SEC Contract Filing

Filing Date: 2023-12-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2332782d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTAIN CONFIDENTIAL INFORMATION,&nbsp;IDENTIFIED
BY BRACKETED ASTERISKS &ldquo;[***]&rdquo;, HAS BEEN OMITTED FROM THIS EXHIBIT&nbsp;BECAUSE IT IS BOTH (I)&nbsp;NOT MATERIAL AND (II)&nbsp;WOULD
BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>THIRD AMENDMENT OF</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>COOPERATIVE DEVELOPMENT AGREEMENT</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS THIRD AMENDMENT OF COOPERATIVE
DEVELOPMENT AGREEMENT (this &ldquo;<I><U>Amendment</U></I>&rdquo;), dated effective as of January&nbsp;1, 2024 (the &ldquo;<I><U>Amendment
Date</U></I>&rdquo;), is among Intrepid Potash,&nbsp;Inc., a Delaware corporation (&ldquo;<I><U>IPI</U></I>&rdquo;), and Intrepid Potash-New
Mexico, LLC, a New Mexico limited liability company (&ldquo;<I><U>Intrepid-NM</U></I>&rdquo;, and together with IPI, collectively, &ldquo;<I><U>Intrepid</U></I>&rdquo;),
and XTO Holdings, LLC, a Delaware limited liability company (&ldquo;<I><U>XTO Holdings</U></I>&rdquo;), and XTO Delaware Basin, LLC, a
Texas limited liability company (&ldquo;<I><U>XTO Delaware Basin</U></I>&rdquo;, and together with XTO Holdings, collectively, &ldquo;<I><U>XTO</U></I>&rdquo;).
IPI,&nbsp;Intrepid-NM, XTO Holdings and XTO Delaware Basin shall be referred to herein, individually, as a &ldquo;<I><U>Party</U></I>&rdquo;,
and collectively, as the &ldquo;<I><U>Parties</U></I>&rdquo;.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Recitals</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Pursuant
to that certain Cooperative Development Agreement, dated effective as of February&nbsp;28, 2011, by and between Intrepid and BOPCO, as
amended by that certain First Amendment of Cooperative Development Agreement, acknowledged on April&nbsp;8, 2013, and that certain Second
Amendment of Cooperative Development Agreement, acknowledged on September&nbsp;23, 2013 (the &ldquo;<I><U>Agreement</U></I>&rdquo;),
the parties thereto set forth their agreements regarding the cooperative development of the Agreement Area, as more particularly described
therein, for potassium and oil and gas on lands in which both parties thereto owned or may acquire interests.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">XTO
Delaware Basin is successor-in-interest to BOPCO&rsquo;s Operating Interests in the Agreement Area and is the successor-in-interest to
BOPCO under the Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&#8239;Intrepid
and XTO desire to amend the Agreement in accordance with the terms of this Amendment.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Amendment</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">IN
</FONT>CONSIDERATION of the mutual premises and covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B><I>&#8239;Definitions</I></B>.
Except as otherwise defined herein, all capitalized terms shall have the meanings assigned to them in the Agreement. Notwithstanding the
foregoing, the following definitions shall replace and supersede any conflicting definitions in the Agreement:</FONT></P>

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