Document:

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                                                                   Exhibit 10.21

                                  NON-QUALIFIED
                           DEFERRED COMPENSATION PLAN

Land O'Lakes, Inc., a Minnesota cooperative corporation, hereby restates the
Land O'Lakes Non-Qualified Deferred Compensation Plan, effective January 1,
1999.

                                    ARTICLE 1
                                   DEFINITIONS

1.1. "Account" means a deferred compensation account which the Company will
     establish and maintain on its books for each Participant.

1.2. "Beneficiary" means the person or person selected by the Participant to
     receive the benefits provided under this Plan in the event of the
     Participant's death.

1.3. "Code" means the Internal Revenue Code of 1986, as amended.

1.4. "Company" means Land O'Lakes, Inc.

1.5. "ERISA" means the Employee Retirement Income Security Act of 1974, as
     amended.

1.6. "Participant" means a member of a select group of management and
     highly-compensated employees of Land O'Lakes designated as eligible to
     participate in the Plan by the President.

1.7. "Plan" means this Land O'Lakes Non-Qualified Deferred Compensation Plan.

1.8. "President" means the President and Chief Executive Officer of Land
     O'Lakes, Inc.

                                    ARTICLE 2
                                   ELIGIBILITY

2.1. Eligibility to participate in the Plan is limited to a select group of
     management and highly compensated employees designated by the President.
     The President shall designate eligible Participants from among employees
     who have an annual base salary of at least $90,000. The President shall
     identify Participants for each calendar year not later than December 1 of
     the preceding year. Any employee who has an individual employment agreement
     with the Company is not eligible to be a Participant unless the employment
     agreement specifically provides for employee's designation as a Participant
     in this Plan.

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                                    ARTICLE 3
                       DEFERRED COMPENSATION AND INTEREST

3.1. Participant may defer payment of a portion of his or her compensation by
     executing a Deferred Compensation Agreement prior to the beginning of the
     calendar year for which the deferral is to be effective. All compensation
     for which payment is deferred will be credited to Participant's Account.
     Amounts deferred hereunder are not included in compensation for purposes of
     any qualified pension benefit plans maintained by the Company. Company will
     credit Participant's Account with an additional amount equal to three
     percent (3% ) of Participant's elective deferrals to the Plan. In addition,
     at the end of each calendar quarter, Company will credit Participant's
     Account with interest on the Account balance at a rate to be announced in
     advance of each calendar year. Company will provide a quarterly statement
     showing the status of Participant's Account.

                                    ARTICLE 4
                                  DISTRIBUTIONS

4.1. The amount credited to Participant's Account will become payable upon the
     first to happen of the following events:

     a.   Participant's retirement;

     b.   Participant's disability;

     c.   Participant's death;

     d.   Participant's termination of employment for any other reason.

     Disability shall be established for the purpose of this Plan by
     qualification for disability payments under the Land O'Lakes, Inc. Long
     Term Disability Income Plan or Social Security Disability benefits.

4.2. Company will pay Participant's accrued Account balance according to the
     distribution schedule elected pursuant to a Deferred Compensation Agreement
     between Participant and the Company. If Participant has not otherwise
     elected a distribution option, Company will pay the accrued amount in
     substantially equal monthly installments over a period of five (5) years
     beginning during the first month of the calendar year following the year in
     which the qualifying event occurs.

4.3. In the event of Participant's death, Company may distribute the balance to
     Beneficiary in a lump-sum payment or on an installment basis as Company may
     in its sole discretion determine, taking into consideration beneficiary
     needs. Company shall also have the right to make distribution on an
     accelerated installment basis, including a lump-sum payment, or to purchase
     an annuity contract or the like, for any reason, including the cessation of
     operations, an emergency or necessity affecting Participant's personal or
     family affairs or those of Beneficiary, or for such other causes as Company
     deems appropriate in its sole discretion.

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4.4. If at any time a court or the Internal Revenue Service determines that an
     amount credited to Participant's Account is includable in Participant's
     gross income and subject to tax, the President may, in his sole discretion,
     permit a lump-sum distribution from Participant's Account of an amount
     equal to the amount determined to be includable in Participant's gross
     income in the form of cash. The Company shall have no liability for any tax
     obligation Participant may incur in connection with amounts deferred under
     this Plan.

4.5. Participant agrees to keep Company informed of his/her current address and
     the current address of Beneficiary. Company shall not be obligated to
     search for any person. If Participant's location is not made known to the
     Company within three (3) years after the date on which payment of
     Participant's benefits under this Plan may first be made, payment may be
     made as though Participant died at the end of the three-year period. If,
     within one additional year after such three-year period has elapsed, or
     within three (3) years after Participant's actual death, Company is unable
     to locate the Beneficiary, Company shall have no further obligation to pay
     any benefit under this Plan to Participant or Beneficiary.

4.6. Participant may designate a Beneficiary or revoke any beneficiary
     designation by submitting a properly executed Beneficiary Designation Form,
     which will be provided upon request by Vice President, Human Resources.
     Beneficiary designations are effective upon receipt by Vice President,
     Human Resources. Participant may change beneficiaries without the consent
     of any prior beneficiaries. If Participant is not living at the time any
     distribution is made, including any installment payment, the distribution
     will be made to Beneficiary. In the absence of a surviving Beneficiary, any
     amount remaining unpaid will be paid in a single sum to Participant's
     personal representative.

                                    ARTICLE 5
                           ADMINISTRATION OF THE PLAN

5.1. Company will administer this Plan and any Account hereunder, determine
     eligibility for benefits and construe the terms of the Plan as it deems
     appropriate in its sole discretion. Books and records established for the
     purpose of this Plan shall be maintained by Company at its expense and
     subject to the supervision and control of its designated representatives
     and employees. All expenses of administering this Plan shall be paid by
     Company. No member of the Board of Directors of Company and no officer or
     employee of Company shall be liable to any person for any action taken or
     omitted in connection with the administration of the Plan unless
     attributable to fraud or willful misconduct on the part of the director,
     officer or employee involved.

5.2. If for any reason a claim for benefits under this Plan is denied by the
     Company, the Vice President, Human Resources will provide Participant with
     a written explanation of the reasons for the denial, along with pertinent
     references to the section of the Plan on which the denial is based, and a
     description of the procedures Participant should follow to obtain a review
     of Participant's claim. This explanation will be provided to Participant
     within 90 days after the

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     Vice President receives Participant's written claim. Participant will have
     60 days after receiving the denial to make a written request for review of
     the denial. Within 60 days after receiving a request for review, the Vice
     President will provide Participant with a written decision on review. If
     Participant does not receive a written decision on review within 60 days,
     the claim will be deemed denied on review.

                                    ARTICLE 6
                            AMENDMENT AND TERMINATION

6.1. Company intends the Plan to be permanent but reserves the right to amend or
     terminate the Plan at any time. Any such amendment or termination shall be
     made by action of the President set forth in writing, and shall be
     effective as of the date provided therein. No amendment or termination of
     the Plan shall directly or indirectly reduce the balance of any Account as
     of the effective date of such amendment or termination. Company shall not
     credit the Account of any Participant with further amounts after
     termination of the Plan.

                                    ARTICLE 7
                               GENERAL PROVISIONS

7.1. Any funds identified or assigned to Participant's Account will continue for
     all purposes to be part of the Company's general assets; shall not be
     deemed to be income to Participant for the purpose of profit sharing,
     pension or any stock purchase plans; and no person other than Company
     shall, by virtue of this Plan, have any interest in any such funds. The
     rights of Participant, Beneficiary, and Participant's personal
     representative hereunder shall be solely those of an unsecured creditor of
     Company. The Plan shall at all times be considered entirely unfunded both
     for tax purposes and for purposes of Title I of ERISA.

7.2. Neither Participant, Beneficiary, nor Participant's personal representative
     shall have any right to commute, sell, assign, transfer, pledge or encumber
     the right to receive any payments hereunder. Any attempted assignment,
     transfer, pledge or other disposition of this Plan, or of such rights,
     interests and benefits contrary to the foregoing, or any levy or attachment
     or similar process thereupon, shall be null and void and without effect.

7.3. Nothing contained in the Plan shall constitute a guaranty by Company or any
     other person or entity that any funds or assets of the Company will be
     sufficient to pay any benefit hereunder.

7.4. All questions pertaining to the construction, validity and effect of the
     Plan shall be determined in accordance with the laws of the United States
     and to the extent not preempted by such laws, by the laws of the State of
     Minnesota.

ADOPTED BY LAND O'LAKES, INC.          /s/ John F. Martin
                                   -------------------------------
                                           John F. Martin
                                   Vice President, Human Resources

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                                                                   Exhibit 10.22

                   NON-QUALIFIED EXECUTIVE EXCESS BENEFIT PLAN

                                   (IRS UNITS)

The Non-Qualified Executive Excess Benefit Plan (IRS units) (hereinafter
referred to as the "IRS Limits Plan") is established by Land O'Lakes, Inc.
(hereinafter referred to as "LOL") for the purpose of providing benefits to
officers of LOL from the Land O'Lakes Employee Retirement Plan (hereinafter
referred to as the "Qualified Plan") in excess of limits imposed by Sections 415
and 401(a)(17) of the Internal Revenue Code.

1.       EFFECTIVE DATE. The effective date of this IRS Limits Plan is January
         1, 1989.

2.       Participation Requirements. An employee shall be a participant in this
         IRS units Plan (hereinafter referred to as "Participant") if the
         following conditions are met:

a. The employee incurs a termination of employment after the Effective Date; and

b. The employee was employed as an officer of LOL at any time after the
Effective Date.

3. EXCESS BENEFIT AMOUNT. The benefit provided hereunder will be the difference
between (a) and (b) set forth below, payable under the form of benefit elected
or otherwise applicable to Participant under the Qualified Plan:

a. Participant's Accrued Benefit calculated according to the terms of the
Qualified Plan as if the limits under IRS Code Sections 415 and 401(a)(17) did
not exist.

b. Participant's Accrued Benefit calculated according to the terms of the
Qualified Plan as of Participant's termination date.

In the event Participant elects an Early Retirement Benefit under the Qualified
Plan, the Excess Benefit amount will be subject to the early retirement
reduction factor, if any, set forth in the Qualified Plan as of Participant's
termination date.

4. TIME OF PAYMENT. Excess benefit payments shall commence on the date
Participant's retirement benefits commence under the Qualified Plan.

5. FUNDING. LOL shall not be required to fund excess benefits payable hereunder.
The obligations which LOL incurs hereunder may be satisfied only out of its
general corporate assets, and satisfaction of such obligations shall be subject
to any claims of LOL's other creditors having priority as to LOL's assets.
Nothing contained herein, and no action taken pursuant to the provisions hereof,
shall create or be construed to create a trust of any kind or a fiduciary
relationship between LOL and Participant or any other person.
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6. MISCELLANEOUS.

a. This IRS Limits Plan shall not be construed as providing any individual with
the right to be retained in LOL's employ or to receive any benefit not
specifically provided hereunder.

b. Nothing contained herein shall exclude or in any manner modify or otherwise
affect any existing or future rights of Participant to participate and receive
the benefits of any compensation, bonus, pension, life insurance, medical and
hospitalization insurance or other employee benefit plan or program to which
such Participant otherwise might be or become entitled.

c. This IRS Limits Plan shall not be deemed to constitute an amendment to, or a
part of, the Qualified Plan. All references hereunder to the Qualified Plan
shall include any amended or successor plan or plans maintained by LOL, the
terms of which may be applicable to Participant. However, if the Qualified Plan
terminates, merges with or is superseded by a successor plan and, as a result
thereof the amount of excess benefit to be paid to Participant hereunder would
be reduced or calculated on a different basis or commence at a later date or
dates, such excess benefit shall not be less than an amount calculated pursuant
to the terms of the Qualified Plan as in effect on the date on which any such
termination, merger or supersession occurs.

d. LOL retains the right to modify the terms of this IRS Limits Plan or
terminate this IRS Limits Plan at any time.

                                         LAND O'LAKES, INC.

                                         By: /s/ John F. Martin
                                             Vice President, Human Resources

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