Exhibit 10.24	

EMPLOYMENT AGREEMENT

	
	This Agreement, effective the 18th day of August, 1998 (the 
"Effective Date"), by and between  IBP, inc.,  a  Delaware corporation 
(hereinafter referred to as "Employer"), and  Larry Shipley (hereinafter 
referred to as "Employee").
	WITNESSETH:
	WHEREAS, Employer is engaged in a very competitive business, where 
the development and retention of extensive trade secrets and proprietary 
information is critical to future business success; and
	WHEREAS, Employee, by virtue of its employment with Employer, is 
involved in the development of, and has access to, this critical 
business information which information, if it were to get into the hands 
of competitors of Employer, could do substantial business harm to 
Employer; and
	WHEREAS, Employer has advised Employee that agreement to the terms 
of this Agreement, and specifically the non-compete and non-solicitation 
paragraphs, is an integral part of this Agreement, and Employee 
acknowledges the importance of the non-compete and non-solicitation 
paragraphs, and having reviewed the agreement as a whole, is willing to 
commit to the restrictions as set forth herein;  
	NOW, THEREFORE, Employer and Employee, in consideration of the 
above and the terms and conditions contained herein, hereby mutually 
agree upon the following terms and conditions.

	1.	Duties.  Employee shall perform the duties of  President, IBP 
Enterprises or shall serve in such other capacity and with such other 
duties for Employer as Employer shall hereafter from time to time 
prescribe.  Employee shall perform all such duties with diligence and 
thoroughness.  Employee shall be subject to and comply with all rules, 
policies, procedures, supervision and direction of Employer in all 
matters related to the performance of Employee's duties.
	2.	Term of Employment.  The term of employment shall be for a 
period of five (5) years, commencing on the Effective Date of this 
Agreement (the "Term"), unless terminated prior thereto in accordance 
with the provisions of this Agreement.  The obligations of Employee 
under Paragraphs 8 b), c), d), e), f), g), h), and i) shall continue to 
apply after the expiration of the Term for the time periods specified in 
these sections.       		
	3.	Compensation.  For the services to be performed hereunder, 
Employee shall be compensated by Employer at the rate of not less than 
two hundred and fifty thousand dollars ($250,000) per year payable 
monthly, and in addition may receive awards under Employer's Cash Bonus 
Plan subject to the discretion of the senior management of Employer.  
Such compensation will be subject to review from time to time when 
salaries of other officers and managers of Employer are reviewed for 
consideration of increases therein.
	4.	Participation in Benefit Programs.  Employee shall be 
entitled to participate in any benefit programs generally applicable to 
officers of Employer adopted by Employer from time to time.
	5.	Limitation on Outside Activities.  Employee shall devote full 
employment energies, interest, abilities and time (except for personal 
investments) to the performance of obligations hereunder and shall not, 
without the written consent of the Chief Executive Officer of the 
Company, render to others any service of any kind or engage in any 
activity which conflicts or interferes with the performance of duties 
hereunder.
	6.	Ownership of Employee's Inventions.  All ideas, inventions, 
and other developments or improvements conceived by Employee, alone or 
with others, during the term of his employment, whether or not during 
working hours, that are within the scope of Employer's business 
operations or that relate to any of Employer's work or projects, are the 
exclusive property of Employer.  Employee agrees to assist Employer, at 
its expense, to obtain patents on any such patentable ideas, inventions, 
and other developments, and agrees to execute all documents necessary to 
obtain such patents in the name of Employer.
	7.	Termination.
		(a)  Voluntary Termination.  Employee may terminate this 
Agreement at any time by not less than one year's prior written notice 
to Employer.  Employee shall not be entitled to any compensation from 
Employer for any period beyond Employee's actual date of termination.
		(b)  Employer Right to Voluntary Termination.  Employer shall 
be entitled, at its election and with or without cause, to terminate 
Employee's employment upon written notice to Employee.  Employer shall 
continue to pay Employee at the rate and in the manner provided in 
Paragraph 3 above for a period after such notice of termination 
equivalent to  three (3) months.  During the time Employee is being 
compensated in lieu of continued employment, the Employer shall have the 
right, at its election, to a) relieve the Employee's duties effective 
the date of notice of termination, or b) to require the Employee to 
perform services from time to time on behalf of the Employer during such 
three (3) month period.  
		(c)  Incapacity.  If Employee is materially incapacitated 
from fully performing his duties pursuant to this Agreement by reason of 
illness or other incapacity or by reason of any statute, law, ordinance, 
regulation, order, judgment or decree, Employer may terminate this 
Agreement by 30 days written notice to Employee, but only in the event 
that such incapacity shall aggregate not less than one hundred twenty 
(120) days during any one year.
	8.	Confidential Information, Trade Secrets, Limitation on 
Solicitation and Non-Compete Clause.
		(a)  Employee shall receive, in addition to all regular 
compensation for services as described in Section 3 of this Employment 
Agreement, as additional consideration for signing this Employment 
Agreement and for agreeing to abide and be bound by the terms, 
provisions and restrictions of this Section 8, the following:
		(i)  an award of such number of shares of Common Stock 
of Employer under the terms and conditions of the Employer's IBP 
Officer Long-Term Stock Plan and/or 1996 Officer Long-Term Stock 
Plan as shall be equal to an aggregate value of $550,000, less 
$350,000 previously awarded; 
                  
		(ii)  a grant of options to purchase an aggregate of 
ten thousand (10,000) shares of Common Stock of Employer under the 
terms and conditions of the Employer's IBP Stock Option Plans and 
each year on the annual grant date for stock options an annual 
option grant of options to purchase shares of Common Stock of the 
Employer under the terms and conditions of the Employer's Stock 
Option Plans which is equal to three times (3x) the annual option 
level of the Employee's officer-position band option level, 
provided that the Employee has been on the payroll, whether as an 
officer or otherwise, at least six months prior to the annual 
grant date; and 

		(iii) the right to receive bonus option grants,  
pursuant to the terms and conditions made available by the Plans 
Administration Committee of Employer's Board of Directors, from 
the employer's stock option plans, upon the Employee's exercise of 
any options granted to the Employee. 

	(b)	Employee recognizes that, as a result of his employment 
hereunder (and his employment, if any, with Employer for periods prior 
to the Effective Date), he has had and will continue to have access to 
confidential information, trade secrets, proprietary information, 
intellectual property, and other documents, data, and information 
concerning methods, processes, controls, techniques, formula, 
production, distribution, purchasing, financial analysis, returns and 
reports (in addition if Employee is involved with marketing, sales or 
procurement he has had and will continue to have access to lists of 
customers, suppliers, livestock vendors, and accounts, other sensitive 
information and data regarding the Employer's customers, suppliers, 
vendors, services, sales, pricing, and costs which are highly 
confidential and constitute trade secrets or confidential business 
information) which is the property of and integral to the operations and 
success of Employer, and therefore agrees to be bound by the provisions 
of this Section 8, which Employee agrees and acknowledges to be 
reasonable and to be necessary to protect legitimate and important 
business interests and concerns of Employer.
		(c)	Employee agrees that he will not divulge to any person, 
nor use to the detriment of Employer or any of its subsidiaries, nor use 
in any business or process of manufacture competitive with or similar to 
any business or process of manufacture of Employer or any of its 
subsidiaries, at any time during the term of this Agreement or 
thereafter, any of the Employer's trade secrets, without first obtaining 
the express written permission of Employer.  A trade secret shall 
include any formula, pattern, device or compilation of information used 
by Employer in its business.  For purposes of this Section 8, the 
compilation of information shall include, without limitation, the 
identity of customers and suppliers and information reflecting their 
interests, preferences, credit-worthiness, likely receptivity to 
solicitation for participation in various transactions and related 
information obtained during the course of his employment with Employer.
		(d)	Employee agrees that at the time of leaving the employ 
of Employer he will deliver to Employer, and not keep or deliver to 
anyone else, any and all notebooks, memoranda, documents and, in 
general, any and all materials relating to Employer's business, or 
constituting Employer's property.  Employee further agrees that he will 
not, directly or indirectly, request or advise any customers or 
suppliers of Employer or any of its subsidiaries to withdraw, curtail or 
cancel its business with Employer or any of its subsidiaries.  
		(e)	During the term of Employee's employment with the 
Employer and for a period of one (1) year from the earlier of 1) the 
termination of Employee's employment for any reason whatsoever, or 2) 
the expiration of the Term (it is expressly acknowledged that this 
clause is intended to survive the expiration of the "Term"), Employee 
will not directly or indirectly, in the United States, participate in 
any Position, in any business in direct competition with the business of 
the Employer.  The term "Position" as used in this section shall 
include, without limitation, a partner, director, holder of more than 5% 
of the outstanding voting shares, principal, executive, officer, manager 
or any employment or consulting position.  It is acknowledged and agreed 
that the scope of the clause as set forth above is essential, because 1) 
a more restrictive definition of "Position" (e.g. limiting it to the 
"same" position within a competitor) will subject the Employer to 
serious, irreparable harm by allowing competitors to describe positions 
in ways to evade the operation of this clause, and substantially 
restrict the protection sought by Employer, and 2) by allowing the 
Employee to escape the application of this clause by accepting a 
position designated as a "lesser" or "different" position with a 
competitor, the Employer is unable to restrict the Employee from 
providing valuable information to such competing company to the harm of 
the Employer.
 		(f)	Employee recognizes that he possesses confidential 
information and trade secrets about other employees of Employer and its 
subsidiaries relating to their education, experience, skills, abilities, 
salary and benefits, and interpersonal relationships with customers and 
suppliers of Employer and its subsidiaries.  Employee recognizes that 
the information he possesses about these other employees is not 
generally known, is of substantial value to Employer in securing and 
retaining customers and suppliers, and was acquired by Employee because 
of his business position with Employer.  Employee agrees that during his 
employment hereunder, and for a period of three (3) years from the 
earlier of 1) the termination of Employee's employment for any reason 
whatsoever, or 2) the expiration of the Term, Employee shall not, 
directly or indirectly, solicit or contact any employee or agent of 
Employer or any of its subsidiaries, with a view to inducing or 
encouraging such employee or agent to leave the employ of Employer or 
any of its subsidiaries, for the purpose of being hired by Employee, an 
employer affiliated with Employee, or any competitor of Employer or any 
of its subsidiaries.  Employee agrees that he will not convey any such 
confidential information or trade secrets about other employees to 
anyone affiliated with Employee or to any competitor of Employer or any 
of its subsidiaries.
		(g)	Employee acknowledges that the restrictions contained 
in this Section 8 are reasonable and necessary to protect Employer's 
interest in this agreement and that any breach thereof will result in an 
irreparable injury to Employer for which Employer has no adequate remedy 
at law.  Employee therefore agrees that, in the event that Employee 
breaches any of the provisions contained in this Section 8, Employer 
shall be authorized and entitled to seek from any court of competent 
jurisdiction (i) a temporary restraining order, (ii) preliminary and 
permanent injunctive relief, (iii) an equitable accounting of all 
profits or benefits arising out of such breach, and (iv) direct, 
incidental and consequential damages arising from such breach.  Employee 
agrees to reimburse Employer for all reasonable legal fees, as well as 
costs of defense related to any actions taken by Employer to enforce 
Section 8.
		(h)	Employer and Employee have attempted to specify a 
reasonable period of time, a reasonable area and reasonable restrictions 
to which this Section 8 shall apply.  Employer and Employee agree that 
if a court or administrative body should subsequently determine that the 
terms of this Section 8 are greater than reasonably necessary to protect 
Employer's interest, Employer agrees to waive those terms which are 
found by a court or administrative body to be greater than reasonably 
necessary to protect Employer's interest and to request that the court 
or administrative body reform this Agreement specifying a reasonable 
period of time and such other reasonable restrictions as the court or 
administrative body deems necessary.
		(i)	Employee further agrees that this Section 8 is an 
integral part of this agreement, and that should a court fail or refuse 
to enforce the restrictions contained herein in the manner expressly 
provided in Sections 8(a) through 8(g) above, the Employer shall recover 
from Employee, and the court shall award as damages to the Employer, the 
consideration (or a pro-rata portion thereof to the extent these 
provisions are enforced but the time frame is reduced beyond that 
specified above) provided to and elected by Employee under the terms of 
Section 8(a) above (or the monetary equivalent thereof), its costs and 
its reasonable attorney's fees.
	9.	Modification.  This Agreement contains all the terms and 
conditions agreed upon by the parties hereto, and no other agreements, 
oral or otherwise, regarding the subject matter of this Agreement shall 
be deemed to exist or bind either of the parties hereto, except for a 
confidentiality agreement between the parties dated August 16, 1989.  
This Agreement cannot be modified except by a writing signed by both 
parties.
	10.	Assignment.  This Agreement shall be binding upon Employee, 
his heirs, executors and assigns and upon Employer, its successors and 
assigns.
	11.	Applicable Law.  This agreement is made and entered into in 
the State of South Dakota.  The validity, interpretation, performance 
and enforcement of this agreement shall be governed by the internal laws 
of said State of South Dakota, without giving effect to the conflict of 
laws provisions thereof.
	12.  Jurisdiction and Venue of Disputes.  The South Dakota First 
Judicial Circuit shall have jurisdiction and be the venue of all 
disputes between the Company and Employee, whether such disputes arise 
from this Agreement or otherwise.
	13.  Severability.  If, for any reason, any one or more of the 
provisions contained in this Agreement are held to be invalid, illegal 
or unenforceable in any respect, such invalidity, illegality or 
unenforceability shall not affect any other provision hereof, and this 
Agreement shall be construed as if such invalid, illegal or 
unenforceable provision had never been contained herein.   
	IN WITNESS WHEREOF, the parties hereto have executed this 
Agreement effective as of the day and year first above written.
	
					IBP, inc.


					By    /s/ Robert L. Peterson       
                                    -------------------------

	EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS READ THE ABOVE, AND HAS BEEN 
ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING.  EMPLOYEE AGREES 
TO THE TERMS AND CONDITIONS OF THIS EMPLOYEE AGREEMENT AS WRITTEN ABOVE. 

					         /s/ Larry Shipley              
                                       ----------------------
					              (Employee) 
 



Exhibit 10.25

	EMPLOYMENT AGREEMENT

	PRODUCTION AND ADMINISTRATIVE


	This Agreement, effective the 1st day of March, 1997(the 
"Effective Date"), by and between IBP, inc., a Delaware corporation 
(hereinafter referred to as "Employer"), and Richard L. Bond 
(hereinafter referred to as "Employee").

	WITNESSETH:
	Employer hereby agrees to employ, or agrees to continue to 
employ Employee, and Employee agrees to be employed upon the 
following terms and conditions.

	1.	Duties.  Employee shall perform the duties of President 
& COO or shall serve in such other capacity and with such other 
duties for Employer as Employer shall hereafter from time to time 
prescribe.
	2.	Term of Employment.  The term of employment shall be for 
a period of five (5) years, commencing on the Effective Date of 
this Agreement, unless terminated prior thereto in accordance with 
the provisions of this Agreement.
	3.	Compensation.  For the services to be performed 
hereunder, Employee shall be compensated by Employer at the rate of 
not less than Five Hundred Thousand Dollars ($500,000.00) per year 
payable monthly, and in addition may receive awards under 
Employer's Cash Bonus Plan subject to the discretion of the senior 
management of Employer.  Such compensation will be subject to 
review from time to time when salaries of other officers and 
managers of Employer are reviewed for consideration of increases 
therein.
	4.	Participation in Benefit Programs.  Employee shall be 
entitled to participate in any benefit programs generally 
applicable to officers of Employer adopted by Employer from time to 
time.
	5.	Limitation on Outside Activities.  Employee shall devote 
full employment energies, interest, abilities and time (except for 
personal investments) to the performance of obligations hereunder 
and shall not, without the written consent of the Chief Executive 
Officer of the Company, render to others any service of any kind or 
engage in any activity which conflicts or interferes with the 
performance of duties hereunder.
	6.	Ownership of Employee's Inventions.  All ideas, 
inventions, and other developments or improvements conceived by 
Employee, alone or with others, during the term of his employment, 
whether or not during working hours, that are within the scope of 
Employer's business operations or that relate to any of Employer's 
work or projects, are the exclusive property of Employer.  Employee 
agrees to assist Employer, at its expense, to obtain patents on any 
such patentable ideas, inventions, and other developments, and 
agrees to execute all documents necessary to obtain such patents in 
the name of Employer.
	7.	Termination.
		(a)  Voluntary Termination.  Employee may terminate this 
Agreement at any time by not less than one year's prior written 
notice to Employer.  Employee shall not be entitled to any 
compensation from Employer for any period beyond Employee's actual 
date of termination.
		(b)  Resignation.  In the event Employee shall resign 
from employment at the request of Employer, Employer shall 
compensate Employee at the rate and in the manner provided in 
Paragraph 3 above for a period after termination equivalent to the 
lesser of (i) one year, or (ii) the remainder of the term of this 
Agreement.  During the time Employee is being compensated in lieu 
of continued employment, the Employer shall have the right to 
require the Employee to perform consulting services from time to 
time on behalf of the Employer.  Any out-of-pocket expenses 
associated with any such assignment shall be, upon proper 
documentation, reimbursed by Employer to Employee.  In the event 
Employer compensates Employee in lieu of continued employment, all 
remuneration or wages earned by Employee during such period, either 
as an employee, independent contractor or consultant to any person, 
firm, or corporation other than Employer, shall be a set-off to 
Employer's duty of compensation to Employee.	
		(c)  Company Termination.  In the event Employer shall 
conclude, in its sole discretion, that it is no longer in the 
interest of the Company to continue the employment of Employee, the 
Employer may terminate this Agreement, and Employer shall have no 
further obligation to pay compensation to Employee after the 
effective date of termination.
		(d)  Incapacity.  If Employee is materially 
incapacitated from fully performing his  or her duties pursuant to 
this Agreement by reason of illness or other incapacity or by 
reason of any statute, law, ordinance, regulation, order, judgment 
or decree, Employer may terminate this Agreement by 30 days written 
notice to Employee, but only in the event that such incapacity 
shall aggregate not less than one hundred twenty (120) days during 
any one year.
	8.	Confidential Information, Trade Secrets, Limitation on 
Solicitation and Non-Compete Clause.
		(a)  Employee shall receive, in addition to all regular 
compensation for services as described in Section 3 of this 
Employment Agreement, as additional consideration for signing this 
Employment Agreement and for agreeing to abide and be bound by the 
terms, provisions and restrictions of this Section 8, the 
following:
			(i)  an award of such number of shares of Common 
                  Stock of Employer under the terms and conditions of the 
                  Employer's IBP Officer Long-Term Stock Plan and/or 1996 
                  Officer Long-Term Stock Plan as shall be equal to an 
                  aggregate value of $650,000 less amounts due to 
                  restrictions on promotional grants (see Employee Award 
                  Letter);

			(ii) a grant of options to purchase an aggregate of 
                  Fourteen Thousand Nine Hundred (14,900) shares of Common 
                  Stock of Employer under the terms and conditions of the 
                  Employer's IBP Stock Option Plans and each year on the 
                  annual grant date for stock options an annual option 
                  grant of options to purchase shares of Common Stock of 
                  the Employer which is equal to three times (3x) the 
                  annual option level of the Employee's officer-position 
                  band option level, provided that the Employee has been 
                  on the payroll, whether as an officer or otherwise, at 
                  least six months prior to the annual grant date; and 

			(iii) the right to receive bonus option grants,  
                  pursuant to the terms and conditions made available by 
                  the Plans Administration Committee of Employer's Board 
                  of Directors, from the Employer's Stock Option Plans, 
                  upon the Employee's exercise of any options granted to 
                  the Employee. 

		(b)	Employee recognizes that, as a result of his 
employment hereunder (and his employment, if any, with Employer for 
periods prior to the Effective Date), he has had and will continue 
to have access to confidential information, trade secrets, 
proprietary information, intellectual property, and other 
documents, data, and information concerning methods, processes, 
controls, techniques, formulae, production, distribution, 
purchasing, financial analysis, returns and reports which is the 
property of and integral to the operations and success of Employer, 
and therefore agrees to be bound by the provisions of this Section 
8, which Employee agrees and acknowledges to be reasonable and to 
be necessary to protect legitimate and important business interests 
and concerns of Employer.
		(c)	Employee agrees that he will not divulge to any 
person, nor use to the detriment of Employer or any of its 
subsidiaries, nor use in any business or process of manufacture 
competitive with or similar to any business or process of 
manufacture of Employer or any of its subsidiaries, at any time 
during the term of this Agreement or thereafter, any of the 
Employer's trade secrets, without first obtaining the express 
written permission of Employer.  A trade secret shall include any 
formula, pattern, device or compilation of information used by 
Employer in its business.  For purposes of this Section 8, the 
compilation of information shall include, without limitation, the 
identity of customers and suppliers and information reflecting 
their interests, preferences, credit-worthiness, likely receptivity 
to solicitation for participation in various transactions and 
related information obtained during the course of his employment 
with Employer.
		(d)	Employee agrees that at the time of leaving the 
employ of Employer he will deliver to Employer, and not keep or 
deliver to anyone else, any and all notebooks, memoranda, documents 
and, in general, any and all materials relating to Employer's 
business, or constituting Employer's property.  Employee further 
agrees that he will not, directly or indirectly, request or advise 
any customers or suppliers of Employer or any of its subsidiaries 
to withdraw, curtail or cancel its business with Employer or any of 
its subsidiaries.  
		(e)	During the term of Employee's employment with the 
Employer and for a period of one (1) year from the termination of 
Employee's employment for any reason whatsoever, Employee (i) will 
not directly or indirectly, in the United States, own, manage, 
operate, control, or participate in as a partner, director, holder 
of more than 5% of the outstanding voting shares, principal or 
officer, any business in direct competition with the business of 
the Employer and (ii) will not accept employment or be employed by 
any such firm or corporation in any position where he would perform 
services materially similar to those which he has provided for 
Employer during the term hereof.
		(f)	Employee recognizes that he possesses confidential 
information and trade secrets about other employees of Employer and 
its subsidiaries relating to their education, experience, skills, 
abilities, salary and benefits, and interpersonal relationships 
with customers and suppliers of Employer and its subsidiaries.  
Employee recognizes that the information he possesses about these 
other employees is not generally known, is of substantial value to 
Employer in securing and retaining customers and suppliers, and was 
acquired by Employee because of his business position with 
Employer.  Employee agrees that during his employment hereunder, 
and for a period of three (3) years thereafter, Employee shall not, 
directly or indirectly, solicit or contact any employee or agent of 
Employer or any of its subsidiaries, with a view to inducing or 
encouraging such employee or agent to leave the employ of Employer 
or any of its subsidiaries, for the purpose of being hired by 
Employee, an employer affiliated with Employee, or any competitor 
of Employer or any of its subsidiaries.  Employee agrees that he 
will not convey any such confidential information or trade secrets 
about other employees to anyone affiliated with Employee or to any 
competitor of Employer or any of its subsidiaries.
		(g)	Employee acknowledges that the restrictions 
contained in this Section 8 are reasonable and necessary to protect 
Employer's interest in this agreement and that any breach thereof 
will result in an irreparable injury to Employer for which Employer 
has no adequate remedy at law.  Employee therefore agrees that, in 
the event that Employee breaches any of the provisions contained in 
this Section 8, Employer shall be authorized and entitled to seek 
from any court of competent jurisdiction (i) a temporary 
restraining order, (ii) preliminary and permanent injunctive 
relief, (iii) an equitable accounting of all profits or benefits 
arising out of such breach, and (iv) direct, incidental and 
consequential damages arising from such breach.
		(h)	Employer and Employee have attempted to specify a 
reasonable period of time, a reasonable area and reasonable 
restrictions to which this Section 8 shall apply.  Employer and 
Employee agree that if a court or administrative body should 
subsequently determine that the terms of this Section 8 are greater 
than reasonably necessary to protect Employer's interest, Employer 
agrees to waive those terms which are found by a court or 
administrative body to be greater than reasonably necessary to 
protect Employer's interest and to request that the court or 
administrative body reform this Agreement specifying a reasonable 
period of time and such other reasonable restrictions as the court 
or administrative body deems necessary.
		(i)	Employee further agrees that this Section 8 is an 
integral part of this agreement, and that should a court fail or 
refuse to enforce the restrictions contained herein in such a 
manner as to effectively enjoin competitive activity, the Employer 
shall recover from Employee, and the court shall award as damages 
to the Employer, the consideration provided to and elected by 
Employee under the terms of Section 8(a) above (or the monetary 
equivalent thereof), its costs and its reasonable attorney's fees.
	9.	Modification.  This Agreement contains all the terms and 
conditions agreed upon by the parties hereto, and no other 
agreements, oral or otherwise, regarding the subject matter of this 
Agreement shall be deemed to exist or bind either of the parties 
hereto, except for a confidentiality agreement between the parties 
dated February 1, 1980.  This Agreement cannot be modified except 
by a writing signed by both parties.
	10.	Assignment.  This Agreement shall be binding upon 
Employee, his heirs, executors and assigns and upon Employer, its 
successors and assigns.
	11.	Applicable Law.  This agreement is made and entered into 
in the State of South Dakota.   The validity, interpretation, 
performance and enforcement of this agreement shall be governed by 
the internal laws of said State of South, without giving effect to 
the conflict of laws provisions thereof.

	IN WITNESS WHEREOF, the parties hereto have executed this 
Agreement effective as of the day and year first above written.

					IBP, inc.


					By  /s/ Robert L. Peterson   
                                  -------------------------


  					    /s/ Richard L. Bond      
                                  -------------------------
					          (Employee) 
 

 
Exhibit 10.26

	EMPLOYMENT AGREEMENT

	PRODUCTION AND ADMINISTRATIVE


	This Agreement, effective the 1st day of March, 1997(the 
"Effective Date"), by and between IBP, inc., a Delaware corporation 
(hereinafter referred to as "Employer"), and Eugene D. Leman
(hereinafter referred to as "Employee").

	WITNESSETH:
	Employer hereby agrees to employ, or agrees to continue to 
employ Employee, and Employee agrees to be employed upon the 
following terms and conditions.

	1.	Duties.  Employee shall perform the duties of President - 
Fresh Meats or shall serve in such other capacity and with such 
other duties for Employer as Employer shall hereafter from time to 
time prescribe.
	2.	Term of Employment.  The term of employment shall be for 
a period of five (5) years, commencing on the Effective Date of 
this Agreement, unless terminated prior thereto in accordance with 
the provisions of this Agreement.
	3.	Compensation.  For the services to be performed 
hereunder, Employee shall be compensated by Employer at the rate of 
not less than Three Hundred Fifteen Thousand Dollars ($315,000.00) 
per year payable monthly, and in addition may receive awards under 
Employer's Cash Bonus Plan subject to the discretion of the senior 
management of Employer.  Such compensation will be subject to 
review from time to time when salaries of other officers and 
managers of Employer are reviewed for consideration of increases 
therein.
	4.	Participation in Benefit Programs.  Employee shall be 
entitled to participate in any benefit programs generally 
applicable to officers of Employer adopted by Employer from time to 
time.
	5.	Limitation on Outside Activities.  Employee shall devote 
full employment energies, interest, abilities and time (except for 
personal investments) to the performance of obligations hereunder 
and shall not, without the written consent of the Chief Executive 
Officer of the Company, render to others any service of any kind or 
engage in any activity which conflicts or interferes with the 
performance of duties hereunder.
	6.	Ownership of Employee's Inventions.  All ideas, 
inventions, and other developments or improvements conceived by 
Employee, alone or with others, during the term of his employment, 
whether or not during working hours, that are within the scope of 
Employer's business operations or that relate to any of Employer's 
work or projects, are the exclusive property of Employer.  Employee 
agrees to assist Employer, at its expense, to obtain patents on any 
such patentable ideas, inventions, and other developments, and 
agrees to execute all documents necessary to obtain such patents in 
the name of Employer.
	7.	Termination.
		(a)  Voluntary Termination.  Employee may terminate this 
Agreement at any time by not less than one year's prior written 
notice to Employer.  Employee shall not be entitled to any 
compensation from Employer for any period beyond Employee's actual 
date of termination.
		(b)  Resignation.  In the event Employee shall resign 
from employment at the request of Employer, Employer shall 
compensate Employee at the rate and in the manner provided in 
Paragraph 3 above for a period after termination equivalent to the 
lesser of (i) one year, or (ii) the remainder of the term of this 
Agreement.  During the time Employee is being compensated in lieu 
of continued employment, the Employer shall have the right to 
require the Employee to perform consulting services from time to 
time on behalf of the Employer.  Any out-of-pocket expenses 
associated with any such assignment shall be, upon proper 
documentation, reimbursed by Employer to Employee.  In the event 
Employer compensates Employee in lieu of continued employment, all 
remuneration or wages earned by Employee during such period, either 
as an employee, independent contractor or consultant to any person, 
firm, or corporation other than Employer, shall be a set-off to 
Employer's duty of compensation to Employee.	
		(c)  Company Termination.  In the event Employer shall 
conclude, in its sole discretion, that it is no longer in the 
interest of the Company to continue the employment of Employee, the 
Employer may terminate this Agreement, and Employer shall have no 
further obligation to pay compensation to Employee after the 
effective date of termination.
		(d)  Incapacity.  If Employee is materially 
incapacitated from fully performing his  or her duties pursuant to 
this Agreement by reason of illness or other incapacity or by 
reason of any statute, law, ordinance, regulation, order, judgment 
or decree, Employer may terminate this Agreement by 30 days written 
notice to Employee, but only in the event that such incapacity 
shall aggregate not less than one hundred twenty (120) days during 
any one year.
	8.	Confidential Information, Trade Secrets, Limitation on 
Solicitation and Non-Compete Clause.
		(a)  Employee shall receive, in addition to all regular 
compensation for services as described in Section 3 of this 
Employment Agreement, as additional consideration for signing this 
Employment Agreement and for agreeing to abide and be bound by the 
terms, provisions and restrictions of this Section 8, the 
following:
			(i)  an award of such number of shares of Common 
                  Stock of Employer under the terms and conditions of the 
                  Employer's IBP Officer Long-Term Stock Plan and/or 1996 
                  Officer Long-Term Stock Plan as shall be equal to an 
                  aggregate value of $550,000 less amounts due to 
                  restrictions on promotional grants (see Employee Award 
                  Letter);

			(ii) a grant of options to purchase an aggregate of 
                  Five Thousand (5,000) shares of Common Stock of Employer 
                  under the terms and conditions of the Employer's IBP 
                  Stock Option Plans and each year on the annual grant 
                  date for stock options an annual option grant of options 
                  to purchase shares of Common Stock of the Employer which 
                  is equal to three times (3x) the annual option level of 
                  the Employee's officer-position band option level, 
                  provided that the Employee has been on the payroll, 
                  whether as an officer or otherwise, at least six months 
                  prior to the annual grant date; and 

			(iii) the right to receive bonus option grants,  
                  pursuant to the terms and conditions made available by 
                  the Plans Administration Committee of Employer's Board 
                  of Directors, from the Employer's Stock Option Plans, 
                  upon the Employee's exercise of any options granted to 
                  the Employee. 

		(b)	Employee recognizes that, as a result of his 
employment hereunder (and his employment, if any, with Employer for 
periods prior to the Effective Date), he has had and will continue 
to have access to confidential information, trade secrets, 
proprietary information, intellectual property, and other 
documents, data, and information concerning methods, processes, 
controls, techniques, formulae, production, distribution, 
purchasing, financial analysis, returns and reports which is the 
property of and integral to the operations and success of Employer, 
and therefore agrees to be bound by the provisions of this Section 
8, which Employee agrees and acknowledges to be reasonable and to 
be necessary to protect legitimate and important business interests 
and concerns of Employer.
		(c)	Employee agrees that he will not divulge to any 
person, nor use to the detriment of Employer or any of its 
subsidiaries, nor use in any business or process of manufacture 
competitive with or similar to any business or process of 
manufacture of Employer or any of its subsidiaries, at any time 
during the term of this Agreement or thereafter, any of the 
Employer's trade secrets, without first obtaining the express 
written permission of Employer.  A trade secret shall include any 
formula, pattern, device or compilation of information used by 
Employer in its business.  For purposes of this Section 8, the 
compilation of information shall include, without limitation, the 
identity of customers and suppliers and information reflecting 
their interests, preferences, credit-worthiness, likely receptivity 
to solicitation for participation in various transactions and 
related information obtained during the course of his employment 
with Employer.
		(d)	Employee agrees that at the time of leaving the 
employ of Employer he will deliver to Employer, and not keep or 
deliver to anyone else, any and all notebooks, memoranda, documents 
and, in general, any and all materials relating to Employer's 
business, or constituting Employer's property.  Employee further 
agrees that he will not, directly or indirectly, request or advise 
any customers or suppliers of Employer or any of its subsidiaries 
to withdraw, curtail or cancel its business with Employer or any of 
its subsidiaries.  
		(e)	During the term of Employee's employment with the 
Employer and for a period of one (1) year from the termination of 
Employee's employment for any reason whatsoever, Employee (i) will 
not directly or indirectly, in the United States, own, manage, 
operate, control, or participate in as a partner, director, holder 
of more than 5% of the outstanding voting shares, principal or 
officer, any business in direct competition with the business of 
the Employer and (ii) will not accept employment or be employed by 
any such firm or corporation in any position where he would perform 
services materially similar to those which he has provided for 
Employer during the term hereof.
		(f)	Employee recognizes that he possesses confidential 
information and trade secrets about other employees of Employer and 
its subsidiaries relating to their education, experience, skills, 
abilities, salary and benefits, and interpersonal relationships 
with customers and suppliers of Employer and its subsidiaries.  
Employee recognizes that the information he possesses about these 
other employees is not generally known, is of substantial value to 
Employer in securing and retaining customers and suppliers, and was 
acquired by Employee because of his business position with 
Employer.  Employee agrees that during his employment hereunder, 
and for a period of three (3) years thereafter, Employee shall not, 
directly or indirectly, solicit or contact any employee or agent of 
Employer or any of its subsidiaries, with a view to inducing or 
encouraging such employee or agent to leave the employ of Employer 
or any of its subsidiaries, for the purpose of being hired by 
Employee, an employer affiliated with Employee, or any competitor 
of Employer or any of its subsidiaries.  Employee agrees that he 
will not convey any such confidential information or trade secrets 
about other employees to anyone affiliated with Employee or to any 
competitor of Employer or any of its subsidiaries.
		(g)	Employee acknowledges that the restrictions 
contained in this Section 8 are reasonable and necessary to protect 
Employer's interest in this agreement and that any breach thereof 
will result in an irreparable injury to Employer for which Employer 
has no adequate remedy at law.  Employee therefore agrees that, in 
the event that Employee breaches any of the provisions contained in 
this Section 8, Employer shall be authorized and entitled to seek 
from any court of competent jurisdiction (i) a temporary 
restraining order, (ii) preliminary and permanent injunctive 
relief, (iii) an equitable accounting of all profits or benefits 
arising out of such breach, and (iv) direct, incidental and 
consequential damages arising from such breach.
		(h)	Employer and Employee have attempted to specify a 
reasonable period of time, a reasonable area and reasonable 
restrictions to which this Section 8 shall apply.  Employer and 
Employee agree that if a court or administrative body should 
subsequently determine that the terms of this Section 8 are greater 
than reasonably necessary to protect Employer's interest, Employer 
agrees to waive those terms which are found by a court or 
administrative body to be greater than reasonably necessary to 
protect Employer's interest and to request that the court or 
administrative body reform this Agreement specifying a reasonable 
period of time and such other reasonable restrictions as the court 
or administrative body deems necessary.
		(i)	Employee further agrees that this Section 8 is an 
integral part of this agreement, and that should a court fail or 
refuse to enforce the restrictions contained herein in such a 
manner as to effectively enjoin competitive activity, the Employer 
shall recover from Employee, and the court shall award as damages 
to the Employer, the consideration provided to and elected by 
Employee under the terms of Section 8(a) above (or the monetary 
equivalent thereof), its costs and its reasonable attorney's fees.
	9.	Modification.  This Agreement contains all the terms and 
conditions agreed upon by the parties hereto, and no other 
agreements, oral or otherwise, regarding the subject matter of this 
Agreement shall be deemed to exist or bind either of the parties 
hereto, except for a confidentiality agreement between the parties 
dated October 29, 1981.  This Agreement cannot be modified except 
by a writing signed by both parties.
	10.	Assignment.  This Agreement shall be binding upon 
Employee, his heirs, executors and assigns and upon Employer, its 
successors and assigns.
	11.	Applicable Law.  This agreement is made and entered into 
in the State of South Dakota.   The validity, interpretation, 
performance and enforcement of this agreement shall be governed by 
the internal laws of said State of South, without giving effect to 
the conflict of laws provisions thereof.

	IN WITNESS WHEREOF, the parties hereto have executed this 
Agreement effective as of the day and year first above written.

					IBP, inc.


					By   /s/ Robert L. Peterson    
                                   -------------------------


					     /s/ Eugene D. Leman       
                                   -------------------------
					          (Employee)