Form 4: Goldman Sachs Director Lakshmi Mittal Receives Future Restricted Stock Unit Grant

Goldman Sachs Group Inc. Director Lakshmi N. Mittal was granted 36 Restricted Stock Units as part of the second quarter 2025 annual retainer, increasing total beneficial ownership to 5,869 RSUs.

Summary

• Lakshmi N. Mittal, a Director of Goldman Sachs Group Inc. (GS), acquired 36 Restricted Stock Units (RSUs).
• The RSUs were granted on July 17, 2025, as part of the reporting person's second quarter 2025 Annual Retainer.
• Each RSU represents the right to receive one share of Goldman Sachs common stock.
• The shares underlying these RSUs will be delivered approximately 90 days after the reporting person's retirement from the Issuer's Board of Directors.
• Following this transaction, Lakshmi N. Mittal beneficially owns a total of 5,869 derivative securities (RSUs).

Sentiment

Score: 7

Explanation: The filing indicates a routine, positive event of director compensation through equity, which is generally viewed favorably as it aligns director interests with shareholders. There are no negative implications or unexpected events.

Positives

• Routine grant of Restricted Stock Units to a director, indicating ongoing compensation and alignment of interests with the company's long-term performance.
• The grant is part of the annual retainer, suggesting a standard and expected compensation practice for board members.

Negatives

• No negative information is present in this routine Form 4 filing, which primarily reports insider stock ownership changes.

Risks

• No specific risks are detailed in this Form 4 filing, which primarily reports insider stock ownership changes and does not discuss operational or financial risks.

Future Outlook

The shares underlying the granted Restricted Stock Units will be delivered approximately 90 days after the reporting person's retirement from the Issuer's Board of Directors.

Industry Context

This Form 4 filing reflects a standard practice in the financial services industry where directors receive equity-based compensation, such as Restricted Stock Units, as part of their annual retainer. This aligns the interests of the director with the long-term performance of the company, a common governance practice among major investment banks like Goldman Sachs.

Comparison to Industry Standards

• The grant of Restricted Stock Units to a director is a common compensation method across the financial services industry, comparable to practices at firms like Morgan Stanley, JPMorgan Chase, and Bank of America.
• While specific compensation amounts vary, the use of equity awards like RSUs is standard for aligning director incentives with shareholder value.
• No specific comparable companies, projects, or results are detailed in this filing beyond the general industry practice of equity-based director compensation.

Stakeholder Impact

• Shareholders: The grant of RSUs to a director aligns the director's interests with shareholders, potentially encouraging decisions that enhance long-term shareholder value.
• Employees: No direct impact on general employees is indicated by this specific filing.
• Customers: No direct impact on customers is indicated by this specific filing.
• Suppliers: No direct impact on suppliers is indicated by this specific filing.
• Creditors: No direct impact on creditors is indicated by this specific filing.

Next Steps

• Delivery of shares underlying the Restricted Stock Units approximately 90 days after the reporting person's retirement from the Board of Directors.

Key Dates

Recommendation

Keywords

Goldman Sachs, GS, Restricted Stock Units, RSU, Director Compensation, Insider Ownership, Form 4, Equity Grant, Lakshmi Mittal