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<br /> 494630v2 JSB AR200-17 <br />THIS FIRST AMENDMENT TO AGREEMENT FOR LOAN OF MINNESOTA <br />INVESTMENT FUND – FORGIVABLE LOAN (the “First Amendment”) is made and <br />entered into this ____ day of March, 2017, between the CITY OF ARDEN HILLS, <br />MINNESOTA, a municipal corporation under the laws of Minnesota (the “Lender”), and LAND <br />O’LAKES, INC., a Minnesota cooperative corporation (the “Borrower”), and their permitted <br />assigns. <br />RECITALS <br />WHEREAS, on April 12, 2016, the Lender and the Borrower heretofore entered into that <br />certain Agreement for Loan of Minnesota Investment Fund – Forgivable Loan (the “Original <br />Agreement” and, together with this First Amendment to Loan Agreement, the “Loan <br />Agreement”); <br />WHEREAS, capitalized terms used in this First Amendment and not otherwise defined <br />herein have the meanings given to them in the Original Agreement; and <br />WHEREAS, the Lender and the Borrower desire to amend the Original Agreement to <br />reflect the original base number of jobs located at the Borrower’s Arden Hills and Shoreview, <br />Minnesota locations which had incorrectly included 8 jobs from other locations in Minnesota; <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />1. 7.1 (b) Job and Wage Goals. <br /> b) The Borrower represents that as of April 11, 2016 it has 1,730 Full-Time <br />Equivalent permanent, non-contract, non-seasonal employees in the Borrower’s Arden <br />Hills and Shoreview, Minnesota locations. The Borrower will transfer the employees <br />currently located at the Shoreview, Minnesota location to the Arden Hills, Minnesota <br />location by the Compliance Date. On or before the Compliance Date, the Borrower shall <br />cause to be created at least 200 new Full-Time Equivalent jobs on the Development <br />Property (the “New Jobs”) for a total of 1,930 Full-Time Equivalent jobs on the <br />Development Property (the “Subsidy Jobs”). Any jobs on the Development Property <br />created after April 11, 2016 will be considered New Jobs and count toward the <br />Borrower’s Subsidy Job creation goals. The Borrower further represents that as of April <br />11, 2016 it has 535 full-time equivalent permanent, non-contract, non-seasonal <br />employees in the State of Minnesota that are not on the Development Property (the “State <br />Jobs”). As of the Compliance Date, the Borrower will provide evidence that at least the <br />number of State Jobs set forth above exist in the State of Minnesota. If, prior to the <br />Compliance Date, all or some of the State Jobs are transitioned to one or more third <br />parties by sale or otherwise, and such third party agrees in writing at the time of such <br />transition that such transitioned State Jobs will be retained in the State of Minnesota and <br />such third party provides to the State evidence sufficient to the State in the State’s <br />reasonable discretion that such State Jobs were retained in the State of Minnesota through <br />the Compliance Date, the number of State Jobs set forth above and the Borrower’s <br />obligations therewith shall be subject to an immediate and corresponding reduction. The