date:Mar 27, 2014
ord or a subsidiary of Penford in accordance with Nasdaq Listing Rule 5635(c)(4). The options have a term of seven years and will vest over a three year period, with one-third of the options vesting on each anniversary of the grant date, provided that the recipients employment with Penford or a subsidiary of Penford has not been terminated for cause or the recipient has not resigned by such date. The vesting of these options will accelerate in full immediately prior to a change of control.