Form 4: Goldman Sachs Director Kevin R. Johnson Receives Restricted Stock Units

Director Kevin R. Johnson received 95 Restricted Stock Units (RSUs) as part of his annual retainer for service on the boards of Goldman Sachs Group Inc. and Goldman Sachs Bank USA.

Summary

• Kevin R. Johnson, a director at Goldman Sachs Group Inc., received 95 Restricted Stock Units (RSUs) on April 16, 2024.
• These RSUs are part of his first quarter 2024 annual retainer for serving on the Issuer's Board of Directors and the Board of Directors of Goldman Sachs Bank USA.
• The shares of Goldman Sachs' common stock underlying these RSUs will be delivered approximately 90 days after Johnson's retirement from either board.
• Following this transaction, Johnson directly owns 1,685 derivative securities.
• The reporting person has signed the document through their attorney-in-fact, Jamie A. Greenberg.

Sentiment

Score: 7

Explanation: The document reflects a routine compensation practice. It's neutral to slightly positive as it indicates continued board service.

Positives

• The grant of RSUs to a director aligns their interests with the long-term performance of the company.
• The director's continued service on the board is incentivized through the vesting of these RSUs.

Future Outlook

The shares underlying the RSUs will be delivered approximately 90 days after the retirement of the Reporting Person from the Issuer's Board of Directors or GS Bank Board of Directors, as applicable.

Industry Context

This is a standard practice for compensating board members in publicly traded companies, aligning their interests with shareholders.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash retainers, equity grants (like RSUs), and other benefits.
• The size and structure of these packages vary depending on the company's size, industry, and performance.
• Comparing Goldman Sachs' director compensation to that of other large financial institutions like JP Morgan Chase or Morgan Stanley would provide a better benchmark.

Stakeholder Impact

• Shareholders may view this as a positive sign, indicating that the director's interests are aligned with theirs.
• Employees may see this as a standard part of executive compensation.

Key Dates