Form 4: Goldman Sachs Director Kevin Johnson Receives RSU Grant

Goldman Sachs director Kevin R. Johnson was granted 50 Restricted Stock Units as part of his 2025 annual retainer for board service.

Summary

• Kevin R. Johnson, a Director of Goldman Sachs Group Inc. (GS), acquired 50 Restricted Stock Units (RSUs).
• The transaction date for this acquisition was October 15, 2025.
• These RSUs were granted as part of the Reporting Person's third quarter 2025 Annual Retainer for service on the Issuer's Board of Directors and the Board of Directors of Goldman Sachs Bank USA (GS Bank).
• Each RSU represents the right to receive one share of Goldman Sachs common stock, par value $0.01 per share.
• Following this transaction, Kevin R. Johnson beneficially owns 2,641 shares of common stock (including shares underlying RSUs).
• Shares of the Issuer's common stock underlying these RSUs will be delivered approximately 90 days after Kevin R. Johnson's retirement from the Issuer's Board of Directors or GS Bank Board of Directors, as applicable.

Sentiment

Score: 6

Explanation: The filing reports a routine compensation event for a director, which is generally neutral but slightly positive as it aligns director interests with shareholders. There are no negative implications or significant new information.

Positives

• The grant of Restricted Stock Units aligns the director's interests with those of shareholders, as the value of the compensation is tied to the company's stock performance.
• This is a routine compensation practice for board members, indicating stable corporate governance and compensation structures.

Future Outlook

Shares underlying the granted Restricted Stock Units will be delivered approximately 90 days after the Reporting Person's retirement from either the Issuer's Board of Directors or the Goldman Sachs Bank USA Board of Directors.

Industry Context

The grant of Restricted Stock Units as part of an annual retainer is a common practice for compensating non-executive directors in large publicly traded financial institutions, including those within the investment banking sector. This method aligns director incentives with long-term shareholder value.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) for director compensation is a standard practice across major financial institutions and S&P 500 companies, including peers like JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS).
• The vesting schedule, tied to retirement, is a common mechanism to encourage long-term commitment and align interests over an extended period, similar to practices observed at other large corporations.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's financial interests with long-term shareholder value.
• Director (Kevin R. Johnson): Receives compensation for board service in the form of equity, which vests upon retirement.

Next Steps

• Delivery of common stock shares underlying the RSUs approximately 90 days after Kevin R. Johnson's retirement from the Goldman Sachs Group Inc. Board of Directors or the Goldman Sachs Bank USA Board of Directors.

Key Dates

Keywords

Goldman Sachs, GS, Kevin Johnson, Form 4, Restricted Stock Units, RSU, Director Compensation, Beneficial Ownership, Corporate Governance