**Exhibit 3.1(c)**

 

**Exhibit E**

 

**Fourth AmendedExhibit 3.1 to LLC Agreement**

 

**EXHIBIT3.1**

 
| **Member** | **Class A Units**                                    | **Contribution** | **Total Class A %** | **Class B-1 Units**                                    | **Contribution** | **Total Class		B-1 %** |
|------------|------------------------------------------------------|------------------|---------------------|--------------------------------------------------------|------------------|------------------------|
| **USPB**   |   94,680,681                | $94,680,681.00   | 46.4143%            |   10,664,475.0                | $10,664,475.00   | 68.5997%               |
| ** ** |   55,841,342 (1)                                | $55,841,342.00   | 27.3745%            |                                                   |             |                   |
| **NBPCo**  |   31,553,956                | $31,553,956.00   | 15.4684%            |     3,810,044.0     | $ 3,810,044.00   | 24.5083%               |
| ** ** |   19,642,729 (1)                                | $19,642,729.00   | 9.6293%             |                                                   |             |                   |
| **TKK**    |                                                 |             |                |       842,857.5  (2)          | $842,857.50      | 5.4217%                |
| **TMK**    |     2,271,428     | $ 2,271,428.00   | 1.1135%             |       228,571.5  (2)          | $228,571.50      | 1.4703%                |
| **Total**  | 203,990,136                      | $203,990,136.00  | 100%                | 15,545,948.0                       | $15,545,948.00   | 100%                   |

 

 

(1)  The 55,841,342new Class A Units held by USPB and 19,642,729 new Class A Units held by NBPCo(referred to as “Class A1 Units”) have additional Class A rights andpreferences consisting of: (a) the Members agree that the Priority Return underthe Company limited liability company agreement under Section 5.7.2(b) shall beseven percent (7%) per annum for Class A1 Units rather than five percent (5%)per annum; and (b) for purposes of determining Class B-1 ownership forliquidation or the redemption of Units, the Class A1 Units shall be deemedconverted to Class B-1 Units at a ratio of one (1) Class B-1 Unit for 29.8214Class A1 Units and then shall remain Class A1 Units after the determination. Subject to lending covenants, the Board of Managers may redeem capital,including Class A1 Units after making tax distributions.  Without anyredemption of Class A1 Units, the determination of Class B-1 ownership andrights for purposes of a redemption or liquidation event would be as follows:

 
| **Members**     | **New Class B-1 Units** | **Total Class B-1  Units** | **Total Class B-1 %** |
|-----------------|-------------------------|----------------------------|-----------------------|
| **TKK**         |                    | 842,857.5                  | 4.6626%               |
| **TMK**         |                    | 228,571.5                  | 1.2644%               |
| **Total Klein** |                    | 1,071,429.0                | 5.9270%               |
| ** **      |                    |                       |                  |
| **USPB**        | 1,872,526.0612          | 12,537,001.0612            | 69.3527%              |
| **NBPCo**       | 658,679.0518            | 4,468,723.0518             | 24.7203%              |

 

(2)  For purposes ofredemption or liquidation of the 842,857.5 Class B-1 Units held by TKKInvestments, LLC and the 228,571.5 Class B-1 Units held by TMKCo, LLC, as partof the consideration paid to TKK Investments, LLC or TMKCo, LLC there shall bepaid by the Company a premium (“Non-Dilution Premium”).  The Non-DilutionPremium shall be determined by agreement of the Company and TMKCo, LLC and TKKInvestments, LLC, which shall provide with the current Class B-1 Unitownership, the Non-Dilution Premium will not exceed $4,323,902 and would be upto $4.03564 per Class B-1 Unit that TMKCo, LLC and TKK Investments, LLC holdafter the initial twenty-five percent (25%) redemption on April 13, 2009.

 

 

 

E-1

 

----

 

This Schedule 3.1 is herebyagreed to as the statement of the Members ownership interests in the Companywhich shall amend the Company Limited Liability Company Agreement (“LLCAgreement”) to the extent rights, restrictions and preferences of the ownershipinterests are provided in this Schedule 3.1.  In cases where the provisions ofthis Schedule 3.1 conflict with the LLC Agreement, the provisions of thisSchedule 3.1 shall control.

 

This Schedule 3.1 may be executedin counterparts with the effect of the counterparts being considered as oneexecuted document.

 

 
| **National Beef Packing Company, LLC**

 

  /s/ Steven D. Hunt                                          

By Steven D. Hunt,

Its Chair

 

 

**Timothy M. Klein**

 

  /s/ Timothy M. Klein                                       

Timothy M. Klein

 

 

**TKK Investments, LLC**

 

  /s/ Timothy M. Klein                                       

By                                                                   

    Its                                                                

 

 

**TMKCo, LLC**

 

  /s/ Timothy M. Klein                                        

By                                                                    

     Its                                                               

  | **U.S. Premium Beef, LLC**

 

  /s/ Steven D. Hunt                                          

By Steven D. Hunt

Its CEO

 

 

**NBPCO HOLDINGS, LLC**

 

  /s/ Eldon Roth                                                 

By   Eldon Roth                                                

     Its   President                                              |
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E-2