Document:

Exhibit

	
	
	CLIFFS NATURAL RESOURCES INC. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE ACCORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933. CLIFFS NATURAL RESOURCES INC. HAS SEPARATELY FILED THE OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION.

EXHIBIT 10.72 

PELLET SALE AND PURCHASE AGREEMENT
BY AND AMONG
CLIFFS NATURAL RESOURCES INC., CLIFFS MINING COMPANY,
THE CLEVELAND-CLIFFS IRON COMPANY
AND
ARCELORMITTAL USA LLC

Dated as of October 31, 2016

PELLET SALE AND PURCHASE AGREEMENT
This Pellet Sale and Purchase Agreement (the “Agreement”) is entered into and effective as of October 31, 2016 by and among Cliffs Natural Resources Inc., The Cleveland-Cliffs Iron Company and Cliffs Mining Company (collectively, “Cliffs”) and ArcelorMittal USA LLC (“AM”).
RECITALS
WHEREAS, AM desires to purchase from Cliffs, and Cliffs desires to sell to AM,  Northshore, Hibbing, UTAC and Tilden Pellets for the Term of this Agreement, subject to the terms and conditions hereof.
NOW, THEREFORE, in consideration of the premises set forth above, their mutual covenants and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		
	1.
	DEFINITIONS.

“AAA” has the meaning set forth in Section 20(b).
“Agreement” has the meaning set forth in the Preamble.
“AM” has the meaning set forth in the Preamble.
“Adjusted Annual Base Price” has the meaning set forth in Section 4(b).
“Affiliate” means, with respect to any party, any Person who directly or indirectly controls, is controlled by or is under direct or indirect common control with, such party.  A Person shall be deemed to “control” another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person through the ownership of voting securities, by contract or otherwise.
“AM Annual Requirements” means the collective total of the AM Cleveland Annual Tonnage Requirements, the AM Indiana Harbor West Annual Tonnage Requirements, and the AM Indiana Harbor East Annual Tonnage Requirements for a given Year.
“AM Cleveland” means AM’s steel-making facility in Cleveland, Ohio.
“AM Cleveland Annual Tonnage Requirements” means for any Year the tonnage of Cliffs Pellets required for consumption on AM’s C-5 and C-6 blast furnaces at AM Cleveland.
“AM Indiana Harbor East” means AM’s steel-making facility in East Chicago, Indiana containing Blast Furnace IH-7.
“AM Indiana Harbor East Annual Tonnage Requirements” means for any Year the tonnage of Cliffs Pellets required for consumption on AM’s IH-7 blast furnace at AM Indiana Harbor East, in excess of the pellets available for such blast furnace from AM’s Minorca mine located near Virginia, Minnesota.
“AM Indiana Harbor West” shall mean AM’s steel-making facility in East Chicago, Indiana containing Blast Furnaces IH-3 and IH-4.
“AM Indiana Harbor West Annual Tonnage Requirements” means for any Year the tonnage of Cliffs Pellets required for consumption on Blast Furnaces IH-3 and IH-4 at AM Indiana Harbor West.
“AMM” means the industry recognized periodical American Metal Markets.
“AMM Hot Band Price” shall have the meaning set forth in Section 5(a).
“Arbitral Panel” has the meaning set forth in Section 20(c).

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“ASTM” means ASTM International. ASTM International is an international standards organization that develops and publishes voluntary consensus technical standards for a wide range of materials, products, systems and services.
“Bankruptcy Law” has the meaning set forth in Section 15(c)(iii).
“Certificate of Analysis” or “COA” means the document issued by a certified laboratory defining the vessel information, bill of lading date, product (or grade), customer, dock, product, cargo identification number, tonnage, destination, and certified chemical and physical assays performed in accordance with Section 8, for each cargo.
“Certified Laboratory” means a Cliffs internal laboratory operating in compliance with the requirements of ISO 9001 or external ISO 9001 or ISO 17025 certified external laboratory, designated by Cliffs and approved by AM.
“Cliffs” has the meaning set forth in the Preamble.
“Cliffs Pellets” means collectively, Hibbing Pellets, Northshore Pellets, Tilden Pellets and UTAC Pellets, and any other mutually agreeable iron ore bearing pellets produced at a facility owned, operated or managed by Cliffs that, in each case, are suitable for use in the blast furnaces in question and shall be consistent with the pellet specifications provided for in Exhibit C.
“Commission” has the meaning set forth in Section 19(c).
“Confidential Information” has the meaning set forth in Section 19(a).
“Controversy” has the meaning set forth in Section 20(b).
“Excess Annual Requirements Tonnage” shall have the meaning set forth in Section 2(c).
“Facility” means each of AM Indiana Harbor East, AM Indiana Harbor West and AM Cleveland.
“Force Majeure Event” has the meaning set forth in Section 13(a).
“Hibbing Pellets” means pellets produced at the Hibbing Taconite Company (“Hibbing”), located in Hibbing, Minnesota.
“ISO” means International Organization for Standardization. ISO is an international standard-setting body composed of representatives from various national standards organizations.
“Lot Composite Sample” means a gross, composite quantity of Cliffs Pellets obtained by combining subsamples from the same shipment that have been collected and prepared in accordance with applicable ASTM standards and guidelines and are representative of the quality of the entire shipment of Cliffs Pellets.
“Mustang Pellet” has the meaning set forth in Section 2(a)(iii).
“Net Ton” means 2,000 pounds avoirdupois at natural moisture.
“Northshore Pellets” means pellets produced at the Northshore Mining (“Northshore”), located in Silver Bay, Minnesota.
“pellets” mean iron ore in pellet form suitable for use in the blast furnaces.
“Permanent Shutdown” has the meaning set forth in Section 3(f).
“Person” means any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or any other legal entity.

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“Platts” means seaborne traded iron ore fines information as published in the McGraw-Hills Companies Platts publication “Steel Markets Daily” or a successor publication.
“Platts Annual Price” has the meaning set forth in Section 4(b)(i).
“Preamble” means the all paragraphs in the Agreement that precede this Section 1.
“***” has the meaning set forth in Section 6(b).
“Shipment Week” has the meaning set forth in Section 6(a).
“***” has the meaning set forth in Section 5.
“Retained Sample” has the meaning set forth in Section 8(c)(ii).
“Revised Adjusted Annual Base Price” shall have the meaning set forth in Section 4(b).
“Term” has the meaning set forth in Section 15(a).
“***” has the meaning set forth in Section 5(a)
“Tilden Pellets” means pellets produced at the Tilden Mining Company LC ("Tilden"), located in Ishpeming, Michigan.
“Ton,” “Tonnage” or “Natural Gross Ton” means a gross ton of 2,240 pounds avoirdupois at natural moisture.
“Typical Specifications and Analysis Limits” means the average or “typical” value and, specification limits for chemical and physical assays for Cliffs Pellets to be delivered under this Agreement, as set forth on Exhibit C.
“UTAC Pellets” means pellets produced at the United Taconite LLC (“UTAC”), located in Eveleth, Minnesota, including the UTAC full flux “Mustang” pellet.
“Vessel Shipping Season” means generally March 25 of the current calendar year through January 15 of the following calendar year, but may be adjusted by the Army Corps of Engineers.
“Year” means a calendar year (starting and including January 1 and ending and including December 31).
Unless the context of this Agreement otherwise expressly requires: (i) references to the plural include the singular, and references to the singular include the plural, (ii) the terms “hereof,” “herein,” “hereunder,” “hereto” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement and (iii) the terms “day” and “days” mean and refer to calendar day(s).
2.    SALE AND PURCHASE TONNAGE.
(a)During the Years 2017 through 2026, Cliffs shall sell and deliver to AM and AM shall purchase, receive and pay for all of the following  meeting the quality and other standards of the Agreement:
		
	(i)
	Tonnage of Cliffs Pellets equal to the AM Cleveland Annual Tonnage Requirements;

		
	(ii)
	Tonnage of Cliffs Pellets equal to the AM Indiana Harbor West Annual Tonnage Requirements; and

		
	(iii)
	Tonnage of UTAC full flux pellets (“Mustang Pellets”) equal to the AM Indiana Harbor East Annual Tonnage Requirements, ***.  Both parties recognize at the time of execution UTAC has not produced Mustang Pellets.  The parties agree to meet after *** months of production to discuss and review the operational capability of UTAC to produce Mustang Pellets.  ***.  The parties shall reduce any alteration to writing to be executed by both parties.

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(a)    For the Year 2017 only ***.
		
	(iv)
	If AM’s Minorca mine ceases to provide iron ore pellets then Cliffs and AM agree to meet and determine if there is a mutually agreeable solution for AM’s tonnage needs and that takes into consideration Cliffs’ need for timely notice to alter its mine plans.  However, unless the parties mutually agree, Cliffs is not required to provide additional iron ore pellets in excess of the maximum as set forth in Section 2(b).

(b)Notwithstanding the above, unless otherwise excused or permitted per the terms of this Agreement, AM must nominate and purchase an aggregate minimum of 7 million Tons annually (from any one or any combination of categories (i), (ii) and (iii) above), and Cliffs must deliver and sell Cliffs Pellets for the AM Annual Requirements up to an aggregate maximum of 10.0 million Tons annually.  For the ***.
(c)After *** of each contract Year, AM shall notify Cliffs of the maximum Tonnage of Cliffs Pellets that it can purchase and take delivery of from Cliffs in the following contract Year.  Cliffs shall confirm within fifteen (15) days of such written notification from AM the maximum Tonnage of Cliffs Pellets that it can sell and deliver to AM. In no event shall this maximum Tonnage be less than the maximum Tonnage volumes in Section 2(b) above. If the Tonnage of Cliffs Pellets is less than AM Annual Requirements Tonnage, then AM is free to obtain a Tonnage of pellets from other sources equal to the difference between the maximum Cliffs Tonnage and the AM Annual Requirements Tonnage for the following contract Year.  However, if Cliffs can supply all or a portion of AM Annual Requirements Tonnage in excess of the maximum Tonnage volumes in Section 2(b) above (“Excess Annual Requirements Tonnage”), then for any such Year the minimum in Section 2(b) above shall be adjusted upward in the same tonnage as the Excess Annual Requirements Tonnage (e.g. if the Excess Annual Requirements tonnage is 1 million tons then the minimum for such year shall increase to 8 million tons).
(d)The parties to this Agreement understand that it is a requirements contract.  The Cliffs Pellets sold by Cliffs to AM pursuant to this Agreement are for consumption purposes only, and AM shall not sell or transfer the Cliffs Pellets to a third party.  However, AM may transfer the Cliffs Pellets to another AM facility or affiliate following written notification to Cliffs.  
3.    NOTIFICATION AND NOMINATION.
(a)    Beginning on ***, 2016 for the Year 2017, and on or by *** of each following Year, ending on ***, 2025, AM shall notify Cliffs in writing of the preliminary estimated AM Cleveland Annual Tonnage Requirements, the preliminary estimated AM Indiana Harbor West Annual Tonnage Requirements and the preliminary estimated AM Indiana Harbor East Tonnage Requirements for the following Year. This notice shall include for each Facility:
		
	(i)
	The expected starting Cliffs Pellets inventory as of *** of such Year and the estimated ending Cliffs Pellets inventory as of *** of such Year;

		
	(ii)
	An individual Facility operating plan by month indicating the estimated pellet consumption from *** to *** of the Year in question; and

		
	(iii)
	The Tonnage of Cliffs Pellets that AM estimates it will purchase during the Year.

(b)    In respect of the AM Annual Requirements, AM shall inform Cliffs in writing before the *** of ***:
		
	(i)
	The actual consumption of Cliffs Pellets at the designated blast furnaces at each Facility in the previous ***;

		
	(ii)
	The planned *** consumption of Cliffs Pellets for the remaining *** in the *** and the planned consumption for the first *** of the following ***, in each case at the designated blast furnaces at each Facility; and

		
	(iii)
	The actual starting Cliffs Pellets inventory as of *** of such *** and the estimated ending Cliffs Pellets inventory as of *** of such ***.

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(c)    Cliffs shall have the right to determine the type of Cliffs Pellets that will be delivered to meet the AM Cleveland Annual Tonnage Requirements and the AM Indiana Harbor West Annual Tonnage Requirements and shall provide a written notification to AM on or before *** setting forth such type of Cliffs Pellets to be provided in the following Year.  Unless mutually agreed only Mustang Pellets shall be supplied to meet the AM Indiana Harbor East Annual Requirements.  Cliffs recognizes that AM has a preferred type of pellets for both AM Cleveland and AM Indiana Harbor West and will take that into consideration when determining the Cliffs Pellets it will provide to those facilities.  Specifically, Cliffs acknowledges that AM Cleveland prefers not to receive flux Pellets and that AM Indiana Harbor West prefers not to receive more than two Cliffs Pellet types, or more than 70% flux pellets.
(d)    If *** to Section 3(b) ***, so long as AM’s Annual Requirements do not fall below the 7 million Ton minimum in Section 2(b) or modified minimum in Section 2(c) above.  Further, *** as set forth in Section 2(a)(iii) above.
(e)    If *** nomination, AM will inform Cliffs pursuant to Section 3(b) above of the tonnage of Cliffs Pellets that AM shall purchase and Cliffs shall sell provided that if the remaining requirement increases by more than *** Tons *** from the previous *** requirement or if the total *** requirement increases above the original nomination in Section 3(a), then Cliffs shall inform AM in writing within fifteen (15) days of such notice of whether Cliffs’ ability to supply all or any portion of the increased tonnage. In the event Cliffs cannot supply the increase, AM is free to obtain pellets from alternate sources, including by moving pellets (whether or not such pellets are Cliffs Pellets) between facilities (which may include, but will not be limited to, AM Cleveland, AM Indiana Harbor West and AM Indiana Harbor East).  If the *** nomination from AM exceeds the maximum annual nomination limit set forth in Section 2(c) above, then the same provisions in Section 2(c) shall apply.
(f)    Blast Furnace Shutdowns.
		
	(i)
	For purposes of this Section 3(f), “Permanent Shutdown” means a blast furnace will not operate to produce molten iron for a period of at least three (3) years.

		
	(ii)
	In the event of a Permanent Shutdown of *** at the *** the AM minimum purchase obligation and the Cliffs maximum supply obligation set forth in Section 2(b) above shall both be ***. However, Cliffs shall have the right to substitute an alternative flux pellet that has a ***, which may be delivered as an alternative pellet to another AM facility.

		
	(iii)
	In the event of a Permanent Shutdown of any blast furnace at *** or ****, the AM minimum purchase obligation and Cliffs maximum supply obligation set forth in Section 2(b) above shall each be *** tons for each furnace Permanently Shutdown. In the event of a Permanent Shutdown of all of the blast furnaces subject to this Agreement, then AM may transfer the Cliffs Pellets to another AM facility or affiliate following written notification to Cliffs.

		
	(iv)
	The provisions of the Section 3(f) take effect twelve (12) months after AM gives written notice of any planned Permanent Shutdown of any blast furnace. In the event that AM elects within twelve (12) months of its initial notification not to shut down a blast furnace that was the subject of a notice of Permanent Shutdown or restarts production at any blast furnace within twelve (12) months of a Permanent Shutdown, the annual amounts of Tonnage shall revert to the minimum amounts that would have been effective absent such reduction.  Where there was a notice of Permanent Shutdown and more than twelve (12) months have passed from the notice date, but the subject blast furnace was not actually shutdown, then the parties agree to meet and determine if there is a solution for AM’s Tonnage needs that takes into consideration Cliffs’ need for timely notice to alter its mine plans.  If the parties agree to a solution, then the minimum amounts that were in effect before such reduction shall be reinstated.  

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4.    PRICE AND ADJUSTMENTS.
(a)    The base for *** for each grade of Cliffs Pellet shall be:
	
						
	 
	Indiana
	 
	Pellet
	Indiana
	 

	 
	Harbor
	Cleveland
	Fe
	Harbor
	Cleveland

	 
	$/gtu
	$/gtu
	Natural
	$/WGT
	$/WGT

	Hibbing Standard
	$***
	$***
	64.50
	$***
	$***

	Hibbing HC
	$***
	$***
	64.25
	$***
	$***

	Northshore Standard
	$***
	$***
	63.25
	$***
	$***

	Tilden Hematite Flux
	$***
	$***
	60.58
	$***
	$***

	United Standard
	$***
	$***
	63.67
	$***
	$***

	Mustang
	$***
	$***
	***
	$***
	$***

All prices above are *** and *** associated with *** to the AM Facilities.
(b)    In *** and subsequent Years, the base price per iron unit ($/gtu) shall be adjusted as follows (“***”):
		
	(i)
	*** (x) the ***, which is the amount by which the annual published *** the *** the *** (“***”) *** for the Year in determination *** (*** or ***) *** the *** Year’s ***; *** (y) the ***, which is the *** Year’s ***, and *** the result obtained of (x) *** (y) ***; and

		
	(ii)
	*** the *** determined in (i) above by the preceding Year’s Adjusted Annual Base Prices, which will then yield the price adjustment per iron unit; and

		
	(iii)
	*** the *** determined in (ii) above *** preceding Year’s Adjusted Annual Base Prices, which *** will then equal the current Year’s Adjusted Annual Base Prices.

Following the end of each the second and third calendar quarters during the then-current Year, Cliffs shall provide a revised estimated Adjusted Annual Base Prices for such Year based on the most recently published data (“Revised Adjusted Annual Base Prices”).  The Revised Adjusted Annual Base Prices may result in amounts due to or from AM, as the case may be, based upon the difference between Cliffs’ provisional calculation and the Revised Adjusted Annual Base Prices for the second calendar quarter and may result in amounts due to or from AM, as the case may be based upon the difference between the second calendar quarter Revised Adjusted Annual Base Prices and the third calendar quarter Revised Adjusted Annual Base Prices.  Payment to or from AM shall be due ten (10) days following the receipt of the invoice or credit memo, as the case may be, from Cliffs.
(c)    Those Adjusted Annual Base Prices per iron unit shall then become the then-current Year’s estimated price for the Cliffs Pellets for the Year in determination.
(d)    Cliffs shall verify the final Adjusted Annual Base Prices of the prior Year’s deliveries no later than February 15 following such Year.  Any payment due from Cliffs to AM or AM to Cliffs shall be made by March 1.
(e)    Sample calculations of the Adjusted Base Prices are set forth in Exhibit A, attached hereto and incorporated herein.
5.    ***.
(a)    In any Year in which the *** provided for in Section 5(a)(i) and Section 5(a)(ii) below there shall be a *** in Section 5(a)(i) and Section 5(a)(ii) below (“***”).
		
	(i)
	In 2017 the *** shall be $*** per Net Ton; in 2018 the *** shall be $*** per Net Ton; and in 2019 the *** shall be $*** per Net Ton.

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	(ii)
	Beginning in the year 2020, and in subsequent years, the prior year’s *** shall be adjusted by *** (x) the *** which is the amount by which the *** (series *** published by the *** for the year in determination changes (up or down) from the immediately preceding year’s *** (series *** (y) the *** which is the immediately preceding year’s *** (series *** and then *** the result obtained by (x) *** (y) ***.

(b)    If, in any of the first three (3) quarters of a Year, the *** is *** or *** the *** per Net Ton in either Section 5(a)(i) or 5(a)(ii) above, a *** shall be made by Cliffs, or AM, as the case may be, based upon the average *** of the previous quarter.
(c)    Within fifteen (15) days of the end of each quarter, AM shall notify Cliffs of the consumption of each Pellet type by the designated blast furnaces at each Facility in such quarter.  Within fifteen (15) days of the end of each quarter, Cliffs shall notify AM of the actual ***.  Within thirty (30) days after the end of the quarter, payment shall be made by Cliffs to AM or AM to Cliffs, whichever the case may be.
(d)    In the event that the *** is *** the *** per Net Ton in either Section 5(a)(i) or Section 5(a)(ii) above, Cliffs shall pay to AM a sum equal to (with the various calculations being made in the order set forth below):
		
	(i)
	The *** the *** and the *** per Net Ton in either Section 5(a)(i) or Section 5(a)(ii) above, ***

		
	(ii)
	The  actual Adjusted Base Prices per Ton price for the type(s) of Pellets consumed at the Facility, with the *** of (i) and (ii) being ***

		
	(iii)
	The tonnage of each Pellet type consumed at the Facility, with the *** of (ii) and (iii) being ***. This final *** will be the *** by Cliffs to AM for the quarter.

(e)In the event that the *** is above the *** per Net Ton in either Section 5(a)(i) or Section 5(a)(ii) above, AM shall pay to Cliffs a sum equal to (with the various calculations being made in the order set forth below):
		
	(i)
	The *** the *** and the *** per Net Ton in either Section 5(a)(i) or Section 5(a)(ii) above, ***

		
	(ii)
	The actual Adjusted Base Prices per Ton price for the type(s) of Pellets consumed at the Facility, with the *** of (i) and (ii) being ***

		
	(iii)
	The tonnage of each Pellet type consumed at the Facility, with the *** of (ii) and (iii) ***.  This final *** will be the *** by AM to Cliffs for the quarter.

(f)No later than January 15 after the end of each Year AM shall provide the actual consumption of each Pellet type by the designated blast furnaces at each Facility in such Year. No later than January 31 after the end of each Year, Cliffs shall provide a final *** calculation using the above formula with the actual *** for such year.  Any difference between this calculation and the sum of the three (3) quarterly payments shall be paid by the appropriate party by February 15th.
(g)If *** required to determine the *** during any Year, or ***, then the parties shall negotiate in good faith *** information. Should the parties fail to reach a mutually agreeable resolution within sixty (60) days of receipt of written notice by a Party requesting such negotiations, then the parties shall resolve the dispute according to Section 20. Sample calculations of the *** are set forth in Exhibit B, attached hereto and incorporated herein.
6.    PAYMENT AND DELIVERY TERMS.
(a)    Following each calendar week Monday through Sunday (“Shipment Week”), Cliffs shall prepare an invoice based on the Adjusted Base Price per iron unit, the Certificate of Analysis for iron percentage and the bill of lading the quantity shipped during the Shipment Week to AM Cleveland, AM Indiana Harbor East and AM Indiana Harbor West.  AM shall pay Cliffs all amounts due for the Cliffs Pellets by wire transfer of funds on the Wednesday of the 4th week following the Shipment Week.

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(b)    AM shall *** to Cliffs *** and *** and *** the Cliffs Pellets to the extent that AM *** of any Cliffs Pellets *** as required.  The *** to Cliffs *** to a *** of *** and shall *** upon the date of *** from AM *** for such ***.  Prior to such ***, Cliffs Pellets will at all times be *** and *** of *** or *** created by or through AM or any of its affiliates that is *** to the *** to Cliffs.
(c)    Cliffs shall retain title to the cargoes of Cliffs Pellets delivered during the Shipment Week.  Title, and all risk of loss, damage or destruction of the Cliffs Pellets shall transfer from Cliffs to AM following the receipt of payment from AM.
7.    QUALITY.
(a)    Cliffs Pellets, when loaded for shipment, shall conform to the designated grades and their respective specifications as defined in the Typical Specifications and Analysis Limits set forth in Exhibit C. Conformity shall be based on the Certificate of Analysis issued by Cliffs Certified Laboratory.
		
	(i)
	The Typical Specifications and Analysis Limits set forth in Exhibit C for the Mustang Pellet are transitional.  Both parties understand that the Mustang Pellet is a new product and are working together to determine the Typical Specifications and Analysis Limits that are commercially reasonable for Cliffs to produce and AM to consume.  Cliffs shall complete its Mustang Pellet trial period not later than ***, or such earlier dates that Cliffs provides to AM with *** months’ written notice.  During such trial period the parties agree that Cliffs shall make commercially reasonable efforts to comply with the Typical Specifications and Analysis Limits in Exhibit C for the Mustang Pellet but shall not be subject to the price adjustment in Exhibit C.  From *** through ***, or such earlier dates that Cliffs provides to AM with *** months’ written notice,  the parties shall work together to determine what adjustments are required to produce a Mustang Pellet that is commercially reasonable for each party.  On or before ***, the parties shall reduce to writing and both sign an amendment to this Agreement setting forth the mutually agreed upon Typical Specifications and Analysis Limits for the Mustang Pellets.  In the event that Cliffs is unable to produce a Mustang Pellet that meets the following requirements: below *** (at the ***) while being below *** by ***, AM’s obligation to buy Mustang Pellets, and AM’s obligation to purchase the AM Indiana Harbor East Annual Tonnage Requirements under this Agreement shall be deemed void and of no further effect, and, further, AM’s Annual Requirements shall be reduced by *** Tons for the remainder of the Term, unless otherwise determined by AM in its sole discretion.

(b)    Cargos containing Cliffs Pellets that do not conform to the specification limits defined in the Typical Specifications and Analysis Limits set forth in Exhibit C shall be subject to price adjustments as defined in Exhibit C.
(c)    If the value for % +1/4” BT as recorded on a Certificate of Analysis is less than the lower specification limit defined in the Typical Specifications and Analysis Limits in Exhibit C, AM, at its option, may segregate and screen the Cliffs Pellets from that cargo and charge the costs back to Cliffs, however Cliffs shall have the right to inspect the cargo of Cliffs Pellets and sample and test the Cliffs Pellets prior to such screening.
(d)    Based on the Certificate of Analysis issued by Cliffs Certified Laboratory, when the result for any quality variable defined in the Typical Specifications and Analysis Limits of Exhibit C does not conform to specification limits, Cliffs shall prepare a non-conformance report and indicate the corrective actions taken to return to conformance on subsequent cargos. The report shall include notifications and actions for all variables not conforming to specification limits.
8.    SAMPLING AND ANALYSES.
(a)Pellet sampling procedures and analytical tests conducted on Cliffs Pellets sold to AM to demonstrate conformance with Typical Specifications and Analysis Limits shall be performed on each vessel shipment.  Sampling and test methods shall be in accordance with the appropriate current ASTM or ISO guidelines or Cliffs customary procedures and practices, or any other procedures and practices that may be mutually agreed to by Cliffs and AM.

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(b)    AM may, at any time, through one or more authorized representatives, and with prior notice Cliffs, be present to observe production, loading, sampling, and/or analysis of Cliffs Pellets being processed for shipment to AM. Requests shall be submitted to and coordinated by Cliffs’ Director - Global Corporate Quality.
(c)    Cliffs or Cliffs’ agent shall sample the Cliffs Pellets for each shipment. Sampling shall be performed at the loading port or, when it is not possible to take a representative sample at the loading port, prior to loading into rail cars at Cliffs operations. Sampling systems shall be designed in accordance with ASTM guidelines.  Cliffs shall collect at least one (1) Lot Composite Sample and prepare two (2) sample splits of no less than thirty (30) pounds from each Lot Composite Sample.  Sample splits shall be promptly distributed at Cliffs’ expense as follows:
		
	(i)
	One sample split from each Lot Composite Sample to the Certified Laboratory for analysis; and

		
	(ii)
	One sample split from each Lot Composite Sample shall be retained by Cliffs for at least sixty (60) days following the vessel departure date (“Retained Sample”).

(d)    AM may request additional splits from each Lot Composite Sample be taken and sent to a laboratory designated by AM. Cliffs shall provide identification information, including the type of Cliffs Pellet, date of sample, and vessel name for the requested sample. The costs associated with additional sample handling, preparation, and delivery to the designated laboratory shall be paid by AM.   AM may change its designated laboratory upon advance written notice to Cliffs.  AM’s designated laboratory shall be certified to ISO 9001 or ISO 17025, and shall be capable of performing physical and chemical analyses on iron ore pellets and concentrates in accordance with applicable current ISO or ASTM guidelines.
(e)    Physical and chemical analyses at the Certified Lab shall be performed in accordance with applicable current ISO or ASTM guidelines and, upon completion of the analysis, the Certificate of Analysis shall be immediately sent to AM or its designated Affiliate and to Cliffs.
		
	(i)
	Cliffs shall make commercially reasonable efforts to deliver the COA from the Certified Lab to AM or the designated AM Affiliate within forty eight (48) hours after vessel departure.  If the COA is not ready for distribution within forty-eight (48) hours, Cliffs will notify the designated AM contact listed in Section 8(e)(iii), prepare and distribute a preliminary COA including all results available, and issue a final certificate within seventy-two (72) hours of the vessel’s departure.

		
	(ii)
	If the results from Cliffs’ Certified Laboratory and AM’s designated laboratory are significantly different, AM should notify Cliffs and may request that the Retained Sample from the cargo in question be delivered to a third-party referee laboratory.  The referee laboratory shall be registered to ISO-9001 or ISO 17025 and be capable of performing chemistry and physical testing on iron ore pellets and concentrates. The selection of a referee laboratory shall be mutually agreed upon by the parties.  The results of the referee laboratory shall be conclusive for purposes of this Agreement.

		
	(iii)
	Cliffs shall immediately notify all contacts listed below when, upon completion of a Certificate of Analysis, any test result does not conform to a specification limit defined in the Typical Specifications and Analysis Limits set forth in Exhibit C.  Notifications shall be via email or telephone as indicated below.  If Cliffs fails to promptly notify AM, reasonable costs, including demurrage charges or similar penalties, to the extent incurred as a result of Cliffs’ failure or delay in delivering such notice, shall be paid by Cliffs.  AM may change the designated notice recipients and Ore Sourcing Manager at any time upon written notice to Cliffs.

10

	
		
	If destined for AM Indiana Harbor East:

	 
	(1)   Joe Moore
Telephone: (219) 399-8650
Email:  joseph.moore@arcelormittal.com

	 
	(2)   Control Room, IH-7
Telephone:  (219) 399-4507

	If destined for AM Indiana Harbor West:

	 
	(1)   Matt Collins
Telephone: (219) 399-4779
Email:  matthew.collins@arcelormittal.com

	If destined for AM Cleveland:

	 
	(1)   Nick Pugliese
Telephone: (216) 429-7526
Email:  nick.pugliese@arcelormittal.com

	For all AM locations, notice must also be made to the following:

	 
	(1)   Mickala Sherwood
Telephone: (219) 399-5842
Email:  Mickala.Sherwood@arcelormittal.com

	 
	(2)   Email:  AMUSAPurchasingContractAdministration@arcelormittal.com

9.    SHIPMENTS.  Shipments of Cliffs Pellets shall be in approximately equal amounts over the nine (9) month period of the Vessel Shipping Season each Year during the Term of this Agreement to ensure an adequate amount of inventory to allow a working pellet pile at AM’s blast furnace ore docks.
10.    WEIGHTS.
(a)    Except as set forth in Section 10(b) below, vessel bill of lading weight shall be determined by railroad scale weights, belt scale weights, or bin scale weights calibrated and maintained in accordance with the manufacturers specification in effect from time to time at each of the loading ports, and shall be accepted by the parties as finally determining the amount (quantity) of Cliffs Pellets delivered to AM pursuant to this Agreement.
(b)    In the event of a dispute, AM, at AM’s expense,  shall have the right to have a draft survey performed on vessels by an independent third party surveyor, mutually agreeable to both Cliffs and AM, to determine the weight of such shipment of Cliffs Pellets. If the vessel bill of lading weight is more than 3% higher or more than 3% lower than the draft survey weight, then the draft survey weight shall be the weight used in calculating the value of the cargo.  In the event that the variance is greater than 3%, Cliffs and AM will investigate and remedy the cause of the variance.
11.    EMPLOYMENT OF VESSELS.  Cliffs assumes the obligation for arranging and providing appropriate vessel transportation of the Cliffs Pellets delivered by Cliffs to AM’s blast furnace ore docks.  Such delivery shall be in approximately equal amounts over the Vessel Shipping Season.
12.    WARRANTIES.  The Cliffs Pellets supplied by Cliffs pursuant to this Agreement will satisfy the quality and other specifications set forth in this Agreement and the Exhibits to this Agreement.  THERE ARE NO WARRANTIES, EXPRESS OR IMPLIED, WHICH EXTEND BEYOND THE PROVISIONS OF THIS AGREEMENT, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR INTENDED PURPOSE.  All claims for substantial variance in quality of the Cliffs Pellets, as described herein, shall be given in writing delivered to Cliffs within the thirty (30) calendar days after completion of discharge at port of discharge.  No claim will be entertained after the Cliffs Pellets have been consumed.  Each party shall afford the other party prompt and reasonable opportunity to inspect the Cliffs Pellets as to which any claim is made as above stated.  The Cliffs Pellets shall not be returned without prior written consent of Cliffs.  In no event shall Cliffs be liable for lost profits, injury to good will or any other special or consequential damages.

11

13.    FORCE MAJEURE.
(a)    No party hereto shall be liable for damages resulting from failure to produce, deliver or accept all or any of the Cliffs Pellets as described herein, if and to the extent that such production, delivery or acceptance would be contrary to or would constitute a violation of any regulation, order or requirement of a recognized governmental body or agency coming into effect after the date hereof, or if such failure is caused by acts of God, war, insurrections, interference by foreign powers, strikes, lockouts, labor disputes, fires, floods, embargoes, accidents, acts of terrorism, or uncontrollable delays at the mines or any Facility, on the railroads, docks or in transit, shortage of transportation facilities, disasters of navigation, or other causes, similar or dissimilar, that are not reasonably foreseeable and are beyond the reasonable control of the party charged with a failure to deliver or to accept the Cliffs Pellets (such occurrence, a “Force Majeure Event”).
(b)    The party declaring a Force Majeure Event shall provide written notice to the other party as soon as practicable of the occurrence or, as appropriate, notification by a third party of the anticipated imminent occurrence of a Force Majeure Event or notification by a governmental authority of an imminent change in law or regulation which would result in a Force Majeure Event, and the probable extent and duration of the Force Majeure Event. The party declaring the Force Majeure Event shall thereafter keep the other party regularly informed of all developments and of the status of its efforts to mitigate the impact of the Force Majeure Event.
(c)    To the extent a Force Majeure Event is claimed hereunder by a party hereto, such Force Majeure Event shall relieve the other party from fulfilling its corresponding obligations hereunder to the party claiming such Force Majeure Event, but only for the period and to the extent of the claimed Force Majeure Event. The party that is subject to a Force Majeure Event shall use reasonable efforts to cure or remove the Force Majeure Event or overcome the effects of the Force Majeure Event as promptly as possible to resume performance of its obligations under this Agreement. The settlement of strikes, lockouts or other labor disputes or disturbances shall be entirely within the discretion of the party having the difficulty, and the foregoing requirement to use reasonable efforts to cure or mitigate the Force Majeure Event shall not require the settlement of such strikes, lockouts, labor disputes or disturbances.
(d)    Upon cure of the Force Majeure Event, each party’s obligations shall be renewed on a prorata basis for the period following such cure.  For avoidance of doubt: The AM Annual Requirements, and Cliffs’ corresponding delivery obligation, for the Year affected by the Force Majeure Event shall be reduced by the amount of Cliffs Pellets that the party affected by the Force Majeure Event could not deliver, or accept, as the case may be, during the Force Majeure Event. During the Force Majeure Event and upon cure of the Force Majeure Event, the party claiming a Force Majeure Event shall deliver to or take from the non-declaring party Cliffs Pellets, as may be available, on a prorata basis such that another supplier or customer does not receive disproportionate or inequitable treatment to the detriment of the non-declaring party.
(e)    The non-claiming party may enter into reasonable alternative supply agreement or arrangements to mitigate the effects of the Force Majeure Event. In the event of a Force Majeure event lasting more than four (4) consecutive months, the parties shall meet and discuss options for how to proceed, which may include termination of the Agreement.
14.    NOTICES.
(a) All notices and other communications authorized or required to be given hereunder shall be given in writing and shall be deemed to have been duly given (i) when delivered in person, (ii) one (1) business day after having been dispatched by a recognized overnight delivery service, (iii) five (5) business days after having been mailed by registered or certified mail, return receipt requested, postage prepaid, or (iv) when dispatched by electronic mail (with confirmation of receipt), in each case addressed as follows:

12

	
	
	If to any Cliffs Party:

	Cliffs Natural Resources Inc.
200 Public Square - Suite 3300
Cleveland, Ohio 44114
Attention: Executive Vice President, Global Iron Ore
Electronic Mail:  Terrence.Mee@cliffsnr.com

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

	Cliffs Natural Resources Inc.
200 Public Square - Suite 3300
Cleveland, Ohio 44114
Attention: Chief Legal Officer
Electronic Mail:  James.Graham@cliffsnr.com

	If to AM:

	ArcelorMittal USA LLC
3300 Dickey Road
East Chicago, IN 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:

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

(b)    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 14.
15.    TERM; TERMINATION.
(a)This Agreement shall commence as of October 31, 2016 and continue through December 31, 2026 (the “Term”).
(b)This Agreement shall remain valid and fully enforceable for the fulfillment of obligations incurred prior to termination or expiration.
(c)This Agreement may be terminated at any time: 
		
	(i)
	by either party, in the event of a material breach of the Agreement by the other party that is not cured pursuant to Section 25(a);

		
	(ii)
	by either party in accordance with the provisions of Section 17 (a); or

		
	(iii)
	(x) by AM, if any of the following shall occur with respect to any Cliffs entity that is a party to this Agreement (each Cliffs entity, a “subject party” with respect to terminations by AM) or (y) by Cliffs, if any of the following shall occur to AM (the “subject party” with respect terminations by Cliffs):

		
	(1)
	pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a “Bankruptcy Law”), a subject party shall: (i) commence a voluntary case or proceeding; (ii) consent to the entry of an order for relief against it in an involuntary case; (iii) be subject to an involuntary petition for entry of an order for relief in a bankruptcy 

13

case or insolvency proceeding, which involuntary petition is not dismissed within sixty (60) days; (iv) consent to the appointment of a trustee, receiver, assignee, liquidator, or similar official; (v) make an assignment for the benefit of its creditors; (vi) be unable to pay its debts as they become due; or (vii) be or become insolvent; or
		
	(2)
	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against a subject party in an involuntary case, (ii) appoints a trustee, receiver, assignee, liquidator or similar official for the subject party or substantially all of the subject party’s properties, or (iii) orders the dissolution or liquidation of the subject party, and, in each case, the order or decree is not dismissed within sixty (60) days.

16.    AMENDMENT.  This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.  An email string shall not constitute an amendment.  An electronic pdf or other electronically duplicated signature shall be acceptable.
17.    MERGER, TRANSFER AND ASSIGNMENT.
(a)Neither this Agreement nor any of the rights or obligations hereunder may be assigned without the prior written consent of the other party, which consent shall not be unreasonably withheld (but, in determining whether to grant such consent, the transferee’s creditworthiness and position as a competitor, as applicable, may be considered). 
(b)All the covenants, stipulations and agreements herein contained shall inure to the benefit of and bind the parties hereto and their respective successors, transferees and permitted assigns, and any of the latter’s subsequent successors, transferees and permitted assigns.
18.    WAIVER.  No waiver of any of the terms of this Agreement shall be valid unless in writing.  No waiver or any breach of any provision hereof or default under any provisions hereof shall be deemed a waiver of any subsequent breach or default of any kind whatsoever.
19.    CONFIDENTIALITY.
(a)    Cliffs and AM acknowledge that this Agreement contains certain requirements, specifications, pricing, adjustment and term provisions which are confidential, proprietary or of a sensitive commercial nature and which would put Cliffs or AM at a competitive disadvantage if disclosed to the public, including Section 4 and Section 5 and all of the Exhibits hereto (“Confidential Information”). Cliffs and AM agree that all provisions of this Agreement shall be kept confidential and, without the prior written consent of the other party, shall not be disclosed to any party that is not a party to this Agreement, or that is not the legal adviser to a party under 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 19.
(b)    If either party or an Affiliate of any party is required by law or governmental or judicial order or receives legal process or court or agency directive requesting or requiring disclosure of any of the Confidential Information contained in this Agreement, such party will promptly notify the other party prior to disclosure to permit such party to seek a protective order or take other appropriate action to preserve the confidentiality of such Confidential Information.
(c)    If either party or Affiliate of any party determines to file this Agreement with the Securities and Exchange Commission ("Commission") or any other federal, state or local governmental or regulatory authority, or with any stock exchange or similar body, such determining party will use its reasonable commercial 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 reasonable commercial efforts to obtain confidential treatment of the portions thereof that the other party designates.  Each party will allow the other party to participate in seeking to obtain such confidential treatment for Confidential Information. In the event that the 

14

Commission approves the treatment of portions of this Agreement as confidential, Cliffs and AM shall collaborate in creating the version of this Agreement to be filed with the Commission.
(d)    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 a duly authorized 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 19(c), AM acknowledges that Cliffs will be entitled to include, in any publicly-released, forward looking sales projections, Cliffs’ projections of sales to AM, and AM will be entitled to include, in any publicly released, forward looking purchase projections, AM’s projections of volumes purchased from Cliffs, but only to the extent required by law or regulation.
20.    GOVERNING LAW; DISPUTE RESOLUTION.
(a)This Agreement shall in all respects, including matters of construction, validity and performance, be governed by and be construed in accordance with the laws of the State of New York.
(b)If a dispute, claim, question or disagreement (“Controversy”) arises from or relates to this Agreement or the breach thereof, and if the dispute cannot be settled through direct discussions, the parties agree to endeavor first to settle the dispute by mediation administered by the American Arbitration Association under its Commercial Mediation Procedures before resorting to arbitration. The parties further agree that any unresolved Controversies arising under, out of, relating to, or in connection with this Agreement shall be settled by arbitration administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.  Both parties are domestic US entities and the parties specifically agree that the International Centre for Dispute Resolution rules shall not apply.
(c)The arbitration will be administered by a panel of three independent and impartial arbitrators (“Arbitral Panel”). The party initiating the arbitration shall nominate one (1) arbitrator at the same time it files its request for arbitration, and the responding party shall nominate one (1) arbitrator at the time it files its answer to the request for arbitration.  If a party does not timely name an arbitrator, then the AAA shall appoint that arbitrator.  By thirty (30) days after the appointment of the two (2) arbitrators, the arbitrators shall have conferred and, if possible, have agreed upon a third arbitrator, who shall serve as the chairperson of the Arbitral Panel.  In the event that the two (2) confirmed arbitrators have not agreed upon a chairperson of the Arbitral Panel, by the thirty (30) day time period or within such other longer time as the parties may agree, then the AAA shall appoint the chairperson pursuant to AAA Rule R-14, or such other applicable rule as shall be in place at that time.  None of the arbitrators shall be an employee, officer, director or consultant of, or of a direct competitor of, AM or Cliffs.
(d)The site of the arbitration shall be New York, New York, and all testimonial hearings shall be heard in New York unless both parties agree otherwise.
(e)Either party may apply to the arbitrators seeking injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved.  Either party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any interim or provisional relief that is necessary to protect the rights or property of that party, pending the establishment of a mediator, or the arbitral tribunal, as the case may be.
(f)Consistent with the expedited nature of arbitration, each party will, upon the written request of the other party, promptly provide the other with copies of documents on which the producing party may rely or otherwise which may be relevant in support of or in opposition to any claim or defense; any dispute regarding discovery, or the relevance or scope thereof, shall be determined by the arbitrators, which determination shall be conclusive; and all discovery shall be completed within 45 days following the appointment of the third arbitrator.  
(g)The award or decision shall be made within nine (9) months of the filing of the notice of intention to arbitrate, and the arbitrators shall agree to comply with this schedule before accepting appointment; provided, however, that this time limit may be extended by written agreement signed by both parties or by the arbitrators, if necessary.

15

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

(h)    The Arbitral Panel shall issue a reasoned award.  The Arbitral Panel shall be without authority to issue any consequential, indirect, special or lost profit damages, except as provided in Section 25(c).
(i)    The judgment of the arbitrators shall be final and binding on the parties, and judgment upon the award rendered by the arbitrators may be entered and enforced by any court of the United States or any state thereof.
(j)    The apportionment of final costs and fees, but not the attorney’s fees of the parties, shall be determined by the Arbitral Panel as part of the final award and the consideration in fixing the costs and fees shall be in the discretion of the arbitrators consistent with the AAA Rules.  Each party shall each bear its own attorney’s fees incurred as a result of any Controversy, including those incurred in the prosecution or defense of the arbitration.
21.    AUDITS.  At their own expense, Cliffs and AM shall have the right to have any and all calculations relating to this Agreement made by the other party (including, but not limited to, the Adjusted Annual Base Price and ***) verified by an independent third-party auditor.  Cliffs and AM reserve the right to challenge any calculation made by the other party relating to this Agreement.  In the event that any such calculation is challenged by either party, the parties agree to reasonably cooperate to resolve the disputed calculation.
22.    REPRESENTATIONS AND WARRANTIES.
(a)    AM represents and warrants to Cliffs that (i) the execution and delivery of this Agreement by AM and the performance of its obligations hereunder have been duly authorized by all requisite corporate action, (ii) neither the execution and delivery of this Agreement, nor the performance of its obligations hereunder by AM shall, or after the lapse of time or giving of notice shall, conflict with, violate or result in a breach of, or constitute a default under the charter documents of AM or any law, statute, rule or regulation applicable to it, or conflict with, violate or result in a breach of or constitute a default under any material agreement to which it is a party or by which it or any of its properties is bound, or any judgment, order, award or decree to which AM is a party or by which it is bound, or require any approval, consent, authorization or other action by any court, governmental authority or regulatory body or any creditor of AM or any other Person or entity, and (iii) this Agreement constitutes a valid and binding obligation of AM and is enforceable against AM in accordance with its terms.
(b)    The Cliffs entities that are parties to this Agreement represent and warrant to AM that:  (i) the execution and delivery of this Agreement by the Cliffs entities and the performance of their obligations hereunder have been duly authorized by all requisite corporate actions, (ii) neither the execution and delivery of this Agreement nor the performance of their obligations hereunder by the Cliffs entities shall, or after the lapse of time or giving of notice shall, conflict with, violate or result in a breach of, or constitute a default under the charter documents of the Cliffs entities or any law, statute, rule or regulation applicable to them, or conflict with, violate or result in the breach of or constitute a default under any material agreement to which any of them is a party or by which they or any of their properties is bound, or any judgment, order, award or decree to which any of the Cliffs entities is a party or by which it is bound, or require any approval, consent, authorization or other action by any court, governmental authority or regulatory body or any creditor of any Cliffs entity or any other Person or entity, and (iii) this Agreement constitutes a valid and binding obligation of the Cliffs entities that are parties to this Agreement and is enforceable against each Cliffs entity that is a party to this Agreement in accordance with its terms.
(c)    Each of the parties to this Agreement represents and warrants that it is a producer, processor, commercial user or merchandiser of Cliffs Pellets, and it is entering into this Agreement for commercial purposes related to its business as such.
23.    COUNTERPARTS.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
24.    COMPLIANCE WITH POLICIES.
(a)    Cliffs represents that it has read and understand AM’s “Code of Business Conduct,” which is currently accessible at http://www.arcelormittal.com/corp/corporate-responsibility/ethics-and-governance, and that it will make good faith efforts to comply with the Code of Business Conduct.  Cliffs warrants and undertakes that it has not given, and will not give, any gift or commission or other material inducement, nor has agreed, and will not agree, to pay commission or other material inducement, to any AM employee, agent, servant or representative in connection with

16

the making or performance of Agreement.
(b)    Cliffs has read and understands AM’s Anti-Corruption Guidelines currently accessible at http://www.arcelormittal.com/corp/corporate-responsibility/ethics-and-governance, and will make good faith efforts to comply with the Anti-Corruption Guidelines.
(c)    Cliffs represents that it has read and understands AM’s “Human Rights Policy,” which is currently accessible at http://www.arcelormittal.com/corp/corporate-responsibility/ethics-and-governance, and will make good faith efforts to comply with the Human Rights Policy.
(d)    AM represents that it has read and understands Cliffs’ “Code of Business Conduct, Anti-Corruption Guidelines and Human Rights Policy” which is currently accessible at http://ir.cliffsnaturalresources.com/English/investors/corporate-governance/governance-highlights/default.aspx, and will make good faith efforts to comply with the Policy.
25.    RIGHTS AND REMEDIES; LIMITATIONS OF LIABILITY; NO LOST PROFITS OR CONSEQUENTIAL DAMAGES.
(a)    Except as explicitly provided to the contrary in this Agreement, the rights and remedies granted under this Agreement shall not be exclusive but shall be in addition to all other rights and remedies available at law or in equity in respect of the performance of this Agreement, including, but not limited to, claims for breach of contract; provided, however, that no party will have any right to offset or withhold performance under this Agreement due to any alleged or actual claims under any other agreement or matter.  If a party has committed a material breach of one or more of its material obligations under this Agreement, such breaching party shall have the right to cure such material breach within thirty (30) days following the date of written notice of the material breach to such party by the non-breaching party, or if such material breach is not capable of cure within thirty (30) days, the breaching party shall have the right to commence efforts to cure within thirty (30) days and proceed diligently to cure the breach.  In the absence of any such cure, the non-breaching party may exercise such rights and remedies, including specifically the right to terminate the Agreement as provided in Section 15(c) of this Agreement, as a result of such material breach.
(b)    THE PARTIES AGREE THAT, EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION 25, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR LOST PROFITS, INJURY TO GOOD WILL OR ANY OTHER INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES AS A RESULT OF A BREACH OF ANY PROVISION OF THIS AGREEMENT.
(c)    In the case of any unexcused failure by a party to perform its obligations under this Agreement, the non-breaching party shall take commercially reasonable actions to mitigate its damages.  All costs avoided by such actions and all net revenue generated by such actions shall reduce the damages chargeable to the breaching party for such nonperformance.  The non-breaching party shall provide to the breaching party reasonable documentation to evidence that it took (or failed to take) such actions and to document the costs avoided and revenues generated by such actions.
(d)    Costs of cover incurred by the non-breaching party or the Affiliates of the non-breaching party shall be invoiced as reasonably incurred, and the breaching party shall pay the non-breaching party the amount of such invoice within fifteen (15) days after the date of the invoice.  If the breaching party disputes any of the invoiced amounts, it shall provide written notice to the non-breaching party of its objection, but shall still pay the full amount of the invoice when due.
(e)    Each of the Cliffs entities that is a party to this Agreement will be jointly and severally liable to AM for any breach of this Agreement by any Cliffs entity that is a party to this Agreement.
26.    FORWARD CONTRACT.  The parties intend that this Agreement constitutes a “forward contract” and a “commodity forward agreement” within the meaning, respectively, of Section 101(25) and Section 101(53B)(A)(i)(VII) of the United States Bankruptcy Code.
27.    MUTUAL DRAFTING.  Each of AM and Cliffs acknowledge that this Agreement has been prepared jointly by the parties and shall not be construed against either party.

17

28.    ENTIRE AGREEMENT.  This Agreement and the Exhibits attached hereto represent the sole, complete and exclusive statement of agreement between the parties hereto, which supersedes all prior proposals, oral or written, and all other prior communications between the parties relating to the subject matter of this Agreement, and shall constitute one agreement for the purchase of Cliffs Pellets (notwithstanding that different types of Cliffs Pellets are being nominated for different facilities).
[Remainder of Page Intentionally Left Blank]

18

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective authorized officers as of the date first written above.

	
					
	ARCELORMITTAL USA LLC
	 
	CLIFFS NATURAL RESOURCES INC.

	/s/ Eric C. Knorr
	 
	/s/ Terrence R. Mee

	Name:
	Eric C. Knorr
	 
	Name:
	Terrence R. Mee

	Title:
	Vice President, Procurement AMUSA
	 
	Title:
	Executive Vice President, Global Commercial

	 
	 
	 

	ARCELORMITTAL USA LLC
	 
	THE CLEVELAND-CLIFFS IRON COMPANY

	/s/ Neil Kohlberg
	 
	/s/ Terrence R. Mee

	Name:
	Eric C. Knorr
	 
	Name:
	Terrence R. Mee

	Title:
	Vice President, Finance, Strategy and Procurement AMUSA
	 
	Title:
	Executive Vice President

	 
	 
	 

	 
	 
	CLIFFS MINING COMPANY

	 
	 
	/s/ Terrence R. Mee

	 
	 
	Name:
	Terrence R. Mee

	 
	 
	Title:
	Executive Vice President, Global Commercial

[Signature Page to Pellet Sale and Purchase Agreement]

19

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

	
														
	 
	EXHIBIT A
ILLUSTRATIVE ANNUAL BASE PRICE ADJUSTMENT - CLEVELAND & INDIANA HARBOR 
AS DESCRIBED IN SECTION 4.  PRICE AND ADJUSTMENTS

	 
	 
	Hibbing Standard
	Hibbing HC
	NORTHSHORE
	TILDEN
	UNITED
	Mustang

	 
	 
	CLW
	IH
	CLW
	IH
	CLW
	IH
	CLW
	IH
	CLW
	IH
	CLW
	IH

	(a) 2016 (previous) Year *** 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Price Per GTU
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	Iron Natural (Expected)
	64.50 
	64.50 
	64.25 
	64.25 
	63.25 
	63.25 
	60.58 
	60.58 
	63.67 
	63.67 
	59.18
	59.18 

	 
	Price Per WGT
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	(b) 2017 (and subsequent years) Adjustments
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	(i)
	Previous Year Platts Annual Price (y)
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	Current Year***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	Year Over Year Change (x)
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	% Change (***) Platts Annual Price
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	(ii)
	Iron Unit Adjustment (*** x price per GTU)
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	(iii)
	Current Year's Adjusted Base Price Per GTU
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	Iron Natural (Expected)
	64.50 
	64.50 
	64.25 
	64.25
	63.25 
	63.25 
	60.58 
	60.58 
	63.67 
	63.67 
	59.18 
	59.18 

	 
	Current Year's Adjusted Base Price Per WGT
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***
	***

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Illustrative Data to Calculate Platts Annual Price
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Previous Year ***
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	*** Previous Year Average ***
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	*** Previous Year Average ***
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Previous Year Platts Annual Price
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Current Year***
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	*** Current Year Average ***
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	*** Current Year Average ***
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Current Year Platts Annual Price
	***
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

20

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

	
						
	EXHIBIT B
***
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	5  Illustrative *** Calculation (***)
	Example 1 (2017)
	Example 2 (2018)
	Example 3 (2019)
	Example 4 (2020)

	 
	 
	 
	 
	 

	(a)(i)
	*** $/NT (defined for years 2017-2019, calculated years 2020-2026)
	***
	***
	***
	***

	 
	Illustrative *** $/NT
	***
	***
	***
	***

	(d)(i)
	Difference between *** and *** $/NT
	***
	***
	***
	***

	 
	 
	 
	 
	 

	 
	*** (Y/N)
	 Yes 
	 Yes 
	 Yes 
	 Yes 

	 
	*** Due  (Cliffs/AM)
	***
	***
	***
	***

	 
	 
	 
	 
	 
	 

	(d)(ii)
	Illustrative Current Year *** $/Natural Gross Tons
	 
	 
	 
	 

	 
	Northshore - Cleveland
	***
	***
	***
	***

	 
	Mustang - Indiana Harbor
	***
	***
	***
	***

	 
	United - Indiana Harbor
	***
	***
	***
	***

	 
	 
	 
	 
	 
	 

	(d)(iii)
	Illustrative Tonnage (Natural Gross Tons)
	 
	 
	 
	 

	 
	Northshore - Cleveland
	3,500,000 
	3,500,000 
	3,500,000 
	3,500,000 

	 
	Mustang - Indiana Harbor
	2,000,000 
	2,000,000 
	2,000,000 
	2,000,000 

	 
	United - Indiana Harbor
	3,500,000 
	3,500,000 
	3,500,000 
	3,500,000 

	 
	 
	 
	 
	 
	 

	 
	***
	***
	***
	***
	***

	 
	 
	 
	 
	 
	 

	 
	Illustrative *** Calculation (d)(i) * (d)(ii) * (d)(iii) * ***
	 
	 
	 
	 

	 
	Northshore - Cleveland
	***
	***
	***
	***

	 
	Mustang - Indiana Harbor
	***
	***
	***
	***

	 
	United - Indiana Harbor
	***
	***
	***
	***

	 
	Total ***
	***
	***
	***
	***

	 
	 
	 
	 
	 
	 

	Illustrative ***Price $/NT Calculation (applies to years 2020-2026)
	 
	 
	 
	 

	(a)(ii)
	Previous Year *** (y)
	***
	 
	 
	 

	 
	Current Year ***
	***
	 
	 
	 

	 
	Year over Year Change (x)
	***
	 
	 
	 

	 
	***
	***
	 
	 
	 

	 
	*** Adjustment Factor $/NT = ***
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	Previous Year *** $/NT
	***
	 
	 
	 

	 
	*** Adjustment Factor
	***
	 
	 
	 

	 
	*** $/NT
	***
	 
	 
	 

	 
	Illustrative Current Year ***$/NT
	***
	 
	 
	 

21

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

Exhibit C

	
						
	Exhibit C.1 -   Hibbing Taconite High Compression Pellet Quality Specifications

	Parameter
	Units
	Typical
	Max
	Min
	Quality ***

	 
	 
	 
	 
	 
	 

	Moisture
	%
	***
	***
	 
	***

	Fe
	%
	65.90
	 
	 
	Price adjustment based on Fe tons supplied.

	SiO2
	%
	***
	***
	***
	***

	P
	%
	***
	***
	***
	***

	Mn
	%
	***
	 
	 
	 

	Alumina
	%
	***
	 
	 
	 

	CaO
	%
	***
	***
	***
	***

	MgO
	%
	***
	***
	***
	***

	C/S
	 
	 
	 
	 
	 

	M/S
	 
	 
	 
	 
	 

	Basicity
	 
	 
	 
	 
	 

	Na2O + K2O
	%
	***
	***
	 
	 

	 
	 
	 
	 
	 
	 

	% 1/4" Before Tumble
	%
	***
	 
	***
	***

	% 1/4" After Tumble
	%
	***
	 
	***
	***

	"Q" Index
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	CCS
	lb/pellet
	***
	 
	***
	 

	-300 lb
	%
	***
	***
	 
	 

	plus 1/2"
	%
	***
	***
	 
	 

	+3/8" -1/2"
	%
	***
	 
	***
	 

	 
	 
	 
	 
	 
	 

	Metallurgical
	 
	 
	 
	 
	 

	LTD
	%
	***
	 
	 
	 

	Swelling
	%
	***
	 
	 
	 

	R40
	%/min
	***
	 
	 
	 

	Contraction
	%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Notes:
	 
	 
	 
	 
	 

	1.  Analyses will be performed on a cargo basis unless specified (Q) for quarterly composite analysis.

	2.  Cliffs will make every effort to keep processes centered on typical values and conform to minimum and/or maximum specifications.

	3.  ***

	4.  ***

	 
	 
	 
	 
	 
	 

	Trace elements:
	 
	 
	 
	 
	 

	Cliffs will provide assay values for trace elements based on a quarterly composite analysis. Trace elements included in the quarterly report are: Zn, Cu, Cd, V, Co, Pb, B, Ti, Cr, S, Ni.

22

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

	
								
	Exhibit C.2 - Hibbing Taconite Standard Compression Pellet Quality Specifications

	Parameter
	Units
	Typical
	Max
	Min
	Quality ***

	 
	 
	 
	 
	 
	 

	Moisture
	%
	***
	***
	 
	***

	Fe
	%
	66.05
	 
	 
	Price adjustment based on Fe tons supplied.

	SiO2
	%
	***
	***
	***
	***

	P
	%
	***
	***
	***
	***

	Mn
	%
	***
	***
	 
	 

	Alumina
	%
	***
	***
	 
	 

	CaO
	%
	***
	***
	***
	***

	MgO
	%
	***
	***
	***
	***

	C/S
	 
	 
	 
	 
	 

	M/S
	 
	 
	 
	 
	 

	Basicity
	 
	 
	 
	 
	 

	Na2O + K2O
	%
	***
	***
	 
	 

	 
	 
	 
	 
	 
	 

	% 1/4" Before Tumble
	%
	***
	 
	***
	***

	% 1/4" After Tumble
	%
	***
	 
	***
	***

	"Q" Index
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	CCS
	lb/pellet
	***
	 
	***
	 

	-300 lb
	%
	***
	***
	 
	 

	plus 1/2"
	%
	***
	***
	 
	 

	+3/8" -1/2"
	%
	***
	 
	***
	 

	 
	 
	 
	 
	 
	 

	Metallurgical
	 
	 
	 
	 
	 

	LTD
	%
	***
	 
	 
	 

	Swelling
	%
	***
	 
	 
	 

	R40
	%/min
	***
	 
	 
	 

	Contraction
	%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Notes:
	 
	 
	 
	 
	 

	1.  Analyses will be performed on a cargo basis unless specified (Q) for quarterly composite analysis.

	2.  Cliffs will make every effort to keep processes centered on typical values and conform to minimum and/or maximum specifications.

	3.  ***

	4.  ***

	5.  ***

	 
	 
	 
	 
	 
	 

	Trace elements:
	 
	 
	 
	 
	 

	Cliffs will provide assay values for trace elements based on a quarterly composite analysis. Trace elements included in the quarterly report are: Zn, Cu, Cd, V, Co, Pb, B, Ti, Cr, S, Ni.

23

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

	
						
	Exhibit C.3 - United Taconite Standard Compression Pellet Quality Specifications

	Parameter
	Units
	Typical
	Max
	Min
	Quality ***

	 
	 
	 
	 
	 
	 

	Moisture
	%
	***
	***
	 
	***

	Fe
	%
	65.30
	 
	 
	Price adjustment based on Fe tons supplied.

	SiO2
	%
	***
	***
	***
	***

	P
	%
	***
	***
	***
	***

	Mn
	%
	***
	 
	 
	 

	Alumina
	%
	***
	 
	 
	 

	CaO
	%
	***
	***
	***
	***

	MgO
	%
	***
	***
	***
	***

	C/S
	 
	 
	 
	 
	 

	M/S
	 
	 
	 
	 
	 

	Basicity
	 
	 
	 
	 
	 

	Na2O + K2O
	%
	***
	***
	 
	 

	 
	 
	 
	 
	 
	 

	% 1/4" Before Tumble
	%
	***
	 
	***
	***

	% 1/4" After Tumble
	%
	***
	 
	***
	***

	"Q" Index
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	CCS
	lb/pellet
	***
	 
	***
	 

	-300 lb
	%
	***
	***
	 
	 

	plus 1/2"
	%
	***
	***
	 
	 

	+3/8" -1/2"
	%
	***
	 
	***
	 

	 
	 
	 
	 
	 
	 

	Metallurgical
	 
	 
	 
	 
	 

	LTD
	%
	***
	 
	 
	 

	Swelling
	%
	***
	 
	 
	 

	R40
	%/min
	***
	 
	 
	 

	Contraction
	%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Notes:
	 
	 
	 
	 
	 

	1.  Analyses will be performed on a cargo basis unless specified (Q) for quarterly composite analysis.

	2.  Cliffs will make every effort to keep processes centered on typical values and conform to minimum and/or maximum specifications.

	3.  ***

	4.  ***

	 
	 
	 
	 
	 
	 

	Trace elements:
	 
	 
	 
	 
	 

	Cliffs will provide assay values for trace elements based on a quarterly composite analysis. Trace elements included in the quarterly report are: Zn, Cu, Cd, V, Co, Pb, B, Ti, Cr, S, Ni.

24

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

	
						
	Exhibit C.4 - Northshore Mining Standard Compression Pellet Quality Specifications

	Parameter
	Units
	Typical
	Max
	Min
	Quality ***

	 
	 
	 
	 
	 
	 

	Moisture
	%
	***
	***
	 
	***

	Fe
	%
	65.14
	 
	 
	Price adjustment based on Fe tons supplied.

	SiO2
	%
	***
	***
	***
	***

	P
	%
	***
	***
	***
	***

	Mn
	%
	***
	***
	 
	 

	Alumina
	%
	***
	***
	 
	 

	CaO
	%
	***
	***
	***
	***

	MgO
	%
	***
	***
	***
	***

	C/S
	 
	 
	 
	 
	 

	M/S
	 
	 
	 
	 
	 

	Basicity
	 
	 
	 
	 
	 

	Na2O + K2O
	%
	***
	***
	 
	 

	 
	 
	 
	 
	 
	 

	% 1/4" Before Tumble
	%
	***
	 
	***
	***

	% 1/4" After Tumble
	%
	***
	 
	***
	***

	"Q" Index
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	CCS
	lb/pellet
	***
	 
	***
	***

	-300 lb
	%
	***
	***
	 
	***

	plus 1/2"
	%
	***
	***
	 
	 

	+3/8" -1/2"
	%
	***
	 
	***
	 

	 
	 
	 
	 
	 
	 

	Metallurgical
	 
	 
	 
	 
	 

	LTD
	%
	***
	 
	 
	 

	Swelling
	%
	***
	 
	 
	 

	R40
	%/min
	***
	 
	 
	 

	Contraction
	%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Notes:
	 
	 
	 
	 
	 

	1.  Analyses will be performed on a cargo basis unless specified (Q) for quarterly composite analysis.

	2.  Cliffs will make every effort to keep processes centered on typical values and conform to minimum and/or maximum specifications.

	3.  ***

	4.  ***

	5.  ***

	 
	 
	 
	 
	 
	 

	Trace elements:
	 
	 
	 
	 
	 

	Cliffs will provide assay values for trace elements based on a quarterly composite analysis. Trace elements included in the quarterly report are: Zn, Cu, Cd, V, Co, Pb, B, Ti, Cr, S, Ni.

25

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

	
						
	Exhibit C.5 - Tilden Hemflux Pellet Quality Specifications

	Parameter
	Units
	Typical
	Max
	Min
	Quality ***

	 
	 
	 
	 
	 
	 

	Moisture
	%
	***
	***
	 
	***

	Fe
	%
	61.40
	 
	***
	Price adjustment based on Fe tons supplied.

	SiO2
	%
	***
	***
	***
	***

	P
	%
	***
	***
	***
	***

	Mn
	%
	***
	 
	 
	 

	Alumina
	%
	***
	 
	 
	 

	CaO
	%
	***
	***
	***
	***

	MgO
	%
	***
	***
	***
	***

	C/S
	 
	***
	 
	 
	 

	M/S
	 
	 
	 
	 
	 

	Basicity
	 
	 
	 
	 
	 

	Na2O + K2O
	%
	***
	***
	 
	 

	 
	 
	 
	 
	 
	 

	% 1/4" Before Tumble
	%
	***
	 
	***
	***

	% 1/4" After Tumble
	%
	***
	***
	***
	***

	"Q" Index
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	CCS
	lb/pellet
	***
	 
	***
	(Note 5)

	-300 lb
	%
	***
	***
	 
	(Note 5)

	plus 1/2"
	%
	***
	***
	 
	 

	+3/8" -1/2"
	%
	***
	 
	***
	 

	 
	 
	 
	 
	 
	 

	Metallurgical
	 
	 
	 
	 
	 

	LTD
	%
	***
	 
	 
	 

	Swelling
	%
	***
	 
	 
	 

	R40
	%/min
	***
	***
	***
	***

	Contraction
	%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Notes:
	 
	 
	 
	 
	 

	1.  Analyses will be performed on a cargo basis unless specified (Q) for quarterly composite analysis.

	2.  Cliffs will make every effort to keep processes centered on typical values and conform to minimum and/or maximum specifications.

	3.  ***

	4.  ***

	5.  ***

	 
	 
	 
	 
	 
	 

	Trace elements:
	 
	 
	 
	 
	 

	Cliffs will provide assay values for trace elements based on a quarterly composite analysis. Trace elements included in the quarterly report are: Zn, Cu, Cd, V, Co, Pb, B, Ti, Cr, S, Ni.

26

	
	
	CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS

	
						
	Exhibit C.6 - United Taconite Mustang Pellet Quality Specifications

	Parameter
	Units
	Typical
	Max
	Min
	Quality ***

	 
	 
	 
	 
	 
	 

	Moisture
	%
	***
	***
	 
	***

	Fe
	%
	***
	 
	 
	Price adjustment based on Fe tons supplied.

	SiO2
	%
	***
	 
	 
	***

	P
	%
	***
	 
	 
	***

	Mn
	%
	***
	 
	 
	 

	Alumina
	%
	***
	 
	 
	 

	CaO
	%
	***
	 
	 
	***

	MgO
	%
	***
	 
	 
	***

	C/S
	 
	***
	 
	 
	 

	M/S
	 
	***
	 
	 
	 

	Basicity
	 
	 
	 
	 
	 

	Na2O + K2O
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	% 1/4" Before Tumble
	%
	***
	 
	 
	***

	% 1/4" After Tumble
	%
	***
	 
	 
	***

	"Q" Index
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	CCS
	lb/pellet
	***
	 
	 
	 

	-300 lb
	%
	 
	 
	 
	 

	plus 1/2"
	%
	***
	 
	 
	 

	+3/8" -1/2"
	%
	***
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Metallurgical
	 
	 
	 
	 
	 

	LTD
	%
	 
	 
	 
	 

	Swelling
	%
	 
	 
	 
	 

	R40
	%/min
	***
	 
	 
	***

	Contraction
	%
	***
	***
	 
	***

	 
	 
	 
	 
	 
	 

	Notes:
	 
	 
	 
	 
	 

	1.  Analyses will be performed on a cargo basis unless specified (Q) for quarterly composite analysis or (D) for daily production composite analysis.

	2.  Cliffs will make every effort to keep processes centered on typical values and conform to minimum and/or maximum specifications.

	3.  ***

	4.  ***

	 

	Trace elements:
	 
	 
	 
	 
	 

	Cliffs will provide assay values for trace elements based on a quarterly composite analysis. Trace elements included in the quarterly report are: Zn, Cu, Cd, V, Co, Pb, B, Ti, Cr, S, Ni.

27Omnibus Amendment and Waiver

 Exhibit 10.1 

Execution Version 

OMNIBUS AMENDMENT AND WAIVER 

This OMNIBUS AMENDMENT AND WAIVER, dated as of August 2, 2016 (this “Amendment”), is among FOUR CORNERS OPERATING
PARTNERSHIP, LP, a Delaware limited partnership, as borrower (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative
Agent”). Reference is made to that certain Revolving Credit and Term Loan Agreement, dated as of November 9, 2015 (as amended, modified, restated and supplemented, the “Credit Agreement”), by and among the
Borrower, Four Corners Property Trust, Inc., a Maryland corporation (the “Company”), the Lenders referenced therein and the Administrative Agent. Capitalized terms used herein without definition shall have the same meanings
as set forth in the Credit Agreement, as amended hereby. 
 RECITALS 

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend and waive certain provisions of
the Credit Agreement and the other Loan Documents and the Administrative Agent and the Lenders party hereto are willing to do so on the terms and conditions hereof. This Amendment, the Parent Guaranty and the Parent Pledge Agreement are collectively
referred to herein as the “Amendment Documents”. 
 NOW, THEREFORE, in consideration of
the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows: 
 SECTION 1. AMENDMENTS TO THE CREDIT
AGREEMENT. As of the Amendment Effective Date (as defined in Section 5 hereof), the Credit Agreement is amended as follows: 
 (i)
Each of the following definitions in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“1031 Property” means any Real Property Asset that is at any time held by a “qualified intermediary” (a
“QI”), as defined in the Treasury Regulations promulgated pursuant to Section 1031 of the Internal Revenue Code, or an “exchange accommodation titleholder” (an “EAT”), as defined in
Internal Revenue Service Revenue Procedure 2000-37, as modified by Internal Revenue Procedure 2004-51, (or in either case, by one or more Wholly-Owned Subsidiaries thereof, singly or as tenants in common) which is a single purpose entity and has
entered into an “exchange agreement” or a “qualified exchange accommodation agreement” with the Borrower, Kerrow or a Wholly-Owned Subsidiary in connection with the acquisition (or possible disposition) of such Real Property
Asset by the Borrower, Kerrow or a Wholly-Owned Subsidiary pursuant to, and intended to qualify for tax treatment under, Section 1031 of the Internal Revenue Code. 

“Darden Acquired Tenant” means a Subsidiary of Darden that is a lessee under any existing lease of a Real Property
Asset acquired after the Effective Date by the Borrower, Kerrow or its Subsidiaries where such lease was originally entered into with a lessor other than the Company or any of its Subsidiaries. 

 “Defaulting Lender” means any Lender that (a) has failed, within two
(2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required
to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
(specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to
comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by
a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and
participations in then outstanding Letters of Credit under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form
and substance satisfactory to it and the Administrative Agent, (d) has, or has a direct or indirect parent company that has, become the subject of a Bankruptcy Event, or (e) has become the subject of a Bail-in Action. 

“Eligible 1031 Property” means a 1031 Property which satisfies all of the following requirements: (a) the
Borrower or a Wholly-Owned Subsidiary thereof leases such 1031 Property from the applicable EAT (or Wholly-Owned Subsidiary(ies) thereof, as applicable) and the Borrower or a Wholly-Owned Subsidiary thereof manages such 1031 Property; (b) the
Borrower or a Wholly-Owned Subsidiary thereof is obligated to purchase such 1031 Property (or Wholly-Owned Subsidiary(ies) of the applicable EAT that owns such 1031 Property) from the applicable EAT (or such Wholly-Owned Subsidiary(ies) of the EAT,
as applicable) (other than in circumstances where the 1031 Property is disposed of by the Borrower or any Subsidiary); (c) the applicable EAT is obligated to transfer such 1031 Property (or its Wholly-Owned Subsidiary(ies) that owns such 1031
Property, as applicable) to the Borrower or a Wholly-Owned Subsidiary thereof, directly or indirectly (including through a QI); (d) the applicable EAT (or Wholly-Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable)
acquired such 1031 Property with the proceeds of a loan made by the Borrower or a Wholly-Owned Subsidiary, which loan is secured either by a mortgage on such 1031 Property and/or a pledge of all of the Equity Interests of the applicable Wholly-Owned
Subsidiary(ies) of an EAT that owns such 1031 Property, as applicable); (e) neither such 1031 Property, nor if such Real Property Asset is owned or leased by a Subsidiary, any of the Borrower’s or Kerrow’s direct or indirect ownership
interest in such Subsidiary, is subject to (i) any Lien (other than Permitted Encumbrances or the Lien of a mortgage or pledge referred to in the immediately preceding clause (c)) or (ii) a Negative Pledge, except (x) Negative Pledges
permitted in accordance with Section 6.08 and (y) a Negative Pledge binding on the EAT in favor of the Borrower or any Wholly-Owned Subsidiary; and (f) such 1031 Property is free of all structural defects or major architectural
deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such property. In no
event shall a 1031 Property qualify as 

  
 2 

 
an Eligible 1031 Property for a period in excess of 185 consecutive days or such later period (plus 5 consecutive days) if the relevant period under Section 1031 of the Code (including the
Treasury Regulations thereunder, and including as provided under Rev. Proc. 2000-37 (as modified by Rev. Proc. 2004-51)) is extended pursuant to Rev. Proc. 2007-56 (or relevant successor or replacement guidance). A Real Property Asset shall be
excluded from calculations of Total Capitalization Value as an Eligible 1031 Property if such Real Property Asset shall cease to be an Eligible 1031 Property; provided that a Real Property Asset so excluded shall again be included in such
calculations upon satisfying the requirements of an Eligible 1031 Property. Notwithstanding anything to the contrary set forth herein, for purposes of determining Total Capitalization Value, such 1031 Property shall be deemed to have been owned or
leased by a Wholly-Owned Subsidiary of the Borrower from the date acquired by the applicable EAT (or Wholly-Owned Subsidiary(ies) of the EAT that owns such 1031 Property, as applicable). 

“Eligible Unencumbered Mortgage Note Value” means, at any time of determination, a Mortgage Note valued in accordance
with GAAP at the lower of cost and market value that complies with the following criteria: (a) such Mortgage Note is not subject to any (i) Lien other than Permitted Encumbrances or (ii) any Negative Pledge; (b) such Mortgage
Note is not more than sixty (60) days past due; (c) such Mortgage Note is owned solely by the Borrower, Kerrow or a Wholly-Owned Subsidiary of the Borrower or Kerrow; (d) such Mortgage Note is secured by a first priority Lien on real
property located on a Real Property Asset that meets the criteria for Eligible Unencumbered Real Property Asset (excluding clauses (a) (with respect to ownership by an Eligible Unencumbered Property Owner Subsidiary), (c) (with respect to
a Lien in connection with the Mortgage Note), (g), (j), (h), (k), (n), (o), (p) and (q)); and (e) if such Mortgage Note is owned by a Subsidiary of the Borrower or Kerrow, (i) none of the Borrower’s or Kerrow’s direct or
indirect Equity Interest in such Subsidiary is subject to any Lien (other than Permitted Encumbrances, Liens securing Obligations or Liens in favor of, in the case of a Mortgage Note owned by a Subsidiary of the Borrower, the Borrower or a
Wholly-Owned Subsidiary of the Borrower and, in the case of a Mortgage Note owned by a Subsidiary of Kerrow, Kerrow or a Wholly-Owned Subsidiary of Kerrow) or to any Negative Pledge and (ii) the Borrower or Kerrow, as applicable, directly, or
indirectly through a Subsidiary, has the right to sell, transfer or otherwise dispose of such Mortgage Note without the need to obtain the consent of any Person. 

“Eligible Unencumbered Real Property Asset” means, at any time of determination, a Real Property Asset
that complies with the following criteria: 
 (a) Such Real Property Asset shall be wholly-owned in fee simple interest or
leased pursuant to a Qualifying Ground Lease by an Eligible Unencumbered Property Owner Subsidiary, and, in the case of Real Property Assets acquired after the Effective Date, the title of such Eligible Unencumbered Property Owner Subsidiary in and
to such Real Property Asset shall be insured pursuant to a title insurance policy with financially sound and reputable title insurance companies in such amounts and containing such coverages as would be customarily maintained by Persons engaged in
similar businesses as such Eligible Unencumbered Property Owner Subsidiary; 
 (b) Such Real Property Asset shall be improved with a
freestanding structure that is used as an income producing retail property; 

  
 3 

 (c) Such Real Property Asset shall be in good condition and repair, except for ordinary wear and
tear and casualty events where the tenant remains obligated to pay rent and restore the property under the applicable lease between such tenant and the applicable landlord so long as such tenant is paying rent and restoring the property in
accordance with the terms of such lease, without waste, and free from all mortgages, pledges, mechanics’ liens or other Liens or claims for Lien, and from any agreement or arrangement that prohibits or restricts the creation or assumption of
any Lien on such Real Property Asset or on the direct or indirect Equity Interests in the Borrower or its Subsidiary that owns or leases such Real Property Asset (or, if owned by Kerrow or its Subsidiaries, the direct or indirect Equity Interests in
Kerrow or its Subsidiary that owns or leases such Real Property Asset), in each case, other than (i) Permitted Encumbrances, (ii) any Negative Pledge permitted pursuant to Section 6.08 and (iii) in the case of any Eligible 1031
Property, Liens described in the definition of Eligible 1031 Property; 
 (d) Such Real Property Asset shall be in compliance with
applicable laws, regulations and orders of any Governmental Authority in all material respects, including all municipal ordinances or restrictions of record with respect to such property and the operation or use thereof; 

(e) Such Real Property Asset shall not be subject to any past-due taxes, special taxes, special assessments, water charges, sewer service
charges or other charges that have and continue to result or could reasonably be expected to result in a Lien imposed against such property or any portion thereof, unless the validity or amount of such Lien is being contested in compliance with
Section 5.04 hereof; 
 (f) Such Real Property Asset and the applicable Eligible Unencumbered Property Owner Subsidiary which is the
owner thereof shall be in compliance with the provisions of Section 3.17 hereof; 
 (g) If leased to a Darden Tenant (other than a
Darden Acquired Tenant), such Real Property Asset shall be leased in accordance with the Darden Lease Form, and if leased to a Darden Acquired Tenant or any other tenant that is not a Darden Tenant, shall be leased pursuant to a net lease; 

(h) The inclusion of such Real Property Asset as an Eligible Unencumbered Real Property Asset shall not result in more than 5.0% of the
aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being Special Real Property Assets; 
 (i) Such
Real Property Asset shall be free of any material structural issues, shall be in compliance with the representations concerning environmental matters set forth in Section 3.06, and shall have adequate access to public utilities; 

(j) If such Real Property Asset is leased to a Darden Tenant (other than a Darden Acquired Tenant), Darden shall be bound by a guaranty of
such tenant’s obligations under the lease in accordance with the form of guaranty that is attached to the Darden Lease Form (provided that the Excluded Darden Leases shall not be required to be guaranteed by Darden); 

  
 4 

 (k) The leases to Darden Tenants (other than Darden Acquired Tenants), in the aggregate, shall
have a Weighted Average Term of at least thirteen (13) years as of the Effective Date; 
 (l) The leases of the Real Property Assets
that are Eligible Unencumbered Real Property Assets, in the aggregate, shall have a Weighted Average Term of at least nine (9) years remaining from the date that any new asset with a term of less than nine (9) years is initially counted as
an Eligible Unencumbered Real Property Asset for purposes of the Facilities; 
 (m) Such Real Property Asset shall not be subject to any
lease under which any portion of the rent due thereunder has been prepaid more than thirty (30) days in advance; 
 (n) The inclusion
of such Real Property Asset as an Eligible Unencumbered Real Property Asset shall not result in more than sixty-five percent (65%) of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being leased to
Non-Investment Grade Tenants; 
 (o) Beginning on the fourth anniversary of the Effective Date, the inclusion of such Real Property Asset as
an Eligible Unencumbered Real Property Asset shall not result in more than twenty percent (20%) of the aggregate Eligible Unencumbered Real Property Assets (based on Property Capitalization Value) being leased to the same tenant or its
Affiliates (other than Darden Tenants); 
 (p) The inclusion of such Real Property Asset as an Eligible Unencumbered Real Property Asset
shall not result in more than fifteen percent (15%) of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being Real Property Assets that are ground leased; and 

(q) Beginning on the fourth anniversary of the Effective Date, the inclusion of such Real Property Asset as an Eligible Unencumbered Real
Property Asset shall not result in more than fifteen percent (15%) of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets being located in any single standard metropolitan statistical area. 

For clarity, for purposes of the limitations set forth in each of clauses (h), (n), (o), (p) and (q) above, the Property
Capitalization Value attributable to an Eligible Unencumbered Real Property Asset that is indicated to be excluded shall nevertheless be included in the calculation of Property Capitalization Value of the aggregate Eligible Unencumbered Real
Property Assets, but only to the extent that such inclusion does not result in a violation of the applicable limitation set forth in such clauses. 

“Guarantor” means, individually and collectively, each of the Parent Guarantors and each of the Subsidiary Guarantors.

 “Guaranty” means, individually and collectively, each of the Parent Guaranty and the Subsidiary Guaranty. 

  
 5 

 “Material Subsidiary” means (a) each direct or indirect Wholly-Owned
Subsidiary of the Borrower or Kerrow that directly or indirectly owns or leases an Eligible Unencumbered Real Property Asset, (b) each direct or indirect Wholly-Owned Subsidiary of the Borrower or Kerrow that has assets that constitute more
than 5% of Total Capitalization Value (c) each Subsidiary of the Borrower or Kerrow that directly or indirectly owns Mortgage Notes included in the computation of Eligible Unencumbered Mortgage Note Value and (d) Kerrow, if (i) Kerrow
or any of its direct or indirect Wholly-Owned Subsidiaries owns or leases an Eligible Unencumbered Real Property Asset, (ii) Kerrow has assets that constitute more than 5% of Total Capitalization Value or (iii) Kerrow directly or
indirectly owns Mortgage Notes included in the computation of Eligible Unencumbered Mortgage Note Value. 
 “Mortgage
Note” means a note receivable held by the Borrower, Kerrow or one of their respective Subsidiaries that is secured by a mortgage Lien on real property. 

“Non-Guarantor Pool Subsidiaries” means Subsidiaries of the Borrower or Kerrow as designated by the Borrower from time
to time so long as the aggregate value of the assets of the Subsidiaries so designated do not exceed at any time 10% of the aggregate Property Capitalization Values of the Eligible Unencumbered Real Property Assets. On the Effective Date, the
Non-Guarantor Pool Subsidiaries are listed on Schedule NGP hereto. 
 “Pledge Agreement” means, individually and
collectively, each of the Parent Pledge Agreement and the Subsidiary Pledge Agreement. 
 “Pledgor” means each of
the Company and each of the Subsidiary Pledgors. 
 “Real Property Asset” means a real property asset owned by the
Borrower, Kerrow or any of their respective Subsidiaries or any EAT, as applicable, in fee simple or leased pursuant to a ground lease located in the United States and for retail use. 

(ii) Each of the following definitions is added to Section 1.01 of the Credit Agreement in appropriate alphabetical order: 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority
in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA
Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any
EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

  
 6 

 “EEA Member Country” means any of the member states of the European
Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority
or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association
(or any successor person), as in effect from time to time. 
 “General Partner” means Four Corners GP, LLC, a
Delaware limited liability company. 
 “Kerrow” means Kerrow Holdings, LLC, a Texas limited liability company. 

“Parent Guaranty” means the Parent Guaranty dated as of August 2, 2016 from the Parent Guarantors in favor of the
Administrative Agent for the benefit of the Lenders. 
 “Parent Guarantors” means the Company and the General
Partner and each other Parent Company from time to time party to the Parent Guaranty. 
 “Parent Pledge
Agreement” means the Pledge Agreement dated as of August 2, 2016 from the Company in favor of the Administrative Agent for the benefit of the Lenders.  

“Subsidiary Guarantor” means each Material Subsidiary, other than Excluded Subsidiaries. 

“Subsidiary Guaranty” means the Guaranty dated as of the date hereof from the Subsidiary Guarantors in favor of the
Administrative Agent for the benefit of the Lenders in substantially the form of Exhibit F. 
 “Subsidiary Pledge
Agreement” means the Pledge Agreement dated as of the date hereof from the Subsidiary Pledgors in favor of the Administrative Agent for the benefit of the Lenders in substantially the form of Exhibit G. 

“Subsidiary Pledgors” means, collectively, the Borrower, each Subsidiary Guarantor and each other direct or indirect
Subsidiary (other than any Excluded Subsidiary) that owns any Equity Interest in any Material Subsidiary (other than Material Subsidiaries that are Separately Financed Subsidiaries). 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

(iii) The final paragraph of Section 5.01(d) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

  
 7 

 at any time prior to the occurrence of the Asset Growth Achievement, in the event that any Eligible Unencumbered
Real Property Asset has been sold or otherwise ceased to be an Eligible Unencumbered Real Property Asset since the most recently ended quarter for which a Compliance Certificate has been delivered, the Borrower shall deliver an additional Compliance
Certificate (with supporting calculations) with respect to the Maximum Unencumbered Leverage Ratio and the Minimum Unencumbered Debt Service Coverage Ratio with each Borrowing under the Facility, whether individually or in the aggregate, that
results in an increase of $25,000,000 or more in the aggregate principal balance outstanding under the Facilities as compared to the outstanding amount under the Facilities as reflected in the Compliance Certificate most recently delivered by the
Borrower (it being understood that (i) such additional Compliance Certificate shall calculate the Property Capitalization Values and Adjusted Annualized Net Operating Incomes of the Eligible Unencumbered Real Property Assets that remain owned
by the Borrower and its Subsidiaries on the date of such certificate and that were not acquired after the quarter-end for which a Compliance Certificate was most recently delivered with the same values and incomes as were previously reported for
such Real Property Assets and (ii) the Property Capitalization Values and Adjusted Annualized Net Operating Incomes of Real Property Assets acquired by Borrower, Kerrow and their respective Subsidiaries after the quarter-end for which a
Compliance Certificate was most recently delivered that otherwise comply with the eligibility requirements for Eligible Unencumbered Real Property Assets shall be included in the calculation of pro forma compliance with the Maximum Unencumbered
Leverage Ratio and the Minimum Unencumbered Debt Service Coverage Ratio without regard to whether the applicable Subsidiaries have been joined as Guarantors or Pledgors, as applicable, of the Facility so long as such Subsidiaries are not in
violation of the requirements with respect to joinder as Guarantors pursuant to Section 5.10(a) or Pledgors pursuant to Section 5.10(b)); 

(iv) Each of clauses (a) and (c) of Section 5.10 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 (a) With respect to each Material Subsidiary that is not an Excluded Subsidiary (including any Subsidiary that has ceased to be
an Excluded Subsidiary), unless such Subsidiary is not required to become a Subsidiary Guarantor pursuant to paragraphs 8, 9 or 10 of Article VIII or the definition of “Subsidiary Guarantor” (or any component definition thereof), not later
than concurrently with the first delivery of financial statements under such clauses (a) or (c) of Section 5.01 following the date when such Subsidiary becomes a Material Subsidiary (other than an Excluded Subsidiary) (or such later
date as the Administrative Agent may agree in its sole discretion), the Borrower shall cause (and shall cause the Company to cause) such Material Subsidiary (A) to become a party to the Subsidiary Guaranty as a Subsidiary Guarantor and
(B) deliver to the Administrative Agent those items that were delivered by each Subsidiary Guarantor on the Effective Date pursuant to Section 4.01. For the purposes of calculation of compliance with the financial covenants set forth in
Section 6.12 in the applicable Compliance Certificate delivered concurrently with the delivery of financial statements under clauses (a) or (c) of Section 5.01, any joinder of a new Subsidiary Guarantor completed by such date
shall be deemed to have occurred as of the end of the period to which such Compliance Certificate relates. 

  
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 (c) If (i) the Borrower delivers to the Administrative Agent evidence reasonably
satisfactory to the Administrative Agent that the Borrower’s aggregate Asset Growth Capitalization Value with respect to the Real Property Assets (which in respect of ground leases shall only include Qualifying Ground Leases) acquired by the
Borrower or Kerrow after the Asset Transfer exceeds $300,000,000, which shall be promptly confirmed in writing by the Administrative Agent (such confirmation not to be unreasonably withheld or delayed) (“Asset Growth
Achievement”), which evidence shall include reasonable calculations and back-up documentation reasonably requested by the Administrative Agent, and (ii) at such time, no Default or Event of Default has occurred and is continuing,
then the Pledgors shall be released from their obligations under the Pledge Agreement (other than those expressly stated to survive such termination) all without delivery of any instrument or performance of any act by any Person, and the
Administrative Agent shall cause the prompt return to the Borrower of all original certificates and instruments evidencing the Pledged Collateral previously delivered to the Administrative Agent pursuant to the Pledge Agreement and the other Loan
Documents and provide such other documents or authorizations as may be reasonably requested by the Borrower to evidence such release and release any liens of record. 

(v) Each of clauses (b) through (f) of Section 6.01 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 (b) Indebtedness solely between or among any of the following Persons: the Borrower, Kerrow and any of their respective
Subsidiaries; 
 (c) Indebtedness of the Borrower, Kerrow and any of their respective Subsidiaries in respect of customary cash management
obligations, netting services, automatic clearing house arrangements, overdraft protections and similar arrangements, in each case in connection with deposit accounts incurred in the ordinary course; 

(d) any obligations (contingent or otherwise) of the Borrower, Kerrow and any of their respective Subsidiaries existing or arising under any
Swap Agreement permitted pursuant to Section 6.05; 
 (e) other Indebtedness of the Borrower, Kerrow and any of their respective
Subsidiaries (including any Permitted Separately Financed Subsidiary Debt) that will not cause a breach of the financial covenants set forth in Section 6.12 (calculated on a pro forma basis) or otherwise cause a Default or Event of Default;
provided that any Indebtedness incurred by the Borrower, Kerrow or any of their respective Subsidiaries in reliance on this Section 6.01(e) (other than any Permitted Separately Financed Subsidiary Debt) shall: (1) only be incurred
after the occurrence of Asset Growth Achievement in compliance with Section 5.12(c), (2) be unsecured, (3) not contain covenants or events of default that, taken as a whole, are more favorable to the lenders under such other
Indebtedness in any material respect than the terms of the Facilities (as reasonably determined by the Borrower or, if requested by the Borrower, as approved by the Administrative Agent) unless the Loan Documents are amended with the approval of the
Administrative Agent (without the need for approval by any other Lender) to reflect such more favorable terms, (4) not be guaranteed at any time by any Parent Company or any other Person unless (x) such Parent Company or such other Person
is a Guarantor and (y) the terms of the guarantee of such other Indebtedness by such Parent Company or such other Person are not more 

  
 9 

 
favorable to the lenders under such other Indebtedness in any material respect than the terms of the Facilities (as reasonably determined by the Borrower or, if requested by the Borrower, as
approved by the Administrative Agent) unless the Loan Documents are amended with the approval of the Administrative Agent (without the need for approval by any other Lender) to reflect such more favorable terms, and (5) have a weighted average
maturity not earlier than the latest scheduled maturity of the Facilities (“Pari Passu Debt”); and 
 (f) prior to
the Asset Growth Achievement, other Indebtedness of the Borrower, Kerrow and any of their respective Subsidiaries in an aggregate principal amount at any time outstanding not in excess of $1,000,000. The Borrower will, and will cause the Company and
each of their respective Subsidiaries to, cause all intercompany Indebtedness issued by the Borrower or any other Loan Party to be contractually subordinated in right of payment to the Facilities on terms reasonably acceptable to the Administrative
Agent. 
 (vi) Each of Clauses (d) and (f) of Section 6.02 of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 (d) Liens on cash and Cash Equivalents of the Borrower, Kerrow or any of their respective Subsidiaries securing
obligations under Swap Agreements permitted by this Agreement; 
 (f) other customary Liens arising in the ordinary course of business on
assets of the Borrower, Kerrow and their respective Subsidiaries; provided that such Liens (i) are not on any Eligible Unencumbered Real Property Asset, (ii) have not had and could not reasonably be expect to individually or in the
aggregate, result in a Material Adverse Effect, (iii) have not resulted in and could not reasonably be expected to result, individually or in the aggregate, in a Default or an Event of Default and (iv) do not secure any Indebtedness. 

(vii) Clause (a)(iii) of Section 6.03 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

(iii) any Subsidiary of the Borrower or the Company who is not a Material Subsidiary, the Borrower or a Guarantor may dissolve,
liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding up, as applicable, would not reasonably be expected to have a Material Adverse Effect and 

(viii) Clause (c)(ii) of Section 6.03 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

(ii) other dispositions by the Borrower, Kerrow and their respective Subsidiaries; provided that (x) after giving
effect thereto, the Borrower is in pro forma compliance with each of the financial covenants set forth in this Agreement (including the financial covenants under Section 6.12 and (y) no Default or Event of Default exists at the time of
such disposition or would result therefrom; and 
 (ix) Section 6.04 of the Credit Agreement is hereby amended and restated in its
entirety as follows: 

  
 10 

 Section 6.04. Passive Holding Company. The Company will not, and will cause each
other Parent Company not to, conduct, transact or otherwise engage in any active trade or business or operations or incur any Indebtedness or other liability other than through the Borrower and, in the case of the Company, Kerrow, and the Company
will not, and will cause each of the other Parent Companies not to own any assets other than the Equity Interests of the Borrower or any other Parent Company (other than the Company), and, in the case of the Company, Kerrow, and the Company will not
permit Kerrow or any Subsidiary thereof to own any Equity Interests of the Borrower or any of its Subsidiaries; provided that the foregoing will not prohibit the Company or any other Parent Company from the following: (a) the maintenance
of its legal existence and, solely in the case of the Company, its status as a public company and a REIT (including the ability to incur reasonable fees, costs, expenses and other liabilities relating to such maintenance), (b) obligations that
are limited to (i) obligations under the Transaction Documents to which it is a party or with respect to the Facilities and (ii) any obligations similar to those of its obligations, as applicable, under the Loan Documents to which it is a
party (including for so long as the Parent Guaranty remains in effect, the Parent Guaranty) arising under Pari Passu Debt of the Borrower, where such similar obligations (A) are not more burdensome to the Company or any other Parent Company in
any material respect than the obligations of the Company or such other Parent Company set forth in the Loan Documents and are non-recourse to the Company and the other Parent Companies in a manner substantially similar to, or not more burdensome
than, the provisions set forth in Section 9.04 hereof, including in its or their respective capacities as general partners or equity holders of any of their respective Subsidiaries (in each case, as reasonably determined by the Borrower or, if
requested by the Borrower, as approved by the Administrative Agent), (B) could not reasonably be expected to have material and adverse effect on the rights or remedies of any of the Credit Parties, and (C) do not require the Company or any
other Parent Company to, and will not result in the grant by the Company or any other Parent Company of any guaranty of (except as permitted pursuant to the immediately preceding clause (B)), or any pledge or grant of security interest or the
imposition of any Lien on any assets of the Company or any other Parent Company to secure, payment or performance of any such obligations and (iii) any obligations in respect of Permitted Separately Financed Subsidiary Debt that are limited to
Nonrecourse Indebtedness Exceptions, (c) any offering of its common stock or any mandatorily redeemable preferred stock or any other equity or equity-linked security, so long as all proceeds thereof are promptly contributed downstream to the
Borrower, (d) the making of contributions to (or other equity investments in) the Borrower, any other Parent Company (other than the Company) and, in the case of the Company, Kerrow; provided that, in the case of any such contributions
to or investments in such other Parent Company, all such contributions and proceeds of such investments promptly are contributed by each applicable Parent Company downstream to the Borrower, (e) participating in tax, accounting and other
administrative and fiduciary matters as a parent of the consolidated group (in the case of the Company) or as a direct or indirect owner of the Borrower, in each case, in accordance with the terms of the Transaction Documents to which it is a party,
(f) holding any cash or Cash Equivalents (including cash and Cash Equivalents received in connection with Restricted Payments) and of any other assets on a temporary basis that are in the process of being transferred through the Company or any
Parent Company as part of a permitted Restricted Payment or a downstream contribution, directly or indirectly through any Parent Company, to the Borrower and, in the case of the Company, Kerrow, (g) providing customary compensation,
indemnification and insurance coverage to officers and directors, or (h) activities incidental to the businesses or activities described above and incurred in the ordinary course of business. 

  
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 (x) Each of Clauses (g) and (h) of Section 6.06 of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
 (g) each Subsidiary of the Borrower may make Restricted Payments to the Borrower and any
Guarantor that is a Subsidiary of the Borrower; 
 (h) so long as no Default or Event of Default has occurred and is continuing or would
result after giving pro forma effect to such Restricted Payment, (i) each Subsidiary of the Borrower may make Restricted Payments to (x) any other Subsidiary of the Borrower and (y) any other Person that owns a direct Equity Interest
in such Subsidiary so long as such Restricted Payment is made to such other Persons ratably in accordance with their Equity Interests of the same class or series therein and (ii) each Subsidiary of Kerrow may make Restricted Payments to
(x) any other Subsidiary of Kerrow and (y) any other Person that owns a direct Equity Interest in such Subsidiary so long as such Restricted Payment is made to such other Persons ratably in accordance with their Equity Interests of the
same class or series therein; 
 (xi) Clause (a) of Section 6.08 of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 (a) The Borrower will not, and will not permit the Company or any of their respective Subsidiaries to, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that (i) contains a Negative Pledge, (ii) prohibits, restricts or imposes any condition upon the ability of the Borrower, Kerrow or any of their respective
Subsidiaries to enter into a contractual agreement that would prohibit a Negative Pledge, or (iii) prohibits, restricts or imposes any condition upon the ability of any Subsidiary of the Borrower or Kerrow to pay dividends or other
distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower, Kerrow or any of their respective Subsidiaries or to guarantee Indebtedness of the Borrower, Kerrow or any of their respective
Subsidiaries; provided that the foregoing shall not apply to (A) restrictions and conditions imposed by law or by this Agreement, (B) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
or assets pending such sale (provided that such restrictions and conditions apply only to the Subsidiary or assets that are to be sold and such sale is permitted hereunder), (C) customary provisions in joint venture agreements restricting the
transfer or encumbrance of Equity Interests in such joint venture or the assets owned by such joint venture, or otherwise restricting transactions between the joint venture and the Borrower, Kerrow and their respective Subsidiaries, (D) any
agreement relating to Secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and the direct or indirect Equity Interests in the issuer of such Secured
Indebtedness, (E) restrictions in leases, licenses and other contracts entered into in the ordinary course of business restricting the assignment or transfer thereof, and (F) the foregoing shall not apply to restrictions or conditions
contained in agreements evidencing Pari Passu Debt of the Company, the Borrower or any of their respective Subsidiaries incurred in compliance with the obligations under Section 6.01. 

  
 12 

 (xii) Section 9.04 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 Section 9.04 Non-Recourse to the Company; Exceptions thereto. This Agreement and the Obligations of the Borrower
hereunder and under the other Loan Documents are fully recourse to the Borrower, and the obligations of the Guarantors and the Pledgors are fully recourse to each Guarantor and Pledgor under the Loan Documents to which it is a party. Notwithstanding
any applicable law that would make the owner or general partner of a partnership or general partner liable for the debts and obligations of the partnership, except as set forth in the Parent Guaranty or the Parent Pledge Agreement, nothing contained
herein or in the other Loan Documents shall be construed to create or impose upon the Company (in its capacity as owner of the Borrower and owner of the General Partner), the General Partner (in its capacity as general partner of the Borrower), or
any limited partner of the Borrower (in its capacity as such), any obligation with respect to the repayment of Indebtedness hereunder; provided that nothing contained in this Section 9.04 shall be deemed to (i) release any Loan
Party from any liability pursuant to, or from any of its obligations under, this Agreement or the other Loan Documents to which it is a party, including, without limitation, with respect to any obligations that depend on compliance by any Parent
Company with the requirements hereof, (ii) constitute a waiver of any Obligation arising under this Agreement or any of the other Loan Documents, (iii) limit the rights of the Administrative Agent or any of the Lenders to proceed against
or realize upon any collateral pledged or guaranty given for the Obligations or the rights of the Administrative Agent or the Lenders to realize upon the assets of the Borrower or any Guarantor or (iv) release the Company from any personal
liability for any claims on account of any loss, damage, cost or expense incurred by the Administrative Agent or any of the Lenders as a result of any of the matters set forth in clauses (a) through (f), inclusive, below (all of the foregoing
in this clause (iv), the “Recourse Obligations”): 
 (a) fraud or material misrepresentation in connection with any
Loan, any Letter of Credit or any of the other Obligations or any Loan Documents, including, without limitation, any misrepresentation in any material respect by the Company in Article III hereof; 

(b) misappropriation of the proceeds of any Loan or LC Disbursement or of any rents or other revenues, insurance proceeds or condemnation
awards attributable to any collateral for the Obligations or any Eligible Unencumbered Real Property Asset; 
 (c) gross negligence, willful
misconduct or waste with respect to any collateral for the Obligations or any Eligible Unencumbered Real Property Asset; 
 (d) any transfer
of or creation of a Lien on all or any part of any Eligible Unencumbered Real Property Asset or any collateral for the Obligations, in each case, in violation of the terms of the Loan Documents; 

(e) bad faith interference, directly or indirectly, with any foreclosure upon any collateral for the Obligations or with any other enforcement
of Administrative Agent’s, any Issuing Bank or any Lender’s rights, powers or remedies under any of the Loan Documents (whether by making any motion, seeking any extension, asserting any defense, claim, counterclaim or right of offset,
seeking any injunction or other restraint, commencing any action, seeking to consolidate any such foreclosure or other enforcement with any other action, or otherwise) after the occurrence and during the continuance of an Event of Default; or 

  
 13 

 (f) failure of the Company to comply with the requirements of Sections 3.16, 5.03(b), 6.04, 6.06
or 6.13. 
 (xiii) Article IX of the Credit Agreement is hereby amended by adding Section 9.18 at the end thereof: 

Section 9.18. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is
unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-in Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 SECTION 2. AMENDMENTS TO THE SUBSIDIARY
GUARANTY. As of the Amendment Effective Date (as defined in Section 5 hereof), Section 24 of the Subsidiary Guaranty is amended and restated in its entirety as follows: 

Section 24. Additional Guarantors. Each Material Subsidiary that is required to become a Party to this Guaranty pursuant to
Section 5.10(a) of the Credit Agreement shall become a Guarantor for all purposes of this Guaranty upon execution and delivery by such Subsidiary of a Joinder Agreement in substantially the form of Annex I hereto and otherwise in form and
substance reasonably acceptable to the Administrative Agent. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE BORROWER. In order to induce the
Administrative Agent and the Lenders party hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders that the following statements are true, correct and complete: 

  
 14 

 (i) the Borrower has the requisite power and authority to make, deliver and perform its
obligations under the Amendment Documents to which it is a party; 
 (ii) the execution and delivery of this Amendment and the performance
of the Amendment Documents to which the Borrower is a party are within the Borrower’s partnership powers and have been duly authorized by all necessary partnership or other organizational action on the part of the Borrower; 

(iii) the execution and delivery of this Amendment and the performance of the Amendment Documents to which the Borrower is a party (a) do
not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or
regulation or the charter or any order, judgment or decree of any Governmental Authority, by-laws or other organizational documents of the Borrower or any of its Subsidiaries, (c) will not violate or result in a default under any material
indenture, loan agreement, credit agreement, promissory note, letter of credit or other agreement binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the
Borrower or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries (other than Liens created under the Loan Documents); 

(iv) this Amendment has been duly executed and delivered by the Borrower and each of the Amendment Documents to which the Borrower is a party
constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; 
 (v) the representations
and warranties made or deemed made by the Loan Parties in the Credit Agreement are true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse Effect” or
similar language, which shall be true and correct in all respects) as of the Amendment Effective Date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents; and 

(vi) no Default or Event of Default has occurred and is continuing or will result from the consummation of the transactions contemplated by
the Amendment Documents. 
 SECTION 4. ACKNOWLEDGEMENT, AGREEMENT AND CONSENT AND REPRESENTATIONS AND WARRANTIES OF THE GUARANTORS AND THE PLEDGORS

 A. Each of the Guarantors and the Pledgors has read this Amendment and consents to the terms hereof and further hereby
confirms and agrees that, notwithstanding the effectiveness of this Amendment, the obligations of such Guarantor or such Pledgor, as applicable, under the 

  
 15 

 
applicable Guaranty, the applicable Pledge Agreement (if any) and each of the other Loan Documents to which such Guarantor or such Pledgor is a party shall not be impaired and the applicable
Guaranty, the applicable Pledge Agreement and the other Loan Documents to which such Guarantor or such Pledgor is a party is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects. 

B. Each of the Guarantors and the Pledgors and the Borrower hereby acknowledges and agrees that the Obligations guaranteed under the
applicable Guaranty and secured by the applicable Pledge Agreement will include all Obligations under, and as defined in, the Credit Agreement as amended by this Amendment. 

C. Each of the Guarantors and the Pledgors acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set
forth in this Amendment, such Guarantor or such Pledgor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in
the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor or such Pledgor to any future amendments to the Credit Agreement. 

D. In order to induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, each of the Guarantors and
the Pledgors represents and warrants to the Administrative Agent and the Lenders that the following statements are true, correct and complete: 

(i) such Guarantor or such Pledgor has the requisite power and authority to make, deliver and perform its obligations under the
Amendment Documents to which it is a party; 
 (ii) the execution and delivery of the Amendment Documents to which such
Guarantor or such Pledgor is a party are within such Guarantor’s or such Pledgor’s corporate, partnership, limited liability company or other organizational powers and have been duly authorized by all necessary corporate, partnership,
limited liability company or other organizational action on the part of such Guarantor or such Pledgor; 
 (iii) the
execution and delivery of the Amendment Documents to which such Guarantor or such Pledgor is a party and the performance of the Amendment Documents to which such Guarantor or such Pledgor is a party (a) do not require any consent or approval
of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter or any order,
judgment or decree of any Governmental Authority, by-laws or other organizational documents of such Guarantor or such Pledgor or any of its Subsidiaries, (c) will not violate or result in a default under any material indenture, loan agreement,
credit agreement, promissory note, letter of credit or other agreement binding upon such Guarantor or such Pledgor or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by such Guarantor or
such Pledgor or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of such Guarantor or such Pledgor or any of its Subsidiaries (other than Liens created under the Loan Documents); 

  
 16 

 (iv) the Amendment Documents to which such Guarantor or such Pledgor is a party
has been duly executed and delivered by such Guarantor or such Pledgor and each of the Amendment Documents to which such Guarantor or such Pledgor is a party constitutes a legal, valid and binding obligation of such Guarantor or such Pledgor,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law; 
 (v) the representations and warranties made or deemed made by each of the Guarantors
and the Pledgors in any Loan Document are true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse Effect” or similar language, which shall be true and
correct in all respects) as of the Amendment Effective Date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct
in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents; and 

(vi) no Default or Event of Default has occurred and is continuing or will result from the consummation of the transactions
contemplated by the Amendment Documents. 
 SECTION 5. CONDITIONS TO EFFECTIVENESS. This Amendment shall become effective only upon the satisfaction
of the following conditions precedent (the date of satisfaction of such conditions being referred to as the “Amendment Effective Date”): 

A. The Borrowers, the Guarantors, the Pledgors, the Administrative Agent and the Required Lenders shall have indicated their consent to
this Amendment by the execution and delivery of the signature pages hereto to the Administrative Agent. 
 B. Each of the Company and
the General Partner shall have indicated its consent to the Parent Guaranty by the execution and delivery of the signature pages thereto to the Administrative Agent. 

C. The Company shall have indicated its consent to the Parent Pledge Agreement by the execution and delivery of the signature pages
thereto to the Administrative Agent. 
 D. The Borrower shall have delivered an updated Schedule 1 to the Subsidiary Pledge Agreement
giving effect to the Kerrow Transfer (as defined below). 
 E. The Administrative Agent shall have received (i) an
officer’s certificate of each of the Company and the Borrower, either confirming that there have been no changes to its organizational documents since November 9, 2015, or if there have been changes to its organizational documents since
such date, certifying as to such changes, (ii) copies of the formation and organizational documents of the General Partner, certified by an officer of the 

  
 17 

 
General Partner, together with all amendments thereto, (iii) copies, certified by a Secretary or an Assistant Secretary of each of the Borrower, the Company and the General Partner of the
resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for the Administrative Agent) authorizing the execution, delivery and performance of the Amendment Documents to which it is a party, (iv) copies of
the formation and other organizational documents of Kerrow, certified by a Secretary or an Assistant Secretary of Kerrow, together with all amendments thereto, which shall be in form and substance reasonably acceptable to the Administrative Agent;
and (v) an incumbency certificate, executed by officers of each of the General Partner and the Company, which shall identify by name and title and bear the signature of the Persons authorized to sign the Amendment Documents to which it is a
party , upon which certificate the Administrative Agent, the Issuing Banks and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower. 

F. (x) All of the terms and conditions of the Kerrow Transfer (defined below) (including, without limitation, the consideration and
proposed transfer mechanism therefor) shall be acceptable to the Administrative Agent, (y) all of the definitive documentation for the Kerrow Transfer (collectively, the “Kerrow Transfer Documentation”) shall be in form
and substance reasonably acceptable to the Administrative Agent and (z) the Administrative Agent shall have received evidence in form and substance reasonably acceptable to it of the consummation of the Kerrow Transfer pursuant to, and in
accordance with, the terms of the Kerrow Transfer Documentation. 
 G. The Administrative Agent shall have received all reasonable
and documented out of pocket expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel for which the Borrower agrees it is responsible pursuant to Section 9.03 of the Credit Agreement) that are
due and payable in connection with this Amendment. 
 SECTION 6. WAIVER 

A. Effective as of the Amendment Effective Date, Sections 6.03(a) and 6.03(d) of the Credit Agreement and
Section 4(f) of the Subsidiary Pledge Agreement are hereby waived solely to permit the Borrower’s transfer of all of the Equity Interests of Kerrow to the Company (the “Kerrow Transfer”).  

B. Without limiting the generality of Section 9.02 of the Credit Agreement, the waiver set forth above shall be limited precisely
as written and relates solely to the provisions of Sections 6.03(a) and 6.03(d) of the Credit Agreement and Section 4(f) of the Subsidiary Pledge Agreement in the manner and to the extent described above and nothing in this Amendment shall be
deemed to: 
 (ii) constitute a waiver of compliance by the Borrower or any other Loan Party with respect to any other term, provision or
condition of the Credit Agreement or any other Loan Document, or any other instrument or agreement referred to therein; or 
 (iii)
prejudice any right or remedy that the Administrative Agent or any Person that is a Lender at any time under the Credit Agreement or any other Loan Document may now have or may have in the future under or in connection with the Credit Agreement or
any other Loan Document, or any other instrument or agreement referred to therein. 

  
 18 

 SECTION 7. MISCELLANEOUS 

A. Reference to and Effect on the Loan Documents. 

(ii) On and after the Amendment Effective Date, each reference in any Loan Document to any Loan Document amended hereby shall mean and be a
reference to such Loan Document as amended by this Amendment. 
 (iii) Except as specifically amended by this Amendment, each of the Credit
Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (iv) The execution,
delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent, the Issuing Banks or any Lender
under the Credit Agreement or any of the other Loan Documents. 
 (v) This Amendment shall constitute a Loan Document. 

B. Headings. Section and subsection headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose or be given any substantive effect. 
 C. Applicable Law. THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

D. Counterparts; Effectiveness. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts
and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, emailed pdf. or any other electronic means that
reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. 

[Signature Pages Follow] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	FOUR CORNERS OPERATING PARTNERSHIP, LP
	By: FOUR CORNERS GP, LLC, its general partner
		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President

  
 [Signature Page –
Amendment] 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as Lender and as Administrative Agent
		
	By:	 	   /s/ John A.
Horst            

	Name: John A. Horst
	Title: Executive Director

  
 [Signature Page –
Amendment] 

 
			
	 BANK OF AMERICA, N.A.,
 as
Lender

		
	By:	 	   /s/ Anthony T. Fertitta,
Jr.            

	Name: Anthony T. Fertitta, Jr.
	Title: Managing Director

  
 [Signature Page –
Amendment] 

 
			
	 BARCLAYS BANK PLC,
 as
Lender

		
	By:	 	   /s/ Evan
Moriarty            

	Name: Evan Moriarty
	Title: Assistant Vice President

  
 [Signature Page –
Amendment] 

 
			
	 FIFTH THIRD BANK,
 as
Lender

		
	By:	 	   /s/ John A.
Marian            

	Name: John A. Marian
	Title: Vice President

  
 [Signature Page –
Amendment] 

 
			
	 GOLDMAN SACHS BANK USA,
 as
Lender

		
	By:	 	   /s/ Mehmet
Barlas            

	Name: Mehmet Barlas
	Title: Authorized Signatory

  
 [Signature Page –
Amendment] 

 
			
	 MORGAN STANLEY BANK, N.A.,
 as
Lender

		
	By:	 	   /s/ Emanuel
Ma            

	Name: Emanuel Ma
	Title: Authorized Signatory

  
 [Signature Page –
Amendment] 

 
			
	 RAYMOND JAMES BANK, N.A.,
 as
Lender

		
	By:	 	   /s/ James M.
Armstrong            

	Name: James M. Armstrong
	Title: Senior Vice President

  
 [Signature Page –
Amendment] 

 
			
	 SEASIDE NATIONAL BANK & TRUST,

as Lender

		
	By:	 	   /s/ Thomas N. Grant
            

	Name: Thomas N. Grant
	Title: SVP & Chief Credit Officer

  
 [Signature Page –
Amendment] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Lender

		
	By:	 	   /s/ Steven L.
Sawyer            

	Name: Steven L. Sawyer
	Title: Senior Vice President

  
 [Signature Page –
Amendment] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	   /s/ Stephen
Leon            

	Name: Stephen Leon
	Title: Managing Director

  
 [Signature Page –
Amendment] 

 
			
	 WOODFOREST NATIONAL BANK,
 as
Lender

		
	By:	 	   /s/ John
Ellis            

	Name: John Ellis
	Title: Senior Vice President

  
 [Signature Page –
Amendment] 

 Each of the undersigned Guarantors and Pledgors hereby acknowledges, agrees and consents to the
foregoing Amendment. 
  

			
	FOUR CORNERS OPERATING PARTNERSHIP, LP
	By: FOUR CORNERS GP, LLC, its general partner
		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FOUR CORNERS PROPERTY TRUST, INC.,

a Maryland Corporation

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: Chief Financial Officer
	
	 FOUR CORNERS GP, LLC,
 a Delaware
limited liability company

		
	By:	 	   /s/ Gerald R. Morgan

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT GARDEN PROPERTIES, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT SUNSHINE PROPERTIES, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President

  
 [Signature Page –
Amendment] 

 
			
	FCPT SW PROPERTIES, LLC,
	a Delaware limited liability company
		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT INTERNATIONAL DRIVE, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT RESTAURANT PROPERTIES, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT REMINGTON PROPERTIES, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT HOSPITALITY PROPERTIES, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT KEYSTONE PROPERTIES 11, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President

  
 [Signature Page –
Amendment] 

 
			
	FCPT PA HOSPITALITY PROPERTIES 11, LLC,
	a Delaware limited liability company
		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT KEYSTONE PROPERTIES, LLC,
 a
Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President
	
	 FCPT PA HOSPITALITY PROPERTIES, LLC,

a Delaware limited liability company

		
	By:	 	   /s/ Gerald R.
Morgan            

	Name: Gerald R. Morgan
	Title: President

  
 [Signature Page –
Amendment]

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