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: July 15, 2011

 

AMERICAN CRYSTAL SUGAR COMPANY

(Exact name of registrant as specified in its charter)

 

Minnesota

 

33-83868; 333-11693; and
333-32251

 

84-0004720

(State or other jurisdiction of
Incorporation)

 

(Commission)
File Number)

 

(I.R.S. Employer
Identification No.)

 

101 NORTH THIRD STREET

 

 

MOORHEAD, MN 56560

 

(218) 236-4400

(Address of principal executive
offices)

 

(Registrant’s telephone number)

 

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:

 

o            Written communications 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 5.02 Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers

 

On July 15, 2011, American Crystal Sugar Company (Company) entered into an agreement with Joseph J. Talley, the Company’s Chief Operating Officer (Agreement) relating to severance pay.   Pursuant to the Agreement, if the Company terminates Mr. Talley prior to August 31, 2012, the Company will pay him a severance payment equal to one (1) year of his then current base salary.  In addition, he shall be entitled to receive the prorated portion of any incentive awards that would otherwise have been paid and/or awarded to him under the Company’s long-term and short-term incentive plans, plus any accrued benefits owed to him under any of the Company’s employee benefit plans in which he participates.  If Mr. Talley resigns from his employment, the Company is not required to pay him any severance.

 

This report contains forward-looking statements and information based upon assumptions by the Company’s management.  These forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “believes”, “will” or similar verbs or expressions.  If any of management’s assumptions prove incorrect or should unanticipated circumstances arise, the Company’s actual results could materially differ from those anticipated by such forward-looking statements.  The differences could be caused by a number of factors or combination of factors, including, but not limited to, those factors influencing the Company and its business which are described in  “Risk Factors” section contained in the Company’s Annual Report on Form 10-K for fiscal year 2010.  Readers are urged to consider these factors when evaluating any forward-looking statement.  The Company undertakes no obligation to update any forward-looking statements in this report to reflect future events or developments.

 

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 thereunto duly authorized.

 

 

 

 

 

AMERICAN CRYSTAL SUGAR COMPANY

 

 

 

 

 

 

 

 

Dated:

July 15, 2011

 

 

/s/ Thomas S. Astrup

 

 

 

By:

Thomas S. Astrup

 

 

 

Its:

Chief Financial Officer

 

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