AIRCRAFT DRY LEASE

Exhibit 10.1

AIRCRAFT DRY LEASE

This Lease of aircraft is made effective as of January 9, 2009, by and between Intrepid Production Holdings LLC , a Colorado limited liability company, with an address of 700 17th St., Suite 1700, Denver, CO 80202 (“Lessor”), and Intrepid Potash, Inc., a Delaware corporation, with an address of 700 17th St., Suite 1700, Denver, CO 80202 (“Lessee”).

RECITALS

The parties recite that:

WHEREAS, Lessor owns and is the registered owner of the airframe together with the Engines, APU(s) and all appliances, parts, instruments, avionics and appurtenances thereto, including any replacement part(s) or engine(s) which may be installed on the Aircraft from time to time, and all logs, manuals and other records relating to such Aircraft (collectively, the “ Aircraft ”):

WHEREAS, Lessee desires to lease the Aircraft under such terms and conditions as are mutually satisfactory to the parties.

The parties agree as follows:

SECTION ONE

LEASE OF AIRCRAFT

For $5,950 per flight hour, Lessor agrees to lease the Aircraft to Lessee. Lessee acknowledges that Lessor has also entered into a management agreement with Airmax, LLC, a

limited liability company organized under the laws of the State of Colorado with an address at 13000 E. Control Tower Road, Box K 7, Englewood, CO 80112, pursuant to which Airmax, LLC shall manage the Aircraft according to 14 C.F.R Part 91 and Airmax, LLC’s policies. It shall be conclusively presumed between the parties that Lessee has fully inspected the Aircraft having knowledge that it is in good condition and repair and that Lessee is satisfied with and has accepted the Aircraft in such condition and repair.

SECTION TWO

TERM

This Lease will commence on the date first above written and continue for one year after said date. Thereafter, this Lease will be automatically renewed on a month to month basis, unless sooner terminated by either party as hereinafter provided. Either party may at any time terminate this Lease upon thirty (30) days written notice to the other party, delivered personally or by certified mail, return receipt requested, at the address set forth above.

SECTION THREE

PRIVATE AND COMMERCIAL OPERATION

Neither Lessee nor Lessor will make the Aircraft available for hire within the meaning of the Federal Aviation Regulations. The Aircraft must be operated in accordance with 14 C.F.R. Part 91 at all times. Lessor and Lessee hereby agree that Lessee shall have complete and uncompromised operational control of the Aircraft under 14 C.F.R. Part 91 at all times the Aircraft is operated by Lessee under this Lease. Lessee represents and warrants that it is leasing the Aircraft for either:

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SECTION FOUR

INSURANCE

At all times during the term of this Lease, Lessor will also cause to be carried and maintained third party aircraft liability insurance, passenger legal liability insurance, property damage liability insurance, and medical expense insurance in the amounts set forth below:

Lessee’s proportionate share of the cost of the above insurance is included in Lessee’s lease payments to Lessor. Lessee will also bear the cost of paying any deductible amount on any policy of insurance in the event of a claim or loss.

Any policies of insurance carried in accordance with this Lease: (i) shall name Lessee as an additional insured; and (ii) shall contain a waiver by the underwriter thereof of any right of subrogation against Lessor; and (iii) shall provide that in respect of the interests of Lessor,

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such policies of insurance shall not be invalidated by any action or inaction of Lessee or any other person and shall insure Lessor (subject to the limits of liability and war risk exclusion set forth in such policies) regardless of any breach or any violation of any warranty, declarations or conditions contained in such policies by Lessee or any other person; and (iv) shall provide that if the insurers cancel insurance for any reason whatsoever, or the same is allowed to lapse for non-payment of premium, or if there is any material change in policy terms and conditions, such a cancellation, lapse or change shall not be effective as to Lessee. Each liability policy shall be primary without right of contribution from any other insurance which is carried by Lessee or Lessor and shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured.

Lessor will submit this Lease for approval to the insurance carrier for each policy of insurance on the Aircraft. Lessor will arrange for a Certificate of Insurance evidencing appropriate coverage as to the Aircraft and the satisfaction of the requirements set forth above to be given by its insurance carriers to Lessee upon Lessee’s request.

SECTION FIVE

RESTRICTIONS ON USE

Lessee may operate the Aircraft only for the purposes and within the geographi