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

On August 10, 2022, the Board of Directors of Target Corporation ("Target") elected Grace Puma as a director of Target and appointed Ms. Puma to serve on the Audit & Risk and Infrastructure & Finance Committees, each effective August 10, 2022.

Ms. Puma, 59, served as executive vice president and chief operations officer at PepsiCo from 2017 to April 2022. Previously, Ms. Puma served PepsiCo as senior vice president, chief supply officer and senior vice president, global chief procurement officer. Ms. Puma also served as senior vice president, global chief procurement officer at United Airlines and held a variety of positions at Kraft Foods and Motorola.

Ms. Puma will receive a one-time grant of restricted stock units with a grant date fair value of $50,000, and the annual compensation Target provides to its non-employee directors as described in Target's proxy statement.

There are no arrangements or understandings between Ms. Puma and any other person pursuant to which Ms. Puma was selected as a director of Target. There are no related person transactions within the meaning of Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission between Ms. Puma and Target.

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