Form 4: Cleveland-Cliffs EVP Sells Shares for Tax Liability

Cleveland-Cliffs EVP Terry G. Fedor disposed of 6,922 common shares on January 5, 2026, to cover tax liabilities related to restricted share units.

Summary

• Terry G. Fedor, Executive Vice President of Engineering & Technology at Cleveland-Cliffs Inc. (CLF), reported a transaction.
• On January 5, 2026, Fedor disposed of 6,922 common shares.
• This transaction was a mandatory surrender of shares to cover tax liabilities incurred upon the payout of restricted share units.
• The shares were disposed of at a price of $13.2 per share.
• Following this transaction, Fedor beneficially owns 567,255 common shares.
• An adjustment of an additional 1,142 shares was made due to reconciliation with Fedor's records.

Sentiment

Score: 5

Explanation: The transaction is a routine mandatory surrender of shares for tax liability upon RSU vesting, which is a neutral event for the company's operational performance and does not indicate a change in executive sentiment.

Positives

• The vesting of restricted share units (RSUs) indicates compensation realization for the executive.

Negatives

• The executive disposed of 6,922 common shares, reducing direct beneficial ownership.

Future Outlook

NA

Industry Context

This Form 4 filing reports an individual executive's share transaction and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: The transaction represents a routine, pre-planned event related to executive compensation and is unlikely to have a significant impact on the company's share price or overall shareholder value.
• Executive (Terry G. Fedor): Realized compensation from the vesting of restricted share units, with a portion used to cover tax obligations.

Key Dates

Recommendation

This Form 4 reports a routine, mandatory disposition of shares by an executive to cover tax liabilities associated with the vesting of restricted share units. Such transactions are common and generally do not reflect a change in the executive's confidence in the company or its future prospects. Therefore, it does not provide new information that would warrant a change in investment recommendation.

Keywords

Cleveland-Cliffs, CLF, Form 4, insider transaction, share disposition, executive compensation, restricted stock units, Terry G. Fedor