Document:

EX-4.(a)

 Exhibit 4(a)

{EXECUTION COPY]

SECOND AMENDMENT TO MULTICURRENCY CREDIT AGREEMENT

This SECOND AMENDMENT TO MULTICURRENCY CREDIT AGREEMENT, dated as of October 24, 2008 (this
“Amendment”), among (i) CLIFFS NATURAL RESOURCES INC. (f/k/a Cleveland-Cliffs Inc), an Ohio
corporation (the “Borrower”), (ii) the undersigned Lenders, and (iii) BANK OF AMERICA,
N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, amends certain provisions of the
Multicurrency Credit Agreement, dated as of August 17, 2007 (as amended, restated and otherwise
modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders, Bank
of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and JPMorgan Chase
Bank, N.A., as Syndication Agent. Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Credit Agreement.

RECITALS

WHEREAS, the Borrower has requested that the undersigned Lenders and the Administrative Agent
agree to amend certain of the terms and provisions of the Credit Agreement, as specifically set
forth in this Amendment; and

WHEREAS, the undersigned Lenders and the Administrative Agent are prepared to amend the Credit
Agreement on the terms, subject to the conditions and in reliance on the representations set forth
herein.

NOW THEREFORE, in consideration of the mutual agreements contained in the Credit Agreement and
herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

Section 1. Amendment to Credit Agreement.

(a) Amendment to Section 1.1 (Definitions). From and after the Second Amendment
Effective Date, Section 1.1 of the Credit Agreement shall be amended by restating the following
definitions in their entirety as set forth below:

“Applicable Margin” means the rates per annum determined in accordance with the following
schedule based on the applicable corporate family ratings of the Borrower from Moody’s and
the applicable corporate credit ratings of the Borrower from S&P (collectively, the
“Ratings”):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 	 	 	 
	 	 	 	 	 	 	Margin for Base	 	 	 	 
	 	 	 	 	 	 	Rate Loans, L/C	 	 	 	 
	 	 	 	 	 	 	Borrowings and	 	Applicable	 	Applicable
	 	 	 	 	 	 	Letter of Credit	 	Margin for	 	Margin for
	 	 	Debt Ratings	 	Fees shall be:	 	Eurocurrency Loans	 	Commitment Fee
	Level	 	S&P/Moody’s	 		 	shall be:	 	shall be:
	 I
	 	BBB+ or Baa1 or
	 		0.750	%	 		0.750	%	 		0.250	%
	 
	 	higher
	 	 	 	 	 	 	 	 	 	 	 	 
	II
	 	BBB or Baa2
	 		1.000	%	 		2.000	%	 		0.275	%
	III
	 	BBB- or Baa3
	 		1.250	%	 		2.250	%	 		0.300	%
	IV
	 	BBB- and Ba1 or BB+
	 		1.500	%	 		2.500	%	 		0.325	%
	 
	 	and Baa3
	 	 	 	 	 	 	 	 	 	 	 	 
	V
	 	BB+ or Ba1 (and not
	 		1.750	%	 		2.750	%	 		0.350	%
	 
	 	Level IV)
	 	 	 	 	 	 	 	 	 	 	 	 
	VI
	 	BB or Ba2 or worse
	 		2.250	%	 		3.250	%	 		0.375	%

For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a
Rating for the Borrower (other than by reason of the circumstances referred to in the last
sentence of this definition), then such rating agency shall be deemed to have established a
Rating in Level VI; (ii) except in the case of a Rating in Level IV, if the Ratings
established or deemed to have been established by Moody’s and S&P for the Borrower shall
fall within different Levels, the Applicable Margin shall be based on the lower of the two
Ratings (with the Ratings for Level I being the highest and the Ratings for Level VI being
the lowest) unless one of the two Ratings is two or more Levels lower than the other, in
which case the Applicable Margin shall be determined by reference to the Level next above
that of the lower of the two Ratings; (iii) if a Rating established by Moody’s or S&P for
the Borrower shall be on “negative watch” by such rating agency (but not if such rating is
merely on “negative outlook” by such rating agency), then such Rating shall be deemed to be
one notch lower than such Rating until such time as such Rating is no longer on “negative
watch”; and (iv) if the Ratings established or deemed to have been established by Moody’s
and S&P for the Borrower shall be changed (other than as a result of a change in the rating
system of Moody’s or S&P), such change shall be effective as of the date on which it is
first announced by the applicable rating agency, irrespective of when notice of such change
shall have been furnished by the Borrower to the Administrative Agent and the Lenders
pursuant to the terms of this Agreement or otherwise. Each change in the Applicable Margin
shall apply during the period commencing on the effective date of such change and ending on
the date immediately preceding the effective date of the next such change. If the rating
system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in
the business of rating corporate debt obligations, the Borrower and the Lenders shall
negotiate in good faith to amend this definition to reflect such changed rating system or
the unavailability of ratings from such rating agency and, pending the effectiveness of any
such amendment, the Applicable Margin shall be determined by reference to the Rating most
recently in effect prior to such change or cessation.

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the
Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate” and (c) the rate
of interest in effect on such day, pursuant to this Agreement, for a Borrowing of
Eurocurrency Loans with an Interest Period of one month (or if such day is not a Business
Day, the immediately preceding Business Day) plus 1%. The “prime rate” is a rate set by
Bank of America based upon various factors including Bank of America’s costs and desired
return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced rate. Any change
in such rate announced by Bank of America shall take effect at the opening of business on
the day specified in the public announcement of such change.

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation
in any L/C Borrowing in accordance with its Percentage. All L/C Advances shall be
denominated in U.S. Dollars.

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of
Credit which has not been reimbursed on the date when made or refinanced as a Base Rate Loan
pursuant to Section 2.2. All L/C Borrowings shall be denominated in U.S. Dollars.

“L/C Obligations” means, as at any date of determination, an amount equal to the aggregate
amount available to be drawn under all outstanding Letters of Credit plus the U.S. Dollar
Equivalent of the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For
purposes of computing the amount available to be drawn under any Letter of Credit, the
amount of such Letter of Credit shall be determined in accordance with Section 1.4.
For all purposes of this Agreement, if on any date of determination a Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation
of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn.

“L/C Sublimit” means U.S. $150,000,000, as reduced pursuant to the terms hereof.

“Letter of Credit” means any standby letter of credit issued hereunder. Letters of Credit
may be issued in U.S. Dollars or in an Alternative Currency.

“Permitted Investment Amount” means an amount equal to (a) U.S. $150,000,000 plus (b) 20% of
positive Net Income of the Borrower and its Restricted Subsidiaries for each fiscal year of
the Borrower commencing with the Borrower’s fiscal year ending December 31, 2006.

“Revaluation Date” means (a) with respect to any Loan, each of the following: (i) each date
of a Borrowing of a Eurocurrency Loan denominated in an Alternative Currency, (ii) each date
of a continuation of a Eurocurrency Loan denominated in an Alternative Currency pursuant to
Section 2.4, and (iii) such additional dates as the Administrative Agent shall
determine or the Required Lenders shall require; and (b) with respect to any Letter of
Credit, each of the following: (i) each date of issuance or extension of the expiry date of
a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of
any such Letter of Credit having the effect of increasing the amount thereof (solely with
respect to the increased amount), (iii) each date of any payment by the L/C Issuer under any
Letter of Credit denominated in an Alternative Currency, and (iv) such additional dates as
the Administrative Agent or the L/C Issuer shall determine or the Required Lenders shall
require.

(b) Amendment to Section 1.1 (Definitions). From and after the Second Amendment
Effective Date, Section 1.1 of the Credit Agreement shall be further amended by inserting the
following new definitions to such Section 1.1 in the appropriate alphabetical order:

“Alpha Acquisition” means the acquisition by the Borrower of all of the outstanding
ownership interests in the Target.

“Impacted Lender” means a Defaulting Lender or a Revolving Lender as to which (a) the
Administrative Agent, the L/C Issuer or Swing Line Lender has a good faith belief that such
Revolving Lender has defaulted in fulfilling its obligations under one or more other
syndicated credit facilities or (b) an entity that controls such Revolving Lender has been
deemed insolvent or become subject to a bankruptcy or other similar proceeding.

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

“Second Amendment” means that certain Second Amendment to this Agreement, dated as of
October 24, 2008.

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc. and any successor thereto.

“Target” means Alpha Natural Resources, Inc., a Delaware corporation.

(c) Amendment to Section 1.1 (Definitions). From and after the Second Amendment
Effective Date, Section 1.1 of the Credit Agreement shall be further amended by deleting subclause
(d) from the definition of “Restricted Investment” in its entirety and replacing it with the
following:

(d) Permitted Acquisitions; provided that, the Borrower shall deliver to the Administrative
Agent at least 10 Business Days (or such shorter period as may be agreed to by the
Administrative Agent) prior to any such Acquisition a certificate confirming pro forma
compliance with Section 6.19 hereof; provided further that, in the case of the Alpha
Acquisition, Borrower shall deliver to the Administrative Agent at least 1 Business Day
prior to the Alpha Acquisition a certificate confirming pro forma compliance with Section
6.19 hereof;

(d) Amendment to Section 1.1 (Definitions). From and after the Second Amendment
Effective Date, Section 1.1 of the Credit Agreement shall be further amended by deleting subclause
(g) from the definition of “Restricted Investment” in its entirety and replacing it with the
following:

(g) Hedging Liability and Other Hedging Liability to any other Person, in all cases incurred
in the ordinary course of business and not for speculative purposes;

(e) Amendment to Section 1.4 (Letter of Credit Amounts). From and after the Second
Amendment Effective Date, Section 1.4 of the Credit Agreement shall be amended by restating such
Section in its entirety as follows:

Section 1.4 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a
Letter of Credit at any time shall be deemed to be the U.S. Dollar Equivalent of the stated
amount of such Letter of Credit in effect at such time; provided, however, that with respect
to any Letter of Credit that, by its terms or the terms of any Issuer Document related
thereto, provides for one or more automatic increases in the stated amount thereof, the
amount of such Letter of Credit shall be deemed to be the U.S. Dollar Equivalent of the
maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

(f) Amendment to Section 1.5(b) (Exchange Rates; Currency Equivalents). From and
after the Second Amendment Effective Date, Section 1.5(b) of the Credit Agreement shall be amended
by restating such Section in its entirety as follows:

(b) Wherever in this Agreement in connection with a Borrowing, conversion, continuation or
prepayment of a Eurocurrency Loan or the issuance, amendment or extension of a Letter of
Credit, an amount, such as a required minimum or multiple amount, is expressed in U.S.
Dollars, but such Borrowing, Eurocurrency Loan or Letter of Credit is denominated in an
Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of
such U.S. Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5
of a unit being rounded upward), as determined by the Administrative Agent.

(g) Amendment to Section 1.6 (Additional Alternative Currencies). From and after the
Second Amendment Effective Date, Section 1.6 of the Credit Agreement shall be amended by restating
such Section in its entirety as follows:

Section 1.6 Additional Alternative Currencies. (a) The Borrower may from time to time
request that Eurocurrency Loans be made and/or Letters of Credit be issued in a currency
other than those specifically listed in the definition of “Alternative Currency;” provided
that such requested currency is a lawful currency (other than U.S. Dollars) that is readily
available and freely transferable and convertible into U.S. Dollars. In the case of any
such request with respect to the making of Eurocurrency Loans, such request shall be subject
to the approval of the Administrative Agent and the Revolving Lenders; and in the case of
any such request with respect to the issuance of Letters of Credit, such request shall be
subject to the approval of the Administrative Agent and the L/C Issuer.

(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20
Business Days prior to the date of the desired Credit Extension (or such other time or date
as may be agreed by the Administrative Agent and, in the case of any such request pertaining
to Letters of Credit, the L/C Issuer, in its or their sole discretion). In the case of any
such request pertaining to Eurocurrency Loans, the Administrative Agent shall promptly
notify each Revolving Lender thereof; and in the case of any such request pertaining to
Letters of Credit, the Administrative Agent shall promptly notify the L/C Issuer thereof.
Each Revolving Lender (in the case of any such request pertaining to Eurocurrency Loans) or
the L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the
Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such
request whether it consents, in its sole discretion, to the making of Eurocurrency Loans or
the issuance of Letters of Credit, as the case may be, in such requested currency.

(c) Any failure by a Revolving Lender or the L/C Issuer, as the case may be, to respond to
such request within the time period specified in the preceding sentence shall be deemed to
be a refusal by such Revolving Lender or the L/C Issuer, as the case may be, to permit
Eurocurrency Loans to be made or Letters of Credit to be issued in such requested currency.
If the Administrative Agent and all the Revolving Lenders consent to making Eurocurrency
Loans in such requested currency, the Administrative Agent shall so notify the Borrower and
such currency shall thereupon be deemed for all purposes to be an Alternative Currency
hereunder for purposes of any Borrowings of Eurocurrency Loans; and if the Administrative
Agent and the L/C Issuer consent to the issuance of Letters of Credit in such requested
currency, the Administrative Agent shall so notify the Borrower and such currency shall
thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of
any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to
any request for an additional currency under this Section 1.6, the Administrative
Agent shall promptly so notify the Borrower.

(h) Amendment to Section 2.2(a) (The Letter of Credit Commitment). From and after the
Second Amendment Effective Date, Section 2.2(a) of the Credit Agreement shall be amended by:

(i) amending subclause (i) by inserting the following new sentence immediately
following the end of the first sentence of such subclause:

Any such Letter of Credit may be issued in U.S. Dollars or any
Alternative Currency.

(ii) restating subclause (iii)(3) contained in such Section in its entirety as
follows:

(3) except as otherwise agreed by the Administrative Agent and the
L/C Issuer, such Letter of Credit is to be denominated in a currency
other than U.S. Dollars or an Alternative Currency;

(iii) restating subclause (iii)(4) contained in such Section in its entirety as
follows:

(4) a default of any Revolving Lender’s obligations to fund under
Section 2.2(c) exists or any Revolving Lender is at such time an
Impacted Lender, unless the L/C Issuer has entered into arrangements
satisfactory to the L/C Issuer with the Borrower or such Revolving
Lender to eliminate the L/C Issuer’s risk with respect to such
Revolving Lender.

(iv) inserting the following new subclause (iii)(5) immediately following existing
subclause (iii)(4):

(5) the L/C Issuer does not as of the issuance date of such requested
Letter of Credit issue Letters of Credit in the requested currency.

(i) Amendment to Section 2.2(b) (Procedures for Issuance and Amendment of Letters of
Credit). From and after the Second Amendment Effective Date, Section 2.2(b) of the Credit
Agreement shall be amended by inserting the words “and currency” immediately following the word
“amount” contained in clause (b)(i)(2).

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

In the case of a Letter of Credit denominated in an Alternative Currency, the L/C Issuer
shall notify the Borrower of the U.S. Dollar Equivalent of the amount of the drawing
promptly following the determination thereof and the Company shall reimburse the L/C Issuer
in U.S. Dollars.

(k) Amendment to Section 2.2(e) (Obligations Absolute). From and after the Second
Amendment Effective Date, Section 2.2(e) of the Credit Agreement shall be amended by:

(i) deleting the word “or” at the end of clause (iv);

(ii) deleting the period (“.”) at the end of clause (v) and inserting in
lieu thereof “; or”; and

(iii) inserting the following new clause (vi) in the appropriate numerical
order:

(vi) any adverse change in the relevant exchange rates.

(l) Amendment to Section 2.2(g) (Cash Collateral). From and after the Second
Amendment Effective Date, Section 2.2(g) of the Credit Agreement shall be amended by inserting the
following new sentence immediately following the end of the first sentence of such Section:

In addition, if the Administrative Agent notifies the Borrower at any time that the U.S.
Dollar Equivalent of all L/C Obligations at such time exceeds the L/C Sublimit then in
effect, then, within two Business Days after receipt of such notice, the Borrower shall Cash
Collateralize the L/C Obligations in an amount equal to the amount by which the U.S. Dollar
Equivalent of all L/C Obligations exceeds the L/C Sublimit.

(m) Amendment to Section 2.10(a) (The Swing Line). From and after the Second
Amendment Effective Date, Section 2.10(a) of the Credit Agreement shall be amended by inserting the
following new sentence immediately following the end of the last sentence of such Section:

Notwithstanding anything to the contrary contained in this Agreement, the Borrower agrees
that all Swing Loans shall be made at the sole and absolute discretion of the Swing Line
Lender.

(n) Amendment to Section 2.10(b) (Borrowing Procedure). From and after the Second
Amendment Effective Date, Section 2.10(b) of the Credit Agreement shall be amended by inserting the
following new sentence immediately following the end of the last sentence of such Section:

Notwithstanding foregoing, if the Swing Line Lender shall elect, pursuant to Section
2.10(a), not to fund any Swing Loan for any reason, the Swing Line Lender shall promptly
notify the Borrower and the Administrative Agent of such election after the receipt of the
relevant Swing Loan Notice.

(o) Amendment to Section 2.12(b) (Letter of Credit Fees). From and after the Second
Amendment Effective Date, Section 2.12(b) of the Credit Agreement shall be amended by deleting the
words “the Applicable Margin then in effect for Eurocurrency Loans“ contained in the third and
fourth lines of such Section and inserting the words “the Applicable Margin then in effect for Base
Rate Loans” in lieu thereof.

(p) Amendment to Section 6.1 (Information Covenants). From and after the Second
Amendment Effective Date, Section 6.1 of the Credit Agreement shall be amended by inserting the
following new subsection (h) immediately following existing subsection (g):

(h) Change in Debt Rating. Promptly, and in any event within one Business Day, notice of
any announcement by Moody’s or S&P of any change in a Debt Rating and, promptly after
becoming aware thereof, notice of any announcement by Moody’s or S&P of any possible change
in a Debt Rating.

(q) Amendment to Section 6.12 (Indebtedness). From and after the Second Amendment
Effective Date, Section 6.12 of the Credit Agreement shall be amended by restating subsection (j)
contained in such Section in its entirety as follows:

(j)  Indebtedness of Non-Guarantor Subsidiaries not otherwise permitted by this Section;
provided that the aggregate amount at any time outstanding of all such Indebtedness plus
Indebtedness of the Borrower and all Restricted Subsidiaries secured by Liens shall not
exceed 20% of Net Worth as measured as of the end of the most recently completed fiscal
quarter prior to the incurrence of such Indebtedness; and

(r) Amendment to Section 6.13 (Liens). From and after the Second Amendment Effective
Date, Section 6.13 of the Credit Agreement shall be amended by:

(i) restating subsection (d) contained in such Section in its entirety as
follows:

(d) [Intentionally deleted.]

(ii) deleting the reference to “Section 6.12(j)” contained in subsection (e) of such
Section and inserting in lieu thereof the reference to “Section 6.12(i)”.

(s) Amendment to Section 6.13 (Liens). From and after the Second Amendment Effective
Date, Section 6.13 of the Credit Agreement shall be amended by restating subsection (j) contained
in such Section in its entirety as follows:

(j) Liens securing Indebtedness; provided that the aggregate amount of such secured
Indebtedness plus the Indebtedness of Non-Guarantor Subsidiaries under Section 6.12(j) shall
not exceed 20% of Net Worth as measured as of the end of the most recently completed fiscal
quarter prior to the incurrence of such Indebtedness.

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

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

(ix) in the case of clause (e) or, with respect to the Borrower
only, clause (a), any agreements evidencing Indebtedness permitted
to be incurred pursuant to Section 6.12;

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

(x) any agreements not referred to in clause (ix) above evidencing
Indebtedness of Non-Guarantor Subsidiaries that are Foreign Subsidiaries,
the aggregate principal amount of which, under all such agreements, shall
not exceed at any time an amount equal 20% of Net Worth (as measured as of
the end of the most recently completed fiscal quarter);

Section 2. Conditions Precedent. This Amendment shall become effective (the
“Second Amendment Effective Date”) upon the satisfaction of each of the following
conditions precedent on a date not later than April 15, 2009:

(a) Documentation. Administrative Agent shall have received all of the following, in
form and substance satisfactory to Administrative Agent:

(i) a fully-executed and effective Amendment by the Borrower, the
Guarantors, the Administrative Agent and the Required Lenders;

(ii) a certificate signed by a Responsible Officer of the Borrower
certifying as to, and attaching evidence (satisfactory to the Administrative
Agent) of, the current Debt Ratings of the Borrower;

(iii) a certificate signed by a Responsible Officer of the Borrower
attaching and certifying as true, complete and correct, copies of each of
the documents executed and delivered in connection with that certain Term
Loan Agreement, dated as of October 24, 2008 (the “Term Loan
Agreement”), by and among the Borrower, JPMorgan Chase Bank, N.A. acting
as administrative agent for the lenders from time to time party thereto;

(iv) a certificate signed by a Responsible Officer of the Borrower
certifying that (1) the Borrower has received one or more term loans under
Term Loan Agreement in an aggregate principal amount of $1,484,000,000 and
(2) as of the date of the receipt of such term loans by the Borrower, none
of the Term Loan Agreement or any document executed in connection therewith
has been amended, restated, supplemented or otherwise modified since October
24, 2008 without the written consent of the Administrative Agent; and

(v) a fully-executed and effective fee letter, dated as of the date hereof,
among the Borrower, the Administrative Agent and the Banc of America
Securities, LLC.

(vi) such additional documents, instruments and information as
Administrative Agent may reasonably request to effect the transactions
contemplated hereby.

(b) The Administrative Agent shall be satisfied that the Term Loan Agreement is in full force
and effect, in the form delivered to and approved by the Administrative Agent on the date hereof
(except with respect to any amendment, restatement, supplement or other modification approved in
writing by the Administrative Agent);

(c) The Administrative Agent, for the person entitled thereto, shall have received payment by
the Borrower of all fees (including the Amendment Fee referred to below) and expenses that are due
and payable on or prior to the Second Amendment Effective Date; and

(d) Each of the Lenders consenting to this Amendment on or prior to 5:00 p.m. ET on October
24, 2008 shall have received, on or prior to the Second Amendment Effective Date, an amendment fee
(the “Amendment Fee”) equal to $5,000.

Section 3. Continued Validity of Loan Documents. Except for the amendment to
the Credit Agreement set forth in Section 1 hereof, this Amendment shall not, by
implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or
remedies of the Administrative Agent or any Lender under any of the Loan Documents, nor alter,
modify, amend or in any way affect any of the rights, remedies, obligations or any covenants of the
Borrower or any Guarantor contained in any of the other Loan Documents, all of which are ratified
and confirmed in all respects and shall continue in full force and effect.

Section 4. Representations and Warranties. Each of the Borrower and the
Guarantors (each, a “Loan Party”) hereby represents and warrants to the Administrative
Agent and the Lenders as follows:

(a) Due Execution and Authorization; Legal, Valid and Binding Obligation. The
execution and delivery and performance by such Loan Party of this Amendment is within such Person’s
corporate powers and has been duly authorized by all necessary action on its part. This Amendment,
the Credit Agreement as amended hereby and all other Loan Documents to which such Person is a party
constitute the legal, valid and binding obligations of such Person, enforceable against such Person
in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance or similar Laws affecting the enforcement of creditors’ rights
generally and by general principles of equity (regardless of whether the application of such
principles is considered in a proceeding in equity or at Law). This Amendment, the Credit
Agreement as amended hereby and the other Loan Documents do not, nor does the performance or
observance by such Loan Party of any of the matters and things herein or therein provided for, (i)
contravene or constitute a default under any provision of Law or any judgment, injunction, order or
decree binding upon such Loan Party or any provision of the organizational documents (e.g.,
charter, articles of incorporation or by laws, articles of association or operating agreement,
partnership agreement or other similar document) of such Loan Party, (ii) contravene or constitute
a default under any covenant, indenture or agreement of or affecting such Loan Party or any of its
Property, in each case where such contravention or default, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect or (c) result in the creation or
imposition of any Lien on any Property of such Loan Party.

(b) Representations and Warranties in Loan Documents. All representations and
warranties of each Loan Party set forth in the Credit Agreement and in any other Loan Document are
true and correct in all material respects on and as of the date hereof to the same extent as though
made on and as of such date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case such representations and warranties shall have been true
and correct in all material respects on and as of such earlier date.

(c) No Default. No Default or Event of Default has occurred and is continuing.

Section 5. Ratification. Except as expressly amended or waived hereby, the
Credit Agreement, the other Loan Documents and all documents, instruments and agreements related
thereto, are hereby ratified and confirmed in all respects and shall continue in full force and
effect. The Credit Agreement, together with this Amendment, shall be read and construed as a
single agreement. All references in the Loan Documents to the Credit Agreement or any other Loan
Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended
hereby.

Section 6. Counterparts; Integration; Effectiveness. This Amendment may be
executed in counterparts (and by different parties hereto in different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page to this Amendment by telecopier
(or electronic mail (in PDF format)) shall be effective as delivery of a manually executed
counterpart of this Amendment.

Section 7. Miscellaneous. This Amendment constitutes the entire agreement of
the parties with respect to the subject matter hereof and supersedes any prior understandings or
agreements which may have existed with respect thereto. Except as expressly provided herein, this
Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or
otherwise affect any rights or remedies of the Administrative Agent or any Lender under the Credit
Agreement or the other Loan Documents, nor alter, modify, amend or in any way affect any of the
obligations or covenants contained in the Credit Agreement or any of the other Loan Documents, all
of which are ratified and confirmed in all respects and shall continue in full force and effect.
To the extent there is any inconsistency between the terms and provisions of any Loan Document and
the terms and provisions of this Amendment, the terms and provisions of this Amendment shall
govern. The headings used in this Amendment are for convenience of reference only and shall not in
any way be deemed to limit, define or describe the scope and intent of this Amendment or any
provision hereof. This Amendment shall be binding upon and inure to the benefit of the
Administrative Agent, each of the Lenders and each of the Loan Parties and their respective
Subsidiaries, and to each of their respective successors in title and assigns. This Amendment may
not be modified or amended except in a manner permitted by Section 10.11 of the Credit Agreement.
In making proof of this Amendment, it shall not be necessary to produce or account for more than
one such counterpart.

Section 8. Costs and Expenses. Pursuant to Section 10.13 of the Credit
Agreement, all reasonable out-of-pocket costs and expenses incurred or sustained by the
Administrative Agent in connection with this Amendment, including all reasonable and properly
documented fees, charges and disbursements fees of counsel of the Administrative Agent in
producing, reproducing and negotiating this Amendment, will be for the account of the Borrower
whether or not this Amendment is consummated.

Section 9. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF
LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY).

[Remainder of page intentionally blank.]

1

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

“Borrower”

CLIFFS NATURAL RESOURCES INC. (f/k/a
Cleveland-Cliffs Inc)

	 	 	 
	By:

	 	/s/ Laurie Brlas
	 

	 	 
	Name:

	 	Laurie Brlas

	 	 	Title: Executive Vice President and Chief Financial

Officer

“Administrative Agent”

BANK OF AMERICA, N.A., as Administrative
Agent

	 	 	 
	By:/s/ Anne M. Zeschke

	 

	Name:

	 	Anne M. Zeschke

	 	 	Title: Vice President

BANK OF AMERICA, N.A., as a Lender, Swing
Line Lender and as L/C Issuer

By: /s/ Kenneth G. Wood

Name: Kenneth G. Wood

Title: Senior Vice President

JPMORGAN CHASE BANK, N.A., as a Lender

	 	 	 
	By: /s/ Henry W. Centa

	 

	Name:

	 	Henry W. Centa

	 	 	Title: Senior Vice President

2

RBS CITIZENS, N.A., as a Lender

By: /s/ Eric Becker

Name: Eric Becker

Title: Vice President

KEYBANK NATIONAL ASSOCIATION, as

Documentation Agent and a Lender

By: /s/ Suzannah Harris

Name: Suzannah Harris

Title: VICE PRESIDENT

FIFTH THIRD BANK, as a Lender

By: /s/ R. C. Lanctot  

Name: Roy C. Lanctot

Title: V.P.

COMMONWEALTH BANK OF AUSTRALIA, as a Lender

By: /s/ Guy Burton

Name: Guy Burton

Title: Risk Executive

WACHOVIA BANK, NATIONAL ASSOCIATION, as a

Lender

By: /s/ Patrick J. Kaufmann

Name: Patrick J. Kaufmann

Title: Senior Vice President

3

WESTPAC BANKING CORPORATION, as a

Lender

By: /s/ Bradley Scammell

Name: Bradley Scammell

Title: Head of Corporate and Institutional Banking

Americas

PNC BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ Helmut Vogel

Name: Helmut Vogel

Title: Credit Officer

US BANK, N.A., as a Lender

By:/s/ Patrick McGraw

Name: Patrick McGraw

Title: U.S. Bank, N.A.

BMO CAPITAL MARKETS, FINANCING INC., as a
Lender

By: /s/ Pam Schwartz

Name: Pam Schwartz

Title: Director

NATIONAL AUSTRALIA BANK LIMITED

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

By: /s/ Stephen Daniels

Name: Stephen Daniels

Title: Director

NATIONAL CITY BANK, as a Lender

By: /s/ Robert S. Coleman

Name: Robert S. Coleman

Title: Senior Vice President

COMERICA BANK, as a Lender

By: /s/ Brandon Welling

Name: Brandon Welling

Title: Account Officer

RATIFICATION OF GUARANTY

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

“Guarantors”

The Cleveland-Cliffs Iron Company

	 	 	 
	By:

	 	/s/ Steven M. Raguz
	 

	 	 
	Name:

Title:

	 	Steven M. Raguz

Vice President and Treasurer

	 	 	Cliffs Mining Company

CLF PinnOak LLC

	 	 	 
	By:

	 	/s/ Laurie Brlas
	 

	 	 
	Name:

	 	Laurie Brlas

	 	 	Title: Executive Vice President and Chief Financial

Officer

Northshore Mining Company

Silver Bay Power Company

Cliffs Minnesota Mining Company

Cliffs Empire, Inc.

Cliffs TIOP, Inc.

Cliffs North American Coal LLC (f/k/a PinnOak
Resources, LLC)

Cliffs Sales Company

	 	 	 
	By:

	 	/s/ Laurie Brlas
	 

	 	 
	Name:

Title:

	 	Laurie Brlas

Vice President

4EX-4.1

EXHIBIT 4.1

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW,
AND MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS SHALL BE EFFECTIVE WITH RESPECT THERETO, OR AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN
CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.

WARRANT

TO PURCHASE COMMON STOCK 

OF

ENER1 , INC.

Issue Date: October 24, 2008

THIS CERTIFIES that ALPHA CLASS INVESTMENTS LIMITED or any subsequent holder hereof (the
“Holder”), has the right to purchase from ENER1,  INC., a Florida corporation (the
“Company”), up to 2,560,000 fully paid and nonassessable shares of the Company’s common stock, par
value $0.01 per share (the “Common Stock”), subject to adjustment as provided herein, at a price
per share equal to the Exercise Price (as defined below), at any time and from time to time
beginning on the date on which this Warrant is originally issued (the “Issue Date”) and ending at
5:00 p.m., eastern time, on the date that is the second (2nd) anniversary of the Issue
Date (or, if such date is not a Business Day, on the Business Day immediately following such date)
(the “Expiration Date”). This Warrant is issued pursuant to a Purchase Agreement, dated as of
October 15, 2008 (the “Purchase Agreement”). Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Purchase Agreement.

1. Exercise.

(a) Right to Exercise; Exercise Price. The Holder shall have the right to exercise
this Warrant at any time and from time to time during the period beginning on the Issue Date and
ending on the Expiration Date as to all or any part of the shares of Common Stock covered hereby
(the “Warrant Shares”). The “Exercise Price” for each Warrant Share purchased by the Holder upon
the exercise of this Warrant shall be equal to US$7.50, subject to adjustment for the events
specified in Section 5 below.

(b) Exercise Notice. In order to exercise this Warrant, the Holder shall send to the
Company by facsimile transmission, at any time prior to 5:00 p.m., eastern U.S. time, on the
Business Day on which the Holder wishes to effect such exercise (the “Exercise Date”), (i) a notice
of exercise in substantially the form attached hereto as Exhibit A (an “Exercise Notice”), and (ii)
a copy of the original Warrant, and, in the case of a Cash Exercise (as defined below), the Holder
shall pay the Exercise Price to the Company by wire transfer of immediately available funds. The
Exercise Notice shall state the name or names in which the shares of Common Stock that are issuable
on such exercise shall be issued.

(c) Cancellation of Warrant. This Warrant shall be canceled upon its exercise in full
and, if this Warrant is exercised in part, the Company shall, at the time that it delivers Warrant
Shares to the Holder pursuant to such exercise as provided herein, issue a new warrant, and deliver
to the Holder a certificate representing such new warrant, with terms identical in all respects to
this Warrant (except that such new warrant shall be exercisable into the number of shares of Common
Stock with respect to which this Warrant shall remain unexercised).

2. Delivery of Warrant Shares Upon Exercise. Upon receipt of a fax or email copy of
an Exercise Notice pursuant to Section 1 above, the Company shall, (A) in the case of a Cash
Exercise, no later than the close of business on the later to occur of (i) the third (3rd) Business
Day following the Exercise Date specified in such Exercise Notice and (ii) such later date on which
the Company shall have received payment of the Exercise Price, and (B) in the case of a Cashless
Exercise (as defined below), no later than the close of business on the third (3rd) Business Day
following the Exercise Date specified in such Exercise Notice (each of the dates specified in (A)
and (B) being referred to as a “Delivery Date”), issue and deliver or caused to be delivered to the
Holder the number of Warrant Shares as shall be determined as provided herein. The Company shall
effect delivery of Warrant Shares to the Holder, as long as the Company’s designated transfer agent
(the “Transfer Agent”) participates in the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer program (“FAST”) and no restrictive legend is required pursuant to the terms of
this Warrant or the Purchase Agreement, by crediting the account of the Holder or its nominee at
DTC (as specified in the applicable Exercise Notice) with the number of Warrant Shares required to
be delivered, no later than the close of business on such Delivery Date. In the event that the
Transfer Agent is not a participant in FAST or if the Holder so specifies in a Exercise Notice or
otherwise in writing on or before the Exercise Date, the Company shall effect delivery of Warrant
Shares by delivering to the Holder or its nominee physical certificates representing such Warrant
Shares, no later than the close of business on such Delivery Date.

3. [Intentionally Omitted] 

4. Payment of the Exercise Price; Cashless Exercise. The Holder may pay the Exercise
Price in either of the following forms or, at the election of Holder, a combination thereof:

(a) through a cash exercise (a “Cash Exercise”) by delivering immediately available funds, or

(b) through a cashless exercise (a “Cashless Exercise”), as hereinafter provided. The Holder
may effect a Cashless Exercise by surrendering this Warrant to the Company and noting on the
Exercise Notice that the Holder wishes to effect a Cashless Exercise, upon which the Company shall
issue to the Holder the number of Warrant Shares determined as follows:

X = Y x (A-B)/A

	 	 	 
	where:

	 	X = the number of Warrant Shares to be issued to the Holder;
	
 
	 	Y = the number of Warrant Shares with respect to which this Warrant is

being exercised;
	
 
	 	A = the Market Price as of the Exercise Date; and
	
 
	 	B = the Exercise Price.

For purposes of Rule 144, it is intended and acknowledged that the Warrant Shares issued in a
Cashless Exercise transaction shall be deemed to have been acquired by the Holder, and the holding
period for the Warrant Shares required by Rule 144 shall be deemed to have been commenced, on the
Issue Date. “Market Price” means, as of a particular date, the average of the daily VWAP on each of
the five (5) consecutive Trading Days occurring immediately prior to (but not including) such date.
“VWAP” on a Trading Day means the volume weighted average price of the Common Stock for such
Trading Day on the Principal Market as reported by Bloomberg Financial Markets or, if Bloomberg
Financial Markets is not then reporting such prices, by a comparable reporting service of national
reputation selected by the Company and reasonably satisfactory to the Holder. If VWAP cannot be
calculated for the Common Stock on such Trading Day on any of the foregoing bases, then the Company
shall submit such calculation to an independent financial institution of international reputation
reasonably acceptable to the Holder, and shall cause such financial institution to perform such
determination and notify the Company and the Holder of the results of determination no later than
two (2) Business Days from the time such calculation was submitted to it by the Company. All such
determinations shall be appropriately adjusted for any stock dividend, stock split or other similar
transaction during such period. “Trading Day” means any day on which the Common Stock is purchased
and sold on the Principal Market. “Principal Market” means, at any time, the principal exchange,
market or quotation system on which the Common Stock is listed, traded or quoted at such time.

5. Anti-Dilution Adjustments; Distributions; Other Events. The Exercise Price and the
number of Warrant Shares issuable hereunder shall be subject to adjustment from time to time as
provided in this Section 5. In the event that any adjustment of the Exercise Price required herein
results in a fraction of a cent, the Exercise Price shall be rounded up or down to the nearest one
hundredth of a cent.

(a) Subdivision or Combination of Common Stock. If the Company, at any time after the
Issue Date, subdivides (by any stock split, stock dividend, recapitalization, reorganization,
reclassification or otherwise) the outstanding shares of Common Stock into a greater number of
shares, then effective upon the close of business on the record date for effecting such
subdivision, the Exercise Price in effect immediately prior to such subdivision will be
proportionately reduced. If the Company, at any time after the Issue Date, combines (by reverse
stock split, recapitalization, reorganization, reclassification or otherwise) the outstanding
shares of Common Stock into a smaller number of shares, then, effective upon the close of business
on the record date for effecting such combination, the Exercise Price in effect immediately prior
to such combination will be proportionally increased. Any adjustment made pursuant to this
subparagraph (a) that results in a change in the Exercise Price shall also effect a proportional
increase or decrease, as the case may be, in the number of shares of Common Stock into which this
Warrant is exercisable.

(b) Dilutive Issuances. If, at any time during the period beginning on the Issue Date
and ending on the three-month anniversary of the Issue Date, the Company issues or sells Common
Stock, or is deemed to have issued or sold Common Stock pursuant to the issuance of securities
convertible or exercisable into, or exchangeable for, shares of Common Stock, for a price per share
less than the Exercise Price on the date of such issuance or sale (a “Dilutive Issuance”), then the
Exercise Price shall be adjusted to equal such lower price.

(c) Exceptions To Adjustment Of Exercise Price. Notwithstanding the foregoing, no
adjustment to the Exercise Price shall be made pursuant to paragraph (b) above upon the issuance of
any Excluded Securities. For purposes hereof, “Excluded Securities” means (I) securities purchased
under the Purchase Agreement; (II) securities issued upon exercise of the Warrants; (III) shares of
Common Stock issuable or issued to (x) employees, consultants or directors from time to time upon
the exercise of options, in such case granted or to be granted in the discretion of the Board of
Directors pursuant to one or more stock option plans or restricted stock plans in effect as of the
Issue Date, or (y) vendors pursuant to warrants to purchase Common Stock that are outstanding on
the date hereof; and (IV) shares of Common Stock issued in connection with any convertible
securities, options or warrants outstanding on the date hereof and disclosed in the Buyer Reports
(as defined in the Purchase Agreement).

(d) Notice Of Adjustments. Upon the occurrence of one or more adjustments or
readjustments of the Exercise Price or any change in the number or type of stock, securities and/or
other property issuable upon exercise of this Warrant, the Company, at its expense, shall promptly
compute such adjustment or readjustment or change and prepare and furnish to the Holder a notice
(an “Adjustment Notice”) setting forth such adjustment or readjustment or change and showing in
detail the facts upon which such adjustment or readjustment or change is based, and, on or before
the time that it delivers an Adjustment Notice, publicly disclose the contents thereof. The
failure of the Company to deliver an Adjustment Notice shall not affect the validity of any such
adjustment.

6. Fractional Interests.

No fractional shares or scrip representing fractional shares shall be issuable upon the
exercise of this Warrant, but on exercise of this Warrant, the Holder hereof may purchase only a
whole number of shares of Common Stock. If, on exercise of this Warrant, the Holder hereof would
be entitled to a fractional share of Common Stock or a right to acquire a fractional share of
Common Stock, the Company shall, in lieu of issuing any such fractional share, round the number of
shares issuable upon such exercise to the nearest whole integer.

7. Transfer of this Warrant.

The Holder may sell, transfer, assign, pledge or otherwise dispose of this Warrant, in whole
or in part, as long as such sale or other disposition is made pursuant to an effective registration
statement or an exemption from the registration requirements of the Securities Act. Upon such
transfer or other disposition (other than a pledge), the Holder shall deliver this Warrant to the
Company together with a written notice to the Company, substantially in the form of the Transfer
Notice attached hereto as Exhibit B (the “Transfer Notice”), indicating the person or persons to
whom this Warrant shall be transferred and, if less than all of this Warrant is transferred, the
number of Warrant Shares to be covered by the part of this Warrant to be transferred to each such
person. Within three (3) Business Days of receiving a Transfer Notice and the original of this
Warrant, the Company shall deliver to the each transferee designated by the Holder a Warrant or
Warrants of like tenor and terms for the appropriate number of Warrant Shares and, if less than all
this Warrant is transferred, shall deliver to the Holder a Warrant for the remaining number of
Warrant Shares.

8. Benefits of this Warrant.

This Warrant shall be for the sole and exclusive benefit of the Holder of this Warrant and
nothing in this Warrant shall be construed to confer upon any person other than the Holder of this
Warrant any legal or equitable right, remedy or claim hereunder.

9. Loss, theft, destruction or mutilation of Warrant.

Upon receipt by the Company of evidence of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) of indemnity reasonably satisfactory to
the Company, and upon surrender of this Warrant, if mutilated, the Company shall execute and
deliver a new Warrant of like tenor and date.

10. Notice or Demands.

Any notice, demand or request required or permitted to be given by the Company or the Holder
pursuant to the terms of this Warrant shall be in writing and shall be deemed delivered (i) when
delivered personally or by verifiable facsimile transmission, unless such delivery is made on a day
that is not a Business Day, in which case such delivery will be deemed to be made on the next
succeeding Business Day, (ii) on the next Business Day after timely delivery to an overnight
courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or
registered mail, return receipt requested, postage prepaid), addressed as follows:

If to the Company:

Ener1, Inc.

c/o Ener1 Group, Inc.

1540 Broadway, Suite 25C

New York, NY 10036

Attn: Chief Executive Officer

Tel: (212) 920-3500

Fax: (212) 920-3510

	 	 	 	With a copy (which shall not

constitute notice) to:

Mazzeo Song & Bradham LLP

708 Third Avenue

New York, NY 10017

Tel: (212) 599-0700

Fax: (212) 599-8400

and if to the Holder, to such address as the Holder shall have furnished to the Company in writing.

11. Applicable Law; Dispute Resolution.

This Warrant is issued under and shall for all purposes be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made and to be performed
entirely within the State of New York. Any dispute, controversy or difference arising between the
parties out of or in relation to this Agreement or for the breach thereof shall be resolved
exclusively by arbitration in London, England. Such arbitration shall be conducted in the English
language in accordance with the Rules of Arbitration of the International Chamber of Commerce
(“ICC”) by three (3) arbitrators, of whom one shall be appointed by the Company, another shall be
appointed by the Holder, and the third shall be appointed by the first two (2) arbitrators. If the
third arbitrator is not so appointed within one month after the appointment of the first two
arbitrators, the third arbitrator shall be selected in accordance with the rules of the ICC. The
decision of the arbitrators shall be made on the principles of majority rule. The award made by
the arbitrators shall be final and binding upon the parties and may be enforced in any court of
competent jurisdiction. The prevailing Party in any such arbitration is entitled to recover its
reasonable attorneys’ fees and costs, including without limitation the cost of filing the
arbitration claim.

12. Amendments.

No amendment, modification or other change to, or waiver of any provision of, this Warrant may
be made unless such amendment, modification or change is (A) set forth in writing and is signed by
the Company and the Holder and (B) agreed to in writing by the holders of at least two-thirds (2/3)
of the number of shares into which the Warrants are exercisable (without regard to any limitation
contained herein on such exercise), it being understood that upon the satisfaction of the
conditions described in (A) and (B) above, each Warrant (including any Warrant held by the Holder
who did not execute the agreement specified in (B) above) shall be deemed to incorporate any
amendment, modification, change or waiver effected thereby as of the effective date thereof.

13. Entire Agreement.

This Warrant and the Purchase Agreement constitute the entire agreement among the parties
hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein and therein. This
Warrant and the Purchase Agreement supersede all prior agreements and understandings among the
parties hereto with respect to the subject matter hereof and thereof.

14. Headings.

The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

[Signature Page to Follow]

1

IN WITNESS WHEREOF, the Company has duly executed and delivered this Warrant as of the
Issue Date.

ENER1, INC.

	 	 	 	 	 
	By:
	 	 	—	 
	   Name:

	   Title:

2

EXHIBIT A to WARRANT

EXERCISE NOTICE

The undersigned Holder hereby irrevocably exercises the right to purchase 
            shares of Common Stock (“Warrant Shares”) of ENER1, INC. evidenced by the attached Warrant
(the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be
made as:

     a Cash Exercise with respect to      Warrant Shares; and/or

     a Cashless Exercise with respect to      Warrant Shares, as
permitted by Section 4(b) of the attached Warrant.

2. Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with
respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder shall pay the
sum of $     to the Company in accordance with the terms of the Warrant.

Date:      

     

Name of Registered Holder

By:      

Name:

Title:

EXHIBIT B to WARRANT

TRANSFER NOTICE

FOR VALUE RECEIVED, the undersigned Holder of the attached Warrant hereby sells, assigns and
transfers unto the person or persons named below the right to purchase  shares of
the Common Stock of ENER1, INC. evidenced by the attached Warrant.

Date:      

     

Name of Registered Holder

By:      

Name:

Title:

Transferee Name and Address:

3

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