AND EXCHANGE COMMISSION
to Section 13 or 15(d) of the
Exchange Act of 1934
report (Date of earliest event reported): December 22,
Name of Registrant as Specified in its Charter)
4845 US Highway 271 N.
(Address of Principal Executive
telephone number, including area code: (903)
Name or Former Address, if Changed Since Last Report)
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
communications pursuant to Rule 425 under the Securities Act (17 CFR
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
communications pursuant to Rule 14d-2(b) under the Exchange Act
communications pursuant to Rule 13e-4(c) under the Exchange Act
of a Material Definitive Agreement.
information provided in Item 5.02
of this Current Report on Form 8-K regarding the termination of certain
in control agreements is incorporated by reference into this Item
of Directors or Principal Officers; Election of Directors; Appointment
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
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
"Bankruptcy Court"). Under the terms of the separation agreements,
each of them resigned as a officer, director, employee and any other capacity
the Company and its subsidiaries and agreed to terminate their change in
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
the Company on an as-requested basis for a fee of $83,500 per month, for
of four months, in the case of Mr. Rivers, and $50,000 per month, for a
three months, in the case of Mr. Wright.
to the requirements of the Securities Exchange Act of 1934, the registrant
duly caused this report to be signed on its behalf by the undersigned hereunto
PILGRIM'S PRIDE CORPORATION
/s/ Richard A.
Richard A. Cogdill
Chief Financial Officer, Secretary and Treasurer