X0306 4 2020-07-09 0 0000794367 Macy's, Inc. M 0001194702 BLAKE FRANCIS S 2727 PACES FERRY ROAD SE BUILDING ONE, SUITE 750 ATLANTA GA 30339 1 0 0 0 Restricted Stock Units 2020-07-09 4 A 0 23379 0 A Common Stock 23379 23379 D Each restricted stock unit represents the equivalent of one share of the Issuer's common stock. The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends. /s/ Steven R. Watts, as attorney-in-fact for Francis S. Blake pursuant to a Power of Attorney 2020-07-10