[Form 4] Goldman Sachs Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Goldman Sachs Group (GS) – Form 4 filing: Director Peter Oppenheimer reported a grant of 81 Restricted Stock Units (RSUs) on 07/17/2025, representing his Q2-25 board retainer and committee-chair compensation for both Goldman Sachs Group and Goldman Sachs Bank USA. The RSUs will convert into GS common stock roughly 90 days after his retirement from either board. After this award, Oppenheimer holds 6,732 RSUs in total, all classified as direct ownership. No open-market purchases or sales were disclosed, and there is no cash consideration. The transaction is routine director compensation and is immaterial to GS’s share count or earnings.

Positive

• Equity-based compensation further aligns the director’s interests with long-term shareholder value.

Negative

• Minor share issuance adds marginal dilution, though the effect is negligible.

Insights

Financial Analyst

TL;DR: Routine 81-share RSU grant to director; negligible financial impact, neutral for GS valuation.

Oppenheimer’s grant equals less than 0.00003% of GS’s ~330 million shares outstanding, so dilution and EPS effects are immaterial. Because the RSUs vest only at retirement, the award serves more as a long-term alignment mechanism than a near-term signal. Absence of open-market buying or selling suggests no directional insight into the stock. For investors, the filing is standard governance disclosure and carries neutral rating.

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

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

1. Name and Address of Reporting Person^*

OPPENHEIMER PETER

(Last) (First) (Middle)

C/O GOLDMAN SACHS & CO. LLC

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GOLDMAN SACHS GROUP INC [ GS ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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

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
Restricted Stock Units	(1)	07/17/2025		A		81		(1)	(1)	Common Stock, par value $0.01 per share	81	$0	6,732	D

Explanation of Responses:

1. Represents Restricted Stock Units ("RSUs") granted for the Reporting Person's second quarter 2025 Annual Retainer and Committee Chair Fee for service on the Issuer's Board of Directors and second quarter 2025 Annual Retainer for service on the Board of Directors of Goldman Sachs Bank USA ("GS Bank"). Shares of the Issuer's common stock underlying these RSUs will be delivered approximately 90 days after the retirement of the Reporting Person from the Issuer's Board of Directors or GS Bank Board of Directors, as applicable.

Remarks:

	/s/ Jamie A. Greenberg, Attorney-in-fact	07/21/2025
	** 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

How many shares did GS director Peter Oppenheimer receive?

He was granted 81 Restricted Stock Units on 07/17/2025.

Does the Form 4 indicate any open-market buying or selling by the director?

No. The filing only records an RSU grant; there were no purchases or sales.

When will the RSUs convert into Goldman Sachs common stock?

Approximately 90 days after Oppenheimer retires from the GS or GS Bank boards.

What is the director’s total RSU position after this grant?

He now beneficially owns 6,732 RSUs, held directly.