Document:

Number: 1	731,250 Shares

 

CUSIP NO.: 18683K 507

 

7.00% Series A Mandatory Convertible Preferred
Stock, Class A

(without par value per share)

(liquidation preference $1,000.00 per share)

OF

 

CLIFFS NATURAL RESOURCES INC.

 

FACE OF SECURITY

 

CLIFFS NATURAL RESOURCES INC., an Ohio
corporation (the “Corporation”), hereby certifies that Wells Fargo Bank, N.A. (the “Holder”)
is the registered owner of SEVEN HUNDRED THIRTY-ONE THOUSAND TWO HUNDRED FIFTY (731,250) fully paid and non-assessable shares of
preferred stock of the Corporation designated the 7.00% Series A Mandatory Convertible Preferred Stock, Class A, without par value
per share and with a liquidation preference of $1,000.00 per share (the “Series A Preferred Stock”). The shares
of Series A Preferred Stock are transferable on the books and records of the Registrar, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Series A Preferred Stock represented hereby are issued and shall in all respects
be subject to the provisions of the Second Amended Articles of Incorporation of the Corporation, as amended, dated May 25, 2011,
as the same may be amended from time to time in accordance with their terms (the “Articles”). Capitalized terms
used herein but not defined shall have the respective meanings given them in the Articles. The Corporation will provide a copy
of the Articles to a Holder without charge upon written request to the Corporation at its principal place of business.

 

Reference is hereby made to select provisions
of the Series A Preferred Stock set forth on the reverse hereof, and to the Articles, which select provisions and the Articles
shall for all purposes have the same effect as if set forth at this place.

 

Upon receipt of this certificate, the Holder
is bound by the Articles and is entitled to the benefits thereunder.

 

Unless the Transfer Agent’s Certificate
of Authentication hereon has been properly executed, the shares of Series A Preferred Stock evidenced hereby shall not be entitled
to any benefit under the Articles or be valid or obligatory for any purpose.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Cliffs Natural Resources Inc. has executed
this certificate as of the date set forth below.

 

 

 

	 	CLIFFS NATURAL RESOURCES INC.
	 	By:	/s/ Terrance M. Paradie
	 	 	Name: Terrance M. Paradie	 
	 	 	Title: Senior Vice President

	 
	 	 	and Chief Financial Officer	 
	 	 	 	 
	 	By: 	/s/ Matthew C. Bittner
	 	 	Name: Matthew C. Bittner	 
	 	 	Title: Vice President and Treasurer	 
	 	 	 	 
	 	Dated: February 21,
2013	 

  

 

 

TRANSFER AGENT’S CERTIFICATE OF AUTHENTICATION

 

This is one of the certificates representing
shares of Series A Preferred Stock referred to in the within mentioned Articles.

 

 

 

	 	
        Wells Fargo Bank, N.A.,

        as Transfer Agent

         

	 	By:	/s/ Mark Henning
	 	 	Name: Mark Henning	 
	 	 	Title: Vice President	
	 	 	 	 
	 	Dated: February 21,
2013	 

   

    	2

    	 

    

 

REVERSE OF SECURITY

 

CLIFFS NATURAL RESOURCES INC.

 

7.00% Series A Mandatory Convertible Preferred
Stock, Class A

 

Dividends on each share of Series A Preferred Stock shall be
payable in cash at a rate per annum set forth on the face hereof or as provided in the Articles.

 

The shares of Series A Preferred Stock shall not be redeemable
by the Corporation. The shares of Series A Preferred Stock shall be convertible into the Corporation’s Common Shares in the
manner and according to the terms set forth in the Articles.

 

The Corporation shall furnish to any Holder without charge a
copy of the express terms of the shares of Series A Preferred Stock represented by this certificate and of the other classes and
series of shares that the Corporation is authorized to issue within five days of receipt of written request thereof.

 

    	3

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned assigns
and transfers the shares of Series A Preferred Stock evidenced hereby to:

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

(Insert assignee’s social security or tax identification
number)

 

_______________________________________________________________________________________________

 

(Insert address and zip code of assignee)

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

and irrevocably appoints:

 

_______________________________________________________________________________________________

 

agent to transfer the shares of Series A Preferred Stock evidenced
hereby on the books of the Transfer Agent and Registrar. The agent may substitute another to act for him or her.

 

Date: __________________

 

Signature: ______________________

 

(Sign exactly as your name appears on the other side of this
Series A Preferred Stock Certificate)

 

Signature Guarantee: _____________________1

 

 

 

1
Signature must be guaranteed by an “eligible guarantor institution” (i.e., a bank, stockbroker, savings
and loan association or credit union) meeting the requirements of the Registrar, which requirements include membership or participation
in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

 

    	4

    	 

    

 

NOTICE OF CONVERSION

 

(To Be Executed by the Registered Holder

in Order to Convert the Series A Preferred Stock Prior to February 1, 2016)

 

The undersigned hereby irrevocably elects to convert (the “Conversion”)
_______ shares of 7.00% Series A Mandatory Convertible Preferred Stock, Class A (the “Series A Preferred Stock”),
represented by stock certificate No(s). __ (the “Series A Preferred Stock Certificates”) into common shares,
par value $0.125 per share (the “Common Shares”), of Cliffs Natural Resources Inc. (the “Corporation”)
pursuant to Section 8[(c)]2 [(d)]3 of Subdivision A-1 of the Second Amended Articles of Incorporation of
the Corporation, as amended, establishing the terms of the Series A Preferred Stock (the “Articles”), and according
to the conditions of the Articles, as of the date written below. If Common Shares are to be issued in the name of a person other
than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such
certificates. No fee will be charged to the Holder for any conversion, except for the transfer taxes described above, if any. A
copy of each Series A Preferred Stock Certificate is attached hereto (or evidence of loss, theft or destruction thereof).

 

The Corporation is not required to issue Common Shares until
the original Series A Preferred Stock Certificate(s) (or evidence of loss, theft or destruction thereof) to be converted are received
by the Corporation or its Transfer Agent. The Corporation shall issue and shall deliver or cause to be delivered Common Shares
not later than three Business Days following receipt of the original Series A Preferred Stock Certificate(s) to be converted.

 

Capitalized terms used but not defined herein shall have the
meanings ascribed thereto in or pursuant to the Articles.

 

Date: ______________________________________________________

Number of shares of Convertible Series A Preferred Stock to
be converted: _________________

Signature: __________________________________________________

Name: _____________________________________________________

Address:4 __________________________________________________

Fax No.: ___________________________________________________

 

 

Fill in for registration of Common Shares if to be issued other
than to and in the name of the registered Holder:

 

Name: _____________________________________________________

Address: ___________________________________________________

 

 

2
Insert for Early Conversion.

 

3 Insert for Fundamental Change
Conversion.

 

4 Address
where Common Shares and any other payments or certificates shall be sent by the Corporation.

 

    	5Exhibit 4.1

 

CERTIFICATE OF DESIGNATION

OF

CLASS B COMMON STOCK

OF

NEWBRIDGE
Bancorp

 

Section 1.       Designation.
The class of non-voting common stock, no par value, of the Corporation hereby created shall be designated as the “Class
B Common Stock” (referred to herein as the “Class B Common Stock”).

 

Section 2.       Rights.  Except
as set forth in Section 3 below, the Class B Common Stock shall have the same preferences, limitations and relative rights as,
share ratably with and be identical in all respects to the Class A Common Stock as to all matters.  Each share of Class
B Common Stock shall have the same relative preferences, limitations and relative rights as, and shall be identical in all respects
with, all the other shares of Class B Common Stock.

 

Section 3.       Voting
Rights.  The holders of Class B Common Stock shall have no voting rights except as provided herein or required by
law. Notwithstanding the foregoing, and in addition to any other vote required by law, the affirmative vote of the holders of a
majority of the outstanding shares of Class B Common Stock, voting separately as a class, shall be required to amend (including
by merger or otherwise) the Corporation’s Articles of Incorporation, as amended, to significantly and adversely affect the
designation, preferences, limitations or relative rights of all or part of the shares of Class B Common Stock.

 

Section 4.       Distributions.  Subject
to preferential distribution rights, if any, applicable to any shares of the Preferred Stock, the holders of Class B Common Stock
shall be entitled to receive, to the extent permitted by law, such distributions as may be declared from time to time by the Board
of Directors on the Class A Common Stock.  The holders of the Class B Common Stock shall share ratably in any distributions
made on the Class B Common Stock in proportion to the number of shares of Class B Common Stock held by each such holder.  Notwithstanding
the foregoing, no distribution payable in Class A Common Stock or rights or warrants to subscribe for Class A Common Stock shall
be declared on the Class B Common Stock and no dividend payable in Class B Common Stock or rights or warrants to subscribe for
Class B Common Stock shall be declared on the Class A Common Stock, but instead, in the case of such a dividend, each class shall
receive such dividend in like stock or rights or warrants to subscribe for like stock.

 

Section 5.       Distributions.  In
the event of a dissolution of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed
to the holders of shares of Preferred Stock, holders of the Class A Common Stock and the Class B Common Stock shall be entitled
to receive all the net assets of the Corporation of whatever kind available for distribution to shareholders ratably in proportion
to the number of shares of Class A Common Stock and Class B Common Stock held by them.

 

    	 

    	 

    

 

 

Section 6.       Adjustment.  In
the event of any stock split, combination or other reclassification of shares of either the Class A Common Stock or the Class B
Common Stock, the outstanding shares of the other class shall be proportionately split, combined or reclassified in a similar manner;
provided, however, that in any such transaction, holders of Class A Common Stock shall receive only shares of Class A Common Stock
and holders of Class B Common Stock shall receive only shares of Class B Common Stock.

 

Section 7.       Conversion.

 

a.      The
Class B Common Stock may be converted into Class A Common Stock in accordance with the provisions of this Section 7 by any Convertible
Holder following an Approved Transfer (as defined herein).  The term “Approved Transfer” means a sale
or other transfer (i) to an Affiliate of the Initial Holder of the Class B Common Stock to be transferred under common control
with such Initial Holder’s ultimate parent, general partner, managing member or investment adviser but only if the transferee
agrees in writing for the benefit of the Corporation to be bound by the terms of that certain Securities Purchase Agreement by
and between the Corporation and the purchaser named therein pursuant to which the securities convertible into such shares of Class
B Common Stock were sold to such Initial Holder (the “Purchase Agreement”); (ii)  in a widespread public
distribution; (iii) to a person that would control more than 50% of any class of the Corporation’s outstanding “voting
securities” (as defined in the Bank Holding Company Act of 1956, as amended, and any rules or regulations promulgated thereunder)
without any transfer from the transferor; or (iv) in which no transferee (or group of associated transferees) would receive 2%
or more of any class of voting securities of the Corporation outstanding at such time. The term “Initial Holder”
means the purchaser of such Class B Common Stock pursuant to the Purchase Agreement. The term “Affiliate” means,
with respect to any person, any person directly or indirectly, controlling, controlled by or under common control with, such other
person.  “Convertible Holder” means a holder of Class B Common Stock, other than the Initial Holder
of such Class B Common Stock or an Affiliate thereof, who acquires one or more shares of Class B Common Stock in an Approved Transfer.

 

b.      Conditions
of Conversion.  Following an Approved Transfer, a Convertible Holder may surrender to the Corporation (at the principal
office of the Corporation) a certificate or certificates representing all or part of the Convertible Holder’s shares of Class
B Common Stock and in such event each share of Class B Common Stock represented by such certificate or certificates will convert
into one share of Class A Common Stock; provided that, in connection with any transfer of shares of Class B Common Stock pursuant
to a transfer described in clause (ii), clause (iii) or clause (iv) of the definition of “Approved Transfer” above,
upon the request of the transferor, the transferor shall be entitled to surrender to the Corporation shares of Class B Common Stock
to be so transferred, and, upon such surrender, the Corporation shall issue to the transferee, in lieu of shares of Class B Common
Stock surrendered, an equal number of shares of Class A Common Stock.  Except as otherwise provided herein, each conversion
of Class B Common Stock shall be deemed to have been effected as of the close of business on the date on which the certificate
or certificates representing such shares of Class B Common Stock to be converted have been surrendered for conversion at the principal
office of the Corporation.  Notwithstanding any other provision hereof, if a conversion of Class B Common Stock is to
be made in connection with a merger, reclassification or other transaction in which the shares of Class A Common Stock are exchanged
for or changed into other stock or securities, cash and/or any other property or in any dissolution or liquidation, the conversion
of any shares of Class B Common Stock may, at the election of the holder thereof, be conditioned upon the consummation of such
event or transaction, in which case such conversion shall not be deemed to be effective until such event or transaction has been
consummated.

 

    	 

    	 

    

 

c.      Reservation
of Stock Issuable Upon Conversion.  The Corporation shall at all times reserve and keep available out of its authorized
but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the Class B Common Stock, such
number of shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares
of Class B Common Stock.  The Corporation shall take all action necessary so that all shares of Class A Common Stock
issuable upon conversion of Class B Common Stock will, upon issue, be duly and validly issued, fully paid, and non-assessable,
and free from all taxes, liens, charges and encumbrances in respect of the issuance or delivery thereof.  The Corporation
shall take all such actions as may be necessary to assure that all such shares of Class A Common Stock issuable upon conversion
of the Class B Common Stock may be so issued without violation of any applicable law or governmental regulation or any requirements
of any domestic securities exchange upon which shares may be listed (except for official notice of issuance which shall be immediately
delivered by the Corporation upon each such issuance).  The Corporation shall not take any action which would cause the
number of authorized but unissued shares of Class A Common Stock to be less than the number of such shares required to be reserved
hereunder for issuance upon conversion of the Class B Common Stock.

 

Section 8.       Mergers,
Etc.  In the event of any merger, reclassification or other transaction in which the shares of Class A Common Stock
are exchanged for or changed into other stock or securities, cash and/or any other property, each share of Class B Common Stock
will at the same time be similarly exchanged or changed in an amount per whole share equal to the aggregate amount of stock, securities,
cash and/or any other property (payable in kind), as the case may be, that each share of Class A Common Stock would be entitled
to receive as a result of such transaction, provided that at the election of such holder, any securities issued with respect to
the Class B Common Stock shall be non-voting securities under the resulting corporation’s organizational documents and the
Corporation shall make appropriate provisions (in form and substance reasonably satisfactory to the holders of a majority of the
Class B Common Stock then outstanding) and take such actions necessary to ensure that holders of the Class B Common Stock shall
retain securities with substantially the same privileges, limitations and relative rights as the Class B Common Stock. Subject
to the foregoing, in the event the holders of Class A Common Stock are provided the right to convert or exchange Class A Common
Stock for stock or securities, cash and/or any other property, then the holders of the Class B Common Stock shall be provided the
same right based upon the number of shares of Class A Common Stock such holders would be entitled to receive if such shares of
Class B Common Stock were converted into shares of Class A Common Stock immediately prior to such offering. In the event that the
Corporation offers to repurchase shares of Class A Common Stock from its shareholders generally, the Corporation shall offer to
repurchase Class B Common Stock pro rata based upon the number of shares of Class A Common Stock such holders would be entitled
to receive if such shares were converted into shares of Class A Common Stock immediately prior to such repurchase. In the event
of any pro rata subscription offer, rights offer or similar offer to holders of Class A Common Stock, the Corporation shall provide
the holders of the Class B Common Stock the right to participate based upon the number of shares of Class A Common Stock such holders
would be entitled to receive if such shares were converted into shares of Class A Common Stock immediately prior to such offering;
provided that at the election of such holder, any shares issued with respect to the Class B Common Stock shall be issued in the
form of Class B Common Stock rather than Class A Common Stock.

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