CF Industries (NYSE: CF) EVP Susan Menzel sells 3,215 shares at $97

Rhea-AI Filing Summary

CF Industries Holdings EVP and Chief Administrative Officer Susan L. Menzel sold common shares in an open-market transaction. On February 26, 2026, she sold 3,215 shares of CF common stock at a weighted average price of $97.0012 per share. After this sale, she directly owned 87,861 shares of CF common stock. The shares were sold in multiple trades at prices ranging from $97.0000 to $97.0100.

Insights

Equity compensation and insider-trading analyst

Executive executes modest open-market sale with detailed pricing disclosure.

The filing shows Susan L. Menzel, EVP and Chief Administrative Officer of CF Industries Holdings, completed an open-market sale of 3,215 common shares at a weighted average price of $97.0012 on February 26, 2026. Post-transaction, she directly holds 87,861 shares.

The sale is reported under code "S," indicating a standard open-market or private sale. A footnote explains the price is a weighted average over multiple trades between $97.0000 and $97.0100, offering transparency on execution without indicating any special arrangements.

Based on the size and routine nature described, this appears as a normal liquidity event rather than a thesis-changing move. Future company filings may provide additional context on overall executive ownership trends and compensation-related activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Menzel Susan L

(Last) (First) (Middle)

C/O CF INDUSTRIES HOLDINGS, INC.

2375 WATERVIEW DRIVE

(Street)

NORTHBROOK IL 60062

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CF Industries Holdings, Inc. [ CF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and Chief Admin. Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, par value $0.01 per share	02/26/2026		S		3,215	D	$97.0012(1)	87,861	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $97.0000 to $97.0100, inclusive. The reporting person undertakes to provide to CF Industries Holdings, Inc., any security holder of CF Industries Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within that range.

	/s/ Michael P. McGrane, by power of attorney	02/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did CF (CF Industries Holdings, Inc.) report for Susan L. Menzel?

CF reported that EVP and Chief Administrative Officer Susan L. Menzel sold 3,215 shares of common stock in an open-market transaction. The sale used code "S," indicating a standard sale, and reflects routine insider trading activity rather than a disclosed strategic shift.

At what price did Susan L. Menzel sell CF common stock in this Form 4 filing?

Susan L. Menzel sold CF common stock at a weighted average price of $97.0012 per share. A footnote explains the trades occurred in multiple transactions, with individual prices ranging from $97.0000 to $97.0100, providing detailed transparency on execution pricing.

How many CF shares does Susan L. Menzel own after the reported sale?

After the reported sale, Susan L. Menzel directly owns 87,861 shares of CF Industries Holdings common stock. This post-transaction balance is disclosed in the Form 4 and reflects her remaining direct equity stake following the 3,215-share open-market sale.

What does the transaction code "S" mean in CF EVP Susan L. Menzel’s Form 4?

The transaction code "S" on Susan L. Menzel’s Form 4 indicates a sale in the open market or a private transaction. In this case, the filing describes an open-market sale of CF common stock, executed across multiple trades within a narrow price range.

Did the CF Form 4 footnote disclose any price range details for the insider sale?

Yes. The footnote states the reported price is a weighted average, with shares sold in multiple transactions at prices from $97.0000 to $97.0100. The reporting person offers to provide full breakdowns of shares sold at each separate price upon request.

Is Susan L. Menzel’s ownership in CF direct or indirect after this transaction?

The Form 4 shows that Susan L. Menzel’s remaining 87,861 shares are held with direct ownership, coded as "D". There is no indication in the provided data that these shares are held through an intermediary entity such as a trust or partnership.