X0306 4 2014-10-30 0000739608 PENFORD CORP PENX 0001336753 Kortemeyer Timothy Michael C/O PENFORD CORPORATION 7094 S. REVERE PARKWAY CENTENNIAL CO 80112-3932 1 VP/Gen Mgr-Pen. Prod.Co Common Stock 2014-10-30 4 M 0 4000.0000 16.3400 A 31670.0000 D Common Stock 2014-10-30 4 F 0 3651.0000 18.8000 D 28019.0000 D Common Stock 299.7181 I 401(k) plan NQ Stock Option (Right to Buy) 16.3400 2014-10-30 4 M 0 4000.0000 0.0000 D 2005-11-03 2014-11-03 Common Stock 4000.0000 0.0000 D Stock option was exercised in light of approaching expiration date. Mr. Kortemeyer increased his stock ownership from 27,670 shares to 28,019 shares in connection with the option exercise. As part of the option exercise, shares were withheld to satisfy the option exercise price and the minimum tax withholding obligations. Estimate of shares held within the 401(k) plan on the reporting person's behalf based on the 401(k) Penford stock fund balance divided by the stock closing price on August 31, 2014. It should be noted that the 401(k) Penford stock fund generally contains some cash and therefore is not fully invested in Penford stock. The option becomes exercisable in four equal installments beginning on the first anniversary from date of grant; the first anniversary date is indicated above as the Date Exercisable. Margaret Von der Schmidt as Attorney-in-Fact 2014-11-03