Document:

EX-10.57

 Exhibit 10.57 
 CLIFFS NATURAL RESOURCES INC. 
 2010 INTERNATIONAL 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 a Non-US Subsidiary of the Company,
                (            ) Performance Units and an additional
                (            ) Retention 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 International 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 Units and Retention Units granted hereunder subject to the Terms and Conditions and the Plan. 

 

			
	
	  
	Participant
	Print Name:
                                         
                   

 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 INTERNATIONAL 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 International 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 1.7 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. 

  
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 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 Units Earned” shall mean the number of Units 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
“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. 

1.8 “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. 

  
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 ARTICLE 2. 
 Grant and Terms of Performance Units 
 2.1 Grant of
Performance Units. Pursuant to the Plan, the Company, by action of the Committee, has granted to the Participant the number of Performance Units as specified in the Grant, without dividend equivalents, effective as of the Date of
Grant. 
 2.2 Payment of Performance Units. The Performance Units covered by the Grant and these Terms and
Conditions shall only result in the payment of cash (in AUD$ 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), if at all, only after the
completion of the Incentive Period and only if such Performance Units are earned as provided in Section 2.3 of this Article 2. 
 2.3 Performance Units Earned. Performance Units 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 Units 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 Units 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 Units. The Performance Units granted shall become Performance Units 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 Units granted to
determine the actual number of Performance Units 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. 

  
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 2.5 Payment of Performance Units. 

(a) The Payment of Performance Units Earned shall be made in the form of cash (in AUD$ 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), 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. The determination of the cash value of the Performance Units Earned shall be based on the Market Value Price of a
Share of the Company on the last day of the Incentive Period. 
 (b) Any payment of Performance Units 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 Units Earned to the
Participant. The Performance Units covered by the Grant and these Terms and Conditions that have not yet been earned as Performance Units 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. 

  
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 2.6 Death, Disability, Retirement, or Other. 

(a) With respect to Performance 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, 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 Units Earned the number
of Performance Units 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, 2011 or is terminated by the Company with Cause prior to the date of payment of Performance Units Earned, the Participant shall forfeit all right to any Performance Units that would have been earned under the
Grant and these Terms and Conditions. 
 ARTICLE 3. 

Grant and Terms of Retention Units 
 3.1 Grant of Retention Units. Pursuant to the Plan, the Company has granted to the Participant the number of Retention Units as specified in the Grant, without dividend equivalents,
effective as of the Date of Grant. 
 3.2 Condition of Payment. The Retention Units covered by the Grant and these
Terms and Conditions shall only result in the payment in cash of the value of the Retention Units if the Participant remains in the employ of the Company or a Subsidiary throughout the Incentive Period. 

3.3 Calculation of Cash Payout. To determine the amount of the cash payout of the Retention Units, the number of
Retention Units covered by the Grant and these Terms and Conditions shall be multiplied by the Market Value Price of a Share of the Company on the last day of the Incentive Period. 

  
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 3.4 Payment of Retention Units. 

(a) Payment of Retention Units shall be made in cash (in AUD$ 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) and shall be paid at the same time as the payment of Performance Units Earned pursuant to Section 2.5(a), provided, however, in the event no
Performance Units are earned, then the Retention Units shall be paid in cash at the time the Performance Units would normally have been paid. 
 (b) Any payment of Retention 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 Retention Units to the Participant. The Retention 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. 
 3.5 Death, Disability, Retirement or Other. With respect to Retention 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 3.4(a) the number of
Retention Units as calculated in Section 3.3, 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. 

  
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 ARTICLE 4. 
 Other Terms Common to Performance Units and Retention Units 
 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 Units and
Retention Units and require the Participant to reimburse the Company for the taxable income received or deferred on Performance Units and Retention Units that have been paid out in cash 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. 

  
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 4.2 Change in Control. In the event a Change in Control (as defined in the
Plan) occurs, all Performance Units 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 Units Earned on a one-to-one basis regardless of the Performance Objectives. All Performance Units, 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 Units Earned to the extent and only to the extent that they became Performance Units Earned as of the end of the Incentive Period based upon the Performance Objectives for the
Incentive Period. The value of all Performance Units Earned, including ones for Incentive Periods which have already ended, 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. Also, in the event of a Change in Control, all Retention 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 Units and Retention 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.

 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 Units Earned or Retention 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 to a Participant or beneficiary. 

  
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 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 Australian law (if applicable), any compulsory superannuation guarantee contributions will be deducted from any payment hereunder at the time the payment is made and paid
simultaneously to the superannuation fund; provided that, if the maximum quarterly base has already been exceeded, no such deduction shall be made. 
 5.5 These Terms and Conditions Subject to Plan. The Retention Units and Performance Units 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 

  
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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 International Participant Grants under the 2007 Incentive Equity Plan are hereby adopted this 9th day of March, 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

  
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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 
 (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. 

  
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 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%

  
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 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 1.8 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

  
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 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. 

  
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 GRANT YEAR 2010 

Exhibit E 

BENEFICIARY DESIGNATION 
 In accordance with the terms and conditions of the Cleveland-Cliffs Inc 2007 Incentive Equity Plan (“Plan”), my 2010 International 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)

 8373497.1 (OGLETREE) 

  
 - 17 -EX-10.58

 Exhibit 10.58 
 CLIFFS NATURAL RESOURCES INC. 
 2010 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 the Company or of 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 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. 

 

	
	
	 
	Participant

 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. 

  
 1 

 CLIFFS NATURAL RESOURCES INC. 

THE TERMS AND CONDITIONS OF 
 THE 2010 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 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

  
 2 

 
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), 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. 

  
 3 

 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 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 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 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 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, 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. 

  
 4 

 (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. 

  
 5 

 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. 

  
 6 

 (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 

  
 7 

 
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 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. 

  
 8 

 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 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 

  
 9 

 
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. 
 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. 

  
 10 

 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, 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

  
 11 

 EXHIBITS 

 

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

  
 12 

 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. 

  
 13 

 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%

  
 14 

 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: 

 

			
	 	 	2010-2012
		 	Relative Total Shareholder Return
	 Performance Level
	 	Percentile Ranking
	 Maximum
	 	75th Percentile
	 Target
	 	55th Percentile
	 Threshold
	 	35th Percentile

  
 15 

 Exhibit D 
 FREE CASH FLOW 
 (2010-2012) 

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. 

  
 16 

 GRANT YEAR
2010                 
 Exhibit E

 BENEFICIARY DESIGNATION 
 In accordance with the terms and conditions of the Cleveland-Cliffs Inc 2007 Incentive Equity Plan (“Plan”), my 2010 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)

 8373576.1 (OGLETREE) 

  
 17

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