X0306 4 2013-03-08 0 0001124105 TARGACEPT INC TRGT 0001237404 HILL STEPHEN A C/O TARGACEPT, INC. 200 EAST FIRST STREET, SUITE 300 WINSTON-SALEM NC 27101 1 1 0 0 President and CEO Common Stock 2013-03-08 4 P 0 10000 4.4796 A 10000 D Common Stock 2013-03-11 4 P 0 10000 4.3781 A 20000 D The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.4692 and $4.4899, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.3672 and $4.3889, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. /s/ Peter A. Zorn, Attorney-in-Fact for Stephen A. Hill 2013-03-11