Exhibit 10(w)
[TRUST FOR NONEMPLOYEE DIRECTORS' COMPENSATION PLAN]
TRUST AGREEMENT NO. 10
Between
CLEVELAND-CLIFFS INC
and
KEY TRUST COMPANY OF OHIO, N.A.
November 20, 1996
TABLE OF CONTENTS
IX. AMENDMENTS, ETC., TO PLAN AND EXHIBITS.............................. 18
X. REPLACEMENT OF TRUSTEE.............................................. 19
XI. AMENDMENT OR TERMINATION OF AGREEMENT............................... 21
XII. GENERAL PROVISIONS.................................................. 22
XIII. NOTICES............................................................. 24
TRUST AGREEMENT NO. 10
This Trust Agreement ("Agreement") made as of the 20th day of November, 1996 by and between Cleveland-
Cliffs Inc, an Ohio corporation ("Company"), and Key Trust Company of Ohio, N.A., an Ohio corporation
("Trustee").
Page
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I. TRUST FUND.......................................................... 2
II. PAYMENTS TO TRUST BENEFICIARIES..................................... 6
III. THE TRUSTEE'S RESPONSIBILITY REGARDING PAYMENTS TO
A TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT................... 8
IV. PAYMENTS TO COMPANY................................................. 10
V. INVESTMENT OF TRUST FUND............................................ 10
VI. INCOME OF THE TRUST................................................. 11
VII. ACCOUNTING BY TRUSTEE............................................... 11
VIII. RESPONSIBILITY AND INDEMNIFICATION OF TRUSTEE....................... 13
TABLE OF CONTENTS
IX. AMENDMENTS, ETC., TO PLAN AND EXHIBITS.............................. 18
X. REPLACEMENT OF TRUSTEE.............................................. 19
XI. AMENDMENT OR TERMINATION OF AGREEMENT............................... 21
XII. GENERAL PROVISIONS..................................