Form 4: Cleveland-Cliffs Executive Clifford T. Smith Reports Share Transactions

Executive Vice President and Chief Operating Officer of Cleveland-Cliffs, Clifford T. Smith, reports the surrender of shares for tax liabilities and a contribution of shares to a grantor retained annuity trust.

Summary

• Clifford T. Smith, an EVP and Chief Operating Officer at Cleveland-Cliffs, filed a Form 4 detailing changes in his beneficial ownership of company stock.
• On January 3, 2025, Smith surrendered 14,269 common shares at a price of $9.50 per share to cover tax liabilities related to the payout of restricted share units.
• Smith also contributed 200,000 common shares to a grantor retained annuity trust, which were previously reported as directly held.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing and does not contain any information that would indicate positive or negative sentiment.

Industry Context

This filing is a routine disclosure of share transactions by a company executive, which is common practice in publicly traded companies.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders in accordance with SEC regulations.
• The transactions reported are typical for executives who receive stock-based compensation and manage their personal finances.

Stakeholder Impact

• The transactions have a minimal impact on shareholders as they are related to executive compensation and personal financial management.

Key Dates

Keywords

Form 4, Cleveland-Cliffs, Beneficial Ownership, Share Transactions, Clifford T. Smith, Grantor Retained Annuity Trust, Restricted Share Units, Tax Liability