Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 111

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 111
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 such that, after payment by him of all taxes, including any excise tax imposed upon the gross-up payment, he will receive the net after-tax benefit he would have received had the excise tax not been imposed. As reflected in the table, he would not have received any gross-up payment in connection with a change of control assuming a transaction price equal to the closing price for our stock as of December 31, 2024. The change of control agreements for Messrs. Will, Cameron, Bohn and Malik and Ms. Menzel do not provide for a gross-up payment.

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TABLE OF CONTENTS (6) Mr. Frost met the conditions for “special retirement” contained in certain of his equity award agreements as of December 31, 2024. As a result, a pro-rated number of RSUs and PRSUs would vest assuming a termination due to retirement had occurred on December 31, 2024. If Mr. Frost had retired on such date, he would have been entitled to receive an estimated $2,938,601, representing the value attributable to the pro-rata vesting of outstanding awards of RSUs and PRSUs held by Mr. Frost, which is valued per share based on the market value on December 31, 2024. The payout value of PRSUs granted during 2022, 2023, and 2024 assumes target performance level. For a discussion of the retirement vesting terms of the RSU and PRSU awards, see “Compensation Discussion and Analysis — Compensation Discussion and Analysis: In Detail — Change in Control, Severance, and Retirement Benefits.” CEO Pay Ratio In 2015, pursuant to a mandate of the Dodd-Frank Act, the SEC adopted a rule requiring annual disclosure of the ratio of our median employee’s annual total compensation to the annual total compensation of our principal executive officer. The company’s principal executive officer is Mr. Will. Mr. Will had 2024 annual total compensation of $12,296,083, as reflected in the Summary Compensation Table included under the heading “Executive Compensation.” We calculated the 2024 annual total compensation for our median employee using the same methodology we use for our named executive officers as required to be set forth in the Summary Compensation Table included in this Proxy Statement. Our median employee’s 2024 annual total compensation was $136,521. As a result, we estimate that Mr. Will’s 2024 annual total compensation was approximately 90 times that of our median employee.