<HTML>
<HEAD>
<TITLE>Penford Corporation Form S-8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="2">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="2">FORM S-8<BR>
REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</FONT>

<P align="center"><FONT size="2">PENFORD CORPORATION</FONT>

<HR width="60%" align="center" size="1" noshade>

<DIV align="center"><FONT size="2"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT></FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">Washington<BR>
(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
91-1221360<BR>
(IRS Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">777-108th Avenue N.E., Suite&nbsp;2390,<BR>
Bellevue, Washington 98004-5193<BR>
(425)&nbsp;462-6000</FONT>

<HR width="60%" align="center" size="1" noshade>

<DIV align="center"><FONT size="2"><FONT size="2">(Address of registrant&#146;s Principal Executive Offices)</FONT></FONT></DIV>

<P align="center"><FONT size="2">Penford Corporation 1994 Stock Option Plan (as amended as of January&nbsp;8, 2002)</FONT>

<HR width="60%" align="center" size="1" noshade>

<DIV align="center"><FONT size="2"><FONT size="2">(Full title of the plan)</FONT></FONT></DIV>

<P align="center"><FONT size="2">Attention: Susan M. Iverson<BR>
777-108th Avenue N.E., Suite&nbsp;2390,<BR>
Bellevue, Washington 98004-5193<BR>
(425)&nbsp;462-6000</FONT>

<HR width="60%" align="center" size="1" noshade>

<DIV align="center"><FONT size="2"><FONT size="2">(Name and address of agent for service)</FONT></FONT></DIV>

<P align="center"><FONT size="2">Copies of all communications to:<BR>
Richard B. Dodd<BR>
Kathleen A. Keizer<BR>
Preston Gates &#038; Ellis LLP<BR>
701 Fifth Avenue, Suite&nbsp;5000<BR>
Seattle, WA 98104<BR>
(206)&nbsp;623-7580</FONT>

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="23%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">Title of each class</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">Proposed maximum</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">Proposed maximum</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">of securities to be</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">Amount to be</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">offering price per</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">aggregate offering</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">Amount of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">registered</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">registered(1)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">share(2)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">price(2)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="1">registration fee</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Common stock</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="left"><FONT size="2">500,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="left"><FONT size="2">$17.175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="left"><FONT size="2">$8,587,500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="left"><FONT size="2">$790.05</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">(1)&nbsp; Includes an indeterminate number of additional shares that may be issued to
adjust to the number of shares issued pursuant to the 1994 Stock Option Plan
described herein, as the result of any future stock split, stock dividend, or
similar adjustment of Penford Corporation&#146;s outstanding stock.
</FONT>
<P><FONT size="2">(2)&nbsp; Estimated solely for the purpose of calculating the registration fee
pursuant to Rule&nbsp;457(c) and 457(h) under the Securities Act of 1933 for shares
of common stock reserved under the Penford Corporation 1994 Stock Option Plan.
The price per share is estimated to be $17.175 based on the average of the high
($17.40) and the low ($16.95) sales prices for the common stock on
July&nbsp;5,
2002, as reported on the Nasdaq National Market.
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="v82891exv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v82891exv23w2.txt">EXHIBIT 23.2</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<P align="center"><FONT size="2"><B>Explanatory Statement</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A total of 1,000,000 shares of common stock of Penford Corporation were
registered in connection with the Penford Corporation 1994 Stock Option Plan,
as amended (the &#147;1994 Stock Plan&#148;) by two separate registration statements on
Form&nbsp;S-8 as follows: (a)&nbsp;500,000 shares on April&nbsp;25, 1995, file number
033-58799; and (b)&nbsp;500,000 shares on March&nbsp;17, 1997, file number 333-23433. In
August 1998, the options authorized for issuance under the 1994 Stock Plan were
automatically increased to an aggregate total of 1,450,838, pursuant to the
terms of the 1994 Stock Plan, to reflect the spin-off of Penford Corporation&#146;s
former subsidiary, Penwest Pharmaceuticals Co. No additional value was
transferred as a result of this adjustment. On February&nbsp;25, 2002, the
shareholders of Penford Corporation approved an amendment to the 1994 Stock
Plan, authorizing an additional 500,000 shares of the Company&#146;s common stock to
be issuable under the 1994 Stock Plan. This Registration Statement is being
filed to register the 500,000 additional shares of common stock of Penford
Corporation that may be issued pursuant to the 1994 Stock Plan.
</FONT>
<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2">PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</FONT>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;3. Incorporation of Documents by Reference.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to General Instruction E to Form&nbsp;S-8, the contents of the
Registration Statements on Form&nbsp;S-8 filed by Penford Corporation (formerly
known as Penwest, LTD.) under Registration Numbers 033-58799 and 333-23433,
with respect to securities offered pursuant to the 1994 Stock Plan are hereby
incorporated by reference herein.
</FONT>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;8. Exhibits</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">Exhibit</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1">Description</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Penford Corporation 1994 Stock Option Plan (as amended as
of January&nbsp;8, 2002) (Incorporated by reference to Appendix A of
Penford Corporation&#146;s Proxy Statement
filed with the Commission on January&nbsp;18, 2002.
</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">5.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Opinion and Consent of Preston Gates &#038; Ellis LLP</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Consent of Preston Gates &#038; Ellis LLP (See Exhibit&nbsp;5.1)</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Consent of Ernst &#038; Young, LLP</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">24.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Power of Attorney (Included on the signature pages to
this Registration Statement on Form&nbsp;S-8)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2">SIGNATURE</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bellevue, State of Washington, on this 12th&nbsp;day of
&nbsp;July, 2002.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="50%"><FONT size="2">PENFORD CORPORATION</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="50%"><FONT size="2">/s/ Thomas D. Malkoski<BR>
<HR size="1" noshade>
Thomas D. Malkoski<BR>
Chief Executive Officer and Director</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">POWER OF ATTORNEY</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby severally constitutes and appoints Thomas D. Malkoski or
Jeffrey T. Cook his or her true lawful attorney-in-fact, with full power of
substitution, and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to the registration statement, and file the same,
with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorney-in-fact
full power and authority to do and perform each and every act and thing
requisite and necessary to be done as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact may lawfully do or cause to be done by virtue hereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="34%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="44%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">Signature</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="1">Title</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1">Dated</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;Thomas D.
Malkoski<HR size="1" noshade>
Thomas D. Malkoski</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chief Executive Officer (Principal<BR>
Executive Officer), Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June&nbsp;18, 2002</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;Jacqueline L.
Davidson<HR size="1" noshade>
Jacqueline L. Davidson</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Vice President, Finance (Chief<BR>
Accounting Officer)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June &nbsp;18, 2002</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;William G. Parzybok, Jr.<HR size="1" noshade>
William G. Parzybok, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chairman of the Board of Directors
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June&nbsp;18, 2002</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;Jeffrey T. Cook<HR size="1" noshade>
Jeffrey T. Cook</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
President and Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June&nbsp;18, 2002</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;Richard T. Crowder<HR size="1" noshade>
Richard T. Crowder</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June&nbsp;18, 2002</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;Paul H. Hatfield<HR size="1" noshade>
Paul H. Hatfield</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June&nbsp;18, 2002</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;John C. Hunter, III<HR size="1" noshade>
John C. Hunter, III</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June &nbsp;18, 2002</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;Sally G. Narodick<HR size="1" noshade>
Sally G. Narodick</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June&nbsp;18, 2002</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
        <TD valign="top"><FONT size="2">/s/&nbsp;&nbsp;James E. Warjone<HR size="1" noshade>
James E. Warjone</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">June&nbsp;18, 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "v82891sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 21293}]
{"company-data": {"conformed-name": "PENFORD CORP", "cik": "0000739608", "assigned-sic": "2040", "irs-number": "911221360", "state-of-incorporation": "WA", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-92356", "film-number": "02702234"}, "business-address": {"street1": "777 108TH N E STE 2390", "city": "BELLEVUE", "state": "WA", "zip": "98004-5193", "phone": "4254626000"}, "mail-address": {"street1": "777 108TH N E STE 2390", "city": "BELLEVUE", "state": "WA", "zip": "98009"}, "former-company": {"former-conformed-name": "PENWEST LTD", "date-changed": "19920703"}}
Penford Corporation Form S-8
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
PENFORD CORPORATION
(Exact name of registrant as specified in its charter)
Washington
(State or other jurisdiction
of incorporation or organization)
91-1221360
(IRS Employer
Identification No.)
777-108th Avenue N.E., Suite 2390,
Bellevue, Washington 98004-5193
(425) 462-6000
(Address of registrant's Principal Executive Offices)
Penford Corporation 1994 Stock Option Plan (as amended as of January 8, 2002)
(Full title of the plan)
Attention: Susan M. Iverson
777-108th Avenue N.E., Suite 2390,
Bellevue, Washington 98004-5193
(425) 462-6000
(Name and address of agent for service)
Copies of all communications to:
Richard B. Dodd
Kathleen A. Keizer
Preston Gates & Ellis LLP
701 Fifth Avenue, Suite 5000
Seattle, WA 98104
(206) 623-7580
Table of Contents
Title of each class
Proposed maximum
Proposed maximum
of securities to be
Amount to be
offering price per
aggregate offering
Amount of
registered
registered(1)
share(2)
price(2)
registration fee
Common stock
500,000
$17.175
$8,587,500
$790.05
(1)  Includes an indeterminate number of additional shares that may be issued to
adjust to the number of shares issued pursuant to the 1994 Stock Option Plan
described herein, as the result of any future stock split, stock dividend, or
similar adjustment of Penford Corporation's outstanding stock.
(2)  Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457(c) and 457(h) under the Securities Act of 1933 for shares
of common stock reserved under the Penford Corporation 1994 Stock Option Plan.
The price per share is estimated to be $17.175 based on the average of the high
($17.40) and the low ($16.95) sales prices for the common stock on
July 5,
2002, as reported on the Nasdaq National Market.
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 8. Exhibits
SIGNATURE
EXHIBIT 5.1
EXHIBIT 23.2
Table of Contents
Explanatory Statement
A total of 1,000,000 shares of common stock of Penford Corporation were
registered in connection with the Penford Corporation 1994 Stock Option Plan,
as amended (the "1994 Stock Plan") by two separate registration statements on
Form S-8 as follows: (a) 500,000 shares on April 25, 1995, file number
033-58799; and (b) 500,000 shares on March 17, 1997, file number 333-23433. In
August 1998, the options authorized for issuance under the 1994 Stock Plan were
automatically increased to an aggregate total of 1,450,838, pursuant to the
terms of the 1994 Stock Plan, to reflect the spin-off of Penford Corporation's
former subsidiary, Penwest Pharmaceuticals Co. No additional value was
transferred as a result of this adjustment. On February 25, 2002, the
shareholders of Penford Corporation approved an amendment to the 1994 Stock
Plan, authorizing an additional 500,000 shares of the Company's common stock to
be issuable under the 1994 Stock Plan. This Registration Statement is being
filed to register the 500,000 additional shares of common stock of Penford
Corporation that may be issued pursuant to the 1994 Stock Plan.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Pursuant to General Instruction E to Form S-8, the contents of the
Registration Statements on Form S-8 filed by Penford Corporation (formerly
known as Penwest, LTD.) under Registration Numbers 033-58799 and 333-23433,
with respect to securities offered pursuant to the 1994 Stock Plan are hereby
incorporated by reference herein.
Item 8. Exhibits
Exhibit
Description
4.1
—
Penford Corporation 1994 Stock Option Plan (as amended as
of January 8, 2002) (Incorporated by reference to Appendix A of
Penford Corporation's Proxy Statement
filed with the Commission on January 18, 2002.
5.1
—
Opinion and Consent of Preston Gates & Ellis LLP
23.1
—
Consent of Preston Gates & Ellis LLP (See Exhibit 5.1)
23.2
—
Consent of Ernst & Young, LLP
24.1
—
Power of Attorney (Included on the signature pages to
this Registration Statement on Form S-8)
Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bellevue, State of Washington, on this 12th day of
 July, 2002.
PENFORD CORPORATION
/s/ Thomas D. Malkoski
Thomas D. Malkoski
Chief Executive Officer and Director
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby severally constitutes and appoints Thomas D. Malkoski or
Jeffrey T. Cook his or her true lawful attorney-in-fact, with full power of
substitution, and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to the registration statement, and file the same,
with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorney-in-fact
full power and authority to do and perform each and every act and thing
requisite and necessary to be done as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Dated
/s/  Thomas D.
Malkoski
Thomas D. Malkoski
Chief Executive Officer (Principal
Executive Officer), Director
June 18, 2002
/s/  Jacqueline L.
Davidson
Jacqueline L. Davidson
Vice President, Finance (Chief
Accounting Officer)
June  18, 2002
/s/  William G. Parzybok, Jr.
William G. Parzybok, Jr.
Chairman of the Board of Directors
June 18, 2002
/s/  Jeffrey T. Cook
Jeffrey T. Cook
President and Director
June 18, 2002
/s/  Richard T. Crowder
Richard T. Crowder
Director
June 18, 2002
/s/  Paul H. Hatfield
Paul H. Hatfield
Director
June 18, 2002
/s/  John C. Hunter, III
John C. Hunter, III
Director
June  18, 2002
/s/  Sally G. Narodick
Sally G. Narodick
Director
June 18, 2002
/s/  James E. Warjone
James E. Warjone
Director
June 18, 2002