Exhibit 4.3


 


[Face of Note]


 


Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration
of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.


 





	CUSIP NO. 440452 AJ9	PRINCIPAL AMOUNT:
$






ISIN US440452AJ91


 


REGISTERED NO.


 


HORMEL FOODS CORPORATION


 


3.050% Notes due 2051


 


HORMEL FOODS CORPORATION, a corporation duly organized
and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of $_________ on June 3, 2051 and to pay interest thereon from June 3, 2021 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for semi-annually on June 3 and December 3 of each year,
commencing December 3, 2021, at the rate of 3.050% per annum, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest (whether or not a Business Day, as defined below) next preceding such Interest Payment Date. The Regular
Record Date for an Interest Payment Date shall be the fifteenth calendar day prior to such Interest Payment Date. If an Interest Payment
Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same force and
effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “Business
Day” as used herein is a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.


 


Any interest not punctually paid or duly provided
for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in the Indenture.


 






     


     


    

 


Payment of interest on this Security shall be made
in immediately available funds at the office or agency of the Company maintained for that purpose, which is currently in St. Paul, Minnesota,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that, at the option of the Company, payment of interest may be paid by check mailed to the Person entitled thereto
at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated
by such Person. Payment of principal of and interest on this Security at Maturity shall be made against presentation of this Security
at the office or agency of the Company maintained for that purpose, which is currently in St. Paul, Minnesota. Notwithstanding the foregoing,
for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this
Security will be made to the Depositary by wire transfer of immediately available funds.


 


Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.


 


Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture
referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.


 






    2 


     


    

 


IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal.


 


	 	HORMEL FOODS CORPORATION
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 


 


[SEAL]


 


	 	Attest:	
	 	 	Name:	 
	 	 	Title:	 


 


TRUSTEE’S CERTIFICATE OF


AUTHENTICATION


 


DATED: June 3, 2021


 


This is one of the Securities of the


series designated therein referred to in the


within mentioned Indenture.


 


U.S. BANK NATIONAL ASSOCIATION


as Trustee


 


	By:	 	 
	 	Authorized Signature	 



 


OR


	 	 
	as Authenticating Agent for the Trustee	 


 


	By:	 	 
	 	Authorized Signature	 


 






     


     


    

 


[Reverse of Note]


 


HORMEL FOODS CORPORATION


 


3.050% Notes due 2051


 


This Security is one of a duly authorized issue
of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture dated as of April 1, 2011 as amended or supplemented from time to time (herein called the “Indenture”),
between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of
the series designated on the face hereof, such series being limited in initial aggregate principal amount to $600,000,000; provided, however,
that the Company may, so long as no Event of Default has occurred and is continuing, without the consent of the Holders of the Securities
of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall
be considered part of the same series under the Indenture as the Securities of this series, provided that if any such additional notes
are not fungible with the existing notes for United States federal income tax purposes, such additional notes will have a separate CUSIP
number.


 


The Securities of this series shall not be entitled
to any sinking fund.


 


Optional Redemption


 


The Company may, at its option, redeem the Securities
of this series, in whole at any time or in part from time to time, at the applicable Redemption Price specified below.


 


In the case of any such redemption before the Par
Call Date, the Redemption Price will be equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed;
and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed
that would be due if the Securities matured on the Par Call Date (not including any portion of such payments of interest accrued as of
the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
using a discount rate equal to the Treasury Rate plus 15 basis points.


 


In the case of any such redemption on or after
the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Securities to be redeemed.


 


In each case, the Redemption Price will also include
the accrued and unpaid interest, if any, on the Securities to be redeemed to but excluding the Redemption Date. Notwithstanding the foregoing,
installments of interest on the Securities of this series that are due and payable on Interest Payment Dates falling on or prior to a
Redemption Date will be payable on the Interest Payment Date to the Holders of the Securities of this series as of the close of business
on the relevant Regular Record Date.


 


A partial redemption of the Securities of this
series may be effected by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption
of a portion of the principal amount of the Securities of this series equal to an authorized denomination.


 


Notice of any redemption shall be sent at least
15 days but not more than 60 days before the Redemption Date to each Holder of the Securities of this series to be redeemed.


 


If a Redemption Date is not a Business Day, amounts
payable on the Securities of this series on such Redemption Date shall be payable on the next succeeding day that is a Business Day, with
the same force and effect as if made on such Redemption Date, and without any interest or other payment with respect to the delay.


 






    


     


    

 


Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date interest shall cease to accrue on the Securities of this series or portions thereof called for
redemption.


 


For purposes of determining the Redemption Price
in connection with a redemption of the Securities of this series, the following terms are relevant:


 


“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
Par Call Date that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the Par Call Date.


 


“Comparable Treasury Price”
means with respect to any Redemption Date (i) the average of the Reference Dealer Quotations for such Redemption Date after excluding
the highest and lowest Reference Treasury Dealer Quotations, (ii) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.


 


“Par Call Date” means December 3,
2050.


 


“Quotation Agent” means the
Reference Treasury Dealer appointed by the Company.


 


“Reference Treasury Dealer”
means (i) BofA Securities, Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC (or their respective
successors); provided, however, that if any of the foregoing ceases to be a primary U.S. Government securities dealer in
New York City (a “primary treasury dealer”), the Company will substitute therefor another primary treasury dealer,
(ii) a primary treasury dealer selected by U.S. Bancorp Investments, Inc. (or its successor), and (iii) any other primary
treasury dealer(s) selected by the Company.


 


“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing
to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m. New York City time, on the third Business Day preceding such
Redemption Date.


 


“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated yield to maturity
of the Comparable Treasury Issue. In determining this rate, the price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) shall be assumed to be equal to the Comparable Treasury Price for such Redemption Date.


 


Special Mandatory Redemption


 


If (i) the Planters Acquisition has not been
consummated pursuant to the Planters Acquisition Agreement on or prior to the Outside Date or (ii) on or prior to the Outside Date,
the Planters Acquisition Agreement is terminated (each, a “Special Mandatory Redemption Event”), then the Company shall
redeem all Securities outstanding on the Special Mandatory Redemption Date (such redemption, a “Special Mandatory Redemption”)
at a Redemption Price equal to 101% of their principal amount, plus any accrued and unpaid interest to, but excluding, the Special Mandatory
Redemption Date. Notwithstanding the foregoing, installments of interest on Securities that are due and payable on Interest Payment Dates
falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the Holders on the relevant
Record Dates in accordance with the Securities and the Indenture.


 






    2 


     


    

 


The Company shall send notice of the Special Mandatory
Redemption, if any, to the Trustee and each Holder promptly after the occurrence of a Special Mandatory Redemption Event (and in any event
no later than 2:00 p.m., New York City time, on the fifth Business Day immediately following such Special Mandatory Redemption Event).
Such notice shall specify the Redemption Date for the Special Mandatory Redemption (the “Special Mandatory Redemption Date”),
which shall be at least 15 days but not more than 30 days following the date of such notice.


 


If the Special Mandatory Redemption Date is not
a Business Day, amounts payable on the Securities of this series on such Special Mandatory Redemption Date shall be payable on the next
succeeding day that is a Business Day, with the same force and effect as if made on such Special Mandatory Redemption Date, and without
any interest or other payment with respect to the delay.


 


Unless the Company defaults in payment of the Redemption
Price, on and after the Special Mandatory Redemption Date interest shall cease to accrue on the Securities.


 


For purposes of the foregoing provisions relating
to a Special Mandatory Redemption, the following terms are relevant:


 


“Outside Date” means December 27,
2021.


 


“Planters Acquisition” means
the acquisition of the Planters® snack nut portfolio pursuant to the Planters Acquisition Agreement.


 


“Planters Acquisition Agreement”
means that certain Asset Purchase Agreement, dated as of February 10, 2021, by and between the Company and The Kraft Heinz Company,
as the same may be hereinafter amended or otherwise modified from time to time.


 


Upon the consummation of the Planters Acquisition,
the foregoing provisions regarding the Special Mandatory Redemption shall cease to apply.


 


Repurchase at the Option of the Holders upon a Change of Control
Triggering Event


 


If a Change of Control Triggering Event occurs,
unless the Company has exercised its right to redeem the Securities of this series, a Holder of the Securities of this series will have
the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of
the Securities with respect to which such Change of Control Triggering Event has occurred on the terms described below (the “Change
of Control Offer”). In the Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of
the aggregate principal amount of Securities of this series repurchased, plus any accrued and unpaid interest on the Securities of this
series repurchased to but excluding the date of repurchase (a “Change of Control Payment”).


 


Within 15 days following any Change of Control
Triggering Event or, at the Company’s option, prior to the date of consummation of any Change of Control, but after public announcement
of the pending Change of Control, a notice shall be sent to Holders of the Securities of this series, with a copy to the Trustee, describing
the transaction or transactions that constitute or may constitute the Change of Control and offering to repurchase such Securities on
the date specified in the notice, which date shall be no earlier than 15 days and no later than 60 days from the date such notice is sent
(a “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of
Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change
of Control Payment Date. If a Change of Control Payment Date is not a Business Day, amounts payable on the Securities of this series on
such Change of Control Payment Date shall be payable on the next succeeding day that is a Business Day, with the same force and effect
as if made on such Change of Control Payment Date, and without any interest or other payment with respect to the delay.


 






    3 


     


    

 


In order to accept the Change of Control Offer,
the Holder must deliver to the Paying Agent, at least five Business Days prior to the Change of Control Payment Date, this Security together
with the form entitled “Election Form” (which form is annexed hereto) duly completed, or a telegram, telex, facsimile transmission
or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority or a commercial bank or trust
company in the United States setting forth:


 


		(i)	the name of the Holder of this Security;



 


		(ii)	the principal amount of this Security;



 


		(iii)	the principal amount of this Security to be repurchased;
	 	 	 
	 	(iv)	the
certificate number or a description of the tenor and terms of this Security;



 


		(iv)	a statement that the Holder is accepting the Change of Control Offer; and



 


		(v)	a guarantee that this Security, together with the form entitled “Election Form” duly completed, will be received by the
Paying Agent at least five Business Days prior to the Change of Control Payment Date.



 


Any exercise by a Holder of its election to accept
the Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount
of this Security, but in that event the principal amount of this Security remaining outstanding after repurchase must be equal to $2,000
or an integral multiple of $1,000 in excess thereof.


 


On any Change of Control Payment Date, the Company
shall, to the extent lawful:


 


		(i)	accept for payment all Securities of this series or portions of such Securities properly tendered pursuant to the Change of Control
Offer;



 


		(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of the Securities of this series or portions
of such Securities properly tendered; and



 


		(iii)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted.



 


The Paying Agent will promptly pay to each Holder
of Securities of this series properly tendered the purchase price for such Securities of this series, and the Trustee will promptly authenticate
and send (or cause to be transferred by book-entry) to each Holder a new Security of this series equal in principal amount to any unpurchased
portion of any Security of this series surrendered; provided that each new Security of this series will be in a principal amount of $2,000
or an integral multiple of $1,000 in excess thereof.


 


The Company shall not be required to make a Change
of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the
times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Securities
of this series properly tendered and not withdrawn under its offer.


 


The Company shall comply with the requirements
of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities
of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations
conflict with the Change of Control Offer provisions of the Securities of this series, the Company shall comply with those securities
laws and regulations and shall not be deemed to have breached its obligations under the Change of Control provisions of the Securities
of this series by virtue of such conflicts.


 






    4 


     


    

 


For purposes of the Change of Control Offer provisions
of the Securities of this series, the following terms are applicable:


 


“Below Investment Grade Rating Event”
means the rating on the Securities of this series is lowered by each of the Rating Agencies and the Securities of this series are rated
below an investment grade rating by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing
on the earlier of the consummation of or the first public announcement by the Company of any Change of Control (or pending Change of Control),
and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a
Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering the possible downgrade of
the Securities of this series, and a downgrade by each of the Rating Agencies that has made such an announcement would result in a Below
Investment Grade Rating Event).


 


“Change of Control” means the
occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Company
and its Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act) other than the Company or one of its Subsidiaries; (2) the adoption of a plan relating to the Company’s liquidation or
dissolution; (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which
is that any person, other than the Hormel Foundation, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock, measured by voting
power rather than number of shares; or (4) the Company consolidates with, or merges with or into, any person, or any person consolidates
with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding
Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than
any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute,
or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company
of the surviving person immediately after giving effect to such transaction. Notwithstanding the foregoing, a transaction shall not be
deemed to involve a Change of Control under clause (3) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary
of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or
(B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence)
is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company.


 


“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.


 


“Hormel Foundation” means Hormel
Foundation, a Minnesota non-profit corporation.


 


“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB— (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement rating agency or rating agencies selected by the Company.


 


“Moody’s” means Moody’s
Investors Service, Inc., and its successors.


 


“Rating Agencies” means each
of Moody’s and S&P; provided that if either Moody’s or S&P ceases to rate the Securities of this series or fails to
make a rating of such Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the
Company as a replacement agency for Moody’s or S&P, or either of them, as the case may be.


 






    5 


     


    

 


“S&P” means S&P Global
Rating, a division of S&P Global Inc., and its successors.


 


“Voting Stock” of any specified
person means the capital stock of such “person” (as that term is used in Section 13(d)(3) of the Exchange Act) that
is at the time entitled to vote generally in the election of the board of directors of such person.


 


The provisions of Article Thirteen of the
Indenture shall apply to the Change of Control provisions of this Security except as and to the extent otherwise specified in this Security.
For purposes of the Indenture, a Change of Control Payment Date shall be deemed to be a Repayment Date.


 


Other Provisions


 


If an Event of Default with respect to Securities
of this series as set forth in the Indenture shall occur and be continuing, the principal of the Securities of this series may be declared
due and payable in the manner and with the effect provided in the Indenture.


 


The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected, acting together. The
Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time
Outstanding affected by certain provisions of the Indenture, acting together, on behalf of the Holders of all Securities of such series,
to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences
may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding,
on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.


 


The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default,
upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security.


 


Upon due presentment for registration of transfer
of this Security at the office or agency of the Company in St. Paul, Minnesota, a new Security or Securities of this series in authorized
denominations for an equal aggregate principal amount shall be issued to the transferee in exchange herefor, as provided in the Indenture
and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.


 


This Security is exchangeable for definitive Securities
in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this
Security or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act and a qualified successor depositary
is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form or elects to terminate
the book-entry system through the Depositary and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities
represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable
for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, redemption provisions,
stated maturity date and other terms and of authorized denominations aggregating a like amount.


 






    6 


     


    

 


This Security may not be transferred except as
a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided
above, owners of beneficial interests in this global Security shall not be entitled to receive physical delivery of Securities in definitive
form and shall not be considered the Holders hereof for any purpose under the Indenture.


 


No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as
otherwise provided in this Security and except that in the event the Company deposits money or Eligible Instruments as provided in Articles
4 and 15 of the Indenture, such payments shall be made only from proceeds of such money or Eligible Instruments.


 


Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.


 


No recourse shall be had for the payment of the
principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect
of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present
or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration
for the issuance hereof, expressly waived and released.


 


All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security.


 






    7 


     


    

 


ABBREVIATIONS


 


The following abbreviations, when used in the inscription
on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:


 


	TEN COM	—	as tenants in common	 
	 	 	 	 
	TEN ENT	—	as tenants by the entireties	 
	 	 	 	 
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 


 


UNIF GIFT MIN ACT —     ____________________     Custodian     ____________________


 


(Cust)                         (Minor)


 


Under Uniform Gifts to Minors Act


 


		 	 
	(State)	 	 



 


Additional abbreviations may also be used though
not in the above list.


 


FOR VALUE RECEIVED, the undersigned hereby
sell(s) and transfer(s) unto


 


Please Insert Social Security or


 


Other Identifying Number of Assignee


 


	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 









(PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING
POSTAL ZIP CODE OF ASSIGNEE)


 


the within Security of HORMEL FOODS CORPORATION and does hereby irrevocably
constitute and appoint _____________________ attorney to transfer the said Security on the books of the Company, with full power of substitution
in the premises.


 


	Dated:	 	 	 



 


		 	 
	 	 	 
	 	 	 



 


NOTICE: The signature to this assignment must correspond with the name
as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.


 





	 	 	 
	 	 	Signature Guarantee



 






     


     


    

 





 



 


ELECTION FORM


 


TO BE COMPLETED ONLY IF THE HOLDER


ELECTS TO ACCEPT THE CHANGE OF CONTROL OFFER


 





 



 


The undersigned hereby irrevocably requests and
instructs the Company to repurchase the within Security (or the portion thereof specified below), pursuant to its terms, on the Change
of Control Payment Date specified in the Change of Control Offer, for the Change of Control Payment specified in the within Security,
to the undersigned, ____________________________________________, at _________________________________________________________
(please print or typewrite name and address of the undersigned).


 


For this election to accept the Change of Control
Offer to be effective, the Company must receive, at the address of the Paying Agent set forth below or at such other place or places of
which the Company shall from time to time notify the Holder of the within Security, either (i) this Security with this “Election
Form” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities
exchange or the Financial Industry Regulatory Authority or a commercial bank or a trust company in the United States setting forth (a) the
name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the Security to be
repurchased, (d) the certificate number or description of the tenor and terms of the Security, (e) a statement that the option
to elect repurchase is being exercised, and (f) a guarantee stating that the Security to be repurchased, together with this “Election
Form” duly completed will be received by the Paying Agent five Business Days prior to the Change of Control Payment Date. The address
of the Paying Agent is U.S. Bank Global Corporate Trust , Attention: Global Corporate Trust, 60 Livingston Avenue, St. Paul, Minnesota
55107-2292.


 


If less than the entire principal amount of the
within Security is to be repurchased, specify the portion thereof (which principal amount must be $2,000 or an integral multiple of $1,000
in excess thereof) which the Holder elects to have repurchased: $______________.