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EXHIBIT 10(f)
CONFIDENTIAL
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AMENDMENT TO CONSULTING AGREEMENT
THIS AMENDMENT is entered into this 28th day of December, 1995, 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 are parties to a Consulting Agreement,
dated June 23, 1987, as amended June 18, 1991, for a term ending on December
31, 1996; and
WHEREAS, the parties to that agreement wish to further amend it in
certain respects.
NOW THEREFORE, the parties agree to further 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 through the year 1995,
payable quarterly in advance on the first day of January, April, July
and October of each year, and agrees to pay $5,000 for the first
quarter of 1996, payable on January 1, 1996, except that for the period
commending July 1, 1991 through December 31, 1992, the annual rate
shall be Eighty Thousand Dollars ($80,000.00),
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of which Sixty Thousand Dollars ($60,000.00) of such annual
rate shall not be subject to the penultimate sentence of Article X.
2. Article X is amended in its entirety to read as follows:
X. TERM
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This Agreement shall become effective as of January 1, 1987
and, subject to the other provisions hereof, shall terminate on March
31, 1996. This Agreement shall also terminate upon Consultant's
earlier death whereupon the balance payable hereunder through March 31,
1996 shall immediately become due and be paid to Consultant's estate
within ninety (90) days of the date of Consultant's death.
Notwithstanding the above, the termination of this Agreement
shall not terminate the obligations of Consultant as contained in
Section V. above.
3. 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 /s/ M. Xxxxxx Xxxxx
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Chairman and Chief Executive Officer
Consultant:
/s/ Xxxxxx X. Xxxxxx
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XXXXXX X. XXXXXX
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