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IPI > SEC Filings for IPI > Form 8-K on 18-Aug-2014All Recent SEC Filings

Show all filings for INTREPID POTASH, INC.

Form 8-K for INTREPID POTASH, INC.


18-Aug-2014

Entry into a Material Definitive Agreement, Financial Statements and Exhibi


Item 1.01 Entry into a Material Definitive Agreement

On August 13, 2014, Intrepid Potash, Inc. ("Intrepid," "we," "us," or "our") entered into an Aircraft Dry Lease, dated as of September 1, 2014 (the "Odyssey Dry Lease"), with Odyssey Adventures, LLC ("Odyssey"). Hugh E. Harvey, Jr., our Executive Vice Chairman of the Board, is the sole owner of Odyssey. The Odyssey Dry Lease allows us to use an aircraft owned by Odyssey on an as-needed basis. The Odyssey Dry Lease has an initial one-year term and thereafter automatically renews on a month-to-month basis. Either party may terminate the Odyssey Dry Lease upon 30 days' notice to the other party. We agree to pay $6,235 per flight hour for use of the Odyssey aircraft. We are also responsible for any deductible amounts applicable to any claim under Odyssey's insurance policies with respect to the aircraft relating to our use of the aircraft.

Also on August 13, 2014, we entered into a First Amendment to Aircraft Dry Lease, dated as of September 1, 2014 (the "IPH Amendment"), with Intrepid Production Holdings LLC ("IPH"). Robert P. Jornayvaz III, our Executive Chairman of the Board, is the sole owner of IPH. The IPH Amendment amends the Aircraft Dry Lease, dated as of January 9, 2009, between us and IPH (the "IPH Dry Lease") to increase the rate that we pay under the IPH Dry Lease to $6,235 per flight hour. As amended, the terms of the IPH Dry Lease are substantially similar to the terms of the Odyssey Dry Lease.

The Audit Committee of our Board of Directors approved the terms of the Odyssey Dry Lease and the IPH Amendment.

The descriptions set forth above are qualified in their entirety by the Odyssey Dry Lease and IPH Amendment, copies of which are filed as Exhibits 10.1 and 10.2 to this report and incorporated by reference into this Item 1.01.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.                                 Description
10.1           Aircraft Dry Lease, dated as of September 1, 2014, by and between
               Intrepid Potash, Inc. and Odyssey Adventures, LLC

10.2           Amendment to Aircraft Dry Lease, dated as of September 1, 2014, by and
               between Intrepid Potash, Inc. and Intrepid Production Holdings LLC


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