EX-10.48





 Exhibit 10.48 

THE GOLDMAN SACHS GROUP, INC. 

YEAR-END RESTRICTED STOCK
AWARD 
 This Award Agreement, together with The Goldman Sachs Amended and Restated Stock Incentive Plan (2018) (the
“Plan”), governs your award of              year-end Restricted Shares (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 15.  

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 Restricted Shares awarded to you and any applicable Vesting Dates and Transferability Dates. 

4.    Definitions. Unless otherwise defined herein, including in the Definitions Appendix or any
other Appendix, capitalized terms have the meanings provided in the Plan. 
 VESTING OF YOUR
RESTRICTED SHARES 
 5.    Vesting. On each Vesting Date listed on
your Award Statement, you will become Vested in the amount of Outstanding Restricted Shares listed next to that date. When a Restricted Share becomes Vested, it means only that your continued active Employment is not required for that portion
of Restricted Shares to become fully transferrable without risk of forfeiture. Vesting does not mean you have a non-forfeitable right to the Vested portion of your Award. The terms of this Award Agreement
(including the Transfer Restrictions) continue to apply to Vested Restricted Shares, and you can still forfeit Vested Restricted Shares.  

TRANSFER RESTRICTIONS 

6.    Transfer Restrictions. Restricted Shares will be subject to Transfer Restrictions until the
Transferability Date next to such number or percentage of Restricted Shares on your Award Statement. Any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the
Transfer Restrictions 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
Restricted Shares 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. 












 DIVIDENDS 

7.    Dividends. You will be entitled to receive on a current basis any regular cash dividend paid in
respect of your Restricted Shares. 
 FORFEITURE OF YOUR AWARD 

8.    How You May Forfeit Your Award. This Paragraph 8 sets forth the events that result in forfeiture
of up to all of your Restricted Shares and may require repayment to the Firm of up to all other amounts previously delivered or paid to you under your Award in accordance with Paragraph 9. More than one event may apply, and in no case will the
occurrence of one event limit the forfeiture and repayment obligations as a result of the occurrence of any other event. In addition, the Firm reserves the right to (a) suspend vesting of Restricted Shares or release of Transfer
Restrictions, (b) deliver any Restricted Shares or dividends into an escrow account in accordance with Paragraph 12(f)(v) or (c) apply additional Transfer Restrictions to any Restricted Shares in connection with any
investigation of whether any of the events that result in forfeiture under the Plan or this Paragraph 8 have occurred. Paragraph 10 (relating to certain circumstances under which you will not forfeit your unvested Restricted Shares upon Employment
termination) and Paragraph 11 (relating to certain circumstances under which vesting and/or release of Transfer Restrictions may be accelerated) provide for exceptions to one or more provisions of this Paragraph 8. 

(a)    Unvested Restricted Shares Forfeited if Your Employment Terminates. If your Employment
terminates for any reason or you are otherwise no longer actively Employed with the Firm (which includes off-premises notice periods, “garden leaves,” pay in lieu of notice or any other similar
status), your rights to your Restricted Shares that are not Vested will terminate and those Restricted Shares will be cancelled. 

(b)    Vested and Unvested Restricted Shares Forfeited if You Solicit Clients or Employees, Interfere
with Client or Employee Relationships or Participate in the Hiring of Employees. If either: 

(i)    you, in any manner, directly or indirectly, (A) Solicit any Client to transact business with a
Covered Enterprise or to reduce or refrain from doing any business with the Firm, (B) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client, (C) Solicit any person who is an
employee of the Firm to resign from the Firm, (D) Solicit any Selected Firm Personnel to apply for or accept employment (or other association) with any person or entity other than the Firm or (E) 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 
 (ii)    Selected Firm Personnel are Solicited, hired or accepted into
partnership, membership or similar status by (A) 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 (B) any entity where
you have, or will have, direct or indirect managerial responsibility for such Selected Firm Personnel, 
 then your rights to the following
Restricted Shares (whether or not Vested) will terminate and those Restricted Shares will be cancelled: 

  
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	 	(X)	 all of the Restricted Shares granted to you if any of the events in this Paragraph 8(b) occurs before the
                 Date, 


  

	 	(Y)	 the Restricted Shares with a Vesting Date of
                 or                  if any of the events in this Paragraph
8(b) occurs on or after the                  Date but before the
                 Date, and 


  

	 	(Z)	 the Restricted Shares with a Vesting Date of
                 if any of the events in this Paragraph 8(b) occurs on or after the
                 Date but before the                  Date.



 (c)    Vested and Unvested Restricted Shares Forfeited upon Certain Events.
If any of the following occurs, your rights to all of your Restricted Shares (whether or not Vested) will terminate and those Restricted Shares will be cancelled, in each case, as may be further described below: 

(i)    You Failed to Consider Risk. You Failed to Consider Risk during
                . 

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

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

 (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 15 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 12(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 Restricted
Shares; 

  
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provided, however, that your rights will only be terminated in respect of the Restricted Shares that are replaced, substituted for or otherwise considered by such other entity in making
its grant. 
 REPAYMENT OF YOUR AWARD 

9.    When You May Be Required to Repay Your Award. If the Committee determines that any term of this
Award was not satisfied, you will be required, immediately upon demand therefor, to repay to the Firm, in accordance with Section 2.5.3 of the Plan, the following: 

(a)    Any Restricted Shares for which the terms (including the terms for the release of Transfer
Restrictions) were not satisfied. 
 (b)    Any dividends paid in respect of any Restricted Shares that
are cancelled or required to be repaid. 
 (c)    Any amount applied to satisfy tax withholding or other
obligations with respect to any Restricted Shares or dividend payments that are forfeited or required to be repaid. 
 EXCEPTIONS
TO THE VESTING AND/OR TRANSFERABILITY DATES 

10.    Circumstances Under Which You Will Not Forfeit Your Unvested Restricted Shares on Employment Termination (but
the Transferability Date Continues to Apply). If your Employment terminates at a time when you meet the requirements for Extended Absence, Retirement or “downsizing,” each as described below, then Paragraph 8(a) will not apply, and
your Restricted Shares will be treated as described in this Paragraph 10. All other terms of this Award Agreement, including the other forfeiture and repayment events in Paragraphs 8 and 9, continue to apply. 

(a)    Extended Absence or Retirement and No Association With a Covered Enterprise. 

(i)    Generally. If your Employment terminates by Extended Absence or Retirement, your Outstanding
Restricted Shares that are not Vested will become Vested. However, your rights to any Restricted Shares that becomes Vested by this Paragraph 10(a)(i) will terminate and those Restricted Shares will be cancelled if you Associate With a Covered
Enterprise on or before the originally scheduled Vesting Date for those Restricted Shares. 

(ii)    Special Treatment for Involuntary or Mutual Agreement Termination. The second sentence of
Paragraph 10(a)(i) (relating to forfeiture if you Associate With a Covered Enterprise) will not apply if (A) 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.” 

(b)    Downsizing. If (i) the Firm terminates your Employment solely by reason of a
“downsizing” (and you have not engaged in conduct constituting Cause) and (ii) 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,
your Outstanding Restricted Shares that are not yet Vested will become Vested. Whether or not your Employment is terminated solely by reason of a “downsizing” will be determined by the Firm in its sole discretion. 

  
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 11.    Accelerated Vesting 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, then
Paragraph 8(a) will not apply, your Restricted Shares will be treated as described in this Paragraph 11, and, except as set forth in Paragraph 11(a), all other terms of this Award Agreement, including the other forfeiture and repayment events in
Paragraphs 8 and 9, continue to apply. 
 (a)    You Have a Qualifying Termination After a Change in
Control. If your Employment terminates when you meet the requirements of a Qualifying Termination After a Change in Control, your Outstanding Restricted Shares that are not yet Vested will become Vested and any Transfer Restrictions will cease
to apply. In addition, the forfeiture events in Paragraph 8 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
Restricted Shares would result in an actual or perceived conflict of interest. Unless prohibited by applicable law or regulation, the following will apply as soon as practicable after the Committee has received satisfactory documentation relating to
your Conflicted Employment. 
  

	 	(A)	 Vesting. If your Employment terminates solely because you resign to accept Conflicted Employment and you
have completed at least three years of continuous service with the Firm, your Outstanding Restricted Shares that are not yet Vested will become Vested; otherwise, you will forfeit any Restricted Shares that are not Vested in accordance with
Paragraph 8(a). 


  

	 	(B)	 Release of Transfer Restrictions. 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, any Transfer Restrictions on any Outstanding Vested Restricted Shares will cease to apply.



 (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 vesting and/or release of Transfer Restrictions described in Paragraph 11(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, 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 
 12.    Additional Terms, Conditions and Agreements.  

(a)    You Must Satisfy Applicable Tax Withholding Requirements. Vesting of Restricted Shares and
removal of the Transfer Restrictions are 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 Vesting of this Award by requiring you to choose between remitting the 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
of Common Stock delivered to you under this Award or (iii) shares of Common Stock delivered to you pursuant to this Award. 

(b)    Firm May Deliver Cash or Other Property Instead of 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 shares of Common Stock, 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 shares of Common Stock 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. Restricted Shares that become Vested on a
Vesting Date and Restricted Shares subject to Transfer Restrictions may, in each case, be rounded to avoid fractional shares of Common Stock. 

(d)    You May Be Required to Become a Party to the Shareholders’ Agreement. Your rights to
your Restricted Shares 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 Shares. GS Inc. may affix to
Certificates representing shares of Common Stock 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 shares of Common Stock. 
 (f)    You Agree to
Certain Consents, Terms and Conditions. By accepting this Award you understand and agree that: 

(i)    You Agree to Certain Consents as a Condition to the Award. You have expressly consented to
all of the items listed in Section 3.3.3(d) of the Plan, including the Firm’s supplying to any third-party recordkeeper of the Plan or other person such personal information of yours as the Committee deems advisable to administer the Plan,
and you agree to provide any additional consents that the Committee determines to be necessary or advisable; 

(ii)    You Are Subject to the Firm’s Policies, Rules and Procedures. You are subject to the
Firm’s policies in effect from time to time concerning trading in shares of Common Stock and hedging or pledging shares of Common Stock and equity-based compensation or other awards (including, without limitation, the “Firmwide Policy with
Respect to Personal Transactions Involving GS Securities and GS Equity Awards.” or any successor policies), and confidential or 

  
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proprietary information, and you will effect sales of shares of Common Stock 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 Restricted Shares, including those related to the sale of shares of Common Stock; 

(iv)    You Will Be Deemed to Represent Your Compliance with All the Terms of Your Award if You Sell
Shares. You will be deemed to have represented and certified that you have complied with all of the terms of the Plan and this Award Agreement when you request the sale of shares of Common Stock 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 shares of Common Stock (including
Restricted Shares) or the payment of cash (including dividends) 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 shares of Common Stock, 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 Restricted Shares, from time to time, you may be required to provide certifications of your compliance
with all of the terms of the Plan and this Award Agreement as described in Paragraph 8(c)(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 Restricted Shares and subject previously delivered amounts to repayment under Paragraph 8(c)(iv); 

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

(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 

  
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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 15 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. 

13.    Non-transferability. Except as otherwise may be
provided in this Paragraph 13 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 13 or Section 3.5 of the Plan will 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 will
continue to be subject to Transfer Restrictions until the 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. 

14.    Right of Offset. The obligation to pay dividends 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 
 15.    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. 

(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. 

  
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 (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 12(f)(viii). 

16.    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.  
 COMMITTEE AUTHORITY, AMENDMENT
AND CONSTRUCTION 
 17.    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 8 and 9 and to remove Transfer Restrictions
before the Transferability Date. In addition, the Committee, in its sole discretion, may determine whether Paragraphs 10(a)(ii) and 10(b) will apply upon a termination of Employment. 

18.    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 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. 

19.    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. 

20.    Providing Information to the Appropriate Authorities. In accordance with applicable law,
nothing in this Award Agreement (including the forfeiture and repayment provisions in Paragraphs 8 and 9) 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 

  
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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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 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 Restricted Shares 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 

  
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brokerage, sales, lending, custody, clearance, settlement or trading. 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 (or otherwise oversaw or were
responsible for, depending on the circumstances, another individual’s participation) 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)    “               
     Date” means the first trading day in a Window Period in              (or if there is no trading day in a Window Period that occurs in
             on or before             , another date in
             that is selected by the Committee or the SIP Committee) and includes the 30 Business Days after such date. 

(g)    “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. 

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

(i)    “Selected Firm Personnel” means any individual who is or in the three months
preceding the conduct prohibited by Paragraphs 8(b) 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. 

  
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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 Award Statement or any related 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)    “Certificate” means a stock certificate (or other
appropriate document or evidence of ownership) representing shares of Common Stock. 

(h)    “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


  
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a corporation) of (A) the entity resulting from such Reorganization, or the entity which has acquired all or substantially all of the assets of GS Inc. in a Sale (in either case, the
“Surviving Entity”), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, as such Rule
is in effect on the date of the adoption of the 1999 SIP) of 50% or more of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the Surviving Entity (the
“Parent Entity”) is represented by GS Inc.’s securities (the “GS Inc. Securities”) that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such GS Inc.
Securities were converted pursuant to such Reorganization or Sale) or (ii) at least 50% of the members of the board of directors (or similar officials in the case of an entity other than a corporation) of the Parent Entity (or, if there is no
Parent Entity, the Surviving Entity) following the consummation of the Reorganization or Sale were, at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale, individuals (the
“Incumbent Directors”) who either (A) were members of the Board on the Effective Date or (B) became directors subsequent to the Effective Date and whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of GS Inc.’s proxy statement in which such persons are named as nominees for director). 

(i)    “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. 

(j)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and
the applicable rulings and regulations thereunder. 
 (k)    “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. 

(l)    “Common Stock” means common stock of GS Inc., par value $0.01 per share. 

(m)    “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 

  
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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. 

(n)    “Covered Person” means a member of the Board or the Committee or any employee of
the Firm. 
 (o)    “Date of Grant” means the date specified in the Grantee’s Award
Agreement as the date of grant of the Award. 
 (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)    “Effective Date”
means the date this Plan is approved by the shareholders of GS Inc. pursuant to Section 3.15 of the Plan. 

(r)    “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. 

(s)    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and the applicable rules and regulations thereunder. 
 (t)    “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.

 (u)    “Fair Market Value” means, with respect to a share of Common Stock on any day,
the fair market value as determined in accordance with a valuation methodology approved by the Committee. 

(v)    “Firm” means GS Inc. and its subsidiaries and affiliates. 

(w)    “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). 

  
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 (x)    “Grantee” means a person who
receives an Award. 
 (y)    “GS Inc.” means The Goldman Sachs Group, Inc., and any
successor thereto. 
 (z)    “1999 SIP” means The Goldman Sachs 1999 Stock Incentive
Plan, as in effect prior to the effective date of the 2003 SIP. 
 (aa)    “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. 

(bb)    “Restricted Share” means a share of Common Stock delivered under the Plan that is
subject to Transfer Restrictions, forfeiture provisions and/or other terms and conditions specified herein and in the Restricted Share Award Agreement or other applicable Award Agreement. All references to Restricted Shares include “Shares at
Risk.” 
 (cc)    “Retirement” means termination of the Grantee’s Employment
(other than for Cause) on or after the Date of Grant at a time when (i) (A) the sum of the Grantee’s age plus years of service with the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) the
Grantee has completed at least 10 years of service with the Firm (as determined by the Committee in its sole discretion) or, if earlier, (ii) (A) the Grantee has attained age 50 and (B) the Grantee has completed at least five years of
service with the Firm (as determined by the Committee in its sole discretion). 

(dd)    “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. 

(ee)    “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. 

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

(hh)    “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. 
 (ii)    “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. 
 (jj)    “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 

  
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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. 

(kk)    “Vesting Date” means each date specified in the Grantee’s Award Agreement as
a date on which part or all of an Award becomes Vested. 
 (ll)    “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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