MICHAEL RALPH S III 4

What Happened

• Michael Ralph S III, a director of Cleveland-Cliffs (CLF), received a grant of 15,334 restricted shares on April 21, 2026. The shares were awarded at a $0.00 purchase price (total cash paid = $0). The transaction is reported as an award/grant (transaction code A).

Key Details

• Transaction date: 2026-04-21; Form 4 filed: 2026-04-23 (filed within the usual 2‑business‑day reporting window).
• Shares granted: 15,334 restricted shares; price per share: $0.00; total cash consideration: $0.
• Shares owned after the transaction: Not disclosed in the provided filing.
• Footnote: F1 — These are the 2026 Director Restricted Shares granted under the 2021 Nonemployee Directors' Compensation Plan.
• Transaction type: Award/grant to a nonemployee director (not an open‑market buy or sale).

Context

• Director restricted share awards are routine compensation for board service and are typically subject to vesting/restrictions; they do not represent an open‑market purchase or sale and should not be interpreted alone as a buy or sell signal.