Target director awarded 1,676 restricted shares

BAKER DOUGLAS M JR reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

BAKER DOUGLAS M JR reported acquisition or exercise transactions in this Form 4 filing.

Target Corporation director Douglas M. Baker Jr. received an award of 1,676 shares of common stock in the form of restricted stock units under the Target Corporation 2020 Long-Term Incentive Plan. This is a compensation-related grant, not an open-market purchase, at a stated price of 0 per share.

After this award, Baker holds 44,294 Target common shares directly. The total includes dividend equivalents on previously granted restricted stock units that have been reinvested into additional units since his last filing.

Insider Trade Summary

Grant/Award: 1,676 shares

Grant/Award 1 txn

Insider BAKER DOUGLAS M JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,676	$0.00	$0.00

Holdings After Transaction: Common Stock — 44,294 shares (Direct)

Footnotes (2)

1. F1. Award of restricted stock units pursuant to the Target Corporation 2020 Long-Term Incentive Plan.
2. F2. Includes dividend equivalents paid on 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Target (TGT) director Douglas M. Baker Jr. report?

Douglas M. Baker Jr. reported receiving 1,676 Target common shares as a restricted stock unit award. The grant was made under the Target Corporation 2020 Long-Term Incentive Plan and is a form of equity compensation, not an open-market share purchase.

How many Target (TGT) shares does Douglas M. Baker Jr. hold after this Form 4 filing?

After the reported award, Douglas M. Baker Jr. holds 44,294 Target common shares directly. This figure includes shares associated with restricted stock units and reflects dividend equivalents that have been reinvested into additional units since his prior ownership report.

Was the Target (TGT) Form 4 transaction an open-market buy or a compensation grant?

The Form 4 shows a compensation grant, not an open-market buy. The 1,676 Target shares were awarded as restricted stock units at a price of 0 per share under the company’s 2020 Long-Term Incentive Plan for director and executive equity compensation.

What does the footnote about dividend equivalents mean for Target (TGT) director Baker’s holdings?

The footnote explains that dividend equivalents on Baker’s restricted stock units have been reinvested into additional units. This means his reported holdings include extra units credited from dividends since his last filing, slightly increasing his equity exposure without separate cash transactions.

How significant is the 1,676-share award to Douglas M. Baker Jr.’s overall Target (TGT) position?

The 1,676-share award is a relatively small addition compared with his total 44,294 Target shares. It represents routine equity compensation, aligning his interests with shareholders, rather than a large discretionary transaction that would materially change his ownership profile.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/13/2026 - 03:10 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BAKER DOUGLAS M JR

(Last) (First) (Middle)

1000 NICOLLET MALL

(Street)

MINNEAPOLIS MN 55403

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TARGET CORP [ TGT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/11/2026		A(1)		1,676	A	$0	44,294(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Award of restricted stock units pursuant to the Target Corporation 2020 Long-Term Incentive Plan.

2. Includes dividend equivalents paid on 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.

Remarks:

Exhibit 24 - Power of Attorney

	Miranda S. Hirner, Attorney-In-Fact	03/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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