Form 4: Goldman Sachs Director Oppenheimer Receives RSU Grant

Goldman Sachs Director Peter Oppenheimer was granted 74 Restricted Stock Units as part of his Q3 2025 compensation.

Summary

• Peter Oppenheimer, a Director of Goldman Sachs Group Inc. (GS), received a grant of 74 Restricted Stock Units (RSUs).
• These RSUs represent compensation for his third quarter 2025 Annual Retainer and Committee Chair Fee for service on the Issuer's Board of Directors.
• He also received compensation for his third quarter 2025 Annual Retainer for service on the Board of Directors of Goldman Sachs Bank USA.
• Following this transaction, Oppenheimer beneficially owns 6,806 derivative securities.
• Shares underlying these RSUs will be delivered approximately 90 days after his retirement from the Issuer's Board of Directors or GS Bank Board of Directors.

Sentiment

Score: 7

Explanation: This is a routine compensation filing, indicating stable corporate governance and aligning director interests with shareholders through equity grants.

Positives

• The grant of Restricted Stock Units (RSUs) to Director Peter Oppenheimer aligns his interests with those of shareholders, as his compensation is tied to the company's future performance.
• This transaction represents a routine compensation event for board service, indicating stable corporate governance practices.

Negatives

• No specific negative aspects are identified in this routine compensation filing.

Risks

• No specific risks related to the company's operations or financial health are disclosed in this Form 4 filing.

Future Outlook

Shares underlying the granted Restricted Stock Units will be delivered approximately 90 days after Peter Oppenheimer's retirement from the Issuer's Board of Directors or Goldman Sachs Bank USA Board of Directors.

Management Comments

• No direct management comments or quotes are provided in this Form 4 filing.

Industry Context

The grant of Restricted Stock Units to a director for board service is a standard practice across the financial services industry and publicly traded companies. This method of compensation aligns director incentives with long-term shareholder value.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as part of director compensation is a common practice among large financial institutions, including peers like JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), and Morgan Stanley (MS).
• Tying director compensation to equity, with vesting periods or delivery upon retirement, is an established corporate governance mechanism designed to promote long-term strategic alignment and responsible oversight, consistent with best practices in the sector.

Management Changes

Corporate Governance

Legal Proceedings

• No legal proceedings or regulatory matters are disclosed in this filing.

Related Party Transactions

• The grant of Restricted Stock Units to Director Peter Oppenheimer constitutes a related party transaction, representing compensation for his board service.

Stakeholder Impact

• Shareholders: The equity grant to a director aligns his financial interests with long-term shareholder value.
• Employees, Customers, Suppliers, Creditors: No direct impact is indicated by this routine compensation filing.

Next Steps

• Delivery of shares underlying the RSUs approximately 90 days after Peter Oppenheimer's retirement from the Issuer's Board of Directors or Goldman Sachs Bank USA Board of Directors.

Key Dates

Recommendation

This Form 4 filing details a routine equity compensation grant to a director and does not contain any new material information that would alter the fundamental investment thesis for Goldman Sachs Group Inc. It reflects standard corporate governance practices and director compensation.

Keywords

Goldman Sachs, GS, Peter Oppenheimer, Director, RSU, Restricted Stock Units, Compensation, Equity Grant, Form 4