Form 4: Goldman Sachs Director Mittal Receives RSU Grant

Goldman Sachs Director Lakshmi N. Mittal was granted 33 Restricted Stock Units as part of the third quarter 2025 annual retainer.

Summary

• Lakshmi N. Mittal, a Director of Goldman Sachs Group Inc., was granted 33 Restricted Stock Units (RSUs).
• These RSUs are designated as part of the annual retainer for the third quarter of 2025.
• The underlying shares of common stock will be delivered approximately 90 days after Mittal's retirement from the Board of Directors.
• Following this transaction, Mittal beneficially owns a total of 5,902 derivative securities (RSUs).

Sentiment

Score: 6

Explanation: A routine, expected transaction for director compensation. It is neutral to slightly positive as it shows continued director engagement and standard governance, but does not indicate significant operational or financial news that would materially impact the company's outlook.

Positives

• Director Lakshmi N. Mittal received 33 Restricted Stock Units, indicating continued compensation and alignment with shareholder interests.
• The grant is part of a routine annual retainer, suggesting stable and predictable compensation practices for board members.

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 is a routine compensation event for a director, common across publicly traded companies, reflecting standard corporate governance practices for non-employee directors. Equity-based compensation like RSUs is widely used to align director incentives with long-term shareholder value.

Comparison to Industry Standards

• Director compensation through equity grants like RSUs is a standard practice in the financial services industry and among large public companies, aligning director incentives with long-term shareholder value.
• Comparable financial institutions such as JPMorgan Chase, Bank of America, and Morgan Stanley also utilize similar equity-based compensation structures for their non-executive directors as part of their annual retainers.

Stakeholder Impact

• Shareholders: The grant aligns director interests with long-term shareholder value, promoting good governance.
• Employees: No direct impact on general employees is indicated by this filing.

Next Steps

• Delivery of common stock shares approximately 90 days after Lakshmi N. Mittal'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 annual retainer. Such a transaction is standard practice for director compensation and does not provide new material information that would significantly alter the investment thesis for Goldman Sachs. It reflects ongoing corporate governance and compensation structures rather than a change in the company's operational or financial outlook. Therefore, a 'hold' recommendation is appropriate as this filing alone does not warrant a change in investment position.

Keywords

Goldman Sachs, GS, Lakshmi Mittal, Restricted Stock Units, RSU, Director Compensation, Insider Transaction, SEC Form 4