Pilgrim's Pride Corporation Form 8-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
report (Date of earliest event reported): October 10, 2007
PILGRIM'S
PRIDE CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
Delaware 1-9273 75-1285071
(State
or
Other Jurisdiction (Commission (IRS
Employer
of
Incorporation) File
Number) Identification
No.)
4845
US
Highway 271 N.
Pittsburg,
Texas 75686-0093
(Address
of
Principal Executive Offices)
(ZIP
Code)
Registrant's
telephone number, including area code: (903)
434-1000
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
q Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
q Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
q
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
q Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
October 10, 2007, Pilgrim's Pride Corporation (the "Company") entered into
a
Retirement and Consulting Agreement (the "Agreement") with Clifford E. Butler,
the Company's Vice Chairman. Pursuant to the terms of the Agreement, Mr. Butler
will retire from employment with the Company on December 31, 2007. Mr. Butler
will also retire from his position on the Board of Directors of the Company
at
the end of his current term, and he will not stand for re-election to the Board
at the Annual Meeting of Stockholders scheduled to be held in January
2008.
Pursuant
to the terms of the Agreement, Mr. Butler agrees to provide consulting services
to the Company on an as-requested basis from January 1, 2008 until December
31,
2010 (the "Consulting Period"), and generally agrees not to compete with the
Company or solicit the Company's employees during the Consulting Period. The
Company will pay Mr. Butler a fee of $55,555.56 per month during the Consulting
Period. If the number of hours of consulting services the Company requests
Mr.
Butler to provide in any year exceeds 240 hours, the Company will pay Mr. Butler
additional compensation in the amount of $250 per hour for the additional hours
of service he provides.
The
Agreement provides that Mr. Butler and his wife may elect to remain on the
Company's health and welfare benefit plans covering medical, dental, and vision
benefits during the Consulting Period at a cost payable by Mr. Butler equal
to
that which an active employee of the Company would pay for those benefits.
In
the alternative, Mr. Butler can elect to obtain personal supplemental insurance
coverage from another source, and the Company will reimburse him up to an amount
equal to the Company's portion of the prevailing COBRA rate.
The
description of the terms of the Agreement set forth above does not purport
to be
complete and is qualified in its entirety by reference to the full text of
the
Agreement, a copy of which is attached to this report as Exhibit 10.1 and is
incorporated herein by reference.
Item
7.01 Regulation FD Disclosure.
On
October 10, 2007, the Company issued a press release announcing the pending
retirement of Mr. Butler. A
copy of
the press release is furnished pursuant to Regulation FD as Exhibit 99.1 to
this
report.
The
information contained in Item 7.01 of this report and in Exhibit 99.1 shall
not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of
1934, as amended (the "Exchange Act"), or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a
filing.
Item
9.01. Financial
Statements and Exhibits.
(d)
Exhibits.
Exhibit
Number
Description
10.1
Retirement
and Consulting Agreement dated as of October 10, 2007, between the Company
and
Clifford E. Butler.
99.1
Press
Release dated October 10, 2007.
Signatures
Pursuant
to the requirements of the Exchange Act, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
PILGRIM'S
PRIDE
CORPORATION
Date:
October 10, 2007 By:
/s/
Richard A. Cogdill
Richard
A. Cogdill
Chief
Financial Officer, Secretary and Treasurer
EXHIBIT
INDEX
Exhibit
Number
Description
10.1
Retirement
and Consulting Agreement dated as of October 10, 2007, between the Company
and
Clifford E. Butler.
99.1
Press
Release dated October 10, 2007.