Document:

exv10w51

Exhibit 10.51

GUARANTEE AGREEMENT

     GUARANTEE AGREEMENT, originally dated as of November 28, 2008 (this “Agreement”), and
amended effective as of January 1, 2010, between The Goldman Sachs Group, Inc., a Delaware
corporation (the “Parent”), and Goldman Sachs Bank USA, a bank chartered under the Laws of
the State of New York (together with its predecessors, the “Bank”).

RECITALS:

     WHEREAS, in connection with the Parent becoming a bank holding company under the U.S. Bank
Holding Company Act of 1956, as amended, on September 21, 2008, Goldman Sachs Capital Markets,
L.P., a limited partnership organized under the laws of the State of New York, was merged with and
into The Goldman Sachs Trust Company, a limited-purpose trust chartered under the Laws of the State
of New York (“GS Trust”), then Goldman Sachs Capital Markets L.L.C., a Delaware limited
liability company, was merged with and into GS Trust, and then Goldman Sachs Bank USA, an
industrial bank chartered under the Laws of the State of Utah, was merged with and into GS Trust,
in each case with GS Trust as the surviving entity (collectively, the “Merger”);

     WHEREAS, upon consummation of the Merger, GS Trust changed its name to Goldman Sachs Bank USA
and received approval to become a member bank of the Federal Reserve System (the “Federal
Reserve System”) and to expand its banking powers;

     WHEREAS, the Bank is a wholly owned subsidiary of the Parent;

     WHEREAS, in connection with the restructuring described above, the Board of Governors of the
Federal Reserve System (the “Federal Reserve Board”) has provided guidance to the Bank via
teleconference and in a written summary, issued October 10, 2008, that sets forth the principal
terms of the exemption that it has granted to the Bank from the provisions of Section 23A of the
Federal Reserve Act, as amended (the “Section 23A Exemption”), to permit the Parent or
another Affiliate to transfer certain assets to the Bank without complying with the provisions of
Regulation W that would otherwise apply to such transfers (such assets, as further defined below,
the “Transferred Assets”), and indicated that it would provide to the Bank a formal written
statement of all the terms of the Section 23A Exemption in due course;

     WHEREAS, as a further condition to granting the Section 23A Exemption, the Federal Reserve
Board has imposed the requirement that the Parent provide certain guarantees in respect of the
Transferred Assets, and the Parent has agreed to provide such guarantees (collectively, the
“Guarantee”);

     WHEREAS, this Agreement is intended to satisfy that condition; and

     WHEREAS, upon receipt by the Bank of the final written statement of the terms of the Section
23A Exemption, the parties hereto intended to amend this Agreement and the Collateral Agreement (as
defined below), as necessary, to reflect the terms of such Section 23A Exemption;

     WHEREAS, by letter dated April 22, 2009, the Federal Reserve Board provided the above
described formal written statement describing the terms of the Section 23A Exemption, and the
parties hereby amend the terms of this Agreement to reflect the terms of such Section 23A Exemption
and consultations with the Federal Reserve Board;

     NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this
Agreement, intending to be legally bound, hereby agree as follows:

 

 

     1. Definitions; Interpretation.

     (a) The following terms have the following meanings:

     “Action” means any claim, action, suit, arbitration or proceeding by or before
any Governmental Authority or arbitral body.

     “Affiliate” means any “affiliate” of the Bank, as defined in Regulation W.

     “Agreement” has the meaning given to that term in the Preamble.

     “Bank” has the meaning given to that term in the Preamble.

     “Bank Subsidiary” means any Subsidiary of the Bank.

     “Business Day” means any day that (x) is not a Saturday, a Sunday or other day
on which commercial banks in The City of New York, State of New York, are required or
authorized by Law to be closed and (y) is a day on which the New York Stock Exchange, Inc.
is open for trading during its regular trading session (notwithstanding its closing prior to
its scheduled closing time).

     “Collateral Agreement” means the Collateral Agreement, dated as of November 28,
2008, between the Bank and the Parent and certain of its Subsidiaries from time to time.

     “Credit-Related Losses” means any losses (any such loss to be calculated as the
difference, if negative, between the Original Transfer Value of such Transferred Asset and
its sale price) incurred upon the sale of any Transferred Assets by the Bank or any Bank
Subsidiary to any party other than the Bank or any other Bank Subsidiary, except to the
extent that the Bank determines, by reference to credit spreads applicable to the relevant
obligor and using the valuation methods used in the Bank’s market and risk management
activities, that such losses do not arise from any deterioration in the creditworthiness of
any obligor in respect of such Transferred Asset.

     “Derivatives” means any swaps, options, futures, forwards, and other assets
arising from similar transactions.

     “Federal Reserve Board” has the meaning given to that term in the Recitals.

     “Federal Reserve System” has the meaning given to that term in the Recitals.

     “Governmental Authority” means any domestic or foreign governmental or
regulatory authority, agency, commission, body, court or other legislative, executive or
judicial governmental entity.

     “GS Trust” has the meaning given to that term in the Recitals.

     “Guarantee” has the meaning given to that term in the Recitals.

     “Law” means any federal, state, local or foreign law, statute or ordinance, or
any rule, regulation, standard or agency requirement, of any Governmental Authority.

     “Low-Quality Asset” has the meaning specified in Regulation W.

     “Merger” has the meaning given to that term in the Recitals.

     “Mortgage Servicing Rights” means the right to service a mortgage and collect a
fee.

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     “Non-Bank Subsidiary” means any Subsidiary of the Parent other than the Bank or
any Bank Subsidiary.

     “Original Transfer Value” means, with respect to any Transferred Asset, (x) if
that Transferred Asset was purchased by the Bank or any Bank Subsidiary from the Parent or
any Non-Bank Subsidiary, the purchase price paid by the Bank or such Bank Subsidiary for
such Transferred Asset, and (y) if that Transferred Asset was contributed to the Bank or any
Bank Subsidiary by the Parent or any Non-Bank Subsidiary, either directly or by contributing
the equity of or other interests in any Person that owns such Transferred Asset to the Bank
or any Bank Subsidiary, the fair value of the Transferred Asset as of the date initially
recognized by the Bank.

     “Parent” has the meaning given to that term in the Preamble.

     “Person” means a natural person, corporation, limited liability company,
partnership, joint venture, trust, estate, unincorporated organization or Governmental
Authority.

     “Regulation W” means the Federal Reserve regulation pursuant to Section 23A
codified at 12 C.F.R. Part 223.

     “Section 23A Exemption” has the meaning given to that term in the Recitals.

     “Servicing Advances” means a payment of funds by the Bank, as servicer of a
mortgage pursuant to any Transferred Mortgage Servicing Rights, for the purpose of
preserving collateral or enforcing rights.

     “Subsidiary” has the meaning given to that term in Regulation W.

     “Termination Date” means, with respect to any Transferred Asset, the earlier of
(x) the date on which all amounts due under or in respect of such Transferred Asset have
been paid in full, and (y) the date on which such Transferred Asset is sold by the Bank or
any Bank Subsidiary to any Person other than the Bank or any other Bank Subsidiary;
provided, however, that the Termination Date with respect to any Transferred Derivative
shall be the fifth anniversary of the date on which such Transferred Derivative was
transferred by the Parent or any Non-Bank Subsidiary to the Bank or any Bank Subsidiary.

     “Transferred Assets” has the meaning given to that term in the Recitals;
provided, however, that for the avoidance of doubt, “Transferred Assets” shall not
include any loans that are held by any Bank Subsidiary in which a participation has been
granted pursuant to the Master Participation Agreement entered into by certain Bank
Subsidiaries and certain Non-Bank Subsidiaries in connection with the Mergers.

     “Transferred Derivatives” means any Transferred Assets that are Derivatives.

     “Transferred Mortgage Servicing Rights” means any Transferred Assets that are
Mortgage Servicing Rights.

     (b) In interpreting this Agreement:

     (i) words in the singular shall include the plural and vice versa, and words of one
gender shall include the other gender as the context requires;

     (ii) references to Articles, Sections, paragraphs, Exhibits, Annexes and Schedules are
references to the Articles, Sections and paragraphs of, and Exhibits, Annexes and Schedules
to, this Agreement unless otherwise specified;

     (iii) references to “$” shall mean U.S. dollars;

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     (iv) the words “includes” and “including” and words of similar import
shall be deemed to be followed by the words “without limitation” unless otherwise
specified;

     (v) the word “or” shall not be exclusive;

     (vi) the words “herein”, “hereof” and “hereunder”, and similar
terms, are to be deemed to refer to this Agreement as a whole and not to any specific
section;

     (vii) the headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement;

     (viii) this Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting or causing any
instrument to be drafted;

     (ix) if a word or phrase is defined, the other grammatical forms of such word or phrase
have a corresponding meaning; and

     (x) references to any statute, listing rule, rule, standard, regulation or other law
(a) include a reference to the corresponding rules and regulations and (b) include a
reference to each of them as amended, modified, supplemented, consolidated, replaced or
rewritten from time to time; and

     (xi) references to any section of any statute, listing rule, rule, standard, regulation
or other law include any successor to such section.

     2. Parent Guarantee.

     The Guarantee shall consist of the following commitments of the Parent:

     (a) Repurchase of Low-Quality Assets.

     (i) The Parent hereby irrevocably and unconditionally agrees to purchase or cause a
Non-Bank Subsidiary to purchase from the Bank or any Bank Subsidiary (A) any Transferred
Asset, other than any Transferred Derivative or Transferred Mortgage Servicing Right, that
becomes a Low-Quality Asset at any time subsequent to the transfer of such Transferred Asset
to the Bank or any Bank Subsidiary and prior to the Termination Date with respect to such
Transferred Asset, and (B) any Transferred Asset that the Federal Reserve Bank of New York
or the Federal Reserve Board may require the Parent to purchase in the discretion of the
staff of either the Federal Reserve Bank of New York or the Federal Reserve Board;

     (ii) The purchase price payable by the Parent or Non-Bank Subsidiary for any
Transferred Asset pursuant to this Section 2(a) shall be the Original Transfer Value of the
Transferred Asset.

     (iii) Any purchases required to be made pursuant to this Section 2(a) shall occur not
later than fifteen (15) days following the end of the calendar quarter (or otherwise as
promptly as practicable) in which the Transferred Asset became a Low-Quality Asset.

     (b) Reimbursement.

     (i) Credit-Related Losses.

     (A) The Parent hereby irrevocably and unconditionally agrees to reimburse the
Bank or any Bank Subsidiary for any Credit-Related Losses incurred by the Bank or
such Bank Subsidiary upon the sale of any Transferred Asset other than a Transferred
Derivative or a Transferred Mortgage Servicing Right to any Person other than the
Bank or any other Bank Subsidiary.

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     (B) The Parent shall pay all such reimbursements that it is required to pay to
the Bank pursuant to this Section 2(b)(i) no later than fifteen (15) days following
the end of the calendar quarter (or otherwise as promptly as practicable) in which
the sale was made.

     (ii) Derivatives.

     (A) The Parent hereby irrevocably and unconditionally agrees that, if the Bank
or any Bank Subsidiary downgrades the counterparty to any Transferred Derivative to
a seven or below in the Bank’s internal credit rating system in any calendar quarter
during the five years immediately following the transfer of the Transferred
Derivative from the Parent or any Non-Bank Subsidiary to the Bank or any Bank
Subsidiary, the Parent will pay to the Bank or such Bank Subsidiary an amount equal
to any change in the credit valuation adjustment (minus the value of any hedge or
offsets held by the Bank or such Bank Subsidiary) relating to such Transferred
Derivative from the time of such transfer to the time of the downgrade.

     (B) The Parent hereby further irrevocably and unconditionally agrees that, if
the counterparty to any Transferred Derivative defaults at any time during the five
years following the transfer of the Transferred Asset from Parent or any Non-Bank
Subsidiary to the Bank or any Bank Subsidiary, the Parent will pay the Bank or such
Bank Subsidiary an amount equal to the then-replacement cost of all of the Bank’s
or such Bank Subsidiary’s Transferred Derivative transactions with such
counterparty, net of proceeds from any liquidation of collateral applied by the
Bank or such Bank Subsidiary to the obligations of such counterparty under any such
Transferred Derivatives and any amounts recovered from the defaulting counterparty.

     (C) In calculating the Parent’s payment obligations upon a counterparty
default, as set forth in Section 2(b)(ii)(B), the Parent may reduce such
obligations:

	 	(I)	 	by the amount of any previous
payment made by the Parent to the Bank or any Bank Subsidiary as
a result of an internal rating downgrade of the applicable
counterparty pursuant to Section 2(b)(ii)(A);
	 
	 	(II)	 	to the extent that the Bank or any
Bank Subsidiary has received payment under any hedge or other
credit loss protection arrangement put in place with respect to
such Transferred Derivative (i) prior to the time at which such
Transferred Derivative was transferred to the Bank or any Bank
Subsidiary or (ii) after the time at which such Transferred
Derivative was transferred to the Bank or any Bank Subsidiary, if
the cost of such hedge or other credit loss protection
arrangement was paid by the Parent or any Non-Bank Subsidiary.

In addition, to the extent that, after the time at which the Parent has made such a
payment to the Bank, the Bank receives payment under a hedge or other credit loss
protection arrangement meeting the criteria set forth in (i) or (ii) of the
foregoing clause (II) or otherwise receives payment from the defaulting
counterparty, the Bank or the relevant Bank Subsidiary shall reimburse the Parent
for any such payment so received by it.

     (D) The Parent shall pay all such reimbursements that it is required to pay to
the Bank or any Bank Subsidiary pursuant to Section 2(b)(ii) no later than fifteen
(15) days following the end of the calendar quarter (or otherwise as promptly as
practicable) in which the derivatives counterparty is downgraded by the Bank or
such Bank Subsidiary or defaults, as applicable.

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     (E) As an alternative to the Parent making any payment that would otherwise be
required pursuant to this Section 2(b)(ii), the Parent may, at its option, (I)
repurchase by way of assignment, novation, participation or total return swap the
Transferred Derivative in respect of which the Parent would be required to make
such payment for an amount equal to the Original Transfer Value of such Transferred
Derivative or (II) to the extent permitted under the Federal Reserve Board’s final
written statement of the terms of the Section 23A Exemption, post collateral of the
type set forth in Section 223.42(c)(1) of Regulation W with respect to any
Transferred Derivative in an amount equal to the then-current replacement cost of
all the Bank’s derivative transactions with the relevant counterparty minus the
value of any collateral held and/or the mark-to-market value notional amount of any
credit loss protection owned by the Bank, which collateral would be returned to the
Parent upon the expiration of the Transferred Derivative.

     (iii) Mortgage Servicing Rights.

     (A) The Parent hereby irrevocably and unconditionally agrees to reimburse the
Bank or any Bank Subsidiary an amount equal to any impairment recognized or direct
write-downs related to any Transferred Mortgage Servicing Rights or related
Servicing Advances.

     (B) The Parent shall pay all such reimbursements that it is required to pay to
the Bank pursuant to this Section 2(b)(iii) no later than thirty (30) days
following the end of the calendar quarter in which the impairment was recognized or
the write-down taken.

     (C) The Bank will hold an amount of risk-based capital equal to the impairment
recognized or direct write-down taken on any Transferred Mortgage Servicing Rights
or related Servicing Advances so long as the Bank retains ownership or control of
such Transferred Mortgage Servicing Rights or Servicing Advances, in lieu of the
risk-based capital that would otherwise apply to a similar asset that is not a
Transferred Mortgage Servicing Right or related Servicing Advance.

     (D) As an alternative to the Parent making any payment that would otherwise be
required pursuant to this Section 2(b)(iii) and the maintenance of capital by the
Bank in accordance with Section 2(b)(iii)(C), the Parent may, at its option,
purchase the applicable Transferred Mortgage Servicing Rights and Servicing
Advances at an amount equal to the Original Transfer Value of such Transferred
Mortgage Servicing Rights or Servicing Advances, as applicable.

     (E) In calculating the Parent’s payment obligations pursuant to this Section
2(b)(iii), the Parent may reduce such obligations to the extent that the Bank or
any Bank Subsidiary has received payment under any hedge or other credit loss
protection arrangement put in place with respect to such Transferred Mortgage
Servicing Rights or Servicing Advances, as applicable, (i) prior to the time at
which such Transferred Mortgage Servicing Rights or Servicing Advances, as
applicable, was transferred to the Bank or any Bank Subsidiary or (ii) after the
time at which such Transferred Mortgage Servicing Rights or Servicing Advances, as
applicable, was transferred to the Bank or any Bank Subsidiary, if the cost of such
hedge or other credit loss protection arrangement was paid by the Parent or any
Affiliate of the Parent other than the Bank or any Bank Subsidiary.

     3. Collateral.

     The Parent shall secure its obligations pursuant to this Agreement as set forth in the
Collateral Agreement.

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     4. Termination.

     This Agreement shall terminate on the Business Day after the Termination Date of the last
Transferred Asset held by the Bank or any Bank Subsidiary.

     5. Notices.

     Unless otherwise provided herein, all notices and other communications provided to either
party under this Agreement shall be in writing and addressed to such party at its address as set
forth below. Unless otherwise provided herein, any notice, if mailed and properly addressed with
postage prepaid, shall be deemed given three (3) Business Days after being sent; if hand delivered,
shall be deemed given on the date of such delivery; and if delivered by overnight courier, shall be
deemed given on the date of such delivery.

If to the Parent:

The Goldman Sachs Group, Inc.

200 West Street

New York, New York 10282-2198

Telephone: (212) 902-1000

Attention: Treasury

If to the Bank:

Goldman Sachs Bank USA

85 Broad Street

New York, New York 10004

Telephone: (212) 902-1000

Attention: General Counsel

or if on or after January 25, 2010,

Goldman Sachs Bank USA

200 West Street

New York, New York 10282-2198

Telephone: (212) 902-1000

Attention: General Counsel

     6. Severability.

     If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced under any Law or as a matter of public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated by this Agreement is not affected in any manner
materially adverse to any party to this Agreement. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties to this Agreement shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties
as closely as possible in a mutually acceptable manner in order that the transactions contemplated
by this Agreement be consummated as originally contemplated to the greatest extent possible.

     7. Entire Agreement.

     This Agreement, together with the Collateral Agreement, constitutes the entire agreement of
the parties hereto with respect to the subject matter of this Agreement and supersedes all prior
agreements and undertakings, both written and oral.

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     8. Assignment.

     This Agreement may not be assigned, in whole or in part, by either party, by operation of Law
or otherwise, without the express written agreement of the other party hereto. Any attempted
assignment in violation of this Section 8 shall be void, except that each party shall have the
right to assign all of its rights and obligations to any entity that succeeds, directly or
indirectly, to substantially all of such party’s assets by merger or otherwise. This Agreement
shall be binding upon, shall inure to the benefit of, and shall be enforceable by the parties
hereto and their permitted successors and assigns.

     9. Amendment or Modification.

     This Agreement may be amended or modified only by an agreement in writing executed by both of
the parties hereto; provided that the parties hereto agree that, upon receipt by the Bank of the
final written statement of the terms of the Section 23A Exemption, they shall amend this Agreement
as necessary to reflect the terms and conditions contained in such statement.

     10. No Third-Party Beneficiaries.

     This Agreement is for the sole benefit of the parties to this Agreement and their permitted
successors and assigns and nothing in this Agreement, express or implied, is intended to or shall
confer upon any other person or party any legal or equitable right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement.

     11. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

     (a) This Agreement shall in all respects be governed by, and construed in accordance with, the
Laws of the State of New York.

     (b) Each of the Parent and the Bank irrevocably and unconditionally:

     (i) submits for itself and its property in any Action arising out of or relating to the
interpretation and enforcement of the provisions of this Agreement and of the documents
referred to in this Agreement and in respect of the transactions contemplated by this
Agreement, to the exclusive jurisdiction of the Courts of the State of New York sitting in
the County of New York, the United States District Court for the Southern District of New
York, and appellate courts having jurisdiction of appeals from any of the foregoing, and
agrees that all claims in respect of any such Action shall be heard and determined in such
New York State court or, to the extent permitted by Law, in such federal court;

     (ii) consents that any such Action may and shall be brought in such courts and waives
any objection that it may now or hereafter have to the venue or jurisdiction of any such
Action in any such court or that such Action was brought in an inconvenient court and agrees
not to assert, plead or claim the same;

     (iii) agrees that service of process in any such Action may be effected by mailing a
copy of such process by registered or certified mail (or any substantially similar form of
mail), postage prepaid, to such party at its address as provided in Section 5; and

     (iv) agrees that nothing in this Agreement shall affect the right to effect service of
process in any other manner permitted by the Laws of the State of New York.

     (c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

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     12. Counterparts.

     This Agreement may be executed in one or more counterparts, and by the different parties to
each such agreement in separate counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Delivery of
an executed counterpart of a signature page to this Agreement by facsimile or in Portable Document
File (PDF) format shall be as effective as delivery of a manually executed counterpart of this
Agreement.

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     IN
WITNESS WHEREOF, the parties hereto have executed this Guarantee Agreement as of the date
set forth below.

Date:
February 18, 2010
                         

	 	 	 	 	 	 	 
	 	 	PARENT:

THE GOLDMAN SACHS GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/ Elizabeth Beshel	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 Elizabeth Beshel	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 Treasurer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK:

GOLDMAN SACHS BANK USA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/ Stephen Davies	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 Stephen Davies	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 Chief Financial Officer	 	 
	 

	 	 	 	 	 	 

Guarantee Agreementexv10w53

Exhibit 10.53

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

                     PERFORMANCE-BASED ONE-TIME RSU AWARD

     This Award Agreement sets forth the terms and conditions of this special ___ performance-based
one-time award (this “Award”) of restricted stock units (“One-time RSUs”) 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. In light of the U.S. tax rules relating to deferred
compensation in Section 409A of the Code, to the extent that you are a United States taxpayer,
certain provisions of this Award Agreement and of the Plan shall apply only as provided in
Paragraph 15.

     2. Award. The number of One-time RSUs subject to this Award is set forth in the Award
Statement delivered to you. An RSU is an unfunded and unsecured promise to deliver (or cause to be
delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common
Stock (a “Share”) on the Delivery Date or as otherwise 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 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.
Vesting and Delivery.

          (a) Vesting. Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 6, 7, 9,
10 and 15, on each Vesting Date you shall become Vested in the number or percentage of One-time
RSUs specified next to such Vesting Date on the Award Statement (which may be rounded to avoid
fractional Shares). While continued active Employment is not required in order to receive delivery
of the Shares underlying your Outstanding One-time RSUs that are or become Vested, all other terms
and conditions of this Award Agreement shall continue to apply to such Vested One-time RSUs, and
failure to meet such terms and conditions may result in the termination of this Award (as a result
of which no Shares underlying such Vested One-time RSUs would be delivered).

          (b) Delivery.

               (i) The Delivery Dates with respect to this Award shall be the dates specified (next to the
number or percentage of One-time RSUs) as such on your Award Statement. In accordance with
Treasury Regulations section (“Reg.”) 1.409A-3(d), the Firm may accelerate delivery to a date that
is up to 30 days before the Delivery Date specified on the Award Statement; provided, however, that
in no event shall you be permitted to designate, directly or indirectly, the taxable year of the
delivery.

 

 

               (ii) Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 6, 7, 9, 10, 15 and 16,
in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than thirty
(30) Business Days) after each date specified as a Delivery Date (or any other date delivery of
Shares is called for hereunder), Shares underlying the number or percentage of your then
Outstanding One-time RSUs with respect to which such Delivery Date (or other date) has occurred
(which number of Shares may be rounded to avoid fractional Shares) shall be delivered by book entry
credit to your Custody Account or to a brokerage account, as approved or required by the Firm.
Notwithstanding the foregoing, if you are or become considered by GS Inc. to be one of its “covered
employees” within the meaning of Section 162(m) of the Code, then you shall be subject to Section
3.21.3 of the Plan, as a result of which delivery of your Shares may be delayed.

               (iii) In accordance with Section 1.3.2(i) of the Plan, in the discretion of the
Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of all or
any portion of your One-time RSUs, the Firm may deliver cash, other securities, other Awards or
other property, and all references in this Award Agreement to deliveries of Shares shall include
such deliveries of cash, other securities, other Awards or other property.

               (iv) In the discretion of the Committee, delivery of Shares may be made initially into an
escrow account meeting such terms and conditions as are determined by the Firm and may be 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 required by this Award Agreement have been satisfied. By accepting your
One-time RSUs, you have agreed on behalf of yourself (and your estate or other permitted
beneficiary) that the Firm may establish and maintain an escrow account on such terms and
conditions (which may include, without limitation, your executing any documents related to, and
your paying for any costs associated with, such escrow account) as the Firm may deem necessary or
appropriate. 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 discretion.

          (c) Death. Notwithstanding any other Paragraph of this Award Agreement (except
Paragraph 15), if you die prior to the Delivery Date, the Shares underlying your then Outstanding
One-time 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. The Committee may adopt procedures pursuant to which you may be permitted to
specifically bequeath some or all of your Outstanding One-time RSUs 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 One-time RSUs and Non-Delivery of Shares.

          (a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 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 One-time RSUs that were Outstanding but that
had not yet become Vested prior to your termination of Employment immediately shall terminate, such
One-time RSUs shall cease to be Outstanding and no Shares shall be
delivered in respect thereof.

          (b) Unless the Committee determines otherwise, and except as provided in Paragraphs 6 and 7,
your rights in respect of all of your Outstanding One-time RSUs (whether or not Vested)
immediately shall terminate, such One-time RSUs shall cease to be Outstanding and no Shares shall
be delivered in respect thereof 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) any event that constitutes Cause has occurred;

-2-

 

               (iii) (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;

               (iv) 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. By accepting the
delivery of Shares under this Award Agreement, you shall be deemed to have represented and
certified at such time that you have complied with all the terms and conditions of the Plan and
this Award Agreement;

               (v) 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, including, without limitation, any offer letter, employment
agreement or any shareholders’ agreement to which other similarly situated employees of the Firm
are a party;

               (vi) as a result of any action brought by you, it is determined that any of the terms or
conditions for delivery of Shares in respect of this Award Agreement are invalid; or

               (vii) 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 One-time RSUs.

For purposes of the foregoing, the term “Selected Firm Personnel” means: (i) any Firm employee or
consultant (A) with whom you personally worked while employed by the Firm, or (B) 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 (ii) any Managing Director of the Firm. 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(b)(v) 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(b)(ii).

          (c) Unless the Committee determines otherwise, without limiting any other provision in
Paragraph 4(b), 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 One-time RSUs awarded as part of this Award (whether or not
Vested) immediately shall terminate, such One-time RSUs shall cease to be Outstanding and no
Shares shall be

-3-

 

delivered in respect thereof (and any Shares, Dividend Equivalents, or other
amounts paid or delivered to you in respect of this Award shall be subject to repayment in
accordance with Paragraph 5).

     5. Repayment. The provisions of Section 2.6.3 of the Plan (which requires Award
recipients to repay to the Firm amounts delivered to them if the Committee determines that all
terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall
apply to this Award.

     6. Extended Absence.

          (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, the condition set forth in Paragraph 4(a) shall be
waived with respect to any One-time RSUs that were Outstanding but that had not yet become Vested
immediately prior to such termination of Employment (as a result of which such One-time RSUs shall
become Vested), but all other terms and conditions of this Award Agreement shall continue to apply.

          (b) Without limiting the application of Paragraphs 4(b) and 4(c), your rights in respect of
your Outstanding One-time RSUs that become Vested in accordance with Paragraph 6(a) immediately
shall terminate, such Outstanding One-time RSUs shall cease to be Outstanding, and no Shares shall
be delivered in respect thereof if, prior to the original Vesting Date with respect to such
One-time RSUs, 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 if your
termination of Employment by reason of Extended Absence 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.”

     7. Change in Control. Notwithstanding anything to the contrary in this Award
Agreement (except Paragraph 15), 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 Shares underlying your then Outstanding One-time RSUs, whether or not Vested,
shall be delivered.

     8. Dividend Equivalent Rights. Each One-time RSU shall include a Dividend Equivalent
Right. Accordingly, with respect to each of your Outstanding One-time RSUs, at or after the time
of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record date
for which occurs on or after the Date of Grant, you shall be entitled to receive an amount (less
applicable withholding) equal to such regular dividend payment as would have been made in respect
of the Share underlying such Outstanding One-time RSU. Payment in respect of a Dividend Equivalent
Right shall be made only with respect to One-time RSUs that are Outstanding on the relevant record
date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the
Plan.

     9. Certain Additional Terms, Conditions and Agreements.

          (a) The delivery of Shares is 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) or (ii) in the form of proceeds from the Firm’s
executing a sale of Shares delivered to

-4-

 

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 One-time RSUs 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 your One-time RSUs 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 your One-time
RSUs 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 your One-time RSU 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.

          (g) Without limiting the application of Paragraphs 4(b) and 4(c), 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 One-time RSUs would result in
an actual or perceived conflict of interest (“Conflicted Employment”); or

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

-5-

 

then, in the case of Paragraph 9(g)(i) above only, the condition set forth in Paragraph 4(a) shall
be waived with respect to any One-time RSUs you then hold that had not yet become Vested (as a
result of which such One-time RSUs shall become Vested) and, in the case of Paragraphs 9(g)(i) and
9(g)(ii) above, at the sole discretion of the Firm, you shall receive either a lump sum cash
payment in respect of, or delivery of the Shares underlying, your then Outstanding Vested One-time
RSUs, 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 that, in the event of your termination of Employment while you
continue to hold outstanding Vested One-time RSUs, 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
One-time RSUs, as applicable, in accordance with Paragraphs 4(b)(iv).

     10. Right of Offset. Except as provided in Paragraph 15(h), the obligation to deliver
Shares 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.

     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 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 or as
otherwise may be provided by the Committee, 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 One-time RSUs may transfer some or all
of their One-time RSUs through a gift for no consideration to any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, niece,
nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or
sister-in-law, including adoptive relationships, any person sharing the recipient’s household
(other than a tenant or employee), a trust in which these persons have more than 50% of the
beneficial interest, and any other entity in which these persons (or the recipient) own more than
50% of the voting interests.

-6-

 

     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. Compliance of Award Agreement and Plan With Section 409A. The provisions of this
Paragraph 15 apply to you only if you are a United States taxpayer.

          (a) References in this Award Agreement to “Section 409A” refer to 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. This Award Agreement and the Plan provisions
that apply to this Award are intended and shall be construed to comply with Section 409A (including
the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of
compensation” or “deferred compensation” as those terms are defined in the regulations under
Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or
other exceptions or provisions). The Committee shall have full authority to give effect to this
intent. To the extent necessary to give effect to this intent, in the case of any conflict or
potential inconsistency between the provisions of the Plan (including, without limitation, Sections
1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall
govern, and in the case of any conflict or potential inconsistency between this Paragraph 15 and
the other provisions of this Award Agreement, this Paragraph 15 shall govern.

          (b) Delivery of Shares shall not be delayed beyond the date on which all applicable
conditions or restrictions on delivery of Shares in respect of your One-time RSUs required by
this Agreement (including, without limitation, those specified in Paragraphs 3(b) and (c), 6(b)
(execution of waiver and release of claims and agreement to pay associated tax liability) and 9 and
the consents and other items specified in Section 3.3 of the Plan) are satisfied, and shall occur
by March 15 of the calendar year in which the Delivery Date occurs unless, in order to permit such
conditions or restrictions to be satisfied, the Committee elects, pursuant to Reg.
1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay
delivery of Shares to a later date within the same calendar year or to such later date as may be
permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction
with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

          (c) Notwithstanding the provisions of Paragraph 3(b)(iii) and Section 1.3.2(i) of the Plan, to
the extent necessary to comply with Section 409A, any securities, other Awards or other property
that the Firm may deliver in respect of your One-time RSUs shall not have the effect of deferring
delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on
which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with
respect to the Shares that would otherwise have been deliverable (unless the Committee elects a
later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted
under Section 409A, including, without limitation and to the extent applicable, the subsequent
election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)).

          (d) Notwithstanding the timing provisions of Paragraph 3(c), the delivery of Shares referred
to therein shall be made after the date of death and during the calendar year that includes the
date of death (or on such later date as may be permitted under Section 409A).

          (e) The timing of delivery or payment pursuant to Paragraph 7 shall occur on the earlier of
(i) the Delivery Date or (ii) a date that is within the calendar year in which the termination of
Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the
Firm in accordance with Section 409A(a)(2)(i)(B) of the Code), delivery shall occur on the earlier
of the Delivery Date or (to the extent required to avoid the imposition of additional tax under
Section 409A) the date that is six months after your termination of Employment (or, if the latter
date is not during a Window Period, the first trading day of the next Window Period). For purposes
of Paragraph 7, references in this Award Agreement to

-7-

 

termination of Employment mean a termination
of Employment from the Firm (as defined by the Firm) which is also a separation from service (as
defined by the Firm in accordance with Section 409A).

          (f) Notwithstanding any provision of Paragraph 8 or Section 2.8.2 of the Plan to the contrary,
the Dividend Equivalent Rights with respect to each of your Outstanding One-time RSUs shall be paid
to you within the calendar year that includes the date of distribution of any corresponding regular
cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after
the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such
regular dividend payment as would have been made in respect of the Shares underlying such
Outstanding One-time RSUs.

          (g) The timing of delivery or payment referred to in Paragraph 9(g) shall be the earlier of
(i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee
receives satisfactory documentation relating to your Conflicted Employment, provided that such
delivery or payment shall be made only at such time as, and if and to the extent that it, as
reasonably determined by the Firm, would not result in the imposition of any additional tax to you
under Section 409A.

          (h) Paragraph 10 and Section 3.4 of the Plan shall not apply to Awards that are 409A deferred
compensation.

          (i) Delivery of Shares in respect of any Award may be made, if and to the extent elected by
the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in
the case of any Award that constitutes 409A deferred compensation, only to the extent that the
later delivery is permitted under Section 409A).

     16. Compliance of Award Agreement and Plan with Section 457A. To the extent the
Committee or the Plan’s committee that has been delegated certain authority by the Committee (the
“SIP Committee”) determines that (i) Section 457A of the Code or any guidance promulgated
thereunder (“Section 457A”) requires that, in order to qualify for the short-term deferral
exception from treatment as “deferred compensation” under Section 457A(d)(3)(B) of the Code, the
documents governing an Award must specify that such Award will be delivered within the period set
forth in Section 457A(d)(3)(B) of the Code and (ii) all or any portion of this Award is or becomes
subject to Section 457A, this Award Agreement will be deemed to be amended as of the Date of Grant
(as the Committee or the SIP Committee determines necessary or appropriate after consultation with
counsel) to provide that delivery of One-time RSUs will occur no later than 12 months after the end
of the taxable year in which the right to delivery is first no longer subject to a substantial risk
of forfeiture (as defined under Section 457A); provided, however, that no action or modification
will be permitted to the extent that such action or modification would cause such Award to fail to
satisfy the conditions of an applicable exception from the requirements of Section 409A or
otherwise would result in an additional tax imposed under Section 409A in respect of such Award.

-8-

 

     17. 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. 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:  	 	 
	 

 

-9-

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