UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 22, 2016
Intrepid Potash, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-34025 |
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26-1501877 |
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(State or other jurisdiction
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(Commission
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(IRS employer
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707 17 th Street, Suite 4200
Denver, Colorado 80202
(Address of principal executive offices, including zip code)
(303) 296-3006
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 210.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 22, 2016, Intrepid Potash, Inc. (“ Intrepid ,” “ us ,” or “ our ”) and Robert P. Jornayvaz III entered into a Third Amendment to Employment Agreement (the “ Amendment ”). Mr. Jornayvaz is our Executive Chairman of the Board, President, and Chief Executive Officer. The Amendment amends the Amended and Restated Employment Agreement, dated as of May 19, 2010, and amended as of February 23, 2011, and February 14, 2013, between us and Mr. Jornayvaz (the “ Employment Agreement ”). The Amendment extends the fixed term of the Employment Agreement by three years to April 18, 2019.
A copy of the Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
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Description |
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10.1 |
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Third Amendment to Employment Agreement, dated as of March 22, 2016, by and between Intrepid Potash, Inc. and Robert P. Jornayvaz III |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INTREPID POTASH, INC. |
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Dated: March 23, 2016 |
By: |
/s/ Margaret E. McCandless |
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Margaret E. McCandless |
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Vice President, General Counsel, and Secretary |
Exhibit 10.1
Third Amendment to Employment Agreement
This Third Amendment to Employment Agreement (this “ Amendment ”) dated as of March 22, 2016, is entered into between Intrepid Potash, Inc., a Delaware corporation (the “ Company ”), and Robert P. Jornayvaz III (“ Executive ”).
Executive is the Executive Chairman of the Board, President, and Chief Executive Officer of the Company and is serving in this capacity on terms and conditions set forth in an Amended and Restated Employment Agreement, dated as of May 19, 2010, and amended as of February 23, 2011, and February 14, 2013 (the “ Agreement ”).
The current term of the Agreement expires on April 18, 2016. The Company and Executive wish to amend the Agreement to extend the term as set forth below.
In consideration of the mutual promises and agreements set forth below, the Company and Executive agree as follows:
1. Paragraph 1 of the Agreement, regarding the contractual term of employment, is hereby amended and restated, effective as of April 18, 2016, in its entirety to read as follows:
“ 1. TERM OF AGREEMENT : Subject to the terms of this Amended Agreement, the Company agrees to continue to employ Executive pursuant to this Amended Agreement, and Executive hereby accepts such continued employment pursuant to this Amended Agreement, effective as of May 19, 2010 (the “ Effective Date ”). Executive’s employment pursuant to this Amended Agreement shall be extended for a term of 36 months commencing on April 19, 2016, subject to earlier termination as provided in paragraph 4, herein (the “ Term ”).”
2. Except as expressly modified in this Amendment, the terms and conditions of the Agreement are unchanged and remain in full force and effect.
IN WITNESS WHEREOF, the Company and Executive, intending to be legally bound, have executed this Amendment on the day and year first above written.
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INTREPID POTASH, INC. |
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By: |
/s/ James N. Whyte |
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Name: |
James N. Whyte |
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Title: |
Executive Vice President of Human Resources and Risk Management |
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ROBERT P. JORNAYVAZ III |
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/s/ Robert P. Jornayvaz III |
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