Form 4: Cleveland-Cliffs Director Gabriel Stoliar Acquires Shares Through Retainer Program

Director Gabriel Stoliar acquired 2,128 common shares of Cleveland-Cliffs Inc. through the company's Nonemployee Director Retainer Share Election Program and surrendered 638 shares for tax liabilities.

Summary

• Gabriel Stoliar, a director at Cleveland-Cliffs Inc., acquired 2,128 common shares on January 2, 2025, at a price of $9.4 per share.
• These shares were issued as part of the company's Nonemployee Director Retainer Share Election Program, where Stoliar elected to receive 50% of his quarterly retainer in shares instead of cash.
• Concurrently, Stoliar surrendered 638 shares at $9.4 per share to cover tax liabilities associated with the share issuance.
• Following these transactions, Stoliar's direct holdings in Cleveland-Cliffs Inc. decreased from 263,099 to 262,461 shares.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed positively as it aligns director interests with shareholders. There are no indications of negative sentiment.

Positives

• The director's participation in the share retainer program demonstrates confidence in the company's future.
• The program allows directors to align their interests with those of shareholders.

Industry Context

This type of transaction is common for directors of publicly traded companies, where they are often compensated with a mix of cash and equity to align their interests with shareholders.

Comparison to Industry Standards

• Many publicly traded companies offer share-based compensation programs to their directors.
• The Cleveland-Cliffs program, where directors can elect to receive a portion of their retainer in shares, is a fairly standard practice.
• The 50% election by the director is within the typical range for such programs.

Stakeholder Impact

• The share acquisition by a director may be viewed positively by shareholders as it demonstrates confidence in the company.
• The tax liability surrender has no material impact on stakeholders.

Key Dates

Keywords

Cleveland-Cliffs, Director, Share Acquisition, Retainer Program, Form 4, Gabriel Stoliar, Equity Compensation