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Exhibit 4.2  

 
 

HORMEL FOODS CORPORATION
  
    SUPPLEMENTAL INDENTURE NO. 1
  
    $350,000,000
  
    6.625% Notes due 2011    

    THIS
SUPPLEMENTAL INDENTURE NO. 1, dated as of June 4, 2001 (the "Supplemental Indenture"), between HORMEL FOODS CORPORATION, a Delaware corporation (the "Company"), and U.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association, as trustee (the "Trustee"). 

RECITALS OF THE COMPANY: 

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of June 1, 2001 (the "Indenture"), providing for the issuance from time to time
of one or more Series of Securities; 

    WHEREAS,
Article Eight of the Indenture provides for various matters with respect to any Series of Securities issued under the Indenture to be established in an indenture supplemental
to the Indenture; 

    WHEREAS,
Section 8.1(e) of the Indenture provides that the Company and the Trustee may enter into an indenture supplemental to the Indenture to establish the form or terms of
Securities of any Series as permitted by Sections 2.1 and 2.3 of the Indenture; and 

    WHEREAS,
all the conditions and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its
terms and for the purposes herein expressed, have been performed and fulfilled. 

    NOW
THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

    For
and in consideration of the premises and the issuance of the Series of Securities provided for herein, the Company and the Trustee mutually covenant and agree for the equal and
proportionate benefit of the respective Holders of the Securities of each such Series as follows: 

ARTICLE ONE 

RELATION
TO INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION 

    SECTION 1.1  Relation to Indenture.  This Supplemental Indenture constitutes an integral part of
the Indenture. 

    SECTION 1.2  Definitions.  For all purposes of this Supplemental Indenture, the following terms
shall have the respective meanings set forth in this Section. 

    "Additional
Interest" shall have the meaning set forth in the form of the Securities included as Exhibit A hereto. 

    "Applicable
Procedures" means, with respect to any transfer or transaction involving a Regulation S Global Security or beneficial interest therein, the rules and procedures of
the Depositary for such Global Security, to the extent applicable to such transaction and as in effect from time to time. 

 

    "Authorized Newspaper" means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not
published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive
publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in
each case on any Business Day. 

    "Definitive
Security" means a certificated Initial Security or Exchange Security (bearing the Restricted Securities Legend if the transfer of such Security is restricted by applicable
law) that does not include the Global Securities Legend. 

    "Depositary"
means The Depository Trust Company, its nominees and their respective successors. 

    "Exchange
Securities" means the Securities of the Company issued in exchange for Initial Securities pursuant to the Indenture and this Supplemental Indenture in connection with the
Registered Exchange Offer. 

    "Global
Securities Legend" means the legend set forth under that caption in Exhibit A to this Supplemental Indenture. 

    "IAI"
means an institutional "accredited investor" as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

    "IAI
Securities" means all Initial Securities held by an IAI. 

    "Initial
Purchasers" means Salomon Smith Barney Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, U.S. Bancorp Piper Jaffray Inc., Goldman, Sachs &
Co. and Suntrust Equitable Securities, Inc. 

    "Initial
Securities" means the Rule 144A Securities, the Regulation S Securities and the IAI Securities. 

    "Participant"
means members of, or participants in, the Depositary. 

    "Private
Exchange" means an offer by the Company, pursuant to the Registration Agreement, to issue and deliver to certain purchasers, in exchange for the Initial Securities held by
such purchasers as part of their initial distribution, a like aggregate principal amount of Private Exchange Securities. 

    "Private
Exchange Securities" means the Securities of the Company issued in exchange for Initial Securities pursuant to the Indenture and this Supplemental Indenture in connection
with the Private Exchange pursuant to the Registration Agreement. 

    "Purchase
Agreement" means the Purchase Agreement dated June 4, 2001, among the Company and the Initial Purchasers. 

    "QIB"
means a "qualified institutional buyer" as defined in Rule 144A. 

    "Registered
Exchange Offer" means the offer by the Company, pursuant to the Registration Agreement, to certain Holders of Initial Securities, to issue and deliver to such Holders, in
exchange for their Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

    "Registration
Agreement" means the Registration Rights Agreement dated June 7, 2001, among the Company and the Initial Purchasers. 

    "Regulation
S" means Regulation S under the Securities Act. 

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    "Regulation S Securities" means all Initial Securities offered and sold outside the United States in reliance on Regulation S. 

    "Restricted
Period" with respect to any Securities means the period of 40 consecutive days beginning on and including the later of (i) the day on which such Securities are
first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S and (ii) the Original Issue Date with respect to
such Securities. 

    "Restricted
Securities Legend" means the legend set forth in Section 2.6(e)(i) herein. 

    "Rule
144A" means Rule 144A under the Securities Act. 

    "Rule
144A Securities" means all Initial Securities offered and sold to QIBs in reliance on Rule 144A. 

    "Securities
Act" means the Securities Act of 1933, as amended. 

    "Securities"
means the 6.625% Notes due June 1, 2011. 

    "Securities
Custodian" means the custodian with respect to a Global Security (as appointed by the Depositary) or any successor person thereto, who will initially be the Trustee. 

    "Shelf
Registration Statement" means a registration statement filed by the Company in connection with the offer and sale of the Initial Securities or Private Exchange Securities
pursuant to Section 3 of the Registration Agreement. 

    "Transfer
Restricted Securities" means Definitive Securities and any other Securities that bear or are required to bear the Restricted Securities Legend. 

    SECTION 1.3  Amendment to Section 1.1 of the Indenture.  For the sole benefit of the
Holders of the Securities, Section 1.1 of the Indenture shall be amended by deleting the definition of "interest" and replacing such definition with the following definition: 

    "interest"
includes Additional Amounts and Additional Interest. 

    SECTION 1.4  Rules of Construction.  For all purposes of this Supplemental Indenture: 

    (a) capitalized
terms used herein without definition shall have the meanings specified in the Indenture; 

    (b) all
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; 

    (c) the
terms "herein", "hereof", "hereunder" and other words of similar import refer to this Supplemental Indenture; and 

    (d) in
the event of a conflict with the definition of terms in the Indenture, the definitions in this Supplemental Indenture shall control. 

ARTICLE TWO 

THE
SECURITIES 

    SECTION 2.1  Title of the Securities.  The Securities shall be designated the 6.625% Notes due
June 1, 2011 (the "Notes"). 

    SECTION 2.2  Limitation on Aggregate Principal Amount.  The Notes will be initially issued in an
aggregate principal amount of $350,000,000. 

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    SECTION 2.3  Form and Dating.  

    (a)  General.  The Securities and the Trustee's certificate of authentication shall be substantially in
the form of Exhibit A hereto. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its
authentication. The Securities shall be in denominations of $1,000 and integral multiples thereof. 

    The
terms and provisions contained in the Securities shall constitute, and are hereby expressly made, a part of this Supplemental Indenture, and the Company and the Trustee, by their
execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Security conflicts with the
express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern and be controlling. 

    The
Initial Securities issued on the date hereof will be (i) offered and sold by the Company pursuant to the Purchase Agreement and (ii) resold initially only to
(A) QIBs in reliance on Rule 144A and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial Securities may
thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. 

    The
Company hereby designates The Depository Trust Company as the initial Depositary for the Global Securities. 

    (b)  Global Securities.  The Rule 144A Securities shall be issued initially in the form of one or
more permanent global Securities in definitive, fully registered form (collectively, the "Rule 144A Global Security") and the Regulation S Securities shall be issued initially in the
form of one or more global Securities (collectively, the "Regulation S Global Security"), in each case without interest coupons and bearing the Global Securities Legend and Restricted
Securities Legend, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Securities Custodian, and registered in the name of the Depositary or a nominee
of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. One or more global securities in definitive, fully registered form without interest
coupons and bearing the Global Securities Legend and the Restricted Securities Legend (collectively, the "IAI Global Security") shall also be issued on the date of this Indenture, deposited with the
Securities Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in this Indenture to
accommodate transfers of beneficial interests in the Securities to IAIs subsequent to the initial distribution. Beneficial ownership interests in the Regulation S Global Security shall not be
exchangeable for interests in the Rule 144A Global Security, the IAI Global Security or any other Security without a Restricted Securities Legend until the expiration of the Restricted Period.
The Rule 144A Global Security, the IAI Global Security and the Regulation S Global Security are each referred to herein as a "Global Security" and are collectively referred to herein as
"Global Securities." The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its
nominee as hereinafter provided. 

    (c)  Book-Entry Provisions.  This Section 2.3(c) shall apply only to a Global Security
deposited with or on behalf of the Depositary. The Company shall execute and the Trustee shall, in accordance with this Section 2.3(c) and pursuant to an order of the Company, authenticate and
deliver initially one or more Global Securities that (a) shall be registered in the name of the Depositary for such Global Security or Global Securities or the nominee of such Depositary and
(b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary's instructions or held by the Trustee as Securities Custodian. 

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    Participants shall have no rights under the Indenture with respect to any Global Security held on their behalf by the Depositary or by the Trustee as Securities Custodian or under
such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the Depositary and its Participants, the operation of customary practices of such Depositary governing the exercise of the rights
of a holder of a beneficial interest in any Global Security. 

    (d)  Definitive Securities.  Except as provided in Section 2.7, owners of beneficial interests in
Global Securities will not be entitled to receive physical delivery of certificated Securities. 

    SECTION 2.4  Payment of Additional Amounts.  The Company shall pay to the Holder of any of the
Securities who is a non-United States person such additional amounts ("Additional Amounts") as may be necessary in order that every net payment in respect of the principal or interest, if
any, on such Securities, after deduction or withholding by the Company or any Paying Agent for or on account of any present or future tax, assessment or governmental charge imposed upon or as a result
of such payment by the United States or any political subdivision or taxing authority thereof or therein, will not be less than the amount provided for in such Securities to be then due and payable
before any such deduction or withholding for or on account of any such tax, assessment or governmental charge. The foregoing obligation to pay such Additional Amounts shall not apply to: 

    (a) any
tax, assessment or other governmental charge which would not have been so imposed but for: 

     (i) the
existence of any present or former connection between such Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or holder of a power over,
such Holder, if such Holder is an estate, trust, partnership or corporation) and the United States, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member,
shareholder of, or holder of a power) being or having been a citizen or resident or treated as a resident thereof or being or having been engaged in a trade or business therein or being or having been
present therein or having or having had a permanent establishment therein, or 

    (ii) such
Holder's present or former status as a personal holding company or foreign personal holding company or controlled foreign corporation for United States
federal income tax purposes or corporation which accumulates earnings to avoid United States federal income tax; 

    (b) any
tax, assessment or other governmental charge which would not have been so imposed but for the presentation by the Holder of such Securities for payment on a
date more than 10 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

    (c) any
estate, inheritance, gift, sales, transfer, personal property or excise tax or any similar tax, assessment or governmental charge; 

    (d) any
tax, assessment or other governmental charge which is payable otherwise than by withholding from payments in respect of principal of or interest, if any, on any
of the Securities; 

    (e) any
tax, assessment or other governmental charge imposed on interest received by a Holder or beneficial owner of the Securities who actually or constructively owns
10% or more of the total combined voting power of all classes of stock of the Company entitled to vote within the meaning of Section 871(h)(3) of the United States Internal Revenue Code of
1986, as amended; 

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    (f)  any tax, assessment or other governmental charge imposed as a result of the failure to comply with: 

     (i) certification,
information, documentation, reporting or other similar requirements concerning the nationality, residence, identity or connection with the United
States of the Holder or beneficial owner of the Securities, if such compliance is required by statute, or by regulation of the United States Treasury Department, as a precondition to relief or
exemption from such tax, assessment or other governmental charge (including backup withholding), or 

    (ii) any
other certification, information, documentation, reporting or other similar requirements under United States income tax laws or regulations that would
establish entitlement to otherwise applicable relief or exemption from such tax, assessment or other governmental charge; 

    (g) any
tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of the principal of or interest, if any, on any of the
Securities, if such payment can be made without such withholding by at least one other Paying Agent; 

    (h) any
tax, assessment or other governmental charge that is required to be made pursuant to any European Union directive on the taxation of savings income or any law
implementing or complying with, or introduced to conform to, any such directive; or 

    (i)  any
combination of items (a), (b), (c), (d), (e), (f), (g) or (h); 

nor
will such Additional Amounts be paid to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of the Securities to the extent a settlor or beneficiary with respect
to such fiduciary or a member of such partnership or a beneficial owner of the Securities would not have been entitled to payment of such Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the Holder of the Securities. The Securities are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable
thereto. Except as specifically provided under this Section 2.4 and under Section 2.5, the Company shall not be required to make any payment with respect to any tax, assessment or
governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. 

    SECTION 2.5  Redemption for Tax Reasons.  If, as a result of: 

     (i) any
change in or amendment to the laws (including any regulations or rulings promulgated thereunder) of the United States or any political subdivision thereof or
therein affecting taxation, which becomes effective after the date of the Purchase Agreement or which proposal is made after such date, 

    (ii) any
change in the official application or interpretation of such laws, including any official proposal for such a change, amendment or change in the application or
interpretation of such laws, which change, amendment, application or interpretation is announced or becomes effective after the date of the Purchase Agreement or which proposal is made after such
date, or 

    (iii) any
action taken by any taxing authority of the United States which action is taken or becomes generally known after the date of the Purchase Agreement, or any
commencement of a proceeding in a court of competent jurisdiction in the United States after such date, whether or not such action was taken or such proceeding was brought with respect to the Company, 

there
is, in such case, in the written opinion of independent legal counsel of recognized standing to the Company, a material increase in the probability that the Company has or may become obligated
to pay Additional Amounts, and the Company in its business judgment, determines that such obligation cannot be avoided by the use of reasonable measures available to it, not including assignment of
the Securities, the Securities of any Series affected thereby may be redeemed, as a whole but not in part, at the 

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Company's option at any time thereafter, upon notice to the Trustee and the Holders of the Securities affected thereby in accordance with the provisions of this Supplemental Indenture at a redemption
price equal to 100% of the principal amount of the Securities to be redeemed together with accrued interest thereon to the date fixed for redemption. 

    SECTION 2.6  Transfer and Exchange.  

    (a)  Transfer and Exchange of Definitive Securities.  When Definitive Securities are presented to the
Registrar with a request: 

     (i) to
register the transfer of such Definitive Securities; or 

    (ii) to
exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized denominations, the Registrar shall register the
transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Securities surrendered for transfer or exchange: 

    (A) shall
be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the
Holder thereof or his attorney duly authorized in writing; and 

    (B) are
accompanied by the following additional information and documents, as applicable: 

    (x) if
such Definitive Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from
such Holder to that effect (in the form set forth on the reverse side of the Initial Security); or 

    (y) if
such Definitive Securities are being transferred to the Company, a certification to that effect (in the form set forth on the reverse side of the Initial
Security); or 

    (C) if
such Definitive Securities are being transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act or in
reliance upon another exemption from the registration requirements of the Securities Act, (i) a certification to that effect (in the form set forth on
the reverse side of the Initial Security) and (ii) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions
set forth in the legend set forth in Section 2.6(e)(i). 

    (b)  Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global Security.  A
Definitive Security may not be exchanged for a beneficial interest in a Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive
Security, duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with: 

     (i) certification
(in the form set forth on the reverse side of the Initial Security) that such Definitive Security is being transferred (A) to a QIB in
accordance with Rule 144A, (B) to an IAI that has furnished to the Trustee a signed letter substantially in the form of Exhibit B or (C) outside the United States in an
offshore transaction within the meaning of Regulation S and in compliance with Rule 904 under the Securities Act; and 

    (ii) written
instructions directing the Trustee to make, or to direct the Securities Custodian to make, an adjustment on its books and records with respect to such
Global Security to reflect an increase in the aggregate principal amount of the Securities represented by the Global Security, such instructions to contain information regarding the Depositary account
to be credited with such increase, then the Trustee shall cancel such Definitive Security and cause, or direct the Securities Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depositary and the Securities Custodian, the aggregate principal amount of Securities 

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represented by the Global Security to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the Global Security equal to the principal amount of the Definitive Security so canceled. If no Global Securities are then outstanding and the
Global Security has not been previously exchanged for certificated securities pursuant to Section 2.7, the Company shall issue and the Trustee shall authenticate, upon written order of the
Company in the form of an Officers' Certificate, a new Global Security in the appropriate principal amount. 

    (c)  Transfer and Exchange of Global Securities.  

     (i) The
transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with this Supplemental
Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security shall
deliver a written order given in accordance with the Depositary's procedures containing information regarding the participant account of the
Depositary to be credited with a beneficial interest in such Global Security or another Global Security and such account shall be credited in accordance with such order with a beneficial interest in
the applicable Global Security and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Security being transferred. Transfers by
an owner of a beneficial interest in a Rule 144A Global Security or an IAI Global Security to a transferee who takes delivery of such interest through a Regulation S Global Security,
whether before or after the expiration of the Restricted Period, shall be made only upon receipt by the Trustee of a certification from the transferor to the effect that such transfer is being made in
accordance with Regulation S or (if available) Rule 144 under the Securities Act. In the case of a transfer of a beneficial interest in either a Regulation S Global Security or a
Rule 144A Global Security for an interest in an IAI Global Security, the transferee must furnish a signed letter substantially in the form of Exhibit B to the Trustee. 

    (ii) If
the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Registrar shall
reflect on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to the principal amount of the
interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of Global Security from which such interest is
being transferred. 

    (iii) Notwithstanding
any other provisions of this Supplemental Indenture (other than the provisions set forth in Section 2.7), a Global Security may not be
transferred as a whole except 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 Depositary or a nominee of such successor Depositary. 

    (iv) In
the event that a Global Security is exchanged for Definitive Securities pursuant to Section 2.7 prior to the consummation of the Registered Exchange
Offer or the effectiveness of the Shelf Registration Statement with respect to such Securities, such Securities may be exchanged only in accordance with such procedures as are substantially consistent
with the provisions of this Section 2.6 (including the certification requirements set forth on the reverse of the Initial Securities intended to ensure that such transfers comply with
Rule 144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted
by the Company. 

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    (d)  Restrictions on Transfer of Regulation S Global Security.  

     (i) During
the Restricted Period, beneficial ownership interests in a Regulation S Global Security may only be sold, pledged or transferred in accordance with
the Applicable Procedures and only (A) to the Company, (B) so long as such security is eligible for resale pursuant to Rule 144A, to a person whom the
selling holder reasonably believes is a QIB that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on
Rule 144A, (C) in an offshore transaction in accordance with Regulation S, (D) pursuant to an exemption from registration under the Securities Act provided by
Rule 144 (if applicable) under the Securities Act, (E) to an IAI purchasing for its own account, or for the account of such an IAI, in a minimum principal amount of Securities of
$250,000 or (F) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any state of the United States. Prior
to the expiration of the Restricted Period, transfers by an owner of a beneficial interest in a Regulation S Global Security to a transferee who takes delivery of such interest through a
Rule 144A Global Security or a IAI Global Security shall be made only in accordance with the Applicable Procedures and upon receipt by the Trustee of a written certification from the transferor
of the beneficial interest in the form provided on the reverse of the Initial Security to the effect that such transfer is being made to (i) a person whom the transferor reasonably believes is
a QIB within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A or (ii) an IAI purchasing for its own account, or for the account of such an IAI, in a
minimum principal amount of the Securities of $250,000. Such written certification shall no longer be required after the expiration of the Restricted Period. In the case of a transfer of a beneficial
interest in a Regulation S Global Security for an interest in a IAI Global Security, the transferee must furnish a signed letter substantially in the form of Exhibit B to the Trustee. 

    (ii) Upon
the expiration of the Restricted Period, beneficial ownership interests in a Regulation S Global Security shall be transferable in accordance with
applicable law and the other terms of the Indenture. 

    (e)  Legends for Securities  

     (i) Except
as permitted by the following paragraphs (ii), (iii), (iv) or (vi), each Security certificate evidencing the Global Securities and the Definitive
Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such
for purposes of the legend only): 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 

THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH EITHER THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY
(A) TO THE COMPANY,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE 

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PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE COMPANY AND THE TRUSTEE PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE. 

Each
Security evidencing a Global Security offered and sold to QIBs pursuant to Rule 144A shall bear a legend in substantially the following form: 

EACH
PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. 

    Each
Definitive Security shall bear the following additional legend: 

IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE
TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

    (ii) Upon
any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Security for a Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in
writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Security). 

    (iii) After
a transfer of any Initial Securities or Private Exchange Securities during the period of the effectiveness of a Shelf Registration Statement with respect to
such Initial Securities or Private Exchange Securities, as the case may be, all requirements pertaining to the Restricted Securities Legend on such Initial Securities or such Private Exchange
Securities shall cease to apply and the requirements that any such Initial Securities or such Private Exchange Securities be issued in global form shall continue to apply. 

10

  

    (iv) Upon
the consummation of a Registered Exchange Offer with respect to the Initial Securities pursuant to which Holders of such Initial Securities are offered
Exchange Securities in exchange for their Initial Securities, all requirements pertaining to Initial Securities that Initial Securities be issued in global form shall continue to apply, and Exchange
Securities in global form without the Restricted Securities Legend shall be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 

    (v) Upon
the consummation of a Private Exchange with respect to the Initial Securities pursuant to which Holders of such Initial Securities are offered Private Exchange
Securities in exchange for their Initial Securities, all requirements pertaining to such Initial Securities that Initial Securities be issued in global form shall continue to apply, and Private
Exchange Securities in global form with the Restricted Securities Legend shall be available to Holders that exchange such Initial Securities in such Private Exchange. 

    (vi) Upon
a sale or transfer after the expiration of the Restricted Period of any Initial Security acquired pursuant to Regulation S, all requirements that such
Initial Security bear the Restricted Securities Legend shall cease to apply and the requirements requiring any such Initial Security be issued in global form shall continue to apply. 

    (f)  Cancellation or Adjustment of Global Security.  At such time as all beneficial interests in a Global
Security have either been exchanged for Definitive Securities, transferred, redeemed, repurchased or canceled, such Global Security shall be returned by the Depositary to the Trustee for cancellation
or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for Definitive Securities, transferred in exchange for an
interest in another Global Security, redeemed, repurchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the
books and records of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such
reduction. 

    (g)  Obligations with Respect to Transfers and Exchanges of Securities.  

     (i) To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate, Definitive Securities and Global Securities at the
Registrar's request. 

    (ii) No
service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax,
assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant
to Sections 8.5 or 12.3 of the Indenture). 

    (iii) Prior
to the due presentation for registration of transfer of any Security, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the
person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on such Security and for all other purposes
whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

    (iv) The
Company shall not be required to make and the Registrar need not register transfers or exchanges of Securities selected for redemption (except, in the case of
Securities to be redeemed in part, the portion thereof not to be redeemed) or any Securities for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed. 

11

 

    (v) All Securities issued upon any transfer or exchange pursuant to the terms of this Supplemental Indenture shall evidence the same debt and shall be entitled to the
same benefits under the Indenture as the Securities surrendered upon such transfer or exchange. 

    (h) No Obligation of the Trustee. 

     (i) The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depositary or any other
Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect to
the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount,
under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to the
registered Holders (which shall be the Depositary or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the
Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to
its members, participants and any beneficial owners. 

    (ii) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Supplemental
Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants, members or beneficial owners in any
Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this
Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

    SECTION
2.7  Definitive Securities.  

    (a) A
Global Security deposited with the Depositary or with the Trustee as Securities Custodian pursuant to Section 2.3 shall be transferred to the beneficial
owners thereof in the form of Definitive Securities in an aggregate principal amount equal to the principal amount of such Global Security, in exchange for such Global Security, only if such transfer
complies with Section 2.6 and (i) the Company notifies the Trustee that the Depositary is no longer willing or able to act as a depositary or clearing system for the Securities or the
Depositary ceases to be a "clearing agency" registered under the Exchange Act, and a successor depositary or clearing system is not appointed by the Company within 90 days of such notice or
cessation, (ii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of Definitive Securities under the Indenture, or (iii) upon the
occurrence and continuation of an Event of Default. 

    (b) Any
Global Security that is transferable to the beneficial owners thereof pursuant to this Section 2.7 shall be surrendered by the Depositary to the Trustee,
to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Security, an equal
aggregate principal amount of Definitive Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section 2.7 shall be executed, authenticated and
delivered only in denominations of $1,000 of principal amount and any integral multiple thereof and registered in such names as the Depositary shall direct. Any certificated Initial Security in the
form of a Definitive Security delivered in exchange for an interest in the Global Security shall, except as otherwise provided by Section 2.6, bear the Restricted Securities Legend. 

12

 

    (c) The registered Holder of a Global Security may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold interests through
Participants, to take any action which a Holder is entitled to take under the Indenture or the Securities. 

    (d) In
the event of the occurrence of any of the events specified in Section 2.7(a)(i), (ii) or (iii), the Company will promptly make available to the
Trustee a reasonable supply of Definitive Securities in fully registered form without interest coupons. 

ARTICLE THREE 

MISCELLANEOUS
PROVISIONS 

    SECTION
3.1  Ratification.  The Indenture, as supplemented and amended by this Supplemental Indenture, is
in all respects hereby adopted, ratified and confirmed. 

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

    SECTION
3.3  Governing Law.  THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CHOICE OF LAW PRINCIPLES THEREOF. 

[signature
page follows] 

    IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. 1 to be duly executed as of the day and year first above written. 

	 	 	HORMEL FOODS CORPORATION
	

 	
 	

By:	

/s/ MICHAEL J. MCCOY   

	 	 	 	Name:	Michael J. McCoy
	 	 	 	Title:	Chief Financial Officer
	

 	
 	

By:	

/s/ JODY H. FERAGEN   

	 	 	 	Name:	Jody H. Feragen
	 	 	 	Title:	Treasurer
	

 	
 	

U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee
	

 	
 	

By:	

/s/ JULIE EDDINGTON   

	 	 	 	Name:	Julie Eddington
	 	 	 	Title:	Assistant Vice President

13

  

 
 

EXHIBIT A—Form of Note
  
    HORMEL FOODS CORPORATION
  
    6.625% Note due 2011
  
    [global securities legend]    

    Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Company (as defined below) 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 is requested by an authorized representative of
DTC (and any payment is made to Cede & Co. or to 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. 

	 
	 	 

	No. [      ]	 	U.S.$[            ]
	 	 	CUSIP No.: [      ]
	 	 	ISIN No.: [      ]
	 	 	Common Code No.: [      ]

    Hormel
Foods Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the "Company", which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum set forth above or such other principal sum on the
Schedule attached hereto (which shall not exceed U.S.$350,000,000) on June 1, 2011, and to pay interest thereon from June 7, 2001 or from the most recent interest payment date to which
interest has been paid or duly provided for, semiannually on June 1 and December 1 in each year, commencing December 1, 2001, at the rate of 6.625% per annum, until the principal
hereof is paid or made available for payment; provided, however, in the event (each such event in clauses (i) through (iii) below, being referred to as a "Registration Default") that:
(i) in the event that the Company is permitted under the law and currently prevailing interpretations of the Commission's staff to effect the Registered Exchange Offer and (A) the
Exchange Offer Registration Statement is not filed with the Commission on or prior to the 90th day following the Issue Date, (B) the Exchange Offer Registration Statement is not declared
effective on or
prior to the 180th day following the Issue Date, or (C) the Registered Exchange Offer is not consummated on or prior to the 225th day following the Issue Date; (ii) in the event the
Company is required to file a Shelf Registration Statement and the Shelf Registration Statement (A) is not filed with the Commission on or prior to the date specified in Section 3
of the Registration Agreement, or (B) is not declared effective by the Commission on or prior to the date specified in Section 3 of the Registration Agreement; or (iii) after a
Registration Statement is declared effective, (A) such Registration Statement ceases to be effective prior to the end of the Exchange Offer Registration Period or the Shelf Registration Period,
as applicable, or (B) such Registration Statement or the related Prospectus ceases to be useable in connection with resales of the Securities covered by such Registration Statement prior to the
end of the Exchange Offer Registration Period or the Shelf Registration Period, as applicable then, in the event of a Registration Default under clause (i) or (ii) above, Additional
Interest shall accrue on the Securities affected thereby over and above the interest rate set forth in the title to the Securities from and including the next day following each such Registration
Default, in each case at a rate equal to 0.25% per annum and, in the event of a Registration Default under clause (iii) above, if the aggregate number of days in any consecutive
12-month period for which the Registration Statement shall not be usable exceeds 60 days in the aggregate, then Additional Interest shall accrue on the Securities affected thereby
over and above the interest rate set forth in the title to the Securities from and including the next day following the 60th 

A–1

 

such day at a rate equal to 0.25% per annum; provided, that the aggregate Additional Interest will in no event exceed 0.25% per annum. Additional
Interest attributable to a Registration Default shall cease to accrue once such Registration Default is cured. 

    The
Company shall notify the Trustee within three Business Days after the occurrence of a Registration Default, and Additional Interest shall be paid by depositing with the Trustee,
in trust for the benefit of the Holders entitled to receive the Additional Interest, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay
the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record Holder entitled to receive the interest payment to be paid on such date as
set forth in the Indenture. 

    The
interest (and Additional Interest, if any) so payable, and punctually paid or duly provided for, on any interest payment date will, 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, which shall be the April 15 or
November 15 (whether or not a Business Day), as the case may be, next preceding such interest payment date. Any such interest not so 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 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 the principal of (and premium, if any) and interest (and Additional Interest, if any) on this Security will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of 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 made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written wire
instructions at least five Business Days prior to the applicable Interest Payment Date. 

    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. 

[Signatures
appear on next page] 

A–2

 

    IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

	 	 	HORMEL FOODS CORPORATION
	

Dated: June 7, 2001	
 	

By:	
 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 
 

TRUSTEES CERTIFICATE OF AUTHENTICATION    

    This
is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee
	

 	
 	

By:	
 	

	 	 	 	 	Authorized Signatory

A–3

  

[FORM
OF REVERSE SIDE OF SECURITY] 

6.625%
Note due 2011 

    Section 1.  Indenture  

    The
Company issued the Securities under an Indenture, dated as of June 1, 2001, between the Company and the Trustee, and Supplemental Indenture No. 1 thereto, dated as
of June 7, 2001 (collectively, the "Indenture"). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act
as in effect on the date of the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and
provisions of the Indenture, and Securityholders are referred to the Indenture and the Trust Indenture Act for a statement of such terms and provisions. 

    The
Securities are senior unsecured obligations of the Company initially limited to $350,000,000 aggregate principal amount at any one time outstanding. This Security is one of the
Initial Securities referred to in the Indenture. The Securities include the Initial Securities and any Exchange Securities and Private Exchange Securities issued in exchange for Initial Securities.
The Initial Securities, the Exchange Securities and the Private Exchange Securities are treated as a single class of securities under the Indenture. 

    Section 2.  Optional Redemption  

    The
Securities may be redeemed at the option of the Company, in whole or in part, at any time or from time to time. The redemption price for the Securities to be redeemed on any
redemption date will be equal to the greater of: (i)100% of the principal amount of the Securities being redeemed on the redemption date; or (ii) the sum of the present values of the remaining
scheduled payments of principal of and interest on the Securities being redeemed on that redemption date (not including any portion of any payments of interest accrued to the redemption date)
discounted to the redemption date on a semiannual basis at the Treasury Rate, plus 25 basis points, as determined by the Reference Treasury Dealer, plus accrued and unpaid interest thereon to the
redemption date. Notwithstanding the foregoing, installments of interest on Securities that are due and payable on interest payment dates
falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Securities and
the Indenture. The redemption price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

    The
Company shall mail notice of any redemption at least 30 days but not more than 60 days before the redemption date to each registered Holder of the Securities to be
redeemed. Once notice of redemption is mailed, the Securities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid
interest to the redemption date. 

    "Treasury
Rate" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

    "Comparable
Treasury Issue" means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the securities
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. 

A–4

 

    "Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding
the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Trustee obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations,
or (C) if only one Reference Treasury Dealer Quotation is received, such Quotation. 

    "Reference
Treasury Dealer" means (A) Salomon Smith Barney Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, U.S. Bancorp Piper Jaffray Inc.,
Goldman, Sachs & Co. or SunTrust Equitable Securities Corporation (or their respective affiliates which are Primary Treasury Dealers), and their respective successors; 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"), we will substitute therefor another Primary Treasury Dealer; and
(B) any other Primary Treasury Dealer(s) selected by us. 

    "Reference
Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m. (New York City time)
on the third business day preceding such redemption date. 

    Section 3.  Sinking Fund  

    The
Securities are not subject to any sinking fund. 

    Section 4.  Notice of Redemption  

    Notice
of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed
at his or her registered address. Securities in denominations larger than $1,000 of principal amount may be redeemed in part but only in whole multiples of $1,000 of principal amount. If money
sufficient to pay the redemption price of and accrued and unpaid interest and liquidated damages, if any, on all Securities (or portions thereof) to be redeemed on the redemption date is deposited
with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called
for redemption. 

    Section 5.  Denominations; Transfer; Exchange  

    The
Securities are in registered form without coupons in denominations of $1,000 and whole multiples of $1,000. A Holder may transfer or exchange Securities in accordance with the
Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in
part, the portion of the Security not to be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to the mailing of a notice of redemption of Securities to be
redeemed. 

    Section 6.  Persons Deemed Owners  

    The
registered Holder of this Security may be treated as the owner of it for all purposes. 

    Section 7.  Unclaimed Money  

    If
money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its written request unless an
abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment. 

    Section 8.  Discharge and Defeasance  

A–5

 

    Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company deposits with the Trustee
money or U.S. Government Obligations for the payment of principal of and interest on the Securities to redemption or maturity, as the case may be. 

    Section 9.  Trustee Dealings with the Company  

    Subject
to certain limitations imposed by the Trust Indenture Act, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of
Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have
if it were not Trustee. 

    Section 10.  No Recourse Against Others  

    A
director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part
of the consideration for the issue of the Securities. 

    Section 11.  Authentication  

    This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this
Security. 

    Section 12.  Governing Law  

    THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

    Section 13.  CUSIP Numbers  

    Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities and has
directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities
or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

    Section 14.  Holders' Compliance with Registration Agreement  

    Each
Holder of a Security, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Agreement, including, without limitation, the obligations of the Holders
with respect to a registration and the indemnification of the Company to the extent provided therein. In the event of a conflict between the terms of this Security and the Registration Agreement, the
terms of the Registration Agreement shall control. 

    The
Company will furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

A–6

 
CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES 

    This
Certificate relates to $            principal amount of Securities held in (check applicable space)   book-entry or   
definitive form by            (the "Transferor"). 

The
Transferor (check one box below): 

	

/ /	

has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depositary a Security or Securities in definitive, registered form of authorized denominations in an aggregate principal
amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); or
	

/ /	

has requested the Trustee by written order to exchange or register the transfer of a Security or Securities.

    In
connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144(k) under the
Securities Act of 1933 as amended (the "Securities Act"), the undersigned confirms that such Securities are being transferred in accordance with its terms: 

CHECK
ONE BOX BELOW 

	 
	 	 
	 	 

	(1)	 	/ /	 	to the Company; or
	

(2)	
 	

/ /	
 	

pursuant to an effective registration statement under the Securities Act; or
	

(3)	
 	

/ /	
 	

inside the United States to a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such
transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act; or
	

(4)	
 	

/ /	
 	

outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or
	

(5)	
 	

/ /	
 	

to an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements; or
	

(6)	
 	

/ /	
 	

pursuant to another available exemption from registration provided by Rule 144 under the Securities Act.

    Prior
to the expiration of the period referred to in Rule 144(k), unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by
this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee may require, prior to
registering any such transfer of the Securities, such legal opinions, certifications and other information satisfactory to the Company and the Trustee to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 

	

 	
 	

 	
 	

 [INSERT NAME OF TRANSFEROR]
	

Dated:            	
 	

By:	
 	

 
	 	 	 	 	

A–7

 
SCHEDULE OF EXCHANGES 

    The
following exchanges of a part of this Book-Entry Security have been made: 

	Date of

Exchange

	 	Amount of decrease in

Principal Amount of

this Book-Entry Security
	 	Amount of increase in

Principal Amount of

this Book-Entry Security
	 	Principal Amount of this

Book-Entry Security

following such decrease

(or increase)
	 	Signature of

authorized signatory

of Trustee or

Security Custodian

	 	 	 	 	 	 	 	 	 

A–8

 
ASSIGNMENT FORM  

To
assign this Security, fill in the form below:

I or we assign and transfer this Security to

	_____________________________________________________________________________________________________

(Print or type assignee's name, address and zip code)

	

_____________________________________________________________________________________________________

(Insert assignee's soc. sec. or tax I.D. No.)

and
irrevocably appoint              agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

	Date:	 ______________	 	Your Signature:	 ______________________________________________________________

(Sign exactly as your name appears on the other side of this Security.)

A–9

 
 
 

EXHIBIT B
  
    FORM OF TRANSFEREE LETTER OF REPRESENTATIONS    

Hormel
Foods Corporation 

In
care of

U.S. Bank Trust National Association

180 East Fifth Street

St. Paul, Minnesota 55101 

Ladies
and Gentlemen: 

    This
certificate is delivered to request a transfer of $             principal amount of the 6.625% Notes due 2011 (the "Securities") of Hormel
Foods Corporation (the "Company"). 

    Upon
transfer, the Securities would be registered in the name of the new beneficial owner as follows: 

	

 	
 	

 	

 
	Name:	 	 	 
	 	 	
	 

	Address:	 	 	 
	 	 	
	 

	Taxpayer ID Number:	 	 	 
	 	 	
	 

    The
undersigned represents and warrants to you that: 

    1.  We
are an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the
"Securities Act")), purchasing for our own account or for the account of such an institutional "accredited investor" at least $250,000 principal amount of the Securities, and we are acquiring the
Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of our investment in the Securities, and we invest in or purchase securities similar to the Securities in the normal course of our business. We, and
any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 

    2.  We
understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following
sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing the Securities to offer, sell or otherwise transfer such Securities prior to the date that is two
years after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor thereto) (the "Resale
Restriction Termination Date") only (a) to the Company, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a transaction
complying with the requirements of Rule 144A under the Securities Act ("Rule 144A"), to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a "QIB")
that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) in an offshore transaction
within the meaning of, and in compliance with, Regulation S under the Securities Act, (e) to an institutional "accredited investor" within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional "accredited investor", in each case in a minimum principal amount
of Securities of $250,000, or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement
of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any 

A–10

 

applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is
proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this
letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional "accredited investor" within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser
acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to
clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company and the Trustee. 

	

 	
 	

TRANSFEREE:	
 	

 
	 	 	 	 	

	 	 	By:	 	 
	 	 	 	 	

A–11

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HORMEL FOODS CORPORATION SUPPLEMENTAL INDENTURE NO. 1 $350,000,000 6.625% Notes due 2011

EXHIBIT A—Form of Note HORMEL FOODS CORPORATION 6.625% Note due 2011 [global securities legend]

TRUSTEES CERTIFICATE OF AUTHENTICATION

EXHIBIT B FORM OF TRANSFEREE LETTER OF REPRESENTATIONSPrepared by MERRILL CORPORATION

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Exhibit 4.3  

    Book-Entry-Only Corporate Debt Securities  

	Letter of Representations
 [To be Completed by Issuer and Agent]
	

 
	HORMEL FOODS CORPORATION
[Name of Issuer]
	

 
	U. S. BANK TRUST NATIONAL ASSOCIATION
[Name of Agent]

	

 	

 
	 	June 5, 2001
 [Date]

Attention: General Counsel's Office
 The Depository Trust Company
  55 Water Street 49th Floor

New York, NY 10041-0099 

	Re:	 	Hormel Foods Corporation
	 	 	

	

 	
 	

$350,000,000 Principal Amount of Senior Unsecured Notes
	 	 	

	

 	
 	

 
	 	 	

	 	 	[Issue description (the "Securities")]

Ladies
and Gentlemen: 

    This
letter sets forth our understanding with respect to certain matters relating to the Securities. Agent shall act as trustee, paying agent, fiscal agent, or other agent of Issuer
with respect to the Securities. The Securities have been issued pursuant to a trust indenture, resolution, or other such document authorizing the issuance of the Securities dated June 7, 2001
(the "Document").                *               is distributing the Securities through The
Depository Trust Company ("DTC").
["Underwriter/Placement Agent"] 

	*
	Salomon
Smith Barney, Inc.,

Merrill Lynch, Pierce, Fenner & Smith Incorporated,

U.S. Bancorp Piper Jaffray Inc.,

SunTrust Equitable Securities Corporation,

Goldman, Sachs & Co. 

    To
induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with its Rules with respect to the Securities, Issuer and Agent make the following
representations to DTC: 

    1.  Prior
to closing on the Securities on June 7, 2001, there shall be deposited with DTC one or more Security certificates registered in the name of DTC's
nominee, Cede & Co., for each stated maturity of the Securities in the face amounts set forth on Schedule A hereto, the total of which represents 100% of the principal amount of such
Securities. If, however, the aggregate principal amount of any maturity exceeds $400 million, one certificate shall be issued with respect to each $400 million of principal amount and an additional
certificate shall be issued with respect to any remaining principal amount. Each Security certificate shall bear the following legend: 

    Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to 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 is requested by an authorized representative of DTC (and any payment is made to Cede &
Co. or to 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. 

    Issuer
represents: [Note: Issuer must represent one of the following, and shall cross
out the other.]

    [The
Security certificate(s) shall remain in Agent's custody as a "Balance Certificate" subject to the provisions of the Balance Certificate Agreement between Agent and
DTC currently in effect. 

    On
each day on which Agent is open for business and on which it receives an instruction originated by a DTC participant ("Participant") through DTC's Deposit/Withdrawal at Custodian
("DWAC") system to increase the Participant's account by a specified number of Securities (a "Deposit Instruction"), Agent shall, no later than 6:30 p.m. (Eastern Time) that day, either approve or
cancel the Deposit Instruction through the DWAC system. 

    On
each day on which Agent is open for business and on which it receives an instruction originated by a Participant through the DWAC system to decrease the Participant's account by a
specified number of Securities (a "Withdrawal Instruction"), Agent shall, no later than 6:30 p.m. (Eastern Time) that day, either approve or cancel the Withdrawal Instruction through the DWAC system. 

    Agent
agrees that its approval of a Deposit or Withdrawal Instruction shall be deemed to be the receipt by DTC of a new reissued or reregistered certificated Security on registration
of transfer to the name of Cede & Co. for the quantity of Securities evidenced by the Balance Certificate after the Deposit or Withdrawal Instruction is effected.] 

    "[The
Security certificate(s) shall be custodied with DTC.]" 

    2.  Issuer:
(a) understands that DTC has no obligation to, and will not, communicate to its Participants or to any person having an interest in the Securities
any information contained in the Security certificate(s); and (b) acknowledges that neither DTC's Participants nor any person having an interest
in the Securities shall be deemed to have notice of the provisions of the Security certificate(s) by virtue of submission of such certificate(s) to DTC. 

    3.  In
the event of any solicitation of consents from or voting by holders of the Securities, Issuer or Agent shall establish a record date for such purposes (with no
provision for revocation of consents or votes by subsequent holders) and shall send notice of such record date to DTC no fewer than 15 calendar days in advance of such record date. Notices to DTC
pursuant to this Paragraph by telecopy shall be directed to DTC's Reorganization Department, Proxy Unit at (212) 855-5181 or (212) 855-5182. If the party sending the notice does not receive a telecopy
receipt from DTC confirming that the notice has been received, such party shall telephone (212) 855-5202. Notices to DTC pursuant to this Paragraph, by mail or by any other means, shall be sent to: 

Supervisor,
Proxy Unit

Reorganization Department

The Depository Trust Company

55 Water Street 50th Floor

New York, NY 10041-0099 

    4.  In
the event of a full or partial redemption, Issuer or Agent shall send a notice to DTC specifying: (a) the amount of the redemption or refunding; (b) in the case
of a refunding, the maturity date(s) established under the refunding; and (c) the date such notice is to be distributed to Security holders (the "Publication Date"). Such notice shall be sent to DTC
by a secure means (e.g., legible 

2

 

telecopy, registered or certified mail, overnight delivery) in a timely manner designed to assure that such notice is in DTC's possession no later than the close of business on the business day before
or, if possible, two business days before the Publication Date. Issuer or Agent shall forward such notice either in a separate secure transmission for each CUSIP number or in a secure transmission for
multiple CUSIP numbers (if applicable) which includes a manifest or list of each CUSIP number submitted in that transmission. (The party sending such notice shall have a method to verify subsequently
the use of such means and the timeliness of such notice.) The Publication Date shall be no fewer than 30 days nor more than 60 days prior to the redemption date or, in the case of an advance
refunding, the date that the proceeds are deposited in escrow. Notices to DTC pursuant to this Paragraph by telecopy shall be directed to DTC's Call Notification Department at (516) 227-4164 or (516)
227-4190. If the party sending the notice does not receive a telecopy receipt from DTC confirming that the notice has been received, such party shall telephone (516) 227-4070. Notices to DTC pursuant
to this Paragraph, by mail or by any other means, shall be sent to: 

Manager,
Call Notification Department

The Depository Trust Company

711 Stewart Avenue

Garden City, NY 11530-4719 

    5.  In
the event of a pro rata reduction of principal, Agent shall send DTC written notice with respect to the dollar
amount per $1,000 original face value (or other minimum authorized denomination if less than $1,000 face value) payable on each payment date allocated as to the interest and principal portions thereof
preferably five, but no fewer than two, business days prior to such payment date. Such notice, shall clearly indicate that it relates to a pro rata
reduction of principal. Furthermore, the notice shall also contain the current pool factor or ratio and Agent contact's name and telephone number. Notices to DTC pursuant to this Paragraph by telecopy
shall be directed to DTC's Dividend Department at (212) 855-4555. If the party sending the notice does not receive a telecopy receipt from DTC confirming that the notice has been received, such party
shall telephone (212) 855-4550. Notices to DTC pursuant to this Paragraph, or by mail or by any other means, shall be sent to: 

Manager,
Announcements

Dividend Department

The Depository Trust Company

55 Water Street 25th Floor

New York, NY 10041-0099 

    6.  In
the event of an invitation to tender the Securities (including mandatory tenders, exchanges, and capital changes), notice by Issuer or Agent to Security holders
shall be sent to DTC specifying the terms of the tender and the Publication Date of such notice. Such notice shall be sent to DTC by a secure means
(e.g., legible telecopy, registered or certified mail, overnight delivery) in a timely manner designed to assure that such notice is in DTC's possession
no later than the close of business on the business day before or, if possible, two business days before the Publication Date. Issuer or Agent shall forward such notice either in a separate secure
transmission for each CUSIP number or in a secure transmission for multiple CUSIP numbers (if applicable) which includes a manifest or list of each CUSIP number submitted in that transmission. (The
party sending such notice shall have a method to verify subsequently the use and timeliness of such notice.) Notices to DTC pursuant to this Paragraph and notices of other corporate actions by
telecopy shall be directed to DTC's Reorganization Department at (212) 855-5488. If the party sending the notice does not receive a telecopy receipt from 

3

 

DTC confirming that the notice has been received, such party shall telephone (212) 855-5290. Notices to DTC pursuant to this Paragraph, by mail or by any other means, shall be sent to: 

Manager,
Reorganization Department

Reorganization Window

The Depository Trust Company

55 Water Street 50th Floor

New York, NY 10041-0099 

    7.  It
is understood that if the Security holders shall at any time have the right to tender the Securities to Issuer and require that Issuer repurchase such holders'
Securities pursuant to the Document and Cede & Co., as nominee of DTC, or its registered assigns, as the record owner, is entitled to tender the Securities, such tenders will be effected by means of
DTC's Repayment Option Procedures. Under the Repayment Option Procedures, DTC shall receive, during the applicable tender period, instructions from its Participants to tender Securities for purchase.
Issuer and Agent agree that such tender for purchase may be made by DTC by means of a book-entry credit of such Securities to the account of Agent, provided that such credit is made on or before the
final day of the applicable tender period. DTC agrees that promptly after the recording of any such book-entry credit, it will provide to Issuer or Agent an Agent Receipt and Confirmation or the
equivalent, in accordance with the Repayment Option Procedures, identifying the Securities and the aggregate principal amount thereof as to which such tender for purchase has been made. 

    Issuer
or Agent shall send DTC notice regarding such optional tender by hand or by a secure means (e.g., legible facsimile
transmission, registered or certified mail, overnight delivery) in a timely manner designed to assure that such notice is in DTC's possession no later than the close of business two business days
before the Publication Date. The Publication Date shall be no fewer than 15 days prior to the expiration date of the applicable tender period. Such notice shall state whether any partial redemption of
the Securities is scheduled to occur during the applicable optional tender period. Notices to DTC pursuant to the above by telecopy shall be directed to DTC's Put Bond Unit at (212) 855-5235. If the
party sending the notice does not receive a telecopy receipt from DTC confirming that the notice has been received, such party shall telephone (212) 855-5230. Notices to DTC pursuant to the above by
mail or by any other means shall be sent to: 

Supervisor,
Put Bond Unit

Reorganization Department

The Depository Trust Company

55 Water Street 50th Floor

New York, NY 10041-0099 

    8.  All
notices and payment advices sent to DTC shall contain the CUSIP number of the Securities. 

    9.  In
the event of a change in the interest rate, Agent shall send notice to DTC of such change and Agent shall indicate the stated coupon rate. Such notice, which
shall include Agent contact's name and telephone number, by telecopy shall be directed to DTC's Dividend Department at (212) 855-4555. If the party sending the notice does not receive a telecopy
receipt from DTC confirming that the notice has been received, such party shall telephone (212) 855-4550. Notices to DTC pursuant to this Paragraph, by mail or by any other means, shall be sent to: 

Manager,
Announcements

Dividend Department

The Depository Trust Company

55 Water Street 25th Floor

New York, NY 10041-0099 

4

 

    10. Issuer
or Agent shall provide a written notice of interest payment information, including the stated coupon rate information, to DTC as soon as the information is
available. Issuer or Agent shall provide such notice directly to DTC electronically, as previously arranged by Issuer or Agent. If electronic transmission has not been arranged, absent any other
arrangements between Issuer or Agent and DTC, such information shall be sent by telecopy to DTC's Dividend Department at (212) 855-4555 or (212) 855-4556. If the party sending the notice does not
receive a telecopy receipt from DTC confirming that the notice has been received, such party shall telephone (212) 855-4550. Notices to DTC pursuant to this Paragraph, by mail or by any other means,
shall be sent to DTC's Dividend Department to the address indicated in Paragraph 9. 

    11. Interest
payments and principal payments that are part of periodic principal-and-interest payments shall be received by Cede & Co., as nominee of DTC, or its
registered assigns, in same-day funds no later than 2:30 p.m. (Eastern Time) on the payment date. Issuer shall remit by 1:00 p.m. (Eastern Time) on the payment date all such interest payments due
Agent, or at such earlier time as may be required by Agent to guarantee that DTC shall receive payment in same-day funds no later than 2:30 p.m. (Eastern Time) on the payment date. Absent any other
arrangements between Issuer or Agent and DTC, such funds shall be wired to the Dividend Deposit Account number that will be stamped on the signature page hereof at the time DTC executes this Letter of
Representations. 

    12. Issuer
or Agent shall provide DTC's Dividend Department, no later than 12:00 noon (Eastern Time) on the payment date, automated notification of CUSIP-level detail.
If the circumstances prevent the funds paid to DTC from equaling the dollar amount associated with the detail payments by 12:00 noon (Eastern Time), Issuer or Agent must provide CUSIP-level
reconciliation to DTC no later than 2:30 p.m. (Eastern Time). Reconciliation must be provided by either automated means or written format. Such reconciliation notice, if sent by telecopy, shall be
directed to DTC's Dividend Department at (212) 855-4633, and receipt of such reconciliation notice shall be confirmed by telephoning (212) 855-4430. 

    13. Maturity
and redemption payments allocated with respect to each CUSIP number shall be received by Cede & Co., as nominee of DTC, or its registered assigns, in
same-day funds no later than 2:30 p.m. (Eastern Time) on the payment date. Issuer shall remit by 1:00 p.m. (Eastern Time) on the payment date all maturity and redemption payments due Agent, or at such
earlier time as required by Agent to guarantee that DTC shall receive payment in same-day funds no later than 2:30 p.m. (Eastern Time) on the payment date. Absent any other arrangements between Issuer
or Agent and DTC, such funds shall be wired to the Redemption Deposit Account number that will be stamped on the signature page hereof at the time DTC executes this Letter of Representations. 

    14. Principal
payments (plus accrued interest, if any) as a result of optional tenders for purchase effected by means of DTC's Repayment Option Procedures shall be
received by Cede & Co., as nominee of DTC, or its registered assigns, in same-day funds no later than 2:30 p.m. (Eastern Time) on the payment date. Issuer shall remit by 1:00 p.m. (Eastern Time) on
the payment date all such reorganization payments due Agent, or at such earlier time as required by Agent to guarantee that DTC shall receive payment in same-day funds no later than 2:30 p.m. (Eastern
Time) on the payment date. Absent any other arrangements between Issuer or Agent and DTC, such funds shall be wired to the Reorganization Deposit Account number that will be stamped on the signature
page hereof at the time DTC executes this Letter of Representations. 

    15. DTC
may direct Issuer or Agent to use any other number or address as the number or address to which notices or payments may be sent. 

    16. In
the event of a redemption, acceleration, or any other similar transaction (e.g., tender made and accepted in
response to Issuer's or Agent's invitation) necessitating a reduction in the aggregate principal amount of Securities outstanding or an advance refunding of part of the Securities outstanding, DTC, in
its discretion: (a) may request Issuer or Agent to issue and authenticate a new 

5

 

Security certificate; or (b) may make an appropriate notation on the Security certificate indicating the date and amount of such reduction in principal except in the case of final maturity, in which
case the certificate will be presented to Issuer or Agent prior to payment, if required. 

    17. In
the event that Issuer determines that beneficial owners of Securities shall be able to obtain certificated Securities, Issuer or Agent shall notify DTC of the
availability of certificates. In such event, Issuer or Agent shall issue, transfer, and exchange certificates in appropriate amounts, as required by DTC and others. 

    18. DTC
may discontinue providing its services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent (at
which time DTC will confirm with Issuer or Agent the aggregate principal amount of Securities outstanding). Under such circumstances, at DTC's request, Issuer and Agent shall cooperate fully with DTC
by taking appropriate action to make available one or more separate certificates evidencing Securities to any Participant having Securities credited to its DTC accounts. 

    19. Nothing
herein shall be deemed to require Agent to advance funds on behalf of Issuer. 

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

    21. This
Letter of Representations shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to principles of
conflicts of law. 

    22. The
sender of each notice delivered to DTC pursuant to this Letter of Representations is responsible for confirming that such notice was properly received by DTC. 

    23. Issuer
recognizes that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in
the Securities with the following, as amended from time to time: (a) any exemptions from registration under the Securities Act of 1933; (b) the Investment Company Act of 1940; (c) the Employee
Retirement Income Security Act of 1974; (d) the Internal Revenue Code of 1986; (e) any rules of any self-regulatory organizations (as defined under the Securities Exchange Act of 1934); or (f) any
other local, state, or federal laws or regulations thereunder. 

    24. Issuer
hereby authorizes DTC to provide to Agent listings of Participant's holdings known as Security Position Listings ("SPLs") with respect to the Securities from
time to time at the request of the Agent. DTC charges a fee for such SPLs. This authorization, unless revoked by Issuer, shall continue with respect to the Securities while any Securities are on
deposit at DTC, until and unless Agent shall no longer be acting. In such event, Issuer shall provide DTC with similar evidence, satisfactory to DTC, of the authorization of any successor thereto so
to act. Requests for SPLs shall be sent by telecopy to the Proxy Unit of DTC's Reorganization Department at (212) 855-5181 or (212) 855-5182. Receipt of such requests shall be confirmed by telephoning
(212) 855-5202. Requests for SPLs, sent by mail or by any other means, shall be directed to the address indicated in Paragraph 3. 

    25. Issuer
and Agent shall comply with the applicable requirements stated in DTC's Operational Arrangements, as they may be amended from time to time. DTC's Operational
Arrangements are posted on DTC's website at "www.DTC.org." 

    26. The
following rider(s), attached hereto, are hereby incorporated into this Letter of Representations: 

6

 
Rider A  

 
 

[LOGO]    
  

 
 

Representations for Rule 144A Securities—
  to be included in DTC Letter of Representations    
  

    1.  Issuer
represents that at the time of initial registration in the name of DTC's nominee, Cede & Co., the Securities were Legally or Contractually Restricted
Securities,(1) eligible for transfer under Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and identified by a CUSIP or CINS number assigned to any securities of the
same class that were not Legally or Contractually Restricted Securities. Issuer shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities of the same class
that is different from any CUSIP or CINS identification number assigned to a Legally or Contractually Restricted Security of such class, and shall notify DTC promptly in the event that it is unable to
do so. Issuer represents that it has agreed to comply with all applicable information requirements of Rule 144A. 

    2.  Issuer
represents that the Securities are: [Note: Issuer must represent one of the following, and
shall cross out the other.]

[an
issue of nonconvertible debt securities or nonconvertible preferred stock which is rated in one of the top four categories by a nationally recognized statistical rating organization
("Investment Grade Securities").] 

[Included
within       , a Self-Regulatory Organization System approved by the Securities and Exchange Commission for the
reporting of quotation and trade information of securities eligible for transfer pursuant to Rule 144A) an "SRO Rule 144A System").] 

    3.  If
the Securities are not Investment-Grade Securities, Issuer and Agent acknowledge that if such Securities cease to be included in an SRO Rule 144A System during
any period in which such Securities are Legally or Contractually Restricted Securities, such Securities shall no longer be eligible for DTC's services. Furthermore, DTC may discontinue providing its
services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under any of the aforementioned circumstances, at DTC's request, Issuer and
Agent shall cooperate fully with DTC by taking appropriate action to make available one or more separate certificates evidencing Securities to any DTC Participant ("Participant") having Securities
credited to its DTC accounts. 

    4.  Issuer
and Agent acknowledge that, so long as Cede & Co. is a record owner of the Securities, Cede & Co. shall be entitled to all applicable voting rights and
receive the full amount of all distributions payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any Participant having Securities credited to its DTC accounts as entitled
to the full benefits of ownership of such Securities. Without limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat any Participant having Securities
credited to its DTC accounts as entitled to receive distributions (and voting rights, if any) in respect of the Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent
recognize that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with any of the provisions: (a)
of Rule 144A; (b) of other exemptions from registration under the Securities Act or any other state or federal securities laws; or (c) of the offering documents. 

    (1) A "Legally Restricted Security" is a security that is a restricted security, as defined in Rule 144(a)(3). A "Contractually Restricted
Security" is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the
registration requirements of the Securities Act pursuant to Section 4 of the Securities Act and not involving any public offering; provided, however, that
once the security is sold pursuant to the provisions of Rule 144, including Rule 144(k), it will thereby cease to be a "Contractually Restricted Security." For purposes of this definition, in order
for a depositary receipt to be considered a "Legally or Contractually Restricted Security," the underlying security must also be a "Legally or Contractually Restricted
Security."

7

 
Rider B 

 
  [LOGO]    
  

 
 

Representations for Securities Eligible for Transfer pursuant to Regulation S
  Where Issuer has Requested a Temporary "Chill" on Deliver Orders—
  to be included in DTC Letter of Representations    

    Issuer has requested that, with respect to the Securities that are eligible for transfer pursuant to Regulation S, which have been identified by a
separate CUSIP number (the "Regulation S Securities"), DTC not effect book-entry deliveries (except deliveries via DTC's Deposit/Withdrawal at Custodian DWAC system in Participant accounts
maintained by banks that act as depositaries for Cedel and Euroclear) until July 18, 2001 [, or—if not specified—until further notice in the manner set forth
below]. 

    In
the event that Issuer desires an extension or shortening of this "Deliver Order Chill," Issuer or Agent(1) shall send DTC a notice requesting that the Deliver Order Chill be
eliminated as of a specified date. Such notice shall be sent to DTC by a secure means (e.g., legible telecopy, registered or certified mail, overnight
delivery) in a timely manner designed to assure that such notice is in DTC's possession no later than the close of business two business days prior to the date specified for elimination of the Deliver
Order Chill. If sent by telecopy, such notice shall be sent to (212) 344-1531 or (212) 855-3728. Issuer or Agent shall confirm DTC's receipt of such telecopy by telephoning DTC's
Underwriting Department at (212) 855-3731. If delivered by hand or sent by mail or overnight delivery, such notice shall be sent to:  

Manager,
Eligibility Section

Underwriting Department

The Depository Trust Company

55 Water Street 19th Floor

New York, NY 10041-0099 

    (1) Agent shall be defined as Depositary, Trustee, Trust Company, Issuing Agent and/or Paying Agent as such definition applies in the DTC Letter
of Representations to which this rider may be attached.

8

 

	Notes:	 	 	 	 
	
A. If there is an Agent (as defined in this Letter of Representations), Agent, as well as Issuer, must sign this Letter. If there is no Agent, in signing this Letter Issuer itself undertakes to perform all of the
obligations set forth herein.	
 	

 	
 	

 
	

B. Schedule B contains statements that DTC believes accurately describe DTC, the method of effecting book-entry transfers of securities distributed through DTC, and certain related matters.	
 	

 	
 	

 
	

 	
 	
Very truly yours,
	

 	
 	
Hormel Foods Corporation
 [Issuer]
	

 	
 	

By:	
 	

/s/ MICHAEL J. MCCOY   
 [Authorized Officer's Signature]
	

 	
 	

U.S. Bank Trust National Association

	 	 	[Agent]
	

 	
 	

By:	
 	

/s/ JULIE EDDINGTON   
 [Authorized Officer's Signature]
	

Received and Accepted:

THE DEPOSITORY TRUST COMPANY	
 	

 	
 	

 

	

By:	
 	

/s/ RICHARD B. NESSON   
	
 	

 
	

Funds should be wired to:
	The Chase Manhattan Bank
	ABA #021000021
	For Credit To A/C Cede & Co.

c/o The Depository Trust Company

	cc:	 	Underwriter/Placement Agent

Underwriter's/Placement Agent's Counsel

9

   SCHEDULE A  

	

 
	Hormel Foods Corporation—$350,000,000 Principal

	

 
	Amount of Senior Unsecured Notes
 [Describe Issue]

	
CUSIP Number
	
 	

Principal Amount
	
 	

Maturity Date
	
 	

Interest Rate

	W44058.AA 0	 	$0	 	June 1, 2001	 	6.625%
	440452 AC 4	 	up to $350,000,000	 	June 1, 2011	 	6.625%

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SCHEDULE B  

 
  SAMPLE OFFERING DOCUMENT LANGUAGE
  DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
  (Prepared by DTC—bracketed material may be applicable only to certain issues)

    1.  The
Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the securities (the "Securities"). The Securities will be issued as
fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered
Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited
with DTC. [If, however, the aggregate principal amount of [any] issue exceeds $400 million, one certificate will be issued with respect to each $400 million of
principal amount and an additional certificate will be issued with respect to any remaining principal amount of such issue.] 

    2.  DTC
is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member
of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934. DTC holds securities that its participants ("Direct Participants") deposit with DTC. DTC also facilitates the settlement among Direct Participants of securities
transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in Direct Participants' accounts, thereby eliminating the need for physical
movement of securities certificates. Direct Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is owned by a
number of its Direct Participants and by the New York Stock Exchange, Inc., the American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access to the DTC system is also
available to others such as securities brokers and dealers, banks, and trust companies that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly
("Indirect Participants"). The Rules applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange Commission. 

    3.  Purchases
of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The
ownership interest of each actual
purchaser of each Security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their
purchase, but Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect
Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and
Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the
book-entry system for the Securities is discontinued. 

    4.  To
facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. or
such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other nominee do not effect any
change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such
Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. 

11

 

    5.  Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and
Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
[Beneficial Owners of Securities may wish to take certain steps to augment transmission to them of notices of significant events with respect to the Securities, such as redemptions,
tenders, defaults, and proposed amendments to the security documents. Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to
obtain and transmit notices to Beneficial Owners, or in the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of the notices be
provided directly to them.] 

    [6.  Redemption
notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's practice is to determine by lot
the amount of the interest of each Direct Participant in such issue to be redeemed.] 

    7.  Neither
DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to the Securities. Under its usual procedures, DTC mails an Omnibus Proxy
to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the Securities are credited on
the record date (identified in a listing attached to the Omnibus Proxy). 

    8.  Redemption
proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized
representative of DTC. DTC's practice is to credit Direct Participants' accounts, upon DTC's receipt of funds and corresponding detail information from Issuer or Agent on payable date in accordance
with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities
held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or
regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividends to Cede & Co. (or such other nominee as may be requested by an authorized
representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants shall be the responsibility of DTC, and disbursement of such payments to the
Beneficial Owners shall be the responsibility of Direct and Indirect Participants. 

    [9.  A
Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to
[Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant's interest in the Securities, on DTC's
records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed
satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book-entry credit of tendered Securities to
(Tender/Remarketing] Agent's DTC account.] 

    10. DTC
may discontinue providing its services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under
such circumstances, in the event that a successor securities depository is not obtained, Security certificates are required to be printed and delivered. 

    11. Issuer
may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Security certificates
will be printed and delivered. 

    12. The
information in this section concerning DTC and DTC's book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no
responsibility for the accuracy thereof. 

12

QuickLinks

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Representations for Rule 144A Securities— to be included in DTC Letter of Representations

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Representations for Securities Eligible for Transfer pursuant to Regulation S Where Issuer has Requested a Temporary "Chill" on Deliver Orders— to be included in DTC Letter of Representations

SAMPLE OFFERING DOCUMENT LANGUAGE DESCRIBING BOOK-ENTRY-ONLY ISSUANCE (Prepared by DTC—bracketed material may be applicable only to certain issues)

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