Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 79

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 79
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 and PRSUs to our NEOs during 2024 is set forth below under the heading “Executive Compensation — Grants of Plan-based Awards.” Determination of 2022-2024 Performance Period PRSU Awards The three-year performance period for PRSU awards granted in 2022 ended on December 31, 2024. The performance metrics for PRSUs granted in 2022 were (i) return on net assets (RONA) measured over three one-year periods (with payouts determined based on the average payout percentage of the three years) and (ii) TSR modifier adjusting the number of shares earned based on RONA up or down by 20% based on our three-year TSR performance against a threshold, target and maximum level of performance. The payout percentages for the first, second and third one-year performance periods were 200%, 65% and 79%, respectively, resulting in a 3-year average payout performance of 115% attained for the three-year performance period. As shown in the “How We Determine the Number of PRSUs Earned” graphic above, our TSR performance of 41.1% for the three-year performance period was greater than 29.5%, resulting in a TSR modifier percentage of 120%. As a result, in accordance with the terms of the awards, the committee approved a payout of 137% of the PRSUs from these grants.

| ​ | ​                   | ​ | ​ | Original 2022 PRSU Grant |   |   |                | ​ | ​ | ​ | PRSUs Earned |   |   |            | ​ |
| ​ | Name(1)             | ​ | ​ |                 Target 

# | ​ | ​ | Value at Grant | ​ | ​ | ​ |            # | ​ | ​ |   Value(2) | ​ |
| ​ | W. Anthony Will     | ​ | ​ |                   58,787 | ​ | ​ |     $3,900,000 | ​ | ​ | ​ |       80,773 | ​ | ​ | $6,544,228 | ​ |
| ​ | Christopher D. Bohn | ​ | ​ |                   13,566 | ​ | ​ |       $900,000 | ​ | ​ | ​ |       18,639 | ​ | ​ | $1,510,132 | ​ |
| ​ | Bert A. Frost       | ​ | ​ |                   13,566 | ​ | ​ |       $900