Document:

TGT-2014.80.02-Exhibit 10BB

Exhibit (10)BB

    

Target Corporation 2011 Long-Term Incentive Plan

RESTRICTED STOCK UNIT AGREEMENT
THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made in Minneapolis, Minnesota as of the date of grant (the “Grant Date”) set forth in the award letter (the “Award Letter”) by and between the Company and John J. Mulligan (the “Executive”).  This award (the “Award”) of Restricted Stock Units (“RSUs”), provided to you as a Service Provider, is being issued under the Target Corporation 2011 Long-Term Incentive Plan (the “Plan”), subject to the following terms and conditions.  The intent of the Award is for the Executive to earn the Award for providing Service to the Company or a Subsidiary over the three years starting on the Grant Date and, except for the specific circumstances described in this Agreement, receive one third (1/3) of the Shares issuable under the RSUs after each anniversary of the Grant Date.

1.    Definitions.  Except as otherwise provided in this Agreement, the defined terms used in this Agreement shall have the same meaning as in the Plan.  The term “Committee” shall also include those persons to whom authority has been delegated under the Plan.  

2.    Grant of RSUs.  Subject to the relevant terms of the Plan and this Agreement, as of the Grant Date, the Company has granted the Executive the number of RSUs set forth in the Award Letter. 

3.    Performance Condition.  The Award is subject to a performance condition established by the Committee for a period comprised of the third and fourth quarters of the Company’s fiscal year ending January 31, 2015 (the “Performance Period”).  Except as set forth in Section 6, as a condition to the receipt of any Shares in settlement of the Award, the Company’s U.S. Segment EBIT for the Performance Period must be equal to or greater than $500 million (the “Performance Condition”).  The Committee shall determine whether the Performance Condition is satisfied as soon as practicable after completion of the Performance Period, but in any event not later than November 30 of the calendar year in which the Performance Period ends (the date the Committee so determines, the “Determination Date”).  Except as set forth in Section 6, the Award shall be cancelled and the Executive shall have no rights hereunder if either (a) the Determination Date does not occur or (b) the Committee determines on the Determination Date that the Performance Condition has not been satisfied.

4.    Vesting Schedule.  

(a)    Subject to Section 4(b), one third (1/3) of the Shares issuable under the RSUs shall vest on the first anniversary of the Grant Date and on each succeeding anniversary 

of the Grant Date until all of the Shares have vested and been issued (after the third anniversary of the Grant Date).

(b)    Notwithstanding Section 4(a), the Shares issuable under the RSUs shall vest on the earlier of:  (i) the date that the conditions for an Accelerated Vesting Event set forth in Section 5 are satisfied, in which case, all of the outstanding unvested RSUs shall become vested; or (ii) as specified in Section 6.

(c)    Each date of vesting is referred to as a “Vesting Date”.  All vested RSUs shall be paid out as provided in Section 10, in accordance with and subject to any restrictions set forth in this Agreement, the Plan or any agreement the Executive may be required to enter pursuant to Section 5.

5.    Accelerated Vesting Events.  Upon the occurrence of one of the following events (each, an “Accelerated Vesting Event”), the outstanding unvested RSUs subject to this Agreement shall become vested as provided below:

(a)    Death.  In the case of the Executive’s death prior to the Executive’s termination of Service, any outstanding unvested RSUs shall vest in full as of the date of the Executive’s death.

(b)    Disability.  In the case of the Executive’s Disability prior to the Executive’s termination of Service, any outstanding unvested RSUs shall vest in full as of the date of the Executive’s Disability.

(c)    Involuntary Service Separation.  Notwithstanding any other provisions of this Agreement to the contrary, and provided the Company has received a valid unrevoked agreement from the Executive containing a release of claims, a covenant not to engage in competitive employment, and/or other provisions deemed appropriate by the Committee in its sole discretion, if the Executive’s Service is involuntarily terminated by the Company or a Subsidiary to which the Executive is providing Service (the “Service Recipient”) prior to the third anniversary of the Grant Date other than for Cause (an “Involuntary Service Separation”), then 100% of the unvested RSUs shall vest (if the Performance Condition is satisfied) as of the later of (i) the Determination Date, or (ii) the date of the Executive’s Involuntary Service Separation.  

6.    Change in Control.  

(a)    If a Change in Control occurs, a number of unvested RSUs will immediately vest such that the total number of RSUs that vest and are converted to Shares under this Award equals the total number of Shares subject to this Award multiplied by a fraction. The numerator of such fraction shall be the number of months that have elapsed between the Grant Date and the Change in Control, and the denominator shall be thirty-six (36) months. Any of the RSUs that do not vest under this Section 6(a) shall terminate immediately and the Executive shall have no rights hereunder with respect to those unvested RSUs.

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(b)    If, prior to a Change in Control, the Committee has determined on the Determination Date that the Performance Condition has not been satisfied, then the Award shall be cancelled and the Executive shall have no rights hereunder

7.    Cause.  Notwithstanding any other provisions of this Agreement to the contrary, if the Committee concludes, in its sole discretion, that the Executive’s Service was terminated in whole or in part for Cause, all of the RSUs subject to the Award that have not previously been converted to Shares shall terminate immediately and the Executive shall have no rights hereunder.

8.    Other Termination; Changes of Service.  If the Executive’s termination of Service occurs at any time prior to the third anniversary of the Grant Date for any reason not meeting the conditions specified in Sections 5 through 7, all of the outstanding unvested RSUs subject to the Award shall terminate effective as of the date of termination of Service and the Executive shall have no rights hereunder.  Service shall not be deemed terminated in the case of (a) any approved leave of absence, or (b) transfers among the Company and any Subsidiaries in the same Service Provider capacity; however, a termination of Service shall occur if (i) the relationship the Executive had with the Company or a Subsidiary at the Grant Date terminates, even if the Executive continues in another Service Provider capacity with the Company or a Subsidiary, or (ii) the Executive experiences a “separation from service” within the meaning of Code Section 409A.

9.    Dividend Equivalents.  The Award is being granted with an equal number of dividend equivalents.  Accordingly, the Executive shall have the right to receive additional RSUs with a value equal to the regular cash dividend paid on one Share for each RSU held pursuant to this Agreement prior to the conversion of RSUs and issuance of Shares pursuant to Section 10.  The number of additional RSUs to be received as dividend equivalents for each RSU held shall be determined by dividing the cash dividend per share by the Fair Market Value of one Share on the dividend payment date; provided, however, that for purposes of avoiding the issuance of fractional RSUs, on each dividend payment date the additional RSUs issued as dividend equivalents shall be rounded up to the nearest whole number.  All such additional RSUs received as dividend equivalents shall be subject to forfeiture in the same manner and to the same extent as the original RSUs granted hereby, and shall be converted into Shares on the basis and at the time set forth in Section 10 hereof.

10.    Conversion of RSUs and Issuance of Shares.  

(a)    Timing.  Vested RSUs shall be converted to Shares on a one-for-one basis and shall be issued within 90 days following the earliest to occur of (i) each anniversary of the Grant Date, (ii) the Executive’s “separation from service” as such term is defined for purposes of Code Section 409A, (iii) the Executive’s death, or (iv) the Executive’s Disability (as determined by the Committee in its sole discretion, provided such determination complies with the definition of disability under Code Section 409A).  The Committee in its sole discretion may accelerate or delay the distribution of any payment under this Agreement to the extent allowed under Code Section 409A.

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(b)    Limitation for Specified Employees.  If any Shares shall be issuable with respect to the RSUs as a result of the Executive’s “separation from service” at such time as the Executive is a “specified employee” within the meaning of Code Section 409A, then no Shares shall be issued, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six months after the Executive’s “separation from service”, or (ii) the Executive’s death.

(c)    Change in Control.  In the event of a Change in Control that constitutes a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under Code Section 409A (a “409A Change in Control Event”), vested RSUs shall be converted to Shares on a one-for-one basis and shall be issued within ten days after the Change in Control.  For a Change in Control that is not a 409A Change in Control Event, the timing of the conversion of RSUs and issuance of underlying Shares shall be in accordance with Section 10(a).

(d)    Unvested RSUs.  All of the RSUs subject to the Award that are unvested as of the time the vested RSUs are converted and Shares are issued under Section 10(a)(ii) shall terminate immediately and the Executive shall have no rights hereunder with respect to those unvested RSUs.

(e)    Code Section 409A.  Payment of amounts under this Agreement are intended to comply with the requirements of Code Section 409A and this Agreement shall in all respects be administered and construed to give effect to such intent.

11.    Taxes.  The Executive acknowledges that (a) the ultimate liability for any and all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”) legally due by him or her is and remains the Executive’s responsibility and may exceed the amount actually withheld by the Company and/or the Service Recipient and (b) the Company and/or the Service Recipient or a former Service Recipient, as applicable, (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting and/or conversion of the RSUs and issuance of Shares; (ii) do not commit and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Executive’s liability for Tax-Related Items; (iii) may be required to withhold or account for Tax-Related Items in more than one jurisdiction if the Executive has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event; and (iv) may refuse to deliver the Shares to the Executive if he or she fails to comply with his or her obligations in connection with the Tax-Related Items as provided in this Section.

The Executive authorizes and consents to the Company and/or the Service Recipient, or their respective agents, satisfying all applicable Tax-Related Items which the Company reasonably determines are legally payable by him or her by withholding from the Shares that would otherwise be delivered to the Executive the highest number of whole Shares that the Company determines has a value less than or equal to the aggregate applicable Tax-Related Items.  In lieu thereof, the Executive may elect at the time of conversion of the RSUs such 

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other then-permitted method or combination of methods established by the Company and/or the Service Recipient to satisfy the Executive’s Tax-Related Items.

12.    Limitations on Transfer.  The Award shall not be sold, assigned, transferred, exchanged or encumbered by the Executive other than pursuant to the terms of the Plan.

13.    Recoupment Provision.  In the event of a restatement of the Company’s consolidated financial statements that is caused, in whole or in part, by the intentional misconduct of the Executive, the Company may take one or more of the following actions with respect to the Award, as determined by the Compensation Committee of the Board (the “Compensation Committee”) in its sole discretion, and the Executive shall be bound by such determination:

(a)    cancel all or a portion of the RSUs, whether vested or unvested, and any or all dividend equivalents related to the Award; and
(b)    require repayment of all or any portion of the amounts realized or received by the Executive resulting from the conversion of RSUs to Shares or the sale of Shares related to the Award.  
The term “restatement” shall mean the result of revising financial statements previously filed with the Securities and Exchange Commission to reflect the correction of an error.  The term “intentional misconduct” shall be limited to conduct that the Compensation Committee determines indicates intent to mislead management, the Board, or the Company’s shareholders, but shall not include good faith errors in judgment made by the Executive.  

The Executive agrees that the Company may setoff any amounts it is entitled to recover under this Section against any amounts owed by the Company to the Executive under any of the Company’s deferred compensation plans to the extent permitted under Code Section 409A.  The Executive further agrees that the terms of this Section shall survive the Executive’s termination of Service and any conversion of the Award into Shares.  This Section 13 shall not apply, and no amounts may be recovered hereunder, following a Change in Control.

14.    No Employment Rights.  Nothing in this Agreement, the Plan or the Award Letter shall confer upon the Executive any right to continued Service with the Company or any Subsidiary, as applicable, nor shall it interfere with or limit in any way any right of the Company or any Subsidiary, as applicable, to terminate the Executive’s Service at any time with or without Cause or change the Executive’s compensation, other benefits, job responsibilities or title provided in compliance with applicable local laws and permitted under the terms of the Executive’s Service contract, if any.

(a)    The Executive’s rights to vest in the RSUs or receive Shares after termination of Service shall be determined pursuant to Sections 4 through 10.  Those rights and the Executive’s date of termination of Service will not be extended by any notice period mandated under local law (e.g., active service would not include a period of “garden leave” or similar notice period pursuant to local law).

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(b)    This Agreement, the Plan and the Award Letter are separate from, and shall not form, any part of the contract of Service of the Executive, or affect any of the rights and obligations arising from the Service relationship between the Executive and the Company and/or the Service Recipient.

(c)    No Service Provider has a right to participate in the Plan.  All decisions with respect to future grants, if any, shall be at the sole discretion of the Company and/or the Service Recipient.

(d)    The Executive will have no claim or right of action in respect of any decision, omission or discretion which may operate to the disadvantage of the Executive.

15.    Nature of Grant.  In accepting the grant, the Executive acknowledges, understands, and agrees that:

(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement, and any such modification, amendment, suspension or termination will not constitute a constructive or wrongful dismissal;

(b)    the RSUs are extraordinary items and are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or welfare or retirement benefits or similar payments; 

(c)    in no event should the RSUs be considered as compensation for, or relating in any way to, past services for the Company or the Service Recipient, nor are the RSUs or the underlying Shares intended to replace any pension rights or compensation;

(d)    the future value of the underlying Shares is unknown and cannot be predicted with certainty; 

(e)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Executive’s participation in the Plan or the RSUs; 

(f)    no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of the Executive’s Service (for any reason whatsoever and whether or not in breach of local labor laws), and in consideration of the grant of the RSUs to which the Executive is otherwise not entitled, the Executive irrevocably (i) agrees never to institute any such claim against the Company or the Service Recipient, (ii) waives the Executive’s ability, if any, to bring any such claim, and (iii) releases the Company and the Service Recipient from any such claim.  If, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Executive shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims; and 

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(g)    the Executive is hereby advised to consult with personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the RSUs or the Plan.

16.    Governing Law; Venue; Jurisdiction.  To the extent that federal laws do not otherwise control, this Agreement, the Award Letter, the Plan and all determinations made and actions taken pursuant to the Plan shall be governed by the laws of the State of Minnesota without regard to its conflicts-of-law principles and shall be construed accordingly.  The exclusive forum and venue for any legal action arising out of or related to this Agreement shall be the United States District Court for the District of Minnesota, and the parties submit to the personal jurisdiction of that court. If neither subject matter nor diversity jurisdiction exists in the United States District Court for the District of Minnesota, then the exclusive forum and venue for any such action shall be the courts of the State of Minnesota located in Hennepin County, and the Executive, as a condition of this Agreement, consents to the personal jurisdiction of that court.

17.    Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Executive’s participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Executive to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

18.    Plan and Award Letter Incorporated by Reference; Electronic Delivery.  The Plan, as hereafter amended from time to time, and the Award Letter shall be deemed to be incorporated into this Agreement and are integral parts hereof.  In the event there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern.  The Company or a third party designated by the Company may deliver to the Executive by electronic means any documents related to his or her participation in the Plan.  The Executive acknowledges receipt of a copy of the Plan and the Award Letter.

[End of Agreement]

7.TGT-2014.08.02-Exhibit 10CC

Exhibit (10)CC

Target Corporation
1000 Nicollet Mall
Minneapolis, Minnesota 55403

July 26, 2014
Mr. Brian Cornell
[intentionally omitted]

Re: Offer Letter

Dear Brian:

We are pleased to extend to you our offer to join Target Corporation, a Minnesota corporation (the “Company”). If you accept this offer, your start date will be August 12, 2014 (such date, the “Start Date”). This letter (“Offer Letter”) serves as confirmation of our offer subject to the contingencies set forth below.

Position and Duties. As of the Start Date, you will be employed by the Company as Chief Executive Officer, will be appointed to the Board of Directors of the Company (the “Board”), and will be named Chairman of the Board, with duties as are commensurate with such positions.  You will perform your duties primarily at the Company’s headquarters in Minneapolis, Minnesota. 

Base Salary. Your base salary as of the Start Date will be at an annual rate of $1,300,000, which will be paid in substantially equal installments in accordance with the Company’s payroll policies (the “Base Salary”). Your Base Salary will be reviewed from time to time by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The Base Salary as determined herein from time to time shall constitute your “Base Salary” for all purposes under this Offer Letter.

Annual Incentive. You will be eligible to participate in the Company’s Officer Short-Term Incentive Plan for fiscal year 2014 with an annual target bonus opportunity equal to 150 percent of your Base Salary, pro rated for the portion of the 2014 fiscal year from the Start Date until the last day of the 2014 fiscal year that you are employed with the Company, to be paid to you at the same time as annual bonuses are paid to senior executives of the Company generally, 

subject to your continued employment with the Company through such time. For fiscal years of the Company subsequent to fiscal year 2014, you shall be eligible to participate in the Company’s short-term incentive programs, provided that any subsequent short-term incentive compensation will be provided to you in amounts, at times, in forms and on such terms and conditions as determined by the Compensation Committee or the Board in its sole discretion.

Long-Term Incentives. For fiscal year 2015, at the time grants are made to other senior executives of the Company generally, subject to your continued employment at such time, you will be awarded equity incentive grants with a target value as of the grant date of $9,000,000.  All such awards will be made (i) in accordance with the terms and conditions of the Company’s Long-Term Incentive Plan or its successor, as it may be amended from time to time  (the “LTIP”) and (ii) on the same terms and conditions and in the same proportion as to the forms of equity awards granted to other senior executives of the Company generally for fiscal year 2015. For fiscal years of the Company subsequent to fiscal year 2015, you shall be eligible to participate in the Company’s long-term incentive programs, provided that any subsequent grants of long-term incentive compensation will be provided to you in amounts, at times, in forms and on such terms and conditions as determined by the Compensation Committee or the Board in its sole discretion.

Make-Whole Compensation.  In consideration of the forfeiture of certain incentive compensation awards from your previous employer, the Company agrees to provide you with the following on the terms and conditions set forth below.

Make-Whole Equity Grant.  As soon as practicable following the Start Date, you will be awarded performance-based restricted stock units and restricted stock units with respect to a number of shares of Company common stock (“Common Stock”) equal to the quotient obtained by dividing (i) the excess, if any, of (a) $19,250,000 over (b) the Retained Value (as defined below) by (ii) the Fair Market Value (as defined in the Company’s Long-Term Incentive Plan) of a share of Common Stock as of the grant date (the “Make-Whole Equity Grant”). The “Retained Value” shall equal the sum of (I) for any cash-based incentives, the value of any cash-based incentives outstanding as of immediately prior to the date of your termination of employment with your previous employer that you do not forfeit as a result of your termination of employment with your previous employer based on the target cash value of such awards and (II) for any stock-based incentives, the product of (A) target number of shares subject to such awards outstanding as of immediately prior to the date of your termination of employment with your previous employer that you do not forfeit as a result of your termination of employment with your previous employer and (B) the closing price of a share of your previous employer’s common stock as of the date on which your employment 

terminates.

		
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	RSUs. Subject to your continued employment through the applicable vesting date and, in order to enable such awards to qualify for the exception to the deduction limitation under Section 162(m) of the Internal Revenue Code of 1986, as amended, and the Company obtaining positive net earnings for its U.S. operations (the “Profitability Goal”) for the third and fourth quarters of the 2014 fiscal year, 30 percent of the Make-Whole Equity Grant (i.e., if there is no Retained Value, $5,775,000) shall vest and be settled in March 2015 (the “RSUs”).  

		
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	PBRSUs.  Subject to the achievement of the Profitability Goal for the Company’s 2015 fiscal year and your continued employment through the applicable vesting date, the remainder of the Make-Whole Equity Grant (i.e., if there is no Retained Value, $13,475,000) shall vest and be settled 1/3 on each of March 2016, March 2017 and March 2018 (the “PBRSUs”); provided that the number of such PBRSUs that will actually become earned, vested and settled on the applicable vesting date may increase or decrease by up to 25 percent based on the Company’s relative total shareholder return (“TSR”) as calculated below.  TSR will be based on a hypothetical investment of $100 in the Company and each of the members of the Company’s retail peer group (the “Peers”) as of the Start Date and comparing it with the value at the end of the fiscal year immediately preceding the scheduled vesting dates set forth above, assuming the reinvestment of all dividends paid during the fiscal year; provided that the stock price of the Company and each of its Peers on the Start Date and the end of the fiscal year immediately preceding each of the scheduled vesting dates shall be deemed to be the average of each company’s stock price for the 90 calendar days immediately preceding the applicable measurement dates.  If the Company’s TSR is in the top 33 percent of its Peers, you will be eligible to earn 125 percent of the targeted value of the tranche scheduled to vest during such period; if the Company’s TSR is in the middle 33 percent of its Peers, you will be eligible to earn 100 percent of the targeted value of the tranche scheduled to vest during such period; and if the Company’s TSR is in the bottom 33 percent of its Peers, you will be eligible to earn 75 percent of the targeted value of the tranche scheduled to vest during such period. 

		
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	Treatment of Make-Whole Equity Upon Involuntary Termination.  Notwithstanding the foregoing, upon a termination of your employment that would give rise to severance benefits under the Company’s Officer Income Continuance Policy Statement or its successor, as it may be amended from time to time (the “ICP”), subject to (i) your execution and non-revocation of a release and any other terms and conditions of 

the ICP (including any restrictive covenants contained therein) and (ii) the achievement of the Profitability Goal, you shall earn, vest in and receive within 10 business days of the date of termination (unless the Profitability Goal has yet to be met in which case awards shall be settled within 30 days of the end of the period to which the Profitability Goal applies), to the extent then unvested, the RSUs and 50 percent of the PBRSUs that would have been earned, vested and settled thereafter, in each case, assuming achievement of the TSR Goal at the target level. 

Make-Whole Pro Rata 2014 Equity Grant. As soon as practicable following the Start Date, you will be awarded equity incentive grants with a target value as of the grant date of $3,750,000, provided that the Start Date is on or before September 1, 2014. Such awards will be made (i) in accordance with the terms and conditions of the Company’s Long-Term Incentive Plan and (ii) on the same terms and conditions and in the same proportion as to the forms of equity awards granted to other senior executives of the Company generally for fiscal year 2014 (i.e., 75 percent performance share units and 25 percent performance based restricted stock units). Notwithstanding the foregoing, in addition to any other terms and conditions applicable to such awards, the 2014 grants may be subject to the Profitability Goal for fiscal year 2015. 

Make-Whole Pro-Rata Annual Bonus Payment.  You will be eligible to receive an additional cash payment equal to the product of (i) your target short-term incentive compensation award from your previous employer for fiscal year 2014 (i.e., $1,350,000) and (ii) a fraction, the numerator of which is the number of days from the first day of the 2014 fiscal year of your previous employer until the Start Date and the denominator of which is 365, to be paid to you at the same time as annual bonuses are paid to senior executives of the Company generally, subject to your continued employment with the Company through such time.

Other Benefit Plans. During your employment with the Company, you will be eligible to participate in the employee benefit plans and programs of the Company applicable to senior executives of the Company generally as may be in effect from time to time and the Company will pay or reimburse your business expenses incurred in accordance with the policies applicable to senior executives of the Company generally as in effect from time to time.  In addition, during your employment with the Company, you will be eligible for personal use of the Company’s aircraft upon such terms and conditions and subject to a cap of $175,000 determined in accordance with the rules valuing perquisites under Section 402 of Regulation S-K.

Severance. You will be eligible to participate in the Company’s ICP or its successor, as it may be amended from time to time, provided that notwithstanding any provision of the ICP (including without limitation Section II.N of the ICP), the determinations of the Board or the Compensation 

Committee with respect to you under the ICP will be exclusive and final. 

Company Policies. You will be subject to all policies of the Company, including, without limitation, any stock ownership guidelines and incentive compensation clawback policies applicable to senior executives of the Company, as each policy is adopted or amended from time to time. Consistent with the terms of Company’s stock ownership guidelines, you will have five years to meet the requisite stock ownership level. By signing this Offer Letter you agree that your continued employment is contingent upon compliance with applicable regulatory, registration and licensing requirements, if any, now or in the future required of your position, including passing the appropriate exams or transferring existing license(s), if any, or completing any registration requirements, within any reasonable time limits imposed by the Company, and your compliance with applicable regulatory, registration and licensing.

Representation. You represent and warrant to the Company that, as of the Start Date, you are not a party to any agreement, containing any non-competition or non-solicitation provisions or any other restrictions (including, without limitation, any confidentiality provisions) that would result in any restriction on your ability to accept and perform this or any other position with the Company and its affiliates. 

Tax Withholding. The Company may withhold from any amounts payable to you under this Offer Letter or otherwise such United States federal, state or local or foreign taxes as will be required to be withheld pursuant to any applicable law or regulation. 

Indemnification. The Company shall, at all times during which you may be subject to liability for your acts and omissions to act occurring while you are an officer of the Company or a member of the Board, indemnify you and hold you harmless to the maximum extent permitted under the Company’s charter, by-laws and applicable law and shall cover you as an insured under the Company’s contract of officers and directors liability insurance that covers members of the Board.

Entire Agreement; Amendments; Counterparts. This Offer Letter constitutes the entire agreement of the parties and supersedes all prior agreements. This Offer Letter may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same.

Governing Law and Employment “At Will”. This Offer Letter and your employment will be governed by Minnesota law, without reference to principles of conflict of laws. You and the Company agree that your employment with the Company constitutes “at-will” employment, subject to the above terms of this Offer Letter, and this employment relationship may be terminated at any time, upon written notice to the other party, for any reason, at 

the option either of you or the Company; provided that you give the Company 90 days’ advance notice of your decision to resign.

[Signature Page Follows Immediately After This Page]
 

We are excited about the important contributions you will make to the Company and look forward to your acceptance of our offer. Please indicate your acceptance of these terms by signing below and returning a copy to me by close of business on July 28, 2014.
 
	
			
	 
	 
	 

	Very truly yours,

	 

	/s/ Douglas M. Baker, Jr.

	 Name: Douglas M. Baker, Jr.

	 Title:
	 
	Member, Compensation Committee 
Target Corporation Board of Directors

Accepted and agreed:
 
	
	
	 

	/s/ Brian Cornell 

	Brian Cornell

	 

	Date: July 26, 2014

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