[Form 4] H.B. Fuller Company Insider Trading Activity

Q: When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

The single call observation date is 28 July 2027 .

Q: How much will investors receive if the notes are automatically called?

If called, holders receive $1,150 per $1,000 face amount (115%) on the 2 August 2027 call payment date.

Q: What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Investors receive only the $1,000 principal ; there is no loss of principal but also no positive return.

Q: Why is the estimated value ($885–$915) lower than the $1,000 issue price?

The difference reflects underwriting fees, structuring costs and issuer funding spread embedded in Goldman’s pricing models.

Q: Do the notes pay any periodic interest or coupons?

No. The notes bear no interest ; all potential return is delivered via the call premium or upside participation at maturity.

Q: What are the key U.S. tax considerations for these notes?

They are treated as contingent payment debt instruments ; holders must accrue ordinary income annually based on a comparable yield, even though no cash is received until redemption.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Deal Overview GS Finance Corp. is issuing Autocallable EURO STOXX 50® Index-Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are part of the Series F medium-term note programme, will price on 28 July 2025, settle on 31 July 2025 and trade under CUSIP 40058JMC6.

Key Economic Terms

Face amount: $1,000 per note.
Automatic call: single observation on 28 Jul 2027; if EURO STOXX 50 (SX5E) ≥ initial level, investors receive $1,150 (115% of face) on 2 Aug 2027 and the note terminates.
If not called, maturity on 1 Aug 2030. Cash settlement: • SX5E above initial – face plus 100% upside participation; • SX5E at or below initial – return of face only.
No periodic coupons; the notes do not bear interest.
Issuer’s estimated value on trade date: $885–$915 per $1,000, below the 100% issue price.
Issue price 100%; underwriting discount 2.2%; net proceeds 97.8%.
Issuer: GS Finance Corp.; Guarantor: The Goldman Sachs Group, Inc.; Calculation agent: Goldman Sachs & Co. LLC.

Investor Implications

Principal is scheduled to be repaid at maturity if the issuer and guarantor meet their obligations.
Investors can earn a fixed 15% premium after two years if the index is flat-to-up.
Unlimited upside from 2027-2030 if the note is not called.
No downside participation, but zero total return if SX5E is flat or down at maturity.
Secondary values are expected to start 8.5-11.5% below par and depend on Goldman’s market-making.
Taxed as a contingent payment debt instrument; holders accrue ordinary income annually based on a comparable yield.

Principal Risks Highlighted

Credit risk of GS Finance Corp. and the Goldman Sachs Group.
Early-call risk caps gains at 15% and may shorten the investment horizon.
No coupon income; opportunity cost versus interest-bearing debt.
Market value volatility driven by rates, index performance and credit spreads; liquidity not assured.
Complex tax treatment; potential FATCA/§871(m) withholding for non-U.S. holders.

Panoramica del Deal GS Finance Corp. emette Note Autocallable collegate all'indice EURO STOXX 50® con scadenza 2030, garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. Le note fanno parte del programma di obbligazioni a medio termine Serie F, saranno quotate il 28 luglio 2025, regolate il 31 luglio 2025 e negoziate con CUSIP 40058JMC6.

Termini Economici Chiave

Importo nominale: $1.000 per nota.
Richiamo automatico: osservazione singola il 28 luglio 2027; se l'EURO STOXX 50 (SX5E) è ≥ al livello iniziale, gli investitori ricevono $1.150 (115% del nominale) il 2 agosto 2027 e la nota termina.
Se non richiamata, scadenza il 1 agosto 2030. Regolamento in contanti: • se SX5E sopra il livello iniziale – rimborso del nominale più una partecipazione al rialzo del 100%; • se SX5E al di sotto o pari al livello iniziale – solo rimborso del nominale.
Nessuna cedola periodica; le note non pagano interessi.
Valore stimato dall'emittente alla data di negoziazione: $885–$915 per $1.000, inferiore al prezzo di emissione del 100%.
Prezzo di emissione 100%; sconto di sottoscrizione 2,2%; proventi netti 97,8%.
Emittente: GS Finance Corp.; Garante: The Goldman Sachs Group, Inc.; Agente di calcolo: Goldman Sachs & Co. LLC.

Implicazioni per l'Investitore

Il capitale è previsto essere rimborsato a scadenza se emittente e garante rispettano i loro obblighi.
Gli investitori possono ottenere un premio fisso del 15% dopo due anni se l'indice è stabile o in crescita.
Potenziale guadagno illimitato dal 2027 al 2030 se la nota non viene richiamata.
Nessuna partecipazione al ribasso, ma rendimento totale zero se SX5E è stabile o in calo a scadenza.
I valori secondari sono attesi tra l'8,5% e l'11,5% sotto il valore nominale e dipendono dal market making di Goldman Sachs.
Fiscalmente trattate come strumenti di debito a pagamento condizionato; i detentori accumulano reddito ordinario annualmente basato su un rendimento comparabile.

Principali Rischi Evidenziati

Rischio di credito di GS Finance Corp. e The Goldman Sachs Group.
Rischio di richiamo anticipato che limita i guadagni al 15% e può accorciare l'orizzonte d'investimento.
Nessun reddito da cedola; costo opportunità rispetto a titoli di debito con interessi.
Volatilità del valore di mercato influenzata da tassi, performance dell'indice e spread di credito; liquidità non garantita.
Trattamento fiscale complesso; possibile ritenuta FATCA/§871(m) per investitori non statunitensi.

Resumen de la Operación GS Finance Corp. emite Notas Autollamables vinculadas al índice EURO STOXX 50® con vencimiento en 2030, garantizadas total e incondicionalmente por The Goldman Sachs Group, Inc. Las notas forman parte del programa de notas a medio plazo Serie F, se valorarán el 28 de julio de 2025, se liquidarán el 31 de julio de 2025 y se negociarán bajo el CUSIP 40058JMC6.

Términos Económicos Clave

Valor nominal: $1,000 por nota.
Llamada automática: observación única el 28 de julio de 2027; si el EURO STOXX 50 (SX5E) ≥ nivel inicial, los inversores reciben $1,150 (115% del nominal) el 2 de agosto de 2027 y la nota finaliza.
Si no se llama, vencimiento el 1 de agosto de 2030. Liquidación en efectivo: • SX5E por encima del inicial – nominal más 100% de participación al alza; • SX5E en o por debajo del inicial – solo devolución del nominal.
No hay cupones periódicos; las notas no generan intereses.
Valor estimado por el emisor en la fecha de negociación: $885–$915 por $1,000, por debajo del precio de emisión del 100%.
Precio de emisión 100%; descuento de suscripción 2.2%; ingresos netos 97.8%.
Emisor: GS Finance Corp.; Garante: The Goldman Sachs Group, Inc.; Agente de cálculo: Goldman Sachs & Co. LLC.

Implicaciones para el Inversor

El principal se reembolsará a vencimiento si el emisor y garante cumplen sus obligaciones.
Los inversores pueden ganar una prima fija del 15% después de dos años si el índice está plano o al alza.
Potencial alza ilimitada de 2027 a 2030 si la nota no es llamada.
No hay participación en la baja, pero retorno total cero si SX5E está plano o baja al vencimiento.
Los valores secundarios se esperan entre un 8.5% y 11.5% por debajo del par y dependen del market making de Goldman Sachs.
Tributación como instrumento de deuda con pago contingente; los tenedores acumulan ingresos ordinarios anualmente basado en un rendimiento comparable.

Riesgos Principales Destacados

Riesgo crediticio de GS Finance Corp. y The Goldman Sachs Group.
Riesgo de llamada anticipada que limita las ganancias al 15% y puede acortar el horizonte de inversión.
No hay ingreso por cupones; costo de oportunidad frente a deuda que paga intereses.
Volatilidad del valor de mercado impulsada por tasas, desempeño del índice y spreads de crédito; liquidez no garantizada.
Tratamiento fiscal complejo; posible retención FATCA/§871(m) para tenedores no estadounidenses.

거래 개요 GS Finance Corp.는 2030년 만기 Autocallable EURO STOXX 50® 지수 연동 노트를 발행하며, The Goldman Sachs Group, Inc.가 전액 및 무조건적으로 보증합니다. 이 노트는 시리즈 F 중기 노트 프로그램의 일부로, 2025년 7월 28일에 가격이 책정되고, 2025년 7월 31일에 결제되며 CUSIP 번호 40058JMC6로 거래됩니다.

주요 경제 조건

액면가: 노트당 $1,000.
자동 콜: 2027년 7월 28일 단일 관찰; EURO STOXX 50 (SX5E)가 초기 수준 이상이면, 투자자는 $1,150(액면가의 115%)를 2027년 8월 2일에 받고 노트는 종료됩니다.
콜되지 않을 경우, 만기일은 2030년 8월 1일. 현금 결제: • SX5E가 초기 수준 이상 – 액면가와 100% 상승 참여; • SX5E가 초기 수준 이하 또는 같으면 – 액면가만 반환.
정기 쿠폰 없음; 노트는 이자를 지급하지 않습니다.
거래일 기준 발행자의 추정 가치: 액면가 $1,000당 $885–$915, 발행가 100%보다 낮음.
발행가 100%; 인수 수수료 2.2%; 순수익 97.8%.
발행자: GS Finance Corp.; 보증인: The Goldman Sachs Group, Inc.; 계산 대리인: Goldman Sachs & Co. LLC.

투자자 시사점

발행자와 보증인이 의무를 이행하면 만기 시 원금이 상환될 예정입니다.
지수가 변동 없거나 상승하면 2년 후 고정 15% 프리미엄을 얻을 수 있습니다.
노트가 콜되지 않을 경우 2027년부터 2030년까지 무제한 상승 잠재력.
하락 참여는 없으나, 만기 시 SX5E가 변동 없거나 하락하면 총 수익은 0입니다.
중고 가격은 액면가보다 8.5-11.5% 낮은 수준에서 시작할 것으로 예상되며 Goldman의 시장 조성에 따라 달라집니다.
복합 세금 처리; 비미국 투자자에 대해 FATCA/§871(m) 원천징수 가능성 있음.

주요 위험 요인

GS Finance Corp. 및 The Goldman Sachs Group의 신용 위험.
조기 상환 위험으로 인해 수익이 15%로 제한되고 투자 기간이 단축될 수 있음.
쿠폰 수익 없음; 이자 지급 채권 대비 기회비용 존재.
금리, 지수 성과 및 신용 스프레드에 따른 시장 가치 변동성; 유동성 보장 불가.
복잡한 세금 처리; 비미국 투자자에 대한 FATCA/§871(m) 원천징수 가능성.

Présentation de l'Opération GS Finance Corp. émet des Notes Autocallables liées à l'indice EURO STOXX 50® arrivant à échéance en 2030, entièrement et inconditionnellement garanties par The Goldman Sachs Group, Inc. Ces notes font partie du programme de billets à moyen terme Série F, seront cotées le 28 juillet 2025, réglées le 31 juillet 2025 et négociées sous le CUSIP 40058JMC6.

Principaux Termes Économiques

Montant nominal : 1 000 $ par note.
Rappel automatique : observation unique le 28 juillet 2027 ; si l'EURO STOXX 50 (SX5E) ≥ niveau initial, les investisseurs reçoivent 1 150 $ (115 % du nominal) le 2 août 2027 et la note prend fin.
Si non rappelée, échéance le 1er août 2030. Règlement en espèces : • SX5E au-dessus du niveau initial – nominal plus participation à la hausse de 100 % ; • SX5E au niveau initial ou en dessous – remboursement du nominal uniquement.
Pas de coupons périodiques ; les notes ne portent pas d’intérêts.
Valeur estimée par l’émetteur à la date de négociation : 885–915 $ pour 1 000 $, inférieure au prix d’émission de 100 %.
Prix d’émission 100 % ; décote de souscription de 2,2 % ; produit net 97,8 %.
Émetteur : GS Finance Corp. ; Garant : The Goldman Sachs Group, Inc. ; Agent de calcul : Goldman Sachs & Co. LLC.

Implications pour l’Investisseur

Le capital devrait être remboursé à l’échéance si l’émetteur et le garant remplissent leurs obligations.
Les investisseurs peuvent gagner une prime fixe de 15 % après deux ans si l’indice est stable ou en hausse.
Potentiel de hausse illimité de 2027 à 2030 si la note n’est pas rappelée.
Aucune participation à la baisse, mais rendement total nul si le SX5E est stable ou en baisse à l’échéance.
Les valeurs secondaires devraient commencer entre 8,5 % et 11,5 % en dessous du pair et dépendent du market making de Goldman Sachs.
Traitement fiscal complexe ; retenue possible FATCA/§871(m) pour les détenteurs non américains.

Principaux Risques Mis en Évidence

Risque de crédit de GS Finance Corp. et The Goldman Sachs Group.
Risque de rappel anticipé limitant les gains à 15 % et pouvant raccourcir l’horizon d’investissement.
Pas de revenus de coupons ; coût d’opportunité par rapport à la dette portant intérêt.
Volatilité de la valeur de marché influencée par les taux, la performance de l’indice et les spreads de crédit ; liquidité non garantie.
Traitement fiscal complexe ; retenues FATCA/§871(m) possibles pour les détenteurs non américains.

Deal-Übersicht GS Finance Corp. gibt Autocallable EURO STOXX 50® Index-gebundene Notes mit Fälligkeit 2030 heraus, die von The Goldman Sachs Group, Inc. vollständig und bedingungslos garantiert werden. Die Notes sind Teil des Medium-Term-Note-Programms Serie F, werden am 28. Juli 2025 bepreist, am 31. Juli 2025 abgerechnet und unter CUSIP 40058JMC6 gehandelt.

Wichtige Wirtschaftliche Bedingungen

Nennbetrag: $1.000 pro Note.
Automatischer Rückruf: Einmalige Beobachtung am 28. Juli 2027; wenn der EURO STOXX 50 (SX5E) ≥ Anfangswert ist, erhalten Investoren $1.150 (115% des Nennwerts) am 2. August 2027 und die Note endet.
Wenn nicht zurückgerufen, Fälligkeit am 1. August 2030. Barausgleich: • SX5E über Anfangswert – Nennwert plus 100% Aufwärtsbeteiligung; • SX5E auf oder unter Anfangswert – Rückzahlung des Nennwerts.
Keine periodischen Kupons; die Notes tragen keine Zinsen.
Geschätzter Emittentenwert am Handelstag: $885–$915 pro $1.000, unter dem 100% Ausgabepreis.
Ausgabepreis 100%; Underwriting-Abschlag 2,2%; Nettoerlös 97,8%.
Emittent: GS Finance Corp.; Garant: The Goldman Sachs Group, Inc.; Berechnungsagent: Goldman Sachs & Co. LLC.

Implikationen für Investoren

Das Kapital wird bei Fälligkeit zurückgezahlt, sofern Emittent und Garant ihre Verpflichtungen erfüllen.
Investoren können nach zwei Jahren eine feste Prämie von 15% erzielen, wenn der Index unverändert oder gestiegen ist.
Unbegrenztes Aufwärtspotenzial von 2027 bis 2030, falls die Note nicht zurückgerufen wird.
Keine Abwärtsbeteiligung, aber keine Gesamtrendite, wenn SX5E bei Fälligkeit unverändert oder gefallen ist.
Der Sekundärmarktwert wird voraussichtlich 8,5–11,5% unter dem Nennwert starten und hängt vom Market Making von Goldman Sachs ab.
Steuerlich als bedingte Schuldverschreibung behandelt; Inhaber erfassen jährlich ordentliche Einkünfte basierend auf einer vergleichbaren Rendite.

Hervorgehobene Hauptrisiken

Kreditrisiko von GS Finance Corp. und The Goldman Sachs Group.
Risiko eines vorzeitigen Rückrufs, das Gewinne auf 15% begrenzt und den Anlagehorizont verkürzen kann.
Keine Kuponzahlungen; Opportunitätskosten gegenüber verzinslichen Schuldverschreibungen.
Marktwertvolatilität beeinflusst durch Zinsen, Indexentwicklung und Kreditspreads; Liquidität nicht garantiert.
Komplexe steuerliche Behandlung; mögliche FATCA/§871(m) Quellensteuer für Nicht-US-Inhaber.

Positive

100% principal protection at maturity, assuming no issuer or guarantor default.
15% fixed return achievable after two years if the EURO STOXX 50 closes at or above the initial level.
Unlimited 100% upside participation from 2027-2030 if the note is not called.

Negative

Estimated value is 8.5-11.5% below the $1,000 issue price, creating an immediate mark-to-model loss.
Early call caps upside at 15% and may occur under modest market strength.
No periodic interest; zero return if the index is flat or down, leading to opportunity cost.
Complex contingent payment debt instrument tax treatment with annual ordinary income accrual.
Credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
Potentially limited secondary-market liquidity and dealer bid-ask spreads.

Insights

TL;DR Principal-protected autocall grants 15% in 2 yrs, 100% upside later; value discount, call cap and tax complexity temper appeal.

Product design. The note combines full principal protection with a single 2-year call that pays a 15% premium. If SX5E rises modestly, investors are forced out at that fixed return; only if the index is flat or lower does the position continue, giving 100% upside through 2030. This asymmetric profile benefits the issuer by capping payouts in common scenarios while leaving investors exposed to opportunity cost.
Pricing. Estimated value $885-$915 signals an immediate 8.5-11.5% economic cost attributable to fees, hedging and issuer funding benefit. Investors must see the 15% call payoff or strong equity performance post-2027 merely to break even on mark-to-model value.
Risk/return. Principal protection is attractive, yet credit exposure to Goldman remains. Absence of coupons erodes real value in a higher-rate environment. Market-making is discretionary, so exit liquidity may be poor.
Overall. Suitable for investors seeking capital preservation with equity-linked upside, who are comfortable with payoff caps, complex taxation and issuer credit risk.

TL;DR Structured note offers capped equity kicker versus risk-free cash; relative value looks thin given 10% initial discount.

The 15% callable premium compares well to short-dated investment-grade corporates, yet investors forego interim income and accept model value erosion. If SX5E rises ≥ 0% by 2027, reinvestment risk appears at a time when rates may differ. Holding to 2030 yields genuine upside participation, but only if the index beats zero after five years of potential stagnation. From an asset-allocation view, buying SX5E outright alongside Treasuries could replicate similar exposure without credit or liquidity frictions. I see limited portfolio utility except for investors prioritising headline principal protection.

Termini Economici Chiave

Importo nominale: $1.000 per nota.
Richiamo automatico: osservazione singola il 28 luglio 2027; se l'EURO STOXX 50 (SX5E) è ≥ al livello iniziale, gli investitori ricevono $1.150 (115% del nominale) il 2 agosto 2027 e la nota termina.
Se non richiamata, scadenza il 1 agosto 2030. Regolamento in contanti: • se SX5E sopra il livello iniziale – rimborso del nominale più una partecipazione al rialzo del 100%; • se SX5E al di sotto o pari al livello iniziale – solo rimborso del nominale.
Nessuna cedola periodica; le note non pagano interessi.
Valore stimato dall'emittente alla data di negoziazione: $885–$915 per $1.000, inferiore al prezzo di emissione del 100%.
Prezzo di emissione 100%; sconto di sottoscrizione 2,2%; proventi netti 97,8%.
Emittente: GS Finance Corp.; Garante: The Goldman Sachs Group, Inc.; Agente di calcolo: Goldman Sachs & Co. LLC.

Implicazioni per l'Investitore

Il capitale è previsto essere rimborsato a scadenza se emittente e garante rispettano i loro obblighi.
Gli investitori possono ottenere un premio fisso del 15% dopo due anni se l'indice è stabile o in crescita.
Potenziale guadagno illimitato dal 2027 al 2030 se la nota non viene richiamata.
Nessuna partecipazione al ribasso, ma rendimento totale zero se SX5E è stabile o in calo a scadenza.
I valori secondari sono attesi tra l'8,5% e l'11,5% sotto il valore nominale e dipendono dal market making di Goldman Sachs.
Fiscalmente trattate come strumenti di debito a pagamento condizionato; i detentori accumulano reddito ordinario annualmente basato su un rendimento comparabile.

Principali Rischi Evidenziati

Rischio di credito di GS Finance Corp. e The Goldman Sachs Group.
Rischio di richiamo anticipato che limita i guadagni al 15% e può accorciare l'orizzonte d'investimento.
Nessun reddito da cedola; costo opportunità rispetto a titoli di debito con interessi.
Volatilità del valore di mercato influenzata da tassi, performance dell'indice e spread di credito; liquidità non garantita.
Trattamento fiscale complesso; possibile ritenuta FATCA/§871(m) per investitori non statunitensi.

Términos Económicos Clave

Valor nominal: $1,000 por nota.
Llamada automática: observación única el 28 de julio de 2027; si el EURO STOXX 50 (SX5E) ≥ nivel inicial, los inversores reciben $1,150 (115% del nominal) el 2 de agosto de 2027 y la nota finaliza.
Si no se llama, vencimiento el 1 de agosto de 2030. Liquidación en efectivo: • SX5E por encima del inicial – nominal más 100% de participación al alza; • SX5E en o por debajo del inicial – solo devolución del nominal.
No hay cupones periódicos; las notas no generan intereses.
Valor estimado por el emisor en la fecha de negociación: $885–$915 por $1,000, por debajo del precio de emisión del 100%.
Precio de emisión 100%; descuento de suscripción 2.2%; ingresos netos 97.8%.
Emisor: GS Finance Corp.; Garante: The Goldman Sachs Group, Inc.; Agente de cálculo: Goldman Sachs & Co. LLC.

Implicaciones para el Inversor

El principal se reembolsará a vencimiento si el emisor y garante cumplen sus obligaciones.
Los inversores pueden ganar una prima fija del 15% después de dos años si el índice está plano o al alza.
Potencial alza ilimitada de 2027 a 2030 si la nota no es llamada.
No hay participación en la baja, pero retorno total cero si SX5E está plano o baja al vencimiento.
Los valores secundarios se esperan entre un 8.5% y 11.5% por debajo del par y dependen del market making de Goldman Sachs.
Tributación como instrumento de deuda con pago contingente; los tenedores acumulan ingresos ordinarios anualmente basado en un rendimiento comparable.

Riesgos Principales Destacados

Riesgo crediticio de GS Finance Corp. y The Goldman Sachs Group.
Riesgo de llamada anticipada que limita las ganancias al 15% y puede acortar el horizonte de inversión.
No hay ingreso por cupones; costo de oportunidad frente a deuda que paga intereses.
Volatilidad del valor de mercado impulsada por tasas, desempeño del índice y spreads de crédito; liquidez no garantizada.
Tratamiento fiscal complejo; posible retención FATCA/§871(m) para tenedores no estadounidenses.

주요 경제 조건

액면가: 노트당 $1,000.
자동 콜: 2027년 7월 28일 단일 관찰; EURO STOXX 50 (SX5E)가 초기 수준 이상이면, 투자자는 $1,150(액면가의 115%)를 2027년 8월 2일에 받고 노트는 종료됩니다.
콜되지 않을 경우, 만기일은 2030년 8월 1일. 현금 결제: • SX5E가 초기 수준 이상 – 액면가와 100% 상승 참여; • SX5E가 초기 수준 이하 또는 같으면 – 액면가만 반환.
정기 쿠폰 없음; 노트는 이자를 지급하지 않습니다.
거래일 기준 발행자의 추정 가치: 액면가 $1,000당 $885–$915, 발행가 100%보다 낮음.
발행가 100%; 인수 수수료 2.2%; 순수익 97.8%.
발행자: GS Finance Corp.; 보증인: The Goldman Sachs Group, Inc.; 계산 대리인: Goldman Sachs & Co. LLC.

투자자 시사점

발행자와 보증인이 의무를 이행하면 만기 시 원금이 상환될 예정입니다.
지수가 변동 없거나 상승하면 2년 후 고정 15% 프리미엄을 얻을 수 있습니다.
노트가 콜되지 않을 경우 2027년부터 2030년까지 무제한 상승 잠재력.
하락 참여는 없으나, 만기 시 SX5E가 변동 없거나 하락하면 총 수익은 0입니다.
중고 가격은 액면가보다 8.5-11.5% 낮은 수준에서 시작할 것으로 예상되며 Goldman의 시장 조성에 따라 달라집니다.
복합 세금 처리; 비미국 투자자에 대해 FATCA/§871(m) 원천징수 가능성 있음.

주요 위험 요인

GS Finance Corp. 및 The Goldman Sachs Group의 신용 위험.
조기 상환 위험으로 인해 수익이 15%로 제한되고 투자 기간이 단축될 수 있음.
쿠폰 수익 없음; 이자 지급 채권 대비 기회비용 존재.
금리, 지수 성과 및 신용 스프레드에 따른 시장 가치 변동성; 유동성 보장 불가.
복잡한 세금 처리; 비미국 투자자에 대한 FATCA/§871(m) 원천징수 가능성.

Principaux Termes Économiques

Montant nominal : 1 000 $ par note.
Rappel automatique : observation unique le 28 juillet 2027 ; si l'EURO STOXX 50 (SX5E) ≥ niveau initial, les investisseurs reçoivent 1 150 $ (115 % du nominal) le 2 août 2027 et la note prend fin.
Si non rappelée, échéance le 1er août 2030. Règlement en espèces : • SX5E au-dessus du niveau initial – nominal plus participation à la hausse de 100 % ; • SX5E au niveau initial ou en dessous – remboursement du nominal uniquement.
Pas de coupons périodiques ; les notes ne portent pas d’intérêts.
Valeur estimée par l’émetteur à la date de négociation : 885–915 $ pour 1 000 $, inférieure au prix d’émission de 100 %.
Prix d’émission 100 % ; décote de souscription de 2,2 % ; produit net 97,8 %.
Émetteur : GS Finance Corp. ; Garant : The Goldman Sachs Group, Inc. ; Agent de calcul : Goldman Sachs & Co. LLC.

Implications pour l’Investisseur

Le capital devrait être remboursé à l’échéance si l’émetteur et le garant remplissent leurs obligations.
Les investisseurs peuvent gagner une prime fixe de 15 % après deux ans si l’indice est stable ou en hausse.
Potentiel de hausse illimité de 2027 à 2030 si la note n’est pas rappelée.
Aucune participation à la baisse, mais rendement total nul si le SX5E est stable ou en baisse à l’échéance.
Les valeurs secondaires devraient commencer entre 8,5 % et 11,5 % en dessous du pair et dépendent du market making de Goldman Sachs.
Traitement fiscal complexe ; retenue possible FATCA/§871(m) pour les détenteurs non américains.

Principaux Risques Mis en Évidence

Risque de crédit de GS Finance Corp. et The Goldman Sachs Group.
Risque de rappel anticipé limitant les gains à 15 % et pouvant raccourcir l’horizon d’investissement.
Pas de revenus de coupons ; coût d’opportunité par rapport à la dette portant intérêt.
Volatilité de la valeur de marché influencée par les taux, la performance de l’indice et les spreads de crédit ; liquidité non garantie.
Traitement fiscal complexe ; retenues FATCA/§871(m) possibles pour les détenteurs non américains.

Wichtige Wirtschaftliche Bedingungen

Nennbetrag: $1.000 pro Note.
Automatischer Rückruf: Einmalige Beobachtung am 28. Juli 2027; wenn der EURO STOXX 50 (SX5E) ≥ Anfangswert ist, erhalten Investoren $1.150 (115% des Nennwerts) am 2. August 2027 und die Note endet.
Wenn nicht zurückgerufen, Fälligkeit am 1. August 2030. Barausgleich: • SX5E über Anfangswert – Nennwert plus 100% Aufwärtsbeteiligung; • SX5E auf oder unter Anfangswert – Rückzahlung des Nennwerts.
Keine periodischen Kupons; die Notes tragen keine Zinsen.
Geschätzter Emittentenwert am Handelstag: $885–$915 pro $1.000, unter dem 100% Ausgabepreis.
Ausgabepreis 100%; Underwriting-Abschlag 2,2%; Nettoerlös 97,8%.
Emittent: GS Finance Corp.; Garant: The Goldman Sachs Group, Inc.; Berechnungsagent: Goldman Sachs & Co. LLC.

Implikationen für Investoren

Das Kapital wird bei Fälligkeit zurückgezahlt, sofern Emittent und Garant ihre Verpflichtungen erfüllen.
Investoren können nach zwei Jahren eine feste Prämie von 15% erzielen, wenn der Index unverändert oder gestiegen ist.
Unbegrenztes Aufwärtspotenzial von 2027 bis 2030, falls die Note nicht zurückgerufen wird.
Keine Abwärtsbeteiligung, aber keine Gesamtrendite, wenn SX5E bei Fälligkeit unverändert oder gefallen ist.
Der Sekundärmarktwert wird voraussichtlich 8,5–11,5% unter dem Nennwert starten und hängt vom Market Making von Goldman Sachs ab.
Steuerlich als bedingte Schuldverschreibung behandelt; Inhaber erfassen jährlich ordentliche Einkünfte basierend auf einer vergleichbaren Rendite.

Hervorgehobene Hauptrisiken

Kreditrisiko von GS Finance Corp. und The Goldman Sachs Group.
Risiko eines vorzeitigen Rückrufs, das Gewinne auf 15% begrenzt und den Anlagehorizont verkürzen kann.
Keine Kuponzahlungen; Opportunitätskosten gegenüber verzinslichen Schuldverschreibungen.
Marktwertvolatilität beeinflusst durch Zinsen, Indexentwicklung und Kreditspreads; Liquidität nicht garantiert.
Komplexe steuerliche Behandlung; mögliche FATCA/§871(m) Quellensteuer für Nicht-US-Inhaber.

07/07/2025 - 04:18 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Corkrean John J

(Last)

(First)

(Middle)

1200 WILLOW LAKE BOULEVARD

P.O. BOX 64683

(Street)

ST. PAUL

55164-0683

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
FULLER H B CO [ FUL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive VP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								52,196	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Units	$0.0000⁽¹⁾	07/03/2025		A		151.44		⁽²⁾	⁽²⁾	Common Stock	151.44	$62.24	25,713.84⁽³⁾	D
Employee Stock Option (Right-to-Buy)	$43.48							05/17/2017⁽⁴⁾	05/17/2026	Common Stock	16,672		16,672	D
Employee Stock Option (Right-to-Buy)	$45.05							01/24/2020⁽⁴⁾	01/24/2029	Common Stock	41,208		41,208	D
Employee Stock Option (Right-to-Buy)	$48.35							01/24/2021⁽⁴⁾	01/24/2030	Common Stock	48,309		48,309	D
Employee Stock Option (Right-to-Buy)	$50.1							01/26/2018⁽⁴⁾	01/26/2027	Common Stock	23,696		23,696	D
Employee Stock Option (Right-to-Buy)	$51.89							01/27/2022⁽⁴⁾	01/27/2031	Common Stock	38,376		38,376	D
Employee Stock Option (Right-to-Buy)	$53.57							01/25/2019⁽⁴⁾	01/25/2028	Common Stock	21,834		21,834	D
Employee Stock Option (Right-to-Buy)	$64.28							01/27/2026⁽⁵⁾	01/27/2035	Common Stock	24,570		24,570	D
Employee Stock Option (Right-to-Buy)	$68.17							01/24/2024⁽⁵⁾	01/24/2033	Common Stock	22,312		22,312	D
Employee Stock Option (Right-to-Buy)	$72.94							01/24/2023⁽⁴⁾	01/24/2032	Common Stock	21,997		21,997	D
Employee Stock Option (Right-to-Buy)	$77.72							01/26/2025⁽⁵⁾	01/26/2034	Common Stock	24,774		24,774	D
Restricted Stock Units	$0.0000⁽⁶⁾							01/24/2024⁽⁷⁾	01/24/2026	Common Stock	1,292.02		1,292.02⁽⁸⁾	D
Restricted Stock Units	$0.0000⁽⁶⁾							01/26/2025⁽⁷⁾	01/26/2027	Common Stock	2,830.02		2,830.02⁽⁸⁾	D
Restricted Stock Units	$0.0000⁽⁶⁾							01/27/2026⁽⁷⁾	01/27/2028	Common Stock	4,335.92		4,335.92⁽⁸⁾	D

Explanation of Responses:

1. These units (acquired after 12-31-04) convert into shares of common stock on a 1-for-1 basis.

2. These units (acquired after 12-31-04) convert into shares of common stock upon the earlier of certain termination events as specified in the Key Employee Deferred Compensation Plan or such earlier date as selected by the participant, subject to holding periods required by law.

3. Amount includes stock units acquired pursuant to a dividend equivalent feature.

4. This option is 100% vested.

5. This option vests in three annual installments (33%, 33%, and 34%) beginning on the date shown.

6. These restricted stock units convert into shares of common stock on a 1-for-1 basis.

7. These restricted stock units vest in three annual installments (33%, 33%, and 34%) beginning on the date shown.

8. Amount includes restricted stock units acquired pursuant to a dividend equivalent reinvestment feature.

	/s/ Patrick J. Seul, Attorney-in-Fact	07/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

The single call observation date is 28 July 2027.

How much will investors receive if the notes are automatically called?

If called, holders receive $1,150 per $1,000 face amount (115%) on the 2 August 2027 call payment date.

What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Investors receive only the $1,000 principal; there is no loss of principal but also no positive return.

Why is the estimated value ($885–$915) lower than the $1,000 issue price?

The difference reflects underwriting fees, structuring costs and issuer funding spread embedded in Goldman’s pricing models.

Do the notes pay any periodic interest or coupons?

No. The notes bear no interest; all potential return is delivered via the call premium or upside participation at maturity.

What are the key U.S. tax considerations for these notes?

They are treated as contingent payment debt instruments; holders must accrue ordinary income annually based on a comparable yield, even though no cash is received until redemption.

[Form 4] H.B. Fuller Company Insider Trading Activity

Insights

FAQ

When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

How much will investors receive if the notes are automatically called?

What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Why is the estimated value ($885–$915) lower than the $1,000 issue price?

Do the notes pay any periodic interest or coupons?

What are the key U.S. tax considerations for these notes?

NYSE:FUL

FUL Rankings

FUL Latest News

FUL Latest SEC Filings

FUL Stock Data

Trending News

[Form 4] H.B. Fuller Company Insider Trading Activity

Insights

Structured Notes Analyst neutral

Multi-Asset Portfolio Manager neutral

FAQ

When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

How much will investors receive if the notes are automatically called?

What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Why is the estimated value ($885–$915) lower than the $1,000 issue price?

Do the notes pay any periodic interest or coupons?

What are the key U.S. tax considerations for these notes?

NYSE:FUL

FUL Rankings

FUL Latest News

FUL Latest SEC Filings

FUL Stock Data