LIEGEL MATTHEW A 4

What Happened
Matthew A. Liegel, Chief Accounting Officer of Target Corporation, executed two related transactions on March 17, 2026. He sold 2,053 shares in an open-market sale at a VWAP of $117.19 (total proceeds ~$240,593) and, on the same date, acquired 2,112.125 units tied to Target’s deferred compensation stock crediting rate at $116.76 per unit (economic equivalent of shares) valued at ~$246,612. The sale is a routine open-market disposition; the acquisition represents a discretionary allocation into Target’s deferred compensation stock alternative (a cash-settled economic equivalent to shares).

Key Details

• Transaction date: 2026-03-17; Form 4 filed: 2026-03-19 (appears timely).
• Sale: 2,053 shares at $117.19 VWAP; proceeds ~$240,593. (Footnote F1: prices ranged $117.1900–$117.2000; VWAP reported.)
• Acquisition: 2,112.125 deferred stock units at $116.76 each; value ~$246,612. Reported as a discretionary acquisition of plan units (derivative). (Footnotes F2–F3 explain these are units under the Target Executive Deferred Compensation Plan and are the economic equivalent of common shares.)
• Shares owned after the transactions: not disclosed in the provided filing excerpt.
• Footnote F4: reported units include investment earnings/losses since the reporting of earlier deferred compensation units (previously reported on May 24, 2022).
• No indication of 10b5-1 plan, option exercise, gift, or tax-withholding listed in this filing.

Context
Deferred compensation units under Target’s plan are cash-settled and track the value of Target common stock; they are unsecured obligations of the company and can be moved among crediting rate options. The combination of an open-market sale and a near-equal-value acquisition of deferred-stock units often reflects personal liquidity or compensation-election decisions rather than a straightforward “buy” or “sell” signal about company prospects. This filing is factual reporting of the trades and plan allocation.