Goldman Sachs Group Inc.'s top four executives agreed to hold on to 90% of the stock they own in the company as part of its agreement to raise money from Warren Buffett's Berkshire Hathaway Inc.
Chief executive Lloyd Blankfein, chief financial officer David Viniar, and co-presidents Gary Cohn and Jon Winkelried are named in the "material definitive agreement" that Goldman disclosed Thursday.
The accord prevents the executives, their families, and their estates from selling more than 10% of the common stock they own until Oct. 1, 2011, or until Berkshire redeems its $5 billion in preferred stock, whichever comes soonest.
Mr. Blankfein, 54, owned 3.4 million shares of Goldman common stock as of Feb. 11, according to Goldman's 2008 proxy statement.
Mr. Cohn, 48, owned 2.04 million shares, Mr. Winkelried, 49, owned 2.89 million shares and Mr. Viniar, 53, owned 1.91 million.
