<SEC-DOCUMENT>0001193125-22-134019.txt : 20220429
<SEC-HEADER>0001193125-22-134019.hdr.sgml : 20220429
<ACCEPTANCE-DATETIME>20220429163916
ACCESSION NUMBER:		0001193125-22-134019
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220429
DATE AS OF CHANGE:		20220429

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:		22876399

	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
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<TYPE>DEFA14A
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
INFORMATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(AMENDMENT NO. ____) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>KOHL&#146;S CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name of Person(s) Filing Proxy Statement if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KOHL&#146;S CORPORATION ISSUED THE FOLLOWING PRESS RELEASE ON APRIL&nbsp;29, 2022: </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kohl&#146;s Incoming Chair Peter Boneparth Sends Letter to Shareholders </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Details steps the Board is taking to maximize shareholder value </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Outlines threat posed by Jonathan Duskin and Macellum&#146;s inexperienced slate to shareholder value </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Kohl&#146;s urges shareholders to VOTE the BLUE Proxy Card FOR ALL 13 of the Company&#146;s highly qualified Directors today </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>For more information, investors can visit <U>www.KohlsMomentum.com</U> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MENOMONEE FALLS, Wis. - April</B><B></B><B>&nbsp;29, 2022 </B>- Kohl&#146;s Corporation (NYSE:KSS) (&#147;Kohl&#146;s&#148; or the &#147;Company&#148;)
today mailed a letter to shareholders on behalf of incoming Chair Peter Boneparth in connection with the Company&#146;s Annual Meeting of Shareholders (the &#147;Annual Meeting&#148;), which is scheduled to be held on May&nbsp;11, 2022. Kohl&#146;s
shareholders of record as of the close of business on March&nbsp;7, 2022 will be entitled to vote at the Annual Meeting. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROTECT THE
VALUE OF YOUR INVESTMENT IN KOHL&#146;S &#150; VOTE THE BLUE PROXY CARD TODAY FOR ALL OF KOHL&#146;S HIGHLY QUALIFIED DIRECTOR NOMINEES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow
Shareholder, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#146;m writing to share my perspective on what&#146;s at stake in this proxy contest and to ask that you vote the BLUE proxy card for all
13 of Kohl&#146;s director nominees. As a current Board member and your incoming independent chair, I believe it&#146;s crucial that you understand the effort your Board has put into overseeing Kohl&#146;s strategy, as well as the concrete risks
presented by Macellum&#146;s inexperienced slate of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of the entire Kohl&#146;s Board, I want to thank our shareholders for your
engagement and feedback during this contest. We have been greatly encouraged by your support for our business strategy and capital allocation plan, as well as the recent public endorsement of all 13 of our slate of Directors from one of our largest
shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your Board is taking the right steps to maximize value for all shareholders. We are recently refreshed, adding six independent directors in
the last three years, including three who joined the Board last year as part of the settlement with Macellum and other investors. We are also continuing to deliver on the strategy we unveiled in October 2020, which helped us achieve record EPS last
year and allowed us to double our annual dividend to $2 per share for 2022. Additionally, as we previously disclosed, following the receipt of unsolicited bids earlier this year, your Board has designated its Finance Committee to lead a robust and
intentional process to explore strategic alternatives to maximize value with the assistance of Goldman Sachs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I can attest to the fact that this is a
thorough, disciplined process. To date, Goldman Sachs has engaged with over 25 parties. Select bidders who have put forward preliminary, <FONT STYLE="white-space:nowrap">non-binding</FONT> proposals have been given access to a data room containing
over 55,000 documents with more than 550,000 pages and they and their representatives have had due diligence meetings with management. As part of this process, your Board is thoroughly testing Kohl&#146;s standalone strategic plan against potential
alternatives. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next step is for interested bidders to put forward proposals with financing commitments and binding
documentation. This Board has been conducting a robust and thorough process and keeping this Board in place will ensure the process is not disrupted or hindered. Your Board&#146;s focus throughout this process is choosing the path that maximizes
shareholder value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At this pivotal time for Kohl&#146;s, we have the right Board to oversee this engagement and the Company&#146;s strategy, always with
the goal of maximizing shareholder value. We believe a review of your Board&#146;s qualifications alongside those of Macellum&#146;s slate shows that your current leadership is best suited to continue to guide the Company forward. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Simply put, Kohl&#146;s Board has the right experience and expertise to grow and protect the value of your investment. Every member of your Board has
extensive retail or consumer-facing industry experience at the executive or Board level from blue-chip companies including Walmart, Kroger, Burlington and lululemon. Ten of our directors have technology,
<FONT STYLE="white-space:nowrap">e-commerce,</FONT> or digital experience from their roles as senior executives at leading retailers, making them equipped to drive the increasingly important omnichannel strategy within retail. Additionally, eight of
our directors are current or former CEOs and twelve of our directors have marketing or brand management experience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In contrast, Macellum&#146;s slate is
notably underqualified: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Six of ten Macellum nominees have never served on a public company board, and none have served on a retail
company board of comparable size to Kohl&#146;s. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Several Macellum nominees are directly associated with bankruptcies and/or have overseen significant value
destruction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Only one of Macellum&#146;s nominees has technology, <FONT STYLE="white-space:nowrap">e-commerce,</FONT> or
digital experience, a critical area to drive an omnichannel strategy within retail. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Macellum has taken a short-term focus throughout
the course of its campaign and does not offer any proposals that would deliver long-term, sustainable value. Perhaps most concerning, Macellum appears to be advocating for a sale at any price. This was clear when Macellum criticized your Board for
rejecting an initial, unsolicited offer of $64 per share, despite publicly claiming that the Company was worth far more. We also find the close professional and personal ties Macellum CEO Jonathan Duskin has with many of his nominees compromise the
true independence of his slate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jonathan Duskin&#146;s short-term focus is further evidenced by his firm&#146;s recent trading of Kohl&#146;s securities.
Macellum has sold Kohl&#146;s stock in the low $60s over the last several months while saying the stock is worth at least $100 per share. Additionally, Macellum bought call options representing approximately 2.5&nbsp;million shares of Kohl&#146;s
common stock just prior to public reports of the unsolicited expression of interest to buy Kohl&#146;s. In the following trading days, Macellum sold most of these options.<SUP STYLE="font-size:85%; vertical-align:top"> [1]</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moreover, Mr.&nbsp;Duskin&#146;s track record at other retailers has been disappointing for shareholders. Mr.&nbsp;Duskin served as director at four companies
that declared bankruptcy either during or shortly after his tenure. Also, he advocated for a sale leaseback at Big Lots which reportedly thwarted a possible buyout from a private equity firm.<SUP STYLE="font-size:85%; vertical-align:top"> [2]</SUP>
Alarmingly, one board that Mr.&nbsp;Duskin served on publicly stated that he inhibited their ability to increase shareholder value. It&#146;s clear that Mr.&nbsp;Duskin&#146;s short-term approach makes him unfit to serve on the Kohl&#146;s Board.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given the threat posed by Jonathan Duskin and Macellum&#146;s inexperienced slate, and the fast-approaching
deadline for casting your vote at this critical juncture, we ask that you vote today online or via phone for all 13 of Kohl&#146;s director nominees &#150; following the instructions below. Alternatively, you can simply sign and date the enclosed
BLUE proxy card and return it in the postage-paid envelope provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your continued support. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Peter Boneparth </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Incoming Chair of the Board </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROTECT THE VALUE
OF YOUR INVESTMENT. VOTE THE BLUE CARD TODAY FOR ALL 13 OF KOHL&#146;S HIGHLY QUALIFIED DIRECTORS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VISIT
<U>WWW.KOHLSMOMENTUM.COM</U> FOR MORE INFORMATION </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YOUR VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Please refer to the enclosed <U>BLUE</U> proxy card for information on how to vote by telephone or by Internet, or simply sign and date the
<U>BLUE</U> proxy card and return it in the postage-paid envelope provided. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If you have any questions, or need assistance in voting
your shares, please call our proxy solicitor: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INNISFREE M&amp;A INCORPORATED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TOLL-FREE, at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-877-687-1874</FONT></FONT></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANKS AND BROKERS MAY CALL COLLECT, at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-212-750-5833</FONT></FONT></FONT> </B></P></div> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding Forward-Looking Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. The Company
intends forward-looking terminology such as &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;anticipates,&#148; &#147;plans,&#148; or similar expressions to identify forward-looking statements.
Such statements, including statements regarding the outcome and timing of the strategic review process, are subject to certain risks and uncertainties, which could cause the Company&#146;s actual results to differ materially from those anticipated
by the forward-looking statements, and there can be no guarantee that the process will result in an agreement to sell the Company or that any such agreement will ultimately be consummated. These risks and uncertainties include, but are not limited
to, risks described </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
more fully in Item 1A in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> which are expressly incorporated herein by reference, and other factors as may
periodically be described in the Company&#146;s filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl&#146;s undertakes no obligation to update them. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Kohl&#146;s </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kohl&#146;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&#146;s App, Kohl&#146;s offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl&#146;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&#146;s is committed to progress in its diversity and inclusion pledges, and the company&#146;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&#146;s impact in the community or how to join our winning team, visit
Corporate.Kohls.com or follow @KohlsNews on Twitter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Relations: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mark Rupe, (262) <FONT STYLE="white-space:nowrap">703-1266,</FONT> mark.rupe@kohls.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jen Johnson, (262)
<FONT STYLE="white-space:nowrap">703-5241,</FONT> jen.johnson@kohls.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lex Suvanto, (646) <FONT STYLE="white-space:nowrap">775-8337,</FONT>
lex.suvanto@edelman.com </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:85%; vertical-align:top">[1]</SUP> Macellum Proxy Statement, March&nbsp;18, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">[2]</SUP>
As reported by Bloomberg August&nbsp;17, 2020 </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KOHL&#146;S CORPORATION ISSUED THE FOLLOWING PRESS RELEASE ON APRIL&nbsp;29, 2022: </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g766357g84v34.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kohl&#146;s Comments on ISS Recommendation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>ISS recognizes that change of board control is unwarranted </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>ISS acknowledges Macellum&#146;s true short-term motivations in declining to recommend for Jonathan Duskin </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Company notes that neither recommended dissident nominee possesses M&amp;A or public board experience </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Kohl&#146;s urges shareholders to vote &#147;FOR ALL&#148; highly qualified director nominees on the BLUE Proxy Card Today </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Menomonee Falls, WIS. &#150; April&nbsp;29, 2022 &#150;</B> Kohl&#146;s Corporation (NYSE: KSS) (&#147;Kohl&#146;s&#148; or the &#147;Company&#148;) today
issued the following statement in response to a report published by proxy advisory firm Institutional Shareholder Services (&#147;ISS&#148;) about the election of Directors to Kohl&#146;s Board of Directors (the &#147;Board&#148;) at the Annual
Shareholder Meeting on May&nbsp;11, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kohl&#146;s is pleased that ISS agreed that a change in Board control is unwarranted. ISS noted: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Within the context of a rapidly changing retail environment, which forced bankruptcies and liquidations of many of KSS&#146; competitors
before and during the pandemic, KSS has been able to maintain steady margins and a strong balance sheet and has generated healthy cash flow, allowing it to pay dividends and execute share repurchases. These operating results do not paint a picture
of a broken company that requires sweeping changes at the top to execute a turnaround.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further, in declining to recommend Macellum Advisors GP, LLC
(&#147;Macellum&#148;) CEO Jonathan Duskin, we are pleased that ISS recognized Macellum&#146;s true short-term motivations: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;&#133;we
note that Macellum appears to have launched this control fight at a company where a full overhaul is unnecessary primarily with a view to completing a real estate transaction.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We strongly disagree with ISS&#146; recommendation that Kohl&#146;s shareholders support two nominees from Macellum&#146;s slate. Pamela Edwards and Jeffrey
Kantor lack the experience necessary to oversee either the continued execution of Kohl&#146;s strategy or a robust process to evaluate expressions of interest to acquire the Company. Neither dissident nominee possesses M&amp;A or public board
experience. Kohl&#146;s believes that adding such directors at this time would be disruptive and negatively impact shareholder value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Kohl&#146;s
Board is conducting a robust and thorough process and keeping this Board in place will ensure the process is not disrupted or hindered. We are pleased that ISS recognized Kohl&#146;s directors&#146; and Finance Committee members&#146; strong M&amp;A
experience, equipping them to run a comprehensive process that maximizes value for shareholders. Ten of our 13 directors have experience in M&amp;A, and our entire board has retail or consumer-facing industry experience. </P>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g766357g84v34.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At this pivotal time for Kohl&#146;s, we have the right Board to oversee this process as well as the
Company&#146;s strategy. Kohl&#146;s Board remains focused on maximizing value for all shareholders and will continue to act in the best interests of all shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">KOHL&#146;S SHAREHOLDERS: WE STRONGLY URGE YOU TO VOTE FOR ALL 13 OF OUR BOARD NOMINEES TO PROTECT THE VALUE OF YOUR INVESTMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VOTE USING THE BLUE CARD TODAY </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary
Statement Regarding Forward-Looking Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;anticipates,&#148; &#147;plans,&#148; or
similar expressions to identify forward-looking statements. Such statements, including statements regarding the outcome and timing of the strategic review process, are subject to certain risks and uncertainties, which could cause the Company&#146;s
actual results to differ materially from those anticipated by the forward-looking statements, and there can be no guarantee that the process will result in an agreement to sell the Company or that any such agreement will ultimately be consummated.
These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> which are expressly incorporated herein by reference, and
other factors as may periodically be described in the Company&#146;s filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl&#146;s undertakes no obligation to update them. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Kohl&#146;s </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kohl&#146;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&#146;s App, Kohl&#146;s offers amazing national and exclusive brands at incredible savings for families nationwide.
Kohl&#146;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&#146;s is committed to progress in its diversity and inclusion pledges, and the
company&#146;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&#146;s impact in the community or how to join our winning team, visit
Corporate.Kohls.com or follow @KohlsNews on Twitter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Relations: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mark Rupe, (262) <FONT STYLE="white-space:nowrap">703-1266,</FONT> mark.rupe@kohls.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jen Johnson, (262)
<FONT STYLE="white-space:nowrap">703-5241,</FONT> jen.johnson@kohls.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lex Suvanto, (646) <FONT STYLE="white-space:nowrap">775-8337,</FONT>
lex.suvanto@edelman.com </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
