Amendment No. 1 to Cleveland-Cliffs Inc. Supplemental Retirement Benefit Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, effective December 14, 2023, updates the Cleveland-Cliffs Inc. Supplemental Retirement Benefit Plan to reflect changes in the underlying pension plans and to clarify that supplemental retirement benefits are now subject to the company's Compensation Clawback Policy. Specifically, it recognizes the merger of the Pension Plan into the Cleveland-Cliffs Combined Pension Plan as of January 1, 2024, and applies clawback provisions to plan participants. The amendment is executed by an authorized officer of Cleveland-Cliffs Inc.

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EX-10.42 2 clf-2023123110xkex1042.htm EX-10.42 Document
EXHIBIT 10.42
AMENDMENT NO. 1
TO
CLEVELAND-CLIFFS INC.
SUPPLEMENTAL RETIREMENT BENEFIT PLAN
THIS AMENDMENT NO. 1 is made this 14th day of December, 2023 by CLEVELAND‑CLIFFS INC. (hereinafter referred to as “Cliffs”).
WITNESSETH:
WHEREAS, Cliffs maintains the Supplemental Retirement Benefit Plan (the “SERP”) to provide supplemental retirement benefits to certain eligible employees covered by a defined benefit plan specified in Exhibit A to the SERP;
WHEREAS, Exhibit A includes the “Pension Plan for Employees of Cleveland-Cliffs Inc. and its Associated Employers” (the “Pension Plan”) as a covered plan;
WHEREAS, the Pension Plan will be merged with and into the Cleveland-Cliffs Steel Corporation Noncontributory Pension Plan (“NCPP”), such that as of January 1, 2024, the Pension Plan will be a component plan of the NCPP, which will be renamed the Cleveland-Cliffs Combined Pension Plan (the “CCCPP”);
WHEREAS, Cliffs desires to amend the SERP to reflect that, as of January 1, 2024, the Pension Plan will be a component plan of the CCCPP; and
WHEREAS, Cliffs desires to amend the SERP to reflect that SERP benefits are subject to Cliffs’ Compensation Clawback Policy.
NOW, THEREFORE, pursuant to Section 7 of the SERP, Cliffs hereby amends the SERP as follows:
1.Effective as of the date of adoption of this Amendment 1, Section 6 is amended to add a new Paragraph F to read as follows:
“F.    Compensation Clawback. Supplemental Pension Plan Benefits shall be subject to any Compensation Clawback Policy adopted by Cliffs applicable to any Plan Participant.”
2.Effective January 1, 2024, Exhibit A shall read as follows:
Pension Plans
Cleveland-Cliffs Pension Plan, a part of the Cleveland-Cliffs Combined Pension Plan (formerly known as the Pension Plan for Employees of Cleveland-Cliffs Inc. and its Associated Employers a/k/a Pension Plan for Salaried Employees of Cleveland-Cliffs Inc. and its Associated Employers)
Ore Mining Companies Pension Plan


IN WITNESS WHEREOF, Cleveland‑Cliffs Inc., by its appropriate officer duly authorized, has caused this Amendment No. 1 to be executed as of the date and year first above written.
CLEVELAND-CLIFFS INC.
By:/s/ James D. Graham
Title:Executive Vice President, Human Resources, Chief Legal and Administrative Officer & Secretary