Form 4: Goldman Sachs Director Peter Oppenheimer Receives Restricted Stock Unit Grant

Goldman Sachs Group Inc. Director Peter Oppenheimer was granted 81 Restricted Stock Units as part of his Q2 2025 retainer for board service.

Summary

• Peter Oppenheimer, a Director of Goldman Sachs Group Inc. (GS), acquired 81 Restricted Stock Units (RSUs).
• The transaction date for this acquisition was July 17, 2025.
• These RSUs represent compensation for his second quarter 2025 Annual Retainer and Committee Chair Fee for service on the Issuer's Board of Directors.
• The grant also includes compensation for his second quarter 2025 Annual Retainer for service on the Board of Directors of Goldman Sachs Bank USA (GS Bank).
• Following this transaction, Peter Oppenheimer beneficially owns 6,732 derivative securities (RSUs).
• Shares of the Issuer's common stock underlying these RSUs will be delivered approximately 90 days after Peter Oppenheimer's retirement from the Issuer's Board of Directors or GS Bank Board of Directors, as applicable.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While a routine compensation event, it signifies continued board service and alignment of interests, which is generally viewed favorably.

Positives

• The grant of Restricted Stock Units to a director indicates continued engagement and alignment of interests between the director and the company's long-term performance.
• This is a standard form of compensation for board service, reflecting stability in corporate governance practices.

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 or Goldman Sachs Bank USA Board of Directors.

Industry Context

This filing represents a routine compensation event for a director at a major financial institution. Such equity grants are common practice across the financial services industry to align director incentives with shareholder value.

Comparison to Industry Standards

• The grant of Restricted Stock Units as part of director compensation is a standard practice within the financial services industry, comparable to compensation structures at other large investment banks and financial conglomerates such as JPMorgan Chase & Co., Bank of America, and Morgan Stanley.
• The specific number of units granted is consistent with typical retainer components for non-executive directors at companies of Goldman Sachs' size and market capitalization, reflecting a blend of cash and equity compensation for board and committee service.

Stakeholder Impact

• Shareholders: The grant of RSUs aligns the director's interests with long-term shareholder value, as the value of the compensation is tied to the company's stock performance.
• Employees: No direct impact on 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 of Goldman Sachs common stock underlying the Restricted Stock Units 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

Keywords

Goldman Sachs, GS, Peter Oppenheimer, Restricted Stock Units, RSUs, SEC Form 4, Insider Transaction, Director Compensation, Equity Grant, Corporate Governance