Document:

Exhibit 10.2(a)

EXECUTION VERSION 

     FIRST AMENDED AND RESTATED

CATTLE PURCHASE AND SALE AGREEMENT

BETWEEN

NATIONAL BEEF PACKING COMPANY, LLC

AND

U.S. PREMIUM BEEF, LLC 

THIS FIRST AMENDED AND RESTATED CATTLE PURCHASE AND SALE AGREEMENT (this “Agreement”) is entered into as of the 10th day of
June, 2019, by and between NATIONAL BEEF PACKING COMPANY, LLC, a Delaware limited liability company (“National Beef”), and U.S. PREMIUM BEEF, LLC, a Delaware limited liability company (“USPB”) and amends, replaces and supersedes
the Cattle Purchase and Sale Agreement Dated December 30, 2011 by and between National Beef Packing Company, LLC and U.S. Premium Beef, LLC. National Beef and USPB are each referred to individually as a “Party” and collectively as the
“Parties.” 

RECITALS 

A. 	USPB members are engaged in the production and marketing of cattle; 

B. 	National Beef is engaged in the business of purchasing and processing cattle and marketing beef and related products; and 

C. 	National Beef desires to purchase cattle from USPB members, and USPB members desire to sell and deliver cattle to National Beef, on the
terms and conditions in this Agreement. 

D. 	USPB holds a membership interest in National Beef. Pursuant to a Pledge and Security Agreement dated as of the date hereof between USPB and
National Beef (the “Pledge Agreement”), USPB has granted to National Beef a perfected security interest in all of USPB’s membership interests in National Beef in order to
support its obligations under this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements contained in this Agreement, the Parties hereto agree as follows: 

1.  	PURCHASE/SALE OF
CATTLE. 

(a) 	Purchase through USPB. Subject to the terms and conditions in this Agreement and during the
term of this Agreement, National Beef shall purchase through USPB from its members, and USPB shall cause to be sold and delivered from its members to National Beef, on an annual basis, a base amount of 735,385 (plus or minus ten percent (10%)) head
of cattle per year. 

(b) 	Additional Cattle Delivery Rights. National Beef agrees to discuss terms and conditions for
USPB to increase cattle delivery rights through cattle producers who would deliver to National Beef processing (slaughter) facilities, at current and future locations. If National Beef acquires or develops new processing (slaughter) facilities, then
USPB shall have a first right to provide cattle to those facilities at 25% of the cattle delivery to the facility. 

 

(c) 	Scheduling. Delivery schedules shall be determined by National Beef on a reasonable basis,
consistent with all other provisions of this Agreement, taking into account operational practicalities. Delivery will be to National Beef’s beef processing facilities located in the United States in the traditional areas where USPB members have
or are delivering cattle to National Beef processing facilities. Upon receipt of a request by National Beef, USPB will forecast USPB’s anticipated deliveries thirty (30) days in advance of any scheduled deliveries to National Beef. 

2.  	PURCHASE PRICE OF
CATTLE. 

(a) 	Grid Pricing Criteria. Other than for the Tama, Iowa processing facility (“Tama
Plant”) as provided below, the purchase price for cattle purchased by National Beef under this Agreement shall be an amount determined pursuant to National Beef’s pricing grid for cattle to be delivered through USPB by USPB members, as the
pricing grid may be modified or supplemented from time to time through mutual agreement by National Beef and USPB; provided, however, that the pricing grid shall at all times be no less favorable than any other pricing grid being utilized by National Beef; and provided, further, however, that the pricing grid shall be competitive with National Beef’s major competitors for the purchase of cattle.
“Competitive with National Beef’s major competitors” means the pricing grid is competitive with the best pricing grids offered by any two or more competitors. For purposes of the pricing grid, National Beef shall
grade beef derived from cattle purchased under this Agreement in accordance with standard industry practice. An example of grid pricing is given on Exhibit A. For the Tama Plant, the purchase price for cattle delivered by USPB members under this
Agreement shall be no less favorable than any other pricing grid that National Beef offers to any other seller of cattle delivering to the Tama Plant or to non-grid cattle with comparable performance. 

(b) 	Carcass Data. National Beef shall provide USPB carcass data on all cattle delivered by USPB
members to National Beef in a manner similar to the customary information provided by National Beef to USPB, an example of which is in Exhibit B, or as otherwise agreed to by the Parties. 

3.  	PAYMENT OF PURCHASE
PRICE. Cattle purchased under this Agreement from USPB members shall be paid for by National Beef on a finish and grade basis consistent with standard industry practice, or on any other basis that is consistent with any other standard industry practice utilized by National Beef
with respect to cattle purchased from third parties, and shall in any event be in accordance with applicable law. 

4. 	CATTLE QUALITY. For purposes of this Agreement, USPB agrees that USPB members will not deliver to National Beef any cattle that have been condemned by the United States Department of Agriculture or any other
applicable regulatory authority. 

5. 	PERMITS. USPB members shall provide National Beef
with all permits necessary to qualify cattle for interstate shipment, if applicable, in the same manner as required for other cattle purchased by National Beef. Each Party otherwise covenants with the other Party to perform the Party’s
obligations under this Agreement in accordance with all applicable laws. 

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6.  	WEIGHING AND TRANSPORTATION. All cattle purchased by National Beef from USPB under this Agreement shall be weighed and transported according to standard industry practice and on the same basis as other cattle purchased by National Beef (or as otherwise mutually determined by the Parties through the
pricing grid determination process). 

7. 	TERM OF AGREEMENT. The term of this Agreement shall commence on the date first written above and shall continue for an initial term of five (5) years(such period, as it may be extended pursuant to the terms of this
Agreement, referred to herein as the “Term”). Unless either Party gives written notice to the other Party that it does not want to extend the Term at least sixty (60) days prior to each one year anniversary of the date of this Agreement,
then, on each such anniversary, the Term shall be extended to five (5) years as of such anniversary. If such written notice is given, the Term of five (5) years shall decrease by one (1) year on each subsequent one (1) year anniversary of the date
of this Agreement and this Agreement will continue until the expiration of the Term, subject to the following:

(1) 	if there is a material breach of any agreement or covenant of USPB contained in this Agreement, National Beef may give written notice of
the breach to USPB and, if the breach is not cured within a period of thirty (30) days following the notice of breach by National Beef to USPB (“USPB’s Cure Period”), National Beef shall have the right to terminate this Agreement upon
written notice to USPB within thirty (30) days following the expiration of USPB’s Cure Period, provided, however, if the
breach is related to a shortage in the number of cattle delivered by USPB and its members to National Beef in a given year, then USPB shall have the right to make up delivery shortages by increasing cattle deliveries on a prorated basis equal to 10%
of the annual deliveries per month until the shortage in deliveries is made up. The effective date of any such termination under this Section 7(1) shall be six (6) months following the date of delivery of the notice of termination by National Beef
to USPB, and during such six (6) month period USPB and National Beef shall continue to perform their respective obligations under this Agreement; provided, however, USPB may terminate the Agreement prior to such six (6) month period upon written notice to National Beef if National Beef fails to comply with the terms and conditions of this Agreement including
to pay for cattle as required (subject to a five (5) business day cure period or any shorter period required by federal law); 

(2) 	if there is a material breach of any agreement or covenant of National Beef contained in this Agreement, USPB may give written notice of
the breach to National Beef and, if the breach is not cured within a period of thirty (30) days (or, if the breach is a failure of National Beef to make a payment to USPB or USPB members, five (5) business days) following the notice of breach by
USPB to National Beef (“National Beef Cure Period”), USPB shall have the right to terminate this Agreement upon written notice to National Beef within thirty (30) days following the expiration of the National Beef Cure Period. The
effective date of any such termination under this Section 7(2) shall be six (6) months following the date of delivery of the notice of termination by USPB to National Beef, and during such six (6) month period USPB and National Beef shall continue
to perform their respective obligations under this Agreement; provided, however, USPB may terminate the Agreement prior to such six
(6) month period upon written notice to National Beef if National Beef fails to comply with the terms and conditions of this Agreement including to pay for cattle as required (subject to a five (5) business day cure period or any shorter period
required by federal law); 

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(3) 	if (i) at any time USPB owns less than twenty percent (20%) of USPB’s Aggregate Units (as defined in the National Beef Packing
Company, LLC Third Amended and Restated Limited Liability Company Agreement dated as of June 5, 2018, as amended, modified, supplemented, extended or restated from time to time), then National Beef shall have the right to terminate this Agreement
upon written notice to USPB. The effective date of any such termination under this Section 7(3) shall be six (6) months following the date of delivery of the notice of termination by National Beef to USPB, and during such six (6) month period USPB
and National Beef shall continue to perform their respective obligations under this Agreement; provided, however, USPB may
terminate the Agreement prior to such six (6) month period upon written notice to National Beef if National Beef fails to comply with the terms and conditions of this Agreement including to pay for cattle as required (subject to a five (5) business
day cure period or any shorter period required by federal law); 

(4) 	for a period of six (6) months following any termination of this Agreement due to the expiration of the Term, National Beef and USPB shall
continue to perform their respective obligations under this Agreement as if this Agreement was still in effect; provided, however,
USPB may terminate the Agreement prior to such six (6) month period upon written notice to National Beef if National Beef fails to comply with the terms and conditions of this Agreement including to pay for cattle as required (subject to a five (5)
business day cure period or any shorter period required by federal law); and 

(5) 	notwithstanding the foregoing clauses (1), (2), (3) and (4), the obligation to purchase and pay for cattle and the obligation to deliver
cattle under this Section 7, and rights of either Party to collect applicable damages and to exercise its remedies for failure to purchase and deliver cattle as provided under this Agreement all of which shall be subject to reasonable written notice
to the other party if not specified in this Agreement (including, in the case of National Beef, National Beef’s exercise of its rights under the Pledge Agreement), shall survive any notice of termination or termination of this Agreement.

8.  	WARRANTIES. USPB MAKES NO WARRANTIES EITHER EXPRESS OR IMPLIED TO NATIONAL BEEF OTHER THAN AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND, EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, SPECIFICALLY MAKES NO WARRANTY AS TO ANY SPECIFIC GRADE OF BEEF TO BE DERIVED FROM ANY CATTLE SOLD
UNDER THIS AGREEMENT, AND DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE. 

9. 	DISPUTE RESOLUTION. Any and all disputes related to Section 2(a) which cannot be settled amicably, including any ancillary claims of any Party, arising out of, relating to or in connection with the interpretation,
performance or non-performance of Section 2(a) of this Agreement (each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in Missouri in accordance with the then-existing American Arbitration Association
Rules and Procedures for commercial arbitration. If the Parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) days of the receipt of the request for arbitration, the American Arbitration Association shall make the
appointment. The arbitrator shall be a lawyer admitted to the practice of law in the State of Missouri and shall conduct the proceedings in the English language. Performance under Section 2(a) of this Agreement shall continue if reasonably possible during any arbitration proceedings. 

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10. REMEDIES. If either Party is in default under this
Agreement, the other Party may exercise any and all rights and remedies available to the Party under this Agreement, under any applicable Uniform Commercial Code, or otherwise at law or in equity (including, in the case of National Beef, National
Beef’s exercise of its rights under the Pledge Agreement).
Notwithstanding other provisions of this Section, if a force majeure event occurs precluding National Beef from receiving and/or processing cattle, National Beef must still purchase cattle from USPB and its members as provided
under this Agreement. Cattle available for delivery from USPB and its members to a plant during a force majeure event are defined as “Force Majeure Cattle.” Notwithstanding the foregoing National Beef shall have no obligation to purchase
Force Majeure Cattle unless the logistics and financial components of purchasing the Force Majeure Cattle (such as delivery to another plant within a reasonable distance to the plant affected by the force majeure event) would be substantially the
same to National Beef as they would have been without the occurrence of the force majeure event. National Beef shall notify USPB in writing if National Beef will not purchase Force Majeure Cattle and take delivery at a plant with a force majeure
event and must offer to purchase the Force Majeure Cattle with pricing adjustments to compensate National Beef for the actual additional costs to purchase the Force Majeure Cattle over the purchase of the Force Majeure Cattle if the force majeure
event had not occurred. 

11. NOTICES. All notices and other communications under
this Agreement shall be in writing and shall be deemed to have been duly delivered (i) upon delivery by hand, (ii) upon delivery by fax or electronic transmission, provided written confirmation of such delivery is received, (ii) five (5) days after
being mailed by certified mail with postage paid and return receipt requested or (iii) one (1) day after being mailed by overnight courier to the Parties at the following addresses and fax numbers (or at another address or fax number for a Party as
the Party shall designate in a notice given pursuant to this Section): 

	

(a) 	If to National Beef, to: 

	
	 
	
	Chief Executive Officer

	
	National Beef Packing Company, LLC

	
	12200 Ambassador Drive, 5th Floor

	
	Kansas City, MO 64163

	 
	     With a copy to:
	 
	
	General Counsel

	
	National Beef Packing Company, LLC

	
	12200 Ambassador Drive, 5th Floor

	
	Kansas City, MO 64163

	
	Fax: (816) 713-8889

 

 

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	(b)  
	If to USPB, to:
	 	 
	 	Stanley D. Linville, CEO
	 	U.S. Premium Beef, LLC
	 	P.O. Box 20103
	 	Kansas City, MO 64195
	 	Fax: (816) 713-8810
	 	Email: Stan.Linville@uspb.com
	 	 
	     with a copy to:
	 	 
	 	Stoel Rives LLP
	 	Attn: Mark J. Hanson
	 	33 South Sixth Street, Suite 4200
	 	Minneapolis, MN 55402
	 	Fax: (612) 373-8881
	 	Email: mark.hanson@stoel.com

12. ENTIRE AGREEMENT; AMENDMENT; SURVIVAL. This Agreement contains all of the terms agreed upon by the Parties with respect to the subject matter of this Agreement
and supersedes all prior agreements of the Parties or their predecessors in interest as to the subject matter of this Agreement. This Agreement may not be modified except in writing, signed by the Parties hereto, that specifically references this
Agreement. Sections 9, 11, 12, 13 and 14 shall survive the expiration or termination of this Agreement. 

13. ASSIGNMENT. This Agreement may not be assigned by
any Party without prior written consent of the other Party. This Agreement shall be binding upon, and inure to the benefit of, the Parties and their respective heirs, legal representatives, successors, and permitted assigns. Notwithstanding the
foregoing, National Beef may assign this Agreement to any wholly owned subsidiary or affiliate without any prior written consent. 

14. GOVERNING LAW; CONSTRUCTION. This Agreement, other than Section 2(a)
which is subject to the dispute resolution provisions in Section 9 of this Agreement, shall be governed by, and construed in accordance with, the laws of the State of Kansas, and shall be settled exclusively in the state or federal courts located in
the State of Kansas, according to the rules of jurisdiction and procedure applicable to those courts. Except for matters relating to Section 2(a), each Party consents exclusively to subject matter and jurisdiction and venue in the federal and state
courts of the State of Kansas. The Parties agree that if any part, term or provision of this Agreement is held by a court of competent jurisdiction to be illegal or unenforceable or in conflict with any controlling state law, the validity of the
remaining parts, terms and provisions of this Agreement shall not be affected, and the rights and obligations of the Parties shall be construed and enforced as if this Agreement did not contain the particular part, term or provision held to be
illegal or unenforceable or in conflict with any controlling state law. 

[Signature page follows] 

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IN WITNESS WHEREOF, the undersigned have executed this Agreement on the day and year first above written. 

	NATIONAL BEEF PACKING COMPANY, LLC
	 
	 
	By: /s/ Timothy M. Klein
	Name: Timothey M. Klein
	Title: CEO and President
	 
	 
	 
	U.S. PREMIUM BEEF, LLC
	 
	 
	By: /s/ Stanley Linville
	Name: Stanley Linville
	Title: CEOExhibit 10.4(b)

AMENDED AND RESTATED 

USPB PHANTOM UNIT BONUS

COMPENSATION POLICY 

Dated: January 14, 2020 

Scope and Administration. This Phantom Unit Bonus Compensation Policy (“Phantom Unit Policy”) of U.S. Premium Beef (“USPB”) is a policy for compensating USPB employees
(“Employees” and each individual an “Employee”) by granting rights to share in appreciation of Class A and Class B Units. This Phantom Unit Policy has been approved by the Board of Directors and shall be administered by the chief
executive officer of USPB (“CEO”). Each Phantom Unit constitutes a unit appreciation right under which the Employee is entitled, on exercise, to payment of the difference between the Market Price and the Strike Price of a Phantom Unit. The
CEO shall be responsible for maintaining documentation and the Strike Price and Market Price of the Phantom Units awarded to each Employee and for the determination of all adjustments and payments. As part of the annual budgeting process, the CEO
shall propose and the Board of Directors shall approve, the number of Phantom Units (Class A and Class B Units) available for awards under the Phantom Unit Policy. The Phantom Class A and Phantom Class B Units subject to this Phantom Unit Policy are
referred to as the “Phantom Units.” The Board of Directors may terminate the USPB Phantom Unit Policy prospectively at any time but may not terminate any previously awarded Phantom Units. 

Guidelines.  The CEO shall administer this Phantom Unit Policy under the following guidelines. 

1. 	Award of Awardable Phantom Units. From the total Phantom Unit amount approved by the Board of Directors,
the CEO shall award Phantom Units (including an award of Phantom Class A Units and Phantom Class B Units) to the Employees in amounts as determined by the CEO. Each Employee’s Phantom Unit award shall vest at the rate of one-fifth of the award
(rounded to a whole number as determined by the CEO) for each full fiscal year of employment that the Employee completes after the award is made, unless the Board of Directors approves a different vesting schedule at the time of award. 

2.  	Payment on Exercise.

(a) 	Amount Paid on Exercise. When an Employee exercises a Phantom Unit, USPB will pay the Employee an amount
equal to: the number of vested Phantom Units exercised times the difference in the “Market Price” for the Class A Units and Class B Units and the “Strike Price” for the Phantom Class A and Phantom Class B Units. The “Market
Price” is the weighted average price for the immediately preceding fiscal year of the non- conditional unit transaction prices of corresponding USPB Class A Units and Class B Units by Unitholders of USPB to unaffiliated third parties. If USPB
Class A Units and Class B Units are sold in the same transaction without designating separate prices for Class A Units and Class B Units, the price shall be allocated to Class A Units and Class B Units according to the percentage of profits and
losses allocated by USPB to Class A Units and Class B Units respectively, under the USPB LLC Agreement, Section 3.6(b). The “Strike Price” for the Phantom Units is the greater of the Market Price for the corresponding Phantom Units
determined for the fiscal year prior to award of the Phantom Units or the fair market value of the Phantom Units on the date of the award determined 

 

using a reasonable valuation method that would satisfy the requirements of Treasury Regulation section 1.409A-1((b)(5)(iv), and adjusted, as required, under Section 3(c). To determine the Market Price corresponding to a fiscal
year there must be a number of qualifying transactions for both Class A Units and Class B Units equal to or greater than the total number of designated Phantom Units of the same classes. If there are less than the required number of transactions in
the prior fiscal year, then the weighted transactions from earlier fiscal years shall be used so that the Market Price is determined from a number of transactions consisting of the same number of units for each class as the total number of
designated Phantom Units. 

(b) 	Exercise. After an award of Phantom Units is fully vested (i.e. after completion of five fiscal years of
employment after the date of the award), the Employee, by written notice to the CEO, may elect to exercise up to one-fifth of the Employee’s fully vested Phantom Units in a fiscal year. The Employee may likewise exercise up to one-fifth of the
original award in any subsequent fiscal year. The number of Phantom Units awarded to the Employee shall be reduced by the number of Phantom Units that the Employee has exercised. Payment of the amount under paragraph 2(a) shall be made no later than
30 days after the Employee notifies USPB of the number of Phantom Units being exercised. 

(c) 	Termination. The number of vested Phantom Units remaining unexercised at the time of an Employee’s
termination of employment with USPB shall be treated as exercised under (b) as follows: one-third shall be treated as exercised on the termination of employment; one-third on the first anniversary of the termination of employment; and one- third on
the second anniversary of the termination of employment. Phantom Units that are not vested on termination of employment shall lapse. 

(d) 	Liquidation. If all or substantially all of the assets of USPB or the ownership interests of USPB are
transferred to another party and the proceeds are distributed to USPB Unitholders or if ownership interests of USPB are transferred to another party in exchange for a distribution to USPB Unitholders, all Phantom Units shall immediately vest and
Employees shall be treated as having exercised all of the Phantom Units awarded to them. The amount paid on exercise shall be the difference between the Strike Price and an amount equal to the distribution to Unitholders of Class A Units and Class B
Units on a per unit basis for the number of Phantom Units awarded to the Employee. The amount shall be paid at the time distributions are made to the Unitholders. 

3.  	Anti-dilution.

(a) 	Compensation For Dilution. The Employees’ designated and vested Phantom Unit rights under the
Phantom Unit Policy shall not be diluted by actions of USPB (other than certain events of Distribution Dilution during the fiscal year in which the Phantom Units are designated as described below), including transfer of assets to another entity or
issuance of units such that the designated and vested Phantom Unit rights at the time of a dilution event shall be adjusted so that the Employee’s Phantom Unit rights are not diluted, provided, however, USPB’s issuance of Units or
distributions under the CEO Employment Agreement to CEO, issuance of additional Units at or above the Market Price, or the issuance of debt instruments or preferred units with fixed (interest like) returns shall not be considered dilution of the
designated and vested Employee Phantom Unit rights. 

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(b) 	Distribution Dilution. If there is dilution by action of USPB that results in a cash distribution to
Unitholders (other than an event described in Section 2(d) or an event not considered dilution in Section 3(a)), a “Distribution Dilution” shall be deemed to have occurred and each Employee with outstanding Phantom Units shall be entitled
to a payment, subject to clause (iii) below, as follows: 

(i) 	A “Distribution Dilution” means the excess of the total amount distributed in any tax year with respect to outstanding Units
(including a distribution of ownership rights in another entity) over the product of the total maximum tax rate times USPB’s income less deductions (“taxable income”) for the tax year. The maximum tax rate will be equal to the maximum
federal income tax rate plus a weighted average state income tax rate, which will be computed by multiplying the state income tax rates for each of the states in which USPB has nexus by an apportionment rate. The apportionment rate will be
calculated by dividing each state’s apportionment factor, determined by USPB’s tax advisor, by the total of the apportionment factors. The determination of any Distribution Dilution will be made within 60 days after the taxable income for
the tax year for USPB is determined in a reportable manner for USPB. 

(ii) 	If a Distribution Dilution occurs, each Employee shall be paid an amount with respect to the Employee’s awarded Phantom Units.
Payment with respect to vested units shall be made to the Employee after the taxable income of USPB for the tax year attributable to which the Distribution Dilution occurred is determined, but in no event later than March 15 of the calendar year
following the tax year for which the Distribution Dilution occurred. Payment with respect to unvested Phantom Units shall be made to the Employee after the end of the tax year in which the Phantom Units that were not vested become vested Phantom
Units, but in no event later than March 15 of the calendar year following the tax year in which such units vest. The amount payable to an Employee with respect to each Phantom Unit is equal to the amount determined by subtracting the total maximum
tax rate distributions from the total cash distributions made by USPB to Unitholders (“Total Dilution Amount”); then the Total Dilution Amount shall be multiplied by the percentage of profits and losses allocated to the corresponding Class
A Units and Class B Units (“Unit Dilution”); then Unit Dilution shall be divided by the corresponding outstanding Class A Units and Class B Units. 

(iii) There shall be no payment to Employees for a Distribution Dilution as a result of a leveraged distribution from which the proceeds are
paid to Class A Unitholders and Class B Unitholders in fiscal year 2011. 

(c) 	Unit Dilution. If there is dilution by action of USPB that results in the Phantom Units being diluted
(other than actions not considered dilution under Section 3(a), or dilution for which there is a distribution to USPB Unitholders and after taking into an account any compensation for dilution under paragraph (b) above), such as a split of USPB
Units or actions that reduce the proportion of ownership of USPB that the Phantom Units would represent if the Phantom Units were Class A Units and Class B Units before and after the action, taking into account capital contributions made
corresponding to the action (“Unit Dilution”); then designated and vested Phantom Units shall be increased in proportion to the amount of dilution (the increase referred to as the “Additional Units”). If there is Unit Dilution,
the “Strike Price” for all designated and vested Phantom Units shall be adjusted to be equal to the number of 

 

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corresponding Phantom Units of each class prior to the Unit Dilution divided by the total number of corresponding Phantom Units after the Unit Dilution times the Strike Price prior to the Unit Dilution. Any adjustments under this
paragraph (c) shall be made in accordance with the rules under Treasury regulation section 1.409A-1(b)(5)(v)(D). 

4.  	Withholding. Upon exercise of a Phantom Unit or payment under Section 2 or Section 3(b), USPB shall withhold from the amount otherwise payable, an amount necessary to satisfy any applicable federal, state and local withholding tax requirements. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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