Photoelectric equation:
\[
K_{\max} = h\nu - \phi_0
\]
Step 1: Understand dependencies
- Depends on incident frequency $\nu$
- Depends on work function $\phi_0$
Step 2: Check options
- Intensity affects number of electrons, not energy.
- Frequency affects energy linearly.
Thus:
\[
K_{\max} \text{ depends on both } \nu \text{ and } \phi_0
\]
Final Answer:
\[
\boxed{(D)}
\]