Goldman Sachs (GS) Top Executives Agree Not Sell More Than 10% Of Their Shares For Three Years

October 3, 2008 2:47 PM EDT

On September 28, 2008, each of Lloyd C. Blankfein, Gary D. Cohn, Jon Winkelried and David A. Viniar executed a letter agreement with The Goldman Sachs Group (NYSE: GS) in which the Executive agreed that, with certain exceptions, until the earlier of October 1, 2011 and the date of redemption of all of the Company’s 10% Cumulative Perpetual Preferred Stock, Series G, par value $0.01 per share and having a liquidation value of $100,000 per share.

The executives will continue to satisfy the Special Transfer Restrictions (at the 75% level) which are set forth in the Amended and Restated Shareholders’ Agreement and described in the Company’s 2008 proxy statement; and (ii) the Executive, his spouse and any estate planning vehicles will not dispose of more than 10% of the aggregate number of shares of Goldman Sachs' voting common stock, par value $0.01 per share, they beneficially owned on September 28, 2008.

On October 1, 2008, Goldman Sachs closed its previously announced sale to Berkshire Hathaway (NYSE: BRK.A) and certain affiliates of (1) 50,000 shares of the Series G Preferred Stock and (2) a warrant to purchase 43,478,260 shares of Goldman Sachs common stock for an aggregate purchase price of $5.0 billion in cash.

The Goldman Sachs Group is a global investment banking firm.
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