Document:

Exhibit 10.29  

FORM OF

THE REFCO INC.

2005 STOCK INCENTIVE PLAN  

        1.     Purpose.    The Refco Inc. 2005 Stock Incentive Plan (the "Plan") is intended to provide incentives which
will attract, retain, motivate and reward highly competent people as officers and key employees of, and consultants to, Refco Inc. (the "Company") and its subsidiaries and affiliates, by
providing them opportunities to acquire shares of the Common Stock, par value $0.001 per share, of the Company ("Common Stock") or to receive monetary payments based on the value of such shares
pursuant to the Benefits (as defined below) described herein. Additionally, the Plan is intended to assist in further aligning the interests of the Company's officers, key employees and consultants to
those of its other stockholders. 

2.    Administration.

        (a)   The
Plan will be administered by a committee (the "Committee") appointed by the Board of Directors of the Company from among its members (which may be the Compensation
Committee or the Stock Plan Subcommittee) and shall be comprised, unless otherwise determined by the Board of Directors, solely of not less than two members who shall be
(i) "Non-Employee Directors" within the meaning of Rule 16b-3(b)(3) (or any successor rule) promulgated under the Securities Exchange Act of 1934, as amended (the
"Exchange Act") and (ii) "outside directors" within the meaning of Treasury Regulation Section 1.162-27(e)(3) under Section 162(m) of the Internal Revenue Code of
1986, as amended (the "Code"). The Committee is authorized, subject to the provisions of the Plan, to establish such rules and regulations as it deems necessary for the proper administration of the
Plan and to make such determinations and interpretations and to take such action in connection with the Plan and any Benefits (as defined below) granted hereunder as it deems necessary or advisable,
including the right to establish the terms and conditions of Benefits, to accelerate the vesting or exercisability of Benefits and to cancel Benefits. The Committee may determine the extent to which
any Benefit under the Plan is required to comply, or not comply, with Section 409A of the Code. All determinations and interpretations made by the Committee shall be binding and conclusive on
all participants and their legal representatives. No member of the Committee and no employee of the Company shall be liable for any act or failure to act hereunder, except in circumstances involving
his or her bad faith, gross negligence or willful misconduct, or for any act or failure to act hereunder by any other member or employee or by any agent to whom duties in connection with the
administration of the Plan have been delegated. The Company shall indemnify members of the Committee and any agent of the Committee who is an employee of the Company, a subsidiary or an affiliate
against any and all liabilities or expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving
such person's bad faith, gross negligence or willful misconduct. 

        (b)   The
Committee may delegate to one or more of its members, or to one or more agents, such administrative duties as it may deem advisable, and the Committee, or any person
to whom it has delegated duties as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan. The Committee may
employ such legal or other counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion or computation received from any such counsel,
consultant or agent. Expenses incurred by the Committee in the engagement of such counsel, consultant or agent shall be paid by the Company, or the subsidiary or affiliate whose employees have
benefited from the Plan, as determined by the Committee. 

        3.     Participants.    Participants will consist of such officers and key employees of, and such consultants to, the
Company and its subsidiaries and affiliates as the Committee in its sole discretion determines to be significantly responsible for the success and future growth and profitability of the 

 

Company
and whom the Committee may designate from time to time to receive Benefits under the Plan. Designation of a participant in any year shall not require the Committee to designate such person to
receive a Benefit in any other year or, once designated, to receive the same type or amount of Benefit as granted to the participant in any other year. The Committee shall consider such factors as it
deems pertinent in selecting participants and in determining the type and amount of their respective Benefits. 

        4.     Type of Benefits.    Benefits under the Plan may be granted in any one or a combination of the following
(collectively, "Benefits"): (a) Stock Options, (b) Stock Appreciation Rights, (c) Stock Awards, (d) Performance Awards and (e) Stock Units (each as described below).
Stock Awards, Performance Awards, and Stock Units may, as determined by the Committee in its discretion, constitute Performance-Based Awards, as described in Section 11 hereof. Benefits shall
be evidenced by agreements (which need not be identical) in such forms as the Committee may from time to time approve (each a "Benefit Agreement");  provided, however, that in the event of any conflict between the provisions of the Plan and any Benefit
Agreement, the provisions of the Plan shall prevail. 

        5.     Common Stock Available Under the Plan.

        (a)   Subject
to the provisions of this Section 5 and any adjustments made in accordance with Section 13 hereof, the maximum number of shares of Common Stock
that may be delivered to participants (including permitted assignees) and their beneficiaries under this Plan shall be equal to            shares of Common Stock, which may be authorized and
unissued or treasury shares. Any shares of Common Stock covered by a Benefit (or portion of a Benefit) granted under the Plan, which is forfeited or canceled, expires or, in the case of a Benefit
other than a Stock Option, is settled in cash, shall be deemed not to have been delivered for purposes of determining the maximum number of shares of Common Stock available for delivery under the
Plan. The preceding sentence shall apply only for purposes of determining the aggregate number of shares of Common Stock subject to Benefits but shall not apply for purposes of determining the maximum
number of shares of Common Stock with respect to which Benefits (including the maximum number of shares of Common Stock subject to Stock Options and Stock Appreciation Rights) may be granted to an
individual participant under the Plan. 

        (b)   If
any Stock Option is exercised by tendering shares of Common Stock, either actually or by attestation, to the Company as full or partial payment in connection with the
exercise of a Stock Option under this Plan, only the number of shares of Common Stock issued net of the shares of Common Stock tendered shall be deemed delivered for purposes of determining the
maximum number of shares of Common Stock available for delivery under the Plan. Further, shares of Common Stock delivered under the Plan in settlement, assumption or substitution of outstanding awards
(or obligations to grant future awards) under the plans or arrangements of another entity shall not reduce the maximum number of shares of Common Stock available for delivery under the Plan, to the
extent that such settlement, assumption or substitution is as a result of the Company or its subsidiaries or affiliates acquiring another entity (or an interest in another entity). This
Section 5(b) shall apply only for purposes of determining the aggregate number of shares of Common Stock subject to Benefits but shall not apply for purposes of determining (x) the
maximum number of shares of Common Stock with respect to which Benefits (including the maximum number of shares of Common Stock subject to Stock Options and Stock Appreciation Rights) may be granted
to an individual participant under the Plan or (y) the maximum number of shares of Common Stock that may be delivered through Stock Options under the Plan. 

        (c)   Subject
to any adjustments made in accordance with Section 13 hereof, the following additional aggregate and individual maximums are imposed under the Plan. The
aggregate number of shares of Common Stock that may be delivered through Stock Options shall be                        . The
number of shares of Common Stock with respect to which Benefits may be granted to
an individual participant under the Plan in any calendar year shall not exceed            . 

2

 

        6.     Stock Options.    Stock Options will consist of awards from the Company that will enable the holder to purchase
a number of shares of Common Stock at set terms. Stock Options may be "incentive stock options" within the meaning of Section 422 of the Code ("Incentive Stock Options"), or Stock Options which
do not constitute Incentive Stock Options ("Nonqualified Stock Options"). The Committee will have the authority to grant to any participant one or more Incentive Stock Options, Nonqualified Stock
Options, or both types of Stock Options (in each case with or without Stock Appreciation Rights). Each Stock Option shall be subject to such terms and conditions consistent with the Plan as the
Committee may impose from time to time, subject to the following limitations: 

        (a)   Exercise Price.    Each Stock Option granted hereunder shall have such per-share exercise price as
the Committee may determine at the date of grant; provided, however, subject to subsection
(d) below, that the per-share exercise price shall not be less than 100% of the Fair Market Value (as defined below) of the Common Stock on the date the Stock Option is granted. 

        (b)   Payment of Exercise Price.    The exercise price may be paid in cash or, in the discretion of the Committee, by
the delivery of shares of Common Stock of the Company then owned by the participant, by the withholding of shares of Common Stock for which a Stock Option is exercisable or by a combination of these
methods. In the discretion of the Committee, payment also may be made by
delivering a properly executed exercise notice to the Company together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay
the exercise price. To facilitate the foregoing, the Company may enter into agreements for coordinated procedures with one or more brokerage firms. The Committee may prescribe any other method of
paying the exercise price that it determines to be consistent with applicable law and the purposes of the Plan, including, without limitation, in lieu of the exercise of a Stock Option by delivery of
shares of Common Stock of the Company then owned by a participant, providing the Company with a notarized statement attesting to the number of shares owned, in which case upon verification by the
Company, the Company would issue to the participant only the number of incremental shares to which the participant is entitled upon exercise of the Stock Option. In determining which methods a
participant may utilize to pay the exercise price, the Committee may consider such factors as it determines are appropriate. 

        (c)   Exercise Period.    Stock Options granted under the Plan shall be exercisable at such time or times and subject
to such terms and conditions as shall be determined by the Committee; provided, however, that no Stock
Option shall be exercisable later than ten years after the date it is granted except in the event of a participant's death, in which case, the exercise period of such participant's Stock Options may
be extended beyond such period but no longer than one year after the participant's death. All Stock Options shall terminate at such earlier times and upon such conditions or circumstances as the
Committee shall in its discretion set forth in the Benefit Agreement relating to the option grant. 

        (d)   Limitations on Incentive Stock Options.    Incentive Stock Options may be granted only to participants who are
employees of the Company or one of its subsidiaries (within the meaning of Section 424(f) of the Code) at the date of grant. The aggregate Fair Market Value (determined as of the time the Stock
Option is granted) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a participant during any calendar year (under all option plans of the Company
and of any parent corporation or subsidiary corporation (as defined in Sections 424(e) and (f) of the Code, respectively)) shall not exceed $100,000. For purposes of the preceding sentence,
Incentive Stock Options will be taken into account in the order in which they are granted. The per-share exercise price of an Incentive Stock Option shall not be less than 100% of the Fair
Market Value of the Common Stock on the date of grant, and no Incentive Stock Option may be exercised later than ten years after the date it is granted;  provided, however, that Incentive Stock Options may not be granted to any participant who, at the time
of grant, owns stock possessing (after the application of the attribution rules of Section 424(d) of the Code) more 

3

 

than
10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation of the Company, unless the exercise price is fixed at not less than 110% of
the Fair Market Value of the Common Stock on the date of grant and the exercise of such option is prohibited by its terms after the expiration of five years from the date of grant of such option. 

        (e)   Post-Employment Exercises.    The exercise of any Stock Option after termination of employment
shall be subject to satisfaction of the conditions precedent that the participant neither (i) competes with, or takes employment with or renders services to a competitor of, the Company, its
subsidiaries or affiliates without the written consent of the Company, nor (ii) conducts himself or herself in a manner adversely affecting the Company. 

        7.     Stock Appreciation Rights.

        (a)   The
Committee may, in its discretion, grant Stock Appreciation Rights to the holders of any Stock Options granted hereunder. In addition, Stock Appreciation Rights may
be granted independently of, and without relation to, Stock Options. A Stock Appreciation Right is a right to receive a payment in cash, Common Stock or a combination thereof, in an amount equal to
the excess of (x) the Fair Market Value, or other specified valuation, of a specified number of shares of Common Stock on the date the right is exercised over (y) the Fair Market Value,
or other specified valuation (which shall be no less than the Fair Market Value) of such shares of Common Stock on the date the right is granted, all as determined by the Committee;  provided,
however, that if a Stock Appreciation Right is granted in tandem with or in substitution for a
Stock Option, the Fair Market Value designated in the Benefit Agreement may be the Fair Market Value on the date such Stock Option was granted. Each Stock Appreciation Right shall be subject to such
terms and conditions as the Committee shall impose from time to time. 

        (b)   Stock
Appreciation Rights granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Committee; provided, however, that no Stock Appreciation Right shall be exercisable later than ten years
after the date it is granted except in the event of a participant's death, in which case, the exercise period of such participant's Stock Appreciation Rights may be extended beyond such period but no
longer than one year after the participant's death. All Stock Appreciation Rights shall terminate at such earlier times and upon such conditions or circumstances as the Committee shall in its
discretion set forth in such right. 

        (c)   The
exercise of any Stock Appreciation Right after termination of employment shall be subject to satisfaction of the conditions precedent that the participant neither
(i) competes with, or takes other employment with or renders services to a competitor of, the Company, its subsidiaries or affiliates without the written consent of the Company, nor
(ii) conducts himself or herself in a manner adversely affecting the Company. 

        8.     Stock Awards.    The Committee may, in its discretion, grant Stock Awards (which may include mandatory payment
of bonus incentive compensation in stock) consisting of Common Stock issued or transferred to participants with or without payments therefor. Stock Awards may be subject to such terms and conditions
as the Committee determines to be appropriate, including, without limitation, restrictions on the sale or other disposition of such shares and the right of the Company to reacquire such shares for no
consideration upon termination of the participant's employment within specified periods, and may constitute Performance-Based Awards, as described in Section 11 hereof. The Committee may
require the participant to deliver a duly signed stock power, endorsed in blank, relating to the Common Stock covered by a Stock Award. The Committee also may require that the stock certificates
evidencing such shares be held in custody or bear restrictive legends until the restrictions thereon shall have lapsed. The Stock Award shall specify whether the participant shall have, with respect
to the shares of Common Stock subject to a Stock Award, all of the rights of a holder of shares of Common Stock of the Company, including the right to receive dividends and to vote the shares. 

4

 

        9.     Performance Awards.

        (a)   Performance
Awards may be granted to participants at any time and from time to time, as shall be determined by the Committee. Performance Awards may constitute
Performance-Based Awards, as described in Section 11 hereof. The Committee shall have complete discretion in determining the number, amount and timing of awards granted to each participant.
Such Performance Awards may be in the form of shares of Common Stock or Stock Units. Performance Awards may be awarded as short-term or long-term incentives. Performance
targets may be based upon Company-wide, divisional and/or individual performance, or other factors as determined by the Committee. 

        (b)   With
respect to those Performance Awards that are not intended to constitute Performance-Based Awards, the Committee shall have the authority at any time to make
adjustments to performance targets for any outstanding Performance Awards which the Committee deems necessary or desirable unless at the time of establishment of such targets the Committee shall have
precluded its authority to make such adjustments. 

        (c)   Payment
of earned Performance Awards shall be made in accordance with terms and conditions prescribed or authorized by the Committee. The participant may elect to defer,
or the Committee may require or permit the deferral of, the receipt of Performance Awards upon such terms as the Committee deems appropriate. 

        10.   Stock Units.

        (a)   The
Committee may, in its discretion, grant Stock Units to participants hereunder. A "Stock Unit" means a notional account representing one share of Common Stock. The
Committee shall determine the criteria for the vesting of Stock Units. Stock Units may constitute Performance-Based Awards, as described in Section 11 hereof. A Stock Unit granted by the
Committee shall provide for payment in shares of Common Stock at such time as the Benefit Agreement shall specify. Shares of Common Stock issued pursuant to this Section 10 may be issued with
or without payments or other consideration therefor, as may be required by applicable law or as may be determined by the Committee. The Committee shall determine whether a participant granted a Stock
Unit shall be entitled to a Dividend Equivalent Right. A "Dividend Equivalent Right" means the right to receive the amount of any dividend paid on the share of Common Stock underlying a Stock Unit,
which shall be payable in cash or in the form of additional Stock Units. 

        (b)   Upon
vesting of a Stock Unit, unless the Committee has determined to defer payment with respect to such unit or a participant has elected to defer payment under
subsection (c) below, Common Stock shall be distributed to the participant in respect of the Stock Units unless the Committee, with the consent of the participant, provides for the payment of
the Stock Unit in cash or partly in cash and partly in shares of Common Stock equal to the value of the shares of Common Stock which would otherwise be distributed to the participant. 

        (c)   The
Committee may permit a participant to elect not to receive Common Stock upon the vesting of such Stock Unit and for the Company to continue to maintain the Stock
Unit on its books of account. In such event, the value of a Stock Unit shall be payable in shares of Common Stock pursuant to the agreement of deferral. 

        11.   Performance-Based Awards.    Certain Benefits granted under the Plan may be granted in a manner such that the
Benefits qualify for the performance-based compensation exception to Section 162(m) of the Code ("Performance-Based Awards"). As determined by the Committee in its sole discretion, either the
granting or vesting of such Performance-Based Awards shall be based on achievement of hurdle rates and/or growth rates in one or more business criteria that apply to the individual participant, one or
more business units or the Company as a whole. The business criteria shall be as follows, individually or in combination: (i) net earnings; (ii) earnings per share; (iii) net
sales; (iv) market share; (v) net operating profit; (vi) expense targets; (vii) working capital targets 

5

 

relating
to inventory and/or accounts receivable; (viii) operating margin; (ix) return on equity; (x) return on assets; (xi) planning accuracy (as measured by comparing
planned results to actual results); (xii) market price per share; (xiii) gross margin; and (xiv) total return to stockholders. In addition, Performance-Based Awards may include
comparisons to the performance of other companies, such performance to be measured by one or more of the foregoing business criteria. Furthermore, the measurement of performance against goals may
exclude or adjust for the impact of certain events or occurences that were not budgeted or planned for in setting the goals, including, among other things, the impact of charges for restructurings,
discontinued operations, extraordinary items and other unusual or non-recurring items, and the cumulative effects of accounting changes, each as defined by generally accepted accounting
principles as identified in the financial statements, notes to the financial statements or management's discussion or analysis. With respect to Performance-Based Awards, (i) the Committee shall
establish in writing (x) the performance goals applicable to a given period specifying in terms of an objective formula or standard the method for computing the amount of compensation payable
to the participant if such performance goals are achieved and (y) the individual employees or class of employees to which such performance goals apply no later than 90 days after the
commencement of such period (but in no event after one-quarter of such period has elapsed) and (ii) no Performance-Based Awards shall be payable to or vest with respect to any
participant for a given period until the Committee certifies in writing that the objective performance goals (and any other material terms) applicable to such period have been satisfied. With respect
to any Benefits intended to qualify as Performance-Based Awards, after establishment of a performance goal, the Committee shall not revise such performance goal or increase the amount of compensation
payable thereunder (as determined in accordance with Section 162(m) of the Code) upon the attainment of such performance goal. Notwithstanding the preceding sentence, and unless restricted by
the applicable Benefit Agreement, the Committee may reduce or eliminate the number of shares of Common Stock or cash granted or the number of shares of Common Stock vested upon the attainment of such
performance goal. 

        12.   Foreign Laws.    The Committee may grant Benefits to individual participants who are subject to the tax laws of
nations other than the United States, which Benefits may have terms and conditions which the Committee determines to be necessary to comply with applicable foreign laws. The Committee may take any
action which it deems advisable to obtain approval of such Benefits by the appropriate foreign governmental entity; provided,  however, that no Benefits may
be granted pursuant to this Section 12 and no action may be taken which would result in a violation of the Exchange
Act, the Code or any other applicable law. 

        13.   Adjustment Provisions; Change in Control.

        (a)   If
there shall be any change in the Common Stock of the Company, through merger, consolidation, reorganization, recapitalization, stock dividend, stock split, reverse
stock split, split up, spinoff, combination of shares, exchange of shares, dividend in kind or other like change in capital structure or distribution (other than normal cash dividends) to stockholders
of the Company, an adjustment shall be made to each outstanding Stock Option and Stock Appreciation Right such that each such Stock Option and Stock Appreciation Right shall thereafter be exercisable
for such securities, cash and/or other property as would have been received in respect of the Common Stock subject to such Stock Option or Stock Appreciation Right had such Stock Option or Stock
Appreciation Right been exercised in full immediately prior to such change or distribution, and such an adjustment shall be made successively each time any such change shall occur. In addition, in the
event of any such change or distribution or any extraordinary dividend or distribution of cash or other assets, in order to prevent dilution or enlargement of participants' rights under the Plan, the
Committee will have authority to adjust, in an equitable manner, the number and kind of shares that may be issued under the Plan, the number and kind of shares subject to outstanding Benefits, the
exercise price applicable to outstanding Benefits, and the Fair Market Value of the Common Stock and other value 

6

 

determinations
applicable to outstanding Benefits. Appropriate adjustments also may be made by the Committee in the terms of any Benefits (other than Benefits intended to constitute Performance-Based
Awards except to the extent permitted under Section 11 hereof) under the Plan to reflect such changes or distributions (and any extraordinary dividend or distribution of cash or other assets)
and to modify any other terms of outstanding Benefits (other than Benefits intended to constitute Performance-Based Awards except to the extent permitted under Section 11 hereof) on an
equitable basis, including modifications of performance targets and changes in the length of performance periods. In addition, other than with respect to Stock Options, Stock Appreciation Rights, and
other awards intended to constitute Performance-Based Awards, the Committee is authorized to make adjustments to the terms and conditions of, and the criteria included in, Benefits in recognition of
unusual or nonrecurring events affecting the Company or the financial statements of the Company, or in response to changes in applicable laws, regulations, or accounting principles. 

        (b)   Notwithstanding
any other provision of this Plan, in the event of a Change in Control (as defined below), the Committee, in its discretion, may take such actions as it
deems appropriate with respect to outstanding Benefits, including, without limitation, accelerating the exercisability or vesting of such Benefits, or such other actions provided in an agreement
approved by the Board in connection with a Change in Control and such Benefits shall be subject to the terms of such agreement as the Committee, in its discretion, shall determine. The Committee, in
its discretion, may determine that, upon the occurrence of a Change in Control of the Company, each Stock Option and Stock Appreciation Right outstanding hereunder shall terminate within a specified
number of days after notice to the holder, and such holder shall receive, with respect to each share of Common Stock subject to such Stock Option or Stock Appreciation Right, an amount equal to the
excess of the Fair Market Value of such shares of Common Stock immediately prior to the occurrence of such Change in Control over the exercise price per share of such Stock Option or Stock
Appreciation Right; such amount to be payable in cash, in one or more kinds of property (including the property, if any, payable in the transaction) or in a combination thereof, as the Committee, in
its discretion, shall determine. For purposes of this Section 13(b), a "Change in Control" of the Company shall be deemed to have occurred upon any of the following events: 

          (i)  A
change in control of the direction and administration of the Company's business of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Exchange Act; or 

         (ii)  During
any period of two (2) consecutive years, the individuals who at the beginning of such period constitute the Company's Board of Directors or any
individuals who would be "Continuing Directors" (as hereinafter defined) cease for any reason to constitute at least a majority thereof; or 

        (iii)  The
Company's Common Stock shall cease to be publicly traded; or 

        (iv)  The
Company's Board of Directors shall approve a sale of all or substantially all of the assets of the Company, and such transaction shall have been consummated; or 

         (v)  The
Company's Board of Directors shall approve any merger, consolidation, or like business combination or reorganization of the Company, the consummation of which would
result in the occurrence of any event described in Section 13(b)(ii) or (iii) above, and such transaction shall have been consummated. 

Notwithstanding
the foregoing, any spin-off of a division or subsidiary of the Company to its stockholders shall not constitute a Change in Control of the Company. 

        For
purposes of this Section 13(b), "Continuing Directors" shall mean (x) the directors of the Company in office on the Effective Date (as defined below) and (y) any
successor to any such director 

7

 

and
any additional director who after the Effective Date was nominated or elected by a majority of the Continuing Directors in office at the time of his or her nomination or election. 

        14.   Nontransferability.    Each Benefit granted under the Plan to a participant (other than stock for which there
are no transfer restrictions) shall not be transferable otherwise than by will or the laws of descent and distribution, and shall be exercisable, during the participant's lifetime, only by the
participant. In the event of the death of a participant, each Stock Option or Stock Appreciation Right theretofore granted to him or her shall be exercisable during such period after his or her death
as the Committee shall in its discretion set forth in such option or right at the date of grant and then only by the executor or administrator of the estate of the deceased participant or the person
or persons to whom the deceased participant's rights under the Stock Option or Stock Appreciation Right shall pass by will or the laws of descent and distribution. Notwithstanding the foregoing, at
the discretion of the Committee, an award of a Benefit other than an Incentive Stock Option may permit the transferability of a Benefit by a participant solely to the participant's spouse, siblings,
parents, children and grandchildren or trusts for the benefit of such persons or partnerships, corporations, limited liability companies or other entities owned solely by such persons, including
trusts for such persons, subject to any restriction included in the award of the Benefit. 

        15.   Other Provisions.    The award of any Benefit under the Plan also may be subject to such other provisions
(whether or not applicable to a Benefit awarded to any other participant) as the Committee determines appropriate, including, without limitation, for the installment purchase of Common Stock under
Stock Options, for the installment exercise of Stock Appreciation Rights, for the forfeiture of, or restrictions on resale or other disposition of, Common Stock acquired under any form of Benefit, for
the acceleration of exercisability or vesting of Benefits in the event of a change of control (whether or not a Change in Control) of the Company, for the payment of the value of Benefits to
participants in the event of a change of control (whether or not a Change in Control) of the Company, or to comply with federal and state securities laws, or understandings or conditions as to the
participant's employment in addition to those specifically provided for under the Plan. The award of any Benefit under the Plan shall be subject to the receipt of the Company of consideration required
under applicable state law. 

        16.   Fair Market Value.    For purposes of this Plan and any Benefits awarded hereunder, Fair Market Value shall be
the closing price of the Common Stock on the date of calculation (or on the last preceding trading date if Common Stock was not traded on such date) if the Common Stock is readily tradeable on a
national securities exchange or other market system, and if the Common Stock is not readily tradeable, Fair Market Value shall mean the amount determined in good faith by the Committee as the fair
market value of the Common Stock. 

        17.   Withholding.    All payments or distributions of Benefits made pursuant to the Plan shall be net of any amounts
required to be withheld pursuant to applicable federal, state and local tax-withholding requirements at the minimum statutory withholding rates. Notwithstanding the foregoing, if the
Company proposes or is required to distribute Common Stock pursuant to the Plan, it may require the recipient to remit to it or to the corporation that employs such recipient an amount sufficient to
satisfy such tax-withholding requirements prior to the delivery of any certificates for such Common Stock. In lieu thereof, the Company or the employing corporation shall have the right to
withhold the amount of such taxes from any other sums due or to become due from such corporation to the recipient as the Committee shall prescribe. The Committee may, in its discretion and subject to
such rules as it may adopt (including any as may be required to satisfy applicable tax and/or non-tax regulatory requirements), permit an optionee or award or right holder to pay all or a
portion of the federal, state and local withholding taxes arising in connection with any Benefit consisting of shares of Common Stock by electing to have the Company withhold shares of Common Stock
having a Fair Market Value equal to the amount of tax to be withheld at the minimum statutory withholding rates. 

8

 

        18.   Tenure.    A participant's right, if any, to continued employment with the Company or any of its subsidiaries
or affiliates as an officer, employee, or otherwise, shall not be enlarged or otherwise affected by his or her designation as a participant under the Plan. 

        19.   Unfunded Plan.    Participants shall have no right, title, or interest whatsoever in or to any investments that
the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust
of any kind, or a fiduciary relationship between the Company and any participant, beneficiary, legal representative or any other person. To the extent that any person acquires a right to receive
payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the
general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the
Plan. 

        20.   No Fractional Shares.    No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan
or any Benefit. The Committee shall determine whether cash, or Benefits, or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares or any rights thereto
shall be forfeited or otherwise eliminated. 

        21.   Duration, Amendment and Termination.    No Benefit shall be granted more than ten years after the Effective
Date. The Committee may amend the Plan from time to time or suspend or terminate the Plan at any time. No amendment of the Plan may be made without approval of the stockholders of the Company if the
amendment will: (a) disqualify any Incentive Stock Options granted under the Plan; (b) increase the aggregate number of shares of Common Stock that may be delivered through Stock Options
under the Plan; (c) increase the maximum amount which can be paid to an individual participant under the Plan as set forth in the third sentence of Section 5(c) hereof; (d) change
the types of business criteria on which Performance-Based Awards are to be based under the Plan; (e) modify the requirements as to eligibility for participation in the Plan or (f) allow
for the repricing of Stock Options or Stock Appreciation Rights. Notwithstanding anything to the contrary contained herein, the Committee may amend the terms of any outstanding Benefit or any
provision of the Plan as the Committee deems necessary to ensure compliance with Section 409A of the Code. 

        22.   Governing Law.    This Plan, Benefits granted hereunder and actions taken in connection herewith shall be
governed and construed in accordance with the laws of the State of Delaware (regardless of the law that might otherwise govern under applicable Delaware principles of conflict of laws). 

        23.   Effective Date.    The Plan shall be effective on the date it is approved by the stockholders of the Company at
an annual meeting or any special meeting of stockholders of the Company (the "Effective Date"). 

9QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.1    
    

	NUMBER	 	SHARES
	CF	 	 
	
CF INDUSTRIES HOLDINGS, INC.

 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
	

 	
 	
CUSIP 125269 10 0
 SEE REVERSE FOR CERTAIN DEFINITIONS
	
This certifies that:	
 	

is the registered holder of
	
SPECIMEN
	    	 	 
	    	 	 
	    	 	 

        FULLY PAID AND NON-ASSESABLE SHARES OF COMMON STOCK, $.01 PAR VALUE, OF CF INDUSTRIES HOLDINGS, INC. transferable
only on the books of the Corporation by the said holder in person or by Attorney, upon surrender of this Certificate properly endorsed.

    This Certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.

    Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.

Dated:  

	
 	
 	

COUNTERSIGNED AND REGISTERED:

THE BANK OF NEW YORK
	 	 	        TRANSFER AGENT AND REGISTRAR
	 	 	        AUTHORIZED SIGNATURE

	[Seal of CF Industries Holdings, Inc.]	 	 
	  
 VICE PRESIDENT, GENERAL COUNSEL, AND SECRETARY	 	 	 	  
 PRESIDENT AND CHIEF EXECUTIVE OFFICER	 	 

        THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A COPY OF THE POWERS,
DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL, OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
PREFERENCES AND/OR RIGHTS. 

        The following abbreviations, when used in the inscription on the face of this Certificate, shall be
construed as though they were written out in full according to applicable laws or regulations: 

	TEN COM	 	-	 	as tenants in common	 	 	 	UNIF GIFT MIN ACT-	           	 	Custodian	              
	TEN ENT	 	-	 	as tenants by the entireties	 	 	 	 	(Cust)	 	 	(Minor)
	JT TEN	 	-	 	as joint tenants with right	 	 	 	        under Uniform Transfers to Minors
	 	 	 	 	of survivorship and not as

tenants in common	 	 	 	        Act
                                 

                (State)

        Additional abbreviations may also be used though not in the above list. 

        For value received,
                                         
                                        hereby sell,
assign and
transfer unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER

    IDENTIFYING NUMBER OF ASSIGNEE 

	  

	  
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	  

	  

	

	
 	

shares
	of the common stock represented by the within Certificate,

and do hereby irrevocably constitute and appoint	 	 
	

	
 	

Attorney
	to transfer the said stock on the books of the within named

Corporation with full power of substitution in the premises.	 	 
	

Dated
                                         
                                       	
 	

 

	 	 	X	
NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.
	

SIGNATURE(S) GUARANTEED:	
 	

 	

 
	

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.	
 	

 	

 

KEEP THIS STOCK CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF
INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

        This certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Rights Agreement between CF Industries
Holdings, Inc. (the "Company") and the Rights Agent thereunder (the "Rights Agent") as from time to time amended (the "Rights Agreement"), the terms of which are hereby incorporated herein by
reference and a copy of which is on file at the principal offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate
certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of the Rights Agreement, as in effect on the date of mailing, without
charge, promptly after receipt of a written request therefor. Under certain circumstances set forth in the Rights Agreement, Rights issued to, or held by, any Person who is, was or becomes an
Acquiring Person or any Affiliate or Associate thereof (as such terms are defined in the Rights Agreement), whether currently held by or on behalf of such Person or by any subsequent holder, may
become null and void. 

QuickLinks

Exhibit 4.1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]