[Form 4] Intrepid Potash, Inc Insider Trading Activity

Rhea-AI Filing Summary

CEO Kevin S. Crutchfield filed a Form 4 reporting the vesting and settlement of performance-based restricted stock units (PSUs) originally granted 3/17/25. On 7/25/25:

• 2,038 common shares were acquired upon attainment of absolute TSR targets (Transaction code M; no cash paid).
• 591 shares were automatically withheld to satisfy tax obligations (code F) at an implied price of $35.89.

After the transactions, Crutchfield directly owns 92,755 common shares and 14,270 PSUs (reported at maximum payout). One-half of earned PSUs vested immediately; the remaining half will vest one year after the aTSR threshold date, subject to continued service.

No open-market buying or selling occurred; activity relates solely to equity award vesting and tax withholding. The filing signals the CEO retains most of the newly-earned shares, modestly increasing his equity stake.

Positive

• CEO increases direct holdings by 1,447 net shares, modestly enhancing management’s alignment with shareholders.

Negative

• No open-market purchase; shares were acquired via award vesting, limiting the strength of any bullish insider signal.

Insights

Financial Analyst

TL;DR: Administrative equity vesting; CEO net adds ~1.4k shares, no cash sale—neutral signal.

The Form 4 reflects standard PSU settlement rather than discretionary share purchases or sales. Crutchfield’s net position rises by 1,447 shares (2,038 earned minus 591 withheld), lifting direct ownership to 92,755 shares, about 0.7% of shares outstanding. Because shares were issued at $0 cost and withheld solely for taxes, the event has minimal valuation impact and does not alter the company’s fundamentals. It does, however, maintain management-shareholder alignment through increased ownership. Overall impact to investors is neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Crutchfield Kevin S

(Last) (First) (Middle)

707 17TH STREET, SUITE 4200

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Intrepid Potash, Inc. [ IPI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/25/2025		M		2,038(1)	A	$0.0000	93,346	D
Common Stock	07/25/2025		F		591(2)	D	$35.89	92,755	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Restricted Stock Unit	$0.0000	07/25/2025		M			2,038	(3)	03/17/2029	Common Stock	2,038	$0.0000	14,270	D

Explanation of Responses:

1. Represents shares earned upon achievement of certain levels of absolute total stockholder return (aTSR) under Performance Restricted Stock Units ("PSUs") originally granted on March 17, 2025. See footnote 3 below.

2. Represents shares withheld by the issuer to cover the tax witholding obligations upon vesting of PSUs.

3. Each PSU represents the contingent right to receive one share of the issue'rs common stock upon the applicable vesting conditions. The PSUs are earned based on certain levels of absolute total stockholder return (aTSR) on or prior to March 17, 2029. Earned PSU's are subject to additional time-vesting, with one-half of the earned PSUs vesting immediately and the remaining one-half vesting on the one-year anniversary of the date the PSU aTSR threshold was achieved. The PSUs are reported at the maximum level of aTSR achievement.

	/s/ Matthew D. Preston, as attorney-in-fact	07/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many Intrepid Potash (IPI) shares did the CEO acquire on 07/25/25?

Kevin S. Crutchfield acquired 2,038 shares through PSU vesting.

Were any shares sold by the CEO in this Form 4?

No open-market sales; 591 shares were withheld by the company to cover taxes.

What is the CEO's total direct ownership after the transaction?

Crutchfield now directly owns 92,755 common shares of IPI.

What derivative securities does the CEO still hold?

He retains 14,270 Performance Restricted Stock Units at maximum potential payout.

Does this Form 4 indicate a bullish insider purchase?

It is largely administrative; shares resulted from vesting, not a discretionary market purchase.