Ntoe 15 - Subsequent Events

3 Months Ended

Aug. 28, 2011

Subsequent Events [Text Block]

15.  Subsequent Events

On September 9, 2011, Monsanto informed the Company that it intends to allow the co-exclusive technology license agreement between Landec and Monsanto to expire in accordance with its terms on December 1, 2011 and therefore, Monsanto is not going to exercise its purchase option.  As a result, Monsanto will pay Landec Ag a $4 million termination fee on or prior to December 1, 2011 and all rights to the Intellicoatseed coating technology will revert to Landec.

From September 22, 2011 through October 4, 2011, the Company purchased 633,768 shares of its Common Stock on the open market at a total cost of $3.5 million.