Document:

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                                                                EXHIBIT 10(cc)

3234F
                   AMENDED AND RESTATED TRUST AGREEMENT NO. 6
                   ------------------------------------------

           This Amended and Restated Trust Agreement No. 6 ("Trust Agreement
No. 6") is made on this 9th day of March, 1992, by and between Cleveland-Cliffs
Inc, an Ohio corporation ("Cleveland-Cliffs"), and Ameritrust Company National
Association, a national banking association, as trustee (the "Trustee").

                                 WITNESSETH:
           WHEREAS, Cleveland-Cliffs has entered into and may from time to time
enter into separate indemnification agreements (substantially in the form
attached hereto as Exhibits A and B) with its directors and officers (as listed
on Exhibit C hereto) (each such indemnification agreement being hereinafter
referred to as an "Indemnification Agreement" and each of such persons being
hereinafter referred to as an "Indemnitee");
           WHEREAS, each Indemnification Agreement provides, among other
things, for Cleveland-Cliffs to pay and be solely responsible for the expenses
associated with the enforcement of the Indemnitee's rights under the
Indemnification Agreement, including without limitation fees and expenses of
attorneys and others (referred to collectively herein as "Expenses");
           WHEREAS, Cleveland-Cliffs and the Trustee entered into a trust
agreement ("Trust Agreement No. 6"), dated January 22,
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                                                                               2
1988, to provide for the payment of Expenses associated with the enforcement of
the Indemnitees' rights under the Indemnification Agreements in effect at that
time;
           WHEREAS, Trust Agreement No. 6 was amended by a First Amendment to
Trust Agreement No. 6, dated April 9, 1991; and
           WHEREAS, Cleveland-Cliffs desires to amend and restate this Trust
Agreement No. 6 heretofore entered into and has transferred or will transfer
to the trust (the "Trust") established by this Trust Agreement No. 6 assets
which shall be held therein until paid to Indemnities with respect to Expenses
in such manner and at such times as specified herein.
           NOW, THEREFORE, the parties amend and restate the Trust Agreement
No. 6 and agree that the Trust shall be comprised, held and disposed of as
follows:
           1.TRUST FUND.  (a) Cleveland-Cliffs hereby deposits with the Trustee
in trust Two Hundred Fifty Thousand Dollars ($250,000), which shall become the
principal of this Trust, to be held, administered and disposed of by the
Trustee as herein provided.
           (b)The Trust hereby established shall be revocable by
Cleveland-Cliffs at any time prior to the date on which occurs a "Change of
Control," as that term is defined in this Section 1(b); on or after such date,
this Trust shall be irrevocable.  Cleveland-Cliffs shall notify the Trustee
promptly in the event that a Change of Control has occurred.  The term "Change
of Control" shall mean the occurrence of any of the following events:
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           (i) Cleveland-Cliffs shall merge into itself or be merged or
     consolidated with, another corporation and as a result of such merger or
     consolidation less than 70% of the outstanding voting securities of the
     surviving or resulting corporation shall be owned in the aggregate by the
     former shareholders of Cleveland-Cliffs as the same shall have existed
     immediately prior to such merger or consolidation;
         (ii) Cleveland-Cliffs shall sell or transfer to one or more persons,
     corporations or entities, in a single transaction or a series of related
     transactions, more than one-half of the assets accounted for on the
     Statement of Consolidated Financial Position of Cleveland-Cliffs as
     "properties" or "investments in associated companies" (or such
     replacements for these accounts as may be adopted from time to time)
     unless by an affirmative vote of two-thirds of the members of the Board of
     Directors the transaction or transactions are exempted from the operation
     of this provision based on a good faith finding that the transaction or
     transactions are not within the intended scope of this definition for
     purposes of this instrument;
         (iii) a person, within the meaning of Section 3(a)(9) or of Section
     13(d)(3) (as in effect on the date hereof) of the Securities Exchange act
     of 1934, shall become the beneficial owner (as defined in Rule 13d-3 of
     the Securities and Exchange Commission pursuant to the Securities Exchange
     Act of 1934) of 30% or more of the outstanding voting securities of
     Cleveland-Cliffs (whether directly or indirectly); or
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         (iv) during any period of three consecutive years, including, without
     limitation, the year 1991, individuals who at the beginning of any such
     period constitute the Board of Directors of Cleveland-Cliffs cease, for
     any reason, to constitute at least a majority thereof, unless the
     election, or the nomination for election by the shareholders of
     Cleveland-Cliffs, of each Director first elected during any such period
     was approved by a vote of at least one-third of the Directors of
     Cleveland-Cliffs who are Directors of Cleveland-Cliffs on the date of the
     beginning of any such period.
     (c) The principal of the Trust and any earnings thereon shall be held in
trust separate and apart from other funds of Cleveland-Cliffs exclusively for
the uses and purposes herein set forth.  No Indemnitee shall have any preferred
claim on, or any beneficial ownership interest in, any assets of the Trust
prior to the time that such assets are paid to an Indemnitee as Expenses as
provided herein.
     (d) Cleveland-Cliffs may at any time or from time to time make additional
deposits of cash or other property in the Trust to augment the principal to be
held, administered and disposed of by the Trustee as herein provided, but no
payments thereon shall be made to Cleveland-Cliffs or any other person or
entity on behalf of Cleveland-Cliffs except as herein expressly provided.
     (e) This Trust is intended to be a grantor trust, within the meaning of
Section 671 of the Internal Revenue Code
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                                                                               5
of 1986, as amended (the "Code"), or any successor provision thereto and shall
be construed accordingly.  The Trust is not designed to qualify under Section
401(a) of the Code or to be subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA").
     2.  PAYMENTS TO INDEMNITEES.  (a) The Trustee shall promptly pay Expenses
to the Indemnitees from the assets of the Trust in accordance with Sections 2,
3, 4 and 7 of each Indemnification Agreement and this Section 2, provided that
(i) this Trust Agreement No. 6 has not been terminated pursuant to Section 12
hereof; (ii) the Trust has become irrevocable; (iii) with respect to the first
demand for payment of Expenses hereunder received by the Trustee, the Trustee
shall immediately give appropriate notice thereof to all Indemnitees, and shall
make no payment of Expenses until the 21st day after such notice has been
given; and (iv) the requirements of Section 2(c) and 2(d) hereof have been
satisfied.  The Trustee shall promptly inform the Company as to amounts paid to
any Indemnitee pursuant to this Section.
     (b) It is the intention of Cleveland-Cliffs that during the 21-day period
prescribed by Section 2(a)(iii) hereof, the Indemnitees will make reasonable
efforts to consult with each other and to take into account the interests of
all Indemnitees in deciding on how best to proceed to enforce the provisions of
the Indemnification Agreements such that the assets of the Trust are utilized
most effectively; provided, however, that this Section 2(b) is to be construed
as precatory
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in nature, and in the absence of any other agreement or arrangement, this Trust
Agreement No. 6 (without regard to this Section 2(b)) shall apply to the
payment of Expenses.
     (c) A demand for payment by an Indemnitee hereunder must be made prior to
the sixth anniversary after termination of such Indemnitee's services as a
director or officer of Cleveland-Cliffs.  In order to demand payment hereunder,
the Indemnitee must deliver to the Trustee (i) a certificate signed by or on
behalf of such Indemnitee, certifying to the Trustee that the Company is in
default in paying the Indemnitee a specified amount which the Indemnitee states
to be owed under the Indemnification Agreement, and (ii) a notice in writing
and in reasonable detail of the Expenses that are to be paid hereunder.
     (d) To the extent payments hereunder may be made only from funds held in
the form of a deposit or obligation, such payments may be postponed until such
deposit or obligation shall have matured.  Payments shall be made to the
Indemnitee in the full amount noticed until the Trust is depleted; provided
that if on the date such amount is to be paid from the Trust other amounts have
been claimed but not yet paid to the same or other Indemnitees and the
aggregate amount so claimed exceeds the amount available in the Trust, the
Trustee shall only pay that portion of the amount then payable to each such
Indemnitee determined by multiplying such amount by a fraction, the numerator
of which is the amount then in the Trust and the denominator of which is the
aggregate amount noticed by the Idemnitees to be owed but not yet paid to that
date.
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     3.  RIGHTS OF IDEMNITEES.  (a) Nothing in this Trust Agreement No. 6 shall
in any way diminish any rights of any Indemnitee to pursue his rights as a
general creditor of the Company with respect to Expenses or otherwise, and (b)
the rights of each Indemnitee under the respective Indemnification Agreement,
shall in no way be affected or diminished by any provision of this Trust
Agreement No. 6 or action taken pursuant to this Trust Agreement No. 6, it
being the intent of Cleveland-Cliffs that rights of each Indemnitee hereunder
be security for obligations of Cleveland-Cliffs under the respective
Indemnification Agreement, except that any payment actually received by any
Indemnitee hereunder shall reduce dollar-per-dollar amounts otherwise due to
such Indemnitee pursuant to Sections 2, 3, 4 and 7 of the respective
Indemnification Agreement.
     4.  PAYMENTS TO CLEVELAND-CLIFFS.  Except to the extent expressly
contemplated by Section 1(b), Cleveland-Cliffs shall have no right or power to
direct the Trustee to return any of the Trust assets to Cleveland-Cliffs before
all payments of Expenses have been made to all Indemnitees as herein provided.
     5.  INVESTMENT OF TRUST FUND.  The Trustee shall invest the principal of
the Trust including any income accumulated and added to principal in (a)
interest-bearing deposit accounts or certificates of deposit (including any
such accounts or certificates issued or offered by the Trustee or any successor
or affiliated corporation but excluding
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obligations of Cleveland-Cliffs), (b) direct obligations of the United States
of America, or obligations the payment of which is guaranteed, as to both
principal and interest, by the government or an agency of the government of the
United States of America, or (c) one or more mutual funds or comingled funds,
whether or not maintained by the Trustee, substantially all of the assets of
which is invested in obligations the income from which is not subject to
taxation; provided, however, that no such investment may mature more than 90
days after the date of purchase.  Nothing in this Trust Agreement No. 6 shall
preclude the comingling of Trust assets for investment.  The Trustee shall not
be required to invest nominal amounts.
     6.  INCOME OF THE TRUST.  During the continuance of this Trust all net
income of the Trust shall be retained in the Trust.
     7.  ACCOUNTING BY TRUSTEE.  The Trustee shall keep records in reasonable
detail of all investments, receipts, disbursements and all other transactions
required to be done, including such specific records as shall be agreed upon in
writing by Cleveland-Cliffs and the Trustee.  All such accounts books and
records shall be open to inspection and audit at all reasonable times by
Cleveland-Cliffs, by any Indemnitee or by any agent or representative of any
of the foregoing.  Within 60 calendar days following the end of each calendar
year and within 60 calendar days after the removal or resignation of the
Trustee, the Trustee shall deliver to Cleveland-Cliffs and, if such year end,
removal or resignation
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occurs on or after the date on which a Change of Control has occurred, to each
Indemnitee a written account of its administration of the Trust during such
year or during the period from the end of the last preceding year to the date
of such removal or resignation, setting forth all investments, receipts,
disbursements and other transactions affected by it, including a description of
all securities and investments purchased and sold with the cost or net proceeds
of such purchases or sales (accrued interest paid or receivable being shown
separately), and showing all cash, securities, rights and other property held
in the Trust at the end of such year or as of the date of such removal or
resignation, as the case may be.  The Trustee shall furnish to Cleveland-Cliffs
on a quarterly basis (or as Cleveland-Cliffs shall direct from time to time)
and in a timely manner such information regarding the Trust as Cleveland-Cliffs
shall require for purposes of preparing its statements of financial condition.
Unless Cleveland-Cliffs or any Indemnitee shall have filed with the Trustee
written exception or objection to any such statement and account within 90 days
after receipt thereof, Cleveland-Cliffs or the Indemnitee shall be deemed to
have approved such statement and account and in such case the Trustee shall be
forever released and discharged with respect to all matters and things reported
in such statement and account as though it had been settled by a decree of a
court of competent jurisdiction in an action or proceeding to which
Cleveland-Cliffs and the Indemnitees were parties.
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     8.  RESPONSIBILITY OF TRUSTEE.  (a) The Trustee shall act with the care,
skill, prudence and diligence under the circumstances then prevailing that a
prudent corporate trustee, acting in like capacity and familiar with such
matters, would use in the conduct of an enterprise of a like character and with
like aims; provided, however, that the Trustee shall incur no liability to any
person for any action taken pursuant to a direction, request or approval which
is contemplated by and in conformity and compliance with the terms of this
Trust Agreement No. 6 and the Indemnification Agreements, and is given in
writing by Cleveland-Cliffs or by an Indemnitee with respect to his beneficial
interest herein; and provided, further, that the Trustee shall have no duty to
seek additional deposits of principal from Cleveland-Cliffs, and the Trustee
shall not be responsible for the adequacy of this Trust.
     (b) The Trustee shall defend any litigation arising in connection with
this Trust Agreement No. 6 and Cleveland-Cliffs shall indemnify the Trustee and
be primarily liable for such costs, expenses and liabilities (including without
limitation attorneys' fees and expenses) incurred by reason of such litigation.
     (c) The Trustee may consult with legal counsel (which, after a Change of
Control, shall be independent with respect to Cleveland-Cliffs) with respect to
any of its duties or obligations hereunder, and shall be fully protected in
acting or refraining from acting in accordance with the advice of such counsel.
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     (d) The Trustee may rely and shall be protected in acting or refraining
from acting within the authority granted by the terms of this Trust Agreement
No. 6 upon any written notice, instruction or request furnished to it hereunder
and believed by it to be genuine and to have been signed or presented by the
proper party or parties, including, without limiting the scope of this Section
8(d), (i) the notice of a Change of Control required by Section 1(b) hereof,
and (ii) the certification and notice required by Section 2(c) hereof.
     (e) The Trustee may hire agents accountants and financial consultants, who
may be agent, accountant, or financial consultant, as the case may be, for
Cleveland-Cliffs, and shall not be answerable for the conduct of same if
appointed with due care.
     (f) The Trustee shall have, without exclusion, all powers conferred on
trustees by applicable law unless expressly provided otherwise herein.
     (g) The Trustee is empowered to take all actions necessary or advisable in
order to collect any benefits or payment of which the Trustee is the designated
beneficiary.
     9.  AMENDMENTS, ETC.  TO INDEMNIFICATION AGREEMENTS:  COOPERATION OF
CLEVELAND-CLIFFS.  (a) Cleveland-Cliffs shall, and any Indemnitee may, promptly
furnish the Trustee with true and correct copies of any amendment, restatement
or successor to Exhibits A and/or B, whereupon such amendment, restatement or
successor shall be incorporated herein by reference; provided, however, that
such amendment, restatement or
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successor shall not affect the Trustee's duties and responsibilities hereunder
without the consent of the Trustee, and provided, further, that the failure of
Cleveland-Cliffs to furnish any such amendment, restatement, or successor shall
in no way diminish the rights of any Indemnitee under this Trust Agreement No.
6 or under any Indemnification Agreement.
     (b) Cleveland-Cliffs shall provide the Trustee with all information
requested by the Trustee for purposes of determining payments to the
Indemnitees as provided in Section 2.  Upon the failure of Cleveland-Cliffs or
any Indemnitee to provide any such information requested by the trustee for
purposes of determining payments to the Indemnitees as provided in Section 2,
the Trustee shall, to the extent necessary in the sole judgment of the Trustee,
(i) compute the amount payable hereunder to any Indemnitee; and (ii) notify
Cleveland-Cliffs and the Indemnitee in writing of its computations.  Thereafter
this Trust Agreement No. 6 shall be construed as to the Trustee's duties and
obligation hereunder in accordance with such Trustee determinations without
further action; provided, however, that no such determinations shall in any way
diminish the rights of the Indemnitees hereunder or under the Indemnification
Agreement, and provided, further, that no such determination shall be deemed to
modify this Trust Agreement No. 6 or any Indemnification Agreement.
     (c) Amendments to Exhibit C may be made by Cleveland-Cliffs at any time
prior to the date of a Change of Control.  On or after such date, no amendment
to Exhibit C may
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be made, other than to designate a different address pursuant to Section 14
hereof.
     10.COMPENSATION AND EXPENSES OF TRUSTEE.  The Trustee shall be entitled to
receive such reasonable compensation for its services as shall be agreed upon
by Cleveland-Cliffs and the Trustee.  The Trustee shall also be entitled to
reimbursement of its reasonable expenses incurred with respect to the
administration of the Trust including fees and expenses incurred pursuant to
Sections 8(c) and 8(e) hereof.  Such compensation and expenses shall in all
events be payable either directly by Cleveland-Cliffs or, in the event that
Cleveland-Cliffs shall refuse, from the assets of the Trust.  The Trust shall
have a claim against Cleveland-Cliffs for any such compensation or expenses so
paid.
     11.REPLACEMENT OF THE TRUSTEE.  (a) The Trustee may resign after providing
not less than 90 days' notice to Cleveland-Cliffs and, on or after the date on
which a Change of Control has occurred, to the Indemnitees.  Prior to the date
on which a Change of Control has occurred, the Trustee may be removed at any
time by Cleveland-Cliffs.  On or after such date, such removal shall also
require the agreement of a majority of the Indemnitees.  Prior to the date on
which a Change of Control has occurred, a replacement or successor trustee
shall be appointed by Cleveland-Cliffs.  On or after such date, such
appointment shall also require the agreement of a majority of the Indemnitees.
No such removal or resignation shall become effective until the acceptance of
the trust by a
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successor trustee designated in accordance with this Section 11.  If the
Trustee should resign, and within 45 days of the notice of such resignation
Cleveland-Cliffs and a majority of the Indemnitees (if required) shall not have
notified the Trustee of an agreement as to a replacement trustee, the Trustee
shall appoint a successor trustee, which shall be a bank or trust company,
wherever located, having a capital and surplus of at least $500,000,000 in the
aggregate.  Notwithstanding the foregoing, a new trustee shall be independent
and not subject to control of either Cleveland-Cliffs or the Indemnitees.  Upon
the acceptance of the trust by a successor trustee, the Trustee shall release
all of the monies and other property in the Trust to its successor, who shall
thereafter for all purposes of this Trust Agreement No. 6 be considered to be
the "Trustee."
     (b) For purposes of the removal or appointment of a trustee under this
Section 11, if any Indemnitee shall be deceased or adjudged incompetent, such
Indemnitee's personal representative (including his or her guardian, executor
or administrator) shall participate in such Indemnitee's stead.
     12.AMENDMENT OR TERMINATION.  (a) This Trust Agreement No. 6 may be
amended at any time and to any extent by a written instrument executed by the
Trustee, Cleveland-Cliffs and, on or after the date on, which a Change of
Control has occurred, a majority of the Indemnitees, except to make the Trust
revocable after it has become irrevocable in accordance with Section 1(b)
hereof, or to alter Section 12(b) hereof,
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except that amendments contemplated by Section 9 hereof shall be made as
therein provided.
     (b) The Trust shall terminate upon the earliest of (i) the tenth
anniversary of the date on which a Change of Control has occurred; (ii) the
sixth anniversary of the date on which a Change of Control has occurred,
provided that the Trustee has received no demand for payment of Expenses prior
to such anniversary; (iii) such time as the Trust no longer contains any
assets; (iv) such time as the Trustee shall have received consents from all
Indemnitees to the termination of this Trust Agreement No. 6; or (v) there is
no longer any living Indemnitee under this Trust Agreement No. 6 and there is
no pending demand by the estate of any Indemnitee against the Trust.

     (c) Upon termination of the Trust as provided in Section 12(b) hereof, any
assets remaining in the Trust shall be returned to Cleveland-Cliffs unless a
determination is made by legal counsel experienced in such matters that the
assets of the Trust may not be returned to Cleveland-Cliffs without violating
Section 403(d)(2) of ERISA, or any successor provision thereto.  If such a
determination is made, any assets remaining in the Trust, after satisfaction of
liabilities hereunder, pursuant to the written direction of Cleveland-Cliffs,
shall be (i) distributed to any welfare benefit plan (within the meaning of
ERISA) maintained by Cleveland-Cliffs at the time of distribution so
established at such time in order to receive such assets from this Trust, or
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(ii) otherwise applied to provide benefits which may be provided by a welfare
benefit plan (within the meaning of ERISA), directly or through the purchase of
insurance.
     13.SEVERABILITY, ALIENATION, ETC.  (a) Any provision of this Trust
Agreement No. 6 prohibited by law shall be ineffective to the extent of any
such prohibition without invalidating the remaining provisions hereof.
     (b) To the extent permitted by law, benefits to Indemnitees under this
Trust Agreement No. 6 may not be anticipated (except as herein expressly
provided), assigned, (either at law or in equity) alienated or subject to
attachment, garnishment, levy, execution or other legal or equitable process.
No benefit actually paid to any Indemnitee by the Trustee shall be subject to
any claim for repayment by Cleveland-Cliffs or Trustee, except in the event of
(i) a false claim, or (ii) a payment is made to an incorrect Indemnitee.
     (c) This Trust Agreement No. 6 shall be governed by and construed in
accordance with the laws of the State of Ohio, without giving effect to the
principles of conflict of laws thereof.
     (d) This Trust Agreement No. 6 may be executed in two or more
counterparts, each of which shall be considered an original agreement.  This
Trust Agreement No. 6 shall become effective immediately upon the execution by
Cleveland-Cliffs of at least one counterpart, it being understood that all
parties need not sign the same counterpart, but shall not bind any Trustee
until such Trustee has executed at least one counterpart.
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     14.NOTICES.  All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to have been duly given when
received:
     IF TO THE TRUSTEE, TO:

     Ameritrust Company National Association
     900 Euclid Avenue
     Cleveland, Ohio 44115

     Attention:  Trust Department
           Employee Benefit Administration

     IF TO CLEVELAND-CLIFFS, TO:

     Cleveland-Cliffs Inc
     1100 Superior Avenue
     Cleveland, Ohio 44114

     Attention:  Secretary

     IF TO AN INDEMNITEE, TO:

     His or her last address shown on
     the records of Cleveland-Cliffs

provided, however, that if any party or his or its successors shall have
designated a different address by notice to the other parties, then to the last
address so designated.
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     IN WITNESS WHEREOF, each of Cleveland-Cliffs and the Trustee have caused
counterparts of this Amended and Restated Trust Agreement No. 6 to be executed
on their behalf on March 9, 1992, each of which shall be an original agreement.

                                   CLEVELAND-CLIFFS INC

                                   By:  R. F. Novak
                                        -----------
                                   Its: Vice President
                                        --------------

                                   AMERITRUST COMPANY NATIONAL
                                   ASSOCIATION, as Trustee

                                   By:  J. R. Russell
                                        -------------
                                   Its: Vice President
                                        --------------
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                                                                       EXHIBIT A

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is made as of the     day of
          , 1987, by and between Cleveland-Cliffs Inc, an Ohio corporation
(the "Company"), and                       (the "Indemnitee"), a Director of
the Company.

                                    RECITALS

     A.  The Indemnitee is presently serving as a Director of the Company and
the Company desires the Indemnitee to continue in that capacity.  The
Indemnitee is willing, subject to certain conditions including without
limitation the execution and performance of this Agreement by the Company, to
continue in that capacity.

     B.  In addition to the indemnification to which the Indemnitee is entitled
under the Regulations of the Company (the "Regulations"), the Company has
obtained, at its sole expense, insurance protecting the Company and its
officers and directors including the Indemnitee against certain losses arising
out of actual or threatened actions, suits, or proceedings to which such
persons may be made or threatened to be made parties.  However, as a result of
circumstances having no relation to, and beyond the control of, the Company and
the Indemnitee, the scope of that insurance has been reduced and there can be
no assurance of the continuation or renewal of that insurance.

     Accordingly, and in order to induce the Indemnitee to continue to serve in
his present capacity, the Company and the Indemnitee agree as follows:

     1.  Continued Service.  The Indemnitee shall continue to serve at the will
of the Company as a director of the Company so long as he is duly elected and
qualified in accordance with the Regulations or until he resigns in writing in
accordance with applicable law.

     2.  Initial Indemnity.  (a) The Company shall indemnify the Indemnitee, if
or when he is a party or is threatened to be made a party to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative, or investigative (other than an action by or in the right of
the Company, by reason of the fact that he is or was a Director of the Company
or is or was serving at the request of the Company as a director, trustee,
officer, employee, or agent of another corporation, domestic or foreign,
nonprofit or for profit, partnership, joint venture, trust, or other
enterprise, or by reason of any action alleged to have been taken or omitted in
any such capacity, against any and all costs, charges, expenses (including
without limitation fees and expenses of attorneys and/or others; all such
costs, charges and expenses being herein jointly referred to as "Expenses"),
judgments, fines, and amounts paid in settlement, actually and reasonably
incurred by the Indemnitee in connection therewith including any appeal of or
from any judgment or decision, unless it is proved by clear and convincing
evidence in a court of competent jurisdiction that the Indemnitee's action or
failure to act involved an act or omission undertaken with deliberate intent to
cause injury to the Company or undertaken with reckless disregard for the best
interests of the Company.

                                       1
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In addition, with respect to any criminal action or proceeding, indemnification
hereunder shall be made only if the Indemnitee had no reasonable cause to
believe his conduct was unlawful.  The termination of any action, suit or
proceeding by judgment, order, settlement, or conviction, or upon a plea of
nolo contendere or its equivalent, shall not, of itself, create a presumption
that the Indemnitee did not satisfy the foregoing standard of conduct to the
extent applicable thereto.

     (b) The Company shall indemnify the Indemnitee, if or when he is a party
or is threatened to be made a party to any threatened, pending, or completed
action, suit, or proceeding by or in the right of the Company to procure a
judgment in its favor, by reason of the fact that the Indemnitee is or was a
Director of the Company or is or was serving at the request of the Company as a
director, trustee, officer, employee, or agent of another corporation, domestic
or foreign, nonprofit or for profit, partnership, joint venture, trust, or
other enterprise, against any and all Expenses actually and reasonably incurred
by the Indemnitee in connection with the defense or settlement thereof or any
appeal of or from any judgment or decision, unless it is proved by clear and
convincing evidence in a court of competent jurisdiction that the Indemnitee's
action or failure to act involved an act or omission undertaken with deliberate
intent to cause injury to the Company or undertaken with reckless disregard for
the best interests of the Company, except that no indemnification shall be made
in respect of any action or suit in which the only liability asserted against
Indemnitee is pursuant to Section 1701.95 of the Ohio Revised Code.

     (c) Any indemnification under Section 2(a) or 2(b) (unless ordered by a
court) shall be made by the Company only as authorized in the specific case
upon a determination that indemnification of the Indemnitee is proper in the
circumstances because he has met the applicable standard of conduct set forth
in Section 2(a) or 2(b).  Such authorization shall be made (i) by the Directors
of the Company (the "Board") by a majority vote of a quorum consisting of
Directors who were not and are not parties to or threatened with such action
suit, or proceeding or (ii) if such a quorum of disinterested Directors is not
available or if a majority of such quorum so directs, in a written opinion by
independent legal counsel (designated for such purpose by the Board) which
shall not be an attorney, or a firm having associated with it an attorney, who
has been retained by or who has performed services for the Company, or any
person to be indemnified within the five years preceding such determination, or
(iii) by the shareholders of the Company (the "Shareholders"), or (iv) by the
court in which such action, suit, or proceeding was brought.

     (d) To the extent that the Indemnitee has been successful on the merits or
otherwise, including without limitation the dismissal of an action without
prejudice, in defense of any action, suit, or proceeding referred to in Section
2(a) or 2(b), or in defense of any claim, issue, or matter therein, he shall be
indemnified against Expenses actually and reasonably incurred by him in
connection therewith.  Expenses actually and reasonably incurred by the
Indemnitee in defending any such action, suit, or proceeding shall be paid by
the Company as they are incurred in advance of the final disposition of such
action, suit, or proceeding under the procedure set forth in Section 4(b)
hereof.

                                       2
<PAGE>   21
     (e) For purposes of this Agreement, references to "other enterprises"
shall include employee benefit plans; references to "fines" shall include any
excise taxes assessed on the Indemnitee with respect to any employee benefit
plan; references to "serving at the request of the Company" shall include any
service as a director, officer, employee, or agent of the Company which imposes
duties on, or involves services by, the Indemnitee with respect to an employee
benefit plan, its participants or beneficiaries; references to the masculine
shall include the feminine; and references to the singular shall include the
plural and vice versa.

     3.  Additional Indemnification.  Pursuant to Section 1701.13(E)(6) of the
Ohio Revised Code (the "ORC"), without limiting any right which the Indemnitee
may have pursuant to Section 2 hereof or any other provision of this agreement
or the Articles of Incorporation, the Regulations, the ORC, any policy of
insurance, or otherwise, but subject to any limitation on the maximum
permissible indemnity which may exist under applicable law at the time of any
request for indemnity hereunder and subject to the following provisions of this
Section 3, the Company shall indemnify the Indemnitee against any amount which
he is or becomes obligated to pay relating to or arising out of any claim made
against him because of any act, failure to act, or neglect or breach of duty,
including any actual or alleged error, misstatement, or misleading statement,
which he commits, suffers, permits, or acquiesces in while acting in his
capacity as a Director of the Company.  The payments which the Company is
obligated to make pursuant to this Section 3 shall include without limitation,
judgments, fines, and amounts paid in settlement and any and all Expenses
actually and reasonably incurred by the Indemnitee in connection therewith
including any appeal of or from any judgment or decision; provided, however,
that the Company shall not be obligated under this Section 3 to make any
payment in connection with any claim against the Indemnitee:

     (a) to the extent of any fine or similar governmental imposition which the
company is prohibited by applicable law from paying which results from a final,
nonapplicable order; or

     (b) to the extent:  based upon or attributable to the Indemnitee having
actually realized a personal gain or profit to which he was not legally
entitled, including without limitation profit from the purchase and sale by the
Indemnitee of equity securities of the Company which are recoverable by the
Company pursuant to Section 16(b) of the Securities Exchange Act of 1934, or
profit arising from transactions in publicly traded securities of the Company
which were effected by the Indemnitee in violation of Section 10(b) of the
Securities Exchange Act of 1934, or Rule 10b-5 promulgated thereunder.

     A determination as to whether the Indemnitee shall be entitled to
indemnification under this Section 3 shall be made in accordance with Section
4(a) hereof.  Expenses incurred by the Indemnitee in defending any claim to
which this Section 3 applies shall be paid by the Company as they are actually
and reasonably incurred in advance of the final disposition of such claim under
the procedure set forth in Section 4(b) hereof.

     4.  Certain Procedures Relating to Indemnification.  (a) For purposes of
pursuing his rights to indemnification under Section 3 hereof,

                                       3
<PAGE>   22
the Indemnitee shall (i) submit to the Board a sworn statement of request for
indemnification substantially in the form of Exhibit 1 attached hereto and made
a part hereof (the "Indemnification Statement") averring that he is entitled to
indemnification hereunder; and (ii) present to the Company reasonable evidence
or all amounts for which indemnification is requested.  Submission of an
indemnification Statement to the Board shall create a presumption that the
Indemnitee is entitled to indemnification hereunder, and the Company shall,
within 60 calendar days after submission of the Indemnification Statement, make
the payments requested in the Indemnification Statement to or for the benefit
of the Indemnitee, unless (i) within such 60-calendar-day period the Board
shall resolve by vote of a majority of the Directors at a meeting at which a
quorum is present that the Indemnitee is not entitled to indemnification under
Section 3 hereof, (ii) such vote shall be based upon clear and convincing
evidence (sufficient to rebut the foregoing presumption), and (iii) the
Indemnitee shall have received within such period notice in writing of such
vote, which notice shall disclose with particularity the evidence upon which
the vote is based.  The foregoing notice shall be sworn to by all persons who
participated in the vote and voted to deny indemnification.  The provisions of
this Section 4(a) are intended to be procedural only and shall not affect the
right of Indemnitee so indemnification under Section 3 of this Agreement so
long as Indemnitee follows the prescribed procedure and any determination by
the Board that Indemnitee is not entitled to indemnification and any failure to
make the payments requested in the Indemnification Statement shall be subject
to judicial review by any court of competent jurisdiction.

     (b) For purposes of obtaining payments of Expenses in advance of final
disposition pursuant to the second sentence of Section 2(d) or the last
sentence or Section 3 hereof, the Indemnitee shall submit to the Company a
sworn request for advancement of Expenses substantially in the form of Exhibit
2 attached hereto and made a part hereof (the "Undertaking"), averring that he
has reasonably incurred actual Expenses in defending an action, suit or
proceeding referred to in Section 2(a) or 2(b) or any claim referred to in
Section 3, or pursuant to Section 7 hereof.  Unless at the time of the
Indemnitee's act or omission at issue, the Articles of Incorporation or
Regulations of the Company prohibit such advances by specific reference to ORC
Section 1701.13(E)(5)(a) and unless the only liability asserted against the
Indemnitee in the subject action, suit or proceeding is pursuant to ORC Section
1701.95, the Indemnitee shall be eligible to execute Part A of the Undertaking
by which he undertakes to (a) repay such amount if it is proved by clear and
convincing evidence in a court of competent jurisdiction that the Indemnitee's
action or failure to act involved an act or omission undertaken with deliberate
intent to cause injury to the Company or undertaken with reckless disregard for
the best interests of the Company and (b) reasonably cooperate with the Company
concerning the action, suit, proceeding or claim.  In all cases, the Indemnitee
shall be eligible to execute Part B of the Undertaking by which he undertakes
to repay such amount if it ultimately is determined that he is not entitled to
be indemnified by the Company under this Agreement or otherwise.  In the event
that the Indemnitee is eligible to and does execute both Part A and Part B of
the Undertaking, the Expenses which are paid by the Company pursuant thereto
shall be required to be repaid by the Indemnitee only if he is required to do
so under the terms or both Part A and Part B of the Undertaking.  Upon receipt
of the Undertaking the Company

                                       4
<PAGE>   23
shall thereafter promptly pay such Expenses of the Indemnitee as are noticed to
the Company in writing and in reasonable detail arising out of the matter
described in the Undertaking.  No security shall be required in connection with
any Undertaking.

     5.  Limitation on Indemnity.  Notwithstanding anything contained herein to
the contrary, the Company shall not be required hereby to indemnify the
Indemnitee with respect to any action, suit, or proceeding that was initiated
by the Indemnitee unless (i) such action.  suit, or proceeding was initiated by
the Indemnitee to enforce any rights to indemnification arising hereunder and
such person shall have been formally adjudged to be entitled to indemnity by
reason hereof, (ii) authorized by another agreement to which the Company is a
party whether heretofore or hereafter entered, or (iii) otherwise ordered by
the court in which the suit was brought.

     6.  Subrogation:  Duplication of Payments.  (a) In the event of any
payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery previously vested in the
Indemnitee, who shall execute all papers required and shall do everything that
may be necessary to secure such rights, including the execution of such
documents necessary to enable the Company effectively to bring suit to enforce
such rights.

     (b) The Company shall not be liable under this Agreement to make any
payment in connection with any claim made against Indemnitee to the extent
Indemnitee has actually received payment (under any insurance policy, the
Company's Regulations or otherwise) of the amounts otherwise payable hereunder.

     7.  Fees and Expenses of Enforcement.  It is the intent of the Company
that the Indemnitee not be required to incur the expenses associated with the
enforcement of his rights under this Agreement by litigation or other legal
action because the cost and expense thereof would substantially detract from
the benefits is intended to be extended to the Indemnitee hereunder.
Accordingly, if it should appear to the Indemnitee that the Company has failed
to comply with any of its obligations under this Agreement or in the event that
the Company or any other person takes any action to declare this Agreement void
or unenforceable, or institutes any action, suit or proceeding to deny, or to
recover from, the Indemnitee the benefits intended to be provided to the
Indemnitee hereunder, the Company irrevocably authorizes the Indemnitee from
time to time to retain counsel of his choice, at the expense of the Company as
hereafter profited, to represent the Indemnitee in connection with the
initiation or defense of any litigation or other legal action, whether by or
against the Company or any director, officer, shareholder, or other person
affiliated with the Company, in any jurisdiction.  Regardless of the outcome
thereof, the Company shall pay and be solely responsible for any and all costs,
charges, and expenses, including without limitation fees and expenses of
attorneys and others, reasonably incurred by the Indemnitee pursuant to this
Section 7.

     8.  Merger or Consolidation.  In the event that the Company shall be a
constituent corporation in a consolidation, merger, or other reorganization the
Company, if it shall not be the surviving, resulting, or acquiring corporation
therein, shall require as a condition thereto that the

                                       5
<PAGE>   24
surviving, resulting, or acquiring corporation agree to assume all of the
obligations of the Company hereunder and to indemnify the Indemnitee to the
full extent provided herein Whether or not the Company is the resulting,
surviving, or acquiring corporation in any such transaction, the Indemnitee
shall also stand in the same position under this Agreement with respect to the
resulting, surviving, or acquiring corporation as he would have with respect to
the Company if its separate existence had continued.

     9.  Nonexclusivity and Severability.  (a) The e rights to indemnification
provided by this Agreement shall not be exclusive of any other rights of
indemnification to which the Indemnitee may be entitled under the Articles of
Incorporation, the Regulations, the ORC or any other statute, any insurance
policy, agreement, or vote of shareholders or directors or otherwise, as to any
actions or failures to act by the Indemnitee, and shall continue after he has
ceased to be a Director, officer, employee, or agent of the Company or other
entity for which his service gives rise to a right hereunder, and shall inure
to the benefit of his heirs, executors, and administrators.

     (b) If any provision of this Agreement or the application of any provision
hereof to any person or circumstances is held invalid unenforceable, or
otherwise illegal, the remainder of this Agreement and the application of such
provision to other persons or circumstances shall not be affected, and the
provision so held to be invalid, unenforceable, or otherwise illegal shall be
reformed to the extent (and only to the extent) necessary to make it
enforceable, valid, and legal.

     10. Governing Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Ohio, without giving effect to the
principles of conflict of laws thereof.

     11. Modification.  This Agreement and the rights and duties of the
Indemnitee and the company hereunder may be modified only by an instrument in
writing signed by both parties hereto.

  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
  of the date first above written.

                                         CLEVELAND-CLIFFS INC

                                         By  ___________________________________
                                         President and
                                         Chief Executive Officer

                                         _______________________________________
                                         [Signature of Indemnitee]

                                       6
<PAGE>   25
                                                                      Exhibit 1

                           INDEMNIFICATION STATEMENT

STATE OF                                 )
                                         ) ss:
COUNTY OF                                )

     I, ___________________, being first duly sworn, do depose and say as
follows:

     1.  This Indemnification Statement is submitted pursuant to the
Indemnification Agreement, dated ______________, 1987, between Cleveland-Cliffs
Inc (the "Company"), an Ohio corporation, and the undersigned.

     2.  I am requesting indemnification against costs, charges, expenses
(which may include fees and expenses of attorneys and/or others), judgments,
fines, and amounts paid in settlement (collectively, "Liabilities"), which have
been actually and reasonably incurred by me in connection with a claim referred
to in Section 3 of the aforesaid Indemnification Agreement.

     3.   With respect to all matters related to any such claim, I am entitled
to be indemnified as herein contemplated pursuant to the aforesaid
Indemnification Agreement.

     4.  Without limiting any other rights which I have or may have, I am
requesting indemnification against Liabilities which have or may arise out of
________________________________________________________________________________
__________________________________________.

                                         _______________________________________
                                         (Signature of Indemnitee)

     Subscribed and sworn to before me, a Notary Public in and for said
County and State, this _______ day of _______________, 19___.

[Seal]

     My commission expires the _________ day of _____________, 19____.

                                       7
<PAGE>   26
                                                                       Exhibit 2

                                  UNDERTAKING

STATE OF                                 )
                                         ) ss:
COUNTY OF                                )

     I,____________________, being first duly sworn, do depose and say as
follows:

     1.  This Undertaking is submitted pursuant to the Indemnification
Agreement, dated ____________, 1987, between Cleveland-Cliffs Inc (the
"Company"), an Ohio Corporation, and the undersigned.

     2.  I am requesting payment of costs, charges, and expenses which I have
reasonably incurred or will reasonably incur in defending an action, suit or
proceeding, referred to in Section 2(a) or 2(b) or any claim referred to in
Section 3, or pursuant to Section 7, of the aforesaid Indemnification
Agreement.

     3.  The costs, charges, and expenses for which payment is requested are,
in general, all expenses related to_____________________________________________
________________________________________________________________________________
 .

     4.  Part A

     I hereby undertake to (a) repay all amounts paid pursuant hereto if it is
proved by clear and convincing evidence in a court of Competent jurisdiction
that my action or failure to act which is the subject of the matter described
herein involved an act or omission undertaken with deliberate intent to cause
injury to the Company or undertaken with reckless disregard for the best
interests of the Company and (b) reasonably cooperate with the Company
concerning the action, suit, proceeding or claim.

                                         _______________________________________
                                         [Signature of Indemnitee]

     4.  Part B

     I hereby undertake to repay all amounts paid pursuant hereto if it
ultimately is determined that I am not entitled to be indemnified by the
Company under the aforesaid Indemnification Agreement or otherwise

                                         _______________________________________
                                         [Signature of Indemnitee]

     Subscribed and sworn to before me, a Notary Public in and for said County
and State, this ______ day of ________, 19___.

[Seal]

     My commission expires the ______ day of _________, 19___.

                                       8
<PAGE>   27
                                                                       Exhibit B
                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is made as of the     day of
            , 1987, by and between Cleveland-Cliffs Inc, an Ohio corporation
(the "Company"), and                       (the "Indemnitee"), an Officer of the
Company.

                                    RECITALS

     A.  The Indemnitee is presently serving as an Officer of the Company and
the Company desires the Indemnitee to continue in that capacity.  The
Indemnitee is willing, subject to certain conditions including without
limitation the execution and performance of this Agreement by the Company, to
continue in that capacity.

     B.  In addition to the indemnification to which the Indemnitee is entitled
under the Regulations of the Company (the "Regulations"), the Company has
obtained, at its sole expense, insurance protecting the Company and its
officers and directors including the Indemnitee against certain losses arising
out of actual or threatened actions, suits, or proceedings to which such
persons may be made or threatened to be made parties.  However, as a result of
circumstances having no relation to, and beyond the control of, the Company and
the Indemnitee, the scope of that insurance has been reduced and there can be
no assurance of the continuation or renewal of that insurance.

     Accordingly, and in order to induce the Indemnitee to continue to serve in
his present capacity, the Company and the Indemnitee agree as follows:

     1.  Continued Service.  The Indemnitee shall continue to serve at the will
of the Company as a Officer of the Company until he resigns in writing in
accordance with applicable law.

     2.  Initial Indemnity.  (a) The Company shall indemnify the Indemnitee, if
or when he is a party or is threatened to be made a party to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative, or investigative (other than an action by or in the right of
the Company), by reason of the fact that he is or was a Director of the Company
or is or was serving at the request of the Company as a director, trustee,
officer, employee, or agent of another corporation, domestic or foreign,
nonprofit or for profit, partnership, joint venture, trust, or other
enterprise, or by reason of any action alleged to have been taken or omitted in
any such capacity, against any and all costs, charges, expenses (including
without limitation fees and expenses of attorneys and/or others; all such
costs, charges and expenses being herein jointly referred to as "Expenses"),
judgments, fines, and amounts paid in settlement, actually and reasonably
incurred by the Indemnitee in connection therewith including any appeal of or
from any judgment or decision, unless it is proved by clear and convincing
evidence in a court of competent jurisdiction that the Indemnitee's action or
failure to act involved an act or omission undertaken with deliberate intent to
cause injury to the Company or undertaken with reckless disregard for the best
interests of the Company.

                                       1
<PAGE>   28
In addition, with respect to any criminal action or proceeding, indemnification
hereunder shall be made only if the Indemnitee had no reasonable cause to
believe his conduct was unlawful.  The termination of any action, suit or
proceeding by judgment, order, settlement, or conviction, or upon a plea of
nolo contendere or its equivalent, shall not, of itself, create a presumption
that the Indemnitee did not satisfy the foregoing standard of conduct to the
extent applicable thereto.

     (b) The Company shall indemnify the Indemnitee, if or when he is a party
or is threatened to be made a party to any threatened, pending, or completed
action, suit, or proceeding by or in the right of the Company to procure a
judgment in its favor, by reason of the fact that the Indemnitee is or an
Officer of the Company or is or was serving at the request of the Company as a
director, trustee, officer, employee, or agent of another corporation, domestic
or foreign, nonprofit or for profit, partnership, joint venture, trust, or
other enterprise, against any and all Expenses actually and reasonably incurred
by the Indemnitee in connection with the defense or settlement thereof or any
appeal of or from any judgment or decision, unless it is proved by clear and
convincing evidence in a court of competent jurisdiction that the Indemnitee's
action or failure to act involved an act or omission undertaken with deliberate
intent to cause injury to the Company or undertaken with reckless disregard for
the best interests of the Company.

     (c) Any indemnification under Section 2(a) or 2(b) (unless ordered by a
court) shall be made by the Company only as authorized in the specific case
upon a determination that indemnification of the Indemnitee is proper in the
circumstances because he has met the applicable standard of conduct set forth
in Section 2(a) or 2(b).  Such authorization shall be made (i) by the Directors
of the Company (the "Board") by a majority vote of a quorum consisting of
Directors who were not and are not parties to or threatened with such, action
suit, or proceeding or (ii) if such a quorum of disinterested Directors is not
available or if a majority of such quorum so directs, in a written opinion by
independent legal counsel (designated for such purpose by the Board) which
shall not be an attorney, or a firm having associated with it an attorney, who
has been retained by or who has performed services for the Company, or any
person to be indemnified, within the five years preceding such determination,
or (iii) by the shareholders of the Company (the "Shareholders"), or (iv) by
the court in which such action, suit, or proceeding was brought.

     (d) To the extent that the Indemnitee has been successful on the merits or
otherwise, including without limitation the dismissal of an action without
prejudice, in defense of any action, suit, or proceeding referred to in Section
2(a) or 2(b), or in defense of any claim, issue, or matter therein, he shall be
indemnified against Expenses actually and reasonably incurred by him in
connection therewith.  Expenses actually and reasonably incurred by the
Indemnitee in defending any such action; suit, or proceeding shall be paid by
the Company as they are incurred in advance of the final disposition of such
action, suit, or proceeding under the procedure set forth in Section 4(b)
hereof.

                                       2
<PAGE>   29
     (e) For purposes of this Agreement, references to "other enterprises"
shall include employee benefit plans; references to "fines" shall include any
excise taxes assessed on the Indemnitee with respect to any employee benefit
plan; references to "serving at the request of the Company" shall include any
service as a director, officer, employee, or agent of the Company which imposes
duties on, or involves services by, the Indemnitee with respect to an employee
benefit plan, its participants or beneficiaries; references to the masculine
shall in elude the feminine; and references to the singular shall include the
plural and vice versa.

     3.  Additional Indemnification.  Pursuant to Section 1701.13(E)(6) of the
Ohio Revised Code (the "ORC"), without limiting any right which the Indemnitee
may have pursuant to Section 2 hereof or any other provision of this Agreement
or the Articles of Incorporation, the Regulations, the ORC, any policy of
insurance, or otherwise, but subject to any limitation on the maximum
permissible indemnity which may exist under applicable law at the time of any
request for indemnity hereunder and subject to the following provisions of this
Section 3, the Company shall indemnify the Indemnitee against any amount which
he is or becomes obligated to pay relating to or arising out of any claim made
against him because of any act, failure to act, or neglect or breach of duty,
including any actual or alleged error, misstatement, or misleading statement,
which he commits, suffers, permits, or acquiesces in while acting in his
capacity as a Officer of the Company.  The payments which the Company is
obligated to make pursuant to this Section 3 shall include without limitation,
judgments, fines, and amounts paid in settlement and any and all Expenses
actually and reasonably incurred by the Indemnitee in connection therewith
including any appeal of or from any judgment or decision; provided, however,
that the Company shall not be obligated under this Section 3 to make any
payment in connection with any claim against the Indemnitee:

         (a) to the extent of any fine or similar governmental imposition which
     the Company is prohibited by applicable law from paying which results from
     a final, nonapplicable order; or

         (b) to the extent based upon or attributable to the Indemnitee having
     actually realized a personal gain or profit to which he was not legally
     entitled, including without limitation profit from the purchase and sale
     by the Indemnitee of equity securities of the Company which are
     recoverable by the Company pursuant to Section 16(b) of the Securities
     Exchange Act of 1934, or profit arising from transactions in publicly
     traded securities of the Company which were effected by the Indemnitee in
     violation of Section 10(b) of the Securities Exchange Act of 1934, or Rule
     10b-5 promulgated thereunder.

     A determination as to whether the Indemnitee shall be entitled to
indemnification under this Section 3 shall be made in accordance with Section
4(a) hereof.  Expenses incurred by the Indemnitee in defending any claim to
which this Section 3 applies shall be paid by the Company as they are actually
and reasonably incurred in advance of the final disposition of such claim under
the procedure set forth in Section 4(b) hereof.

     4.  Certain Procedures Relating to Indemnification.  (a) For purposes of
pursuing his rights to indemnification under Section 3 hereof,

                                       3
<PAGE>   30
the Indemnitee shall (i) submit to the Board a sworn statement of request for
indemnification substantially in the form of Exhibit I attached hereto and made
a part hereof (the "Indemnification Statement") averring that he is entitled to
indemnification hereunder; and (ii) present to the Company reasonable evidence
of all amounts for which indemnification is requested.  Submission of an
indemnification Statement to the Board shall create a presumption that the
Indemnitee is entitled to indemnification hereunder, and the Company shall,
within 60 calendar days after submission of the Indemnification Statement, make
the payments requested in the Indemnification Statement to or for the benefit
of the Indemnitee, unless (i) within such 60-calendar-day period the Board
shall resolve by vote of a majority of the Directors at a meeting at which a
quorum is present that the Indemnitee is not entitled to indemnification under
Section 3 hereof, (ii) such vote shall be based upon clear and convincing
evidence (sufficient to rebut the foregoing presumption), and (iii) the
Indemnitee shall have received within such period notice in writing of such
vote, which notice shall disclose with particularity the evidence upon which
the vote is based.  The foregoing notice shall be sworn to by all persons who
participated in the vote and voted to deny indemnification.  The provisions of
this Section 4(a) are intended to be procedural only and shall not affect the
right of Indemnitee to indemnification under Section 3 of this Agreement so
long as Indemnitee follows the prescribed procedure and any determination by
the Board that Indemnitee is not entitled to indemnification and any failure to
make the payments requested in the Indemnification Statement shall be subject
to judicial review by any court of competent jurisdiction.

     (b) For purposes of obtaining payments of Expenses in advance of final
disposition pursuant to the second sentence of Section 2(d) or the last
sentence or Section 3 hereof, the Indemnitee shall submit to the Company a
sworn request for advancement of Expenses substantially in the form of Exhibit
2 attached hereto and made a part hereof (the "Undertaking")(i), averring that
he has reasonably incurred actual Expenses in defending an action, suit or
proceeding referred to in Section 2(a) or 2(b) or any claim referred to in
Section 3, or pursuant to Section 7 hereof; and (ii) undertakes to repay such
amount if it ultimately is determined that he is not entitled to be indemnified
by the Company under this Agreement or otherwise.  Upon receipt of the
Undertaking, the Company shall thereafter promptly pay such Expenses of the
Indemnitee as are noticed to the Company in writing and in reasonable detail
arising out of the matter described in the Undertaking.  No security shall be
required in connection with any Undertaking.

     5.  Limitation on Indemnity.  Notwithstanding anything contained herein to
the contrary, the Company shall not be required hereby to indemnify the
Indemnitee with respect to any action, suit, or proceeding that was initiated
by the Indemnitee unless (i) such action, suit, or

                                       4
<PAGE>   31
proceeding was initiated by the Indemnitee to enforce any rights to
indemnification arising hereunder and such person shall have been formally
adjudged to be entitled to indemnity by reason hereof, (ii) authorized by
another agreement to which the Company is a party whether heretofore or
hereafter entered, or (iii) otherwise ordered by the court in which the suit
was brought.

     6.  Subrogation:  Duplication of Payments.  (a) In the event of any
payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery previously vested in the
Indemnitee, who shall execute all papers required and shall do everything that
may be necessary to secure such rights, including the execution of such
documents necessary to enable the Company effectively to bring suit to enforce
such rights.

     (b) The Company shall not be liable under this Agreement to make any
payment in connection with any claim made against Indemnitee to the extent
Indemnitee has actually received payment (under any insurance policy, the
Company's Regulations or otherwise) of the amounts otherwise payable hereunder.

     7.  Fees and Expenses of Enforcement.  It is the intent of the Company
that the Indemnitee not be required to incur the expenses associated with the
enforcement of his rights under this Agreement by litigation or other legal
action because the cost and expense thereof would substantially detract from
the benefits intended to be extended to the Indemnitee hereunder.  Accordingly,
if it should appear to the Indemnitee that the Company has failed to comply
with any of its obligations under this Agreement or in the event that the
Company or any other person takes any action to declare this Agreement void or
unenforceable, or institutes any action, suit or proceeding to deny, or to
recover from, the Indemnitee the benefits intended to be provided to the
Indemnitee hereunder, the Company irrevocably authorizes the Indemnitee from
time to time to retain counsel of his choice, at the expense of the Company as
hereafter provided, to represent the Indemnitee in connection with the
initiation or defense of any litigation or other legal action, whether by or
against the Company or any director, officer, shareholder, or other person
affiliated with the Company, in any jurisdiction.  Regardless of the outcome
thereof, the Company shall pay and be solely responsible for any and all costs,
charges, and expenses, including without limitation fees and expenses of
attorneys and others, reasonably incurred by the Indemnitee pursuant to this
Section 7.

     8.  Merger or Consolidation.  In the event that the Company shall be a
constituent corporation in a consolidation, merger, or other reorganization,
the Company, if it shall not be the surviving, resulting, or acquiring
corporation therein, shall require as a condition thereto that the surviving,
resulting, or acquiring corporation agree to assume all of the obligations of
the Company hereunder and to indemnify the Indemnitee to the full extent
provided herein.  Whether or not the Company is the resulting, surviving, or
acquiring corporation in any such transaction, the Indemnitee shall also stand
in the same position under this Agreement with respect to the resulting,
surviving, or acquiring corporation as he would have with respect to the
Company if its separate existence had continued.

                                       5
<PAGE>   32
     9.  Nonexclusivity and Severability.  (a) The rights to indemnification
provided by this Agreement shall not be exclusive of any other rights of
indemnification to which the Indemnitee may be entitled under the Articles of
Incorporation, the Regulations, the ORC or any other statute, any insurance
policy, agreement, or vote of shareholders or directors or otherwise, as to any
actions or failures to act by the Indemnitee, and shall continue after he has
ceased to be a Director, officer, employee, or agent of the Company or other
entity for which his service gives rise to a right hereunder, and shall inure
to the benefit of his heirs, executors, and administrators.

     (b) If any provision of this Agreement or the application of any provision
hereof to any person or circumstances is held invalid unenforceable, or
otherwise illegal, the remainder of this Agreement and the application of such
provision to other persons or circumstances shall not be affected, and the
provision so held to be invalid, unenforceable, or otherwise illegal shall be
reformed to the extent (and only to the extent) necessary to make it
enforceable, valid, and legal.

     10. Governing Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Ohio, without giving effect to the
principles of conflict of laws thereof.

     11. Modification.  This Agreement and the rights and duties of the
Indemnitee and the Company hereunder may be modified only by an instrument in
writing signed by both parties hereto.

  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
  of the date first above written.

                                         CLEVELAND-CLIFFS INC

                                        By _____________________________________
                                         President and
                                         Chief Executive Officer

                                         _______________________________________
                                         [Signature of Indemnitee]

                                       6
<PAGE>   33
                                                                     Exhibit 1

                           INDEMNIFICATION STATEMENT

STATE OF                                 )
                                         ) ss:
COUNTY OF                                )

     I, ___________________, being first duly sworn, do depose and say as
follows:

     1.  This Indemnification Statement is submitted pursuant to the
Indemnification Agreement, dated ______________, 1987, between Cleveland-Cliffs
Inc (the "Company"), an Ohio corporation, and the undersigned.

     2.  I am requesting indemnification against costs, charges, expenses
(which may include fees and expenses of attorneys and/or others), judgments,
fines, and amounts paid in settlement (collectively, "Liabilities"), which have
been actually and reasonably incurred by me in connection with a claim referred
to in Section 3 of the aforesaid Indemnification Agreement.

     3.   With respect to all matters related to any such claim, I am entitled
to be indemnified as herein contemplated pursuant to the aforesaid
Indemnification Agreement.

     4.  Without limiting any other rights which I have or may have, I am
requesting indemnification against Liabilities which have or may arise out of
________________________________________________________________________________
_____________________________________.

                                         _______________________________________
                                         (Signature of Indemnitee)

     Subscribed and sworn to before me, a Notary Public in and for said
County and State, this _______ day of _______________, 19___.

[Seal]

     My commission expires the _________ day of _____________, 19____.

                                       7
<PAGE>   34
                                                                       Exhibit 2

                                  UNDERTAKING

STATE OF                                 )
                                         ) ss:
COUNTY OF                                )

     I,____________________, being first duly sworn, do depose and say as
follows:

     1.  This Undertaking is submitted pursuant to the Indemnification
Agreement, dated ____________, 1987, between Cleveland-Cliffs Inc (the
"Company"), an Ohio Corporation, and the undersigned.

     2.  I am requesting payment of costs, charges, and expenses which I have
reasonably incurred or will reasonably incur in defending an action, suit or
proceeding, referred to in Section 2(a) or 2(b) or any claim referred to in
Section 3, or pursuant to Section 7, of the aforesaid Indemnification
Agreement.

     3.  The costs, charges, and expenses for which payment is requested are,
in general, all expenses related to ______________________________
________________________________________________________________________________
_____________________________________________.

     4.  I hereby undertake to repay all amounts paid pursuant hereto if it
ultimately is determined that I am not entitled to be indemnified by the
Company under the aforesaid Indemnification Agreement or otherwise.

                                         _______________________________________
                                         [Signature of Indemnitee]

     Subscribed and sworn to before me, a Notary Public in and for said County
and State, this ______ day of ________, 19___.

[Seal]

     My commission expires the ______ day of _________, 19___.

                                       8<PAGE>   1
                                                                EXHIBIT 10(ee)

                             TRUST AGREEMENT NO. 7
                             ---------------------

              This Trust Agreement ("Trust Agreement No. 7") made this 9th day
of April, 1991 by and between Cleveland-Cliffs Inc, an Ohio corporation
("Cleveland-Cliffs"), and Ameritrust Company National Association, a national
banking association (the "Trustee");
                                WITNESSETH:
                                -----------
              WHEREAS, certain benefits are or may become payable under the
provisions of the Cleveland-Cliffs Inc Supplemental Retirement Benefit Plan, as
Amended and Restated Effective January 1, 1991 as the same may hereafter be
supplemented, amended or restated, or any successor thereto (the "Plan"), a
current copy of which is attached hereto as Exhibit B and incorporated herein
by reference, to the participants in the Plan (the "Participants") listed (from
time to time as provided in Section 9(b) hereof) on Exhibit A hereto or to the
beneficiaries of such Participants (the "Beneficiaries") as the case may be;
              WHEREAS, the Plan provides for the payment of benefits resulting
from contributions made to the Plan which would have been made for the
Participants to the qualified retirement plans established by Cleveland-Cliffs
and its subsidiary corporations and affiliates were it not for certain
limitations imposed by the Internal Revenue Code of 1986, as amended (the
<PAGE>   2
                                                                               2

"Code"), and the Plan also provides for the payment of benefits due under
agreements entered into by Cleveland-Cliffs (and which may be entered into in
the future by Cleveland-Cliffs and its subsidiary corporations and affiliates)
with certain executives providing for additional service credit and/or other
features for purposes of computing retirement benefits;
              WHEREAS, Cleveland-Cliffs wishes specifically to assure the
payment to the Participants and Beneficiaries of amounts due under the Plan
(the amounts so payable being collectively referred to herein as the
"Benefits");
              WHEREAS, subject to Section 9 hereof, the amounts and timing of
Benefits to which each Participant or Beneficiary is presently or may become
entitled are as provided in the Plan;
              WHEREAS, Cleveland-Cliffs wishes to establish a trust (the
"Trust") under which Cleveland-Cliffs and each of its subsidiaries or
affiliates that executes a Participating Subsidiary Deposit Agreement ("Deposit
Agreement") as provided in Section 14 hereof (a "Participating Subsidiary"; and
"Participating Employer" shall mean Cleveland-Cliffs or any Participating
Subsidiary) may transfer to the Trust assets which shall be held therein
subject to the claims of the creditors of each Participating Employer to the
extent set forth in Section 3 hereof until paid in full to all Participants and
Beneficiaries as Benefits in such manner and at such times as specified herein
unless the Participating Employer with respect to the Participant or
Beneficiary is Insolvent (as defined herein) at the time that such Benefits
become payable;
<PAGE>   3
                                                                               3

              WHEREAS, each Participating Subsidiary that executes a Deposit
Agreement has irrevocably appointed Cleveland-Cliffs its agent and attorney for
purposes of acting on its behalf with respect to this Trust; and
              WHEREAS, a Participating Employer shall be considered "Insolvent"
for purposes of this Trust Agreement at such time as such Participating
Employer (i) is subject to a pending voluntary or involuntary proceeding as a
debtor under the United States Bankruptcy Code, as heretofore or hereafter
amended, or (ii) is unable to pay its debts as they mature.
              NOW, THEREFORE, the parties do hereby establish the Trust and
agree that the Trust shall be comprised, held and disposed of as follows:
       1.     TRUST FUND:   (a)    Subject to the claims of creditors of
Participating Employers to the extent set forth in Section 3 hereof,
Cleveland-Cliffs hereby deposits with the Trustee in trust Ten Dollars ($10.00)
which shall become the principal of this Trust, to be held, administered and
disposed of by the Trustee as herein provided, but no payments of all or any
portion of the principal of the Trust or earnings thereon shall be made to
Cleveland-Cliffs or any other person or entity on behalf of Cleveland-Cliffs
except as herein expressly provided.  The Trust hereby established shall be
irrevocable.
              (b)    Cleveland-Cliffs shall notify the Trustee promptly in the
event that a "Change of Control", (as defined herein) has occurred.  The term
"Change of Control" shall mean the occurrence of any of the following events:
<PAGE>   4
                                                                               4

                     (i)    a tender offer shall be made and consummated for
       the ownership of 30% or more of the outstanding voting securities of
       Cleveland-Cliffs;
                     (ii)   Cleveland-Cliffs shall be merged or consolidated
       with another corporation and as a result of such merger or consolidation
       less than 70% of the outstanding voting securities of the surviving or
       resulting corporation shall be owned in the aggregate by the former
       shareholders of Cleveland-Cliffs, other than affiliates (within the
       meaning of the Securities Exchange Act of 1934) of any party to such
       merger or consolidation, as the same shall have existed immediately
       prior to such merger or consolidation;
                     (iii)  Cleveland-Cliffs shall sell substantially all of
       its assets to another corporation which is not a wholly owned
       subsidiary;
                     (iv)   a person, within the meaning of Section 3(a)(9) or
       of Section 13(d)(3) (as in effect on the date hereof) of the Securities
       Exchange Act of 1934, shall acquire 30% or more of the outstanding
       voting securities of Cleveland-Cliffs (whether directly, indirectly,
       beneficially or of record), or
                     (v)    during any period of two consecutive years,
       individuals who at the beginning of any such period constitute the Board
       of Directors of Cleveland-Cliffs cease for any reason to constitute at
       least a majority thereof,
<PAGE>   5
                                                                               5

       unless the election, or the nomination for election by the shareholders
       of Cleveland-Cliffs, of each Director first elected during any such
       period was approved by a vote of at least two-thirds of the Directors of
       Cleveland-Cliffs then still in office who are Directors of
       Cleveland-Cliffs on the date at the beginning of any such period.
For purposes hereof, ownership of voting securities shall take into  account
and shall include ownership as determined by applying the provisions of Rule
13d-3(d)(1)(i) (as in effect on the date hereof) pursuant to the Securities
Exchange Act of 1934.
              (c)    Any payments by the Trustee pursuant to this Agreement
shall, to the extent thereof, discharge the obligation  of the Participating
Employers to pay benefits under the Plan, it being the intent of the
Participating Employers that assets in the Trust established hereby be held as
security for the obligation of the Participating Employers to pay benefits
under the Plan.
              (d)    The principal of the Trust and any earnings thereon shall
be held in trust separate and apart from other funds of each Participating
Employer exclusively for the uses and purposes herein set forth.  No
Participant or Beneficiary shall have any preferred claim on, or any beneficial
ownership interest in, any assets of the Trust prior to the time that such
assets are paid to a Participant or Beneficiary as Benefits as provided herein.
<PAGE>   6
                                                                               6

              (e)    A Participating Employer may at any time or from time to
time make additional deposits of cash or other property in the Trust to augment
the principal to be held, administered and disposed of by the Trustee as herein
provided, but no payments of all or any portion of the principal of the Trust
or earnings thereon shall be made to a Participating Employer or any other
person or entity on behalf of a Participating Employer except as herein
expressly provided.
              (f)    The Trust is intended with respect to each Participating
Employer, to be a grantor trust, within the meaning of Section 671 of the Code,
or any successor provision thereto, and shall be construed accordingly.  The
Trust is not designed to qualify under Section 401(a) of the Code or to be
subject to the provisions of the Employee Retirement Income Security Act Or
1974, as amended ("ERISA").  The Trust established under this Trust Agreement
No. 7 does not fund and is not intended to fund the Plan or any other employee
benefit plan or program of a Participating Employer.  Such Trust is and is
intended to be a depository arrangement with the Trustee for the setting aside
of cash and other assets of the Participating Employers as and when each of the
so determines in its sole discretion for the meeting of part or all of its
future obligations with respect to Benefits to some or all of the Participants
under the Plan.
              2.     PAYMENTS TO PARTICIPANTS OR BENEFICIARIES.
(a)   Provided that the Trustee has not actually received notice as provided
in Section 3 hereof that a Participant's or
<PAGE>   7
                                                                               7

Beneficiary's Participating Employer is Insolvent, the Trustee shall make
payments of Benefits to each Participant or Beneficiary from the assets of the
Trust in accordance with the term of the Plan and subject to Section 9 hereof.
The Trustee shall make provision for withholding of any federal, state, or
local taxes that may be required to be withheld by the Trustee in connection
with the payment of any Benefits hereunder.
              (b)    If the balance of a Participant's separate account
maintained pursuant to Section 7(b) hereof is not sufficient to provide for
full payment of Benefits to which a Participant or Beneficiary is entitled as
provided herein, the respective Participating Employer shall make the balance
of each such payment as provided in the Plan.  No payment from the Trust assets
to a Participant or Beneficiary shall exceed the balance of such separate
account.
              3.     THE TRUSTEE'S RESPONSIBILITY REGARDING PAYMENTS TO A
PARTICIPANT OR BENEFICIARY WHEN A PARTICIPATING EMPLOYER IS INSOLVENT:
              (a)    At all times during the continuance of this Trust, the
principal and income of the Trust with respect to accounts maintained hereunder
on behalf of a Participating Employer shall be subject to claims of creditors
of such Participating Employer as set forth in this Section 3(a).  The Board of
Directors ("Board") of Cleveland-Cliffs and of each Participating Subsidiary
and the Chief Executive Officer ("CEO") of Cleveland-Cliffs and of each
Participating Subsidiary shall have the duty to inform the Trustee if either
<PAGE>   8
                                                                               8

the Board or the CEO believes that his or their respective Participating
Employer is Insolvent.  If the Trustee receives a notice from the Board, the
CEO, or a creditor of a Participating Employer alleging that such Participating
Employer is insolvent, then unless the Trustee independently determines that
such Participating Employer is not Insolvent, the Trustee shall (i) discontinue
payments to any Participant or his Beneficiary from accounts maintained
hereunder on behalf of such Participating Employer (the "Identified
Participating Employer"), (ii) determine and allocate all Account Excesses in
accordance with Sections 4 and 7(b) hereof for the accounts of the Participants
then employed by the Identified Participating Employer, or for whom such
Identified Participating Employer has obligations and liabilities pursuant to a
Deposit Agreement, treating such accounts solely for this purpose as if they
comprised all of the accounts of the Trust, and provided that for this purpose
the Threshold Percentage shall be equal to 100%, (iii) hold the Trust assets
attributable to accounts maintained hereunder on behalf of Participants then
employed by the Identified Participating Employer, or for whom such Identified
Participating Employer has obligations and liabilities or has assumed
obligations and liabilities pursuant to a Deposit Agreement, for the benefit of
the general creditors of such Identified Participating Employer, and (iv)
promptly seek the determination of a court of competent jurisdiction regarding
the Insolvency of the Identified Participating Employer.  The Trustee shall
deliver any
<PAGE>   9
                                                                               9

undistributed principal and income in the Trust to the extent of the balances
of the accounts maintained hereunder on behalf of the Identified Participating
Employer to the extent necessary to satisfy the claims of the creditors of such
Identified Participating Employer as a court of competent jurisdiction may
direct.  Such payments of principal and income shall be borne by the separate
accounts of the Participants in proportion to the balances on the date of such
court order of their respective accounts maintained pursuant to Section 7(b)
hereof.  If payments to any Participant or Beneficiary have discontinued
pursuant to this Section 3(a), the Trustee shall resume payments to such
Participant or Beneficiary only after receipt of an order of a court of
competent jurisdiction.  The Trustee shall have no duty to inquire as to
whether a Participating Employer is Insolvent and may rely on information
concerning the Insolvency of a Participating Employer which has been furnished
to the Trustee by any creditor of a Participating Employer or by any person.
Nothing in this Trust Agreement shall in any way diminish any rights of any
Participant or Beneficiary to pursue his rights as a general creditor of the
Participant's or Beneficiary's Participating Employer with respect to Benefits
or otherwise, and the rights of each Participant or Beneficiary under the Plan
shall in no way be affected or diminished by any provision of this Trust
Agreement No. 7 or action taken pursuant to this Trust Agreement No. 7 except
that any payment actually received by any Participant or Beneficiary hereunder
shall reduce
<PAGE>   10
                                                                              10

dollar-per-dollar amounts otherwise due to such Participant or Beneficiary
pursuant to the Plan.
              (b)    If the Trustee discontinues payment of Benefits from the
Trust pursuant to Section 3(a) hereof, the Trustee shall, to the extent it has
liquid assets, place cash equal to the discontinued payments (to the extent not
paid to creditors pursuant to Section 3(a) and not paid to the Trustee pursuant
to Section 10 hereof) in such interest-bearing deposit accounts or certificates
of deposit (including any such accounts or certificates issued or offered by
the Trustee or any successor corporation but excluding obligations of any
Participating Employer) as determined by the Trustee in its sole discretion.
If the Trustee subsequently resumes such payments, the first payment following
such discontinuance shall include the aggregate amount of all payments which
would have been made to the Participants and Beneficiaries in accordance with
this Trust Agreement No. 7 during the period of such discontinuance, less the
aggregate amount of payments made to any Participant or Beneficiary by the
Participating Employer pursuant to the Plan during any such period of
discontinuance, together with interest on the net amount delayed determined at
a rate equal to the rate paid on the accounts or deposits selected by the
Trustee; provided, however, that no such payment shall exceed the balance of
the respective Participant's or Beneficiary's account as provided in Section
7(b) hereof.
              4.     PAYMENTS TO PARTICIPATING EMPLOYERS:       Except to the
extent expressly contemplated by this Section 4, no
<PAGE>   11
                                                                              11

Participating Employer shall have any right or power to direct the Trustee to
return any of the Trust assets to such Participating Employer before all
payments of Benefits have been made to all Participants or Beneficiaries of
such Participating Employer as herein provided.  From time to time, if and when
requested by Cleveland-Cliffs to do so and/or in order to comply with Section
7(b) hereof, the Trustee shall engage the services of Hewitt Associates or such
other independent actuary as may be mutually satisfactory to Cleveland-Cliffs
and to the Trustee to determine the maximum actuarial present values of the
future Benefits that could become payable by each Participating Employer under
the Plan with respect to the Participants and Beneficiaries.  The Trustee shall
determine the fair market values of the Trust assets allocated to the account
of each Participant pursuant to Section 7(b) hereof Cleveland-Cliffs shall pay
the fees of such independent actuary and of any appraiser engaged by the
Trustee to value any property held in the Trust.  The independent actuary shall
make its calculations using the 1983 Group Annuity Mortality Table, an interest
rate of 8%, Gross National Product Price Deflator increases of 4%, or such
other assumptions as are recommended by such actuary and approved by
Cleveland-Cliffs and, after the date of a Change of Control, a majority of the
Participants (subject to the provisions of Sections 11(b)(i) and (b)(ii)
hereof).  For purposes or this Trust Agreement, (A) the "Fully Funded" amount
with respect to the account of a Participant or Beneficiary maintained pursuant
<PAGE>   12
                                                                              12

to Section 7(b) hereof shall be equal to the "Threshold Percentage," as defined
below, multiplied by the maximum actuarial present value of the future Benefits
that could become payable under the Plan with respect to the Participants and
Beneficiaries, (B) the "Account Excess" with respect to such account shall be
equal to the excess, if any, of the fair market value of the assets held in the
Trust allocated to a Participant's account over the respective Fully Funded
amount, and (C) the "Aggregate Account Excess" with respect to a Participating
Employer shall be equal to the excess, if any, of the aggregate account
balances of Participants then employed by the Participating Employer, or for
whom such Participating Employer has obligations and liabilities or has assumed
obligations and liabilities or has assumed obligations and liabilities pursuant
to a Deposit Agreement, over their aggregate Fully Funded amounts.  Unless
otherwise provided, prior to a Change of Control the Threshold Percentage shall
be equal to 110%, and following a Change of Control the Threshold Percentage
shall be equal to 140%.  The Trustee shall allocate any Account Excess in
accordance with Section 7(b) hereof.  Thereafter, upon the request of
Cleveland-Cliffs, the Trustee shall pay to the Participating Employer its
Aggregate Account Excess computed upon the basis of a Threshold Percentage
equal to 140%.
              5.     INVESTMENT OF PRINCIPAL:     (a)    The Trustee shall
invest and reinvest the principal of the Trust including any income accumulated
and added to principal, as directed by the
<PAGE>   13
                                                                              13

Compensation Committee of the Board of Directors of Cleveland Cliffs (which
direction may include investment in Common Shares of Cleveland-Cliffs).  In the
absence of any such direction, the Trustee shall have sole power to invest the
assets of the Trust (including investment in common shares of
Cleveland-Cliffs).  The Trustee shall act at all times however, with the care,
skill, prudence, and diligence under the circumstances then prevailing that a
prudent corporate trustee, acting in a like capacity and familiar with such
matters, would use in the conduct of an enterprise of a like character and with
like aims.  The investment objective of the Trustee shall be to preserve the
principal of the Trust while obtaining a reasonable total rate of return,
measurement of which shall include market appreciation or depreciation plus
receipt of interest and dividends.  The Trustee shall not be required to invest
nominal amounts.  The Trustee shall be mindful, in the course of its management
of the Trust, of the liquidity demands on the Trust and any actuarial
assumptions that may be communicated to it from time to time in accordance with
the provisions of this Trust Agreement No. 7.
              (b)    In addition to authority given to the Trustee under
Section 8 hereof, the Trustee is empowered with respect to the assets of the
Trust:
                     (i)    To invest and reinvest all or any part of the Trust
       assets, in each and every kind of property, whether real, personal or
       mixed, tangible or intangible, whether income or non-income producing,
       whether secured or
<PAGE>   14
                                                                              14

       unsecured, and wherever situated, including, but not limited to, real
       estate, shares of common and preferred stock, mortgages and bonds,
       leases (with or without option to purchase), notes, debentures,
       equipment or collateral trust certificates, and other corporate,
       individual or government securities or obligations, time deposits
       (including savings deposit and certificates of deposit in the Trustee or
       its affiliates if such deposits bear a reasonable rate of interest),
       common or collective funds or trusts, and mutual funds or investment
       companies, including affiliated investment companies and 12 B-l funds.
       Cleveland-Cliffs acknowledges and agrees that the Trustee may receive
       fees as a participating depository institution for service relating to
       the investment of funds in an eligible mutual fund.
                     (ii)   At such time or times, and upon such terms and
       conditions as the Trustee shall deem advisable, to sell, convert,
       redeem, exchange, grant options for the purchase or exchange of, or
       otherwise dispose of, any property held hereunder, at public or private
       sale, for cash or upon credit, with or without security, without
       obligation on the part of any person dealing with the Trustee to see to
       the application of the proceeds of or to inquire into the validity,
       expediency, or propriety of any such disposal;
                     (iii)  To manage, operate, repair, partition, and improve
       and mortgage or lease (with or without an option to
<PAGE>   15
                                                                              15

       purchase) for any length of time any property held in the Trust; to
       renew or extend any mortgage or lease, upon such terms as the Trustee
       may deem expedient; to agree to reduction of the rate of interest on any
       mortgage; to any modification in the terms of any lease or mortgage or
       of any guarantee pertaining to either of them; to exercise and enforce
       any right of foreclosure; to bid on property in foreclosure; to take a
       deed in lieu of foreclosure with or without paying consideration
       therefor and in connection therewith to release the obligation on the
       bond secured by the mortgage; and to exercise and enforce in any action,
       suit, or proceeding at law or in equity any rights, covenants,
       conditions or remedies with respect to any lease or mortgage or to any
       guarantee pertaining to either of them or to waive any default in the
       performance thereof;
                     (iv)   To join in or oppose any reorganization,
       recapitalization, consolidation, merger or liquidation, or any plan
       therefor, or any lease (with or without an option to purchase), mortgage
       or sale of the property of any organization the securities of which are
       held in the Trust; to pay from the Trust any assessments, charges or
       compensation specified in any plan of reorganization, recapitalization,
       consolidation, merger or liquidation; to deposit any property allotted
       to the Trust in any reorganization, recapitalization, consolidation,
       merger or liquidation; to deposit any property with any committee or
<PAGE>   16
                                                                              16

       depository; and to retain any property allotted to the Trust in any
       reorganization, recapitalization, consolidation, merger or liquidation;
                     (v)    To compromise settle, or arbitrate any claim, debt
       or obligation of or against the Trust; to enforce or abstain from
       enforcing any right, claim, debt, or obligation; and to abandon any
       property determined by it to be worthless;
                     (vi)   To make, execute and deliver, as Trustee, any
       deeds, conveyances, leases (with or without option to purchase),
       mortgages, options, contracts, waivers or other instruments that the
       Trustee shall deem desirable in the exercise of its powers under this
       Agreement; and
                     (vii)  To pay out of the assets of the Trust all taxes
       imposed or levied with respect to the Trust and in its discretion may
       contest the validity or amount of any tax, assessment, penalty, claim,
       or demand respecting the Trust and may institute, maintain, or defend
       against any related action or proceeding either at law or in equity (and
       in such regard, the Trustee shall be indemnified in accordance with
       Section 8(d) hereof).
              6.     INCOME OF THE TRUST: Except as provided in Section 3
hereof, during the continuance of this Trust all net income of the Trust shall
be allocated not less frequently than monthly among the Participants' separate
accounts in accordance with Section 7(b) hereof.
<PAGE>   17
                                                                              17

              7.     ACCOUNTING BY TRUSTEE:       (a)    The Trustee shall
maintain books, records and accounts as may be necessary for the proper
administration of Trust assets, including such specific records as shall be
agreed upon in writing by Cleveland-Cliffs and the Trustee, and shall render to
Cleveland-Cliffs within 60 days following the close of each calendar year
following the date of this Trust until the termination of this Trust or the
removal or resignation of the Trustee (and within 60 days after the date of
such termination, removal or resignation), an accounting with respect to the
Trust assets as of the end of the then most recent calendar year (and as of the
date of such termination, removal or resignation, as the case may be).  The
Trustee shall furnish to each Participating Employer on a quarterly basis (or
as Cleveland-Cliffs shall direct from time to time) and in a timely manner such
information regarding the Trust as each Participating Employer shall require
for purposes of preparing its statements of financial condition.  The Trustee
shall at all times maintain separate bookkeeping accounts for each
Participating Employer and for each Participant as prescribed by Section 7(b)
hereof, and, upon the written request of a Participant, shall provide to him an
annual statement of his account.  Upon the written request of Cleveland-Cliffs
or, on or after the date of a Change of Control, a Participant, the Trustee
shall deliver to such Participant or Cleveland-Cliffs, as the case may be, a
written report setting forth the amount held in the Trust and a record of the
deposits made with respect thereto by each Participating
<PAGE>   18
                                                                              18

Employer.  Unless Cleveland-Cliffs or any Participant shall have filed with the
Trustee written exception or objection to any such statement and account within
90 days after receipt thereof, Cleveland-Cliffs and the Participants shall be
deemed to have approved such statement and account, and in such case the
Trustee shall be forever released and discharged with respect to all matters
and things reported in such statement and account as though it had been settled
by a decreee of acourt of competent jurisdiction in an action or proceeding to
which Cleveland-Cliffs, the Participating Employers and the Participants were
parties.
              (b)    The Trustee shall maintain a separate account for each
Participating Employer (a "Participating Employer Account") and within such
Participating Employer Account, a separate account for each Participant who
performs services for such Participating Employer and from whom such
Participant is entitled to Benefits (a "Participant account").  Each asset of
the Trust shall be allocated to the account of a Participating Employer.
Participant accounts within a Participating Employer Account shall reflect
undivided portions of each asset in such Account.  The Trustee shall credit or
debit each Participant account as appropriate to reflect such Participant's
allocable portion of the Trust assets allocated to each Participating Employer
Account, as such Trust assets may be adjusted from time to time pursuant to the
terms of this Trust Agreement No. 7.  Except as otherwise provided in this
Section 7(b), the Trustee shall allocate the income (or loss) of the Trust with
<PAGE>   19
                                                                              19

respect to each Participating Employer Account, and within such Account, to the
separate Participant accounts maintained thereunder in proportion to the
balances of the separate accounts of the Participants.  Prior to the date of a
Change of Control, all deposits of principal pursuant to Section 1(a) and 1(e)
shall be allocated and reallocated as directed by the Participating Employer
making such deposit.  On or after such date of a Change of Control deposits of
principal shall be allocated as Account Excess in accordance with this Section
7(b).  Prior to the date of a Change of Control, at the request of
Cleveland-Cliffs the Trustee shall determine the amount of all Account
Excesses.  On or after the date of a Change of Control, the Trustee shall
determine annually the amount of all Account Excesses.  The Trustee shall
allocate the aggregate amount of the Account Excess of a Participating Employer
to any accounts of Participants then employed by such Participating Employer
that are not Fully Funded, as defined in Section 4 hereof, in proportion to the
differences between the respective Fully Funded amount and account balance,
insofar as possible until all accounts of Participants then employed by such
Participating Employer are Fully Funded.  Any then remaining aggregate Account
Excess of a Participating Employer shall be allocated to all the accounts of
Participants then employed by such Participating Employer, in proportion to the
respective Fully Funded amounts.
             (c)    Nothing in this Section 7 shall preclude the commingling
of Trust assets for investment.
<PAGE>   20
                                                                              20

              8.     RESPONSIBILITY OF TRUSTEE:   (a)    The Trustee shall act
with the care, skill, prudence and diligence under the circumstances then
prevailing that a prudent corporate trustee, acting in a like capacity and
familiar with such matters, would use in the conduct of an enterprise of a like
character and with like aims; provided, however, that the Trustee shall incur
no liability to any person for any action taken pursuant to a direction,
request or approval, contemplated by and complying with the terms of this Trust
Agreement No. 7, given in writing by any Participating Employer, by the
Compensation Committee or by a Participant or Beneficiary applicable to his or
her beneficial interest herein; and provided, further, that the Trustee shall
have no duty to seek additional deposits of principal from any Participating
Employer for additional amounts accrued under the Plan, and the Trustee shall
not be responsible for the adequacy of this Trust.
              (b)    The Trustee may vote any stock or other securities and
exercise any right appurtenant to any stock, other securities or other property
held hereunder, either in person or by general or limited proxy, power of
attorney or other instrument.
              (c)    The Trustee may hold securities in bearer form and may
register securities and other property held in the trust fund in its own name
or in the name of a nominee, combine certificates representing securities with
certificates of the same issue held by the Trustee in other fiduciary
capacities, and deposit, or arrange for deposit of property with any
<PAGE>   21
                                                                              21

depository; provided that the books and records of the Trustee shall at all
times show that all such securities are part of the trust fund.
              (d)    If the Trustee shall undertake or defend any litigation
arising in connection with this Trust Agreement No. 7, it shall be
indemnified jointly and severally by Cleveland-Cliffs and each Participating
Subsidiary against its costs, expenses and liabilities (including without
limitation attorneys' fees and expenses) related thereto.
              (e)    The Trustee may consult with legal counsel, independent
accountants and actuaries (who may be counsel, independent accountants or
actuaries for any Participating Employer) with respect to any of its duties or
obligations hereunder, and shall be fully protected in acting or refraining
from acting in accordance with the advice of such counsel, independent
accountants and actuaries.
              (f)    The Trustee may rely and shall be protected in acting or
refraining from acting within the authority granted by the terms of this Trust
Agreement No. 7 upon any written notice, instruction or request furnished to it
hereunder and believed by it to be genuine and to have been signed or presented
by the proper party or parties.
              (g)    The Trustee may hire agents, accountants, actuaries, and
financial consultants, who may be agents, accountants, actuaries, or financial
consultants, as the case may be, for any Participating Employer, and shall not
be answerable for the conduct of same if appointed with due care.
<PAGE>   22
                                                                              22

              (h)    The Trustee is empowered to take all actions necessary or
advisable in order to collect any benefits or payments of which the Trustee is
the designated beneficiary.
              (i)    The Trustee shall have, without exclusion, all powers
conferred on trustees by applicable law unless expressly provided otherwise
herein.
              9.     AMENDMENTS, ETC.  TO PLAN; COOPERATION OF PARTICIPATING
EMPLOYERS:
              (a)    Cleveland-Cliffs has previously furnished the Trustee a
complete and correct copy of the Plan, and Cleveland-Cliffs shall, and any
Participating Subsidiary, Participant, or Beneficiary may, promptly furnish the
Trustee true and correct copies of any amendment, restatement or successor
thereto, whereupon such amendment, restatement or successor shall be
incorporated herein by reference, provided that such amendment, restatement or
successor shall not affect the Trustee's duties and responsibilities hereunder
without the consent of the Trustee.
              (b)    Cleveland-Cliffs shall provide the Trustee with all
information requested by the Trustee for purposes of determining payments to
the Participants and Beneficiaries or withholding of taxes as provided in
Section 2.  Upon the failure of Cleveland-Cliffs or any Participant or
Beneficiary to provide any such information, the Trustee shall, to the extent
necessary in the sole judgment of the Trustee, (i) compute the amount payable
hereunder to any Participant or Beneficiary; and (ii) notify Cleveland-Cliffs
and the
<PAGE>   23
                                                                              23

Participant or Beneficiary in writing of its computations.  Thereafter this
Trust Agreement No. 7 shall be construed as to the Trustee's duties and
obligations hereunder in accordance with such Trustee determinations without
further action; provided, however, that no such determinations shall in any way
diminish the rights of any Participant or Beneficiary hereunder or under the
Plan; and provided, further, that no such determinations shall be deemed to
modify this Trust Agreement No. 7 or the Plan.  Nothing in this Trust Agreement
No. 7 shall restrict Cleveland-Cliffs' right to amend, modify or terminate the
Plan.
              (c)    At such times as may in the judgment of Cleveland-Cliffs
be appropriate, Cleveland-Cliffs shall furnish to the Trustee any amendment to
Exhibit A for the purpose of the addition of Participants (or the deletion of
Participants who (together with their Beneficiaries) have no Benefits currently
due or payable in the future)) to Exhibit A; provided, however, that no such
amendment shall be made after the date of a Change of Control.
              10.    COMPENSATION AND EXPENSES OF TRUSTEE:      The Trustee
shall be entitled to receive such reasonable compensation for its services as
shall be agreed to upon by Cleveland-Cliffs and the Trustee.  The Trustee shall
also be entitled to reimbursement of its reasonable expenses incurred with
respect to the administration of the Trust including fees and expenses incurred
pursuant to Sections 8(d), 8(e) and 8(g) and liabilities to creditors pursuant
to court direction as
<PAGE>   24
                                                                              24

provided in Section 3(a) hereof.  Such compensation and expenses shall in all
events be payable either directly by Cleveland-Cliffs or, in the event that
Cleveland-Cliffs shall refuse, from the assets of the Trust and charged pro
rata in proportion to each separate account balance.  The Trust shall have a
claim against Cleveland-Cliffs for any such compensation or expenses so paid.
              11.    REPLACEMENT OF THE TRUSTEE:  (a)    Prior to the date of a
Change of Control, the Trustee may be removed by Cleveland-Cliffs.  On or after
the date of a Change of Control, the Trustee may be removed at any time by
agreement of Cleveland-Cliffs and a majority of the Participants.  The Trustee
may resign after providing not less than 90 days' notice to Cleveland-Cliffs
and to the Participants.  In case of removal or resignation, a new trustee,
which shall be independent and not subject to control of either Cleveland
Cliffs or the Participants and Beneficiaries, shall be appointed as shall be
agreed by Cleveland-Cliffs and a majority of the Participants.  No such removal
or resignation shall become effective until the acceptance of the trust by a
successor trustee designated in accordance with this Section 11.  If the
Trustee should resign, and within 45 days of the notice of such resignation
Cleveland-Cliffs and the Participants shall not have notified the Trustee of an
agreement as to a replacement trustee, the Trustee shall appoint a successor
trustee, which shall be a bank or trust company, wherever located, having a
capital and surplus of at least $500,000,000 in the aggregate.
<PAGE>   25
                                                                              25

              (b)    For purposes of the removal or appointment of a Trustee
under this Section 11, (i) if any Participant shall be deceased or adjudged
incompetent, such Participant's Beneficiaries shall participate in such
Participant's stead, and (ii) a Participant shall not participate if all
payments of Benefits then currently due or payable in the future have been made
to such Participant or his Beneficiary.
              12.    AMENDMENT OR TERMINATION:    (a)    This Trust Agreement
No. 7 may be amended by Cleveland-Cliffs and the Trustee without the consent of
any Participant or Beneficiary provided the amendment does not adversely affect
any Participant or Beneficiary.  This Trust Agreement No. 7 may also be amended
at any time and to any extent by a written instrument executed by the Trustee,
all Participating Employers, and a majority of the Participants, except to
alter Section 12(b), and except that amendments to Exhibit A contemplated by
Section 9(b) hereof shall be made as therein provided.
              (b)    The Trust shall terminate on the date on which the Trust
no longer contains any assets, or, if earlier, the date on which no Participant
or Beneficiary is entitled to further payments hereunder.
              (c)    Upon termination of the Trust as provided in Section 12(b)
hereof, any assets remaining in the Trust shall be returned to Cleveland-Cliffs
or as it directs.
              13.    SPECIAL DISTRIBUTION:        (a)    It is intended that
(i) the creation of, and transfer of assets to, the Trust will
<PAGE>   26
                                                                              26

not cause the Plan to be other than "unfunded" for purposes of title I of the
Employee Retirement Income Security Act of 1974, as amended, or any successor
provision thereto ("ERISA"); (ii) transfers of assets to the Trust will not be
transfers of property for purposes of section 83 of the Code, or any successor
provision thereto, nor will such transfers cause a currently taxable benefit to
be realized by a Participant or Beneficiary pursuant to the "economic benefit
doctrine; and (iii) pursuant to section 451 of the Code, or any successor
provision thereto, amounts will be includable as compensation in the gross
income of a Participant or Beneficiary in the taxable year or years in which
such amounts are actually distributed or made available to such Participant or
Beneficiary by the Trustee.
              (b)    Notwithstanding anything to the contrary contained in this
Trust Agreement No. 7, in the event it is determined by a final decision of the
Internal Revenue Service, or, if an appeal is taken therefrom, by a court of
competent jurisdiction that (i) by reason of the creation of, and a transfer of
assets to, the Trust, the Trust is considered "funded" for purposes of title I
of ERISA; or (ii) a transfer of assets to the Trust is considered a transfer of
property for purposes of section 83 of the Code or any successor provision
thereto; or (iii) a transfer of assets to the Trust causes a Participant or
Beneficiary to realize income pursuant to the "economic benefit" doctrine; or
(iv) pursuant to section 451 of the Code or any successor provision thereto,
amounts are
<PAGE>   27
                                                                              27

includable as compensation in the gross income of a Participant or Beneficiary
in a taxable year that is prior to the taxable year or years in which such
amounts would, but for this Section 13, otherwise actually be distributed or
made available to such Participant or Beneficiary by the Trustee, then (A) the
assets held in Trust shall be allocated in accordance with Section 7(b) hereof,
and (B) subject to the last sentence of Section 2(b) hereof, the Trustee shall
promptly make a distribution to each affected Participant or Beneficiary which,
after taking into account the federal, state and local income tax consequences
of the special distribution itself, is equal to the sum of any federal, state
and local income taxes, interest due thereon, and penalties assessed with
respect thereto, which are attributable to amounts that are includable in the
income of such Participant or Beneficiary for any of the reasons described in
clause (i), (ii), (iii) or (iv) of this Section 13(b).
              14.    PARTICIPATING SUBSIDIARY DEPOSIT AGREEMENT:       (a)
Upon execution of a Deposit Agreement in the form of Exhibit C hereto, a
Subsidiary may at any time or from time to time make deposits of cash or other
property in the Trust pursuant to Section 1(d) hereof.  Such Deposit Agreement
shall provide, among other things, for the designation of Cleveland-Cliffs as
agent and attorney for the Participating Subsidiary for all purposes under this
Trust Agreement No. 7, including consenting to any amendments hereto,
consenting to any Trustee accounts and consenting to anything requiring the
approval or consent of a Participating Employer hereunder.
<PAGE>   28
                                                                              28

              (b)    Cleveland-Cliffs is the sponsoring grantor for this Trust
Agreement No. 7.  It reserves to itself, and each Subsidiary by execution of a
Deposit Agreement delegates to Cleveland-Cliffs, the power to amend or
terminate this Trust Agreement No. 7 in accordance with its terms.
              15.    SEVERABILITY ALIENATION, ETC.:      (a)    Any provision
of this Trust Agreement No. 7 prohibited by law shall be ineffective to the
extent of any such prohibition without invalidating the remaining provisions
hereof.
              (b)    To the extent permitted by law, benefits to Participants
and Beneficiaries under this Trust Agreement No. 7 may not be anticipated,
assigned (either by law or in equity), alienated or subject to attachment,
garnishment, levy, execution or other legal or equitable process and no benefit
provided for herein and actually paid to any Participant or Beneficiary by the
Trustee shall be subject to any claim for repayment by any Participating
Employer or the Trustee.
              (c)    This Trust Agreement No. 7 shall be governed by and
construed in accordance with the laws of the State of Ohio, without giving
effect to the principles of conflict of laws thereof.
              (d)    This Trust Agreement No. 7 may be executed in two or more
counterparts, each of which shall be considered an original agreement.  This
Trust Agreement No. 7 shall become effective immediately upon the execution by
Cleveland-Cliffs of at least one counterpart, it being understood that all
parties need not sign the same counterpart, but shall not bind any
<PAGE>   29
                                                                              29

Trustee until such Trustee has executed at least one counterpart.
              (e)    Each action taken by Cleveland-Cliffs hereunder shall,
unless otherwise designated in such action by Cleveland-Cliffs or unless the
context or this Trust Agreement No. 7 requires otherwise, be deemed to be an
action of Cleveland-Cliffs on behalf of each Participating Subsidiary pursuant
to the authority granted to Cleveland-Cliffs by such Participating Subsidiary
in the Deposit Agreement.
              16.    NOTICES; IDENTIFICATION OF CERTAIN PARTICIPANTS OR
BENEFICIARIES:      (a)    All notices, requests, consents and other
communications hereunder shall be in writing and shall be deemed to have been
duly given when received:
              If to the Trustee, to:

              Ameritrust Company National Association
              900 Euclid Avenue
              Cleveland, Ohio 44115
              Attention:    Trust Department
                            Employee Benefit Administration

              If to Cleveland-Cliffs, to:

              Cleveland-Cliffs Inc
              1100 Superior Avenue
              Cleveland, OH 44114
              Attention:    Secretary

              If to the Participants, to the addresses listed on Exhibit A
              hereto; and if to the Beneficiaries, to the  addresses provided
              to the Trustee by Cleveland-Cliffs;
provided, however, that if any party or any Participant or Beneficiary or his
or its successors shall have designated a different address by written notice
to the other parties, then to the last address so designated.
<PAGE>   30
                                                                              30

              IN WITNESS WHEREOF, Cleveland-Cliffs and the Trustee have caused
counterparts of this Trust Agreement No. 7 to be executed on their behalf on
April 9, 1991, each of which shall be an original agreement.

                        CLEVELAND-CLIFFS INC

                        By:   Richard F. Novak
                              ----------------
                        Its:  V.P. of Human Resources
                              ---------------------------------

                        AMERITRUST COMPANY NATIONAL ASSOCIATION

                        By:  J. R. Russell
                             -------------
                        Its: Vice President
                             --------------

2225D

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