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[FWP] Goldman Sachs Group Inc. Free Writing Prospectus

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Rhea-AI Filing Summary

Torrid Holdings Inc. (CURV) – Form 4 filing dated 7 July 2025 details Senior Vice President & Chief Accounting Officer Chinwe Abaelu’s latest equity activity.

  • Transaction: 746 common shares were withheld (Code F) on 06 Jul 2025 to cover payroll taxes arising from the vesting of previously granted restricted stock.
  • Price: $2.90 per share, implying a tax-related value of roughly $2,163.
  • Post-transaction ownership: 136,687 common shares held directly.
  • Additional holdings disclosure: figure includes 1,000 shares purchased under the 2021 Employee Stock Purchase Plan for the 1 Jan – 30 Jun 2025 period at 85 % of the 30 Jun closing price.
  • Role: Officer status confirmed; filing made individually.

This event represents a non-discretionary, tax-related share disposition. The officer’s net ownership remains substantial, and the concurrent ESPP purchase indicates ongoing equity participation rather than a market-driven sale. Overall investment significance is limited.

Torrid Holdings Inc. (CURV) – Comunicazione Form 4 del 7 luglio 2025 riporta l'ultima attività azionaria del Senior Vice President e Chief Accounting Officer Chinwe Abaelu.

  • Transazione: 746 azioni ordinarie sono state trattenute (Codice F) il 6 luglio 2025 per coprire le imposte sul reddito derivanti dalla maturazione di azioni vincolate precedentemente assegnate.
  • Prezzo: 2,90 $ per azione, corrispondente a un valore fiscale approssimativo di 2.163 $.
  • Detenzione post-transazione: 136.687 azioni ordinarie detenute direttamente.
  • Dichiarazione di ulteriori partecipazioni: la cifra include 1.000 azioni acquistate tramite il Piano di Acquisto Azionario Dipendenti 2021 per il periodo dal 1° gennaio al 30 giugno 2025, al 85% del prezzo di chiusura del 30 giugno.
  • Ruolo: Confermato lo status di dirigente; comunicazione effettuata individualmente.

L'evento rappresenta una cessione obbligata di azioni per motivi fiscali. La partecipazione netta del dirigente rimane significativa e l'acquisto simultaneo tramite ESPP indica una partecipazione azionaria continuativa, non una vendita dettata dal mercato. L'importanza complessiva dell'investimento è limitata.

Torrid Holdings Inc. (CURV) – Presentación Formulario 4 fechada el 7 de julio de 2025 detalla la última actividad accionaria del Vicepresidente Senior y Director de Contabilidad Chinwe Abaelu.

  • Transacción: 746 acciones comunes fueron retenidas (Código F) el 6 de julio de 2025 para cubrir impuestos sobre la nómina derivados de la adquisición de acciones restringidas previamente otorgadas.
  • Precio: 2,90 $ por acción, lo que implica un valor fiscal aproximado de 2.163 $.
  • Propiedad después de la transacción: 136.687 acciones comunes en propiedad directa.
  • Divulgación de participaciones adicionales: la cifra incluye 1.000 acciones compradas bajo el Plan de Compra de Acciones para Empleados 2021 durante el período del 1 de enero al 30 de junio de 2025, al 85 % del precio de cierre del 30 de junio.
  • Rol: Confirmado el estatus de ejecutivo; presentación realizada individualmente.

Este evento representa una disposición de acciones no discrecional relacionada con impuestos. La propiedad neta del ejecutivo sigue siendo sustancial y la compra simultánea en el ESPP indica una participación accionaria continua en lugar de una venta impulsada por el mercado. La importancia general de la inversión es limitada.

Torrid Holdings Inc. (CURV) – 2025년 7월 7일자 Form 4 제출은 수석 부사장 겸 최고 회계 책임자 Chinwe Abaelu의 최근 주식 거래 내역을 상세히 보고합니다.

  • 거래 내용: 2025년 7월 6일에 이전에 부여된 제한 주식의 취득에 따른 급여세 납부를 위해 746주의 보통주가 원천징수(Code F) 되었습니다.
  • 가격: 주당 2.90달러로, 세금 관련 가치는 약 2,163달러에 해당합니다.
  • 거래 후 보유량: 직접 보유한 보통주 136,687주.
  • 추가 보유 내역 공개: 2025년 1월 1일부터 6월 30일까지 기간 동안 2021년 직원 주식 구매 계획에 따라 6월 30일 종가의 85% 가격으로 1,000주를 매수한 내역이 포함되어 있습니다.
  • 역할: 임원 지위가 확인되었으며, 개인 명의로 제출되었습니다.

이번 거래는 비재량적 세금 관련 주식 처분을 나타냅니다. 임원의 순보유 지분은 여전히 상당하며, 동시 ESPP 매수는 시장 주도 매도가 아닌 지속적인 주식 참여를 의미합니다. 전체 투자 중요성은 제한적입니다.

Torrid Holdings Inc. (CURV) – Dépôt du Formulaire 4 daté du 7 juillet 2025 détaille la dernière activité en actions du Vice-Président Senior et Directeur Comptable Chinwe Abaelu.

  • Transaction : 746 actions ordinaires ont été retenues (Code F) le 6 juillet 2025 pour couvrir les impôts sur la paie liés à l'acquisition d'actions restreintes précédemment attribuées.
  • Prix : 2,90 $ par action, ce qui implique une valeur fiscale d'environ 2 163 $.
  • Détention après transaction : 136 687 actions ordinaires détenues directement.
  • Divulgation des participations supplémentaires : ce chiffre inclut 1 000 actions achetées dans le cadre du Plan d'Achat d'Actions des Employés 2021 pour la période du 1er janvier au 30 juin 2025, à 85 % du cours de clôture du 30 juin.
  • Rôle : Statut de dirigeant confirmé ; déclaration effectuée à titre individuel.

Cet événement représente une cession d'actions non discrétionnaire liée aux impôts. La détention nette du dirigeant reste importante, et l'achat simultané via le plan ESPP indique une participation continue en actions plutôt qu'une vente motivée par le marché. L'importance globale de l'investissement est limitée.

Torrid Holdings Inc. (CURV) – Form 4 Einreichung vom 7. Juli 2025 beschreibt die jüngste Aktienaktivität von Senior Vice President & Chief Accounting Officer Chinwe Abaelu.

  • Transaktion: Am 6. Juli 2025 wurden 746 Stammaktien einbehalten (Code F), um die Lohnsteuer zu decken, die durch die Vesting von zuvor gewährten Restricted Stocks entstanden ist.
  • Preis: 2,90 $ pro Aktie, was einem steuerlich relevanten Wert von etwa 2.163 $ entspricht.
  • Besitz nach der Transaktion: 136.687 Stammaktien direkt gehalten.
  • Zusätzliche Beteiligungsangabe: Die Zahl beinhaltet 1.000 Aktien, die im Rahmen des Mitarbeiteraktienkaufplans 2021 für den Zeitraum 1. Januar bis 30. Juni 2025 zum 85 % des Schlusskurses vom 30. Juni erworben wurden.
  • Rolle: Status als leitender Angestellter bestätigt; Einreichung erfolgte individuell.

Dieses Ereignis stellt eine nicht discretionary, steuerbedingte Aktienveräußerung dar. Der Nettoanteil des Offiziers bleibt erheblich, und der gleichzeitige Kauf im ESPP deutet auf eine fortlaufende Beteiligung hin, nicht auf einen marktgetriebenen Verkauf. Die gesamtwirtschaftliche Bedeutung der Investition ist begrenzt.

Positive
  • Officer still holds 136,687 shares, maintaining meaningful skin in the game.
  • 1,000-share ESPP purchase signals ongoing commitment and participation in company stock.
Negative
  • Automatic sale price of $2.90 highlights a low trading range, underscoring recent share-price weakness.

Insights

TL;DR Small tax-withholding sale; officer still owns 136.7k shares, plus 1k ESPP purchase—neutral signal.

The Form 4 shows an automatic disposition (Code F) of 746 shares, a mere 0.5 % of Abaelu’s stake, executed to settle withholding taxes upon restricted-stock vesting. Such transactions are routine, lack discretion and generally carry minimal bearish implication. Importantly, ownership remains sizable at 136,687 shares, suggesting continued alignment with shareholders. The note that 1,000 shares were added through the ESPP underscores sustained insider participation. Given the immaterial dollar value (~$2.2k) and the absence of open-market selling, the filing is best viewed as neutral to slightly positive for sentiment.

Torrid Holdings Inc. (CURV) – Comunicazione Form 4 del 7 luglio 2025 riporta l'ultima attività azionaria del Senior Vice President e Chief Accounting Officer Chinwe Abaelu.

  • Transazione: 746 azioni ordinarie sono state trattenute (Codice F) il 6 luglio 2025 per coprire le imposte sul reddito derivanti dalla maturazione di azioni vincolate precedentemente assegnate.
  • Prezzo: 2,90 $ per azione, corrispondente a un valore fiscale approssimativo di 2.163 $.
  • Detenzione post-transazione: 136.687 azioni ordinarie detenute direttamente.
  • Dichiarazione di ulteriori partecipazioni: la cifra include 1.000 azioni acquistate tramite il Piano di Acquisto Azionario Dipendenti 2021 per il periodo dal 1° gennaio al 30 giugno 2025, al 85% del prezzo di chiusura del 30 giugno.
  • Ruolo: Confermato lo status di dirigente; comunicazione effettuata individualmente.

L'evento rappresenta una cessione obbligata di azioni per motivi fiscali. La partecipazione netta del dirigente rimane significativa e l'acquisto simultaneo tramite ESPP indica una partecipazione azionaria continuativa, non una vendita dettata dal mercato. L'importanza complessiva dell'investimento è limitata.

Torrid Holdings Inc. (CURV) – Presentación Formulario 4 fechada el 7 de julio de 2025 detalla la última actividad accionaria del Vicepresidente Senior y Director de Contabilidad Chinwe Abaelu.

  • Transacción: 746 acciones comunes fueron retenidas (Código F) el 6 de julio de 2025 para cubrir impuestos sobre la nómina derivados de la adquisición de acciones restringidas previamente otorgadas.
  • Precio: 2,90 $ por acción, lo que implica un valor fiscal aproximado de 2.163 $.
  • Propiedad después de la transacción: 136.687 acciones comunes en propiedad directa.
  • Divulgación de participaciones adicionales: la cifra incluye 1.000 acciones compradas bajo el Plan de Compra de Acciones para Empleados 2021 durante el período del 1 de enero al 30 de junio de 2025, al 85 % del precio de cierre del 30 de junio.
  • Rol: Confirmado el estatus de ejecutivo; presentación realizada individualmente.

Este evento representa una disposición de acciones no discrecional relacionada con impuestos. La propiedad neta del ejecutivo sigue siendo sustancial y la compra simultánea en el ESPP indica una participación accionaria continua en lugar de una venta impulsada por el mercado. La importancia general de la inversión es limitada.

Torrid Holdings Inc. (CURV) – 2025년 7월 7일자 Form 4 제출은 수석 부사장 겸 최고 회계 책임자 Chinwe Abaelu의 최근 주식 거래 내역을 상세히 보고합니다.

  • 거래 내용: 2025년 7월 6일에 이전에 부여된 제한 주식의 취득에 따른 급여세 납부를 위해 746주의 보통주가 원천징수(Code F) 되었습니다.
  • 가격: 주당 2.90달러로, 세금 관련 가치는 약 2,163달러에 해당합니다.
  • 거래 후 보유량: 직접 보유한 보통주 136,687주.
  • 추가 보유 내역 공개: 2025년 1월 1일부터 6월 30일까지 기간 동안 2021년 직원 주식 구매 계획에 따라 6월 30일 종가의 85% 가격으로 1,000주를 매수한 내역이 포함되어 있습니다.
  • 역할: 임원 지위가 확인되었으며, 개인 명의로 제출되었습니다.

이번 거래는 비재량적 세금 관련 주식 처분을 나타냅니다. 임원의 순보유 지분은 여전히 상당하며, 동시 ESPP 매수는 시장 주도 매도가 아닌 지속적인 주식 참여를 의미합니다. 전체 투자 중요성은 제한적입니다.

Torrid Holdings Inc. (CURV) – Dépôt du Formulaire 4 daté du 7 juillet 2025 détaille la dernière activité en actions du Vice-Président Senior et Directeur Comptable Chinwe Abaelu.

  • Transaction : 746 actions ordinaires ont été retenues (Code F) le 6 juillet 2025 pour couvrir les impôts sur la paie liés à l'acquisition d'actions restreintes précédemment attribuées.
  • Prix : 2,90 $ par action, ce qui implique une valeur fiscale d'environ 2 163 $.
  • Détention après transaction : 136 687 actions ordinaires détenues directement.
  • Divulgation des participations supplémentaires : ce chiffre inclut 1 000 actions achetées dans le cadre du Plan d'Achat d'Actions des Employés 2021 pour la période du 1er janvier au 30 juin 2025, à 85 % du cours de clôture du 30 juin.
  • Rôle : Statut de dirigeant confirmé ; déclaration effectuée à titre individuel.

Cet événement représente une cession d'actions non discrétionnaire liée aux impôts. La détention nette du dirigeant reste importante, et l'achat simultané via le plan ESPP indique une participation continue en actions plutôt qu'une vente motivée par le marché. L'importance globale de l'investissement est limitée.

Torrid Holdings Inc. (CURV) – Form 4 Einreichung vom 7. Juli 2025 beschreibt die jüngste Aktienaktivität von Senior Vice President & Chief Accounting Officer Chinwe Abaelu.

  • Transaktion: Am 6. Juli 2025 wurden 746 Stammaktien einbehalten (Code F), um die Lohnsteuer zu decken, die durch die Vesting von zuvor gewährten Restricted Stocks entstanden ist.
  • Preis: 2,90 $ pro Aktie, was einem steuerlich relevanten Wert von etwa 2.163 $ entspricht.
  • Besitz nach der Transaktion: 136.687 Stammaktien direkt gehalten.
  • Zusätzliche Beteiligungsangabe: Die Zahl beinhaltet 1.000 Aktien, die im Rahmen des Mitarbeiteraktienkaufplans 2021 für den Zeitraum 1. Januar bis 30. Juni 2025 zum 85 % des Schlusskurses vom 30. Juni erworben wurden.
  • Rolle: Status als leitender Angestellter bestätigt; Einreichung erfolgte individuell.

Dieses Ereignis stellt eine nicht discretionary, steuerbedingte Aktienveräußerung dar. Der Nettoanteil des Offiziers bleibt erheblich, und der gleichzeitige Kauf im ESPP deutet auf eine fortlaufende Beteiligung hin, nicht auf einen marktgetriebenen Verkauf. Die gesamtwirtschaftliche Bedeutung der Investition ist begrenzt.

Free Writing Prospectus pursuant to Rule 433 dated July 8, 2025

Registration Statement No. 333-284538

 

img189255974_0.jpg

Market Linked Securities — Contingent Fixed Return and Contingent Downside

Principal at Risk Securities Linked to the Class A Common Stock of MicroStrategy Incorporated due July 29, 2026

 

 

Summary of Terms

Company (Issuer) and Guarantor:

GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor)

Market measure:

Class A common stock of MicroStrategy Incorporated (current Bloomberg ticker: “MSTR UW”) (the “underlying stock”)

Pricing date:

expected to be July 10, 2025

Issue date:

expected to be July 15, 2025

Calculation day:

expected to be July 24, 2026

Stated maturity date:

expected to be July 29, 2026

Starting price:

the stock closing price of the underlying stock on the pricing date

Ending price:

the stock closing price of the underlying stock on the calculation day

Underlying stock return:

ending price – starting price

                starting price

Contingent fixed return:

at least 41.70% of the face amount per security

Threshold price:

80% of the starting price

Threshold amount:

20%

Payment amount at maturity (for each $1,000 face amount of your securities):

if the ending price is greater than or equal to the threshold price: $1,000 plus the contingent fixed return; or
if the ending price is less than the threshold price:

$1,000 + [$1,000 × underlying stock return]

Underwriting discount:

up to 2.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.325% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.75% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells.

CUSIP:

40058JMG7

Tax consequences:

See “Supplemental Discussion of U.S. Federal Income Tax Consequences” in the accompanying preliminary pricing supplement

* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.20% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

 

 

Hypothetical Payout Profile*

img189255974_1.jpg

* assumes a contingent fixed return of 41.70% per security.

If the ending price is less than the threshold price, you will have 1-to-1 downside exposure to the decrease in the price of the underlying stock and will lose more than 20%, and possibly all, of the face amount of your securities at maturity.

You should read the accompanying preliminary pricing supplement dated July 8, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

The securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:

Preliminary pricing supplement dated July 8, 2025
WFS product supplement no. 5 dated February 14, 2025
Prospectus supplement dated February 14, 2025
Prospectus dated February 14, 2025

 

The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities

 

The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.

 

 


 

 

About Your Securities

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement if you so request by calling (212) 357-4612.

Risk Factors

An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “ Risk Factors” in the accompanying WFS product supplement no. 5, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.

The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:

 

Risks Related to Structure, Valuation and Secondary Market Sales

The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Securities
The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor
The Amount Payable on Your Securities Is Not Linked to the Price of the Underlying Stock at Any Time Other Than the Determination Date
You May Lose Your Entire Investment in the Securities
The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Underlying Stock
Your Securities Do Not Bear Interest
The Potential for the Value of Your Securities to Increase Will Be Limited
We Will Not Hold Shares of the Underlying Stock for Your Benefit
You Have No Shareholder Rights or Rights to Receive the Underlying Stock
The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors

Risks Related to Tax

Certain Considerations for Insurance Companies and Employee Benefit Plans
The Tax Consequences of an Investment in Your Securities Are Uncertain
Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities

 

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

 

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.

2

 


FAQ

How many Torrid (CURV) shares did SVP Chinwe Abaelu sell?

746 shares were withheld and disposed of to cover taxes related to restricted-stock vesting.

What is Chinwe Abaelu’s current CURV ownership after the transaction?

She directly owns 136,687 common shares following the reported transaction.

Was the sale discretionary or automatic?

It was an automatic, tax-withholding sale (Transaction Code F), not an open-market discretionary sale.

Did the officer purchase any CURV shares in this period?

Yes, 1,000 shares were acquired under the Employee Stock Purchase Plan for the January–June 2025 period.

What price was used for the tax-withholding sale?

The shares were valued at $2.90 each for tax purposes.
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