Form 4: Macy's CEO Spring Reports RSU Vesting, Tax-Related Sales

Macy's Chairman and CEO Antony Spring reported the settlement of performance restricted stock units, tax-related share sales, and a new RSU grant.

Summary

• Antony Spring, Chairman & CEO of Macy's, Inc., acquired 103,984 shares of common stock on March 26, 2026, from the settlement of performance restricted stock units granted on March 31, 2023, including 11,932 dividend shares.
• On March 26, 2026, 6,092 shares of common stock were withheld by Macy's, Inc. at $18.49 to satisfy tax withholding obligations related to the RSU vesting.
• On March 27, 2026, 41,450 shares of common stock were sold by Mr. Spring at a weighted average price of $17.9121 (ranging from $17.8350 to $18.0350) to cover tax withholding obligations.
• These sales for tax obligations were non-discretionary transactions.
• Mr. Spring was granted 286,641 new restricted stock units on March 26, 2026, which will vest in four equal installments beginning on the first anniversary of the grant date.
• Following these transactions, Mr. Spring beneficially owns 397,555.1058 shares of common stock and 286,641 restricted stock units.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as moderately positive, reflecting the successful vesting of performance-based awards and a new grant, offset by routine tax-related share sales.

Positives

• Antony Spring acquired 103,984 shares of common stock from the settlement of performance restricted stock units, indicating successful achievement of performance targets over the fiscal 2023-2025 period.
• A new grant of 286,641 restricted stock units was issued to Mr. Spring, aligning his incentives with future company performance.

Negatives

• A total of 47,542 shares (6,092 + 41,450) were disposed of through withholding and sales to cover tax obligations, reducing Mr. Spring's direct common stock holdings.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that executive compensation often includes performance-based equity awards like restricted stock units, which vest upon achieving specific company goals. The subsequent sale of shares to cover tax liabilities upon vesting is a common and non-discretionary event for executives.

Related Party Transactions

• The withholding of 6,092 shares by Macy's, Inc. to satisfy tax obligations is a transaction between the reporting person and the issuer.

Stakeholder Impact

• Shareholders may view the vesting of performance-based RSUs as an indicator of management achieving prior performance targets.
• The new RSU grant aligns executive incentives with long-term shareholder value creation.

Next Steps

• The newly granted 286,641 restricted stock units will vest in four equal installments beginning on the first anniversary of the grant date (March 26, 2027).

Key Dates

Recommendation

This Form 4 filing details routine executive compensation events, specifically the vesting of performance-based restricted stock units and subsequent tax-related share sales, along with a new RSU grant. These transactions are expected and do not provide new fundamental information about Macy's operational performance or strategic direction that would warrant a change in investment recommendation. The net effect on insider ownership, considering both acquisitions and sales, is a slight reduction in direct common stock holdings but an increase in overall equity exposure through new RSU grants, which is neutral to slightly positive for long-term alignment.

Keywords

Macy's, M, Antony Spring, SEC Form 4, Insider Trading, Restricted Stock Units, RSU Vesting, Stock Grant, Executive Compensation, Share Sale, Tax Withholding