Common use of Replacement of the Trustee Clause in Contracts

Replacement of the Trustee. (a) Prior to the Irrevocability Date, the Trustee may be removed by Cleveland-Cliffs. On or after the Irrevocability Date, the Trustee may be removed at any time by agreement of Cleveland-Cliffs and a majority of the Directors. The Trustee may resign after providing not less than 90 days' notice to Cleveland-Cliffs and to the Directors. In case of removal or resignation, a new trustee, which shall be independent and not subject to control of either Cleveland-Cliffs or the Trust Beneficiaries, shall be appointed as shall be agreed by Cleveland-Cliffs and a majority of the Directors. No such removal or resignation shall become effective until the acceptance of the trust by a successor trustee designated in accordance with this Section 11. If the Trustee should resign, and within 45 days of the notice of such resignation Cleveland-Cliffs and the Directors shall not have notified the Trustee of an agreement as to a replacement trustee, the Trustee shall appoint a successor trustee, which shall be a bank or trust company, wherever located, having a capital and surplus of at least $500,000,000 in the aggregate.

Replacement of the Trustee. (a) Prior to the Irrevocability Datedate of a Change of Control, the Trustee may be removed by Cleveland-Cliffs. On or after the Irrevocability Datedate of a Change of Control, the Trustee may be removed at any time by agreement of Cleveland-Cliffs and a majority of the DirectorsParticipants. The Trustee may resign after providing not less than 90 days' notice to Cleveland-Cliffs and to the DirectorsParticipants. In case of removal or resignation, a new trustee, which shall be independent and not subject to control of either Cleveland-Cleveland Cliffs or the Trust Participants and Beneficiaries, shall be appointed as shall be agreed by Cleveland-Cliffs and a majority of the DirectorsParticipants. No such removal or resignation shall become effective until the acceptance of the trust by a successor trustee designated in accordance with this Section 11. If the Trustee should resign, and within 45 days of the notice of such resignation Cleveland-Cliffs and the Directors Participants shall not have notified the Trustee of an agreement as to a replacement trustee, the Trustee shall appoint a successor trustee, which shall be a bank or trust company, wherever located, having a capital and surplus of at least $500,000,000 in the aggregate.173

Replacement of the Trustee. (a) Prior to the Irrevocability Datedate of a Change of Control, the Trustee may be removed by Cleveland-Cliffs. On or after the Irrevocability Datedate of a Change of Control, the Trustee may be removed at any time by agreement of Cleveland-Cliffs and a majority of the DirectorsParticipants. The Trustee may resign after providing not less than 90 days' ’ notice to Cleveland-Cliffs and to the DirectorsParticipants. In case of removal or resignation, a new trustee, which shall be independent and not subject to control of either Cleveland-Cliffs or the Trust Participants and Beneficiaries, shall be appointed as shall be agreed by Cleveland-Cliffs and a majority of the DirectorsParticipants. No such removal or resignation shall become effective until the acceptance of the trust by a successor trustee designated in accordance with this Section 11. If the Trustee should resign, and within 45 days of the notice of such resignation Cleveland-Cliffs and the Directors Participants shall not have notified the Trustee of an agreement as to a replacement trustee, the Trustee shall appoint a successor trustee, which shall be a bank or trust company, wherever located, having a capital and surplus of at least $500,000,000 in the aggregate.

Replacement of the Trustee. (a) Prior to the Irrevocability Datedate of a Change of Control, the Trustee may be removed by Cleveland-Cliffs. On or after the Irrevocability Datedate of a Change of Control, the Trustee may be removed at any time by agreement of Cleveland-Cliffs and a majority of the DirectorsTrust Beneficiaries. The Trustee may resign after providing not less than 90 days' ’ notice to Cleveland-Cliffs and to the DirectorsTrust Beneficiaries. In case of removal or resignation, a new trustee, which shall be independent and not subject to control of either Cleveland-Cliffs or the Trust Beneficiaries, shall be appointed as shall be agreed by Cleveland-Cliffs and a majority of the DirectorsTrust Beneficiaries. No such removal or resignation shall become effective until the acceptance of the trust Trust by a successor trustee designated in accordance with this Section 11. If the Trustee should resign, and within 45 days of the notice of such resignation resignation, Cleveland-Cliffs and the Directors Executives shall not have notified the Trustee of an agreement as to a replacement trustee, the Trustee shall appoint a successor trustee, which shall be a bank or trust company, wherever located, having a capital and surplus of at least $500,000,000 in the aggregate.

Replacement of the Trustee. (a) Prior to the Irrevocability Datedate of a Change of Control, the Trustee may be removed by Cleveland-Cliffs. On or after the Irrevocability Datedate of a Change of Control, the Trustee may be removed at any time by agreement of Cleveland-Cliffs and a majority of the Directors. The Trustee may resign after providing not less than 90 days' ’ notice to Cleveland-Cliffs and to the Directors. In case of removal or resignation, a new trustee, which shall be independent and not subject to control of either Cleveland-Cliffs or the Trust BeneficiariesDirectors, shall be appointed as shall be agreed by Cleveland-Cliffs and a majority of the Directors. No such removal or resignation shall become effective until the acceptance of the trust by a successor trustee designated in accordance with this Section 11. If the Trustee should resign, and within 45 days of the notice of such resignation Cleveland-Cliffs and the Directors shall not have notified the Trustee of an agreement as to a replacement trustee, the Trustee shall appoint a successor trustee, which shall be a bank or trust company, wherever located, having a capital and surplus of at least $500,000,000 in the aggregate.

Replacement of the Trustee. (a) Prior to the Irrevocability Datedate of a Change of Control, the Trustee may be removed by Cleveland-Cliffs. On or after the Irrevocability Datedate of a Change of Control, the Trustee may be removed at any time by agreement of Cleveland-Cliffs and a majority of the DirectorsTrust Beneficiaries. The Trustee may resign after providing not less than 90 days' notice to Cleveland-Cliffs and to the DirectorsTrust Beneficiaries. In case of removal or resignation, a new trustee, which shall be independent and not subject to control of either Cleveland-Cliffs or the Trust Beneficiaries, shall be appointed as shall be agreed by Cleveland-Cliffs and a majority of the DirectorsTrust Beneficiaries. No such removal or resignation shall become effective until the acceptance of the trust Trust by a successor trustee designated in accordance with this Section 11. If the Trustee should resign, and within 45 days of the notice of such resignation resignation, Cleveland-Cliffs and the Directors Executives shall not have notified the Trustee of an agreement as to a replacement trustee, the Trustee shall appoint a successor trustee, which shall be a bank or trust company, wherever located, having a capital and surplus of at least $500,000,000 in the aggregate.

Replacement of the Trustee. (a) Prior to the Irrevocability Date, the Trustee may be removed by Cleveland-Cliffs. On or after the Irrevocability Date, the Trustee may be removed at any time by agreement of Cleveland-Cliffs and a majority of the DirectorsExecutives. The Trustee may resign after providing not less than 90 days' ’ notice to Cleveland-Cliffs and to the DirectorsExecutives. In case of removal or resignation, resignation a new trustee, which shall be independent and not subject to control of either Cleveland-Cliffs or the Trust Beneficiaries, shall be appointed as shall be agreed by Cleveland-Cliffs and a majority of the DirectorsExecutives. No such removal or resignation shall become effective until the acceptance of the trust by a successor trustee designated in accordance with this Section 11. If the Trustee should resign, and within 45 days of the notice of such resignation Cleveland-Cliffs and the Directors Executives shall not have notified the Trustee of an agreement as to a replacement trustee, the Trustee shall appoint a successor trustee, which shall be a bank or trust company, wherever located, having a capital and surplus of at least $500,000,000 in the aggregate.