Lourenco Goncalves - 20 Aug 2021 Form 4 Insider Report for CLEVELAND-CLIFFS INC. (CLF)

Role: Chairman, President & CEO, Director
Signature: /s/ James D. Graham by Power of Attorney
Issuer symbol: CLF
Transactions as of: 20 Aug 2021
Net transactions value: +$3,457,500
Form type: 4
Filing time: 20 Aug 2021, 10:02:19 UTC
Next filing: 01 Dec 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CLF	Common Shares	Options Exercise	$3,457,500	+250,000	+5.7%	$13.83	4,598,592	20 Aug 2021	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CLF	Employee Stock Options (right-to-buy)	Options Exercise	$0	-250,000	-100%	$0.000000^*	0	20 Aug 2021	Common Shares	250,000	$13.83	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This transaction represents the exempt exercise of compensatory stock options, the expiration date of which is November 17, 2021. The Reporting Person is exercising these stock options with cash and holding all 250,000 shares to avoid forfeiture of such stock options at their upcoming expiration.
F2	The option vested in three equal annual installments beginning on December 31, 2015.