Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 66

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 66
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 | Percentage ofProcess Safety MetricTarget Award Earned | ​ |
| ​ | Below Threshold   | ​ | ​ | <90%                                                                     | ​ | ​ | 0%                                                    | ​ |
| ​ | Threshold         | ​ | ​ | 90%                                                                      | ​ | ​ | 50%                                                   | ​ |
| ​ | Target            | ​ | ​ | 95%                                                                      | ​ | ​ | 100%                                                  | ​ |
| ​ | Maximum           | ​ | ​ | 98%                                                                      | ​ | ​ | 200%                                                  | ​ |

For 2024, the compensation and management development committee maintained the 90% threshold, 95% target and 98% maximum levels of timely completion percentages established for the Process Safety Metric in 2023. Straight line interpolation is used to determine the achievement percentage for the Process Safety Metric between threshold and target and between target and maximum performance levels. If the safety performance gating requirement is not achieved, or if the completion percentage of safety critical equipment inspections on schedule and timely MOCs is less than the 90% threshold performance level, there is no payout under the Process Safety Metric. Additional Target-Setting Considerations for the Short-Term Incentive Program As described above, when setting performance levels for the short-term incentive program, which we also call the annual incentive plan, the compensation and management development committee considers the previous year’s financial performance, market trends and the company’s annual business plan. In 2023, product prices declined as market participants continued to adjust to changes in global trade flows resulting from the geopolitical environment. Going into 2024, benchmark pricing curves indicated lower product prices in 2024 as compared to 2023, but the company expected global nitrogen demand to remain resilient driven by continued strong agriculture applications and recovering industrial demand, while global nitrogen supply was expected to remain constrained with high energy prices in Europe and Asia and other supply side restrictions. In addition, the company expected increased production from its network based on increased tons from the acquisition of the Waggaman facility, partially offset by higher scheduled downtime in 2024 as compared to 2023 due to turnarounds and other planned maintenance. Energy spreads were expected to continue to favor the company’s North American-based production

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TABLE OF CONTENTS network, but domestic natural gas prices were projected to increase for 2024 relative to 2023 as LNG exports were expected to increase after the resolution of outages and maintenance issues in 2023. As a result, the