exv10w52






Exhibit 10.52




THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

_________ YEAR-END RESTRICTED STOCK AWARD



      
     This Award Agreement sets forth the terms and conditions of the ___Year-End award (this
“Award”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the
“Plan”).


      
     1. The Plan. This Award is made pursuant to the Plan, the terms of which are
incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not
defined in this Award Agreement have the meanings as used or defined in the Plan. References in
this Award Agreement to any specific Plan provision shall not be construed as limiting the
applicability of any other Plan provision.


      
     2. Award. This Award is made up of Restricted Shares. A Restricted Share is a share
of Common Stock (a “Share”) delivered under the Plan that is subject to certain transfer
restrictions and other terms and conditions described in this Award Agreement. The number of
Restricted Shares subject to this Award is set forth in the Award Statement delivered to you and is
comprised of the number of Restricted Shares designated on your Award
Statement as “____ Year-End
Restricted Stock” and “____ Year-End Supplemental Restricted Stock.” The Restricted Shares that
are designated on your Award Statement as “____ Year-End Supplemental Restricted Stock” are
referred to in this Award Agreement as “Supplemental Restricted Shares,” and, unless otherwise
provided, all references to “Restricted Shares” in this Award Agreement include both the Shares
that are designated on your Award Statement as “____ Year-End Restricted Stock” and the Shares that
are designated on your Award Statement as “____ Year-End Supplemental Restricted Stock.” (For the
avoidance of doubt, this Award Agreement does not govern the terms and conditions of the Restricted
Shares designated on your Award Statement as “____ Year-End Short-Term Restricted Stock,” which are
addressed separately in the ____ Year-End Short-Term Restricted Stock Award Agreement.) This Award
is conditioned upon your granting to the Firm the full power and authority to register the
Restricted Shares in its or its designee’s name and authorizing the Firm or its designee to sell,
assign or transfer any Restricted Shares in the event of forfeiture of your Restricted Shares.
Unless otherwise determined by the Firm, this Award is conditioned upon your filing an election
with the Internal Revenue Service within 30 days of the grant of your Restricted Shares, electing
pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the
Restricted Shares on the Date of Grant. This will result in the recognition of taxable income on
the Date of Grant equal to such fair market value (but will not affect the Vesting of your
Restricted Shares or the removal of the Transfer Restrictions). This Award is conditioned on
your executing the related Signature Card and returning it to the address designated on the
Signature Card and/or by the method designated on the Signature Card by the date specified, and is
subject to all terms, conditions and provisions of the Plan and this Award Agreement, including,
without limitation, the arbitration and choice of forum provisions set forth in Paragraph 12.
By executing the related Signature Card (which, among other things, opens the custody account
referred to in Paragraph 3(b) if you have not done so already), you will have confirmed
your acceptance of all of the terms and conditions of this Award Agreement. 


      
     3. Certain Material Terms of Restricted Shares.


      
     (a) Vesting. Except as provided in this Paragraph 3 and in Paragraphs 2, 4,
6, 7, 9 and 10, on each Vesting Date you shall become Vested in the number or percentage of
Restricted Shares specified next to such Vesting Date on the Award Statement (which may be rounded
to avoid fractional



 









 




Shares), such that Vesting applies first to Supplemental Shares and then to other Restricted
Shares. When a Restricted Share becomes Vested, it means only that your continued active
Employment is not required in order for your Restricted Shares that become Vested to become fully
transferable without risk of forfeiture. However, all other terms and conditions of this Award
Agreement (including the Transfer Restrictions described in Paragraph 3(c)) shall continue to apply
to such Restricted Shares, and failure to meet such terms and conditions may result in the
forfeiture of all of your rights in respect of the Restricted Shares and their return to GS Inc.
and the cancellation of this Award.



      
     (b) Date of Grant. The date on which your Restricted Shares will be
granted, subject to the conditions of this Award Agreement, is set forth on your Award Statement.
Except as provided in this Paragraph 3 and in Paragraph 2, the Restricted Shares shall be delivered
to an escrow, custody, brokerage or similar account, as approved or required by the Firm, and,
except as provided in Paragraphs 3(d), 7 and 9(g), shall be subject to the Transfer Restrictions
described in Paragraph 3(c).


      
     (c) Transfer Restrictions; Escrow.




          (i) Except as provided in Paragraphs 3(d), 7, and 9(g), Restricted Shares shall not be
permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated,
fractionalized, hedged or otherwise disposed of (including through the use of any
cash-settled instrument), whether voluntarily or involuntarily by you (such restrictions
collectively referred to herein as the “Transfer Restrictions”) until the date specified as
the “Transferability Date” next to such number or percentage of Year-End Restricted Shares
on your Award Statement (each such date, a “Transferability Date”). Any purported sale,
exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other
disposition in violation of the Transfer Restrictions shall be void. If and to the extent
Restricted Shares are certificated, the Certificates representing such Restricted Shares are
subject to the restrictions in this Paragraph 3(c)(i), and GS Inc. shall advise its transfer
agent to place a stop order against such Restricted Shares. Within 30 Business Days after
the Transferability Date (or any other date described herein on which the Transfer
Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps as may
be necessary to remove the Transfer Restrictions in respect of any of such Restricted Shares
that have not been previously forfeited.




          (ii) In the discretion of the Committee, delivery of the Restricted Shares may be made
directly into an escrow account meeting such terms and conditions as are determined by the
Firm, provided that any other conditions or restrictions on delivery of Shares required by
this Award Agreement have been satisfied. By accepting your Restricted Shares, you have
agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm
may establish and maintain an escrow account for your benefit on such terms and conditions
as the Firm may deem necessary or appropriate (which may include, without limitation, your
(or your estate or other permitted beneficiary) executing any documents related to, and your
(or your estate or other permitted beneficiary) paying for any costs associated with, such
account). Any such escrow arrangement shall, unless otherwise determined by the Firm,
provide that (A) the escrow agent shall have the exclusive authority to vote such Shares
while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated
and shall be paid as determined by the Firm in its sole discretion.




          (iii) If you are a party to the Amended and Restated Shareholders’ Agreement (the
“Shareholders’ Agreement”), your Restricted Shares that are not Supplemental Shares will be
considered “Covered Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement as
described in Appendix A hereto. Your Supplemental Shares will not be considered “Covered



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Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement and will not be
subject to the retention requirement under the Shareholders’ Agreement.




          (d) Death. Notwithstanding any other Paragraph of this Award Agreement, if you
die prior to the Transferability Date with respect to your Restricted Shares, 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, the Transfer Restrictions then applicable to such
Restricted Shares shall be removed. The Committee may adopt procedures pursuant to which
you may be permitted to specifically bequeath some or all of your Restricted Shares under
your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or
such other similar charitable organization as may be approved by the Committee).


      
     4. Termination of Employment; Forfeiture of Restricted Shares.


      
     (a) Unless the Committee determines otherwise, and except as provided in Paragraphs
3(d), 6, 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer
actively employed with the Firm, your rights in respect of your Restricted Shares that were
Outstanding but that had not yet become Vested prior to your termination of Employment immediately
shall be forfeited, such Restricted Shares shall immediately be returned to GS Inc. and such
portion of the Award immediately shall be cancelled. Unless the Committee determines otherwise,
and except as provided in Paragraphs 3(d), 7 and 9(g), if your Employment terminates for any reason
or you otherwise are no longer actively employed with the Firm, the Transfer Restrictions shall
continue to apply to your Restricted Shares that were Outstanding and had become Vested prior to
your termination of Employment until the Transferability Date in accordance with Paragraph 3(c).


      
     (b) Unless the Committee determines otherwise, and except as provided in Paragraph
7, if:




               (i) you attempt to have any dispute under the Plan or this Award Agreement resolved in
any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;




               (ii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact
business with a Competitive 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 or to apply for or accept employment with any Competitive
Enterprise or (4) on behalf of yourself or any person or Competitive Enterprise hire, or
participate in the hiring of, any Selected Firm Personnel or identify, or participate in the
identification of, Selected Firm Personnel for potential hiring, whether as an employee or
consultant or otherwise, or (B) Selected Firm Personnel are Solicited, hired or accepted
into partnership, membership or similar status (1) by a Competitive Enterprise that you
form, that bears your name, in which you are a partner, member or have similar status, or in
which you possess or control greater than a de minimis equity ownership, voting or profit
participation or (2) by any Competitive Enterprise where you have, or are intended to have,
direct or indirect managerial or supervisory responsibility for such Selected Firm
Personnel;




               (iii) as a result of any action brought by you, it is determined that any of the terms
or conditions for the expiration of the Transfer Restrictions with respect to this Award are
invalid;



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               (iv) 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; or




               (v) 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,”


your rights in respect of the following Restricted Shares (whether or not Vested) immediately shall
be forfeited, such Shares immediately shall be returned to GS Inc. and such portion of the Award
immediately shall be cancelled: (x) all of your Outstanding Restricted Shares if any of the events
described in this Paragraph 4(b) (the “Events”) occurs prior to the ____ RSU Delivery Date (as
defined in Appendix A); (y) two-thirds of your Outstanding Restricted Shares if any of the Events
occurs on or after the ____ RSU Delivery Date but prior to the ____ RSU Delivery Date (as defined
in Appendix A); and (z) one-third of your Outstanding Restricted Shares if any of the Events occurs
on or after the ____ RSU Delivery Date but prior to the ____ RSU Delivery Date (as defined in
Appendix A). Shares may be rounded to avoid fractional Shares. Such forfeiture will apply first
to any Outstanding Restricted Shares that are not Vested and then to Vested Restricted Shares.



For purposes of the foregoing, the term “Selected Firm Personnel” means: (A) any Firm employee or
consultant (1) with whom you personally worked while employed by the Firm, or (2) who at any time
during the year immediately preceding your termination of Employment with the Firm, worked in the
same division in which you worked; and (B) any Managing Director of the Firm.



      
     (c) Unless the Committee determines otherwise, and except as provided in Paragraph
7, your rights in respect of Outstanding Restricted Shares (whether or not Vested) immediately
shall be forfeited, and such Shares immediately shall be returned to GS Inc., if, before the
Transferability Date for such Restricted Shares:




          (i) any event that constitutes Cause has occurred;




          (ii) the Committee determines that you failed to meet, in any respect, any obligation
you may have under any agreement between you and the Firm, or any agreement entered into in
connection with your Employment with the Firm or this Award, including, without limitation,
the Firm’s notice period requirement applicable to you, any offer letter, employment
agreement or any shareholders’ agreement to which other similarly situated employees of the
Firm are a party;




          (iii) you fail to certify to GS Inc., in accordance with procedures established by the
Committee, that you have complied, or the Committee determines that you in fact have failed
to comply, with all the terms and conditions of the Plan and this Award Agreement. On each
Transferability Date, you shall be deemed to have represented and certified that you have
complied with all the terms and conditions of the Plan and this Award Agreement; or




          (iv) your Employment terminates for any reason or you otherwise are no longer actively
employed with the Firm and an entity to which you provide services grants you cash, equity
or other property (whether vested or unvested) to replace, substitute for or otherwise in
respect of any Outstanding Restricted Shares.



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     (d) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand,
for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have
under an agreement referred to in Paragraph 4(c)(ii), regardless of whether such obligation arises
under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause
referred to in Paragraph 4(c)(i).


      
     (e) Unless the Committee determines otherwise, without limiting any other provision
in Paragraphs 4(b) or 4(c), and except as provided in Paragraph 7, if the Committee determines
that, during the Firm’s ____ fiscal year, 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, your rights in respect of your Outstanding Restricted Shares awarded as part of
this Award (whether or not Vested) immediately shall be forfeited, such Shares immediately shall be
returned to GS Inc. and this Award shall be cancelled (and any dividends or other amounts paid or
delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a
manner similar to the provisions described in, Paragraph 5).


      
     5. Repayment and Forfeiture.


      
     (a) The provisions of Section 2.5.2 of the Plan (which require Grantees to repay to
the Firm the value of Restricted Shares, without reduction for related withholding tax, if the
Committee determines that all terms and conditions of this Award Agreement were not satisfied)
shall apply to this Award, except that if the condition that was not satisfied would have resulted
in the Transfer Restrictions not being removed, then the Fair Market Value of the Shares shall be
determined as of the Transferability Date (or any earlier date that the Transfer Restrictions were
removed).


      
     (b) If and to the extent you forfeit any Restricted Shares hereunder or are required
to repay any amount in respect of a number of Restricted Shares pursuant to Paragraph 5(a), you
also will be required to pay to the Firm, immediately upon demand therefor, an amount
equal to the Fair Market Value (determined as of the Date of Grant) of the number of Shares that
were used to satisfy tax withholding for such Restricted Shares that are forfeited or subject to
repayment pursuant to Paragraph 5(a). Such repayment amount for Restricted Shares applied to tax
withholding will be determined by multiplying the number of Restricted Shares that were used to
satisfy withholding taxes related to this Award (the “Tax Withholding Shares”) by a fraction, the
numerator of which is the number of Restricted Shares you forfeited (or with respect to which
repayment is required) and the denominator of which is the number of Restricted Shares that
comprised the Award (reduced by the Tax Withholding Shares).


      
     6. Extended Absence, Retirement and Downsizing.


      
     (a) Notwithstanding any other provision of this Award Agreement, but subject to
Paragraph 6(b), in the event of the termination of your Employment (determined as described in
Section 1.2.19 of the Plan) by reason of Extended Absence or Retirement (as defined below), the
condition set forth in Paragraph 4(a) shall be waived with respect to any Restricted Shares that
were Outstanding but that had not yet become Vested immediately prior to such termination of
Employment (as a result of which such Restricted Shares shall become Vested), but all other terms
and conditions of this Award Agreement shall continue to apply (including any applicable Transfer
Restrictions). Notwithstanding anything to the contrary in the Plan or otherwise, “Retirement”
means termination of your Employment



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(other than for Cause) on or after the Date of Grant at a time when (i) (A) the sum of your
age plus years of service with the Firm (as determined by the Committee in its sole discretion)
equals or exceeds 60 and (B) you have completed at least 10 years of service with the Firm (as
determined by the Committee in its sole discretion) or, if earlier, (ii) (A) you have attained age
50 and (B) you have completed at least five years of service with the Firm (as determined by the
Committee in its sole discretion). Any termination of Employment by reason of Extended Absence or
Retirement shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions
shall continue to apply until the Transferability Date as provided in Paragraph 3(c).



      
     (b) Without limiting the application of Paragraphs 4(b), 4(c) and 4(e), your rights
in respect of your Outstanding Restricted Shares that become Vested in accordance with Paragraph
6(a) immediately shall be forfeited and such Restricted Shares immediately shall be returned to GS
Inc. if, prior to the original Vesting Date with respect to such Restricted Shares, you (i) form,
or acquire a 5% or greater equity ownership, voting or profit participation interest in, any
Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to,
association as an officer, employee, partner, director, consultant, agent or advisor) with any
Competitive Enterprise. Notwithstanding the foregoing, unless otherwise determined by the
Committee in its discretion, this Paragraph 6(b) will not apply to your Outstanding Restricted
Shares if your termination of Employment by reason of Extended Absence or Retirement is
characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you
execute such a general waiver and release of claims and an agreement to pay any associated tax
liability, both as may be prescribed by the Firm or its designee. No termination of Employment
initiated by you, including any termination claimed to be a “constructive termination” or the like
or a termination for good reason, will constitute an “involuntary” termination of Employment or a
termination of Employment by “mutual agreement.”


      
     (c) Notwithstanding any other provision of this Award Agreement and subject to your
executing such general waiver and release of claims and an agreement to pay any associated tax
liability, both as may be prescribed by the Firm or its designee, if your Employment is terminated
without Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall
be waived with respect to your Restricted Shares that were Outstanding but that had not yet become
Vested immediately prior to such termination of Employment (as a result of which such Restricted
Shares shall become Vested), but all other conditions of this Award Agreement shall continue to
apply (including any applicable Transfer Restrictions). Whether or not your Employment is
terminated solely by reason of a “downsizing” shall be determined by the Firm in its sole
discretion. No termination of Employment initiated by you, including any termination claimed to be
a “constructive termination” or the like or a termination for good reason, will be solely by reason
of a “downsizing.” Your termination of Employment by reason of “downsizing” shall not affect any
applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the
Transferability Date as provided in Paragraph 3(c).


      
     7. Change in Control. Notwithstanding anything to the contrary in this Award
Agreement, in the event a Change in Control shall occur and within 18 months thereafter the Firm
terminates your Employment without Cause or you terminate your Employment for Good Reason, all of
the Transfer Restrictions and risks of forfeiture with respect to your Restricted Shares (whether
or not Vested) shall be removed.


      
     8. Dividends. You shall be entitled to receive on a current basis any regular cash
dividend paid by GS Inc. in respect of your Restricted Shares, or, if the Restricted Shares are
held in escrow, the Firm will direct the transfer/paying agent to distribute the dividends to you
in respect of your Restricted Shares.



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     9. Certain Additional Terms, Conditions and Agreements.


      
     (a) The Vesting and delivery of Shares and the removal of the Transfer Restrictions
are conditioned on your satisfaction of any applicable withholding taxes in accordance with Section
3.2 of the Plan. 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, vesting or delivery
of this Award by requiring you to choose between remitting such amount (i) in cash (or through
payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of
Shares delivered to you pursuant to this Award or (iii) in Shares delivered to you pursuant to 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 may, in its sole discretion, 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
delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no
event, however, shall any choice you may have under the preceding two sentences determine, or give
you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax
obligations.


      
     (b) If you are or become a Managing Director, your rights in respect of the
Restricted Shares are conditioned on your becoming a party to any shareholders’ agreement to which
other similarly situated employees of the Firm are a party.


      
     (c) Your rights in respect of this Award are conditioned on the receipt to the full
satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan)
that the Committee may determine to be necessary or advisable.


      
     (d) You understand and agree, in accordance with Section 3.3 of the Plan, by
accepting this Award you have expressly consented to all of the items listed in Section 3.3.3(d) of
the Plan, which are incorporated herein by reference.


      
     (e) You understand and agree, in accordance with Section 3.22 of the Plan, by
accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to
time concerning trading in Shares and hedging or pledging 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.”), and
confidential or proprietary information, and to effect sales of Shares delivered to you in respect
of this Award in accordance with such rules and procedures as may be adopted from time to time with
respect to sales of such Shares (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). In addition, you understand
and agree that you shall be responsible for all brokerage costs and other fees or expenses
associated with this Award, including, without limitation, such brokerage costs or other fees or
expenses in connection with the sale of Shares delivered to you hereunder.


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



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     (g) Without limiting the application of Paragraphs 4(b), 4(c) and 4(e), if:




          (i) your Employment with the Firm terminates solely because you resigned to accept
employment at any U.S. Federal, state or local government, any non-U.S. government, any
supranational or international organization, any self-regulatory organization, or any
agency, or instrumentality of any such government or organization, or any other employer
determined by the Committee, and as a result of such employment, your continued holding of
your Outstanding Restricted Shares would result in an actual or perceived conflict of
interest (“Conflicted Employment”); or




          (ii) following your termination of Employment other than described in Paragraph 9g)(i),
you notify the Firm that you have accepted or intend to accept Conflicted Employment at a
time when you continue to hold Outstanding Restricted Shares;


then, in the case of Paragraph 9(g)(i) only, the condition set forth in Paragraph 4(a) shall be
waived with respect to any Restricted Shares you then hold that had not yet become Vested (as a
result of which such Restricted Shares shall become Vested) and, in the cases of Paragraphs 9(g)(i)
and 9(g)(ii), any Transfer Restrictions shall be removed, in each case as soon as practicable after
the Committee has received satisfactory documentation relating to your Conflicted Employment.



      
     (h) 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 shall have any liability to you or any
other person for any action taken or omitted in respect of this or any other Award.


      
     (i) You understand and agree, by accepting this Award, that Restricted Shares hereby
are pledged to the Firm to secure its right to such Restricted Shares in the event you forfeit any
such Restricted Shares pursuant to the terms of the Plan or this Award Agreement. This Award, if
held in escrow, will not be delivered to you but will be held by an escrow agent for your benefit.
If an escrow agent is used, such escrow agent will also hold the Restricted Shares for the benefit
of the Firm for the purpose of perfecting its security interest.


      
     (j) You understand and agree that, in the event of your termination of Employment
while you continue to hold Outstanding Restricted Shares, you may be required to certify, from time
to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You
understand and agree that (i) it is your responsibility to inform the Firm of any changes to your
address to ensure timely receipt of the certification materials, (ii) you are responsible for
obtaining such certification materials by contacting the Firm if you do not receive certification
materials, and (iii) failure to return properly completed certification materials by the deadline
specified in the certification materials will result in the forfeiture of all of your Outstanding
Restricted Shares in accordance with Paragraph 4(c)(iii).


      
     10. Right of Offset. The Firm may exercise its right of offset under Section 3.4 of
the Plan by conditioning the removal of the Transfer Restrictions on your satisfaction of your
obligations to the Firm in a manner deemed appropriate by the Committee, including by the
application of some or all of your Restricted Shares.


      
     11. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in 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(g) and 3.1 of the Plan,
no such amendment shall 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



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Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan.
Any amendment of this Award Agreement shall be in writing.



      
     12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE
THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH
ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE 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 SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT
TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.


      
     13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or
as otherwise may be provided by the Committee, and without limiting Paragraph 3(c) hereof, the
limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any
purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5
of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all
recipients of Restricted Shares may transfer some or all of their Restricted Shares (which shall
continue to be subject to the Transfer Restrictions until the Transferability Date) through a gift
for no consideration to any immediate family member (as determined pursuant to the procedures) or a
trust in which the recipient and/or the recipient’s immediate family members in the aggregate have
100% of the beneficial interest (as determined pursuant to the procedures).


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


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



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



	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 
	 	By:  	 	 
	 
	 	Name:  	 	 
	 	Title:  	 	 
	 



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Appendix A



Treatment of ___Year-End Restricted Shares (that are not Supplemental Shares) under the
Shareholders’ Agreement. Capitalized terms used in this Appendix A that are not defined in this
Appendix A, the Award Agreement or the Plan have the meanings as used or defined in the
Shareholders’ Agreement; provided, however, for purposes of this Appendix A only, the term
“Restricted Shares” will exclude Supplemental Shares.





	 	•	 	An event triggering the recalculation of the Covered Person’s Covered Shares
shall be deemed to occur with respect to:






	 	•	 	any Restricted Shares with a scheduled
Vesting Date of December 31, ____ on the date upon which the first
installment of Shares will deliver under the ____ Year-End RSUs
(i.e., generally the first trading day in a Window Period in January
____) (the “____ RSU Delivery Date”),






	 	•	 	any Restricted Shares with a scheduled
Vesting Date of December 31, ____ on the date upon which the second
installment of Shares will deliver under the ____ Year-End RSUs
(i.e., generally the first trading day in a Window Period in January
____) (the “____ RSU Delivery Date”), and






	 	•	 	any Restricted Shares with a scheduled
Vesting Date of December 31, ____ on the date upon which the third
installment of Shares will deliver under the ____ Year-End RSUs
(i.e., generally the first trading day in a Window Period in January
____) (the “____ RSU Delivery Date”).






	 	 	 	Each of the ____ RSU Delivery Date, the ____ RSU Delivery Date and the ____ RSU
Delivery Date is referred to in this Appendix A as a “Trigger Date.”






	 	•	 	As of each such Trigger Date, such Covered Person’s Covered Shares shall be
increased by:






	 	•	 	the gross number of Restricted Shares for
such Trigger Date (determined before any deductions, including any
deductions for withholding taxes, fees or commissions), minus






	 	•	 	such gross number multiplied by the
Specified Tax Rate that would apply if the Covered Person had
received, on or around the Trigger Date, a delivery of Common Stock
underlying Year-End RSUs instead receiving a grant of Restricted
Shares.






	 	•	 	Until a Trigger Date, the Covered Person shall not be deemed to be the Sole
Beneficial Owner of the Restricted Shares relating to such Trigger Date (and
therefore until such Trigger Date such Shares shall not be counted toward the
satisfaction of the Transfer Restrictions).






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