<SEC-DOCUMENT>0000892712-22-000092.txt : 20220325
<SEC-HEADER>0000892712-22-000092.hdr.sgml : 20220325
<ACCEPTANCE-DATETIME>20220325163539
ACCESSION NUMBER:		0000892712-22-000092
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220325
DATE AS OF CHANGE:		20220325

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:			0129

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11084
		FILM NUMBER:		22771923

	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>kss14a32522.htm
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<TITLE>DEFA14A</TITLE>
<DIV style=margin-left:32pt;width:468pt><P style='font:12pt Times New Roman;margin:0'><KBD style='position:absolute;text-align:right;font:12pt Times New Roman;width:463.5pt;border-bottom:1px solid #000000'></KBD>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:18pt Times New Roman;margin-top:4pt;margin-bottom:0pt'><B>UNITED STATES </B></P>
<P align=center style='font:18pt Times New Roman;margin:0'><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>Washington, D.C. 20549 </B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><KBD style='position:absolute;text-align:right;font:12pt Times New Roman;width:459pt;border-bottom:1px solid #000000'></KBD>&nbsp;</P>
<P align=center style='font:18pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>SCHEDULE 14A INFORMATION </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>(AMENDMENT NO. ____) </B></P>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:2pt'><KBD style='position:absolute;text-align:right;font:12pt Times New Roman;width:459pt;border-bottom:1px solid #000000'></KBD>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Filed by the Registrant&#160;&#160;[X] </P>
<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Filed by a Party other than the Registrant&#160;&#160;<FONT style='font-family:Segoe UI Symbol'>[&#160;&#160;]</FONT> </P>
<P style='font:10pt Times New Roman;margin-top:24pt;margin-bottom:0pt'>Check the appropriate box: </P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=middle style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[&#160;&#160;]</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Preliminary Proxy Statement </P>
</TD></TR>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=middle style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[&#160;&#160;]</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))&#160;</P>
</TD></TR>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=middle style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[&#160;&#160;]</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Definitive Proxy Statement </P>
</TD></TR>
</TABLE>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=middle style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[X]</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Definitive Additional Materials </P>
</TD></TR>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=middle style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[&#160;&#160;]</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Soliciting Material Pursuant to &#167;240.14a-12</P>
</TD></TR>
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<P align=center style='font:18pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>KOHL&#8217;S CORPORATION </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P align=center style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>Name of Person(s) Filing Proxy Statement if other than the Registrant) </B></P>
<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Payment of Filing Fee (Check all boxes that apply): </P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=middle style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[X]</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>No fee required </P>
</TD></TR>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=top style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[&#160;&#160;]</P>
</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0;color:#000000'>Fee paid previously with preliminary materials </P>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:100%><TR><TD valign=middle style=width:4%><P style='font:10pt Times New Roman;margin:0;color:#000000'>[&#160;&#160;]</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</P>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:2pt'><KBD style='position:absolute;text-align:right;font:12pt Times New Roman;width:459pt;border-bottom:1px solid #000000'></KBD>&nbsp;</P>
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<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>EXPLANATORY NOTE</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>This Schedule 14A is being filed by Kohl&#8217;s Corporation to supplement its definitive proxy statement for the Annual Meeting of Shareholders to be held on May 11, 2022, which was filed with the U.S. Securities and Exchange Commission on March 17, 2022, in order to supplement the &#8220;Background of the Solicitation&#8221; section of the same. Except as specifically provided in this supplement, this supplement does not otherwise modify or update any other disclosures presented in the proxy statement. In addition, this supplement does not reflect any other events occurring after the date of the proxy statement or modify or update disclosures that may have been affected by subsequent events.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:6pt'><B>SUPPLEMENTAL INFORMATION REGARDING </B></P>
<P align=center style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:6pt'><B>THE ANNUAL MEETING OF SHAREHOLDERS</B></P>
<P align=center style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:6pt'><FONT style='border-bottom:1px solid #000000'><B>TO BE HELD ON MAY 11, 2022</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:6pt;margin-bottom:6pt'><B>THIS SUPPLEMENT SHOULD BE READ TOGETHER WITH THE PROXY STATEMENT</B></P>
<P style='font:10pt Times New Roman;margin:0'>The following information amends the Definitive Proxy Statement on Schedule 14A filed by Kohl&#8217;s Corporation (the &#8220;<FONT style='border-bottom:1px solid #000000'>Company</FONT>&#8221;) with the U.S. Securities and Exchange Commission on March 17, 2022 (the &#8220;<FONT style='border-bottom:1px solid #000000'>Proxy Statement</FONT>&#8221;), in connection with the Company&#8217;s Annual Meeting of Shareholders to be held on May 11, 2022 (the &#8220;<FONT style='border-bottom:1px solid #000000'>Annual Meeting</FONT>&#8221;), and should be read together with the Proxy Statement. Other than as set forth below, no changes have been made to the Proxy Statement. </P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>Supplemental Disclosure to the Proxy Statement</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The sentence &#8220;On February 14, 2022, Macellum and its advisors delivered two letters to the Company, one of which requested that the Board of Directors make certain determinations under certain Company agreements with respect to the Macellum Control Slate Nominees . . . ,&#8221; which appears on page 13 of the Proxy Statement is hereby amended and restated in its entirety to read as follows:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>On February 14, 2022, Macellum and its advisors delivered two letters to the Company, one of which (the &#8220;<FONT style='border-bottom:1px solid #000000'>Change-in Control Letter</FONT>&#8221;) requested that the Board of Directors make certain determinations under certain Company agreements with respect to the Macellum Control Slate Nominees. The Change-in-Control Letter noted that the removal or replacement of a majority of the Company&#8217;s current directors could trigger &#8220;change of control&#8221; provisions in certain of the Company&#8217;s material contracts, including:</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:75pt'><KBD style='position:absolute;text-align:right;margin-left:-105pt;width:75pt;font:10pt Times New Roman'>i.</KBD><KBD style=margin-left:0pt></KBD>The Credit Agreement, dated as of October 22, 2021, by and among the Company, certain of the Company&#8217;s subsidiaries named therein, Wells Fargo Bank, National Association, as agent, and the other lenders party thereto (the &#8220;<FONT style='border-bottom:1px solid #000000'>2021 Credit Agreement</FONT>&#8221;), &nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:75pt'><KBD style='position:absolute;text-align:right;margin-left:-105pt;width:75pt;font:10pt Times New Roman'>ii.</KBD><KBD style=margin-left:0pt></KBD>The Indenture, dated as of December 1, 1995, between the Company and The Bank of New York, and each of the supplemental indentures related thereto (the &#8220;<FONT style='border-bottom:1px solid #000000'>Indenture</FONT>&#8221; and, together with the 2021 Credit Agreement, the &#8220;<FONT style='border-bottom:1px solid #000000'>Debt Documents</FONT>&#8221;), &nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:75pt'><KBD style='position:absolute;text-align:right;margin-left:-105pt;width:75pt;font:10pt Times New Roman'>iii.</KBD><KBD style=margin-left:0pt></KBD>The Warrant to Purchase Common Stock, dated as of April 18, 2019, between the Company and Amazon.com NV Investment Holdings LLC (&#8220;<FONT style='border-bottom:1px solid #000000'>Amazon.com</FONT>&#8221; and such warrant, the &#8220;<FONT style='border-bottom:1px solid #000000'>Warrant</FONT>&#8221;), &nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:75pt'><KBD style='position:absolute;text-align:right;margin-left:-105pt;width:75pt;font:10pt Times New Roman'>iv.</KBD><KBD style=margin-left:0pt></KBD>Certain employment and executive compensation agreements between the Company and its named executive officers and certain key employees (collectively, the &#8220;<FONT style='border-bottom:1px solid #000000'>Compensation Agreements</FONT>&#8221;), and&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:75pt'><KBD style='position:absolute;text-align:right;margin-left:-105pt;width:75pt;font:10pt Times New Roman'>v.</KBD><KBD style=margin-left:0pt></KBD>Certain of the Company&#8217;s equity plans, including the 2010 Long Term Incentive Plan, approved May 13, 2020 and the 2017 Long-Term Compensation Plan Compensation Incentive Plan, approved May 10, 2017 (the &#8220;<FONT style='border-bottom:1px solid #000000'>Equity Compensation Plans</FONT>&#8221; and, together with the Debt Documents, the Warrant and the Compensation Agreements, the &#8220;<FONT style='border-bottom:1px solid #000000'>Change of Control Agreements</FONT>&#8221;). &nbsp;</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>The triggering of such provisions would generally result in (i) with respect to the Debt Documents, an immediate obligation to repay the underlying debt (provided that, with respect to the notes, such immediate debt repayment is only triggered if the change of control is followed by a below investment grade rating), (ii) with respect to the Warrant, immediate vesting of any unvested shares, and (iii) with respect to the Equity Compensation Plans and Compensation Agreements, accelerated vesting of awards and entitlement to severance benefits as described further under the heading &#8220;Potential Payments Upon Termination or Change of Control.&#8221; </P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>In the Change-in-Control Letter, Macellum demanded that the Board of Directors waive the change of control provisions of each of the Change of Control Agreements in connection with the Annual Meeting, such that an election of the Macellum Control Slate would not trigger the change of control provisions in the Change of Control Agreements. &nbsp;&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Having thoroughly considered the foregoing, the Board of Directors, in each case acting consistent with its fiduciary obligations, will take the following actions with respect to the Change of Control Agreements:</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><B>The Debt Documents</B></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>The Board of Directors&#8217; fiduciary duties may require it to approve the nomination of the Macellum Control Slate Nominees for purposes of the change in control provisions in the Debt Documents, unless the Board of Directors identifies a specific and substantial risk to the Company or its creditors posed by such nominees. After considering various factors and consultation with the Company&#8217;s counsel, even though the Board of Directors does not believe it to be in the best interests of the Company and its shareholders for shareholders to vote for the nomination of any of the Macellum Control Slate Nominees and to remove any doubt regarding the effect of the nomination or appointment of the Macellum Control Slate Nominees under the Debt Documents, the Board of Directors has determined that it will, immediately prior to the Annual Meeting of Shareholders, formally approve the nomination for appointment of the Macellum Control Slate Nominees, solely and specifically for the purposes of the change in control provision in the Debt Documents, and NOT for purposes of endorsing or otherwise supporting the nomination for appointment of the Macellum Control Slate Nominees. In making its determination, the Board of Directors considered a variety of factors, including, among others, the amount outstanding under the Debt Documents that would become due and payable upon a change in control and the availability of replacement financing on commercially reasonably terms to satisfy any such repayment obligations upon a change in control. As a result of, among other things, the Board of Directors&#8217; pending approval of the Macellum Control Slate Nominees for this limited purpose, the Company believes the nomination for appointment of the Macellum Control Slate Nominees will not trigger the change in control provision under the terms of the Debt Documents. Notwithstanding the above, the Board of Directors unanimously recommends that shareholders vote AGAINST the Macellum Control Slate.</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><B>The Warrant</B></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>With respect to the Warrant, the Board of Directors has determined not to waive the change of control provision in the Warrant as such a waiver is not required under applicable law nor for the Board of Directors to be acting in accordance with its fiduciary obligations. The Board of Directors views such a waiver as detrimental to the Company&#8217;s ongoing successful relationship with Amazon.com, and notes that 60% of the shares subject to the Warrant have already vested. In light of the Company&#8217;s value-enhancing relationship with Amazon.com, and the immaterial incremental cost of the change of control provision being triggered in the event that the Macellum Control Slate Nominees are elected to the Board of Directors, the Board of Directors concluded that it is in the best interest of the Company&#8217;s shareholders to take no action with respect to the change of control provision under the Warrant. </P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><B>The Equity Compensation Plans and Compensation Agreements</B></P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>With respect to the Equity Compensation Plans and Compensation Agreements, the Board of Directors has no contractual right to waive the change in control provisions in such agreements. Further, the Board of Directors believes that failing to honor the Company&#8217;s obligations with respect to these agreements would detrimentally impact the Company&#8217;s ability to hire and retain top talent in the highly competitive market for corporate executives. &nbsp;Accordingly, the Board of Directors has concluded that it will take no action with respect to the Equity Compensation Plans and Compensation Agreements. </P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;text-align:right;font:10pt Times New Roman;width:463.5pt;border-bottom:1px solid #000000'></KBD>&nbsp;</P>
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