8-K
Intrepid Potash, Inc. (IPI)
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 : August 2, 2021
(Date of earliest event reported)
IntrepidPotash, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-34025 | 26-1501877 |
|---|---|---|
| (State or other jurisdiction<br> of incorporation) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification No.) |
1001 17th Street, Suite 1050
Denver, Colorado 80202
(Address of principal executive offices and zip code)
(303) 296-3006
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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):
| ¨ | Written communications pursuant to Rule 425 under the Securities<br>Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange<br>Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under<br>the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under<br>the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.001 per share | IPI | New York Stock Exchange |
Indicate by checkmark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements ofCertain Officers. |
|---|
On August 2, 2021, Brian Stone, the current Chief Operating Officer of Intrepid Potash, Inc. (the “Company”), was promoted to President of the Company, effective immediately. Robert P. Jornayvaz III continues as Chief Executive Officer and Executive Chairman of the Board of the Company.
Mr. Stone, age 58, has served as the Company’s Chief Operating Officer since December 2019. Prior to joining the Company, Mr. Stone was the Chief Operating Officer for Hupecol Operating Co. LLC, an international oil and gas company focused on South America and Europe, from 2005 to 2019. Earlier in his career, Mr. Stone worked for J.M. Huber Corporation, a mining and natural resources company, as Vice President in the Energy Sector, and later as Chief Risk Officer in Huber’s Corporate office.
There will be no immediate change in Mr. Stone’s compensation in connection with his promotion, including his base salary, cash bonus target, incentive awards and employee benefits. Additional details regarding Mr. Stone’s compensation are described the Company’s definitive proxy statement for the 2021 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 6, 2021.
On August 2, 2021, the Company issued a press release announcing the appointment of Mr. Stone, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release of Intrepid Potash, Inc. dated August 2, 2021 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| INTREPID POTASH, INC. | ||
|---|---|---|
| Dated: August 4, 2021 | By: | /s/ Matthew D. Preston |
| Matthew D. Preston | ||
| Vice President of Finance |
Exhibit 99.1
****
Brian Stone Named President of Intrepid
DENVER, CO; August 2, 2021 – Intrepid Potash, Inc. (NYSE: IPI) announced today that Brian Stone has been promoted to President of Intrepid, effective August 2, 2021. As President, Mr. Stone will assume daily responsibility for executing the operations for all segments of Intrepid’s business.
“Brian’s leadership experience and commodities background have been a wonderful addition to Intrepid and we are excited for him to lead the execution of our strategic vision to grow our oilfield solutions business and drive profitable growth across all segments.” said Bob Jornayvaz, Intrepid’s Executive Chairman and CEO. “While navigating a challenging environment in 2020, Brian successfully managed Intrepid’s oilfield business that is now positioned to capitalize on recent improvements in oilfield activity near our operations. We congratulate Brian on this well-deserved promotion and look forward to his success in the coming years.”
Mr. Stone joined Intrepid in December 2019 as Chief Operating Officer with responsibility for Intrepid’s Oilfield Solutions segment. Prior to joining Intrepid, Mr. Stone spent 34 years in all phases of the oil and gas industry, most recently as Chief Operating Officer for Hupecol Operating Co., an international oil and gas company focused on South America and Europe. In that capacity, Mr. Stone managed international oil and gas operations as well as heading the finance and business development roles for those companies. Earlier in his career, Mr. Stone worked for J.M. Huber Corporation, a mining and natural resources company, as Vice President in the Energy Sector, and later as Chief Risk Officer in Huber’s corporate office.
About Intrepid
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt and water products essential for customer success in agriculture, animal feed and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio^®^, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine and various oilfield services.
Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio^®^ mine.
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Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts for new postings.
Contact
Matt Preston, Vice President - Finance
Phone: 303-996-3048
Email: matt.preston@intrepidpotash.com
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