Intrepid Potash (IPI) 8-K Entry into a Material Definitive Agreement

Exhibit 10.2

FIRST AMENDMENT

TO

AIRCRAFT DRY LEASE

Effective as of September 1, 2014, Intrepid Production Holdings LLC (“Lessor”), and Intrepid Potash, Inc. (“Lessee”) enter into this First Amendment to Aircraft Dry Lease (this “Amendment”).  This Amendment amends the Aircraft Dry Lease, dated January 9, 2009, between Lessor and Lessee (the “Agreement”).

The parties agree to amend the Agreement as follows:

1.Section One LEASE OF AIRCRAFT of the Agreement is amended as follows.  The first sentence shall be deleted in its entirety and replaced with the following:

For $6,235 per flight hour, Lessor agrees to lease the Aircraft to Lessee.

2.All other provisions of the Agreement remain unchanged and in full force and effect.

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first written above.

LESSOR
Intrepid Production Holdings LLC
By:	Intrepid Production Corporation
Its:	Member
		By:	/s/ Robert P. Jornayvaz III	8/12/14
			Robert P. Jornayvaz III
			President
LESSEE
Intrepid Potash, Inc.
By:	/s/ Martin D. Litt			8/13/14
	Martin D. Litt
	Executive Vice President, General Counsel and Secretary