Document:

CLF-2014.12.31 10-K EX 10.15

EXHIBIT 10.15 

THIRD AMENDMENT TO TRUST AGREEMENT NO. 1

This Third Amendment to Trust Agreement No. 1 is entered into effective as of July 28, 2014 by and between Cliffs Natural Resources Inc., f/k/a Cleveland-Cliffs Inc., an Ohio corporation (the “Company”), and KeyBank, N.A., the successor in interest to Key Trust Company of Ohio, N.A., a national banking association, as Trustee (the “Trustee”).  Capitalized terms not defined herein shall have the meanings assigned to such terms in Trust Agreement No. 1.
WITNESSETH

WHEREAS, on June 12, 1997 the Company and the Trustee amended and restated Trust Agreement No. 1, effective June 1, 1997;
WHEREAS, Section 12 of Trust Agreement No. 1 provides that such Trust Agreement may be amended by the Company and the Trustee; and
WHEREAS, Section 9(c) of Trust Agreement No. 1 provides that Exhibit A thereto may be amended by the Company by furnishing to the Trustee an amendment thereto.
NOW, THEREFORE, the Company and the Trustee hereby amend Trust Agreement No. 1 to provide as follows:
1.    The first WHEREAS clause is amended to read as follows:
WHEREAS, Cliffs Natural Resources Inc., f/k/a Cleveland-Cliffs Inc. entered into an agreement, as shown on Exhibit A, with each of the executives (the “Executives”) listed (from time to time as provided in Section 9(c) hereof) on Exhibit A hereto (the agreements are referred to herein singularly as an “Agreement” and collectively as the “Agreements”);
2.    Exhibit A is amended in its entirety to read as attached hereto.

IN WITNESS WHEREOF, the Company and the Trustee have caused counterparts of this Third Amendment to be executed on this 28th day of July, 2014, each of which shall be an original Amendment.

	
		
	CLIFFS NATURAL RESOURCES INC.

	 
	 

	 
	 

	By:
	/s/ James D. Graham

	Title:
	Vice President, Chief Legal Officer & Secretary

	 
	 

	KEYBANK, N.A., as Trustee

	 
	 

	 
	 

	By:
	/s/ Lester W. Dryja

	Title:
	Vice President

EXHIBIT A

Effective July 28, 2014

TRUST AGREEMENT NO. 1

The following Executives have entered into Change in Control Severance Agreements:

	
			
	Name
	Job Title
	Beneficiary

	

Halverson, Gary B
	President & Chief Executive Officer
	Halverson, Frances

	Boor, William C
	Executive Vice President, Corp Development & Chief Strategy Officer, Chief Risk Officer
	Boor, Angela A.

	Fedor, Terry G
	Executive Vice President, United States Iron Ore
	Fedor, Sheryl Elaine

	Harapiak, Maurice D
	Executive Vice President, Human Resources
	 

	Paradie, Terrance M
	Executive Vice President & Chief Financial Officer
	Paradie, Christine E.

	Smith, Clifford T
	Executive Vice President, Seaborne Iron Ore
	Smith, Marianne B.

	Tompkins, P Kelly
	Executive Vice President, External Affairs & President, Global Commercial
	Tompkins, Cathy Elaine

	Webb, David
	Executive Vice President, Global Coal
	Webb, Brenda J.

	Mee, Terrence R
	Vice President, Global Iron Ore Sales
	Mee, Elizabeth

	Baisden, Steven R
	Vice President, Corporate Development & Emerging Business
	Baisden, Meredith A.

	Bittner, Matthew C
	Vice President & Treasurer
	Bittner, Katharine Williams

	Cartella, David T
	Vice President, Government, Environmental, Safety & Sustainability
	Cartella, Kimberly Ann

	Flanagan, Timothy K
	Vice President, Corporate Controller & CAO
	Flanagan, Kathleen R.

	Graham, James D
	Vice President & Chief Legal Officer
	 

	McFadden, William J
	Vice President, Global Coal Sales
	McFadden, William

	Whiteford, Sean M
	Vice President, Technical Operations
	Whiteford, Lauren Kathleen

	LaTendresse, Edward
	General Manager
	LaTendresse, Gayle M.CLF-2014.12.31 10-K EX 10.18

EXHIBIT 10.18 

THIRD AMENDMENT TO AMENDED AND RESTATED TRUST AGREEMENT NO. 2

This Third Amendment to Amended and Restated Trust Agreement No. 2 (as amended and restated October 15, 2002) (the “Agreement”) is entered into effective as of July 28, 2014 by and between Cliffs Natural Resources Inc., f/k/a Cleveland-Cliffs Inc., an Ohio corporation (the “Company”), and KeyBank, N.A., the successor in interest to Key Trust Company of Ohio, N.A., a national banking association, as Trustee (the “Trustee”).  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Agreement.

WITNESSETH

WHEREAS, effective October 15, 2002 the Company and the Trustee amended and restated Trust Agreement No. 2; and

WHEREAS, Section 9(c) of the Agreement provides that Exhibit A and Exhibit D thereto may be amended by the Company by furnishing to the Trustee any amendments thereto.

NOW, THEREFORE, the Company and the Trustee hereby amend Trust Agreement No. 2 to provide as follows:

1.    Exhibit A is amended in its entirety to read as attached hereto.

2.    Exhibit D is amended in its entirety to read as attached hereto.

IN WITNESS WHEREOF, the Company and the Trustee have caused counterparts of this Third Amendment to be executed on this 28th day of July, 2014, each of which shall be an original Amendment.
	
		
	CLIFFS NATURAL RESOURCES INC.

	 
	 

	 
	 

	By:
	/s/ James D. Graham

	Title:
	Vice President, Chief Legal Officer & Secretary

	 
	 

	KEYBANK, N.A., as Trustee

	 
	 

	 
	 

	By:
	/s/ Lester W. Dryja

	Title:
	Vice President

EXHIBIT A

AMENDED AND RESTATED TRUST AGREEMENT NO. 2

EXECUTIVES, OFFICERS AND KEY EMPLOYEES

	
					
	Name
	First Name
	Middle Initial
	Last Name
	Job Title

	Halverson, Gary B
	Gary
	B
	Halverson
	President & Chief Executive Officer

	 
	 
	 
	 
	 

	Boor, William C
	William
	C
	Boor
	Executive Vice President, Corporate Development & Chief Strategy Officer, Chief Risk Officer

	Fedor, Terry G
	Terry
	G
	Fedor
	Executive Vice President, United States Iron Ore

	Harapiak, Marurice D
	Maurice
	D
	Harapiak
	Executive Vice President, Human Resources

	Paradie, Terrance M
	Terrance
	M
	Paradie
	Executive Vice President & Chief Financial Officer

	Smith, Clifford T
	Clifford
	T
	Smith
	Executive Vice President, Seaborne Iron Ore

	Tompkins, P Kelly
	P
	Kelly
	Tompkins
	Executive Vice President, External Affairs & President, Global Commercial

	Webb, David
	David
	 
	Webb
	Executive Vice President, Global Coal

	 
	 
	 
	 
	 

	Baisden, Steven R
	Steven
	R
	Baisden
	Vice President, Corporate Development & Emerging Business

	Bittner, Matthew C
	Matthew
	C
	Bittner
	Vice President & Treasurer

	Cartella, David T
	David
	T
	Cartella
	Vice President, Government, Environmental, Safety & Sustainability

	Flanagan, Timothy K
	Timothy
	K
	Flanagan
	Vice President, Corporate Controller & CAO

	Graham, James D
	James
	D
	Graham
	Vice President & Chief Legal Counsel

	McFadden, William J
	William
	J
	McFadden
	Vice President, Global Coal Sales

	Mee, Terrence R.
	Terrence
	R
	Mee
	Vice President, Global Iron Ore Sales

	Whiteford, Sean M
	Sean
	M
	Whiteford
	Vice President, Technical Operations

	 
	 
	 
	 
	 

	LaTendresse, Edward M
	Edward
	M
	LaTendresse
	General Manager

EXHIBIT D

AMENDED AND RESTATED TRUST AGREEMENT NO. 2

DIRECTORS

Gary B. Halverson
Susan M. Cunningham
Barry J. Eldridge
Mark E. Gaumond
Andrés R. Gluski
Susan M. Green
Janice K. Henry
James F. Kirsch
Stephen Johnson
Richard K. Riederer
Timothy W. Sullivan

John S. Brinzo
Ronald C. Cambre
Robert S. Colman
Ranko Cucuz
James D. Ireland III
G. Frank Joklik
E. Bradley Jones
Leslie Lazar Kanuk
Anthony A. Massaro
Francis R. McAllister
M. Thomas Moore
John C. Morley
Stephen B. Oresman
Roger Phillips
Alan Schwartz
Jeptha H. Wade
Alton W. WhitehouseCLF-2014.12.31 10-K EX 10.26

EXHIBIT 10.26 

SEVENTH AMENDMENT TO TRUST AGREEMENT NO. 5

This Seventh Amendment to Trust Agreement No. 5 is entered into effective as of July 28, 2014 by and between Cliffs Natural Resources Inc., f/k/a Cleveland-Cliffs Inc., an Ohio corporation (the “Company”), and KeyBank, N.A., the successor in interest to Key Trust Company of Ohio, N.A., a national banking association, as Trustee (the “Trustee”).  Capitalized terms not defined herein shall have the meanings assigned to such terms in Trust Agreement No. 5.

WITNESSETH

WHEREAS, on October 28, 1997 the Company and a predecessor in interest to the Trustee entered into Trust Agreement No. 5; and

WHEREAS, Section 9(c) of Trust Agreement No. 5 provides that Exhibit A thereto may be amended by the Company by furnishing to the Trustee an amendment thereto.

NOW, THEREFORE, the Company and the Trustee hereby amend Trust Agreement No. 5 to provide as follows:

1.    Exhibit A is amended in its entirety to read as attached hereto.

IN WITNESS WHEREOF, the Company and the Trustee have caused counterparts of this Seventh Amendment to be executed on this 28th day of July, 2014, each of which shall be an original Amendment.

	
		
	CLIFFS NATURAL RESOURCES INC.

	 
	 

	 
	 

	By:
	/s/ James D. Graham

	Title:
	Vice President, Chief Legal Officer & Secretary

	 
	 

	KEYBANK, N.A., as Trustee

	 
	 

	 
	 

	By:
	/s/ Lester W. Dryja

	Title:
	Vice President

EXHIBIT A

Effective July 28, 2014

TRUST AGREEMENT NO. 5
	
					
	PLAN 26042:  2012 NON-QUALIFIED DEFERRED COMPENSATION PLAN
	 
	Plan 29043:  2005 VOLUNTARY NON-QUALIFIED DEFERRED COMPENSATION PLAN
	 
	Plan 29043:  2000 VOLUNTARY NON-QUALIFIED DEFERRED COMPENSATION PLAN

	 
	 
	CASH
	 
	 

	ADERHOLD ,RONALD K
	 
	ADERHOLD, RONALD K
	 
	MARIANI , RONALD

	CARTELLA ,DAVID T
	 
	BAISDEN, STEVEN R
	 
	MLINAR , MICHAEL P

	BOOR ,WILLIAM C
	 
	BLAKE ,DAVID B
	 
	 

	BARTOLOMUCCI ,JAMES M
	 
	BOOR ,WILLIAM C
	 
	 

	HUNSINGER-GORENC ,STEPHANE S
	 
	BRAKE ,WILLIAM A
	 
	 

	MCLAUGHLIN ,MICHAEL P
	 
	BRLAS ,LAURIE
	 
	 

	TOMPKINS ,PAUL K
	 
	LATENDRESSE ,EDWARD M
	 
	 

	GILMAN ,JOYCE S
	 
	MEE ,TERRENCE R
	 
	 

	MCFADDEN ,WILLIAM J
	 
	MICHAUD ,JAMES R
	 
	 

	NELSON ,MARK D
	 
	MLINAR ,MICHAEL P
	 
	 

	CHEVERINE ,CAROLYN E
	 
	PARADIE ,TERRANCE M
	 
	 

	THORNTON ,WILLIAM M
	 
	SCHAEDIG ,TIMOTHY H
	 
	 

	BAISDEN ,STEVEN R
	 
	SIMMONS ,KENNETH D
	 
	 

	SIMMONS ,KENNETH D
	 
	SMITH ,CLIFFORD T
	 
	 

	KIRSCH ,JAMES F
	 
	TOMPKINS ,PAUL K
	 
	 

	PETRIK ,JASON S
	 
	TUOMI ,JOHN N
	 
	 

	GRAHAM ,JAMES D
	 
	VETOR ,DUKE D
	 
	 

	MEE ,TERRENCE R
	 
	 
	 
	 

	TISH ,JOHN G
	 
	SHARES
	 
	 

	CEBULA ,ROBERT C
	 
	BARTOLOMUCCI ,JAMES M
	 
	 

	FLANAGAN ,TIMOTHY K
	 
	BLAKE ,DAVID B
	 
	 

	PARADIE ,TERRANCE M
	 
	BOOR ,WILLIAM C
	 
	 

	FEDOR ,TERRY G
	 
	BRAKE ,WILLIAM A
	 
	 

	MILLBURG ,LAWRENCE J
	 
	BRLAS ,LAURIE
	 
	 

	WEBB ,DAVID
	 
	CHEVERINE ,CAROLYN E
	 
	 

	MICHAUD ,JAMES R
	 
	LATENDRESSE ,EDWARD M
	 
	 

	CARLSON ,PAUL A
	 
	MARIANI ,RONALD
	 
	 

	BITTNER ,MATTHEW C
	 
	MEE ,TERRENCE R
	 
	 

	CROSWELL ,JACK T
	 
	MICHAUD ,JAMES R
	 
	 

	DORR ,NEIL E
	 
	MLINAR ,MICHAEL P
	 
	 

	KOCHEVAR ,JAMES M
	 
	MORRIS ,MICHAEL J
	 
	 

	MORRIS ,MICHAEL J
	 
	PARADIE ,TERRANCE M
	 
	 

	HOLSTEN ,KENNETH C
	 
	SMITH ,CLIFFORD T
	 
	 

	
					
	PLAN 26042:  2012 NON-QUALIFIED DEFERRED COMPENSATION PLAN
	 
	Plan 29043:  2005 VOLUNTARY NON-QUALIFIED DEFERRED COMPENSATION PLAN
	 
	Plan 29043:  2000 VOLUNTARY NON-QUALIFIED DEFERRED COMPENSATION PLAN

	 
	 
	SHARES (cont.)
	 
	 

	PAVLICH ,KENNETH P
	 
	SMITH ,GLENN W
	 
	 

	SMITH ,CLIFFORD T
	 
	TOMPKINS ,PAUL K
	 
	 

	VETOR ,DUKE D
	 
	TUOMI ,JOHN N
	 
	 

	SILVA ,JAMES P
	 
	VETOR ,DUKE D
	 
	 

	WHITEFORD ,SEAN M

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