Document:

Myriad Genetics, Inc. 2003 Employee, Director and Consultant Stock Option Plan

 Exhibit 10.1 
 MYRIAD GENETICS, INC. 
 2003 EMPLOYEE, DIRECTOR AND CONSULTANT STOCK OPTION PLAN, 
 AS AMENDED 
  

	1.	DEFINITIONS. 

 Unless otherwise specified or unless
the context otherwise requires, the following terms, as used in this Myriad Genetics, Inc. 2003 Employee, Director and Consultant Stock Option Plan, as amended, have the following meanings: 
 Administrator means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the Administrator
means the Committee. (See paragraph 4) 
 Affiliate means a corporation which, for purposes of Section 424 of the Code, is a
parent or subsidiary of the Company, direct or indirect. 
 Board of Directors means the Board of Directors of the Company. 

Change of Control means the occurrence of any of the following events: 
  

	 	(i)	Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “Beneficial Owner” (as
defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose the
Company or its Affiliates or any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions which the Board of Directors does not approve; or 

  

	 	(ii)	 Merger/Sale of Assets. A merger or consolidation of the Company whether or not approved by the Board of Directors, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at
least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation outstanding immediately after such merger or consolidation, or the stockholders of the Company

	 	 
approve an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 

 Code means the United States Internal Revenue Code of 1986, as amended. 
 Committee means the committee of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant to the
provisions of the Plan. 
 Common Stock means shares of the Company’s common stock, $.01 par value per share. 
 Company means Myriad Genetics, Inc., a Delaware corporation. 
 Disability or Disabled means permanent and total disability as defined in Section 22(e)(3) of the Code. 
 Employee means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an officer or director of the Company or of an Affiliate), designated by the
Administrator to be eligible to be granted one or more Options under the Plan. 
 Fair Market Value of a Share of Common Stock means:

 (1) If the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales
prices are regularly reported for the Common Stock, the closing or last price of the Common Stock on the Composite Tape or other comparable reporting system for (i) the applicable date, or (ii) if the applicable date is not a trading day,
the trading day immediately preceding the applicable date. 
 (2) If the Common Stock is not traded on a national securities
exchange but is traded on the over-the-counter market, if sales prices are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common Stock are regularly reported, the
mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter market for the trading day on which Common Stock was traded immediately preceding the applicable date; and 
 (3) If the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter market, such value as the
Administrator, in good faith, shall determine. 
 ISO means an option meant to qualify as an incentive stock option under
Section 422 of the Code. 
 Non-Qualified Option means an option which is not intended to qualify as an ISO. 
  

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 Option means an ISO or Non-Qualified Option granted under the Plan. 
 Option Agreement means an agreement between the Company and a Participant delivered pursuant to the Plan, in such form as the Administrator shall
approve. 
 Participant means an Employee, director or consultant of the Company or an Affiliate to whom one or more Options are
granted under the Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires. 
 Plan means this Myriad Genetics, Inc. 2003 Employee, Director and Consultant Stock Option Plan, as amended. 
 Shares
means shares of the Common Stock as to which Options have been or may be granted under the Plan or any shares of capital stock into which the Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the Plan.
The Shares issued upon exercise of Options granted under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both. 
 Survivor means a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s rights to an Option by will or by the laws of descent and distribution.

  

	2.	PURPOSES OF THE PLAN. 

 The Plan is intended to
encourage ownership of Shares by Employees and directors of and certain consultants to the Company in order to attract such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them
to promote the success of the Company or of an Affiliate. The Plan provides for the granting of ISOs and Non-Qualified Options. 
  

	3.	SHARES SUBJECT TO THE PLAN. 

 The number of Shares
which may be issued from time to time pursuant to this Plan shall not exceed (a) 8,400,000 Shares, plus (b) such additional Shares as are represented by Options previously granted under the Company’s 2002 Amended and Restated
Employee, Director and Consultant Stock Option Plan (the “2002 Plan”) which are cancelled or expire after the date of stockholder approval of this Plan without delivery of shares of stock by the Company and any Shares which have been
reserved but not granted under the 2002 Plan as of the date of 

  

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stockholder approval of the Plan; provided however, that no more than 5,611,6461 Shares (which equals the number of outstanding Options and Shares available to be granted under the 2002 Plan as of September 26, 2003) shall be added to the Plan pursuant to this subsection (b). The
Administrator, in its sole discretion, shall adjust appropriately the number of Shares set forth in the previous sentence after interpreting the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in
accordance with Paragraph 16 of the Plan. 
 If an Option ceases to be “outstanding”, in whole or in part, the Shares which were
subject to such Option shall be available for the granting of other Options under the Plan. Any Option shall be treated as “outstanding” until such Option is exercised in full, or terminates or expires under the provisions of the Plan, or
by agreement of the parties to the pertinent Option Agreement. 
  

	4.	ADMINISTRATION OF THE PLAN. 

 The Administrator of
the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee, in which case the Committee shall be the Administrator. Subject to the provisions of the Plan, the Administrator is
authorized to: 
  

	 	a.	Interpret the provisions of the Plan or of any Option or Option Agreement and to make all rules and determinations which it deems necessary or advisable for the administration of
the Plan; 

  

	 	b.	Determine which Employees, directors and consultants shall be granted Options; 

  

	 	c.	Determine the number of Shares for which an Option or Options shall be granted, provided, however, that in no event shall Options to purchase more than 500,000 Shares be granted to
any Participant in any fiscal year; 

  

	 	d.	Specify the terms and conditions upon which an Option or Options may be granted; and 

  

	 	e.	Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or take advantage of any tax laws applicable
to the Company or to Plan Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Options or Shares acquired upon exercise of Options;

 provided, however, that all such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of
preserving the tax status under Section 422 of the Code of those Options which are designated as ISOs. Subject to the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of any Option granted
under it shall be final, unless otherwise determined by the Board of Directors, if the Administrator is the 
  

	1	While this represents the maximum number of shares that could be added to the Plan pursuant to subsection (b), the actual number of Shares transferred to the Plan is anticipated to
be substantially less. 

  

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Committee. In addition, if the Administrator is the Committee, the Board of Directors may take any action under the Plan that would otherwise be the
responsibility of the Committee. 
 If permissible under applicable law, the Board of Directors or the Committee may allocate all or any
portion of its responsibilities and powers to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected by it. Any such allocation or delegation may be revoked by the Board of
Directors or the Committee at any time. 
  

	5.	ELIGIBILITY FOR PARTICIPATION. 

 The Administrator
will, in its sole discretion, name the Participants in the Plan, provided, however, that each Participant must be an Employee, director or consultant of the Company or of an Affiliate at the time an Option is granted. Notwithstanding the foregoing,
the Administrator may authorize the grant of an Option to a person not then an Employee, director or consultant of the Company or of an Affiliate; provided, however, that the actual grant of such Option shall be conditioned upon such person becoming
eligible to become a Participant at or prior to the time of the execution of the Option Agreement evidencing such Option. ISOs may be granted only to Employees. Non-Qualified Options may be granted to any Employee, director or consultant of the
Company or an Affiliate. The granting of any Option to any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Options. 
  

	6.	TERMS AND CONDITIONS OF OPTIONS. 

 Each Option shall
be set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and
conditions, consistent with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate including, without limitation, subsequent approval by the shareholders of the Company of this Plan or any
amendments thereto. The Option Agreements shall be subject to at least the following terms and conditions: 
  

	 	A.	Non-Qualified Options: Each Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which the Administrator determines to be appropriate and
in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified Option: 

  

	 	a.	Option Price: Each Option Agreement shall state the option price (per share) of the Shares covered by each Option, which option price shall be at least the Fair Market Value per
share of Common Stock; 

  

	 	b.	Each Option Agreement shall state the number of Shares to which it pertains; 

  

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	 	c.	Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised, and may provide that the Option rights
accrue or become exercisable in installments over a period of months or years, or upon the occurrence of certain conditions or the attainment of stated goals or events; and 

  

	 	d.	Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form satisfactory to the Administrator providing for certain
protections for the Company and its other shareholders, including requirements that: 

  

	 	i.	The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and 

  

	 	ii.	The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear legends noting any
applicable restrictions. 

  

	 	e.	Directors’ Options: On the date of each annual meeting of the Company’s stockholders commencing in 2003, each director of the Company who is (i) not an
employee of the Company or any Affiliate, or (ii) nominated or elected pursuant to or in satisfaction of a contractual obligation of the Company, provided that on such dates such director has been in the continued and uninterrupted service of
the Company as a director since his or her election or appointment and is a director of the Company and is not an employee of the Company at such times, shall be granted a Non-Qualified Option to purchase 15,000 Shares. Each such Option shall
(i) have an exercise price equal to the Fair Market Value per share of the Shares on the date of grant of the Option, (ii) have a term of ten years unless such director is terminated “for cause” and in such case the terms of
Paragraph 11 hereof shall apply, and (iii) shall become cumulatively exercisable upon completion of one full year of service on the Board of Directors after the date of grant, provided however, that in the event of a Change of Control of the
Company, the Option shall become fully exercisable as of the date of the Change of Control, in the event of the death of a director, the Option shall become fully exercisable as of the date of death and in the event of the Disability of a director
the Option shall vest to the extent of a pro rata portion through the date of Disability of any additional vesting rights that would have accrued on the next vesting date had the director not become Disabled. The proration shall be based upon the
number of days accrued in the current vesting period prior to the date of Disability. 

 The provisions of Paragraphs 10, 12
and 13 below shall not apply to Options granted pursuant to this subparagraph. Any director entitled to 

  

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receive an Option grant under this subparagraph may elect to decline the Option. 
  

	 	B.	ISOs: Each Option intended to be an ISO shall be issued only to an Employee and be subject to the following terms and conditions, with such additional restrictions or changes
as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and rulings of the Internal Revenue Service: 

  

	 	a.	Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph 6(A) above, except clauses (a) and (e) thereunder.

  

	 	b.	Option Price: Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable attribution rules in Section 424(d) of the Code:

  

	 	i.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the Option price per share of the Shares covered by each ISO shall not
be less than 100% of the Fair Market Value per share of the Shares on the date of the grant of the Option; or 

  

	 	ii.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the Option price per share of the Shares covered by each ISO shall not be
less than 110% of the said Fair Market Value on the date of grant. 

  

	 	c.	Term of Option: For Participants who own: 

  

	 	i.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than ten years from the date of the
grant or at such earlier time as the Option Agreement may provide; or 

  

	 	ii.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five years from the date of the grant
or at such earlier time as the Option Agreement may provide. 

  

	 	d.	 Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which may become exercisable in any calendar year (under this or any other
ISO plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined at the time each ISO is granted) of the stock with respect to which ISOs are exercisable for the 

  

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first time by the Participant in any calendar year does not exceed $100,000. 

  

	7.	EXERCISE OF OPTIONS AND ISSUE OF SHARES. 

 An Option
(or any part or installment thereof) shall be exercised in accordance with the procedures established by the Company for electronic exercise of the Option or by giving written notice to the Company or its designee, together with provision for
payment of the full purchase price in accordance with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement. Such notice shall be signed by the
person exercising the Option, shall state the number of Shares with respect to which the Option is being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the purchase price for the Shares as to
which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock having a Fair Market Value equal as of the date
of the exercise to the cash exercise price of the Option and held for at least six months, or (c) at the discretion of the Administrator, by delivery of the grantee’s personal note, for full, partial or no recourse, bearing interest
payable not less than annually at market rate on the date of exercise and at no less than 100% of the applicable Federal rate, as defined in Section 1274(d) of the Code, with or without the pledge of such Shares as collateral, or (d) at
the discretion of the Administrator, in accordance with a cashless exercise program established with a securities brokerage firm, and approved by the Administrator, or (e) at the discretion of the Administrator, by any combination of (a), (b),
(c) and (d) above. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an ISO as is permitted by Section 422 of the Code. 
 The Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant’s
Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation
(including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid, non-assessable Shares.

 The Administrator shall have the right to accelerate the date of exercise of any installment of any Option; provided that the
Administrator shall not accelerate the exercise date of any installment of any Option granted to any Employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to Paragraph 19) if such acceleration would violate the
annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6.B.d. 
 The Administrator may, in
its discretion, amend any term or condition of an outstanding Option provided (i) such term or condition as amended is permitted by the Plan, (ii) any such amendment shall be made only with the consent of the Participant to whom the Option
was granted, or in the event of the death of the Participant, the Participant’s Survivors, if the 

  

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amendment is adverse to the Participant, and (iii) any such amendment of any ISO shall be made only after the Administrator determines whether such
amendment would constitute a “modification” of any Option which is an ISO (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the holder of such ISO. 
  

	8.	RIGHTS AS A SHAREHOLDER. 

 No Participant to whom an
Option has been granted shall have rights as a shareholder with respect to any Shares covered by such Option, except after due exercise of the Option and tender of the full purchase price for the Shares being purchased pursuant to such exercise and
registration of the Shares in the Company’s share register in the name of the Participant. 
  

	9.	ASSIGNABILITY AND TRANSFERABILITY OF OPTIONS. 

 By
its terms, an Option granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii) as approved by the Administrator in its discretion and set forth in the
applicable Option Agreement. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above shall no longer qualify as an ISO. The designation of a beneficiary of an Option by a Participant, with the prior approval
of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph. Except as provided above, an Option shall be exercisable, during the Participant’s lifetime, only by such
Participant (or by his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted
transfer, assignment, pledge, hypothecation or other disposition of any Option or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or similar process upon an Option, shall be null and void.

  

	10.	EFFECT OF TERMINATION OF SERVICE OTHER THAN “FOR CAUSE” OR DEATH OR DISABILITY. 

 Except as otherwise provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an employee, director or
consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply: 
  

	 	a.	A Participant who ceases to be an employee, director or consultant of the Company or of an Affiliate (for any reason other than termination “for cause”, Disability, or
death for which events there are special rules in Paragraphs 11, 12, and 13, respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service, but only within such
term as the Administrator has designated in a Participant’s Option Agreement. 

  

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	 	b.	Except as provided in Subparagraph (c) below, or Paragraph 12 or 13, in no event may an Option intended to be an ISO, be exercised later than three months after the
Participant’s termination of employment. 

  

	 	c.	The provisions of this Paragraph, and not the provisions of Paragraph 12 or 13, shall apply to a Participant who subsequently becomes Disabled or dies after the termination of
employment, director status or consultancy, provided, however, in the case of a Participant’s Disability or death within three months after the termination of employment, director status or consultancy, the Participant or the Participant’s
Survivors may exercise the Option within one year after the date of the Participant’s termination of service, but in no event after the date of expiration of the term of the Option. 

  

	 	d.	Notwithstanding anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination of director status or termination of consultancy, but
prior to the exercise of an Option, the Board of Directors determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute “cause”, then such Participant shall
forthwith cease to have any right to exercise any Option. 

  

	 	e.	A Participant to whom an Option has been granted under the Plan who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other
than a permanent and total Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such
Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide. 

  

	 	f.	Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under the Plan shall not be affected by any change of a Participant’s status
within or among the Company and any Affiliates, so long as the Participant continues to be an employee, director or consultant of the Company or any Affiliate. 

  

	11.	EFFECT OF TERMINATION OF SERVICE “FOR CAUSE”. 

 Except as otherwise provided in a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an employee, director or consultant) with the Company or an Affiliate is terminated “for
cause” prior to the time that all his or her outstanding Options have been exercised: 
  

	 	a.	All outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated “for cause” will immediately be forfeited.

  

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	 	b.	For purposes of this Plan, “cause” shall include (and is not limited to) dishonesty with respect to the Company or any Affiliate, insubordination, substantial malfeasance
or non-feasance of duty, unauthorized disclosure of confidential information, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant and the
Company or any Affiliate, and conduct substantially prejudicial to the business of the Company or any Affiliate. The determination of the Administrator as to the existence of “cause” will be conclusive on the Participant and the Company.

  

	 	c.	“Cause” is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s finding of
“cause” occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant’s termination
the Participant engaged in conduct which would constitute “cause,” then the right to exercise any Option is forfeited. 

  

	 	d.	Any definition in an agreement between the Participant and the Company or an Affiliate, which contains a conflicting definition of “cause” for termination and which is in
effect at the time of such termination, shall supersede the definition in this Plan with respect to that Participant. 

  

	12.	EFFECT OF TERMINATION OF SERVICE FOR DISABILITY. 

 Except as otherwise provided in a Participant’s Option Agreement, a Participant who ceases to be an employee, director or consultant of the Company or of an Affiliate by reason of Disability may exercise any Option granted to such
Participant: 
  

	 	a.	To the extent that the Option has become exercisable but has not been exercised on the date of Disability; and 

  

	 	b.	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of Disability of any additional vesting rights that would have
accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of Disability. 

 A Disabled Participant may exercise such rights only within (i) the earlier of the expiration of the Option or one year after the date of the
Participant’s termination of employment, directorship or consultancy, as the case may be, if the Option is an ISO, or (ii) within the remaining term of the Option if the Option is a Non-Qualified Option; notwithstanding that the
Participant might have been able to exercise the Option as to some or all of the Shares on a later date if the Participant had not become Disabled and had continued to be an employee, director or consultant. 
  

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 The Administrator shall make the determination both of whether Disability has occurred and the date of
its occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined
by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company. 
  

	13.	EFFECT OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. 

 Except as otherwise provided in a Participant’s Option Agreement, in the event of the death of a Participant while the Participant is an employee, director or consultant of the Company or of an Affiliate, such Option shall become fully
exercisable as of the date of the death of the Participant. 
 If the Participant’s Survivors wish to exercise the Option, they must
take all necessary steps to exercise the Option within the originally prescribed term of the Option. 
  

	14.	PURCHASE FOR INVESTMENT. 

 Unless the offering and
sale of the Shares to be issued upon the particular exercise of an Option shall have been effectively registered under the Securities Act of 1933, as now in force or hereafter amended (the “1933 Act”), the Company shall be under no
obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled: 
  

	 	a.	The person(s) who exercise(s) such Option shall warrant to the Company, prior to the receipt of such Shares, that such person(s) are acquiring such Shares for their own respective
accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the following legend which shall be
endorsed upon the certificate(s) evidencing their Shares issued pursuant to such exercise or such grant: 

 “The shares
represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be
effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been
compliance with all applicable state securities laws.” 
  

	 	b.	At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise in compliance with the
1933 Act without registration thereunder. 

  

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	15.	DISSOLUTION OR LIQUIDATION OF THE COMPANY. 

 Upon
the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised will terminate and become null and void; provided, however, that if the rights of a Participant or a
Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise any Option to the extent that the Option
is exercisable as of the date immediately prior to such dissolution or liquidation. 
  

	16.	ADJUSTMENTS. 

 Upon the occurrence of any of the
following events, a Participant’s rights with respect to any Option granted to him or her hereunder which has not previously been exercised in full shall be adjusted as hereinafter provided, unless otherwise specifically provided in the
Participant’s Option Agreement: 
 A. Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided
or combined into a greater or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other securities of the
Company or other non-cash assets are distributed with respect to such shares of Common Stock, the number of shares of Common Stock deliverable upon the exercise of such Option may be appropriately increased or decreased proportionately, and
appropriate adjustments may be made including, in the purchase price per share, to reflect such events. The number of Shares subject to options to be granted to directors pursuant to Paragraph 6(A)(e) and the number of Shares subject to the
limitation in Paragraph 4(c) shall also be proportionately adjusted upon the occurrence of such events. 
 B. Corporate Transactions.
If the Company is to be consolidated with or acquired by another entity in a merger, sale of all or substantially all of the Company’s assets other than a transaction to merely change the state of incorporation (a “Corporate
Transaction”), the Administrator or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision for the
continuation of such Options by substituting on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or
securities of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that all Options must be exercised (either to the extent then exercisable or, at the discretion of the Administrator, including upon a
change of control of the Company, all Options being made fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the end of which period the Options shall terminate; or
(iii) terminate all Options in exchange for a cash payment equal to the excess of the Fair Market Value of the Shares subject to such Options (either to the extent then exercisable or, at the discretion of the 

  

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Administrator, all Options being made fully exercisable for purposes of this Subparagraph) over the exercise price thereof. 
 C. Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate Transaction
pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option after the recapitalization or reorganization shall be entitled to
receive for the purchase price paid upon such exercise the number of replacement securities which would have been received if such Option had been exercised prior to such recapitalization or reorganization. 
 D. Modification of ISOs. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph A, B or C above with respect to ISOs shall
be made only after the Administrator determines whether such adjustments would constitute a “modification” of such ISOs (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the
holders of such ISOs. If the Administrator determines that such adjustments made with respect to ISOs would constitute a modification of such ISOs, it may refrain from making such adjustments, unless the holder of an ISO specifically requests in
writing that such adjustment be made and such writing indicates that the holder has full knowledge of the consequences of such “modification” on his or her income tax treatment with respect to the ISO. 
 E. Repricing. Without the prior approval of the Company’s shareholders, Options issued will not be repriced, replaced, or regranted through
cancellation, or by lowering the option exercise price of a previously granted award. 
  

	17.	ISSUANCES OF SECURITIES. 

 Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares
subject to Options. Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of the Company. 
  

	18.	FRACTIONAL SHARES. 

 No fractional shares shall be
issued under the Plan and the person exercising such right shall receive from the Company cash in lieu of such fractional shares equal to the Fair Market Value thereof. 
  

	19.	CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION OF ISOs. 

  

 14 

 The Administrator, at the written request of any Participant, may in its discretion take such actions as
may be necessary to convert such Participant’s ISOs (or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the
Participant is an employee of the Company or an Affiliate at the time of such conversion. At the time of such conversion, the Administrator (with the consent of the Participant) may impose such conditions on the exercise of the resulting
Non-Qualified Options as the Administrator in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant the right to have such Participant’s
ISOs converted into Non-Qualified Options, and no such conversion shall occur until and unless the Administrator takes appropriate action. The Administrator, with the consent of the Participant, may also terminate any portion of any ISO that has not
been exercised at the time of such conversion. 
  

	20.	WITHHOLDING. 

 In the event that any federal, state,
or local income taxes, employment taxes, Federal Insurance Contributions Act (“F.I.C.A.”) withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the Participant’s salary, wages or
other remuneration in connection with the exercise of an Option or a Disqualifying Disposition (as defined in Paragraph 21), the Company may withhold from the Participant’s compensation, if any, or may require that the Participant advance in
cash to the Company, or to any Affiliate of the Company which employs or employed the Participant, the statutory minimum amount of such withholdings unless a different withholding arrangement, including the use of shares of the Company’s Common
Stock or a promissory note, is authorized by the Administrator (and permitted by law). For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner provided in Paragraph 1
above, as of the most recent practicable date prior to the date of exercise. If the fair market value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be required to advance the difference in cash
to the Company or the Affiliate employer. The Administrator in its discretion may condition the exercise of an Option for less than the then Fair Market Value on the Participant’s payment of such additional withholding. 
  

	21.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION. 

 Each Employee who receives an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any shares acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is defined
in Section 424(c) of the Code and includes any disposition (including any sale or gift) of such shares before the later of (a) two years after the date the Employee was granted the ISO, or (b) one year after the date the Employee
acquired Shares by exercising the ISO, except as otherwise provided in Section 424(c) of the Code. If the Employee has died before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur
thereafter. 
  

 15 

	22.	TERMINATION OF THE PLAN. 

 The Plan will terminate
on September 4, 2013, the date which is ten years from the earlier of the date of its adoption by the Board of Directors and the date of its approval by the shareholders. The Plan may be terminated at an earlier date by vote of the
shareholders or the Board of Directors of the Company; provided, however, that any such earlier termination shall not affect any Option Agreements executed prior to the effective date of such termination. 
  

	23.	AMENDMENT OF THE PLAN AND AGREEMENTS. 

 The Plan may
be amended by the shareholders of the Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent necessary to qualify any or all outstanding Options granted under the Plan or Options to be granted under
the Plan for favorable federal income tax treatment (including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code, and to the extent necessary to qualify the shares issuable upon
exercise of any outstanding Options granted, or Options to be granted, under the Plan for listing on any national securities exchange or quotation in any national automated quotation system of securities dealers. Any amendment approved by the
Administrator which the Administrator determines is of a scope that requires shareholder approval shall be subject to obtaining such shareholder approval. Any modification or amendment of the Plan shall not, without the consent of a Participant,
adversely affect his or her rights under an Option previously granted to him or her. With the consent of the Participant affected, the Administrator may amend outstanding Option Agreements in a manner which may be adverse to the Participant but
which is not inconsistent with the Plan. In the discretion of the Administrator, outstanding Option Agreements may be amended by the Administrator in a manner which is not adverse to the Participant. 
  

	24.	EMPLOYMENT OR OTHER RELATIONSHIP. 

 Nothing in this
Plan or any Option Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a Participant, nor to prevent a Participant from terminating his or her own employment,
consultancy or director status or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any period of time. 
  

	25.	GOVERNING LAW. 

 This Plan shall be construed and
enforced in accordance with the law of the State of Delaware. 
  

 16Form of Change-in-Control Severance Agreement

 Exhibit 10.1 
 CHANGE-IN-CONTROL SEVERANCE AGREEMENT 
 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 October, 2008. 
 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% 

  

 2 

 
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. 
 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. 
  

 3 

 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. 
 (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 

  

 4 

 
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. 
  

 5 

 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 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. 
 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 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 and Executive shall choose which payments shall be reduced and the amount of the reduction of each payment. 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. 
  

 6 

 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, 
 (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 
  

 7 

 (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. 
 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 

  

 8 

 
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. 
  

 9 

 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 

  

 10 

 
(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. 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. 
  

 11 

 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

		  	700 17th Street, Suite 1700
		  	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.

 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.

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

									
	Date:
                                         
       	 		 	 	 	 
		 		 		 	Executive Name
			
		 		 	INTREPID POTASH, INC., a Colorado corporation
				
	Date:
                                         
       	 		 	By:	 	 

  

 12

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