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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1124105	Targacept Inc	TRGT	Pharmaceutical Preparations (2834)	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1030468	R Julia Brown	C/O Targacept, Inc. 200 East First Street, Suite 300 Winston-Salem NC 27101		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2010-05-20	5,193	$8.70	5,193	No	4	M	Direct
Common Stock	Disposition	2010-05-20	5,193	$22.97	0	No	4	S	Direct
Common Stock	Acquisiton	2010-05-21	7,307	$8.70	7,307	No	4	M	Direct
Common Stock	Disposition	2010-05-21	7,307	$23.13	0	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Stock Option (Right to Buy)	Acquisiton	2010-05-20	5,193	$0.00	5,193	$8.70
Common Stock	Stock Option (Right to Buy)	Acquisiton	2010-05-21	7,307	$0.00	7,307	$8.70

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
19,807		2017-12-04	No	4	M	Direct
12,500		2017-12-04	No	4	M	Direct

Footnotes

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $22.70 to $23.25, 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 $22.52 to $23.43, 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.
This stock option (x) vested and became exercisable with respect to one-third of the shares subject to the option on June 24, 2008 and (y) vests and becomes exercisable with respect to the remaining two-thirds of the shares subject to the option in pro rata quarterly installments over the next two years so that the option will be vested and exercisable in full on the earlier of (i) December 5, 2010 or (ii) the business day immediately preceding the date of the issuer's 2010 Annual Meeting of Stockholders, provided that the reporting person remains in service as a director during such period.