Document:

EX-10.5

 Exhibit 10.5 
 INDEMNIFICATION AGREEMENT 
 This indemnification Agreement (“Agreement”)
is made as of the             day of             , 20         by and
between Cliffs Natural Resources 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. 

  
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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 no lo 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. 

  
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 (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, nonappealable 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. 

  
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 4. Certain Procedures Relating to Indemnification. (a) For purposes of pursuing
his rights to indemnification under Section 3 hereof, 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 of 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 of both Part A and Part B of the Undertaking. Upon receipt of the Undertaking, the Company

  
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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 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 

  
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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
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. 

 

			
	CLIFFS NATURAL RESOURCES INC.
		
	BY	 	 
		 	Chairman, President and Chief Executive Officer

  

	
	
	 
	[            ] (Director)

  
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 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 Idemnification Agreement, dated
            ,             , between Cliffs Natural Resources 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
         of              ,
                    . 

[Seal] 
 My commission expires
the          day of
                ,                    .

  
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 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, between Cliffs Natural Resources 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
                     ,             . 

[Seal] 
 My commission expires
the          day of                     ,
        . 

  
 8EX-10.6

 Exhibit 10.6 
 AMENDED AND RESTATED CLEVELAND-CLIFFS INC 
 RETIREMENT PLAN FOR
NON-EMPLOYEE DIRECTORS 
 THIS RETIREMENT PLAN FOR NON-EMPLOYEE DIRECTORS (“Plan”) was established effective
June 1, 1984 by The Cleveland-Cliffs Iron Company (“Cliffs Iron”) and adopted and assumed by Cleveland-Cliffs Inc, an Ohio corporation (“Cleveland-Cliffs” or the “Company”), effective September 1, 1985,
amended and restated effective January 1, 1988, amended by First Amendment, dated July 1, 1995, and is amended and restated effective July 1, 1995 to read as follows: 

RECITALS 
 A. The Board of Directors of the Company (the “Board of Directors”) has determined that the Participants (as hereinafter defined) have, individually and collectively, made and may continue to
make an essential contribution to the profitability, growth, financial strength and overall guidance of the Company. 
 B. The
Company wishes to provide an incentive to attract and maintain the highest quality of individuals to serve as directors (the “Directors”) of the Company. 
 Section 1. ESTABLISHMENT OF THE PLAN 
 1.1 The Plan. The
Company, intending that the Participants and Directors shall rely thereon, hereby establishes this Plan. 
 1.2 Amendments,
Etc. The Company shall not amend, suspend or terminate this Plan or any provision hereof, including without limitation this Section 1.2, without the prior approval of a majority of the Directors present at a meeting of the Board of
Directors at which a quorum (as defined in the 

  
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 Regulations of the Company) is present. Anything in the Plan to the contrary notwithstanding, and
notwithstanding any amendment, suspension or termination (hereinafter in this Section 1.2 collectively referred to as an “Amendment”) of the Plan, no right under the Plan of any person who was a Participant or a Director immediately
prior to any Amendment shall in any way be amended, modified, compromised, terminated or suspended without the prior written consent of such person. Without such consent, the rights under the Plan of a Participant and Director withholding such
consent shall be as set forth in the Plan in the form that the Plan existed on the date such person’s rights under the Plan vested as set forth in Section 2.2 (as amended by any Amendment consented to by such person). 

Section 2. PARTICIPANTS 
 2.1 Participants. Each Director who has never been an employee or officer of the Company or Cliffs Iron and who first serves as a Director before July 1, 1995 (an “Outside Director”)
shall become a Participant in the Plan upon the completion of five years of continuous service as a Director. For the purposes of determining such five-year period of service, service as a director of Cliffs Iron prior to September 1, 1985
shall be aggregated with service as an Outside Director. 
 2.2 Vesting. The rights under the Plan of all persons who are
Directors as of the date of adoption of the Plan shall vest simultaneously with the adoption of the Plan by the Company, and the rights under the Plan of all persons who become Directors subsequent to the adoption of the Plan shall vest immediately
upon their election as Directors; provided, however, that the right of any Director to receive any benefits pursuant to Section 3 of the Plan shall be subject to the qualification of such Director as a Participant hereunder and to the
Director’s satisfaction of the requirements of Section 3 with respect to benefit entitlement. 

  
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 2.3 Participation Upon Change of Control. Anything contained herein to the contrary
notwithstanding, in the event of a “Change of Control” (as hereinafter defined), each Outside Director shall become a Participant in the Plan. A “Change of Control” shall mean the occurrence of any of the following events:

 (a) The Company 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 the Company as the same shall have existed immediately prior to such
merger or consolidation; 
 (b) The Company shall sell or otherwise transfer all or substantially all of its assets to any other
corporation or other legal person, and immediately after such sale or transfer less than 70% of the combined voting power of the outstanding voting securities of such corporation or person is held in the aggregate by the former shareholders of the
Company as the same shall have existed immediately prior to such sale or transfer; 
 (c) A person, within the meaning of
Section 3(a)(9) or of Section 13(d)(3) (as in effect on July 1, 1995) 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 and Exchange Act of 1934) of 30% or more of the outstanding voting securities of the Company (whether directly or indirectly); or 

  
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 (d) During any period of three consecutive years, individuals who at the beginning of any
such period constitute the Board of Directors of the Company cease, for any reason, to constitute at least a majority thereof, unless the election, or the nomination for election by the shareholders of the Company, of each Director first elected
during any such period was approved by a vote of at least one-third of the Directors of the Company who are Directors of the Company on the date of the beginning of any such period. 
 Section 3. POST-RETIREMENT INCOME 
 3.1 Post-Retirement
Income. Commencing upon a Participant’s retirement from the Board of Directors (i) after attaining the normal retirement age for Directors, as established from time to time by the Board of Directors, with at least five years of
continuous service as a Director, (ii) because of disability or health reasons, (iii) with the consent of the Board of Directors, or (iv) after a Change of Control (hereinafter collectively referred to as the Participant’s
“Commencement Date”), the Company will pay quarterly to the Participant an amount equal to the greatest of (v) One Hundred Percent (100%) of the stated quarterly Board of Directors retainer fee for service as an Outside Director
which is in effect on the Participant’s Commencement Date, (vi) One Hundred Percent (100%) of the stated quarterly Board of Directors retainer fee for service as an Outside Director which is in effect on the day immediately preceding
a Change of Control, or (vii) One Hundred Percent (100%) of the stated quarterly Board of Directors retainer fee which is in effect from time to time; provided, however, that if a Participant’s Commencement Date is on account
of an event described in clause (iv) of this Section 3.1, such amount shall be reduced for any Participant with fewer than five years of continuous service as an Outside Director by Twenty Percent (20%) for each full year of
continuous service 

  
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less than five that such Participant has served as an Outside Director. For purposes of this Section 3.1, when determining the amount of an Outside Director’s stated quarterly Board of
Directors retainer fee, such retainer fee shall be deemed to include the stock component (if any, and whether restricted or unrestricted) of such fee. The duration of post-retirement income payments described in this Section 3.1 shall be as
more fully described in Section 3.2. For purposes of this Section 3.1, the term “retirement” of an Outside Director shall include, following a Change of Control, resignation or the failure of the stockholders of the Company to
re-elect such Outside Director. 
 3.2 Form of Payment. Post-retirement income payable pursuant to Section 3.1 shall
be paid to the Participant in cash for such Participant’s life in equal quarterly installments, each installment to be paid in advance on the first day of each quarter, beginning with the quarter that begins on the first day of the January,
April, July or October coinciding with or next following such Participant’s Commencement Date. 
 (a) Anything contained
herein to the contrary notwithstanding, and subject to the provisions of subsection (c) of this Section 3.2, in the event a Participant is married on his Commencement Date, such Participant may elect to have his post-retirement income paid
in the form of a “Joint and Survivor Benefit” (as hereinafter defined). For purposes of this Section 3.2, a “Joint and Survivor Benefit” is a reduced post-retirement income that is payable to the Participant in equal
quarterly installments for his life with the provision that, in the event the Participant should predecease his “Surviving Spouse” (as defined in subsection (b) of this Section 3.2), One Hundred Percent (100%) of such
reduced post-retirement income shall be paid to his Surviving Spouse in equal quarterly installments for the duration of her life. Quarterly installments of the Joint and Survivor Benefit will be paid as more particularly set forth in the

  
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first paragraph of this Section 3.2. The post-retirement income payable to a Participant pursuant to the provisions of this subsection (a) shall be the “Actuarial Equivalent”
(as defined in subsection (b) of this Section 3.2) of the post-retirement income described in the first paragraph of this Section 3.2. 
 (b) For purposes of this Section 3.2, the following terms shall have the following meanings. A Participant’s “Surviving Spouse” is the person to whom the Participant is legally married
on his Commencement Date. “Actuarial Equivalent” means a payment or series of payments having the same present value as the normal form of benefit distribution described in the first paragraph of this Section 3.2, and calculated based
on (i) the mortality table in effect as of the date benefit distribution commences, which mortality table shall be the table prescribed by the Secretary of the Treasury and required for pension plan compliance under the provisions of
Section 417(e) of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder, and (ii) interest equal to the average annual rate of interest on 30-year Treasury securities for the month prior to the month benefit
distribution commences. 
 (c) Any married Participant may elect to have his post-retirement income paid in the form of a Joint
and Survivor Benefit, as more particularly set forth in subsection (a) above, by written notice filed with the Board Affairs Committee of the Board of Directors (the “Committee”) at least one year prior to the Participant’s
Commencement Date. Any such election may be changed by the Participant at any time and for any number of times prior to the Participant’s Commencement Date and without the consent of any other person by the Participant filing a later signed
written election with the Committee; provided, however, that any election made less than one year prior to the Participant’s Commencement Date shall not be valid. A Participant’s election of the Joint and Survivor Benefit pursuant
to the provisions of this subsection (c) shall become 

  
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irrevocable when the Participant commences receipt of benefits hereunder. Notwithstanding the foregoing proviso, any election made during the Thirty (30) day period which commences
September 1, 1996 shall be a valid election for purposes of this subsection (c). 
 Section 4. GENERAL PROVISIONS

 4.1 Successors and Binding Agreements. (a) The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Company expressly to assume and to agree to perform this Plan in the same manner and to the same extent the
Company would be required to perform if no such succession had taken place. This Plan shall be binding upon and inure to the benefit of the Company and any successor of or to the Company, including without limitation any persons acquiring directly
or indirectly all or substantially all of the business and/or assets of the Company whether by sale, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this
Agreement), but shall not otherwise be assignable or delegatable by the Company. 
 (b) This Plan shall inure to the benefit of
and be enforceable by each of the Participants or Directors and his respective personal or legal representatives, executors, administrators, successors, heirs, distributees and/or legatees. 

(c) Neither the Company nor any Participant or Director hereunder shall assign, transfer or delegate this Plan or any rights or
obligations hereunder except as expressly provided in Section 4.1(a). Without limiting the generality of the foregoing, no right or interest under this Plan of a Participant or Director (or any person claiming through or under any of them)

  
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shall be assignable or transferable in any manner or be subject to alienation, anticipation, sale, pledge, encumbrance or other legal process or in any manner be liable for or subject to the
debts or liabilities of any such Participant or Director or designated beneficiary. If any Participant or Director or designated beneficiary shall attempt to or shall transfer, assign, alienate, anticipate, sell, pledge or otherwise encumber his
benefits hereunder or any part thereof, or if by reason of his bankruptcy or other event happening at any time such benefits would devolve upon anyone else or would not be enjoyed by him, then the Company, acting through the Board Affairs Committee
of the Board of Directors, in its discretion, may terminate his interest in any such benefit to the extent the Company considers necessary or advisable to prevent or limit the effects of such occurrence. Termination shall be affected by filing a
written “termination declaration” with the Plan’s records and making reasonable efforts to deliver a copy to the Participant or Director or designated beneficiary (the “Terminated Participant”) whose interest is adversely
affected. 
 As long as the Terminated Participant is alive, any benefits affected by the termination shall be retained by the
Company and, in the Company’s sole and absolute judgment, may be paid to or expended for the benefit of the Terminated Participant, his spouse, his children or any other person or persons in fact dependent upon him in such a manner as the
Company shall deem proper. Upon the death of the Terminated Participant, all benefits withheld from him and not paid to others in accordance with the preceding sentence shall be paid to the Terminated Participant’s then living descendants,
including adopted children, per stirpes, or, if there are none then living, to his estate. 
 4.2 Notices.
For all purposes of this Plan, all communications provided for herein shall be in writing and shall be deemed to have been duly given when delivered or five business days after having been mailed by United

  
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States registered or certified mail, return receipt requested, postage prepaid, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and
to a Participant at his principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

4.3 Governing Law. The validity, interpretation, construction and performance of this Plan shall be governed by the laws of the
State of Ohio, without giving effect to the principles of conflict of laws of such State. 
 4.4 Severability. Each
section, subsection and lesser section of this Plan constitutes a separate and distinct undertaking, covenant and/or provision hereof. Whenever possible, each provision of this Plan shall be interpreted in such manner as to be effective and valid
under applicable law. In the event that any provision of this Plan shall finally be determined to be unlawful, such provision shall be deemed severed from this Plan, but every other provision of this Plan shall remain in full force and effect, and
in substitution for any such provision held unlawful, there shall be substituted a provision of similar import reflecting the original intention of the parties hereto to the extent permissible under law. 

4.5 Withholding of Taxes. The Company may withhold from any amounts payable under this Plan all federal, state, city and other
taxes as shall be legally required. 
 4.6 Gender, Number, Etc. As used in this Plan, the singular shall include the
plural and the masculine shall include the feminine, and vice versa. 

  
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 IN WITNESS WHEREOF, this Amended and Restated Plan has been duly adopted by the Company as
of July 1, 1995. 
  

			
	CLEVELAND-CLIFFS INC
		
	By	 	/s/    M.T. Moore
		 	Chairman and Chief Executive Officer

  
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