Form 4: Cleveland-Cliffs Director John T. Baldwin Deferring 2024 Restricted Shares

Director John T. Baldwin elected to defer his 2024 Director Restricted Shares, which will be payable in common stock according to the 2021 Nonemployee Directors' Compensation Plan.

Summary

• On April 25, 2024, John T. Baldwin, a director of Cleveland-Cliffs Inc., elected to defer his 2024 Director Restricted Shares.
• The deferred shares, totaling 7,679, are the economic equivalent of common shares.
• These shares will be payable in common stock according to Baldwin's deferral election and the terms of the 2021 Nonemployee Directors' Compensation Plan.
• Following the transaction, Baldwin beneficially owns 67,328.954 common shares directly.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard director compensation practices and alignment with company performance.

Future Outlook

The deferred shares will be payable in common stock in accordance with the Reporting Person's deferral election and the terms of the 2021 Nonemployee Directors' Compensation Plan.

Industry Context

This filing reflects standard practice for directors receiving and managing equity compensation, aligning their interests with the long-term performance of the company.

Comparison to Industry Standards

• Director compensation packages often include restricted stock units (RSUs) or deferred shares, similar to those received by John T. Baldwin.
• Deferral elections are a common tool used by executives and directors to manage their tax liabilities and align their interests with the long-term performance of the company.
• Companies like US Steel and ArcelorMittal also utilize equity-based compensation for their directors, although the specific terms and conditions may vary.

Stakeholder Impact

• The deferral of shares by a director signals confidence in the company's future performance, which can positively influence shareholder sentiment.
• The structure of director compensation aligns the interests of the director with those of the shareholders.

Key Dates