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


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<body lang=EN-US>

<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; October 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>

<div align="center">

<table class=MsoNormalTable border=0 cellpadding=0 width=600
 style='width:95%;margin-left:.9pt;border-collapse:collapse'>
 <tr>
  <td colspan=2 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:0;text-align:left;page-break-after:avoid;font-family:"Times New Roman";font-weight:normal;margin-top:0'>&nbsp;&nbsp;&nbsp;&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:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 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'>
  <p style='margin-bottom:0;font-family:"Times New Roman";text-align:center; margin-top:0'>20-1576986</p>
  </td>
 </tr>
 <tr>
  <td colspan=2 valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='font-family:"Times New Roman";margin-bottom:0; margin-top:0'>(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:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-family:"Times New Roman"; margin-top:0' align="center">(I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
 <tr>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&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:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&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:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&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:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&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:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <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'>
  <h1 style='margin-top:12.0pt;margin-bottom:3.0pt;font-family:"Times New Roman";font-weight:normal;margin-bottom:0; margin-top:0'>
	<font size="3">12200 North Ambassador Drive</font></h1>
  <h5 style='margin-bottom:0;page-break-after:avoid;font-family:"Times New Roman";font-weight:normal;margin-top:0'>
	<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:0;font-family:"Times New Roman";text-align:center; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 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'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center;margin-top:0'>&nbsp;</p>
  <p style='margin-bottom:0;font-family:"Times New Roman";text-align:center;margin-top:0'>64163</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td colspan=3 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='font-family:"Times New Roman";margin-bottom:0; margin-top:0'>(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:0;margin-bottom:12.0pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>&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-top:0;margin-bottom:12.0pt;text-align:center;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>(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:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in'>
	<p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&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="6">
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  <p style='margin-bottom:0;font-family:"Times New Roman";text-align:center; margin-top:0'>
	<u>&nbsp;&nbsp;&nbsp;&nbsp; (816) 713-8800&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="6">
  <p style='margin-top:0;margin-bottom:12.0pt;text-align:center;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>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:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0;margin-bottom:12.0pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>&nbsp;</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in'>
	<p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</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";'>&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>

<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>

<br clear=all
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 1 through 7 are not applicable and are
therefore omitted.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";font-weight:bold;'>&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 8.01&nbsp; Other Events.</b></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'><u>Distribution by National Beef Packing Company, LLC</u>.&nbsp; </p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>On October 27, 2010, the Board of Managers of
National Beef Packing Company, LLC (&#147;NBP&#148;) approved a $150.0 million cash
distribution (the &#147;NBP Distribution&#148;) to the members of NBP, including U.S.
Premium Beef, LLC (&#147;USPB&#148;).&nbsp; NBP intends to make the NBP Distribution on
or before December 1, 2010, and intends to utilize NBP&#146;s Credit Facility to
fund the NBP Distribution.&nbsp; As the owner of a 69.334% interest in NBP, USPB
expects to receive a total of $104,001,000 from NBP when the NBP Distribution
is made.&nbsp; </p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'><u>Redemption of 1999 Patronage Notices and Distribution by U.S. Premium
Beef, LLC</u>.&nbsp; </p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On October 28, 2010, the USPB Board of Directors met and
approved a number of resolutions related to and arising from the NBP Distribution.&nbsp;
From the proceeds to be received by USPB as part of the NBP Distribution (and
contingent upon USPB&#146;s receipt of its share of the NBP Distribution), the Board
of Directors authorized the redemption and cancellation of the USPB Patronage
Notices that arose from the patronage activities of USPB&#146;s predecessor, U.S.
Premium Beef, Ltd., in fiscal year 1999.&nbsp; (U.S. Premium Beef, Ltd., a Kansas
cooperative, merged with and into USPB, a Delaware limited liability company,
in 2004 and as part of that merger patronage equities previously issued by U.S.
Premium Beef, Ltd. became USPB &#147;Patronage Notices.&#148;)&nbsp; The redemption of the
1999 Patronage Notices at their face amount will result in the holders of those
Patronage Notices receiving an aggregate payment of approximately $6,551,523.&nbsp; The
timing of the redemption of the patronage notice is unknown.&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; After redemption and cancellation
of the Patronage Notices described in the preceding paragraph, the remaining
portion of USPB&#146;s share of the NBP Distribution will equal approximately $97,449,473.&nbsp; At the October 28, 2010 meeting, the USPB
Board of Directors approved the distribution of that aggregate amount to the
holders of USPB&#146;s Class A and Class B units as of October 28, 2010 (the &#147;USPB
Distribution&#148;); such USPB Distribution will be made from the proceeds to be
received by USPB as part of the NBP Distribution and is contingent upon USPB&#146;s
receipt of its share of the NBP Distribution.&nbsp; Under the terms of USPB&#146;s
amended and restated limited liability company agreement, the holders of Class
A units are entitled to receive, in the aggregate, 10% of amounts distributed.&nbsp;
Given that the USPB Distribution will total approximately $97,449,473, the
holders of Class A units will be entitled to receive an aggregate amount of
approximately $9,744,948.&nbsp; With a total of 735,385 Class A units outstanding,
each Class A unit can expect to receive a distribution of approximately $13.25
on a per unit basis.&nbsp; The holders of Class B units will be entitled to receive,
in the aggregate, 90% of the USPB Distribution, or approximately $87,704,525,
or approximately $116.11 per unit for each of the 755,385 Class B units
outstanding.&nbsp; The timing of the unitary distribution is unknown.&nbsp;&nbsp; While USPB
intends to provide its unitholders with additional information regarding the
tax treatment of the USPB Distribution at the time of such distribution, USPB
believes that the USPB Distribution will be tax-free for federal income tax
purposes.&nbsp; The USPB Distribution will, however, reduce each unitholder&#146;s basis
in his or her USPB units.&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>

<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>

<br clear=all
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";'><u>Trading Suspension</u>.&nbsp; </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>As
previously disclosed by USPB, its Class A and Class B units are traded through
AgStockTrade.com, an internet-based trading system operated by Variable
Investment Advisors, Inc.&nbsp;&nbsp; (See USPB Form 8-K dated March 22, 2010 and filed
with the Securities and Exchange Commission on March 26, 2010)&nbsp; In light of the
planned USPB Distribution, USPB has elected to suspend trading of its Class B
units on AgStockTrade.com from October 28, 2010 through and including November
2, 2010.&nbsp; (Trading in the Class A units will not be suspended during that time
period.)</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";'><u>USPB Communications</u>.&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";text-indent:.5in'>On October 29, 2010, U.S. Premium
Beef, LLC issued a letter to its unitholders and to parties authorized to trade
USPB units on AgStockTrade.com announcing the expected NBP Distribution, the
planned USPB Distribution and the suspension of trading of USPB&#146;s Class B units
from October 28, 2010 through and including November
2, 2010.&nbsp; A copy of the letter is attached as Exhibit 99.1.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><u>National Beef, Inc</u>.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.5in'>Previously, National Beef, Inc.
(&#147;NBI&#148;) filed a registration statement with the Securities and Exchange
Commission for a possible initial public offering.&nbsp; NBI planned to issue
shares to the public and use the proceeds to buy equity of NBP from the current
equityholders of NBP, including USPB.&nbsp; &nbsp;It is unclear at this time if
and when such any initial public offering might be pursued by NBI or what the
terms of the offering (including the use of proceeds) might be.&nbsp; If an
initial public offering were to be pursued by NBI, it is possible that some or
all of the proceeds of the offering might be used by NBI to purchase equity of
NBP and that NBP might use some or all of the funds it receives to reduce
indebtedness incurred to finance the NBP Distribution.</p>

<p style='margin-right:0in;margin-left:0in;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;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'>99.1&nbsp;&nbsp;&nbsp;&nbsp; U.S Premium Beef, LLC letter to Unitholders and parties
authorized to trade U.S. Premium Beef, LLC units on AgStockTrade.com dated
October 29, 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'>&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>

<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>

<br clear=all
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>

<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>
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			<td>

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

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			<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>
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			<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;&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;&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";'>&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";'>Dated:&nbsp; October 29, 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>
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[{"type": "8-K", "sequence": "1", "filename": "esuspb-8k.htm", "secsgml_size_bytes": 30032}]
{"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": "101149646"}, "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):  October 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 1 through 7 are not applicable and are
therefore omitted.
Item 8.01  Other Events.
Distribution by National Beef Packing Company, LLC
.
On October 27, 2010, the Board of Managers of
National Beef Packing Company, LLC ("NBP") approved a $150.0 million cash
distribution (the "NBP Distribution") to the members of NBP, including U.S.
Premium Beef, LLC ("USPB").  NBP intends to make the NBP Distribution on
or before December 1, 2010, and intends to utilize NBP's Credit Facility to
fund the NBP Distribution.  As the owner of a 69.334% interest in NBP, USPB
expects to receive a total of $104,001,000 from NBP when the NBP Distribution
is made.
Redemption of 1999 Patronage Notices and Distribution by U.S. Premium
Beef, LLC
.
On October 28, 2010, the USPB Board of Directors met and
approved a number of resolutions related to and arising from the NBP Distribution. 
From the proceeds to be received by USPB as part of the NBP Distribution (and
contingent upon USPB's receipt of its share of the NBP Distribution), the Board
of Directors authorized the redemption and cancellation of the USPB Patronage
Notices that arose from the patronage activities of USPB's predecessor, U.S.
Premium Beef, Ltd., in fiscal year 1999.  (U.S. Premium Beef, Ltd., a Kansas
cooperative, merged with and into USPB, a Delaware limited liability company,
in 2004 and as part of that merger patronage equities previously issued by U.S.
Premium Beef, Ltd. became USPB "Patronage Notices.")  The redemption of the
1999 Patronage Notices at their face amount will result in the holders of those
Patronage Notices receiving an aggregate payment of approximately $6,551,523.  The
timing of the redemption of the patronage notice is unknown.
After redemption and cancellation
of the Patronage Notices described in the preceding paragraph, the remaining
portion of USPB's share of the NBP Distribution will equal approximately $97,449,473.  At the October 28, 2010 meeting, the USPB
Board of Directors approved the distribution of that aggregate amount to the
holders of USPB's Class A and Class B units as of October 28, 2010 (the "USPB
Distribution"); such USPB Distribution will be made from the proceeds to be
received by USPB as part of the NBP Distribution and is contingent upon USPB's
receipt of its share of the NBP Distribution.  Under the terms of USPB's
amended and restated limited liability company agreement, the holders of Class
A units are entitled to receive, in the aggregate, 10% of amounts distributed. 
Given that the USPB Distribution will total approximately $97,449,473, the
holders of Class A units will be entitled to receive an aggregate amount of
approximately $9,744,948.  With a total of 735,385 Class A units outstanding,
each Class A unit can expect to receive a distribution of approximately $13.25
on a per unit basis.  The holders of Class B units will be entitled to receive,
in the aggregate, 90% of the USPB Distribution, or approximately $87,704,525,
or approximately $116.11 per unit for each of the 755,385 Class B units
outstanding.  The timing of the unitary distribution is unknown.   While USPB
intends to provide its unitholders with additional information regarding the
tax treatment of the USPB Distribution at the time of such distribution, USPB
believes that the USPB Distribution will be tax-free for federal income tax
purposes.  The USPB Distribution will, however, reduce each unitholder's basis
in his or her USPB units.
Trading Suspension
.
As
previously disclosed by USPB, its Class A and Class B units are traded through
AgStockTrade.com, an internet-based trading system operated by Variable
Investment Advisors, Inc.   (See USPB Form 8-K dated March 22, 2010 and filed
with the Securities and Exchange Commission on March 26, 2010)  In light of the
planned USPB Distribution, USPB has elected to suspend trading of its Class B
units on AgStockTrade.com from October 28, 2010 through and including November
2, 2010.  (Trading in the Class A units will not be suspended during that time
period.)
USPB Communications
.
On October 29, 2010, U.S. Premium
Beef, LLC issued a letter to its unitholders and to parties authorized to trade
USPB units on AgStockTrade.com announcing the expected NBP Distribution, the
planned USPB Distribution and the suspension of trading of USPB's Class B units
from October 28, 2010 through and including November
2, 2010.  A copy of the letter is attached as Exhibit 99.1.
National Beef, Inc
.
Previously, National Beef, Inc.
("NBI") filed a registration statement with the Securities and Exchange
Commission for a possible initial public offering.  NBI planned to issue
shares to the public and use the proceeds to buy equity of NBP from the current
equityholders of NBP, including USPB.   It is unclear at this time if
and when such any initial public offering might be pursued by NBI or what the
terms of the offering (including the use of proceeds) might be.  If an
initial public offering were to be pursued by NBI, it is possible that some or
all of the proceeds of the offering might be used by NBI to purchase equity of
NBP and that NBP might use some or all of the funds it receives to reduce
indebtedness incurred to finance the NBP Distribution.
Item 9.01. 
Financial Statements and Exhibits.
(d)        Exhibits. 
The following exhibits are filed pursuant to Item 9.01.
99.1     U.S Premium Beef, LLC letter to Unitholders and parties
authorized to trade U.S. Premium Beef, LLC units on AgStockTrade.com dated
October 29, 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 29, 2010