Intrepid Potash, Inc S-3ASR, filed Aug 5, 2022

Intrepid Potash, Inc. (IPI)

S-3ASR 2022-08-05

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	Large accelerated filer ☐			Non-accelerated filer ☐
	Accelerated filer ☒			Smaller reporting company ☐
				Emerging growth company ☐

Exact name of registrant as specified in its charter(1)	State or other jurisdiction of incorporation or organization	I.R.S. Employer Identification Number
Intrepid Potash-Moab, LLC	Delaware		84-1535237
Intrepid Potash-New Mexico, LLC	New Mexico		20-0420705
Intrepid Potash-Wendover, LLC	Colorado		20-0818774

	Page
ABOUT THIS PROSPECTUS		1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		2
RISK FACTORS		3
THE COMPANY		4
USE OF PROCEEDS		5
DESCRIPTION OF CAPITAL STOCK		6
DESCRIPTION OF DEBT SECURITIES AND GUARANTEES OF DEBT SECURITIES		9
DESCRIPTION OF WARRANTS		11
DESCRIPTION OF UNITS		13
PLAN OF DISTRIBUTION		14
LEGAL MATTERS		16
EXPERTS		16
WHERE YOU CAN FIND MORE INFORMATION		16
INFORMATION INCORPORATED BY REFERENCE		16

SEC filing fee	$	*
Printing expenses		**
Legal fees and expenses		**
Accounting fees and expenses		**
Engineering fees and expenses		**
Transfer agent fees and expenses		**
Rating agency fees		**
Stock exchange and other listing fees		**
Miscellaneous		**
Total	$	**

Exhibit No.			Description
1.1*			Form of Underwriting Agreement.
4.1			Restated Certificate of Incorporation of Intrepid Potash, Inc. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on April 25, 2008).
4.2			Certificate of Amendment to Restated Certificate of Incorporation of Intrepid Potash, Inc. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on May 26, 2016).
4.3			Certificate of Amendment to Restated Certificate of Incorporation of Intrepid Potash, Inc. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on August 14, 2020).
4.4			Amended and Restated Bylaws of Intrepid Potash, Inc. (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K filed on June 25, 2015).
4.5			Specimen Common Stock Certificate of Intrepid Potash, Inc. (incorporated by reference to Exhibit 4.1 to our Registration Statement on Form S-1 (File No. 333-148215) filed on April 7, 2008).
4.6*			Form of Certificate of Designations.
4.7*			Specimen of Preferred Stock Certificate.
4.8†			Form of Indenture.
4.9*			Form of Note.
4.10*			Form of Warrant Agreement.
4.11*			Form of Unit Agreement.
5.1†			Opinion of Perkins Coie LLP.
23.1†			Consent of KPMG LLP.
23.2†			Consent of Perkins Coie LLP (included in Exhibit 5.1).
23.3†			Consent of Agapito Associates, Inc.
24.1†			Powers of Attorney (included on signature pages hereto).
25.1#			Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, with respect to the Indenture filed as Exhibit 4.8.
107			Filing Fee Table.

Signature	Title	Date
/s/ Robert P. Jornayvaz III Robert P. Jornayvaz III	Executive Chairman of the Board and Chief Executive Officer (Principal Executive Officer)	August 5, 2022
/s/ Matthew D. Preston Matthew D. Preston	Chief Financial Officer (Principal Financial and Accounting Officer)	August 5, 2022
/s/ Chris A. Elliott Chris A. Elliott	Director	August 5, 2022
/s/ Lori A. Lancaster Lori A. Lancaster	Director	August 5, 2022
/s/ Mary E. McBride Mary E. McBride	Director	August 5, 2022
/s/ Barth E. Whitham Barth E. Whitham	Lead Director	August 5, 2022
/s/ William M. Zisch William M. Zisch	Director	August 5, 2022

			Page

ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE			2
	Section 1.1	Definitions	2
	Section 1.2	Other Definitions	7
	Section 1.3	Incorporation by Reference of Trust Indenture Act	7
	Section 1.4	Rules of Construction	7

ARTICLE 2 THE SECURITIES			8
	Section 2.1	Issuable in Series	8
	Section 2.2	Establishment of Terms of Series of Securities	8
	Section 2.3	Execution and Authentication	11
	Section 2.4	Registrar and Paying Agent	12
	Section 2.5	Paying Agent to Hold Money in Trust	13
	Section 2.6	Securityholder Lists	13
	Section 2.7	Exchange and Registration of Transfer	14
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	15
	Section 2.9	Outstanding Securities	15
	Section 2.10	Treasury Securities	16
	Section 2.11	Temporary Securities	16
	Section 2.12	Cancellation	17
	Section 2.13	Defaulted Interest	17
	Section 2.14	Registered Global Securities	17
	Section 2.15	Computation of Interest	19
	Section 2.16	CUSIP and ISIN Numbers	19

ARTICLE 3 REDEMPTION			19
	Section 3.1	Notice to Trustee	19
	Section 3.2	Selection of Securities to be Redeemed	19
	Section 3.3	Notice of Redemption	20
	Section 3.4	Effect of Notice of Redemption	20
	Section 3.5	Deposit of Redemption Price	21
	Section 3.6	Securities Redeemed in Part	21

ARTICLE 4 COVENANTS			21
	Section 4.1	Payment of Principal and Interest	21
	Section 4.2	SEC Reports	21
	Section 4.3	Compliance Certificate	22
	Section 4.4	Stay, Extension and Usury Laws	22
	Section 4.5	Corporate Existence	22
	Section 4.6	Maintenance of Office or Agency	22
	Section 4.7	Money For Securities Payments to be Held in Trust	23
	Section 4.8	Waiver of Certain Covenants	24

ARTICLE 5 SUCCESSORS			24
	Section 5.1	When Company May Merge, Etc.	24
	Section 5.2	Successor Corporation Substituted	25

ARTICLE 6 DEFAULTS AND REMEDIES			25
	Section 6.1	Events of Default	25
	Section 6.2	Acceleration of Maturity; Rescission and Annulment	26
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	28
	Section 6.4	Trustee May File Proofs of Claim	29
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities	30
	Section 6.6	Application of Money Collected	30
	Section 6.7	Limitation on Suits	30
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	31
	Section 6.9	Restoration of Rights and Remedies	31
	Section 6.10	Rights and Remedies Cumulative	31
	Section 6.11	Delay or Omission Not Waiver	32
	Section 6.12	Control by Holders	32
	Section 6.13	Waiver of Past Defaults	32
	Section 6.14	Undertaking for Costs	32

ARTICLE 7 TRUSTEE			33
	Section 7.1	Duties of Trustee	33
	Section 7.2	Rights of Trustee	34
	Section 7.3	Individual Rights of Trustee	36
	Section 7.4	Trustee’s Disclaimer	36
	Section 7.5	Notice of Defaults	36
	Section 7.6	Reports by Trustee to Holders	36
	Section 7.7	Compensation and Indemnity	37
	Section 7.8	Replacement of Trustee	37
	Section 7.9	Successor Trustee by Merger, etc.	38
	Section 7.10	Eligibility; Disqualification	39
	Section 7.11	Preferential Collection of Claims Against Company	39

ARTICLE 8 SATISFACTION AND DISCHARGE; DEFEASANCE			39
	Section 8.1	Satisfaction and Discharge of Indenture	39
	Section 8.2	Application of Trust Funds; Indemnification	40
	Section 8.3	Legal Defeasance of Securities of any Series	41
	Section 8.4	Covenant Defeasance	42
	Section 8.5	Repayment to Company	43
	Section 8.6	Effect of Subordination Provisions	44

ARTICLE 9 AMENDMENTS AND WAIVERS			44
	Section 9.1	Without Consent of Holders	44
	Section 9.2	With Consent of Holders	45
	Section 9.3	Limitations	45
	Section 9.4	Compliance with Trust Indenture Act	46
	Section 9.5	Revocation and Effect of Consents	46

	Section 9.6	Notation on or Exchange of Securities	47
	Section 9.7	Trustee Protected	47

ARTICLE 10 SUBORDINATION OF SECURITIES			47
	Section 10.1	Agreement to Subordinate	47

ARTICLE 11 MISCELLANEOUS			48
	Section 11.1	Trust Indenture Act Controls	48
	Section 11.2	Notices	48
	Section 11.3	Communication by Holders with Other Holders	49
	Section 11.4	Certificate and Opinion as to Conditions Precedent	49
	Section 11.5	Statements Required in Certificate or Opinion	49
	Section 11.6	Rules by Trustee and Agents	49
	Section 11.7	Legal Holidays	49
	Section 11.8	No Recourse Against Others	50
	Section 11.9	Counterparts	50
	Section 11.10	Governing Laws; Waiver of Jury Trial	50
	Section 11.11	No Adverse Interpretation of Other Agreements	50
	Section 11.12	Successors	51
	Section 11.13	Severability	51
	Section 11.14	Table of Contents, Headings, Etc.	51
	Section 11.15	Securities in a Foreign Currency or in ECU	51
	Section 11.16	Judgment Currency	52
	Section 11.17	Acts of Holders	52
	Section 11.18	Force Majeure	53
	Section 11.19	USA PATRIOT Act	54

ARTICLE 12 SINKING FUNDS			54
	Section 12.1	Applicability of Article	54
	Section 12.2	Satisfaction of Sinking Fund Payments with Securities	54
	Section 12.3	Redemption of Securities for Sinking Fund	55

ARTICLE 13 GUARANTEES			55
	Section 13.1	Guarantees	55
	Section 13.2	Limitation on Guarantor Liability	56
	Section 13.3	Execution and Delivery of Guarantee	57
	Section 13.4	Releases	57

§ 310(a)(1)		7.10
(a)(2)		7.10
(a)(3)		Not Applicable
(a)(4)		Not Applicable
(a)(5)		7.10
(b)		7.10
§ 311(a)		7.11
(b)		7.11
(c)		Not Applicable
§ 312(a)		2.6
(b)		11.3
(c)		11.3
§ 313(a)		7.6
(b)(1)		7.6
(b)(2)		7.6
(c)		7.6
(d)		7.6
§ 314(a)		4.2, 4.3
(b)		Not Applicable
(c)(1)		11.4
(c)(2)		11.4
(c)(3)		Not Applicable
(d)		Not Applicable
(e)		11.5
(f)		Not Applicable
§ 315(a)		7.1
(b)		7.5
(c)		7.1
(d)		7.1
(e)		6.14
§ 316(a)		2.10
(a)(1)(A)		6.12
(a)(1)(B)		6.13
(b)		6.8
§ 317(a)(1)		6.3
(a)(2)		6.4
(b)		2.5
§ 318(a)		11.1

TERM		DEFINED IN SECTION
“Bankruptcy Law”		6.1
“Custodian”		6.1
“Event of Default”		6.1
“Journal”		11.15
“Judgment Currency”		11.16
“Legal Holiday”		11.7
“mandatory sinking fund payment”		12.1
“Market Exchange Rate”		11.15
“New York Banking Day”		11.16
“optional sinking fund payment”		12.1
“Paying Agent”		2.4
“Register”		2.4
“Registrar”		2.4
“Required Currency”		11.16
“Service Agent”		2.4
“successor person”		5.1

	GUARANTORS:

	[INTREPID POTASH-MOAB, LLC]
	[INTREPID POTASH-NEW MEXICO, LLC]
	[INTREPID POTASH-WENDOVER, LLC]
	[OTHER GUARANTOR(S)]

	By:
	Name:
	Title:

	Agapito Associates, Inc.

	By:	/s/ Christopher M. Ross
		Name: Christopher M. Ross, P.E.
		Title: Senior Associate

Grand Junction, Colorado
August 5, 2022

	INTREPID POTASH, INC.

	By:
	Name:
	Title:

	Very truly yours,

	/s/ PERKINS COIE LLP