UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): May 24, 2011
 
LAKE AREA CORN PROCESSORS, LLC
(Exact name of registrant as specified in its charter)
 
 
 
South Dakota
000-50254
46-0460790
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
 
 
46269 SD Highway 34
P.O. Box 100
Wentworth, South Dakota 57075
(Address of principal executive offices)
 
(605) 483-2676
(Registrant's telephone number, including area code)
 
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 (see General Instruction A.2. below):
 
o
Written communicaitons pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 5.07 Submission of Matters to a Vote of Security Holders
 
Results of 2011 Annual Members' Meeting
 
On May 24, 2011, Lake Area Corn Process, LLC (“LACP”) held its 2011 annual members' meeting (“Annual Meeting”) to vote on the election of three managers whose terms were scheduled to expire in 2011, to conduct an advisory vote on our executive compensation called “Say-on-Pay”, to conduct an advisory vote on the frequency of the Say-on-Pay vote, and to conduct an advisory vote removing the term limits for managers.
    
Proposal One: Election of Managers
 
Todd Brown, Dale Thompson, and Brian Woldt were elected by a plurality vote of the members to serve terms which will expire in 2014. The votes for the nominee managers were as follows:
Nominee Directors
 
For
 
Abstentions
Todd Brown
 
144
 
8
Shelia Gerry
 
60
 
8
Dale Thompson
 
157
 
9
Brian Woldt
 
138
 
11
 
Proposal Two: Advisory Vote on Say-On-Pay
 
The compensation of our executives was endorsed by the members. The votes for Say-On-Pay were as follows:
    
For
 
Against
 
Abstentions
94
 
38
 
45
             
Proposal Three: Advisory Vote on the Frequency of Say-On-Pay Vote
 
The members voted by a plurality vote to hold the Say-on-Pay vote every year. The votes were as follows:
Every year
 
Every 2 years
 
Every 3 years
 
Abstentions
55
 
20
 
37
 
62
 
Proposal Four: Advisory Vote on Removing Term Limits for Managers
 
The members voted by a plurality vote to endorse removal of term limits for our managers. The votes were as follows:
For
 
Against
 
Abstain
75
 
73
 
31
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.
 
 
LAKE AREA CORN PROCESSORS, LLC
 
 
May 26, 2011
/s/ Robbi Buchholtz
Date
Robbi Buchholtz, Chief Financial Officer