Koci Keith 4

What Happened
Keith Koci, Executive Vice President & President, CC Services at Cleveland‑Cliffs (CLF), received equity awards on February 18, 2026. The filing shows two grants of 163,791 units each (total 327,582 units) reported as awards (code A) at $0.00 — one set of restricted stock units (RSUs) that are cash‑settled and one set of target market stock units (PSUs) that can convert to shares based on performance.

Key Details

• Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (timely filing within required window).
• Awards: 163,791 restricted stock units (cash‑settled) + 163,791 target market stock units (PSUs) = 327,582 total units. Reported price per unit: $0.00 (grant).
• Vesting/performance: RSUs generally vest on the third anniversary of grant (Feb 18, 2029). PSUs have a three‑year performance period beginning Feb 18, 2026 and may pay out from 50% to 150% of target based on stock performance.
• Footnotes: RSUs represent contingent cash rights tied to share price; PSUs represent contingent rights to receive one common share per unit if performance targets are met.
• Shares owned after transaction: not specified in the provided excerpt.

Context
These grants are award/compensation events (not purchases or sales) and are common for executive pay. RSUs are cash‑settled (so they pay cash equal to share value at payout), while PSUs are performance‑contingent and may convert to company shares depending on stock performance over the three‑year period. Such awards indicate compensation alignment with company performance but are not a direct market signal like an open‑market purchase or sale.