<SEC-DOCUMENT>0000892712-21-000141.txt : 20210311
<SEC-HEADER>0000892712-21-000141.hdr.sgml : 20210311
<ACCEPTANCE-DATETIME>20210311164424
ACCESSION NUMBER:		0000892712-21-000141
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210311
DATE AS OF CHANGE:		20210311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOHLS Corp
		CENTRAL INDEX KEY:			0000885639
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		IRS NUMBER:				391630919
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11084
		FILM NUMBER:		21733883

	BUSINESS ADDRESS:	
		STREET 1:		N56 W17000 RIDGEWOOD DR
		CITY:			MENOMONEE FALLS
		STATE:			WI
		ZIP:			53051
		BUSINESS PHONE:		262 703 7000

	MAIL ADDRESS:	
		STREET 1:		N56 W17000 RIDGEWOOD DR
		CITY:			MENOMONEE FALLS
		STATE:			WI
		ZIP:			53051

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOHLS CORPORATION
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:11pt Times New Roman;margin:0'><B>UNITED STATES</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Washington, D.C. 20549</P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><B>FORM 8-K</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>CURRENT REPORT</P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Date of Report (Date of earliest event reported): <B> March 11, 2021</B></P>
<P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>KOHL&#8217;S CORPORATION</B></FONT></P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>(Exact name of registrant as specified in its charter)</P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style=width:180.9pt><P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Wisconsin&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD><TD valign=top style=width:126pt><P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>&#160;&#160;001-11084&#160;&#160;</FONT></P>
</TD><TD valign=top style=width:171.9pt><P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;39-1630919&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:180.9pt><P align=center style='font:11pt Times New Roman;margin:0'>(State or other jurisdiction</P>
<P align=center style='font:11pt Times New Roman;margin:0'>of incorporation)</P>
</TD><TD valign=top style=width:126pt><P align=center style='font:11pt Times New Roman;margin:0'>(Commission</P>
<P align=center style='font:11pt Times New Roman;margin:0'>File Number)</P>
</TD><TD valign=top style=width:171.9pt><P align=center style='font:11pt Times New Roman;margin:0'>(IRS Employer</P>
<P align=center style='font:11pt Times New Roman;margin:0'>Identification No.)</P>
</TD></TR>
</TABLE>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style=width:234.9pt><P align=center style='font:11pt Times New Roman;margin:0'>N56 W17000 Ridgewood Drive</P>
<P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>&#160;&#160;&#160;&#160;&#160;&#160;Menomonee Falls, Wisconsin&#160;&#160;&#160;&#160;&#160;&#160;</FONT></P>
</TD><TD valign=top style=width:39.75pt><P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:204.15pt><P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>&#160;&#160;&#160;53051&#160;&#160;&#160;</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:234.9pt><P align=center style='font:11pt Times New Roman;margin:0'>(Address of principal executive offices)</P>
</TD><TD valign=top style=width:39.75pt><P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:204.15pt><P align=center style='font:11pt Times New Roman;margin:0'>(Zip Code)</P>
</TD></TR>
<TR><TD valign=top style=width:234.9pt><P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:39.75pt><P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:204.15pt><P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
</TABLE>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Registrant&#8217;s telephone number, including area code: &nbsp;(262) 703-7000</P>
<P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:6pt'>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<TABLE style=border-collapse:collapse;width:515.7pt><TR><TD valign=top style=width:36pt><P style='font:11pt Times New Roman;margin:0'>[ ]</P>
</TD><TD valign=top style=width:479.7pt><P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:6pt'>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:11pt Times New Roman;margin:0'>[X]</P>
</TD><TD valign=top style=width:479.7pt><P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:6pt'>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:11pt Times New Roman;margin:0'>[ ]</P>
</TD><TD valign=top style=width:479.7pt><P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:6pt'>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:11pt Times New Roman;margin:0'>[ ]</P>
</TD><TD valign=top style=width:479.7pt><P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>
</TD></TR>
</TABLE>
<P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:6pt'>Securities registered pursuant to Section 12(b) of the Act:</P>
<TABLE align=center style=border-collapse:collapse><TR><TD valign=bottom style=width:164.4pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Title of each class</FONT></P>
</TD><TD valign=bottom style=width:164.4pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:11pt Times New Roman;margin:0'>Trading</P>
<P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Symbol(s)</FONT></P>
</TD><TD valign=bottom style=width:164.4pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:11pt Times New Roman;margin:0'>Name of each exchange on</P>
<P align=center style='font:11pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>which registered</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:164.4pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:11pt Times New Roman;margin:0'>Common Stock, $.01 par value</P>
</TD><TD valign=top style=width:164.4pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:11pt Times New Roman;margin:0'>KSS</P>
</TD><TD valign=top style=width:164.4pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:11pt Times New Roman;margin:0'>New York Stock Exchange</P>
</TD></TR>
</TABLE>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
<P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:10pt;text-indent:36pt'>Emerging growth company&#160; [ ]</P>
<P style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; [ ]</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt;margin-right:0.9pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'><B>Item 7.01</B></KBD><KBD style=margin-left:72pt></KBD><FONT style='border-bottom:1px solid #000000'><B>Regulation FD Disclosure</B></FONT>&nbsp;</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>On March 11, 2021, Kohl&#8217;s Corporation (&#8220;Kohl&#8217;s&#8221; or the &#8220;Company&#8221;) issued a press release in response to the amended preliminary proxy filing put forward by Macellum Advisors GP, LLC, Legion Partners Holdings, LLC, Ancora Advisors, LLC, and 4010 Capital, LLC. &#160;The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>The information in Item 7.01, including the exhibit attached hereto, is furnished solely pursuant to Items 7.01 of Form 8-K. Consequently, such information is not deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in Item 7.01, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-right:93.4pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'><B>Item 9.01.</B></KBD><A name=FIS_SECTION_9_FINANCIAL_STATEMENTS_AND_E /><KBD style=margin-left:72pt></KBD><FONT style='border-bottom:1px solid #000000'><B>Financial Statements and Exhibits</B></FONT><A name=FIS_UNIDENTIFIED_TABLE_2 />&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=middle style=width:47.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&nbsp;</P>
</TD><TD valign=middle style=width:101.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&nbsp;</P>
</TD><TD valign=middle style=width:308.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:47.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&#160;</P>
</TD><TD valign=top style=width:101.5pt><P align=center style='font:11pt Times New Roman;margin:0;margin-left:24.5pt'><FONT style='border-bottom:1px solid #000000'>Exhibit No.</FONT></P>
<P align=center style='font:11pt Times New Roman;margin:0;margin-left:24.5pt'>&nbsp;</P>
</TD><TD valign=top style=width:308.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'><FONT style='border-bottom:1px solid #000000'>Description</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:47.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&#160;</P>
</TD><TD valign=top style=width:101.5pt><P align=center style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>99.1</P>
</TD><TD valign=top style=width:308.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31pt'>Press Release dated March 11, 2021</P>
</TD></TR>
<TR><TD valign=top style=width:47.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&nbsp;</P>
</TD><TD valign=top style=width:101.5pt><P align=center style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&nbsp;</P>
</TD><TD valign=top style=width:308.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31pt'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:47.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>&nbsp;</P>
</TD><TD valign=top style=width:101.5pt><P align=center style='font:11pt Times New Roman;margin:0;margin-left:31.5pt'>104</P>
</TD><TD valign=top style=width:308.5pt><P style='font:11pt Times New Roman;margin:0;margin-left:31pt'>Cover Page Interactive Data File (embedded within the Inline XBRL document)</P>
</TD></TR>
</TABLE>
<P style='font:11pt Times New Roman;margin:0;color:#222222;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#222222;background-color:#FFFFFF'><B>Cautionary Statement Regarding Forward-Looking Information</B></P>
<P style='font:11pt Times New Roman;margin:0;color:#222222;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#222222;background-color:#FFFFFF'>This current report on Form 8-K contains &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding revenue growth and operating margin expansion. The Company intends forward-looking terminology such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;anticipates,&#8221; &#8220;plans,&#8221; or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, and in Item 1A of Part II in the Company's Quarterly Report on Form 10-Q for the quarter ended May 2, 2020, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. Forward-looking statements relate to the date initially made, and the Company undertakes no obligation to update them.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><B>Important Shareholder Information and Where You Can Find It</B> <FONT style=color:#1F497D>&#160;</FONT></P>
<P style='font:11pt Times New Roman;margin:0;color:#222222'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><FONT style=color:#222222>Kohl&#8217;s has filed a preliminary proxy statement and form of BLUE proxy card with the SEC in connection with the solicitation of proxies for Kohl&#8217;s 2021 Annual Meeting of shareholders (the &#8220;Preliminary Proxy Statement&#8221; and such meeting the &#8220;2021 Annual Meeting&#8221;). Kohl&#8217;s, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of Kohl&#8217;s directors and executive officers and their respective interests in Kohl&#8217;s by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in Kohl&#8217;s securities have changed since the amounts described in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC or will be filed within the time period specified by Section 16 of the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Details concerning the nominees of Kohl&#8217;s Board of Directors for election at the 2021 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF KOHL&#8217;S ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING KOHL&#8217;S DEFINITIVE PROXY STATEMENT TO BE FILED IN CONNECTION WITH THE 2021 ANNUAL MEETING, ANY SUPPLEMENTS THERETO AND THE ACCOMPANYING BLUE PROXY CARD BECAUSE THEY WILL CONTAIN IMPORTANT </FONT></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:12pt Times New Roman;margin:0'><FONT style='font-family:Times New Roman;color:#222222'>INFORMATION. Investors and shareholders will be able to obtain a copy of the Preliminary Proxy Statement and other documents filed by Kohl&#8217;s free of charge from the SEC&#8217;s website, </FONT><FONT style='font-family:Times New Roman'>www.sec.gov</FONT><FONT style='font-family:Times New Roman;color:#222222'>. Copies will also be available at no charge on the Kohl&#8217;s website at </FONT><FONT style='font-family:Times New Roman'>investors.kohls.com</FONT><FONT style='font-family:Times New Roman;color:#222222'>.</FONT></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt;margin-right:107.8pt'><A name=FIS_SIGNATURES />&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0;margin-right:107.8pt'><FONT style='border-bottom:1px solid #000000'><B>SIGNATURES</B></FONT></P>
<P align=center style='font:11pt Times New Roman;margin:0;margin-right:27pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-right:27pt'>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:31.5pt;margin-right:107.8pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:180pt'>Dated: &#160;March 11, 2021</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:180pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:180pt'>KOHL&#8217;S CORPORATION</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:180pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:180pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:180pt'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:180pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'>By:</KBD><KBD style=margin-left:36pt></KBD><FONT style='border-bottom:1px solid #000000'>&#160;/s/ Jason J. Kelroy&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:-4.5pt;margin-left:220.5pt'>Jason J. Kelroy</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:-4.5pt;margin-left:220.5pt'>Senior Executive Vice President,</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:-4.5pt;margin-left:220.5pt'>General Counsel and Corporate Secretary<A name=FIS_EXHIBIT_INDEX /><A name=eolPage4 /></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'></DIV>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 11, 2011
<TEXT>
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<TITLE>EXHIBIT 99.1</TITLE>
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<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:11pt Arial;margin:0'><B>EXHIBIT 99.1</B></P>
<P align=right style='font:11pt Arial;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Arial;margin:0'><B>Kohl&#8217;s Comments on Activist Investors&#8217; Announcement</B></P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;margin-left:36pt;color:#000000'><KBD style='position:absolute;font:11pt Noto Sans Symbols;margin-left:-18pt'><I>&#9679;</I></KBD><I>Kohl&#8217;s directors outmatch the Activist Investors&#8217; slate of nominees on relevant experience</I>&nbsp;</P>
<P style='font:11pt Arial;margin:0;margin-left:36pt;color:#000000'><KBD style='position:absolute;font:11pt Noto Sans Symbols;margin-left:-18pt'><I>&#9679;</I></KBD><I>Activists&#8217; proposals threaten to disrupt Kohl&#8217;s business momentum</I>&nbsp;</P>
<P style='font:11pt Arial;margin:0;margin-left:36pt;color:#000000'><KBD style='position:absolute;font:11pt Noto Sans Symbols;margin-left:-18pt'><I>&#9679;</I></KBD><I>Kohl&#8217;s</I><FONT style=color:#222222><I> is </I></FONT><I>continuing to engage in good faith with the Activist Investors with the objective of finding common ground that serves the interest of all shareholders</I>&nbsp;</P>
<P style='font:11pt Arial;margin-top:10pt;margin-bottom:0pt'>MENOMONEE FALLS, Wis.&#8212;March 11, 2021&#8212;Kohl&#8217;s Corporation (NYSE:KSS) (&#8220;Kohl&#8217;s&#8221; or the &#8220;Company&#8221;) today issued the following statement in response to the amended preliminary proxy filing put forward by Macellum Advisors GP, LLC, Legion Partners Holdings, LLC, Ancora Advisors, LLC, and 4010 Capital, LLC (collectively, &#8220;the Activist Investors&#8221;).</P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>The Activist Investors are focused on short-termism and financial engineering at the expense of sustainable operating and financial success. They also propose certain ideas that the Company already has well underway. We reject their attempt to disrupt Kohl's strong business momentum. </P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>Overseen by our Board of Directors, Kohl&#8217;s is executing on a compelling strategy to accelerate topline performance and enhance long-term profitability. We are making significant progress, with the announcements of key strategic partnerships and recent results exceeding expectations. Kohl&#8217;s stock price has appreciated almost 200% since we announced our new strategy in October, outperforming the S&amp;P 500 by more than 170%.</P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>The Kohl&#8217;s Board brings a diverse and relevant set of experiences well suited to support our continued momentum. Our Board has added six new directors since 2016, refreshing the Board by 50%, as part of a continuous refreshment process. These Board changes reflect a deliberate internal assessment of the mix of necessary experience and skills of our Board and our ongoing dialogue with all our shareholders as to their perspectives on our Board&#8217;s composition.</P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>Kohl&#8217;s directors outmatch the Activist Investors&#8217; slate of nominees on relevant experience. For example, all 12 of Kohl&#8217;s directors have extensive retail or consumer-facing industry experience, and four are current or former retail CEOs. Kohl&#8217;s Board also has extensive technology and digital leadership experience as well as significant investment and capital allocation expertise.</P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>In contrast, the Activists&#8217; slate lacks critical relevant experience. One of their nominees has presided over four companies that filed for bankruptcy. Three of their five nominees have not served on boards of retail companies of a comparable size to Kohl&#8217;s. Two of the nominees have never served on a public company board. Finally, four of five of the Activists&#8217; nominees lack meaningful digital experience, an area critically important to Kohl&#8217;s future growth, now representing 40% of our business.</P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>Regardless of whether the Activists are nominating five or nine directors, their capabilities and track records simply do not measure up. Shareholders should reject the efforts of this slate to impose short-termism and financial engineering to disrupt the Kohl&#8217;s business strategy and our ongoing momentum.</P>
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<P style='font:11pt Arial;margin:0'><A name=_heading=h.gjdgxs />Kohl&#8217;s has held numerous meetings with the Activists and is scheduled to engage with them again next week. Kohl&#8217;s<FONT style=color:#222222> Board and management team continue to be open to all ideas that can create value and will continue to engage in good faith with the Activist Investors with the objective of finding common ground that serves the interest of all shareholders.</FONT></P>
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<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:11pt Arial;margin:0;color:#333333;background-color:#FFFFFF'><FONT style=color:#222222><B>Cautionary Statement Regarding Forward-Looking Information</B></FONT></P>
<P style='font:11pt Arial;margin:0;color:#222222;background-color:#FFFFFF'>This press release contains &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;anticipates,&#8221; &#8220;strategy,&#8221; &#8220;preliminary,&#8221; &#8220;plans,&#8221; or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to execute on and realize the benefits of our strategic plan, market conditions beyond our control, including the ongoing and evolving impact of the COVID-19 pandemic, that may negatively impact our stock price vis-&#224;-vis industry analyst expectations and the risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, and in Item 1A of Part II in the Company's Quarterly Report on Form 10-Q for the quarter ended May 2, 2020, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl&#8217;s undertakes no obligation to update them. </P>
<P style='font:11pt Arial;margin:0;color:#222222;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;color:#222222;background-color:#FFFFFF'><B>Important Shareholder Information and Where You Can Find It </B></P>
<P style='font:11pt Arial;margin:0;color:#222222;background-color:#FFFFFF'>Kohl&#8217;s has filed a preliminary proxy statement and form of BLUE proxy card with the SEC in connection with the solicitation of proxies for Kohl&#8217;s 2021 Annual Meeting of shareholders (the &#8220;Preliminary Proxy Statement&#8221; and such meeting the &#8220;2021 Annual Meeting&#8221;). Kohl&#8217;s, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of Kohl&#8217;s directors and executive officers and their respective interests in Kohl&#8217;s by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in Kohl&#8217;s securities have changed since the amounts described in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC or will be filed within the time period specified by Section 16 of the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Details concerning the nominees of Kohl&#8217;s Board of Directors for election at the 2021 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF KOHL&#8217;S ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING KOHL&#8217;S DEFINITIVE PROXY STATEMENT TO BE FILED IN CONNECTION WITH THE 2021 ANNUAL MEETING, ANY SUPPLEMENTS THERETO AND THE ACCOMPANYING BLUE PROXY CARD BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the Preliminary Proxy Statement and other documents filed by Kohl&#8217;s free of charge from the SEC&#8217;s website, www.sec.gov. Copies will also be available at no charge on the Kohl&#8217;s website at investors.kohls.com.</P>
<P style='font:11pt Arial;margin:0;color:#222222;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;color:#222222;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:11pt Arial;margin:0;color:#333333;background-color:#FFFFFF'><FONT style=color:#222222><B>About Kohl&#8217;s</B></FONT></P>
<P style='font:11pt Arial;margin:0'>Kohl&#8217;s (NYSE: KSS) is a leading omnichannel retailer. With more than 1,100 stores in 49 states and the online convenience of Kohls.com and the Kohl's App, Kohl's offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl&#8217;s is uniquely positioned to deliver against its strategy and its vision to be the most trusted retailer of choice for the active and casual lifestyle. Kohl&#8217;s is committed to progress in its diversity and inclusion pledges, and the company's environmental, social and corporate governance (ESG) stewardship. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl&#8217;s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.</P>
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<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:11pt Arial;margin:0'><B>Contacts</B></P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>Investor Relations:</P>
<P style='font:11pt Arial;margin:0'>Mark Rupe, (262) 703-1266, mark.rupe@kohls.com</P>
<P style='font:11pt Arial;margin:0'>&nbsp;</P>
<P style='font:11pt Arial;margin:0'>Media:</P>
<P style='font:11pt Arial;margin:0'>Jen Johnson, (262) 703-5241, jen.johnson@kohls.com </P>
<P style='font:11pt Arial;margin:0'>Lex Suvanto, (646) 775-8337, lex.suvanto@edelman.com</P>
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