Equity Incentive Compensation Plan—Our Board and stockholders adopted a long-term incentive compensation plan called the Intrepid Potash, Inc. Amended and Restated Equity Incentive Plan (the "Plan"). The Plan was most recently amended and restated in May 2022. We have issued common stock, restricted shares, restricted stock units, and non-qualified stock option awards under the Plan. Restricted stock units ("RSUs") represent the contingent right to receive one share of our common stock upon satisfaction of applicable vesting conditions. RSUs do not have any of the rights available to owners of common stock until vesting and settlement of the RSUs into shares of common stock. Restricted share awards ("RSAs") contain service-based conditions and in some instances contain both service-based and market-based conditions. Certain RSU awards contain service-based and operational performance conditions (referred to as "operational performance-based RSUs") and certain RSU awards contain service-based and market-based conditions (referred to as "market-based RSUs").

We recognize stock-based compensation associated with the issuance of RSAs, non-qualified stock options, operational performance-based RSUs, and market-based RSUs by recording expense over the service period associated with each grant, based on the fair value of the grant on the grant date. For service-based awards, grant date fair value is based on the closing price of our common stock on the grant date and expense is recognized on a straight-line basis over the required service period of the award, which is generally the vesting period of the award. For operational performance-based awards grant date fair value is based on the closing share price of our common stock on the grant date and the probable number of shares expected to vest and expense is recognized using the accelerated recognition method over the required service period, which is generally the vesting period of the award. The probable number of shares expected to vest is updated each reporting period and we record a cumulative catch-up adjustment to expense for changes to the probability assessment. For RSA awards that contain both service-based and market-based conditions and market-based RSUs, grant date fair value is estimated using a Monte Carlo simulation valuation model and expense is recognized using the accelerated recognition method over the required service period which is generally the longer of the explicit service period or the derived service period, which is generally the expected date the market condition is estimated to be achieved.

During the three and six months ended June 30, 2026, and 2025, the Compensation Committee granted RSAs to non-employee members of our Board, executives and other key employees that contain service conditions. RSAs granted to non-employee Board members vest over one year and RSAs granted to employees vest over three years.


	Three Months Ended June 30,		Six Months Ended June 30,
Restricted Shares	2026	2025	2026	2025
Beginning shares outstanding	252,644	362,780	287,345	319,035
Shares granted	12,546	16,016	108,333	135,829
Shares vested	(18,466)	(46,667)	(99,240)	(120,863)
Shares forfeited	(10,336)	(20,441)	(60,050)	(22,313)
Ending shares outstanding	236,388	311,688	236,388	311,688

During the six months ended June 30, 2026, the Compensation Committee granted operational performance-based RSUs to executives and certain other key employees which are eligible to vest based upon potash production cost per ton and Trio® production cost per ton for the 2028 calendar year. The operational performance-based RSUs can earn between zero and 200% of the target number of operational performance-based RSUs granted.

During the six months ended June 30, 2025, the Compensation Committee granted operational performance-based RSUs to executives and certain other key employees which are eligible to vest based upon potash production cost per ton for the 2027 calendar year. The operational performance-based RSUs can earn between zero and 200% of the target number of operational performance-based RSUs granted.


	Three Months Ended June 30,		Six Months Ended June 30,
Operational Performance-Based RSUs	2026	2025	2026	2025
Beginning units outstanding	49,975	22,577	21,091	—
Units granted	—	—	31,740	22,577
Units vested	—	—	—	—
Units forfeited	—	(1,485)	(2,856)	(1,485)
Ending units outstanding	49,975	21,092	49,975	21,092

During the six months ended June 30, 2026, the Compensation Committee granted market-based RSUs to executives and certain other key employees. The RSUs granted contain a relative total shareholder return ("TSR") market-based condition (referred to as the "rTSR" awards). The rTSR RSUs are eligible to vest based on our TSR during a three-year period beginning on January 1, 2026 ("2026 award performance period") relative to the TSR during the 2026 award performance period for the individual component companies comprising the Russell 2000 Index on January 1, 2026 ("2026 peer group"). Based on our relative performance against the 2026 peer group, rTSR awards may earn between zero and 200% of the target number of RSUs granted.

During the six months ended June 30, 2025, the Compensation Committee granted market-based RSUs to certain executives and certain other key employees. The RSUs granted both rTSR awards and an absolute TSR market-based condition (referred to as the "aTSR" awards). The rTSR RSUs are eligible to vest based on our TSR during a three-year period beginning on the grant date of the rTSR award ("2025 award performance period") relative to the TSR during the 2025 award performance period for the individual component companies comprising the Russell 2000 Index on the grant date ("2025 peer group"). Based on our relative performance against the 2025 peer group, rTSR awards may earn between zero and 200% of the target number of RSUs granted.

The aTSR RSUs are eligible to vest based on the achievement of certain total price thresholds during a three-year period beginning on the grant date. Once a price threshold is met, one-half of the total RSUs earned for meeting that price threshold vest immediately and one-half of the total RSUs earned vests on the one-year anniversary date of meeting the price threshold.


	Three Months Ended June 30,		Six Months Ended June 30,
Market-based RSUs	2026	2025	2026	2025
Beginning units outstanding	208,134	174,447	174,495	111,285
Units granted	—	8,848	42,324	72,010
Units vested	(4,574)	—	(4,574)	—
Units forfeited	—	(4,736)	(8,685)	(4,736)
Ending units outstanding	203,560	178,559	203,560	178,559

Total share-based compensation expenses were $1.5 million and $1.3 million for the three months ended June 30, 2026, and 2025, respectively, and $2.0 million and $2.4 million, for the six months ended June 30, 2026, and 2025, respectively. As of June 30, 2026, we had $10.6 million of total remaining unrecognized compensation expense related to awards that is expected to be recognized over a weighted-average period of 1.6 years.