Will W Anthony 4

What Happened
Will W Anthony, a CF Industries director and former President & CEO, disposed of equity on March 5, 2026 in two transactions. He sold 57,364 common shares in an open-market sale at a weighted average price of $109.35 for proceeds of $6,272,966 (prices in the sale ranged $109.00–$109.59). He also disposed of 29,504.137 phantom/derivative shares at $110.78 for $3,268,468. Both transactions are reported as dispositions (sales), which are generally routine liquidity actions rather than direct indicators of company outlook.

Key Details

• Transaction dates: March 5, 2026 (filed on March 9, 2026 — timely filing).
• Open-market sale: 57,364 shares at a weighted average $109.35; total ≈ $6,272,966. (Footnote: actual trade prices ranged $109.00–$109.59.)
• Derivative/phantom disposition: 29,504.137 shares at $110.78; total ≈ $3,268,468. These phantom shares are cash‑settled equivalents of common shares.
• Combined disposed: ~86,868 shares for ≈ $9.54M.
• Shares owned after transaction: not specified in the provided Form 4.
• Notable footnotes: F1 explains the weighted average price and availability of per‑trade price details; F2 explains that each phantom share equals one common share and is payable in cash following termination and may be transferred into an alternative investment account.
• No 10b5‑1 plan, tax‑withholding, or late‑filing flag indicated in the provided filing.

Context
The derivative entry reflects disposal of “phantom stock” (cash‑settled awards) rather than an exercise of options for immediate stock delivery. Sales by insiders can reflect personal liquidity or other non‑signal reasons; purchases generally provide stronger evidence of insider confidence. This Form 4 reports dispositions only and does not itself explain the insider’s motives.