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                                                                    EXHIBIT 10.9



                       MISSISSIPPI CHEMICAL CORPORATION

                     EXECUTIVE DEFERRED COMPENSATION PLAN


                           EFFECTIVE AUGUST 26, 1997
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                               TABLE OF CONTENTS
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SECTION                                                                    PAGE
<C>     <S>                                                                <C>
 
   1.   Introduction....................................................      1
        1.1   Plan......................................................      1
        1.2   Effective Date............................................      1
        1.3   Purpose...................................................      1
 
   2.   Participation and Supplemental Benefits.........................      1
        2.1   Eligibility...............................................      1
        2.2   Election to Defer.........................................      1
        2.3   Amount of Deferral........................................      2
        2.4   Time of Election..........................................      2
        2.5   Establishment and Adjustment of Deferred Stock Accounts...      2
 
   3.   Payment of Deferred Compensation................................      3
        3.1   Payment of Deferred Compensation..........................      3
        3.2   Installment Election; Further Deferrals...................      3
        3.3   Death.....................................................      3
        3.4   Hardship Distribution.....................................      4
        3.5   Source of Payment.........................................      4
        3.6   Limitations on Issuance of Stock..........................      4
 
   4.   Plan Administration.............................................      4
        4.1   Committee.................................................      4
        4.2   Indemnification...........................................      5
 
   5.   General.........................................................      5
        5.1   Interests not Transferable; Taxes.........................      5
        5.2   Facility of Payment.......................................      5
        5.3   Gender and Number.........................................      5
        5.4   Controlling Law...........................................      5
        5.5   Successors................................................      5
        5.6   Not a Contract............................................      6
 
   6.   Amendment, Termination and Cessation of Trading.................      6
        6.1   Amendment and Termination.................................      6
        6.2   Cessation of Trading in Employer Stock....................      6
 
   7.   Execution of Plan...............................................      6
 
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                                   SECTION 1

                                 INTRODUCTION
                                 ------------
                                        
     1.1  Plan.  This plan has been established by Mississippi Chemical
Corporation for the benefit of eligible employees of Mississippi Chemical
Corporation, Mississippi Chemical Management Company and Mississippi Chemical
Company, L.P. (hereinafter collectively referred to as the "Employer"), and
shall be known as the Mississippi Chemical Corporation Executive Deferred
Compensation Plan (the "Plan").  Other subsidiaries and affiliates of
Mississippi Chemical may adopt the Plan for the benefit of their executive
officers and key employees, subject to the approval of the Committee (as defined
in Section 4.1 below).

     1.2  Effective Date.  The "Effective Date" of the Plan is August 26, 1997,
subject to shareholder approval of the material terms of the Plan in accordance
with Section 162(m)(4)(C) of the Internal Revenue Code of 1986, as amended (the
"Code").

     1.3  Purpose.  The Plan has been established to provide incentives to a
select group of the Employer's executive officers and key employees to more
closely align their interests with those of the shareholders of Mississippi
Chemical Corporation and to work towards growth in the Employer's shareholder
value, by risking certain payments otherwise payable to them for deferred
compensation based on future growth in the value of Mississippi Chemical
Corporation common stock ("Stock"). The Plan is intended to permit such
executive officers and key employees to elect to defer certain incentive
payments that would otherwise be payable pursuant to the Employer's Officer and
Key Employee Incentive Plan, any payment that would otherwise be made under any
"all-employee" profit-sharing plan of the Employer or of a subsidiary or
affiliate of Mississippi Chemical Corporation which has adopted the Plan with
the approval of the Committee, and under any other bonus, profit-sharing or
incentive plan of the Employer or of a subsidiary or affiliate of Mississippi
Chemical Corporation which has adopted the Plan with the approval of the
Committee (hereinafter collectively referred to as "Incentive Payments").  The
Plan is intended to be unfunded for purposes of the Code and the Employee
Retirement Income Security Act of 1974, as amended ("ERISA").  Amounts deferred
under this Plan that would otherwise be payable under the Officer and Key
Employee Incentive Plan are intended to qualify as qualified performance-based
compensation under Code Section 162(m)(4)(C) and related Treasury regulations,
and the Plan shall be interpreted accordingly.

                                   SECTION 2

                    PARTICIPATION AND SUPPLEMENTAL BENEFITS
                    ---------------------------------------
                                        
     2.1  Eligibility.  Each executive officer and key employee of the Employer
who is named in writing by the Committee ("Executive") will be eligible to
become a Participant in the Plan.  Eligibility shall be limited to a select
group of management or highly compensated employees in accordance with
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.

     2.2  Election to Defer.  An Executive may elect to defer all or a portion
of his Incentive Payments by filing a written election with the Committee on
forms to be prescribed by the Committee at the time prescribed in Section 2.4
below.  Such election must include a designation of beneficiary.  Upon making
such election, the Executive shall become a "Participant" in the Plan.




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     2.3  Amount of Deferral.  The amount of Incentive Payments to be deferred
in any calendar year shall be designated by the Participant in dollar or
percentage terms on forms to be prescribed by the Committee.

     2.4  Time of Election.  A separate election to defer must be filed for each
calendar year in which a Participant desires to defer any Incentive Payments and
must be received by the end of the calendar year preceding the calendar year in
which the Incentive Payments would otherwise be paid.  Any election by a
Participant with respect to Incentive Payments in a given calendar year will not
preclude a different action with respect to Incentive Payments in any subsequent
calendar year.  Notwithstanding the foregoing, any eligible Executive may,
within 30 days of first becoming eligible to participate in the Plan, elect to
defer any Incentive Payments earned subsequent to such election for the balance
of the calendar year in which he first becomes eligible.

     2.5  Establishment and Adjustment of Deferred Stock Accounts.  The
Committee shall cause a "Deferred Stock Account" to be created for each
Participant.  The Deferred Stock Account shall be a mere bookkeeping account
reflecting the Employer's future obligation to make payments under the Plan and
shall not confer on any Participant any of the rights of a stockholder of
Mississippi Chemical Corporation.  A Participant's Deferred Stock Account shall
be credited with "deferred shares" effective as of the date payment of a cash
Incentive Payment would have been made, absent the Participant's election to
defer such Incentive Payment pursuant to this Plan.  The number of "deferred
shares" to be credited shall be determined by dividing (i) 150 percent of the
dollar amount of the cash Incentive Payment the Participant has elected to defer
by (ii) the fair market value of one share of Stock as of the July 1 immediately
prior to the calendar year in which payment of the Incentive Payment would
otherwise have occurred.  Notwithstanding the foregoing, in no event shall the
number of deferred shares credited be less than (i) 150 percent of the dollar
amount of the cash Incentive Payment the Participant has elected to defer,
divided by (ii) the fair market value of one share of Stock as of the date such
Incentive Payment would otherwise have been paid in cash.  The result of such
division shall be rounded up to the nearest whole share.  A Participant's
Deferred Stock Account shall be credited, effective as of the payment date of
any dividend on the Stock, with additional shares of deferred stock, calculated
by dividing (i) the dollar amount of the dividend per share times the number of
deferred shares then credited to the Participant's Deferred Stock Account by
(ii) the fair market value of one share of Stock.  The Committee shall cause
each Participant's Deferred Stock Account to be adjusted to reflect stock
splits, stock dividends, exchange of stock in connection with a merger, and
similar transactions to produce the same number of deferred shares as the holder
of an equal number of shares of Stock would have following such a transaction.
Whenever payment of all or any portion of a Participant's Deferred Stock Account
is to be made in cash hereunder, the amount of cash to be paid to the
Participant is to be determined by multiplying the number of deferred shares to
be distributed by the fair market value of such shares.  For purposes of this
Section 2.5, "fair market value" of a share of Stock shall equal the average of
the closing prices of a share as reported on the New York Stock Exchange for the
last 20 trading days prior to the date in question.



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                                   SECTION 3
                                        
                       PAYMENT OF DEFERRED COMPENSATION
                       --------------------------------

     3.1  Payment of Deferred Compensation.  Subject to the provisions of
Section 3.2 below, a Participant shall be entitled to receive shares of Stock
equal to the number of deferred shares then credited to the Participant's
Deferred Stock Account, computed in accordance with Section 2.5 above, on the
first to occur of (i) 30 days following the end of the calendar year in which
such Participant ceases to be an employee of the Employer due to separation of
employment, retirement, Total Disability (as defined below), or death or (ii)
the payment date that he elected at the time of his deferral election, which
date shall be equal to or more than 18 months after the date of such deferral
election.  The shares issued to the Participant may be authorized but unissued
shares, Treasury shares or shares purchased with general funds of the Employer.
For purposes of this Plan, the term "Total Disability" shall mean inability of a
Participant to perform the normal functions of his current position with the
Company due to a physical or mental condition, disease, or injury that is
anticipated to last at least 12 months.  The Committee shall determine whether
Total Disability has occurred based on such evidence as it deems satisfactory.

     3.2  Installment Election; Further Deferrals.  Subject to the approval of
the Committee, in lieu of receiving the lump-sum issuance of Stock to which the
Participant may be entitled pursuant to the provisions of Section 3.1 above at
the time specified therein, a Participant may elect to receive installment
payments by delivering to the Committee at any time prior to December 31 of the
calendar year preceding the calendar year in which payment would otherwise occur
hereunder, written notice of the Participant's election to receive the amount
credited to his Deferred Stock Account in such number of annual installments
(not to exceed installments extending over 10 years) and commencing on such date
(which date shall be no earlier than the date on which the balance in the
Participant's Deferred Stock Account would otherwise be paid to the Participant)
as is specified in the written notice.  Subject to the approval of the
Committee, a Participant may also elect, no later than December 31 of the
calendar year preceding the calendar year in which issuance of shares of Stock
would otherwise occur under Section 3.1 above, to defer issuance of such shares
of Stock until a later date specified in such election.  A Participant may
modify or rescind an installment election or further deferral election in its
entirety at any time prior to the December 31 date referred to in this
Section 3.2, but on such December 31 the election shall become irrevocable.

     3.3  Death.  If a Participant dies before receiving all amounts credited to
his Deferred Stock Account, the entire unpaid amount shall be paid in one lump
sum in accordance with Section 3.1 above to the beneficiary designated by such
Participant.  No beneficiary designation shall be valid unless it is in writing,
signed by the Participant, dated and filed with the Committee prior to death.
If the Participant is married and designates a primary beneficiary other than
his spouse, the beneficiary designation must include the written consent of the
spouse in such form as the Committee requires.  Any beneficiary designation may
be revoked and a new designation may be made, as long as the new designation is
in writing, signed by the Participant, dated and filed with the Committee prior
to death.  If no beneficiary has been designated, or no designated beneficiary
survives the Participant, any unpaid amounts will be paid to the Participant's
surviving spouse, or if the Participant does not have a surviving spouse, to the
Participant's estate as soon as administratively possible.



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     3.4  Hardship Distribution.  A Participant or beneficiary may request
acceleration of the payment terms hereunder only in the event of severe
financial hardship resulting from an Unforeseeable Emergency (as defined below).
The amount of any hardship distribution is limited to the amount necessary to
meet the emergency.  Such request shall specify in detail the grounds for the
requested modification and shall be referred to the Committee.  The decision of
the Committee with respect to the requested modification shall be solely at the
discretion of the Committee and in accordance with its evaluation of the
exigencies of the situation.  Such decision shall be binding on the Employer and
Participant.  For purposes of this Plan, the term "Unforeseeable Emergency"
means an unanticipated emergency that is caused by an event beyond the control
of the Participant or beneficiary that would result in severe financial hardship
to the individual if early withdrawal were not permitted and that otherwise
meets the requirements of such term in any applicable statute or regulation.

     3.5  Source of Payment.  All payments under this Plan in cash pursuant to
Section 3.6 below shall be paid from the general funds of the Employer or from
such other funding vehicle as the Committee shall provide, and all distributions
of Stock under this Plan shall be made from authorized but unissued shares,
Treasury shares or shares purchased with general funds of the Employer, or from
such other funding vehicle as the Committee shall provide, provided that all
assets paid into any funding vehicle shall, at all times prior to payment to a
Participant or beneficiary, be subject to the general creditors of the Employer.
The Employer shall be under no obligation to segregate any assets in connection
with the maintenance of any Deferred Stock Account, nor shall anything contained
in this Plan or any action taken pursuant to the Plan create or be construed to
create a trust of any kind or a fiduciary relationship between the Employer and
Participant.  Title to the beneficial ownership of any assets, whether cash or
investments, which the Employer may designate to pay the amounts credited to the
Deferred Stock Accounts shall at all times remain in the Employer, and
Participants shall not have any property interest whatsoever in any specific
assets of the Employer.  Each Participant's interest in his Deferred Stock
Account shall be limited to the Employer's promise to make payment of such
Account in the future pursuant to the terms of this Plan, and such right to
receive future payment shall be no greater than the right of any other unsecured
general creditor of the Employer.

     3.6  Limitations on Issuance of Stock.  Notwithstanding anything to the
contrary in the Plan, in lieu of delivering Stock of the Employer to a
Participant, the Employer reserves the right to pay a Participant in cash equal
to the fair market value (determined in accordance with Section 2.5 above) of
the deferred shares credited to his Deferred Stock Account, if the Employer, in
its sole discretion, determines that it is necessary or desirable to do so to
comply with any provision of federal or state law, stock exchange listing rules,
or its articles or bylaws.

                                   SECTION 4

                              PLAN ADMINISTRATION
                              -------------------
                                        
     4.1  Committee.  The terms "Committee" and "Compensation Committee" mean
the Compensation Committee established by Mississippi Chemical Corporation's
Board of Directors.  The Committee shall have complete authority to control and
manage the operation and administration of the Plan.  The Committee shall
interpret the Plan and shall determine all questions arising in the
administration and interpretation of the Plan; however, all such interpretations
and decisions shall be applied in a uniform manner to all similarly situated
Participants.  All decisions and interpretations of the Committee made in good
faith pursuant to



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the Plan shall be final, conclusive and binding on all persons, subject only to
the claims review procedures required by ERISA.

     4.2  Indemnification.  In the event and to the extent not insured under any
contract of insurance with an insurance company, the Employer shall indemnify
and hold harmless each "Indemnified Person," as defined below, against any and
all claims, demands, suits, proceedings, losses, damages, interest, penalties,
fines, expenses (specifically including, but not limited to, counsel fees to the
extent approved by the Board of Directors of Mississippi Chemical Corporation or
otherwise provided by law, court costs and other reasonable expenses of
litigation), and liability of every kind, including amounts paid in settlement
with the approval of the Board of Directors, arising from any action or cause of
action related to the Indemnified Person's act or acts or failure to act.  Such
indemnity shall apply regardless of whether such claims, demands, suits,
proceedings, losses, damages, interest, penalties, fines, expenses, and
liability arise in whole or in part from (i) the negligence or other fault of
the Indemnified Person or (ii) the imposition on such Indemnified Person of any
civil penalties or excise tax pursuant to ERISA or the Code, except when the
same is judicially determined to be due to gross negligence, fraud,
recklessness, or willful or intentional misconduct of such Indemnified Person.
The indemnification provided in this Section 4.2 shall not be construed to limit
or supersede any other indemnity provided by the Employer.  "Indemnified Person"
shall mean the Committee and each employee, officer, or director of the Employer
acting in a decision-making or administrative role with respect to the Plan.

                                   SECTION 5

                                    GENERAL
                                    -------
                                        
     5.1  Interests Not Transferable; Taxes.  Except as to any withholding of
federal, state or local tax and except with respect to assignment of amounts
currently due and payable hereunder to an alternate payee pursuant to a
"qualified domestic relations order" as defined in ERISA, the interest of any
Participant or his spouse or his beneficiary under the Plan is not subject to
the claims of creditors and may not be voluntarily or involuntarily sold,
transferred, assigned, alienated or encumbered.  The Committee shall have the
discretion and sole authority to determine the amount and timing of any
withholding or employment taxes with respect to amounts accrued or paid under
the Plan.

     5.2  Facility of Payment.  Any amounts payable hereunder to any person
under legal disability or who, in the judgment of the Committee, is unable to
properly manage his financial affairs may be paid to the legal representative of
such person or may be applied for the benefit of such person in any manner which
the Committee may select.

     5.3  Gender and Number.  Where the context admits, words in the masculine
gender shall include the feminine gender, the plural shall include the singular
and the singular shall include the plural.

     5.4  Controlling Law.  To the extent not superseded by the laws of the
United States, the laws of Mississippi shall be controlling in all matters
relating to the Plan.

     5.5  Successors.  This Plan is binding on the Employer and will be binding
on, and inure to the benefit of, any successor of the Employer, whether by way
of purchase, merger, consolidation or otherwise.



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     5.6  Not a Contract.  This Plan does not constitute a contract of
employment and shall not be construed to give any Participant the right to be
retained in the Employer's service.

                                   SECTION 6

                            AMENDMENT, TERMINATION
                           AND CESSATION OF TRADING
                           ------------------------
                                        
     6.1  Amendment and Termination.  While the Employer expects to continue the
Plan indefinitely, the Compensation Committee must necessarily reserve, and
hereby reserves, the right to terminate the Plan at any time and to amend the
Plan at any time, but no more than once in any six-month period except to
comport with changes in the Code, provided that in no event shall any
Participant's Deferred Stock Account accrued to the date of such amendment or
termination be reduced by such action without the specific written agreement of
the Participant to such modification or reduction.  In the event the Committee
elects to terminate the Plan, the Employer reserves the right to settle all
liabilities under the Plan by paying each Participant a lump-sum payment in cash
or in Stock, determined at the Committee's sole election, in full satisfaction
of his benefits hereunder.  Such lump sum shall equal the value of his Deferred
Stock Account valued through the date of Plan termination pursuant to
Section 2.5 above.

     6.2  Cessation of Trading in Employer Stock.  Notwithstanding anything to
the contrary in this Plan, in the event the Stock permanently ceases to be
traded on a national stock exchange or over the counter for any reason other
than a merger with another publicly traded entity, or ceases to exist for any
reason other than a merger (whether due to liquidation or other event), the
Employer (or its successor) shall, within 60 days of such event, distribute to
each Participant (or beneficiary) the value of the entire balance of his
Deferred Stock Account in cash, based on the fair market value as calculated
under Section 2.5 above, as of the last date the Stock was traded.

                                   SECTION 7

                               EXECUTION OF PLAN
                               -----------------
                                        
     7.1  To record the establishment of the Plan, the undersigned, being duly
authorized to act on behalf of the Compensation Committee of the Board of
Directors of Mississippi Chemical Corporation, have executed this document at
Yazoo City, Mississippi.


Dated:  September 16, 1997          MISSISSIPPI CHEMICAL CORPORATION


                                    By:  /s/ John Sharp Howie
                                       --------------------------------------
                                         Chairman, Compensation Committee


                                    By:  /s/ Ethel Truly
                                       --------------------------------------
                                         Vice President - Administration



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