Cliffs pays $11M to Halverson in connection with employment termination Cliffs Natural Resources announced that as a result of the company's incentive equity plan for officers and key employees and the change in control provisions in that plan, including certain change in control arrangements adopted by the previous Board in September 2013, Cliffs is obligated to make significant payments to recipients of awards previously granted under the plan. Pursuant to these obligations, Cliffs anticipates making a payment of approximately $11M to Gary Halverson in the current quarter in connection with the termination of his employment. Halverson joined the company as COO on November 18, 2013, was appointed President and CEO on February 13 and served in that capacity until August 7. The company also anticipates making additional payments of approximately $16.9M this quarter to satisfy its change in control obligations under awards previously granted to other officers and key employees that are payable without regard to continuing employment. The company also has potential future liability for additional double-trigger payments of up to $40M, but expects that triggering events and therefore actual payments will be minimal. This potential liability will expire entirely in two years. Cliffs also announced that Timothy Sullivan has resigned from the Cliffs board. Sullivan had served as a director since January 2013 and was chairman of the compensation committee from July 1, 2013 to August 7.