BALDWIN JOHN T 4

What Happened
John T. Baldwin, a director of Cleveland‑Cliffs Inc. (CLF), was credited with 15,334 deferred restricted shares on April 21, 2026. The Form 4 reports this as an award/acquisition (code A) of derivative securities at $0.00 per share — i.e., no cash was paid. The award reflects his 2026 director compensation that was elected to be deferred.

Key Details

• Transaction date: 2026-04-21 (Period of Report); Form 4 filed 2026-04-23 (timely filing).
• Transaction type/code: Grant/Award (A); 15,334 Deferred Shares; reported price $0.00.
• Shares owned after transaction: not disclosed in the provided filing details.
• Footnotes: F1 — Baldwin elected to defer his 2026 Director Restricted Shares; F2 — each Deferred Share is the economic equivalent of one common share and will be paid in common stock per his deferral election and the 2021 Nonemployee Directors' Compensation Plan.
• This is an awarded/derivative grant (compensation), not an open‑market purchase or sale.

Context
Deferred restricted shares are a form of director compensation that provide an economic interest now and are converted into common stock later per the plan and the director's deferral election. Such grants are routine compensation and do not, by themselves, indicate an insider buying or selling shares for market-view signals.