[Form 4] Snowflake Inc. Insider Trading Activity

Q: What are the underlying stocks for GS Autocallable Notes (GS)?

The notes reference UNH, CRWD, AMZN, PLTR and NVDA ; performance of the worst stock drives payouts.

Q: How does the automatic call feature work?

If on July 7 2027 each stock closes ≥80% of its initial price, GS redeems the note for $1,450 per $1,000 face value.

Q: What happens at maturity if the notes are not called?

On July 15 2030 you receive $1,000 plus 100% of the worst stock’s gain—provided all stocks are above initial levels; otherwise you get only $1,000 .

Q: Why is the estimated value lower than the issue price?

The $938 model value reflects dealer hedging costs, fees and spreads; investors pay a 6.2% premium at issuance.

Q: What fees are embedded in the product?

Underwriting discount is 1.125% ; other structuring and hedging costs are included in the price premium above estimated value.

Filing Impact

(High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

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 – If, on the single call observation date (July 7 2027), the closing price of each reference stock (UNH, CRWD, AMZN, PLTR, NVDA) is ≥ 80% of its initial price, the notes are redeemed early for $1,450 per $1,000 face amount (45.0% gross return, ≈18% IRR).
Maturity payment – If not called, holders receive on July 15 2030:

Face amount × [1 + 100% × lesser-performing stock return] if each final price > initial price.
Face amount ($1,000) if any final price ≤ 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.’s 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 – No loss of principal provided GS and guarantor remain solvent.
Upside capped – 45% maximum via automatic call; otherwise uncapped but only if all five stocks rise.
Worst-of basket – Maturity upside linked to single worst performer; any lagging stock nullifies growth.
Credit risk – Payments depend on GS Finance Corp. and The Goldman Sachs Group, Inc.
Liquidity – No listing; market-making discretionary; investors may face wide spreads.
Valuation discount – Issue price exceeds model value by 6.2%, creating negative carry if sold early.

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.

GS Finance Corp., una controllata di The Goldman Sachs Group, Inc., emette 592.000 $ di Note Autocallable Equity-Linked con scadenza il 15 luglio 2030 nell'ambito del suo programma di note a medio termine Serie F. Le note sono garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. e saranno vendute al 100% del valore nominale alla data di emissione originale del 10 luglio 2025.

Struttura: le note zero-coupon prevedono due possibili scenari di pagamento:

Richiamo automatico – Se, alla singola data di osservazione del richiamo (7 luglio 2027), il prezzo di chiusura di ogni azione di riferimento (UNH, CRWD, AMZN, PLTR, NVDA) è ≥ 80% del prezzo iniziale, le note vengono rimborsate anticipatamente a 1.450 $ per 1.000 $ di valore nominale (45,0% di rendimento lordo, ≈18% TIR).
Pagamento a scadenza – Se non richiamate, i detentori ricevono il 15 luglio 2030:

Valore nominale × [1 + 100% × rendimento della peggiore azione] se ogni prezzo finale è > prezzo iniziale.
Valore nominale (1.000 $) se qualunque prezzo finale ≤ prezzo iniziale.

Prezzi iniziali delle azioni di riferimento: UNH 303,71 $; CRWD 505,46 $; AMZN 223,47 $; PLTR 139,12 $; NVDA 158,24 $ (tutti registrati alla data di negoziazione 07-07-25).

Economia e commissioni: sconto di sottoscrizione 1,125%; proventi netti 98,875%. Il valore stimato al prezzo è 938 $ per 1.000 $, riflettendo il valore di modello meno commissioni e spread di copertura. L'aggiustamento bid/ask di GS &Co. (62 $) si ammortizza a zero entro il 10-07-25, dopo il quale le quotazioni secondarie si allineano al valore di modello.

Profilo rischio/rendimento:

Preservazione del capitale – Nessuna perdita del capitale a condizione che GS e il garante rimangano solvibili.
Rendimento massimo limitato – 45% massimo tramite richiamo automatico; altrimenti illimitato solo se tutte e cinque le azioni crescono.
Cestino worst-of – Il rendimento a scadenza dipende dalla peggiore performance tra le azioni; qualsiasi azione in ritardo annulla la crescita.
Rischio di credito – I pagamenti dipendono da GS Finance Corp. e The Goldman Sachs Group, Inc.
Liquidità – Nessuna quotazione; market making discrezionale; gli investitori possono affrontare spread ampi.
Sconto di valutazione – Il prezzo di emissione supera il valore di modello del 6,2%, creando un carry negativo se venduto anticipatamente.

Gli investitori che cercano esposizione azionaria con protezione del capitale e potenziale rendimento del 45% prima della scadenza possono trovare le note interessanti, ma devono considerare lo sconto di valutazione, la concentrazione in cinque titoli tecnologici/sanitari ad alta volatilità, il rischio di richiamo e l’esposizione al credito di Goldman Sachs.

GS Finance Corp., una subsidiaria de The Goldman Sachs Group, Inc., está emitiendo 592,000 $ en Notas Autollamables Vinculadas a Acciones con vencimiento el 15 de julio de 2030 bajo su programa de notas a medio plazo Serie F. Las notas están totalmente y incondicionalmente garantizadas por The Goldman Sachs Group, Inc. y se venderán al 100% del valor nominal en la fecha original de emisión del 10 de julio de 2025.

Estructura: las notas cupón cero ofrecen dos posibles escenarios de pago:

Llamada automática – Si, en la única fecha de observación de llamada (7 de julio de 2027), el precio de cierre de cada acción de referencia (UNH, CRWD, AMZN, PLTR, NVDA) es ≥ 80% de su precio inicial, las notas se redimen anticipadamente por 1,450 $ por cada 1,000 $ de valor nominal (45.0% de rendimiento bruto, ≈18% TIR).
Pago al vencimiento – Si no son llamadas, los tenedores reciben el 15 de julio de 2030:

Monto nominal × [1 + 100% × rendimiento de la acción con peor desempeño] si cada precio final > precio inicial.
Monto nominal (1,000 $) si algún precio final ≤ precio inicial.

Precios iniciales de las acciones de referencia: UNH 303.71 $; CRWD 505.46 $; AMZN 223.47 $; PLTR 139.12 $; NVDA 158.24 $ (todos registrados en la fecha de negociación 07-07-25).

Economía y comisiones: descuento de suscripción 1.125%; ingresos netos 98.875%. El valor estimado al precio es 938 $ por 1,000 $, reflejando el valor modelo menos comisiones y spread de cobertura. El ajuste bid/ask de GS &Co. (62 $) se amortiza a cero para el 10-07-25, tras lo cual las cotizaciones secundarias se alinean con el valor modelo.

Perfil riesgo/rendimiento:

Preservación del principal – Sin pérdida de principal siempre que GS y el garante permanezcan solventes.
Rendimiento máximo limitado – 45% máximo mediante llamada automática; de lo contrario ilimitado solo si las cinco acciones suben.
Cesta worst-of – El rendimiento al vencimiento está vinculado al peor desempeño entre las acciones; cualquier acción rezagada anula el crecimiento.
Riesgo crediticio – Los pagos dependen de GS Finance Corp. y The Goldman Sachs Group, Inc.
Liquidez – Sin cotización; creación de mercado discrecional; los inversores pueden enfrentar spreads amplios.
Descuento de valoración – El precio de emisión excede el valor modelo en 6.2%, generando carry negativo si se vende anticipadamente.

Los inversores que buscan exposición a acciones con protección del principal y potencial de un retorno del 45% antes del vencimiento pueden encontrar atractivas las notas, pero deben considerar el descuento de valoración, la concentración en cinco acciones tecnológicas/sanitarias de alta volatilidad, el riesgo de llamada y la exposición crediticia a Goldman Sachs.

GS 파이낸스 코퍼레이션은 골드만 삭스 그룹(The Goldman Sachs Group, Inc.)의 자회사로서, 2030년 7월 15일 만기인 592,000달러 규모의 자동상환형 주식연계 노트를 시리즈 F 중기 노트 프로그램 하에 발행합니다. 이 노트는 골드만 삭스 그룹이 전액 무조건적으로 보증하며, 2025년 7월 10일 최초 발행일에 액면가의 100%로 판매됩니다.

구조: 제로 쿠폰 노트로 두 가지 지급 시나리오가 있습니다:

자동 상환 – 단일 상환 관측일인 2027년 7월 7일에 각 기준 주식(UNH, CRWD, AMZN, PLTR, NVDA)의 종가가 초기 가격의 80% 이상일 경우, 노트는 조기 상환되어 액면가 1,000달러당 1,450달러가 지급됩니다 (총 수익률 45.0%, 약 18% 내부수익률).
만기 지급 – 상환되지 않은 경우, 보유자는 2030년 7월 15일에 다음을 받습니다:

각 최종 가격이 초기 가격보다 높으면 액면가 × [1 + 100% × 최저 성과 주식 수익률]
최종 가격 중 하나라도 초기 가격 이하이면 액면가(1,000달러)

기준 주식 초기 가격: UNH 303.71달러; CRWD 505.46달러; AMZN 223.47달러; PLTR 139.12달러; NVDA 158.24달러 (모두 2025년 7월 7일 거래일 기준).

경제성 및 수수료: 인수 수수료 1.125%; 순수익 98.875%. 가격 책정 시 추정 가치는 수수료 및 헤지 스프레드를 뺀 모델 가치로 1,000달러당 938달러입니다. GS &Co.의 매수/매도 조정액(62달러)은 2025년 10월 7일까지 점차 상쇄되어 이후 2차 시장 가격은 모델 가치에 부합합니다.

위험/수익 프로필:

원금 보존 – GS 및 보증인이 지급 불능 상태가 아니면 원금 손실 없음.
수익 상한 – 자동 상환을 통한 최대 45%; 그렇지 않으면 다섯 주식 모두 상승 시 무제한.
최저 성과 바스켓 – 만기 수익은 가장 성과가 저조한 주식에 연동; 어느 하나라도 부진하면 수익 없음.
신용 위험 – 지급은 GS 파이낸스 코퍼레이션 및 골드만 삭스 그룹에 의존.
유동성 – 상장 없음; 시장 조성은 재량적; 투자자는 넓은 스프레드를 감수할 수 있음.
평가 할인 – 발행가가 모델 가치보다 6.2% 높아 조기 매도 시 부정적 캐리 발생.

주요 일정: 거래 2025-07-07 | 발행 2025-07-10 | 상환 관측 2027-07-07 | 상환 지급 2027-07-14 | 확정 2030-07-08 | 만기 2030-07-15.

원금 보호와 만기 전 45% 수익 가능성을 원하는 투자자에게 매력적일 수 있으나, 평가 할인, 다섯 개의 고변동성 기술 및 헬스케어 주식 집중, 상환 위험, 골드만 삭스 신용 위험을 신중히 고려해야 합니다.

GS Finance Corp., une filiale de The Goldman Sachs Group, Inc., émet 592 000 $ de billets autocallables liés à des actions échéant le 15 juillet 2030 dans le cadre de son programme de billets à moyen terme série F. Les billets sont entièrement et inconditionnellement garantis par The Goldman Sachs Group, Inc. et seront vendus à 100 % de leur valeur nominale à la date d'émission initiale du 10 juillet 2025.

Structure : les billets à coupon zéro offrent deux scénarios de paiement possibles :

Rappel automatique – Si, à la date d'observation unique du rappel (7 juillet 2027), le cours de clôture de chaque action de référence (UNH, CRWD, AMZN, PLTR, NVDA) est ≥ 80 % de son prix initial, les billets sont remboursés par anticipation à 1 450 $ pour 1 000 $ de valeur nominale (rendement brut de 45,0 %, TRI ≈18 %).
Paiement à l'échéance – Si non rappelés, les détenteurs reçoivent le 15 juillet 2030 :

Montant nominal × [1 + 100 % × performance de l'action la moins performante] si chaque prix final > prix initial.
Montant nominal (1 000 $) si au moins un prix final ≤ prix initial.

Prix initiaux des actions de référence : UNH 303,71 $ ; CRWD 505,46 $ ; AMZN 223,47 $ ; PLTR 139,12 $ ; NVDA 158,24 $ (tous enregistrés à la date de négociation du 07-07-25).

Économie et frais : escompte de souscription de 1,125 % ; produit net de 98,875 %. La valeur estimée au pricing est de 938 $ par 1 000 $, reflétant la valeur modèle moins les frais et le spread de couverture. L'ajustement bid/ask de GS &Co. (62 $) s'amortit à zéro d'ici le 10-07-25, après quoi les cotations secondaires s'alignent sur la valeur modèle.

Profil risque/rendement :

Préservation du capital – Pas de perte de capital à condition que GS et le garant restent solvables.
Potentiel haussier limité – 45 % maximum via rappel automatique ; sinon illimité mais uniquement si les cinq actions progressent.
Panier worst-of – Le rendement à l'échéance est lié à la performance la plus faible parmi les actions ; toute action en retard annule la croissance.
Risque de crédit – Les paiements dépendent de GS Finance Corp. et The Goldman Sachs Group, Inc.
Liquidité – Pas de cotation ; market making discrétionnaire ; les investisseurs peuvent faire face à des spreads larges.
Décote d’évaluation – Le prix d’émission dépasse la valeur modèle de 6,2 %, générant un carry négatif en cas de vente anticipée.

Les investisseurs recherchant une exposition actions avec protection du capital et un potentiel de rendement de 45 % avant échéance peuvent trouver ces billets attractifs, mais doivent prendre en compte la décote d’évaluation, la concentration sur cinq valeurs technologiques/santé à haute volatilité, le risque de rappel et l’exposition au crédit de Goldman Sachs.

GS Finance Corp., eine Tochtergesellschaft der The Goldman Sachs Group, Inc., gibt 592.000 $ an autocallbaren aktiengebundenen Schuldverschreibungen mit Fälligkeit am 15. Juli 2030 im Rahmen ihres Medium-Term-Note-Programms Serie F heraus. Die Schuldverschreibungen sind von The Goldman Sachs Group, Inc. vollständig und bedingungslos garantiert und werden am ursprünglichen Emissionstag, dem 10. Juli 2025, zum Nennwert von 100 % verkauft.

Struktur: Die Nullkupon-Anleihen bieten zwei mögliche Zahlungsszenarien:

Automatische Rückzahlung – Wenn am einzigen Beobachtungstag für den Rückruf (7. Juli 2027) der Schlusskurs jeder Referenzaktie (UNH, CRWD, AMZN, PLTR, NVDA) ≥ 80 % des Anfangskurses beträgt, werden die Anleihen vorzeitig zu 1.450 $ je 1.000 $ Nennwert zurückgezahlt (45,0 % Bruttorendite, ca. 18 % IRR).
Zahlung bei Fälligkeit – Wenn nicht zurückgerufen, erhalten die Inhaber am 15. Juli 2030:

Nennwert × [1 + 100 % × Rendite der am schlechtesten performenden Aktie], falls jeder Endpreis > Anfangspreis ist.
Nennwert (1.000 $), falls ein beliebiger Endpreis ≤ Anfangspreis ist.

Anfangspreise der Referenzaktien: UNH 303,71 $; CRWD 505,46 $; AMZN 223,47 $; PLTR 139,12 $; NVDA 158,24 $ (alle am Handelstag 07-07-25 erfasst).

Wirtschaftlichkeit & Gebühren: Zeichnungsabschlag 1,125 %; Nettoerlös 98,875 %. Der geschätzte Wert bei Preisfestsetzung beträgt 938 $ pro 1.000 $, basierend auf dem Modellwert abzüglich Gebühren und Hedging-Spread. Die Bid/Ask-Anpassung von GS &Co. (62 $) wird bis zum 10-07-25 amortisiert, danach entsprechen die Sekundärnotierungen dem Modellwert.

Risiko-/Renditeprofil:

Kapitalerhalt – Kein Kapitalverlust, vorausgesetzt GS und der Garantiegeber bleiben zahlungsfähig.
Begrenzte Aufwärtschance – Maximal 45 % durch automatische Rückzahlung; sonst unbegrenzt, aber nur wenn alle fünf Aktien steigen.
Worst-of-Korb – Die Rückzahlung bei Fälligkeit hängt von der schlechtesten Aktie ab; jede schwächelnde Aktie verhindert Wachstum.
Kreditrisiko – Zahlungen hängen von GS Finance Corp. und The Goldman Sachs Group, Inc. ab.
Liquidität – Keine Börsennotierung; Market Making ist fakultativ; Anleger können mit breiten Spreads rechnen.
Bewertungsabschlag – Emissionspreis übersteigt den Modellwert um 6,2 %, was bei vorzeitigem Verkauf zu negativen Carry führt.

Investoren, die Aktienexposure mit Kapitalschutz und Potenzial für eine 45%ige Rendite vor Fälligkeit suchen, könnten die Notes attraktiv finden, müssen jedoch Bewertungsabschlag, Konzentration auf fünf hochvolatile Technologie-/Gesundheitsaktien, Rückrufrisiko und Goldman Sachs Kreditrisiko berücksichtigen.

Positive

45% potential return in under two years if call condition met, equating to an attractive ~18% annualised yield.
Full principal protection at maturity regardless of equity performance, subject to GS credit.
Exposure to five large-cap growth stocks with 100% upside participation on the worst performer when all finish positive.

Negative

Estimated value is $938, a 6.2% discount to issue price, creating negative mark-to-market at outset.
Upside capped at $1,450 if automatically called; thereafter growth depends on every stock rising.
Worst-of basket risk: a single underperformer eliminates upside at maturity.
Product carries issuer and guarantor credit risk; no FDIC insurance.
Liquidity risk: unlisted notes with discretionary market-making and potentially wide bid/ask spreads.

Insights

TL;DR 45% callable coupon with principal protection, but worst-of condition and 6% valuation drag temper attractiveness.

From a structured-products standpoint the deal offers an eye-catching 45% gross return in just under two years if all five volatile growth stocks hold ≥80% of current levels. Principal is protected at maturity, yet upside participation after 2027 is conditional on every name finishing positive, and is further limited to the least performing stock. Historical co-movement suggests elevated risk one component underperforms, making the expected value lower than headline figures imply. The initial model value (93.8) exposes investors to an immediate 6.2-point mark-to-model loss; secondary liquidity will likely be thin. Overall impact on GS is immaterial; for investors, product is niche and suitable only for those comfortable with credit risk and early-call reinvestment risk.

TL;DR Product offers equity kicker with capital preservation, but limited upside and reinvestment risk.

From an asset-allocation perspective these notes may substitute for short-dated IG credit with embedded equity optionality. The 45% call payoff equates to ~18% annualised, attractive versus current HY spreads; however, the call likely triggers in up-markets, removing exposure precisely when risk assets perform and forcing reinvestment at lower yields. If not called, investors merely break even unless all five stocks rally. Given concentration in high-volatility tech names, probability of at least one laggard is material. Credit quality (GS A- / A2) is solid but not risk-free. I classify the instrument as neutral impact given its small size relative to GS balance sheet and niche investor base.

Struttura: le note zero-coupon prevedono due possibili scenari di pagamento:

Richiamo automatico – Se, alla singola data di osservazione del richiamo (7 luglio 2027), il prezzo di chiusura di ogni azione di riferimento (UNH, CRWD, AMZN, PLTR, NVDA) è ≥ 80% del prezzo iniziale, le note vengono rimborsate anticipatamente a 1.450 $ per 1.000 $ di valore nominale (45,0% di rendimento lordo, ≈18% TIR).
Pagamento a scadenza – Se non richiamate, i detentori ricevono il 15 luglio 2030:

Valore nominale × [1 + 100% × rendimento della peggiore azione] se ogni prezzo finale è > prezzo iniziale.
Valore nominale (1.000 $) se qualunque prezzo finale ≤ prezzo iniziale.

Prezzi iniziali delle azioni di riferimento: UNH 303,71 $; CRWD 505,46 $; AMZN 223,47 $; PLTR 139,12 $; NVDA 158,24 $ (tutti registrati alla data di negoziazione 07-07-25).

Profilo rischio/rendimento:

Preservazione del capitale – Nessuna perdita del capitale a condizione che GS e il garante rimangano solvibili.
Rendimento massimo limitato – 45% massimo tramite richiamo automatico; altrimenti illimitato solo se tutte e cinque le azioni crescono.
Cestino worst-of – Il rendimento a scadenza dipende dalla peggiore performance tra le azioni; qualsiasi azione in ritardo annulla la crescita.
Rischio di credito – I pagamenti dipendono da GS Finance Corp. e The Goldman Sachs Group, Inc.
Liquidità – Nessuna quotazione; market making discrezionale; gli investitori possono affrontare spread ampi.
Sconto di valutazione – Il prezzo di emissione supera il valore di modello del 6,2%, creando un carry negativo se venduto anticipatamente.

Estructura: las notas cupón cero ofrecen dos posibles escenarios de pago:

Llamada automática – Si, en la única fecha de observación de llamada (7 de julio de 2027), el precio de cierre de cada acción de referencia (UNH, CRWD, AMZN, PLTR, NVDA) es ≥ 80% de su precio inicial, las notas se redimen anticipadamente por 1,450 $ por cada 1,000 $ de valor nominal (45.0% de rendimiento bruto, ≈18% TIR).
Pago al vencimiento – Si no son llamadas, los tenedores reciben el 15 de julio de 2030:

Monto nominal × [1 + 100% × rendimiento de la acción con peor desempeño] si cada precio final > precio inicial.
Monto nominal (1,000 $) si algún precio final ≤ precio inicial.

Precios iniciales de las acciones de referencia: UNH 303.71 $; CRWD 505.46 $; AMZN 223.47 $; PLTR 139.12 $; NVDA 158.24 $ (todos registrados en la fecha de negociación 07-07-25).

Perfil riesgo/rendimiento:

Preservación del principal – Sin pérdida de principal siempre que GS y el garante permanezcan solventes.
Rendimiento máximo limitado – 45% máximo mediante llamada automática; de lo contrario ilimitado solo si las cinco acciones suben.
Cesta worst-of – El rendimiento al vencimiento está vinculado al peor desempeño entre las acciones; cualquier acción rezagada anula el crecimiento.
Riesgo crediticio – Los pagos dependen de GS Finance Corp. y The Goldman Sachs Group, Inc.
Liquidez – Sin cotización; creación de mercado discrecional; los inversores pueden enfrentar spreads amplios.
Descuento de valoración – El precio de emisión excede el valor modelo en 6.2%, generando carry negativo si se vende anticipadamente.

구조: 제로 쿠폰 노트로 두 가지 지급 시나리오가 있습니다:

자동 상환 – 단일 상환 관측일인 2027년 7월 7일에 각 기준 주식(UNH, CRWD, AMZN, PLTR, NVDA)의 종가가 초기 가격의 80% 이상일 경우, 노트는 조기 상환되어 액면가 1,000달러당 1,450달러가 지급됩니다 (총 수익률 45.0%, 약 18% 내부수익률).
만기 지급 – 상환되지 않은 경우, 보유자는 2030년 7월 15일에 다음을 받습니다:

각 최종 가격이 초기 가격보다 높으면 액면가 × [1 + 100% × 최저 성과 주식 수익률]
최종 가격 중 하나라도 초기 가격 이하이면 액면가(1,000달러)

기준 주식 초기 가격: UNH 303.71달러; CRWD 505.46달러; AMZN 223.47달러; PLTR 139.12달러; NVDA 158.24달러 (모두 2025년 7월 7일 거래일 기준).

위험/수익 프로필:

원금 보존 – GS 및 보증인이 지급 불능 상태가 아니면 원금 손실 없음.
수익 상한 – 자동 상환을 통한 최대 45%; 그렇지 않으면 다섯 주식 모두 상승 시 무제한.
최저 성과 바스켓 – 만기 수익은 가장 성과가 저조한 주식에 연동; 어느 하나라도 부진하면 수익 없음.
신용 위험 – 지급은 GS 파이낸스 코퍼레이션 및 골드만 삭스 그룹에 의존.
유동성 – 상장 없음; 시장 조성은 재량적; 투자자는 넓은 스프레드를 감수할 수 있음.
평가 할인 – 발행가가 모델 가치보다 6.2% 높아 조기 매도 시 부정적 캐리 발생.

주요 일정: 거래 2025-07-07 | 발행 2025-07-10 | 상환 관측 2027-07-07 | 상환 지급 2027-07-14 | 확정 2030-07-08 | 만기 2030-07-15.

Structure : les billets à coupon zéro offrent deux scénarios de paiement possibles :

Rappel automatique – Si, à la date d'observation unique du rappel (7 juillet 2027), le cours de clôture de chaque action de référence (UNH, CRWD, AMZN, PLTR, NVDA) est ≥ 80 % de son prix initial, les billets sont remboursés par anticipation à 1 450 $ pour 1 000 $ de valeur nominale (rendement brut de 45,0 %, TRI ≈18 %).
Paiement à l'échéance – Si non rappelés, les détenteurs reçoivent le 15 juillet 2030 :

Montant nominal × [1 + 100 % × performance de l'action la moins performante] si chaque prix final > prix initial.
Montant nominal (1 000 $) si au moins un prix final ≤ prix initial.

Prix initiaux des actions de référence : UNH 303,71 $ ; CRWD 505,46 $ ; AMZN 223,47 $ ; PLTR 139,12 $ ; NVDA 158,24 $ (tous enregistrés à la date de négociation du 07-07-25).

Profil risque/rendement :

Préservation du capital – Pas de perte de capital à condition que GS et le garant restent solvables.
Potentiel haussier limité – 45 % maximum via rappel automatique ; sinon illimité mais uniquement si les cinq actions progressent.
Panier worst-of – Le rendement à l'échéance est lié à la performance la plus faible parmi les actions ; toute action en retard annule la croissance.
Risque de crédit – Les paiements dépendent de GS Finance Corp. et The Goldman Sachs Group, Inc.
Liquidité – Pas de cotation ; market making discrétionnaire ; les investisseurs peuvent faire face à des spreads larges.
Décote d’évaluation – Le prix d’émission dépasse la valeur modèle de 6,2 %, générant un carry négatif en cas de vente anticipée.

Struktur: Die Nullkupon-Anleihen bieten zwei mögliche Zahlungsszenarien:

Automatische Rückzahlung – Wenn am einzigen Beobachtungstag für den Rückruf (7. Juli 2027) der Schlusskurs jeder Referenzaktie (UNH, CRWD, AMZN, PLTR, NVDA) ≥ 80 % des Anfangskurses beträgt, werden die Anleihen vorzeitig zu 1.450 $ je 1.000 $ Nennwert zurückgezahlt (45,0 % Bruttorendite, ca. 18 % IRR).
Zahlung bei Fälligkeit – Wenn nicht zurückgerufen, erhalten die Inhaber am 15. Juli 2030:

Nennwert × [1 + 100 % × Rendite der am schlechtesten performenden Aktie], falls jeder Endpreis > Anfangspreis ist.
Nennwert (1.000 $), falls ein beliebiger Endpreis ≤ Anfangspreis ist.

Anfangspreise der Referenzaktien: UNH 303,71 $; CRWD 505,46 $; AMZN 223,47 $; PLTR 139,12 $; NVDA 158,24 $ (alle am Handelstag 07-07-25 erfasst).

Risiko-/Renditeprofil:

Kapitalerhalt – Kein Kapitalverlust, vorausgesetzt GS und der Garantiegeber bleiben zahlungsfähig.
Begrenzte Aufwärtschance – Maximal 45 % durch automatische Rückzahlung; sonst unbegrenzt, aber nur wenn alle fünf Aktien steigen.
Worst-of-Korb – Die Rückzahlung bei Fälligkeit hängt von der schlechtesten Aktie ab; jede schwächelnde Aktie verhindert Wachstum.
Kreditrisiko – Zahlungen hängen von GS Finance Corp. und The Goldman Sachs Group, Inc. ab.
Liquidität – Keine Börsennotierung; Market Making ist fakultativ; Anleger können mit breiten Spreads rechnen.
Bewertungsabschlag – Emissionspreis übersteigt den Modellwert um 6,2 %, was bei vorzeitigem Verkauf zu negativen Carry führt.

07/09/2025 - 04:35 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Slootman Frank

(Last)

(First)

(Middle)

C/O SNOWFLAKE INC.

106 EAST BABCOCK STREET, SUITE 3A

(Street)

BOZEMAN

59715

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Snowflake Inc. [ SNOW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/07/2025		M⁽¹⁾		323,713	A	$8.88	489,220⁽²⁾	D
Common Stock	07/07/2025		S⁽¹⁾		25,795	D	$221.093⁽³⁾	463,425⁽²⁾	D
Common Stock	07/07/2025		S⁽¹⁾		111,696	D	$221.832⁽⁴⁾	351,729⁽²⁾	D
Common Stock	07/07/2025		S⁽¹⁾		48,004	D	$222.713⁽⁵⁾	303,725⁽²⁾	D
Common Stock	07/07/2025		S⁽¹⁾		30,089	D	$223.729⁽⁶⁾	273,636⁽²⁾	D
Common Stock	07/07/2025		S⁽¹⁾		71,715	D	$224.918⁽⁷⁾	201,921⁽²⁾	D
Common Stock	07/07/2025		S⁽¹⁾		36,414	D	$225.616⁽⁸⁾	165,507⁽²⁾	D
Common Stock	07/08/2025		M⁽¹⁾		100,483	A	$8.88	265,990⁽²⁾	D
Common Stock	07/08/2025		S⁽¹⁾		16,485	D	$221.379⁽⁹⁾	249,505⁽²⁾	D
Common Stock	07/08/2025		S⁽¹⁾		23,292	D	$222.562⁽¹⁰⁾	226,213⁽²⁾	D
Common Stock	07/08/2025		S⁽¹⁾		14,399	D	$223.181⁽¹¹⁾	211,814⁽²⁾	D
Common Stock	07/08/2025		S⁽¹⁾		26,403	D	$224.625⁽¹²⁾	185,411⁽²⁾	D
Common Stock	07/08/2025		S⁽¹⁾		17,172	D	$225.247⁽¹³⁾	168,239⁽²⁾	D
Common Stock	07/08/2025		S⁽¹⁾		2,732	D	$226.023⁽¹⁴⁾	165,507⁽²⁾	D
Common Stock								6,384	I	LLC⁽¹⁵⁾
Common Stock								83,014	I	Foundation⁽¹⁶⁾
Common Stock								335,146	I	Trust⁽¹⁷⁾
Common Stock								250,030	I	Trust⁽¹⁸⁾
Common Stock								91,058	I	Trust⁽¹⁹⁾
Common Stock								91,058	I	Trust⁽²⁰⁾
Common Stock								16,300	I	Trust⁽²¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$8.88	07/07/2025		M⁽¹⁾			323,713	⁽²²⁾	05/28/2029	Common Stock	323,713	$0	8,161,976	D
Stock Option (Right to Buy)	$8.88	07/08/2025		M⁽¹⁾			100,483	⁽²²⁾	05/28/2029	Common Stock	100,483	$0	8,061,493	D

Explanation of Responses:

1. The exercises and sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person on March 26, 2025.

2. Includes shares to be issued in connection with the vesting of one or more restricted stock units.

3. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $220.380 to $221.370, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in these footnotes.

4. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $221.380 to $222.370, inclusive.

5. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $222.375 to $223.350, inclusive.

6. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $223.405 to $224.320, inclusive.

7. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $224.400 to $225.360, inclusive.

8. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $225.400 to $225.860, inclusive.

9. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $220.950 to $221.910, inclusive.

10. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $221.950 to $222.925, inclusive.

11. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $222.955 to $223.570, inclusive.

12. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $223.980 to $224.970, inclusive.

13. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $224.980 to $225.725, inclusive.

14. The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $225.980 to $226.050, inclusive.

15. The shares are held by Invisible Hand Ventures, LLC, of which the Reporting Person is the manager and has sole voting and dispositive power.

16. The shares are held by the Slootman Family Foundation dated 11/24/2010 for which the Reporting Person is deemed to have voting and investment power over the shares held by the Slootman Family Foundation, but has no personal pecuniary interest in these shares.

17. The shares are held by the Slootman Living Trust dated 9/8/1999 for which the Reporting Person is a trustee.

18. The shares are held by the Slootman 2023 Grantor Retained Annuity Trust dated 9/25/23 for which the Reporting Person is a trustee.

19. The shares are held by the B. Slootman 2024 Grantor Retained Annuity Trust dated 12/3/2024 for which the Reporting Person's spouse is the trustee.

20. The shares are held by the F. Slootman 2024 Grantor Retained Annuity Trust dated 12/3/2024 for which the Reporting Person is the trustee.

21. The shares are held by the Slootman Grandchildren's Trust dated 7/28/2022 for which the Reporting Person is a trustee.

22. The stock option is fully vested.

Remarks:

	/s/ Marie Reider, Attorney-in-Fact	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What are the underlying stocks for GS Autocallable Notes (GS)?

The notes reference UNH, CRWD, AMZN, PLTR and NVDA; performance of the worst stock drives payouts.

How does the automatic call feature work?

If on July 7 2027 each stock closes ≥80% of its initial price, GS redeems the note for $1,450 per $1,000 face value.

What happens at maturity if the notes are not called?

On July 15 2030 you receive $1,000 plus 100% of the worst stock’s gain—provided all stocks are above initial levels; otherwise you get only $1,000.

Is my principal protected?

Yes, you receive at least the face amount at maturity, but payment depends on Goldman Sachs’ creditworthiness.

Why is the estimated value lower than the issue price?

The $938 model value reflects dealer hedging costs, fees and spreads; investors pay a 6.2% premium at issuance.

Can I sell the notes before maturity?

There is no exchange listing; GS &Co. may offer to buy the notes but secondary liquidity and pricing are uncertain.

What fees are embedded in the product?

Underwriting discount is 1.125%; other structuring and hedging costs are included in the price premium above estimated value.

[Form 4] Snowflake Inc. Insider Trading Activity

Insights

FAQ

What are the underlying stocks for GS Autocallable Notes (GS)?

How does the automatic call feature work?

What happens at maturity if the notes are not called?

Is my principal protected?

Why is the estimated value lower than the issue price?

Can I sell the notes before maturity?

What fees are embedded in the product?

NYSE:SNOW

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SNOW Latest News

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[Form 4] Snowflake Inc. Insider Trading Activity

Insights

Structured Products Analyst neutral

Portfolio Manager – Multi-Asset neutral

FAQ

What are the underlying stocks for GS Autocallable Notes (GS)?

How does the automatic call feature work?

What happens at maturity if the notes are not called?

Is my principal protected?

Why is the estimated value lower than the issue price?

Can I sell the notes before maturity?

What fees are embedded in the product?

NYSE:SNOW

SNOW Rankings

SNOW Latest News

SNOW Latest SEC Filings

SNOW Stock Data