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<title>USPB Form 8-K</title>


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<div style='page:Section1;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>UNITED STATES</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>SECURITIES AND
EXCHANGE COMMISSION</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>Washington, D.C.
20549</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>
<b>FORM
8-K</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>CURRENT REPORT</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>PURSUANT TO SECTION
13 OR 15(d) OF</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>THE SECURITIES
EXCHANGE ACT OF 1934</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>Date of Report (date
of earliest event reported):&nbsp; September 28, 2010</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><u>U.S. PREMIUM
BEEF, LLC</u></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>(Exact name of
Registrant as specified in its charter)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>

  <h4 style='margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:11.0pt;font-family:"Times New Roman";font-weight:normal;text-decoration:underline;'><font style="font-size: 12.0pt">Delaware</font></h4>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>(State
  or other jurisdiction of incorporation)</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0 width=600
 style='width:100%;margin-left:.9pt;border-collapse:collapse'>
 <tr>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <h4 style='margin-bottom:.0001pt;page-break-after:avoid;font-family:"Times New Roman";font-weight:normal;margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333-115164</h4>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in'>20-1576986</p>
  </td>
 </tr>
 <tr>
  <td colspan=3 valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-top:0in'>(Commission File Number)</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>(I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
 <tr>
  <td colspan=3 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td colspan=3 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td colspan=4 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <h1 style='margin-top:12.0pt;margin-bottom:3.0pt;font-size:12.0pt;font-family:"Times New Roman";font-weight:normal;margin-bottom:.0001pt; margin-top:0in'>12200 North Ambassador Drive</h1>
  <h5 style='margin-bottom:.0001pt;page-break-after:avoid;font-family:"Times New Roman";font-weight:normal;margin-top:0in'>
	<font size="3">Kansas City, Missouri&nbsp;&nbsp; </font> </h5>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in'>64163</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td colspan=4 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='font-size:12.0pt;font-family:"Times New Roman";margin-bottom:.0001pt; margin-top:0in'>(Address of principal executive
  offices)</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-top:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>(Zip Code)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=6 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in'>
	<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</td>
 </tr>
 <tr style='page-break-inside:avoid;height:.25in'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' colspan="8">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in' align="center">
	<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (816) 713-8800&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</u></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:8.1pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' colspan="8">
  <p style='margin-top:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt' align="center">Registrant&#146;s
  telephone, number, including area code</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=6 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in'>
	<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0in'>&nbsp;</td>
 </tr>
 <tr height=0>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 (<i>see</i> General
Instruction A.2. below):</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";'>&#9633;&nbsp; Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:.5in'>&#9633;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:.5in'>&#9633;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240-14d-2(b))</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:.5in'>&#9633;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

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style='page-break-before:always'>


<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>Items under Sections 2 through 4 and 6 through 8 are not
applicable and are therefore omitted.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'><b>Item 1.01.&nbsp; Entry into a Material Definitive Agreement.</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On September 28, 2010, U.S. Premium Beef, LLC
(&#147;USPB&#148;) adopted the USPB Phantom Unit Bonus Compensation Policy (the &#147;Phantom
Unit Policy&#148;).&nbsp; A copy of the Phantom Unit Policy is attached hereto as Exhibit
10.01.&nbsp;&nbsp; The Phantom Unit Policy provides for the award of unit appreciation
rights to certain employees of USPB.&nbsp; USPB&#146;s Chief Executive Officer, Steven D.
Hunt (the &#147;CEO&#148;), shall administer the Phantom Unit Policy and award &#147;Phantom
Units&#148; (Class A and Class B Units) to employees in amounts determined by the
CEO, subject to the total Phantom Unit amount approved by the Board of
Directors of USPB.&nbsp; </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:12.0pt;text-indent:.5in'>Under the
terms of the Phantom Unit Policy, each Phantom Unit award shall vest at the
rate of one-fifth of the award for each full fiscal year of employment that the
employee completes after the award is made, provided that the Board of
Directors may approve a different vesting schedule at the time of the award.&nbsp;
After an employee&#146;s award of Phantom Units is fully vested, the employee may
exercise up to one-fifth of the employee&#146;s fully vested Phantom Units in a
fiscal year, and up to one-fifth of the original award in any subsequent fiscal
year.&nbsp; The Phantom Unit Policy also sets forth certain rights with respect to
the Phantom Units in connection with the termination of an employee or
liquidation of all or substantially all of the assets of USPB.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Phantom Unit constitutes a unit
appreciation right under which the employee is entitled, on exercise, to
payment of the difference between the Market Price and the Strike Price of a
Phantom Unit.&nbsp; The &#147;Market Price&#148; is the weighted average price for the
immediately preceding fiscal year of the non-conditional unit transaction
prices of corresponding USPB Class A Units and Class B Units by Unitholders of
USPB to unaffiliated third parties.&nbsp; The &#147;Strike Price&#148; is the greater of the
Market Price of the Phantom Units for the fiscal year prior to award of the
Phantom Units or the fair market value of the Phantom Units on the date of the
award using a reasonable valuation method.&nbsp; The Phantom Unit rights include
anti-dilution rights in the event of certain actions by USPB.&nbsp; </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>&nbsp;</b></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'><b>Item 5.02.&nbsp; Compensatory Arrangements of Certain Officers.</b></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";'>On September 28, 2010, USPB and its CEO, entered into a &#147;First
Amendment to CEO Employment Agreement between U.S. Premium Beef, LLC and Steven
D. Hunt, Employment Years 2010-2015&#148; (the &#147;First Amendment&#148;).&nbsp; (A copy of that&nbsp;
First Amendment is attached hereto as Exhibit 10.2.)&nbsp; Under the terms of the
First Amendment, the CEO&#146;s existing grant of 20,000 phantom unit rights to
Phantom Class A Units of USPB and options to buy 20,000 Class A Units of USPB,
both with an exercise price of $55 per unit, were cancelled and replaced by a
new grant of 20,000 phantom unit rights to Phantom Class A Units of USPB and
options to buy 20,000 Class A Units of USPB, also with an exercise or purchase
price of $55 per unit.&nbsp; The $55 exercise or purchase price is an amount no
greater than the fair market value of a Class A Unit as of the date of the First
Amendment, as determined under the regulations adopted pursuant to Section 409A
of the Internal Revenue Code. </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

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<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";'>The First Amendment established and clarified the CEO&#146;s rights
with respect to exercise of the phantom unit rights and options to purchase
Class A units and the procedures required and times at which the CEO may
exercise such rights.&nbsp; The First Amendment also established and clarified the
CEO&#146;s rights with respect to the phantom unit rights under the CEO Employment
Agreement, as amended, upon the occurrence of certain events that would dilute
the CEO&#146;s phantom unit rights.&nbsp; In particular, if an action of USPB results in
a cash distribution to USPB&#146;s Class A Unitholders, on a per unit basis, in a
total amount greater than the product of USPB&#146;s taxable income multiplied by
the applicable maximum tax rates, as determined in accordance with the First
Amendment, the CEO shall receive a payment equal to the difference between
USPB&#146;s total distributions per Class A Unit and the maximum tax rate
distribution per Class A Unit, multiplied by the CEO&#146;s available Class A
Phantom units.&nbsp; Such compensatory amount shall be paid to the CEO within 75
days after USPB&#146;s taxable income for the appropriate tax year is determined,
but in no event later than March 15 of the calendar year after the calendar
year in which the &#147;distribution dilution&#148; occurs.&nbsp; In addition, the First
Amendment provides for adjustment of the number of the CEO&#146;s Phantom Class A
Units in the event of dilution of the proportionate ownership of USPB
represented by the CEO&#146;s Phantom Class A Units and associated rights under the
CEO Employment Agreement, as amended.&nbsp; Any such adjustment shall be made in
accordance with the rules and regulations adopted pursuant Section 409A of the
Internal Revenue Code.&nbsp; </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";'>USPB adopted the Phantom Unit Policy on September 28, 2010, as
described above in Item 1.01, which includes the named executive officers
(other than the CEO) of USPB.&nbsp; </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";text-indent:0in;page-break-after:avoid'><b>Item 9.01.&nbsp;
Financial Statements and Exhibits.</b></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";text-indent:0in;page-break-after:avoid'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.&nbsp;
The following exhibits are filed pursuant to Item 9.01.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-.5in;page-break-after:
avoid'>10.01&nbsp;&nbsp; USPB Phantom Unit Bonus Compensation Policy dated September 28,
2010</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";margin-left:1.0in;text-indent:-.5in;page-break-after:
avoid'>10.02&nbsp;&nbsp; First Amendment to CEO Employment Agreement between U.S. Premium
Beef, LLC and Steven D. Hunt dated September 28, 2010.</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'><b>SIGNATURE</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;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.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<div align="right">
	<table border="0" style="border-collapse: collapse" width="50%" id="table1">
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'><b>U.S. PREMIUM BEEF, LLC</b></p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-right:0in; margin-top:0in'>&nbsp;</p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-right:0in; margin-top:0in'>By:&nbsp;
<u>/s/ Steven D. Hunt</u>_______</p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven
D. Hunt,</p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman"; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
Executive Officer</p>

			</td>
		</tr>
	</table>
</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>Dated:&nbsp; October 4, 2010</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";line-height:12.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

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</html>
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{"company-data": {"conformed-name": "U. S. Premium Beef, LLC", "cik": "0001289237", "assigned-sic": "0200", "irs-number": "201576986", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-115164", "film-number": "101105138"}, "business-address": {"street1": "12200 NORTH AMBASSADOR DRIVE, SUITE 501", "city": "KANSAS CITY", "state": "MO", "zip": "64163", "phone": "816-713-8800"}, "mail-address": {"street1": "12200 NORTH AMBASSADOR DRIVE, SUITE 501", "city": "KANSAS CITY", "state": "MO", "zip": "64163"}, "former-company": {"former-conformed-name": "U. S. Premium Beef, Inc.", "date-changed": "20040504"}}
USPB Form 8-K
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 (date
of earliest event reported):  September 28, 2010
U.S. PREMIUM
BEEF, LLC
(Exact name of
Registrant as specified in its charter)
Delaware
(State
  or other jurisdiction of incorporation)
333-115164
20-1576986
(Commission File Number)
(I.R.S. Employer Identification No.)
12200 North Ambassador Drive
Kansas City, Missouri
64163
(Address of principal executive
  offices)
(Zip Code)
(816) 713-8800
Registrant's
  telephone, number, including area code
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 (
see
General
Instruction A.2. below):
□  Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
□ 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□ 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240-14d-2(b))
□ 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Items under Sections 2 through 4 and 6 through 8 are not
applicable and are therefore omitted.
Item 1.01.  Entry into a Material Definitive Agreement.
On September 28, 2010, U.S. Premium Beef, LLC
("USPB") adopted the USPB Phantom Unit Bonus Compensation Policy (the "Phantom
Unit Policy").  A copy of the Phantom Unit Policy is attached hereto as Exhibit
10.01.   The Phantom Unit Policy provides for the award of unit appreciation
rights to certain employees of USPB.  USPB's Chief Executive Officer, Steven D.
Hunt (the "CEO"), shall administer the Phantom Unit Policy and award "Phantom
Units" (Class A and Class B Units) to employees in amounts determined by the
CEO, subject to the total Phantom Unit amount approved by the Board of
Directors of USPB.
Under the
terms of the Phantom Unit Policy, each Phantom Unit award shall vest at the
rate of one-fifth of the award for each full fiscal year of employment that the
employee completes after the award is made, provided that the Board of
Directors may approve a different vesting schedule at the time of the award. 
After an employee's award of Phantom Units is fully vested, the employee may
exercise up to one-fifth of the employee's fully vested Phantom Units in a
fiscal year, and up to one-fifth of the original award in any subsequent fiscal
year.  The Phantom Unit Policy also sets forth certain rights with respect to
the Phantom Units in connection with the termination of an employee or
liquidation of all or substantially all of the assets of USPB.
Each Phantom Unit constitutes a unit
appreciation right under which the employee is entitled, on exercise, to
payment of the difference between the Market Price and the Strike Price of a
Phantom Unit.  The "Market Price" is the weighted average price for the
immediately preceding fiscal year of the non-conditional unit transaction
prices of corresponding USPB Class A Units and Class B Units by Unitholders of
USPB to unaffiliated third parties.  The "Strike Price" is the greater of the
Market Price of the Phantom Units for the fiscal year prior to award of the
Phantom Units or the fair market value of the Phantom Units on the date of the
award using a reasonable valuation method.  The Phantom Unit rights include
anti-dilution rights in the event of certain actions by USPB.
Item 5.02.  Compensatory Arrangements of Certain Officers.
On September 28, 2010, USPB and its CEO, entered into a "First
Amendment to CEO Employment Agreement between U.S. Premium Beef, LLC and Steven
D. Hunt, Employment Years 2010-2015" (the "First Amendment").  (A copy of that 
First Amendment is attached hereto as Exhibit 10.2.)  Under the terms of the
First Amendment, the CEO's existing grant of 20,000 phantom unit rights to
Phantom Class A Units of USPB and options to buy 20,000 Class A Units of USPB,
both with an exercise price of $55 per unit, were cancelled and replaced by a
new grant of 20,000 phantom unit rights to Phantom Class A Units of USPB and
options to buy 20,000 Class A Units of USPB, also with an exercise or purchase
price of $55 per unit.  The $55 exercise or purchase price is an amount no
greater than the fair market value of a Class A Unit as of the date of the First
Amendment, as determined under the regulations adopted pursuant to Section 409A
of the Internal Revenue Code.
The First Amendment established and clarified the CEO's rights
with respect to exercise of the phantom unit rights and options to purchase
Class A units and the procedures required and times at which the CEO may
exercise such rights.  The First Amendment also established and clarified the
CEO's rights with respect to the phantom unit rights under the CEO Employment
Agreement, as amended, upon the occurrence of certain events that would dilute
the CEO's phantom unit rights.  In particular, if an action of USPB results in
a cash distribution to USPB's Class A Unitholders, on a per unit basis, in a
total amount greater than the product of USPB's taxable income multiplied by
the applicable maximum tax rates, as determined in accordance with the First
Amendment, the CEO shall receive a payment equal to the difference between
USPB's total distributions per Class A Unit and the maximum tax rate
distribution per Class A Unit, multiplied by the CEO's available Class A
Phantom units.  Such compensatory amount shall be paid to the CEO within 75
days after USPB's taxable income for the appropriate tax year is determined,
but in no event later than March 15 of the calendar year after the calendar
year in which the "distribution dilution" occurs.  In addition, the First
Amendment provides for adjustment of the number of the CEO's Phantom Class A
Units in the event of dilution of the proportionate ownership of USPB
represented by the CEO's Phantom Class A Units and associated rights under the
CEO Employment Agreement, as amended.  Any such adjustment shall be made in
accordance with the rules and regulations adopted pursuant Section 409A of the
Internal Revenue Code.
USPB adopted the Phantom Unit Policy on September 28, 2010, as
described above in Item 1.01, which includes the named executive officers
(other than the CEO) of USPB.
Item 9.01. 
Financial Statements and Exhibits.
(d)        Exhibits. 
The following exhibits are filed pursuant to Item 9.01.
10.01   USPB Phantom Unit Bonus Compensation Policy dated September 28,
2010
10.02   First Amendment to CEO Employment Agreement between U.S. Premium
Beef, LLC and Steven D. Hunt dated September 28, 2010.
SIGNATURE
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.
U.S. PREMIUM BEEF, LLC
By:
/s/ Steven D. Hunt
_______
Steven
D. Hunt,
Chief
Executive Officer
Dated:  October 4, 2010