Form 4: Macy's EVP Kirgan Sells 50,000 Shares at $17.50

Rhea-AI Filing Summary

Danielle L. Kirgan, EVP & Chief HR Officer of Macy's, Inc. (M), reported an insider sale of 50,000 shares on 09/11/2025 at $17.50 per share. After the sale she beneficially owns 236,161 shares reported as direct ownership. The Form 4 shows no derivative transactions and was signed by an attorney-in-fact on 09/12/2025.

Positive

• Timely and clear disclosure of the insider sale filed on Form 4 with transaction date and price
• No derivative transactions reported, simplifying interpretation of the reporting person's exposure

Negative

• Insider sold 50,000 shares, reducing direct ownership to 236,161 shares (could be viewed negatively by some investors)

Insights

Securities Analyst

TL;DR: Insider sold a modest stake; filing is routine and provides transparent ownership detail.

The sale of 50,000 shares at $17.50 reduces Ms. Kirgan's direct holdings to 236,161 shares. There are no derivative transactions reported, which simplifies ownership exposure. For most investors this transaction appears to be a routine liquidity event rather than a signal of company-wide material change because the filing does not show unusual option exercises, pledges, or additional sales.

Corporate Governance Expert

TL;DR: Timely Form 4 filing demonstrates compliance; the sale merits monitoring but is not by itself material.

The Form 4 was filed to disclose a direct sale and includes the required signature via power of attorney. The disclosure meets Section 16(a) requirements and gives shareholders clear, current information on insider holdings. Absent further context on pattern or size relative to total holdings, this single sale is neutral from a governance perspective.

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
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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^*

Kirgan Danielle L.

(Last) (First) (Middle)

C/O MACY'S, INC.

151 WEST 34TH STREET

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

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)
	EVP, Chief HR Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/11/2025		S		50,000	D	$17.5	236,161	D

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

Explanation of Responses:

Remarks:

	/s/ Steven R. Watts, as attorney-in-fact for Danielle L. Kirgan pursuant to a Power of Attorney	09/12/2025
	** 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.

FAQ

What insider transaction did Macy's (M) report for Danielle L. Kirgan?

The Form 4 reports a sale of 50,000 shares on 09/11/2025 at $17.50 per share.

How many Macy's shares does Danielle Kirgan own after the transaction?

She beneficially owns 236,161 shares following the reported sale.

Were any options or other derivative securities reported for Danielle Kirgan?

No. Table II shows no derivative securities acquired, disposed of, or beneficially owned.

Who signed the Form 4 for Danielle Kirgan?

The filing was signed by Steven R. Watts as attorney-in-fact for Danielle L. Kirgan pursuant to a Power of Attorney on 09/12/2025.

Does the Form 4 indicate this sale was part of a trading plan?

The Form 4 does not indicate that the transaction was made pursuant to a Rule 10b5-1 trading plan or similar contract.