Form 4: Goldman Sachs Director McClure Receives RSU Grant

Goldman Sachs Director Kathleen R. McClure was granted 33 Restricted Stock Units as part of her third-quarter 2025 annual retainer.

Summary

• Kathleen R. McClure, a Director of Goldman Sachs Group Inc. (GS), acquired 33 Restricted Stock Units (RSUs) on October 15, 2025.
• These RSUs were granted as part of her third-quarter 2025 Annual Retainer.
• The underlying securities for these RSUs are shares of Goldman Sachs' common stock, par value $0.01 per share.
• The shares of common stock underlying these RSUs will be delivered approximately 90 days after Ms. McClure's retirement from the Issuer's Board of Directors.
• Following this transaction, Ms. McClure beneficially owns 102 derivative securities (RSUs) directly.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. While a routine compensation event, it signifies continued director engagement and alignment of interests with shareholders through equity awards. It is not a material event that would significantly alter the company's overall outlook or stock performance.

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 represents a routine and expected form of compensation for board members, indicating stable corporate governance practices.

Future Outlook

Shares of the Issuer's common stock underlying these Restricted Stock Units will be delivered approximately 90 days after the Reporting Person's retirement from the Issuer's Board of Directors.

Industry Context

The grant of Restricted Stock Units to a non-executive director as part of an annual retainer is a common and standard practice within the financial services industry and large publicly traded companies to compensate board members and align their long-term interests with those of shareholders.

Comparison to Industry Standards

• This RSU grant is consistent with typical director compensation structures observed across major financial institutions and S&P 500 companies, which often include a mix of cash and equity-based awards.
• The use of RSUs with a deferred delivery mechanism (post-retirement) is a standard approach to encourage long-term commitment and stewardship from board members, similar to practices at peers like JPMorgan Chase & Co. or Morgan Stanley.

Related Party Transactions

• The grant of Restricted Stock Units to Kathleen R. McClure, a Director, constitutes a related party transaction as it involves compensation from the company to a member of its board. This is a routine and disclosed compensation event.

Stakeholder Impact

• Shareholders: Minor positive impact due to increased alignment of director's interests with long-term shareholder value through equity compensation.
• Director (Kathleen R. McClure): Positive impact through receipt of equity compensation as part of her annual retainer.

Next Steps

• Delivery of common stock shares underlying the RSUs to Kathleen R. McClure approximately 90 days after her retirement from the Board of Directors.

Key Dates

Recommendation

This Form 4 filing reports a routine grant of Restricted Stock Units to a director as part of their compensation, which is not a material event that would typically alter an investment recommendation for Goldman Sachs Group Inc. The transaction reflects standard corporate governance and compensation practices rather than a significant change in company fundamentals or outlook.

Keywords

Goldman Sachs, GS, Kathleen R. McClure, Restricted Stock Units, RSU, Director Compensation, Insider Transaction, SEC Form 4