SEC Info - Ross Christopher J - ‘4’ for 3/13/20 re: Cleveland-Cliffs Steel Holding Corp.

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<issuerName> AK STEEL HOLDING CORP </issuerName>

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<rptOwnerName> ROSS CHRISTOPHER J </rptOwnerName>

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<rptOwnerStreet1> 9227 CENTRE POINTE DRIVE </rptOwnerStreet1>

<rptOwnerCity> WEST CHESTER </rptOwnerCity>

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<officerTitle> VP, Treasurer & Interim CFO </officerTitle>

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<footnote id="F1"> Reflects disposition in connection with the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated December 2, 2019 (the "Merger Agreement"), among the Issuer, Cleveland-Cliffs Inc. ("Cliffs") and Pepper Merger Sub Inc. ("Merger Sub"), pursuant to which Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving the Merger as a wholly owned subsidiary of Cliffs, and each share of the Issuer's common stock, par value $0.01 per share (the "Common Stock"), outstanding immediately prior to the effective time of the Merger was converted into the right to receive 0.400 (the "Exchange Ratio") of a common share of Cliffs, together with cash in lieu of any fractional Cliffs common shares. The closing price of a share of Common Stock on March 12, 2020 (the last trading day prior to the Merger) was $1.55, and the closing price of a Cliffs common share on the same date was $4.06. </footnote>

<footnote id="F2"> This option, which would have vested in three equal installments beginning on January 22, 2021, was converted into an option to purchase 16,920 Cliffs common shares at an exercise price of $7.58 per share on the same vesting terms. </footnote>

<footnote id="F3"> In accordance with the terms of the Merger Agreement, each stock option of the Issuer outstanding immediately prior to the effective time of the Merger (whether vested or unvested), other than certain options that were canceled in exchange for a cash payment, was automatically converted into an option to purchase a number of Cliffs common shares equal to the total number of shares of Common Stock subject to such option immediately prior to the effective time of the Merger, multiplied by the Exchange Ratio, and at a per-share exercise price equal to the per-share exercise price applicable to the option immediately prior to the effective time of the Merger, divided by the Exchange Ratio. </footnote>

<footnote id="F4"> One-third of this option was vested at the time of the Merger. The option was converted into an option to purchase 8,403 Cliffs common shares at an exercise price of $6.64 per share, with the remaining two-thirds of the option vesting in two equal installments on January 23, 2021 and January 23, 2022. </footnote>

<footnote id="F5"> Two-thirds of this option was vested at the time of the Merger. The option was converted into an option to purchase 5,800 Cliffs common shares at an exercise price of $16.39 per share, with the remaining one-thirds of the option vesting on January 17, 2021. </footnote>

<footnote id="F6"> This option was fully vested and exercisable at the time of the Merger. </footnote>

<footnote id="F7"> Represents performance shares of the Issuer that were previously reported in connection with a performance share award granted on January 17, 2018. </footnote>

<footnote id="F8"> In accordance with the terms of the Merger Agreement, each performance share award of the Issuer outstanding immediately prior to the Effective Time of the Merger was automatically converted into a performance share award with respect to a number of Cliffs common shares equal to the number of shares of Common Stock that would have been issued under such performance share award at the achievement of target performance, multiplied by the Exchange Ratio, with the performance goals with respect thereto having been adjusted by the Issuers Management Development and Compensation Committee to take into account the transactions contemplated by the Merger Agreement. </footnote>

</footnotes>

<signatureName> /s/ Joseph C. Alter attorney-in-fact for Mr. Ross </signatureName>

</ownerSignature>

</ownershipDocument>

Ross Christopher J – ‘4’ for 3/13/20 re: Cleveland-Cliffs Steel Holding Corp.

On: Friday, 3/13/20, at 6:56pm ET · For: 3/13/20 · Accession #: 918160-20-55 · File #: 1-13696

Previous ‘4’: ‘4’ on 1/24/20 for 1/17/20 · Latest ‘4’: This Filing

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents

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Ross Christopher J – ‘4’ for 3/13/20 re: Cleveland-Cliffs Steel Holding Corp.

On: Friday, 3/13/20, at 6:56pm ET · For: 3/13/20 · Accession #: 918160-20-55 · File #: 1-13696

Previous ‘4’: ‘4’ on 1/24/20 for 1/17/20 · Latest ‘4’: This Filing

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34Filing Table of Contents

This ‘4’ Document is an XML Data File that may be rendered in various formats:

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents