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132279668v2 FIRST AMENDMENT TO LOAN AGREEMENT THIS FIRST AMENDMENT TO LOAN AGREEMENT is dated May __, 2024 (this “Amendment”), between the City of Little Canada, Minnesota, a municipal corporation (the “Issuer”), and Saint Paul Academy and Summit School, a Minnesota nonprofit corporation (the “Borrower”). WHEREAS, on September 6, 2017, the Issuer issued its $7,375,000 Educational Facilities Revenue Refunding Note (Saint Paul Academy and Summit School Project), Series 2017 (the “Note”) promising to pay Bremer Bank, National Association (the “Lender”); and WHEREAS, pursuant to a Loan Agreement dated as of September 6, 2017 (the “Loan Agreement”) between the Issuer and the Borrower, the Borrower agreed to repay the Note in specified amounts and at specified times sufficient to pay in full when due the principal of, premium, if any, and interest on the Note; and WHEREAS, pursuant to a Pledge Agreement (the “Pledge Agreement”) dated as of September 6, 2017 between the Issuer and the Lender, the Issuer pledged and granted a security interest in all of its rights, title, and interest in the Loan Agreement to the Lender (except for certain rights of indemnification and to reimbursement for certain costs and expenses); and WHEREAS, the Lender and the Borrower have informed the Issuer that they have agreed to certain changes in the terms of the Loan Agreement; and WHEREAS, pursuant to a resolution of the Issuer adopted on April 24, 2024 (the “Resolution”), the Issuer has agreed to the requested changes to the terms of the Loan Agreement; and WHEREAS, the parties hereto wish to amend the Loan Agreement to reflect the certain amendments as set forth herein. NOW, THEREFORE, in consideration of $1.00 and other good and valuable consideration and the premises contained herein, the parties hereto agree as follows: 1. Capitalized terms not otherwise defined herein shall have the meanings given such terms in the Resolution or the Loan Agreement. 2. Section 1.1 of the Loan Agreement is hereby amended by adding the following definitions: Cash Available for Debt Service: the Borrower's change in unrestricted net assets (excluding any revenues recognized from Borrower’s 2024 capital campaign contributions received with respect to improvements at the Borrower’s lower school campus), net of unrealized gains or losses on investments plus the sum of (i) interest expense, (ii) depreciation, amortization and other non-cash expenses, (iii) minus all