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GS Finance Corp., a subsidiary of The Goldman Sachs Group, Inc., is issuing $592,000 of Autocallable Equity-Linked Notes due July 15, 2030 under its Series F medium-term note program. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. and will be sold at 100% of face value on the original issue date of July 10 2025.

Structure: the zero-coupon notes provide two potential payment scenarios:

• Automatic call 鈥� If, on the single call observation date (July 7 2027), the closing price of each reference stock (UNH, CRWD, AMZN, PLTR, NVDA) is 鈮� 80% of its initial price, the notes are redeemed early for $1,450 per $1,000 face amount (45.0% gross return, 鈮�18% IRR).
• Maturity payment 鈥� If not called, holders receive on July 15 2030:
• Face amount 脳 [1 + 100% 脳 lesser-performing stock return] if each final price > initial price.
• Face amount ($1,000) if any final price 鈮� initial price.

Reference stock initial prices: UNH $303.71; CRWD $505.46; AMZN $223.47; PLTR $139.12; NVDA $158.24 (all recorded on trade date 07-07-25).

Economics & fees: underwriting discount 1.125%; net proceeds 98.875%. The estimated value at pricing is $938 per $1,000, reflecting model value minus fees and hedging spread. GS &Co.鈥檚 bid/ask adjustment ($62) amortises to zero by 10-07-25, after which secondary quotes align with the model value.

Risk / return profile:

• Principal preservation 鈥� No loss of principal provided GS and guarantor remain solvent.
• Upside capped 鈥� 45% maximum via automatic call; otherwise uncapped but only if all five stocks rise.
• Worst-of basket 鈥� Maturity upside linked to single worst performer; any lagging stock nullifies growth.
• Credit risk 鈥� Payments depend on GS Finance Corp. and The Goldman Sachs Group, Inc.
• Liquidity 鈥� No listing; market-making discretionary; investors may face wide spreads.
• Valuation discount 鈥� Issue price exceeds model value by 6.2%, creating negative carry if sold early.

Key dates: Trade 07-07-25 | Issue 07-10-25 | Call observation 07-07-27 | Call payment 07-14-27 | Determination 07-08-30 | Maturity 07-15-30.

Investors seeking equity exposure with principal protection and potential for a 45% pre-maturity return may find the notes attractive, but must weigh valuation discount, concentration in five high-beta technology / healthcare names, call risk, and Goldman Sachs credit exposure.

ServiceTitan, Inc. (symbol: TTAN) has filed a Form 144 indicating the intent to sell restricted shares under Rule 144 of the Securities Act.

Proposed sale: 20 Class A common shares with an aggregate market value of $2,190, to be executed on or about 07/08/2025 through Merrill Lynch on the NASDAQ exchange. The company has 77,266,756 Class A shares outstanding, so the forthcoming transaction represents a negligible 0.00003 % of the float.

Prior Rule 144 activity (past 3 months):

• Sellers: Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P. and 15 Angels II LLC鈥攅ntities associated with early venture investors.
• Total shares sold: approximately 931,364 Class A shares across 18 trade dates.
• Gross proceeds: roughly $97.5 million.
• Largest single-day block: 500,000 shares on 06/10/2025, raising about $51 million.

The filing states that the selling persons "do not know any material adverse information" about ServiceTitan that has not been publicly disclosed, as required by Rule 144.

Investor takeaway: While the upcoming 20-share trade is de minimis, the historical data embedded in the filing confirms sustained, large-scale disposition of stock by major early investors during June-July 2025. Such selling can increase near-term float and may influence supply-demand dynamics for TTAN shares, though no adverse operational information is asserted in the notice.

Snowflake Inc. (SNOW) Form 4 highlights show Chairman Frank Slootman exercised and immediately sold the shares from two option tranches under a Rule 10b5-1 trading plan adopted 26 Mar 2025.

• Option exercise: 187,815 shares on 02 Jul 2025 and 178,949 shares on 03 Jul 2025 at an exercise price of $8.88.
• Share sales: All 366,764 shares were sold in eight blocks at weighted-average prices ranging from $215.598 to $222.075, generating proceeds of roughly $80 million.
• Post-transaction ownership: Direct holding remains 165,507 common shares (unchanged from pre-trade level). Indirect vehicles collectively hold 872,990 shares. Derivative holdings (vested options) decline to 8,485,689 from 8,664,638.
• The planned nature of the trades (10b5-1) limits information value regarding management鈥檚 outlook, yet the large dollar amount realised may be interpreted by some investors as modestly bearish sentiment.

No earnings data or operational news accompanied the filing; the disclosure solely reflects insider equity transactions.

Snowflake Inc. (SNOW) Form 4 highlights show Chairman Frank Slootman exercised and immediately sold the shares from two option tranches under a Rule 10b5-1 trading plan adopted 26 Mar 2025.

• Option exercise: 187,815 shares on 02 Jul 2025 and 178,949 shares on 03 Jul 2025 at an exercise price of $8.88.
• Share sales: All 366,764 shares were sold in eight blocks at weighted-average prices ranging from $215.598 to $222.075, generating proceeds of roughly $80 million.
• Post-transaction ownership: Direct holding remains 165,507 common shares (unchanged from pre-trade level). Indirect vehicles collectively hold 872,990 shares. Derivative holdings (vested options) decline to 8,485,689 from 8,664,638.
• The planned nature of the trades (10b5-1) limits information value regarding management鈥檚 outlook, yet the large dollar amount realised may be interpreted by some investors as modestly bearish sentiment.

No earnings data or operational news accompanied the filing; the disclosure solely reflects insider equity transactions.

Snowflake Inc. (SNOW) 鈥� Form 4 insider filing.

President of Products and Director Benoit Dageville reported a gift of 7,500 common shares on 30 June 2025 under a Rule 10b5-1 plan. The transfer, recorded at $0.00, moved the shares to The Snow Trust, a vehicle where he serves as trustee. Following the transaction, Dageville still beneficially owns roughly 4.74 million SNOW shares (3.18 M in The Snow Trust, 750 k in Thira GRAT, 750 k in Selene GRAT, and 58,325 unvested RSUs), so the disposed amount equals only about 0.16 % of his total holdings.

No open-market sales, purchases, or derivative exercises were reported. Because the change is immaterial to Dageville鈥檚 stake and involves no cash proceeds, the event is best viewed as routine estate or tax planning with negligible impact on the company鈥檚 share structure or market perception.

MiMedx Group, Inc. (MDXG) 鈥� Form 4 insider filing: Chief Financial Officer Doug Rice reported a Rule 16b-3 Code F transaction on 07/03/2025 related to the vesting of restricted stock units. A total of 12,749 common shares were withheld and disposed at a price of $6.34 per share to satisfy tax-withholding obligations. Following the transaction, Rice鈥檚 direct ownership stands at 188,024 shares.

The disposition was not an open-market sale; Code F denotes tax-payment with shares, a routine administrative event. There were no derivative security transactions disclosed and no indication of a 10b5-1 trading plan. The filing does not signal a strategic change in position but updates Rice鈥檚 beneficial ownership after the equity award鈥檚 vesting.

Lemonade, Inc. (symbol LMND) has filed a Form 144 notice covering a proposed sale of 11,000 common shares. The shares are intended to be sold on 07 July 2025 through Fidelity Brokerage Services LLC on the NYSE at an aggregate market value of $466,400. The notice states that 73,266,170 shares of the class are outstanding, so the planned sale represents roughly 0.015 % of that total.

The filing is submitted on behalf of Timothy E. Bixby, the 鈥減erson for whose account the securities are to be sold.鈥� Acquisition information shows the shares derive from an option granted 01 Dec 2019, exercised for cash on 07 July 2025.

Prior insider activity: Over the past three months, the same seller has executed seven separate transactions totaling 45,916 shares for gross proceeds of approximately $1.86 million, with individual sale dates ranging from 03 June 2025 to 30 June 2025.

The signatory affirms awareness of Rule 10b5-1 obligations and declares no undisclosed material adverse information. No additional financial or operational data about Lemonade is included in this Form 144.

Form 4 filing overview: On 07/02/2025 Snowflake Inc. (SNOW) director Jayshree Ullal received 1,373 restricted stock units (RSUs) at a grant price of $0. After the transaction, Ullal鈥檚 direct beneficial ownership totals 8,801 SNOW common shares.

The RSUs vest in full on the earlier of Snowflake鈥檚 2026 annual meeting or the first anniversary of the grant date, provided her board service continues. No derivative securities were reported, and there was no open-market purchase or sale. The grant represents routine board compensation and has an immaterial dilutive effect on Snowflake鈥檚 share count.

Form 4 highlights: Director Lynne Marie Sullivan reports the disposition of employee stock options in connection with the closing of Inozyme Pharma, Inc.鈥檚 merger with BioMarin Pharmaceutical Inc. on 1 July 2025. The filing confirms that Incline Merger Sub, a wholly-owned subsidiary of BioMarin, merged with and into Inozyme after completing a cash tender offer for all outstanding common shares at $4.00 per share.

Key transaction details

• Derivative security: Stock option (right to buy) covering 28,368 INZY common shares.
• Exercise price: $2.77 per share.
• Form 4 code: 鈥淒鈥� (disposition) 鈥� the option was cancelled and converted to cash.
• Cash received: For each share underlying the option, the holder receives the difference between the $4.00 merger consideration and the $2.77 exercise price, subject to withholding.
• Post-transaction holdings: 0 derivative securities remain; reporting person has no disclosed direct or indirect ownership of options after the merger.

Merger mechanics: Under the Merger Agreement dated 16 May 2025, all company options with exercise prices below $4.00 automatically vested, were cancelled at closing and exchanged for cash. Inozyme now operates as a wholly-owned subsidiary of BioMarin.

Investor takeaway: The filing is administrative, documenting option cash-out terms already embedded in the merger. Public shareholders will likewise receive $4.00 per share in cash; INZY stock will cease to trade independently.