Oren Ben 4

What Happened

• Oren Ben, a director of Cleveland‑Cliffs Inc. (CLF), was granted 15,334 restricted shares on April 21, 2026. The Form 4 reports the acquisition price as $0.00 (award/grant), reflecting a restricted‑share grant rather than a market purchase or sale. The grant is described as the 2026 Director Restricted Shares under the 2021 Nonemployee Directors' Compensation Plan.

Key Details

• Transaction date: 2026-04-21; Form 4 filed: 2026-04-23 (filed within the typical 2‑business‑day window).
• Transaction type: A (award/grant); shares acquired: 15,334 at $0.00 per share (reported acquisition value $0).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: Grant is pursuant to the 2021 Nonemployee Directors' Compensation Plan (Footnote F1).
• No 10b5‑1 plan, option exercise, sale, or tax‑withholding entries reported in this filing.

Context

• Restricted‑share awards are compensation and typically vest over time or are otherwise subject to transfer restrictions; they are not an open‑market purchase or sale and do not directly signal a trading view by the director.
• For retail investors, awards to nonemployee directors are common as part of board compensation and should be viewed as routine unless unusually large or coupled with other insider transactions.