# EDGAR Filing Document

**Accession Number:** 0001289237
**File Stem:** 0001683168-23-001289
**Filing Date:** 2023-3
**Character Count:** 10514
**Document Hash:** 02589a9c3f58f6f9b1319fd00f9bb01c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-23-001289.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001683168-23-001289

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** U. S. Premium Beef, LLC
- **CENTRAL INDEX KEY:** 0001289237
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - LIVESTOCK & ANIMAL SPECIALTIES [0200]
- **IRS NUMBER:** 201576986
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-115164
- **FILM NUMBER:** 23704462

**BUSINESS ADDRESS:**
- **STREET 1:** 12200 NORTH AMBASSADOR DRIVE, SUITE 501
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64163
- **BUSINESS PHONE:** 816-713-8800

**MAIL ADDRESS:**
- **STREET 1:** 12200 NORTH AMBASSADOR DRIVE, SUITE 501
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64163

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** U. S. Premium Beef, Inc.
- **DATE OF NAME CHANGE:** 20040504

?xml version="1.0" encoding="utf-8"?

**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 1, 2023

**<u>U. S. PREMIUM BEEF, LLC</u>**

(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **333-115164** | **20-1576986** |
| (State or Other Jurisdiction | (Commission | (I.R.S. Employer |
| of Incorporation) | File Number) | 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)

**N/A**

(Former name or former address, if changed since last report)

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))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| N/A | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders** |

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On March 1, 2023, the Board of Directors (the "Board") of U.S. Premium Beef, LLC (the "Company") approved the Amendment to the Company's Amended and Restated Limited Liability Company Agreement (the "Amendment"), effective as of such date. The Amendment, which adds two new sections to Appendix E of the Company's Amended and Restated Limited Liability Company Agreement, was adopted pursuant to provisions of the existing Amended and Restated Limited Liability Company Agreement which allow the Board to adopt certain amendments by resolution, without the necessity of approval from the Company's members ("Members"). The changes effected by the Amendment, among other things, give the Board authority to (1) make any pass-through entity election ("PTE Election") in one or more states pursuant to which the Company will pay entity-level taxes that are creditable against state or local income or franchise taxes imposed on Members, (2) determine which Members or types of Members may participate in the PTE election (any such Member that the Board determines may participate in a PTE election shall be referred to as a "PTE Member"), (3) cause the Company to make a special distribution only to Members that are not able to participate in the PTE Election so that such Members are not adversely affected by the PTE Election or treat any payment by the Company to a tax authority as a distribution or advance to the PTE Members, and (4) allocate any associated tax credits and deductions to PTE Members with respect to a PTE Election. The Amendment does not have a disproportionate effect on any class of securities.

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| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.** |

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The information set forth in Item 3.03 of this Current Report on Form 8-K is incorporated by reference into this Item 5.03

The description of the Amendment set forth above is qualified in its entirety by reference to the text of the Amendment, a copy of which is filed hereto as Exhibit 3.1 and incorporated by reference herein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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(d) Exhibits.

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 3.2(d) | [Amendment to Amended and Restated Limited Liability Company Agreement of U.S. Premium Beef, LLC, effective as of March 1, 2023](uspremium_ex0302d.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |

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**SIGNATURES**

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.

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| |
|:---|
| **U.S. PREMIUM BEEF, LLC** |
| By: <u>/s/ Stanley D. Linville</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley D. Linville |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

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Dated: March 3, 2023

## Exhibit 3.2

**Exhibit 3.2(d)**

AMENDMENT

TO THE AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

U.S. PREMIUM BEEF, LLC

THIS AMENDMENT (the **"Amendment")** to the Amended and Restated Limited Liability Company Agreement of U.S. Premium Beef, LLC, a Delaware limited liability company (the **"Company"),** is effective as of March 1, 2023.

WHEREAS, the Company is governed by the terms of that certain Amended and Restated Limited Liability Company Agreement, as amended from time to time (collectively, the **"LLC Agreement");**

WHEREAS, the Company's Board of Directors approved certain proposals for the amendment of Appendix E to the LLC Agreement to include the addition of Sections 13.1 and

13.2; and

WHEREAS, all capitalized terms used, but not defined, herein shall have the meanings ascribed to them in the LLC Agreement.

NOW THEREFORE, the Company does hereby amend the LLC Agreement according to the terms set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Sections 13.1 and 13.2 of Appendix E to the LLC Agreement.</u>** Appendix E to the LLC Agreement is hereby amended to include the addition of Sections 13.1 and 13.2 as follows:

**SECTION 13.1. AUTHORITY TO MAKE ELECTIONS.**

The Board may, with respect to any Fiscal Year, (i) cause the Company to make any pass-through entity election with one or more state or local tax authorities (each, a "PTE Election") pursuant to which the Company will pay entity-level taxes that are creditable against state or local income or franchise taxes imposed on Members, and (ii) determine which Members or types of Members may participate in the PTE Election (including based on the relative cost and benefit of including any Member in the PTE Election). Any Member that the Board determines may participate in a PTE Election with respect to a Fiscal Year shall be referred to as a "PTE Member" with respect to such election. A PTE Election made in any given Fiscal Year will not require a PTE Election to be made in any other Fiscal Year, and the determination of which Members may participate in a PTE Election may vary from Fiscal Year to Fiscal Year.

**SECTION 13.2. AUTHORITY TO ALTER ALLOCATIONS, DISTRIBUTIONS AND CAPITAL ACCOUNTS.**

Notwithstanding any other provision of this Agreement or this Appendix E, the Board shall have the authority to make modifications, as it determines appropriate, to the allocation, distribution and Capital Account provisions of this Agreement, including (i) to make corresponding distributions to Members who are not PTE Members or treat any payment by the Company to a tax authority as a distribution or advance to the PTE Members, and (ii) to allocate any associated tax credits and deductions to PTE Members with respect to a PTE Election. Any such modifications shall be implemented so as to cause each PTE Member to bear such Member's proportionate share of the entity-level tax cost and benefit from such Member's proportionate share of any associated tax credit or deduction, and to cause the PTE Election not to have a disproportionate adverse effect on Members who are not PTE Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>No Other Amendment.</u>** Except as expressly set forth herein, the LLC Agreement remains unchanged and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Interpretation</u>.** This Amendment will be construed in accordance with the terms of the LLC Agreement, as modified hereby.

*[Signature Page Follows]*

 

 

 

 

IN WITNESS WHEREOF, the undersigned has executed this Amendment effective as of the date first above written.

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| |
|:---|
| U.S. PREMIUM BEEF, LLC |
| By: <u>/s/ Stanley D. Linville CEO</u> |
| Stanley D. Linville, Chief Executive Officer |

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