TARGET CORP — Director's Dealing 2016

Mar 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2016-03-15

Reporting Person: Mulligan John J (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-15	Common Stock	M	10406.0000	$49.4100	Acquired	74763.0000	Direct
2016-03-15	Common Stock	M	10228.0000	$48.8900	Acquired	84991.0000	Direct
2016-03-15	Common Stock	M	9466.0000	$53.3600	Acquired	94457.0000	Direct
2016-03-15	Common Stock	M	3645.0000	$54.8700	Acquired	98102.0000	Direct
2016-03-15	Common Stock	M	1784.0000	$42.0500	Acquired	99886.0000	Direct
2016-03-15	Common Stock	S	35529.0000	$81.5685	Disposed	64357.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-15	Stock Option	$48.8900	M	10228.0000	Disposed	2018-01-09	Common Stock (10228.0000)	Direct
2016-03-15	Stock Option	$49.4100	M	10406.0000	Disposed	2020-01-13	Common Stock (10406.0000)	Direct
2016-03-15	Stock Option	$53.3600	M	9466.0000	Disposed	2020-08-09	Common Stock (9466.0000)	Direct
2016-03-15	Stock Option	$42.0500	M	1784.0000	Disposed	2019-08-10	Common Stock (1784.0000)	Direct
2016-03-15	Stock Option	$54.8700	M	3645.0000	Disposed	2018-09-02	Common Stock (3645.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7718.7257	Indirect

Footnotes

F1: Includes dividend equivalents paid on restricted stock units and performance-based restricted stock units since the date of the reporting person's last filing through the date of the reported transaction that have been reinvested in additional restricted stock units and performance-based restricted stock units.

F2: Price is the volume weighted average selling price of all sales by the reporting person on the transaction date within a one dollar range. Actual prices ranged from $81.54 to $81.64. The reporting person hereby undertakes to provide upon request of the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of December 31, 2015.

F4: Option granted under the Target Corporation Long-Term Incentive Plan.

F5: Option granted on January 9, 2008. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F6: Option granted on January 13, 2010. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F7: Option granted on August 9, 2010. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F8: Option granted on August 10, 2009. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F9: Option granted on September 2, 2008. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.