Amendment to Amended and Restated Cleveland-Cliffs Inc Retirement Plan for Non-Employee Directors
This amendment, effective January 1, 2001, modifies the Cleveland-Cliffs Inc Retirement Plan for Non-Employee Directors. It allows directors with at least five years of continuous service to begin receiving retirement benefits at age 65, even if they have not reached the plan's normal retirement age. However, these early benefits will be reduced based on actuarial calculations. The amendment was adopted by Cleveland-Cliffs Inc and signed by its Chairman and CEO.
Exhibit 10.7
AMENDMENT TO AMENDED AND RESTATED
CLEVELAND-CLIFFS INC RETIREMENT PLAN
FOR NON-EMPLOYEE DIRECTORS
The Amended and Restated Cleveland-Cliffs Inc Retirement Plan for Non-Employee Directors, as amended and restated as of July 1, 1995, is hereby amended by adding a new paragraph to the end of Section 3.1 to read as follows:
“Notwithstanding the preceding provisions of this Section 3.1, a Participant who has not attained the normal retirement age for Directors, but who has at least five years of continuous service as a Director, may commence the receipt of his benefit computed under this Section 3.1 on or after attaining the age of 65 (treating the date that he commences as his “Commencement Date”); provided, however, that such benefit shall be actuarially reduced, using assumptions and factors designated by an actuary selected by the Company, to reflect the commencement of such benefit prior to the normal retirement age for Directors.”
IN WITNESS WHEREOF, this Amendment has been adopted by the Company as of January 1, 2001.
| CLEVELAND-CLIFFS | ||
| By: | /s/ J.S. Brinzo | |
| Chairman and Chief Executive Officer | ||
