Document:

CLF-2014.3.31 EX 10.1

	
			
	CONFIDENTIAL TREATMENT CLIFFS NATURAL RESOURCES INC. HAS REQUESTED THAT THE MARKED PORTIONS OF THIS DOCUMENT BE ACCORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Exhibit 10.1 
Execution Copy

2014 EXTENSION AGREEMENT
EFFECTIVE AS OF JANUARY 1, 2014

This 2014 Extension Agreement (this “Agreement”), dated as of February 24, 2014 but effective as of January 1, 2014, is by and among  (i) ArcelorMittal USA LLC, a Delaware limited liability company and successor in interest to Ispat Inland Inc. (“ArcelorMittal”), (ii) Cliffs Natural Resources Inc., an Ohio corporation (“CNR”), (iii) The Cleveland-Cliffs Iron Company, an Ohio corporation (“CCIC”), and (iv) Cliffs Mining Company, an Ohio corporation (“CMC” and together with CCIC, “Cliffs”).

RECITALS

WHEREAS, Cliffs and ArcelorMittal (as successor in interest) are parties to that certain Pellet Sale and Purchase Agreement, dated as of December 31, 2002, as amended (the “Inland Agreement”), providing for the purchase of iron ore pellets for the Inland iron and steel making facilities, also known as Indiana Harbor East steel making facility (“Inland Works”); and

WHEREAS, CNR and ArcelorMittal are parents to Cliffs Empire Inc. (“Cliffs Empire”) and Ispat Inland Empire Inc., now known as ArcelorMittal Empire, Inc. (“Inland Empire” and collectively with Cliffs Empire “Empire Partners”), respectively, both of whom are the partners in the Empire Iron Mining Partnership, a Michigan partnership (“Empire” or the “Partnership”), and are parties to the Restated Empire Iron Mining Partnership Agreement, dated as of December 1, 1978, as amended (the “Empire Partnership Agreement”); and

WHEREAS, Cliffs, CNR, ArcelorMittal and/or the Empire Partners, as the case may be, are parties to various agreements relating to Empire, including without limitation: the Restated Empire Management Agreement between Empire and CCIC, dated as of December 1, 1978, as amended; the Restated EIMP Ore Sales Agreement by and among Empire, ArcelorMittal and CCIC (which previously included other parties), dated as of December 1, 1978, as amended (the “EIMP Agreement”); the Purchase and Sale Agreement between ArcelorMittal (as successor to Ispat Inland Inc.) and Cliffs Empire dated as of December 31, 2002, and the Guaranty from CNR to ArcelorMittal (as successor to Ispat Inland Inc.) dated as of December 31, 2002; and the Second Empire Omnibus Agreement, dated as of December 31, 2002 (and together with the Empire Partnership Agreement, the “Partnership Agreements”); and

WHEREAS, Cliffs, CNR, ArcelorMittal and Mittal Steel USA – Weirton Inc. (the predecessor-in-interest to ArcelorMittal Weirton LLC) were parties to the Umbrella Agreement, dated March 1, 2007 (the “Umbrella Agreement”); and

WHEREAS, Cliffs, CNR and ArcelorMittal (in addition to other affiliated companies of these parties) are parties to the 2011 Omnibus Agreement Effective as of March 31, 2011 (the “2011 Omnibus Agreement”).  

STATEMENT OF AGREEMENT

NOW, THEREFORE, in consideration of the foregoing premises and the mutual representations, covenants and agreements set forth herein, the parties hereto agree as follows:

	
			
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SECTION I. INLAND AGREEMENT1 

I.A.    Rescission of Termination.   

On January 17, 2013, ArcelorMittal delivered to Cliffs ArcelorMittal’s written notice of termination of the Inland Agreement consistent with Section 18(a) of said agreement (the “Termination Letter”).  In consideration for and subject to the promises in this Agreement, ArcelorMittal and Cliffs have agreed to the rescission of the Termination Letter.  Therefore, the Termination Letter is null and void, and the Inland Agreement remains in effect, subject to the amendments contained in this Agreement.

I.B.    Extension of the Inland Agreement. 

Per Section II.A.1. below, the parties agree to extend the Empire Partnership Agreement until December 31, 2016, and in conjunction therewith, agree to extend the Inland Agreement through and including January 31, 2017.  Unless otherwise agreed, the Inland Agreement shall terminate on January 31, 2017 without any further notice being required by any party.   In the event the parties agree to extend the Empire Partnership Agreement an additional year, consistent with Section II.A.2. below, then the Inland Agreement shall automatically be extended through and including January 31, 2018.  The Inland Agreement shall then terminate on January 31, 2018 without any further notice being required by any party.  To the extent the parties mutually consent to such additional one year extension, then on or before January 1, 2016, the parties must mutually agree to a purchase obligation volume. 

I.C.    Excess Annual Requirements.

I.C.1.  2014 Additional Tonnage.  For the Contract Year 2014, in addition to the amount previously nominated by ArcelorMittal pursuant to the Inland Agreement, which shall continue to be invoiced and paid for consistent with Section 7(a) of the Inland Agreement, ArcelorMittal shall take and pay for and Cliffs shall deliver and invoice for an additional **** of Cliffs Pellets (the “2014 Additional Tonnage”).  The 2014 Additional Tonnage shall be purchased in monthly increments of **** in **** and ***.  For purposes of the 2014 Additional Tonnage only, Section 7(a) of the Inland Agreement shall be modified such that Cliffs shall deliver to ArcelorMittal invoices separate from the invoices for the 2014 Excess Annual Requirements (the “2014 Additional Tonnage Invoices”).  The 2014 Additional Tonnage Invoices shall be delivered on the *** and *** during each of the aforementioned months in an amount equal to *** at a price equal to *** price *** the *** defined in Section I.D. below2.  ArcelorMittal shall pay Cliffs for such invoiced amounts on the *** and *** of the *** following the invoice date (i.e. payment for the *** invoice shall be due on ***).  Title and all risk of loss, damage or destruction shall pass to ArcelorMittal on the *** date for the tonnage associated with such ***.

	
					
	 
	 

	1All capitalized terms in this Section I not otherwise defined herein shall have the definitions assigned them in the Inland Agreement.

	2For the *** delivered in *** only, the initial invoices shall use the then available data for an estimated pricing calculation.  The Q1 2015 price should be known during the month of December 2014, and Cliffs shall deliver updated invoices at that time, which shall be the final invoices to be paid by ArcelorMittal in ***.

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I.C.2.  Annual Requirements for Contract Years 2015 and 2016.  Beginning with the 2015 Contract Year, the annual nomination process under Section 5 of the Inland Agreement shall not be applied and instead the sales obligations of Cliffs to ArcelorMittal and the purchase obligations of ArcelorMittal from Cliffs for each Contract Year shall be the following:

(a) For Contract Year 2015, ArcelorMittal shall purchase and take and pay for no less than a *** of Cliffs Pellets under the Inland Agreement and the EIMP Agreement.  (the “2015 Annual Requirement”).  The 2015 Annual Requirement *** unless mutually agreed by the parties in writing.  The 2015 Annual Requirement shall be nominated by ArcelorMittal to Cliffs on or before October 31, 2014.  In the event ArcelorMittal does not provide a nomination for the 2015 Annual Requirement on or before October 31, 2014, then the minimum tonnage amount in this subsection (a) shall be deemed ArcelorMittal’s final nomination for Contract Year 2015.  Section 7(a) of the Inland Agreement shall be modified for the Contract Year 2015 such that, commencing ***, ArcelorMittal shall pay for such tonnage on the *** and *** of each month in an amount equal to *** of the Contract Year 2015 nomination.  The applicable price to be paid shall be ***  then in effect *** the *** defined in Section I.D. below.  For the avoidance of doubt, no portion of the *** shall be counted toward the *** regardless of the actual delivery and payment dates for the ***. 

(b) For Contract Year 2016, ArcelorMittal shall purchase and take and pay for no less than ***  of Cliffs Pellets under the Inland Agreement and the EIMP Agreement (the “2016 Annual Requirement”).  The 2016 Annual Requirement *** unless mutually agreed by the parties in writing.  The parties may, by mutual written consent, increase the 2016 Annual Requirement.  ArcelorMittal must submit a request for a tonnage increase of the 2016 Annual Requirement on or before October 31, 2015.  Any such increase shall be either confirmed or declined by Cliffs, in its sole discretion, by November 15, 2015.  Payment terms for invoices for the 2016 Annual Requirement shall be consistent with the Inland Agreement.  The applicable price to be paid shall be *** then in effect *** the *** defined in Section I.D. below.

(c) ***. 

I.D.    *** and ***.

Beginning with the 2014 Additional Tonnage and continuing through and including the 2016 Annual Requirement, and if applicable the Contract Year 2017 as considered in Section I.B. above, the Contract Year’s quarterly price shall be *** as against the current formula as set forth in the 2011 Omnibus Agreement and applied to the Inland Agreement (the ***), which shall result in the “Contract Quarter ***.”   Notwithstanding the foregoing, in no Contract Year shall the *** of a *** be ***.
In the event that in any of the first three Contract Quarters in a Contract Year, a Contract Quarter ***  will be used as the price to be paid by ArcelorMittal for tons invoiced during that Contract Quarter.  In the fourth Contract Quarter, a price will be paid such that the average of the four Contract Quarter prices paid (including any of the first three Contract Quarter prices that was adjusted ***) is the greater of (i) ***  or (ii) the average of the four Contract Quarter *** (for the sake of clarity, this means that any ***  during the first three Contract Quarters is to be excluded from the calculation in (ii)).  For illustrative purposes, examples of how the fourth Contract Quarter price would be calculated in a given Contract Year are attached hereto as Exhibit I.
As part of the annual true-up pursuant to Section 7(c) of the Inland Agreement, the payments shall be trued up to assure that the annual tonnage paid for in a Contract Year was evenly distributed among the four Contract Quarters and any adjustments shall be included in the amounts that ArcelorMittal is to pay or to receive as part of the annual true up.  

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SECTION II. EMPIRE3 

II.A.    Extension of the Empire Partnership Agreement.

II.A.1.    Extension through 2016.  Pursuant to Section 5.1 of the Empire Partnership Agreement, the Partnership is scheduled to terminate on December 31, 2014.  The parties hereby mutually agree to extend the Partnership by two (2) years through and including December 31, 2016.  The parties agree that all sections of the Empire Partnership Agreement shall be read so as to extend the status quo of the current relationship through and including December 31, 2016, except that the surcharges and Special Contributions in Section 12.1 and as further considered in Article V of the Second Empire Partnership Omnibus Agreement dated December 31, 2002, shall cease at the end of the 2014 calendar year.  For the avoidance of doubt, the parties confirm that all other arrangements relative to capital, ownership, put rights, indemnification, liability, etc. remain the same as set forth in the Empire Partnership Agreement, as previously amended, and the other Partnership Agreements, as previously amended,  as of the day before the effectiveness of this Agreement.  Unless further extended pursuant to Section II.A.2. below, the Partnership will terminate at the end of the day of December 31, 2016. 

II.A.2.  Optional 2017 Calendar Year Extension.  Consistent with Section II.A.1. above, the parties may, upon mutual written consent, extend the Partnership an additional year through December 31, 2017, maintaining the same status quo as provided in Section II.A.1. above, for such additional year.  Such additional extension must be mutually agreed upon in writing on or before January 1, 2016.  If the Partnership is extended pursuant to this Section II.A.2., the Partnership shall then terminate at the end of the day of December 31, 2017.

II.B.    ***.

II.B.1.  Current Calendar Year Quarterly *** and ***.

		
	(a)
	Beginning with the  first calendar quarter of the 2015 calendar year and continuing through and including the first  calendar quarter of the calendar year 2017 (and, if the parties mutually agree to extend the Partnership pursuant to Section II.A.2. above, through the  first  calendar quarter of the calendar year 2018), Empire shall *** on or before the last day of the month following the end of each calendar quarter (April 30th, July 31st, October 31st  and January 31st ), to ***4, on a *** in the *** to the ***, if any, between (i) the calendar quarter *** set forth in ***  in the Empire *** provided to *** in respect of such calendar quarter, and (ii) the *** by Empire during such calendar quarter as set forth in the Empire *** to *** in respect of such calendar quarter.  For the sake of clarity, it is the intent of the Partners to *** during a calendar quarter, if any, such that ***  the ***.  These *** shall be referred to as the “Current Calendar Year Quarterly ***.”  *** is attached hereto as Exhibit II.

	
					
	 
	 

	3 All capitalized terms in this Section II not otherwise defined herein shall have the definitions assigned them in the Empire Partnership Agreement.

	4 The *** are currently *** of *** and *** which entities are *** and *** respectively.

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	(b)
	On or before April 30, 2015, there shall be a *** by Empire on a ***, if any, between (i) the ***set forth in the *** in the Empire *** provided *** and (ii) the *** by Empire during *** as set forth in the Empire *** (the “***”).  An example of how the *** is attached hereto as Exhibit II.

II.B.2.  *** Quarterly ***.  In addition to the Current Calendar Year Quarterly *** and the ***, beginning with the first calendar quarter of 2015 and continuing through and including the last calendar quarter of the calendar year 2016, Empire shall *** on or before the last day of the month following the end of each calendar quarter (April 30th, July 31st, October 31st  and January 31st ), to ***, *** provided for on the *** as of the end of such calendar quarter.  These ***shall be referred to as the “*** Quarterly ***.”  For avoidance of doubt, the Current Calendar Year Quarterly ***, the *** and *** Quarterly *** referred to in these Sections II.B.1 & 2 shall be *** separately.  In the event that the parties agree to extend the *** to 2017, as contemplated by Section II.A.2. above, the *** will review extending these provisions to ensure *** is maintained to meet *** consistent with all Federal and State laws and regulations which could apply to the Empire Mine.

SECTION III. EMPIRE TOLLING5 

Pursuant to Section IV.B. of the 2011 Omnibus Agreement and the “Empire Iron Mining Partnership The Cleveland-Cliffs Iron Company, Manager Resolution ***” dated April 8, 2011 (the “April 2011 Manager’s Resolution”), it was agreed and resolved that the Partnership was ***and ***.  The *** to each Partner, on a pro-rata basis based upon each Partner’s interest in the Partnership, at the end of each calendar quarter during such time that ***.  The *** by determining the number of *** Tons, multiplying the number of *** Tons by each Empire Partner’s pro-rata ownership interest, multiplied by ***.  The parties hereby agree that all portions of Section IV.B. of the Omnibus Agreement and the April 2011 Manager’s Resolution shall remain in full force and effect.  However, the parties agree and consent that, beginning with the first calendar quarter in 2014 during which tons ***calculation to determine the amount to be charged to *** for such ***shall be modified to Empire’s ***.

SECTION IV. MISCELLANEOUS PROVISIONS

IV.A.    Reaffirmation; Nature of Amendments; Conflicting Provisions.  

Each of Cliffs, CNR and ArcelorMittal consents to, ratifies and approves each of the foregoing Sections and Subsections.  Except as herein expressly modified, amended or superseded, all of the terms, conditions and provisions of the Inland Agreement, the Partnership Agreements, the surviving provisions of the Umbrella Agreement, and the 2011 Omnibus Agreement are hereby reaffirmed and agreed to and shall remain in full force and effect, and all changes, amendments and modifications effected by this Agreement shall automatically occur and be effective as of the effective date set forth above.  To the extent of any conflict or inconsistency between this Agreement and the Inland Agreement, the Partnership Agreements, any of the surviving provisions of the Umbrella Agreement, or the 2011 Omnibus Agreement, the terms of this Agreement shall control.

	
					
	 
	 

	5 All capitalized terms in this Section III not otherwise defined herein shall have the definitions assigned them in the 2011 Omnibus Agreement.

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IV.B.    Arbitration.  

Any dispute arising out of or related to the Partnership Agreements, including any and all disputes, claims, questions or disagreements arising out of or relating to the amendments to those agreements as provided in this Agreement, shall be resolved as provided for in those Partnership Agreements.  It is the parties’ intent that the status quo of the dispute resolution provisions of those agreements be maintained and not altered in any way by this Agreement.

Except as provided in the first paragraph of this Section IV.B., any and all other disputes, claims, questions or disagreements arising out of or relating to this Agreement or breach, termination, enforcement, interpretation or validity hereof, including the scope or applicability of this agreement to arbitrate, shall be determined by arbitration pursuant to the terms and provisions of Section V.B. of the 2011 Omnibus Agreement.

IV.C.    Notices.  

All notices and other communications authorized or required to be given hereunder or under the Inland Agreement, or to these parties under the Partnership Agreements, the Umbrella Agreement or the 2011 Omnibus Agreement shall be given in writing and shall be deemed to have been duly given (a) when delivered in person, (b) one business day after having been dispatched by a recognized overnight delivery service, (c) five business days after having been mailed by registered or certified mail, return receipt requested, postage prepaid, (d) when dispatched by electronic facsimile transmission (with confirmation of successful transmission), or (e) when dispatched by electronic mail (with confirmation of receipt), in each case addressed as follows:

If to any CNR or Cliffs party:

c/o Cliffs Natural Resources Inc.
200 Public Square – 3300
Cleveland, Ohio  44114
Attention:  Senior Vice President, Global Iron Ore 
Facsimile No.:  (216) 694-5534
Electronic Mail:  Terrence.Mee@cliffsnr.com

Further a copy of required notices (excluding notices in the ordinary course of performance) to:

c/o Cliffs Natural Resources Inc.
200 Public Square - 3300
Cleveland, Ohio 44114
Attention: Chief Legal Officer
Facsimile No.:  (216) 694-6741
Electronic Mail:  James.Graham@cliffsnr.com

If to ArcelorMittal:

ArcelorMittal USA LLC
3300 Dickey Road MC 4-442 
East Chicago, Indiana 46312
Attention: Vice President of Procurement and Supply Chain
and a copy via email to: AMUSAPurchasing.ContractAdministration@arcelormittal.com

Further a copy of required notices (excluding notices in the ordinary course of performance) to:

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ArcelorMittal USA LLC
1 South Dearborn, 19th Floor
Chicago, Illinois 60603
Attention: General Counsel
and a copy via email to: AMUSALawDepartment@arcelormittal.com

Any party may change the contact information to which notices or other communications to it shall be sent by giving to the other parties written notice of such change in accordance with this Section.

IV.D.    Termination.  

This Agreement may be terminated only by the mutual written agreement of ArcelorMittal, on the one hand, and CNR, on the other hand.

IV.E.    Governing Law.  

The Empire Partnership is a Michigan partnership, and the Empire Partnership Agreement as well as the other Partnership Agreements are governed by Michigan law.  Any and all amendments or language contained in this Agreement affecting the Partnership or any of the Partnership Agreements shall be governed by, and interpreted consistent with, Michigan law.  The Inland Agreement, the Umbrella Agreement, and the 2011 Omnibus Agreement are governed by Ohio law.  Any and all amendments or language contained in this Agreement affecting the Inland Agreement, the Umbrella Agreement, or the 2011 Omnibus Agreement shall be governed by, and interpreted consistent with, Ohio law.  For further clarification, it is the intent of the parties that nothing herein shall change the governing state law of a preexisting agreement or cause any of the terms of this Agreement to be construed pursuant to a state law other than that which applied to the underlying agreement as of the day prior to the date of this Agreement.  

IV.F.    Expenses.  

The parties to this Agreement shall bear their respective expenses, costs and fees (including attorneys’ fees) in connection with the transactions contemplated by this Agreement, including the preparation, execution and delivery of this Agreement and compliance herewith.

IV.G.    Confidentiality.

The parties hereto acknowledge that this Agreement contains certain volume, pricing and term provisions that are confidential, proprietary or of a sensitive commercial nature and that would put the parties at a competitive disadvantage if disclosed to the public (“Confidential Information”).  The parties further agree that all provisions of this Agreement shall be kept confidential and, without the prior consent of the other party, shall not be disclosed to any party not a party to this Agreement or the legal advisor of a party to this Agreement, except as required by law or governmental or judicial order and except that disclosure of the existence of this Agreement shall not be precluded by this Section.  If any party hereto or any of their respective affiliates is required by law or governmental or judicial order or receives legal process or a court or agency directive requesting or requiring disclosure of any of the Confidential Information, such party will promptly notify the other parties prior to disclosure to permit such other parties to seek a protective order or take such other appropriate action to preserve the confidentiality of such Confidential Information.  The parties agree, however, that without providing notice to the other party, as part of a claim, dispute or arbitration by which ArcelorMittal or CNR or Cliffs seeks to recover damages from a third party, then the disclosing party may disclose, on a confidential basis, the tonnages and prices under or pursuant to this Agreement, including supporting documentation, to third parties.

If any party or an affiliate of any party determines to file this Agreement with the United States Securities and Exchange Commission (“Commission”) or any other federal, state, provincial or local governmental or regulatory authority, or with any stock exchange or similar body, such determining party will 

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use its best efforts to obtain confidential treatment of such Confidential Information pursuant to any applicable rule, regulation or procedure of the Commission and any applicable rule, regulation or procedure relating to confidential filings made with any such other authority or exchange.  If the Commission (or any such other authority or exchange) denies such party’s request for confidential treatment of such Confidential Information, such party will use its best efforts to obtain confidential treatment of the portions thereof that the other parties designate.  Each party will allow the other parties to participate in seeking to obtain such confidential treatment for Confidential Information.  In the event that the Commission approves the treatment of portions of this Agreement as confidential, CNR and ArcelorMittal shall collaborate in creating the version of this Agreement to be filed with the Commission.

None of the parties hereto or their respective affiliates will issue any press release or otherwise disclose or make any public statement with respect to the transactions contemplated hereby without the prior consent of an officer of the other parties, except to the extent that the disclosing party determines in good faith that it is so obligated by law, in which case such disclosing party shall give notice to the other parties in advance of such party’s intent to make such disclosure, announcement or issue such press release, and the parties hereto or their affiliates shall use reasonable efforts to cause a mutually agreeable release or disclosure or announcement to be issued.  Notwithstanding the foregoing provisions of this Section IV.G, ArcelorMittal acknowledges that CNR will be entitled to include, in any publicly-released, forward-looking sales projections, CNR’s projections of sales to ArcelorMittal, limited to not more than the next fiscal year.

IV.H.    Construction.  

The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  If any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.  The word “including” and any variation thereof shall mean “including, without limitation,” or the appropriate version thereof.  When reference is made in this Agreement to an Article or Section, such reference shall be to an Article or Section, as applicable, of this Agreement unless otherwise indicated.  The words “hereof,” “herein” or “hereby” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  

IV.I.    Entire Agreement.  

This Agreement (including the recitals and footnotes), and the other relevant written agreements of the parties, including without limitation, the Inland Agreement, the Empire Partnership Agreement, the other Partnership Agreements, the surviving provisions of the Umbrella Agreement, and the 2011 Omnibus Agreement,  constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all contrary or conflicting prior agreements and understandings among the parties with respect to the subject matter hereof and thereof as of the effective date of this Agreement.

IV.J.    Amendment; Waiver.  

This Agreement may not be modified or amended except by an instrument in writing executed by all of the parties hereto.  No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is in writing and signed by the party against whom such waiver is claimed.  No waiver of any breach shall be deemed to be a waiver of any other or subsequent breach.

IV.K.    Severability.   

Except for the provisions of Sections I, II, and III, each of which are deemed essential to this Agreement, any provision of this Agreement prohibited by any applicable law of any jurisdiction shall as to such jurisdiction be ineffective, without modifying the remaining provisions of this Agreement.  Where, 

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however, the conflicting provisions of any such law may be waived, they are hereby waived by the parties hereto to the full extent permitted by law.  Additionally, if any provision of this Agreement is determined by a court or arbitrator to be prohibited by any applicable law of any jurisdiction, the parties hereby agree to negotiate in good faith to modify such provision to the minimum extent necessary to cause such provision to be lawful in such jurisdiction.  

IV.L.    Successors and Assigns.  

This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of the respective parties hereto in all respects as if they were mentioned throughout by words of proper designation.

[Signatures on following page]

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In WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective authorized officers.

	
					
	ARCELORMITTAL USA LLC
	 
	CLIFFS NATURAL RESOURCES INC.

	/s/ Om Mandhana
	 
	/s/ Terrence R. Mee

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	 
	 
	 

	ARCELORMITTAL USA LLC
	 
	THE CLEVELAND-CLIFFS IRON COMPANY

	/s/ Wendell Carter
	 
	/s/ Terrence R. Mee

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	 
	 
	 

	 
	 
	CLIFFS MINING COMPANY

	 
	 
	/s/ Terrence R. Mee

	 
	 
	 
	Name:
	 

	 
	 
	 
	Title:
	 

	 
	 
	 

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	Exhibit I

	2015 and 2016 Contract Year Price *** and ***

	(All values are for illustrative purposes only.)

	 

	A: The *** of the *** is *** is ***.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	A.1
	 
	 
	 
	 
	 
	 
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	B: The ***of the *** is *** is ***.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

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	C: The ***of the ***is *** is ***.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	C.1
	 
	 
	 
	 
	 
	 
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	Contract *** Price
	 
	Invoice  
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+For the contract year 2015, this is the ***to the ***.

	
			
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	Exhibit II

	***

	(All values are for illustrative purposes only.)

	($000s)

	Total Current Calendar Year Quarterly ***
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	***1
	 
	***2
	 
	*** To ***
	 
	 
	 
	 

	2015 Q1
	 
	***
	 
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	2015 Q2
	 
	***
	 
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	2015 Q3
	 
	***
	 
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	2015 Q4
	 
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	2017 Q1
	 
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	***
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Each *** Current Calendar Year Quarterly ***

	 
	 
	 
	 
	***
	 
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	*** To ***
	 
	*** in the ***
	 
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	*** in the ***
	 
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	2015 Q1
	 
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	2015 Q2
	 
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	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS.

	
												
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	Net ***1
	 
	***2
	 
	***
	 
	***
	 
	*** To ***

	***
	 
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	Each ***
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
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	***

	***
	 
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	***

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	1As set forth in the *** in the *** to each ***.

	2As set forth in the *** provided to each ***.CLF-2014.3.31 EX 10.2

EXECUTION COPY

EXHIBIT10.2 
SEVERANCE AGREEMENT
BEFORE SIGNING THIS SEVERANCE AGREEMENT (THE “AGREEMENT”), YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY.  YOUR SIGNATURE MUST BE WITNESSED.
This Agreement is entered into knowingly and voluntarily by and between William S. Hart (“Employee”), and Cliffs Natural Resources Inc. and its affiliates identified in Section III.A below (collectively, the “Company”).  Employee and the Company are referred to each individually as a “Party” and collectively as the “Parties.”
RECITALS
A.Employee’s employment with the Company will terminate on March 25, 2014 or on such earlier date (the “Termination Date”) upon a request by the Company’s Board of Directors (the “Board”) for his role to be made redundant.  On the Termination Date, Employee will cease to serve as Senior Vice President, Chief Strategy Officer of the Company, and shall resign from any other position that he then holds with the Company.
B.Employee shall fully and reasonably cooperate with the Company following the Termination Date to help effect a smooth transition.
C.Employee and the Company desire to establish the terms for an amicable separation of Employee’s employment on the Termination Date, to facilitate an appropriate transition of Employee’s responsibilities to the Company and to settle fully and finally any and all differences between them which have arisen, or may arise, out of the employment relationship and/or the termination of that relationship.
D.The Company desires to offer Employee the payments and benefits described herein in connection with Employee’s termination of employment.
E.Receipt of the payments and benefits described herein requires (i) execution, (ii) delivery to the Company, and (iii) non-revocation, of the Release (as defined below), all within the time frames specified in the Release.
AGREEMENT
I.    TERMINATION, SEVERANCE PAYMENTS AND BENEFITS
A.On the Termination Date, Employee’s employment with the Company shall cease, he shall cease to be the Senior Vice President, Chief Strategy Officer of the Company, and he shall resign from any other positions that he then holds with the Company as of the Termination Date.  Employee further agrees to execute any further documents required to effectuate such resignations as may be requested by the Company.  As of the Termination Date, Employee shall be released from his duties with the Company and cease to have any authority to conduct business on behalf of the Company.  Employee will continue to receive his base salary and employee benefits, in the ordinary course of business consistent with past practice, through the Termination Date.
B.Subject to Section I.C., Employee shall receive the following payments (collectively, the “Payments”) and benefits (collectively, the “Benefits”) if Employee (i) executes this Agreement, (ii) signs and delivers the release of claims in the form attached hereto as Exhibit A (the “Release”) no earlier than the calendar day following the Termination Date and no later than the later of five (5) calendar days following the Termination Date or the day after the end of the time period described in Section V.A. of the Release; and (iii) does not revoke the Release prior to the “Effective Date” (as defined in Section V.D. of the Release):
		
	1.
	A cash payment equal to One Million One Hundred Forty-Seven Thousand Five Hundred Australian Dollars (AUD $1,147,500), which is equal to eighteen (18) months Base Pay (AUD $450,000 * 1.5 = AUD $675,000) plus one and a half (1.5) times an additional amount that represents an annual incentive bonus payable at target (AUD $450,000 * 70% * 1.5 = AUD $472,500) and which takes into consideration the required payment in lieu of notice, paid, less appropriate Australian taxes, in a lump sum that shall be paid within thirty (30) days after the Effective Date (the “Payment Date”).  A 15% superannuation contribution will be made on this cash payment.

EXECUTION COPY

		
	2.
	Employee shall continue to participate in the Company’s Executive Management Performance Incentive Plan (the “EMPI Plan”) for 2014 on a prorated basis, with the bonus payout to be determined based on actual performance during the applicable performance period and paid, less Australian taxes, in a lump sum when (but not prior to the Effective Date), and at the rate, the EMPI Plan bonuses are paid to active employees of the Company.  For the avoidance of doubt, (i) Employee’s EMPI Plan bonus for 2014 shall be prorated and he shall receive a one-third (1/3) share based upon the number of full months he was employed by the Company in 2014, and (ii) Employee shall not participate in the EMPI Plan for 2015 and subsequent years. No superannuation contribution will be payable on the 2014 EMPI payment.

		
	3.
	A cash payment equal to the base salary Employee would have earned for the period from the Termination Date through March 31, 2014 had he continued to work through March 31, 2014, paid, less Australian taxes, in a lump sum on the Payment Date.

		
	4.
	Employee shall receive a Private Health Insurance Reimbursement of One Thousand Seven Hundred Forty Australian Dollars (AUD $1,740) provided Employee submits the required Expense Reimbursement Form to APAC Payroll before Employee’s termination date.

		
	5.
	Employee shall be entitled to vest in the performance share awards held by him on the date hereof based on actual performance through the entire applicable performance period of each such award, in each case with the number of shares earned prorated by multiplying (1) the number of shares earned, without regard to this sentence, by (2) the quotient of (i) the number of months in the applicable performance period through March 31, 2014, over (ii) the number of full months in such performance period; with the number of shares so earned to be paid out in the manner and at the time (but not prior to the Effective Date) specified by the terms of each such award.

		
	6.
	Employee shall be entitled to vest in the restricted share unit awards held by him on the date hereof, with the number of shares earned in the case of each such award prorated by multiplying (1) the number of shares earned, without regard to this sentence, by (2) the quotient of (i) the number of months in the applicable vesting period through March 31, 2014, over (ii) the number of full months in such vesting period; with the number of shares so earned to be paid out in the manner and at the time (but not prior to the Effective Date) specified by the terms of each such award.

		
	7.
	Company provided tax services through Grant Thornton International Ltd. for the tax years 2013, 2014 and 2015.

		
	8.
	Employee shall continue to be covered by any provision for indemnification by the Company in effect on the date of the execution of this Agreement for so long as it provides such indemnification for its active senior executives. In addition, the Company shall continue to maintain D&O coverage that covers past executives to the same extent that it covers present executives.  Finally, in the event of a change in control in which the Company is not the survivor, the Company shall use its reasonable best efforts to require as part of such transaction that the surviving company provide indemnification and D&O coverage that covers the past executives of the Company. 

C.Should Employee breach any of the covenants contained in Sections V (relating to the covenant of confidentiality), VII (relating to covenant to cooperate with the Company), VIII (relating to the covenant not to disparage the Company), and IX (relating to the covenant not to solicit employees) of this Agreement, Employee shall be required to return the Payments and the value of the Benefits already received under this Agreement in excess of one (1) month’s Base Pay within seven (7) days of demand by the Company, and shall receive no further Payments or Benefits under this Agreement.
D.Subject to Section I.C., should Employee die prior to receipt of the Payments set forth in Section I.B., then the Payments will be payable to Employee’s estate or otherwise inure to the benefit of his/her heirs.
E.The term “Base Pay” shall mean Employee’s rate of annual base salary in effect as of the Termination Date.  Base Pay does not include pension contributions made by the Company, welfare or other fringe benefits paid for by the Company, expense reimbursements, overtime pay, bonuses, commissions, incentive pay, or any other special compensation.

2

EXECUTION COPY

F.Employee shall remain subject to the Company's tax equalization policy on applicable compensation, and payments made under this Agreement may be subject to a hypothetical tax deduction in accordance with the policy. The Parties shall promptly settle any tax equalization balance and the Company shall have the right to offset Payments under this Agreement by any tax equalization amounts payable by the Employee.
G.All payments provided for under this Agreement shall be made in Australian Dollars.
II.    REPRESENTATIONS AND WARRANTIES
Employee understands, acknowledges and agrees that:
		
	•
	Employee has the sole right and exclusive authority to execute this Agreement.

		
	•
	The Company is not obligated to pay, and will not pay, to Employee any Payment or Benefits until this Agreement and the Release have become effective.

		
	•
	Employee executes this Agreement knowingly and voluntarily, in order to induce Company to provide the Payments and Benefits.

		
	•
	Employee has not sold, assigned, transferred, conveyed or otherwise disposed of any of the claims, demands, obligations or causes of action referred to in this Agreement.

		
	•
	No other person or entity has an interest in the claims, demands, obligations or causes of action referred to in this Agreement.

		
	•
	The Payments and Benefits that Employee will receive in exchange for executing this Agreement and the Release are in addition to anything of value to which Employee is already entitled.

		
	•
	The Payments and Benefits provided for in this Agreement are the only consideration that Employee ever will receive from the Company or any Released Parties (as defined below) for any and all claims, demands, obligations or causes of action released by this Agreement and the Release.

		
	•
	The Payments and Benefits provided for in this Agreement are not intended to be provided in addition to any payments or benefits that now may be due or in the future become due or payable to Employee under the Worker Adjustment and Retraining Notification (“WARN”) Act (if applicable).  Therefore, if WARN Act payments are or become due to Employee, any Payment and Benefits made under this Agreement in excess of one month’s Base Pay, up to the full amount necessary to satisfy such obligation, shall be treated as having been paid in satisfaction of any such obligation, and the rest of the Payments and Benefits shall be treated as having been given in exchange for the other covenants, agreements and obligations of this Agreement and the Release.

		
	•
	This Agreement and its terms shall not be construed as an admission of any liability whatsoever on the part of the Company or any other Released Parties described in this Agreement, by which/whom any liability is and always has been expressly denied.

		
	•
	All accrued annual and long service leave entitlements will be paid in your Termination pay in accordance with the Australian Leave Policy.

		
	•
	As of the date of execution of this Agreement, Employee has not filed any administrative charges or lawsuits arising out of or relating to Employee’s employment with the Company or the separation of that employment.  If Employee cannot represent that the statement in this paragraph is true, initial here: _____.

		
	•
	As of the date of execution of this Agreement, Employee has no work-related injury and is medically stationary with no impairment of earning capacity.  If Employee cannot represent that the statement in this paragraph is true, initial here: _____.

		
	•
	The releases contained in this Agreement are in relation to the employment with any released entity at any location including but not limited to the States and Territories of Australia. 

3

EXECUTION COPY

III.    RELEASE
A.    Employee, for himself, and his marital community (if any), agents, heirs, executors, administrators, and assigns, hereby knowingly and voluntarily fully releases and forever discharges from any and all agreements, debts, claims, demands, actions, judgments, causes of action, and liabilities of every kind or nature, known or unknown, that Employee, individually or as a member of a class, ever had or now has, the following (referred to collectively as the “Released Parties”):
		
	•
	Cliffs Natural Resources Inc.;

		
	•
	Cliffs North American Coal LLC;

		
	•
	Pinnacle Mining Company, LLC;

		
	•
	Oak Grove Resources, LLC;

		
	•
	Cliffs Logan County Coal LLC;

		
	•
	Cliffs Quebec Iron Mining Limited;

		
	•
	The Bloom Lake Iron Ore Mine Limited Partnership;

		
	•
	Cliffs Canadian Shared Services Inc.;

		
	•
	Northshore Mining Company;

		
	•
	Silver Bay Power Company;

		
	•
	Tilden Mining Company LC;

		
	•
	Empire Iron Mining Partnership;

		
	•
	Cliffs Mining Company;

		
	•
	Hibbing Taconite Company Joint Venture;

		
	•
	United Taconite LLC;

		
	•
	The Cleveland-Cliffs Iron Company;

		
	•
	Cliffs Mining Services Company;

		
	•
	Lake Superior & Ishpeming Railroad Company;

		
	•
	Wabush Iron Co. Ltd.;

		
	•
	Wabush Mines Joint Venture;

		
	•
	Cliffs International Management Company LLC;

		
	•
	Cliffs Sales Company;

		
	•
	Cliffs Natural Resources Exploration Ltda.;

		
	•
	Cliffs Natural Resources Pty Ltd;

		
	•
	Cliffs Chromite Ontario Inc.;

		
	•
	All affiliates of Cliffs Natural Resources Inc. not already listed above, including any corporation or other entity which is controlled by or under common control with Cliffs Natural Resources Inc., or which is in the same affiliated service group or otherwise required to be aggregated with Cliffs Natural Resources Inc. under Sections 414 or 1563 of the Internal Revenue Code;

		
	•
	All current or former owners, officers, directors, shareholders, members, employees, managers, agents, attorneys, partners and insurers of the above entities; and

		
	•
	The predecessors, successors, and assigns of the above entities and individuals and the spouses, children, and family members of the individuals.

B.    Without limiting the generality of this Agreement, Employee acknowledges and agrees that this Agreement is intended to bar every claim, demand, and cause of action, including without limitation any and all claims arising under the following laws, as amended from time to time:
		
	•
	The federal Civil Rights Acts of 1866, 1871, 1964 and 1991 and all similar state civil rights statutes; 

•The Employee Retirement Income Security Act of 1974;
•The Fair Labor Standards Act; 
•The Rehabilitation Act of 1973; 
•The Occupational Safety and Health Act;
•The Mine Safety and Health Act;

4

EXECUTION COPY

•The Health Insurance Portability and Accountability Act;
•The Age Discrimination in Employment Act;
•The Older Workers Benefit Protection Act;
•The Americans with Disabilities Act;
•The National Labor Relations Act;
•The Family and Medical Leave Act; 
•The Equal Pay Act;
•The Worker Adjustment and Retraining Notification Act;
•The Lilly Ledbetter Fair Pay Act;
•State wage payment statutes;
•State wage and hour statutes;
•State employment statutes; 
•Any statutes regarding the making and enforcing of contracts;
•Any whistleblower statute; and 
•All similar provisions under all other federal, state and local laws.
•The National Employment Standards and the Fair Work Act (Australia).
•Any Australian State or Territory legislation providing for long service leave benefits.
C.    Without limiting the generality of this Agreement, Employee further acknowledges and agrees that this Agreement is intended to bar all equitable claims and all common law claims, including without limitation claims of or for:
•Breach of an express or an implied contract;
•Breach of the covenant of good faith and fair dealing;
		
	•
	Unpaid wages, salary, commissions, vacation or other employee benefits;

•Unjust enrichment;
•Negligent or intentional interference with contractual relations;
•Negligent or intentional interference with prospective economic relations;
•Estoppel;
•Fraud;
•Negligence;
•Negligent or intentional misrepresentation;
•Personal injury;
•Slander;
•Libel;
•Defamation;
•False light;
•Injurious falsehood;
•Invasion of privacy;
•Wrongful discharge;
•Failure to hire;
•Retaliatory discharge;
•Constructive discharge;
•Negligent or intentional infliction of emotional distress;
•Negligent hiring, supervision or retention;
•Loss of consortium; and
•Any claims that may relate to drug and/or alcohol testing.
•Statutory and / or contractual claims for redundancy or severance benefits.

5

EXECUTION COPY

D.    Employee further understands, acknowledges and agrees that this Agreement is a general release, and that Employee further waives and assumes the risk of any and all claims which exist as of the date this Agreement is executed, including those of which Employee does not know or suspect to exist, whether through ignorance, oversight, error, negligence, or otherwise, and which, if known, would materially affect Employee’s decision to sign this Agreement.
E.    Employee further understands, acknowledges and agrees that this Agreement waives any right Employee has to recover damages in any lawsuit brought by Employee as well as in a lawsuit brought by any third party, including without limitation the Equal Employment Opportunity Commission (the “EEOC”) or any similar state agency.  Employee is not, however, waiving the right to file a charge with the EEOC or any similar state agency.
F.    This Agreement shall not be interpreted to release or require the release of the Company or the Released Parties from any:
		
	•
	Claims for Payments or Benefits under this Agreement; or

		
	•
	Claims for benefits under any pension plan or welfare plan of the Company; or

		
	•
	Claims arising out of acts or practices which occur after the execution of this Agreement.

IV.    REPRESENTATION OF UNDERSTANDING OF RELEASE
Employee acknowledges that Employee has had the opportunity to consult an attorney of Employee’s own choosing before entering into this Agreement.  Employee represents and warrants that Employee has read all of the terms of this Agreement and that Employee fully understands and voluntarily accepts these terms.  Employee further acknowledges and agrees that Employee has been given a reasonable period of time within which to consider this Agreement.
V.    CONFIDENTIAL INFORMATION AND COVENANTS
Employee represents that, during Employee’s employment with the Company, Employee has not breached any confidentiality agreement to which Employee is a party.  Employee further represents and warrants that Employee will continue to abide by the terms of any confidentiality agreement applicable to Employee after the Termination Date.
VI.    RETURN OF COMPANY PROPERTY
A.    Employee agrees to return to the Company within five (5) calendar days following the Termination Date all originals and copies of the Company’s property, documents and information in Employee’s possession, regardless of the form on which such information has been maintained or stored, including without limitation, computer disks, tapes or other forms of electronic storage, Company credit cards (including telephone credit cards), tools, equipment, keys, identification, software, computer access codes, disks and instructional manuals, and all other property prepared by, or for, or belonging to the Company.  Employee further agrees that, as of the fifth (5th) calendar day following the Termination Date, he will not retain any documents or other property belonging to Company.  For the avoidance of doubt, Employee shall not be required to return to the Company items not material to the business of the Company or its affiliates that are of nominal or sentimental value.
B.    Employee must comply fully with this Section VI before the Company is obligated to perform under Section I.
VII.    COOPERATION
During the period from the Date hereof through the Termination Date, Employee shall use his best efforts to perform his duties to the Company.  Following the Termination Date, Employee shall continue to fully and reasonably cooperate with the Company in effecting a smooth transition, and shall timely provide such information as the Company may reasonably request regarding operations and information within Employee’s knowledge while Employee was employed by the Company. 
VIII.    NON-DISPARAGEMENT
Employee shall not make any negative statements orally or in writing about Employee’s employment with the Company, about the Company or its affiliates or any of its employees or products, to anyone other than 

6

EXECUTION COPY

to the EEOC or any similar state agency, Employee’s immediate family, and Employee’s legal representatives or financial advisors.  Nothing herein shall prevent Employee from testifying truthfully in a legal proceeding or governmental administrative proceeding.  Employee may indicate on employment applications that Employee was employed by the Company, Employee’s duties, length of employment, and salary.  The Company shall not make any negative statements orally or in writing about Employee’s employment with the Company to anyone other than to the EEOC or any similar state agency and the Company’s legal representatives.  Nothing herein shall prevent the Company from testifying truthfully in a legal proceeding or governmental administrative proceeding.
IX.    NON-SOLICITATION
Employee agrees that, during his period of employment and the period beginning on his Termination Date and ending twelve (12) months following the Termination Date, Employee shall not directly or indirectly contact, approach or solicit for the purpose of offering employment to, or directly or indirectly actually hire, any person employed by the Company or its affiliates (or who was employed by the Company or its affiliates during the six (6) month period immediately prior to such solicitation or hire), without the prior written consent of the Company; provided, however, that this Section IX shall not preclude Employee from soliciting for employment (but shall, for the avoidance of doubt, prohibit hiring) any such person who responds to a general solicitation through a public medium that is not targeted at such person.
X.    SEVERABILITY
In the event that any provision(s) of this Agreement is found to be unenforceable for any reason whatsoever, the unenforceable provision shall be considered to be severable, and the remainder of this Agreement shall continue in full force and effect.
XI.    BINDING EFFECT
This Agreement shall be binding upon and operate to the benefit of Employee, the Company, the Released Parties, and their successors and assigns.

XII.    WAIVER
No waiver of any of the terms of this Agreement shall constitute a waiver of any other terms, whether or not similar, nor shall any waiver be a continuing waiver.  No waiver shall be binding unless executed in writing by the Party making the waiver.  The Company or Employee may waive any provision of this Agreement intended for its/his benefit, but such waiver shall in no way excuse the other Party from the performance of any of its/his other obligations under this Agreement.
XIII.    GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the state of Western Australia, without regard to the principles of conflicts of law, except to the extent those laws are preempted by federal law.
XIV.    SUBSEQUENT MODIFICATIONS
The terms of this Agreement may be altered or amended, in whole or in part, only upon the signed written agreement of all Parties to this Agreement.  No oral agreement may modify any term of this Agreement.
XV.    ENTIRE AGREEMENT
This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter hereof, and supersedes any and all prior and contemporaneous agreements, promises, representations, negotiations, and understandings of the Parties, whether written or oral.  There are no agreements of any nature whatsoever among the Parties except as expressly stated herein.

7

EXECUTION COPY

XVI.    ATTORNEYS’ FEES AND COSTS
This Section XVI shall not apply to any litigation arising out of a challenge to the validity of the Release under the ADEA, or any litigation in which the validity of the Release under the ADEA is an issue. In the event of litigation arising out of any other alleged breach of this Agreement, the prevailing Party shall be entitled to an award of its reasonable attorneys’ fees and costs.
XVII.    SECTION 409A
The Parties acknowledge that Employee shall incur a “separation from service,” within the meaning of Section 409A of the Code (“Section 409A”), no later than the Termination Date.  Notwithstanding anything in this Agreement to the contrary, if Employee is considered a “specified employee” (as defined in Section 409A), any amounts paid or provided under this Agreement shall, to the extent necessary in order to avoid the imposition of a penalty tax on Employee under Section 409A, be delayed for six months after Employee’s “separation from service” within the meaning of Section 409A, and the accumulated amounts shall be paid in a lump sum within ten (10) calendar days after the end of the six (6)-month period.  If Employee dies during the six-month postponement period prior to the payment of such accumulated amounts, the payments which are deferred on account of Section 409A shall be paid to the personal representative of Employee’s estate within 60 calendar days after the date of Employee’s death.  For purposes of this Agreement, each amount to be paid or benefit to be provided to Employee pursuant to this Agreement shall be construed as a separate identified payment for purposes of Section 409A.  All reimbursements and in-kind benefits provided under the Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent applicable, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last calendar day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.
XVIII.    COUNTERPARTS
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original for all purposes and all of which shall constitute a single instrument, and this Agreement may be delivered by electronic transmission.

	
		
	CLIFFS NATURAL RESOURCES INC.

	/s/ P. Kelly Tompkins

	P. Kelly Tompkins

	Executive Vice President, External Affairs & President, Global Commercial

	/s/ William S. Hart

	William S. Hart

	Date:
	20/3/2014

	/s/ Rochelle Lampard

	Witness Signature

	Rochelle Lampard

	Witness Printed Name

8

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