# EDGAR Filing Document

**Accession Number:** 0001421461
**File Stem:** 0001209191-23-020422
**Filing Date:** 2023-3
**Character Count:** 8805
**Document Hash:** 7605907ca552958bc3b493db2b9e52b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-020422.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001209191-23-020422

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230317

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Jornayvaz Robert P III
- **CENTRAL INDEX KEY:** 0001432504

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34025
- **FILM NUMBER:** 23751100

**MAIL ADDRESS:**
- **STREET 1:** 1001 17TH STREET, SUITE 1050
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intrepid Potash, Inc.
- **CENTRAL INDEX KEY:** 0001421461
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **IRS NUMBER:** 261501877
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 707 17TH STREET
- **STREET 2:** SUITE 4200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 303-296-3006

**MAIL ADDRESS:**
- **STREET 1:** 707 17TH STREET
- **STREET 2:** SUITE 4200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

## Exhibit 99.1

```
<PRE>
The number of PSAs earned is based on the achievement of total shareholder
return (TSR) over a four-year performance period ending March 17, 2027 measured
quarterly at the end each such quarter for the first four years following the
grant date, and the number of shares earned may range from 0% to 150%. The PSAs
are earned based on the volume-weighted average closing price (VWAP) of the
common stock for 20 consecutive trading days, measured as the end of each
applicable fiscal quarter, as reported on the New York Stock Exchange or other
national securities exchange or national market on which the stock is
principally traded, and a TSR compound annual growth rate (CAGR) of the issuer's
common stock using a starting price of $26.05 per share, as adjusted for
dividends as follows: (i) 50.0% of the PSAs are earned upon TSR CAGR achievement
of 2.5%, (ii) 75.0% of the PSAs are earned upon TSR CAGR achievement of 5.0%,
(iii) 100.0% of the PSAs are earned upon TSR CAGR achievement of 7.5%, (iv)
112.5% of the PSAs are earned upon TSR CAGR achievement of 10.0%, (v) 125.0% of
the PSAs are earned upon TSR CAGR achievement of 12.5%, (vi) 137.5% of the PSAs
are earned upon TSR CAGR achievement of 15.0% and (vii) 150.0% of the PSAs are
earned upon TSR CAGR achievement of 17.5%.

Any amount earned upon each quarterly measurement shall vest as follows: 50% on
the one-year anniversary of the end of the applicable measurement period, and
50% on the two-year anniversary of the end of the applicable measurement period;
provided, however, that no vesting will occur unless and until the VWAP meets
one or more applicable price achievement goals on or before March 17, 2027,
subject in all cases to continuous service with the issuer or an affiliate of
the issuer from the grant date through the applicable vesting date, if any;
provided further, that the earliest date on which the maximum amount of the
target number of PSAs may vest shall be the 25-month anniversary of the grant
date, and latest date on which any amount of the target may vest shall be the
6-year anniversary of the grant date. Any shares that do not vest on or before
the 6-year anniversary of the grant date, will be immediately forfeited on the
6-year anniversary of the grant date.

</PRE>
```

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Jornayvaz Robert P III<br><sub>(Last) (First) (Middle)</sub><br>C/O INTREPID POTASH, INC.<br>707 17TH STREET, SUITE 4200<br><sub>(Street)</sub><br>DENVER, CO 80202<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Executive Chairman & CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Intrepid Potash, Inc. [ IPI ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-03-17 |  | F |  | 2272<sup>(1)</sup> | D | $26.05 | 440100 | D |  |
| Common Stock | 2023-03-17 |  | A |  | 46065<sup>(2)</sup> | A | $0.00 | 486165 | D |  |
| Common Stock | 2023-03-17 |  | A |  | 71922<sup>(3)</sup> | A | $0.00 | 558087 | D |  |
| Common Stock |  |  |  |  |  |  |  | 1720923 | I | By Intrepid Production Corporation<sup>(4)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) The disposition represents the withholding of shares for income taxes due upon the vesting of previously awarded restricted stock.

(2) Represents a grant of restricted stock. The shares of restricted stock will vest in three equal annual installments beginning on March 17, 2024, subject to the reporting person's continued employment with the issuer through the vesting date.

(3) Represents a grant of performance-based restricted stock ("PSAs"), which PSAs will vest as set forth in Exhibit 99.1. The PSAs reported are at 150% of the target amount.

(4) Mr. Jornayvaz is the sole stockholder, sole director, and President of Intrepid Production Corporation.

**Signature:** /s/ Matthew D. Preston, as attorney-in-fact  
**Date:** 2023-03-21

### Remarks:

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.**