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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'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>FORM
8-K</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-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; March 22, 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:0;text-align:left;page-break-after:avoid;font-size:11.0pt;font-family:"Times New Roman";font-weight:normal;margin-top:0'>&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=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'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>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: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=3 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-size:12.0pt;font-family:"Times New Roman"; margin-top:0' align="center">(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: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=3 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=3 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=3 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=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:0; margin-top:0'>12200 North Ambassador Drive</h1>
  <h5 style='margin-bottom:0;page-break-after:avoid;font-size:11.0pt;font-family:"Times New Roman";font-weight:normal;margin-top:0'>Kansas City, Missouri&nbsp;&nbsp; </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-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>&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'>
  <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-size:12.0pt;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=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: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=3 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'>(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=6 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="8">
  <p style='margin-bottom:0;font-size:12.0pt;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="8">
  <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'>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=6 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>
 <tr height=0>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></td>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></td>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></td>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></td>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></td>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></td>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></td>
  <td style='border:none'>
	<p style="margin-top: 0; margin-bottom: 0"></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";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&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 1, 2 and 4 through 7 are not applicable
and 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>Item 3.03.&nbsp; Material Modification to Rights of Security
Holders.</b>&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'>The U.S. Premium Beef, LLC (&#147;USPB&#148;)
Board of Directors has approved a number of changes to the USPB Amended and
Restated Limited Liability Company Agreement (the &#147;LLC Agreement&#148;) which are to
become effective as of the close of business on March 27, 2010.&nbsp; The changes
were adopted pursuant to provisions of the LLC Agreement which allow the USPB
Board to adopt certain amendments by resolution, without the necessity of
approval from the USPB members.&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'>The first modification approved by
the USPB Board of Directors is an amendment of Section 3.2(b) of the LLC
Agreement.&nbsp; Prior to the amendment, Section 3.2(b) provided that USPB&#146;s Class A
Units and Class B Units were &#147;linked&#148; together&#151;that is, a Class A Unit or a
Class B Unit could only be issued, redeemed or transferred if a unit of the
other class were also issued, redeemed or transferred.&nbsp; Following the close of
business on March 27, 2010, it will be possible for a unit of either class to
be transferred, issued or redeemed <u>without</u>&nbsp; a concurrent transfer,
issuance or redemption of a unit of the other class.&nbsp; A copy of Section 3.2(b)
as amended by resolution of the Board of Directors is attached as Exhibit 3.1
to this report on Form 8-K.&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'>In connection with the amendment of
Section 3.2(b) of the LLC Agreement, USPB has also made arrangements for Class
A and Class B Units to be traded through an internet-based system to be
operated by Variable Investment Advisors, Inc., (a South Dakota firm), under
the name AgStockTrade.com. &nbsp;The system is intended to provide a convenient and
efficient way for buyers and sellers of USPB Class A Units and Class B Units to
conduct transactions.&nbsp; The trading values for such Units will be determined by
the interplay between interested sellers of Class A or Class B Units and
parties interested in buying such Class A or Class B Units.&nbsp; Implementation of
the system for transactions involving Class A and Class B Units is expected to
occur on March 29, 2010.&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";'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman"; text-indent:0.5in; margin-left:0in; margin-right:0in; margin-top:0in'>In
addition to adopting the amendment to Section 3.2(b) of the LLC Agreement
described above, the Board of Directors has also adopted an amended &#147;Unit
Transfer Policy&#148; as Appendix C to the LLC Agreement.&nbsp; In addition to a variety
of changes reflecting the &#147;de-linking&#148; of the Class A Units and the Class B
Units, the amended Unit Transfer Policy contains a revised Section 3.4
governing allocations and distributions with respect to units that have been
transferred.&nbsp; Prior to the amendment, USPB&#146;s Unit Transfer Policy provided that
allocations of Profit, Loss and other tax attributes and distributions with
respect to units that had been transferred would be treated as if the transfer
in question had occurred at the beginning of the quarter during which the unit
transfer occurred.&nbsp; Under the amended Unit Transfer Policy, allocations of
Profit and Loss for a particular financial period will be divided between the
transferor and the transferee based on the date a unit transfer is approved by
the USPB Board of Directors.&nbsp; Distributions occurring or deemed to occur before
the date of a units transfer will be made to the transferor of the units in
question and all distributions on or after the date of a unit transfer will be
made to the transferee, except that distributions indentified by the Board of
Directors as being &#147;tax distributions&#148; will be divided between the transferor
and the transferee in proportion to the number of days during the applicable
tax period that the transferor and the transferee, respectively, held the units
in question.&nbsp; A copy of the amended Unit Transfer Policy is attached as Exhibit
3.2 to this report on Form 8-K.</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'>

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</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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<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-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 March 22, 2010, U.S. Premium Beef, LLC issued a letter to
its unitholders announcing that, effective as of the close of business on March
27, 2010, Class A Units and Class B Units will be &#147;de-linked,&#148; allowing
transfers of each class of units without a concurrent transfer of a unit of the
other Class.&nbsp; (The Company&#146;s units have been &#147;linked&#148; since the Company
converted from a cooperative into a limited liability company in 2004.)&nbsp; The
letter also describes the internet-based trading system, to be operated by
Variable Investment Advisors, Inc. under the name of AgStockTrade.com, through
which transactions involving Class A and Class B Units may be effected
following the March 27, 2010 &#147;de-linking&#148; of the two classes of units.&nbsp; A copy
of the letter is attached as Exhibit 99.1. </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>

<table border="0" style="border-collapse: collapse" width="100%" id="table2">
	<tr>
		<td valign="top">(d)</td>
		<td valign="top">

Exhibits.</td>
		<td valign="top">

<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'>The following exhibits are filed pursuant to Item 9.01.</p>

		</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">

3.1</td>
		<td valign="top">

<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'>Amended
Section 3.2(b) of U.S. Premium Beef, LLC Amended and Restated Limited Liability
Company Agreement.</p>

		</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">

3.2

		</td>
		<td valign="top">

<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'>Amended
Unit Transfer Policy of U.S. Premium Beef, LLC.</p>

		</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">

99.1</td>
		<td valign="top">

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-bottom:.0001pt'>Letter to U.S. Premium Beef,
LLC unitholders dated March 22, 2010.</p>

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

<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" cellpadding="0">
		<tr>
			<td>
			<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="1058">

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

			</td>
		</tr>
		<tr>
			<td>
			<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="1058">

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

			</td>
		</tr>
		<tr>
			<td>
			<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="1058">

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

			</td>
		</tr>
		<tr>
			<td>
			<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="1058">

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

			</td>
		</tr>
		<tr>
			<td>
			<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
			<td width="1058">

<p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&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; March 26, 2010</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:10.0pt;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>

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

</div>

</body>

</html>
[{"type": "8-K", "sequence": "1", "filename": "esuspb8k.htm", "secsgml_size_bytes": 27946}]
{"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": "10706356"}, "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):  March 22, 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, 2 and 4 through 7 are not applicable
and therefore omitted.
Item 3.03.  Material Modification to Rights of Security
Holders.
The U.S. Premium Beef, LLC ("USPB")
Board of Directors has approved a number of changes to the USPB Amended and
Restated Limited Liability Company Agreement (the "LLC Agreement") which are to
become effective as of the close of business on March 27, 2010.  The changes
were adopted pursuant to provisions of the LLC Agreement which allow the USPB
Board to adopt certain amendments by resolution, without the necessity of
approval from the USPB members.
The first modification approved by
the USPB Board of Directors is an amendment of Section 3.2(b) of the LLC
Agreement.  Prior to the amendment, Section 3.2(b) provided that USPB's Class A
Units and Class B Units were "linked" together—that is, a Class A Unit or a
Class B Unit could only be issued, redeemed or transferred if a unit of the
other class were also issued, redeemed or transferred.  Following the close of
business on March 27, 2010, it will be possible for a unit of either class to
be transferred, issued or redeemed
without
a concurrent transfer,
issuance or redemption of a unit of the other class.  A copy of Section 3.2(b)
as amended by resolution of the Board of Directors is attached as Exhibit 3.1
to this report on Form 8-K.
In connection with the amendment of
Section 3.2(b) of the LLC Agreement, USPB has also made arrangements for Class
A and Class B Units to be traded through an internet-based system to be
operated by Variable Investment Advisors, Inc., (a South Dakota firm), under
the name AgStockTrade.com.  The system is intended to provide a convenient and
efficient way for buyers and sellers of USPB Class A Units and Class B Units to
conduct transactions.  The trading values for such Units will be determined by
the interplay between interested sellers of Class A or Class B Units and
parties interested in buying such Class A or Class B Units.  Implementation of
the system for transactions involving Class A and Class B Units is expected to
occur on March 29, 2010.
In
addition to adopting the amendment to Section 3.2(b) of the LLC Agreement
described above, the Board of Directors has also adopted an amended "Unit
Transfer Policy" as Appendix C to the LLC Agreement.  In addition to a variety
of changes reflecting the "de-linking" of the Class A Units and the Class B
Units, the amended Unit Transfer Policy contains a revised Section 3.4
governing allocations and distributions with respect to units that have been
transferred.  Prior to the amendment, USPB's Unit Transfer Policy provided that
allocations of Profit, Loss and other tax attributes and distributions with
respect to units that had been transferred would be treated as if the transfer
in question had occurred at the beginning of the quarter during which the unit
transfer occurred.  Under the amended Unit Transfer Policy, allocations of
Profit and Loss for a particular financial period will be divided between the
transferor and the transferee based on the date a unit transfer is approved by
the USPB Board of Directors.  Distributions occurring or deemed to occur before
the date of a units transfer will be made to the transferor of the units in
question and all distributions on or after the date of a unit transfer will be
made to the transferee, except that distributions indentified by the Board of
Directors as being "tax distributions" will be divided between the transferor
and the transferee in proportion to the number of days during the applicable
tax period that the transferor and the transferee, respectively, held the units
in question.  A copy of the amended Unit Transfer Policy is attached as Exhibit
3.2 to this report on Form 8-K.
Item 8.01.  Other Events.
On March 22, 2010, U.S. Premium Beef, LLC issued a letter to
its unitholders announcing that, effective as of the close of business on March
27, 2010, Class A Units and Class B Units will be "de-linked," allowing
transfers of each class of units without a concurrent transfer of a unit of the
other Class.  (The Company's units have been "linked" since the Company
converted from a cooperative into a limited liability company in 2004.)  The
letter also describes the internet-based trading system, to be operated by
Variable Investment Advisors, Inc. under the name of AgStockTrade.com, through
which transactions involving Class A and Class B Units may be effected
following the March 27, 2010 "de-linking" of the two classes of units.  A copy
of the letter is attached as Exhibit 99.1.
Item 9.01. 
Financial Statements and Exhibits.
(d)
Exhibits.
The following exhibits are filed pursuant to Item 9.01.
3.1
Amended
Section 3.2(b) of U.S. Premium Beef, LLC Amended and Restated Limited Liability
Company Agreement.
3.2
Amended
Unit Transfer Policy of U.S. Premium Beef, LLC.
99.1
Letter to U.S. Premium Beef,
LLC unitholders dated March 22, 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:  March 26, 2010