INTREPID POTASH, INC., DEF 14A filed on 4/17/2026
Proxy Statement (definitive)
v3.26.1
Cover
12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Intrepid Potash, Inc.
Entity Central Index Key 0001421461
v3.26.1
Pay vs Performance Disclosure - USD ($)
1 Months Ended 4 Months Ended 8 Months Ended 12 Months Ended
Dec. 31, 2024
Apr. 16, 2024
Dec. 01, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure                
Pay vs Performance Disclosure, Table      
Pay Versus Performance Disclosure
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officers (“PEOs”) and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
Year
Summary
Compensation
Table
Total
for
Robert P.
Jornayvaz III1
($)
Summary
Compensation
Table
Total
for
Matthew D.
Preston1
($)
Summary
Compensation
Table
Total
for
Kevin S.
Crutchfield1
($)
Compensation
Actually
Paid
to Robert P.
Jornayvaz III1,2,3
($)
Compensation
Actually
Paid
to Matthew D.
Preston1,2,3
($)
Compensation
Actually
Paid
to Kevin S.
Crutchfield1,2,3
($)
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs1
($)
Average
Compensation
Actually Paid
to Non-PEO
NEOs1,2,3
($)
Value of
Initial
Fixed $100
Investment
based
on:4
Net
Income
($ Millions)
Adjusted
EBITDA
($ Millions)5
TSR
($)
Peer
Group
TSR
($)
2025
​3,887,607
4,455,829
1,167,195
1,358,768
114.82
146.19
11.2
63.1
2024
2,077,360
1,833,935
3,681,393
(651,252)
1,816,820
2,970,956
1,004,322
1,015,252
90.77
124.14
(212.8)
8.6
2023
3,056,264
1,850,584
691,979
502,364
98.92
131.10
(35.7)
41.6
2022
3,955,693
7,424,996
655,066
378,521
119.54
118.10
72.2
141.7
2021
3,940,695
8,680,400
462,920
479,980
176.94
127.78
249.8
67.6
1.
Robert P. Jornayvaz III served as PEO from 2020 to April 2024. Matthew D. Preston served as PEO from April 2024 to December 2024. Kevin S. Crutchfield served as PEO from December 2024 to year-end. The individuals comprising the Non-PEO NEOs for each year presented are listed below.
2021
2022
2023 
2024
2025
Matthew D. Preston
Matthew D. Preston
Matthew D. Preston
Christina C. Sheehan
Matthew D. Preston
Robert E. Baldridge
Robert E. Baldridge
Christina C. Sheehan
 
Christina C. Sheehan
Kyle R. Smith
Kyle R. Smith
E. Brian Stone
 
 
E. Brian Stone
E. Brian Stone
 
 
 
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718.Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
Year
Summary Compensation
Table Total for
Kevin S. Crutchfield
($)
Exclusion of Stock
Awards for
Kevin S. Crutchfield
($)
Inclusion of Equity
Values for
Kevin S. Crutchfield
($)
Compensation Actually
Paid to
Kevin S. Crutchfield
($)
2025
3,887,607
(2,151,284)
2,719,506
4,455,829
Year
Average Summary
Compensation Table Total
for Non-PEO NEOs
($)
Average Exclusion of
Stock Awards for
Non-PEO NEOs
($)
Average Inclusion of
Equity Values
for Non-PEO NEOs
($)
Average Compensation
Actually Paid to
Non-PEO NEOs
($)
2025
1,167,195
(451,763)
643,336
1,358,768
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Year-End Fair Value
of Equity Awards
Granted During Year
That Remained
Unvested as of
Last Day of Year
for Kevin S.
Crutchfield
($)
Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Kevin S.
Crutchfield
($)
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
Kevin S.
Crutchfield
($)
Change in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested Equity
Awards that
Vested During Year
for Kevin S.
Crutchfield
($)
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for Kevin S.
Crutchfield
($)
Total -
Inclusion
of Equity
Values for
Kevin S.
Crutchfield
($)
2025
1,882,703
678,756
73,144
83,903
2,719,506
Year
Average Year-End
Fair Value of
Equity Awards
Granted During
Year That Remained
Unvested as of
Last Day of Year
for Non-PEO NEOs
($)
Average Change in
Fair Value from
Last Day of
Prior Year to
Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)
Average Vesting-
Date Fair Value
of Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO NEOs
($)
Average Change in
Fair Value from
Last Day of Prior
Year to Vesting
Date of Unvested
Equity Awards that
Vested During
Year for
Non-PEO NEOs
($)
Average Fair
Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year for
Non-PEO NEOs
($)
Total -
Average
Inclusion of
Equity
Values for
Non-PEO NEOs
($)
2025
400,700
125,343
12,903
106,390
​643,336
4.
The Peer Group TSR set forth in this table utilizes the Dow Jones U.S. Basic Materials Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2025.The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the Dow Jones U.S. Basic Materials Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
5.
We determined Adjusted EBITDA to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and Non-PEO NEOs in 2025. Adjusted EBITDA is a non-GAAP financial measure. More information on Adjusted EBITDA can be found in the “2025 Cash Bonus Program” section of the Compensation Discussion and Analysis in this proxy statement.
       
Company Selected Measure Name       Adjusted EBITDA        
Named Executive Officers, Footnote      
1.
Robert P. Jornayvaz III served as PEO from 2020 to April 2024. Matthew D. Preston served as PEO from April 2024 to December 2024. Kevin S. Crutchfield served as PEO from December 2024 to year-end. The individuals comprising the Non-PEO NEOs for each year presented are listed below.
2021
2022
2023 
2024
2025
Matthew D. Preston
Matthew D. Preston
Matthew D. Preston
Christina C. Sheehan
Matthew D. Preston
Robert E. Baldridge
Robert E. Baldridge
Christina C. Sheehan
 
Christina C. Sheehan
Kyle R. Smith
Kyle R. Smith
E. Brian Stone
 
 
E. Brian Stone
E. Brian Stone
 
 
 
       
Peer Group Issuers, Footnote      
4.
The Peer Group TSR set forth in this table utilizes the Dow Jones U.S. Basic Materials Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2025.The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the Dow Jones U.S. Basic Materials Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
       
Adjustment To PEO Compensation, Footnote      
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718.Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
Year
Summary Compensation
Table Total for
Kevin S. Crutchfield
($)
Exclusion of Stock
Awards for
Kevin S. Crutchfield
($)
Inclusion of Equity
Values for
Kevin S. Crutchfield
($)
Compensation Actually
Paid to
Kevin S. Crutchfield
($)
2025
3,887,607
(2,151,284)
2,719,506
4,455,829
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Year-End Fair Value
of Equity Awards
Granted During Year
That Remained
Unvested as of
Last Day of Year
for Kevin S.
Crutchfield
($)
Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Kevin S.
Crutchfield
($)
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
Kevin S.
Crutchfield
($)
Change in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested Equity
Awards that
Vested During Year
for Kevin S.
Crutchfield
($)
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for Kevin S.
Crutchfield
($)
Total -
Inclusion
of Equity
Values for
Kevin S.
Crutchfield
($)
2025
1,882,703
678,756
73,144
83,903
2,719,506
       
Non-PEO NEO Average Total Compensation Amount       $ 1,167,195 $ 1,004,322 $ 691,979 $ 655,066 $ 462,920
Non-PEO NEO Average Compensation Actually Paid Amount       $ 1,358,768 1,015,252 502,364 378,521 479,980
Adjustment to Non-PEO NEO Compensation Footnote      
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718.Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
Year
Average Summary
Compensation Table Total
for Non-PEO NEOs
($)
Average Exclusion of
Stock Awards for
Non-PEO NEOs
($)
Average Inclusion of
Equity Values
for Non-PEO NEOs
($)
Average Compensation
Actually Paid to
Non-PEO NEOs
($)
2025
1,167,195
(451,763)
643,336
1,358,768
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Average Year-End
Fair Value of
Equity Awards
Granted During
Year That Remained
Unvested as of
Last Day of Year
for Non-PEO NEOs
($)
Average Change in
Fair Value from
Last Day of
Prior Year to
Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)
Average Vesting-
Date Fair Value
of Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO NEOs
($)
Average Change in
Fair Value from
Last Day of Prior
Year to Vesting
Date of Unvested
Equity Awards that
Vested During
Year for
Non-PEO NEOs
($)
Average Fair
Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year for
Non-PEO NEOs
($)
Total -
Average
Inclusion of
Equity
Values for
Non-PEO NEOs
($)
2025
400,700
125,343
12,903
106,390
​643,336
       
Compensation Actually Paid vs. Total Shareholder Return      
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and the cumulative TSR over the five most recently completed fiscal years for the Company, and the Dow Jones U.S. Basic Materials Index TSR.
       
Compensation Actually Paid vs. Net Income      
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during the five most recently completed fiscal years.
       
Compensation Actually Paid vs. Company Selected Measure      
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Adjusted EBITDA ($ Millions)
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Adjusted EBITDA ($ Millions) during the five most recently completed fiscal years.
       
Total Shareholder Return Vs Peer Group      
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and the cumulative TSR over the five most recently completed fiscal years for the Company, and the Dow Jones U.S. Basic Materials Index TSR.
       
Tabular List, Table      
Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEOs and Non-PEO NEOs for 2025 to Company performance. The measures in this table are not ranked.
Adjusted EBITDA
Production Cost Per Ton
Company Objectives
Capital Investments
HSE Targets
       
Total Shareholder Return Amount       $ 114.82 90.77 98.92 119.54 176.94
Peer Group Total Shareholder Return Amount       146.19 124.14 131.1 118.1 127.78
Net Income (Loss)       $ 11,200,000 $ (212,800,000) $ (35,700,000) $ 72,200,000 $ 249,800,000
Company Selected Measure Amount       63,100,000 8,600,000 41,600,000 141,700,000 67,600,000
PEO Name Kevin S. Crutchfield Robert P. Jornayvaz III Matthew D. Preston Kevin S. Crutchfield   Robert P. Jornayvaz III Robert P. Jornayvaz III Robert P. Jornayvaz III
Equity Awards Adjustments, Footnote      
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
Year-End Fair Value
of Equity Awards
Granted During Year
That Remained
Unvested as of
Last Day of Year
for Kevin S.
Crutchfield
($)
Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards for
Kevin S.
Crutchfield
($)
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
Kevin S.
Crutchfield
($)
Change in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested Equity
Awards that
Vested During Year
for Kevin S.
Crutchfield
($)
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year
for Kevin S.
Crutchfield
($)
Total -
Inclusion
of Equity
Values for
Kevin S.
Crutchfield
($)
2025
1,882,703
678,756
73,144
83,903
2,719,506
Year
Average Year-End
Fair Value of
Equity Awards
Granted During
Year That Remained
Unvested as of
Last Day of Year
for Non-PEO NEOs
($)
Average Change in
Fair Value from
Last Day of
Prior Year to
Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)
Average Vesting-
Date Fair Value
of Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO NEOs
($)
Average Change in
Fair Value from
Last Day of Prior
Year to Vesting
Date of Unvested
Equity Awards that
Vested During
Year for
Non-PEO NEOs
($)
Average Fair
Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year for
Non-PEO NEOs
($)
Total -
Average
Inclusion of
Equity
Values for
Non-PEO NEOs
($)
2025
400,700
125,343
12,903
106,390
​643,336
       
Measure:: 1                
Pay vs Performance Disclosure                
Name       Adjusted EBITDA        
Non-GAAP Measure Description      
5.
We determined Adjusted EBITDA to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and Non-PEO NEOs in 2025. Adjusted EBITDA is a non-GAAP financial measure. More information on Adjusted EBITDA can be found in the “2025 Cash Bonus Program” section of the Compensation Discussion and Analysis in this proxy statement.
       
Measure:: 2                
Pay vs Performance Disclosure                
Name       Production Cost Per Ton        
Measure:: 3                
Pay vs Performance Disclosure                
Name       Company Objectives        
Measure:: 4                
Pay vs Performance Disclosure                
Name       Capital Investments        
Measure:: 5                
Pay vs Performance Disclosure                
Name       HSE Targets        
Robert P. Jornayvaz III [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount       $ 0 $ 2,077,360 $ 3,056,264 $ 3,955,693 $ 3,940,695
PEO Actually Paid Compensation Amount       0 (651,252) 1,850,584 7,424,996 8,680,400
Matthew D. Preston [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount       0 1,833,935 0 0 0
PEO Actually Paid Compensation Amount       0 1,816,820 0 0 0
Kevin S. Crutchfield [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount       3,887,607 3,681,393 0 0 0
PEO Actually Paid Compensation Amount       4,455,829 $ 2,970,956 $ 0 $ 0 $ 0
PEO | Kevin S. Crutchfield [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (2,151,284)        
PEO | Kevin S. Crutchfield [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       2,719,506        
PEO | Kevin S. Crutchfield [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       1,882,703        
PEO | Kevin S. Crutchfield [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       678,756        
PEO | Kevin S. Crutchfield [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       73,144        
PEO | Kevin S. Crutchfield [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       83,903        
PEO | Kevin S. Crutchfield [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       0        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (451,763)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       643,336        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       400,700        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       125,343        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       12,903        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       106,390        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       $ 0        
v3.26.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
POLICY REGARDING OPTIONS AND SIMILAR EQUITY AWARDS
We do not currently grant new awards of stock options, stock appreciation rights or similar option-like equity awards. Accordingly, we have no specific policy or practice on the timing of grants of such awards in relation to the disclosure of material nonpublic information. Nonetheless, the Compensation Committee does not seek to time equity grants to take advantage of information, either positive or negative, about the Company that has not been publicly disclosed.
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true