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Exhibit 4.3    
    

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        REGISTRATION RIGHTS AGREEMENT (as amended from time to time, this "Agreement"), dated as of [    ], 2005, by and between CF
Industries Holdings, Inc., a Delaware corporation (the "Company") on the one hand, and each of the stockholders listed on the signature pages to
this Agreement (each individually a "Stockholder" and, collectively, the "Stockholders") on the other
hand. 

W I T N E S S E T H

        WHEREAS,
the parties hereto wish to enter into this Registration Rights Agreement to memorialize their agreement regarding registration rights with respect to the Company. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows: 

 
 

ARTICLE I
  
    DEFINITIONS    

        1.1    Definitions.    The following terms when used in this Agreement shall have the following meanings (such
definitions to be equally applicable to the singular and plural forms thereof): 

        "Affiliate" of any Person means any other Person which directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person. The term
"control" (including the terms "controlling," "controlled by" and "under common control with") as used with respect to any Person means the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

        "Agreement" shall have the meaning provided in the Introduction. 

        "Board" shall mean the Board of Directors of the Company. 

        "Commission" shall mean the Securities and Exchange Commission. 

        "Common Stock" shall mean the common stock, par value $.01 per share of the Company. 

        "Company" shall have the meaning provided in the Introduction. 

        "Demand Registration" shall have the meaning provided in Section 2.1. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended. 

        "Holder" means any Stockholder that holds Registrable Securities and any transferees of such Registrable Securities provided that such
transfer is made in accordance with the terms of this Agreement; provided, however, that such
Stockholder or transferee, as the case may be, holds Registrable Securities representing not less than 5% of the then outstanding Common Stock. For purposes of this Agreement, the Company may deem and
treat the registered holder of Registrable Securities as the Holder and absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 

        "Merger Agreement" shall mean the Agreement and Plan of Merger, dated as of [    ], 2005, by and among
the Company, CF Merger Corp., and CF Industries, Inc. 

        "Person" shall mean any natural person, corporation, firm, limited liability company, partnership, association, government, governmental
agency or other entity, whether acting in an individual, fiduciary or other capacity. 

        "Piggyback Registration" shall have the meaning provided in Section 3.1. 

        "Prospectus" shall mean the prospectus included in any registration statement, as amended or supplemented by any prospectus supplement
with respect of the terms of the offering of any security of the Company
covered by such registration statement and all other amendments or supplements to the prospectus, including post effective amendments, and all material incorporated, or deemed to be incorporated, by
reference in such prospectus. 

        "Registrable Securities" shall mean any shares of Common Stock issued to a Stockholder pursuant to the Merger Agreement and any equity
securities of the Company issued or issuable with respect to any such 

Common
Stock by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise, except, in the case of
any such securities issued with respect to Common Stock, for any such securities that are not "restricted securities," as such term is defined in Rule 144(a) under the Securities Act. As to any
particular Registrable Securities, such securities shall cease to be Registrable Securities when (a) a registration statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (b) they shall have been distributed to the public pursuant to
Rule 144 (or any successor provision) under the Securities Act, (c) they shall have been otherwise transferred, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company and subsequent disposition of them shall not require registration or qualification of them under the Securities Act or any similar state law then in
force, (d) they become eligible for resale pursuant to Rule 144(k) (or any successor provision) under the Securities Act, or (e) they shall have ceased to be outstanding. 

        "Registration" shall have the meaning provided in Section 2.1. 

        "Registration Expenses" shall have the meaning provided in Section 6.1. 

        "Restricted Period" means the one-year "Restricted Period" set forth in those certain Lock-Up Agreements, dated as
of [    ], 2005, executed and delivered by the Stockholders in connection with the initial public offering of the Company's common stock, as such one-year
period may be extended in accordance with the terms of such Lock-Up Agreements. 

        "Rule 144" shall mean Rule 144 promulgated under the Securities Act. 

        "Securities Act" shall mean the Securities Act of 1933, as amended. 

 
 

ARTICLE II
  
  DEMAND REGISTRATIONS    

        2.1    Requests for Registration.    Subject to the terms and conditions hereof, at any time after the expiration of
the Restricted Period, if any Holder or Holders who hold not less than 25% of the then outstanding Registrable Securities request in writing registration under the Securities Act of any of its or
their Registrable Securities (a "Registration"), which request specifies the approximate number of Registrable Securities requested to be registered,
then within ten (10) days after receipt of any such request, the Company shall give written notice of such requested Registration to all other Holders and shall include in the Registration all
Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the date of mailing of the Company's notice. The Registration
requested pursuant to this Section 2.1 is referred to herein as a "Demand Registration". 

        2.2    Registration.    Holders shall be entitled to not more than two (2) Demand Registrations, in the
aggregate. Subject to the limitations set forth in this Section 2.2 and in Section 2.4, no more than one Demand Registration may be requested in any six-month period. The
Company shall pay all Registration Expenses in connection with each Demand Registration. No request for a Demand Registration shall be permitted unless the Registrable Securities sought to be included
in such Demand Registration have an expected market value of at least $25 million. A Registration shall not count as a Demand Registration until it has become effective, and any Registration
shall not count as a Demand Registration unless the initiating Holder or Holders and other Holders are able to register and sell at least 50% of the Registrable Securities requested to be included in
such Registration. 

        2.3    Priority on Demand Registrations.    If a Demand Registration is an underwritten offering and the managing
underwriters advise the Company in writing that in their opinion the number of Registrable Securities and other securities requested to be included in such offering, exceeds the number of Registrable
Securities and other securities, if any, which can be sold in an orderly manner in such offering and/or that the number of shares of Registrable Securities proposed to be included in such offering
would adversely affect the price per share of the Common Stock, the Company shall include in the Registration, prior to the inclusion of any securities which are not Registrable Securities, the number
of Registrable Securities requested to be included which, in the opinion of the underwriters, can be so sold, pro rata (or as may have otherwise been agreed among the Holders of Registrable Securities
to be included in such Registration) among the respective Holders thereof on the basis of the amount of Registrable Securities requested to be registered by each such Holder; provided that if the
number of Registrable Securities to be included in the Registration is less than 75% of the number requested to be so included, the Holders of Registrable Securities covered by such Demand
Registration shall be entitled to withdraw such request, upon the 

affirmative
vote of Holders holding at least 66% of such Registrable Securities, and, if such request is withdrawn, the Demand Registration shall not count as a permitted Demand Registration
hereunder, and the Company shall pay all Registration Expenses in connection with the withdrawn Registration. Any Persons who participate in Demand Registrations not at the Company's expense must pay
their share of the Registration Expenses as provided in Article VI. 

        2.4    Restrictions on Registrations.    The Company shall not be obligated to effect any Demand Registration within
six months after the effective date of a Registration demanded by the holders of registration rights under a Registration in which the Holders were given Piggyback Rights pursuant to
Article III. The Company may, not more than twice in any 12-month period, postpone for up to 90 days the filing or the effectiveness of a registration statement for a Demand
Registration if the Board determines in good faith that (i) such postponement is necessary in order to avoid premature disclosure of a matter the Board has determined would not be in the best
interest of the Company to be disclosed at such time or (ii) the Demand Registration would materially and adversely impact the Company; provided,
that in such event, the Holders of Registrable Securities covered by the Demand Registration shall be entitled, upon the affirmative vote of
holders holding at least 66% of such Registrable Securities, to withdraw such request and, if such request is withdrawn, the Demand Registration shall not count as a permitted Demand Registration
hereunder, and the Company shall pay all Registration Expenses in connection with the withdrawn Registration; provided further, that upon the election
of the Company and upon notice to the Holders of Registrable Securities to be included in such Registration, one such postponement may be extended to not more than 120 days at the sole
discretion of the Company. 

        2.5    Selection of Underwriters.    In connection with a Demand Registration, the Company shall select the investment
banker(s) and manager(s) to administer the offering. 

 
 

ARTICLE III
  
  PIGGYBACK REGISTRATIONS    

        3.1    Right to Piggyback.    Subject to the terms and conditions hereof, at any time after the Restricted Period
whenever the Company proposes to register (including for this purpose a Registration effected by the Company for shareholders other than Holders) any of its securities under the Securities Act (other
than (i) a Registration under Article II hereof, (ii) a Registration of securities solely relating to an offering and sale pursuant to any employee stock plan or other employee
benefit plan arrangement, including any registration on Form S-8 (or any successor form thereto) or (iii) a Registration of securities issued in an acquisition or business
combination including any Registration on Form S-4 (or any successor form thereto)) (a "Piggyback Registration"), the Company shall
give at least 20 days' written notice to all Holders of the Company's intention to effect such a Registration and shall include in the Registration, subject to any agreement among the Holders
to be included in such Registration, all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 10 days after the receipt of the
Company's notice. 

        3.2    Piggyback Expenses.    The Registration Expenses of the Holders shall be paid by the Company in all Piggyback
Registrations. 

        3.3    Priority on Primary Registrations.    If a Piggyback Registration is an underwritten primary Registration on
behalf of the Company and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such Registration exceeds the number which
can be sold in an orderly manner in such offering and/or that the number of securities proposed to be included in such offering would adversely affect the price per share of the Common Stock, the
Company shall include in the Registration (i) first, the securities the Company proposes to sell, and (ii) second, the Registrable Securities requested to be included in the Registration
pro rata among the Holders on the basis of the number of shares proposed to be registered by each or as such holders may otherwise agree, and (iii) third, other securities requested to be
included in the Registration pro rata among the holders of such other securities on the basis of the number of shares requested to be registered by each such holder or as such holders may otherwise
agree. 

        3.4    Priority on Secondary Registrations.    If a Piggyback Registration is an underwritten secondary Registration
on behalf of holders of the Company's securities other than Registrable Securities and the managing underwriters advise the Company in writing that, in their opinion, the number of securities
requested to be included in the Registration exceeds the number which can be sold in an orderly manner in such offering and/or that the number of securities proposed to be included in such offering
would adversely affect the price per share of the Common Stock, the Company shall include in the Registration (i) first, the 

securities
requested to be included therein by the holders requesting such Registration pro rata among the holders of such other securities on the basis of the number of shares requested to be
registered by each such holder or as such holders may otherwise agree, (ii) second, the Registrable Securities requested to be included in such Registration pro rata among the Holders on the
basis of the number of shares proposed to be registered by each or as such Holders may otherwise agree, and (iii) third, other securities requested to be included in the Registration pro rata
among the holders of such other securities on the basis of the number of shares requested to be registered by each such holder or as such holders may otherwise agree. 

        3.5    Selection of Underwriters.    If any Piggyback Registration is an underwritten offering, the Company shall
select the investment banker(s) and manager(s) to administer the offering. 

 
 

ARTICLE IV
  
  LOCK UP AGREEMENTS    

        4.1    General.    Each Holder agrees not to effect any sale, distribution or other transfer (including sales pursuant
to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, during a period of up to 180 days (as may be
requested by the Company and the managing underwriters) following any underwritten, registered public offering of Common Stock, beginning on the effective date of such underwritten, registered
offering (except for sales of such securities as part of such underwritten, registered offering) whether or not the Holder sold shares in such offering, unless the managing underwriters otherwise
agree. 

 
 

ARTICLE V
  
  REGISTRATION PROCEDURES    

        5.1    Registration Procedures.    Whenever the Holders have requested that any Registrable Securities be registered
pursuant to this Agreement, the Company shall use its best efforts to effect the Registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof,
and pursuant thereto the Company shall as expeditiously as possible: 

        (a)   Prepare
and, in the case of a Demand Registration, no later than 60 days after a request for a Demand Registration, file with the Commission a registration
statement with respect to such Registrable Securities and use its best efforts to cause the registration statement to become effective and remain effective until the earlier of (i) the date
when all Registrable Securities covered by the registration statement have been sold, or (ii) 120 days from the effective date of the registration statement;  provided, that before filing a
registration statement or Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable
Securities covered by such registration statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated by reference in the
Prospectus and, if requested by such Holders, the exhibits incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining to such Holders that is
contained therein and the Company will make the corrections reasonably requested by such Holders with respect to such information prior to filing any registration statement or amendment thereto or any
Prospectus or any supplement thereto; provided further, that the period for the preparation and filing of a Demand Registration shall be 120 days
if a request for a Demand Registration is made in the first 45 days of any year; 

        (b)   Prepare
and file with the Commission such amendments and supplements to the registration statement and the Prospectus used in connection therewith as may be necessary to
keep the registration statement effective for the period referred to in Section 5.1(a) and comply with the provisions of the Securities Act with respect to the disposition of all securities
covered by the registration statement during such period in accordance with the intended methods of disposition by the sellers thereof as set forth in the registration statement; 

        (c)   Furnish
to each seller of Registrable Securities such number of copies of the registration statement, each amendment and supplement thereto, the Prospectus included in
the registration statement (including each preliminary prospectus) and such other documents as such Holder may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holder; 

        (d)   Use
commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any Holder
thereof reasonably requests 

and
do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such Holder; provided, however, provided, that the Company will not be required to (i) qualify
generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or
(iii) consent to general service of process in any such jurisdiction; 

        (e)   Notify
each such Holder, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result
of which the Prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the
request of any such Holder, the Company shall prepare a supplement or amendment to the Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus
shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 

        (f)    Promptly
notify each seller of Registrable Securities and the underwriter or underwriters, if any: (i) when the registration statement, any
pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment to the registration statement has been filed and, with respect to the
registration statement or any post-effective amendment, when the same has become effective, (ii) of any written request by the Commission for amendments or supplements to the
registration statement or Prospectus, (iii) of the notification to the Company by the Commission of its initiation of any proceeding with respect to the issuance by the Commission of any stop
order suspending the effectiveness of the registration statement, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable
Securities for sale under the applicable securities or blue sky laws of any jurisdiction and (v) of any other material written communication from the Commission relating to the registration
statement or the Prospectus. 

        (g)   Cause
all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed,
to be listed on the NASD automated quotation system; 

        (h)   Provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

        (i)    Make
available, for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement, and any
attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company's
officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such
registration statement; 

        (j)    Make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first
day of the Company's first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 1l(a) of the Securities
Act and Rule 158 thereunder; and 

        (k)   If
requested, cause to be delivered, immediately prior to the effectiveness of the registration statement (and, in the case of an underwritten offering, at the time of
delivery of any Registrable Securities sold pursuant thereto), letters from the Company's independent certified public accountants addressed to each selling Holder (unless such selling Holder does not
provide to such accountants the appropriate representation letter required by rules governing the accounting profession) and each underwriter, if any, stating that such accountants are independent
public accountants within the meaning of the Securities Act and the applicable rules and regulations adopted by the Commission thereunder, and otherwise in customary form and covering such financial
and accounting matters as are customarily covered by letters of the independent certified public accountants delivered in connection with primary or secondary underwritten public offerings, as the
case may be; 

        (l)    In
connection with an underwritten offering, (i) make such representations and warranties to such selling Holders and the underwriters with respect to the
Registrable Securities and the registration statement as are customarily made by issuers to underwriters in primary or secondary underwritten offerings, (ii) obtain opinions of counsel to the
Company and updates thereof addressed to each selling Holder and the underwriters covering the matters customarily covered in opinions requested in primary or secondary underwritten offerings, and
(iii) make available, on a reasonable basis, senior management personnel of the Company to participate in, and cause them to cooperate with the selling Holders or the 

managing
underwriter in any underwritten offering in connection with "road show" and other customary marketing activities, including "one on one" meetings with prospective purchasers of the
Registrable Securities to be sold in the underwritten offering. 

 
 

ARTICLE VI
  
  REGISTRATION EXPENSES    

        6.1    In General.    All expenses incident to the Company's performance of or compliance with this Agreement,
including without limitation, all Registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and
disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions and transfer taxes, if any, attributable to the sale of
Registrable Securities) and other Persons retained by the Company (all such expenses being herein called "Registration Expenses"), shall be borne by the
Company, and the Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of
any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar
securities issued by the Company are then listed or on the NASD automated quotation system. 

        6.2    Reimbursement by the Company.    In connection with each Registration, the Company shall reimburse the Holders
covered by such Registration for the reasonable fees and disbursements of one counsel chosen by the Holders of a majority of the Registrable Securities covered by such Registration. 

        6.3    Obligations of the Holders of Securities.    To the extent registration expenses are not required to be paid by
the Company, each Holder of securities included in any Registration hereunder shall pay those registration expenses allocable to the registration of such Holder's securities so included, and any
registration expenses not so allocable shall be borne by all sellers of securities included in the Registration in proportion to the aggregate selling price of the securities to be so registered. 

 
 

ARTICLE VII
  
  INDEMNIFICATION    

        7.1    In General.    The Company shall indemnify, to the fullest extent permitted by law, each Holder, its officers,
directors and Affiliates and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon
any untrue or alleged untrue statement of material fact contained in any registration statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or any violation or alleged violation by the Company of the Securities Act,
the Exchange Act or applicable blue sky laws, except insofar as the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such
Holder expressly for use therein or caused by such Holder's failure to deliver to such Holder's immediate purchaser a copy of the registration statement or Prospectus or any amendments or supplements
thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same. In connection with an underwritten
offering, the Company shall indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as
provided above with respect to the indemnification of the Holders. 

        7.2    Information from the Holders.    In connection with any registration statement in which a Holder is
participating, each such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or
Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company, its officers, directors Affiliates, and each Person who controls the Company (within the meaning of the Securities
Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in the registration statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such
Holder expressly for use therein or caused by such Holder's failure to deliver to such Holder's immediate purchaser a copy of the registration statement or Prospectus or any amendments or 

supplements
thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same; provided, however, that
the obligation to indemnify shall be several, not joint and several, among such Holders and the liability of each such Holder shall be in proportion to and limited to the net amount received by such
Holder from the sale of Registrable Securities pursuant to such registration statement. 

        7.3    Notice of Claim.    Any Person entitled to indemnification hereunder shall (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be
unreasonably withheld). An indemnifying party who is not
entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party which are in addition to or
may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations
hereunder. 

        7.4    Survival of Indemnification.    The indemnification provided for under this Agreement shall remain in full
force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer
of securities. 

        7.5    Contribution.    If the indemnification provided for in or pursuant to this Article VII is due in
accordance with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities
or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or
omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and
of the indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the indemnifying party or by the indemnified party, and by such party's relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. In no event shall the liability of any selling Holder be greater in amount than the amount of net proceeds received by such Holder upon such sale or the
amount for which such indemnifying party would have been obligated to pay by way of indemnification if the indemnification provided for under Section 7.1 or 7.2 hereof had been available under
the circumstances. 

 
 

ARTICLE VIII
  
  PARTICIPATION IN UNDERWRITTEN REGISTRATIONS    

        8.1    Participation in Underwritten Registrations.    No Person may participate in any Registration hereunder which
is underwritten unless such Person (a) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Company and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

 
 

ARTICLE IX
  
  REPORTS UNDER THE SECURITIES LAWS    

        9.1    Reports Under the Securities Laws.    With a view to making available to the Holders the benefits of
Rule 144 and any other rule or regulation of the Commission that may at any time permit a Holder to sell securities of the Company to the public without Registration, the Company agrees to: 

        (a)   File
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 

        (b)   Furnish
to any holder so long as the Holder owns any of the Registrable Securities forthwith upon request a written statement by the Company that it has complied with
the reporting requirements of the Securities Act and the Exchange Act. 

 
 

ARTICLE X
  
  TRANSFER OF REGISTRATION RIGHTS    

        10.1    Transfer of Registration Rights.    Provided that the Company is given prompt written notice by a Holder of
any transfer of Registrable Securities by such Holder stating the name and address of the transferee of such Registrable Securities and identifying the securities with respect to which the rights
under this Agreement are being assigned and such transferee agrees in writing to be bound by the terms and conditions of this Agreement, the rights of the Holder under this Agreement may be
transferred in whole or in part at any time to any such transferee, so long as such transfer of securities is in accordance with all applicable state and federal securities laws and regulations. The
Company shall be responsible for the Registration Expenses of any transferee or assignee pursuant to this Section 10.1 to the same extent as the original transferor. 

 
 

ARTICLE XI
  
  INFORMATION BY HOLDERS OF REGISTRABLE SECURITIES    

        11.1    Reporting of Sales.    Each Holder shall report to the Company sales made pursuant to any Registration of such
Registrable Securities. 

 
 

ARTICLE XII
  
  MISCELLANEOUS    

        12.1    Notices.    Any notice, demand, offer, or other instrument required or permitted to be given pursuant to this
Agreement shall be in writing signed by the party giving such notice and shall, to the extent reasonably practicable, be sent by telecopy (with confirmation of receipt), and if not reasonably
practicable to send by telecopy, then by hand delivery, overnight courier or certified mail (return receipt requested), to the other parties at the addresses set forth below: 

        If
to the Company: 

CF
Industries Holdings, Inc.

One Salem Lake Drive

Long Grove, IL 60047

Attention: General Counsel

Facsimile: 

        If
to a Stockholder, to the address(es) set forth on the counterpart signature pages of this Agreement signed by such Stockholder. 

        If
to a transferee Holder, to the address of such Holder set forth in the transfer documentation provided to the Company; 

        Each
party may change the place to which notice shall be sent or delivered or specify one additional address to which copies of notices may be sent, in either case by similar notice sent
or delivered in like manner to the other parties. Without limiting any other means by which a party may be able to prove that a notice has been received by the other party, a notice shall be deemed to
be duly received: (a) if sent by hand or overnight courier, the date when duly delivered at the address of the recipient; (b) if sent by certified mail, the date of the return receipt;
or (c) if sent by telecopy, upon receipt by the sender of an acknowledgment or transmission report generated by the machine from which the telecopy was sent indicating that the telecopy was
sent in its entirety to the recipient's telecopy number. 

        12.2    Captions.    Titles or captions of Sections or Articles contained in this Agreement are inserted only as a
matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 

        12.3    Amendment.    The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Holders of a majority of the Registrable
Securities; 

 provided, however, that without a Holder's written consent no such amendment, modification, supplement or waiver shall affect
adversely such Holder's rights hereunder in a discriminatory manner inconsistent with its adverse effects on rights of other Holders hereunder (other than as reflected by the different number of
shares held by such Holder); provided, further, that the consent or agreement of the Company shall be
required with regard to any termination, amendment, modification or supplement of, or waivers or consents to departures from, the terms hereof, which affect the Company's obligations hereunder. 

        12.4    Waiver.    Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or
a subsequent waiver of the same term or condition, or as a waiver of any other term or condition, of this Agreement. The failure of any party to assert any of its rights hereunder shall not constitute
a waiver of any of such rights. 

        12.5    Survival.    The several indemnities, agreements, representations, warranties and each other provision set
forth in this Agreement and made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any party, any
director or officer of such party, or any controlling person of any of the foregoing, and shall survive the transfer of any Registrable Securities, and the indemnification and contribution provisions
set forth in Article VII shall survive termination of this Agreement. 

        12.6    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be an
original but all of which together shall constitute one and the same instrument. 

        12.7    Entire Agreement; Assignment.    This Agreement and any agreement, document or schedule attached hereto or
thereto or referred to herein or therein, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, of the parties with respect to the subject
matter hereof. Any oral representations or modifications concerning this instrument shall be of no force or effect unless contained in a subsequent written modification signed by the party to be
charged. The registration rights of any Holder under this Agreement with respect to any Registrable Securities may be transferred and assigned in accordance with this Agreement. This Agreement shall
be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted assigns. 

        12.8    Severability.    If any provision of this Agreement is invalid or unenforceable, the balance of this Agreement
shall remain in full force and effect, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted, so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon any such determination that any provision of this Agreement is invalid or unenforceable, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

        12.9    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State
of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each of the parties hereto agrees that process may be served upon them in any
manner authorized by the laws of the State of Delaware for such persons and waives and covenants not to assert or plead any objection which they might otherwise have to such jurisdiction and such
process. 

        12.10    Consent to Jurisdiction.    Without limiting the provisions of Article VII hereof, the parties agree
that any legal proceeding by or against any party or with respect to or arising out of this Agreement may be brought in or removed to the United States District Court for the State of Delaware or in
any Delaware state court, as the party or parties instituting such legal action or proceeding may elect. By execution and delivery of this Agreement, each party irrevocably and unconditionally submits
to the exclusive jurisdiction of such courts and to the appellate courts therefrom. The parties irrevocably consent to the service of process out of any of the aforementioned courts in any such action
or proceeding by the mailing of copies thereof by registered or certified airmail, postage prepaid, to such parties at the addresses specified in Section 12.1. Any such service of process shall
be effective five (5) business days after mailing, or, if hand delivered, upon delivery. Nothing herein shall affect the right to serve process in any other manner permitted by applicable law.
The parties hereby waive any right to stay or dismiss any action or proceeding under or in connection with this Agreement brought before the foregoing courts on the basis of (a) any claim that
it is not personally subject to the jurisdiction of the above-named courts for any reason, or that it or any of its property is immune from the above-described legal process, (b) that such
action or proceeding is brought in an inconvenient forum, that venue for the action or proceeding is improper or that this Agreement may not be enforced in or by such courts, or (c) any other
defense that would hinder or delay the levy, execution or 

collection
of any amount to which any party is entitled pursuant to any final judgment of any court having jurisdiction. 

[Signature Page Follows]

*
* * * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 

	 	 	CF INDUSTRIES HOLDINGS, INC.
	

 	
 	

By:

	 	 	                Name:
	 	 	                Title:
	 	 	 
	 	 	
 [Name of Stockholders (including addresses)]

QuickLinks

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT

ARTICLE I DEFINITIONS

ARTICLE II DEMAND REGISTRATIONS

ARTICLE III PIGGYBACK REGISTRATIONS

ARTICLE IV LOCK UP AGREEMENTS

ARTICLE V REGISTRATION PROCEDURES

ARTICLE VI REGISTRATION EXPENSES

ARTICLE VII INDEMNIFICATION

ARTICLE VIII PARTICIPATION IN UNDERWRITTEN REGISTRATIONS

ARTICLE IX REPORTS UNDER THE SECURITIES LAWS

ARTICLE X TRANSFER OF REGISTRATION RIGHTS

ARTICLE XI INFORMATION BY HOLDERS OF REGISTRABLE SECURITIES

ARTICLE XII MISCELLANEOUSQuickLinks
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Exhibit 10.11  

 
 

CF INDUSTRIES HOLDINGS, INC.    
    
    2005 EQUITY AND INCENTIVE PLAN    
    

CF INDUSTRIES HOLDINGS, INC.  

 2005 EQUITY AND INCENTIVE PLAN  

	Section
 
	 	 
	 	Page

	1.	 	Purpose; Types of Awards; Construction. 	 	1
	

2.	
 	

Definitions. 	
 	

1
	

3.	
 	

Administration. 	
 	

4
	

4.	
 	

Eligibility. 	
 	

4
	

5.	
 	

Stock Subject to the Plan. 	
 	

4
	

6.	
 	

Specific Terms of Awards. 	
 	

5
	

7.	
 	

Change in Control Provisions. 	
 	

8
	

8.	
 	

General Provisions. 	
 	

8

CF INDUSTRIES HOLDINGS, INC.  

 2005 EQUITY AND INCENTIVE PLAN  

        1.    Purpose; Types of Awards; Construction.    

        The
purpose of the CF INDUSTRIES HOLDINGS, INC. 2005 Equity and Incentive Plan (the "Plan") is to promote the interests of the Company and its Subsidiaries and the stockholders of
the Company by providing officers, employees, consultants and independent contractors (including non-employee directors) of the Company and its Subsidiaries with appropriate incentives and
rewards to encourage them to enter into and continue in the employ or service of the Company or its Subsidiaries, to acquire a proprietary interest in the long-term success of the Company
and to reward the performance of individuals in fulfilling their personal responsibilities for long-range and annual achievements. The Plan provides for the grant of options (including
"incentive stock options" and "nonqualified stock options"), stock appreciation rights, restricted stock, restricted stock units and other stock- or cash-based awards. The Plan is designed
so that Awards granted hereunder intended to comply with the requirements for "performance-based compensation" under Section 162(m) of the Code may comply with such requirements, and the Plan
and Awards shall be interpreted in a manner consistent with such requirements. Notwithstanding any provision of the Plan, to the extent that any Award would be subject to Section 409A of the
Code, no such Award may be granted if it would fail to comply with the requirements set forth in Section 409A of the Code and any regulations or guidance promulgated thereunder. 

        2.    Definitions.    

        For
purposes of the Plan, the following terms shall be defined as set forth below: 

        (a)   "Annual
Incentive Program" means the program described in Section 6(c) hereof. 

        (b)   "Award"
means any Option, SAR, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award or Other Cash-Based Award granted under the Plan. 

        (c)   "Award
Agreement" means any written agreement, contract, or other instrument or document evidencing an Award. 

        (d)   "Board"
means the Board of Directors of the Company. 

        (e)   A
"Change in Control" shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred: 

        (i)    any
Person is or becomes the Beneficial Owner (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company
(not including in the securities beneficially owned by such Person any securities acquired directly from the Company or any of its affiliates) representing 25% or more of the combined voting power of
the Company's then outstanding securities; or 

        (ii)   the
following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on the date hereof,
constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a
consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved or
recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or
nomination for election was previously so approved or recommended; or; 

        (iii)  there
is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than a merger or
consolidation immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board of the entity surviving such merger or
consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or 

        (iv)  the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by
the Company of all or substantially all of the Company's assets, other than (a) a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least
60% of the combined voting 

 

power
of the voting securities of which are owned by stockholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company
immediately prior to such sale or (b) other than a sale or disposition by the Company of all or substantially all of the Company's assets immediately following which the individuals who
comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the
ultimate parent thereof. 

        (a)   Notwithstanding
the foregoing, (1) a "Change in Control" shall not be deemed to have occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the
same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions, and (2) a
"Change in Control" shall not occur for purposes of the Plan as result of the initial public offering of the common stock of CF Industries Holdings, Inc. or any transactions or events
contemplated by such offering. 

        (f)    "Code"
means the Internal Revenue Code of 1986, as amended from time to time. 

        (g)   "Committee"
shall mean, at the discretion of the Board, a Committee of the Board, which shall consist of two or more persons, each of whom, unless otherwise determined
by the Board, is an "outside director" within the meaning of Section 162(m) of the Code and a "nonemployee director" within the meaning of Rule 16b-3. 

        (h)   "Company"
means CF INDUSTRIES HOLDINGS, INC., a corporation organized under the laws of the State of Delaware, or any successor corporation. 

        (i)    "Covered
Employee" shall have the meaning set forth in Section 162(m)(3) of the Code. 

        (j)    "Effective
Date" means the effective date of the Initial Public Offering. 

        (k)   "Exchange
Act" means the Securities Exchange Act of 1934, as amended from time to time, and as now or hereafter construed, interpreted and applied by regulations,
rulings and cases. 

        (l)    "Fair
Market Value" means, with respect to Stock or other property, the fair market value of such Stock or other property determined by such methods or procedures as
shall be established from time to time by the Committee. Unless otherwise determined by the Committee in good faith, the per share Fair Market Value of Stock as of a particular date shall mean
(i) the mean between the highest and lowest reported sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for the last preceding date on
which there was a sale of such Stock on such exchange, or (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and
asked prices for the shares of Stock in such over-the-counter market for the last preceding date on which there was a sale of such Stock in such market, or (iii) if the
shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall
determine. 

        (m)  "Grantee"
means an employee, consultants or independent contractor (including non-employee director) of the Company or any Subsidiary of the Company that has
been granted an Award under the Plan. 

        (n)   "Initial
Public Offering" means the initial public offering of the shares of Stock of the Company. 

        (o)   "ISO"
means any Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code. 

        (p)   "Long
Term Incentive Program" means the program described in Section 6(b) hereof. 

        (q)   "NQSO"
means any Option that is not designated as an ISO. 

        (r)   "Option"
means a right, granted to a Grantee under Section 6(b)(i), to purchase shares of Stock. An Option may be either an ISO or an NQSO. 

2

 

        (s)   "Other
Cash-Based Award" means cash awarded under the Annual Incentive Program or the Long Term Incentive Program, including cash awarded as a bonus or upon
the attainment of Performance Goals or otherwise as permitted under the Plan. 

        (t)    "Other
Stock-Based Award" means a right or other interest granted to a Grantee under the Annual Incentive Program or the Long Term Incentive Program that may be
denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, including but not limited to (i) unrestricted Stock awarded as a bonus or
upon the attainment of Performance Goals or otherwise as permitted under the Plan, and (ii) a right granted to a Grantee to acquire Stock from the Company containing terms and conditions
prescribed by the Committee. 

        (u)   "Performance
Goals" means performance goals based on the attainment by the Company or any Subsidiary of the Company (or any division or business unit of such entity) of
performance goals pre-established by the Committee, based on one or more of the following criteria (as determined in accordance with generally accepted accounting principles):
(1) return on total stockholder equity; (2) earnings per share of Company Stock; (3) net income (before or after taxes); (4) earnings before any or all of interest, taxes,
minority interest, depreciation and amortization; (5) sales or revenues; (6) return on assets, capital or investment; (7) market share; (8) cost reduction goals;
(9) budget comparisons; (10) implementation or completion of critical projects or processes; (11) the formation of joint ventures, research or development collaborations, or the
completion of other corporate transactions; and (12) any combination of, or a specified increase in, any of the foregoing. The performance goals may be based upon the attainment of specified
levels of performance under one or more of the measures described above relative to the performance of other entities. To the extent permitted under Section 162(m) of the Code (including,
without limitation, compliance with any requirements for stockholder approval), the Committee may designate additional business criteria on which the performance goals may be based or adjust, modify
or amend the aforementioned business criteria. Performance Goals may include a threshold level of performance below which no Award will be earned, a level of performance at which the target amount of
an Award will be earned and a level of performance at which the maximum amount of the Award will be earned. The Committee shall have the authority to make equitable adjustments to the Performance
Goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary of the Company or the financial statements of the Company or any Subsidiary of the Company,
in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be
extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. 

        (v)   "Person"
shall have the meaning set forth in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term
shall not include (1) the Company or any Subsidiary Corporation, (2) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary
Corporation, (3) an underwriter temporarily holding securities pursuant to an offering of such securities, or (4) a corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company. 

        (w)  "Plan"
means this CF INDUSTRIES HOLDINGS, INC. 2005 Equity and Incentive Plan, as amended from time to time. 

        (x)   "Restricted
Stock" means an Award of shares of Stock to a Grantee under Section 6(b)(iii) that may be subject to certain restrictions and to a risk of
forfeiture. 

        (y)   "Restricted
Stock Unit" means a right granted to a Grantee under Section 6(b)(iv) to receive Stock or cash at the end of a specified deferral period, which
right may be conditioned on the satisfaction of specified performance or other criteria. 

        (z)   "Rule 16b-3"
means Rule 16b-3, as from time to time in effect promulgated by the Securities and Exchange Commission under
Section 16 of the Exchange Act, including any successor to such Rule. 

        (aa) "Stock"
means shares of the common stock, par value $0.01 per share, of the Company. 

3

 

        (bb) "Stock
Appreciation Right" or "SAR" means the right, granted to a Grantee under Section 6(b)(ii), to be paid an amount measured by the appreciation in the Fair
Market Value of Stock from the date of grant to the date of exercise of the right. 

        (cc) "Subsidiary"
means a "subsidiary corporation," whether now or hereafter existing, as defined in Section 424(f) of the Code. 

        (dd) "Total
Authorized Shares" shall have the meaning set forth in Section 5 of the Plan. 

        3.    Administration.    

        The
Plan shall be administered by the Committee. The Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to
administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without
limitation, the authority to grant Awards; to determine the persons to whom and the time or times at which Awards shall be granted; to determine the type and number of Awards to be granted, the number
of shares of Stock to which an Award may relate and the terms, conditions, restrictions and performance criteria relating to any Award; to determine Performance Goals no later than such time as
required to ensure that an underlying Award which is intended to comply with the requirements of Section 162(m) of the Code so complies; and to determine whether, to what extent, and under what
circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; to make adjustments in the terms and conditions of, and the Performance Goals (if any) included in, Awards; to
construe and interpret the Plan and any Award; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the Award Agreements (which need not
be identical for each Grantee); and to make all other determinations deemed necessary or advisable for the administration of the Plan. Notwithstanding the foregoing, neither the Board, the Committee
nor their respective delegates shall have the authority to reprice (or cancel and regrant) any Option or, if applicable, other Award at a lower exercise, base or purchase price without first obtaining
the approval of the Company's stockholders. 

        All
determinations of the Committee shall be made by a majority of its members either present in person or participating by conference telephone at a meeting or by written consent. The
Committee may delegate to one or more of its members or to one or more agents such administrative duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as
aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan. All decisions, determinations and interpretations of
the Committee shall be final and binding on all persons, including but not limited to the Company, any Subsidiary of the Company, or Grantee (or any person claiming any rights under the Plan from or
through any Grantee) and any stockholder. 

        No
member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder. Notwithstanding
anything to the contrary continued herein, prior to the consummation of the Initial Public Offering, all Committee action may be taken by the Board. 

        4.    Eligibility.    

        Awards
may be granted to executive officers and other key employees, consultants and independent contractors (including non-employee directors) of the Company or its
Subsidiaries, including officers and directors who are employees, and to key consultants to the Company or its Subsidiaries. In determining the persons to whom Awards shall be granted and the number
of shares to be covered by each Award, the Committee shall take into account the duties of the respective persons, their present and potential contributions to the success of the Company or its
Subsidiaries and such other factors as the Committee shall deem relevant in connection with accomplishing the purposes of the Plan. 

        5.    Stock Subject to the Plan.    

        The
maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be 8,250,000, subject to adjustment as provided herein ("Total Authorized Shares"). Subject to
adjustment as provided herein, no more than (1) thirty-five percent (35%) of the Total Authorized Shares may be awarded under the Plan in the aggregate in respect of Awards other
than Options and SARs, (2) fifteen percent (15%) of the Total Authorized Shares may be made subject to Options or SARs awarded to an individual in a single calendar year, and (3) seven
and one-half percent (7.5%) of the Total Authorized Shares may be 

4

 

made
subject to stock-based awards other than Options (including SARs, Restricted Stock and Restricted Stock Units or Other Stock-Based Awards denominated in shares of Stock) to an individual in a
single calendar year. Determinations made in respect of the limitations set forth in the immediately preceding sentence shall be made in a manner consistent with Section 162(m) of the Code.
Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If
any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares to the Grantee, or if shares of stock are
surrendered or withheld as payment of either the exercise price of an Award and/or withholding taxes in respect of an Award, the shares of stock with respect to such Award shall, to the extent of any
such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again be available for Awards under the Plan. Upon the exercise of any Award granted in tandem with any
Awards such related Awards shall be cancelled to the extent of the number of shares of Stock as to which the Award is exercised and, notwithstanding the foregoing, such number of shares shall no
longer be available for Awards under the Plan. 

        In
the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse
split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Stock such that an
adjustment is appropriate in order to prevent dilution or enlargement of the rights of Grantees under the Plan, then the Committee shall make such equitable changes or adjustments as it deems
necessary or appropriate to any or all of (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with Awards, (ii) the
number and kind of shares of Stock or other property (including cash) issued or issuable in respect of outstanding Awards, (iii) the exercise price, grant price, or purchase price relating to
any Award; provided, that, with respect to ISOs, such adjustment shall be made in accordance with Section 424(h) of the Code; and (iv) the Performance Goals applicable to outstanding
Awards. 

        6.    Specific Terms of Awards.    

        (a)    General.    The term of each Award shall be for such period as may be determined by the Committee. Subject to
the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or any Subsidiary of the Company upon the grant, maturation, or exercise of an Award may be made in such
forms as the Committee shall determine at the date of grant or thereafter, including, without limitation, cash, Stock, or other property, and may be made in a single payment or transfer, in
installments, or on a deferred basis. The Committee may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to
such payments. In addition to the foregoing, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent
with the provisions of the Plan, as the Committee shall determine. 

        (b)    Long Term Incentive Program.    Under the Long Term Incentive Program, the Committee is authorized to grant the
Awards described in this Section 6(b), under such terms and conditions as deemed by the Committee to be consistent with the purposes of the Plan. Such Awards may be granted with value and
payment contingent upon Performance Goals. Each Award granted under the Long Term Incentive Program shall be evidenced by an Award Agreement containing such terms and conditions applicable to such
Award as the Committee shall determine at the date of grant or thereafter. 

        (i)    Options.    The Committee is authorized to grant Options to Grantees on the following terms and conditions: 

        (A)  Type of Award.    The Award Agreement evidencing the grant of an Option under the Plan shall designate the
Option as an ISO or an NQSO. 

        (B)  Exercise Price.    The exercise price per share of Stock purchasable under an Option shall be determined by the
Committee, but in no event shall the exercise price of any Option be less than the Fair Market Value of a share of Stock on the date of grant of such Option. The exercise price for Stock subject to an
Option may be paid in cash or by an exchange of Stock previously owned by the Grantee, through a "broker cashless 

5

 

exercise"
procedure approved by the Committee, a combination of the above, or any other method approved the Committee, in any case in an amount having a combined value equal to such exercise price. 

        (C)  Term and Exercisability of Options.    Unless the Committee determines otherwise, the date on which the
Committee adopts a resolution expressly granting an Option shall be considered the day on which such Option is granted. Options shall be exercisable over the exercise period (which shall not exceed
ten years from the date of grant), at such times and upon such conditions as the Committee may determine, as reflected in the Award Agreement; provided, that the Committee shall have the authority to
accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or
all full shares of Stock as to which the Option has become exercisable, by giving written notice of such exercise to the Committee or its designated agent. 

        (D)  Termination of Employment, etc.    An Option may not be exercised unless the Grantee is then a director of, in
the employ of, or then maintains an independent contractor relationship with, the Company or a Subsidiary of the Company, and unless the Grantee has remained continuously so employed, or continuously
maintained such a relationship, since the date of grant of the Option; provided, that the Award Agreement may contain provisions extending the exercisability of Options, in the event of specified
terminations, to a date not later than the expiration date of such Option. 

        (E)  Other Provisions.    Options may be subject to such other conditions including, but not limited to,
restrictions on transferability of the shares acquired upon exercise of such Options, as the Committee may prescribe in its discretion or as may be required by applicable law. 

        (ii)    SARs.    The Committee is authorized to grant SARs to Grantees on the following terms and conditions: 

        (A)  In General.    SARs may be granted independently or in tandem with an Option. Unless the Committee determines
otherwise, a SAR (1) granted in tandem with an NQSO may be granted at the time of grant of the related NQSO or at any time thereafter or (2) granted in tandem with an ISO may only be
granted at the time of grant of the related ISO. A SAR granted in tandem with an Option shall be exercisable only to the extent the underlying Option is exercisable. Payment of an SAR may be made in
cash, Stock, or property as specified in the Award Agreement or determined by the Committee. 

        (B)  SARs.    A SAR shall confer on the Grantee a right to receive an amount with respect to each share subject
thereto, upon exercise thereof, equal to the excess of (1) the Fair Market Value of one share of Stock on the date of exercise over (2) the grant price of the SAR (which in the case of
an SAR granted in tandem with an Option shall be equal to the exercise price of the underlying Option, and which in the case of any other SAR shall be such price as the Committee may determine). 

        (iii)    Restricted Stock.    The Committee is authorized to grant Restricted Stock to Grantees on the following terms
and conditions: 

        (A)  Issuance and Restrictions.    Restricted Stock shall be subject to such restrictions on transferability and
other restrictions, if any, as the Committee may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such
installments, or otherwise, as the Committee may determine; provided that, except as provided in Section 7, any such restrictions that are based only on continued employment for a specified
period of time shall not lapse less than one year after the date of grant of the Award. The Committee may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the
attainment of Performance Goals. Except to the extent restricted under the Award Agreement relating to the Restricted Stock, a Grantee granted Restricted Stock shall have all of the rights of a
stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 

6

 

        (B)  Forfeiture.    Upon termination of employment with or service to the Company or any Subsidiary of the Company,
during the applicable restriction period, Restricted Stock shall be forfeited; provided, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any
individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the
Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock. 

        (C)  Certificates for Stock.    Restricted Stock granted under the Plan may be evidenced in such manner as the
Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Grantee, such certificates shall bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Restricted Stock, and the Company shall retain physical possession of the certificate. 

        (D)  Dividends.    Dividends paid on Restricted Stock shall be either paid at the dividend payment date in cash or
in shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends. Stock distributed in connection with a stock split or stock dividend, and other property distributed
as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 

        (iv)    Restricted Stock Units.    The Committee is authorized to grant Restricted Stock Units to Grantees, subject to
the following terms and conditions: 

        (A)  Award and Restrictions.    Delivery of Stock or cash, as determined by the Committee, will occur upon
expiration of the deferral period specified for Restricted Stock Units by the Committee. The Committee may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the
attainment of Performance Goals; provided that, except as provided in Section 7, any such restrictions that are based only on continued employment for a specified period of time shall not lapse
less than one year after the date of grant of the Award. 

        (B)  Forfeiture.    Upon termination of employment with or service to the Company or any Subsidiary of the Company,
during the applicable deferral period or portion thereof to which forfeiture conditions apply, or upon failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such
Restricted Stock Units relate, all Restricted Stock Units and any accrued but unpaid dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided, that the
Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock Units will be
waived in whole or in part in the event of termination resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock Units. 

        (v)    Other Stock- or Cash-Based Awards.    The Committee is authorized to grant Awards to Grantees in
the form of Other Stock-Based Awards or Other Cash-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be
granted with value and payment contingent upon Performance Goals, so long as such goals relate to periods of performance in excess of one calendar year. The Committee shall determine the terms and
conditions of such Awards at the date of grant or thereafter. The maximum value of the aggregate payment that any Grantee may receive with respect to Other Cash-Based Awards pursuant to
this Section 6(b)(v) in respect of any annual performance period is $3,000,000 and for any other performance period in excess of one year, such amount multiplied by a fraction, the
numerator of which is the number of months in the performance period and the denominator of which is twelve. Payments earned hereunder may be decreased or, with respect to any Grantee who is not a
Covered Employee, increased in the sole discretion of the Committee based on such factors as it deems appropriate. No payment shall be made to a Covered Employee prior to the certification by the
Committee that the Performance Goals have been attained. The Committee 

7

 

may
establish such other rules applicable to the Other Stock- or Cash-Based Awards to the extent not inconsistent with Section 162(m) of the Code. 

        (c)    Annual Incentive Program.    The Committee is authorized to grant Awards to Grantees pursuant to the Annual
Incentive Program, under such terms and conditions as deemed by the Committee to be consistent
with the purposes of the Plan. The maximum value of the aggregate payment that any Grantee may receive under the Annual Incentive Program in respect of any calendar year is $3,000,000. Payments earned
hereunder may be decreased or, with respect to any Grantee who is not a Covered Employee, increased in the sole discretion of the Committee based on such factors as it deems appropriate. No payment
shall be made to a Covered Employee prior to the certification by the Committee that the Performance Goals have been attained. The Committee may establish such other rules applicable to the Annual
Incentive Program to the extent not inconsistent with Section 162(m) of the Code. 

        7.    Change in Control Provisions.    

        Unless
otherwise determined by the Committee and evidenced in an Award Agreement, in the event of a Change of Control: 

        (a)   any
Award carrying a right to exercise that was not previously vested and exercisable shall become fully vested and exercisable; and 

        (b)   the
restrictions, deferral limitations, payment conditions, and forfeiture conditions applicable to any other Award granted under the Plan shall lapse and such Awards
shall be deemed fully vested, and any performance conditions imposed with respect to Awards shall be deemed to be fully achieved. 

        8.    General Provisions.    

        (a)    Nontransferability.    Unless otherwise determined by the Committee, Awards shall not be transferable by a
Grantee except by will or the laws of descent and distribution and shall be exercisable during the lifetime of a Grantee only by such Grantee or his guardian or legal representative. 

        (b)    No Right to Continued Employment, etc.    Nothing in the Plan or in any Award, any Award Agreement or other
agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ or service of the Company or Subsidiary of the Company or to be entitled to any remuneration or
benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate such Grantee's
employment or independent contractor relationship. 

        (c)    Taxes.    The Company or any Subsidiary of the Company is authorized to withhold from any Award granted, any
payment relating to an Award under the Plan, including from a distribution of Stock, or any other payment to a Grantee, amounts of withholding and other taxes due in connection with any transaction
involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Grantees to satisfy obligations for the payment of withholding taxes and other tax
obligations relating to any Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Grantee's tax
obligations. The Committee may provide in the Award Agreement that in the event that a Grantee is required to pay any amount to be withheld in connection with the issuance of shares of Stock in
settlement or exercise of an Award, the Grantee shall or may satisfy such obligation (in whole or in part) by electing to have a portion of the shares
of Stock to be received upon settlement or exercise of such Award equal to the minimum amount required to be withheld. 

        (d)    Stockholder Approval; Amendment and Termination.    

        (i)    The
Plan shall take effect upon its adoption by the Board. 

        (ii)   The
Board may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part; provided, however, that unless otherwise determined by
the Board, an amendment that requires stockholder approval in order for the Plan to continue to comply with Section 162(m) or any other law, regulation or stock exchange requirement shall not
be effective unless approved by the requisite vote of stockholders. Notwithstanding 

8

 

the
foregoing, no amendment to or termination of the Plan shall affect adversely any of the rights of any Grantee, without such Grantee's consent, under any Award theretofore granted under the Plan.
Moreover, the Company reserves the right to cancel, amend, terminate, suspend, or otherwise change outstanding Awards under the Annual Incentive Program for any reason at any time before, during or
after the calendar year to which an Award relates, upon authorization of the Board. The Committee may expand, reduce or otherwise change any and all opportunities, Awards, and any and all financial
factors, or financial measures used in outstanding Awards under the Annual Incentive Program for any reason at any time before, during or after the calendar year to which an Award relates. All changes
described in this paragraph are at the sole discretion of the Board and/or the Committee, may be made at any time, and may have a retroactive effective date. 

        (e)    Expiration of Plan.    Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan
shall expire on the tenth anniversary of the date of the Plan's adoption by the Board. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect
adversely any of the rights of any Grantee, without such Grantee's consent, under any Award theretofore granted. 

        (f)    Deferrals.    The Committee shall have the authority to establish such procedures and programs that it deems
appropriate to provide Grantees with the ability to defer receipt of cash, Stock or other property payable with respect to Awards granted under the Plan. 

        (g)    No Rights to Awards; No Stockholder Rights.    No Grantee shall have any claim to be granted any Award under
the Plan, and there is no obligation for uniformity of treatment of Grantees. Except as provided specifically herein, a Grantee or a transferee of an Award shall have no rights as a stockholder with
respect to any shares covered by the Award until the date of the issuance of a stock certificate to him for such shares or the issuance of shares to him in book-entry form. 

        (h)    Unfunded Status of Awards.    The Plan is intended to constitute an "unfunded" plan for incentive and deferred
compensation. With respect to any payments not yet made to a Grantee pursuant to an Award,
nothing contained in the Plan or any Award shall give any such Grantee any rights that are greater than those of a general creditor of the Company. 

        (i)    No Fractional Shares.    No fractional shares of Stock shall be required to be issued or delivered pursuant to
the Plan or any Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any
rights thereto shall be forfeited or otherwise eliminated. 

        (j)    Regulations and Other Approvals.    

        (i)    The
obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations,
including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

        (ii)   Each
Award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that the listing, registration or qualification of
Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable
as a condition of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing,
registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Committee. 

        (iii)  In
the event that the disposition of Stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not
otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Committee may require a Grantee
receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to 

9

 

represent
to the Company in writing that the Stock acquired by such Grantee is acquired for investment only and not with a view to distribution. 

        (iv)  The
Committee may require a Grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to enter into a stockholder agreement or
"lock-up" agreement in such form as the Committee shall determine is necessary or desirable to further the Company's interests. 

        (k)    Governing Law.    The Plan and all determinations made and actions taken pursuant hereto shall be governed by
the laws of the State of Delaware without giving effect to the conflict of laws principles thereof. 

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CF INDUSTRIES HOLDINGS, INC. 2005 EQUITY AND INCENTIVE PLAN

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