Goldman Sachs CAO Sheara Fredman Vests Performance RSUs and Disposes Shares for Tax Obligations

Executive Summary

On October 27, 2026, The Goldman Sachs Group, Inc. ($GS) filed a Form 4 disclosing transactions by Sheara J. Fredman, the company's Chief Accounting Officer. On October 23, 2026, Ms. Fredman acquired 18,317 shares of common stock through the settlement of performance-based restricted stock units under a Shareholder Value Creation Award (SVC Award), originally granted in January 2022. Concurrently, 10,130 shares were withheld to satisfy tax liabilities at an evaluated market price of $891.30 per share ($9,028,869 total withheld value).

Key Transaction Details

• Derivative Conversion (Code M): 18,317 performance-based RSUs were converted into common stock at no cash consideration. Footnote disclosures indicate this award paid out at the maximum 150% achievement level based on pre-established absolute and relative total shareholder return performance targets.
• Tax Withholding (Code F): 10,130 shares were automatically surrendered to cover mandatory tax obligations, leaving a net addition of 8,187 shares.
• Transfer Restrictions: The newly acquired shares cannot be sold or transferred prior to October 2027.
• Post-Transaction Holdings: Ms. Fredman directly holds 14,525 shares of Goldman Sachs common stock following these events.

Market and Sentiment Impact

This filing reflects routine equity compensation settlement rather than discretionary open-market buying or selling. The disposition was solely to satisfy withholding taxes upon the vesting of multi-year performance units, representing Low predictive trading significance.