EX-10.54



 EXHIBIT 10.54 

THE GOLDMAN SACHS GROUP, INC. 

[            ] YEAR-END
SHORT-TERM RSU AWARD 
 This Award Agreement, together with The Goldman Sachs Amended
and Restated Stock Incentive Plan (2015) (the “Plan”), governs your              year-end award of Short-Term RSUs (your “Award”). You should
read carefully this entire Award Agreement, which includes the Award Statement and any attached Appendix. 
 ACCEPTANCE 

1. You Must Decide Whether to Accept this Award Agreement. To be eligible to receive your Award, you must by the date
specified (a) open and activate an Account and (b) agree to all the terms of your Award by executing the related signature card in accordance with its instructions. By executing the signature card, you confirm your agreement to all
of the terms of this Award Agreement, including the arbitration and choice of forum provisions in Paragraph 14. 
 DOCUMENTS
THAT GOVERN YOUR AWARD; DEFINITIONS 
 2. The
Plan. Your Award is granted under the Plan, and the Plan’s terms apply to, and are a part of, this Award Agreement.  

3. Your Award Statement. The Award Statement delivered to you contains some of your Award’s specific terms. For
example, it contains the number of Short-Term RSUs awarded to you and the Delivery Date. 
 4. Definitions.
Capitalized terms are defined in the Definitions Appendix, which also includes terms that are defined in the Plan.  
 VESTING
OF YOUR RSUS 
 5. Vesting. All of your Short-Term RSUs are Vested.
When an RSU is Vested, it means only that your continued active Employment is not required for delivery of that portion of RSU Shares. Vesting does not mean you have a non-forfeitable right to the Vested portion of your Award. The terms of
this Award Agreement (including conditions to delivery) continue to apply to Vested Short-Term RSUs, and you can still forfeit Vested Short-Term RSUs and any RSU Shares. 

DELIVERY OF YOUR RSU SHARES 

6. Delivery. Reasonably promptly (but no more than 30 Business Days) after each Delivery Date listed on your Award
Statement, RSU Shares (less applicable withholding as described in Paragraph 11(a)) will be delivered (by book entry credit to your Account) in respect of the amount of Outstanding Short-Term RSUs listed next to that date. The Committee or the SIP
Committee may select multiple dates within the 30-Business-Day period following the Delivery Date to deliver RSU Shares in respect of all or a portion of the Short-Term RSUs with the same Delivery Date listed on the Award Statement, and all such
dates will be treated as a single Delivery Date for purposes of this Award. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc. Without limiting the Committee’s authority
under Section 1.3.2(h) of the Plan, the Firm may accelerate any Delivery Date by up to 30 days.  







 DIVIDENDS 

7. Dividend Equivalent Rights and Dividends. Each Short-Term RSU includes a Dividend Equivalent Right, which entitles you
to receive an amount (less applicable withholding), at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of a share of Common Stock, equal to any regular cash dividend payment that would have been made in
respect of an RSU Share underlying your Outstanding Short-Term RSUs for any record date that occurs on or after the Date of Grant.  

FORFEITURE OF YOUR AWARD 

8. How You May Forfeit Your Award. This Paragraph 8 sets forth the events that result in forfeiture of up to all of your
Short-Term RSUs and may require repayment to the Firm of up to all other amounts previously delivered or paid to you under your Award in accordance with Paragraph 9. More than one event may apply, and in no case will the occurrence of one event
limit the forfeiture and repayment obligations as a result of the occurrence of any other event. In addition, the Firm reserves the right to (a) suspend delivery of RSU Shares, (b) deliver any RSU Shares into an escrow account in
accordance with Paragraph 11(f)(v) or (c) apply Transfer Restrictions to any RSU Shares in connection with any investigation of whether any of the events that result in forfeiture under the Plan or this Paragraph 8 have occurred. Paragraph 10
(relating to certain circumstances under which delivery may be accelerated) provides for exceptions to one or more provisions of this Paragraph 8. The Code Staff Forfeiture and Repayment Appendix supplements this Paragraph 8 and sets forth
additional events that result in forfeiture of up to all of your Supplemental RSUs and Shares at Risk and may require repayment to the Firm as described in Paragraph 9 and the Appendix.  

(a) Short-Term RSUs Forfeited Upon Certain Events. If any of the following occurs, your rights to all of your
Outstanding Short-Term RSUs will terminate, and no RSU Shares will be delivered in respect of such RSUs, as may be further described below: 

(i) You Failed to Consider Risk. You Failed to Consider Risk during the Firm’s
             fiscal year. 
 (ii) Your Conduct
Constitutes Cause. Any event that constitutes Cause (including, for the avoidance of doubt, “Serious Misconduct” as defined in the Code Staff Forfeiture and Repayment Appendix) has occurred before the Delivery Date. 

(iii) You Do Not Meet Your Obligations to the Firm. The Committee determines that, before the Delivery Date, you failed
to meet, in any respect, any obligation under any agreement with the Firm, or any agreement entered into in connection with your Employment or this Award, including the Firm’s notice period requirement applicable to you, any offer letter,
employment agreement or any shareholders’ agreement relating to the Firm. Your failure to pay or reimburse the Firm, on demand, for any amount you owe to the Firm will constitute (A) failure to meet an obligation you have under an
agreement, regardless of whether such obligation arises under a written agreement, and/or (B) a material violation of Firm policy constituting Cause. 

(iv) You Do Not Provide Timely Certifications or Comply with Your Certifications. You fail to certify to GS Inc. that
you have complied with all of the terms of the Plan and this Award Agreement, or the Committee determines that you have failed to comply with a term of the Plan or this Award Agreement to which you have certified compliance. 

  
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 (v) You Do Not Follow Dispute Resolution/Arbitration Procedures. You
attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 14 or Section 3.17 of the Plan. 

(vi) You Bring an Action that Results in a Determination that Any Award Agreement Term Is Invalid. As a result of any
action brought by you, it is determined that any term of this Award Agreement is invalid. 
 (vii) You Receive
Compensation in Respect of Your Award from Another Employer. Your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and another entity grants you cash, equity or other property (whether vested or
unvested) to replace, substitute for or otherwise in respect of any Outstanding Short-Term RSUs; provided, however, that your rights will only be terminated in respect of the Short-Term RSUs that are replaced, substituted for or
otherwise considered by such other entity in making its grant. 
 REPAYMENT OF YOUR AWARD

 9. When You May Be Required to Repay Your Award. If the Committee determines that any term of this Award was not
satisfied, you will be required, immediately upon demand therefor, to repay to the Firm the following:  
 (a) Any RSU
Shares for which the terms (including the terms for delivery) of the related Short-Term RSUs were not satisfied, in accordance with Section 2.6.3 of the Plan. 

(b) Any payments under Dividend Equivalent Rights for which the terms were not satisfied (including any such payments made in
respect of Short-Term RSUs that are forfeited or RSU Shares that are cancelled or subject to repayment), in accordance with Section 2.8.4 of the Plan. 

(c) Any dividends paid in respect of any RSU Shares that are cancelled or required to be repaid. 

(d) Any amount applied to satisfy tax withholding or other obligations with respect to any Short-Term RSUs, RSU Shares,
dividend payments and payments under Dividend Equivalent Rights that are forfeited or required to be repaid. 
 EXCEPTIONS
TO THE DELIVERY DATE 
 10. Accelerated Delivery in the Event of
a Qualifying Termination After a Change in Control, Conflicted Employment or Death. In the event of your Qualifying Termination After a Change in Control, Conflicted Employment or death, each as described below, your Outstanding Award will
be treated as described in this Paragraph 10, and, except as set forth in Paragraph 10(a), all other terms of this Award Agreement, including the other forfeiture and repayment events in Paragraphs 8 and 9, continue to apply. 

(a) You Have a Qualifying Termination After a Change in Control. If your Employment terminates when you meet the
requirements of a Qualifying Termination After a Change in Control, the RSU Shares underlying your Outstanding Short-Term RSUs will be delivered. In addition, the forfeiture events in Paragraph 8 will not apply to your Award. 

  
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 (b) You Are Determined to Have Accepted Conflicted Employment. 

(i) Generally. If your Employment terminates solely because you resign to accept Conflicted Employment, as soon as
practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment, RSU Shares will be delivered in respect of your Outstanding Short-Term RSUs (including in the form of cash as described in Paragraph
11(b)). In addition, if, following your termination of Employment, you notify the Firm and provide the Committee with satisfactory documentation that you are accepting Conflicted Employment, RSU Shares will be delivered in respect of your
Outstanding Short-Term RSUs (including in the form of cash as described in Paragraph 11(b)). 
 (ii) You May Have to Take
Other Steps to Address Conflicts of Interest. The Committee retains the authority to exercise its rights under the Award Agreement or the Plan (including Section 1.3.2 of the Plan) to take or require you to take other steps it determines in
its sole discretion to be necessary or appropriate to cure an actual or perceived conflict of interest (which may include a determination that the accelerated delivery described in Paragraph 10(b)(i) will not apply because such actions are not
necessary or appropriate to cure an actual or perceived conflict of interest). 
 (c) Death. If you die, the RSU
Shares underlying your Outstanding Short-Term RSUs will be delivered to the representative of your estate 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.

 OTHER TERMS, CONDITIONS AND AGREEMENTS 

11. Additional Terms, Conditions and Agreements. 

(a) You Must Satisfy Applicable Tax Withholding Requirements. Delivery of RSU Shares is conditioned on your satisfaction
of any applicable withholding taxes in accordance with Section 3.2 of the Plan (which includes the Firm deducting or withholding amounts from any payment or distribution to you). In addition, to the extent permitted by applicable law, the Firm,
in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, state, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant or delivery of this Award by requiring you to
choose between remitting the amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of RSU Shares delivered to you under this Award. In addition, if you are an
individual with separate employment contracts (at any time during and/or after the Firm’s              fiscal year), the Firm, in its sole discretion, may require you to provide
for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount
(i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of shares of Common Stock delivered to you pursuant to this Award (or any other Outstanding awards granted under
the Plan or any predecessor or successor plan thereto). In no event, however, does this Paragraph 11(a) give you any discretion to determine or affect the timing of the delivery of RSU Shares or the timing of payment of tax obligations. 

(b) Firm May Deliver Cash or Other Property Instead of RSU Shares. In accordance with Section 1.3.2(i) of the Plan,
in the sole discretion of the Committee, in lieu of all or any portion of the RSU Shares, the Firm may deliver cash, other securities, other awards under the 

  
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Plan or other property, and all references in this Award Agreement to deliveries of RSU Shares will include such deliveries of cash, other securities, other awards under the Plan or other
property. 
 (c) Amounts May Be Rounded to Avoid Fractional Shares. RSU Shares that become deliverable on a Delivery
Date may, in each case, be rounded to avoid fractional Shares. 
 (d) You May Be Required to Become a Party to the
Shareholders’ Agreement. Your rights to your Short-Term RSUs are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees (e.g., employees with a similar title or position)
of the Firm are required to be a party. If you are a party to the Amended and Restated Shareholders’ Agreement, RSU Shares will be subject to the Amended and Restated Shareholders’ Agreement, but RSU Shares delivered in respect of
Short-Term RSUs will not be “Covered Shares” for purposes of Section 2.1(a) thereof. 
 (e) Firm May Affix
Legends and Place Stop Orders on Restricted RSU Shares. GS Inc. may affix to Certificates representing RSU Shares 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). GS Inc. may advise the transfer agent to place a stop order against any legended RSU Shares. 

(f) You Agree to Certain Consents, Terms and Conditions. By accepting this Award you understand and agree that: 

(i) You Agree to Certain Consents as a Condition to the Award. You have expressly consented to all of the items listed
in Section 3.3.3(d) of the Plan, including the Firm’s supplying to any third-party recordkeeper of the Plan or other person such personal information of yours as the Committee deems advisable to administer the Plan, and you agree to
provide any additional consents that the Committee determines to be necessary or advisable; 
 (ii) You Are Subject to the
Firm’s Policies, Rules and Procedures. You are subject to the Firm’s policies in effect from time to time concerning trading in RSU Shares and hedging or pledging RSU Shares and equity-based compensation or other awards (including,
without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.” or any successor policies), and confidential or proprietary information, and
you will effect sales of RSU Shares in accordance with such rules and procedures as may be adopted from time to time (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are
executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm); 
 (iii) You
Are Responsible for Costs Associated with Your Award. You will be responsible for all brokerage costs and other fees or expenses associated with your Short-Term RSUs, including those related to the sale of RSU Shares; 

(iv) You Will Be Deemed to Represent Your Compliance with All the Terms of Your Award if You Accept Delivery of, or Sell,
RSU Shares. You will be deemed to have represented and certified that you have complied with all of the terms of the Plan and this Award Agreement when you accept delivery of RSU Shares, or receive payment in respect of Dividend Equivalent
Rights; 

  
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 (v) Firm May Deliver Your Award into an Escrow Account. The Firm may
establish and maintain an escrow account on such terms (which may include your executing any documents related to, and your paying for any costs associated with, such account) as it may deem necessary or appropriate, and the delivery of RSU Shares
or the payment of cash or other property may initially be made into and held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the Committee has determined that any other
conditions or restrictions on delivery of RSU Shares, cash or other property required by this Award Agreement have been satisfied; 

(vi) You May Be Required to Certify Compliance with Award Terms; You Are Responsible for Providing the Firm with Updated
Address and Contact Information After Your Departure from the Firm. If your Employment terminates while you continue to hold Short-Term RSUs, from time to time, you may be required to provide certifications of your compliance with all of the
terms of the Plan and this Award Agreement as described in Paragraph 8(a)(iv). You understand and agree that (A) your address on file with the Firm at the time any certification is required will be deemed to be your current address, (B) it
is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (C) you are responsible for contacting the Firm to obtain such certification materials if not received and
(D) your failure to return properly completed certification materials by the specified deadline (which includes your failure to timely return the completed certification because you did not provide the Firm with updated contact information)
will result in the forfeiture of all of your Short-Term RSUs and subject previously delivered amounts to repayment under Paragraph 8(a)(iv); 

(vii) You Must Comply with Applicable Deadlines and Procedures to Appeal Determinations Made by the Committee, the SIP
Committee or SIP Administrators. In order to appeal a determination by the Committee, the SIP Committee, the SIP Administrators, or any of their delegates or designees, you must submit a written request for the appeal within 180 days after
receipt of any such determination. You must exhaust all administrative remedies before seeking to resolve a dispute through arbitration pursuant to Paragraph 14 and Section 3.17 of the Plan; and 

(viii) You Agree that Covered Persons Will Not Have Liability. In addition to and without limiting the generality of the
provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person will have any liability to you or any other person for any action taken or omitted in respect of this or any other Award. 

12. Non-transferability. Except as otherwise may be provided in this Paragraph 12 or as otherwise may be provided by the
Committee, the limitations on transferability set forth in Section 3.5 of the Plan will apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 12 or Section 3.5 of the Plan will be void.
The Committee may adopt procedures pursuant to which some or all recipients of Short-Term RSUs may transfer some or all of their Short-Term RSUs through a gift for no consideration to any immediate family member, a trust or other estate planning
vehicle approved by the Committee or SIP Committee in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest. 

13. Right of Offset. Except as provided in Paragraph 16(h), the obligation to deliver RSU Shares or to make payments
under Dividend Equivalent Rights under this Award Agreement is subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such obligation any outstanding amounts you owe to the Firm and any amounts the
Committee deems appropriate pursuant to any tax equalization policy or agreement.  

  
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 ARBITRATION, CHOICE OF FORUM AND
GOVERNING LAW 
 14. Arbitration; Choice of Forum. 

(a) BY ACCEPTING THIS AWARD, YOU
ARE INDICATING THAT YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND
CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN
WILL APPLY TO THIS AWARD. THESE PROVISIONS, WHICH ARE EXPRESSLY INCORPORATED
HEREIN BY REFERENCE, PROVIDE AMONG OTHER THINGS THAT ANY DISPUTE, CONTROVERSY
OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING
TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT WILL BE FINALLY
SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE
FULLY SET FORTH IN SECTION 3.17 OF THE PLAN. 

(b) To the fullest extent permitted by applicable law, no arbitrator will have the authority to consider class, collective or
representative claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved. 

(c) Notwithstanding any applicable forum rules to the contrary, to the extent there is a question of enforceability of this
Award Agreement arising from a challenge to the arbitrator’s jurisdiction or to the arbitrability of a claim, it will be decided by a court and not an arbitrator. 

(d) All references to the New York Stock Exchange in Section 3.17 of the Plan will be read as references to the Financial
Industry Regulatory Authority. 
 (e) The Federal Arbitration Act governs interpretation and enforcement of all arbitration
provisions under the Plan and this Award Agreement, and all arbitration proceedings thereunder. 
 (f) Nothing in this Award
Agreement creates a substantive right to bring a claim under U.S. Federal, state, or local employment laws. 
 15. Governing
Law. THIS AWARD WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES
OF CONFLICT OF LAWS. 
 CERTAIN TAX
PROVISIONS 
 16. Compliance of Award Agreement and Plan with Section 409A. The provisions of
this Paragraph 16 apply to you only if you are a U.S. taxpayer. 
 (a) This Award Agreement and the Plan provisions
that apply to this Award are intended and will be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation), whether by reason of short-term
deferral treatment or other exceptions or provisions. The Committee will have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the
provisions of the Plan (including Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement will govern, and in the case of any conflict or potential inconsistency between this Paragraph 16 and the other
provisions of this Award Agreement, this Paragraph 16 will govern. 

  
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 (b) Delivery of RSU Shares will not be delayed beyond the date on which all
applicable conditions or restrictions on delivery of RSU Shares required by this Agreement (including those specified in Paragraphs 6, 10(c) and 11 and the consents and other items specified in Section 3.3 of the Plan) are satisfied. To the
extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, delivery for such portion will occur by the March 15 coinciding with the last day of the applicable
“short-term deferral” period described in Reg. 1.409A-1(b)(4) in order for the delivery of RSU Shares to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be
satisfied, the Committee elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay delivery of RSU Shares to a later date within the same calendar year or to such later date as may
be permitted under Section 409A, including Reg. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and Reg. 1.409A-3(d). For the avoidance of doubt, if the Award includes a “series
of installment payments” as described in Reg. 1.409A-2(b)(2)(iii), your right to the series of installment payments will be treated as a right to a series of separate payments and not as a right to a single payment. 

(c) Notwithstanding the provisions of Paragraph 11(b) and Section 1.3.2(i) of the Plan, to the extent necessary to comply
with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your Short-Term RSUs will not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture,
beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the RSU Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose
pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)). 

(d) Notwithstanding the timing provisions of Paragraph 10(c), the delivery of RSU Shares referred to therein will be made after
the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A). 

(e) The timing of delivery or payment pursuant to Paragraph 10(a) will occur on the earlier of (i) the Delivery Date or
(ii) a date that is within the calendar year in which the termination of Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the Firm in accordance with
Section 409A(a)(2)(i)(B) of the Code), delivery will occur on the earlier of the Delivery Date or (to the extent required to avoid the imposition of additional tax under Section 409A) the date that is six months after your termination of
Employment (or, if the latter date is not during a Window Period, the first trading day of the next Window Period). For purposes of Paragraph 10(a), references in this Award Agreement to termination of Employment mean a termination of Employment
from the Firm (as defined by the Firm) which is also a separation from service (as defined by the Firm in accordance with Section 409A). 

(f) Notwithstanding any provision of Paragraph 7 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent
Rights with respect to each of your Outstanding Short-Term RSUs will be paid to you within the calendar year that includes the date of distribution of any corresponding regular cash dividends paid by GS Inc. in respect of a share of Common Stock the
record date for which occurs on or after the Date of Grant. The payment will be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the RSU Shares underlying such Outstanding
Short-Term RSUs. 

  
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 (g) The timing of delivery or payment referred to in Paragraph 10(b)(i) will be
the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment will be
made, and any Committee action referred to in Paragraph 10(b)(ii) will be taken, only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under
Section 409A. 
 (h) Paragraph 13 and Section 3.4 of the Plan will not apply to Awards that are 409A Deferred
Compensation except to the extent permitted under Section 409A. 
 (i) Delivery of RSU Shares in respect of any Award
may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A Deferred Compensation, only to the extent that the later
delivery is permitted under Section 409A). 
 (j) You understand and agree that you are solely responsible for the
payment of any taxes and penalties due pursuant to Section 409A, but in no event will you be permitted to designate, directly or indirectly, the taxable year of the delivery. 

17. Compliance of Award Agreement and Plan with Section 162(m). If you are or become considered by GS Inc. to be one
of its “covered employees” within the meaning of Section 162(m) of the Code, then you will be subject to Section 3.21.3 of the Plan, as a result of which delivery of your RSU Shares may be delayed. 

COMMITTEE AUTHORITY, AMENDMENT AND CONSTRUCTION 

18. Committee Authority. The Committee has the authority to determine, in its sole discretion, that any event triggering
forfeiture or repayment of your Award will not apply and to limit the forfeitures and repayments that result under Paragraphs 8 and 9.  

19. Amendment. The Committee reserves the right at any time to amend the terms of this Award Agreement, and the Board may
amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(h) and 3.1 of the Plan, no such amendment will materially adversely affect your rights and obligations under this Award
Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. A
modification that impacts the tax consequences of this Award or the timing of delivery of RSU Shares will not be an amendment that materially adversely affects your rights and obligations under this Award Agreement. Any amendment of this Award
Agreement will be in writing. 
 20. Construction, Headings. Unless the context requires otherwise,
(a) words describing the singular number include the plural and vice versa, (b) words denoting any gender include all genders and (c) the words “include,” “includes” and “including” will be deemed to be
followed by the words “without limitation.” 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. References in this Award Agreement
to any specific Plan provision will not be construed as limiting the applicability of any other Plan provision. 

  
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 IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and
delivered as of the Date of Grant. 
 THE GOLDMAN SACHS GROUP, INC. 

  
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 CODE STAFF FORFEITURE AND
REPAYMENT APPENDIX 
 This Code Staff Appendix supplements Paragraph 8 and sets forth additional events
that result in forfeiture of up to all of your Short-Term RSUs and may require repayment to the Firm of up to all other amounts previously delivered or paid to you under your Award in accordance with Paragraph 9. As with the events described in
Paragraph 8, more than one event may apply, in no case will the occurrence of one event limit the forfeiture and repayment obligations as a result of the occurrence of any other event and the Firm reserves the right to (a) suspend delivery of
RSU Shares, (b) deliver any RSU Shares into an escrow account in accordance with Paragraph 11(f)(v) or (c) apply Transfer Restrictions to any RSU Shares in connection with any investigation of whether any of the events that result in
forfeiture under this Code Staff Appendix have occurred. 
 With respect to the events described in Paragraphs (a) and (b) of this Appendix, the
Committee will consider certain factors to determine whether and what portion of your Award will terminate, including the reason for the “Risk Event” (as defined below) and the extent to which: (1) you participated in the Risk Event,
(2) your compensation for the Firm’s              fiscal year may or may not have been adjusted to take into account the risk associated with the Risk Event or your
“Serious Misconduct” (as defined below) and (3) your compensation may be adjusted for the year in which the Risk Event or your Serious Misconduct is discovered. 

(a) A Risk Event Occurs Prior to [            ]. If a Risk
Event occurs prior to             , (i) your rights in respect of all or a portion of your Short-Term RSUs will terminate and no RSU Shares will be delivered in respect of such
Short-Term RSUs and (ii) you will be obligated immediately upon demand therefor to pay the Firm an amount not in excess of the greater of the Fair Market Value of the RSU Shares (plus any dividend payments and payments under Dividend Equivalent
Rights) delivered in respect of the Award (without reduction for any amount applied to satisfy tax withholding or other obligations) determined as of (A) the date the Risk Event occurred and (B) the date that the repayment request is made.

 (i) A “Risk Event” means there occurs a loss of 5% or more of firmwide total capital from a reportable
operational risk event determined in accordance with the firmwide Reporting Operational Risk Events Policy. 
 (b) You
Engage in Serious Misconduct Prior to [            ]. If you engage in Serious Misconduct during the period beginning on the Delivery Date through
            , you will be obligated immediately upon demand therefor to pay the Firm an amount not in excess of the greater of the Fair Market Value of the RSU Shares (plus any
dividend payments and payments under Dividend Equivalent Rights) delivered in respect of the Award (without reduction for any amount applied to satisfy tax withholding or other obligations) determined as of (i) the date the Serious Misconduct
occurred and (ii) the date that the repayment request is made. 
 (i) “Serious Misconduct” means that
you engage in conduct that the Firm reasonably considers, in its sole discretion, to be misconduct sufficient to justify summary termination of employment under English law. 

Notwithstanding any provision in the Plan, this Award Agreement or any other agreement or arrangement you may have with the Firm, the parties agree that to the
extent that there is any dispute arising out of or relating to the payment required by Paragraphs (a) and (b) of this Appendix (including your refusal to remit payment) the parties will submit to arbitration in accordance with Paragraph 14
of this Award Agreement and Section 3.17 of the Plan as the sole means of resolution of such dispute (including the recovery by the Firm of the payment amount) 

  
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 DEFINITIONS APPENDIX 

The following capitalized terms are used in this Award Agreement with the following meanings: 

(a) “409A Deferred Compensation” means a “deferral of compensation” or “deferred compensation” as those
terms are defined in the regulations under Section 409A. 
 (b) “Failed to Consider Risk” means that you participated
in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm
or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines
there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system. 

(c) “Qualifying Termination After a Change in Control” means that the Firm terminates your Employment other than for Cause or
you terminate your Employment for Good Reason, in each case, within 18 months following a Change in Control. 
 The following capitalized terms are used
in this Award Agreement with the meanings that are assigned to them in the Plan. 
 (a) “Account” means any brokerage
account, custody account or similar account, as approved or required by GS Inc. from time to time, into which shares of Common Stock, cash or other property in respect of an Award are delivered. 

(b) “Award Agreement” means the written document or documents by which each Award is evidenced, including any Award Statement.

 (c) “Award Statement” means a written statement that reflects certain Award terms. 

(d) “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York City are
authorized or obligated by Federal law or executive order to be closed. 
 (e) “Cause” means (i) the Grantee’s
conviction, whether following trial or by plea of guilty or nolo contendere (or similar plea), in a criminal proceeding (A) on a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful taking, embezzlement,
bribery, forgery, counterfeiting or extortion, or (B) on a felony charge, or (C) on an equivalent charge to those in clauses (A) and (B) in jurisdictions which do not use those designations, (ii) the Grantee’s engaging
in any conduct which constitutes an employment disqualification under applicable law (including statutory disqualification as defined under the Exchange Act), (iii) the Grantee’s willful failure to perform the Grantee’s duties to the
Firm, (iv) the Grantee’s violation of any securities or commodities laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange or association of which the Firm is a
member, (v) the Grantee’s violation of any Firm policy concerning hedging or pledging or confidential or proprietary information, or the Grantee’s material violation of any other Firm policy as in effect from time to time,
(vi) the Grantee’s engaging in any act or making any statement which impairs, impugns, denigrates, disparages or negatively reflects upon the name, reputation or business interests of the Firm or (vii) the Grantee’s engaging in
any conduct detrimental to the Firm. The determination as to whether Cause has occurred shall be made by the Committee in its sole discretion and, in such case, the Committee also may, but shall not be required to,


  
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specify the date such Cause occurred (including by determining that a prior termination of Employment was for Cause). Any rights the Firm may have hereunder and in any Award Agreement in respect
of the events giving rise to Cause shall be in addition to the rights the Firm may have under any other agreement with a Grantee or at law or in equity. 

(f) “Change in Control” means the consummation of a merger, consolidation, statutory share exchange or similar form of
corporate transaction involving GS Inc. (a “Reorganization”) or sale or other disposition of all or substantially all of GS Inc.’s assets to an entity that is not an affiliate of GS Inc. (a “Sale”), that in each case
requires the approval of GS Inc.’s shareholders under the law of GS Inc.’s jurisdiction of organization, whether for such Reorganization or Sale (or the issuance of securities of GS Inc. in such Reorganization or Sale), unless
immediately following such Reorganization or Sale, either: (i) at least 50% of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of (A) the entity
resulting from such Reorganization, or the entity which has acquired all or substantially all of the assets of GS Inc. in a Sale (in either case, the “Surviving Entity”), or (B) if applicable, the ultimate parent entity that directly
or indirectly has beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, as such Rule is in effect on the date of the adoption of the 1999 SIP) of 50% or more of the total voting power (in respect of the election of
directors, or similar officials in the case of an entity other than a corporation) of the Surviving Entity (the “Parent Entity”) is represented by GS Inc.’s securities (the “GS Inc. Securities”) that were outstanding
immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such GS Inc. Securities were converted pursuant to such Reorganization or Sale) or (ii) at least 50% of the members of the board of
directors (or similar officials in the case of an entity other than a corporation) of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) following the consummation of the Reorganization or Sale were, at the time of the
Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale, individuals (the “Incumbent Directors”) who either (A) were members of the Board on the Effective Date or (B) became
directors subsequent to the Effective Date and whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of GS Inc.’s proxy
statement in which such persons are named as nominees for director). 
 (g) “Client” means any client or prospective client
of the Firm to whom the Grantee provided services, or for whom the Grantee transacted business, or whose identity became known to the Grantee in connection with the Grantee’s relationship with or employment by the Firm. 

(h) “Committee” means the committee appointed by the Board to administer the Plan pursuant to Section 1.3, and, to the
extent the Board determines it is appropriate for the compensation realized from Awards under the Plan to be considered “performance based” compensation under Section 162(m) of the Code, shall be a committee or subcommittee of the
Board composed of two or more members, each of whom is an “outside director” within the meaning of Code Section 162(m), and which, to the extent the Board determines it is appropriate for Awards under the Plan to qualify for the
exemption available under Rule 16b-3(d)(1) or Rule 16b-3(e) promulgated under the Exchange Act, shall be a committee or subcommittee of the Board composed of two or more members, each of whom is a “non-employee director” within the meaning
of Rule 16b-3. Unless otherwise determined by the Board, the Committee shall be the Compensation Committee of the Board. 
 (i)
“Common Stock” means common stock of GS Inc., par value $0.01 per share. 
 (j) “Conflicted Employment”
means the Grantee’s 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, if, as a result of such employment, the Grantee’s continued holding of any Outstanding Award would result in an actual or perceived conflict of interest. 

  
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 (k) “Covered Person” means a member of the Board or the Committee or any
employee of the Firm. 
 (l) “Date of Grant” means the date specified in the Grantee’s Award Agreement as the date of
grant of the Award. 
 (m) “Delivery Date” means each date specified in the Grantee’s Award Agreement as a delivery
date, provided, unless the Committee determines otherwise, such date is during a Window Period or, if such date is not during a Window Period, the first trading day of the first Window Period beginning after such date. 

(n) “Dividend Equivalent Right” means a dividend equivalent right granted under the Plan, which represents an unfunded and
unsecured promise to pay to the Grantee amounts equal to all or any portion of the regular cash dividends that would be paid on shares of Common Stock covered by an Award if such shares had been delivered pursuant to an Award. 

(o) “Employment” means the Grantee’s performance of services for the Firm, as determined by the Committee. The terms
“employ” and “employed” shall have their correlative meanings. The Committee in its sole discretion may determine (i) whether and when a Grantee’s leave of absence results in a termination of Employment (for this
purpose, unless the Committee determines otherwise, a Grantee shall be treated as terminating Employment with the Firm upon the occurrence of an Extended Absence), (ii) whether and when a change in a Grantee’s association with the Firm
results in a termination of Employment and (iii) the impact, if any, of any such leave of absence or change in association on Awards theretofore made. Unless expressly provided otherwise, any references in the Plan or any Award Agreement to a
Grantee’s Employment being terminated shall include both voluntary and involuntary terminations. 
 (p) “Firm” means GS
Inc. and its subsidiaries and affiliates. 
 (q) “Good Reason” means, in connection with a termination of employment by a
Grantee following a Change in Control, (a) as determined by the Committee, a materially adverse alteration in the Grantee’s position or in the nature or status of the Grantee’s responsibilities from those in effect immediately prior
to the Change in Control or (b) the Firm’s requiring the Grantee’s principal place of Employment to be located more than seventy-five (75) miles from the location where the Grantee is principally Employed at the time of the
Change in Control (except for required travel on the Firm’s business to an extent substantially consistent with the Grantee’s customary business travel obligations in the ordinary course of business prior to the Change in Control). 

(r) “Grantee” means a person who receives an Award. 

(s) “GS Inc.” means The Goldman Sachs Group, Inc., and any successor thereto. 

(t) “Outstanding” means any Award to the extent it has not been forfeited, cancelled, terminated, exercised or with respect to
which the shares of Common Stock underlying the Award have not been previously delivered or other payments made. 

  
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 (u) “RSU” means a restricted stock unit Award granted under the Plan, which
represents an unfunded and unsecured promise to deliver shares of Common Stock in accordance with the terms of the RSU Award Agreement. 

(v) “RSU Shares” means shares of Common Stock that underlie an RSU. 

(w) “Section 409A” means Section 409A of the Code, including any amendments or successor provisions to that Section and
any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. 

(x) “SIP Administrator” means each person designated by the Committee as a “SIP Administrator” with the authority to
perform day-to-day administrative functions for the Plan. 
 (y) “SIP Committee” means the persons who have been delegated
certain authority under the Plan by the Committee. 
 (z) “Solicit” means any direct or indirect communication of any kind
whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action. 

(aa) “Transfer Restrictions” means restrictions that prohibit the sale, exchange, transfer, assignment, pledge, hypothecation,
fractionalization, hedge or other disposal (including through the use of any cash-settled instrument), whether voluntarily or involuntarily by the Grantee, of an Award or any shares of Common Stock, cash or other property delivered in respect of an
Award. 
 (bb) “Vested” means, with respect to an Award, the portion of the Award that is not subject to a condition that
the Grantee remain actively employed by the Firm in order for the Award to remain Outstanding. The fact that an Award becomes Vested shall not mean or otherwise indicate that the Grantee has an unconditional or nonforfeitable right to such Award,
and such Award shall remain subject to such terms, conditions and forfeiture provisions as may be provided for in the Plan or in the Award Agreement. 

(cc) “Window Period” means a period designated by the Firm during which all employees of the Firm are permitted to purchase or
sell shares of Common Stock (provided that, if the Grantee is a member of a designated group of employees who are subject to different restrictions, the Window Period may be a period designated by the Firm during which an employee of the Firm
in such designated group is permitted to purchase or sell shares of Common Stock). 

  
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