Form 4: Goldman Sachs Director Receives RSU Grant

Goldman Sachs Director Mark A. Flaherty was granted 33 Restricted Stock Units as part of his Q3 2025 annual retainer.

Summary

• Mark A. Flaherty, a Director of Goldman Sachs Group Inc. (GS), reported a grant of Restricted Stock Units (RSUs).
• The transaction occurred on October 15, 2025.
• He was granted 33 Restricted Stock Units.
• These RSUs represent his third-quarter 2025 Annual Retainer.
• The underlying securities are shares of Goldman Sachs common stock, par value $0.01 per share.
• The shares underlying these RSUs will be delivered approximately 90 days after Mr. Flaherty's retirement from the Issuer's Board of Directors.
• Following this transaction, Mr. Flaherty beneficially owns 4,830 derivative securities (RSUs).

Sentiment

Score: 6

Explanation: The filing reports a routine grant of Restricted Stock Units to a director as part of their annual retainer, which is a standard practice for director compensation and aligns director interests with shareholders.

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 compensation practice for board members, indicating stable corporate governance.

Future Outlook

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

The grant of Restricted Stock Units to directors is a common practice in the financial services industry and across publicly traded companies to compensate board members and align their interests with long-term shareholder value. This practice is consistent with typical corporate governance structures for large financial institutions like Goldman Sachs.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as part of director compensation is a widely adopted practice among S&P 500 companies, including major financial institutions such as JPMorgan Chase & Co., Morgan Stanley, and Bank of America.
• These companies frequently use equity-based awards to incentivize long-term commitment and performance from their non-executive directors.
• The specific number of units granted (33 RSUs) would typically be part of a pre-determined annual retainer structure, which varies by company size and board responsibilities but generally aims to provide competitive compensation.

Stakeholder Impact

• Shareholders: Positive impact due to the alignment of director interests with long-term shareholder value through equity-based compensation.

Next Steps

• Delivery of shares underlying the RSUs approximately 90 days after Mark A. Flaherty's retirement from the Board of Directors.

Key Dates

Keywords

Goldman Sachs, GS, Mark A. Flaherty, Restricted Stock Units, RSU, Director Compensation, Insider Transaction, SEC Form 4, Equity Grant