{"id":42080,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/amendment-to-transaction-agreement-target-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"amendment-to-transaction-agreement-target-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/operations\/amendment-to-transaction-agreement-target-corp.html","title":{"rendered":"Amendment to Transaction Agreement – Target Corp."},"content":{"rendered":"

ZELLERS INC.<\/strong>,<\/p>\n

\n

\n

HUDSON153S BAY COMPANY,<\/strong><\/p>\n

\n

\n

TARGET CORPORATION,<\/strong><\/p>\n

\n

\n

and<\/p>\n

\n

\n

TARGET CANADA CO.<\/strong><\/p>\n

\n<\/p>\n

\n

\n

\n

FIRST AMENDING AGREEMENT
\nTO TRANSACTION AGREEMENT
\nDATED JANUARY 12, 2011<\/strong><\/p>\n

\n

February 17, 2011<\/p>\n

\n

\n

\n

\n

<\/p>\n

\n

FIRST AMENDING AGREEMENT<\/strong><\/p>\n

\n

First Amending Agreement dated February 17, 2011 between Zellers Inc.
\n(“Zellers<\/strong>“), Hudson153s Bay Company (“HBC<\/strong>“),
\nTarget Corporation (“Target<\/strong>“), and Target Canada Co.<\/p>\n<\/p>\n

RECITALS:<\/strong><\/p>\n<\/p>\n

A. The Parties entered into a transaction agreement dated January 12, 2011
\n(the “Transaction Agreement<\/strong>“).<\/p>\n<\/p>\n

B. The Parties wish to amend the Transaction Agreement as provided in this
\namending agreement (the “First Amending Agreement<\/strong>“).<\/p>\n<\/p>\n

In consideration of the above and the mutual agreements contained in this
\nFirst Amending Agreement (the receipt and adequacy of which are acknowledged),
\nthe parties agree as follows:<\/p>\n<\/p>\n

Section 1<\/strong> Defined Terms.<\/strong><\/p>\n<\/p>\n

Capitalized terms used in this First Amending Agreement that are not defined
\nin it have the meanings given to them in the Transaction Agreement.<\/p>\n<\/p>\n

Section 2<\/strong> Amendment to Article 3 “Purchase Price” of
\nthe Transaction Agreement.<\/strong><\/p>\n<\/p>\n

Section 3.1 “Purchase Price” of the Transaction Agreement is amended as of
\nthe date of this First Amending Agreement, as follows:<\/p>\n<\/p>\n

(a) Section 3.1(1)(a) of the Transaction Agreement is deleted and replaced by
\nthe following:<\/p>\n<\/p>\n

“the consideration payable by Target Canada to Zellers for the First Tranche
\nSubject Leases on the First Tranche Closing Date is $400,000,000 US dollars and
\n$516,500,000 Canadian dollars (the “First Tranche Purchase
\nPrice<\/strong>“), subject to adjustment in accordance with Section 3.3; and”.\n<\/p>\n<\/p>\n

Section 3<\/strong> Reference to and Effect on the Transaction
\nAgreement<\/strong><\/p>\n<\/p>\n

On and after the date of this First Amending Agreement, any reference to
\n“this Agreement<\/strong>” in the Transaction Agreement and any reference
\nto the Transaction Agreement in any other agreements will mean the Transaction
\nAgreement as amended by this First Amending Agreement. Except as specifically
\namended by this First Amending Agreement, the provisions of the Transaction
\nAgreement remain in full force and effect.<\/p>\n<\/p>\n

Section 4<\/strong> Entire Agreement.<\/strong><\/p>\n<\/p>\n

This First Amending Agreement constitutes the entire agreement between the
\nparties with respect to the amendments contemplated in this First Amending
\nAgreement and except to the extent restated in this First Amending Agreement
\nsupersedes all prior agreements, understandings, negotiations and discussions,
\nwhether oral or written, of the Parties, the<\/p>\n<\/p>\n

\n

<\/p>\n

\n

purpose of which were to amend the Transaction Agreement. The Parties have
\nnot relied and are not relying on any other information, discussion or
\nunderstanding in implementing the amendments contemplated by this First Amending
\nAgreement.<\/p>\n<\/p>\n

Section 5<\/strong> Successors and Assigns.<\/strong><\/p>\n<\/p>\n

This First Amending Agreement becomes effective when executed by all of the
\nparties. After that time, it is binding upon and enures to the benefit of the
\nparties and their respective successors and permitted assigns.<\/p>\n<\/p>\n

Section 6<\/strong> Governing Law.<\/strong><\/p>\n<\/p>\n

(a) This First Amending Agreement is governed by and interpreted and enforced
\nin accordance with the laws of the Province of Ontario and the federal laws of
\nCanada applicable therein.<\/p>\n<\/p>\n

(b) Each Party irrevocably attorns and submits to the exclusive jurisdiction
\nof the Ontario courts situated in the City of Toronto and waives objection to
\nthe venue of any proceeding in such court or that such court provides an
\ninconvenient forum.<\/p>\n<\/p>\n

Section 7<\/strong> Counterparts.<\/strong><\/p>\n<\/p>\n

This First Amending Agreement may be executed in any number of counterparts
\n(including counterparts by facsimile) and all such counterparts taken together
\nconstitute one and the same instrument.<\/p>\n<\/p>\n

(Remainder of the page intentionally left blank.
\nSignature page follows.)<\/em><\/strong><\/p>\n<\/p>\n

\n

<\/p>\n

\n

IN WITNESS WHEREOF<\/strong> the Parties have executed this First
\nAmending Agreement.<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\n\n

ZELLERS INC.<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Michael McCorkle<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Authorized Signing Officer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Authorized Signing Officer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Dated:<\/p>\n<\/td>\n

\n

02\/17\/2011<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

HUDSON153S BAY COMPANY<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Michael McCorkle<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Authorized Signing Officer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Authorized Signing Officer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Dated:<\/p>\n<\/td>\n

\n

02\/17\/2011<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

TARGET CORPORATION<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Douglas A. Scovanner<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Authorized Signing Officer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Dated:<\/p>\n<\/td>\n

\n

02\/17\/2011<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

TARGET CANADA CO.<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Patricia A. Johnson<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n

Authorized Signing Officer<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Dated:<\/p>\n<\/td>\n

\n

02\/17\/2011<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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