Document:

Second Amendment to Multicurrency Credit Agreement

 Exhibit 4(c) 
 [EXECUTION COPY] 
 SECOND AMENDMENT TO

 MULTICURRENCY CREDIT AGREEMENT 
 This SECOND AMENDMENT TO MULTICURRENCY CREDIT AGREEMENT, dated as of October 29, 2009 (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, the Lenders party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer entered into that certain proposed Second Amendment to Multicurrency Credit Agreement dated as of
October 24, 2008 (the “Non-Effective Second Amendment”) and attached hereto as Exhibit A, the effectiveness of which was conditioned upon the satisfaction of the conditions precedent set forth in Section 2 thereof
on or before April 15, 2009; and 
 WHEREAS, the Borrower has failed to satisfy the conditions to the effectiveness
of the Non-Effective Second Amendment on or before April 15, 2009, such that the Second Amendment Effective Date (as defined in the Non-Effective Second Amendment) has not occurred and the Non-Effective Second Amendment is not, and will not in
the future, be effective; and 
 WHEREAS, the Borrower has requested that the undersigned Lenders and the Administrative
Agent again 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. Non-Effective Second Amendment. The Borrower, the undersigned Lenders and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer each
acknowledge and agree that (a) the Non-Effective Second Amendment

 
is not and shall not be effective and that the conditions precedent to effectiveness referred to in Section 2 therein have not been and will not be satisfied, and (b) any amendment to
the Credit Agreement referred to in the Non-Effective Second Amendment is without any force and effect. 
 Section 2. Amendment to Credit Agreement. 
 (a) Amendment to Section 1.1
(Definitions). From and after the New Second Amendment Effective Date, the definition of “Alternative Currency” contained in Section 1.1 of the Credit Agreement shall be amended by deleting the reference to “Section 1.5”
contained in such definition and inserting in lieu thereof a reference to “Section 1.6”. 
 (b) Amendment to
Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of “Interest Coverage Ratio” contained in Section 1.1 of the Credit Agreement shall be amended by (i) deleting the word
“EBIT” contained in clause (a) of such definition and inserting in lieu thereof the word “EBITDA” and (ii) deleting the proviso “; provided, however, that Interest Expense for any period shall
(y) include the Interest Expense for any Person or business unit acquired by Borrower or any of its Restricted Subsidiaries for any portion of such period prior to the date of acquisition, and (z) exclude the Interest Expense for any
Person or business unit that has been disposed of by the Borrower or any of its Restricted Subsidiaries for the portion of such period prior to the disposition” contained therein. 
 (c) Amendment to Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of
“EBIT” in Section 1.1 of the Credit Agreement shall be deleted in its entirety. 
 (d) Amendment to
Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of “Permitted Investment Amount” contained in Section 1.1 of the Credit Agreement shall be amended by deleting the words
“Consolidated Net Income” contained in clause (b) of such definition and inserting in lieu thereof the words “consolidated Net Income”. 
 (e) Amendment to Section 1.1 (Definitions). From and after the New Second Amendment Effective Date, the definition of “Applicable Margin” contained in Section 1.1 of the Credit
Agreement shall be amended by restating the table contained in such definition in its entirety as follows: 
  

									
	 LEVEL
	 	 TOTAL FUNDED DEBT
TO
EBITDA RATIO FOR SUCH
PRICING DATE
	 	 APPLICABLE MARGIN
FOR
BASE RATE LOANS AND L/C
BORROWINGS SHALL BE:
	 	 APPLICABLE MARGIN
 FOR EUROCURRENCY
 LOANS AND LETTER OF
 CREDIT FEE SHALL BE:
	 	 APPLICABLE MARGIN
 FOR COMMITMENT FEE
 SHALL BE:

	 I
	 	Less than 1.00 to 1.00	 	0.000%	 	0.950%	 	0.190%
					
	 II
	 	Less than 1.50 to 1.00, but greater than or equal to 1.00 to 1.00	 	0.000%	 	1.00%	 	0.200%

									
	 III
	 	Less than 2.00 to 1.00, but greater than or equal to 1.50 to 1.00	 	0.125%	 	1.125%	 	0.225%
					
	 IV
	 	Less than 2.75 to 1.00, but greater than or equal to 2.00 to 1.00	 	0.375%	 	1.375%	 	0.275%
					
	 V
	 	Greater than or equal to 2.75 to 1.00	 	0.625%	 	1.625%	 	0.325%

 (f) Amendment to Section 1.1 (Definitions). From and after the New Second
Amendment Effective Date, Section 1.1 of the Credit Agreement shall be further amended by restating the following definitions in their entirety as set forth below: 
 “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. 
 “Defaulting Lender” means any
Lender that, as determined by the Administrative Agent, (a) has failed to perform its obligation to fund any portion of its Loans, participations in L/C Obligations or participations in Swing Loans within one Business Day of the date required
to be funded by it hereunder, unless such obligation is the subject of a good faith dispute, (b) has notified the Borrower, the Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations
under this Agreement or has made a public statement that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) has failed, within one
Business Day after written request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent, that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans,
participations in L/C Obligations or participations in Swing Loans, (d) otherwise has failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of

 
the date when due, unless the subject of a good faith dispute, or (e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
bankruptcy or insolvency proceeding, or (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for
it, or (iii) taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any equity interest in such Lender or direct or indirect parent company thereof by a Governmental Authority. 
 “EBITDA” means, with reference to any period, Net Income for such period plus, without duplication, (a) all amounts deducted in arriving at such Net Income amount in respect of (i) Interest Expense for such
period, (ii) federal, state and local income taxes as accrued for such period, (iii) depreciation of fixed assets and amortization of intangible assets for such period, and (iv) non-cash items decreasing Net Income for such period,
minus, without duplication, (b) the sum of (i) cash payments made during such period in respect of items added to the calculation of Net Income pursuant to clause (a)(iv) above during such period or any previous period, and
(ii) non-cash items increasing Net Income for such period; provided, however, that, solely for the purposes of calculating compliance with Section 6.19(a), EBITDA for any period shall (x) include the EBITDA for any Person or
business unit that has been acquired by the Borrower or any of its Restricted Subsidiaries for any portion of such period prior to the date of acquisition, and (y) exclude the EBITDA for any Person or business unit that has been disposed of by
the Borrower or any of its Restricted Subsidiaries for the portion of such period after the date of disposition. 
 “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 and
shall include the Existing Foreign Letters of Credit. Letters of Credit may be issued in U.S. Dollars or in an Alternative Currency. 
 “Net Income” means, with reference to any period, the net income (or net loss) of the Borrower and its Restricted Subsidiaries for such period computed on a consolidated basis in accordance with GAAP; provided that
(a) there shall be excluded from Net Income (i) the net income (or net loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of, or has merged into or consolidated with, the Borrower or another Restricted
Subsidiary and (ii) the net income (or net loss) of any Person (other than a Restricted Subsidiary) in which the Borrower or any of its Restricted Subsidiaries has an equity interest in, except to the extent of the amount of dividends or other
distributions actually paid to the Borrower or any of its Restricted Subsidiaries during such period, and (b) solely for the purposes of calculating compliance with Section 6.19(a), Net Income for any period shall (i) include the net
income (or net loss) for any Person or business unit that has been acquired by the Borrower or any of its Restricted Subsidiaries for any portion of such period prior to the date of acquisition, and (ii) exclude the net income (or net loss) for
any Person or business unit that has been disposed of by the Borrower or any of its Restricted Subsidiaries for the portion of such period after the date of disposition. 
 “Permitted Acquisition” means any Acquisition with respect to which the following condition is satisfied: after giving effect to the Acquisition, no Default or Event of Default shall
exist, including with respect to the covenant contained in Section 6.19(a) hereof on a pro forma basis. 
 “Portman Limited Facility” means any credit agreement, multi-option facility, facility agreement, loan agreement or other agreements or instruments entered into from time to time under which the applicable lenders or
holders of such instruments have agreed to make loans or otherwise extend credit to Cliffs Natural Resources Holdings Pty Ltd or any Restricted Subsidiary thereof. 
 “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. 

 (g) Amendment to Section 1.1 (Definitions). From and after the New 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: 
 “Existing Foreign Letters of Credit” means those Letters of Credit issued by Bank of America and described on Schedule
1(c). 
 “Second Amendment” means that certain Second Amendment to this Agreement, dated as of
October 29, 2009. 
 (h) Amendment to Section 1.1 (Definitions). From and after the New 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; 
 (i) Amendment to Section 1.4 (Letter of Credit Amounts). From and after the New 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. 
 (j) Amendment to Section 1.5(b) (Exchange Rates; Currency Equivalents). From and after the
New 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. 

 (k) Amendment to Section 1.6 (Additional Alternative Currencies). From and after
the New 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., 10 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., five 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. 

 (l) Amendment to Section 2.2(a) (The Letter of Credit Commitment). From and
after the New 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 Defaulting 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. 
 (m) Amendment to
Section 2.2(b) (Procedures for Issuance and Amendment of Letters of Credit). From and after the New 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). 
 (n) Amendment to
Section 2.2(b) (Procedures for Issuance and Amendment of Letters of Credit). From and after the New Second Amendment Effective Date, Section 2.2(b) of the Credit Agreement shall be amended by inserting the following new subsection
(iv) immediately following the existing subsection (iii): 
 (iv) If the Borrower so requests in any applicable
Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such
Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not
later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to
make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of
Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be
permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.2(a) or otherwise),
or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to
permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 3.2 is not then satisfied, and in each such case directing the L/C Issuer not
to permit such extension. 

 (o) Amendment to Section 2.2(c)(i) (Drawings and Reimbursements; Funding of
Participations). From and after the New 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. 
 (p) Amendment to Section 2.2(e) (Obligations Absolute). From and after the New 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. 
 (q) Amendment to Section 2.2(g) (Cash Collateral). From and after the New 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; provided,
however, that if at any time the sum of (x) the L/C Sublimit plus (y) the aggregate amount of all cash collateral provided pursuant to this sentence that is then in the Administrative Agent’s possession exceeds the
U.S. Dollar Equivalent of all L/C Obligations at such time, the Administrative Agent shall, within four Business Days after the Borrower’s written request therefor, return to the Borrower cash collateral in an amount equal to the lesser of
(x) the amount of such excess and (y) the aggregate amount of all cash collateral provided pursuant to this sentence that is then in the Administrative Agent’s possession. 
 (r) Amendment to Section 2.10(a) (The Swing Line). From and after the New 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. 
 (s) Amendment to Section 2.10(b) (Borrowing Procedure). From and after the New 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. 
 (t) Amendment to
Section 6.12 (Indebtedness). From and after the New Second Amendment Effective Date, Section 6.12 of the Credit Agreement shall be amended by: 
 (i) restating subsection (e) contained in such Section in its entirety as follows: 

 (e) Indebtedness under the Portman Limited Facility in an aggregate principal amount not to
exceed at any time outstanding the U.S. Dollar Equivalent of $120,000,000 Australian Dollars; 
 (ii) 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 
 (u) Amendment to Section 6.13 (Liens). From and after the New 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) Liens in favor of the Administrative Agent on cash collateral provided pursuant to Section 2.2(g); 
 (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)” 
 (iii) 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 at any time
outstanding plus the Indebtedness of Non-Guarantor Subsidiaries under Section 6.12(j), without duplication, 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. 
 (v) Amendment to Section 6.14 (Consolidation, Merger, Sale of Assets, etc.). From and after
the New Second Amendment Effective Date, subsection (m) contained in Section 6.14 of the Credit Agreement shall be amended by: 
  

	 	(i)	deleting each reference to “Section 6.19” contained in such subsection (m) and inserting in lieu thereof the reference to “Section 6.19(a)” in
each such instance; and 

  

	 	(ii)	deleting the amount “$15,000,000” referenced in the proviso contained in such subsection (m) and inserting in lieu thereof the amount
“$100,000,000”. 

 (w) Amendment to Section 6.17 (Limitations on Restrictions). From and after the
New 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), any agreements evidencing Indebtedness permitted to be incurred pursuant to Section 6.12 (other than
Indebtedness permitted to be incurred by Non-Guarantor Subsidiaries that are Foreign Subsidiaries pursuant to clause (j) thereof); 
  

	 	(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 outstanding 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 prior to the
incurrence of such Indebtedness); 
 (x) Amendment to Section 6.19(b) (Minimum Interest Coverage Ratio). From and
after the New Second Amendment Effective Date, Section 6.19(b) of the Credit Agreement shall be amended by deleting the ratio of “3.00 to 1.00” contained therein and inserting in lieu thereof the ratio of “2.50 to 1.00”.

 (y) Amendment to Section 10.7 (Sharing of Set-Off). From and after the New Second Amendment Effective Date,
Section 10.7 of the Credit Agreement shall be amended by inserting the parenthetical “(other than any payment obtained by the L/C Issuer in connection with cash collateral or other arrangements made in respect of a Defaulting Lender)”
immediately following the words “in which Revolving Lenders have made L/C Advances” in the last sentence of such Section. 
 (z) Amendment to Exhibits. From and after the New Second Amendment Effective Date, Exhibit E to the Credit Agreement shall be restated in its entirety as Exhibit E attached to this Amendment. 
 (aa) Amendment to Schedules. From and after the New Second Amendment Effective Date, (a) the table of contents to the Credit
Agreement shall be amended by (i) inserting a reference to “Schedule 1(c) — Existing Foreign Letters of Credit” immediately following the reference to “Schedule 1(b) — Mandatory Costs” contained therein and
(ii) deleting the reference to “Schedule 6.12 — Existing Indebtedness” contained therein, and (b) the Schedules to the Credit Agreement shall be amended by (i) deleting Schedule 6.12 and (ii) inserting as Schedule
1(c) thereto, Schedule 1(c) attached to this Amendment. 

 Section 3. Conditions Precedent. This Amendment shall become
effective as of the date first set forth above (the “New Second Amendment Effective Date”) upon the satisfaction of each of the following conditions: 
 (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 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) Each of the Lenders consenting to this Amendment on or
prior to 5:00 p.m. ET on October 23, 2009 shall have received, on or prior to the New Second Amendment Effective Date, an amendment fee (the “Amendment Fee”) in an amount equal to 15 basis points on the sum of (i) the
principal amount of such Lender’s Revolving Credit Commitment and (ii) the aggregate principal amount of such Lender’s Term Loans. 
 Section 4. Continued Validity of Loan Documents. Except for the amendments to the Credit Agreement set forth in Section 2 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 5. 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 6. 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 7. 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 8. 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 9. 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 10. 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.] 

 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

  
 Second
Amendment to Credit Agreement 
  

			
	“ADMINISTRATIVE AGENT”
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/    George S. Carey        
	 Name:  George S. Carey
 Title:    Assistant Vice President

  
 Second
Amendment to Credit Agreement 
  

			
	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

  
 Second
Amendment to Credit Agreement 

			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/    Barry A. Boderschatz
	 Name:  Barry A. Boderschatz
 Title:    Assistant Vice President

  
 Second
Amendment to Credit Agreement 

			
	RBS CITIZENS, N.A., as a Lender
		
	By:	 	/s/    Debra L. McAllonis
	 Name:  Debra L. McAllonis
 Title:    Senior Vice President

  
 Second
Amendment to Credit Agreement 

			
	KEYBANK NATIONAL ASSOCIATION, as Documentation Agent and a Lender
		
	By:	 	/s/    Suzannah Harris
	 Name:  Suzannah Harris
 Title:    Vice President

  
 Second
Amendment to Credit Agreement 

			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	/s/    R. C. Lanctot
	 Name:  Roy C. Lanctot
 Title:    Vice President

  
 Second
Amendment to Credit Agreement 

			
	COMMONWEALTH BANK OF AUSTRALIA, as
a Lender
		
	By:	  	/s/    Greg A. Caione
	Name:	  	Greg Caione
	Title:	  	Head of Natural Resources- America

  
 Second
Amendment to Credit Agreement 

			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	  	/s/    Joseph G. Moran
	Name:	  	Joseph G. Moran
	Title:	  	Senior Vice President

  
 Second
Amendment to Credit Agreement 

			
	US BANK, N.A., as a Lender
		
	By:	  	/s/    Patrick McGraw
	Name:	  	Patrick McGraw
	Title:	  	Vice President

  
 Second
Amendment to Credit Agreement 

			
	 BMO CAPITAL MARKETS, FINANCING INC.,

 as a Lender

		
	By:	  	/s/    Pam Schwartz
	Name:	  	Pamela E. Schwartz
	Title:	  	Director

  
 Second
Amendment to Credit Agreement 

			
	 NATIONAL AUSTRALIA BANK LIMITED

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

		
	By:	  	/s/    C. A. Cloe
	Name:	  	Courtney A. Cloe
	Title:	  	Director

  
 Second
Amendment to Credit Agreement 

			
	NATIONAL CITY BANK, as a Lender
		
	By:	  	/s/    R. S. Coleman
	Name:	  	Robert S. Coleman
	Title:	  	Senior Vice President

  
 Second
Amendment to Credit Agreement 

			
	COMERICA BANK, as a Lender
		
	By:	  	/s/    Brandon Welling
	Name:	  	Brandon Welling
	Title:	  	AVP

  
 Second
Amendment to Credit Agreement 

 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:	 	  Steven M. Raguz
	Title:	 	  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:	 	  Laurie Brlas
	Title:	 	  Vice President

  
 Second
Amendment to Credit Agreement2009 Participant Grant between Cliffs and Joseph A. Carrabba

 Exhibit 10(qqq) 
 CLIFFS NATURAL RESOURCES INC. 
 THE TERMS AND
CONDITIONS OF 
 THE 2009 PARTICIPANT GRANT 
 TO JOSEPH A. CARRABBA 
 UNDER THE 
 2007 INCENTIVE EQUITY PLAN 
 The Compensation and Organization Committee of the Board of Directors of Cliffs Natural Resources Inc. (the “Committee”) hereby establishes the Terms and Conditions of the 2009 Participant Grant
to Joseph A. Carrabba (“the Grant”) under the 2007 Incentive Equity Plan (“Plan”) as follows: 
 ARTICLE
1. 
 Definitions 
 All terms used herein with initial capital letters and defined in the Plan shall have the meanings assigned to them in the Plan and the following additional terms, when used herein with initial capital
letters, shall have the following meanings: 
 1.1 “Aggregate Value Added Objective” shall mean the Aggregate
Value Added Objective set forth in Part 1 of Exhibit A. 
 1.2 “Incentive Period” shall mean the period
beginning with the Date of the Grant and ending with December 31, 2013. 
 1.3 “Other Performance
Objectives” shall mean the factors set forth in Part 2 of Exhibit A and any other factors as may be used by the Committee in the exercise of its negative discretion under Part 2 of Exhibit A. 
 1.4 “Performance Objectives” shall mean the Aggregate Value Added Objective and the Other Performance Objectives.

 1.5 “Performance Shares Earned” shall mean the number of Performance Shares granted in the Award that are
determined by the Board after the conclusion of the Performance Period under Section 2.3 to have been earned by a Participant. as determined under Section 2.3. 
  

 1 

 1.6 “Share Ownership Guidelines” shall mean the Cliffs Natural Resources
Inc. Directors’ and Officers’ Share Ownership Guidelines, as amended from time to time. 
 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 result in the issuance of Shares (or cash, or a combination of Shares and cash, as decided by the Committee
in its sole discretion), if at all, only after the completion of the Incentive Period and only if and to the extent to which such Performance Shares are earned as provided in Section 2.3 of this Article 2. 
 2.3 Performance Shares Earned. No Performance Shares subject to the Grant shall be earned unless the Aggregate Value Added
Objective is achieved at some time during the Incentive Period. If the Aggregate Value Added Objective is achieved at some time during the Incentive Period, the number of Performance Shares Earned shall be 67,009 or such lesser number as the
Committee may determine in its discretion based upon the achievement of the Other Performance Objectives, as determined and certified by the Committee as of the end of the Incentive Period. 
 2.4 Performance Shares Not Earned. In the event that Performance Shares covered by the Grant do not become Performance Shares
Earned by reason of the exercise by the Committee of the discretion to reduce the amount that otherwise would be earned, based upon the level of satisfaction of the Other Performance Objectives, the Shares that do not become earned by reason of such
Committee action shall be governed by Section 3.3 of the Plan, but subject to the added prohibition and condition that such Shares shall not be used or

  

 2 

 
taken into account in any manner that is inconsistent with “negative discretion” provisions of Treas. Reg. Section 1.162-27(e)(2)(iii). 
 2.5 Payment of Performance Shares. 
 (a) The payment of Performance Shares Earned shall be made in the form of Shares, 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 whether the Aggregate Value Added Objective was attained during the Performance Period and the level of attainment of the Other
Performance Objectives (with the financial calculations associated with such determinations previously reviewed by an independent accounting professional), but in any event no later than 2 1/2 months following after the end of the Incentive Period. In the
event that all or any portion of the Performance Shares Earned shall be paid in cash, the cash equivalent of one Performance Share Earned shall be equal to the average closing price of one share of common stock of the Company on the last Trading Day
(as defined in Exhibit A) of the calendar year in which the Performance Period ends. The Committee may withhold Shares to the extent necessary to satisfy federal, state, local or foreign income tax withholding requirements, as described in
Section 4.2. 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 B 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. 
  

 3 

 (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 B or pursuant to the laws of descent and distribution. 
 2.6 Death, Disability, or Termination without Cause. 
 (a) With
respect to Performance Shares granted to a Participant whose employment is terminated because of the Participant’s death or Disability, or who is terminated by the Company without Cause, the Participant (or his beneficiary in the case of his
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 Section 2.3 , prorated based upon (x) the number
of full months between December 31, 2009 and the date the Participant ceased to be employed by the Company, divided by the forty-eight (48) months in the Incentive Period. 
 (b) In the event a Participant voluntarily terminates employment prior to December 31, 2013 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. 
 Other Terms Common to Performance Shares 
 3.1 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. 
  

 4 

 (b) Failure to comply with subsection (a) above will cause a Participant to forfeit the
right to Performance Shares and require the Participant to reimburse the Company for the taxable income received or deferred on Performance Shares that become payable to the Participant 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. 
 3.2 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. Notwithstanding any preceding
provisions of these Terms and Conditions to

  

 5 

 
the contrary, the value of all Performance Shares Earned, including ones for Incentive Periods which have already ended: (a) shall be paid in cash based on the Fair Market Value of the
Shares determined on the date the Change in Control occurs; and (b) all such payments with respect to Performance Shares shall be made within 10 days of the Change in Control. 
 ARTICLE 4. 
 General Provisions

 4.1 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. 
 4.2 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 to the Participant , 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 the Participant or the Participant’s 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

  

 6 

 
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.  
 4.3 Continuous Employment. For purposes of the Grant and these Terms and
Conditions, the employment of the Participant with the Company shall not be deemed to have ceased, 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. 
 4.4 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. 
 4.5 These Terms and Conditions Subject to Plan. The 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. 
 4.6 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

  

 7 

 
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. 
 4.7 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.

 4.8 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 written Terms and Conditions are hereby adopted this 16th day of February, 2010, in accordance with the terms and conditions
of the Grant on the 17th day of December, 2009 by the members of the Compensation and Organization Committee of the Board of Directors of Cliffs Natural Resources Inc. 
  

	
	 /s/ Francis R. McAllister

	Francis R. McAllister
	
	 /s/ James D. Ireland III

	James D. Ireland III
	
	 /s/ Roger Phillips

	Roger Phillips
	
	 /s/ Ronald C. Cambre

	Ronald C. Cambre
	
	 /s/ Barry J. Eldridge

	Barry J. Eldridge

  

 8 

 EXHIBITS 
  

			
	Exhibit A	  	Performance Objectives
	Exhibit B	  	Beneficiary Designation

  

 9 

 Exhibit A 
 PERFOMANCE OBJECTIVES 
 Part 1- Aggregate Value Added Objective.

 The Aggregate Value Added Objective is achieved if and only if, at any time during the Incentive Period, the
Company’s Aggregate Value (as defined below) is at least One Hundred Fifty Percent (150%) of the Starting Aggregate Value (as defined below). For purposes of the preceding sentence, the following definitions shall apply: 
 (a) “Aggregate Value” as of a given day shall mean the Company’s average closing market share price per common share,
multiplied by the average number of outstanding shares of common stock, during a period of Sixty (60) consecutive Trading Days. 
 (b) “Trading Day” means any day on which Shares may be traded and a Fair Market Value of a Share may be determined. 
 (c) “Starting Aggregate Value” shall mean the average (i.e., mean) Aggregate Value for the last Sixty (60) Trading Days of the 2009 calendar year. 
 Part 2- Negative Discretion as to Other Performance Objectives. 
 Assuming
the Aggregate Value Added Objective is satisfied during the Performance Period, the number of Performance Shares Earned will be 67,009 or such lesser number determined by the Committee based on the Participant’s achievement of certain
performance factors evaluated in the Committee’s discretion. Specifically: 
  

	•	 	 aggregate value of the Company relative to its peers; 

  

	•	 	 increase in the Company’s equity trading multiples; 

  

	•	 	 degree of diversification of the Company into minerals other than iron ore and metallurgical coal; and 

  

	•	 	 other factors to be determined by the Committee, including (without limitation) timing of results relative to goals, sustainability of market values,
and quality of new commodities and operations. 

 Based upon the performance relative to these factors, and other factors that
the Committee in its discretion may consider, the Committee may exercise negative discretion to reduce the number of the Performance Shares Earned. 
  

 10 

 Exhibit B 
 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)

  

 11 

 CLIFFS NATURAL RESOURCES INC. 
 2009 PARTICIPANT GRANT 
 UNDER THE 
 2007 INCENTIVE EQUITY PLAN 
 Effective December 17, 2009 (“Date of Grant”), the Compensation and Organization Committee (“Committee”) of the Board of Directors of Cliffs Natural Resources Inc.
(“Company”) hereby grants to Joseph A. Carrabba (“Participant”), an employee of the Company or of a Subsidiary of the Company, an Award of Sixty-Seven Thousand Nine (67,009) Performance Shares covering the incentive period
commencing December 31, 2009 and ending December 31, 2013 (“Incentive Period”) under the Cleveland-Cliffs, Inc. 2007 Incentive Equity Plan (“the Plan”). The number of Performance Shares granted was limited, in
accordance with Section 3.2(c) of the Plan, so that the number of shares times the closing price of one share of the Company’s common stock on the Date of Grant does not exceed and approximately equals $3,000,000 (sometimes referred to as
“the Maximum Limitation”). The Award is intended to create a financial incentive for the attainment of a performance target and to allow for the exercise of negative discretion by the Committee after December 31, 2013, such that the
value of the Shares Earned may equal $2,000,000 (sometimes referred to as the “target payout amount”), or such other amount, determined by the Committee in its discretion, that appropriately reflects in the Committee’s judgment the
Participant’s achievement of financial metrics and other factors. Notwithstanding the foregoing, in no event may Performance Shares Earned be greater than 67,009 shares. 
 This Award shall be subject to the terms and conditions of the 2009 Participant Grant to the Participant under the 2007 Incentive Equity
Plan, approved by the Committee at its December 17, 2009 meeting (“the Terms and Conditions”) provided to the Participant as attached hereto. 
  

 12 

	
	CLIFFS NATURAL RESOURCES INC.
	(“Company”)
	
	 /s/ William A. Brake

	William A. Brake
	EVP, Human & Technical Resources

 The undersigned Participant hereby acknowledges receipt of the attached Terms and Conditions, hereby declares that he has read the Terms and Conditions, agrees to the Terms and Conditions, and accepts the Award of Performance Shares.

  

			
	 /s/ Joseph A. Carrabba

	Participant
		
	Print Name:	 	 Joseph A. Carrabba

 *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 Grant under
the 2007 Incentive Equity Plan. * 
  

 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]