Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 118

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 118
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 Discussion and Analysis: In Detail — Key Elements of NEO Compensation Program — Our Metrics Defined” on page 57for the definition of Adjusted EBITDA and a description of how Adjusted EBITDA is calculated from net earnings attributable to common stockholders in our audited financial statements. Relationship Between Pay and Performance The graphs presented below describe the relationship between compensation actually paid (calculated in accordance with SEC rules), on the one hand, and our net income, Adjusted EBITDA, and cumulative total shareholder return, on the other hand, over the five-year period from 2020 to 2024. Compensation Actually Paid vs. Net Income 101 TABLE OF CONTENTS Compensation Actually Paid vs. Adjusted EBITDA Compensation Actually Paid vs. Total Shareholder Return The graph presented below presents a comparison of the cumulative total shareholder return on the company’s common stock with the cumulative total return of a peer group of publicly traded manufacturers of agricultural chemical fertilizers, which is the peer group we used for purposes of Item 201(e)(1)(ii) of Regulation S-K in our 2024 Annual Report, over the five-year period from 2020 to 2024. As described in footnote 5 to the Pay versus Performance table above, the company removed from its peer group companies OCI N.V., which is exiting the agricultural fertilizer chemical industry. The graph below presents the comparison of the cumulative total shareholder return on the company’s common stock to the cumulative total shareholder returns of each of the New Peer Group and the Old Peer Group. 102

TABLE OF CONTENTS

Comparison of Total Shareholder Return

**Most Important Financial Performance Measures**

Our compensation and management development committee selects performance metrics for our incentive compensation programs that align executive interests with those of our shareholders. See “Compensation Discussion and Analysis — Compensation Discussion and Analysis: In Detail — Key Elements of NEO Compensation Program” on page 56for the definition of these metrics and further explanation of how our compensation metrics in our annual incentive plan and long-term incentive plan tie to our business strategy. Below in an unranked order are the most important financial performance measures used for the fiscal year ended December 31, 2024.

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 Adjusted EBITDA                
 Return on Net Assets (RONA)    | ​ 
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 ​ | Alignment                                                                                                                                                                                                                                                                                                                                                           
 Adjusted EBITDA is a cornerstone of our annual incentive program. It is