EX-10.45



 



 EXHIBIT 10.45



THE GOLDMAN SACHS AMENDED AND RESTATED STOCK INCENTIVE PLAN

OUTSIDE DIRECTOR                     




          This Award Agreement sets forth the terms and conditions of an award granted to you under The
Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”) of Options to purchase shares
of Common Stock (“Shares”).




          1. The Plan. This Award is made pursuant to the Plan, the terms of which are
incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not
defined in this Award Agreement have the meanings as used or defined in the Plan.




          2. Award. The Award Statement sets forth (i) the Date of Grant, (ii) the number of
Options granted and (iii) the per-Share Exercise Price. Until the Shares are delivered to you
pursuant to Paragraph 6, you have no rights as a shareholder of GS Inc. This Award is subject to
all terms and provisions of the Plan and this Award Agreement.




          3. Expiration Date. Subject to the terms of the Plan, the Options shall expire and no
longer be exercisable on the Expiration Date (as identified on your Award Statement).




          4. Vesting. You shall be fully Vested in the Options on the Date of Grant.




          5. Exercisability of Vested Options.




          (a) General. To the extent Outstanding and unexercised, but subject to Paragraph 5(d)
hereof, the Options may be exercised in accordance with procedures established by the Committee,
but not earlier than the Initial Exercise Date. The Committee may from time to time prescribe
periods during which the Options shall not be exercisable.




          (b) Death. Notwithstanding any other provision of this Award Agreement, if you die
and any Options remain unexercised, and provided your rights in respect of such Options have not
previously terminated, such Options shall be exercisable by the representative of your estate or,
to the extent you specifically bequeath any such Options under your will in accordance with such
procedures, if any, as may be adopted by the Committee to an organization described in Sections
501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved
by the Committee) (a “Charitable Beneficiary”), by the Charitable Beneficiary, in either case in
accordance with the procedures described in Paragraph 5(a) as soon as practicable after the date of
death and after such documentation as may be requested by the Committee is provided to the
Committee and shall, unless earlier terminated or cancelled in accordance with the terms of this
Agreement, remain exercisable until the Expiration Date and shall thereafter terminate. The
Transfer Restrictions described in Paragraph 5(d) shall be removed.




          (c) Other Terminations. Upon your separation from the Board of Directors of GS Inc.
for any reason, your Outstanding and unexercised Options shall remain exercisable until the
Expiration Date, and shall thereafter terminate.




 









 





          (d) Certain Restrictions on Transfer of Shares and Exercise of Options. Until the
earlier of (I) the date on which you cease to be a Non-Employee Director of GS Inc., or (II) the
two-year anniversary of the Initial Exercise Date as defined on your Award Statement (the
“Transferability Date”): (i) (A) no sale, exchange, transfer, assignment, pledge, hypothecation,
fractionalization, hedge or other disposition of (including through the use of any cash-settled
instrument) any Shares acquired in connection with the exercise of your Options, whether
voluntarily or involuntarily by you; and (B) no exercise of any Options involving the sale of
Shares acquired in respect of such exercise (the restrictions in clauses (i)(A) and (i)(B) of this
Paragraph 5(d) being referred to collectively as the “Transfer Restrictions”) may be effected,
and any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization,
hedge, other disposition or exercise in violation of the Transfer Restrictions shall be void; and
(ii) if and to the extent Shares subject to your Options are certificated, the certificates
representing such Shares shall bear a legend specifying that such Shares are subject to the
restrictions described in this Paragraph 5(d) and GS Inc. may advise its transfer agent to place a
stop order against the transfer of such Shares in violation of such Transfer Restrictions. Any
Shares acquired in connection with any exercise of your Options prior to the Transferability Date
shall be held in a custody or other account designated by the Firm. Within 30 Business Days after
the Transferability Date (or any other date for which removal of the Transfer Restrictions is
called for), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to
remove the Transfer Restrictions.




          6. Delivery. Without limiting the application of Paragraph 5(d), unless otherwise
determined by the Committee, or as otherwise provided in this Award Agreement, and except as
provided in Paragraph 8, upon receipt of payment of the Exercise Price for Shares subject to one or
more Options, delivery of the appropriate number of Shares shall be effected by book-entry credit
to the Custody Account or to a brokerage account, as approved or required by the Firm. No delivery
of Shares shall be made unless you have timely established the Custody Account or a brokerage
account, as approved or required by the Firm. You shall be the beneficial owner of any Shares
properly credited to the Custody Account or delivered to a brokerage account, as approved or
required by the Firm. You shall have no right to any dividend or distribution with respect to such
Shares if the record date for such dividend or distribution is prior to the date the Custody
Account or brokerage account, as approved or required by the Firm, is properly credited with such
Shares. The Firm may deliver cash or other property in lieu of all or any portion of the Shares
otherwise deliverable in accordance with this Paragraph 6.




          7. Conflicted Employment. Without otherwise limiting the application of Paragraph
5(d), if you accept employment at any U.S. Federal, state or local government, any non-U.S.
government, any supranational or international organization, any self-regulatory organization or
any agency, or instrumentality of any such government or organization, or any other employer
determined by the Committee, and as a result of such employment, your continued holding of your
Options would result in an actual or perceived conflict of interest (“Conflicted Employment”) then
the Transfer Restrictions set forth in Paragraph 5(d) shall be waived with respect to any Options
you then hold and, at the sole discretion of the Firm: (a) such Outstanding Options shall be
cancelled and as soon as practicable after the Committee has received satisfactory documentation
relating to your Conflicted Employment (the “Release Date”) you shall receive a payment equal to
the excess (if any) of (x) the Fair Market Value of a Share on the Business Day immediately prior
to the Release Date multiplied by the number of




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your Options that were Outstanding immediately prior to such cancellation over (y) the
Exercise Price multiplied by the number of such Options; (b) both the Initial Exercise Date and the
Transferability Date with respect to your Outstanding Options shall become the Release Date; or (c)
if and to the extent provided in any procedures adopted by the Committee, you may be permitted to
transfer your Outstanding Options for value to a party or parties acceptable to the Firm (which may
include the Firm). Notwithstanding anything else herein, the actions described in this Paragraph 7
shall be permitted only at such time and if and to the extent as would not result in the imposition
of any additional tax to you under Section 409A of the Code (which governs taxation of certain
deferred compensation).




          8. Non-transferability. Except as otherwise may be provided in this Paragraph or as
otherwise may be provided by the Committee, and without limiting any permitted transfer in
accordance with Paragraph 7, the limitations set forth in Section 3.5 of the Plan shall apply with
respect to the Options. Any assignment in violation of the provisions of this Paragraph 8 shall be
void. The Committee may adopt procedures pursuant to which you may transfer some or all of your
Options through a gift for no consideration to any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person
sharing the recipient’s household (other than a tenant or employee), a trust in which these persons
have more than 50% of the beneficial interest, and any other entity in which these persons (or the
recipient) own more than 50% of the voting interests.




          9. Withholding, Consents and Legends.




          (a) The delivery of Shares upon exercise of your Outstanding Options is conditioned on your
satisfaction of any applicable withholding taxes (in accordance with Section 3.2 of the Plan,
provided that the Committee may determine not to apply the minimum withholding rate specified in
Section 3.2.2 of the Plan).




          (b) Your rights in respect of the Options are conditioned on the receipt to the full
satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan)
that the Committee may determine to be necessary or advisable, and by accepting this Award you
shall be deemed to consent and agree to the items specified in Section 3.3.3(d) of the Plan.




          (c) In addition to the restrictions listed in Paragraph 5(d), GS Inc. may affix to
Certificates representing Shares issued pursuant to this Award Agreement any legend that the
Committee determines to be necessary or advisable (including to reflect any restrictions to which
you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent
to place a stop order against any legended Shares.




          10. Successors and Assigns of GS Inc. The terms and conditions of this Award
Agreement shall be binding upon and shall inure to the benefit of GS Inc. and its successors and
assigns.




          11. Committee Discretion. The Committee shall have full discretion with respect to
any actions to be taken or determinations to be made in connection with this Award




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Agreement, and its determinations shall be final, binding and conclusive in accordance with
Section 1.3 of the Plan.




          12. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in this Award Agreement in any respect in accordance with Section 1.3 of the
Plan, and the Board may amend the Plan in any respect in accordance with Section 3.1 of the Plan.




          13. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.




          14. Headings. The headings in this Award Agreement are for the purpose of convenience
only and are not intended to define or limit the construction of the provisions hereof.




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     IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered
as of                     .



	 	 	 
	 

	 	THE GOLDMAN SACHS GROUP, INC.
	 
	 	 
	 

	 	By:
	 

	 	Name:
	 

	 	Title:






Accepted and Agreed:



By:                                        





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