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EXHIBIT 10(e)
FLH63
CONFIDENTIAL
061391
AMENDMENT TO CONSULTING AGREEMENT
THIS AMENDMENT is entered into this 18th day of June, 1991, by
and between CLEVELAND-CLIFFS INC, an Ohio corporation (hereinafter referred to
as "Cliffs"), and XXXXXX X. XXXXXX of Xxxxx Xxxxx, Ohio (hereinafter referred
to as "Consultant").
W I T N E S S E T H:
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WHEREAS, Cliffs and Consultant entered into a Consulting
Agreement, dated June 23, 1987, for a term ending on December 31, 1996; and
WHEREAS, the parties to that agreement wish to amend it in
certain respects.
NOW, THEREFORE, the parties agree to amend said Consulting
Agreement as follows:
1. Article III is amended in its entirety to read as follows:
III. SERVICES AND COMPENSATION
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Consultant agrees to provide to Cliffs, when and to
the extent reasonably required, consulting and advisory
services during the term of this Agreement, and Cliffs
agrees to pay Consultant at the rate of Twenty Thousand
Dollars ($20,000.00) per year, payable quarterly in
advance on the first day of January, April, July and
October of each year, except that for the period
commencing July 1, 1991 through December 31, 1992,
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the annual rate shall be Eighty Thousand Dollars
($80,000.00), of which Sixty Thousand Dollars
($60,000.00) of such annual rate shall not be subject
to the penultimate sentence of Article X.
2. Except as provided herein, the Consulting Agreement
remains in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, this Agreement has been executed on the day
and year first above written.
CLEVELAND-CLIFFS INC
By M. Xxxxxx Xxxxx
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Consultant:
Xxxxxx X. Xxxxxx
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XXXXXX X. XXXXXX
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