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<title>USPB Form 8K</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; June 2, 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.</u></b><b><u> 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=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;&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-size:12.0pt;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-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=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-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=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-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-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'>
  &nbsp;</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-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=3 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=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-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=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>
 </table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  <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-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>
	<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (816) 713-8800&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</u></p>
  <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>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;<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: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";text-align:justify;text-autospace:none'><b>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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";text-align:justify;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>(a) On June
4, 2010, U.S. Premium Beef, LLC&#146;s majority owned subsidiary, National Beef
Packing Company, LLC (&#147;National&#148;), and National&#146;s subsidiaries, National Beef
California, LP and National Carriers, Inc., entered into an Amended and
Restated Credit Agreement with Co&#246;peratieve Centrale Raiffeisen Boerenleenbank
B.A., &#147;Rabobank Nederland,&#148; New York Branch, U.S. Bank National Association,
Bank of America, N.A., BMO Capital Markets Financing, Inc., Cobank, ACB and
various other lenders (the &#147;Credit Facility&#148;).&nbsp; The Credit Facility amends and
restates the Sixth Amended and Restated Credit Agreement dated as of
July&nbsp;25, 2007 filed as Exhibit&nbsp;10.1 to National&#146;s Current Report on
Form&nbsp;8-K filed on July&nbsp;31, 2007.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>The Credit
Facility provides for (i) a series of term loans not to exceed $375 million in
the aggregate, payable in quarterly installments based upon a ten-year level
amortization with the remaining aggregate outstanding principal balance
maturing in May 2015, and (ii) a $250 million revolving line of credit loan
that matures in May 2015 and is subject to certain borrowing base limitations.&nbsp;
Funds available under the Credit Facility may be used for working capital
needs, capital expenditures and other general corporate purposes. </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>Borrowings
under the Credit Facility bear interest at LIBOR or the Base Rate (the higher
of (i) 1.5% greater than the higher of the one week or one month LIBOR rate,
(ii) the prime rate, or (iii) the federal funds rate plus 0.5%), plus the
applicable margin.&nbsp; The applicable margin for &#147;LIBOR Rate&#148; advances will range
between 2.25% and 3.25%, depending on National&#146;s funded debt to EBITDA ratio.&nbsp;
The applicable margin for &#147;Base Rate&#148; advances will range between 1.25% and
2.25%, depending on National&#146;s funded debt to EBITDA ratio.&nbsp; The Credit
Facility is secured by a first priority lien on substantially all of the assets
of National and its subsidiaries. &nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>The Credit
Facility contain representations, warranties, covenants and events of default
customary for financings of this type, including, without limitation, covenants
restricting National&#146;s ability to incur additional debt, incur liens, merge or
consolidate with other companies, sell or dispose of its assets, liquidate or
dissolve, make investments, loans, advances, guarantees and acquisitions, and
make certain equity distributions.&nbsp; In addition, the Credit Facility requires
National to meet the following financial covenants: (i) an Adjusted Net Worth
of at least $275 million as of the end of each fiscal year; (ii) a Funded Debt
to EBITDA Ratio of not more than 3.25 to 1.00 as of the end of each fiscal
quarter; and (iii) a Fixed Charge Coverage Ratio of at least 1.05 to 1.00 as of
the end of each fiscal quarter.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>In the event
of a default by National or its subsidiaries under the Credit Facility, the
Administrative Agent may, or at the direction of the requisite lenders shall,
terminate the Credit Facility and declare the loans then outstanding, together
with any accrued interest thereon and all fees and other obligations of
National and its subsidiaries under the Credit Facility, to be due and payable
immediately. </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&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";text-align:justify;text-autospace:none'>The foregoing
is a summary of the terms of the Credit Facility. </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>(b)&nbsp; On June
2, 2010, National entered into a Unit Redemption Agreement with TKK
Investments, LLC and TMKCo, LLC (collectively, the &#147;Klein Entities&#148;) to redeem
certain Class B units representing membership interests in National owned by
the Klein Entities. The Klein Entities are owned or controlled by National&#146;s
president and chief executive officer, Timothy M. Klein.&nbsp; Pursuant to the Unit
Redemption Agreement, National will redeem 82,315.5 Class B Units from each of
the Klein Entities through the payment of $4 million to each Klein Entity.&nbsp;
This summary of the Unit Redemption Agreement is qualified in its entirety by
reference to the full text of the Unit Redemption Agreement, which is attached
hereto as Exhibit 10.1, and is incorporated herein by reference.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>(c)&nbsp; On June
2, 2010, National, U.S. Premium Beef, LLC, NPBCo Holdings, LLC and the Klein
entities amended Exhibit 3.1 to National&#146;s Limited Liability Company Agreement
to reflect the membership interests in National following the redemptions
contemplated by the Unit Redemption Agreement.&nbsp; This summary of the amendment
to Exhibit 3.1 is qualified in its entirety by reference to the full text of
the Fifth Amended Exhibit 3.1 to National&#146;s Limited Liability Company
Agreement, which is attached hereto as Exhibit 10.2, and is incorporated herein
by reference.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'><b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial
Statements and Exhibits.</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'><b>&nbsp;</b></p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>Exhibit
  Number</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>
  </td>
  <td 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>Description</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'><b>&nbsp;</b></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>10.1</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'><b>&nbsp;</b></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>Unit
  Redemption Agreement</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>10.2</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-autospace:none'>Fifth
  Amended Exhibit 3.1 to National&#146;s Limited Liability Company Agreement</p>
  </td>
 </tr>
</table>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-indent:-.5in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:1.0in;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-bottom:.0001pt;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>Dated:&nbsp; June 8, 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>

<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>
[{"type": "8-K", "sequence": "1", "filename": "uspb8k6-8.htm", "secsgml_size_bytes": 28617}]
{"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": "10884470"}, "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 8K
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):  June 2, 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))
Item 1.01.       Entry
into a Material Definitive Agreement.
(a) On June
4, 2010, U.S. Premium Beef, LLC's majority owned subsidiary, National Beef
Packing Company, LLC ("National"), and National's subsidiaries, National Beef
California, LP and National Carriers, Inc., entered into an Amended and
Restated Credit Agreement with Coöperatieve Centrale Raiffeisen Boerenleenbank
B.A., "Rabobank Nederland," New York Branch, U.S. Bank National Association,
Bank of America, N.A., BMO Capital Markets Financing, Inc., Cobank, ACB and
various other lenders (the "Credit Facility").  The Credit Facility amends and
restates the Sixth Amended and Restated Credit Agreement dated as of
July 25, 2007 filed as Exhibit 10.1 to National's Current Report on
Form 8-K filed on July 31, 2007.
The Credit
Facility provides for (i) a series of term loans not to exceed $375 million in
the aggregate, payable in quarterly installments based upon a ten-year level
amortization with the remaining aggregate outstanding principal balance
maturing in May 2015, and (ii) a $250 million revolving line of credit loan
that matures in May 2015 and is subject to certain borrowing base limitations. 
Funds available under the Credit Facility may be used for working capital
needs, capital expenditures and other general corporate purposes.
Borrowings
under the Credit Facility bear interest at LIBOR or the Base Rate (the higher
of (i) 1.5% greater than the higher of the one week or one month LIBOR rate,
(ii) the prime rate, or (iii) the federal funds rate plus 0.5%), plus the
applicable margin.  The applicable margin for "LIBOR Rate" advances will range
between 2.25% and 3.25%, depending on National's funded debt to EBITDA ratio. 
The applicable margin for "Base Rate" advances will range between 1.25% and
2.25%, depending on National's funded debt to EBITDA ratio.  The Credit
Facility is secured by a first priority lien on substantially all of the assets
of National and its subsidiaries.
The Credit
Facility contain representations, warranties, covenants and events of default
customary for financings of this type, including, without limitation, covenants
restricting National's ability to incur additional debt, incur liens, merge or
consolidate with other companies, sell or dispose of its assets, liquidate or
dissolve, make investments, loans, advances, guarantees and acquisitions, and
make certain equity distributions.  In addition, the Credit Facility requires
National to meet the following financial covenants: (i) an Adjusted Net Worth
of at least $275 million as of the end of each fiscal year; (ii) a Funded Debt
to EBITDA Ratio of not more than 3.25 to 1.00 as of the end of each fiscal
quarter; and (iii) a Fixed Charge Coverage Ratio of at least 1.05 to 1.00 as of
the end of each fiscal quarter.
In the event
of a default by National or its subsidiaries under the Credit Facility, the
Administrative Agent may, or at the direction of the requisite lenders shall,
terminate the Credit Facility and declare the loans then outstanding, together
with any accrued interest thereon and all fees and other obligations of
National and its subsidiaries under the Credit Facility, to be due and payable
immediately.
The foregoing
is a summary of the terms of the Credit Facility.
(b)  On June
2, 2010, National entered into a Unit Redemption Agreement with TKK
Investments, LLC and TMKCo, LLC (collectively, the "Klein Entities") to redeem
certain Class B units representing membership interests in National owned by
the Klein Entities. The Klein Entities are owned or controlled by National's
president and chief executive officer, Timothy M. Klein.  Pursuant to the Unit
Redemption Agreement, National will redeem 82,315.5 Class B Units from each of
the Klein Entities through the payment of $4 million to each Klein Entity. 
This summary of the Unit Redemption Agreement is qualified in its entirety by
reference to the full text of the Unit Redemption Agreement, which is attached
hereto as Exhibit 10.1, and is incorporated herein by reference.
(c)  On June
2, 2010, National, U.S. Premium Beef, LLC, NPBCo Holdings, LLC and the Klein
entities amended Exhibit 3.1 to National's Limited Liability Company Agreement
to reflect the membership interests in National following the redemptions
contemplated by the Unit Redemption Agreement.  This summary of the amendment
to Exhibit 3.1 is qualified in its entirety by reference to the full text of
the Fifth Amended Exhibit 3.1 to National's Limited Liability Company
Agreement, which is attached hereto as Exhibit 10.2, and is incorporated herein
by reference.
Item 9.01.       Financial
Statements and Exhibits.
Exhibit
  Number
Description
10.1
Unit
  Redemption Agreement
10.2
Fifth
  Amended Exhibit 3.1 to National's Limited Liability Company Agreement
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:  June 8, 2010