CF Industries (CF) EVP Susan Menzel sells 18,041 shares, keeps 55,762

Rhea-AI Filing Summary

CF Industries Holdings, Inc. executive vice president and chief administrative officer Susan L. Menzel reported an open‑market sale of common stock. She sold 18,041 shares of CF common stock at a weighted average price of $136.063 per share, with individual trade prices ranging from $136.0501 to $136.1300. Following this transaction, she directly holds 55,762 shares of CF common stock.

Insights

Equity compensation and insider-trading analyst

CF executive executes a moderate open‑market share sale, retaining a substantial remaining stake.

Susan L. Menzel, EVP and Chief Administrative Officer of CF Industries Holdings, Inc., completed an open‑market sale of 18,041 common shares at a weighted average price of $136.063. The trades were executed across a narrow range between $136.0501 and $136.1300.

After this sale, Menzel continues to directly hold 55,762 CF shares, indicating she retains a significant equity position. The filing shows no related derivative exercises, tax-withholding dispositions, or entity restructuring, suggesting this is a straightforward liquidity transaction rather than part of a complex options event.

From an investor’s perspective, this appears as a routine insider sale by a senior officer, with the remaining holdings providing important context on proportional exposure. The footnote clarifying the weighted-average price and execution range underscores standard reporting practice for multi-lot trades.

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

OMB Number:			3235-0287
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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)
03/12/2026

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	03/12/2026		S		18,041	D	$136.063(1)	55,762	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 $136.0501 to $136.1300, 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	03/13/2026
	** 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) report in this Form 4 filing?

CF Industries reported that executive vice president and chief administrative officer Susan L. Menzel sold 18,041 shares of common stock in an open‑market transaction. The sale reflects a personal portfolio move while she continues to hold a sizeable remaining share position.

At what price did the CF (CF) executive sell her shares?

Susan L. Menzel sold her CF Industries common shares at a weighted average price of $136.063 per share. Individual trades occurred in a narrow band between $136.0501 and $136.1300, reflecting typical execution across multiple lots during market trading.

How many CF (CF) shares does the insider hold after the sale?

Following the reported transaction, Susan L. Menzel directly holds 55,762 shares of CF Industries common stock. This remaining position indicates she continues to maintain meaningful equity exposure to the company after completing the open‑market sale of 18,041 shares.

Was the CF (CF) insider transaction an open‑market sale or another type?

The Form 4 identifies Susan L. Menzel’s transaction as an open‑market sale of CF Industries common stock. It is coded as a sale rather than an option exercise, tax‑withholding event, or internal restructuring, indicating a straightforward disposition of existing shares.

Did the CF (CF) Form 4 mention any derivative securities or option exercises?

The filing does not report any derivative security transactions or option exercises for Susan L. Menzel. It only shows a non‑derivative open‑market sale of 18,041 common shares, suggesting this activity is unrelated to options vesting or other derivative-based compensation events.

What does the weighted average pricing disclosure mean in the CF (CF) Form 4?

The weighted average price of $136.063 indicates the 18,041 shares were sold in multiple trades at prices between $136.0501 and $136.1300. The insider notes she can provide exact quantities at each price to the company, shareholders, or regulators upon request.