Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 57

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 57
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 20% based on our three-year TSR performance against a threshold, target, and maximum level of performance                                                                                                                                                                                                                                 
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56

TABLE OF CONTENTS

Compensation Metrics Tie to Business Strategy The compensation and management development committee selects performance metrics for our incentive compensation programs that align executive interests with those of our shareholders. Executives are focused on achieving top performance across metrics that are directly tied to shareholder value creation and our core strategic objectives, as indicated below:

| ​ | Annual Incentives                                                                             |   |   |                                                                                                                                                                                                                                                                                                                | ​ |
| ​ | Metric                                                                                        | ​ | ​ | Alignment                                                                                                                                                                                                                                                                                                      | ​ |
| ​ | Adjusted EBITDA                                                                               | ​ | ​ | Adjusted EBITDA is the primary metric by which we measure our profitability and by which investors measure our performance                                                                                                                                                                                     | ​ |
| ​ | Completion of specified clean energy milestones                                               | ​ | ​ | Aligns with the company’s focus on decarbonizing its existing ammonia production network, creating low-carbon ammonia capacity and supporting and accelerating the global transition to a clean energy economy                                                                                                 | ​ |
| ​ | Completion of specified process technology and reporting capabilities milestones              | ​ | ​ | Relates to key initiatives that continue to advance efforts to streamline, automate and integrate process technology and reporting capabilities for our long-term growth and sustainability                                                                                                                    | ​ |
| ​ | Timely Completion Percentage for Inspections and MOCs, Subject to Behavioral Safety Practices | ​ | ​ | Underscores our focus on safely operating our facilities, our commitment to CF Industries’ “Do It Right” culture, and our constant efforts to drive workplace safety. Operating in a safe and responsible manner is a core value and an integral part of what sets CF Industries apart to all our stakeholders | ​ |

| ​ | Long-Term Incentives        |   |   |                                                                                                                                    | ​ |
| ​ | Metric                      | ​ | ​ | Alignment                                                                                                                          | ​ |
| ​ | Return on Net Assets (RONA) | ​ | ​ | RONA is correlated with long-term TSR performance and is viewed as an indicator of the results of management’s operating decisions | ​ |
| ​ | Total Shareholder Return    | ​ | ​ | Explicitly links executive incentives with shareholder value creation                                                              | ​ |

Our Metrics Defined As described above, our annual incentive plan uses Adjusted EBITDA as its primary performance metric and our long-term incentive program uses average return on net assets, or RONA,