Document:

EX-10.54

 Exhibit 10.54 
 CLIFFS NATURAL RESOURCES INC. 
 2009 PARTICIPANT GRANT 

UNDER THE 

2007 INCENTIVE EQUITY PLAN 
 Effective March 9, 2009 (“Date of Grant”), the Compensation and Organization Committee (“Committee”) of the Board of Directors of Cliffs Natural Resources Inc.
(“Company”) hereby grants to                          (“Participant”), an employee of the Company or
of a Subsidiary of the Company,
                                        ( 
                ) Performance Shares and an additional
                                    
    (                 ) Restricted Share Units covering the incentive period commencing January 1, 2009 and ending December 31, 2011
(“Incentive Period”) under the 2007 Incentive Equity Plan (“Plan”) of the Company. 
 Such Grant shall be
subject to the Terms and Conditions of the 2009 Participant Grants under the 2007 Incentive Equity Plan approved by the Committee at its March 9, 2009 meeting (“Terms and Conditions”) and provided to the Participant. 

 

			
	 CLIFFS NATURAL RESOURCES INC.
 (“Company”)

	
	 

 The undersigned Participant hereby acknowledges receipt of the Terms and Conditions, hereby
declares that he has read the Terms and Conditions, agrees to the Terms and Conditions, and accepts the Performance Shares and Restricted Share Units granted hereunder subject to the Terms and Conditions and the Plan. 

 

			
	
	 
		 	 Participant

  

			
		
	Print Name:	 	 

 *Return one executed copy of the 2009 Participant Grant to the Company indicating receipt and acceptance of the
2009 Participant Grant and the Terms and Conditions of the 2009 Participant Grants under the 2007 Incentive Equity Plan. * 

  
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 CLIFFS NATURAL RESOURCES INC. 

THE TERMS AND CONDITIONS OF 
 THE 2009 PARTICIPANT GRANTS 
 UNDER THE 

2007 INCENTIVE EQUITY PLAN 
 The Compensation and Organization Committee of the Board of Directors of Cliffs Natural Resources Inc. hereby establishes the Terms and Conditions of the 2009 Participant Grants (“Grants” or
individually “Grant”) under the 2007 Incentive Equity Plan (“Plan”) as follows: 
 ARTICLE 1. 

 Definitions 
 All terms used herein with initial capital letters shall have the meanings assigned to them in a Grant or the Plan and the following additional terms, when used herein with initial capital letters, shall
have the following meanings: 
 1.1 “Free Cash Flow” shall mean the Company’s cash from operations minus
its capital expenditures from the Company’s consolidated cash flow statement as more particularly described on the attached Exhibit D. 
 1.2 “Market Value Price” shall mean the latest available closing price of a Share of the Company and the latest available closing price per share of a common share of each of the entities
in the Peer Group, as the case may be, on the New York Stock Exchange or other recognized market if the stock does not trade on the New York Stock Exchange at the relevant time. 

1.3 “Peer Group” shall mean the group of companies, as more particularly set forth on attached Exhibit A, against which
the Relative Total Shareholder Return of the Company is measured over the Incentive Period and shall mean the S&P Metals ETF as defined in Section 1.8 hereof as a replacement of each and every company listed on Exhibit A that is excluded
from the Peer Group during the Incentive Period as described on Exhibit A. 

 1.4 “Performance Objectives” shall mean for the Incentive Period the target
objectives of the Company of the Relative Total Shareholder Return and Free Cash Flow goals established by the Committee and reported to the Board, as more particularly set forth on attached Exhibit B. 

1.5 “Performance Shares Earned” shall mean the number of Shares of the Company (or cash equivalent) earned by a
Participant following the conclusion of an Incentive Period in which one of Company Performance Objectives was met at the “Threshold” level or a higher level. 
 1.6 “Relative Total Shareholder Return” shall mean for the Incentive Period the Total Shareholder Return of the Company compared to the Total Shareholder Return of the Peer Group, as more
particularly set forth on attached Exhibit C. 
 1.7 “Share Ownership Guidelines” shall mean the Cliffs Natural
Resources Inc. Directors’ and Officers’ Share Ownership Guidelines, as amended from time to time. 
 1.8
“S&P Metals ETF” shall mean the SPDR S&P Metals & Minerals ETF (XME) managed by State Street Global Advisors but with Cliffs Natural Resources Inc. taken out. 

1.9 “Total Shareholder Return” shall mean for the Incentive Period the cumulative return to shareholders of the Company
and to the shareholders of each of the entities in the Peer Group during the Incentive Period, measured by the change in Market Value Price per share of a Share of the Company plus dividends (or other distributions, excluding franking credits)
reinvested over the Incentive Period and the change in the Market Value Price per share of the common share of each of the entities in the Peer Group plus dividends (or other distributions, excluding franking credits) reinvested over the Incentive
Period, determined on the last business day of the Incentive Period compared to a base measured by the average Market Value Price per share of a Share of the Company and of a common share of each of the entities in the Peer Group on the last
business day of the year immediately preceding the Incentive Period. Dividends (or other distributions, excluding franking credits) per share are assumed to 

  
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be reinvested in the applicable stock on the last business day of the quarter during which they are paid at the then Market Value Price per share, resulting in a fractionally higher number of
shares owned at the market price. 
 ARTICLE 2. 
 Grant and Terms of Performance Shares 
 2.1 Grant of
Performance Shares. Pursuant to the Plan, the Company, by action of the Committee, has granted to the Participant the number of Performance Shares as specified in the Grant, without dividend equivalents, effective as of the Date of Grant.

 2.2 Issuance of Performance Shares. The Performance Shares covered by the Grant and these Terms and Conditions
shall only result in the issuance of Shares (or cash or a combination of Shares and cash, as decided by the Committee in its sole discretion), after the completion of the Incentive Period and only if such Performance Shares are earned as provided in
Section 2.3 of this Article 2. 
 2.3 Performance Shares Earned. Performance Shares Earned, if any, shall be
based upon the degree of achievement of the Company Performance Objectives, all as more particularly set forth in Exhibit B, with actual Performance Shares Earned interpolated between the performance levels shown on Exhibit B. In no event, shall any
Performance Shares be earned for actual achievement by the Company in excess of the allowable maximum as established under the Performance Objectives. 
 2.4 Calculation of Payout of Performance Shares. The Performance Shares granted shall be earned as Performance Shares Earned based on the degree of achievement of the Performance Objectives
established for the incentive Period. The percentage level of achievement determined for each Performance Objective shall be multiplied by the number of Performance Shares granted to determine the actual number of Performance Shares Earned. The
calculation as to whether the Company has met or exceeded the Company Performance Objectives shall be determined in accordance with the Grant and these Terms and Conditions. 

  
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 2.5 Payment of Performance Shares. 

(a) The Payment of Performance Shares Earned shall be made in the form of Shares (or cash or a combination of Shares and cash, as decided
by the Committee in its sole discretion), and shall be paid after the determination by the Committee of the level of attainment of the Company Performance Objectives (the calculation of which shall have been previously reviewed by an independent
accounting professional), but in any event no later than the end of the first calendar year beginning after the end of the Incentive Period, unless the date of payment is deferred by the Participant pursuant to, and in compliance with, the terms of
the Company’s Voluntary Non-Qualified Deferred Compensation Plan. Notwithstanding the foregoing, no Performance Shares granted hereunder, may be paid in cash in lieu of Shares to any Participant who is subject to the Share Ownership Guidelines
unless and until such Participant is either in compliance with, or no longer subject to, such Share Ownership Guidelines, provided, however, that the Committee may withhold Shares to the extent necessary to satisfy federal, state or local income tax
withholding requirements, as described in Section 5.2. In addition, the Committee may restrict 50% of the Shares to be issued in satisfaction of the total Performance Shares Earned, before income tax withholding, so that they cannot be sold by
Participant unless immediately after such sale the Participant is in compliance with the Share Ownership Guidelines that are applicable to the Participant at the time of sale. 
 (b) Any payment of Performance Shares Earned to a deceased Participant shall be paid to the beneficiary designated by the Participant on the Designation of Death Beneficiary attached as Exhibit E and
filed with the Company. If no such beneficiary has been designated or survives the Participant, payment shall be made to the estate of a Participant. A beneficiary designation may be changed or revoked by a Participant at any time, provided the
change or revocation is filed with the Company. 

  
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 (c) Prior to payment, the Company shall only have an unfunded and unsecured obligation to
make payment of Performance Shares Earned to the Participant. The Performance Shares covered by the Grant and these Terms and Conditions that have not yet been earned as Performance Shares Earned are not transferable other than by completion of the
Designation of Death Beneficiary attached as Exhibit E or pursuant to the laws of descent and distribution. 
 2.6 Death,
Disability, Retirement or Other. 
 (a) With respect to Performance Shares granted to a Participant whose employment is
terminated because of death, Disability, Retirement, or is terminated by the Company without Cause, the Participant shall receive at the time specified in Section 2.5(a) as Performance Shares Earned the number of Performance Shares as is then
determined under Section 2.4 at the end of such Incentive Period, prorated based upon the number of months between January 1, 2009 and the date the Participant ceased to be employed by the Company compared to the thirty-six
(36) months in the Incentive Period. 
 (b) In the event a Participant voluntarily terminates employment prior to
December 31, 2011 or is terminated by the Company with Cause prior to the date of payment of Performance Shares Earned, the Participant shall forfeit all right to any Performance Shares that would have been earned under the Grant and these
Terms and Conditions. 
 ARTICLE 3. 
 Grant and Terms of Restricted Share Units 
 3.1 Grant of
Restricted Share Units. Pursuant to the Plan, the Company has granted to the Participant the number of Restricted Share Units as specified in the Grant, without dividend equivalents, effective as of the Date of Grant. 

3.2 Condition of Payment. The Restricted Share Units covered by the Grant and these Terms and Conditions shall only result
in the payment in Shares of the Company equal in number to the Restricted Share Units if the Participant remains in the employ of the Company or a Subsidiary throughout the Incentive Period. 

  
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 3.3 Payment of Restricted Share Units. 

(a) Payment of Restricted Share Units shall be made in the form of Shares and shall be paid at the same time as the payment of
Performance Shares Earned pursuant to Section 2.5(a), provided, however, in the event no Performance Shares are earned, then the Restricted Share Units shall be paid in Shares at the time the Performance Shares would normally have
been paid. The Committee may restrict 50% of the Shares to be issued in satisfaction of the total Restricted Share Units, before income tax withholding, so that they cannot be sold by Participant unless immediately after such sale the Participant is
in compliance with the Share Ownership Guidelines that are applicable to the Participant at the time of sale. 
 (b) Any payment
of Restricted Share Units to a deceased Participant shall be paid to the beneficiary designated by the Participant on the Designation of Death Beneficiary attached as Exhibit E and filed with the Company. If no such beneficiary has been designated
or survives the Participant, payment shall be made to the estate of a Participant. A beneficiary designation may be changed or revoked by a Participant at any time, provided the change or revocation is filed with the Company. 

(c) Prior to payment, the Company shall only have an unfunded and unsecured obligation to make payment of Restricted Share Units to the
Participant. The Restricted Share Units covered by the Grant and these Terms and Conditions that have not yet been earned are not transferable other than by completion of the Designation of Death Beneficiary attached as Exhibit E or pursuant to the
laws of descent and distribution. 
 3.4 Death, Disability, Retirement or Other. With respect to Restricted Share
Units granted to a Participant whose employment is terminated because of death, Disability, Retirement, or is terminated by the Company without Cause during the Incentive Period, the Participant shall receive at the time specified in
Section 3.3(a) the number of Shares as calculated in Section 3.2, prorated based upon the number of months between January 1, 2009 and the date the Participant ceased to be employed by the Company compared to the thirty-six
(36) months in the Incentive Period. 

  
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 ARTICLE 4. 
 Other Terms Common to Restricted Share Units and Performance Shares 
 4.1 Forfeiture. 
 (a) A Participant shall not render services for
any organization or engage directly or indirectly in any business which is a competitor of the Company or any affiliate of the Company, or which organization or business is or plans to become prejudicial to or in conflict with the business interests
of the Company or any affiliate of the Company. 
 (b) Failure to comply with subsection (a) above will cause a Participant
to forfeit the right to Performance Shares and Restricted Share Units and require the Participant to reimburse the Company for the taxable income received or deferred on Performance Shares that become payable to the Participant and on Restricted
Share Units that have been paid out in Shares within the 90-day period preceding the Participant’s termination of employment. 
 (c) Failure of the Participant to repay to the Company the amount to be reimbursed in subsection (b) above within three days of termination of employment will result in the offset of said amount from
the Participant’s account balance in the Company’s Voluntary Non-Qualified Deferred Compensation Plan, if applicable (at the time that the amounts owed under the Voluntary Non-Qualified Deferred Compensation Plan are scheduled for
payment), and/or from any accrued salary or vacation pay owed at the date of termination of employment or from future earnings payable by the Participant’s next employer. If applicable, such offset shall be deemed to constitute the payment due
to him under the Voluntary Non-Qualified Deferred Compensation Plan in accordance with the time and form of payment specified under the Voluntary Non-Qualified Deferred Compensation Plan and the immediate repayment to the Company of the amounts owed
under these Terms and Conditions. 
 4.2 Change in Control. In the event a Change in Control (as defined in the
Plan) occurs, all Performance Shares granted to a Participant for Incentive Periods which have not ended shall immediately become Performance Shares Earned on a one-to-one basis regardless 

  
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of the Performance Objectives. All Performance Shares, if any, granted to a Participant for an Incentive Period which ended before the Change in Control, will be deemed to be Performance Shares
Earned to the extent and only to the extent that they became Performance Shares Earned as of the end of the Incentive Period based upon the Performance Objectives for the Incentive Period. The value of all Performance Shares Earned, including ones
for Incentive Periods which have already ended, shall be paid in cash based on the Fair Market Value of the Shares determined on the date the Change in Control occurs. Also, in the event of a Change in Control, all Restricted Share Units granted for
all periods shall become nonforfeitable and shall be paid in cash based on the Fair Market Value of an equivalent number of Shares determined on the date the Change in Control occurs. All payments with respect to Performance Shares and Restricted
Share Units shall be made within 10 days of the Change in Control. 
 ARTICLE 5.  

General Provisions 
 5.1 Compliance with Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other
provision of the Grant and these Terms and Conditions, the Company shall not be obligated to issue any Shares pursuant to the Grant and these Terms and Conditions if the issuance or payment thereof would result in a violation of any such law;
provided, however, that the Shares will be issued at the earliest date at which the Company reasonably anticipates that the issuance of the Shares will not cause such violation. 

5.2 Withholding Taxes. To the extent that the Company is required to withhold federal, state, local or foreign taxes in
connection with any payment of Performance Shares Earned or Restricted Share Units to a Participant under the Plan, the Company shall withhold the minimum amount of taxes which it determines it is required by law or required by the terms of the Plan
to withhold in connection with any recognition of income incident to this Plan payable in cash or Shares to a Participant or beneficiary. In the event of a taxable event occurring with 

  
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regard to Shares on or after the date that the Shares become nonforfeitable, the Company shall reduce the Shares owed to the Participant or beneficiary by the fewest number of such Shares owed to
the Participant or beneficiary such that the Fair Market Value of such Shares shall equal (or exceed by not more than the Fair Market Value of a single Share) the Participant’s or other person’s “Minimum Withholding Tax
Liability” resulting from such recognition of income. The Company shall pay cash equal to such Fair Market Value to the appropriate taxing authority for purposes of satisfying such withholding responsibility. If a distribution or other event
does not result in any withholding tax liability as a result of the Participant’s election to be taxed at an earlier date or for any other reason, the Company shall not reduce the Shares owed to the Participant or beneficiary. For purposes of
this paragraph, a person’s “Minimum Withholding Tax Liability” is the product of: (a) the aggregate minimum applicable federal and applicable state and local income withholding tax rates on the date of a recognition of income
incident to the Plan; and (b) the Fair Market Value of the Shares recognized as income to the Participant or other person determined as of the date of recognition of income, or other taxable amount under applicable statutes. 

5.3 Continuous Employment. For purposes of the Grant and these Terms and Conditions, the continuous employment of the
Participant with the Company shall not be deemed to have been interrupted, and the Participant shall not be deemed to have ceased to be an employee of the Company, by reason of the transfer of his employment among the Company and its Subsidiaries or
an approved leave of absence. 
 5.4 Relation to Other Benefits. Any economic or other benefit to the Participant
under the Grant and these Terms and Conditions or the Plan shall not be taken into account in determining any benefits to which the Participant may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by
the Company or a Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary. 

  
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 5.5 These Terms and Conditions Subject to Plan. The Restricted Share Units and
Performance Shares granted under the Grant and these Terms and Conditions and all of the terms and conditions hereof are subject to all of the terms and conditions of the Plan, a copy of which is available upon request. 

5.6 Amendments. The Plan, the Grant and these Terms and Conditions can be amended at any time by the Company. Any amendment
to the Plan shall be deemed to be an amendment to the Grant and these Terms and Conditions to the extent that the amendment is applicable hereto. Except for amendments necessary to bring the Plan, the Grant and these Terms and Conditions into
compliance with current law including Internal Revenue Code section 409A, no amendment to either the Plan, the Grant or these Terms and Conditions shall adversely affect the rights of the Participant under the Grant and the Grant and these Terms and
Conditions without the Participant’s consent. 
 5.8 Severability. In the event that one or more of the
provisions of the Grant and these Terms and Conditions shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining
provisions hereof shall continue to be valid and fully enforceable. 
 5.9 Governing Law. The Grant and these
Terms and Conditions shall be construed and governed in accordance with the laws of the State of Ohio. 
 These Terms and
Conditions are hereby adopted this              day of March, 2009 by the members of the Compensation and Organization Committee of the Board of Directors of Cliffs Natural Resources
Inc. 

  
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		 	Francis R. McAllister

  

			
	
	 
		 	James D. Ireland III

  

			
	
	 
		 	Roger Phillips

  

			
	
	 
		 	Richard K. Riederer

  
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 EXHIBITS 

 

			
		
	Exhibit A	  	Peer Group
	Exhibit B	  	Performance Objectives
	Exhibit C	  	Relative Total Shareholder Return
	Exhibit D	  	Free Cash Flow
	Exhibit E	  	Beneficiary Designation

  
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 Exhibit A 
 PEER GROUP 
 (2009-2011) 

Massey Energy Corp 
 Consol Energy Inc

 Peabody Energy Corp 
 Foundation Coal
Holdings Inc 
 Arch Coal Inc 

Carpenter Technology Corp 
 Steel Dynamics Inc

 Quanex Corp 
 AK Steel Holding Corp

 Commercial Metals Co 
 Worthington
Inds Inc 
 Alcoa Inc 
 Nucor Corp

 United States Steel Corp (New) 

Reliance Steel & Aluminum Co 
 Allegheny
Technologies Inc 
 Freeport-McMoran Cooper & Gold Inc 
 Usec Inc 
 The Peer Group of 18 companies shall not be adjusted within the
Incentive Period, except to exclude companies which during the Incentive Period (a) cease to be publicly traded, or (b) have experienced a major restructuring by reason of: (i) a Chapter 11 filing, or (ii) a spin-off of more than
50% of any such company’s assets. The S&P Metals ETF as defined in Section 1.8 shall be substituted in place of the Peer Group companies that are excluded pursuant to the foregoing sentence with a weighting of 1/18th times the number of Peer Group Companies that are so excluded.

 The value of the stock of a Peer Group company will be determined in accordance with the following: 

 

	 	1.	If the stock is listed on an exchange in the U.S. or Canada, then the value on such exchange will be used; 

 

	 	2.	Otherwise, if the stock is traded in the U.S. as an American Depositary Receipt, then the value of the ADR will be used; or 

 

	 	3.	Otherwise, the value on the exchange in the country where the company is headquartered will be used. 

  
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 Exhibit B 
 PERFORMANCE OBJECTIVES 
 (2009-2011) 

The target objectives of the Company are Relative Total Shareholder Return (share price plus reinvested dividends) and Free Cash Flow over the three-year
Incentive Period from January 1, 2009 to December 31, 2011. Achievement of the Relative Total Shareholder Return objective shall be determined by the shareholder return of the Company relative to a predetermined group of steel, mining and
metal companies. Achievement of the Free Cash Flow objective shall be determined against a scale set forth in the Table Below: 
  

															
	 Performance Factor
	  	Weight	  	Threshold	 	  	Performance Level
Target	 	  	Maximum	 
	 Relative TSR
	  	50%	  	 	35th % tile	  	  	 	55th % tile	  	  	 	75th % tile	  
	 Payout For Relative TSR
	  		  	 	25%	  	  	 	50%	  	  	 	75%	  
					
	 3- Year Cumulative Free Cash Flow ($000s)
	  	50%	  	 	$200	  	  	 	$400	  	  	 	$800	  
					
	 Payout For Free Cash Flow
	  		  	 	25%	  	  	 	50%	  	  	 	75%	  
					
	 Total Payout If Achieve Level For Both

Performance Factors
	  		  	 	50%	  	  	 	100%	  	  	 	150%	  

  
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 Exhibit C 
 RELATIVE TOTAL SHAREHOLDER RETURN  
 (2009-2011) 

Relative Total Shareholder Return for the Incentive Period is calculated as follows: 

 

	 	1.	The Total Shareholder Return as defined in Section 1.9 of these Terms and Conditions for the Incentive Period for the Company shall be compared to the Total
Shareholder Return for each of the entities within the Peer Group for the Incentive Period. The results shall be ranked to determine the Company’s Relative Total Shareholder Return percentile ranking compared to the Peer Group.

  

	 	2.	The Company’s Relative Total Shareholder Return for the Incentive Period shall be compared to the Relative Total Shareholder Return Performance target range
established for the Incentive Period. 

  

	 	3.	The Relative Total Shareholder Return performance target range has been established for the 2009-2011 Incentive Period as follows: 

 

			
	 Performance Level
	  	2009-2011
Relative Total Shareholder 
Return
Percentile Ranking
	 Maximum
	  	75th Percentile
	 Target
	  	55th Percentile
	 Threshold
	  	35th Percentile

  
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 Exhibit D 
 FREE CASH FLOW 
 (2009-2011) 

Free Cash Flow is calculated as follows: 
  

	 	1.	Each year during the Incentive Period, the Cash from Operations from the Company’s consolidated cash flow statement. 

 

	 	2.	Each year during the Incentive Period, the Capital Expenditures from the Company’s consolidated cash flow statement shall be subtracted from the Company’s
Cash from Operations. 

  

	 	3.	The amounts determined in paragraph 2 above for each year during the Incentive Period shall be added together to determine the Cumulative Free Cash Flow of the Company
during the Incentive Period. 

 The Cumulative Free Cash Flow shall be adjusted by the Committee, if necessary, to eliminate or
review the impact of acquisitions and dispositions, non-operational businesses, significant expansions and other unusual items. 

  
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 GRANT YEAR 2009 

Exhibit E 

BENEFICIARY DESIGNATION 
 In accordance with the terms and conditions of the Cleveland-Cliffs Inc 2007 Incentive Equity Plan (“Plan”), my 2009 Participant Grant (“Grant”) and the 2009 Terms and Conditions
(“Terms and Conditions”), I hereby designate the person(s) indicated below as my beneficiary(ies) to receive any payments under the Plan, Grant and Terms and Conditions after my death. 

 

					
	Name	  	 	  	
	Address	  	 	  	
		  	 	  	
		  	 	  	

  

					
	 Social Sec. Nos. of Beneficiary(ies)
	  	 	  	
	 Relationship(s)
	  	 	  	
	 Date(s) of Birth
	  	 	  	

 In the event that the above-named beneficiary(ies) predecease(s) me, I hereby designate the following
person(s) as beneficiary(ies): 
  

					
	Name	  	 	  	
	Address	  	 	  	
		  	 	  	
		  	 	  	

  

					
	 Social Sec. Nos. of Beneficiary(ies)
	  	 	  	
	 Relationship(s)
	  	 	  	
	 Date(s) of Birth
	  	 	  	

 I hereby expressly revoke all prior designations of beneficiary(ies), reserve the right to change the
beneficiary(ies) herein designated and agree that the rights of said beneficiary(ies) shall be subject to the terms of the Plan, Grant and these Terms and Conditions. In the event that there is no beneficiary living at the time of my death, I
understand that the payments under the Plan, Grant and these Terms and Conditions will be paid to my estate. 
  

					
	 	 		  	 
	 Date
	 		  	(Signature)
			
		 		  	 
		 		  	(Print or type name)

  
 17EX-10.56

 Exhibit 10.56 
 CLIFFS NATURAL RESOURCES INC. 
 2010 BRAZIL PARTICIPANT GRANT

 UNDER THE 
 2007 INCENTIVE EQUITY PLAN 
 Effective March 8, 2010 (“Date of
Grant”), the Compensation and Organization Committee (“Committee”) of the Board of Directors of Cliffs Natural Resources Inc. (“Company”) hereby grants to
                     (“Participant”), an employee of Cliffs International Mineração Brasil Ltda., a Subsidiary of the
Company,                          Performance Shares and an additional
                         Restricted Share Units covering the incentive period commencing January 1, 2010 and ending
December 31, 2012 (“Incentive Period”) under the 2007 Incentive Equity Plan (“Plan”) of the Company. 

Such Grant shall be subject to the Terms and Conditions of the 2010 Brazil Participant Grants under the 2007 Incentive Equity Plan
approved by the Committee at its March 8, 2010 meeting (“Terms and Conditions”) and provided to the Participant. 
  

			
	 CLIFFS NATURAL RESOURCES INC.

(“Company”)

		
		 	/s/    Joseph A. Carrabba
		 	Joseph A. Carrabba
		 	Chairman, President & CEO

 The undersigned Participant hereby acknowledges receipt of the Terms and Conditions, hereby declares that he has
read the Terms and Conditions, agrees to the Terms and Conditions, and accepts the Performance Shares and Restricted Share Units granted hereunder subject to the Terms and Conditions and the Plan. 

 

	
	
	 
	Leonardo Harris

 Return a signed copy of this 2010 International Participant Grant to the Company indicating receipt and
acceptance of the 2010 International Participant Grant and the terms and Conditions of the 2010 International Participant Grants under the 2007 Incentive Equity Plan. 

  
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 CLIFFS NATURAL RESOURCES INC. 

THE TERMS AND CONDITIONS OF 
 THE 2010 BRAZIL PARTICIPANT GRANTS 
 UNDER THE 

2007 INCENTIVE EQUITY PLAN 
 The Compensation and Organization Committee of the Board of Directors of Cliffs Natural Resources Inc. hereby establishes the Terms and Conditions of the 2010 Brazil Participant Grants (“Grants”
or individually “Grant”) under the 2007 Incentive Equity Plan (“Plan”) as follows: 
 ARTICLE 1.

 Definitions 
 All terms used herein with initial capital letters shall have the meanings assigned to them in a Grant or the Plan and the following additional terms, when used herein with initial capital letters, shall
have the following meanings: 
 1.1 “Free Cash Flow” shall mean the Company’s cash from operations minus
its capital expenditures from the Company’s consolidated cash flow statement as more particularly described on the attached Exhibit D. 
 1.2 “Market Value Price” shall mean the latest available closing price of a Share of the Company and the latest available closing price per share of a common share of each of the entities
in the Peer Group, as the case may be, on the New York Stock Exchange or other recognized market if the stock does not trade on the New York Stock Exchange at the relevant time. 

1.3 “Peer Group” shall mean the group of companies, as more particularly set forth on attached Exhibit A, against which
the Relative Total Shareholder Return of the Company is measured over the Incentive Period and shall mean the S&P Metals ETF as defined in Section 1.8 hereof as a replacement of each and every company listed on Exhibit A that is excluded
from the Peer Group during the Incentive Period as described on Exhibit A. 

 1.4 “Performance Objectives” shall mean for the Incentive Period the
predetermined objectives of the Company of the Relative Total Shareholder Return and Free Cash Flow goals established by the Committee and reported to the Board, as more particularly set forth on attached Exhibit B. 

1.5 “Performance Shares Earned” shall mean the number of Shares of the Company (or cash equivalent) earned by a
Participant following the conclusion of an Incentive Period in which one or more of Company Performance Objectives was met at the “Threshold” level or a higher level, as determined under Section 2.3. 

1.6 “Relative Total Shareholder Return” shall mean for the Incentive Period the Total Shareholder Return of the Company
compared to the Total Shareholder Return of the Peer Group, as more particularly set forth on attached Exhibit C. 
 1.7
“Share Ownership Guidelines” shall mean the Cliffs Natural Resources Inc. Directors’ and Officers’ Share Ownership Guidelines, as amended from time to time. 

1.8 “S&P Metals ETF” shall mean the SPDR S&P Metals & Minerals ETF (XME) managed by State Street Global
Advisors but with Cliffs Natural Resources Inc. taken out. 
 1.9 “Total Shareholder Return” shall mean
for the Incentive Period the cumulative return to shareholders of the Company and to the shareholders of each of the entities in the Peer Group during the Incentive Period, measured by the change in Market Value Price per share of a Share of the
Company plus dividends (or other distributions, excluding franking credits) reinvested over the Incentive Period and the change in the Market Value Price per share of the common share of each of the entities in the Peer Group plus dividends (or
other distributions, excluding franking credits) reinvested over the Incentive Period, determined on the last business day of the Incentive Period compared to a base measured by the average Market Value Price per share of a Share of the Company and
of a common share of each of the entities in the Peer Group on the last business day of the year immediately preceding the Incentive Period. Dividends (or other distributions, excluding franking credits) per share are assumed to

 
be reinvested in the applicable stock on the last business day of the quarter during which they are paid at the then Market Value Price per share, resulting in a fractionally higher number of
shares owned at the market price. 
 ARTICLE 2. 
 Grant and Terms of Performance Shares 
 2.1 Grant of
Performance Shares. Pursuant to the Plan, the Company, by action of the Committee, has granted to the Participant the number of Performance Shares as specified in the Grant, without dividend equivalents, effective as of the Date of
Grant. 
 2.2 Issuance of Performance Shares. The Performance Shares covered by the Grant and these Terms and
Conditions shall only result in the issuance of Shares or Brazilian Reals (based on the average U.S. dollar exchange rate for the sixty (60) days ending on the date such amount would, if applicable, be subject to U.S. income tax) or a
combination of Shares and Brazilian Reals, as decided by the Committee in its sole discretion, if at all, only after the completion of the Incentive Period and only if such Performance Shares are earned as provided in Section 2.3 of this
Article 2. 
 2.3 Performance Shares Earned. Performance Shares Earned, if any, shall be based upon the degree of
achievement of the Company Performance Objectives, all as more particularly set forth in Exhibit B, with actual Performance Shares Earned interpolated between the performance levels shown on Exhibit B, as determined and certified by the Committee as
of the end of the Incentive Period. In no event, shall any Performance Shares be earned with respect to achievement by the Company in excess of the allowable maximum as established under the Performance Objectives. 

2.4 Calculation of Payout of Performance Shares. The Performance Shares granted shall be earned as Performance Shares
Earned based on the degree of achievement of the Performance Objectives established for the Incentive Period. The percentage level of achievement determined for each Performance Objective shall be multiplied by the number of

 
Performance Shares granted to determine the actual number of Performance Shares Earned. The calculation as to whether the Company has met or exceeded the Company Performance Objectives shall be
determined and certified by the Committee in accordance with the Grant and these Terms and Conditions. 
 2.5 Payment of
Performance Shares. 
 (a) The Payment of Performance Shares Earned shall be made in the form of Shares or Brazilian
Reals (based on the average U.S. dollar exchange rate for the sixty (60) days ending on the date such amount would, if applicable, be subject to U.S. income tax) or a combination of Shares and Brazilian Reals, as decided by the Committee in its
sole discretion, and shall be paid after the determination and certification by the Committee of the level of attainment of the Company Performance Objectives (the calculation of which shall have been previously reviewed by an independent accounting
professional), but in any event no later than 2-1/2 months after the end of the Incentive Period, unless the date of payment is deferred by the Participant pursuant to, and in compliance with, the terms of the Company’s Voluntary Non-Qualified
Deferred Compensation Plan. In the event that all or a portion of the Performance Shares Earned shall be paid in Brazilian Reals, the Brazilian Real equivalent of one Performance Share Earned shall be equal to the Fair Market Value of the one share
of common stock of the Company on the last trading day of the calendar year in which the Performance Period ends. Notwithstanding the foregoing, no Performance Shares granted hereunder, may be paid in Brazilian Reals in lieu of Shares to any
Participant who is subject to the Share Ownership Guidelines unless and until such Participant is either in compliance with, or no longer subject to, such Share Ownership Guidelines, provided, however, that the Committee may withhold Shares to the
extent necessary to satisfy U.S. or Brazilian federal, state, local, or foreign income tax withholding requirements, as described in Section 5.2. In addition, the Committee may restrict 50% of the Shares to be issued in satisfaction of the
total Performance Shares Earned, before income tax withholding, so that they cannot be sold by Participant unless immediately after such sale the Participant is in compliance with the Share Ownership Guidelines that are applicable to the Participant
at the time of sale. 

 (b) Any payment of Performance Shares Earned to a deceased Participant shall be paid to the
beneficiary designated by the Participant on the Designation of Death Beneficiary attached as Exhibit E and filed with the Company. If no such beneficiary has been designated or survives the Participant, payment shall be made to the estate of a
Participant. A beneficiary designation may be changed or revoked by a Participant at any time, provided the change or revocation is filed with the Company. 
 (c) Prior to payment, the Company shall only have an unfunded and unsecured obligation to make payment of Performance Shares Earned to the Participant. The Performance Shares covered by the Grant and
these Terms and Conditions that have not yet been earned as Performance Shares Earned, and any interests of the Participant with respect thereto, are not transferable other than by completion of the Designation of Death Beneficiary attached as
Exhibit E or pursuant to the laws of descent and distribution. 
 2.6 Death, Disability, Retirement, or Other.

 (a) With respect to Performance Shares granted to a Participant whose employment is terminated because of the
Participant’s death, Disability, Retirement, or who is terminated by the Company without Cause, the Participant (or the Participant’s beneficiary in the case of death) shall receive at the time specified in Section 2.5(a) as
Performance Shares Earned the number of Performance Shares as is determined after the end of the Incentive Period under Sections 2.3 and 2.4, prorated based upon the number of full months between January 1, 2010 and the date the Participant
ceased to be employed by the Company compared to the thirty-six (36) months in the Incentive Period. 
 (b) In the event a
Participant voluntarily terminates employment prior to December 31, 2012 or is terminated by the Company with Cause prior to the date of payment of Performance Shares Earned, the Participant shall forfeit all right to any Performance Shares
that would have been earned under the Grant and these Terms and Conditions. 

 ARTICLE 3. 
 Grant and Terms of Restricted Share Units 
 3.1 Grant of
Restricted Share Units. Pursuant to the Plan, the Company has granted to the Participant the number of Restricted Share Units as specified in the Grant, without dividend equivalents, effective as of the Date of Grant. 

3.2 Condition of Payment. The Restricted Share Units covered by the Grant and these Terms and Conditions shall only result
in the payment in Shares of the Company equal in number to the Restricted Share Units if the Participant remains in the employ of the Company or a Subsidiary throughout the Incentive Period. 

3.3 Payment of Restricted Share Units. 
 (a) Payment of Restricted Share Units shall be made in the form of Shares and shall be paid at the same time as the payment of Performance Shares Earned pursuant to Section 2.5(a), provided,
however, in the event no Performance Shares are earned, then the Restricted Share Units shall be paid in Shares at the time the Performance Shares would normally have been paid. The Committee may restrict 50% of the Shares to be issued in
satisfaction of the total Restricted Share Units, before income tax withholding, so that they cannot be sold by Participant unless immediately after such sale the Participant is in compliance with the Share Ownership Guidelines that are applicable
to the Participant at the time of sale. 
 (b) Any payment of Restricted Share Units to a deceased Participant shall be paid to
the beneficiary designated by the Participant on the Designation of Death Beneficiary attached as Exhibit E and filed with the Company. If no such beneficiary has been designated or survives the Participant, payment shall be made to the estate of a
Participant. A beneficiary designation may be changed or revoked by a Participant at any time, provided the change or revocation is filed with the Company. 

 (c) Prior to payment, the Company shall only have an unfunded and unsecured obligation to
make payment of Restricted Share Units to the Participant. The Restricted Share Units covered by the Grant and these Terms and Conditions that have not yet been earned, and any interests of the Participant with respect thereto, are not transferable
other than by completion of the Designation of Death Beneficiary attached as Exhibit E or pursuant to the laws of descent and distribution. 
 3.4 Death, Disability, Retirement or Other. With respect to Restricted Share Units granted to a Participant whose employment is terminated because of the Participant’s death,
Disability, Retirement, or who is terminated by the Company without Cause during the Incentive Period, the Participant (or the Participant’s beneficiary in the case of death) shall receive at the time specified in Section 3.3(a) the number
of Shares as calculated in Section 3.2, prorated based upon the number of full months between January 1, 2010 and the date the Participant ceased to be employed by the Company compared to the thirty-six (36) months in the Incentive
Period. 
 ARTICLE 4. 
 Other Terms Common to Restricted Share Units and Performance Shares 

4.1 Forfeiture. 
 (a) A Participant shall not render services for any organization or engage directly or indirectly in any business which is a competitor of the Company or any affiliate of the Company, or which
organization or business is or plans to become prejudicial to or in conflict with the business interests of the Company or any affiliate of the Company. 
 (b) Failure to comply with subsection (a) above will cause a Participant to forfeit the right to Performance Shares and Restricted Share Units and require the Participant to reimburse the Company for
the taxable income received or deferred on Performance Shares that become payable to the Participant and on Restricted Share Units that have been paid out in Shares within the 90-day period preceding the Participant’s termination of employment.

 (c) Failure of the Participant to repay to the Company the amount to be reimbursed in
subsection (b) above within three days of termination of employment will result in the offset of said amount from the Participant’s account balance in the Company’s Voluntary Non-Qualified Deferred Compensation Plan, if applicable (at
the time that the amounts owed under the Voluntary Non-Qualified Deferred Compensation Plan are scheduled for payment), and/or from any accrued salary or vacation pay owed at the date of termination of employment or from future earnings payable by
the Participant’s next employer. If applicable, such offset shall be deemed to constitute the payment due to him under the Voluntary Non-Qualified Deferred Compensation Plan in accordance with the time and form of payment specified under the
Voluntary Non-Qualified Deferred Compensation Plan and the immediate repayment to the Company of the amounts owed under these Terms and Conditions. 
 4.2 Change in Control. In the event a Change in Control (as defined in the Plan) occurs, all Performance Shares granted to a Participant for Incentive Periods which have not ended before the
Change in Control shall, notwithstanding any preceding provisions of these Terms and Conditions to the contrary, immediately become Performance Shares Earned on a one-to-one basis regardless of the Performance Objectives. All Performance Shares, if
any, granted to a Participant for an Incentive Period which ended before the Change in Control, and which have not been paid in accordance with Section 2.5, will be deemed to be Performance Shares Earned to the extent and only to the extent
that they became Performance Shares Earned as of the end of the Incentive Period based upon the Performance Objectives for the Incentive Period. The value of all Performance Shares Earned, including ones for Incentive Periods which have already
ended, shall be paid in Brazilian Reals based on the Fair Market Value of the Shares determined on the date the Change in Control occurs. Also, in the event of a Change in Control, all Restricted Share Units granted for all periods shall become
nonforfeitable and shall be paid in Brazilian Reals based on the Fair Market Value of an equivalent number of Shares determined on the date the Change in Control occurs. All payments with respect to Performance Shares and Restricted Share Units
shall be made within 10 days of the Change in Control. 

 ARTICLE 5. 
 General Provisions 
 5.1 Compliance with Law. The
Company shall make reasonable efforts to comply with all applicable U.S., Ohio and Brazilian securities laws; provided, however, notwithstanding any other provision of the Grant and these Terms and Conditions, the Company shall not be
obligated to issue any Shares pursuant to the Grant and these Terms and Conditions if the issuance or payment thereof would result in a violation of any such law; provided, however, that the Shares will be issued at the earliest date
at which the Company reasonably anticipates that the issuance of the Shares will not cause such violation. 
 5.2
Withholding Taxes. To the extent that the Company is required to withhold U.S. or Brazilian federal, state, or local taxes in connection with any payment of Performance Shares Earned or Restricted Share Units to a Participant under the
Plan, the Company shall withhold the minimum amount of taxes which it determines it is required by law or required by the terms of the Plan to withhold in connection with any recognition of income incident to this Plan payable in Brazilian Reals or
Shares to a Participant or beneficiary. In the event of a taxable event occurring with regard to Shares on or after the date that the Shares become nonforfeitable, the Company shall reduce the Shares owed to the Participant or beneficiary by the
fewest number of such Shares owed to the Participant or beneficiary such that the Fair Market Value of such Shares shall equal (or exceed by not more than the Fair Market Value of a single Share) the Participant’s or other person’s
“Minimum Withholding Tax Liability” resulting from such recognition of income. The Company shall pay cash equal to such Fair Market Value to the appropriate taxing authority for purposes of satisfying such withholding responsibility. If a
distribution or other event does not result in any withholding tax liability as a result of the Participant’s election to be taxed at an earlier date or for any other reason, the Company shall

 
not reduce the Shares owed to the Participant or beneficiary. For purposes of this paragraph, a person’s “Minimum Withholding Tax Liability” is the product of: (a) the
aggregate minimum applicable U.S. or Brazil federal, state, and local income withholding tax rates on the date of a recognition of income incident to the Plan; and (b) the Fair Market Value of the Shares recognized as income to the Participant
or other person determined as of the date of recognition of income, or other taxable amount under applicable statutes.  

5.3 Continuous Employment. For purposes of the Grant and these Terms and Conditions, the continuous employment of the
Participant with the Company shall not be deemed to have been interrupted, and the Participant shall not be deemed to have ceased to be an employee of the Company, by reason of the transfer of his employment among the Company and its Subsidiaries or
an approved leave of absence. 
 5.4 Relation to Other Benefits. Any economic or other benefit to the Participant
under the Grant and these Terms and Conditions or the Plan shall not be taken into account in determining any benefits to which the Participant may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by
the Company or a Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary. Notwithstanding the foregoing, for purposes of
Brazilian law (if applicable), any compulsory social security, employee benefit or severance benefit contributions will be deducted from any payment hereunder at the time the payment is made and paid simultaneously to the appropriate fund.

 5.5 These Terms and Conditions Subject to Plan. The Restricted Share Units and Performance Shares granted under
the Grant and these Terms and Conditions and all of the terms and conditions hereof are subject to all of the terms and conditions of the Plan, a copy of which is available upon request. 

 5.6 Amendments. The Plan, the Grant and these Terms and Conditions can be
amended at any time by the Company. Any amendment to the Plan shall be deemed to be an amendment to the Grant and these Terms and Conditions to the extent that the amendment is applicable hereto. Except for amendments necessary to bring the Plan,
the Grant and these Terms and Conditions into compliance with current law including Internal Revenue Code Section 409A, no amendment to either the Plan, the Grant or these Terms and Conditions shall adversely affect the rights of the
Participant under the Grant and the Grant and these Terms and Conditions without the Participant’s consent. 
 5.8
Severability. In the event that one or more of the provisions of the Grant and these Terms and Conditions shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be
separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable. 
 5.9 Governing Law. The Grant and these Terms and Conditions shall be construed and governed in accordance with the laws of the State of Ohio. 

These Terms and Conditions of the 2010 Brazil Participant Grants under the 2007 Incentive Equity Plan are hereby adopted this 31st day of
August, 2010 by the members of the Compensation and Organization Committee of the Board of Directors of Cliffs Natural Resources Inc. 
  

	
	
	 
	Francis R. McAllister
	
	 
	Ronald C. Cambre
	
	 
	Barry J. Eldridge
	
	 
	James D. Ireland III
	
	 
	Roger Phillips

 EXHIBITS 

 

			
	Exhibit A	  	Peer Group
	Exhibit B	  	Performance Objectives
	Exhibit C	  	Relative Total Shareholder Return
	Exhibit D	  	Free Cash Flow
	Exhibit E	  	Beneficiary Designation

 Exhibit A 
 PEER GROUP 
 (2010-2012) 

AK Steel Holding Corporation 
 Alcoa, Inc.

 Allegheny Technologies, Inc. 
 Alpha
Natural Resources, Inc. 
 Arch Coal, Inc. 
 Carpenter Technology Corporation 
 Commercial Metals Company 

Consol Energy, Inc. 
 Freeport-McMoran
Cooper & Gold, Inc. 
 Massey Energy Company 
 Nucor Corporation 
 Patriot Coal Corporation 

Peabody Energy Corporation 
 Quanex Corp

 Reliance Steel & Aluminum Co. 
 Steel Dynamics, Inc. 
 United States Steel Corporation 

USEC Inc. 
 Worthington Industries, Inc.

 The Peer Group of 19 companies shall not be adjusted within the Incentive Period, except to exclude companies which
during the Incentive Period (a) cease to be publicly traded, or (b) have experienced a major restructuring by reason of: (i) a Chapter 11 filing, or (ii) a spin-off of more than 50% of any such company’s assets. The S&P
Metals ETF as defined in Section 1.7 shall be substituted in place of the Peer Group companies that are excluded pursuant to the foregoing sentence with a weighting of 1/19th times the number of Peer Group Companies that are so excluded. 

The value of the stock of a Peer Group company will be determined in accordance with the following: 

 

	 	1.	If the stock is listed on an exchange in the U.S. or Canada, then the value on such exchange will be used; 

 

	 	2.	Otherwise, if the stock is traded in the U.S. as an American Depositary Receipt, then the value of the ADR will be used; or 

 

	 	3.	Otherwise, the value on the exchange in the country where the company is headquartered will be used. 

 Exhibit B 
 PERFORMANCE OBJECTIVES 
 (2010-2012) 

The target objectives of the Company are Relative Total Shareholder Return (share price plus reinvested dividends) and Free Cash Flow over the three-year
Incentive Period from January 1, 2010 to December 31, 2012. Achievement of the Relative Total Shareholder Return objective shall be determined by the shareholder return of the Company relative to a predetermined group of steel, mining and
metal companies. Achievement of the Free Cash Flow objective shall be determined against a scale set forth in the Table Below: 
  

									
	 	  	 	 	Performance Level
	 Performance Factor
	  	Weight	 	Threshold	 	Target	 	Maximum
	 Relative TSR
	  	50%	 	35th %tile	 	55th %tile	 	75th %tile
	 Payout For Relative TSR
	  		 	25%	 	50%	 	75%
					
	 3- Year Cumulative Free Cash Flow ($000s)
	  	50%	 	$1,260	 	$1,680	 	$2,100
	 Payout For Free Cash Flow
	  		 	25%	 	50%	 	75%
					
	 Total Payout If Achieve Level For Both Performance Factors
	  		 	50%	 	100%	 	150%

 Exhibit C 
 RELATIVE TOTAL SHAREHOLDER RETURN 
 (2010-2012) 

Relative Total Shareholder Return for the Incentive Period is calculated as follows: 

 

	 	1.	The Total Shareholder Return as defined in Section 1.9 of these Terms and Conditions for the Incentive Period for the Company shall be compared to the Total
Shareholder Return for each of the entities within the Peer Group for the Incentive Period. The results shall be ranked to determine the Company’s Relative Total Shareholder Return percentile ranking compared to the Peer Group.

  

	 	2.	The Company’s Relative Total Shareholder Return for the Incentive Period shall be compared to the Relative Total Shareholder Return Performance target range
established for the Incentive Period. 

  

	 	3.	The Relative Total Shareholder Return performance target range has been established for the 2010-2012 Incentive Period as follows: 

 

			
	 Performance Level
	 	 2010-2012
 Relative Total Shareholder Return

Percentile Ranking

	 Maximum
	 	75th Percentile
	 Target
	 	55th Percentile
	 Threshold
	 	35th Percentile

 Exhibit D 
 FREE CASH FLOW 
 (2010-2012) 

Free Cash Flow is calculated as follows: 
  

	 	1.	Determine for each year during the Incentive Period the Cash from Operations from the Company’s consolidated cash flow statement. 

 

	 	2.	Each year during the Incentive Period, the Capital Expenditures from the Company’s consolidated cash flow statement shall be subtracted from the Company’s
Cash from Operations. 

  

	 	3.	The amounts determined in paragraph 2 above for each year during the Incentive Period shall be added together to determine the Cumulative Free Cash Flow of the Company
during the Incentive Period. 

 The Cumulative Free Cash Flow shall be adjusted by the Committee, if necessary, to eliminate or
revise the impact of acquisitions and dispositions, non-operational businesses, significant expansions and other unusual items. 

 GRANT YEAR 2010 

Exhibit E 

BENEFICIARY DESIGNATION 
 In accordance with the terms and conditions of the Cliffs Natural Resources Inc. 2007 Incentive Equity Plan (“Plan”), my 2010 Brazil Participant Grant (“Grant”) and the 2010 Terms and
Conditions (“Terms and Conditions”), I hereby designate the person(s) indicated below as my beneficiary(ies) to receive any payments under the Plan, Grant and Terms and Conditions after my death. 

 

					
	Name	  	 	  	
	Address	  	 	  	
		  	 	  	
		  	 	  	

  

					
	 Social Sec. Nos. of Beneficiary(ies)
	  	 	  	
	 Relationship(s)
	  	 	  	
	 Date(s) of Birth
	  	 	  	

 In the event that the above-named beneficiary(ies) predecease(s) me, I hereby designate the following
person(s) as beneficiary(ies): 
  

					
	Name	  	 	  	
	Address	  	 	  	
		  	 	  	
		  	 	  	

  

					
	 Social Sec. Nos. of Beneficiary(ies)
	  	 	  	
	 Relationship(s)
	  	 	  	
	 Date(s) of Birth
	  	 	  	

 I hereby expressly revoke all prior designations of beneficiary(ies), reserve the right to change the
beneficiary(ies) herein designated and agree that the rights of said beneficiary(ies) shall be subject to the terms of the Plan, Grant and these Terms and Conditions. In the event that there is no beneficiary living at the time of my death, I
understand that the payments under the Plan, Grant and these Terms and Conditions will be paid to my estate. 
  

					
	 	 		  	 
	 Date
	 		  	(Signature)
			
		 		  	 
		 		  	(Print or type name)

 8373564.1 (OGLETREE)

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