AG˹ٷ

STOCK TITAN

[FWP] Goldman Sachs Group Inc. Free Writing Prospectus

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
FWP
Rhea-AI Filing Summary

TREX Company (TREX) Form 4 filing: Director Melkeya McDuffie reported the award of 44 restricted stock units (RSUs) on 01 Jul 2025 at an indicated share price of $57.68. Following the grant, the director’s total direct beneficial ownership stands at 1,792 common shares. According to the footnote, the RSUs will vest in full on the first anniversary of the grant date, providing the director with future equity aligned to company performance. No derivative securities or dispositions were disclosed.

The transaction was coded “A,� confirming it is an award rather than an open-market purchase. While modest in size relative to TREX’s float, the grant marginally increases insider equity alignment without triggering any change in control or signaling material financial impact.

Segnalazione Form 4 della società TREX (TREX): Il direttore Melkeya McDuffie ha comunicato l'assegnazione di 44 unità azionarie vincolate (RSU) il 01 luglio 2025, con un prezzo indicativo per azione di 57,68 $. Dopo questa assegnazione, la proprietà diretta totale del direttore ammonta a 1.792 azioni ordinarie. Secondo la nota a piè di pagina, le RSU matureranno completamente al primo anniversario della data di assegnazione, offrendo al direttore un’equità futura allineata alla performance aziendale. Non sono state dichiarate operazioni su strumenti derivati o cessioni.

La transazione è stata classificata come “A�, confermando che si tratta di un premio e non di un acquisto sul mercato aperto. Sebbene di entità modesta rispetto al flottante di TREX, l’assegnazione aumenta lievemente l’allineamento dell’equità interna senza innescare cambiamenti di controllo o segnalare un impatto finanziario rilevante.

Presentación del Formulario 4 de la empresa TREX (TREX): La directora Melkeya McDuffie informó sobre la adjudicación de 44 unidades restringidas de acciones (RSUs) el 01 de julio de 2025, con un precio por acción indicado de $57.68. Tras esta concesión, la propiedad directa total de la directora asciende a 1,792 acciones ordinarias. Según la nota al pie, las RSUs se consolidarán completamente en el primer aniversario de la fecha de concesión, proporcionando a la directora una participación futura alineada con el desempeño de la empresa. No se divulgaron valores derivados ni disposiciones.

La transacción fue codificada como “A�, confirmando que se trata de una adjudicación y no de una compra en el mercado abierto. Aunque modesta en tamaño en relación con el flotante de TREX, la concesión incrementa marginalmente la alineación de capital interno sin desencadenar ningún cambio de control ni señalar un impacto financiero significativo.

TREX 회사(TREX) Form 4 제출: 이사 멜케� 맥더�(Melkeya McDuffie)가 2025� 7� 1일에 44개의 제한 주식 단위(RSU) 수여� 보고했으�, 표시� 주당 가격은 $57.68입니�. 수여 �, 이사� � 직접 보유 주식은 1,792� 보통�입니�. 각주� 따르� RSU� 수여일로부� 1주년� 되는 날에 전액 베스팅되�, 이사에게 회사 성과� 연동� 미래 지분을 제공합니�. 파생 증권이나 처분 내역은 공개되지 않았습니�.

� 거래� “A”로 분류되어 공개 시장 구매가 아닌 수여임을 확인합니�. TREX� 유통 주식 수에 비해 규모� 크지 않지�, 이번 수여� 내부� 지� 정렬� 소폭 증가시키� 지배권 변경이� 중요� 재무 영향 신호� 유발하지 않습니다.

Dépôt du formulaire 4 de la société TREX (TREX) : La directrice Melkeya McDuffie a déclaré l'attribution de 44 unités d'actions restreintes (RSU) le 1er juillet 2025, à un prix indicatif de 57,68 $ par action. Suite à cette attribution, la détention directe totale de la directrice s'élève à 1 792 actions ordinaires. Selon la note de bas de page, les RSU seront entièrement acquises à la date du premier anniversaire de l'attribution, offrant à la directrice une participation future alignée sur la performance de l'entreprise. Aucune valeur dérivée ni cession n'ont été divulguées.

La transaction a été codée « A », confirmant qu'il s'agit d'une attribution et non d'un achat sur le marché ouvert. Bien que modeste en taille par rapport au flottant de TREX, cette attribution augmente légèrement l'alignement des intérêts des initiés sans déclencher de changement de contrôle ni signaler un impact financier significatif.

TREX-Unternehmen (TREX) Form 4 Einreichung: Direktorin Melkeya McDuffie meldete die Zuteilung von 44 Restricted Stock Units (RSUs) am 01. Juli 2025 zu einem angegebenen Aktienpreis von 57,68 $. Nach der Zuteilung beträgt das gesamte direkte wirtschaftliche Eigentum der Direktorin 1.792 Stammaktien. Laut Fußnote werden die RSUs am ersten Jahrestag des Zuteilungsdatums vollständig unverfallbar, wodurch der Direktorin zukünftig an die Unternehmensleistung gebundene Aktienanteile gewährt werden. Es wurden keine derivativen Wertpapiere oder Veräußerungen offengelegt.

Die Transaktion wurde mit „A� kodiert, was bestätigt, dass es sich um eine Zuteilung handelt und nicht um einen Kauf am offenen Markt. Obwohl die Größe im Verhältnis zum Streubesitz von TREX gering ist, erhöht die Zuteilung die interne Beteiligung leicht, ohne eine Kontrolländerung auszulösen oder eine wesentliche finanzielle Auswirkung zu signalisieren.

Positive
  • Continued equity alignment: Director received RSUs that vest in one year, reinforcing long-term shareholder alignment.
  • No insider selling: Filing discloses only an award with no dispositions, eliminating negative sell-signal concerns.
Negative
  • Immaterial size: 44 shares (~$2.5k) is too small to meaningfully signal insider conviction or affect share count.
  • Non-cash grant: As a compensation award, it lacks the stronger positive implication of an open-market purchase.

Insights

TL;DR: Small RSU grant; neutral-to-slightly positive alignment signal, immaterial to valuation.

The 44-share RSU award, worth roughly $2,500, is routine director compensation. It neither reflects active share accumulation nor implies insider conviction via cash outlay. Post-grant ownership of 1,792 shares remains negligible relative to TREX’s ~110 million diluted shares outstanding. Nevertheless, continued equity-based compensation ties directors to shareholder interests, a mild governance positive. From a valuation or liquidity standpoint, the event is immaterial; no strategic insight, earnings data, or capital structure effects are provided. I classify the market impact as neutral.

TL;DR: Routine director RSU grant supports alignment; no red flags detected.

The filing confirms Ms. McDuffie remains an independent director and received a standard annual RSU grant that vests after one year—consistent with best-practice board compensation structures. The absence of accelerated vesting clauses or derivative hedging indicates clean governance. While the grant value is modest, it sustains a continuous build-up of director equity, fostering long-term oversight. No concerns regarding insider selling, pledging, or large option packages emerge. Impact on investor sentiment is minimal but directionally positive.

Segnalazione Form 4 della società TREX (TREX): Il direttore Melkeya McDuffie ha comunicato l'assegnazione di 44 unità azionarie vincolate (RSU) il 01 luglio 2025, con un prezzo indicativo per azione di 57,68 $. Dopo questa assegnazione, la proprietà diretta totale del direttore ammonta a 1.792 azioni ordinarie. Secondo la nota a piè di pagina, le RSU matureranno completamente al primo anniversario della data di assegnazione, offrendo al direttore un’equità futura allineata alla performance aziendale. Non sono state dichiarate operazioni su strumenti derivati o cessioni.

La transazione è stata classificata come “A�, confermando che si tratta di un premio e non di un acquisto sul mercato aperto. Sebbene di entità modesta rispetto al flottante di TREX, l’assegnazione aumenta lievemente l’allineamento dell’equità interna senza innescare cambiamenti di controllo o segnalare un impatto finanziario rilevante.

Presentación del Formulario 4 de la empresa TREX (TREX): La directora Melkeya McDuffie informó sobre la adjudicación de 44 unidades restringidas de acciones (RSUs) el 01 de julio de 2025, con un precio por acción indicado de $57.68. Tras esta concesión, la propiedad directa total de la directora asciende a 1,792 acciones ordinarias. Según la nota al pie, las RSUs se consolidarán completamente en el primer aniversario de la fecha de concesión, proporcionando a la directora una participación futura alineada con el desempeño de la empresa. No se divulgaron valores derivados ni disposiciones.

La transacción fue codificada como “A�, confirmando que se trata de una adjudicación y no de una compra en el mercado abierto. Aunque modesta en tamaño en relación con el flotante de TREX, la concesión incrementa marginalmente la alineación de capital interno sin desencadenar ningún cambio de control ni señalar un impacto financiero significativo.

TREX 회사(TREX) Form 4 제출: 이사 멜케� 맥더�(Melkeya McDuffie)가 2025� 7� 1일에 44개의 제한 주식 단위(RSU) 수여� 보고했으�, 표시� 주당 가격은 $57.68입니�. 수여 �, 이사� � 직접 보유 주식은 1,792� 보통�입니�. 각주� 따르� RSU� 수여일로부� 1주년� 되는 날에 전액 베스팅되�, 이사에게 회사 성과� 연동� 미래 지분을 제공합니�. 파생 증권이나 처분 내역은 공개되지 않았습니�.

� 거래� “A”로 분류되어 공개 시장 구매가 아닌 수여임을 확인합니�. TREX� 유통 주식 수에 비해 규모� 크지 않지�, 이번 수여� 내부� 지� 정렬� 소폭 증가시키� 지배권 변경이� 중요� 재무 영향 신호� 유발하지 않습니다.

Dépôt du formulaire 4 de la société TREX (TREX) : La directrice Melkeya McDuffie a déclaré l'attribution de 44 unités d'actions restreintes (RSU) le 1er juillet 2025, à un prix indicatif de 57,68 $ par action. Suite à cette attribution, la détention directe totale de la directrice s'élève à 1 792 actions ordinaires. Selon la note de bas de page, les RSU seront entièrement acquises à la date du premier anniversaire de l'attribution, offrant à la directrice une participation future alignée sur la performance de l'entreprise. Aucune valeur dérivée ni cession n'ont été divulguées.

La transaction a été codée « A », confirmant qu'il s'agit d'une attribution et non d'un achat sur le marché ouvert. Bien que modeste en taille par rapport au flottant de TREX, cette attribution augmente légèrement l'alignement des intérêts des initiés sans déclencher de changement de contrôle ni signaler un impact financier significatif.

TREX-Unternehmen (TREX) Form 4 Einreichung: Direktorin Melkeya McDuffie meldete die Zuteilung von 44 Restricted Stock Units (RSUs) am 01. Juli 2025 zu einem angegebenen Aktienpreis von 57,68 $. Nach der Zuteilung beträgt das gesamte direkte wirtschaftliche Eigentum der Direktorin 1.792 Stammaktien. Laut Fußnote werden die RSUs am ersten Jahrestag des Zuteilungsdatums vollständig unverfallbar, wodurch der Direktorin zukünftig an die Unternehmensleistung gebundene Aktienanteile gewährt werden. Es wurden keine derivativen Wertpapiere oder Veräußerungen offengelegt.

Die Transaktion wurde mit „A� kodiert, was bestätigt, dass es sich um eine Zuteilung handelt und nicht um einen Kauf am offenen Markt. Obwohl die Größe im Verhältnis zum Streubesitz von TREX gering ist, erhöht die Zuteilung die interne Beteiligung leicht, ohne eine Kontrolländerung auszulösen oder eine wesentliche finanzielle Auswirkung zu signalisieren.

Free Writing Prospectus pursuant to Rule 433 dated July 3, 2025 / Registration Statement No. 333-284538

STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

img66067404_0.jpg

GS Finance Corp.

 

Contingent Income Auto-Callable Securities Based on the Performance of the Class A Common Stock of Rivian Automotive, Inc. due July 14, 2028

Principal at Risk Securities

The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.

You should read the accompanying preliminary pricing supplement dated July 2, 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.

 

Coupon observation dates

Coupon payment dates

October 13, 2025

October 16, 2025

January 12, 2026

January 15, 2026

April 13, 2026

April 16, 2026

July 13, 2026

July 16, 2026

October 12, 2026

October 15, 2026

KEY TERMS

January 11, 2027

January 14, 2027

Company (Issuer) / Guarantor:

GS Finance Corp. / The Goldman Sachs Group, Inc.

April 12, 2027

April 15, 2027

Underlying stock:

the Class A common stock of Rivian Automotive, Inc. (Bloomberg ticker: “RIVN UW”)

July 12, 2027

July 15, 2027

Pricing date:

expected to price on or about July 11, 2025

October 11, 2027

October 14, 2027

Original issue date:

expected to be July 16, 2025

January 11, 2028

January 14, 2028

Coupon observation dates:

as set forth under “Coupon observation dates”

April 11, 2028

April 17, 2028

Coupon payment dates:

as set forth under “Coupon payment dates”

July 11, 2028 (determination date)

July 14, 2028 (stated maturity date)

Stated maturity date:

expected to be July 14, 2028

 

 

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

if the final share price is greater than or equal to the downside threshold price, $1,000 plus the final contingent quarterly coupon; or
if the final share price is less than the downside threshold price, $1,000 × the share performance factor

Hypothetical Payment Amount At Maturity

The Securities Have Not Been Automatically Called

Initial share price:

the closing price of the underlying stock on the pricing date

Hypothetical Final Share Price

(as Percentage of Initial Share Price)

Hypothetical Payment at Maturity

 (as Percentage of Principal Amount)

Final share price:

the closing price of the underlying stock on the determination date

Call observation dates:

each coupon observation date specified in the table commencing on October 13, 2025 and ending on April 11, 2028

Call payment dates:

the coupon payment date immediately after the applicable call observation date

175.000%

100.000%*

150.000%

100.000%*

Determination date:

the last coupon observation date, expected to be July 11, 2028

125.000%

100.000%*

Downside threshold price:

50.00% of the initial share price

110.000%

100.000%*

100.000%

100.000%*

Automatic call feature:

if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called and, in addition to the contingent quarterly coupon then due, you will receive $1,000 for each $1,000

85.000%

100.000%*

75.000%

100.000%*

50.000%

100.000%*

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 (including historical underlying stock closing prices), the terms of the securities and certain risks.


 

principal amount. No payments will be made after the call payment date.

 

49.999%

49.999%

Contingent quarterly coupon (set on the pricing date):

subject to the automatic call feature, on each coupon payment date, for each $1,000 of the outstanding principal amount, the company will pay an amount in cash equal to:

if the closing price of the underlying stock on the applicable coupon observation date is greater than or equal to the downside threshold price, (i) the product of at least $47.75 (set on the pricing date) times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all contingent quarterly coupons previously paid, if any; or
if the closing price of the underlying stock on the applicable coupon observation date is less than the downside threshold price, $0.00

45.000%

45.000%

30.000%

30.000%

25.000%

25.000%

0.000%

0.000%

* Does not include the final contingent quarterly coupon

 

 

 

 

 

Share performance factor:

final share price / initial share price

 

CUSIP / ISIN:

40058JLW3 / US40058JLW35

Estimated value range:

$900 to $960 (which is less than the original issue price; see 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 (including historical underlying stock closing prices), the terms of the securities and certain risks.


 

About Your Securities

The amount that you will be paid on your securities is based on the performance of the Class A Common Stock of Rivian Automotive, Inc. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. If the final share price is greater than or equal to the downside threshold price, you will receive your $1,000 principal amount of your securities plus a contingent quarterly coupon. You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold price, you will not receive a coupon payment and you will lose a significant portion or all of your investment.

Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon then due.

The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon observation date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold price, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment. If the closing price of the underlying stock on any coupon observation date is less than the downside threshold price, you will not receive a contingent quarterly coupon payment on the applicable coupon payment date.

The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, general terms supplement no. 17,741 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, general terms supplement no. 17,741 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, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The securities are notes that 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 2, 2025
General terms supplement no. 17,741 dated February 14, 2025
Prospectus supplement dated February 14, 2025
Prospectus dated February 14, 2025

 

 

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 (including historical underlying stock closing prices), the terms of the securities and certain risks.


 

RISK FACTORS

An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,741, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying stock. You should carefully consider whether the offered securities are appropriate given your particular circumstances.

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

Risks Related to Structure, Valuation and Secondary Market Sales

You May Lose Your Entire Investment in the Securities
The Return on Your Securities May Change Significantly Despite Only a Small Incremental Change in the Price of the Underlying Stock
You May Not Receive a Contingent Quarterly Coupon on Any Coupon Payment Date
The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor
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
You Will Not Participate in Any Appreciation in the Price of the Underlying Stock and The Potential for the Value of Your Securities to Increase Will Be Limited
Your Securities Are Subject to Automatic Redemption
The Contingent Quarterly Coupon Does Not Reflect the Actual Performance of the Underlying Stock from Coupon Observation Date to Coupon Observation Date and Is Based Solely on the Closing Price of the Underlying Stock on the Applicable Coupon Observation Date
The Market Value of Your Securities May Be Influenced By Many Unpredictable Factors
We Will Not Hold Shares of the Underlying Stock for Your Benefit
You Have No Shareholder Rights or Any Rights to Receive Any Underlying Stock
If You Purchase Your Securities at a Premium to Principal Amount, the Return on Your Investment Will Be Lower Than the Return on Securities Purchased at Principal Amount and the Impact of Certain Key Terms of the Securities Will Be Negatively Affected
In Some Circumstances, the Payment You Receive on the Securities May Be Based on the Securities of Another Company and Not the Issuer of the Underlying Stock
We May Sell an Additional Aggregate Principal Amount of the Securities at a Different Issue Price

Risks Related to Conflicts of Interest

Other Investors May Not Have the Same Interests as You

Additional Risks Related to the Underlying Stock

The Underlying Stock Has a Very Limited Trading History

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 (including historical underlying stock closing prices), the terms of the securities and certain risks.


 

 

Risks Related to Tax

Your Securities May Be Subject to an Adverse Change in Tax Treatment in the Future
Non-United States Holders Should Consider the Withholding Tax Implications of Owning the Securities
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

The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:

Risks Related to Structure, Valuation and Secondary Market Sales

If the Value of an Underlier Changes, the Market Value of Your Notes May Not Change in the Same Manner
Past Performance is No Guide to Future Performance
Your Notes May Not Have an Active Trading Market
The Calculation Agent Will Have the Authority to Make Determinations That Could Affect the Market Value of Your Notes, When Your Notes Mature and the Amount, If Any, Payable on Your Notes
The Calculation Agent Can Postpone the Determination Date, Averaging Date, Call Observation Date or Coupon Observation Date If a Market Disruption Event or Non-Trading Day Occurs or Is Continuing
With Respect to Notes Linked to Index Stocks or Exchange-Traded Funds, You Have Limited Anti-Dilution Protection
With Respect to Notes Linked to Index Stocks, There is No Affiliation Between the Underlier Issuer of Such Index Stock and Us

Risks Related to Conflicts of Interest

Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Notes and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Notes
Goldman Sachs’ Trading and Investment Activities for its Own Account or for its Clients Could Negatively Impact Investors in the Notes
Goldman Sachs’ Market-Making Activities Could Negatively Impact Investors in the Notes
You Should Expect That Goldman Sachs Personnel Will Take Research Positions, or Otherwise Make Recommendations, Provide Investment Advice or Market Color or Encourage Trading Strategies That Might Negatively Impact Investors in the Notes
Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Sponsors of the Underlier or Underliers or Constituent Indices, As Applicable, the Investment Advisors of the Underlier or Underliers, As Applicable, or the Issuers of the Underlier or the Underlier Stocks or Other Entities That Are Involved in the Transaction
The Offering of the Notes May Reduce an Existing Exposure of Goldman Sachs or Facilitate a Transaction or Position That Serves the Objectives of Goldman Sachs or Other Parties

Risks Related to Tax

Certain Considerations for Insurance Companies and Employee Benefit Plans

The following risk factors are discussed in greater detail in the accompanying prospectus 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 (including historical underlying stock closing prices), the terms of the securities and certain risks.


 

The Return on Indexed Notes May Be Below the Return on Similar Securities
The Issuer of a Security or Currency That Serves as an Index Could Take Actions That May Adversely Affect an Indexed Note
An Indexed Note May Be Linked to a Volatile Index, Which May Adversely Affect Your Investment
An Index to Which a Note Is Linked Could Be Changed or Become Unavailable
We May Engage in Hedging Activities that Could Adversely Affect an Indexed Note
Information About an Index or Indices May Not Be Indicative of Future Performance
We May Have Conflicts of Interest Regarding an Indexed Note

The following risk factors are discussed in greater detail in the accompanying prospectus:

Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements

The application of regulatory resolution strategies could increase the risk of loss for holders of our securities in the event of the resolution of Group Inc.
The application of Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders

 

TAX CONSIDERATIONS

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax advisor.

 

 

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 (including historical underlying stock closing prices), the terms of the securities and certain risks.


FAQ

What did TREX director Melkeya McDuffie acquire?

She was awarded 44 restricted stock units (RSUs) of TREX common stock.

At what price were the RSUs valued in the Form 4?

The RSUs are reported at an indicative price of $57.68 per share.

How many TREX shares does the director now own?

After the grant, Ms. McDuffie directly owns 1,792 common shares.

When will the awarded RSUs vest?

The RSUs will vest in full on the first anniversary of the 01 Jul 2025 grant date.

Does this filing include any insider sales?

No. The Form 4 reports only an acquisition via RSU grant; there were no dispositions.
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