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): December 22,
2008
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
1.02 Termination
of a Material Definitive Agreement.
The
information provided in Item 5.02
of this Current Report on Form 8-K regarding the termination of certain
change
in control agreements is incorporated by reference into this Item
1.02.
Item
5.02 Departure
of Directors or Principal Officers; Election of Directors; Appointment
of
Principal Officers.
As
previously reported in a Current Report on Form 8-K filed with the Securities
and Exchange Commission on December 22, 2008, the Board of Directors of
Pilgrim’s Pride Corporation (the "Company") accepted the resignations of J.
Clinton Rivers, the Company’s Chief Executive Officer and President, and Robert
A. Wright, the Company's Chief Operating Officer on December 16,
2008. In connection with the resignations by Mr. Rivers and Mr.
Wright, on December 22, 2008, the Company entered into a separation agreement
and consulting agreement with Mr. Wright, and on December 24, 2008, the
Company
entered into a separation agreement and consulting agreement with Mr.
Rivers. The consulting agreements will be subject to approval by the
Bankruptcy Court for the Northern District of Texas, Fort Worth Division
(the
"Bankruptcy Court"). Under the terms of the separation agreements,
each of them resigned as a officer, director, employee and any other capacity
of
the Company and its subsidiaries and agreed to terminate their change in
control
agreements with the Company. The Company also agreed to pay a
severance payment of $143,242 to each of Mr. Rivers and Mr.
Wright. Pursuant to the terms of the consulting agreements, and
subject to Bankruptcy Court approval, each will provide consulting services
to
the Company on an as-requested basis for a fee of $83,500 per month, for
a term
of four months, in the case of Mr. Rivers, and $50,000 per month, for a
term of
three months, in the case of Mr. Wright.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PILGRIM'S PRIDE CORPORATION
Date: December
29,
2008 By:
/s/ Richard A.
Cogdill
Richard A. Cogdill
Chief Financial Officer, Secretary and Treasurer