Document:

Exhibit 4.1

TARGET CORPORATION

AND

THE BANK OF NEW
YORK TRUST COMPANY, N.A.

Trustee

FIRST SUPPLEMENTAL
INDENTURE

Dated as of May 1,
2007

to

INDENTURE

Dated as
of August 4, 2000

Senior Debt
Securities

FIRST SUPPLEMENTAL INDENTURE, dated as of May 1,
2007, between TARGET CORPORATION, a Minnesota corporation (hereinafter called
the “Company”) having its principal place
of business at 1000 Nicollet Mall, Minneapolis, Minnesota  55403, and THE BANK OF NEW YORK TRUST
COMPANY, N.A. (as successor in interest to Bank One Trust Company, N.A.), not
in its individual capacity but solely as trustee under the Indenture referred
to herein and under this First Supplemental Indenture (hereinafter called the “Trustee”), having its Corporate Trust Office at 2
North LaSalle Street, Chicago, Illinois 
60602.  For all purposes of this
First Supplemental Indenture, capitalized terms not otherwise defined herein
shall have the meanings set forth in the Indenture.

RECITALS OF THE COMPANY

The Company and the Trustee have heretofore executed and delivered a
certain Indenture, dated as of August 4, 2000 (the “Indenture”),
providing for the issuance from time to time of Debt Securities;

Section 901 of the Indenture provides that a
supplemental indenture may be entered into by the Company and the Trustee
without the consent of any Holders to change or eliminate any of the provisions
of the Indenture, provided that any such change or elimination (i) shall
become effective only when there is no Debt Security Outstanding of any series
created prior to the execution of such supplemental indenture which is entitled
to the benefits of such provisions or (ii) shall not apply to any Debt
Security Outstanding; and

The conditions set forth in the Indenture for the execution
and delivery of this First Supplemental Indenture have been satisfied and all
things necessary have been done to make this First Supplemental Indenture a
valid agreement of the Company, in accordance with its terms, and a valid
amendment of, and supplement to, the Indenture.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

For and in consideration of the premises and the
purchase of Debt Securities by the Holders thereof, it is mutually covenanted
and agreed, for the equal and ratable benefit of all Holders of Debt Securities
of any series created on or after the date hereof (including, without
limitation, the Company’s 5.375% Notes due 2017), that the Indenture is
supplemented and amended, to the extent expressed herein, as follows:

ARTICLE ONE

AMENDMENT TO
EVENTS OF DEFAULT

Section 101.  Events of Default.  Clause
(5) of the definition of “Event of Default” set forth in Section 501 of
the Indenture shall be amended, solely with respect to Debt Securities
Outstanding of any series created on or after the date hereof (including,
without limitation, the Company’s 5.375% Notes due 2017), as follows:

(5)           a
default under any Indebtedness for money borrowed by the Company or any
Subsidiary (including a default with respect to Debt Securities of any series
other than that series) or under any Mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any Subsidiary (including
this Indenture), whether such Indebtedness now exists or shall hereafter be
created, which default shall have resulted in such Indebtedness in an
outstanding principal amount in excess of $100 million 

 

becoming or being
declared due and payable prior to the date on which it would otherwise have
become due and payable, without such acceleration having been rescinded or
annulled, or such Indebtedness having been discharged, within a period of 10
days after there shall have been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in principal amount of the Outstanding Securities of that series a
written notice specifying such default and requiring the Company to cause such
acceleration to be rescinded or annulled or cause such Indebtedness to be
discharged and stating that such notice is a “Notice of Default” hereunder; or

ARTICLE TWO

MISCELLANEOUS

Section 201.  Effect of Headings.  The
Article and Section headings herein are for convenience only and shall not
affect the construction hereof.

Section 202.  Successors and Assigns.  All
covenants and agreements in this First Supplemental Indenture by the Company
shall bind its successors and assigns, whether expressed or not.

Section 203.  Separability.  In case
any provision of this First Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

Section 204.  Governing Law.  THIS
FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF MINNESOTA.

Section 205.  No Representations by
Trustee.  The Trustee makes no
representations as to the validity or sufficiency of this First Supplemental
Indenture. The recitals and statements herein are deemed to be those of the
Company and not of the Trustee.

* * * *

This instrument may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

 2

IN WITNESS WHEREOF, the parties hereto have caused
this First Supplemental Indenture to be duly executed, all as of the day and
year first above written.

	
  

  	
  TARGET
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sara Ross

  	
   

  
	
   

  	
   

  	
  Name: Sara Ross

  
	
   

  	
   

  	
  Title: Assistant
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK TRUST COMPANY, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sharon
  McGrath

  	
   

  
	
   

  	
   

  	
  Name: Sharon
  McGrath

  
	
   

  	
   

  	
  Title: Vice
  PresidentExhibit 4.2

[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. 

  	
  PRINCIPAL AMOUNT: $

  
	
  ISIN 

  	
   

  
	
  Common Code No. 

  	
   

  

 

REGISTERED NO. 

TARGET CORPORATION

5.375% Notes
due 2017

TARGET CORPORATION, a corporation duly organized and
existing under the laws of the State of Minnesota (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 May 1, 2017 and to pay interest thereon from May 1, 2007 or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for semi-annually on May 1 and November 1 of each year, commencing November 1,
2007, at the rate of 5.375% 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 next preceding
such Interest Payment Date. The Regular Record Date for an Interest Payment
Date shall be the date 15 calendar days prior to that Interest Payment Date
(whether or not a Business Day).  As used
herein, “Business Day” means 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 in New York, New York 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 in New York, New York.

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, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

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

DATED:  May 1, 2007

	
   

  	
  TARGET CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  [SEAL]

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities
of the

series designated therein
referred to

in the
within-mentioned Indenture.

	
  THE BANK OF NEW YORK TRUST COMPANY, N.A.,

  
	
  as Trustee

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  

 

[Reverse of Note]

TARGET CORPORATION

5.375% Notes
due 2017

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
August 4, 2000 between the Company and The Bank of New York Trust Company, N.A.
(as successor in interest to Bank One Trust Company, N.A.), as trustee, as
supplemented by the First Supplemental Indenture dated as of May 1, 2007,
between the Company and The Bank of New York Trust Company, N.A., as
trustee, and as further amended or supplemented from time to time (herein
called the “Indenture”) (in its
capacity as trustee, The Bank of New York Trust Company, N.A., being 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 $                    ;
provided, however, that the Company may,
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.

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

Optional Redemption

The Securities of
this series are redeemable at the option of the Company at any time, in whole
or in part, at a Redemption Price equal to the greater of the following
amounts, plus, in each case, accrued and unpaid interest thereon to the
Redemption Date:  (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.

In
determining the present values of the Remaining Scheduled Payments, such
payments shall be 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 0.125% (12.5 basis
points).

 1
 

“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.

“Comparable
Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining term of the Securities of this series to be
redeemed 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 remaining term of such Securities.

“Independent
Investment Banker” means each of J.P. Morgan Securities Inc., Banc of America Securities LLC and Lehman
Brothers Inc. or their respective successors as may be appointed from time to
time by the Quotation Agent after consultation with the Company; provided, however, that if any of the foregoing shall cease
to be a primary U.S. Government securities dealer in New York City (a “primary
treasury dealer”), another primary treasury dealer shall be substituted
therefor by the Company.

“Comparable
Treasury Price” means (A) the arithmetic average of the Reference Treasury
Dealer Quotations for such Redemption Date after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (B) if the Quotation Agent
obtains fewer than three Reference Treasury Dealer Quotations, the arithmetic
average of all Reference Treasury Dealer Quotations for such Redemption Date.

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the arithmetic 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 by 3:30 p.m.
on the third Business Day preceding such Redemption Date.

“Reference
Treasury Dealer” means each of J.P. Morgan Securities Inc., Banc of America Securities LLC and Lehman
Brothers Inc. or their respective successors and any other primary treasury
dealer selected by the Quotation Agent after consultation with the Company.

“Remaining
Scheduled Payments” means, with respect to any Security of this series, the
remaining scheduled payments of the principal and interest thereon that would
be due after the related Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not an
Interest Payment Date with respect to such Security, the amount 

 2
 

of the next
scheduled interest payment thereon shall be reduced by the amount of interest
accrued thereon to such Redemption Date.

“Quotation
Agent” means, for purposes of determining the Redemption Price, J.P. Morgan
Securities Inc. or such other primary treasury dealer as may be selected by the
Company.

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 mailed at least 30 days but not more than 60 days
before the Redemption Date to each Holder of the Securities of this series to
be redeemed.

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.

Change of
Control Offer

If a
Change of Control Triggering Event occurs, unless the Company has exercised its
option to redeem the Securities of this series, the Company shall be required
to make an offer (the “Change of Control Offer”) to each Holder of the
Securities of this series to repurchase all or any part (equal to $100,000 or
an integral multiple of $1,000 in excess thereof) of that Holder’s Securities
on the terms set forth herein.  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 accrued and unpaid interest, if any, on the Securities of this
series repurchased to the date of repurchase (the “Change of Control Payment”).  Within 30 days following any Change of
Control Triggering Event or, at the Company’s option, prior to any Change of
Control, but after public announcement of the transaction that constitutes or
may constitute the Change of Control, a notice shall be mailed to Holders of
the Securities of this series describing the transaction that constitutes or
may constitute the Change of Control Triggering Event and offering to repurchase
such Securities on the date specified in the notice, which date shall be no
earlier than 30 days and no later than 60 days from the date such notice is
mailed (the “Change of Control Payment Date”).  The notice shall, if mailed 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.

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) 

 3
 

duly completed, or
a telegram, telex, facsimile transmission or a letter from a member of a
national securities exchange, or the National Association of Securities
Dealers, Inc. 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;

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

(vi)                      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
$100,000 or an integral multiple of $1,000 in excess thereof.

On
the 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
all 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
together with an Officers’ Certificate stating the aggregate principal amount
of Securities of this series or portions of such Securities being repurchased.

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.  In addition, the Company shall
not repurchase 

 4
 

any Securities of
this series if there has occurred and is continuing on the Change of Control
Payment Date an Event of Default under the Indenture, other than a default in
the payment of the Change of Control Payment upon a Change of Control
Triggering Event.

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 Offer provisions of
the Securities of this series by virtue of any such conflict.

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

“Change
of Control” means the occurrence of any of the following: (1) the
consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act) (other than the Company or a
Subsidiary) 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 Voting Stock or other Voting Stock into which the Company’s
Voting Stock is reclassified, consolidated, exchanged or changed, measured by
voting power rather than number of shares; (2) the direct or indirect sale,
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 one or more Persons (other than the Company or a Subsidiary); or (3)
the first day on which a majority of the members of the Company’s Board of
Directors are not Continuing Directors. Notwithstanding the foregoing, a
transaction shall not be deemed to involve a Change of Control if (1) the
Company becomes a direct or indirect wholly-owned subsidiary of a holding
company and (2)(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” (as that
term is used in Section 13(d)(3) of the Exchange Act), 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 Rating Event.

 5
 

“Continuing
Directors” means, as of any date of determination, any member of the
Company’s Board of Directors who (1) was a member of such Board of Directors on
the date the Securities of this series were issued or (2) was nominated for
election, elected or appointed to such Board of Directors with the approval of
a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination, election or appointment (either by a
specific vote or by approval of the Company’s proxy statement in which such
member was named as a nominee for election as a director, without objection to
such nomination).

“Fitch”
means Fitch Ratings.

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

“Moody’s”
means Moody’s Investors Service, Inc.

“Rating
Agencies” means (1) each of Fitch, Moody’s and S&P; and
(2) if any of Fitch, 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 certified by a resolution of
the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or
S&P, or all of them, as the case may be.

“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 day within the 60-day
period (which 60-day period shall be extended so long as the rating of
the Securities of this series is under publicly announced consideration for a
possible downgrade by any of the Rating Agencies) after the earlier of
(1) the occurrence of a Change of Control and (2) public notice of
the occurrence of a Change of Control or the Company’s intention to effect a
Change of Control; provided, however,
that a Rating Event otherwise arising by virtue of a particular reduction in
rating shall not be deemed to have occurred in respect of a particular Change
of Control (and thus shall not be deemed a Rating Event for purposes of the
definition of Change of Control Triggering Event) if the Rating Agencies making
the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Trustee in writing at the Company’s
or the Trustee’s request that the reduction was the result, in whole or in
part, of any event or circumstance comprised of or arising as a result of, or
in respect of, the applicable Change of Control (whether or not the applicable
Change of Control has occurred at the time of the Rating Event).

 6
 

“S&P”
means Standard & Poor’s Rating Services, a division of The McGraw-Hill
Companies, Inc.

“Voting
Stock” means, with respect to any specified “person” (as that term is used
in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of
such person 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 Offer 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 each
series to be affected.  The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. 
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 (i) the entire indebtedness on this
Security and (ii) 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 New York, New York,
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.

 7
 

This Security is exchangeable
for definitive Securities in registered form only if (i) 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 successor depositary is not
appointed within 90 days, (ii) the Company, in its sole discretion, determines
that this Security shall be exchangeable for definitive Securities in
registered form and notifies the Trustee thereof or (iii) 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 and other
terms and of authorized denominations aggregating a like amount.

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 that in the event
the Company deposits money or Government Obligations as provided in
Section 401 or 403 of the Indenture, such payments shall be made only from
proceeds of such money or Government Obligations.

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.

 8

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
TARGET 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.

 

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 National Association of Securities Dealers, Inc. 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
The Bank of New York Trust Company, N.A., c/o The Bank of New York, 101 Barclay
Street, New York, New York 10286.

If less than the entire principal amount of the within Security is to
be repurchased, specify the portion thereof (which principal amount must be $100,000
or an integral multiple of $1,000 in excess thereof) which the Holder elects to
have repurchased: 
$               .

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]