Cleveland-Cliffs director granted 15,334 deferred shares

BALDWIN JOHN T reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

BALDWIN JOHN T reported acquisition or exercise transactions in this Form 4 filing.

CLEVELAND-CLIFFS INC. director John T. Baldwin received a grant of 15,334 Deferred Shares on April 21, 2026 as a compensation-related award. Each Deferred Share is economically equivalent to one common share and will be paid in common stock according to his deferral election and the 2021 Nonemployee Directors' Compensation Plan. After this grant, he holds a total of 101,229.954 Deferred Shares directly.

Insider Trade Summary

Grant/Award: 15,334 shares

Grant/Award 1 txn

Insider BALDWIN JOHN T

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Shares	15,334	$0.00	$0.00

Holdings After Transaction: Deferred Shares — 101,229.954 contracts (Direct)

Footnotes (2)

1. F1. The Reporting Person has elected to defer his 2026 Director Restricted Shares (the "Deferred Shares").
2. F2. Each Deferred Share is the economic equivalent of one Issuer common share. The Deferred Shares become payable in common stock in accordance with the Reporting Person's deferral election and the terms of the 2021 Nonemployee Directors' Compensation Plan.

Key Figures

Deferred Shares granted: 15,334 Deferred Shares Deferred holdings after grant: 101,229.954 Deferred Shares Transaction price per share: $0.0000 per Deferred Share +1 more

4 metrics

Deferred Shares granted 15,334 Deferred Shares Grant to director John T. Baldwin on April 21, 2026

Deferred holdings after grant 101,229.954 Deferred Shares Total direct Deferred Shares held by John T. Baldwin after transaction

Transaction price per share $0.0000 per Deferred Share Compensation-related award, not open-market purchase

Underlying common shares 15,334 common shares Each Deferred Share is economically equivalent to one common share

Key Terms

Deferred Shares, economic equivalent, deferral election, 2021 Nonemployee Directors' Compensation Plan

4 terms

Deferred Shares financial

"The Reporting Person has elected to defer his 2026 Director Restricted Shares (the "Deferred Shares")."

Deferred shares are a class of stock whose economic benefits or certain shareholder rights are delayed or paid later than ordinary shares—for example, dividends may be paid only after other shareholders receive theirs, or voting or redemption rights may be postponed. For investors, that timing difference matters because deferred shares typically offer lower near-term income and different risk, affecting expected returns, priority in payouts, and the share’s market value; think of them like a delayed paycheck compared with a regular salary.

economic equivalent financial

"Each Deferred Share is the economic equivalent of one Issuer common share."

deferral election financial

"The Deferred Shares become payable in common stock in accordance with the Reporting Person's deferral election"

2021 Nonemployee Directors' Compensation Plan financial

"in accordance with the Reporting Person's deferral election and the terms of the 2021 Nonemployee Directors' Compensation Plan."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did CLEVELAND-CLIFFS (CLF) director John T. Baldwin report in this Form 4?

Director John T. Baldwin reported receiving 15,334 Deferred Shares as a compensation-related award. These Deferred Shares are tied to his 2026 Director Restricted Shares and are structured to defer receipt of common stock under the company’s nonemployee directors’ compensation plan.

How many CLEVELAND-CLIFFS (CLF) Deferred Shares does John T. Baldwin hold after this transaction?

Following the April 21, 2026 grant, John T. Baldwin holds 101,229.954 Deferred Shares directly. This figure reflects his cumulative deferred director compensation in share-equivalent form, rather than an open-market purchase or sale of Cleveland-Cliffs common stock.

What are Deferred Shares in the context of CLEVELAND-CLIFFS (CLF)?

Deferred Shares are awards that are the economic equivalent of one Cleveland-Cliffs common share each. They become payable in common stock at a later time, according to the director’s deferral election and the terms of the 2021 Nonemployee Directors' Compensation Plan.

Was this CLEVELAND-CLIFFS (CLF) Form 4 a market purchase or sale by the director?

No, the Form 4 reports a compensation-related grant, coded as an acquisition (A), not a market purchase or sale. The 15,334 Deferred Shares reflect deferred director compensation rather than trading activity in Cleveland-Cliffs common shares on the open market.

How do the Deferred Shares convert into CLEVELAND-CLIFFS (CLF) common stock?

Each Deferred Share is economically equivalent to one Cleveland-Cliffs common share and becomes payable in common stock. Payment timing follows John T. Baldwin’s deferral election and the specific rules of the 2021 Nonemployee Directors' Compensation Plan governing nonemployee director awards.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/23/2026 - 05:01 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BALDWIN JOHN T

(Last) (First) (Middle)

200 PUBLIC SQUARE

SUITE 3300

(Street)

CLEVELAND OHIO 44114-2315

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CLEVELAND-CLIFFS INC. [ CLF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Shares(1)	(2)	04/21/2026		A		15,334		(2)	(2)	Common Shares	15,334	$0	101,229.954	D

Explanation of Responses:

1. The Reporting Person has elected to defer his 2026 Director Restricted Shares (the "Deferred Shares").

2. Each Deferred Share is the economic equivalent of one Issuer common share. The Deferred Shares become payable in common stock in accordance with the Reporting Person's deferral election and the terms of the 2021 Nonemployee Directors' Compensation Plan.

Remarks:

	/s/ James D. Graham by Power of Attorney	04/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)