Form 4: Goldman Sachs Director Kevin Johnson Receives RSU Grant

Goldman Sachs Director Kevin R. Johnson was granted 403 Restricted Stock Units for his service on the company's and its bank's boards.

Summary

• Kevin R. Johnson, a Director of Goldman Sachs Group Inc (GS), received a grant of 403 Restricted Stock Units (RSUs).
• The transaction date for this grant was January 16, 2026.
• These RSUs were granted for his service on the Issuer's Board of Directors for the 2025 Annual Grant and fourth quarter 2025 Annual Retainer, as well as for service on the Board of Directors of Goldman Sachs Bank USA for the fourth quarter 2025 Annual Retainer.
• Following this transaction, Kevin R. Johnson beneficially owns 3,044 derivative securities (RSUs).
• The shares of Goldman Sachs 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 grant of Restricted Stock Units to a director, which is a standard compensation practice. This is mildly positive as it aligns director interests with shareholders but does not indicate significant new operational or financial developments.

Positives

• The grant of Restricted Stock Units to Director Kevin R. Johnson aligns his interests with those of shareholders, as the value of the RSUs is tied to the company's stock performance.
• This represents a routine compensation event for board service, indicating stable corporate governance practices.

Future Outlook

Shares of Goldman Sachs common stock underlying the granted RSUs will be delivered approximately 90 days after the reporting person's retirement from the Issuer's Board of Directors or Goldman Sachs Bank USA Board of Directors.

Industry Context

The grant of Restricted Stock Units to a director is a standard practice in the financial services industry and across publicly traded companies, serving as a common form of equity-based compensation to align director interests with long-term shareholder value.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as a component of director compensation is a widely adopted practice among S&P 500 companies, including major financial institutions like JPMorgan Chase & Co. and Morgan Stanley, which similarly grant equity awards to their non-employee directors.
• The structure, where shares vest or are delivered upon retirement, is also common, ensuring long-term commitment and alignment with corporate performance.

Related Party Transactions

• Grant of 403 Restricted Stock Units to Kevin R. Johnson, a Director of Goldman Sachs Group Inc, for his service on the company's and Goldman Sachs Bank USA's Boards of Directors.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's long-term interests with shareholder value, as the value of the compensation is tied to the company's stock performance.
• Employees: No direct impact on general employees is indicated by this filing.

Next Steps

• Delivery of common stock underlying the RSUs approximately 90 days after the reporting person's retirement from the Board of Directors.

Key Dates

Recommendation

This Form 4 reports a routine grant of Restricted Stock Units to a director as part of their standard compensation for board service. It does not contain any new material information regarding the company's financial performance, strategic direction, or operational outlook that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate based solely on the content of this filing, as it confirms ongoing, expected corporate governance and compensation practices.

Keywords

Goldman Sachs, GS, Kevin Johnson, Restricted Stock Units, RSU, Director Compensation, Insider Transaction, Form 4