GOLTEN ALEX S 4

What Happened

• Alex S. Golten, Chief Risk Officer of Goldman Sachs (GS), had Restricted Stock Units (RSUs) convert into 5,482 shares on January 23, 2026. Of those shares, 2,904 were withheld to satisfy tax withholding obligations, yielding $2,772,304. The RSU shares were delivered without payment and are not related to 2025 compensation.

Key Details

• Transaction date: 2026-01-23 (Form 4 filed 2026-01-27 — filing occurred 4 days after the transaction).
• Conversion: 5,482 shares issued upon RSU conversion (derivative code M).
• Tax withholding: 2,904 shares withheld/disposed at $954.65 per share for tax payment = $2,772,304 (code F).
• Net shares delivered to Golten: 5,482 − 2,904 = 2,578 shares retained.
• Shares owned after transaction: Not specified in the provided Form 4.
• Footnotes: F1 — shares came from RSUs awarded prior to 2025 and were delivered without consideration; F2 — withheld shares used to satisfy withholding; F3 — some shares are held in trusts for which the reporting person disclaims beneficial ownership.

Context

• This was a conversion/delivery of RSUs, not an open-market purchase or voluntary sale. Withholding shares to cover tax is a common administrative step (cashless/net settlement) and does not necessarily signal a change in the insider’s view of the company. The filing was submitted several days after the transaction, which reduces the timeliness of the disclosure for investors.