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DATE: October 6, 2021 VIA EMAIL AND CERTIFIED MAIL City of Arden Hills, Minnesota City Hall Attn: Dave Perrault, City Administrator 1245 Highway 96 West, Arden Hills, Minnesota 55112 RE: Termination of Loan Agreement and Abatement Contract Notice Dear Mr. Perrault: In 2016, Land O’Lakes, Inc. (“Land O’Lakes”) commenced plans to construct an office expansion at its headquarters location at 4001 Lexington Avenue North in Arden Hills, Minnesota. In support of this project, Land O’Lakes sought funding and tax abatement assistance from the Independent School District No. 621, the City of Arden Hills, Ramsey County, and the State of Minnesota. Loan Agreement Land O’Lakes and the City of Arden Hills, Minnesota (“City”), are parties to an Agreement for Loan of Minnesota Investment Funds – Forgivable Loan, dated April 12, 2016 (the “Loan Agreement”). The City applied to the State of Minnesota, acting through the Department of Employment and Economic Development, Business and Community Development Division (“State”) for a Minnesota Investment Fund Grant pursuant to an application and received approval for such grant. The grant contract number between the City and State is #CDAP-14-0007- H-FY15 (“MIF Grant”). The Loan Agreement details the loan terms with Land O’Lakes regarding the MIF Grant. The available MIF Grant amount was $1,000,000. The MIF Grant was to be used by the City to make a forgivable loan to Land O’Lakes in an amount not to exceed $1,000,000. The purpose of the Loan Agreement and MIF Grant was to provide financial assistance to Land O’Lakes office expansion at its headquarters in Arden Hills, Minnesota. The MIF Grant agreement was effective on April 11, 2016 and terminates on March 31, 2021. The Loan Agreement also terminates on March 31, 2021. This letter hereby provides the City with formal notice of Land O’Lakes’ intent not to pursue disbursement of the forgivable loan detailed in the Loan Agreement and confirm the Loan Agreement will formally terminate on March 31, 2021. Circumstances have shifted considerably for our company; the pandemic in particular has impacted the level and pace of job creation for our company and many others. As a result, we are no longer seeking the benefits of the Loan Agreement. We are grateful for the strong collaboration and partnership we gained with your agency during the process, however, and hope we can continue to foster that relationship in the years ahead. At no point during the term of the Loan Agreement has Land O’Lakes requested or received any loan amounts from the State or City related to the Loan Agreement. For purposes of clarity the parties agree that Land O’Lakes is not in default under the Loan Agreement and did not receive any loan amount under the Loan Agreement or MIF Grant agreement. Per Section 4.2(c) of the Loan Agreement, the City and the State are not entitled to make any claim against Land O’Lakes for any damages whatsoever. The parties also acknowledge and agree to release one another from any obligation under the Loan Agreement. Abatement Agreement Land O’Lakes, the City and Ramsey County, Minnesota (“County”) are parties to an Abatement Contract for Private Development dated April 2, 2016 (“Abatement Agreement”). Pursuant to Minnesota Statutes, Section Attachment A