BURNS M MICHELE 4

What Happened
Michele Burns, a director of Goldman Sachs Group Inc. (GS), was granted 364 restricted stock units (RSUs) on 2026-01-16. The Form 4 reports these as a derivative award: 364 shares at $0.00 (code A — Award/Grant). The underlying common shares will be delivered approximately 90 days after the Reporting Person’s retirement from the Issuer's Board of Directors.

Key Details

• Transaction date and type: 2026-01-16 — Grant/Award of 364 RSUs (derivative) recorded at $0.00.
• Shares owned after transaction: Not stated in this filing.
• Footnote: F1 — RSUs are the Reporting Person’s 2025 Annual Grant; shares are deliverable ~90 days after board retirement.
• Timeliness: Filed with the SEC on 2026-01-21; appears to meet the Form 4 filing deadline (within two business days of the transaction, accounting for the Jan 19 holiday).

Context
RSUs are a form of compensation (a right to receive shares later) rather than an immediate buy or sell; they do not represent current, tradable shares until vested/delivered. Delivery here is contingent on the director’s retirement, so this award does not create immediate market exposure. Awards to directors are routine corporate compensation and should be viewed differently than open-market purchases or sales.