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Exhibit 10.3    
    

*****
PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS
("*****"), AND THE OMITTED TEXT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 
 

MULTIPLE YEAR CONTRACT
  FOR THE
  PURCHASE AND SALE OF FERTILIZER    
    

        THIS AGREEMENT is made and entered into as of this 1st day of July, 2005 by and between CF INDUSTRIES, INC., a Delaware corporation, having its principal
place of business at One Salem Lake Drive, Long Grove, Illinois 60047 (hereinafter referred to as "Supplier") and SOUTHERN STATES COOPERATIVE, INCORPORATED, a Virginia corporation, having its
principal place of business at 6606 West Broad Street, Richmond, Virginia 23230 (hereinafter referred to as "Customer"). 

 
 

W I T N E S S E T H:    
    

        WHEREAS, Supplier is engaged in selling ammonia, UAN solution (as 28% equivalent), urea, DAP and MAP ("Product"); 

        WHEREAS,
Customer desires to purchase, and Supplier desires to sell, Product in accordance with the terms and conditions hereinafter set forth. 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained Customer and Supplier hereby agree as follows: 

        1.    Purchase and Sale Commitment.    

        (a)   Customer
shall purchase and Supplier shall sell the Requirement Volume of Product set forth below during the initial Contract Year (as hereinafter defined) of this
Agreement: 

	Product
	 	Requirement Volume
	 	Sales Target Volume

	Ammonia	 	***** S.T.	 	***** S.T.
	UAN Solution

(as 28% equivalent)	 	***** S.T.	 	***** S.T.
	Urea	 	***** S.T.	 	***** S.T.
	DAP	 	***** S.T.	 	***** S.T.
	MAP	 	***** S.T.	 	***** S.T.

        The
Requirement Volume for each subsequent Contract Year shall be set forth in a notice from Customer to Supplier delivered on or before the first day of June preceding a Contract Year
and, for each Product, shall be not less than sixty-five percent (65%) nor more than one-hundred percent (100%) of the Sales Target Volume for such Product for such Contract
Year. 

        (b)   Customer
also intends, but shall not be obligated, to purchase and Supplier also intends, but shall not be obligated, to sell for each Product an additional volume (the
"Additional Volume") equal to the Sales Target Volume less the Requirement Volume. The Sales Target Volume for the initial Contract Year is set forth in Section 1(a) of this Agreement. The
Sales Target Volume for each Product for each subsequent Contract Year shall be set by mutual agreement of the parties on or before the first day of May preceding a Contract Year and, in the absence
of such mutual agreement on or before the first day of May, shall be set by Supplier for each Product in a notice to Customer and shall be not more than one hundred percent (100%) nor less than
ninety-five percent (95%) of the Sales Target Volume for such Product set at the beginning of the preceding Contract Year (i.e., unadjusted by any change pursuant to Section 1(c),
Section 1(d), Section 1(f), Section 1(g) or Section 15(c) of this Agreement). 

        (c)   In
the event Customer receives a bona fide offer from a third party during any Contract Year, which offer (i) provides for the sale of Product to Customer,
(ii) Customer desires to accept and (iii) may impact Customer's ability or willingness to purchase the Sales Target Volume, Customer shall notify Supplier (the "Third Party Purchase
Notice") of the volume of Product it intends to purchase, the terms and conditions of such purchase and the date and time by which Supplier must respond to such Third Party Purchase Notice. Supplier
shall have until the time and date set forth in such Third Party Purchase Notice to agree to sell the specified volume of Product to Customer on the terms and conditions set forth in the Third Party
Purchase Notice. If Supplier fails to respond to the Third Party Purchase Notice within the time specified, or if Supplier declines to sell the specified volume of Product to Customer, Customer may
purchase the specified volume of Product from such third party on the terms and conditions set forth in the Third Party Purchase Notice and the Sales Target Volume shall be reduced by an amount equal
to the volume of Product so purchased by Customer (provided, however, that the Sales Target Volume shall not be reduced below the Requirement Volume). 

        (d)   In
the event Supplier receives a bona fide offer from a third party during any Contract Year, which offer (i) provides for the purchase of Product from Supplier,
(ii) Supplier desires to accept and (iii) may impact Supplier's ability or willingness to supply the Sales Target Volume, Supplier shall notify Customer (the "Third Party Sale Notice")
of the volume of Product it intends to sell, the terms and conditions of such sale and the date and time by which Customer must respond to such Third Party Sale Notice. Customer shall have until the
time and date set forth in such Third Party Sale Notice to agree to purchase the specified volume of Product from Supplier on the terms and conditions set forth in the Third Party Sale Notice. If
Customer fails to respond to the Third Party Sale Notice within the time specified, or if Customer declines to purchase the specified volume of Product from Supplier, Supplier shall be free to sell
the specified volume of Product to such third party on the terms and conditions set forth in the Third Party Sale Notice and the Sales Target Volume shall be reduced by an amount 

equal
to the volume of Product so sold by Supplier (provided, however, that the Sales Target Volume shall not be reduced below the Requirement Volume). 

        (e)   Notwithstanding
the provision of Section 17(b) of this Agreement, the Third Party Purchase Notice and the Third Party Sale Notice shall be delivered to the
following individuals: 

	Supplier
	 	Customer

	Product Sales Representative, Product Sales Manager and Director, Product Sales	 	Manager Fertilizer Merchandising and Vice President, Crops Division

The
Third Party Purchase Notice and the Third Party Sale Notice, again notwithstanding the provisions of Section 17(b) of this Agreement, may be sent by email provided the sender has been
notified of the recipient's email address. 

        (f)    Without
limiting Supplier's obligations under Section 1(d) of this Agreement, in the event that, at any time during a Contract Year, Supplier reduces the volume
of Product available for sale and such action may impact Supplier's ability to supply the Sales Target Volume, Supplier may reduce the Sales Target Volume for such Contract Year (but not below the
Requirement Volume) by delivering notice to Customer advising Customer of such reduction in the Sales Target Volume. 

        (g)   Supplier
shall not be obligated to accept any order for Product if, at the time Customer orders such Product, the cumulative volume of such Product ordered by Customer
is in excess of the volume set forth in the Take Pattern (as hereinafter defined). If, after accepting an order from Customer, Supplier determines that Supplier cannot supply the Product ordered in
accordance with the Take Pattern, Supplier shall promptly notify Customer (the "Order Modification") of the revised manner and date the Product will be supplied. Customer shall then have the option,
exercisable by delivering notice to Supplier on or before 5:00 p.m. Central Time on the second business day following delivery of the Order Modification, of either (i) terminating the
order without obligation for payment (in which case the volume of Product ordered shall reduce the Requirement Volume and the Sales Target Volume and shall be included in the Overall Annual Tonnage
for purposes of calculating any incentive payment under Performance Incentive No. 5) and, at Customer's option, purchasing the Product ordered from a third party at a commercially reasonable
price or (ii) accepting the changes set forth in the Order Modification. In the event Customer fails to notify Supplier of its election on or before 5:00 p.m. Central Time on the second
business day following delivery of an Order Modification, Customer shall be deemed to have accepted the changes set forth in the Order Modification. 

        2.    Price.    Product purchased by Customer under this Agreement, except to the extent purchased under
Section 1(c) or Section 1(d) of this Agreement, shall be purchased either as (i) a Cash Sale, (ii) an Index Sale, (iii) a Forward Pricing Sale or (iv) a
Negotiated Sale (each of which "Sales" is hereinafter defined). Customer shall notify Supplier with each order for Product whether it will purchase Product as a Cash Sale, an Index Sale, a Forward
Pricing Sale or a Negotiated Sale and the Delivery Terms (as hereinafter defined) subject, at all times, to the Take Pattern. In the absence of an election by Customer of the type of "Sale" applicable
to a specific Product purchase, such purchase shall be deemed to be a Cash Sale. In the absence of an election by Customer of the Delivery Terms applicable to a specific Product purchase as set forth
in Section 8 of this Agreement, such purchase shall be deemed to be on an FOB (Customer pays freight) basis. 

        Supplier
covenants with Customer (which covenant is intended to be for the sole benefit of Customer) that the price published by Supplier (excluding prices published for turf sales and
nonagricultural sales) at any specific time during the term of this Agreement for Cash Sales, Index Sales and Forward Pricing Sales shall
be the same for all customers. The price published by Supplier for any Product may be changed from time to time by Supplier. The foregoing covenant shall not be deemed violated by spot sales or
negotiated sales which sales, at times, may include incentives. 

        Supplier
further covenants with Customer that, in the event Supplier has entered into an agreement for a negotiated sale of Product (i) at a price (before applicable incentives)
which is less than the price published by Supplier for such Product by at least ***** per short ton under any "Sale" type available at the time of the negotiated sale and having the same mode
of transport, the same source of supply as is available to Customer according to the Take Pattern and the same market of delivery and (ii) which is for a volume of ***** or more short tons,
Supplier shall notify Customer (the "Negotiated Sale Notice") of the price, volume and other terms and conditions of such sale and the date and time by which Customer must respond to such Negotiated
Sale Notice. Customer shall have until the time and date set forth in the Negotiated Sale Notice to agree to purchase the specified volume of Product from Supplier on the terms and conditions set
forth in the Negotiated Sale Notice. If Customer fails to respond to the Negotiated Sale Notice within the time specified, or if Customer declines to purchase the specified volume of Product from
Supplier on the terms and conditions set forth in the Negotiated Sale Notice, Customer shall be deemed to have waived its right to purchase the specified volume of Product at the price, in the manner
and on the terms set forth in the Negotiated Sale Notice. 

        (a)    Cash Sale.    "Cash Sale" shall refer to a sale of Product at the price set forth in Supplier's published
weekly cash price list in effect (i) on the requested ship date in the case of delivery by rail (or, if the Product is not available from Supplier for shipment on such date, on the earliest
date thereafter that Product is available from Supplier for shipment) or (ii) on the actual date of shipment in all other cases. 

        (b)    Index Sale.    "Index Sale" shall refer to a sale of Product at the published index price specified under a
special index based pricing program for purchase of Product that may, from time to time, be offered by Supplier (the "Index Pricing Program") plus applicable freight charges at the time of shipment to
the extent such Index Pricing Program is offered by Supplier during the term of this Agreement and subject to the terms and conditions of such Index Pricing Program. The terms and conditions set forth
in the Index Pricing Program shall supplement the terms and conditions set forth in this Agreement and, in the event of any conflict between specific terms or conditions set forth in the Index Pricing
Program and specific terms or conditions set forth in this Agreement, the specific terms and conditions set forth in the Index Pricing Program shall control provided that Customer has agreed, in
writing, to the terms and conditions set forth in the Index Pricing Program. 

        (c)    Forward Pricing Sale.    "Forward Pricing Sale" shall refer to a sale of Product at the published forward price
specified under a special pricing program for advance purchase of Product (the "Forward Pricing Program") plus applicable freight charges at the time of shipment. Each Monday through Thursday
afternoon that Supplier is open for business during the term of this Agreement Supplier shall offer Product for sale under the Forward Pricing Program provided that the New York Mercantile Exchange is
scheduled to trade natural gas contracts in an Open Outcry session on the next business day following the offering of the Forward Pricing Program. Furthermore, Supplier shall offer for sale in those
months identified by Supplier as "Forward Months" in the Forward Pricing Program at least seventy-five percent (75%) of the month's Sales Target Volume for each Product as set forth in the
Take Pattern. The terms and conditions set forth in the Forward Pricing Program shall supplement the terms and conditions set forth in this Agreement and, in 

the
event of any conflict between specific terms and conditions set forth in the Forward Pricing Program and specific terms and conditions set forth in this Agreement, the specific terms and
conditions set forth in the Forward Pricing Program shall control unless otherwise agreed to by Supplier and Customer. 

        (d)    Negotiated Sale.    "Negotiated Sale" shall refer to the sale of Product at a price offered by Customer and
accepted by Supplier, or at a price offered by Supplier and accepted by Customer, as the case may be; provided, however, that except as otherwise provided in Section 2 of this Agreement
Supplier shall have no obligation to accept any offer made by Customer, to make any offer to Customer or to make any sales of Product on a "Negotiated Sale" basis. 

        3.    Term.    The initial term of this Agreement shall commence on July 1, 2005 and shall continue through
June 30, 2006. Provided that the common stock of Supplier first trades on the New York Stock Exchange or NASDAQ on or before January 1, 2006, the term of this Agreement shall be
automatically renewed for a subsequent term commencing on July 1, 2006 and continuing through June 30, 2008. Provided that this Agreement is extended beyond July 1, 2006, then at
the expiration of the then current term of the Agreement, the term of this Agreement shall be automatically renewed for successive periods of one-year each unless terminated in writing by
either party on or before January 1 of the then current Contract Year. For purposes of this Agreement, "Contract Year" shall mean the twelve month period beginning on July 1 and
including the following June 30. 

        4.    Incentives.    

        (a)   The
Performance Incentives set forth on Schedule A attached hereto and made a part hereof will be available to Customer and will be applied as an adjustment to
the purchase price of Product in the manner and at the times set forth on Schedule A provided Customer satisfies the requirements for the Performance Incentives as set forth on
Schedule A. 

        (b)   The
Performance Incentives offered to Customer under this Agreement shall be equal to the highest comparable Performance Incentives, calculated on a per ton basis,
granted to any other customer under a Requirements Contract. A "Requirements Contract", for purposes of this Agreement, shall mean a contract by which a customer is obligated to purchase, over a fixed
period of time, a fixed amount of Product or a fixed percentage of that customer's requirements for Product. 

        5.    Scheduling.    Supplier and Customer will agree, on or before June 15 preceding each Contract Year of
this Agreement, to a mutually acceptable take pattern (the "Take Pattern") for the Sales Target Volume and the Requirement Volume including, among other things, the rate of delivery of Product (it
being intended that Product will be supplied, to the extent possible, ratably during any specific month of the Contract Year), the source and region of delivery from which Product will be provided to
Customer and the mode of transportation desired by Customer (truck, rail, barge, vessel or pipeline). The parties agree that the rate of delivery of the Requirement Volume shall be spread ratably over
each quarter of the Contract Year on the
same percentage basis as the Sale Target Volume. Supplier and Customer will revise, as necessary, and agree upon a mutually acceptable revised Take Pattern on or before September 15,
December 15 and March 1 during 

each
Contract Year; provided, however, that the Take Pattern for ammonia shall be revised only on December 15 of each Contract Year. Customer acknowledges that Supplier may have certain
limitations on specific modes of transport that must be considered when establishing the Take Pattern and that Supplier reserves the right to determine the sources and regions of delivery from which
Product will be provided to Customer; provided, however, that the established and the revised Take Pattern shall be generally consistent with the Take Pattern of the immediately preceding Contract
Year. 

        6.    Payment.    Except in the case of Forward Pricing Sales (where payment terms are specified in the Forward
Pricing Program), Customer shall pay Supplier in full for all Product purchased and for all other charges invoiced hereunder not later than twenty-five (25) calendar days after the
date of Supplier's invoice in the case of shipments by rail, truck or pipeline, not later than ten (10) calendar days after the date of Supplier's invoice in the case of shipments by barge and
upon receipt of Seller's invoice (and the Certificate of Analysis, Certificate of Weight and Draft Survey if not previously delivered to Customer) in the case of shipments by vessel. Payment for all
invoices shall be made by electronic funds transfer (ACH) for the credit of Supplier to such banking institution as may be specified by Supplier. If the due date for any payment falls on a weekend or
a holiday, the payment must be received by the Supplier on the next day on which the Federal Reserve Bank of Chicago is open for business. 

        7.    Taxes and Other Charges.    Any tax, duty, inspection fee or other charge levied upon the sale, shipment,
delivery, use or storage of Product sold hereunder (but excluding any income taxes payable on the sale of Product and any taxes or duties on the import of Product into the United States) shall be
separately itemized on Supplier's invoice and shall be paid by Customer. Any such payment shall either be made directly by Customer or added to the purchase price and remitted by Supplier as required
by applicable law. Customer shall obtain, at its expense, any licenses, permits or other registrations required to accept delivery of Product. 

        8.    Delivery Terms.    Customer may elect among the following delivery types and freight payment options to the
extent offered by Supplier when submitting an order for Product: 

        (a)    FOB (Supplier pays freight).    FOB (Supplier pays freight) means that Supplier arranges the transportation of
Product, that Supplier advances the costs of transportation and that Customer reimburses Supplier for such costs; 

        (b)    FOB (Customer pays freight).    FOB (Customer pays freight) means that Customer arranges and pays for the
transportation of Product; 

        (c)    FOB (Consignee pays freight).    FOB (Consignee pays freight) means that the consignee receiving the Product
arranges and pays for the transportation of Product; 

        (d)    FOB (Third Party pays freight).    FOB (Third Party pays freight) means that a third party selected by Customer
arranges and pays for the transportation of Product; 

        (e)    FOB (Third Party Supplier pays freight).    FOB (Third Party Supplier pays freight) applies in those cases
where Product is sourced from a facility other than Supplier's and 

the
third party supplier arranges and pays for the transportation of Product. In such cases, Supplier reimburses the third party supplier for the cost of transportation and Customer reimburses
Supplier for such costs; 

        (f)    Delivered (other than truck shipments with freight allowance).    Delivered (other than truck shipments with
freight allowance) means that Supplier arranges and pays for the transportation of Product; and 

        (g)    Delivered (truck shipments with freight allowance).    Delivered (truck shipments with freight allowance) means
that Customer arranges and pays for the transportation and that the Product price is reduced by Supplier's applicable freight allowance for the delivery point shown on Supplier's transportation
documents. In the event the Product is delivered to a delivery point other than that shown on Supplier's transportation documents, (i) the price for the Product will be recalculated as of the
date of shipment for the market of actual delivery and (ii) the applicable freight allowance (determined by Supplier) will be recalculated as of the date of shipment for the market of actual
delivery (such freight allowance to be reduced by all costs incurred in such recalculation); provided, however, that the price for the Product shall not be reduced below the price for the Product in
the market shown on Supplier's transportation documents and the freight allowance shall not be increased above the allowance (determined by Supplier) for the market shown on Supplier's transportation
documents. 

        9.    Title and Risk of Loss.    Except in those cases described later in this Section, title to all Product and risk
of loss shall pass to Customer at the time the Product is loaded onto barge, truck, railcar or other applicable transport (or, in the case of distribution by pipeline, at the time the Product passes
the flange connection of Customer's intake manifold at Customer's terminal). In the case where the order or contract specifies that the Product will be "Delivered" and delivery is by a method other
than truck with a freight allowance, title to all Product and risk of loss shall pass to Customer when the Product is constructively placed at its destination. In the case of a "Bulk" transfer (i.e.,
where the Product remains in storage and is not transported to a new location), title to all Product and risk of loss shall pass to Customer as of the date on Supplier's invoice for the Product. 

        10.    Product Warranty.    Supplier warrants that the Product will (i) conform to Supplier's Product
Specification Sheet in effect at the time an order for Product is submitted, (ii) be delivered free and clear of all liens, claims, security interests, encumbrances or other agreements that
create an interest in or encumbrance on the Product by any third party and (iii) comply with all applicable federal, state and local laws and ordinances applicable to the manufacture, sale and
transportation of Product. A copy of Supplier's current Product
Specificaton Sheet is attached hereto as Exhibit A. Supplier reserves the right, at any time and from time to time, to amend the Product specifications by sending to Customer a revised Product
Specification Sheet prior to shipment of the Product affected. THIS WARRANTY IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE, INCLUDING BUT NOT LIMITED TO THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

        11.    Product Weight.    The volume of Product purchased shall be equal to the weight of shipped Product determined
in the manner set forth in this Section. For Product shipped by 

trucks and railcars, the weight of the Product shipped shall be determined by the scale or metered weight measured at origin. For dry Product (for example, urea, DAP and MAP) shipped by barge, the
weight of the Product shipped shall be determined by the origin barge survey. For liquid Product (for example, UAN Solution or ammonia) shipped by barge, the weight of the Product shipped shall be
determined, in the case of FOB sales, by an origin survey and, in all other cases, by a destination shore tank survey. For Product shipped by vessel, the weight of the Product shipped shall be
determined by an origin survey; provided, however, that in the case of liquid Product sold Delivered, the weight of the Product shipped shall be determined by a destination survey. All origin and
destination surveys shall be performed by an independent surveyor selected and paid by Supplier. 

        12.    Demurrage.    Customer shall be responsible for the cost of demurrage based upon Supplier's demurrage policy in
effect at the time the demurrage is incurred. 

        13.    Force Majeure.    Neither party shall be liable for any failure or delay in performance of any provision of
this Agreement (other than to make payment due hereunder) if such failure or delay is caused by fire, flood, explosion, strike, war, insurrection, labor disputes, breakage of machinery or equipment,
compliance with governmental orders, curtailment of operations to remedy violations of environmental, health or safety regulations, inability to obtain Product or fuel, supplies, materials or
equipment or other similar causes beyond the reasonable control of a party hereunder. In the event a force majeure event renders a party unable to carry out its obligations under this Agreement, such
party shall give notice and full particulars, including the expected duration of such force majeure event, to the other party within seventy-two (72) hours after the occurrence of
such force majeure event. The obligations of the parties, so far as they are affected by such force majeure event, shall suspend during the continuance of any such force majeure event and the disabled
party shall use commercially reasonable efforts to remedy the disability with all reasonable dispatch. In the event a force majeure condition occurs affecting Supplier, Supplier may elect to reduce
the quantity of Product delivered or, upon the agreement of the parties, to postpone the delivery of Product. In the event Supplier elects to reduce the quantity of Product delivered, Supplier may,
but shall not be obligated, to allocate its available supply among any or all customers and on such basis as Supplier, in its sole discretion, may elect without liability for failure to comply with
the terms of this Agreement; provided, however, that Supplier shall use commercially reasonable efforts, after first filling orders from customers for which Supplier has received advance payment, to
allocate its available supply among Requirements Contract customers. 

        14.    Confidentiality.    Each party shall keep and maintain, and shall cause its officers, employees, agents and
contractors to keep and maintain, the confidentiality of all information contained in or relating to the performance of this Agreement and shall not disclose any information to any third party except
(i) to the extent necessary to perform its obligations under this Agreement, (ii) to a party's professional advisors or (iii) to a possible purchaser of all or any portion of a
party's business operations provided such prospective purchaser agrees to the terms and conditions of this confidentiality provision and (iv) that Supplier may disclose all or any portion of
this Agreement as part of any federal or state securities law filings or disclosures and 

except
that neither party shall have any obligation of confidentiality with respect to information that (i) is generally available to the public, (ii) is or becomes known to such party
through sources not bound by any obligation of confidentiality or (iii) is required to be disclosed under applicable law. 

        15.    Certain Remedies.    

        (a)   

        (1)   In
the event that Customer shall at any time (i) fail to make payment when due and such failure continues for a period of five (5) business days after
written notice from Supplier to Customer of such failure, (ii) become insolvent, (iii) commit any act of bankruptcy, (iv) take advantage of any law for the benefit of debtors,
(v) have appointed a receiver for itself or its properties and such receiver is not discharged within sixty (60) days or (vi) fail to comply with any other terms or conditions of
this Agreement and such failure continues for a period of thirty (30) days after written notice from Supplier of such failure, the Supplier may then or thereafter upon notice to Customer
(a) refuse to make further deliveries hereunder, (b) terminate this Agreement (but in such event Customer shall remain liable for the payment of all Product theretofore delivered) and
(c) exercise such other and further rights and remedies as it may have under this Agreement or otherwise in law or at equity. Such rights and remedies may be exercised independently and shall
not be mutually exclusive. 

        (2)   In
the event that Supplier shall at any time (i) become insolvent, (ii) commit any act of bankruptcy, (iii) take advantage of any law for the
benefit of debtors, (iv) have appointed a receiver for itself or its properties and such receiver is not discharged within sixty (60) days or (v) fail to comply with any other
terms or conditions of this Agreement and such failure continues for a period of thirty (30) days after written notice from Customer of such failure, the Customer may then or thereafter upon
notice to Supplier (a) refuse to take further deliveries hereunder, (b) terminate this Agreement (but in such event Customer shall remain liable for the payment of all Product
theretofore delivered) and (c) exercise such other and further rights and remedies as it may have under this Agreement or otherwise in law or at equity. Such rights and remedies may be
exercised independently and shall not be mutually exclusive. 

        (b)   If,
at the end of any quarter (or, in the case of ammonia, each semi-annual period) during each Contract Year of this Agreement, or at the termination or
expiration of this Agreement, Customer has not purchased the Requirement Volume for that period as established by the Take Pattern for reasons other than Force Majeure as set forth in
Section 13 of this Agreement, Customer shall pay to Supplier an amount equal to the difference between the Customer's Requirement Volume for that period and the actual volume Customer purchased
during that period (the "Unfulfilled Commitment") multiplied by the greater of (i) the weighted average (using the Take Pattern as of the first day of the period) of the Supplier's weekly cash
price for the Product in effect during the period or (ii) the average of the Supplier's weekly cash price for the Product in effect during the last four weeks of the period. Customer shall be
entitled to take delivery of the Unfulfilled Commitment at any time prior to the last day of the 

sixth
(6th) month following the end of the applicable period provided, however, that Customer shall pay to Supplier (i) the increase, if any, in the freight cost incurred by Supplier and
(ii) a storage fee of $5.00 per ton on the Unfulfilled Commitment beginning as of the first day of the second month following the month there is an Unfilled Commitment and then $5.00 per ton on
the first day of each month thereafter and continuing until Customer takes delivery of the Unfulfilled Commitment. Customer's right to take delivery of any Unfulfilled Commitment shall cease, and
Customer shall have no right to take delivery of any such Unfulfilled Commitment, from and after the first day of the seventh (7th) month following the end of the applicable period. 

        (c)   If,
at the end of any quarter (or, in the case of ammonia, each semi-annual period) during each Contract Year of this Agreement, or at the termination or
expiration of this Agreement, Supplier has failed or refused to accept orders to supply the Requirement Volume for that period as established by the Take Pattern and such failure is not caused by
(i) Force Majeure as set forth in Section 13 of this Agreement or (ii) Supplier's supply capability being impaired because of an Unfulfilled Commitment being stored for Customer
as set forth in Section 15(b) of this Agreement, then the difference between the Requirement Volume for the period as established by the Take Pattern and the actual volume supplied by Supplier
during such period (the "Unsupplied Commitment") shall reduce the Requirement Volume and the Sales Target Volume and shall be included in the Overall Annual Tonnage for purposes of calculating any
incentive payment under Performance Incentive No. 5 and, as Customer's sole and exclusive remedy, Supplier shall pay to Customer a nonperformance fee which shall be determined based on the
level of deficiency expressed as a percentage (i.e., the Unsupplied Commitment for each Product divided by the Requirement Volume for that Product) and shall be equal to the Unsupplied Commitment
multiplied by the Fee determined in accordance with the following schedule: 

	Deficiency (per Product)
 
	 	Fee

	0-20%	 	$*****/ton on the entire Unsupplied Commitment
	>20%-50%	 	$*****/ton on the entire Unsupplied Commitment
	>50%	 	$*****/ton on the entire Unsupplied Commitment

        (d)   Any
amounts due and owing from Customer to Supplier, and any amounts due and owing from Supplier to Customer, pursuant to this Section shall be paid not later than ten
(10) days after the date of invoice. 

        16.    Liability Limits.    Customer's exclusive remedy against Supplier for any claim arising out of or in any way
relating to this Agreement (whether in contract, tort, strict liability or otherwise) shall be for damages only and not for injunctive or other relief (whether at law or in equity); provided, however,
that the parties agree that in the event of a breach or threatened breach of Section 14 of this Agreement, monetary damages would be an inadequate remedy and 

the
parties shall be entitled to seek injunctive relief without recourse to Section 17(k) of this Agreement. In addition, Customer's sole and exclusive remedy for Supplier's failure or refusal
to accept orders for the Requirement Volume shall be as set forth in Section 15(c) of this Agreement and Customer shall not be entitled to claim damages or other relief except as set forth in
Section 15(c) of this Agreement. Supplier's liability for damages shall in no event exceed the purchase price of the Product with respect to which such matter arises or such claim relates.
NEITHER PARTY SHALL BE LIABLE FOR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES FOR BREACH OF THIS AGREEMENT OR ANY PROVISION HEREOF. 

        17.    Miscellaneous.    

        (a)    Assignment.    All covenants and agreements contained in this Agreement by or on behalf of Customer or Supplier
will bind and inure to the respective successors and assigns of the parties hereto; provided, however, that neither party may assign this Agreement, in whole or in part, without the prior written
consent of the other party (which consent shall not be unreasonably withheld or delayed). 

        (b)    Notices.    All notices, demands or other communications to be given or delivered hereunder will be deemed to
have been given when delivered personally or two (2) business days after they have been mailed by certified or registered mail, postage prepaid and return receipt requested, or one
(1) business day after they have been sent by a nationally recognized private courier service, to the recipient at the address specified below or to such other address or to the attention of
such other person as the recipient party has specified by prior written notice to the sending party: 

	If to Supplier:	 	CF Industries, Inc.

One Salem Lake Drive

Long Grove, Illinois 60047-8402

Attention: Vice President, Sales
	

If to Customer:	
 	

Southern States Cooperative, Incorporated

6606 West Broad Street

Richmond, Virginia 23230

Attention: Vice President, Crops Division

        (c)    Descriptive Headings.    The descriptive headings used herein are inserted for
convenience only and do not constitute a part of this Agreement. 

        (d)    Amendments and Waivers.    This Agreement may be amended, or any provision hereof waived, only in a writing or
writings signed by the party intended to be bound. The waiver by a party of any breach of this Agreement or the failure of any party to enforce any of the terms and conditions of this Agreement at any
time shall not in any way affect, limit or waive that party's right thereafter to enforce and compel strict compliance with every term and condition hereof. 

        (e)    Severability.    Whenever possible, each provision of this Agreement will be interpreted in such a manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

        (f)    Survival of Claims.    Termination or expiration of this Agreement shall not relieve either party of any
obligation or deprive it of any right arising prior to termination. 

        (g)    Conflicting Terms.    No term in any purchase order, acknowledgement form or other document from Customer or
Supplier which conflicts with the terms hereof or increases Customer's or Supplier's obligations hereunder shall be binding on either party unless issued in accordance with Section 17(d) of
this Agreement notwithstanding any provision in any such purchase order, acknowledgement form or other document to the contrary. 

        (h)    Time.    Time is of the essence of this Agreement and of each and every provision thereof. 

        (i)    Finance Charges.    Amounts not paid when due, whether owed by Customer to Supplier or by Supplier to Customer,
shall accrue interest from the date due until the date paid at a monthly rate determined at the end of each month (which rate shall be equal to the quotient of (i) the average prime rate as
published in the Wall Street Journal over the preceding ninety (90) day period multiplied by two (2) and then increased by two (2) percentage points divided by (ii) twelve
(12), rounded to the nearest whole percentage, or, if less, at the highest rate allowed by applicable law) and such interest shall be due immediately on demand. 

        (j)    Credit Quality.    Supplier shall have the right, at any time and from time to time during the term of this
Agreement and upon notice to Customer, to change the payment terms applicable to Customer in the event the financial condition or payment history of Customer is not satisfactory to Supplier in its
sole discretion. Supplier shall have no liability to Customer, whether under Section 15(c) of this Agreement or otherwise, for any reduction or cessation in the supply of Product as a result of
the application of this Section 17(j) of this Agreement. 

        (k)    Arbitration.    All claims of breach of this Agreement by either party not barred and foreclosed shall be
resolved by arbitration between the parties in St. Louis, Missouri under the auspices of and pursuant to the rules for commercial arbitration of the American Arbitration Association. Any award thereon
may include monetary or, to the extent permitted by Section 16 of this Agreement, injunctive relief in the discretion of the arbitrators. Judgment upon an award duly rendered in such an
arbitration proceeding may be entered by the party in whose favor the award has been made in any court having jurisdiction to do so and over the party against whom such award has been rendered. 

        (l)    Transportation Equipment.    In the event Customer supplies equipment for the transportation of Product,
Supplier shall have the right to inspect such equipment and to reject such equipment if Supplier, in the exercise of its reasonable discretion, believes such equipment may pose a risk of injury or
contamination to persons or property. In the case of barges or vessels supplied by or at the direction of Customer, the type, size and scheduled arrival date must be approved by Supplier in the
exercise of Supplier's reasonable discretion. 

        (m)    Examination of Records.    

        Customer
shall have the right, at its expense and from time to time upon reasonable prior notice to Supplier, but not more frequently than once during each Contract Year of this
Agreement, to retain an independent certified public accountant to examine the relevant sections of (i) Supplier's sales records covering the current Contract Year to verify compliance with
Supplier's obligations as set forth in Section 1(d) and the third grammatical paragraph of Section 2 of this Agreement and (ii) Requirements Contracts entered into by Supplier to verify
compliance with Supplier's obligations as set forth in Section 4(b) of this Agreement. Customer shall cause any accountant so retained to maintain the confidentiality of the records being
examined and to report only to Customer and Supplier the amount of any discrepancy discovered by such examination. 

        Supplier
shall have the right, at its expense and from time to time upon reasonable prior notice to Customer, but not more frequently than once during each Contract Year of this
Agreement, to retain an independent certified public accountant to examine the relevant sections of Customer's sales records covering the current Contract Year to verify compliance with Customer's
obligations as set forth in Section 1(c) of this Agreement. Supplier shall cause any accountant so retained to maintain the confidentiality of the records being examined and to report only to
Supplier and Customer the amount of any discrepancy discovered by such examination. 

        (n)    Calculation of Volume.    For purposes of calculating the volume of Product purchased by Customer (which volume
is relevant for purposes of calculating the Performance Incentives and the Unfulfilled Commitment), Product shall be deemed to have been purchased on a specific date determined in accordance with the
following schedule: 

	Sales Type
 
	 	Delivery Mode
	 	Purchase Date

	Cash Sale	 	Truck	 	Shipment Date on Bill of Lading
	Cash Sale	 	Rail	 	Requested Date of Shipment from Customer and accepted by Supplier
	

Index Sale	
 	

Truck	
 	

Shipment Date on Bill of Lading
	Index Sale	 	Rail and Barge	 	Requested Date of Shipment from Customer and accepted by Supplier
	

Forward Pricing Sale	
 	

All	
 	

First day of the shipment month requested by Customer
	

Negotiated Sale	
 	

Truck	
 	

Shipment Date on Bill of Lading
	Negotiated Sale	 	Rail, Barge, Vessel, Bulk and Pipeline	 	Requested Date of Shipment from Customer

        Notwithstanding
the foregoing, (i) Product will only be deemed to have been purchased by Customer if the Product is paid for in full by Customer and (ii) in the case of
orders placed for delivery by truck, Product
shall be deemed to have been purchased on the first day of the shipment period requested by Customer and accepted by Supplier and not on the shipment date on the bill of lading in those cases where
the order placed by Customer is subject to a storage fee if Customer does not take possession of the Product prior to the expiration of the shipment period. 

        (o)    Entire Agreement.    Except as otherwise specifically provided in Sections 2(b), 2(c), 10, 12 and 17(o) of this
Agreement, this Agreement embodies the complete agreement and understanding between the parties with respect to the subject matter hereof and supersedes and preempts any prior or contemporaneous
understandings, agreements or representations by Supplier or Customer, written or oral, relating in any way to the subject matter 

hereof;
excepting, however, that certain Nitrogen Solution Sales Agreement dated as of July 1, 2005 between Supplier and Customer (the "East Coast UAN Agreement"). Product purchased under the
East Coast UAN Agreement shall not be included in or credited against the Requirement Volume or the Sales Target Volume or in calculating the Performance Incentives; provided, however, that such
Product purchases shall be considered solely for purposes of qualifying Customer for the 300,000 minimum ton Contract Year purchase requirement necessary to qualify for Performance Incentive
No. 5 but will not be included in the Overall Annual Tonnage for calculating any incentive payment under Performance Incentive No. 5. 

        (p)    Governing Law.    All questions concerning the construction, validity and interpretation of this Agreement will
be governed in all instances by the law of the State of Illinois. 

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

	SUPPLIER:	 	CUSTOMER:
	

CF INDUSTRIES, INC.	
 	

SOUTHERN STATES COOPERATIVE, INCORPORATED
	

By:	

/s/  STEPHEN R. WILSON      
	
 	

By:	

/s/  GREG ADLICH      

	Name:	Stephen R. Wilson
	 	Name:	Greg Adlich

	Title:	President and Chief Executive Officer
	 	Title:	Vice-President

 
 

Exhibit 10.3    
    

Schedule A  

Performance Incentives  

Incentive No. 1  

Type:
Actual purchase volume versus Sales Target Volume 

Description:
Incentive earned on a Product if (i) that Product is purchased in accordance with the Take Pattern and (ii) the total volume of that Product purchased for a Contract Year
equals a minimum percentage of that Product's Sales Target Volume. 

Product:
Ammonia, urea, UAN solution (as equivalent 28%), DAP, MAP 

Time
of Payment: Forty-five (45) days after the end of a quarter or semi-annual period, unless actual shipment of the Product purchased enabling the Customer to earn the
incentive occurs after the expiration of the quarter or semi-annual period, whereby payment will then be made 45 days from the date of actual shipment. 

Incentive
Allowance by Product: 

A)    Quarterly:
If total purchases for a specific quarter (January through March, etc.) of a Contract Year for a specific Product are equal to or greater than 95% of that Product's Sales
Target Volume for that time period as set forth in the Take Pattern, the quarterly incentive allowance for such Product (see Table I) will be paid on the actual volume purchased for shipment
for that Product for that time period. This incentive applies for urea, UAN solution (as equivalent 28%), DAP, and MAP. 

B)    Semi-Annual:
If total purchases for a specific half of a Contract Year (January through June, etc.) for ammonia are equal to or greater than 95% of the Sales Target Volume
for that time period as set forth in the Take Pattern, the semi-annual incentive allowance (see Table IA) will be paid on the actual volume purchased for shipment for that time period. 

C)    Base:
If total purchases for a specific Product are equal to or greater than 95% of the Sales Target Volume for that Product for the Contract Year, a base incentive allowance for such
Product (see Tables I and IA) will be paid on 95% of the Sales Target Volume for that Product for the Contract Year. 

D)    Annual:
If total purchases for a specific Product are greater than 95% of the Sales Target Volume for that Product for the Contract Year, an annual incentive allowance for such
individual Product (see Tables I and IA) will be paid on all purchases above 95% of the Sales Target Volume for the Contract Year. 

Table I

$ Per Ton 

	 
	 	Quarter

1
	 	Quarter

2
	 	Quarter

3
	 	Quarter

4
	 	Base
	 	Annual

	Urea	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****
	UAN-28	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****
	DAP/MAP	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****

Table IA

$ Per Ton 

	 
	 	Half

1
	 	Half

2
	 	Base
	 	Annual

	Ammonia	 	*****	 	*****	 	*****	 	*****

Exclusion:
Ammonia purchases from Supplier's Tampa Ammonia terminal, UAN solution purchases from Supplier's terminals at Baltimore, Chesapeake, Wilmington and any future East Coast or Canadian
terminal, any UAN solution vessel purchases delivered to US East Coast and Eastern Canada, and urea purchases sold under a turf agreement—both actual and Sales Target Volume
amounts—are excluded from all calculations for incentive allowances available per Performance Incentive No. 1. 

Incentive No. 2  

Type:
Timing of actual purchases under Supplier's Forward Pricing Program (FPP) 

Description:
Incentive earned on a Product if (i) that Product is purchased in accordance with the terms and conditions of Supplier's FPP and (ii) a minimum period of time exists between
the date the Customer places the order and the first day of the contract ship month as defined in Table II. 

Product:
Ammonia, urea, UAN solution (as equivalent 28%) 

Time
of Payment: No later than forty-five (45) days after the end of the Contract Year in which the Product was scheduled for shipment (i.e., contract ship month) 

Incentive
Allowance by Product: 

Table II

$ Per Ton 

	 
	 	No. Of Months between Order Date on FPP & 1st Day of Contract Ship Month

	 
	 	12 months or greater

	 	Greater than 6 months but less than 12 months
	 	Greater than 4 months but less than or equal to 6 months
	 	Greater than or equal to 1 months but less than or equal to 4 months

	Ammonia	 	*****	 	*****	 	*****	 	*****
	Urea	 	*****	 	*****	 	*****	 	*****
	UAN-28	 	*****	 	*****	 	*****	 	*****

Exclusion:
Ammonia purchases from Supplier's Tampa Ammonia terminal, UAN solution purchases from Supplier's terminals at Baltimore, Chesapeake, Wilmington and any future East Coast or Canadian
terminal, any UAN solution vessel purchases delivered to US East Coast and Eastern Canada, and urea purchases sold under a turf agreement—both actual and Sales Target Volume
amounts—are excluded from all calculations for incentive allowances available per Performance Incentive No. 2. 

Incentive No. 3  

Type:
Actual purchase volumes under Supplier's Forward Pricing Program 

Description:
Incentive earned on a Product if Customer purchases a minimum of 25% of that Product's Sales Target Volume for a Contract Year in accordance with the terms and conditions of the
Supplier's FPP. Only those tons with a contract ship month which falls within the current Contract Year, and only those tons purchased in accordance with the terms and conditions of the Supplier's FPP
are eligible for this incentive. If the minimum (or next threshold level e.g., 51%) is satisfied, the then applicable per ton Product incentive is earned on the total eligible volume. 

Product:
Ammonia, urea, UAN solution (as equivalent 28%), DAP, MAP 

Time
of Payment: No later than forty-five (45) days after the end of a Contract Year. 

Incentive
Allowance by Product: 

 
 

Table III
  $ Per Ton  

	 
	 	FPP tons as a Percent of Annual Sales Target Volume

	 
	 	25% or greater

but less than

or equal to

50%
	 	Greater than 50%

but less than or

equal to

75%
	 	Greater than

75%

	Ammonia	 	*****	 	*****	 	*****
	Urea	 	*****	 	*****	 	*****
	UAN-28	 	*****	 	*****	 	*****
	DAP/MAP	 	*****	 	*****	 	*****

Exclusion:
Ammonia purchases from Supplier's Tampa Ammonia terminal, UAN solution purchases from Supplier's terminals at Baltimore, Chesapeake, Wilmington and any future East Coast or Canadian
terminal, any UAN solution vessel purchases delivered to US East Coast and Eastern Canada, and urea purchases sold under a turf agreement—both actual and Sales Target Volume
amounts—are excluded from all calculations for incentive allowances available per Performance Incentive No. 3. 

Incentive No. 4  

Type:
Requirement Volume above Contract Minimum 

Description:
Incentive earned for establishing, for any specific Product as of June 1 preceding a Contract Year, a Requirement Volume equal to or greater than 80% of the Sales Target Volume.
This multiplier percentage is specific by Product and is available for application to Incentives No. 1, No. 2, and No. 3 

Product:
Ammonia, urea, UAN solution (as equivalent 28%), DAP, MAP 

Time
of Payment: The multiplier incentive (Table IV) will be applied to each incentive allowance (i.e., Incentives No. 1 through No. 3) whenever a particular incentive allowance
is calculated and determined for payment. This incentive will be paid whenever the incentive allowances under No. 1 through No. 3 are paid. 

Multiplier
Percentage Incentive: 

 
 

Table IV
  Multiplier Percentage  

	 
	 	Requirement Volume as a % of

Sales Target Volume
	 	Multiplier Percentage
	 	 

	

 	
 	
Equal to or greater than 80%	
 	

*****%	
 	

 

Incentive No. 5  

Type:
Quantity discount for overall volume 

Description:
Incentive earned on Product purchased for a Contract Year if the volume of Product purchased (i) exceeds certain threshold volumes (Table V) and (ii) is equal to or
greater than 80 percent of the Sales Target Volume for each Product. No incentive is paid unless the overall volume for all Products in a Contract Year is 300,000 tons or greater. 

Product:
Ammonia, urea, UAN solution (as equivalent 28%), DAP, MAP 

Time
of Payment: Forty-five (45) days after the end of a Contract Year, unless actual shipment of the Product purchased enabling the Customer to earn the incentive occurs after the
expiration of the Contract Year, whereby payment will then be made 45 days from the date of shipment. 

Incentive
Allowance: 

 
 

Table V
  Quantity Discount on Overall Purchases  

	Overall Annual Tonnage

Purchased by Customer
	 	Incentive

	
 Equal to or greater than 300,000 but equal to or less than 500,000	
 	

$*****/ton on all tons
	

Greater than 500,000 but equal to or less than 1,500,000	
 	

$*****/ton on first 500,000 tons plus $*****/ton on all tons above 500,000 tons but equal to or less than 1,500,000 tons
	

Greater than 1,500,000 but equal to or less than 2,000,000	
 	

$*****/ton on first 1.5 million tons plus $*****/ton on all tons above 1.5 million tons but equal to or less than 2.0 million tons
	

Greater than 2,000,000	
 	

$*****/ton on first 2.0 million tons plus $*****/ton on all tons above 2.0 million tons

Exclusion:
Ammonia purchases from Supplier's Tampa Ammonia terminal, and Urea volumes sold under a turf agreement are excluded from both actual purchase volumes and the Sales Target Volume, and are
excluded from all calculations for incentive allowances per Performance Incentive No. 5. UAN solution volumes sold from Supplier's terminals at Baltimore, Chesapeake, Wilmington and any future
East Coast or Canadian terminal, and any UAN solution vessel purchases delivered to US East Coast and Eastern Canada will be added to the volume purchased by Customer only for determining if Customer
has satisfied the minimum threshold volume of 300,000 tons required per Performance Incentive No. 5, but those purchases will not be entitled to any per ton incentive available per Performance
Incentive No. 5. 

QuickLinks

Exhibit 10.3

MULTIPLE YEAR CONTRACT FOR THE PURCHASE AND SALE OF FERTILIZER

W I T N E S S E T H

Exhibit 10.3

Table III $ Per Ton

Table IV Multiplier Percentage

Table V Quantity Discount on Overall PurchasesQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.4    
    

CHANGE IN CONTROL SEVERANCE AGREEMENT 

        THIS
AGREEMENT, effective as of April 29, 2005, is made by and among CF Industries, Inc., a Delaware corporation, CF Industries Holdings, Inc., a Delaware
corporation (collectively or individually, as the context requires, the "Company"), and Stephen R. Wilson (the "Executive"). 

        WHEREAS,
the Company considers it essential to the best interests of its stockholders to foster the continued employment of key management personnel; and 

        WHEREAS,
the Board recognizes that the possibility of a Change in Control exists and that such possibility, and the uncertainty and questions which it may raise among management, may
result in the departure or distraction of management personnel to the detriment of the Company and its stockholders; and 

        WHEREAS,
the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company's management,
including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control; 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Executive hereby agree as follows: 

        1.    Defined
Terms.    The definitions of capitalized terms used in this Agreement are provided in the last Section hereof. 

        2.    Term
of Agreement.    The Term of this Agreement shall commence on the effective date hereof and shall continue in effect through
December 31, 2007; provided, however, that commencing on January 1, 2007 and each
January 1 thereafter, the Term shall automatically be extended for one additional year unless, not later
than September 30 of the preceding year, the Company or the Executive shall have given notice not to extend the Term; and further provided,
however, that if a Change in Control shall have occurred during the Term, the Term shall expire no earlier than twenty-four (24) months beyond the month
in which such Change in Control occurred. 

        3.    Company's
Covenants Summarized.    In order to induce the Executive to remain in the employ of the Company and in consideration of
the Executive's covenants set forth in Section 4 hereof, the Company agrees, under the conditions described herein, to pay the Executive the Severance Payments and the other payments and
benefits described herein. Except as provided in Section 9.1 hereof, no Severance Payments shall be payable under this Agreement unless there shall have been (or, under the terms of the second
sentence of Section 6.1 hereof, there shall be deemed to have been) a termination of the Executive's employment with the Company following 

 

a
Change in Control and during the Term. This Agreement shall not be construed as creating an express or implied contract of employment and, except as otherwise agreed in writing between the
Executive and the Company, the Executive shall not have any right to be retained in the employ of the Company. 

        4.    The
Executive's Covenants.    The Executive agrees that, subject to the terms and conditions of this Agreement, in the event of a
Potential Change in Control during the Term, the Executive will remain in the employ of the Company until the earliest of (i) a date which is six (6) months from the date of such
Potential Change in Control, (ii) the date of a Change in Control, (iii) the date of termination by the Executive of the Executive's employment for Good Reason or by reason of death,
Disability or Retirement, or (iv) the termination by the Company of the Executive's employment for any reason. 

        5.    Compensation
Other Than Severance Payments.    

        5.1   Following
a Change in Control and during the Term, during any period that the Executive fails to perform the Executive's full-time duties with the Company as
a result of incapacity due to physical or mental illness, the Company shall pay the Executive's full salary to the Executive at the rate in effect at the commencement of any such period, together with
all compensation and benefits payable to the Executive under the terms of any compensation or benefit plan, program or arrangement maintained by the Company during such period (other than any
disability plan), until the Executive's employment is terminated by the Company for Disability. 

        5.2   If
the Executive's employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay the Executive's full salary to
the Executive through the Date of Termination at the rate in effect immediately prior to the Date of Termination or, if higher, the rate in effect immediately prior to the first occurrence of an event
or circumstance constituting Good Reason, together with all compensation and benefits payable to the Executive through the Date of Termination under the terms of the Company's compensation and benefit
plans, programs or arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or
circumstance constituting Good Reason. 

        5.3   If
the Executive's employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay to the Executive the
Executive's normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid
in accordance with, the Company's retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more
favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason. 

2

 

        6.    Severance
Payments.    

        6.1   If
the Executive's employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of
death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this
Section 6.1 ("Severance Payments") and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof. For purposes of this
Agreement, the Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause or by the Executive with Good Reason, if (i) the
Executive's employment is terminated by the Company without Cause prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of
a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) the Executive terminates his employment for Good Reason prior to
a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person, or (iii) the
Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in
connection with or in anticipation of a Change in Control (whether or not a Change in Control ever occurs). For purposes of any determination regarding the applicability of the immediately preceding
sentence, any position taken by the Executive shall be presumed to be correct unless the Company establishes to the Board by clear and convincing evidence that such position is not correct. 

        (A)  In
lieu of any further salary payments to the Executive for periods subsequent to the Date of Termination and in lieu of any severance benefit otherwise payable to the
Executive, the Company shall pay to the Executive a lump sum severance payment, in cash, equal to three times the sum of (i) the Executive's base salary as in effect immediately prior to the
Date of Termination or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and (ii) the Executive's target annual bonus
pursuant to any annual bonus or incentive plan maintained by the Company in respect of the
fiscal year in which the Date of Termination occurs or, if higher, the fiscal year in which the first event or circumstance constituting Good Reason occurs. 

        (B)  For
the thirty-six (36) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his
dependents life, disability, accident and health insurance benefits substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination or, if more
favorable to the Executive, those provided to the Executive and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater after tax
cost to the Executive than the after tax cost to the Executive immediately prior to such 

3

 

date
or occurrence; provided, however, that, unless the Executive consents to a different method, such health insurance benefits shall be
provided through a third-party insurer. Benefits otherwise receivable by the Executive pursuant to this Section 6.1(B) shall be reduced to the extent benefits of the same type are received by
or made available to the Executive during the thirty-six (36) month period following the Executive's termination of employment (and any such benefits received by or made available
to the Executive shall be reported to the Company by the Executive); provided, however, that the Company shall reimburse the Executive for the
excess, if any, of the after tax cost of such benefits to the Executive over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an
event or circumstance constituting Good Reason. 

        (C)  The
Executive's aggregate accrued benefits under the Company's non-qualified DB Plans will be calculated, and he will be treated for all purposes, as if he
was credited with three (3) additional years of age and service as of the Date of Termination under such plans with compensation equal to the Executive's compensation (as defined in the DB
Pension Plans) during the twelve (12) months immediately preceding Date of Termination or, if higher, during the twelve months immediately prior to the first occurrence of an event or
circumstance constituting Good Reason (without regard to any amendment to any DB Pension Plan made subsequent to a Change in Control and on or prior to the Date of Termination, which amendment
adversely affects in any manner the computation of retirement benefits thereunder). The Executive shall also be paid a lump sum amount, in cash, equal to the excess of (i) the actuarial
equivalent of the aggregate retirement pension (taking into account any early retirement subsidies associated therewith and determined as a straight life annuity commencing at the date (but in no
event earlier than the third anniversary of the Date of Termination) as of which the actuarial equivalent of such annuity is greatest) which the Executive would have accrued under the terms of all
tax-qualified DB Pension Plans in which he was a participant (without regard to any amendment to any DB Pension Plan made subsequent to a Change in Control and on or prior to the Date of
Termination, which amendment adversely affects in any manner the computation of retirement benefits thereunder), determined as if the Executive were fully vested thereunder and had accumulated (after
the Date of Termination) thirty-six (36) additional months of service credit thereunder and had been credited under each such DB Pension Plan during such period with compensation
equal to the Executive's compensation (as defined in such DB Pension Plan) during the twelve (12) months immediately preceding Date of Termination or, if higher, during the twelve months
immediately prior to the first occurrence of an event or circumstance constituting Good Reason, over (ii) the actuarial equivalent of the aggregate retirement pension (taking into account any
early retirement subsidies associated therewith and determined as a straight life annuity commencing at the date (but in no event earlier than the Date of Termination) as of which the actuarial
equivalent of such annuity is greatest) which the Executive had accrued pursuant to the provisions of the DB Pension 

4

 

Plans
as of the Date of Termination. For purposes of this Section 6.1(D), "actuarial equivalent" shall be determined using the same assumptions utilized under the applicable DB Pension Plan
immediately prior to the Date of Termination or, if more favorable to the Executive, immediately prior to the first occurrence of an event or circumstance constituting Good Reason. In addition to the
benefits to which the Executive is entitled under each DC Pension Plan, the Company shall pay the Executive a lump sum amount, in cash, equal to the sum of (1) the amount that would have been
contributed or allocated to each DC Pension Plan by the Company on the Executive's behalf (without regard to whether such amount would be vested) during the three years immediately following the Date
of Termination, determined (x) as if the Executive made the maximum permissible contributions thereto during such period, (y) as if the Executive earned compensation during such period
at a rate equal to the Executive's compensation (as defined in the DC Pension Plans) during the twelve (12) months immediately preceding the Date of Termination or, if higher, during the twelve
months immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and (z) without regard to any amendment to the DC Pension Plans made subsequent to a
Change in Control and on or prior to the Date of Termination, which amendment adversely affects in any manner the computation of benefits thereunder and (2) all other amounts credited to the
Executive's account under each DC Pension Plan to the extent such amounts were unvested on the Date of Termination. 

        (D)  If
the Executive would have become entitled to benefits under the Company's post-retirement health care or life insurance plans, as in effect immediately
prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, had the
Executive's employment terminated at any time during the period of thirty-six (36) months after the Date of Termination, the Company shall provide such post-retirement
health care or life insurance benefits to the Executive and the Executive's dependents commencing on the later of (i) the date on which such coverage would have first become available and
(ii) the date on which benefits described in subsection (B) of this Section 6.1 terminate. 

        (E)  The
Company shall provide the Executive with outplacement services suitable to the Executive's position for a period of three years or, if earlier, until the first
acceptance by the Executive of an offer of employment. 

        (F)  Notwithstanding
any provision of any annual or long-term incentive plan to the contrary, the Company shall pay to the Executive a lump sum amount, in cash,
equal to the sum of (i) any unpaid incentive compensation which has been allocated or awarded to the Executive for a completed fiscal year or other measuring period preceding the Date of
Termination under any such plan and which, as of the Date of Termination, is contingent only upon the continued 

5

 

employment
of the Executive to a subsequent date, and (ii) a pro rata portion to the Date of Termination of the aggregate value of all contingent incentive compensation awards to the Executive
for all then uncompleted periods under any such plan, calculated as to each such award by multiplying the award that
the Executive would have earned on the last day of the performance award period, assuming the achievement, at the target level (or, if greater, based on actual results to Date of Termination), of the
individual and corporate performance goals established with respect to such award, by the fraction obtained by dividing the number of full months and any fractional portion of a month during such
performance award period through the Date of Termination by the total number of months contained in such performance award period. 

        6.2   (A)    Whether
or not the Executive becomes entitled to the Severance Payments, if any of the payments or benefits received or to be received by the Executive
(including any payment or benefits received in connection with a Change in Control or the Executive's termination of employment, whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement) (all such payments and benefits, excluding the Gross-Up Payment, being hereinafter referred to as the "Total Payments") will be subject to the Excise Tax, the
Company shall pay to the Executive an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive, after deduction of any Excise Tax on the Total Payments
and any federal, state and local income and employment taxes and Excise Tax upon the Gross-Up Payment, and after taking into account the phase out of itemized deductions and personal
exemptions attributable to the Gross-Up Payment, shall be equal to the Total Payments. 

        (B)  For
purposes of determining whether any of the Total Payments will be subject to the Excise Tax and the amount of such Excise Tax, (i) all of the Total Payments
shall be treated as "parachute payments" (within the meaning of section 280G(b)(2) of the Code) unless, in the opinion of tax counsel ("Tax Counsel") reasonably acceptable to the Executive and
selected by the accounting firm which was, immediately prior to the Change in Control, the Company's independent auditor (the "Auditor"), such payments or benefits (in whole or in part) do not
constitute parachute payments, including by reason of section 280G(b)(4)(A) of the Code, (ii) all "excess parachute payments" within the meaning of section 280G(b)(l) of the Code
shall be treated as subject to the Excise Tax unless, in the opinion of Tax Counsel, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually
rendered (within the meaning of section 280G(b)(4)(B) of the Code) in excess of the Base Amount allocable to such reasonable compensation, or are otherwise not subject to the Excise Tax, and
(iii) the value of any noncash benefits or any deferred payment or benefit shall be determined by the Auditor in accordance with the principles of sections 280G(d)(3) and (4) of the
Code. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation in the
calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive's residence
on the Date of Termination (or if there is no Date of Termination, then the date on which the Gross-Up 

6

 

Payment
is calculated for purposes of this Section 6.2), net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

        (C)  In
the event that the Excise Tax is finally determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, the
Executive shall repay to the Company, within five (5) business days following the time that the amount of such reduction in the Excise Tax is finally determined, the portion of the
Gross-Up Payment attributable to such reduction (plus that portion of the Gross-Up Payment attributable to the Excise Tax and federal, state and local income and employment
taxes imposed on the Gross-Up Payment being repaid by the Executive), to the extent that such repayment results in a reduction in the Excise Tax and a
dollar-for-dollar reduction in the Executive's taxable income and wages for purposes of federal, state and local income and employment taxes, plus interest on the amount of
such repayment at 120% of the rate provided in section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is determined to exceed the amount taken into account hereunder in calculating
the Gross-Up Payment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an
additional Gross-Up Payment in respect of such excess (plus any interest, penalties or additions payable by the Executive with respect to such excess) within five (5) business days
following the time that the amount of such excess is finally determined. The Executive and the Company shall each reasonably cooperate with the other in connection with any administrative or judicial
proceedings concerning the existence or amount of liability for Excise Tax with respect to the Total Payments. 

        6.3   The
payments provided in subsections (A),(C) and (F) of Section 6.1 hereof and in Section 6.2 hereof shall be made not later than the fifth day
following the Date of Termination (or if there is no Date of Termination, then the date on which the Gross-Up Payment is calculated for purposes of Section 6.2 hereof);
provided, however, that if the amounts of such payments cannot be finally determined on or before such day, the Company shall pay to the
Executive on such day an estimate, as determined in good faith by the Executive or, in the case of payments under Section 6.2 hereof, in accordance with Section 6.2 hereof, of the
minimum amount of such payments to which the Executive is clearly entitled and shall pay the remainder of such payments (together with interest on the unpaid remainder (or on all such payments to the
extent the Company fails to make such payments when due) at 120% of the rate provided in section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but in no event later
than the thirtieth (30th) day after the Date of Termination. In the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall
constitute a loan by the Company to the Executive, payable on the fifth (5th) business day after demand by the Company (together with interest at 120% of the rate provided in
section 1274(b)(2)(B) of the Code). At the time that payments are made under this Agreement, the Company shall provide the Executive with a written statement setting forth the manner in which
such payments were calculated and the basis for such calculations including, without limitation, any opinions or other advice the Company has 

7

 

received
from Tax Counsel, the Auditor or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). 

        6.4   The
Company also shall pay to the Executive all legal fees and expenses incurred by the Executive in disputing in good faith any issue hereunder relating to the
termination of the Executive's employment, in seeking in good faith to obtain or enforce any benefit or right provided by this Agreement or in connection with any tax audit or proceeding to the extent
attributable to the application of section 4999 of the Code to any payment or benefit provided hereunder. Such payments shall be made within five (5) business days after delivery of the
Executive's written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require. 

        6.5   The
Executive agrees that prior to and following the Date of Termination, he shall retain in confidence any confidential information known to him concerning the Company
and its Affiliates and their respective businesses for as long as such information is not publicly disclosed. 

        6.6   Notwithstanding
anything to the contrary, all compensation and benefits payable to Executive pursuant to this Section 6 (other than Sections 6.2 and 6.4) are
conditioned on receipt by the Company of an executed release of claims by Executive in the form attached hereto as Exhibit A and the expiration of any revocation period in such release. 

        7.    Termination
Procedures and Compensation During Dispute.    

        7.1    Notice
of Termination.    After a Change in Control and during the Term, any purported termination of the Executive's employment
(other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with Section 10 hereof. For purposes of this
Agreement, a "Notice of Termination" shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated. Further, a Notice of Termination for Cause is required to include a copy of a
resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of the Board which was called and held for the
purpose of considering such termination (after reasonable notice to the Executive and an opportunity for the Executive, together with the Executive's counsel, to be heard before the Board) finding
that, in the good faith opinion of the Board, the Executive was guilty of conduct set forth in clause (i) or (ii) of the definition of Cause herein, and specifying the particulars
thereof in detail. 

        7.2    Date
of Termination.    "Date of Termination," with respect to any purported termination of the Executive's employment after a
Change in Control and during the Term, shall mean (i) if the Executive's employment is terminated for 

8

 

Disability,
thirty (30) days after Notice of Termination is given (provided that the Executive shall not have returned to the full-time performance of the Executive's duties during
such thirty (30) day period), and (ii) if the Executive's employment is terminated for any other reason, the date specified in the Notice of Termination (which, in the case of a
termination by the Company, shall not be less than thirty (30) days (except in the case of a termination for Cause) and, in the case of a termination by the Executive, shall not be less than
fifteen (15) days nor more than sixty (60) days, respectively, from the date such Notice of Termination is given). 

        7.3    Dispute
Concerning Termination.    If within fifteen (15) days after any Notice of Termination is given, or, if later,
prior to the Date of Termination (as determined without regard to this Section 7.3), the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the
termination, the Date of Termination shall be extended until the earlier of (i) the date on which the Term ends or (ii) the date on which the dispute is finally resolved, either by
mutual written agreement of the parties or by a final judgment, order or decree of an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to which the time for
appeal therefrom has expired and no appeal has been perfected);
provided, however, that the Date of Termination shall be extended by a notice of dispute given by the Executive only if such notice is given
in good faith and the Executive pursues the resolution of such dispute with reasonable diligence. 

        7.4    Compensation
During Dispute.    If a purported termination occurs following a Change in Control and during the Term and the Date
of Termination is extended in accordance with Section 7.3 hereof, the Company shall continue to pay the Executive the full compensation in effect when the notice giving rise to the dispute was
given (including, but not limited to, salary) and continue the Executive as a participant in all compensation, benefit and insurance plans in which the Executive was participating when the notice
giving rise to the dispute was given, until the Date of Termination, as determined in accordance with Section 7.3 hereof. Amounts paid under this Section 7.4 are in addition to all other
amounts due under this Agreement (other than those due under Section 5.2 hereof) and shall not be offset against or reduce any other amounts due under this Agreement. 

        8.    No
Mitigation.    The Company agrees that, if the Executive's employment with the Company terminates during the Term, the Executive
is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 6 hereof or Section 7.4 hereof.
Further, except as specifically provided in Section 6.1(B) hereof, no payment or benefit provided for in this Agreement shall be reduced by any compensation earned by the Executive as the
result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company, or otherwise. 

        9.    Successors;
Binding Agreement.    

9

 

        9.1   In
addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession
shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the
Executive were to terminate the Executive's employment for Good Reason after a Change in Control, except that, for purposes of implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination. 

        9.2   This
Agreement shall inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Executive shall die while any amount would still be payable to the Executive hereunder (other than amounts which, by their terms, terminate upon the death
of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive's estate. 

        10.    Notices.    For
the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in
writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, if to the Executive, to the address
inserted below the Executive's signature on the final page hereof and, if to the Company, to the address set forth below, or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notice of change of address shall be effective only upon actual receipt: 

        To
the Company: 

CF
Industries, Inc.

One Salem Lake Drive

Long Grove, Illinois 60046 

Attention:
William Eppel 

        11.    Miscellaneous.    No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or
discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other
party 

10

 

hereto
of, or of any lack of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. This Agreement supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter
hereof which have been made by either party (including, but not limited to, the Executive Change in Control Agreement between the Company and the Executive effective January 29, 2004);
provided, however, that this Agreement shall supersede any agreement setting forth the terms and conditions of the Executive's employment with
the Company only in the event that the Executive's employment with the Company is terminated on or following a Change in Control, by the Company other than for Cause or by the Executive for Good
Reason. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois. All references to sections of the Exchange Act or the Code
shall be deemed also to refer to any successor provisions to such sections. Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state or local
law and any additional withholding to which the Executive has agreed. The obligations of the Company and the Executive under this Agreement which by their nature may require either partial or total
performance after the expiration of the Term (including, without limitation, those under Sections 6 and 7 hereof) shall survive such expiration. 

        12.    Validity.    The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect. 

        13.    Counterparts.    This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all
of which together will constitute one and the same instrument. 

        14.    Settlement
of Disputes; Arbitration.    14.1 All claims by the Executive for benefits under this Agreement shall be directed to
and determined by the Board and shall be in writing. Any denial by the Board of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the
specific reasons for the denial and the specific provisions of this Agreement relied upon. The Board shall afford a reasonable opportunity to the Executive for a review of the decision denying a claim
and shall further allow the Executive to appeal to the Board a decision of the Board within sixty (60) days after notification by the Board that the Executive's claim has been denied.
Notwithstanding the above, in the event of any dispute, any decision by the Board hereunder shall be subject to a de novo review by the arbitrator. 

        14.2    Any
further dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Chicago, Illinois in accordance
with the rules of the American Arbitration Association then in effect; provided, however, that the evidentiary standards set forth in this
Agreement shall apply. Judgment may be entered on the arbitrator's award in any court having jurisdiction. Notwithstanding any provision of this Agreement to the contrary, the Executive shall be 

11

 

entitled
to seek specific performance of the Executive's right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this
Agreement. 

        15.    Definitions.    For
purposes of this Agreement, the following terms shall have the meanings indicated below: 

        (A)  "Affiliate"
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 

        (B)  "Auditor"
shall have the meaning set forth in Section 6.2 hereof. 

        (C)  "Base
Amount" shall have the meaning set forth in section 280G(b)(3) of the Code. 

        (D)  "Beneficial
Owner" shall have the meaning set forth in Rule 13d-3 under the Exchange Act. 

        (E)  "Board"
shall mean the Board of Directors of the Company. 

        (F)  "Cause"
for termination by the Company of the Executive's employment shall mean (i) the willful and continued failure by the Executive to substantially perform
the Executive's duties with the Company (other than any such failure resulting from the Executive's incapacity due to physical or mental illness or any such actual or anticipated failure after the
issuance of a Notice of Termination for Good Reason by the Executive pursuant to Section 7.1 hereof) that has not been cured within 30 days after a written demand for substantial
performance is delivered to the Executive by the Board, which demand specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive's
duties, or (ii) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise. For purposes of
clauses (i) and (ii) of this definition, (x) no act, or failure to act, on the Executive's part shall be deemed "willful" unless done, or omitted to be done, by the Executive not
in good faith and without reasonable belief that the Executive's act, or failure to act, was in or not opposed to the best interest of the Company and (y) in the event of a dispute concerning
the application of this provision, no claim by the Company that Cause exists shall be given effect unless the Company establishes to the Board by clear and convincing evidence that Cause exists. 

        (G)  "Change
in Control" shall mean, prior to an initial public offering of the common stock of CF Industries Holdings, Inc., the first to occur of any of the
following: (i) any person who is not a stockholder of CF Industries, Inc. on April 15, 2005 (or a group of such persons acting in concert other than an underwriter) acquires,
during any period of twelve consecutive calendar months, stock of CF Industries, Inc. representing a majority of the voting power of all stock of the Company having the right to vote for the
election of directors; (ii) a merger or consolidation of CF Industries, Inc. 

12

 

with
any other corporation, other than (a) a merger or consolidation which would result in the voting securities of CF Industries, Inc. outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities
of CF Industries, Inc. or such surviving entity outstanding immediately after such merger or consolidation or (b) a merger or consolidation effected to implement a recapitalization of CF
Industries, Inc.; or (iii) the sale or disposition by CF Industries, Inc. of all or substantially all of CF Industries, Inc.'s assets or any transaction having a similar
effect. Notwithstanding anything to the contrary, the initial public offering of the common stock of CF Industries Holdings, Inc. or any transactions or events contemplated by such offering
shall not constitute a Change in Control. 

        "Change
in Control" shall mean, following an initial public offering of the common stock of CF Industries Holdings, Inc., the first to occur of any of the following: 

         (I)  any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of CF Industries Holdings, Inc. (not including in the securities beneficially
owned by such Person any securities acquired directly from CF Industries Holdings, Inc. or any of its subsidiaries) representing 25% or more of the combined voting power of CF Industries
Holdings, Inc.'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 of the
initial public offering, 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 CF Industries Holdings, Inc.) whose appointment or election by the Board or nomination for election by CF
Industries Holdings, Inc.'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 CF Industries Holdings, Inc. or any direct or indirect subsidiary of CF Industries Holdings, Inc. 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 CF Industries Holdings, Inc. or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or 

13

 

      (IV)  the
stockholders of CF Industries Holdings, Inc. approve a plan of complete liquidation or dissolution of CF Industries Holdings, Inc. or there is
consummated an agreement for the sale or disposition by CF Industries Holdings, Inc. of all or substantially all of CF Industries Holdings, Inc.'s assets, other than (a) a sale or
disposition by CF Industries Holdings, Inc. of all or substantially all of CF Industries Holdings, Inc.'s assets to an entity, at least 60% of the combined voting power of the voting
securities of which are owned by stockholders of CF Industries Holdings, Inc. following the completion of such transaction in substantially the same proportions as their ownership of CF
Industries Holdings, Inc. immediately prior to such sale or (b) other than a sale or disposition by CF Industries Holdings, Inc. of all or substantially all of CF Industries
Holdings, Inc.'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. 

Notwithstanding
the foregoing, 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 record holders of the common stock of CF Industries Holdings, Inc. 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 CF Industries Holdings, Inc. immediately following such transaction or series of transactions. 

        (H)  "Code"
shall mean the Internal Revenue Code of 1986, as amended from time to time. 

        (I)   "Company"
shall mean CF Industries, Inc. or CF Industries Holdings, Inc., as applicable, and except in determining under Section 15(G) hereof
whether or not any Change in Control of the Company has occurred, shall include any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law, or
otherwise. 

        (J)   "DB
Pension Plan" shall mean any tax-qualified, supplemental or excess defined benefit pension plan maintained by the Company and any other defined benefit
plan or agreement entered into between the Executive and the Company which is designed to provide the Executive with supplemental retirement benefits. 

        (K)  "DC
Pension Plan" shall mean any tax-qualified, supplemental or excess defined contribution plan maintained by the Company and any other defined contribution
plan or agreement entered into between the Executive and the Company which is designed to provide the executive with supplemental retirement benefits. 

14

 

        (L)  "Date
of Termination" shall have the meaning set forth in Section 7.2 hereof. 

        (M) "Disability"
shall be deemed the reason for the termination by the Company of the Executive's employment, if, as a result of the Executive's incapacity due to physical
or mental illness, the Executive shall have been absent from the full-time performance of the Executive's duties with the Company for a period of six (6) consecutive months, the
Company shall have given the Executive a Notice of Termination for Disability, and, within thirty (30) days after such Notice of Termination is given, the Executive shall not have returned to
the full-time performance of the Executive's duties. 

        (N)  "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended from time to time. 

        (O)  "Excise
Tax" shall mean any excise tax imposed under section 4999 of the Code. 

        (P)   "Executive"
shall mean the individual named in the first paragraph of this Agreement. 

        (Q)  "Good
Reason" for termination by the Executive of the Executive's employment shall mean the occurrence (without the Executive's express written consent which
specifically references this Agreement) after any Change in Control, or prior to a Change in Control under the circumstances described in clauses (ii) and (iii) of the second sentence of
Section 6.1 hereof (treating all references in paragraphs (I) through (VII) below to a "Change in Control" as references to a "Potential Change in Control"), of any one of the
following acts by the Company, or failures by the Company to act, unless, in the case of any act or failure to act described in paragraph (I), (V), (VI) or (VII) below, such act
or failure to act is corrected prior to the Date of Termination specified in the Notice of Termination given in respect thereof: 

         (I)  the
assignment to the Executive of any duties inconsistent with the Executive's status as an executive officer of the Company or a substantial adverse alteration in the
nature or status of the Executive's responsibilities from those in effect immediately prior to the Change in Control including, without limitation, if the Executive was, immediately prior to the
Change in Control, an executive officer of a public company, the Executive ceasing to be an executive officer of a public company; 

        (II)  a
reduction by the Company in the Executive's annual base salary as in effect on the date hereof or as the same may be increased from time to time except for
across-the-board salary reductions 

15

 

similarly
affecting all executives of the Company and all executives of any Person in control of the Company; 

      (III)  the
relocation of the Executive's principal place of employment to a location more than 35 miles from the Executive's principal place of employment immediately prior
to the Change in Control or the Company's requiring the Executive to be based anywhere other than such principal place of employment (or permitted relocation thereof) except for required travel on the
Company's business to an extent substantially consistent with the Executive's present business travel obligations; 

      (IV)  the
failure by the Company to pay to the Executive any portion of the Executive's current compensation or to pay to the Executive any portion of an installment of
deferred compensation under any deferred compensation program of the Company, within seven (7) days after the date demand for payment is made provided such compensation is due; 

        (V)  the
failure by the Company to continue in effect any compensation plan in which the Executive participates immediately prior to the Change in Control which is material
to the Executive's total compensation unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company to
continue the Executive's participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount or timing of payment of benefits
provided and the level of the Executive's participation relative to other participants, as existed immediately prior to the Change in Control; 

      (VI)  the
failure by the Company to continue to provide the Executive with benefits substantially similar to those enjoyed by the Executive under any of the Company's
pension, savings, life insurance, medical, health and accident, or disability plans in which the Executive was participating immediately prior to the Change in Control (except for across the board
changes similarly affecting all executives of the Company and all executives of any Person in control of the Company), the taking of any other action by the Company which would directly or indirectly
materially reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the Company to provide
the Executive with the number of paid vacation days to which the Executive is entitled with the Company in accordance with the vacation policy applicable to the Executive in effect at the time of the
Change in Control; or 

16

 

     (VII)  any
purported termination of the Executive's employment which is not effected pursuant to a Notice of Termination satisfying the requirements of Section 7.1
hereof; for purposes of this Agreement, no such purported termination shall be effective. The Executive's right to terminate the Executive's employment for Good Reason shall not be affected by the
Executive's incapacity due to physical or mental illness. 

        The
Executive's continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder. 

        For
purposes of any determination regarding the existence of Good Reason, any claim by the Executive that Good Reason exists shall be presumed to be correct unless the Company
establishes to the Board by clear and convincing evidence that Good Reason does not exist. 

        (R)  "Gross-Up
Payment" shall have the meaning set forth in Section 6.2 hereof. 

        (S)   "Notice
of Termination" shall have the meaning set forth in Section 7.1 hereof. 

        (T)  "Person"
shall have the meaning given 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 (i) CF Industries Holdings, Inc. or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of CF
Industries, Inc. or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or
indirectly, by the stockholders of CF Industries, Inc. in substantially the same proportions as their ownership of stock of CF Industries, Inc. 

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

         (I)  the
Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; 

        (II)  the
Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control; 

      (III)  any
Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 15% or more of either the then outstanding shares of common
stock of the Company or the combined voting power of the Company's then outstanding securities (not 

17

 

including
in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates); or 

      (IV)  the
Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

        (V)  "Retirement"
shall be deemed the reason for the termination by the Executive of the Executive's employment if such employment is terminated in accordance with the
Company's retirement policy, including early retirement, generally applicable to its salaried employees. 

        (W) "Severance
Payments" shall have the meaning set forth in Section 6.1 hereof. 

        (X)  "Tax
Counsel" shall have the meaning set forth in Section 6.2 hereof. 

        (Y)  "Term"
shall mean the period of time described in Section 2 hereof (including any extension, continuation or termination described therein). 

        (Z)  "Total
Payments" shall mean those payments so described in Section 6.2 hereof. 

18

 

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

	 	 	CF INDUSTRIES, INC.
	

 	
 	

By:	

/s/  ERNEST THOMAS      
 Ernest Thomas

Senior Vice President and

Chief Financial Officer
	

 	
 	

CF INDUSTRIES HOLDINGS, INC.
	

 	
 	

By:	

/s/  ERNEST THOMAS      
 Ernest Thomas

Senior Vice President and

Chief Financial Officer
	

 	
 	

 	

/s/  STEPHEN R. WILSON      
 Stephen R. Wilson

19

 
EXHIBIT A 

RELEASE

        (a)   Stephen
R. Wilson ("Executive") for and in consideration of benefits provided pursuant to the Change in Control Severance Agreement with CF
Industries, Inc. and CF Industries Holdings, Inc. (collectively, referred to herein as the "Company") entered into effective as of April 29, 2005 (the
"Severance Agreement"), on behalf of Executive and Executive's heirs, executors, administrators, successors and assigns, voluntarily, knowingly and willingly releases and
discharges the Company and its parents, subsidiaries and affiliates (collectively, the "Company Group"), together with their respective present and former partners,
officers, directors, employees and agents, and each of their predecessors, heirs, executors, administrators, successors and assigns, and any and all employee pension or welfare benefit plans of the
Company, including current and former trustees and administrators of these plans (collectively, the "Company Releasees") from any and all charges, complaints, claims,
promises, agreements, controversies, causes of action, demands, damages and liabilities ("Claims") of any nature whatsoever, known or unknown, suspected or unsuspected,
which against the Company Releasees, jointly or severally, Executive or Executive's heirs, executors, administrators, successors or assigns ever had or now have by reason of any matter, cause or thing
whatsoever arising from the beginning of time to the time Executive executes this release (the "Release"). This Release includes, without limitation, any Claims arising
out of or relating in any way to Executive's employment or director relationship with the Company, or the termination thereof, any Claims arising under any statute or regulation, including but not
limited to the Age Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1990, the Family and
Medical Leave Act of 1993, or the Employee Retirement Income Security Act of 1974, each as amended, or any other federal, state or local law, regulation, ordinance or common law, or under any policy,
agreement, understanding or promise, written or oral, formal or informal, between any Company Releasee and Executive. Executive shall not be entitled to any recovery, in any action or proceeding that
may be commenced on Executive's behalf in any way arising out of or relating to the matters released under this Release. Notwithstanding the foregoing, nothing herein shall release any Company
Releasee from any Claim based on (i) Executive's rights under the Severance Agreement or any other agreement with the Company (including, but not limited to, any stock option agreements),
(ii) any right or claim that arises after the date Executive executes this Release, (iii) Executive's eligibility for indemnification in accordance with applicable laws or the
certificate of incorporation or by-laws of the Company (or any affiliate or subsidiary) or any applicable insurance policy, with respect to any liability Executive incurs or incurred as a
director, officer or employee of the Company or any affiliate or subsidiary (including as a trustee, director or officer of any employee benefit plan) or (iv) any rights Executive may have to
vested benefits under any employee benefit plan or program. 

20

 

        (b)   Executive
has been advised to consult with an attorney of Executive's choice prior to signing this Release, has done so and enters into this Release freely and
voluntarily. 

        [(c)  Executive
acknowledges that the Company has enclosed with this Release information concerning (i) the ages and job titles of all employees who are
eligible to receive severance pay and (ii) the ages of all employees in the same job classification or organizational unit who are not eligible to receive severance
pay.]1 

        (d)   Executive
has had at least [twenty-one (21)]
[forty-five (45)]2 calendar days to consider the terms of this Release. Once
Executive has signed this Release, Executive has seven (7) additional days to revoke Executive's consent and may do so by writing to the Company as provided in Section 10 of the
Severance Agreement. Executive's Release shall not be effective, and no payments or benefits shall be due under Section 6 of the Severance Agreement, until the eighth day after Executive has
executed this Release and returned it to the Company, assuming that Executive has not revoked Executive's consent to this Release during such time (the "Revocation Date"). 

        (e)   In
the event that any one or more of the provisions of this Release shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remainder thereof shall not in any way be affected or impaired thereby. 

        (f)    This
Release shall be governed by the law of the State of Illinois without reference to its choice of law rules. 

	CF INDUSTRIES, INC.	 	 
	

By:	
 	

 	
 	

 
	 	 	
	 	 
	Name:	 	 
	Title:	 	 
	

Signed as of this ______ day of _____________________.
	

CF INDUSTRIES HOLDINGS, INC.	
 	

 
	

By:	
 	

 	
 	

 
	 	 	
	 	 

	1
	Note:
this paragraph is to be included only for applicable group terminations or exit incentive programs.

	2
	Note:
use longer period for applicable group terminations or exit incentive programs. 

21

 

	Name:	 	 
	

Title:	
 	

 
	

Signed as of this ______ day of _____________________.
	 	 	 	 	 
	

__________________________________

Stephen R. Wilson	
 	

 
	

Signed as of this ______ day of _____________________.

22

QuickLinks

Exhibit 10.4

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