	  	Joseph G. Moran
	Title:	  	Senior Vice President

  
 Second
Amendment to Credit Agreement 

			
	US BANK, N.A., as a Lender
		
	By:	  	/s/    Patrick McGraw
	Name:	  	Patrick McGraw
	Title:	  	Vice President

  
 Second
Amendment to Credit Agreement 

			
	 BMO CAPITAL MARKETS, FINANCING INC.,

 as a Lender

		
	By:	  	/s/    Pam Schwartz
	Name:	  	Pamela E. Schwartz
	Title:	  	Director

  
 Second
Amendment to Credit Agreement 

			
	 NATIONAL AUSTRALIA BANK LIMITED

 A.B.N. 12 004 044 937, as a Lender

		
	By:	  	/s/    C. A. Cloe
	Name:	  	Courtney A. Cloe
	Title:	  	Director

  
 Second
Amendment to Credit Agreement 

			
	NATIONAL CITY BANK, as a Lender
		
	By:	  	/s/    R. S. Coleman
	Name:	  	Robert S. Coleman
	Title:	  	Senior Vice President

  
 Second
Amendment to Credit Agreement 

			
	COMERICA BANK, as a Lender
		
	By:	  	/s/    Brandon Welling
	Name:	  	Brandon Welling
	Title:	  	AVP

  
 Second
Amendment to Credit Agreement 

 RATIFICATION OF GUARANTY 
 Each of the undersigned Guarantors hereby (a) acknowledges and consents to the foregoing Amendment and the Borrower’s execution
thereof, (b) joins the foregoing Amendment for the sole purpose of consenting to and being bound by the provisions of Sections 4 and 5 thereof and (c) ratifies and confirms all of their respective obligations and liabilities under the Loan
Documents to which any of them is a party and ratifies and confirms that such obligations and liabilities extend to and continue in effect with respect to, and continue to guarantee the Obligations of the Borrower under the Loan Documents.

  

			
	“GUARANTORS”
THE CLEVELAND-CLIFFS IRON
COMPANY
		
	By:	 	/s/    Steven M. Raguz
	Name:	 	  Steven M. Raguz
	Title:	 	  Vice President and Treasurer

  

			
	CLIFFS MINING COMPANY
CLF PINNOAK LLC
		
	By:	 	/s/    Laurie Brlas
	Name:	 	  Laurie Brlas
	Title:	 	   Executive Vice President and Chief
   Financial Officer

  

			
	 NORTHSHORE MINING COMPANY
 SILVER BAY POWER COMPANY
 CLIFFS MINNESOTA MINING COMPANY
 CLIFFS EMPIRE, INC.
 CLIFFS TIOP, INC.
 CLIFFS NORTH AMERICAN COAL LLC (F/K/A
 PINNOAK RESOURCES, LLC)
 CLIFFS SALES COMPANY

		
	By:	 	/s/    Laurie Brlas
	Name:	 	  Laurie Brlas
	Title:	 	  Vice President

  
 Second
Amendment to Credit Agreement

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