Document:

exv4w1

 

Exhibit 4.1

[FACE OF NOTE]

	 	 
	REGISTERED

	REGISTERED

	 
	 
	No. 001

	Principal Amount

	 
	 
	CUSIP No. 195891 AG 1

	$ 300,000,000.00

COLONIAL REALTY LIMITED PARTNERSHIP

6.25% Senior Notes due 2014

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

     UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO
A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

     Colonial Realty Limited Partnership, a Delaware limited partnership (the
“Issuer”, which term includes any successor under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., as
nominee of The Depository Trust Company, or registered assigns, the principal
sum of Three Hundred Million Dollars ($300,000,000.00) on June 15, 2014 (the
“Stated Maturity Date”) or any Redemption Date, as defined below (each such
date being referred to as the “Maturity Date” with respect to the principal
repayable on such date), and to pay interest thereon from June 23, 2004 (or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for), semi-annually in arrears on June 15 and December 15 of each
year, commencing on December 15, 2004, and on the Maturity Date, at a rate of
interest of 6.25% per annum, until payment of said principal sum has been made
or duly provided for. Any capitalized terms used herein, including on the
reverse hereof, and not defined herein or on the reverse hereof shall have the
meaning ascribed to them in the Indenture hereinafter referred to.

     The interest so payable and punctually paid or duly provided for on an
Interest Payment Date and at the Maturity Date will be paid to the Holder in
whose name this Note (or one or

 

 

more predecessor Notes) is registered at the close of business on the
Regular Record Date for such payment, which will be June 1 or December 1
(regardless of whether such day is a Business Day) next preceding such Interest
Payment Date or Maturity Date, as the case may be. Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may either be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders
of Notes of this series not less than ten (10) days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange or which the
Notes of this series may be listed, and upon such notice as may be required by
such exchange, as more fully provided in the Indenture.

     The principal and Make-Whole Amount, if any, of this Note payable at the
Maturity Date will be paid against presentation and surrender of this Note at
the office or agency of the Issuer maintained for that purpose in New York, New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in New York, New York as the office to be maintained by it where this
Note may be presented for payment, registration on transfer or exchange and
where notices or demands to or upon the Issuer in respect of this Note or the
Indenture may be served.

     Interest payable on this Note will be computed on the basis of a 360-day
year consisting of twelve 30-day months. If any Interest Payment Date or
Maturity Date would otherwise be a day that is not a Business Day, the required
payment will be made on the next succeeding Business Day with the same force
and effect as if it were paid on the date such payment was due, and no interest
will accrue on the amount so payable for the period from and after such
Interest Payment Date or Maturity Date, as the case may be.

     This Note may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, upon notice to the Holders of not more than
60 nor less than 30 days prior to the date fixed for redemption (the
“Redemption Date”), at a redemption price equal to the sum of (i) 100% of the
aggregate principal amount of the Notes being redeemed plus accrued but unpaid
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes.

     Payments of principal, Make-Whole Amounts, if any, and interest in respect
of this Note will be made by wire transfer of immediately available funds, in
such coin or currency as at the time of payment is legal tender for the payment
of public and private debts, so long as this Note is in global form as
described in Section 203 of the Indenture. If this Note is not in global form,
all such payments will be made by wire transfer of immediately available funds
if the Holder hereof at the applicable record date shall have provided wire
transfer instructions to the Trustee, received by the Trustee no later than
fifteen (15) days prior to the applicable payment date, and otherwise payment
shall be made in accordance with Section 307 of the Indenture. Such wire
transfer instructions shall remain in effect until revoked in a writing
received by the Trustee from the Holder hereof.

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     REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

     This Note shall not be entitled to the benefits of the Indenture referred
to on the reverse hereof or be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
under such Indenture.

* * *

3

 

               IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually
or by facsimile by its duly authorized officers.

	 	 	 	 	 	 	 
	Dated: June 23, 2004	 	COLONIAL REALTY LIMITED PARTNERSHIP,

   as Issuer
	 
	 	 	 	 	 	 
	

	 	By:
	 	COLONIAL PROPERTIES TRUST, not	 	 
	

	 	 	 	individually but as General Partner	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/
Thomas H. Lowder
	 	 
	

	 	 	 	
 	 	 
	

	 	 	 	Thomas H. Lowder	 	 
	

	 	 	 	Chairman of the Board, President and	 	 
	

	 	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Weston M. Andress

	 	 
	

	 	 	 	
 	 	 
	

	 	 	 	Weston M. Andress	 	 
	

	 	 	 	Executive Vice President and Chief	 	 
	

	 	 	 	Financial and Investment Officer	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series designated herein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	Dated: June 23, 2004	 	DEUTSCHE BANK TRUST COMPANY

   AMERICAS, as Trustee
	 
	 	 	 	 	 	 
	

	 	By:	 	 /s/ Irina Golovashchuk	 	 
	

	 	 	 	
 	 	 
	

	 	 	 	Authorized Officer	 	 

 

 

[REVERSE OF NOTE]

COLONIAL REALTY LIMITED PARTNERSHIP

6.25% Senior Notes due 2014

     This Note is one of a duly authorized issue of debentures, notes, bonds or
other evidences of indebtedness of the Issuer (hereinafter called the
“Securities”) of the series hereinafter specified, all issued or to be issued
under an Indenture dated as of July 22, 1996, as supplemented by the First
Supplemental Indenture, dated as of December 31, 1998 (the “Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas (formerly Bankers
Trust Company), as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture with respect to the series of
Securities of which this Note is a part), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the
respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Issuer and the Holders of the Securities, and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), and may otherwise vary as provided
in the Indenture. This Note is one of the outstanding Securities of a series
designated as the “6.25% Senior Notes due 2014” of the Issuer (the “Notes”),
limited in aggregate principal amount to $300,000,000.00.

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal of, and premium or Make-Whole Amount, if any,
may be declared, and upon such declaration shall become, due and payable, in
the manner, with the effect, and subject to the conditions provided in the
Indenture.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Note shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless (i) such Holder shall have previously given
written notice to the Trustee of a continuing Event of Default with respect to
the Notes, (ii) the Holders of not less than 25% in principal amount of the
Notes shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee, (iii) such
Holder or Holders have offered reasonable indemnity to the Trustee against the
costs, expenses and liabilities to be incurred in compliance with such request,
(iv) the Trustee shall have failed to institute any such proceeding for 60 days
after its receipt of such notice, request and offer of indemnity and (v) the
Trustee shall not have received from the Holders of a majority in principal
amount of the Notes a direction inconsistent with such request.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes to be affected under the
Indenture at any time by the Issuer and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Notes affected
thereby. The Indenture also contains provisions permitting the Holders of at
least a

 

 

majority in principal amount of the Notes, on behalf of the Holders of all
Notes, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holders of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium or Make-Whole
Amount, if any, and interest on this Note at the times, place and rate, and in
the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or
agency of the Issuer in any Place of Payment where the principal of, premium or
Make-Whole Amount, if any, on, and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Issuer and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereon one or
more new Notes of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

     The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any registration of transfer or
exchange of Notes, but the Issuer may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. In
no event shall the Issuer be required to pay any Additional Amounts as
contemplated by the Indenture.

     Prior to due presentment of this Note for registration of transfer, the
Issuer, the Trustee, and any authorized agent of the Issuer or the Trustee may
treat the Person in whose name this Note is registered as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal hereof and premium, if any, and
subject to the provisions on the face hereof, interest hereon, and for all
other purposes, and none of the Issuer, the Trustee or any authorized agent of
the Issuer or the Trustee shall be affected by any notice to the contrary.

     Notwithstanding anything contained herein or in the Indenture to the
contrary, no recourse under or upon any obligation, covenant or agreement
contained in the Indenture or in this Note, or because of any indebtedness
evidenced thereby (including without limitation, any obligation or indebtedness
relating to the principal of, or premium or Make-Whole Amount, if any, interest
or any other amounts due, or claimed to be due, on this Note), or for any claim
based thereon or otherwise in respect thereof, shall be had (i) against
Colonial Properties Trust or

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any other partner in the Issuer, (ii) against any other person which owns
an interest, directly or indirectly, in any partner in the Issuer, or (iii)
against any promoter, as such, or against any past, present of future
stockholder, partner, officer or director, as such, of the Issuer or of any
successor, either directly or through the Issuer or any successor, under any
rule of law, statute or constitutional provisions or by the enforcement of any
assessment or by any legal or equitable proceeding or, otherwise, all such
liability being expressly waived and released by the acceptance of this Note by
the Holder thereof and as part of the consideration for the issue of the Notes.
The Holder of this Note acknowledges by acceptance of this Note that its sole
remedies under the Indenture for any Default by the Issuer in the payment of
the principal of, or any premium or Make-Whole Amount, if any, interest or any
amounts due, or claimed to be due, on this Note, or otherwise, are limited to
claims against the property of the Issuer as provided in Section 503 of the
Indenture.

     Notwithstanding anything contained in the Indenture to the contrary,
“Make-Whole Amount” and “Reinvestment Rate” as used with respect to this Note
shall have the following meanings:

     “Make-Whole Amount” means, in connection with any optional redemption of
the Notes, the excess, if any, of: (i) the aggregate present value as of the
date of such redemption of each dollar of principal being redeemed and the
amount of interest (exclusive of interest accrued to the date of redemption)
that would have been payable in respect of each such dollar if such redemption
had not been made, determined by discounting, on a semi-annual basis, such
principal and interest at the Reinvestment Rate (determined on the third
Business Day preceding the date notice of such redemption is given) from the
respective dates on which such principal and interest would have been payable
if such redemption had not been made, to the date of redemption; over (ii) the
aggregate principal amount of the Notes being redeemed.

     “Reinvestment Rate” means .25% plus the arithmetic mean of the yields
under the heading “Week Ending” published in the most recent Statistical
Release under the caption “Treasury Constant Maturities” for the maturity,
rounded to the nearest month, corresponding to the remaining life to maturity,
as of the payment date of the principal amount of the Notes being redeemed. If
no maturity exactly corresponds to such maturity, yields for the two published
maturities most closely corresponding to such maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall
be interpolated or extrapolated from such yields on a straight-line basis,
rounding in each of such relevant periods to the nearest month. For the
purposes of calculating the Reinvestment Rate, the most recent Statistical
Release published prior to the date of determination of the Make-Whole Amount
shall be used. If the format or content of the Statistical Release changes in a
manner that precludes determination of the Treasury yield in the above manner,
then the Treasury yield shall be determined in the manner that most closely
approximates the above manner, as reasonably determined by the Company.

     “Statistical Release” means the statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Federal Reserve
System and which reports yields on actively traded United States government
securities adjusted to constant

3

 

maturities, or, if such statistical release is not published at the time
of any required determination under the indenture, then such other reasonably
comparable index which shall be designated by the Company.

     THE INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT UNDER THE
LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY
MANDATORY PROVISIONS OF LAW.

     Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuer has caused “CUSIP” numbers to be
printed on the Notes as a convenience to the Holders of such Notes. No
representation is made as to the correctness or accuracy of such CUSIP numbers
as printed on the Notes, and reliance may be placed only on the other
identification numbers printed hereon.

4

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in fully
according to applicable laws or regulations:

	 	 	 	 	 	 	 
	TEN COMM

	 	-
	 	as tenants in common
	 	UNIF GIFT MIN ACT -
	TEN ENT

	 	-
	 	as tenants by the entireties
	 	             
  Custodian    
	JT TEN

	 	-
	 	as joint tenants with right
	 	(Cust)                              (Minor)
	

	 	 	 	of survivorship and not as
tenants in common
	 	Under Uniform Gifts to Minors

Act 

          
          
          
State

Additional abbreviations may also be used though not in the above list.

Social Security or taxpayer I.D. or other identifying number of assignee.

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

(name and address of assignee)

the within Note and all rights thereunder, hereby irrevocably
constituting and
appointing                                  , attorney to transfer said Note on the books
kept for registration thereof, with full power of substitution in the premises.

	 	 	 	 	 
	Dated:<PAGE>
                                                                   EXHIBIT 10.14

                                    - DRAFT -

                            CEO EMPLOYMENT AGREEMENT
                                     BETWEEN
                             U.S. PREMIUM BEEF, LLC
                                       AND
                                 STEVEN D. HUNT
                                   2003 - 2009

         THIS EMPLOYMENT AGREEMENT ("Agreement") dated as of the ____ day of
___________, 2004, is made by and between U.S. Premium Beef, LLC, a Delaware
limited liability company ("USPB"), and Steven D. Hunt ("Chief Executive
Officer" or "CEO").

1. EMPLOYMENT.

         (a) Term of this Agreement. USPB will employ CEO as the chief executive
officer of USPB under this Agreement contingent upon the termination of the
employment agreement between U.S. Premium Beef, Ltd., a Kansas cooperative
association, and CEO for the term September, 2003 until August 31, 2009 as
provided in paragraph (b). The term of this Agreement is from September 1, 2003
(the "Effective Date") until August 31, 2009 (the "Expiration Date") or the date
the employment is otherwise terminated as provided in this Agreement
("Termination Date"). If the closing of the transaction in paragraph (b), clause
(1) does not occur by December 31, 2004 this Agreement terminates and is null
and void.

         (b) Termination of Previous Employment Agreement. USPB and CEO agree to
terminate the employment agreement between U.S. Premium Beef, Ltd., a Kansas
cooperative association and CEO for the term September 1, 2003 until August 31,
2009 (the "Cooperative Employment Agreement") effective as of September 1, 2003,
provided that compensation paid under the Cooperative Employment Agreement shall
be deemed to have been paid under this Agreement, upon the condition of
completion of transactions under which U.S. Premium Beef, Ltd. a Kansas
cooperative association converts its assets and ownership interests into U.S.
Premium Beef, LLC.

2. LOCATION OF EMPLOYMENT. CEO's principal place of employment shall be at the
principal offices of USPB located in Kansas City, Missouri, or at another
location as mutually agreed by USPB and CEO.

3. COMPENSATION. The compensation provided in sections 3(a), 3(b), 3(c) and 3(d)
shall be subject to a cumulative annual cap pro-rated over the term of this
Agreement not to exceed $2,000,000 per year averaged over the term. An example
of the compensation under 3(a), 3(b) 3(c) and 3(d) is provided on Exhibit A.

         (a) Annual Salary. CEO shall be paid by USPB a base annual salary of
$550,000 for employment years ending August 31, 2004, August 31, 2005, and
August 31, 2006; and $700,000 for employment years ending August 31, 2007,
August 31, 2008, and August 31, 2009

<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

(less necessary deductions and withholding) for each 12-month period (September
1 to August 31) during the term of CEO's employment under this Agreement,
pro-rated for partial years, payable on USPB's normal payroll dates.

         (b) Annual Incentive Plan. In addition to CEO's base Annual Salary CEO
shall, if he is employed by USPB as of the last day of the fiscal year (except
as otherwise provided in this Agreement), be paid an annual incentive bonus,
less necessary deductions and withholding ("Annual Bonus") equal to two percent
(2.0%) of the sum of the total financial benefits to USPB ("USPB Total
Benefits") that exceed $18,000,000. USPB Total Benefits are: (1) audited fiscal
year-end USPB earnings before tax; and (2) two times the fiscal year USPB grid
premiums which is the net sum of all USPB member grid premiums and discounts
calculated through the USPB grid, taking into account all calculators including,
but not limited to, base price, dressing percent, quality grade, outlier cattle
and other specific categories, less the base price calculator excluding any set
base price premium. (Example, if 25 cents per cwt. is paid to a member for one
head of cattle over the western Kansas reported USDA average, then 25 cents per
cwt. times the weight of the head of cattle would be added to the net grid
premium.) This calculation shall be based on the actual cattle delivered by USPB
members to National Beef Packing Company, LLC or its successor under the Cattle
Purchase Agreement unless one of the following two events occur: (1) the member
cattle delivery requirements are reduced below the fiscal year 2004 requirements
of 98% delivery; or (2) the penalties for nondelivery are reduced below fiscal
year 2004 levels. If either member delivery requirements are reduced below 98%
or the penalties for nondelivery are reduced, then the fiscal year grid premiums
under clause (2) above shall be adjusted to reflect the grid premium per head of
cattle actually delivered multiplied times the number of USPB delivery rights
held by members. In no event shall the nondelivery penalties paid by members be
included in the net sum of all USPB member grid premiums under clause (2) above.
The Annual Bonus is subject to the following:

                  (1) Any Annual Bonus accruing with respect to a fiscal year
          shall be payable, less normal withholdings, on or before the date (the
          "Annual Bonus Date") that is sixty (60) days following the end of the
          fiscal year or, if later, ten (10) days following receipt by the USPB
          Board, of all completed financial statements that are relevant to the
          calculation of the Annual Bonus.

                  (2) For purposes of calculating any Annual Bonus under this
          Section 3(b), or any Long-Term bonus under Section 3(c), USPB's Total
          Benefits shall be determined by USPB's accountants using generally
          accepted accounting principles consistently applied.

         (c) Long-Term Incentive Plan. In addition to CEO's base Annual Salary
and Annual Bonus, CEO shall, (except as otherwise provided in this Agreement),
if CEO is employed by USPB as of August 31, 2006, be paid a long-term incentive
bonus (referred to as "Long-Term Bonus") calculated as described in clause (1)
below, and if CEO is employed by USPB as of August 31, 2009 be paid an
additional long-term incentive bonus, calculated as described in clause (2)
below:

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY
                                       2
<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

                  (1) the Long-Term Bonus to be paid as a result of CEO's
         employment on August 31, 2006 shall be equal to one and one-quarter
         percent (1.25%) of the amount by which USPB's Total Benefits from
         September 1, 2003 through August 31, 2006, exceed $54,000,000 but are
         equal to or less than $84,000,000; plus seventy-five one hundredths of
         a percent (0.75%) of the amount by which USPB's Total Benefits from
         September 1, 2003 through August 31, 2006 exceed $84,000,000, subject
         to clause (3) below; and

                  (2) the Long-Term Bonus to be paid as a result of CEO's
         employment on August 31, 2009 shall be equal to one and one-quarter
         percent (1.25%) of the amount by which USPB's Total Benefits from
         September 1, 2006 through August 31, 2009, exceed $54,000,000 but are
         equal to or less than $84,000,000; plus seventy-five one hundredths of
         a percent (0.75%) of the amount by which USPB's Total Benefits from
         September 1, 2006 through August 31, 2009 exceed $84,000,000, subject
         to clause (3) below; and

                  (3) any Long-Term Bonus accruing under this Agreement shall be
         payable, less necessary deductions and withholding on or before the
         date ("Long-Term Bonus Date") that is sixty (60) days following August
         31, 2006 or August 31, 2009 respectively, or, if later, ten (10) days
         following receipt by USPB's Board of Directors, of all completed
         financial statements that are relevant to the calculation of the
         applicable Long-Term Bonus.

         (d) Full-Term Incentive Plan. In addition to any other payments paid
under this agreement, CEO shall be paid a full-term incentive bonus ("Full-Term
Bonus") in the amount of $550,000 if CEO is employed under this Agreement
through August 31, 2006, and additionally, $700,000 if CEO is employed under
this Agreement through August 31, 2009, except as otherwise provided in this
Agreement. Any Full-Term Bonus accruing under this Agreement shall be payable,
less necessary deductions and withholdings, on or before December 31, 2006 for
employment through August 31, 2006, and on or before December 31, 2009 for
employment through August 31, 2009.

         (e) Phantom Units Plan. CEO has vested phantom unit rights to 20,000
phantom Class A Units of USPB with an exercise price of $55 per unit and 20,000
Class B Units of USPB with an exercise price of $0 as provided in this paragraph
(e):

                  (1) Appreciation Rights. Upon exercise of the phantom units,
         CEO shall be paid the amount that the trading price of the units
         ("Market Unit Price") exceeds (1) for Class A Units $55 per unit times
         the number of units exercised not to exceed 20,000 exercisable phantom
         Class A Units; and for Class B Units upon notice to USPB without
         payment of an exercise price.

                  (2) Market Unit Price. The "Market Unit Price" shall equal the
         weighted average price of the previous non-conditional unit transaction
         prices of the prior sales of USPB Class A or Class B Units. The
         weighted average price shall be for the prior unit transactions of
         20,000 units of USPB Class A or Class B Units corresponding to the
         phantom units being exercised.

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY

                                       3
<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

                  (3) Exercise. CEO shall be entitled to exercise phantom unit
         rights upon termination of this Agreement, or at CEO's election, at the
         time and under the conditions, and with the same consequences as if CEO
         held similar unqualified options to purchase USPB Class A or Class B
         Units acquired at the same time as the phantom unit rights. In either
         case, payment shall be made to CEO by 90 days after exercise of the
         phantom unit rights.

                  (4) Asset Sale Distribution Rights. Should USPB liquidate some
         or all of USPB's assets and distribute the proceeds to unitholders, CEO
         shall be paid an amount equal to the distribution to unitholders of
         Class A or Class B Units on a per unit basis for the number of CEO's
         unexercised phantom Class A or Class B Units without any deduction. For
         distributions to Class A Unitholders, the first $55 of such cumulative
         distributions shall not be paid to CEO per phantom Class A Unit and
         cumulative distributions in excess of $55 shall be paid to CEO without
         deduction. The amount under this clause (4) shall be paid at the time
         distributions are made to the unitholders. If USPB Class A or Class B
         Units are redeemed as part of the distribution, the corresponding
         proportional number of unexercised phantom Class A or Class B Units
         shall be deemed to be exercised as part of the distribution.

                  (5) Ownership Interest Distribution Rights. If USPB
         distributes ownership rights of another entity to its unitholders, CEO
         shall be granted phantom ownership rights in proportion to the
         unexercised phantom units held by CEO to the total issued units or, at
         election of CEO, actual ownership rights corresponding to the phantom
         units as if the unexercised phantom units were converted to USPB units
         under clause (6) and were issued to CEO prior to the time of ownership
         right distribution. If USPB units are redeemed as part of the
         distribution, the corresponding amount of phantom units shall be deemed
         to be exercised as part of the distribution.

                  (6) Conversion Rights. Effective as of termination of this
         Agreement and at the election of CEO, or upon mutual agreement of CEO
         and USPB, CEO may purchase the number of USPB Class A units at $55 per
         unit corresponding to the unexercised phantom Class A Units held by CEO
         and the number of USPB Class B Units corresponding to the number of
         unexercised Class B Units held by CEO at no purchase price. At election
         of CEO and upon agreement with USPB, CEO may convert the unexercised
         phantom units to a corresponding number of unqualified unit options to
         purchase units of USPB at $55 per unit for Class A Units and without an
         exercise price for Class B Units. The purchase or conversion under this
         clause (6) shall be considered an exercise of the corresponding number
         of phantom units and reduce the number of phantom units held by CEO.

                  (7) Anti-dilution. CEO's phantom unit rights under this
         paragraph (e) shall not be diluted by actions of USPB including
         transfer of assets to another entity or issuance of units such that the
         number of unexercised phantom unit rights held by CEO at the time of a
         dilution event under this paragraph (e) shall be increased so that
         CEO's

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY
                                       4
<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

         phantom unit rights are not diluted. For purposes of this clause (7)
         USPB's issuance of additional units at or above the Market Unit Price
         corresponding to the number of unexercised phantom unit rights held by
         CEO or the issuance of debt instruments or preferred units with fixed
         (interest like) returns shall not be considered dilution of CEO's
         phantom unit rights.

         (f) Other Benefits. CEO shall be entitled to paid vacations, personal
and sick days consistent with the policy of USPB. CEO shall receive other
compensation as approved by the Board of Directors and shall participate in all
fringe benefits approved by the Board of Directors (including, without
limitation, group medical, life, disability and accidental death and
dismemberment insurance) and benefit plans which shall be available from time to
time to management employees of USPB.

         (g) Reimbursement Of Business Expenses. During his employment under
this Agreement, CEO shall also be reimbursed by USPB for reasonable business
expenses actually incurred or services provided under this Agreement, upon
presentation of expenses statements or other supporting information as USPB
customarily requires of its management employees.

         (h) Renegotiation Due to Change in Business. USPB and CEO agree to
renegotiate the terms and conditions of this Section 3 if during CEO's
employment under this Agreement if a material change in the business of USPB
occurs, in which:

                  (i)      revenues of National Beef Packing Company, LLC or its
                           successor increase by more than 50% in a fiscal year
                           over the average revenue of the prior two fiscal
                           years;

                  (ii)     USPB enters a joint venture by merger, acquisition,
                           contract or otherwise in which USPB is not a majority
                           owner;

                  (iii)    the source of revenues of USPB or National Beef
                           Packing Company, LLC or its successor change more
                           than 50% from the source of revenues in fiscal year
                           2003;

                  (iv)     an adverse event such as widespread disease or
                           widespread calamity which prohibits or materially
                           changes the ability of the members as a whole to
                           deliver cattle to USPB; or

                  (v)      other material change events of the same scope and
                           magnitude as those listed in clauses (i) to (iv).

         (i) Indemnification. The parties agree to enter into an Indemnification
Agreement attached hereto as Exhibit B.

4. TERMINATION.

         (a) Termination Upon Permanent Disability. The employment of CEO may be
terminated by USPB on at least thirty (30) days prior written notice if the
Board of Directors determines that the CEO has become permanently disabled. CEO
shall be deemed to be "permanently disabled," as used in this section, if CEO
has been substantially unable to discharge his duties and obligations under this
Agreement by reason of illness, accident, or

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY

                                       5
<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

disability for a period of 180 days in any twelve-month period. Any disputes
concerning the nature or extent of CEO's disability will be determined by a
neutral physician at the expense of USPB.

         (b) Termination Upon Death. The employment of CEO shall automatically
terminate on the date of CEO's death.

         (c) Termination For Cause. The employment of CEO may be terminated
forthwith by USPB for cause upon written notice from the Chair of the Board of
Directors to the CEO. The written notice shall provide reasonable detail
regarding the basis for the termination decision. USPB shall have "cause" to
terminate CEO, as used in this subsection, only if CEO has, and the Board of
Directors has determined that CEO has:

                  (1) refused or failed, after reasonable written notice that
         the refusal or failure would constitute a default under this Agreement,
         to carry out any reasonable and material order of the Board of
         Directors given to him in writing;

                  (2) been guilty of a willful breach of the terms of this
         Agreement;

                  (3) demonstrated gross negligence or willful misconduct in the
         execution of his material assigned duties;

                  (4) been convicted of a felony or other serious crime;

                  (5) engaged in fraud, embezzlement or other illegal conduct to
         the detriment of USPB;

                  (6) intentionally imparted confidential information relating
         to USPB to a third party, other than in the course of carrying out
         CEO's duties, which as resulted in material damage to USPB; or

                  (7) otherwise fails to reasonably perform his duties and
         obligations as contemplated under this Agreement.

         (d) Termination By USPB With Any Or No Reason. In addition to the
circumstances set forth above in Sections 4(a), 4(b) and 4(c), USPB may
terminate CEO's employment for any reason or no reason and with or without cause
upon thirty (30) days prior written notice to CEO.

         (e) Termination By CEO With Any Or No Reason. CEO may terminate his
employment under this Agreement for any reason or no reason upon thirty (30)
days prior written notice to USPB.

         (f) Termination By CEO For Good Reason. CEO may terminate his
employment immediately at any time for good reason (as hereinafter defined) upon
written notice to USPB.

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY

                                       6
<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

For purposes of this subsection, "good reason" shall mean the occurrence of any
of the following:

                  (1) a significant reduction or adverse alteration in the
         duties, authorities or responsibilities as CEO;

                  (2) removal of CEO from, or any failure to re-appoint CEO to,
         any titles, offices or positions held by CEO;

                  (3) a significant reduction by USPB in CEO's basic salary or
         bonus as provided in this Agreement; or

                  (4) a material and willful breach by USPB of any of its
         obligations to CEO under this Agreement.

5. COMPENSATION UPON TERMINATION.

         (a) Termination Upon Death Or Permanent Disability. If CEO's employment
is terminated pursuant to Section 4(a) or 4(b) above, CEO shall be entitled to,
and USPB's obligation under this Agreement shall be limited to:

                  (1) the payment of the compensation accrued under Section 3(a)
         to the date of the termination plus monthly payments of salary under
         Section 3(a) through the date ("Deemed Termination Date") that is the
         earlier of the first anniversary of the termination or the Expiration
         Date;

                  (2) the payment, on or before the Annual Bonus Date for the
         fiscal year in which the termination occurs and on or before the Annual
         Bonus Date for the fiscal year in which the Deemed Termination Date
         occurs, of a pro-rated amount (based upon the period of CEO's
         employment plus the period through the Deemed Termination Date) of the
         Annual Bonus that would have accrued if CEO had remained employed
         through the last day of the fiscal year, less normal withholdings;

                  (3) the payment, on or before the Long-Term Bonus Date that
         would have accrued if CEO had remained employed under this Agreement
         through August 31, 2009, less normal withholdings; and

                  (4) the payment, within thirty (30) days following the
         termination, of a pro-rated amount (based upon the period of CEO's
         employment under this Agreement plus the period through the Deemed
         Termination Date) of the Full-Term Bonus that would have accrued if CEO
         had remained employed under this Agreement through the Expiration Date,
         less normal withholdings.

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY
                                       7
<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

         (b) Termination By USPB For Cause or By CEO For Any Or No Reason. If
CEO's employment is terminated by USPB pursuant to Section 4(c) above, or if CEO
terminates his employment pursuant to Section 4(e) above, USPB's obligation
hereunder shall be limited to the payment of salary accrued under Section 3(a)
to the date of the termination.

         (c) Termination By USPB For Any Or No Reason Or By CEO For Good Reason.
If CEO's employment is terminated pursuant to Section 4(d) or 4(f) above, CEO
shall be entitled to, and USPB's obligation under this Agreement shall be
limited to:

                  (1) the payment of the salary accrued under Section 3(a) to
         the date of the termination plus continued monthly payment of salary
         under Section 3(a) and benefits listed in Section 3(e) (subject to any
         necessary consent of applicable insurers), through the Expiration Date;

                  (2) the payment, on or before the Annual Bonus Date for the
         fiscal year in which the termination occurs and each fiscal year
         thereafter through the Expiration Date, of the Annual Bonus that would
         have accrued for the fiscal year if CEO had remained employed under
         this Agreement through the last day of the fiscal year, less normal
         withholdings;

                  (3) the payment, on or before the Long-Term Bonus Date, of the
         Long-Term Bonus that would have accrued if CEO had remained employed
         under this Agreement through August 31, 2009, less normal withholdings;
         and

                  (4) the payment, on or before October 2, 2006 or 2009, of the
         Full-Term Bonus that would have accrued if CEO had remained employed
         under this Agreement through August 31, 2006 or August 31,2009, less
         normal withholdings. If consent of the applicable insurers is not
         received within 30 days, then the cash value of the current premiums
         will be distributed to CEO in equal monthly payments.

6. CONFIDENTIALITY. CEO will not during his employment or subsequent to his
termination use or disclose, other than in connection with his employment with
USPB, any confidential information to any person not employed by or authorized
by USPB to receive such information, without prior written consent of USPB.
Violation of this provision by CEO shall constitute reasons for termination for
cause by USPB.

         (a) Non-competition. USPB agrees not to restrict CEO's ability to
engage in a competitive business following the termination of his employment,
for whatever reason.

         (b) Waiver of Severance Benefits. CEO agrees to waive any claim for
severance benefits other than those stated in Section 5 above.

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY
                                       8
<PAGE>

USPB/STEVEN D. HUNT                                     CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

         (c) Successors and Assigns. This Agreement shall be binding on and
inure to the benefit of any successor of USPB. Any successor shall absolutely
and unconditionally assume all of USPB's obligations under this Agreement.

         (d) Disputes. Any dispute, controversy or claim for damages arising in
connection with this agreement shall be settled exclusively by arbitration in
Kansas City, Missouri, at a location designated by USPB by an arbitrator
selected by the parties and in accordance with the rules of the American
Arbitration Association then in effect. The parties shall share equally the
expenses of arbitration, unless otherwise agreed.

         (e) Governing Law. The validity, interpretation, construction,
performance, enforcement and remedies relating to this agreement and the rights
and obligations of the parties shall be governed by the substantive laws of the
state of Kansas.

         (f) Entire Agreement. This Agreement constitutes the entire agreement
and understanding between the CEO and USPB in reference to all matters in this
Agreement. This Agreement replaces and rescinds any prior agreements or
understandings between CEO and USPB.

                                               CEO

                                               ---------------------------------
                                               Steven D. Hunt

                                               U.S. PREMIUM BEEF, LLC

                                               By:
                                                   -----------------------------

                                               Its:
                                                    ----------------------------

                                               Date:
                                                     ---------------------------

                                                                         -DRAFT-
                                                             FOR DISCUSSION ONLY

                                       9
<PAGE>

                                    EXHIBIT A

                              COMPENSATION EXAMPLE

<PAGE>
                    USPB LLC CEO COMPENSATION PLAN                    EXHIBIT A

CEO                 STEVE HUNT (FULL USPB BENEFITS)

<Table>
<Caption>
                                                                                                         3-YEAR
Contract Through 8/31/2009                              2004            2005          2006                TOTAL           2007
                                                     ------------   ------------  ------------        -------------   ------------
<S>                                                  <C>            <C>           <C>                 <C>             <C>
                                     MULTIPLIER
USPB LLC EBT *                                       $ 20,000,000   $ 20,000,000  $ 20,000,000        $  60,000,000   $ 25,000,000
USPB LLC GRID PREMIUMS $ 8,000,000        2          $ 16,000,000   $ 16,000,000  $ 16,000,000        $  48,000,000   $ 16,000,000
                                                     ------------   ------------  ------------        -------------   ------------
     USPB LLC TOTAL FACTORED BENEFITS                $ 36,000,000   $ 36,000,000  $ 36,000,000        $ 108,000,000   $ 41,000,000

BASE ANNUAL SALARY                                   $    550,000   $    550,000  $    550,000        $   1,650,000   $    700,000

ANNUAL INCENTIVE
                       2% over $18 mm Ben.           $    360,000   $    360,000  $    360,000        $   1,080,000   $    460,000

LONG TERM INCENTIVE PLAN
                       1.25% over $54-84mm Benefits                               $    375,000
                       .75% over 84                                               $    180,000        $     555,000

FULL TERM INCENTIVE PLAN                                                          $    550,000        $     550,000

TOTAL                                                $    910,000   $    910,000  $  2,015,000        $   3,835,000   $  1,160,000

                                                                                  Annual Ave.         $   1,278,333
                                                                                  % of Total Benefits
                                                                                  % of PBT
<Caption>

                                                                                           3-YEAR          6-YEAR
Contract Through 8/31/2009                                2008             2009             TOTAL           TOTAL
                                                     -------------    -------------   --------------   -------------
<S>                                                   <C>             <C>             <C>              <C>
                                     MULTIPLIER
USPB LLC EBT *                                        $ 25,000,000    $  25,000,000   $   75,000,000   $ 135,000,000
USPB LLC GRID PREMIUMS $ 8,000,000        2           $ 16,000,000    $  16,000,000   $   48,000,000   $  96,000,000
                                                     -------------    -------------   --------------   -------------
     USPB LLC TOTAL FACTORED BENEFITS                 $ 41,000,000    $  41,000,000   $  123,000,000   $ 231,000,000

BASE ANNUAL SALARY                                    $    700,000    $     700,000   $    2,100,000   $   3,750,000

ANNUAL INCENTIVE
                       2% over $18 mm Ben.            $    460,000    $     460,000   $    1,380,000   $   2,460,000

LONG TERM INCENTIVE PLAN
                       1.25% over $54-84mm Benefits                   $     375,000
                       .75% over 84                                   $     292,500   $      667,500   $   1,222,500

FULL TERM INCENTIVE PLAN                                              $     700,000   $      700,000   $   1,250,000

TOTAL                                                 $  1,160,000    $   2,527,500   $    4,847,500   $   8,682,500

                                                                                      $    1,615,833   $   1,447,083
</Table>

* USPB  LLC Earnings includes all classes of units

Maximum 6-year average annual compensation of $2 million.

Total Benefits             The sum of ALL audited fiscal year-end USPB LLC
                           earnings before tax (includes all classes) and fiscal
                           year USPB LLC grid premiums.

Grid Premiums              The net sum of all USPB LLC member grid premiums and
                           discounts calculated through the USPB LLC grid taking
                           into account all calculators including but not
                           limited to base price, dressing percent, quality
                           grade, outlier cattle and other specific categories
                           less the base price calculator excluding any set base
                           price premium. (Example, 25 cents over the western
                           Kansas reported USDA average, average, 25 cents would
                           be added in to the net grid premium.)

<PAGE>

                                    EXHIBIT B

                            INDEMNIFICATION AGREEMENT

<PAGE>

USPB/STEVEN D. HUNT
                                                                      EXHIBIT B
                                                    TO CEO EMPLOYMENT AGREEMENT
                                                                      2003-2009

                            INDEMNIFICATION AGREEMENT
                                     BETWEEN
                             U.S. PREMIUM BEEF, LLC
                                       AND
                                 STEVEN D. HUNT

         THIS INDEMNIFICATION AGREEMENT is entered into as of ______________,
2004, by and between U.S. Premium Beef, LLC, a Delaware Limited Liability
Company ("USPB"), and Steven D. Hunt ("Chief Executive Officer" or "CEO").

                                    RECITALS

         WHEREAS, USPB wishes to retain CEO to render services for USPB on the
terms and conditions set forth in that certain "CEO Employment Agreement between
U.S. Premium Beef, LLC and Steve D. Hunt" of even date herewith (the "Employment
Agreement") and CEO has agreed to be retained and employed by USPB on the terms
and conditions set forth in such Employment Agreement;

         WHEREAS, the Employment Agreement provides that USPB and the CEO shall
enter into an Indemnification Agreement upon execution of the Employment
Agreement;

         WHEREAS, USPB and the CEO desire to set forth in writing the terms and
conditions with respect to USPB's indemnification of CEO, which terms and
conditions are a part of and a condition to CEO's employment by USPB pursuant to
the Employment Agreement;

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and the respective
undertakings of USPB and the CEO set forth below, and for other good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, USPB and the CEO agree
as follows:

1. INDEMNIFICATION. USPB shall, to the extent not expressly prohibited by the
Delaware Limited Liability Company Act as set forth in the Delaware Code
commencing with Section 18-101 of the Delaware Code, indemnify CEO against
reasonable expenses, including attorneys' fees, and against loss or liability
incurred by or asserted against CEO in a legal matter or proceeding in which CEO
is a party or is threatened to be made a party because CEO is, or was, an
officer or employee of USPB or another entity, where the CEO's service as an
officer or employee of the other organization is at the request of USPB. USPB
shall advance amounts to cover expenses, or pay expenses, that are included in
the foregoing indemnity, upon request from the CEO. These indemnification rights
shall not be deemed to exclude any rights to which the

                                      - 1 -
<PAGE>
USBP/STEVEN D. HUNT                                                    EXHIBIT B
                                                     TO CEO EMPLOYMENT AGREEMENT
                                                                       2003-2009

CEO may otherwise be entitled. The foregoing right to indemnification shall: (1)
inure to the CEO whether or not he is an officer or employee at the time the
liability or expenses are asserted, imposed or incurred and whether or not the
claim asserted is based on matters which pre-date this Indemnification
Agreement; and (2) extend to the CEO's heirs and legal representatives in the
event of the CEO's death.

2. EXCLUSIONS FROM INDEMNIFICATION. The right to indemnification in Section 1
does not include any liability or expense relating to a matter in which the CEO
is finally adjudged to have breached or failed to perform a duty that CEO owes
to USPB and the breach or failure to perform constitutes any of the following:
(1) a willful failure to deal fairly with USPB or its members in connection with
a matter in which the CEO has a material conflict of interest; (2) a violation
of the criminal law, unless the CEO had reasonable cause to believe that CEO's
conduct was lawful or no reasonable cause to believe that CEO's conduct was
unlawful; (3) a transaction from which the CEO derived an improper personal
profit; or (4) willful misconduct. Determination of whether the CEO is entitled
to the indemnification provided for above shall be made as provided in the
Delaware Limited Liability Company Act.

3. INSURANCE. USPB further agrees that during the term of the Employment
Agreement and for a period of six (6) years thereafter, USPB shall maintain in
full force and effect a director's and officer's insurance policy insuring the
CEO against liability asserted and incurred by the CEO in the CEO's capacity as
an officer, manager, employee or agent of USPB or another entity as described in
Section 1 or arising from the CEO's status as an officer, manager, employee or
agent of USPB or another entity as described in Section 1. The insurance shall
be in amounts and contain terms and conditions as are reasonable and customary
for a company of the size and scope of USPB participating in the industry and
business in which USPB is engaged, all as determined by the mutual agreement of
USPB and the CEO.

4. RELATIONSHIP WITH EMPLOYMENT AGREEMENT. This Indemnification Agreement is
hereby made a part of and incorporated into the Employment Agreement. In the
event of any conflict between the terms and conditions of the Employment
Agreement and this Indemnification Agreement, the terms and conditions of this
Indemnification Agreement shall control.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                   -2-
<PAGE>

USPB/STEVEN D. HUNT
                                                                      EXHIBIT B
                                                    TO CEO EMPLOYMENT AGREEMENT
                                                                      2003-2009

         IN WITNESS WHEREOF, USPB and the CEO have executed this Indemnification
Agreement as of the date set forth in the first paragraph.

                                                     U.S. PREMIUM BEEF, LLC

                                                     By:-----------------------

                                                     Its:----------------------

                                                     CEO

                                                     --------------------------
                                                     Steven D. Hunt

                                      -3-

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