Goldman Sachs 2004 Annual Report Download - page 101
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GOLDMANSAC H S 2004 A N N U A L R E P ORT 9 9
RESTRICTEDSTOCK UNITS
The firm issued restricted stock units to employees under the
Amended SIP, primarily in connection with year-end compensa-
tion and acquisitions. Of the total restricted stock units
outstanding as of November 2004 and November 2003,
(i) 24.9 million units and 24.5 million units, respectively,
required future service as a condition to the delivery of the
underlying shares of common stock and (ii) 13.0 million units
and 23.3 million units, respectively, did not require future service.
In all cases, delivery of the underlying shares of common stock is conditioned on the grantees satisfying certain other requirements
outlined in the award agreements. The activity related to these restricted stock units is set forth below:
RESTRICTEDSTOCKUNITSOUTSTANDING
NOFUTURE FUTURE
SERVICE SERVICE
REQUIRED REQUIRED
Outstanding, November 2001 25,629,933 41,669,062
Granted(1) 1,484,153 4,855,553
Forfeited (591,957) (3,135,134)
Delivered (21,700,672) —
Vested 13,494,481 (13,494,481)
Outstanding, November 2002 18,315,938 29,895,000
Granted(1) 3,615,366 9,357,593
Forfeited (179,708) (1,886,420)
Delivered (11,261,989) —
Vested 12,824,458 (12,824,458)
Outstanding, November 2003 23,314,065 24,541,715
Granted(1) 6,629,717 11,253,970
Forfeited (142,163) (879,420)
Delivered (26,806,448) —
Vested 10,032,240 (10,032,240)
Outstanding, November 2004 13,027,411 24,884,025
(1)Includesrestrictedstockunitsgrantedtoemployeessubsequenttoyearendaspartofyear-endcompensation.
Total employee stock compensation expense, net of forfeitures, was $1.22 billion, $711 million and $645 million for the years
ended November 2004, November 2003 and November 2002, respectively.
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