Exhibit 10.16 PENFORD CORPORATION RESTATEMENT AND EXCHANGE AGREEMENT Dated as of August 1, 1998 Re: $14,285,600 Adjustable Rate Senior Notes Due November 30, 2002 TABLE OF CONTENTS (Not a part of the Agreement)Restatement and Exchange Agreement • November 24th, 1998 • Penford Corp • Grain mill products • Washington
