Item 5.02.Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 12, 2021 the Human Resources & Compensation Committee of the Board of Directors of Target Corporation ("Target") adopted a new Executive Officer Cash Incentive Plan (the "Plan") under which executive officers may receive cash incentive awards. The Plan replaces Target's prior Executive Officer Cash Incentive Plan with respect to cash incentive awards granted after January 31, 2021. The new Plan is substantially similar to the prior plan except that it removes certain references and requirements previously applicable to qualified performance-based compensation under Section 162(m) of the Internal Revenue Code following the repeal of the Section 162(m) exemption under the Tax Cuts and Jobs Act of 2017.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses