EX-10.5



 





Exhibit 10.5



THE GOLDMAN SACHS

AMENDED AND RESTATED STOCK INCENTIVE PLAN

OUTSIDE DIRECTOR 20__ RSU AWARD AGREEMENT




This Award Agreement sets forth the terms and conditions of an Award of RSUs granted to
you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”) as of [date,
20   ].



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 which are not
defined in this Award Agreement have the meanings as used or defined in the Plan.



2. Award. [•] RSUs are subject to this Award. Each RSU constitutes an unfunded and
unsecured promise of GS Inc. to deliver (or cause to be delivered) to you, subject to the terms of
this Award Agreement, one share of Common Stock (a “Share”) (or cash or other property equal to
the Fair Market Value thereof) on the Delivery Date as provided herein. Until such delivery, you
have only the rights of a general unsecured creditor and no rights as a shareholder of GS Inc.
This Award is subject to all terms and provisions of the Plan and this Award Agreement.



3. Delivery.



(a) In General. Except as provided below in this Paragraph 3 and subject to
Paragraphs 6 and 7, the Delivery Date shall be on the last Business Day in May in the year
following the year in which you cease to be a director of the Board. The Firm may deliver cash or
other property in lieu of all or any portion of the Shares otherwise deliverable on the Delivery
Date. Unless otherwise determined by the Committee, or as otherwise provided in this Award
Agreement, delivery of Shares shall be effected by book-entry credit to the Custody Account or to a
brokerage account approved by the Firm. No delivery of Shares shall be made unless you have timely
established the Custody Account or such other brokerage account as is approved by the Firm. You
shall be the beneficial owner of any Shares properly credited to the Custody Account or delivered
to a brokerage account approved by the Firm. You shall have no right to any dividend or
distribution with respect to such Shares if the record date for such dividend or distribution is
prior to the date the Custody Account or such other brokerage account as is approved by the Firm is
properly credited with such Shares.



(b) Death. Notwithstanding any other provision of this Award Agreement, if you die
prior to the Delivery Date, the Shares (or cash or other property in lieu of all or any portion
thereof) corresponding to your Outstanding RSUs shall be delivered to the representative of your
estate as soon as practicable after the date of death and after such documentation as may be
requested by the Committee is provided to the Committee.



 









 





4. Dividend Equivalent Rights. Prior to the delivery of Shares (or cash or other
property in lieu thereof) pursuant to this Award Agreement, at or after the time of distribution of
any regular cash dividend paid by GS Inc. in respect of the Common Stock, you shall be entitled to
receive an amount in cash or other property equal to such regular cash dividend payment that would
have been made in respect of the Shares not yet delivered, as if the Shares had been actually
delivered.



5. Non-transferability. Except as may otherwise be provided by the Committee, the
limitations set forth in Section 3.5 of the Plan shall apply. Any assignment in violation of the
provisions of this Paragraph 5 shall be void.



6. Conflicted Employment. Notwithstanding anything in this Award Agreement to the
contrary, if you accept employment at a governmental agency, self-regulatory organization, or other
employer and as a result of such new employment the Firm determines that your continued holding of
your Outstanding RSUs would violate standards of ethical conduct applicable to you (“Conflicted
Employment”), then you shall receive a lump sum cash payment in respect of each Outstanding RSU as
soon as practicable after the Committee has received satisfactory documentation relating to your
Conflicted Employment; provided, however, that payment as a result of this Paragraph shall be made
only at such time and if and to the extent as would not result in the imposition of any additional
tax under Section 409A of the Code.



7. Withholding, Consents and Legends.



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



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



(c) 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. GS Inc. may
advise the transfer agent to place a stop order against any legended Shares.



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



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9. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in this Award Agreement in any respect in accordance with Section 1.3 of the
Plan, and the Board may amend the Plan in any respect in accordance with Section 3.1 of the Plan.
Notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(h) and 3.1 of the Plan, no such
amendment shall materially adversely affect your rights and obligations under this Award Agreement
without your consent (or the consent of your estate, if such consent is obtained after your death),
except that the Committee reserves the right to accelerate the delivery of the Shares and in its
discretion provide that such Shares may not be transferable until the Delivery Date. Any amendment
of this Award Agreement shall be in writing signed by an authorized member of the Board or any
other person or persons authorized by the Board.



10. 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.



11. 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.



IN WITNESS WHEREOF, GS Inc. and you have caused this Award Agreement to be duly executed and
delivered.



	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	THE GOLDMAN SACHS GROUP, INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 

	 	 	 	 	 	Name: [Name]
	 

	 	 	 	 	 	Title: [Title]
	 
	 	 	 	 	 	 
	Accepted and Agreed:	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	[name of director]
	 	 	 	 







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