A cw klystron operating at 476 MHz has been developed jointly by SLAC and Varian Associates. The unique set of characteristics of this tube were strongly guided by requirements of the fast feedback necessary to prevent oscillations of the storage ring beams caused by the detuned accelerating cavity. This requires a combination of bandwidth and short group delay within the klystron. The RF feedback stabilization scheme also requires amplitude modulation making it necessary to operate the klystron about 10% below saturation. Performance specifications and initial operating results are presented