Home Depot reported an insider ownership change involving Michael F. Rowe on May 28, 2026, in a Form 4 signed the following day by Stephanie Bignon as attorney-in-fact. The filing indicates the change related to derivative securities, specifically phantom stock units tied to Home Depot common stock. The reported securities were not conventional stock options or open-market share transactions. According to the explanatory notes, Rowe held phantom stock units representing interests in a unitized Home Depot stock fund made up of both company stock and cash. Because the fund’s stock-and-cash mix can fluctuate from day to day, the number of phantom stock units Rowe was deemed to beneficially own could also change based on the fund’s composition. The key corporate-insider action was a non-discretionary liquidation of these phantom stock units following Rowe’s separation from service from a Canadian affiliate of Home Depot. In other words, the transaction appears to have been triggered automatically under the terms of the plan rather than reflecting a discretionary insider sale or purchase decision. The provided filing text does not specify the number of phantom stock units liquidated, the transaction price, a transaction code, or the amount of derivative securities beneficially owned after the reported transaction. It also does not report an open-market acquisition or disposition of Home Depot common shares. The significance of the filing is that it discloses the settlement or liquidation of a stock-linked deferred compensation or phantom equity interest associated with Rowe’s departure from the affiliated employer, rather than a market-timing trade in Home Depot stock.