Document:

EX-10.42

 Exhibit 10.42 
 

 
  

			
		  	CLIFFS ASIA PACIFIC IRON ORE MANAGEMENT PTY LTD
		  	 ABN 82 001 720 903

		  	 Level 12,1 William Street, Perth, Western Australia, 6000

		  	 P 61.8.9426.3333 F 61.8.9426.3344 cliffsnaturalresources.com

		  	 Postal Address: GPO Box W2017, Perth. WA 6846

 30 December 2011 
 Duncan Price 
 1 Shacklock Crescent 
 WINTHROP WA 6150 
 Dear Duncan: 
 Variation of employment contract with Cliffs Asia Pacific Iron Ore Management Pty Ltd 
 The
following letter sets out amendments to your Contract of Employment with Cliffs Asia Pacific Iron Ore Management Pty Ltd, dated 26 May 2011 (Employment Contract). This letter is to be read in conjunction with your Employment Contract.
 
 Recitals 
  

	A.	On 13 September 2011, Cliffs Natural Resources Inc (Cliffs) approved a new form of Change in Control Severance Agreement (New Severance Agreement).
(A copy of the New Severance Agreement is enclosed with this letter.) The New Severance Agreement will replace the current form of the Change in Control Severance Agreement in place immediately prior to the New Severance Agreement (Old
Severance Agreement). The New Severance Agreement will apply to relevant Cliff’s officers from 31 December 2011. 

  

	B.	Some definitions in clause 1, and the provisions of Clause 16, Schedule 2, Annex A and Exhibit A (together, the CIC Provisions) of the Employment Contract set
out the terms that currently apply between you and Cliffs APIOM in the event of a relevant Change in Control. These CIC Provisions derived from particular clauses of the Old Severance Agreement that were extracted, amended slightly (eg taking into
account some Australian law and employing entity differences) and included in your Employment Contract. 

  

	C.	You and Cliffs APIOM agree to vary the CIC Provisions of the Employment Contract: 

 

	 	(a)	To ensure that any relevant variations (ie deletions, additions or insertions) made to the Old Severance Agreement in preparing the New Severance Agreement are made in
a similar manner to the CIC Provisions; and 

  

	 	(b)	To ensure that, unless otherwise agreed, any relevant future variations to the New Severance Agreement (or any successor version) are similarly made to the CIC
Provisions, 

  

	    	in accordance with the terms below. 

 

 
 Variation 
 In accordance with clause 23 of the Employment Contract, the parties agree that clause 1.1, clause 16, Schedule 2, Annex A and Exhibit A of the Employment Contract (ie the CIC Provisions) are amended
immediately, and are further amended from time to time, so that: 
  

	 	(a)	Any changes from the Old Severance Agreement to the New Severance Agreement that affect relevant provisions of the Old Severance Agreement from which the CIC Provisions
are derived (the Relevant Provisions) are similarly incorporated into the Employment Contract; and 

  

	 	(b)	Unless otherwise agreed, any future variations to the Relevant Provisions made from time to time are incorporated into the Employment Contract.

 It is further agreed that at all times: 
  

	 	(c)	Where the following phrase appears in the New Severance Agreement or any successor: 

Age Discrimination in Employment Act, as amended, Title VII of the Civil Rights Act of 1964, as amended, the Americans with
Disabilities Act, Ohio Revised Code Section 4101.17 and Ohio Revised Code Chapter 4112, including Sections 4112.02 and 4112.9 thereof..., 
 it shall be directly followed by: 
 and the Equal Opportunity Act (WA), the
Sex Discrimination Act (Cth), the Disability Discrimination Act (Cth), the Age Discrimination Act (Cth), the Racial Discrimination Act (Cth) and the general protections under the Fair Work Act (Cth). 

 

	 	(d)	Wherever the words “severance pay” appear in the Severance Agreement, they will preceded by the words “redundancy pay and”.

  

	 	(e)	Wherever the words “the Company”, “the Company or its subsidiaries” or any like provision of the Old Severance Agreement
has been replaced (or supplemented) in the CIC Provisions with “Cliffs”, “the Group” or “the Employer” or the like, those changes shall be retained (and shall also be used, in like fashion, to
replace any use of “the Company”, “the Company or its subsidiaries” or any like terminology arising from any additions or insertions made to the New Severance Agreement or any future amendments thereto).

  

	 	(f)	No clause contained in the Old Severance Agreement that is absent in the CIC Provisions in the Employment Contract as at 26 May 2011, shall be included by virtue
of this variation agreement. That is, section 7 (Legal Fees and Expenses), Section 8 (Competitive Activity; Confidentiality; Nonsolicitation) and Sections 11 (Withholding of Taxes) to 20 (Counterparts) of the Old Severance Agreement do not form
part of the Employment Contract as varied, and any variation to those provisions contained in the New Severance Agreement or any future variation shall not affect the Employment Contract as varied, and do not form a part of the Employment Contract.

  
 

 
  

	 	(g)	Similarly paragraphs (5), (6) and (7) of Annex A to the Old Severance Agreement do not form part of the Employment Contract as at 26 May 2011, and any
variation to those provisions contained in the New Severance Agreement or any future variation shall not affect the Employment Contract as varied. 

 All other terms and conditions of your employment with the Company will remain the same. 
 This
variation will take effect from 1 January 2012. 
 Please sign the acknowledgement and each page of the Severance Agreement to indicate
that you understand and agree to the amended terms. Please return a signed copy of the acknowledgement and the Severance Agreement by 15 January 2012. 
 We look forward to your ongoing commitment and contribution to Cliffs. 
 Yours faithfully,

  

	
	/s/    James R. Michaud
	James R. Michaud
	Senior Vice President, Human Resources
	CLIFF NATURAL RESOURCES INC.

 DUNCAN PRICE 

 
 I acknowledge and agree to the terms of
this letter and the variation to my Employment Contract. 
  

					
			
	Duncan Price	 		 	5/1/2012.
	Duncan Price	 		 	Date

 CHANGE IN CONTROL 

SEVERANCE AGREEMENT 
 This CHANGE IN CONTOL SEVERANCE AGREEMENT (this “Agreement”), dated and effective as of this              day of
            , 20     (the “Effective Date”) is made and entered into by and between Cliffs Natural Resources Inc., an Ohio corporation (the
“Company”), and «Executive» (the “Executive”). 
 WITNESSETH: 

WHEREAS, the Executive is a key employee of the Company or one or more of its Subsidiaries who is expected to make major contributions to
the short- and long-term profitability, growth and financial strength of the Company; 
 WHEREAS, the Company recognizes that,
as is the case for most publicly held companies, the possibility of a Change in Control (as defined below) exists; 
 WHEREAS,
the Company desires to assure itself of both present and future continuity of management and desires to establish certain minimum severance benefits for certain of its executives, including the Executive, applicable in the event of a Change in
Control; 
 WHEREAS, the Company wishes to ensure that its executives are not distracted from discharging their duties in
respect of a proposed or actual transaction involving a Change in Control; and 
 WHEREAS, the Company desires to provide
additional inducement for the Executive to continue to remain in the employ of the Company. 
 NOW, THEREFORE, the Company and
the Executive agree as follows: 
  

	1.	Certain Defined Terms. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial
capital letters: 

  

	 	(a)	“Base Pay” means the Executive’s annual base salary rate as in effect from time to time. 

 

	 	(b)	“Board” means the Board of Directors of the Company. 

  

	 	(c)	 “Cause” means that, prior to any termination pursuant to Section 3(a) or (b), the Executive shall have committed:

	 	any such enterprise and/or the exercise of rights appurtenant thereto or (ii) participation in the management of any such enterprise other than in connection with
the competitive operations of such enterprise. 

  

	 	(g)	“Controlled Group” means the Company and all other persons or entities that would be considered a single employer under Code Section 414(b) and/or 414(c)
provided that in such Code Sections “50%” shall be used wherever “80%” appears, but only during the periods any such corporation, business organization or member would be so considered under Code Section 414(b) and/or
414(c). 

  

	 	(h)	“Continuation Period” means the «NUMBER»-year period commencing on the date of the Executive’s Separation from Service.

  

	 	(i)	“Employee Benefits” means the perquisites, benefits and service credit for benefits as provided under any and all employee retirement income, incentive
compensation and/or welfare benefit policies, plans, programs or arrangements in which the Executive is entitled to participate, including without limitation any savings, pension, supplemental executive retirement, or other retirement income or
welfare benefit, deferred compensation, incentive compensation, group or other life, health, medical/hospital or other insurance (whether funded by actual insurance or self-insured by the Company or a Subsidiary), disability, salary continuation,
expense reimbursement and other employee benefit policies, plans, programs or arrangements that may now exist or any equivalent successor policies, plans, programs or arrangements that may be adopted hereafter by the Company or a Subsidiary,
providing perquisites, benefits and service credit for benefits at least as great in value in the aggregate as are payable thereunder prior to a Change in Control. 

 

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

 

	 	(k)	“Good Reason” means the initial occurrence, without the Executive’s consent, of one or more of the following events: 

 

	 	(i)	a material diminution in his Base Pay; 

  

	 	(ii)	a material diminution in his authority, duties or responsibilities; 

  

	 	(iii)	a material change in the geographic location at which he must perform services; 

 

	 	(iv)	a reduction in his Incentive Pay opportunity which results in a material diminution of the Executive’s potential total compensation; and 

 

	 	(v)	any other action or inaction that constitutes a material breach by his employer of the employment agreement, if any, under which he provides services; contractor) over
the immediately preceding 36-month period (or the full period of services if the Executive has been providing services less than 36 months). 

  
 3 

	 	(q)	“Severance Compensation” means the severance pay and other benefits provided by Sections 4(a) and (b). 

 

	 	(r)	“Subsidiary” means an entity in which the Company directly or indirectly beneficially owns 50% or more of the outstanding capital or profits interests or
Voting Stock. 

  

	 	(s)	“Supplemental Retirement Plan” or “SRP” means the Cliffs Natural Resources Inc. Supplemental Retirement Benefit Plan (as Amended and Restated as of
December 1, 2006), as it may be amended prior to a Change in Control, and modified as provided in Annex A. 

  

	 	(t)	“Term” means the period commencing as of the {{Date}} and expiring as of the later of (i) the close of business on December 31, 2014, or
(ii) the expiration of the Protection Period; provided, however, that (A) on January 1, 2015, January 1, 2018 and each third January 1 thereafter, the term of this Agreement will automatically be extended for an
additional three years unless, not later than September 30 of the immediately preceding year, the Company or the Executive shall have given notice that it or the Executive, as the case may be, does not wish to have the Term extended and
(B) subject to the last sentence of Section 10, if, prior to a Change in Control, the Executive ceases for any reason to be an Officer or Mine Manager of the Company and any Subsidiary, thereupon without further action the Term shall be
deemed to have expired and this Agreement will immediately terminate upon such cessation and be of no further effect. 

  

	 	(u)	“Voting Stock” means securities entitled to vote generally in the election of directors. 

 

	2.	Operation of Agreement. This Agreement will be effective and binding immediately upon its execution, but, anything in this Agreement to the contrary
notwithstanding, this Agreement will not be operative unless and until a Change in Control occurs. Upon the occurrence of a Change in Control at any time during the course of the Term, without further action, this Agreement shall become immediately
operative, including without limitation, the last sentence of Section 10 notwithstanding that the Term may have theretofore terminated. 

  

	3.	Termination Following a Change in Control. 

  

	 	(a)	In the event of the occurrence of a Change in Control, the Executive’s employment may be terminated by the Company or a Subsidiary during the Protection Period and
the Executive shall be entitled to the benefits provided by Section 4 unless such termination is the result of the occurrence of one or more of the following events: 

 

	 	(i)	The Executive’s death; any termination or expiration of this Agreement or the Executive’s Separation from Service following a Change in Control for any reason
whatsoever. 

  
 5 

	 	(d)	In the event that there is no express provision in any applicable policy, plan, program or agreement dealing with the occurrence of a Change in Control, all equity
incentive grants and awards held by the Executive shall become fully vested and immediately payable in cash on the date of the Change in Control valued at target on such date and all stock options held by the Executive shall become fully exercisable
on the date of the Change in Control; provided, however, to the extent that the payment of any such amounts that is subject to the timing requirements of Code Section 409A, payment timing shall conform to such requirements.

  

	5.	No Mitigation Obligation. The Company hereby acknowledges that it will be difficult and may be impossible for the Executive to find reasonably comparable
employment following his Separation from Service and that the non-competition covenant contained in Section 8 will further limit the employment opportunities for the Executive. In addition, the Company acknowledges that its severance pay plans
applicable in general to its salaried employees do not provide for mitigation, offset or reduction of any severance payment received thereunder. Accordingly, the payment of the Severance Compensation by the Company to the Executive in accordance
with the terms of this Agreement is hereby acknowledged by the Company to be reasonable, and the Executive will not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor will
any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise, except as expressly provided in Paragraphs (2) and
(3) of Annex A. 

  

	6.	Payments not Considered for Other Benefits, etc. Payments made pursuant to Paragraphs (1) and (6) of Annex A will be counted for purposes of
determining benefits under the SRP, but will not be counted for purposes of any other employee benefit plan. All other payments under this Agreement, including the legal fee and expense reimbursement provided under Section 7 and reimbursements
for outplacement counseling provided under Paragraph (9) of Annex A will not be counted for any purpose under any employee benefit plan of the Company. Such payments and payments of severance pay will not be made from any benefit plan funds,
and shall constitute an unfunded unsecured obligation of the Company. 

  

	7.	Legal Fees and Expenses. 

  

	 	(a)	It is the intent of the Company that the Executive not be required to incur legal fees and the related expenses associated with the interpretation, enforcement or
defense of the Executive’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive hereunder. Accordingly, if it should
appear to the Executive that the Company has failed to comply with any of its obligations under this Agreement or in the event that the Company or any other 

  
 7 

	 	(A)	transfer to the Trustee to be added to the principal of the Trust under Trust Agreement No. 1 a sum equal to (I) the present value on the date of the Change
in Control (or on such fifth business day if the Board has declared a Change in Control to be imminent) of the payments to be made to the Executive under the provisions of Annex A, such present value to be computed using the assumptions set forth in
Annex A hereof less (II) the balance in the Executive’s accounts provided for in Trust Agreement No. 1 as of the most recent completed valuation thereof, as certified by the Trustee under Trust Agreement No. 1 less (III) the balance
in the Executive’s accounts provided for in Trust Agreement No. 7 as of the most recently completed valuation thereof, as certified by the Trustee under Trust Agreement No. 7; provided, however, that if the Trustee under Trust
Agreement No. 1 and/or Trust Agreement No. 7 does not so certify by the end of the fourth (4th) business day after the earlier of such Change in Control or declaration, then the balance of such respective account shall be deemed to be
zero. Any payments of compensation, pension or other benefits by the Trustee pursuant to Trust Agreement No. 1 or Trust Agreement No. 7 shall, to the extent thereof, correspondingly discharge the Company’s obligation to pay
compensation, pension and other benefits hereunder; and 

  

	 	(B)	transfer to the Trustee to be added to the principal of the Trust under Trust Agreement No. 2 the sum of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000) less any
principal in such Trust on such fifth business day. Any payments of the Executive’s attorneys’ and related fees and expenses by the Trustee pursuant to Trust Agreement No. 2 shall, to the extent thereof, correspondingly discharge the
Company’s obligation hereunder. The Executive understands and acknowledges that the entire corpus of the Trust under Trust Agreement No. 2 will be $250,000 and that said amount will be available to discharge not only the obligations of the
Company to the Executive under Section 7(a) hereof, but also similar obligations of the Company to other executives and employees under similar provisions of other agreements and plans. 

 

	8.	Competitive Activity; Confidentiality; Nonsolicitation. 

  

	 	(a)	During the Term and for the duration of the Continuation Period, if the Executive shall have received or shall be receiving benefits under Section 4, the Executive
shall not, without the prior written consent of the Company, which consent shall not be unreasonably withheld, engage in any Competitive Activity. 

  

	 	(b)	During the Term, the Company agrees that it will disclose to the Executive its confidential or proprietary information (as defined in this Section 8(b)) to the
extent necessary for the Executive to carry out his obligations to the Company. The Executive hereby covenants and agrees that he will not, without the prior written consent of the Company, during the Term or thereafter disclose to any person not
employed by the Company, or use in connection with engaging in 

  
 9 

	 	(f)	During the term and for the duration of the Continuation Period, the Executive further agrees that he will not, directly or indirectly: 

 

	 	(i)	induce or attempt to induce customers, business relations or accounts of the Company or any of the Subsidiaries to relinquish their contracts or relationships with the
Company or any of the Subsidiaries; or 

  

	 	(ii)	solicit, entice, assist or induce other employees, agents or independent contractors to leave the employ of the Company or any of the Subsidiaries or to terminate their
engagements with the Company and/or any of the Subsidiaries or assist any competitors of the Company or any of the Subsidiaries in securing the services of such employees, agents or independent contractors. 

 

	9.	Release. Receipt of Severance Compensation and other benefits or amounts by the Executive under this Agreement, to the extent representing new or additional
amounts and/or rights, is conditioned upon the Executive executing and delivering to the Company a release substantially in the form provided in Exhibit A. Such release must be executed and delivered by no later than the fifth day following the
expiration of the 21-day period referred to in paragraph 5(c) of Exhibit A, and no payment of any Severance will be made until the expiration of the 7-day revocation period referred to in paragraph 5(d) of Exhibit A. 

 

	10.	Employment Rights. Nothing expressed or implied in this Agreement shall create any right or duty on the part of the Company, a Subsidiary or the Executive to
have the Executive remain in the employment of the Company or a Subsidiary at any time prior to or following a Change in Control. Any Separation from Service of the Executive or the removal of the Executive from his office or position in the Company
or a Subsidiary prior to a Change in Control shall be deemed to be a Separation from Service of the Executive after a Change in Control for all purposes of this Agreement, but only if such Separation from Service is both: (a) during the 6-month
period preceding a Change in Control; and (b) following the commencement of any discussion with any third person that ultimately resulted in Change in Control. 

 

	11.	Withholding of Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company is required
to withhold pursuant to any applicable law, regulation or ruling. 

  

	12.	Successors and Binding Agreement. 

  

	 	(a)	The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the
business or assets of the Company, by agreement in form and substance reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to
perform if no such succession had taken place. This Agreement will be binding upon and inure to the benefit of the Company and any 

  
 11 

	14.	Governing Law. The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive
laws of the State of Ohio, without giving effect to the principles of conflict of laws of such State. 

  

	15.	Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or
otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the
extent (and only to the extent) necessary to make it enforceable, valid or legal. 

  

	16.	Administration of this Agreement 

  

	 	(a)	In General: This Agreement shall be administered by the Company. 

  

	 	(b)	Delegation of Duties: The Company may delegate any of its administrative duties, including, without limitation, duties with respect to the processing, review,
investigation, approval and payment of Severance Compensation under this Agreement, and any severance pay generally, to named administrator or administrators. 

 

	 	(c)	Regulations: The Company shall promulgate any rules and regulations it deems necessary in order to carry out the purposes of this Agreement or to interpret the
terms and conditions of this Agreement; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions of this Agreement. 

 

	 	(d)	Claims Procedure: The Company shall determine the rights of any claimant to any Severance Compensation hereunder. Any claimant who believes that he has not
received any benefit under this Agreement to which he believes he is entitled, may file a claim in writing with the Senior Vice President Human Resources. The Company shall, no later than 90 days after the receipt of a claim, either allow or deny
the claim by written notice to the claimant. If a claimant does not receive written notice of the Company’s decision on his claim within such 90-day period, the claim shall be deemed to have been denied in full. 

 

	 	    	A denial of a claim by the Company, wholly or partially, shall be written in a manner calculated to be understood by the claimant and shall include:

  

	 	(i)	the specific reason or reasons for the denial; 

  

	 	(ii)	specific reference to pertinent provisions of this Agreement on which the denial is based; 

 

	 	(iii)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is
necessary; and 

  

	 	(iv)	an explanation of the claim review procedure. 

  
 13 

	20.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same agreement. 

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

							
		 	CLIFFS NATURAL RESOURCES INC.	  		 	
				
	By:  	 	 	  		 	 
		 	Officer of the Company	  		 	Date
				
		 	 Duncan Price
	  		 	5/1/2012
		 	Executive	  		 	Date

  
 15 

 benefits are actually received by the Executive from another employer during the
Continuation Period following the Executive’s Separation from Service, and any such benefits actually received by the Executive shall be reported by the Executive to the Company. Notwithstanding the foregoing to the contrary, no such Employee
Benefits that are not excludable from the income of the Executive and are in excess of the then current dollar limit set forth in Code Section 402(g)(1)(B) shall be payable during the first six (6) months after the Separation from Service
of the Executive. To the extent that amounts would have been payable during such six (6) month period in excess of such limit, the excess amount shall be payable in the first five (5) days of the seventh (7th) month after his Separation from Service. The Executive shall
have the right during such six (6) month period to pay any unpaid part of the premiums on such welfare benefits at his own expense in order for the Executive to keep such welfare benefits in force. 

(4) If and to the extent that any benefit described in Paragraphs (2) and (3) is not or cannot be paid or provided under a
policy, plan, program or arrangement of the Company or any Subsidiary, as the case may be, then the Company will itself pay or provide for the payment to the Executive, his dependents and beneficiaries, of such Employee Benefits. 

(5) A payment or series of payments under the SRP in an amount equal to the actuarial equivalent of his accrued
benefit under the SRP as of the date of his Separation from Service (the “Accrued SRP Payment”) payable commencing as provided under the terms of the SRP, but no sooner than the beginning of the seventh (7th) month after his Separation from Service. In determining such
lump sum payment, any benefit under the SRP attributable to the “final average pay” formula of the Pension Plan shall be converted to a lump sum actuarial equivalent as described below and any benefit under the SRP attributable to the
“cash balance” formula of the Pension Plan shall be based on the amount that would be the Executive’s account balance under the cash balance formula of the SRP. 

(6) A lump sum payment (the “Non-accrued SRP Payment”) payable within the first five days of the seventh
(7th) month after his Separation from Service in an
amount equal to the actuarial equivalent of the future pension benefits which the Executive would have been entitled to accrue under the SRP during the Continuation Period, as modified by this Paragraph (6) (including Base Salary and Incentive
Pay as determined in Paragraph (1) as being the amount earned during such period), if the Executive had remained in the full-time employment of the Company for the entire Continuation Period. In determining such lump sum payment, any benefit
under the SRP attributable to the “final average pay” formula of the Pension Plan shall be converted to a lump sum actuarial equivalent as described below and any benefit under the SRP attributable to the “cash balance” formula
of the Pension Plan shall be based on the amount that would be the Executive’s account balance under the cash balance formula of the SRP. 
 (7) The calculation of the SRP Payments and its actuarial equivalence shall be made as of the date six (6) months after Executive’s Separation from Service using the assumptions and factors used
in the salaried pension plan for similar calculations. Any payment attributable to the “final average pay” formula under the salaried pension plan shall be discounted from the date the Executive would have been eligible to receive an
unreduced benefit under such formula (using as his “continuous service” for this purpose the sum of his actual continuous service and the continuous service he would have had during the Continuation Period) to the date of payment using the
discount rate specified in the salaried pension plan.of the third taxable year of the Executive following the year in which his Separation from Service occurred. 

  
 Annnex A-2

 (10) Post-retirement medical, hospital, surgical and prescription drug coverage for the
lifetime of the Executive, his spouse and any eligible dependents that are the same as that which would have been furnished on the day prior to the Change in Control to the Executive if he had retired on such date with full eligibility for such
benefits. Such retiree medical coverage shall have a level of employer subsidy, if any, as the Executive would have had upon his retirement or Separation from Service as of the end of the Continuation Period determined in accordance with the terms
of the Plan immediately prior to the Change in Control. Such retiree medical coverage will not start until after the end of the Continuation Period during which he will be provided with active employee medical coverage pursuant to Paragraph
(2) above; provided, however, that if such retiree medical coverage is subject to income tax, the payment of an eligible retiree medical expense amount shall be made on or before the last day of the Executive’s taxable year following the
taxable year in which that retiree medical expense was incurred. 

  
 Annex A-4

 claims under the Age Discrimination in Employment Act, as amended, Title VII of the Civil
Rights Act of 1964, as amended, the Americans with Disabilities Act, Ohio Revised Code Section 4101.17 and Ohio Revised Code Chapter 4112, including Sections 4112.02 and 4112.99 thereof; and 

(c) any and all claims of wrongful or unjust discharge or breach of any contract or promise, express or implied.

 3. The Executive hereby gives up any and all rights or claims to be a class representative or otherwise participate in any
class action on behalf of any employee benefit plan of the Company or any Subsidiary. 
 4. The Executive understands and
acknowledges that the Company does not admit any violation of law, liability or invasion of any of his rights and that any such violation, liability or invasion is expressly denied. The consideration provided for this Release is made for the purpose
of settling and extinguishing all claims and rights (and every other similar or dissimilar matter) that the Executive ever had or now may have against the Company to the extent provided in this Release. The Executive further agrees and acknowledges
that no representations, promises or inducements have been made by the Company other than as appear in the Agreement. 
 5. The
Executive further agrees and acknowledges that: 
 (a) The release provided for herein releases claims to and
including the date of this Release; 
 (b) He has been advised by the Company to consult with legal counsel
prior to executing this Release, has had an opportunity to consult with and to be advised by legal counsel of his choice, fully understands the terms of this Release, and enters into this Release freely, voluntarily and intending to be bound;

 (c) He has been given a period of 21 days, commencing on the day after his Separation from Service, to review
and consider the terms of this Release, prior to its execution and that he may use as much of the 21 day period as he desires; and 
 (d) He may, within 7 days after execution, revoke this Release. Revocation shall be made by delivering a written notice of revocation to the Vice President Human Resources at the Company. For such
revocation to be effective, written notice must be actually received by the Vice President Human Resources at the Company no later than the close of business on the 7th day after the Executive executes this Release. If Executive does exercise his
right to revoke this Release, all of the terms and conditions of the Release shall be of no force and effect and the Company shall not have any obligation to make payments or provide benefits to the Executive otherwise required as a result of the
Agreement. 
 6. The Executive agrees that he will never file a lawsuit or other complaint asserting any claim that is released
in this Release.EX-10.43

 Exhibit 10.43 

10 March 2010 
 Employment Contract 

_________________________________________ 

Cliffs Natural Resources Pty Ltd 

ACN 112 437 180 
 Richard Mehan 
  
  

 
 Blake Dawson 

Level 32, Exchange Plaza 
 2 The Esplanade 
 Perth WA 6000 

Australia 
 T 61 8 9366 8000 
 F 61 8 9366 8111 

Reference 
 AOD CAV 09 1433 0751 
 ©Blake Dawson 2008 

 Blake Dawson 

 
  

 Contents 
 . 
  

											
	1.	 	 	INTERPRETATION	  	 	1	  
				
		 	 	1.1	  	  	Definitions	  	 	1	  
		 	 	1.2	  	  	Rules for interpreting this document	  	 	3	  
			
	2.	 	 	ENGAGEMENT	  	 	4	  
				
		 	 	2.1	  	  	Appointment	  	 	4	  
		 	 	2.2	  	  	Role	  	 	4	  
		 	 	2.3	  	  	Employment period	  	 	4	  
		 	 	2.4	  	  	Employment status	  	 	4	  
		 	 	2.5	  	  	Recognition of prior service	  	 	4	  
		 	 	2.6	  	  	Location	  	 	4	  
			
	3.	 	 	DUTIES AND RESPONSIBILITIES	  	 	5	  
				
		 	 	3.1	  	  	Performance of duties	  	 	5	  
		 	 	3.2	  	  	Devoting whole time to business	  	 	5	  
		 	 	3.3	  	  	Work for another Group member	  	 	5	  
		 	 	3.4	  	  	No obligation to provide work	  	 	5	  
		 	 	3.5	  	  	Reporting	  	 	5	  
		 	 	3.6	  	  	Provision of Information and compliance with directions	  	 	5	  
		 	 	3.7	  	  	Policies and procedures	  	 	5	  
		 	 	3.8	  	  	No conflict of interest or interest in other business	  	 	5	  
		 	 	3.9	  	  	Investment	  	 	6	  
			
	4.	 	 	HOURS OF WORK	  	 	6	  
			
	5.	 	 	PERFORMANCE REVIEWS	  	 	6	  
			
	6.	 	 	REMUNERATION	  	 	6	  
				
		 	 	6.1	  	  	Remuneration	  	 	6	  
		 	 	6.2	  	  	Payment of Salary	  	 	6	  
		 	 	6.3	  	  	Taxes	  	 	6	  
			
	7.	 	 	OTHER BENEFITS	  	 	7	  
				
		 	 	7.1	  	  	Travel	  	 	7	  
		 	 	7.2	  	  	Travel Insurance	  	 	7	  
		 	 	7.3	  	  	Car Parking	  	 	7	  
		 	 	7.4	  	  	Other expenses	  	 	7	  
		 	 	7.5	  	  	Insurance	  	 	7	  
		 	 	7.6	  	  	Taxes or duty	  	 	7	  
			
	8.	 	 	INCENTIVE ARRANGEMENTS	  	 	7	  
				
		 	 	8.1	  	  	Incentive plans	  	 	7	  
			
	9.	 	 	REMUNERATION REVIEWS	  	 	8	  
				
		 	 	9.1	  	  	Review	  	 	8	  
		 	 	9.2	  	  	Criteria	  	 	8	  

  

			
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	 10.
	 	ANNUAL AND OTHER LEAVE	  	 	8	  
				
		 	 10.1
	 	Annual leave	  	 	8	  
		 	 10.2
	 	Public holidays	  	 	8	  
		 	 10.3
	 	Personal/Carer’s leave	  	 	9	  
		 	 10.4
	 	Long service leave	  	 	9	  
		 	 10.5
	 	Parental leave	  	 	9	  
		 	 10.6
	 	Other leave	  	 	9	  
			
	 11.
	 	CONFIDENTIAL INFORMATION	  	 	9	  
				
		 	 11.1
	 	Proper use and security of Confidential Information	  	 	9	  
		 	 11.2
	 	Exceptions	  	 	9	  
		 	 11.3
	 	Notifying the Employer	  	 	9	  
		 	 11.4
	 	Continuation	  	 	10	  
			
	 12.
	 	INTELLECTUAL PROPERTY AND MORAL RIGHTS	  	 	10	  
				
		 	 12.1
	 	Disclose all Materials	  	 	10	  
		 	 12.2
	 	Intellectual Property Rights in Materials	  	 	10	  
		 	 12.3
	 	Moral Rights	  	 	10	  
		 	 12.4
	 	Effect to clause	  	 	11	  
		 	 12.5
	 	Continuation	  	 	11	  
			
	 13.
	 	WARRANTIES	  	 	11	  
			
	 14.
	 	TERMINATION OF EMPLOYMENT	  	 	11	  
				
		 	 14.1
	 	Immediate termination by the Employer	  	 	11	  
		 	 14.2
	 	Immediate termination by the Employer due to incapacity or illness	  	 	12	  
		 	 14.3
	 	Termination by the Employer with notice	  	 	13	  
		 	 14.4
	 	Resignation by the Employee	  	 	13	  
		 	 14.5
	 	Direction not to attend work or to perform different duties	  	 	13	  
		 	 14.6
	 	Corporations Act	  	 	14	  
		 	 14.7
	 	No further claims	  	 	14	  
			
	 15.
	 	CHANGE OF CONTROL	  	 	14	  
				
		 	 15.1
	 	Interpretation	  	 	14	  
		 	 15.2
	 	Termination payment on Change of Control	  	 	15	  
			
	 16.
	 	RETURN OF PROPERTY	  	 	15	  
				
		 	 16.1
	 	Return of Property	  	 	15	  
		 	 16.2
	 	Property	  	 	15	  
			
	 17.
	 	RESIGNATION FROM OFFICES	  	 	16	  
				
		 	 17.1
	 	Resignation	  	 	16	  
		 	 17.2
	 	Execution of documents	  	 	16	  
			
	 18.
	 	DEBRIEFING AND ASSISTANCE	  	 	16	  
			
	 19.
	 	PRIVACY	  	 	16	  
				
		 	 19.1
	 	Compliance with privacy and health laws	  	 	16	  
		 	 19.2
	 	Collection of the Employee’s personal information	  	 	16	  
		 	 19.3
	 	Disclosure of the Employee’s personal information	  	 	16	  

  

			
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		 	 19.4
	 	Privacy and health information policies	  	 	16	  
			
	20.	 	ACKNOWLEDGEMENTS BY THE EMPLOYEE	  	 	17	  
			
	21.	 	NOTICES	  	 	17	  
			
	22.	 	AMENDMENT	  	 	17	  
			
	23.	 	GENERAL	  	 	18	  
				
		 	 23.1
	 	Governing Law	  	 	18	  
		 	 23.2
	 	Giving effect to this document	  	 	18	  
		 	 23.3
	 	Waiver of rights	  	 	18	  
		 	 23.4
	 	Operation of this document	  	 	18	  
		
	 Schedules
	  			
			
	1	 	DUTIES AND RESPONSIBILITIES OF EMPLOYEE	  	 	19	  
			
	2	 	INCENTIVE PLANS	  	 	20	  

  

			
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 Employment Contract 
 DATE 
 10 March 2010 

PARTIES 
 Cliffs
Natural Resources Pty Ltd ACN 112 437 180 (Employer), Level 12 The Quadrant, 1 William Street, Perth, Western Australia, 6000 
 Richard Mehan (Employee), 2 Croke Lane, Fremantle, Western Australia, 6160 
 OPERATIVE
PROVISIONS 
  

	1.	INTERPRETATION 

  

 

	1.1	Definitions 

 The
following definitions apply in this document. 
 Board means the board of directors of the Employer. 

Chairperson means the chairperson of the Board. 
 Change of Control has the meaning given by clause 15. 
 Closing Time
means 5.00 pm Australian Western Standard Time. 
 Confidential Information means all information (whether or not it is
described as confidential) In any form or medium concerning any past, present or future business, operations or affairs of the Group, or of any customer of the Group including, without limitation: 

 

	 	(a)	all technical or non-technical data, formulae, patterns, programs, devices, methods, techniques, plans, drawings, models and processes, source and object code, software
and computer records; 

  

	 	(b)	all business and marketing plans and projections, details of agreements and arrangements with third parties, and customer and supplier information and lists;

  

	 	(c)	all financial information, pricing schedules and structures, product margins, remuneration details and investment outlays; 

 

	 	(d)	all information concerning any employee, customer, contractor or agent of the Group; 

 

	 	(e)	the Group’s policies and procedures; and 

  

	 	(f)	all information contained in this document, 

 but excludes information that has come into the public domain other than by a breach of this document. 

  

					
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 Control has the meaning given in section 50AA of the Corporations Act except that
in addition an entity controls a second entity if: 
  

	 	(a)	the first entity would be taken to control the second entity but for subsection 50AA(4); or 

 

	 	(b)	the first entity has voting power (as defined in section 610 of the Corporations Act) of at least 50% in the second entity. 

Control Event Notice means a notice given by the Employee to the Employer in accordance with clause 15, In respect of the
Employee’s right to exercise his option to terminate his employment with the Employer in return for the benefit provided for in clause 15 (and particularly the benefit in paragraph 15.2(b)). 

Control Event Notice Period means any time during a period of 180 calendar days from the occurrence of a Change of Control, up to
the Closing Time on the last day of that period. 
 Corporations Act means the Corporations Act 2001 (Cth).

 Existing Materials means works, ideas, concepts, designs, inventions, developments, improvements, systems or other
material or information, created, made or discovered by the Employee prior to the Employee’s employment, that the Employee wishes to use in the course of the Employee’s employment. 

Group means: 
  

	 	(a)	the Employer; and 

  

	 	(b)	any related body corporate (as that term is defined in the Corporations Act 2001 (Cth)); and 

 

	 	(c)	any entity that controls, is controlled by or is under common control with, the Employer; and 

 

	 	(d)	any other entity that is connected with the Employer or any other member of the Group by a common interest in an economic enterprise, for example, a partner or another
member of a joint venture. 

 Intellectual Property Rights means all present and future rights conferred by
law in or in relation to copyright, trade marks, designs, patents, circuit layouts, plant varieties, business and domain names, inventions and confidential information, and other results of intellectual activity in the industrial, commercial,
scientific, literary or artistic fields whether or not registrable, registered or patentable. 
 These rights include:

  

	 	(a)	all rights in all applications to register these rights; 

  

	 	(b)	all renewals and extensions of these rights; and 

  

	 	(c)	all rights in the nature of these rights, such as Moral Rights. 

 Managing Director means the managing director of the Employer as appointed from time to time and includes any person nominated by the managing director (except the Employee). 

Materials means works, ideas, concepts, designs, inventions, developments, improvements, systems or other material or information,
created, made or discovered by the Employee (either alone or with others and whether before or after the date of this 

  

					
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document) in the course of the Employee’s employment or as a result of using the resources of the Employer or the Group or the Employer’s or Group’s Confidential Information or
Intellectual Property Rights, or in any way relating to any business of the Employer or the Group. 
 Minimum Superannuation
Contribution means the amount that the Employer must contribute to a Superannuation Arrangement on behalf of the Employee to avoid being liable for a superannuation guarantee charge under the Superannuation Guarantee Legislation. 

Moral Rights means rights of integrity of authorship, rights of attribution of authorship, rights not to have authorship falsely
attributed, and rights of a similar nature conferred by statute anywhere in the world, that may now exist, or that may come to exist, in all Materials made or to be made by the Employee in the course of the Employee’s employment. 

Superannuation Arrangement means a superannuation fund or RSA (Retirement Savings Account) (as those expressions are defined in the
Superannuation Guarantee Legislation) in respect of which contributions made by the Employer reduce the Employer’s potential liability for the superannuation guarantee charge under the Superannuation Guarantee Legislation. 

Superannuation Guarantee Legislation means the Superannuation Guarantee Charge Act 1992 (Cth) and the Superannuation
Guarantee (Administration) Act 1992 (Cth). 
 Total Remuneration means the amount specified in clause 6.1. 

 

	1.2	Rules for interpreting this document 

 Headings are for convenience only, and do not affect interpretation. The following rules also apply in interpreting this document, except where the context makes it clear that a rule is not intended to
apply. 
  

	 	(a)	A reference to: 

  

	 	(i)	a legislative provision or legislation (including subordinate legislation) is to that provision or legislation as amended, re-enacted or replaced, and includes any
subordinate legislation issued under it; 

  

	 	(ii)	a policy, document (including this document) or agreement, or a provision of a policy, document (including this document) or agreement, is to that policy, document,
agreement or provision as amended, supplemented, replaced or novated; 

  

	 	(iii)	a party to this document or to any other document or agreement includes a successor in title, permitted substitute or a permitted assign of that party;

  

	 	(iv)	a person includes any type of entity or body of persons, whether or not it is incorporated or has a separate legal identity, and any executor, administrator or
successor in law of the person; and 

  

	 	(v)	anything (Including a right, obligation or concept) includes each part of it. 

 

	 	(b)	A singular word includes the plural, and vice versa. 

  

	 	(c)	A word which suggests one gender includes the other genders. 

  

	 	(d)	if a word or phrase is defined, any other grammatical form of that word or phrase has a corresponding meaning. 

  

					
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	 	(e)	if an example is given of anything (including a right, obligation or concept), such as by saying it includes something else, the example does not limit the scope of
that thing. 

  

	 	(f)	The word agreement includes an undertaking or other binding arrangement or understanding, whether or not in writing. 

 

	 	(g)	The expression this document includes the agreement, arrangement, understanding or transaction recorded in this document. 

 

	 	(h)	A reference to dollars or $ is to an amount in Australian currency. 

  

	 	(i)	A reference to Group includes any member of the Group 

  

	 	(j)	The words subsidiary, holding company and related body corporate have the same meanings as in the Corporations Act. 

 

	2.	ENGAGEMENT 

  

 

	2.1	Appointment 

 The Employer
employs the Employee on the terms set out in this document. These terms replace and supersede all prior arrangements between the Employer and the Employee. 
  

	2.2	Role 

 The Employee is
employed in the role of President and Chief Executive Officer of Cliffs Natural Resources Pty Ltd and performs the function of Senior Vice President for the executive committee of Cliffs Natural Resources Inc. 

 

	2.3	Employment period 

 The
Employee’s employment: 
  

	 	(a)	commenced on 1 January 2007; and 

  

	 	(b)	will continue until the employment is terminated. 

  

	2.4	Employment status 

 The
Employee is employed on a full-time basis. 
  

	2.5	Recognition of prior service 

 The Employer recognises 1 January 2007 as the commencement date of the Employee’s employment with the Employer for leave accrual and all purposes. 

 

	2.6	Location 

  

	 	(a)	The Employee will be based in Perth, Western Australia. 

  

	 	(b)	The Employer may require the Employee to travel to other locations (including interstate and overseas) to perform work from time to time, The Employee will do so as
required. 

  

					
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	3.	DUTIES AND RESPONSIBILITIES 

  

 

	3.1	Performance of duties 

The Employee must diligently perform the duties and responsibilities as set out in Schedule 1, The Employer may vary the Employee’s
duties and responsibilities at any time. 
  

	3.2	Devoting whole time to business 

 The Employee must devote the Employee’s whole working time, attention and ability to the business of the Employer. 
  

	3.3	Work for another Group member 

 The Employer may require the Employee to perform work for any other member of the Group. The Employee must do so if required. 

 

	3.4	No obligation to provide work 

 The Employer is not obliged to provide the Employee with work during any period of the Employee’s employment. 
  

	3.5	Reporting 

 The Employee
will report directly to the Chairperson and the Board and also to the Board of Cliffs Natural Resources Inc. or any other person as nominated by the Employer from time to time. 

 

	3.6	Provision of information and compliance with directions 

 The Employee must: 
  

	 	(a)	comply with all lawful orders and instructions given by the Employer or the Board of Cliffs Natural Resources Inc; and 

 

	 	(b)	provide full and prompt information to the Chairperson and the Board and the Board of Cliffs Natural Resources Inc regarding the conduct of the business of the Employer
including any material issue within the Employee’s knowledge affecting the Employer. 

  

	3.7	Policies and procedures 

The Employee must comply with all policies of the Employer and applicable Group policies as in place from time to time. The Employee
acknowledges that he has access to the Company’s policies to review. The Employee acknowledges receipt of the currently applicable Code of Conduct and must comply with the Code of Conduct as in place from time to time. Such policies and the
Code of Conduct operate independently of this document and are not incorporated into this document. 
  

	3.8	No conflict of interest or interest in other business 

 Except with the prior written consent of the Chairperson and the Board, the Employee must not: 
  

	 	(a)	have any direct or indirect financial interest in any entity or body, or otherwise engage in any conduct, that would be in conflict with the duties or responsibilities
of the Employee, or otherwise conflict or compete with the interests of the Employer, (except as permitted under clause 3.9); 

  

					
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	 	(b)	hold any directorship or other office or accept any appointment to any other entity or body; 

 

	 	(c)	undertake any other trade, business or profession; 

  

	 	(d)	become an employee, agent or contractor of another person; or 

  

	 	(e)	accept any payment or other benefit as an inducement or reward for any act or omission in connection with the business and affairs of the Employer or the
Employee’s employment. 

  

	3.9	Investment 

 Except with
the prior written consent of the Chairperson and the Board, the Employee must not invest directly or indirectly in securities of a corporation which carries on business similar to or in competition with the Employer or the Group, unless the total of
all such investments in the corporation is limited to no more than 0.5% of the securities of the corporation if those securities are of a class listed on a stock exchange. 

 

	4.	HOURS OF WORK 

  

 

	 	(a)	The Employee is required to work a standard of 40 hours per week plus work such further hours as are reasonably necessary to fulfil the requirements of the
Employee’s position, or as required by the Employer (including work after business hours and on weekends and public holidays). 

  

	 	(b)	The Employee’s remuneration includes compensation for all hours the Employee is required to work. 

 

	5.	PERFORMANCE REVIEWS 

  

The Employee must participate fully in performance reviews as required by the Employer. 

 

	6.	REMUNERATION 

  

 

	6.1	Remuneration 

 The
Employee’s Total Remuneration comprises: 
  

	 	(a)	a gross base salary of $538,000 per annum payable in equal monthly instalments; and 

 

	 	(b)	a superannuation contribution of 15% of the Employee’s base salary, which includes the Minimum Superannuation Contribution. 

 

	6.2	Payment of Salary 

 The
Employer will pay the Employee’s base salary directly into a financial institution account nominated by the Employee, and acceptable to the Employer. 
  

	6.3	Taxes 

 The Employer may
deduct or withhold from the Employee’s Remuneration, an amount equal to any fringe benefits tax or other tax payable by the Employer (other than payroll tax) on any component of the Employee’s Remuneration. 

  

					
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	7.	OTHER BENEFITS 

  

 

	7.1	Travel 

 The Employer will
pay for the Employee’s reasonable business related travel and accommodation expenses in accordance with the Employer policy. 
  

	7.2	Travel Insurance 

 The
Employer will maintain for the Employee corporate travel insurance for any periods where the Employee is required to travel overnight more than 50 kilometres from the Employee’s usual place of work, in the performance of the Employee’s
duties. 
  

	7.3	Car Parking 

 The Employer
will provide an undercover car parking bay for the Employee’s sole use or provide reasonable recompense in lieu thereof. 
  

	7.4	Other expenses 

 The
Employer will reimburse the Employee for entertainment and other out of pocket expenses which are properly incurred in the performance of the Employee’s duties, and for which prior approval has been obtained, upon the Employee providing proper
records such as invoices and receipts in accordance with Employer policy. 
  

	7.5	Insurance 

 For the time
being, the Employer will pay for the Employee’s accident insurance in accordance with Employer policy. The accident insurance policy provides cover for the Employee relating to accidents occurring while the Employee is travelling between the
Employee’s place of work and home. The provision of this accident insurance is at the sole discretion of the Employer and may be altered or revoked at any time. The Employee will be notified of any alteration or revocation of accident
insurance. 
  

	7.6	Taxes or duty 

 If any tax
(other than taxes on the income of the Employee) or duty is payable by the Employee relating to a benefit or payment that is reimbursable under clause 7, the Employer will pay (in addition to the amount reimbursed under clause 7) an amount
sufficient to ensure that after the Employee pays the tax or duty the Employee is not “out of pocket”. 
  

	8.	INCENTIVE ARRANGEMENTS 

  

 

	8.1	Incentive plans 

  

	 	(a)	The Employee is eligible to participate in a Short Term Incentive Programme (the STIP) and a Long Term Incentive Programme (the LTIP) as set out in:

  

	 	(i)	Schedule 2; read together with 

  

	 	(ii)	the STIP plan in place from time to time as determined by Cliffs Natural resources Inc, and the LTIP scheme in place from time to time as determined by Cliffs Natural
Resources Inc. (The STIP plan and the LTIP scheme operate independently of this document and are not incorporated into this document). The Employer and the Employee agree that the January 1, 2010 to December 31, 2012 target for long term
incentives is to be determined as set out in a letter (and attachments) dated March 17, 2010 from Joseph Carrabba to Richard Mehan read together with item 2.2 of Schedule 2 of this document; and 

  

					
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	 	(iii)	any other participation requirements the Employer may deem appropriate. 

  

	 	(b)	Any accrued STIP and LTIP payments will not be paid to the Employee until after the Employer’s financial results have been audited and finalised for the applicable
financial year. 

  

	 	(c)	Where there is any inconsistency between this document and the rules of the STIP plan or the LTIP scheme (as the case may be) in place from time to time, the rules of
the STIP plan or the LTIP scheme apply to the extent of the inconsistency, excepting that clause 8.1(b) and items 2.1 and 2.2 of Schedule 2 of this document apply to the extent of inconsistency (if any) between it and the rules of the LTIP scheme.

  

	 	(d)	Unless otherwise required by legislation, incentives do not form part of the Employee’s Total Remuneration for the purpose of calculating payment in lieu of notice
or any other entitlement. 

  

	9.	REMUNERATION REVIEWS 

  

 

	9.1	Review 

 The Employer may
review the Employee’s base salary in or around November or January each year. Any variation to the Employee’s Remuneration will be effective from 1 April each year. 

 

	9.2	Criteria 

 In reviewing
the Employee’s base salary, the Employer may consider various factors including but not limited to the Employee’s performance, the Employer’s performance, market forces, the remuneration of executives who have qualifications and
experience similar to the Employee and who are employed by corporations similar to the Employer, and the prevailing business climate. However the Employer may take into account any matter it considers relevant to its decision whether or not to
increase the Employee’s base salary. 
  

	10.	ANNUAL AND OTHER LEAVE 

  

 

	10.1	Annual leave 

  

	 	(a)	The Employee is entitled to four weeks annual leave per annum in accordance with the Fair Work Act 2009 (Cth) and Employer policy. 

 

	 	(b)	The Employee agrees to take annual leave at a time or times mutually convenient to the Employer and the Employee, or otherwise as directed by the Employer.

  

	10.2	Public holidays 

 The
Employee is entitled to public holidays in accordance with the Fair Work Act 2009 (Cth). The Employee agrees to work on public holidays if required to do so. This possibility is taken into account in setting the Employee’s base salary.

  

					
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	10.3	Personal/Carer’s leave 

  

	 	(a)	The Employee is entitled to paid personal/carer’s leave (currently 10 days each year) in accordance with the Fair Work Act 2009 (Cth) and Employer policy.

  

	 	(b)	Accrued but untaken personal/carer’s leave is not payable when the Employee’s employment ends. 

 

	10.4	Long service leave 

 The
Employee is entitled to long service leave in accordance with the Long Service Leave Act 1958 (WA) and Employer policy. Long service leave may be taken in advance, on a pro rata basis, after 7 years’ service. 

 

	10.5	Parental leave 

 The
Employee may be eligible for parental leave in accordance with the Fair Work Act 2009 (Cth) and Employer policy. 
  

	10.6	Other leave 

 The Employee
may be eligible for other leave (such as compassionate leave or jury leave) in accordance with the Fair Work Act 2009 (Cth) and Employer policy. 
  

	11.	CONFIDENTIAL INFORMATION 

  

 

	11.1	Proper use and security of Confidential Information 

 Subject to clause 11.2, the Employee: 
  

	 	(a)	must not use, disclose or copy Confidential Information in any form or in any manner; and 

 

	 	(b)	must use the Employee’s best endeavours, including keeping such information in a safe place and implementing adequate security measures, to ensure that third
parties do not use, disclose or copy Confidential Information, 

 except for the purpose of and to the extent
necessary to perform the Employee’s employment duties. 
  

	11.2	Exceptions 

 The
obligations in clause 11.1 do not apply if: 
  

	 	(a)	the Chairperson or the Board has agreed in writing to the specific disclosure, use or copying of Confidential Information; or 

 

	 	(b)	disclosure of specific Confidential Information is required to comply with any applicable law. 

 

	11.3	Notifying the Employer 

The Employee: 
  

	 	(a)	must immediately notify the Chairperson and the Board if the Employee becomes aware of any breach of the obligations in clause 11.1, or becomes aware of a breach of
confidentiality affecting the Employer by any other officer or employee of the Employer; and 

  

					
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	 	(b)	must immediately notify the Chairperson and the Board if the Employee is lawfully obliged to disclose any Confidential Information to a third party and must comply with
the Employer’s lawful directions in relation to the disclosure. 

  

	11.4	Continuation 

 The
Employee’s obligations under this clause 11 continue after the Employee’s employment ends. 
  

	12.	INTELLECTUAL PROPERTY AND MORAL RIGHTS 

 
  

	12.1	Disclose all Materials 

The Employee must disclose all Materials to the Employer. 
  

	12.2	Intellectual Property Rights in Materials 

  

	 	(a)	The Employee: 

  

	 	(i)	agrees that the Employer or any member of the Group designated by the Employer will own all rights in, and to, the Materials including any Intellectual Property Rights
which subsist in the Materials or which may be obtained from the Materials; 

  

	 	(ii)	to the extent necessary to give effect to this clause, assigns all of the Intellectual Property Rights in such Materials to the Employer (or any member of the Group
designated by the Employer); and 

  

	 	(iii)	grants the Employer (or any member of the Group designated by the Employer) a non-exclusive, royalty-free, transferable and perpetual licence to use any Existing
Materials for any purpose in connection with the Employer’s business activities. 

  

	 	(b)	The Employee warrants to the best of the Employee’s knowledge and belief after making all reasonable enquiries, that the use of the Materials and any Existing
Materials by the Employer and the Group will not infringe any intellectual Property Rights of any third party nor give rise to any liability to make royalty or other payments to any third party. 

 

	 	(c)	The Employee indemnifies the Employer against all actions, claims, demands, costs, charges and expenses arising from any infringement or alleged infringement of any
intellectual Property Rights by the use of any Materials or Existing Materials in the course of the Employee’s employment. 

  

	12.3	Moral Rights 

 To the
extent permitted by applicable law the Employee unconditionally; 
  

	 	(a)	consents to any act or omission that would otherwise infringe the Employee’s Moral Rights, whether occurring before or after this consent is given; and

  

	 	(b)	waives all of the Employee’s Moral Rights that the Employee may have worldwide, 

for the benefit of the Employer, its licensees (including other members of the Group, where applicable), successors in title and anyone
authorised by any of them to do any act comprised in any copyright in the Materials. 

  

					
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	12.4	Effect to clause 

  

	 	(a)	The Employee must, on request by the Employer, do all things and sign all documents necessary to give effect to this clause, including without limitation anything
necessary to assist the Employer/the designated Group member to obtain registration or to secure the ownership of any Intellectual Property Rights in any Materials. 

 

	 	(b)	If the Employee does not immediately comply with a request by the Employer under paragraph 12.4(a), the Employee authorises the Employer (or any persons authorised by
the Employer) to do all things and execute all documents necessary on behalf of the Employee to give effect to that request. 

  

	12.5	Continuation 

 The
Employee’s obligations under this clause continue after the Employee’s employment ends. 
  

	13.	WARRANTIES 

  

The Employee warrants that: 
  

	 	(a)	the Employee is skilled, trained, qualified and competent to work as a President and Chief Executive Officer; 

 

	 	(b)	any information provided to the Employer by the Employee about the background, work experience and qualifications of the Employee is correct; and

  

	 	(c)	by entering into this document or performing the Employee’s duties and responsibilities, the Employee will not breach any obligation the Employee has to a third
party. 

  

	14.	TERMINATION OF EMPLOYMENT 

  

 

	14.1	Immediate termination by the Employer 

  

	 	(a)	Subject to, and without limiting the remainder of this clause 14, the Employer may terminate the Employee’s employment immediately (including due to redundancy) by
written notice to the Employee. If so, the Employer must pay to the Employee: 

  

	 	(i)	1.0 times the Employee’s Total Remuneration; 

  

	 	(ii)	0.5 times the Employee’s Total Remuneration, payable in a lump sum within 10 days of termination (in lieu of any further payment under the STIP plan in respect of
periods to which paragraph 14.1(a)(iii) does not apply); 

  

	 	(iii)	any accrued but unpaid STIP and LTIP payments as at the date of termination; 

 

	 	(iv)	monies due under the LTIP scheme as provided for in item 2.2(b) of Schedule 2 of this document; and 

 

	 	(v)	accrued but unpaid statutory annual leave or long service leave entitlements, 

  

					
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 provided that if the termination occurs after a Change of Control during the Control
Event Notice Period, the Employee will receive the termination benefit specified in clause 15.2(b) and not the amounts in (i) to (iv) above. 
  

	 	(b)	Notwithstanding clause 14.1(a), the Employer may immediately terminate the Employee’s employment without notice or payment in lieu of notice If:

  

	 	(i)	the Employee: 

  

	 	(A)	commits any serious breach of a provision of this document or the Employer’s policies or Code of Conduct which has been provided to the Employee with this document
(and is updated by the Employer from time to time); 

  

	 	(B)	engages in any misconduct; 

  

	 	(C)	willfully fails to discharge the Employee’s duties or responsibilities; 

 

	 	(D)	engages in any other conduct (either inside or outside of the workplace) which is likely to affect adversely the reputation of the Employer or the Group; or

  

	 	(E)	commits any other act which at common law would entitle the Employer to terminate the Employee’s employment summarily; or 

 

	 	(ii)	the Employee becomes bankrupt or makes an arrangement or composition with creditors. 

 

	 	(c)	if the Employer terminates the Employee’s employment under clause 14.1(b), the Employer will pay the Employee up to the date of termination only, including any
accrued but unpaid STIP and LTIP payments as at the date of termination, and statutory annual leave or long service leave entitlements but no other amounts. 

 

	14.2	Immediate termination by the Employer due to incapacity or illness 

  

	 	(a)	Notwithstanding clause 14.1(a), the Employer may terminate the Employee’s employment immediately by written notice to the Employee if: 

 

	 	(i)	the Employee is unable to perform his duties under this document as a result of incapacity due to illness, injury or any other cause for a period of more than six
months continuously or aggregated in any 12 month period; and 

  

	 	(ii)	the Employer reasonably believes that the Employee will not recover within a reasonable period. 

 

	 	(b)	If the Employer terminates the Employee’s employment under this clause, the Employee will receive: 

 

	 	(i)	a termination payment of the Employee’s Total Remuneration paid in equal monthly instalments during the 12 month period following termination, less any payments
made to the Employee while absent due to illness or incapacity; 

  

	 	(ii)	any accrued but unpaid STIP and LTIP payments as at the date of termination; and 

 

	 	(iii)	accrued but unpaid statutory annual leave or long service leave entitlements. 

  

					
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	14.3	Termination by the Employer with notice 

  

	 	(a)	Notwithstanding clause 14.1(a), the Employer may terminate the Employee’s employment (including due to redundancy) by giving the Employee three months written
notice or three months payment in lieu of notice, or a combination of notice and payment in lieu of notice, calculated on the Employee’s Total Remuneration. 

 

	 	(b)	Subject to paragraph (c) below, if the Employer terminates the Employee’s employment under this clause , the Employer must also pay to the Employee:

  

	 	(i)	0.75 times the Employee’s Total Remuneration; and 

  

	 	(ii)	any accrued but unpaid STIP and LTIP payments as at the date of termination; and 

 

	 	(iii)	accrued but unpaid statutory annual leave or long service leave entitlements. 

 

	 	(c)	If the termination occurs after a Change of Control during the Control Event Notice Period, the Employer must pay to the Employee 1.25 times the Employee’s Total
Remuneration rather than 0.75 times the Employee’s Total Remuneration. 

  

	14.4	Resignation by the Employee 

  

	 	(a)	The Employee may resign from the Employee’s employment by giving the Employer three months written notice. 

 

	 	(b)	If the Employee resigns under this clause, the Employer may choose: 

  

	 	(i)	to retain the services of the Employee during the notice period; or 

  

	 	(ii)	not to retain the services of the Employee for some or all of the notice period, and make a payment in lieu of notice for the part of the notice period for which the
Employee is not retained. 

  

	 	(c)	A payment in lieu of notice made under this clause will be calculated on the Employee’s Total Remuneration. 

 

	 	(d)	Upon termination, the Employee will receive: 

  

	 	(i)	any accrued but unpaid STIP and LTIP payments as at the date of retirement; and 

 

	 	(ii)	accrued but unpaid statutory annual leave or long service leave entitlements. 

 

	14.5	Direction not to attend work or to perform different duties 

  

	 	(a)	For all or part of the Employee’s notice period under clauses 14.3 or 14.4 (or at any time during the Employee’s employment), the Employer may direct the
Employee: 

  

	 	(i)	not to attend for work at the Employer’s premises; 

  

	 	(ii)	to perform no work; or 

  

	 	(iii)	to perform designated duties whether or not these duties form part of the Employee’s usual role. 

  

					
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	 	(b)	The Employee’s obligations under this document continue to apply during the period contemplated under paragraph 14.5(a). 

 

	14.6	Corporations Act 

  

	 	(a)	In the event that the amount of any payments calculated in accordance with this clause 14 exceed the specified maximum amount for exempt termination benefits under Part
2D.2 of the Corporations Act (if any) and would require member approval in order to comply with the Corporations Act, the Employer will: 

  

	 	(i)	seek member approval for the payment in accordance with the Corporations Act; or 

 

	 	(ii)	subject to the Employee agreeing to accept a reduction prior to a vote of members, (or, if the Employee requires), reduce the payment to the maximum amount permitted
under the Corporations Act for termination benefits (in lieu of the amount otherwise payable under clause 14). 

  

	14.7	No further claims 

 If the
Employee’s employment is terminated or ceases, the Employee has no further claim against the Employer (or any member of the Group) for remuneration or any other benefits in respect of the Employee’s employment or termination, except as
provided in this document. 
  

	15.	CHANGE OF CONTROL 

  

 

	15.1	Interpretation 

  

	 	(a)	In this clause 15: 

  

	 	(i)	each of body corporate and wholly-owned subsidiary has the meaning given in section 9 of the Corporations Act; 

 

	 	(ii)	entity has the meaning given in section 64A of the Corporations Act; and 

 

	 	(iii)	retirement has the meaning given in section 200A of the Corporations Act. 

 

	 	(b)	Subject to paragraph (c), a Change of Control occurs in relation to a body corporate or entity (the Body) where: 

 

	 	(i)	an entity that Controls the Body ceases to Control the Body; and 

  

	 	(ii)	an entity that does not Control the Body comes to Control the Body. 

  

	 	(c)	No Change of Control occurs if: 

  

	 	(i)	the entity that ceases to Control the Body under paragraph (b)(i) was, immediately beforehand, Controlled by a body corporate that Controls the Body; and

  

	 	(ii)	the entity that comes to Control the Body under paragraph (b)(ii) is, immediately afterward, a wholly-owned subsidiary of a body corporate that previously Controlled
and continues to Control the Body. 

  

					
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	15.2	Termination payment on Change of Control 

 In the event of a Change of Control of the Employer or the Employer’s ultimate holding company (being Cliffs Natural Resources Inc as at the date of this document) (Control Event), the
Employee may elect to give a Control Event Notice to the Employer during the Control Event Notice Period. The Control Event Notice must give the Employer one month written notice of retirement from office and employment with the Employer.
Upon such retirement the Employer is required to pay a termination benefit to the Employee. The termination benefit is to be calculated in accordance with the following provisions: 

 

	 	(a)	If the Employee does not give a Control Event Notice to the Employer during the Control Event Notice Period, the Employee’s right to give a Control Event Notice
will automatically lapse at the end of that period and no termination benefit is payable under this clause 15. 

  

	 	(b)	If the Employee gives a Control Event Notice to the Employer during the Control Event Notice Period the Employee will be entitled to receive, on retirement from office
and employment, a gross termination benefit calculated in accordance with the following formula: 

  

	 	(i)	1.5 times the Employee’s Total Remuneration; 

  

	 	(ii)	0.75 times the Employee’s Total Remuneration, payable in a lump sum within 10 days of termination (in lieu of any further payment under the STIP plan in respect of
periods to which paragraph 15.2(b)(iii)does not apply); 

  

	 	(iii)	accrued but unpaid STIP and LTIP amounts as at the date of termination; 

  

	 	(iv)	monies due under the LTIP scheme as provided for in item 2.2(b) of Schedule 2 of this document; and 

 

	 	(v)	accrued but unpaid statutory annual leave or long service leave entitlements, 

 provided always that if the amount of the termination payment calculated in accordance with the above formula would exceed an applicable specified maximum amount for exempt termination benefits under the
Corporations Act (if any), the provisions of clause 14.6(a) will apply, with any necessary modifications, to such payment. 
  

	16.	RETURN OF PROPERTY 

  

 

	16.1	Return of Property 

Immediately on the Employee’s employment ending or at any other time requested by the Employer, the Employee must return to the
Employer or its authorised representative: 
  

	 	(a)	all property belonging to the Group (for example cards, keys, motor vehicles, mobile telephones, computers, equipment and materials) that the Employee has or can
reasonably obtain; and 

  

	 	(b)	all property that the Employee has, or can reasonably obtain, that contains Confidential Information. 

 

	16.2	Property 

 In this clause,
property includes anything on which information is recorded, for example, documents, computer disks and computer records. 

  

					
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	17.	RESIGNATION FROM OFFICES 

  

 

	17.1	Resignation 

 Immediately
on the Employee’s employment ending, the Employee must resign from all directorships, offices and positions that the Employee holds in the Group or in any other body or entity in connection with the Employee’s employment. 

 

	17.2	Execution of documents 

If the Employee does not immediately resign from all directorships, offices and positions, the Employee authorises the Chairperson and/or
the Board (or any person authorised by the Chairperson or the Board) to do all things and execute all documents necessary on behalf of the Employee to give effect to these resignations. 

 

	18.	DEBRIEFING AND ASSISTANCE 

  

After the Employee’s employment ends: 
  

	 	(a)	for a period of six months, the Employee agrees to provide such debriefing, and assistance to the Group as may reasonably be required by the Employer; and

  

	 	(b)	upon payment of reasonable expenses by the Employer, the Employee agrees (subject to compliance with the law) to assist the Employer as required in relation to any
investigation, claim or litigation which may affect the Group. 

  

	19.	PRIVACY 

  

 

	19.1	Compliance with privacy and health laws 

 The Employee must comply with all obligations regarding the collection, use and disclosure of personal and health information in accordance with applicable privacy and health laws and Employer policy.

  

	19.2	Collection of the Employee’s personal information 

 The Employee consents to the Group collecting, using and storing the Employee’s personal and health information for any lawful purpose relating to the Employee’s employment. The Employee
consents to the Group transferring the personal and health information outside Western Australia and Australia in the course of the Group’s business activities. 
  

	19.3	Disclosure of the Employee’s personal information 

 The Employee consents to the Group disclosing the Employee’s personal and health information to other persons for any lawful purpose relating to the Employee’s employment. These persons include
the Australian Tax Office, superannuation fund trustees and administrators, contractors, bankers, insurers, medical, rehabilitation or occupational practitioners, laboratory analysts, investigators, financial and legal advisers, potential purchasers
on sale of business, law enforcement bodies and regulatory authorities. 
  

	19.4	Privacy and health information policies 

 Further detail regarding privacy and health information policies of the Group is set out in the Employer’s policies. 

  

					
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	20.	ACKNOWLEDGEMENTS BY THE EMPLOYEE 

 
 The Employee acknowledges:

  

	 	(a)	that the terms of this document are fair and reasonable; and 

  

	 	(b)	that the Employee has had a reasonable opportunity to obtain independent legal or other advice about this document. 

 

	21.	NOTICES 

  

 

	 	(a)	A notice, consent or other communication under this document is only effective if it is in writing, signed and either handed personally to the addressee, left at the
addressee’s address or sent to the addressee by mail, fax or email. 

  

	 	(b)	A notice, consent or other communication that complies with this clause is regarded as given and received: 

 

	 	(i)	(i)    If it is sent by mail: 

  

	 	(A)	within Australia – three business days after posting; or 

  

	 	(B)	to or from a place outside Australia – seven business days after posting, or 

 

	 	(ii)	(i)    If it is delivered to the person’s address, or sent by fax or by email: 

 

	 	(A)	by 5:00 pm (local time in the place of receipt) on a business day – on that day; or 

 

	 	(B)	after 5:00 pm (local time in the place of receipt) on a business day, or on a day that is not a business day – on the next business day. 

 

	 	(c)	A person’s mail address and fax number is as set out below, or as the person notifies the sender: 

Cliffs Natural Resources Pty Ltd 
  

	 	Address:	Level 12, The Quadrant, 1 William Street, Perth, Western 

	 	    	Australia 6000, GPO Box W2017, Perth, Western Australia 

	 	    	6000 

	 	Fax number:	(08) 9426 3344 

	 	Attention:	The Chairperson 

 Mr Richard
Mehan 
  

	 	Address:	PO Box 8136, Subiaco East, Western Australia 6008 

	 	Attention:	Richard Mehan 

  

	22.	AMENDMENT 

  

This document can only be amended or replaced by another document executed by the parties. 

  

					
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	23.	GENERAL 

  

 

	23.1	Governing Law 

  

	 	(a)	This document is governed by the laws of Western Australia. 

  

	 	(b)	Each party submits to the jurisdiction of the courts of Western Australia and of any court that may hear appeals from any of those courts, for any proceedings in
connection with this document. 

  

	23.2	Giving effect to this document 

 Each party must do anything (including execute any document), and must ensure that its employees and agents do anything (including execute any document), that the other party may reasonably require to
give full effect to this document. 
  

	23.3	Waiver of rights 

 A right
may only be waived in writing, signed by the party giving the waiver, and: 
  

	 	(a)	no other conduct of a party (including a failure to exercise, or delay in exercising, the right) operates as a waiver of the right or otherwise prevents the exercise of
the right; 

  

	 	(b)	a waiver of a right on one or more occasions does not operate as a waiver of that right or as an estoppel precluding enforcement of that right if it arises again; and

  

	 	(c)	the exercise of a right does not prevent any further exercise of that right or of any other right. 

 

	23.4	Operation of this document 

  

	 	(a)	This document contains the entire agreement between the parties about its subject matter. Any previous understanding, agreement, representation or warranty relating to
that subject matter is replaced by this document and has no further effect. 

  

	 	(b)	Any provision of this document which is unenforceable or partly unenforceable is, where possible, to be severed to the extent necessary to make this document
enforceable, unless this would materially change the intended effect of this document. 

  

					
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 Schedule 1 
 DUTIES AND RESPONSIBILITIES OF EMPLOYEE 
 The duties and responsibilities of the Employee
are: 
 As President and Chief Executive Officer of Cliffs Natural Resources Pty Ltd, the Employee is responsible for managing the operations of
the Employer and its subsidiaries, overseeing business growth and development work and performing other duties as may be assigned to the Employee by the Board from time to time. The Employee agrees that he will perform his duties to the best of his
abilities and knowledge, in a manner that is consistent with the authority and status of his position. 
 The Employer may vary these duties and
responsibilities from time to time or assign the Employee additional duties and responsibilities. 
 The Employee will also perform functions,
as directed, as Senior Vice President for the executive committee of Cliffs Natural Resources Inc. 

  

					
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 Schedule 2 
 INCENTIVE PLANS 
  

	1.	SHORT TERM INCENTIVE (STIP) 

  

 

	1.1	The STIP plan will be determined for the Employee by the Cliffs Natural Resources Inc. Management Performance Incentive (MPI) Plan from time to time. Currently under
the MPI plan for the Employee, the Employee may be entitled to a cash payment of 50% of the Employee’s base salary. From 1 January 2010, the Employee may be entitled to a maximum cash payment of 100% of the Employee’s base salary. The
actual amount of any payment to the Employee under the MPI plan will be subject to, and dependent upon the Employee’s performance against KPIs set at or near the beginning of each calendar year and the Company’s performance against the
performance metrics approved by the Company’s Compensation & Organization Committee. The Employee will not receive any accrued STIP payment until after the Employer’s financial results have been audited and finalised for the
applicable financial year. 

  

	1.2	In addition, a superannuation contribution of 15% will be made calculated on the cash payment made to the Employee under the STIP scheme in the relevant year.

  

	2.	LONG TERM INCENTIVE (LTIP) 

  

 

	2.1	The LTIP scheme operates in accordance with the LTIP rules (as amended from time to time). The Employee will only be entitled to a payment under the LTIP scheme if the
LTIP rules so provide. Currently under the LTIP scheme the Employee may be entitled to a cash payment of a maximum of 75% of the Employee’s base salary (and possibly higher subject to certain performance criteria). (At all times any future LTIP
schemes in place will ensure that the maximum of the Employee’s base salary payable subject to KPI criteria being met is at least 70%). Subject to any other term in respect of payment contained in the LTIP itself, the LTIP payment in respect of
a particular year is payable on the third anniversary after the awarding/declaration of the LTIP payment, provided that the Employee will not receive any LTIP payment until after the Employer’s financial results have been audited and finalised
for the applicable financial year/period. 

  

	2.2	The actual payment of an amount to the Employee under the LTIP scheme will be subject to, and dependent upon: 

 

	 	(a)	Performance against KPIs set under the LTIP; and 

  

	 	(b)	The Employee remaining in employment with the Employer at the date the LTIP payment falls due (ie 3 years after the date of the award/declaration of the LTIP amount),
or the Employee ceasing to be employed due to: 

  

	 	(i)	retirement from work altogether (as opposed to the Employee resigning but continuing to work or seek work); or 

 

	 	(ii)	termination of the Employee’s employment due to redundancy; or 

  

	 	(iii)	termination upon change in control in accordance with clause 15.2(b)(iv); or 

 

	 	(iv)	otherwise as provided for in this document or the LTIP scheme. 

  

					
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 Any LTIP amount will be paid on a pro rata basis, at the same date as the incentive
payment otherwise would have fallen due, having regard to performance against KPIs as at that date. 
  

	 	(c)	In addition, a superannuation contribution of 15% will be made calculated on the cash payment made to the Employee under LTIP scheme in the relevant year. The multiples
provided for in clauses 14 and 15 already take into account the value of this superannuation contribution. 

  

					
	EXECUTED as an agreement.	 		 	
			
	 SIGNED for Cliffs Natural Resources Pty
 Ltd, by Its duly authorised officer, in the presence of:
	 		 	/s/ Joseph A. Carrabba
	 		 	Signature of officer
			
	/s/ Erica L. Regan	 		 	Joseph A. Carrabba
	Signature of witness	 		 	Name
			
	Erica L. Regan	 		 	
	Name	 		 	
			
	SIGNED by Richard Mehan in the presence of:	 		 	/s/ Richard Mehan
		 		 	Signature of party
			
	/s/ Robyn Wheatley	 		 	
	Signature of witness	 		 	
			
	Robyn Wheatley	 		 	
	Name	 		 	

  

					
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