Exhibit 10(p)
FIRST AMENDMENT TO TRUST AGREEMENT NO. 1
This First Amendment to Trust Agreement No. 1 is made on this 10th day of
September, 2002, by and between Cleveland-Cliffs Inc, an Ohio corporation
("Cleveland-Cliffs"), and KeyBank National Association, a national banking
association, (formerly KeyTrust Company of Ohio, N.A.) ,as trustee (the
"Trustee").
WITNESSETH:
WHEREAS, on June 12, 1997, Cleveland-Cliffs and the Trustee entered into a
Trust Agreement No. 1, amended and restated effective June 1, 1997 ("Trust No.
1");
WHEREAS, Trust No. 1 was amended by the Amendments to Exhibits to Trust
No. 1, effective January 1, 2000;
WHEREAS, Cleveland-Cliffs and the Trustee desire to further amend Trust
No. 1; and
WHEREAS, Section 12 of Trust No. 1 provides that such Trust No. 1 may be
amended by Cleveland-Cliffs and the Trustee.
NOW, THEREFORE, effective September 10, 2002, Cleveland-Cliffs and the
Trustee hereby amend Trust No. 1 to provide as follows:
The last sentence of Section 4 of Trust No. 1 is hereby amended to read as
follows:
"Thereafter, upon the request of the Company, the Trustee shall pay to
Cleveland-Cliffs the excess, if any, of the balance in the Master Account over
140% of the aggregate of all of the Fully Funded amount."
IN WITNESS WHEREOF, Cleveland-Cliffs and the Trustee have caused
counterparts of this First Amendment to Trust Agreement No. 1 to be executed on
their behalf on September 10, 2002, each of which shall be an original First
Amendment to Trust Agreement No. 1.
CLEVELAND-CLIFFS INC
By: /s/ Xxxxx X. Xxxxxx
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Its: SVP, Human Resources
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KEYBANK NATIONAL ASSOCIATION,
as Trustee
By: /s/ Xxxxxx Xxxxx
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Its: VP
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and
By: Xxxx Xxxxxxxxxx
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Its: AVP
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