EX-10.48





 EXHIBIT 10.48 

THE GOLDMAN SACHS GROUP, INC. 

____ YEAR-END RSU AWARD 

This Award Agreement, together with The Goldman Sachs Amended and Restated Stock Incentive Plan (2018) (the “Plan”), governs your
             year-end award of RSUs (your “Award”). You should read carefully this entire Award Agreement, which includes the Award
Statement, any attached Appendix and the signature card. 
 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 17.  

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 RSUs awarded to you and any applicable Delivery Dates and Transferability Dates. [The portion of your RSUs that are designated on the Award Statement as
“         Year-End Base RSUs” are referred to in this Award Agreement as “Base RSUs.” The portion of your RSUs that are designated on the Award
Statement as “         Year-End Additional Base RSUs” are referred to in this Award Agreement as “Additional Base RSUs.” All references to RSUs in
this Award Agreement include both the Base RSUs and the Additional Base RSUs.] 
 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 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 and any applicable Transfer Restrictions) continue to apply to Vested RSUs, and you can still forfeit Vested 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 14(a)) will be delivered (by book entry credit to your Account) in respect of the amount of Outstanding 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 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. 












 TRANSFER RESTRICTIONS FOLLOWING DELIVERY

 7. Transfer Restrictions and Shares at Risk. 

(a) [         percent of the RSU Shares that are delivered on any date, before tax
withholding (or, if the applicable tax withholding rate is greater than     %, all RSU Shares delivered after tax withholding), will be Shares at Risk. [This means that if, for example, on a Delivery Date, you are scheduled to
receive delivery of                         ]. Any purported sale, exchange, transfer, assignment, pledge, hypothecation,
fractionalization, hedge or other disposition in violation of the Transfer Restrictions on Shares at Risk will be void. Within 30 Business Days after the Transferability Date listed on your Award Statement (or any other date on which the Transfer
Restrictions are to be removed), GS Inc. will remove the Transfer Restrictions. The Committee or the SIP Committee may select multiple dates within such 30-Business-Day
period on which to remove Transfer Restrictions for all or a portion of the Shares at Risk with the same Transferability Date listed on the Award Statement, and all such dates will be treated as a single Transferability Date for purposes of this
Award.] 
 (b) [[Base RSUs with a Delivery Date on or
before                    . For Base RSUs with a Delivery Date on or before
                    , 50% of the RSU Shares that are delivered on any date in respect of Base RSUs, before tax withholding (or, if the
applicable tax withholding rate is greater than 50%, all RSU Shares delivered after tax withholding), will be Shares at Risk that are subject to Transfer Restrictions until the January
             Transferability Date, as set forth on your Award Statement. If the tax withholding rate is less than 50%, then any remaining RSU Shares that are delivered after tax withholding
will be Shares at Risk subject to Transfer Restrictions until the             -Month Transferability Date.] 

(c) [Base RSUs with a Delivery Date in [or
after]                         For Base RSUs with a Delivery Date in [or after]
                , all RSU Shares delivered after tax withholding will be Shares at Risk subject to Transfer Restrictions until the
            -Month Transferability Date.] 
 (d) [Additional
Base RSUs. For Additional Base RSUs, all RSU Shares delivered after tax withholding will be Shares at Risk subject to Transfer Restrictions until the             -Month Transferability
Date.] 
 (e) Example. 

(i)
 [                        ]. 

(ii)
[                        ]. 

(f) [Purported Transactions that Violate the Transfer Restrictions Are Void.] Any purported sale, exchange, transfer,
assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions on Shares at Risk will be void. 

(g) [Removal of Transfer Restrictions.] Within 30 Business Days after the [applicable] Transferability Date [listed on
your Award Statement] (or any other date on which the Transfer Restrictions are to be removed), GS Inc. will remove the Transfer Restrictions. The Committee or the SIP Committee may select multiple dates within such 30-Business-Day period on which to remove Transfer Restrictions for all or a portion of the Shares at Risk with the same Transferability Date [listed on your Award Statement], and all such dates will be
treated as a single Transferability Date for purposes of this Award.] 

  
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 DIVIDENDS 

8. [Dividend Equivalent Rights and] Dividends. [Each 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 RSUs for any record date that occurs on or after the Date of Grant. In addition,] [y][Y]ou will be entitled to receive on a current basis any regular cash dividend paid in respect of your Shares at
Risk. [The RSUs do not include Dividend Equivalent Rights.] 
 FORFEITURE OF YOUR
AWARD 
 9. How You May Forfeit Your Award. This Paragraph 9 sets forth the events that result in
forfeiture of up to all of your RSUs and Shares at Risk 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 10. 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 [payments under Dividend Equivalent Rights,] delivery
of RSU Shares or release of Transfer Restrictions, (b) deliver any RSU Shares [or][,] dividends [or payments under Dividend Equivalent Rights] into an escrow account in accordance with Paragraph 14(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 9 have occurred. Paragraph 12 (relating to certain circumstances under which restrictions on Association
With a Covered Enterprise will not apply) and Paragraph 13 (relating to certain circumstances under which delivery and/or release of Transfer Restrictions may be accelerated) provide for exceptions to one or more provisions of this Paragraph 9. [The
Code Staff Forfeiture and Repayment Appendix supplements this Paragraph 9 and sets forth additional events that result in forfeiture of up to all of your RSUs and Shares at Risk and may require repayment to the Firm as described in Paragraph 10 and
the Appendix.] 
 (a) RSUs Forfeited Upon Certain Events. If any of the following occurs, your rights to your
Outstanding RSUs will terminate, and no RSU Shares will be delivered in respect of such RSUs, as may be further described below: 

(i) You Associate With a Covered Enterprise. 

(A) If you Associate With a Covered Enterprise before the earlier of
                         or a Qualifying Termination After a Change in Control, your rights to all your Outstanding RSUs will
terminate, and no RSU Shares will be delivered in respect of such RSUs. 
 (B) [If you Associate With a Covered Enterprise
on or after                          but before the earlier of
                     or a Qualifying Termination After a Change in Control, your rights to your Outstanding RSUs that are scheduled to deliver in
                [,
                ,                 and
                    ] will terminate, and no RSU Shares will be delivered in respect of such RSUs.] 

(ii) You Solicit Clients or Employees, Interfere with Client or Employee Relationships or Participate in the Hiring of
Employees. Before the applicable Delivery Date, either: 

  
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 (A) you, in any manner, directly or indirectly, (1) Solicit any Client
to transact business with a Covered Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client,
(3) Solicit any person who is an employee of the Firm to resign from the Firm, (4) Solicit any Selected Firm Personnel to apply for or accept employment (or other association) with any person or entity other than the Firm or (5) hire
or participate in the hiring of any Selected Firm Personnel by any person or entity other than the Firm (including, without limitation, participating in the identification of individuals for potential hire, and participating in any hiring decision),
whether as an employee or consultant or otherwise, or 
 (B) Selected Firm Personnel are Solicited, hired or accepted into
partnership, membership or similar status by (1) any entity that you form, that bears your name, or in which you possess or control greater than a de minimis equity ownership, voting or profit participation or (2) any entity where
you have, or will have, direct or indirect managerial responsibility for such Selected Firm Personnel. 
 (iii) [GS Inc.
Fails to Maintain the Minimum Tier 1 Capital Ratio. Before the applicable Delivery Date, GS Inc. fails to maintain the required “Minimum Tier 1 Capital Ratio” as defined under Federal Reserve Board Regulations applicable to GS Inc. for
a period of 90 consecutive business days.] 
 (iv) [GS Inc. Is Determined to Be in Default. Before the applicable
Delivery Date, the Board of Governors of the Federal Reserve or the Federal Deposit Insurance Corporation (the “FDIC”) makes a written recommendation under Title II (Orderly Liquidation Authority) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act for the appointment of the FDIC as a receiver of GS Inc. based on a determination that GS Inc. is “in default” or “in danger of default.”] 

(b) RSUs and Shares at Risk Forfeited upon Certain Events. If any of the following occurs (i) your rights to all of
your Outstanding RSUs will terminate, and no RSU Shares will be delivered in respect of such RSUs and (ii) your rights to all of your Shares at Risk will terminate and your Shares at Risk will be cancelled, in each case, 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 applicable Delivery Date for RSUs or the applicable Transferability
Date for Shares at Risk. 
 (iii) You Do Not Meet Your Obligations to the Firm. The Committee determines that, before
the applicable Delivery Date for RSUs or the [applicable] Transferability Date for Shares at Risk, 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. 

  
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 (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. 
 (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 17 or Section 3.17 of the Plan, or you attempt to arbitrate a dispute without first having exhausted your internal administrative
remedies in accordance with Paragraph 14(f)(viii). 
 (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 RSUs or Shares at Risk;
provided, however, that your rights will only be terminated in respect of the RSUs and Shares at Risk that are replaced, substituted for or otherwise considered by such other entity in making its grant. 

(viii) [Accounting Restatement Required Under Sarbanes-Oxley. GS Inc. is required to prepare an accounting restatement
due to GS Inc.’s material noncompliance, as a result of misconduct, with any financial reporting requirement under the securities laws as described in Section 304(a) of Sarbanes-Oxley; provided, however, that your rights will
only be terminated in respect of the RSUs and Shares at Risk to the same extent that would be required under Section 304(a) of Sarbanes-Oxley had you been a “chief executive officer” or “chief financial officer” of GS Inc.
(regardless of whether you actually hold such position at the relevant time).] 
 REPAYMENT OF YOUR
AWARD 
 10. When You May Be Required to Repay Your Award. 

(a) [Repayment, Generally]. 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: 
 (i) Any RSU Shares (which, for the
avoidance of doubt, includes any Shares at Risk) for which the terms (including the terms for delivery) of the related RSUs were not satisfied, in accordance with Section 2.6.3 of the Plan. 

(ii) Any Shares at Risk for which the terms (including the terms for the release of Transfer Restrictions) were not satisfied,
in accordance with Section 2.5.3 of the Plan. 
 (iii) Any RSU Shares that were delivered (but not subject to Transfer
Restrictions) at the same time any Shares at Risk that are cancelled or required to be repaid were delivered. 

  
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 (iv) [Any payments under Dividend Equivalent Rights for which the terms were
not satisfied (including any such payments made in respect of RSUs that are forfeited or RSU Shares that are cancelled or required to be repaid), in accordance with Section 2.8.3 of the Plan.] 

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

(vi) Any amount applied to satisfy tax withholding or other obligations with respect to any RSU, RSU Shares[ and][,] dividend
payments [and payments under Dividend Equivalent Rights] that are forfeited or required to be repaid. 
 (b) [Repayment
Upon Accounting Restatement Required Under Sarbanes-Oxley. If an event described in Paragraph 9(b)(viii) (relating to a requirement under Sarbanes-Oxley that GS Inc. prepare an accounting restatement) occurs, any RSU Shares, cash or other
property delivered, paid or withheld in respect of this Award will be subject to repayment as described in Paragraph 10(a) to the same extent that would be required under Section 304(a) of Sarbanes-Oxley had you been a “chief executive
officer” or “chief financial officer” of GS Inc. (regardless of whether you actually hold such position at the relevant time).] 

[ADDITIONAL FORFEITURE FOR CERTAIN INVESTIGATIONS 

11. Additional Forfeitures. 

(a) Forfeiture of RSUs and Shares at Risk. In addition to and without limiting the Firm’s rights under the
forfeiture and repayment provisions set forth in Paragraphs 9 and 10, if the Committee determines that the number of RSUs subject to this Award would have been impacted by the results of the investigation relating to 1Malaysia Development Berhad
(“1MDB”), the Committee may: (i) terminate your rights to such number of RSUs subject to this Award; and (ii) if and to the extent you receive delivery of Shares at Risk in connection with any RSUs subject to this Award, cause
such number of your Shares at Risk to be cancelled, in either case as it determines in its sole discretion to be appropriate in light of the results of the 1MDB investigation, and your rights with respect to the number of such RSUs and Shares at
Risk will terminate (and in the case of RSUs, no Shares at Risk will be delivered in respect thereof). 
 (b) Suspension
and Escrow. In addition, the Firm reserves the right to: (i) suspend delivery of RSU Shares [and payments under Dividend Equivalent Rights] prior to the Delivery Date or release of Transfer Restrictions prior to the Transferability Date; or
(ii) deliver any RSU Shares[, or] dividends [and payments under Dividend Equivalent Rights] into an escrow account in accordance with Paragraph 14(f)(v) until the Committee determines whether the termination of your rights to any RSUs or Shares
at Risk in accordance with Paragraph 11(a) is appropriate. 
 (c) Repayment of Tax Withholding. If any Shares at Risk
are cancelled in accordance with Paragraph 11(a), you will be obligated immediately upon demand therefor to pay the Firm an amount equal to any withholding taxes in respect of such Shares at Risk.] 

  
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 EXCEPTIONS TO ASSOCIATION WITH
A COVERED ENTERPRISE, DELIVERY DATES AND/OR TRANSFERABILITY DATES 

12. Restrictions on Association With a Covered Enterprise Cease to Apply After an Involuntary or Mutual Agreement Termination (but the
Original Delivery Date and Transferability Date Continue to Apply). Paragraph 9(a)(i) (relating to forfeiture if you Associate With a Covered Enterprise) will not apply if (a) your Employment terminates and the Firm characterizes
your Employment termination as “involuntary” or by “mutual agreement” (and, in each case, you have not engaged in conduct constituting Cause) and (b) you execute a general waiver and release of claims and an agreement to pay
any associated tax liability, in each case, in the form the Firm prescribes. No Employment termination that you initiate, including any purported “constructive termination,” a “termination for good reason” or similar concepts,
can be “involuntary” or by “mutual agreement.” All other terms of this Award Agreement, including the other forfeiture and repayment events in Paragraphs 9, 10 and 11, continue to apply. 

13. Accelerated Delivery and/or Release of Transfer Restrictions 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 RSUs and Shares at Risk will be treated as described in
this Paragraph 13, and, except as set forth in Paragraph 13(a), all other terms of this Award Agreement, including the other forfeiture and repayment events in Paragraphs 9, 10 and 11, 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 RSUs will be delivered, and any Transfer Restrictions will cease to apply. In addition, the forfeiture events in Paragraph 9 will not
apply to your Award. 
 (b) You Are Determined to Have Accepted Conflicted Employment. 

(i) Generally. Notwithstanding anything to the contrary in the Plan or otherwise, for purposes of this Award Agreement,
“Conflicted Employment” means your 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 (other than an “Accounting Firm” within the meaning of SEC Rule 2-01(f)(2) of Regulation S-X or any successor thereto) determined by the Committee, if, as a result of such employment, your continued holding of any Outstanding RSUs and Shares at Risk would result in an actual or perceived conflict of
interest. Unless prohibited by applicable law or regulation, if your Employment terminates solely because you resign to accept Conflicted Employment or if, following your termination of Employment, you notify the Firm that you are accepting
Conflicted Employment, RSU Shares will be delivered in respect of your Outstanding RSUs (including in the form of cash as described in Paragraph 14(b)) and any Transfer Restrictions will cease to apply as soon as practicable after the Committee has
received satisfactory documentation relating to your Conflicted Employment. 
 (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 and/or release of Transfer Restrictions described in Paragraph 13(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 RSUs will be delivered to the representative of your estate and any Transfer Restrictions will cease to apply 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. 

  
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 OTHER TERMS, CONDITIONS AND
AGREEMENTS 
 14. 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 no event, however, does
this Paragraph 14(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 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 and RSU Shares subject to Transfer Restrictions 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 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. 

(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; 

  
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 (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 Personal Transactions Involving GS Securities and GS Equity Awards” 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 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 RSU Shares are delivered to you [, you receive payment in respect of Dividend Equivalent
Rights] and you request the sale of RSU Shares following the release of Transfer Restrictions; 
 (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 (including Shares at Risk) or the payment of cash (including dividends) [and payments under Dividend Equivalent Rights]) 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 RSUs or Shares at Risk, 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 9(b)(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 RSUs and Shares at Risk and subject previously delivered amounts to repayment under Paragraph 9(b)(iv); 

(vii) You Authorize the Firm to Register, in Its or Its Designee’s Name, Any Shares at Risk and Sell, Assign or
Transfer Any Forfeited Shares at Risk. You are granting to the Firm the full power and authority to register any Shares at Risk in its or its designee’s name and authorizing the Firm or its designee to sell, assign or transfer any Shares at
Risk if you forfeit your Shares at Risk; 

  
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 (viii) You Must Comply with Applicable Deadlines and Procedures to Appeal
Determinations Made by the Committee, the SIP Committee or SIP Administrators. If you disagree with a determination made by the Committee, the SIP Committee, the SIP Administrators, or any of their delegates or designees and you wish to appeal
such determination, you must submit a written request to the SIP Committee for review within 180 days after the determination at issue. You must exhaust your internal administrative remedies (i.e., submit your appeal and wait for resolution
of that appeal) before seeking to resolve a dispute through arbitration pursuant to Paragraph 17 and Section 3.17 of the Plan; and 

(ix) 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. 

15. Non-transferability. Except as otherwise may be provided in this Paragraph 15
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 15 or
Section 3.5 of the Plan will be void. The Committee may adopt procedures pursuant to which some or all recipients of RSUs may transfer some or all of their RSUs and/or Shares at Risk (which will continue to be subject to Transfer Restrictions
until the [applicable] Transferability Date) 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. 
 16. Right of Offset. Except as
provided in Paragraph 19[(g)][(h)], the obligation to deliver RSU Shares, to pay dividends [or payments under Dividend Equivalent Rights] or to remove the Transfer Restrictions 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. 

ARBITRATION, CHOICE OF FORUM AND GOVERNING LAW

 17. 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;
PROVIDED THAT NOTHING HEREIN SHALL PRECLUDE YOU FROM FILING A CHARGE
WITH OR PARTICIPATING IN ANY INVESTIGATION OR PROCEEDING CONDUCTED BY ANY
GOVERNMENTAL AUTHORITY, INCLUDING BUT NOT LIMITED TO THE SEC AND THE EQUAL
EMPLOYMENT OPPORTUNITY COMMISSION. 
 (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. 

  
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 (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) The Federal Arbitration Act governs interpretation and enforcement of all arbitration provisions under the Plan and this
Award Agreement, and all arbitration proceedings thereunder. 
 (e) Nothing in this Award Agreement creates a substantive
right to bring a claim under U.S. Federal, state, or local employment laws. 
 (f) By accepting your Award, you irrevocably
appoint each General Counsel of GS Inc., or any person whom the General Counsel of GS Inc. designates, as your agent for service of process in connection with any suit, action or proceeding arising out of or relating to or concerning the Plan or any
Award which is not arbitrated pursuant to the provisions of Section 3.17.1 of the Plan, who shall promptly advise you of any such service of process. 

(g) To the fullest extent permitted by applicable law, no arbitrator will have the authority to consider any claim as to which
you have not first exhausted your internal administrative remedies in accordance with Paragraph 14(f)(viii). 
 18. 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 
 19. Compliance of Award Agreement and Plan with
Section 409A. The provisions of this Paragraph 19 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 19 and the other provisions of this Award Agreement, this Paragraph 19 will govern. 

(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, 7, 12, 13(c) and 14 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 

  
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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-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 14(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 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 13(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 13(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 13(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 8 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent
Rights with respect to each of your Outstanding 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 RSUs.] 

(g) The timing of delivery or payment referred to in Paragraph 13(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 13(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 16 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. 

  
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 (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. 

COMMITTEE AUTHORITY, AMENDMENT, CONSTRUCTION AND REGULATORY
REPORTING 
 20. 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, to limit the forfeitures and repayments that result under Paragraphs 9, 10 and 11 and to remove Transfer Restrictions before the [applicable] Transferability
Date. In addition, the Committee, in its sole discretion, may determine whether Paragraph 12 will apply upon a termination of Employment. 

21. 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. 

22. 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. 
 23. Providing Information to the Appropriate Authorities.
In accordance with applicable law, nothing in this Award Agreement (including the forfeiture and repayment provisions in Paragraphs 9, 10 and 11) or the Plan prevents you from providing information you reasonably believe to be true to the
appropriate governmental authority, including a regulatory, judicial, administrative, or other governmental entity; reporting possible violations of law or regulation; making other disclosures that are protected under any applicable law or
regulation; or filing a charge or participating in any investigation or proceeding conducted by a governmental authority. 

  
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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[s] 9 [and 11(a)] and sets forth additional events
that result in forfeiture of up to all of your RSUs and Shares at Risk 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[s] 10 [and 11(c)]. As with the
events described in Paragraph[s] 9 [and 11(a)], 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 or release of Transfer Restrictions, (b) deliver any RSU Shares or dividends into an escrow account in accordance with Paragraph 14(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 (b) through (e) 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 “Loss Event” (as defined
below) or “Risk Event” (as defined below) and the extent to which: (1) you participated in the Loss Event or 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 Loss Event, Risk Event, your “Serious Misconduct” (as defined below) or the Serious Misconduct of a “Supervised Employee” (as defined below) and (3) your compensation may be adjusted for
the year in which the Loss Event, Risk Event, your Serious Misconduct or a Supervised Employee’s Serious Misconduct is discovered. 

(a) You Associate With a Material Covered Enterprise Prior to
            . If you “Associate With a Material Covered Enterprise” (as defined below) on or after the date the restrictions on Association With a Covered Enterprise lapse (as
described in Paragraph 9(a)(i) of the Award Agreement) and before the earlier of             or a Qualifying Termination After a Change In Control, your rights to all of your Outstanding
RSUs will terminate, and no RSU Shares will be delivered in respect of such RSUs and your rights to all of your Shares at Risk will terminate and your Shares at Risk will be cancelled. 

(i) “Associate With a Material Covered Enterprise” means that you (A) form, or acquire a 5% or greater
equity ownership, voting or profit participation interest in, any “Material Covered Enterprise” (as defined below) or (B) associate in any capacity (including association as an officer, employee, partner, director, consultant, agent
or advisor) with any Material Covered Enterprise. Associate With a Material Covered Enterprise may include, as determined in the discretion of either the Committee or the SIP Committee, (A) becoming the subject of any publicly available
announcement or report of a pending or future association with a Material Covered Enterprise and (B) unpaid associations, including an association in contemplation of future employment. The term “Association With a Material Covered
Enterprise” has its correlative meaning. 
 (ii) The restriction described above on any Association With a Material
Covered Enterprise will not apply if the Firm characterizes your Employment termination as “involuntary” or by “mutual agreement” (and, in each case, you have not engaged in conduct constituting Cause) and you execute a general
waiver and release of claims and an agreement to pay any associated tax liability, in each case, in the form the Firm prescribes. 

(iii) “Material Covered Enterprise” means a Covered Enterprise that the Firm determines, in its sole
discretion, to be material. 

  
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 (b) A Loss Event Occurs Prior to Delivery. If a Loss Event occurs
prior to the delivery of RSU Shares, your rights in respect of all or a portion of your RSUs which are scheduled to deliver on the next Delivery Date immediately following the date that the Loss Event is identified (or, if not practicable, then the
next following Delivery Date) will terminate, and no RSU Shares will be delivered in respect of such RSUs. 
 (i) A
“Loss Event” means (A) an annual pre-tax loss at GS Inc. or (B) annual negative revenues in one or more reporting segments as disclosed in the Firm’s Form 10-K other than the Investing & Lending segment, or annual negative revenues in the Investing & Lending segment of $5 billion or more, provided in either case that you are employed in a
business within such reporting segment. 
 (c) 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 RSUs will
terminate and no RSU Shares will be delivered in respect of such RSUs, (ii) your rights to all or a portion of any Shares at Risk will terminate and such Shares at Risk will be cancelled and (iii) 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) 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. 
 (d) You
Engage in Serious Misconduct Prior to             . If you engage in Serious Misconduct during the period beginning on the [applicable] Transferability 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) 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. 

(e) A Supervised Employee Engages in Serious Misconduct. If the Committee determines that it is appropriate to hold you
accountable in whole or in part for Serious Misconduct related to compliance, control or risk that occurred during the Firm’s          fiscal year by a Supervised Employee, your rights in respect of all
or a portion of your RSUs will terminate and no RSU Shares will be delivered in respect of such RSUs and your rights to all or a portion of any Shares at Risk will terminate and such Shares at Risk will be cancelled. 

(i) “Supervised Employee” means an individual with respect to whom the Committee determines you had
supervisory responsibility as a result of direct or indirect reporting lines or your management responsibility for an office, division or business. 

  
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 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 (c) and (d) of this Appendix (including your refusal to remit payment) the parties will
submit to arbitration in accordance with Paragraph 17 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) “Associate With a Covered Enterprise” means that you
(i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Covered Enterprise or (ii) associate in any capacity (including association as an officer, employee, partner, director, consultant,
agent or advisor) with any Covered Enterprise. Associate With a Covered Enterprise may include, as determined in the discretion of either the Committee or the SIP Committee, (i) becoming the subject of any publicly available announcement or
report of a pending or future association with a Covered Enterprise and (ii) unpaid associations, including an association in contemplation of future employment. “Association With a Covered Enterprise” will have its correlative
meaning. 
 (c) “Conflicted Employment” means your 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 (other than an
“Accounting Firm” within the meaning of SEC Rule 2-01(f)(2) of Regulation S-X or any successor thereto) determined by the Committee, if, as a result of such
employment, your continued holding of any Outstanding RSUs and Shares at Risk would result in an actual or perceived conflict of interest. 

(d) “Covered Enterprise” means a Competitive Enterprise and any other existing or planned business enterprise that:
(i) offers, holds itself out as offering or reasonably may be expected to offer products or services that are the same as or similar to those offered by the Firm or that the Firm reasonably expects to offer (“Firm Products or
Services”) or (ii) engages in, holds itself out as engaging in or reasonably may be expected to engage in any other activity that is the same as or similar to any financial activity engaged in by the Firm or in which the Firm reasonably
expects to engage (“Firm Activities”). For the avoidance of doubt, Firm Activities include any activity that requires the same or similar skills as any financial activity engaged in by the Firm or in which the Firm reasonably expects to
engage, irrespective of whether any such financial activity is in furtherance of an advisory, agency, proprietary or fiduciary undertaking. 

The enterprises covered by this definition include enterprises that offer, hold themselves out as offering or reasonably may be expected to
offer Firm Products or Services, or engage in, hold themselves out as engaging in or reasonably may be expected to engage in Firm Activities directly, as well as those that do so indirectly by ownership or control (e.g., by owning, being
owned by or by being under common ownership with an enterprise that offers, holds itself out as offering or reasonably may be expected to offer Firm Products or Services or that engages in, holds itself out as engaging in or reasonably may be
expected to engage in Firm Activities). The definition of Covered Enterprise includes, solely by way of example, any enterprise that offers, holds itself out as offering or reasonably may be expected to offer any product or service, or engages in,
holds itself out as engaging in or reasonably may be expected to engage in any activity, in any case, associated with investment banking; public or private finance; lending; financial advisory services; private investing for anyone other than you or
your family members (including, for the avoidance of doubt, any type of proprietary investing or trading); private wealth management; private banking; consumer or commercial cash management; consumer, digital or commercial banking; merchant banking;
asset, portfolio or hedge fund management; insurance or reinsurance underwriting or brokerage; property management; or securities, futures, commodities, energy, derivatives, currency or digital asset brokerage, sales, lending, custody, clearance,
settlement or trading. 

  
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An enterprise that offers, holds itself out as offering or reasonably may be expected to offer Firm Products or Services, or engages in, holds itself out as engaging in or reasonably may be
expected to engage in Firm Activities is a Covered Enterprise, irrespective of whether the enterprise is a customer, client or counterparty of the Firm or is otherwise associated with the Firm and, because the Firm is a global enterprise,
irrespective of where the Covered Enterprise is physically located. 
 (e) “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. 

(f) [“January Transferability Date” means the first trading day in a Window Period that occurs in January
            , or if no Window Period occurs in January             , the first trading day of the first Window Period following
thereafter.] 
 (g) [“        -Month Transferability Date” means the first trading
day in a Window Period that occurs on or after the -month anniversary of the Delivery Date.] 
 (h) “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. 

(i) “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002, as amended. 

(j) “SEC” means the U.S. Securities and Exchange Commission. 

(k) “Selected Firm Personnel” means any individual who is or in the three months preceding the conduct prohibited by Paragraph
9(a)(ii) was (i) a Firm employee or consultant with whom you personally worked while employed by the Firm, (ii) a Firm employee or consultant who, at any time during the year preceding the date of the termination of your Employment, worked
in the same division in which you worked or (iii) an Advisory Director, a Managing Director or a Senior Advisor of the Firm. 
 (l)
“Shares at Risk” means RSU Shares subject to Transfer Restrictions. 

  
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 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 related Award Statement and signature card. 

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

(d) “Board” means the Board of Directors of GS Inc. 

(e) “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. 
 (f) “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, 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. 
 (g) “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 

  
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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). 
 (h)
“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. 
 (i) “Code” means the Internal Revenue Code of 1986, as amended from time to
time, and the applicable rulings and regulations thereunder. 
 (j) “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. 
 (k) “Common
Stock” means common stock of GS Inc., par value $0.01 per share. 
 (l) “Competitive Enterprise” means an existing
or planned business enterprise that (i) engages, or may reasonably be expected to engage, in any activity; (ii) owns or controls, or may reasonably be expected to own or control, a significant interest in any entity that engages in any
activity or (iii) is, or may reasonably be expected to be, owned by, or a significant interest in which is, or may reasonably be expected to be, owned or controlled by, any entity that engages in any activity that, in any case, competes or will
compete anywhere with any activity in which the Firm is engaged. The activities covered by this definition include, without limitation: financial services such as investment banking; public or private finance; lending; financial advisory services;
private investing for anyone other than the Grantee and members of the Grantee’s family (including for the avoidance of doubt, any type of proprietary investing or trading); private wealth management; private banking; consumer or commercial
cash management; consumer, digital or commercial banking; merchant banking; asset, portfolio or hedge fund management; insurance or reinsurance underwriting or brokerage; property management; or securities, futures, commodities, energy, derivatives,
currency or digital asset brokerage, sales, lending, custody, clearance, settlement or trading. 
 (m) “Covered Person”
means a member of the Board or the Committee or any employee of the Firm. 

  
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 (n) “Date of Grant” means the date specified in the Grantee’s Award
Agreement as the date of grant of the Award. 
 (o) “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.

 (p) “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. 

(q) “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. 
 (r) “Extended
Absence” means the Grantee’s inability to perform for six (6) continuous months, due to illness, injury or pregnancy-related complications, substantially all the essential duties of the Grantee’s occupation, as determined by
the Committee. 
 (s) “Firm” means GS Inc. and its subsidiaries and affiliates. 

(t) “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). 

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

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

(w) “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. 
 (x)
“RSU” means a restricted stock unit 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. 

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

(z) “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. 

(aa) “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. 

(bb) “SIP Committee” means the persons who have been delegated certain authority under the Plan by the Committee. 

(cc) “Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting,
advising, suggesting, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action. 
 (dd)
“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. 

(ee) “Transferability Date” means the date Transfer Restrictions on a Restricted Share will be released. Within 30 Business
Days after the applicable Transferability Date, GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove Transfer Restrictions. 

(ff) “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. 

(gg) “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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