Intrepid Potash Appoints Gonzalo Avendano as Director in Recent Board Expansion

Intrepid Potash, Inc. recently disclosed in an 8-K filing with the Securities and Exchange Commission that effective January 14, 2025, the Board of Directors has increased in size from 7 to 8 members. The newly appointed member, Gonzalo Avendano, will serve as an independent Director and as a Class I director, playing key roles in various Board committees including Audit, Compensation, Nominating and Corporate Governance, and Environmental, Health, Safety, and Sustainability.

Mr. Avendano brings with him over 30 years of extensive experience in the leadership of finance and wealth management companies. His professional background includes roles at prominent firms such as Lehman Brothers, Deutsche Bank AG, UBS AG, and Silver Mills LLC. Currently, he serves as an Investment Advisor at Clearway Capital Management LLC and owns and operates an Argentinian agriculture industry company.

The Board recognizes Mr. Avendano’s independence as defined by the company’s governing documents and applicable laws. His appointment does not stem from any existing arrangements or relationships with the company, besides the obligations set forth in the Cooperation Agreement included in the filing.

In terms of compensation, Mr. Avendano is entitled to receive the same remuneration as other non-employee directors, adjusted for the partial period between his appointment and the 2025 annual stockholders’ meeting. Additionally, he will enter into an indemnification agreement as per the company’s annual report on Form 10-K for the year ended December 31, 2023.

The cooperation agreement, which involves Clearway Capital Management LLC and select entities, imposes specific restrictions on proxy contests and solicitation of proxies concerning director elections for the 2025 and 2026 annual meetings of stockholders. The agreement also includes voting commitments, standstill obligations, and non-disparagement provisions. These engagements will be in effect until the end of the Standstill Period before the 2027 annual meeting.

A press release issued on January 15, 2025, announced Mr. Avendano’s appointment and further details related to the cooperation agreement. This release will not be deemed as filed for Section 18 of the Securities Exchange Act of 1934 or incorporated by reference unless specified in subsequent filings.

The detailed terms and conditions of the Cooperation Agreement can be found in Exhibit 10.1 of the 8-K filing. For further information, refer to the official documents filed with the SEC.

The Company will continue to provide updates and important information through its Investor Relations portal and official communication channels.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Intrepid Potash’s 8K filing here.

About Intrepid Potash

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.