Document:

Exhibit
4.1

 

[Face of Note]

 

	
  CUSIP NO.

  	
   

  	
  PRINCIPAL AMOUNT:  $

  
	
   

  	
   

  	
   

  
	
  REGISTERED NO.

  	
   

  	
   

  

 

TARGET CORPORATION

 

FORM OF

 

MEDIUM-TERM FIXED RATE NOTE, SERIES J

 

Due Nine Months or More From Date of Issue

 

o            Check
this box if this Security is a Global Security.

 

Applicable if
this Security is a Global Security:

 

[Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York
corporation (55 Water Street, New York, New York) (“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.]

 

[If
applicable, this Security will contain information required by U.S. Federal
Income Tax “Original Issue Discount” rules, as that term is defined in the
Internal Revenue Code of 1986, as amended.]

 

	
  ORIGINAL ISSUE DATE:

  	
   

  	
  ISSUE
  PRICE:                   %

  	
   

  	
  INTEREST RATE PER ANNUM:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  STATED MATURITY DATE:

  	
   

  	
  INTEREST PAYMENT DATES:

  	
   

  	
  REGULAR RECORD DATES:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OPTIONAL REDEMPTION:

  	
   

  	
  INITIAL REDEMPTION PERCENTAGE:

  	
   

  	
  ANNUAL REDEMPTION

  PERCENTAGE REDUCTION:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  INITIAL REDEMPTION DATE:

  	
   

  	
  SINKING FUND:

  	
   

  	
  OPTION TO ELECT REPAYMENT:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OPTIONAL REPAYMENT DATE(S):

  	
   

  	
  MINIMUM DENOMINATIONS:

  	
   

  	
  DEPOSITARY (Only applicable

  
	
   

  	
   

  	
  o

  	
   

  	
  $1,000

  	
   

  	
  if this Security is a Global Security):

  
	
   

  	
   

  	
  o

  	
   

  	
  Other

  	
   

  	
   

  

 

 

	
  SPECIFIED CURRENCY:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OTHER /ADDITIONAL TERMS:

  	
   

  	
   

  	
   

  	
  ADDENDUM ATTACHED:

  

 

 

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
                                    ,
or registered assigns, the principal sum of
                                            
Dollars
($                            )
on the Stated Maturity Date shown above (except to the extent redeemed or
repaid prior to such date) and to pay interest, if any, on the principal amount
hereof at the Interest Rate shown above (computed on the basis of a 360-day
year consisting of twelve 30-day months), semi-annually on each Interest
Payment Date set forth above from and after the date of this Security and at
Maturity until payment of the principal amount hereof has been made or duly
provided for.  Unless this Security is a
Security which has been issued upon transfer of, in exchange for, or in
replacement of, a Predecessor Security, interest on this Security shall accrue
from the Original Issue Date indicated above. 
If this Security has been issued upon transfer of, in exchange for, or
in replacement of, a Predecessor Security, interest on this Security shall
accrue from the last Interest Payment Date to which interest was paid on such
Predecessor Security or, if no interest was paid on such Predecessor Security,
from the Original Issue Date indicated above. 
The first payment of interest on a Security originally issued and dated
between a Regular Record Date specified above and an Interest Payment Date will
be due and payable on the Interest Payment Date following the next succeeding
Regular Record Date to the registered owner on such next succeeding Regular
Record Date.  Subject to certain
exceptions provided in the Indenture referred to herein below, the interest so
payable on any Interest Payment Date will be paid to the Person in whose name
this Security is registered at the close of business on the Regular Record Date
(whether or not a Business Day) next preceding such Interest Payment Date, and
interest payable upon Maturity will be paid to the person to whom principal is
payable.

 

Notwithstanding the foregoing, if an Addendum is attached hereto or “Other/Additional
Terms” apply to this Security as specified above, this Security shall be
subject to the terms set forth in such Addendum or such “Other/Additional
Terms.”

 

The principal (and premium, if any) and interest on this Security is
payable by the Company in the Specified Currency specified above.

 

Any interest not punctually paid or duly
provided for will 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

 

2

 

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.

 

Until this Security is paid in full or
payment therefor in full is duly provided for, the Company will at all times
maintain a Paying Agent (which Paying Agent may be the Trustee) in New York
City and Chicago, Illinois.  The Company
has initially appointed Bank One Trust Company, N.A. as the Paying Agent at its
offices at 1 Bank One Plaza, Suite 0823, Chicago, Illinois 60670 and at 55
Water Street, 1st Floor, New York, New York 10041, c/o Transfer
Agent, Drop Services.

 

If this Security is a Global Security:  Payments of principal and any premium and
interest on this Security will be made to DTC or its nominee, as Holder of this
Security, by wire transfer of immediately available funds.

 

If this Security is not a Global
Security:  Payment of interest on this
Security (other than payments of interest at Maturity) will be made by check
mailed to the Person entitled thereto at such Person’s last address as it
appears in the Security Register or, in the case of a Holder of $50,000,000 or
more in aggregate principal amount of Securities of this series, by wire
transfer of immediately available funds to such account as may have been
designated by such Holder.  Any such
designation for wire transfer purposes shall be made by filing the appropriate
information with the Paying Agent at its corporate trust office not later than
15 calendar days prior to the applicable Interest Payment Date and, unless
revoked by written notice to the Paying Agent received by the Paying Agent on
or prior to the Regular Record Date immediately preceding the applicable
Interest Payment Date, shall remain in effect with respect to any further
payments with respect to this Security payable to such Holder.  Payment of principal of and interest, if
any, on this Security at Maturity will be made against presentation of this
Security at the office or agency of the Company maintained for that purpose in
New York City or Chicago, Illinois.

 

The Company will pay any administrative costs
imposed by banks on payors in making payments on this Security in immediately
available funds and the Holder of this Security will pay any administrative
costs imposed by banks on payees in connection with such payments.  Any tax, assessment or governmental charge
imposed upon payments on this Security will be borne by the Holder of this
Security.

 

Any payment on this Security due on any day
which is not a Business Day need not be made on such day, but may be made on
the next succeeding Business Day with the same force and effect as if made on
the due date and no additional interest shall accrue on the amount so payable
for the period from and after such date. 
For purposes of this Security, “Business Day” means any day other than a
Saturday, Sunday or a day on which banking institutions are authorized or
required by law, regulation or executive order to close in New York City or
Chicago, Illinois.

 

3

 

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.

 

4

 

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

 

 

	
  DATED:

  	
   

  	
   

  
	
   

  
	
   

  	
  TARGET CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [SEAL]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  This is one of the Securities of the

  series designated therein referred to

  in the within-mentioned Indenture.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BANK ONE TRUST COMPANY, N.A.,

  	
   

  	
   

  	
   

  	
   

  
	
  as Trustee

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  	
   

  	
   

  
											

 

5

 

[Reverse of Note]

 

 

TARGET CORPORATION

 

 

MEDIUM-TERM FIXED RATE NOTE, SERIES J

 

Due Nine Months or More From Date of Issue

 

General

 

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, as amended or supplemented from time to time (herein
called the “Indenture”), between the Company and Bank One Trust Company, N.A.,
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 of the
Securities, which series is limited to an aggregate principal amount of $1,850,000,000
or the equivalent thereof in one or more foreign or composite currencies,
designated as Medium-Term Notes, Series J, of the Company.  The Securities of this series may mature at
different times, bear interest, if any, at different rates, be redeemable at
different times or not at all, be repayable at the option of the Holder at
different times or not at all, be issued at an original issue discount and be
denominated in different currencies.

 

Events of Default

 

If an Event of Default, as defined in the
Indenture, with respect to Securities of this series 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.

 

Modification and Waivers; Obligation of the Company Absolute

 

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,

 

6

 

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.

 

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 will be made only from proceeds of such money
or Government Obligations.

 

Defeasance and Covenant Defeasance

 

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.

 

Redemption

 

If so provided on the face hereof, the
Company may at its option redeem this Security in whole or from time to time in
part in increments of $1,000 (provided that any remaining principal amount of
this Security shall not be less than the minimum authorized denomination
hereof) on or after the date designated as the Initial Redemption Date on the
face hereof at 100% of the unpaid principal amount hereof or the portion
thereof redeemed multiplied by a percentage (the “Redemption Percentage”),
together with accrued interest, if any, to the Redemption Date.  The Redemption Percentage shall initially be
equal to the Initial Redemption Percentage specified on the face hereof and
shall decline at each anniversary of the Initial Redemption Date by the amount
of the Annual Redemption Percentage Reduction specified on the face hereof,
until the Redemption Percentage is equal to 100%.  The Company may exercise such option by causing the Trustee to
mail a notice of such redemption at least 30 but not more than 60 days prior to
the applicable Redemption Date to each Holder of the Securities of this series
to be redeemed.  In the event of
redemption of this Security in part only, the Company shall issue a new
Security or Securities for the unredeemed portion hereof in the name of the
Holder hereof upon the cancellation hereof. 
If less than all of the Securities of this series with like tenor and
terms are to be redeemed, the Securities to be redeemed shall be selected by
the Trustee by such method as the Trustee shall deem fair and appropriate.

 

Sinking Fund

 

Unless otherwise specified on the face
hereof, this Security will not be entitled to any sinking fund.

 

7

 

Repayment

 

If so provided on the face hereof, this
Security will be repayable prior to the Stated Maturity Date at the option of
the Holder, in whole or in part and in increments of $1,000 (provided that any
remaining principal amount of this Security surrendered for partial repayment
shall not be less than the minimum authorized denomination hereof), on or after
the date designated as an Optional Repayment Date on the face hereof at 100% of
the principal amount to be repaid, plus accrued interest, if any, to the
Repayment Date.  In order for this
Security to be repaid, the Company must receive at the applicable 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, at
least 30 but not more than 45 days prior to an Optional Repayment Date, either
(i) this Security, with the form below entitled “Option to Elect Repayment”
duly completed, or (ii) a telegram, telex, facsimile transmission, or 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 of America setting forth (a) the name, address and telephone number of
the Holder of this Security, (b) the principal amount of this Security and the
amount of this Security to be repaid, (c) a statement that the option to elect
repayment is being exercised thereby, and (d) a guarantee stating that the
Company will receive this Security, with the form below entitled “Option to
Elect Repayment” duly completed, not later than five Business Days after the
date of such telegram, telex, facsimile transmission or letter (and this
Security and form duly completed are received by the Company by such fifth
Business Day).  Any such election shall
be irrevocable.  The address to which
such deliveries to Bank One Trust Company, N.A. are to be made is 1 Bank One
Plaza, Suite 0823, Chicago, Illinois 60670 (or, at such other place as the
Company shall notify the Holders of the Securities of this series).  All questions as to the validity,
eligibility (including time of receipt) and acceptance of any Security for
repayment will be determined by the Company, whose determination will be final
and binding.  Upon any partial
repayment, this Security shall be cancelled and a new Security or Securities
for the remaining principal amount hereof shall be issued in the name of the
Holder of this Security.

 

Authorized Denominations

 

Unless otherwise provided on the face hereof,
this Security is issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.

 

Registration of Transfer

 

Upon due presentment for registration of
transfer of this Security at the office or agency of the Company maintained in
New York City or Chicago, Illinois, a new Security or Securities of this series
in authorized denominations for an equal aggregate principal amount will 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.

 

8

 

If this Security is a Global Security (as
specified above), 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
Securities Exchange Act of 1934, as amended, and the Company does not appoint a
successor Depositary within 90 days after receiving such notice or after
becoming aware that the Depositary has ceased to be so registered as a clearing
agency, (y) 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 (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.

 

If this Security is a Global Security (as
specified above), 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 will not be entitled to
receive physical delivery of Securities in definitive form and will not be considered
the Holders hereof for any purpose under the Indenture.

 

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 Personal Recourse

 

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.

 

Defined Terms

 

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

 

9

 

Governing Law

 

This Security shall be governed by and
construed in accordance with the law of the State of Minnesota, without regard
to principles of conflicts of laws.

 

10

 

OPTION TO ELECT
REPAYMENT

 

TO BE COMPLETED ONLY
IF THIS SECURITY IS REPAYABLE

AT THE OPTION OF THE HOLDER AND THE HOLDER

ELECTS TO EXERCISE SUCH RIGHT

 

 

 

The undersigned hereby irrevocably requests
and instructs the Company to repay the within Security (or the portion thereof
specified below), pursuant to its terms, on the Optional Repayment Date first
occurring after the date of receipt by the Company of the within Security as
specified below (the “Repayment Date”), at a Repayment Price equal to 100% of
the principal amount thereof, together with interest to the Repayment Date, to
the undersigned,
                                                                                       ,
at
                                                                                                                                    
(please print or typewrite name and address of the undersigned).

 

For this option to elect repayment to be
effective, the Company must receive, at the applicable address of the Paying
Agent set forth in the within Security or at such other place or places of
which the Company shall from time to time notify the Holder of the within
Security, at least 30 but not more than 45 days prior to an Optional Repayment
Date, either (i) this Security, with this “Option to Elect Repayment” form
duly completed, or (ii) a telegram, telex, facsimile transmission, or
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 of America setting forth (a) the name, address and
telephone number of the Holder of the Security, (b) the principal amount
of the Security and the amount of the Security to be repaid, (c) a
statement that the option to elect repayment is being irrevocably exercised
thereby, and (d) a guarantee stating that the Security to be repaid with
the form entitled “Option to Elect Repayment” on the addendum to the Security
duly completed will be received by the Company not later than five Business
Days after the date of such telegram, telex, facsimile transmission or letter
(and such Security and form duly completed are received by the Company by such
fifth Business Day).

 

11

 

If less than
the entire principal amount of the within Security is to be repaid, specify the
portion thereof (which shall be an integral multiple of $1,000) which the
holder elects to have repaid: 
$                    .

 

If less than the entire principal amount of
the within Security is to be repaid, specify the denomination or denominations
(which shall be $1,000 or an integral multiple thereof) of the Security or
Securities to be issued to the holder for the portion of the within Securities
not being repaid (in the absence of any specification, one such Security will
be issued for the portion not being repaid): 
$                            .

 

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Notice: 
  The signature to this Option to Elect Repayment must correspond with
  the name as written upon page 2 of the within Security in every
  particular without alteration or enlargement or any change whatsoever.

  

 

12

 

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),
assign(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 all rights thereunder and
does hereby irrevocably constitute and appoint
                                    
attorney to transfer the said Security on the books of the within-named
Company, with full power of substitution in the premises.

 

13

 

	
  Dated: 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  	
   

  

 

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

 

14Exhibit
4.2

 

[Face of Note]

 

	
  CUSIP NO.

  	
   

  	
  PRINCIPAL AMOUNT:  $

  
	
   

  	
   

  	
   

  
	
  REGISTERED NO.

  	
   

  	
   

  

 

TARGET CORPORATION

 

FORM OF

 

MEDIUM-TERM FLOATING RATE NOTE, SERIES J

 

Due Nine Months or More From Date of Issue

 

	
  o

  	
   

  	
  Check box if this Security is a Global
  Security.

  

 

Applicable if this Security is a Global
Security:

 

[Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York
corporation (55 Water Street, New York, New York) (“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.]

 

[If applicable, this Security will contain
information required by U.S. Federal Income Tax “Original Issue Discount”
rules, as that term is defined in the Internal Revenue Code of 1986, as
amended.]

 

 

	
  ORIGINAL ISSUE DATE:

  	
   

  	
  ISSUE
  PRICE:           %

  	
   

  	
  STATED MATURITY DATE:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BASE RATE:

  	
   

  	
  INITIAL INTEREST RATE:

  	
   

  	
  INTEREST PAYMENT DATES:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REGULAR RECORD DATES:

  	
   

  	
  INTEREST DETERMINATION DATES:

  	
   

  	
  CALCULATION DATES:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MAXIMUM RATE:

  	
   

  	
  MINIMUM RATE:

  	
   

  	
  INTEREST RESET PERIOD:

  

 

 

	
  INTEREST RESET DATES:

  	
   

  	
  INITIAL INTEREST RESET DATE:

  	
   

  	
  SPREAD MULTIPLIER:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SPREAD:  + 

  	
   

  	
  INDEX MATURITY:

  	
   

  	
  DESIGNATED CMT MATURITY

  
	
    –

  	
   

  	
   

  	
   

  	
  INDEX AND DESIGNATED  TELERATE PAGE

  (Only applicable if the Base Rate is CMT):

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DESIGNATED LIBOR PAGE

  (Only applicable if the Base Rate is LIBOR):

  	
   

  	
  INDEX CURRENCY

  (Only applicable if the Base Rate is LIBOR):

  	
   

  	
  CALCULATION AGENT:

  
	
  o    LIBOR Telerate
  (p.    )

  o    LIBOR Reuters (p.    )

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OPTIONAL REDEMPTION

  (at option of Company):

  	
   

  	
  INITIAL REDEMPTION DATE

  (at option of Company):

  	
   

  	
  INITIAL REDEMPTION PERCENTAGE:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ANNUAL REDEMPTION

  PERCENTAGE REDUCTION:

  	
   

  	
  SINKING FUND:

  	
   

  	
  OPTION TO ELECT REPAYMENT:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OPTIONAL REPAYMENT DATE(S):

  	
   

  	
  MINIMUM DENOMINATIONS:

  	
   

  	
  DEPOSITARY

  
	
   

  	
   

  	
  o

  	
  $1,000

  	
   

  	
  (Only applicable if this Security is a
  Global Security):    

  
	
   

  	
   

  	
  o

  	
  Other

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SPECIFIED CURRENCY:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OTHER/ADDITIONAL TERMS:

  	
   

  	
   

  	
   

  	
  ADDENDUM ATTACHED:

  

 

 

TARGET CORPORATION, a corporation duly organized and existing under the
laws of the State of Minnesota (herein called the “Company,” which term
includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to
                                                            ,
or registered assigns, the principal sum of
                                                                    Dollars
($                        )
on the Stated Maturity Date shown above (except to the extent redeemed or
repaid prior to such date) and to pay interest, if any, on the Interest Payment
Dates specified above, commencing with the first Interest Payment Date
specified above following the Original Issue Date specified above, and at
Maturity, on the principal amount hereof at such offices and agencies, at a
rate per annum equal to the Initial Interest Rate specified above until the
Initial Interest Reset Date specified above following the Original Issue Date
specified above and thereafter at a rate per annum determined in accordance
with the provisions on the reverse hereof under the heading “Determination of
CD Rate,” “Determination of CMT Rate,” “Determination of Commercial Paper
Rate,” “Determination of Federal Funds Rate,” “Determination of LIBOR,”

 

2

 

“Determination of Prime Rate”
or “Determination of Treasury Rate,” depending upon whether the Base Rate is CD
Rate, CMT Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR, Prime Rate or
Treasury Rate, as specified above.

 

Notwithstanding the foregoing, if an Addendum
is attached hereto or “Other/Additional Terms” apply to this Security as
specified above, this Security shall be subject to the terms set forth in such
Addendum or such “Other/Additional Terms.”

 

The principal (and premium, if any) and interest on this Security is
payable by the Company in the Specified Currency specified above.

 

Any Interest Payment Date specified above that would fall on a day that
is not a Business Day, other than an Interest Payment Date that is also the
date of Maturity, shall be the following day that is a Business Day, except
that, if the Base Rate specified above is LIBOR and such following Business Day
is in the next calendar month, such Interest Payment Date shall be the
immediately preceding day that is a Business Day.  If the date of Maturity would fall on a day that is not a
Business Day, the payment of principal and any premium and interest shall be
made on the following Business Day, with the same force and effect as if made
on the due date, and no additional interest shall accrue on the amount so payable
for the period from and after such date of Maturity.  For purposes of this Security, “Business Day” means (a) any day
other than a Saturday, Sunday or a day on which banking institutions are
authorized or required by law, regulation or executive order to close in New
York City or Chicago, Illinois, and (b) if the Base Rate specified above is
LIBOR, any such day which is also a London Banking Day.  For purposes of this Security, “London
Banking Day” means any day on which dealings in deposits in the Index Currency
specified above are transacted in the London interbank market.

 

Interest payments on this Security shall be the amount of interest
accrued from and including the Original Issue Date specified above or from and
including the last date to which interest has been paid, or provided for, as
the case may be, to but excluding, the following Interest Payment Date or the
date of Maturity.  If this Security has
been issued upon transfer of, in exchange for, or in replacement of, a
Predecessor Security, interest on this Security shall accrue from the last
Interest Payment Date to which interest was paid on such Predecessor Security
or, if no interest was paid on such Predecessor Security, from the Original
Issue Date specified above.

 

Subject to certain exceptions provided in the Indenture referred to on
the reverse hereof, the interest so payable on any Interest Payment Date shall
be paid to the Person in whose name this Security is registered at the close of
business on the Regular Record Date (whether or not a Business Day) next
preceding such Interest Payment Date, and interest payable upon the Maturity
(whether or not such date of Maturity is an Interest Payment Date) shall be
paid to the Person to whom principal is payable; provided, however, that the first
payment of interest on a Security originally issued and dated between a Regular
Record Date specified above and an Interest Payment Date shall be due and
payable on the Interest

 

3

 

Payment Date following the next
succeeding Regular Record Date to the registered owner on such next succeeding
Regular Record Date.  Unless otherwise
specified on the face hereof, “Regular Record Date” shall mean the fifteenth
calendar day (whether or not a Business Day) immediately preceding the related
Interest Payment Date.

 

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.

 

Until this Security is paid in full or
payment therefor in full is duly provided for, the Company shall at all times
maintain a Paying Agent (which Paying Agent may be the Trustee) in New York
City and Chicago, Illinois.  The Company
has initially appointed Bank One Trust Company, N.A. as the Paying Agent at its
offices at 1 Bank One Plaza, Suite 0823, Chicago, Illinois 60670 and at 55
Water Street, 1st Floor, New York, New York 10041, c/o Transfer Agent,
Drop Services.

 

If this Security is a Global Security:  Payments of principal and any premium and
interest on this Security shall be made to DTC or its nominee, as Holder of
this Security, by wire transfer of immediately available funds.

 

If this Security is not a Global
Security:  Payment of interest on this
Security (other than payments of interest at Maturity) shall be made by check
mailed to the Person entitled thereto at such Person’s last address as it appears
in the Security Register or, in the case of a Holder of $50,000,000 or more in
aggregate principal amount of Securities of this series, by wire transfer of
immediately available funds to such account as may have been designated by such
Holder.  Any such designation for wire
transfer purposes shall be made by filing the appropriate information with the
Paying Agent at its corporate trust office not later than 15 calendar days
prior to the applicable Interest Payment Date and, unless revoked by written
notice to the Paying Agent received by the Paying Agent on or prior to the
Regular Record Date immediately preceding the applicable Interest Payment Date,
shall remain in effect with respect to any further payments with respect to
this Security payable to such Holder. 
Payment of principal of and interest, if any, 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 City or Chicago,
Illinois.

 

The Company shall pay any administrative
costs imposed by banks on payors in making payments on this Security in
immediately available funds and the Holder of this Security will pay any
administrative costs imposed by banks on payees in connection with such
payments.

 

4

 

Any tax, assessment or
governmental charge imposed upon payments on this Security shall be borne by
the Holder of this Security.

 

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.

 

5

 

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

 

	
  DATED:

  	
   

  	
   

  
	
   

  
	
   

  	
  TARGET CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [SEAL]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  This is one of the Securities of the

  series designated therein referred to

  in the within-mentioned Indenture.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BANK ONE
  TRUST COMPANY, N.A.,

  as Trustee

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  	
   

  	
   

  
											

 

6

 

[Reverse of Note]

 

TARGET CORPORATION

 

MEDIUM-TERM FLOATING RATE NOTE, SERIES J

 

Due Nine Months or More From Date of Issue

 

General

 

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, as amended or supplemented from time to time (herein
called the “Indenture”), between the Company and Bank One Trust Company, N.A.,
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 of the
Securities, which series is limited to an aggregate principal amount of
$1,850,000,000 or the equivalent thereof in one or more foreign or composite
currencies, designated as Medium-Term Notes, Series J, of the
Company.  The Securities of this series
may mature at different times, bear interest, if any, at different rates, be
redeemable at different times or not at all, be repayable at the option of the
Holder at different times or not at all, be issued at an original issue
discount and be denominated in different currencies.

 

Interest Rate Reset

 

The interest rate in effect from the Original
Issue Date to the Initial Interest Reset Date specified on the face hereof
shall be the Initial Interest Rate specified on the face hereof.  Commencing with the Initial Interest Reset
Date specified on the face hereof following the Original Issue Date specified
on the face hereof, the rate at which interest on this Security is payable
shall be adjusted daily, weekly, monthly, quarterly, semi-annually, annually or
on another basis as specified on the face hereof under “Interest Reset
Period.”  Each such adjusted rate shall
be applicable from and including the Interest Reset Date to which it relates to
but not including the next succeeding Interest Reset Date or until Maturity, as
the case may be.  Subject to applicable
provisions of law and except as specified herein, on each Interest Reset Date,
the rate of interest on this Security shall be the rate determined with respect
to the Interest Determination Date next preceding such Interest Reset Date in
accordance with the provisions of the applicable heading below and adjusted by
the addition or subtraction of the Spread, if any, specified on the face hereof,
and/or by the multiplication by the Spread Multiplier, if any, specified on the
face hereof.

 

7

 

If any Interest Reset Date would otherwise be a day that is not a
Business Day, such Interest Reset Date shall be the following Business Day,
except that if the Base Rate specified above is LIBOR and if such following
Business Day is in the next calendar month, such Interest Reset Date shall be
the immediately preceding Business Day.

 

Accrued interest shall be calculated by multiplying the principal
amount by an accrued interest factor. 
Such accrued interest factor shall be computed by adding the interest
factor calculated for each day in the period for which interest is being
paid.  Unless otherwise specified on the
face hereof, the interest factor for each such day will be computed by dividing
the interest rate (expressed as a decimal) applicable to such day by 360, if
the Base Rate is the CD Rate, the Commercial Paper Rate, the Federal Funds
Rate, LIBOR or the Prime Rate or by the actual number of days in the year, if
the Base Rate is the Treasury Rate or the CMT Rate.

 

Unless otherwise specified on the face hereof, all percentages
resulting from any calculation referred to herein shall be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with
five one-millionths of one percentage point rounded upward.  For example 9.876545% or .09876545 would be
rounded to 9.87655% or .0987655 and 9.876544% or .09876544 would be rounded to
9.87654% or .0987654.  All dollar
amounts used in or resulting from any such calculation on this Security shall
be rounded to the nearest cent, with one-half cent being rounded upwards.

 

Notwithstanding the foregoing, the interest rate per annum hereon shall
not be greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof.  The Calculation Agent shall calculate the interest rate hereon in
accordance with the foregoing on or before each Calculation Date.

 

The interest rate on this Security shall in no event be higher than the
maximum rate permitted by Minnesota law, as the same may be modified by United
States law of general application.

 

At the request of the Holder hereof, the Calculation Agent shall
provide to the Holder hereof the interest rate hereon then in effect and, if
determined, the interest rate that shall become effective on the next Interest
Reset Date with respect to this Security. 
The Calculation Agent’s determination of any interest rate shall be
final and binding in the absence of manifest error.

 

Determination of CD Rate

 

If the Base Rate specified on the face hereof is CD Rate, the interest
rate per annum determined with respect to any Interest Determination Date
specified on the face hereof (each, a “CD Interest Determination Date”) will
equal the rate on that date for negotiable certificates of deposit having the
specified Index Maturity as published by the Board of Governors of the Federal
Reserve System in “Statistical Release H.15(519), Selected Interest

 

8

 

Rates” or any successor
publication of the Board of Governors of the Federal Reserve System (“H.15(519)”)
under the heading “CDs (Secondary Market).”

 

The following procedures shall be followed if the CD Rate cannot be
determined as described above:

 

•                  If the above
rate is not published in H.15(519) by 9:00 a.m., New York City time, on the
Calculation Date, the CD Rate shall be the rate on the applicable CD Interest
Determination Date set forth in the daily update of H.15(519), available
through the world wide website of the Board of Governors of the Federal Reserve
System at http://www.federalreserve.gov/releases/h15/update, or any successor
site or publication (“H.15 Daily Update”), or another recognized electronic
source used for the purpose of displaying this rate, for the day in respect of
certificates of deposit having the Index Maturity specified on the face hereof
under the caption “CDs (secondary market).”

 

•                  If that rate is
not yet published in either H.15(519) or the H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time, on the
Calculation Date, then the Calculation Agent will determine the CD Rate to be
the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New
York City time, on that CD Interest Determination Date of three leading nonbank
dealers in negotiable U.S. dollar certificates of deposit in New York City
selected by the Calculation Agent, after consultation with the Company, for
negotiable certificates of deposit in a denomination not less than $5,000,000
of major United States money center banks of the highest credit standing in the
market for negotiable certificates of deposit with a remaining maturity closest
to the Index Maturity specified on the face hereof in an amount that is
representative for a single transaction in the market at the time.

 

•                  If the dealers
selected by the Calculation Agent are not quoting as described in the previous
bullet point, the CD Rate in effect immediately before that CD Interest
Determination Date will not change and will remain the CD Rate in effect on
that CD Interest Determination Date.

 

Determination of CMT Rate

 

If the Base Rate specified on the face hereof is CMT Rate, the interest
rate per annum determined with respect to any Interest Determination Date
specified on the face hereof (each, a “CMT Interest Determination Date”) will
equal the rate displayed on the Designated CMT Telerate Page (as defined below)
under the caption “Treasury Constant Maturities . . . Federal Reserve Board
Release H.15 . . . Mondays Approximately 3:45 p.m.,” under the column for the
Designated CMT Maturity Index (as defined below) for:

 

•                  if the
Designated CMT Telerate Page is 7051, that CMT Interest Determination Date; and

 

9

 

•                  if the
Designated CMT Telerate Page is 7052, the week or the month, as applicable,
ended immediately before the week in which the related CMT Interest
Determination Date occurs.

 

The following procedures will be used if the CMT Rate cannot be
determined as described above:

 

•                  If that rate is
no longer displayed on the relevant page, or if not displayed by 3:00 p.m., New
York City time, on the related Calculation Date, then the CMT Rate will be the
treasury constant maturity rate for the Designated CMT Maturity Index (as
defined below) as published in H.15(519) for that CMT Interest Determination
Date.

 

•                  If that rate is
no longer published, or if not published by 3:00 p.m., New York City time, on
the related Calculation Date, then the CMT Rate will be the treasury constant
maturity rate for the Designated CMT Maturity Index, or other United States
Treasury rate for the Designated CMT Maturity Index, for the CMT Interest
Determination Date with respect to that Interest Reset Date as may then be
published by either the Board of Governors of the Federal Reserve System or the
United States Department of the Treasury that the Calculation Agent determines
to be comparable to the rate formerly displayed on the Designated CMT Telerate
Page and published in H.15(519).

 

•                  If that
information is not provided by 3:00 p.m., New York City time, on the related
Calculation Date, then the Calculation Agent will determine the CMT Rate to be
a yield to maturity, based on the arithmetic mean of the secondary market
closing offer side prices as of approximately 3:30 p.m., New York City time, on
the CMT Interest Determination Date reported, according to their written
records, by three leading primary United States government securities dealers
(each, a “Reference Dealer”) in New York City selected by the Calculation Agent
as described in the following sentence. 
The Calculation Agent will select five Reference Dealers, after
consultation with the Company, and will eliminate the highest quotation, or, in
the event of overlap, one of the highest, and the lowest quotation, or, in the
event of overlap, one of the lowest, for the most recently issued direct
noncallable fixed rate obligations of the United States (“Treasury notes”) with
an original maturity of approximately the Designated CMT Maturity Index and a
remaining term to maturity of not less than such Designated CMT Maturity Index
minus one year.

 

•                  If the
Calculation Agent cannot obtain three Treasury notes quotations, the
Calculation Agent will determine the CMT Rate to be a yield to maturity based
on the arithmetic mean of the secondary market offer side prices as of
approximately 3:30 p.m., New York City time, on the CMT Interest Determination
Date of three Reference Dealers in New York City, selected

 

10

 

using the same method described above, for Treasury notes with an
original maturity of the number of years closest to but not less than the
Designated CMT Maturity Index and a remaining term to maturity closest to the
Designated CMT Maturity Index and in an amount of at least $100,000,000.  If two Treasury notes with an original
maturity as described above have remaining terms to maturity equally close to
the Designated CMT Maturity Index, the Calculation Agent will obtain quotations
for the Treasury note with the shorter remaining term to maturity.

 

•                  If three or
four, but not five, of the Reference Dealers are quoting as described in the previous
two bullet points, then the CMT Rate will be based on the arithmetic mean of
the offer prices obtained and neither the highest nor the lowest quotes will be
eliminated.

 

•                  If fewer than
three Reference Dealers selected by the Calculation Agent are quoting as
described above, the CMT Rate in effect immediately prior to that CMT Interest
Determination Date will not change and will remain the CMT Rate in effect on
that CMT Interest Determination Date.

 

“Designated CMT Telerate Page” means the display on Moneyline Telerate,
or any successor service, on the page specified on the face hereof, or any
other page as may replace that page on that service for the purpose of
displaying Treasury Constant Maturities as reported in H.15(519).  If no page is specified, the Designated CMT
Telerate Page will be 7052, for the most recent week.

 

“Designated CMT Maturity Index” means the original period to maturity
of the U.S. Treasury securities (either 1, 2, 3, 5, 7, 10, 20 or 30 years)
specified on the face hereof with respect to which the CMT Rate will be
calculated.

 

Determination of Commercial Paper Rate

 

If the Base Rate specified on the face hereof is Commercial Paper Rate,
the interest rate per annum determined with respect to any Interest
Determination Date specified on the face hereof (each, a “Commercial Paper
Interest Determination Date”) will equal the Money Market Yield (calculated as
described below) of the rate on that date for commercial paper having the Index
Maturity specified on the face hereof as published in H.15(519) under the
heading “Commercial Paper—Nonfinancial.”

 

“Money Market Yield” will be a yield (expressed as a percentage)
calculated in accordance with the following formula: 

 

	
   

  	
  Money Market Yield

  	
  =

  	
  D x 360

  	
   

  	
  x 100

  	
   

  
	
   

  	
  360 - (D x M)

  	
   

  

 

11

 

where “D” refers to the applicable annual rate for commercial paper
quoted on a bank discount basis and expressed as a decimal and “M” refers to
the actual number of days in the interest period for which interest is being
calculated.

 

The following procedures will be followed if the Commercial Paper Rate
cannot be determined as described above:

 

•                  If the above
rate is not published by 9:00 a.m., New York City time, on the Calculation
Date, then the Commercial Paper Rate will be the Money Market Yield of the rate
on the applicable Commercial Paper Interest Determination Date for commercial
paper having the Index Maturity specified on the face hereof as published in
H.15 Daily Update, or another recognized electronic source used for the purpose
of displaying this rate, under the heading “Commercial Paper—Nonfinancial.”

 

•                  If that rate is
not yet published in either H.15(519) or H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time, on the
Calculation Date, the Calculation Agent will determine the Commercial Paper
Rate to be the Money Market Yield of the arithmetic mean of the offered rates
at approximately 11:00 a.m., New York City time, on that Commercial Paper
Interest Determination Date of three leading dealers of commercial paper in New
York City selected by the Calculation Agent, after consultation with the
Company, for commercial paper having the Index Maturity specified on the face
hereof placed for an industrial issuer whose bond rating is “Aa,” “AA,” or the
equivalent, from a nationally recognized statistical rating agency.

 

•                  If the dealers
selected by the Calculation Agent are not quoting as described in the previous
bullet point, the Commercial Paper Rate in effect immediately before that
Commercial Paper Interest Determination Date will not change and will remain
the Commercial Paper Rate in effect on that Commercial Paper Interest
Determination Date.

 

Determination of Federal Funds Rate

 

If the Base Rate specified on the face hereof is Federal Funds Rate,
the interest rate per annum determined with respect to any Interest
Determination Date specified on the face hereof (each, a “Federal Funds
Interest Determination Date”) will equal the rate on that day for federal funds
as published in H.15(519) under the heading “Federal Funds (Effective)” as
displayed on Moneyline Telerate or any successor service on page 120 or any
other page as may replace the applicable page on that service.

 

12

 

The following procedures will be followed if the Federal Funds Rate
cannot be determined as described above:

 

•                  If the above
rate is not published by 9:00 a.m., New York City time, on the Calculation
Date, the Federal Funds Rate will be the rate on the applicable Federal Funds
Interest Determination Date as published in H.15 Daily Update, or another
recognized electronic source used for the purpose of displaying this rate,
under the heading “Federal Funds/(Effective).”

 

•                  If that rate is
not yet published in either H.15(519) or H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time, on the
Calculation Date, the Calculation Agent will determine the Federal Funds Rate
to be the arithmetic mean of the rates for the last transaction in overnight
U.S. dollar Federal Funds arranged by each of three leading brokers of U.S.
dollar Federal Funds transactions in New York City selected by the Calculation
Agent, after consultation with us, prior to 9:00 a.m., New York City time, on
that Federal Funds Interest Determination Date.

 

•                  If the brokers
selected by the Calculation Agent are not quoting as described in the previous
bullet point, the Federal Funds Rate in effect immediately before that Federal
Funds Interest Determination Date will not change and will remain the Federal
Funds Rate in effect on that Federal Funds Interest Determination Date.

 

Determination of LIBOR

 

If the Base Rate specified on the face hereof is the London interbank
offered rate (“LIBOR”), the interest rate per annum determined with respect to
any Interest Determination Date specified on the face hereof (each, a “LIBOR
Interest Determination Date”) will be determined by the Calculation Agent as
follows:

 

•                  As of the LIBOR
Interest Determination Date, LIBOR will be either:

 

•                  if “LIBOR
Reuters” is specified on the face hereof, the arithmetic mean of the offered
rates for deposits in the Index Currency (as defined below) having the Index
Maturity specified on the face hereof, commencing on the applicable Interest
Reset Date, that appear on the Designated LIBOR Page as of 11:00 a.m., London
time, on that LIBOR Interest Determination Date; provided, however, that if
LIBOR Reuters by its terms provides for only a single rate, that single rate
will be used; or

 

•                  if “LIBOR
Telerate” is specified on the face hereof or if neither “LIBOR Reuters” nor
“LIBOR Telerate” is specified on the face hereof as the method for calculating
LIBOR, the rate for deposits in the Index Currency having the Index Maturity
specified on the face hereof, commencing on

 

13

 

that Interest Reset Date, that appears on the Designated LIBOR Page as
of 11:00 a.m., London time, on that LIBOR Interest Determination Date.

 

If no applicable rates appear, LIBOR on the LIBOR Interest
Determination Date will be determined in accordance with the provisions
described in the bullet points below.

 

•                  With respect to
a LIBOR Interest Determination Date on which no applicable rates appear on the
Designated LIBOR Page as specified in the bullet points above, the Calculation
Agent will request the principal London offices of each of four major reference
banks in the London interbank market, as selected by the Calculation Agent,
after consultation with the Company, to provide the Calculation Agent with its
offered quotation for deposits in the Index Currency for the period of the
Index Maturity specified on the face hereof, commencing on the applicable
Interest Reset Date, to prime banks in the London interbank market at
approximately 11:00 a.m., London time, on that LIBOR Interest Determination
Date and in a principal amount not less than $1,000,000 (or the equivalent in
the Index Currency as applicable) that is representative of a single
transaction in that Index Currency in such market at such time.  If at least two quotations are so provided,
then LIBOR on that LIBOR Interest Determination Date will be the arithmetic
mean of those quotations.

 

•                  If only one or
no quotations are provided, then LIBOR on the LIBOR Interest Determination Date
will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in
the applicable principal financial center for the country of the Index
Currency, on that LIBOR Interest Determination Date by three major banks in
that principal financial center selected by the Calculation Agent, after
consultation with the Company, for loans in the Index Currency to leading
European banks, having the Index Maturity specified on the face hereof and in a
principal amount not less than $1,000,000 (or the equivalent in the Index
Currency as applicable) that is representative of a single transaction in that
Index Currency in that market at that time.

 

•                  If the banks so
selected by the Calculation Agent are not quoting as described in the previous
bullet point, LIBOR in effect immediately before that LIBOR Interest
Determination Date will not change and will remain the LIBOR in effect on that
LIBOR Interest Determination Date.

 

For purposes of the preceding discussion, the following capitalized
terms have the following meanings:

 

“Index Currency” means the currency, including composite currencies,
specified on the face hereof as the currency for which LIBOR will be
calculated.  If no currency is
specified, the Index Currency will be U.S. dollars.

 

14

 

“Designated LIBOR Page” means:

 

•                  if “LIBOR
Reuters” is designated on the face hereof, the display on the Reuters Monitor
Money Rates Service, or any successor service, on the page specified on the
face hereof, or any other page as may replace that page on that service, or any
successor service, for the purpose of displaying the London interbank rates of
major banks for the applicable Index Currency; or

 

•                  if “LIBOR
Telerate” is designated on the face hereof or neither “LIBOR Reuters” nor
“LIBOR Telerate” is designated on the face hereof as the method for calculating
LIBOR, the display on Moneyline Telerate, or any successor service, on page
3750 if the U.S. dollar is the Index Currency or with respect to any other
Index Currency, on the page specified on the face hereof, or any other page as
may that page on that service, or any successor service, for the purpose of
displaying the London interbank rates of major banks for the applicable Index Currency.

 

Determination of Prime Rate

 

If the Base Rate specified on the face hereof is Prime Rate, the
interest rate per annum determined with respect to any Interest Determination
Date specified on the face hereof (each, a “Prime Interest Determination Date”)
will equal the rate on that date as published in H.15(519) under the heading
“Bank Prime Loan.”

 

The following procedures will be followed if the Prime Rate cannot be
determined as described above:

 

•                  If the rate is
not published before 9:00 a.m., New York City time, on the Calculation Date,
then the Prime Rate will be the rate on that Prime Interest Determination Date
as published in H.15 Daily Update, or another recognized electronic source used
for the purpose of displaying this rate, under the heading “Bank Prime Loan.”

 

•                  If the rate is
not published before 3:00 p.m., New York City time, on the Calculation Date, in
either H.15(519) or H.15 Daily Update or another recognized electronic source,
then the Calculation Agent will determine the Prime Rate to be the arithmetic
mean of the rates of interest publicly announced by each bank that appears on
the Reuters Screen US PRIME 1 Page (as defined below) as that bank’s prime rate
or base lending rate as of 11:00 a.m., New York City time, on that Prime Interest
Determination Date.

 

•                  If by 3:00 p.m.,
New York City time, on the Calculation Date, fewer than four rates appear on
the Reuters Screen US PRIME 1 Page on that Prime Interest Determination Date,
then the Calculation Agent will determine the Prime Rate to be the arithmetic
mean of the prime rates or base lending rates, quoted on

 

15

 

the basis of the actual number of days in the year divided by 360, as
of the close of business on that Prime Interest Determination Date by at least
three major banks in New York City selected by the Calculation Agent, after
consultation with the Company.

 

•                  If the banks
selected are not quoting as described in the previous bullet point, the Prime
Rate in effect immediately prior to that Prime Interest Determination Date will
not change and will remain the Prime Rate in effect on that Prime Interest
Determination Date.

 

“Reuters Screen US PRIME 1 Page” means the display designated as page
“US PRIME 1” on the Reuters Monitor Money Rates Service, or any other page as
may replace the US PRIME 1 page on that service for the purpose of displaying
prime rates or base lending rates of major United States banks.

 

Determination of Treasury Rate

 

If the Base Rate specified on the face hereof is Treasury Rate, the
interest rate per annum determined with respect to any Interest Determination
Date specified on the face hereof (each, a “Treasury Interest Determination
Date”) will equal the rate from the auction held on that date of direct obligations
of the United States (“Treasury bills”) having the Index Maturity specified on
the face hereof under the caption “Investment Rate” on the display on Moneyline
Telerate, or any successor service, on:

 

•                  page 56, or any
other page as may replace that page on that service (“Telerate Page 56”); or

 

•                  page 57, or any
other page as may replace that page on that service (“Telerate Page 57”); or

 

•                  if not so
published by 3:00 p.m., New York City time, on the related Calculation Date,
the Bond Equivalent Yield (as defined below) of the rate for the applicable
Treasury bills as published in H.15(519) Daily Update, or any  other recognized electronic source used for
the purpose of displaying that rate, under the heading “U.S. Government
Securities/Treasury Bills/Auction High.”

 

The following procedures will be followed if the Treasury Rate cannot
be determined as described above:

 

•                  If the above
rate is not published before 3:00 p.m., New York City time, on the Calculation
Date, the Treasury Rate will be the Bond Equivalent Yield of the auction rate
of the applicable Treasury bills on that Treasury Interest Determination Date
as announced by the United States Department of the Treasury.

 

16

 

•                  In the event
that the auction rate of Treasury bills having the Index Maturity specified on
the face hereof is not published or announced as provided in the previous
bullet point before 3:00 p.m., New York City time, on the Calculation Date, or
if no such auction is held on that Treasury Interest Determination Date, then
the Calculation Agent will determine the Treasury Rate to be the Bond
Equivalent Yield of the rate on that Treasury Interest Determination Date of
Treasury bills having the Index Maturity specified on the face hereof as
published in H.15(519) under the caption “U.S. Government Securities/Treasury
Bills/Secondary Market” or, if not yet published by 3:00 p.m., New York City
time, on the related Calculation Date, the rate on that Treasury Interest
Determination Date of the applicable Treasury bills as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of
displaying such rate, under the caption “U.S. Government Securities/Treasury
Bills/Secondary Market.”  If that rate
is not yet published in H.15(519), H.15 Daily Update or another recognized
electronic source, then the Treasury Rate will be calculated by the Calculation
Agent and will be the Bond Equivalent Yield of the arithmetic mean of the
secondary market bid rates, as of approximately 3:30 p.m., New York City time,
on that Treasury Interest Determination Date, of three leading primary United
States government securities dealers selected by the Calculation Agent, after
consultation with us, for the issue of Treasury bills with a remaining maturity
closest to the Index Maturity specified on the face hereof.

 

•                  If the dealers
selected by the Calculation Agent are not quoting as described in the previous
bullet point, the Treasury Rate in effect immediately before that Treasury
Interest Determination Date will not change and will remain the Treasury Rate
in effect on that Treasury Interest Determination Date.

 

“Bond Equivalent Yield” means a yield (expressed as a percentage)
calculated in accordance with the following formula:

 

	
   

  	
     Bond Equivalent Yield

  	
  =

  	
  D x N

  	
   

  	
  x 100

  	
   

  
	
   

  	
  360 - (D x M)

  	
   

  

 

where “D” refers to the applicable annual rate for the
security quoted on a bank discount basis and expressed as a decimal, “N” refers
to 365 or 366, as the case may be, and “M” refers to the actual number of days
in the interest period for which interest is being calculated.

 

Events of Default

 

If an Event of Default, as defined in the
Indenture, with respect to Securities of this series 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.

 

17

 

Modification and Waivers; Obligation of the Company Absolute

 

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.

 

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.

 

Defeasance and Covenant Defeasance

 

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.

 

Redemption

 

If so provided on the face hereof, the Company
may at its option redeem this Security in whole or from time to time in part in
increments of $1,000 (provided that any remaining principal amount of this
Security shall not be less than the minimum authorized denomination hereof) on
or after the date designated as the Initial Redemption Date on the face hereof
at 100% of the unpaid principal amount hereof or the portion thereof redeemed
multiplied by a percentage (the “Redemption Percentage”), together with accrued
interest, if any, to the Redemption Date. 
The Redemption Percentage shall initially be equal to the Initial
Redemption Percentage specified on the face hereof and shall decline at each
anniversary of the Initial Redemption Date by the amount of the Annual
Redemption Percentage Reduction specified on the face hereof, until the
Redemption Percentage is equal to 100%. 
The Company may exercise such option by causing the Trustee to mail a
notice of such redemption at least 30 but not more than 60 days prior to the
applicable Redemption Date to each Holder of the Securities of this series to
be redeemed.  In the event of redemption
of this Security in part only,

 

18

 

the Company shall issue a new
Security or Securities for the unredeemed portion hereof in the name of the
Holder hereof upon the cancellation hereof. 
If less than all of the Securities of this series with like tenor and
terms are to be redeemed, the Securities to be redeemed shall be selected by
the Trustee by such method as the Trustee shall deem fair and appropriate.

 

Sinking Fund

 

Unless otherwise specified on the face
hereof, this Security shall not be entitled to any sinking fund.

 

Repayment

 

If so provided on the face hereof, this
Security will be repayable prior to the Stated Maturity Date at the option of
the Holder, in whole or in part and in increments of $1,000 (provided that any
remaining principal amount of this Security surrendered for partial repayment
shall not be less than the minimum authorized denomination hereof), on or after
the date designated as an Optional Repayment Date on the face hereof at 100% of
the principal amount to be repaid, plus accrued interest, if any, to the
Repayment Date.  In order for this
Security to be repaid, the Company must receive at the applicable 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, at
least 30 but not more than 45 days prior to an Optional Repayment Date, either
(i) this Security, with the form below entitled “Option to Elect Repayment”
duly completed, or (ii) a telegram, telex, facsimile transmission, or 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 of America setting forth (a) the name, address and telephone number of
the Holder of this Security, (b) the principal amount of this Security and the
amount of this Security to be repaid, (c) a statement that the option to elect
repayment is being exercised thereby, and (d) a guarantee stating that the
Company will receive this Security, with the form below entitled “Option to
Elect Repayment” duly completed, not later than five Business Days after the date
of such telegram, telex, facsimile transmission or letter (and this Security
and form duly completed are received by the Company by such fifth Business
Day).  Any such election shall be
irrevocable.  The address to which such
deliveries to Bank One Trust Company, N.A. are to be made is 1 Bank One Plaza,
Suite 0823, Chicago, Illinois 60670 (or, at such other place as the Company
shall notify the Holders of the Securities of this series).  All questions as to the validity,
eligibility (including time of receipt) and acceptance of any Security for
repayment will be determined by the Company, whose determination will be final
and binding.  Upon any partial
repayment, this Security shall be cancelled and a new Security or Securities
for the remaining principal amount hereof shall be issued in the name of the
Holder of this Security.

 

Authorized Denominations

 

Unless otherwise provided on the face hereof,
this Security is issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.

 

19

 

Registration of Transfer

 

Upon due presentment for registration of
transfer of this Security at the office or 
agency of the Company maintained in New York City or Chicago, Illinois,
a new Security or Securities of this series in authorized denominations for an
equal aggregate principal amount will 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.

 

If this Security is a Global Security (as
specified above), 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 Securities
Exchange Act of 1934, as amended, and the Company does not appoint a successor
Depositary within 90 days after receiving such notice or after becoming aware
that the Depositary has ceased to be so registered as a clearing agency,
(y) 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 (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.

 

If this Security is a Global Security (as
specified above), 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 will not be entitled to
receive physical delivery of Securities in definitive form and will not be
considered the Holders hereof for any purpose under the Indenture.

 

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 Personal Recourse

 

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,
shareholder, 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

 

20

 

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.

 

Defined Terms

 

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

 

Governing Law

 

This Security shall be governed by and
construed in accordance with the law of the State of Minnesota, without regard
to principles of conflicts of laws.

 

21

 

OPTION TO ELECT REPAYMENT

 

TO BE COMPLETED ONLY IF THIS SECURITY IS
REPAYABLE

AT THE OPTION OF THE HOLDER AND THE HOLDER

ELECTS TO EXERCISE SUCH RIGHT

 

 

 

The undersigned hereby irrevocably requests
and instructs the Company to repay the within Security (or the portion thereof
specified below), pursuant to its terms, on the Optional Repayment Date first
occurring after the date of receipt by the Company of the within Security as
specified below (the “Repayment Date”), at a Repayment Price equal to 100% of
the principal amount thereof, together with interest to the Repayment Date, to
the undersigned,                                                ,
at
                                                           
(please print or typewrite name and address of the undersigned).

 

For this option to elect repayment to be
effective, the Company must receive, at the applicable address of the Paying
Agent set forth in the within Security or at such other place or places of
which the Company shall from time to time notify the Holder of the within
Security, at least 30 but not more than 45 days prior to an Optional Repayment
Date, either (i) this Security, with this “Option to Elect Repayment” form
duly completed, or (ii) a telegram, telex, facsimile transmission, or
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 of America setting forth (a) the name, address and
telephone number of the Holder of the Security, (b) the principal amount
of the Security and the amount of the Security to be repaid, (c) a
statement that the option to elect repayment is being irrevocably exercised
thereby, and (d) a guarantee stating that the Security to be repaid with
the form entitled “Option to Elect Repayment” on the addendum to the Security
duly completed will be received by the Company not later than five Business
Days after the date of such telegram, telex, facsimile transmission or letter
(and such Security and form duly completed are received by the Company by such
fifth Business Day).

 

If less than the entire principal amount of
the within Security is to be repaid, specify the portion thereof (which shall
be an integral multiple of $1,000) which the Holder elects to have repaid: 
$                    .

 

22

 

If less than
the entire principal amount of the within Security is to be repaid, specify the
denomination or denominations (which shall be $1,000 or an integral multiple
thereof) of the Security or Securities to be issued to the Holder for the
portion of the within Securities not being repaid (in the absence of any
specification, one such Security will be issued for the portion not being
repaid): 
$                            .

 

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Notice: 
  The signature to this Option to Elect Repayment must correspond with
  the name as written upon page 2 of the within Security in every
  particular without alteration or enlargement or any change whatsoever.

  

 

23

 

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), assign(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 all rights thereunder and
does hereby irrevocably constitute and appoint
                                    
attorney to transfer the said Security on the books of the within-named
Company, with full power of substitution in the premises.

 

24

 

	
  Dated: 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature
  Guaranteed: 

  	
   

  

 

 

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

 

25

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