Form 4: Goldman Sachs Director Receives RSU Grant

Goldman Sachs Director Thomas K. Montag was granted 364 Restricted Stock Units as part of his 2025 annual compensation.

Summary

• Thomas K. Montag, a Director of Goldman Sachs Group Inc. (GS), was granted 364 Restricted Stock Units (RSUs).
• The transaction date for this grant was January 16, 2026.
• These RSUs represent part of the Reporting Person's 2025 Annual Grant.
• Shares of Goldman Sachs common stock underlying these RSUs will be delivered approximately 90 days after Mr. Montag's retirement from the Issuer's Board of Directors.
• Following this transaction, Mr. Montag beneficially owns 1,397 derivative securities (RSUs).

Sentiment

Score: 6

Explanation: Slightly positive, as it represents routine compensation for a director, aligning their interests with shareholders and indicating continued service.

Positives

• The grant of Restricted Stock Units to Director Thomas K. Montag aligns his interests with those of shareholders, as the value of the compensation is tied to the company's stock performance.
• This RSU grant is a standard component of director compensation, indicating continued engagement and commitment from a key board member.

Risks

• The value of the Restricted Stock Units is subject to the future performance of Goldman Sachs' common stock, meaning the ultimate value realized by the director could be lower than the grant date value if the stock price declines.
• The delivery of shares is contingent upon the director's retirement from the Board, introducing a time-based vesting element that ties compensation to continued service.

Future Outlook

The filing indicates that shares underlying the Restricted Stock Units will be delivered approximately 90 days after the Reporting Person's retirement from the Issuer's Board of Directors, linking future share delivery to a future event.

Industry Context

This RSU grant is a common form of equity compensation for directors in the financial services industry, particularly for large investment banks like Goldman Sachs. Such grants are designed to align the interests of board members with long-term shareholder value creation.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as a component of director compensation is a widely adopted practice across the financial industry, including major institutions such as JPMorgan Chase, Morgan Stanley, and Bank of America.
• The structure, where shares are delivered post-retirement, is a common mechanism to incentivize long-term commitment and align director interests with the company's sustained performance, similar to practices observed at peer firms.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's financial interests with shareholder value, as the value of the compensation is directly tied to the company's stock performance.
• Employees: No direct impact on general 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 underlying the Restricted Stock Units approximately 90 days after Thomas K. Montag's retirement from the Goldman Sachs Board of Directors.

Key Dates

Keywords

Goldman Sachs, GS, Restricted Stock Units, RSU, Insider Transaction, Form 4, Director Compensation, Equity Grant, Executive Compensation