PAYMENT AGREEMENTPayment Agreement • October 7th, 2008 • Cleveland Cliffs Inc • Metal mining • Delaware
This Payment Agreement (the “Agreement”) is made and entered into as of the 3rd day of October, 2008 (the “Effective Date”), among Cleveland-Cliffs Inc, an Ohio corporation (“CLF”), Cliffs Mining Company, a Delaware corporation and wholly-owned subsidiary of CLF (“CMC” and collectively with CLF, “Cliffs”), The Regent Investment Company, L.P., a Delaware limited partnership (“Regent”); Questor Partners Fund II, L.P., a Delaware limited partnership (“QPII”); Questor Side-by-Side Partners II, L.P., a Delaware limited partnership (“SBSII”); Questor Side-by-Side Partners II 3(c)1, L.P., a Delaware limited partnership (“SBSII3(c)1”); Questor General Partner II, L.P., a Delaware limited partnership (“QGPII” and, together with QPII, SBSII, SBSII3(c)1, the “Questor Members”); PinnOak Resources Employee Equity Incentive Plan, LLC, a Delaware limited liability company (“Employee LLC” and, together with Regent, the Questor Members and Employee LLC, the “Selling Unit Holders”).
