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

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.

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

Structured Notes Analyst

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.

Multi-Asset Portfolio Manager

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.

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^*

Campe Heather

(Last) (First) (Middle)

1200 WILLOW LAKE BOULEVARD

P.O. BOX 64683

(Street)

ST. PAUL MN 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)
	Sr. VP, International Growth

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock								22,316.23(1)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	$0.0000(2)	07/03/2025		A		34.83		(3)	(3)	Common Stock	34.83	$62.24	4,744.83(4)	D
Employee Stock Option (Right-to-Buy)	$51.89							01/27/2022(5)	01/27/2031	Common Stock	19,520		19,520	D
Employee Stock Option (Right-to-Buy)	$53.57							01/25/2019(5)	01/25/2028	Common Stock	21,834		21,834	D
Employee Stock Option (Right-to-Buy)	$64.28							01/27/2026(6)	01/27/2035	Common Stock	10,831		10,831	D
Employee Stock Option (Right-to-Buy)	$68.17							01/24/2024(6)	01/24/2033	Common Stock	10,730		10,730	D
Employee Stock Option (Right-to-Buy)	$72.94							01/24/2023(5)	01/24/2032	Common Stock	11,636		11,636	D
Employee Stock Option (Right-to-Buy)	$77.72							01/26/2025(6)	01/26/2034	Common Stock	9,928		9,928	D
Restricted Stock Units	$0.0000(7)							01/24/2024(8)	01/24/2026	Common Stock	621.44		621.44(9)	D
Restricted Stock Units	$0.0000(7)							01/26/2025(8)	01/26/2027	Common Stock	1,134.66		1,134.66(9)	D
Restricted Stock Units	$0.0000(7)							01/27/2026(8)	01/27/2028	Common Stock	1,910.94		1,910.94(9)	D

Explanation of Responses:

1. Amount includes shares acquired pursuant to a dividend reinvestment plan.

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

3. 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.

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

5. This option is 100% vested.

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

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

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

9. 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.

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.