Was the Macy's (M) insider share sale by Paul Griscom an open-market decision?

The filing states the 433 Macy’s shares sold by Paul Griscom were to cover tax withholding obligations upon vesting of restricted shares. It explicitly notes this did not represent a discretionary transaction by the reporting person, limiting its signaling value about his market view.

Macy's, Inc. (NYSE: M) SVP vests RSUs, sells shares to cover taxes

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Macy's, Inc. senior vice president and controller Paul Griscom reported a combination of equity vesting and a small share sale. On March 28, 2026, 1,501 restricted stock units converted into the same number of common shares at a conversion price of $0.00 per share.

On March 30, 2026, he sold 433 shares of common stock at a weighted average price of $17.744 per share to cover tax withholding obligations upon the vesting of restricted shares, which the filing states was not a discretionary transaction. After these transactions, he directly owned 32,341 shares of Macy's common stock.

Insider Trade Summary

Net Seller: 433 shares ($7,683)

Net Sell 3 txns

Insider Griscom Paul

Role SVP and Controller

Sold 433 shs ($8K)

Type	Security	Shares	Price	Value
Sale	Common Stock	433	$17.744	$8K
Exercise	Restricted Stock Units	1,501	$0.00	--
Exercise	Common Stock	1,501	$0.00	--

Holdings After Transaction: Common Stock — 32,341 shares (Direct); Restricted Stock Units — 3,002 shares (Direct)

Footnotes (1)

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock. Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person. The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.550 to $17.8850, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4. On March 28, 2024, the reporting person was granted 6,003 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Key Figures

Shares sold for taxes: 433 shares Weighted average sale price: $17.744 per share RSUs converted to shares: 1,501 units/shares +3 more

6 metrics

Shares sold for taxes 433 shares Common stock sold on March 30, 2026 to cover tax withholding

Weighted average sale price $17.744 per share Common stock sale on March 30, 2026

RSUs converted to shares 1,501 units/shares Restricted stock units converting to common stock on March 28, 2026

Shares owned after transactions 32,341 shares Direct Macy’s common stock holdings after March 30, 2026

RSU grant size 6,003 units Restricted stock units granted on March 28, 2024, vesting in four installments

RSU conversion price $0.00 per unit Conversion of 1,501 RSUs into common stock

Key Terms

Restricted Stock Units, weighted average price, tax withholding obligations, derivative exercise/conversion, +1 more

5 terms

Restricted Stock Units financial

"On March 28, 2026, 1,501 restricted stock units converted into the same number of common shares"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

weighted average price financial

"The price reported in Column 4 is the weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

tax withholding obligations financial

"Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares"

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

non-derivative financial

"transaction_type": "non-derivative""

Form 4 Insider Transactions: What Each Field Means →

03/31/2026 - 04:34 PM

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^*

Griscom Paul

(Last)

(First)

(Middle)

C/O MACY'S, INC.

145 PROGRESS PLACE

(Street)

SPRINGDALE

OHIO

45246

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Macy's, Inc. [ M ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/28/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/28/2026		M		1,501	A	$0⁽¹⁾	32,774	D
Common Stock	03/30/2026		S		433⁽²⁾	D	$17.744⁽³⁾	32,341	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	03/28/2026		M			1,501	⁽⁴⁾	⁽⁴⁾	Common Stock	1,501	$0	3,002	D

Explanation of Responses:

1. Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

2. Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

3. The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.550 to $17.8850, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

4. On March 28, 2024, the reporting person was granted 6,003 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Remarks:

	/s/ Steven R. Watts, as attorney-in-fact for Paul Griscom pursuant to a Power of Attorney	03/31/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Macy's (M) SVP Paul Griscom report?

Paul Griscom reported RSU vesting into 1,501 Macy's common shares and the sale of 433 shares. The sale was expressly to cover tax withholding obligations related to restricted shares and was not a discretionary transaction according to the filing’s footnotes.

How many Macy's (M) shares does Paul Griscom hold after these transactions?

After the reported transactions, Paul Griscom directly holds 32,341 shares of Macy’s common stock. This figure reflects the net result of the 1,501-share RSU conversion on March 28, 2026 and the 433-share sale on March 30, 2026.

At what price were the Macy's (M) shares sold by Paul Griscom?

The 433 Macy’s shares sold by Paul Griscom carried a weighted average price of $17.744 per share. A footnote explains the shares were sold in multiple trades between $17.550 and $17.8850, and detailed trade breakdowns are available upon request.

What are Paul Griscom’s restricted stock unit (RSU) details at Macy's (M)?

Each restricted stock unit equals one share of Macy’s common stock. A prior grant on March 28, 2024 covered 6,003 RSUs vesting in four equal installments beginning on the first anniversary of the grant date, according to the footnotes in the Form 4.