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  Exhibit 10.88    
    

 CTC MEDIA, INC.  

Notice of Option Grant  

        This Notice of Option Grant evidences the grant by CTC Media, Inc. (the
"Company") of an option (the "Option") to purchase shares ("Option
Shares") of the Company's common stock, $0.01 par value per share ("Common Stock"), to the person listed below (the
"Participant") pursuant to the Company's 2009 Stock Incentive Plan (the "Plan"). Subject to the terms
and conditions of the attached Stock Option Agreement and the Plan, a copy of which has been provided to the Participant, the terms of this Option are as follows: 

 

 

									
	 

	

 
	 	Name of Participant:
	 	

 
	 	Vyacheslav Murugov
	 	

 

	

  	 	

 Total number of "Option Shares":

(subject to adjustment in accordance with the Plan):	 	

 	 	1,000,000	 	

 
	

  	 	

 Exercise Price per Option Share:

(subject to adjustment in accordance with the Plan):	 	

 	 	$16.80	 	

 
	

  	 	

 Grant Date:	 	

 	 	22 October 2009	 	

 
	

  	 	

 Expiration Date:	 	

 	 	Unless earlier terminated in accordance with the terms of the attached Stock Option Agreement, this Option shall expire at 5:00p.m. Moscow time on 21 October 2019 (the "Final Exercise Date").	 	

 

 

 

 
 CTC MEDIA, INC.  

Stock Option Agreement
 Granted Under 2009 Stock Incentive Plan  

1.     Vesting Schedule. 

        (a)    Option Shares.    This Option shall become exercisable ("vest")
as to 333,333 Option Shares on the Grant Date, 333,333 Option Shares on the first anniversary of the Grant Date, and 333,334 Option Shares on the second anniversary of the Grant Date. 

        (b)    Cumulative Exercise.    The right to exercise this Option in accordance with the terms and conditions hereof
shall be cumulative so that, to the extent the Option is not exercised in any period to the maximum extent permissible, it shall continue to be exercisable, in whole or in part, with respect to all
vested Option Shares until the earlier of the Final Exercise Date or the termination of this Option under Section 2 hereof or the Plan. 

        (c)    Leave of Absence.    Notwithstanding any other provision hereof, in the event that the Participant takes an
authorized leave of absence from employment (whether for maternity leave, paternity leave or otherwise) lasting longer than three months, the vesting of the Option Shares hereunder shall be suspended
during such leave of absence and the vesting periods hereunder shall be adjusted accordingly by the Company's Board of Directors (the "Board") of or a
committee thereof acting in good faith. 

2.     Exercise of Option. 

        (a)    Form of Exercise.    Each election to exercise this Option shall be in writing, signed by the Participant, and
received by the Company at its principal office, accompanied by this agreement, and payment in full in the manner provided in the Plan. The Participant may purchase fewer than all of the number of
shares covered hereby, provided that no partial exercise of this Option may be for any fractional share. 

        (b)    Continuous Relationship with the Company Required.    Except as otherwise provided in Section 1(c)
hereof or in this Section 2, this Option may not be exercised unless the Participant, at the time he or she exercises this Option, is, and has been at all times since the Grant Date, an
employee, officer or director of, or consultant or advisor to, the Company or any other entity the employees, officers, directors, consultants, or advisors of which are eligible to receive option
grants under the Plan (an "Eligible Participant"). 

        (c)    Termination of Relationship with the Company.    If the Participant ceases to be an Eligible Participant for
any reason, then, except as provided in Section 1(c) hereof or paragraphs (d) and (e) below, the right to exercise this Option shall terminate 90 days after such cessation
(but in no event after the Final Exercise Date), provided that this Option shall be exercisable only to the extent that the Participant was entitled to
exercise this Option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality
provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any of its subsidiaries or affiliates, or the
provisions of Sections 4, 5 or 6 hereof, the right to exercise this Option shall terminate immediately upon such violation. 

        (d)    Exercise Period Upon Death or Disability.    If the Participant dies or becomes disabled prior to the Final
Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for "Cause" as specified in paragraph (e) below, this Option shall be exercisable,
within the period of 12 months following the date of death or disability of the Participant, by the 

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Participant
(or in the case of death, by an authorized transferee), provided that this Option shall be exercisable only to the extent that this Option
was exercisable by the Participant on the date of his or her death or disability, and further provided that this Option shall not be exercisable after
the Final Exercise Date. For purposes hereof, "disability" means the inability of the Participant to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment, and shall be determined by the Company on the basis of such medical evidence as the Company deems warranted under the circumstances. 

        (e)    Termination for Cause.    If, prior to the Final Exercise Date, the Participant's employment or other
relationship with the Company is terminated by the Company for Cause (as defined below), the right to exercise this Option shall terminate immediately upon the effective date of such termination of
employment or other relationship. If the Participant is party to an employment, consulting or severance agreement with the Company that contains a definition of "cause" for termination of employment
or other relationship, "Cause" shall have the meaning ascribed to such term in such agreement. Otherwise,
"Cause" shall mean willful misconduct by the Participant or willful failure by the Participant to perform his or her responsibilities to the Company
(including, without limitation, breach by the Participant of Sections 4, 5 or 6 hereof or any provision of any employment, consulting, advisory, nondisclosure, non-competition or
other similar agreement between the Participant and the Company), as determined by the Board, which determination shall be conclusive. The Participant's employment or other relationship shall be
considered to have been terminated for "Cause" if the Board determines, within 30 days after the Participant's resignation, that termination for Cause was warranted. 

3.     Acceleration in Connection with Change of Control.  

        (a)    Definition.    A "Change of Control" shall mean: 

        (1)   the
acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the
"Exchange Act")) (a "Person") of beneficial ownership of any capital stock of the Company if, after such
acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of either (x) the then-outstanding shares of
common stock of the Company (the "Outstanding Company Common Stock") or (y) the combined voting power of the then-outstanding
securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting
Securities"); provided that for purposes of this Section 3(a)(1), the following acquisitions shall not constitute a
Change of Control: (A) any acquisition directly from the Company; (B) any acquisition by any company pursuant to a Business Combination (as defined below) which complies with
clauses (x) and (y) of Section 3(a)(2) hereof; or (C) any acquisition by Alfa CTC Holdings Limited or MTG Russia AB, or any of their respective affiliates (each such party
is referred to herein as an "Exempt Person") of any shares of Common Stock; or 

        (2)   the
consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or a sale or other disposition of all or
substantially all of the assets of the Company (a "Business Combination"), unless, immediately following such Business Combination, each of the
following two conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the
combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring company in such Business
Combination (which shall include, without limitation, a company which as a result of such transaction owns the Company or substantially all of the Company's assets either directly or through one or
more subsidiaries) (such resulting or acquiring company is referred to herein as the "Acquiring Company") in substantially the same proportions as their
ownership of the Outstanding 

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Company
Common Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination; and (y) no Person (excluding any Exempt Person) beneficially owns,
directly or indirectly, more than 50% of the then-outstanding shares of common stock of the Acquiring Company, or of the combined voting power of the then-outstanding
securities of such company entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination). 

        (b)    Effect on Option.    Subject to Section 9(b) of the Plan: 

        (1)   In
the event of any Change of Control where the acquiring or succeeding company in such transaction (or the parent thereof) does not assume this Option or replace this
Option with a cash incentive program which provides the Participant with an economic benefit substantially similar to this Option, the exercisability of the Option Shares shall, to the extent the
Option Shares are not otherwise fully exercisable, automatically accelerate in full so that all Option Shares shall, immediately prior to the effective date of such Change of Control, become fully
exercisable. 

        (2)   Following
consummation of a Change of Control in which this Option is assumed by the acquiring or succeeding company or otherwise remains in force, the Option Shares
shall continue to vest in accordance with the vesting schedule and upon the terms set forth in this Agreement; provided that if, on or prior to the date
120 days following the date of the consummation of the Change of Control, the Participant's employment with the Company or the acquiring or succeeding company is terminated
without Cause by the Company or the acquiring or succeeding company, then this Option shall become immediately exercisable in respect of all of the Option Shares. 

4.     Non-Competition and Non-Solicitation. 

        (a)   During
the period in which the Participant is an Eligible Participant and for a period of six (6) months with respect to subclause (1) below, and for a
period of [two (2) years] with respect to subclause (2) and (3) below, from the date on which the Participant ceases to be an Eligible Participant, the
Participant will not directly or indirectly: 

        (1)   as
an individual proprietor, partner, stockholder, officer, employee, director, independent consultant, joint venturer, investor, lender, or in any other capacity
whatsoever (other than as the holder of not more than five percent (5%) of the total outstanding stock of a publicly held company), engage in the business of television broadcasting (including,
without limitation, the production of programming for television broadcast) in Russia or in any other country in which the Company or any of its subsidiaries (together, the
"Group") then has a television broadcasting license or in which it has undertaken material preparations to obtain a television broadcasting license; or 

        (2)   recruit,
solicit or induce, or attempt to induce, any employee or employees of the Group [(other than the Participant's personal assistant(s) and his
driver)] who were employees of the Group at any time during the six (6) months up to and including the date of the Participant's termination to terminate their employment with, or
otherwise cease their relationship with, the Group; or 

        (3)   solicit,
divert or take away, or attempt to divert or to take away, the business or patronage of any of the current or prospective business partners, advertisers or
affiliate stations of the Group with whom the Participant had significant business discussions and/or negotiations (as evidenced by written correspondence and/or email communications) while an
Eligible Participant and as a result of the Participant being an employee, officer or director of, or consultant or advisor to, any member of the Group. 

        (b)   If
any restriction set forth in this Section 4 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of
time or over too great a range of activities 

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or
in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 

        (c)   The
Participant acknowledges and agrees that the restrictions contained in this Section 4 are necessary for the protection of the business and goodwill of the
Group and are considered by the Participant to be reasonable for such purpose. The Participant agrees that any breach of this Section 4 will cause the Group substantial and irrevocable damage
and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Group shall have the right to seek specific performance and injunctive relief. 

        (d)   The
provisions of this Section 4 shall survive the Participant ceasing to be an Eligible Participant for any reason. 

5.     Proprietary Information. 

        (a)   The
Participant agrees that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning the Group's
business or financial affairs (collectively, "Proprietary Information") is and shall be the exclusive property of the Group. By way of illustration, but
not limitation, Proprietary Information may include business processes, methods and techniques; planned programming schedules; material terms of contracts, research data, personnel data, computer
programs and supplier lists. The Participant shall not disclose any Proprietary Information to others outside the Group or use the same for any unauthorized purposes without written approval of the
Board, either during the period in which he is an Eligible Participant or after he ceases to be an Eligible Participant; provided, however, that, Proprietary Information shall not include information
which, at the time of disclosure or use, was generally available to the public other than by breach of this Section 5 or was available to the party to whom disclosed on a
non-confidential basis by disclosure or access provided by the Group or a third party without breaching any obligations of the Group, the Participant or such third party, or was otherwise
developed or obtained legally and independently by the person to whom disclosed without breach of this agreement; and provided, further, that, the Participant may disclose Proprietary Information when
required to do so by a court of competent jurisdiction, by any governmental agency having supervisory authority over the business of the Group or by any administrative or legislative body (or
committee thereof) with jurisdiction to order the Participant to divulge, disclose or make accessible such information. 

        (b)   The
Participant agrees that all files, letters, memoranda, reports, records, data, notebooks, program listings, or other written, photographic, or other tangible
material containing Proprietary Information, whether created by the Participant or others, which shall come into his custody or possession, shall be and are the exclusive property of the Group to be
used by the Participant only in the performance of his duties for the Group. 

        (c)   The
Participant agrees that his obligation not to disclose or use information, know-how and records of the types set forth in paragraphs (a) and
(b) above, also extends to such types of information, know-how, records and tangible property of business partners of the Group or other third parties who may have disclosed or
entrusted the same to the Group or to the Participant in the course of the Group's business. 

        (d)   The
provisions of this Section 5 shall survive the Participant ceasing to be an Eligible Participant for any reason. 

6.     Notice of Resignation or Cessation of Service.    The Participant shall give at least [3/6]
months prior written notice of the resignation at the election of the Participant of his or her position as an employee, officer or director of, or the cessation of service at the election of the
Participant as a consultant or advisor to, any member of the Group. 

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7.     Withholding.    No Option Shares will be issued pursuant to the exercise of this Option unless and until the Participant pays
to the Company, or makes provision satisfactory to the Company for payment of, any applicable taxes, including withholding taxes, required by law to be withheld in respect of this Option. 

8.     Transfer Restrictions.    This Option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this Option shall be exercisable only by
the Participant; provided that, subject to the terms and conditions of the Plan, the Participant may transfer this Option to or for the benefit of any
immediate family member, family trust, or other entity established for the benefit of the Participant and/or an immediate family member thereof. 

9.     Provisions of the Plan.    This Option is subject to the provisions of the Plan (including the provisions relating to
amendments to the Plan), a copy of which is furnished to the Participant with this Option. 

***** 

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        IN
WITNESS WHEREOF, the Company has caused this Option to be executed by its duly authorized officer. 

 

 

			
	 	 	 CTC MEDIA, INC.

By:

 

Name:

 

Title:

 

 

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PARTICIPANT'S
ACCEPTANCE 

        The
undersigned hereby accepts the foregoing Option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy of the Company's 2009 Stock
Incentive Plan. 

 

 

			
	 	 	 PARTICIPANT:

Signature:

 

Print Name:

 

 

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  Exhibit 10.20    
    

 
  FORM OF CHANGE-IN-CONTROL SEVERANCE AGREEMENT
  FOR SENIOR OFFICERS    
    

        CHANGE IN CONTROL SEVERANCE AGREEMENT by and between Intrepid Potash, Inc., a
Delaware corporation (the "Company"), and
[                                    ] (the "Executive"),
dated as of the [                                    ] day of
[                                    ].
 

 
 

  RECITAL    
    

        The Board of Directors of the Company (the "Board") has determined that it is in the
best interests of the Company and its stockholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change in
Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a
pending or threatened Change in Control and to encourage the Executive's full attention and dedication to the Company currently and in the event of any threatened or pending Change in Control, and to
provide the Executive with compensation and benefits arrangements upon a Change in Control which ensure that the compensation and benefits expectations of the Executive will be satisfied
and which are competitive with those of other corporations. Therefore, in order to accomplish these objectives, the Board has caused the Company to enter into this Agreement. 

 
 

  AGREEMENT    
    

        NOW, THEREFORE, it is hereby agreed as follows: 

        1.    Definitions.    Unless the context or definitions elsewhere in this Agreement clearly
indicate otherwise, the terms below shall be defined as follows: 

        a.     "Average Annual Bonus/STI" means the average of the annual bonuses/short-term incentive actually received by
the Executive, if any, for the two (2) most recently completed fiscal years of the Company. In the event the Executive was employed, as of the Date of Termination, through only one completed
fiscal year of the Company, the Average Annual Bonus/STI shall be equal to the average of the bonus/short-term incentive actually received by the Executive for such completed fiscal year
and his target bonus/short-term incentive in effect as of the Date of Termination. In the event that Executive was not, as of the Date of Termination, employed through at least one
completed fiscal year of the Company, Executive's Average Annual Bonus/STI shall be deemed to be his target annual bonus/short-term incentive in effect as of the Date of Termination. 

        b.     "Cause" means any one or more of the following events: 

          (i)  conviction
of (or pleading nolo contendere to) a felony; 

         (ii)  engaging
in theft, fraud, embezzlement, or willful misappropriation of the property of the Company; 

        (iii)  violation
of any Company policy or practice regarding discrimination or harassment that would be grounds for termination of a Company employee in general; 

        (iv)  Executive's
willful failure to perform substantially Executive's material duties (other than such failure resulting from incapacity due to physical or mental illness),
which, for avoidance of doubt, shall include Executive's insubordination, after (i) a written demand for corrected performance is delivered to Executive by the Board or the Company's Chief
Executive Officer that identifies specifically the manner in which the Board or the Company's Chief Executive Officer believes Executive has not performed substantially Executive's material duties,
and (ii) Executive fails to cure the matters identified in the written demand within 30 days. No act or failure to by Executive shall be deemed "willful" if done, or omitted 

 

to
be done, by him in good faith and with the reasonable belief that his action or omission was in the best interest of the Company. 

        c.     "Change in Control" means: 

          (i)  the
acquisition by any individual, entity, or group (within the meaning of Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (a "Person") of "beneficial ownership" (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of more than 30% of the combined voting power of the Company's then outstanding securities entitled to vote generally in the election
of directors, other than any acquisition (1) directly from, or by, the Company, (2) by a trustee or other fiduciary holding securities under an employee benefit plan of the Company or
any of its subsidiaries, or (3) by Robert P. Jornayvaz III, Hugh E. Harvey Jr. or J. Landis Martin (collectively the "Principals"), or by any
"group" (within the meaning of Section 13(d)(3) of the Exchange Act) that is controlled by one or more of the Principals; or 

         (ii)  the
individual directors of the Board as of the Effective Date (the "Incumbent Directors") cease to constitute at least
two-thirds of the Board; provided, however, that for purposes of this paragraph, any new director whose election by the Board or nomination for election by the Company's stockholders was
approved by a vote of at least a majority of the Incumbent Directors shall be considered an Incumbent Director; or 

        (iii)  consummation,
in one transaction or a series or related transactions, of a reorganization, merger, or consolidation of the Company or sale or other disposition, direct
or indirect, of all or substantially all of the assets of the Company (a "Business Combination"), in each case, unless, following such Business
Combination, the Persons who were the "beneficial owners" of outstanding voting securities of the Company immediately prior to such Business Combination "beneficially own," by reason of such ownership
of the Company's voting securities immediately before the Business Combination, more than 30% of the combined voting power of the company resulting from such Business Combination
(including, without limitation, a company which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership of the outstanding voting securities of the Company immediately prior to such Business Combination; or 

        (iv)  approval
by those Persons holding the voting securities of the Company of a complete liquidation or dissolution of the Company. 

        A
Person will not be deemed to be a member of a "group" for purposes of this definition solely by virtue of becoming party to an agreement with one or more Principals that requires such
Person to vote the voting stock of the Company in a manner specified by the Principals. In no event shall the sale of the Company's common stock to the public by the Company or the Principals pursuant
to a registration statement filed with the Securities and Exchange Commission constitute a Change in Control for purposes of this Agreement. 

        d.     "Code" means the Internal Revenue Code of 1986, as it may be amended or revised from time to time. 

        e.     "Date of Termination" means the date Executive terminates employment with the Company. 

        f.      "Disability" means any physical or mental condition which prevents Executive, for a period of 90 consecutive days, from
performing and carrying out Executive's material duties and responsibilities with the Company, as determined by the Board. 

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        g.     "Involuntary Termination" means: 

          (i)  Executive's
employment is terminated by the Company for any reason other than for Cause, death, or Disability; or 

         (ii)  Executive
resigns as a result of any of the following events or conditions which remain in effect for at least thirty (30) days after notice has been provided by
Executive to the Company of the existence of
such event or condition: (A) a reduction in Executive's base salary or annual bonus opportunity; (B) a material diminution in Executive's responsibility or authority; (C) a change
of more than 30 miles in the location at which Executive primarily performs his services; or (D) any material failure by the Company to comply with any material term of this Agreement.
Executive shall notify the Company of such event or condition within ninety (90) days of the initial existence of the event or condition. 

        It
is the intent of the Company that a termination pursuant to this subparagraph 2f. shall meet the definition of "involuntary separation" set forth in Treasury Regulation
Section 1.409A-1(n), and this Agreement shall be interpreted accordingly. 

        h.     "Termination Protection Period" means the period of time commencing on the date of a Change in Control and ending
twenty-four (24) months after the date of such Change in Control. 

        2.    Term.    The term of this Agreement shall extend from the Effective Date hereof until
the sooner of (a) the expiration of the Termination Protection Period, (b) the Executive's Date of Termination, except in the case of a Qualified Termination (as defined in
subparagraph 3a., below), or (c) the date on which the parties agree in writing to terminate this Agreement. 

        3.    Change in Control Benefits.    

        a.    Severance Payment and Benefits.    In the event of an Involuntary Termination of
Executive's employment within the Termination Protection Period (a "Qualified Termination"), Executive shall be entitled to the following payments and
benefits: 

        (i)    Cash Payments.    The Company shall pay to the Executive in a lump sum in cash the aggregate of the following
amounts: 

        (1)   an
amount equal to the sum of (x) any base salary earned but not yet paid to Executive through the Date of Termination, (B) any
bonus/short-term incentive earned and payable in accordance with the terms of any applicable Company bonus/short-term incentive plan but not yet paid to Executive as of the
date of termination, and (C) any other compensation earned through the date of termination but not yet paid to Executive (the "Accrued
Obligations"); 

        (2)   an
amount equal to the product of (x) two (2) and (y) the sum of (i) the Executive's annual base salary in effect on the Date of Termination
(which shall, in all events, be deemed to be at least as much as the Executive's annual base salary in effect as of the Change of Control), and (ii) the Executive's Average Annual Bonus/STI;
and 

        (3)   an
amount equal to the product of (x) the Executive's target annual bonus/short-term incentive for the fiscal year in which the Date of Termination
occurs, and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365. 

        Except
as may be required by subparagraph 3c., below, payment shall be made as soon as reasonably practicable following the Date of Termination, but in all events within thirty
(30) days thereof. 

3

 

        (ii)    Health and Welfare Continuation.    For two (2) years after the Executive's Date of Termination, the
Company shall provide, free of charge, health and welfare benefits to the Executive and/or the Executive's family which are at least equal to the benefits which would have been provided in accordance
with the plans, programs, practices and policies in existence as of the Executive's Date of Termination or, if more favorable to the Executive, as in effect generally at any time thereafter with
respect to other peer executives of the Company and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive health and welfare
benefits under another employer provided plan, program, or arrangement, the health and welfare benefits described herein shall be discontinued effective immediately upon Executive's eligibility for
such other coverage. It is the intent of the parties that, to the maximum extent permitted, the continued health and welfare benefits provided pursuant to this subparagraph shall be exempt from the
application of Code Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v)(B). 

        (iii)    Outplacement Services.    The Company shall, at its sole expense as incurred, provide the Executive with up
to $5,000 of individual outplacement services during the one (1) year period following the Date of Termination. The scope and provider of such services shall be selected by the Executive. It is
the intention of the parties that the outplacement services provided pursuant to this subparagraph be exempt from the application of Code Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(v)(A). 

        b.    Equity Acceleration.    All equity incentive awards made under
the Intrepid Potash, Inc. 2008 Equity Incentive Plan and under any other equity incentive plans sponsored or maintained by the Company shall vest in full immediately prior to the occurrence of
a Change in Control. 

        c.    409A Payment and Ordering Rules.    Payments under this paragraph 3 are intended
to qualify to the maximum extent possible as "short-term deferrals" exempt from the application of Code Section 409A. Any payments that do not so qualify are intended to qualify for
the Code Section 409A
exemption set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii) (which exempts from Code Section 409A certain payments made upon an "involuntary separation from
service"). To the extent that payments made pursuant to this paragraph 3 are made upon an "involuntary separation from service" but exceed the exemption threshold set forth in Treasury
Regulation Section 1.409A-1(b)(9)(iii), the exemption will first be applied to any continued health and welfare benefits payable under this paragraph 3 (to the extent such
benefits are subject to Code Section 409A and are payable within six (6) months from the Executive's "separation from service," as defined for purposes of Code Section 409A (the
"Delayed Payment Date")) and thereafter to the cash payments that are payable closest in time to the date of termination, until the exemption has been
applied in full. Any payments under this paragraph 3 that are not exempted from Code Section 409A and that are payable prior to the Delayed Payment Date shall be withheld by the Company
and paid to Executive on the Delayed Payment Date or as soon thereafter as is administratively feasible. For purposes of this paragraph, any payment or benefit to be made in installments or
periodically shall be deemed a series of separate payments pursuant to Treasury Regulation Section 1.409A-2(b)(2)(iii). Nothing in this paragraph shall prohibit the Company and
Executive from making use of any other Code Section 409A exemption that may be applicable to a payment or benefit hereunder. 

        4.    Non-Exclusivity of Rights.    Excepted as specifically provided otherwise
herein, nothing in this Agreement shall prevent or limit Executive's continuing or future participation in any plan, program, practice, or policy provided by the Company for which Executive is
qualified or may qualify, nor shall anything in this Agreement limit or otherwise affect such rights as Executive may have under any employee equity incentive, 401(k) plan, deferred compensation plan,
health or life insurance plans, or other employee benefit plan of the Company. Except as explicitly modified by this Agreement, benefits 

4

 

which
are vested or which Executive is otherwise entitled to receive under any plan, policy, practice, or program, or pursuant to any contract or agreement with the Company shall be payable in
accordance with such plan, policy, practice, program, contract, or agreement. 

        5.    Full Settlement.    Except as specifically provided otherwise herein, the Company's
obligation to make the payments provided for in this Agreement and otherwise to perform their obligations hereunder shall not be affected by any setoff, counterclaim, recoupment, defense, or other
claim, right, or action which the Company may have against Executive or others, unless such setoff or claim is based upon the fraud or intentional wrongdoing of Executive. In no event shall Executive
be obligated to seek other employment or to take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and, except as specifically
provided otherwise herein, such amounts shall not be affected by whether or not Executive obtains other employment. 

        6.    280G Provisions.    If it is determined that any payment or benefit provided to or for
the benefit of Executive (a "Payment"), whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise,
would be subject to the excise tax imposed by Code section 4999 or any interest or penalties with respect to such excise tax (such excise tax together with any such interest and penalties,
shall be referred to as the "Excise Tax"), then a calculation shall first be made under which
such payments or benefits provided to Executive are reduced to the extent necessary so that no portion thereof shall be subject to the Excise Tax (the "4999
Limit"). The Company shall then compare (a) Executive's Net After-Tax Benefit (as defined below) assuming application of the 4999 Limit with
(b) Executive's Net After-Tax Benefit without application of the 4999 Limit. "Net After-Tax Benefit" shall mean the sum of (i) all payments that Executive
receives or is entitled to receive that are contingent on a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within
the meaning of Code section 280G(b)(2), less (ii) the amount of federal, state, local, employment, and Excise Tax (if any) imposed with respect to such payments. In the event
(a) is greater than (b), Executive shall receive Payments solely up to the 4999 Limit, with cash Payments reduced or eliminated first and in the order that such Payments would be made to
Executive, such that cash Payments that would be paid furthest in time from the date of the event triggering the payments would be reduced or eliminated last. In the event (b) is greater than
(a), then Executive shall be entitled to receive all such Payments, and shall be solely liable for any and all Excise Tax related thereto. 

        [PRIOR TO FEBRUARY 24, 2010, CHANGE-IN-CONTROL SEVERANCE AGREEMENTS ENTERED INTO BY SENIOR EXECUTIVES AND THE COMPANY
CONTAINED THE FOLLOWING PROVISIONS IN LIEU OF THE PROVISIONS CONTAINED IN THE PARAGRAPH IMMEDIATELY PRECEDING THIS SENTENCE.]

        [6.    280G Provisions.    

        a.    Determination; Efficient Gross-Up:    If it is determined that any payment
or benefit provided to or for the benefit of Executive (a "Payment"), whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, would be subject to the excise tax imposed by Code section 4999 or any interest or penalties with respect to such excise tax (such excise tax together with any such
interest and penalties, shall be referred to as the "Excise Tax"), then a calculation shall first be made under which such payments or benefits provided
to Executive are reduced to the extent necessary so that no portion thereof shall be subject to the Excise Tax (the "4999 Limit"). The Company shall
then compare (a) Executive's Net After-Tax Benefit (as defined below) assuming application of the 4999 Limit with (b) Executive's Net After-Tax Benefit without
application of the 4999 Limit. "Net After-Tax Benefit" shall mean the sum of (i) all payments that Executive receives or is entitled to receive that are contingent on a change in
the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Code section 280G(b)(2), less (ii) the 

5

 

amount
of federal, state, local, employment, and Excise Tax (if any) imposed with respect to such payments. In the event (a) is greater than (b), Executive shall receive Payments solely up to
the 4999 Limit, with cash Payments reduced or eliminated first and in the order that such Payments would be made to Executive, such that cash Payments that would be paid furthest in time from the date
of the event triggering the payments would be reduced or eliminated last. In the event (b) is greater than (a), then Executive shall be entitled to receive all such Payments along with an
additional payment (a "Gross-Up Payment") in an amount such that after payment by Executive of all taxes
(including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax
imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. 

        b.    Calculations:    All determinations required under this paragraph 6, including
the determination of whether a Payment is subject to the Excise Tax or the amount of any required Gross-Up Payment, shall be made by tax counsel, a nationally recognized certified public
accounting firm not serving as auditor for the Company, or another tax professional with experience in such calculations, as selected by the Company and reasonably acceptable to Executive (the
"Tax Professional"). The Tax Professional shall provide detailed supporting calculations for its determinations both to the Company and Executive within
fifteen days of receipt of any Payment, or such sooner period as may be requested by the Company. All costs relating to the Tax Professional shall be borne exclusively by the Company. Subject to
paragraph 6(d), below, any determination by the Tax Professional shall be binding upon the Company and Executive. 

        c.    Payment of Gross-Up:    Any Gross-Up Payment, as determined
pursuant to this paragraph 6, shall be paid by the Company to Executive within five business days of the receipt of the Tax Professional's determination, but in no event later than the end of
Executive's taxable year next following the taxable year in which the original Excise Tax on the Payments is remitted to the Internal Revenue Service. As a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial determination by the Tax Professional hereunder, it is possible that a Gross-Up Payment which will not have been made by the
Company should have been made ("Underpayment"). In the event that the Company exhausts its remedies pursuant to paragraph 6(d) and Executive
thereafter is required to make a payment of any Excise Tax, the Tax Professional shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by
the Company to or for the benefit of Executive, but in no event shall such payment be made later than the end of Executive's tax year following the tax year in which the Excise Tax is remitted to the
Internal Revenue Service. 

        d.    Tax Controversy:    Executive shall notify the Company in writing of any claim by the
Internal Revenue Service that, if successful, would require the payment by the Company of an Underpayment. Such notification shall be given as soon as practicable but no later than ten business days
after Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such
claim prior to the expiration of the thirty-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall: 

          (i)  give
the Company any information reasonably requested by the Company relating to such claim, 

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         (ii)  take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the Company, 

        (iii)  cooperate
with the Company in good faith in order effectively to contest such claim, and 

        (iv)  permit
the Company to participate in any proceedings relating to such claim; 

provided,
however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and
hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such contest and payment of
costs and expenses. Without limitation on the foregoing provisions of this paragraph 6(d), the Company shall control all proceedings taken in connection with such contest and, at its sole
option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct
Executive to pay the tax claimed and sue for a refund or to contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Executive to pay such claim and sue for
a refund, the Company shall advance the amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis,
from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and
further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is
limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder
and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 

        e.    Refunds; Etc.:    If, after the receipt by Executive of an amount advanced by the
Company pursuant to Section 6(d), Executive becomes entitled to receive any refund with respect to such claim, Executive shall (subject to the Company's complying with the requirements of
Section 6(d)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of
an amount advanced by the Company pursuant to Section 6(d), a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify
Executive in writing of its intent to contest such denial
of refund prior to the expiration of thirty days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to
the extent thereof, the amount of Underpayment required to be paid.] 

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        7.    Confidential Information; Non-Solicitation;
Non-Disparagement.    

        a.    Confidential Information.    Except as expressly authorized by the Board, during the
term of this agreement or at any time thereafter, Executive shall not divulge, furnish, make accessible to anyone, lay claim to, attempt to lay claim to or use, or attempt to use, in any way (other
than in the ordinary course of the business of the Company) any confidential or secret knowledge or information of Intrepid Mining LLC or of the Company or its subsidiaries (collectively the
"Intrepid Parties") that Executive has acquired or become acquainted with or will acquire or become acquainted with during the period of Executive's
employment by Intrepid Mining LLC (if applicable) and by the Company, whether developed by himself or by others, concerning any pricing information, trade secrets, confidential or business
plans or material (whether or not patented or patentable) directly or indirectly useful in any aspect of the business of the Intrepid Parties, any customer or dealer lists of the Intrepid Parties, any
confidential or secret development of the Intrepid Parties, or any other confidential information or secret aspects of the business of the Intrepid Parties (collectively,
"Confidential Information"). Executive acknowledges that the Confidential Information constitutes a unique and valuable asset of the Intrepid Parties
and represents a substantial investment of time and expense by the Intrepid Parties, and that any disclosure or other use of the Confidential Information other than for the sole benefit of the
Intrepid Parties would be wrongful and would cause irreparable harm to the Intrepid Parties. Both during and after the term of this Agreement, Executive shall refrain from any acts or omissions that
would reduce the value of the Confidential Information. The foregoing obligations of confidentiality shall not apply to any knowledge or information (i) that is now published or that
subsequently becomes generally publicly known in the form in which it was obtained from the Intrepid Parties, other than as a direct or indirect result of the breach of this Agreement by Executive; or
(ii) is lawfully obtained by Executive from a third party, provided that Executive did not have actual knowledge that such third party was restricted or prohibited from disclosing such
information to Executive. At the time of the termination of Executive's employment, or at such other time as the Company may request, Executive shall return all memoranda, notes, plans, records,
computer tapes and software and other documents and data (and copies thereof) relating to Confidential Information that Executive may then possess or have under his or her control. 

        b.    Non-Solicitation:    In his capacity as an employee, Executive has met with
and will continue to meet with the Intrepid Parties' current or prospective customers, suppliers, partners,
licensees or other business relations (collectively, "Business Relations") on behalf of the Intrepid Parties, and, as a consequence of using or
associating himself with the Intrepid Parties' name, goodwill, and professional reputation, Executive has been placed in a position where he can develop personal and professional relationships with
the Intrepid Parties' current and prospective customers. In addition, during the course and as a result of Executive's employment, Executive has been or may be provided certain specialized training or
know-how. Executive acknowledges that this goodwill and reputation, as well as Executive's knowledge of Confidential Information and specialized training and know-how, could be
used unfairly in competition against the Intrepid Parties. Accordingly, in consideration of the employment of Executive by the Company and the provision to Executive of this Agreement, Executive
agrees that during the time period commencing on the date hereof and terminating on the date that is one (1) year after the Date of Termination, Executive shall not directly or indirectly
through another entity or person (i) induce or attempt to induce any employee of the Intrepid Parties to leave the employ of the Intrepid Parties, (ii) hire any person who was employed
by the Intrepid Parties at any time during the one-year period immediately preceding the Date of Termination, or (iii) induce or attempt to induce any current or prospective
Business Relation of the Intrepid Parties (including, without limitation, any business entity that the Intrepid Parties have contacted in order to make a proposal to enter into a business
relationship) to withdraw, curtail or cease doing business with the Intrepid Parties. 

8

 

        c.    Non-Disparagement.    Executive will refrain from
making statements that criticize, disparage or ridicule the Intrepid Parties (which, for purposes of this subparagraph, shall include their directors, agents, officers, employees, members, or assigns)
or that are detrimental to the reputation or image of any Intrepid Party. Executive agrees that if Executive receives an inquiry from a third party that seeks to elicit an opinion of Executive
regarding any Intrepid Party, Executive shall respond by stating that there is no existing relationship between Executive and such Intrepid Party and that Executive is unable to comment further. Such
statements (or words to that effect) shall not constitute a statement that criticizes, disparages or ridicules any Intrepid Party or that is detrimental to the reputation or image of any Intrepid
Party. Executive shall reasonably cooperate with any reasonable requests, from the Company or a party negotiating with the Company, for information concerning the Company in connection with any
transaction or proposed transaction involving the Company with respect to which the Board requests Executive's cooperation, and shall, in the course of such cooperation, make no statement and take no
action that could reasonably be viewed as intending to impede or discourage the transaction or proposed transaction. Executive agrees and acknowledges that the foregoing provisions of this paragraph
are reasonably designed to carry out the purposes of this Agreement, and do not constitute an unreasonable or overly broad limitation on Executive's speech or action. 

        d.    Third-Party Beneficiaries:    The provisions of this paragraph 7 may be enforced
by any of the Intrepid Parties, and the protections afforded herein shall inure to each such Intrepid Party as an intended third-party beneficiary. 

        e.    Severability:    To the extent that any provision of this paragraph shall be determined
to be invalid or unenforceable, the invalid or unenforceable portion of such provision shall be deleted from this Agreement, and the validity and enforceability of the remainder of such provision and
of this paragraph shall be unaffected. In furtherance of and not in limitation of the foregoing, should the duration of, or activities covered by the non-solicitation agreement contained
in paragraph 7(b) be determined to be in excess of that which is valid or enforceable under applicable law, then such provision shall be construed to cover only that duration, extent, or those
activities which may validly or enforceably be covered. Executive acknowledges the uncertainty of the law in this respect and expressly stipulates that this paragraph shall be construed in a manner
which renders its provisions valid and enforceable to the maximum extent (not exceeding its express terms) possible under applicable law. 

        f.    Injunctive Relief:    Executive agrees that it would be difficult to compensate the
Intrepid Parties fully for damages for any violation of the provisions of this paragraph 7. Accordingly, Executive specifically agrees that the Intrepid Parties shall be entitled to temporary
and permanent injunctive relief to enforce the provisions of this paragraph and that such relief may be granted without the necessity of proving actual damages. This provision with respect to
injunctive relief shall not, however, diminish the right of the Intrepid Parties to claim and recover damages in addition to injunctive relief. 

        8.    Resolution of Disputes.    To the extent permitted by applicable law, and except as
provided below, any dispute arising out of this Agreement shall be submitted to binding arbitration in Denver, Colorado pursuant to the rules of the American Arbitration Association. In the event any
dispute arising out of this Agreement may not be arbitrated under applicable law (which, for purposes of this Agreement, shall be deemed to include actions for temporary injunctive relief to enforce
the provisions of paragraph 7 hereof), litigation concerning such dispute shall be brought and maintained only in the District Court for the City and County of Denver, Colorado, the County
Court for the City and County of Denver, Colorado, or the U.S. District Court for the District of Colorado. The prevailing party in any arbitration or litigation concerning this Agreement shall
recover, in addition to any damages or other relief awarded to that party, the prevailing party's reasonable costs and attorneys fees. 

9

 

        9.    Successors and Assignment.    This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and permitted assigns and any such successor or permitted assignee shall be deemed substituted for the Company under the terms of this Agreement for all
purposes. As used herein, "successor" and "assignee" shall be limited to any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, reorganization, or
otherwise, directly or indirectly acquires the stock of the Company or to which the Company assigns this Agreement by operation of law or otherwise in connection with any sale of all or substantially
all of the assets of the Company, provided that any successor or permitted assignee promptly assumes in a writing delivered to Executive this Agreement
and, in no event, shall any such succession or assignment release the Company from its obligations thereunder. The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" shall mean the Company as herein before
defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise. 

        10.    409A Savings Clause:    The parties intend that payments or benefits payable under this
Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code, and the provisions of this Agreement shall be construed and administered in accordance with such
intent. To the extent such potential payments or benefits could become subject to Code Section 409A, the parties shall cooperate to amend this Agreement with the goal of giving Executive the
economic benefits described herein in a manner that does not result in such tax being imposed. If the parties are unable to agree on a mutually acceptable amendment, the Company may, without
Executive's consent and in such manner as it deems appropriate or desirable, amend or modify this Agreement or delay the payment of any amounts hereunder to the minimum extent necessary to meet the
requirements of Code Section 409A. 

        11.    Miscellaneous.    

        a.    Governing Law.    This Agreement shall be governed by and construed in accordance with
the laws of the State of Colorado. 

        b.    Amendment.    Except as provided in Section 10, above, this Agreement may not be
amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 

        c.    Notices.    All notices and other communications under this Agreement shall be in
writing and shall be given to the other party by hand delivery or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 

 

			
	If to Executive:	 	To the most recent home address on file with the Company.
	
 If to the Employers:	
 	
Intrepid Potash, Inc.

Attn: Executive Vice President of Human Resources and Risk Management

707 17th Street, Suite 4200

Denver, CO 80202

 

 or
to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

        d.    Severability.    The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement and the remaining provisions shall be enforced to the fullest extent permitted by law. 

10

 

        e.    Withholding Tax.    The Company may withhold from any amounts payable under this
Agreement such federal, state, and local taxes as shall be required to be withheld pursuant to applicable law or regulation. 

        f.    No Waiver.    Executive's or the Company's failure to insist upon strict compliance with
any provision of this Agreement or the failure to assert any right Executive or the Company may have under this Agreement shall not be deemed to be a waiver of any other provision or right of this
Agreement. 

        g.    At-Will Employment.    Executive and the Company each acknowledge that the
employment of Executive by the Company is "at will," and Executive's employment may be terminated at any time and without notice by either Executive or by the Company for any reason or for no reason. 

        h.    Other Agreements.    This Agreement sets forth the entire understanding of the parties
with regard to the subject matter hereto and the parties agree that the payments and benefits provided herein shall be the sole change in control severance benefits to be provided to Executive. For
avoidance of doubt, Executive understands and agrees (i) that Executive shall not be eligible to participate in the Intrepid Potash, Inc. Change in Control Severance Plan, and
(ii) that the terms of this Agreement shall supersede the terms of any prior agreement or understanding between the parties concerning the subject matter hereto. 

11

 

        IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 

 

 

							
	Date:	 	 	 	 	 	 
	 	 	

  	 	

  [Name of employee.]
	

 	
 	

 	
 	
INTREPID POTASH, INC., a Delaware corporation
	
 Date:	
 	
 

 	
 	
By:	
 	
  

  Name:

Title:

 

 12

QuickLinks

Exhibit 10.20

FORM OF CHANGE-IN-CONTROL SEVERANCE AGREEMENT FOR SENIOR OFFICERS

RECITAL

AGREEMENT

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