Intrepid Potash, Inc. (IPI) Earnings Call Transcript & Summary

Good afternoon, and welcome to Intrepid Potash, Inc. 2021 Annual Meeting of Stockholders. I would now like to introduce the presenter, Bob Jornayvaz.

Good morning, ladies and gentlemen, and welcome to the 2021 Annual Meeting of Stockholders of Intrepid Potash, Inc. I am Bob Jornayvaz, President, CEO and Chairman of the Board of Directors, and I will preside over this meeting. We appreciate your attendance, your interest and most importantly, your support of Intrepid. I will now call the meeting to order. For your reference, the agenda and rules of conduct have been posted on the online annual meeting portal. We ask that you please follow these rules, so that we may have an orderly meeting. You may also submit written questions during the meeting and cast your vote on the online portal. Before we start the formal business of the meeting, I would like to introduce our directors and executive officers joining us on this webcast annual meeting today. Present today are our directors: Hugh E. Harvey, Jr.; Terry Considine; Chris A. Elliott, Barth E. Whitham, Mary E. McBride. Also present at the meeting are the following executive officers of the company: Brian Stone, Chief Operating Officer; Matt Preston, Vice President of Finance; Kyle R. Smith, Vice President, General Counsel and Secretary; and Stanley Wells, Vice President of Human Resources. Kyle Smith, our General Counsel and Secretary, will act as secretary of the meeting. [ Kathy Wheaton ], a representative of Broadridge Financial Services has been appointed to act as the inspector of election for this annual meeting. Katie Minor and Bob Dennis, representatives from KPMG LLP are also present today as well. They will be available to answer questions concerning the company's financial statements. As noted in the agenda, today, we will conduct the official business of the annual meeting. During the meeting, we will answer questions that have been submitted by stockholders through the annual meeting portal that relate to the business of the meeting. Any other questions or questions that are not answered can be addressed to our Investor Relations as specified in the rules of conduct. We will now proceed to the business portion of the meeting. As stated in the notice of meeting and proxy statement previously provided to you, the record date for voting at this meeting was the close of business on March 22, 2021. The secretary has delivered an affidavit of distribution to show that notice of this meeting was properly given. The inspector of election has examined the proxies received and stockholders present at this meeting and reports that more than 85% of the total shares of common stock entitled to vote at this meeting are represented at the meeting. Therefore, a quorum is clearly present, and we will now proceed with the business. Please note that a list of stockholders as of the record date is available for inspection during the entire time of this annual meeting on the annual meeting website. The time is now approximately 10:03 am and I declare the polls now open for each matter to be voted on at this meeting. All the stockholders entitled to vote at this meeting have the ability to do so online. If you are a stockholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so via the online portal for this meeting. Please remember that if you've already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls. The first matter to be voted upon is the election of 2 Class I directors nominated by our Board of Directors to serve 3-year terms expiring at the 2024 Annual Meeting of Stockholders. The nominees are Terry Considine and Chris A. Elliott. The Board of Directors recommends the election of these 2 Class I Director nominees. The second item of business is the ratification of KPMG LLP as the company's independent audit firm for 2021. The Board of Directors recommends its stockholders approve this proposal. The final item of business is a vote to approve the compensation of the company's named executive officers, as disclosed in the proxy statement, pursuant to the compensation disclosure rules of the SEC. The Board of Directors recommends that the stockholders approve this proposal. No stockholder proposals or other director nominations for consideration at the annual meeting were received, and therefore, there are no other items to be considered at the meeting. I will now pause for a minute to allow for any questions on the matters to be voted upon at this meeting and allow for all stockholders to submit their votes. If you have not already done so, please vote by clicking on the voting button on the web portal and following the instructions. Please also submit any questions related to the 3 proposals now. [Voting]

Now that it is 10:07, I declare the polls now closed and ask that the inspector of election collect and tabulate the votes. I will announce the results of the voting. Based on the preliminary tabulations of the inspector of election, we are happy to announce that the Class I director nominees have been duly elected, the appointment of KPMG LLP as the company's independent registered public accounting firm for 2021 has been ratified, and the compensation of our named executive officers has been approved on an advisory basis. Within 4 business days, the company will file a current report Form 8-K with the SEC disclosing the specific voting results for the matters voted on at this meeting. As there is no other formal business to be addressed, our program for the day has concluded, and I declare that the 2021 Annual Meeting of Stockholders is hereby adjourned. Thank you for attending today's meeting and your continuing support of the company.

The Intrepid Potash, Inc. 2021 Annual Meeting of Stockholders has now come to an end. Thank you for attending. You may now disconnect.