SEC Contract Filing

Filing Date: 2016-02-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.38
<SEQUENCE>5
<FILENAME>clf2015123110-kex1038.htm
<DESCRIPTION>EXHIBIT 10.38
<TEXT>
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<a name="s437287f5500f454a9f3f8aed9bebd693"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">EXHIBIT </font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">10.38</font><font style="font-family:Arial;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">SEVERANCE AGREEMENT AND RELEASE</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">THIS</font><font style="font-family:Arial;font-size:10pt;">&#32;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Severance Agreement and Release</font><font style="font-family:Arial;font-size:10pt;">&#32;(&#8220;</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Agreement</font><font style="font-family:Arial;font-size:10pt;">&#8221;) is made between David Webb (the &#8220;Executive&#8221;) and Cliffs Natural Resources Inc., an Ohio corporation (the &#8220;</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Company</font><font style="font-family:Arial;font-size:10pt;">&#8221;), as of the date set forth below. The Executive and Company may be referred to as the &#8220;</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Parties</font><font style="font-family:Arial;font-size:10pt;">&#8221;.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:Arial;font-size:10pt;">, the Company and the Executive are parties to a Change in Control Severance Agreement, which was executed on January 24, 2014 and which became effective on January 1, 2014 (the &#8220;</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">CIC Agreement</font><font style="font-family:Arial;font-size:10pt;">&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:Arial;font-size:10pt;">, on August 6, 2014, the Company incurred a &#8220;</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Change in Control</font><font style="font-family:Arial;font-size:10pt;">&#8221; as defined in the CIC Agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:Arial;font-size:10pt;">, on October 31, 2015, the Company terminated the employment of the Executive without &#8220;</font><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Cause</font><font style="font-family:Arial;font-size:10pt;">&#8221; (as defined in the CIC Agreement) in connection with the Change in Control;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:Arial;font-size:10pt;">, as a result of such termination of employment, the Executive has become entitled to certain benefits and payments under the CIC Agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:Arial;font-size:10pt;">, under the CIC Agreement, the Executive is required to sign a release in order to receive the Severance Compensation (as defined under the CIC Agreement and outlined below) and to receive other benefits or payments as provided under the CIC Agreement; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:Arial;font-size:10pt;">, the Parties wish to clarify, interpret, and specify the rights of and payments to the Executive in this Agreement, to embody the release required of the Executive in order to trigger the payments and benefits to be provided under the CIC Agreement to the Executive, and to confirm the continued effectiveness of certain prior agreements between the Parties.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">NOW THEREFORE</font><font style="font-family:Arial;font-size:10pt;">, in consideration of the promises and agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;f