This indemnification Agreement ("Agreement") is made of the _____ day of __________________, 1987, by
and between Cleveland-Cliffs Inc, an Ohio corporation (the "Company") and _____________________ (the
"Indemnitee"), a Director of the Company.
A. The Indemnitee is presently serving as a Director of the Company and the Company desires the Indemnitee to
continue in that capacity. The Indemnitee is willing, subject to certain conditions including without limitation the
execution and performance of this Agreement by the Company, to continue in that capacity.
B. In addition to the indemnification to which the Indemnitee is entitled under the Regulations of the Company
(the "Regulations"), the Company has obtained, at its sole expense, insurance protecting the Company and its
officers and directors including the Indemnitee against certain losses arising out of actual or threatened actions,
suits, or proceedings to which such persons may be made or threatened to be made parties. However, as a result
of circumstances having no relation to, and beyond the control of, the company and the Indemnitee, the scope of
that insurance has been reduced and there can be no assurance of the continuation or renewal of that insurance.
Accordingly, and in order to induce the Indemnitee to continue to serve in his present capacity, the Company and
the Indemnitee agree as follows:
1. Continued Service. The Indemnitee shall continue to serve at the will of the Company as a Director of the
Company so long as he is duly elected and qualified in accordance with the Regulations or until he resigns in
writing in accordance with applicable law.
2. Initial Indemnity. (a) The Company shall indemnify the Indemnitee, if or when he is a party or is threatened to
be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative, or investigative (other than an action by or in the right of the Company), by reason o