Document:

EX-10.52

 Exhibit 10.52 

THE GOLDMAN SACHS GROUP, INC. 

                       
                                         
        AWARD 
 This Award Agreement, together with The Goldman Sachs
Amended and Restated Stock Incentive Plan (2021) (the “Plan”), governs your ____________________ of performance-based RSUs (your “Award” or “PSUs”). You should read carefully this entire Award Agreement, which includes
the Award Statement, any attached Appendix and the signature card. 
 ACCEPTANCE 

1. You Must Decide Whether to Accept this Award Agreement. To be eligible to receive your Award, you must by the date
specified (a) open and activate an Account and (b) agree to all the terms of your Award by executing the related signature card in accordance with its instructions. By executing the signature card, you confirm
your agreement to all of the terms of this Award Agreement, including the arbitration and choice of forum provisions in Paragraph 17.  

DOCUMENTS THAT GOVERN YOUR AWARD; DEFINITIONS 

2. The Plan. Your Award is granted under the Plan, and the Plan’s terms apply to, and are a part of, this Award
Agreement. 
 3. Your Award Statement. The Award Statement delivered to you contains some of your Award’s specific
terms. For example, it contains the number of PSUs subject to this Award, the Performance Period and the Performance Goal[s] applicable to your Award. It also contains the Vesting Date[s], the Determination Date and the Settlement Date for your
Award and the Transferability Date for any Shares at Risk that may be delivered to you in respect of any Settlement Amount that you may earn. The number of PSUs on your Award Statement is not necessarily the number of PSUs in respect of which the
Settlement Amount will be earned, but is merely the basis for determining the amount (if any) that will be delivered to you. 
 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 PSUS 

5. Vesting. On each Vesting Date listed on your Award Statement, you will become Vested in the amount of Outstanding PSUs
listed next to that date. When a PSU becomes Vested, it means only that your continued active Employment is not required to earn delivery in respect of that PSU. Vesting does not mean you have a
non-forfeitable right to the Vested portion of your Award. The terms of this Award Agreement (including conditions to delivery, satisfaction of the Performance Goal[s] and any applicable Transfer Restrictions)
continue to apply to your Award, and failure to meet such terms may result in the termination of this Award (as a result of which no delivery in respect of such Vested PSUs would be made) and you can still forfeit Vested PSUs and Shares at Risk.

 PERFORMANCE GOAL[S] 

6. Performance. The Settlement Amount is dependent, and may vary based, on achievement of the Performance Goal[s] over the
Performance Period. On the Determination Date, the Firm will determine whether or not, and to what extent, the Performance Goal[s] for that Performance Period [has][have] been satisfied. All your rights with respect to the Settlement Amount [(and
any Dividend Equivalent Payments)] are dependent on the extent to which the Performance Goal[s] [is][are] 

 
achieved, and any rights to delivery in respect of your Outstanding PSUs immediately will terminate and no Settlement Amount will be delivered in respect of such PSUs upon the Committee’s
determination, in its sole discretion, that the Performance Goal[s] [has][have] not been satisfied to the extent necessary to result in delivery in respect of the PSUs. 

SETTLEMENT AMOUNT 

7. Settlement. 

(a) In General. Subject to satisfaction of the terms of this Award, including satisfaction of the Performance Goal[s], on the
Settlement Date, you will receive delivery (less applicable withholding as described in Paragraph 14(a)) of the Settlement Amount [and payment of any Dividend Equivalent Payments] as further described in this Award Agreement and in your Award
Statement. Until such delivery and payment, you have only the rights of a general unsecured creditor and you do not have any rights as a shareholder of GS Inc. with respect to either the PSUs or the Settlement Amount. Without limiting the
Committee’s authority under Section 1.3.2(h) of the Plan, the Firm may accelerate any Settlement Date by up to 30 days. 
 (b)
Form of Delivery. The Settlement Amount will be delivered in the form of Shares (by book entry credit to your Account). 
 (c)
Shares at Risk. ___ percent of the Shares delivered to you in respect of the Settlement Amount will be Shares at Risk subject to Transfer Restrictions until the [applicable] Transferability Date [listed on your Award Statement]. Any purported
sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions on Shares at Risk will be void. Within 30 Business Days after the [applicable] Transferability Date
[listed on your Award Statement] (or any other date on which the Transfer Restrictions are to be removed), GS Inc. will remove the Transfer Restrictions. The Committee or the SIP Committee may select multiple dates within such 30-Business-Day period on which to remove Transfer Restrictions for all or a portion of the Shares at Risk with the same Transferability Date listed on the Award Statement,
and all such dates will be treated as a single Transferability Date for purposes of this Award. 
 (d) [Voluntary Deferral of Settlement
Date. Subject to any procedures and agreement terms adopted by the Committee to govern any such election, at least 12 months prior to the last day of the original Performance Period set forth on the Award Statement (or such other date as may be
permitted under Section 409A), you may make an irrevocable election to defer the Settlement Date[s] (and the delivery of the Settlement Amount [and payment of any Dividend Equivalent Payments, each] determined as of the Determination Date)
until the fifth anniversary of the originally scheduled Settlement Date[s] set forth on the Award Statement (or such other date as may be permitted by Section 409A). Any such election will be in accordance with the subsequent election
provisions of Section 409A(a)(4)(C) of the Code and Reg. § 1.409A-2(b) or otherwise as may be permitted under Section 409A.] 

[DIVIDEND EQUIVALENT RIGHTS][DIVIDENDS] 

8. [Dividend Equivalent Rights][Dividends]. [To the extent described in your Award Statement, each PSU will include a
Dividend Equivalent Right, which will be subject to the provisions of Section 2.8 of the Plan. Accordingly, for each of your Outstanding PSUs with respect to which delivery is made under the Settlement Amount, you will be entitled to payments
under Dividend Equivalent Rights equal to 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. The payment to you of amounts under Dividend Equivalent Rights (less

  
 - 2 - 

 
applicable withholding as described in Paragraph 14(a)) is conditioned upon the delivery under the Settlement Amount in respect of the PSUs to which such Dividend Equivalent Rights relate, and
you will have no right to receive any Dividend Equivalent Payments relating to PSUs for which you do not receive delivery under the Settlement Amount (including, without limitation, due to a failure to satisfy the Performance Goal[s]). Dividend
Equivalent Payments will be paid on the Settlement Date.] [You will be entitled to receive on a current basis any regular cash dividend paid in respect of your Shares at Risk. The PSUs do not include Dividend Equivalent Rights.] 

FORFEITURE OF YOUR AWARD 

9. How You May Forfeit Your Award. This Paragraph 9 sets forth the events that result in forfeiture of up to all of your
PSUs and Shares at Risk and may require repayment to the Firm of up to all amounts previously paid or delivered to you under your PSUs in accordance with Paragraph 10. More than one event may apply, and in no case will the occurrence of one event
limit the forfeiture and repayment obligations as a result of the occurrence of any other event. In addition, the Firm reserves the right to (a) suspend vesting of Outstanding PSUs, delivery of the Settlement Amount [and payment of any Dividend
Equivalent Payments] or release of Transfer Restrictions on Shares at Risk, (b) deliver the Settlement Amount, [any Dividend Equivalent Payments] or dividends into an escrow account in accordance with Paragraph 14(f)(v) or (c) apply
Transfer Restrictions to any Shares in connection with any investigation of whether any of the events that result in forfeiture under the Plan or this Paragraph 9 have occurred. Paragraph 12 (relating to [certain circumstances under which you will
not forfeit your unvested PSUs upon Employment termination][Extended Absence and Qualified Termination]) and Paragraph 13 (relating to [certain circumstances under which vesting and/or release of Transfer Restrictions may be accelerated][Change in
Control and death]) provide for exceptions to one or more provisions of this Paragraph 9. [The U.K. Material Risk Taker Appendix supplements this Paragraph 9 and sets forth additional events that result in forfeiture of up to all of your PSUs and
Shares at Risk and may require repayment to the Firm as described in Paragraph 10 and the U.K. Material Risk Taker Appendix.] 
 (a)
Unvested PSUs 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 Outstanding PSUs that are not Vested will terminate, and no Settlement Amount will be delivered in respect thereof. 

(b) Vested and Unvested PSUs Forfeited Upon Certain Events. If any of the following occurs, your rights to all of your Outstanding PSUs
(whether or not Vested) will terminate, and no Settlement Amount will be delivered in respect thereof, as may be further described below: 

(i) You Associate With a Covered Enterprise. You Associate With a Covered Enterprise during the Performance Period. 

(ii) You Solicit Clients or Employees, Interfere with Client or Employee Relationships or Participate in the Hiring of Employees.
Before the [First] Settlement Date [listed on your Award Statement], either: 
 (A) you, in any manner, directly or indirectly,
(1) Solicit any Client to transact business with a Covered Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm
and any Client, (3) Solicit any person who is an employee of the Firm to resign from the Firm, (4) Solicit any Selected Firm Personnel to apply for or accept employment (or other association) with any person or

  
 - 3 - 

 
entity other than the Firm or (5) participate in the hiring of any Selected Firm Personnel by any person or entity other than the Firm (including, without limitation, participating in the
identification of individuals for potential hire, and participating in any hiring decision), whether as an employee or consultant or otherwise, or 

(B) Selected Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status by any entity where you have, or
will have, direct or indirect managerial responsibility for such Selected Firm Personnel, unless the Committee determines that you were not involved in such Solicitation, hiring or acceptance. 

(iii) You Failed to Consider Risk. You Failed to Consider Risk during ________. 

(iv) Your Conduct Constitutes Cause. Any event that constitutes Cause [(including, for the avoidance of doubt, “Serious
Misconduct” as defined in the U.K. Material Risk Taker Appendix)] has occurred before the [applicable] Settlement Date. 
 (v) You
Do Not Meet Your Obligations to the Firm. The Committee determines that, before the [applicable] Settlement 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. 
 (vi) 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. 

(vii) You Do Not Follow Dispute Resolution/Arbitration Procedures. You attempt to have any dispute under the Plan or this Award
Agreement resolved in any manner that is not provided for by Paragraph 17 or Section 3.17 of the Plan, or you attempt to arbitrate a dispute without first having exhausted your internal administrative remedies in accordance with Paragraph
14(f)(viii). 
 (viii) 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. 
 (ix) 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 your Outstanding PSUs. 
 (x) [GS Inc. Fails to Maintain the Minimum Tier 1 Capital Ratio.
Before the [applicable] Settlement Date, GS Inc. fails to maintain the required “Minimum Tier 1 Capital Ratio” as defined under Federal Reserve Board Regulations applicable to GS Inc. for a period of 90 consecutive business days.] 

(xi) [GS Inc. Is Determined to Be in Default. Before the [applicable] Settlement Date, the Board of Governors of the Federal Reserve or
the FDIC makes a written recommendation under 

  
 - 4 - 

 
Title II (Orderly Liquidation Authority) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the appointment of the FDIC as a receiver of GS Inc. based on a determination that GS
Inc. is “in default” or “in danger of default.”] 
 (xii) [Accounting Restatement Required Under Sarbanes-Oxley.
GS Inc. is required to prepare an accounting restatement due to GS Inc.’s material noncompliance, as a result of misconduct, with any financial reporting requirement under the securities laws as described in Section 304(a) of
Sarbanes-Oxley; provided, however, that your rights with respect to the PSUs will only be terminated to the same extent that would be required under Section 304(a) of Sarbanes-Oxley had you been a “chief executive
officer” or “chief financial officer” of GS Inc. (regardless of whether you actually hold such position at the relevant time).] 

(c) Shares at Risk Forfeited upon Certain Events. To the extent you receive delivery of Shares at Risk in connection with any
Settlement Amount, if any of the following occurs your rights to all of your Shares at Risk will terminate and your Shares at Risk will be cancelled, in each case, as may be further described below: 

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

(ii) Your Conduct Constitutes Cause. Any event that constitutes Cause has occurred before the [applicable] Transferability Date. 

(iii) You Do Not Meet Your Obligations to the Firm. The Committee determines that, before the [applicable] 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 17 or Section 3.17 of the Plan, or you attempt to arbitrate a dispute without first having exhausted your internal administrative remedies in accordance with Paragraph 14(f)(viii).

 (vi) You Bring an Action that Results in a Determination that Any Award Agreement Term Is Invalid. As a result of any action
brought by you, it is determined that any term of this Award Agreement is invalid. 
 (vii) You Receive Compensation in Respect of Your
Award from Another Employer. Your Employment terminates for any reason or you otherwise are no longer actively Employed with the Firm and another entity grants you cash, equity or other property (whether vested or unvested) to replace,
substitute for or otherwise in respect of any Shares at Risk; provided, however, that your rights will only be terminated in respect of the Shares at Risk that are replaced, substituted for or otherwise considered by such other entity
in making its grant. 

  
 - 5 - 

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

(a) Repayment, Generally. If the Committee determines that any term of this Award was not satisfied, you will be required, immediately
upon demand therefor, to repay to the Firm the following: 
 (i) Any Settlement Amount (including any Shares at Risk) for which the terms
(including the terms for delivery) of the related PSUs were not satisfied, in accordance with Section 2.6.3 of the Plan. 
 (ii) Any
Shares at Risk for which the terms (including the terms for the release of Transfer Restrictions) were not satisfied, in accordance with Section 2.5.3 of the Plan. 

(iii) Any Shares that were delivered (but not subject to Transfer Restrictions) at the same time any Shares at Risk that are cancelled or
required to be repaid were delivered. 
 (iv) [Any Dividend Equivalent Payments for which the terms were not satisfied (including any such
payments made in respect of PSUs that are forfeited or any Settlement Amount that is required to be repaid), in accordance with Section 2.8.3 of the Plan.] 

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

(vi) Any amount applied to satisfy tax withholding or other obligations with respect to any PSUs, Settlement Amount [(including Shares at
Risk)], [or] dividend payments [or Dividend Equivalent Payments] that are forfeited or required to be repaid. 
 (b) Repayment Upon
Materially Inaccurate Financial Statements. If any delivery is made under this Award Agreement based on materially inaccurate financial statements (which includes, but is not limited to, statements of earnings, revenues or gains) or other
materially inaccurate performance criteria, you will be obligated to repay to the Firm, immediately upon demand therefor, any excess amount delivered, as determined by the Committee in its sole discretion. 

(c) [Repayment Upon Accounting Restatement Required Under Sarbanes-Oxley. If an event described in Paragraphs 9(b)(xii) and 9(c)(viii)
(relating to a requirement under Sarbanes-Oxley that GS Inc. prepare an accounting restatement) occurs, any Settlement Amount (including Shares at Risk), dividend payments, [Dividend Equivalent Payments,] cash or other property delivered, paid or
withheld in respect of this Award will be subject to repayment as described in Paragraph 10(a) to the same extent that would be required under Section 304(a) of Sarbanes-Oxley had you been a “chief executive officer” or “chief
financial officer” of GS Inc. (regardless of whether you actually hold such position at the relevant time).] 

  
 - 6 - 

 TERMINATIONS OF EMPLOYMENT 

11. Termination of Employment Generally. Unless the Committee determines otherwise, 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), the Performance
Goal[s] applicable to your Outstanding PSUs will continue to apply with respect to your Vested PSUs [(e.g., PSUs that become Vested in connection with Extended Absence, Qualified Termination, Change in Control or death as described in
Paragraphs 12 and 13)] and the determination of the Settlement Amount will continue to be subject to whether or not, and to what extent, the Performance Goal[s] [has][have] been achieved with respect to your Vested PSUs, in each case, as provided in
Paragraph 6. All other terms of this Award Agreement, including the forfeiture and repayment events in Paragraphs 9 and 10, continue to apply. 

12. [Circumstances Under Which You Will Not Forfeit Your Unvested PSUs on Employment Termination (but the Performance Goal, Original
Settlement Date and Transferability Date Continue to Apply). If your Employment terminates at a time when you meet the requirements for Extended Absence or Retirement, each as described below, then Paragraph 9(a) will not apply, and
your Outstanding PSUs will be treated as described in this Paragraph 12. The Performance Goal applicable to your Outstanding PSUs will continue to apply and the determination of the Settlement Amount will continue to be subject to whether or not,
and to what extent, the Performance Goal has been achieved, in each case, as provided in Paragraph 6. All other terms of this Award Agreement, including the other forfeiture and repayment events in Paragraphs 9 and 10, continue to apply. 

(a) Extended Absence or Retirement. If your Employment terminates by Extended Absence or Retirement, your Outstanding PSUs that are not
Vested will become Vested. For the avoidance of doubt, your rights to any Outstanding PSUs will be terminated and no Settlement Amount will be delivered in respect thereof if you Associate With a Covered Enterprise during the Performance Period, as
described in Paragraph 9(b)(i).] 
 12. [Extended Absence or Qualified Termination. If your Employment terminates at a
time when you meet the requirements for Extended Absence or a Qualified Termination, then Paragraph 9(a) will not apply to the extent described in this Paragraph 12, and your Outstanding PSUs will be treated as described in this Paragraph 12. All
other terms of this Award Agreement, including the other forfeiture and repayment events in Paragraphs 9 and 10, continue to apply. In each case, the Performance Goals applicable to your Outstanding PSUs will continue to apply, and the determination
of the Settlement Amount will continue to be subject to whether or not, and to what extent, the Performance Goals have been achieved, as provided in Paragraph 6. 

  
 - 7 - 

 (a) Extended Absence. If your Employment terminates by Extended Absence, your
Outstanding PSUs that are not Vested will become Vested. For the avoidance of doubt, your rights to any Outstanding PSUs will be terminated and no Settlement Amount will be delivered in respect thereof if you Associate With a Covered Enterprise
during the Performance Period, as described in Paragraph 9(b)(i). 
 (b) Qualified Termination. If the Firm terminates your
Employment solely by reason of a Qualified Termination and you execute a general waiver and release of claims and an agreement to pay any associated tax liability in the form the Firm prescribes, a pro rata portion of your Outstanding PSUs (based on
the portion of the Performance Period during which you were Employed) will become Vested. For the avoidance of doubt, your rights to any Outstanding PSUs will be terminated and no Settlement Amount will be delivered in respect thereof if you
Associate With a Covered Enterprise during the Performance Period, as described in Paragraph 9(b)(i).] 
 13. [Accelerated Vesting
and/or Release of Transfer Restrictions in the Event of a Qualifying Termination After a Change in Control or Death. In the event of your Qualifying Termination After a Change in Control or death, each as described below, Paragraph
9(a) will not apply, your Outstanding PSUs or, to the extent you have received delivery in connection with any Settlement Amount, your Shares at Risk, will be treated as described in this Paragraph 13, and, except as set forth in Paragraph 13(a),
all other terms of this Award Agreement, including the other forfeiture and repayment events in Paragraphs 9 and 10, continue to apply. In each case, the Performance Goal applicable to your Outstanding PSUs will continue to apply and the
determination of the Settlement Amount will continue to be subject to whether or not, and to what extent, the Performance Goal has been achieved, in each case, as provided in Paragraph 6. 

(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, you will, on the Settlement Date, receive delivery of the Settlement Amount and payment of the Dividend Equivalent Payments that, in each case, would have otherwise been made pursuant to Paragraph 6,
and any Transfer Restrictions will cease to apply to your Shares at Risk. In addition, the forfeiture events in Paragraph 9 will not apply to your Shares at Risk. 

(b) Death. If you die, after such documentation as may be requested by the Committee is provided to the Committee, (i) the
representative of your estate will receive delivery of the Settlement Amount and payment of the Dividend Equivalent Payments on the Settlement Date that, in each case, would have otherwise been made pursuant to Paragraph 6, and (ii) any
Transfer Restrictions will cease to apply to your Shares at Risk as soon as practicable after the date of death. 
 13. [Change in
Control or Death. In the event of a Change in Control or death, each as described below, your Outstanding PSUs will be treated as described in this Paragraph 13. All other terms of this Award Agreement, including the other forfeiture
and repayment events in Paragraphs 9 and 10, continue to apply. In each case, the Performance Goals applicable to your Outstanding PSUs will continue to apply, and the determination of the Settlement Amount will continue to be subject to whether or
not, and to what extent, the Performance Goals have been achieved, as provided in Paragraph 6. 
 (a) Change in Control. 

(i) In the event of a Change in Control which would result in none of GS Inc., its successors (including any surviving or acquiring entity or
its affiliates) or affiliates being listed or publicly traded on any national securities exchange (“Delisting Change in Control”): (A) Paragraph 9(a) will not apply and your PSUs that are not Vested will become Vested, (B) the last
day of the Performance 

  
 - 8 - 

 
Period will be deemed to be the effective date of the Change in Control, (C) the Determination Date will be as soon as practicable after the effective date of the Change in Control and
(D) the Settlement Date[s] will occur as soon as practicable following the Determination Date, but no later than March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. § 1.409A-1(b)(4). Any Transfer Restrictions will cease to apply to your Shares at Risk, and the forfeiture events in Paragraph 9 will not apply to your Shares at Risk. 

(ii) If the Change in Control is not a Delisting Change in Control described in Paragraph 13(a)(i) and if your Employment terminates when you
meet the requirements of a Qualifying Termination After a Change in Control, then (i) Paragraph 9(a) will not apply and your PSUs that are not Vested will become Vested, and (ii) you will receive delivery of the Settlement Amount [and
payment of the Dividend Equivalent Payments] on the [applicable] Settlement Date that would have otherwise been made pursuant to Paragraph 6. Any Transfer Restrictions will cease to apply to your Shares at Risk, and the forfeiture events in
Paragraph 9 will not apply to your Shares at Risk. 
 (b) Death. If you die, after such documentation as may be requested by the
Committee is provided to the Committee, (i) Paragraph 9(a) will not apply and your PSUs that are not Vested will become Vested, (ii) the representative of your estate will receive delivery of the Settlement Amount [and payment of the
Dividend Equivalent Payments] on the [applicable] Settlement Date that would have otherwise been made pursuant to Paragraph 6, and (iii) any Transfer Restrictions will cease to apply to your Shares at Risk as soon as practicable after the date
of death.] 
 OTHER TERMS, CONDITIONS AND AGREEMENTS 

14. Additional Terms, Conditions and Agreements. 

(a) You Must Satisfy Applicable Tax Withholding Requirements. Delivery of the Settlement Amount is conditioned on your satisfaction of
any applicable withholding taxes in accordance with Section 3.2 of the Plan, which includes the Firm deducting or withholding amounts from any payment or distribution to you. In addition, to the extent permitted by applicable law, the Firm, in
its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, state, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, Vesting or delivery of this Award by requiring
you to choose between remitting the amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award. In no event,
however, does this Paragraph 14(a) give you any discretion to determine or affect the timing of delivery of the Settlement Amount or the timing of payment of tax obligations. 

(b) Firm May Deliver Cash or Other Property in Respect of the Settlement Amount. 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 Settlement Amount, the Firm may deliver cash, other securities, other awards under the Plan or other property, and all references in this Award Agreement to delivery of
the Settlement Amount 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. PSUs that become Vested on a Vesting Date and any amounts delivered in respect of the Settlement Amount[, including Shares at Risk,] may be rounded to avoid fractional Shares. 

(d) You May Be Required to Become a Party to the Shareholders’ Agreement. Your rights to your PSUs are conditioned on your
becoming a party to any shareholders’ agreement to which other 

  
 - 9 - 

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

(f) You Agree to Certain Consents, Terms and Conditions. By accepting this Award you understand and agree that: 

(i) You Agree to Certain Consents as a Condition to the Award. You have expressly consented to all of the items listed in
Section 3.3.3(d) of the Plan, including the Firm’s supplying to any third-party recordkeeper of the Plan or other person such personal information of yours as the Committee deems advisable to administer the Plan, and you agree to provide
any additional consents that the Committee determines to be necessary or advisable; 
 (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 and hedging or pledging Shares 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 proprietary information, and you will effect sales of Shares in accordance with such rules
and procedures as may be adopted from time to time (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and
volume limits determined by the Firm); 
 (iii) You Are Responsible for Costs Associated with Your Award. You will be responsible for
all brokerage costs and other fees or expenses associated with your Award, including those related to the sale of Shares; 
 (iv) You
Will Be Deemed to Represent Your Compliance with All the Terms of Your Award if You Accept Delivery. 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 any
Settlement Amount [and Dividend Equivalent Payments are] [is] delivered to you, and you request the sale of Shares following the release of Transfer Restrictions on Shares at Risk; 

(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 Settlement Amount may initially be delivered[, and any Dividend Equivalent Payments and
dividends may initially be paid,] 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
deliveries 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 PSUs or Shares at Risk, from time to time, you may be required to
provide certifications of your compliance with all of the terms of the Plan and this Award Agreement as described in Paragraphs 9(b)(vi) and 9(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 

  
 - 10 - 

 
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 PSUs or Shares at Risk and subject previously delivered amounts to repayment under Paragraphs 9(b)(vi) and 9(c)(iv);

 (vii) You Authorize the Firm to Register, in Its or Its Designee’s Name, Any Shares at Risk and Sell, Assign or Transfer Any
Forfeited Shares at Risk. You are granting to the Firm the full power and authority to register any Shares at Risk in its or its designee’s name and authorizing the Firm or its designee to sell, assign or transfer any Shares at Risk if you
forfeit your Shares at Risk; 
 (viii) You Must Comply with Applicable Deadlines and Procedures to Appeal Determinations Made by the
Committee. If you disagree with a determination made by the Committee, the SIP Committee, the SIP Administrators, or any of their delegates or designees and you wish to appeal such determination, you must submit a written request to the SIP
Committee for review within 180 days after the determination at issue. You must exhaust your internal administrative remedies (i.e., submit your appeal and wait for resolution of that appeal) before seeking to resolve a dispute through
arbitration pursuant to Paragraph 17 and Section 3.17 of the Plan; and 
 (ix) You Agree that Covered Persons Will Not Have
Liability. In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person will have any liability to you or any other person for any action taken or omitted in
respect of this or any other Award. 
 15. Non-transferability. Except as
otherwise may be provided in this Paragraph 15 or as otherwise may be provided by the Committee, the limitations on transferability set forth in Section 3.5 of the Plan will apply to this Award. Any purported transfer or assignment in violation
of the provisions of this Paragraph 15 or Section 3.5 of the Plan will be void. The Committee may adopt procedures pursuant to which some or all recipients of PSUs and Shares at Risk may transfer some or all of their PSUs or Shares at Risk
(which will continue to be subject to Transfer Restrictions until the [applicable] Transferability Date) through a gift for no consideration to any immediate family member, a trust or other estate planning vehicle approved by the Committee or SIP
Committee in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest. 

16. Right of Offset. Except as provided in Paragraph 19(d), the obligation to deliver the Settlement Amount, pay
dividends [or Dividend Equivalent Payments] or release Transfer Restrictions under this Award Agreement is subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such obligation any outstanding amounts
you owe to the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement. 
 ARBITRATION,
CHOICE OF FORUM AND GOVERNING LAW 
 17.
Arbitration; Choice of Forum. 
 (a) BY ACCEPTING THIS
AWARD, YOU ARE INDICATING THAT YOU UNDERSTAND AND AGREE THAT THE
ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN
SECTION 3.17 OF THE PLAN WILL APPLY TO THIS AWARD. THESE
PROVISIONS, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE, PROVIDE AMONG
OTHER THINGS THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM
AND YOU ARISING OUT OF OR RELATING TO OR  

  
 - 11 - 

 
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, THE EQUAL EMPLOYMENT OPPORTUNITY
COMMISSION AND A STATE OR LOCAL HUMAN RIGHTS AGENCY, AS WELL AS
LAW ENFORCEMENT. 
 (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. 

(d) The Federal Arbitration Act governs interpretation and enforcement of all arbitration provisions under the Plan and this Award Agreement,
and all arbitration proceedings thereunder. 
 (e) Nothing in this Award Agreement creates a substantive right to bring a claim under U.S.
Federal, state, or local employment laws. 
 (f) By accepting your Award, you irrevocably appoint each General Counsel of GS Inc., or any
person whom the General Counsel of GS Inc. designates, as your agent for service of process in connection with any suit, action or proceeding arising out of or relating to or concerning the Plan or any Award which is not arbitrated pursuant to the
provisions of Section 3.17.1 of the Plan, who shall promptly advise you of any such service of process. 
 (g) To the fullest extent
permitted by applicable law, no arbitrator will have the authority to consider any claim as to which you have not first exhausted your internal administrative remedies in accordance with Paragraph 14(f)(viii). 

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

CERTAIN TAX PROVISIONS 

19. Compliance of Award Agreement and Plan with Section 409A. The provisions of this
Paragraph 19 apply to you only if you are a U.S. taxpayer. 
 (a) This Award Agreement and the Plan provisions that apply to this Award are
intended and will be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation), whether by reason of short-term deferral treatment or other
exceptions or provisions. The Committee will have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan
(including Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement will govern, and in the case of any conflict or potential inconsistency between this Paragraph 19 and the other provisions of this Award
Agreement, this Paragraph 19 will govern. 

  
 - 12 - 

 (b) Settlement will not be delayed beyond the date on which all applicable conditions or
restrictions on settlement in respect of your PSUs required by this Award Agreement (including [those specified in Paragraph 12(b) (execution of waiver and release of claims agreement to pay associated tax liability) and] the consents and other
items specified in Section 3.3 of the Plan) are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, settlement in respect of such portion
will occur by the March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. § 1.409A-1(b)(4) in order for settlement to be within the short-term
deferral exception unless, in order to permit all applicable conditions or restrictions on settlement 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 settlement to a later date within the same calendar year or to such later date as may be permitted under Section 409A, including Reg. §
1.409A-3(d). For the avoidance of doubt, if the Award includes a “series of installment payments” as described in Reg. § 1.409A-2(b)(2)(iii), your right
to the series of installment payments will be treated as a right to a series of separate payments and not as a right to a single payment. 

(c) Notwithstanding the provisions of Paragraph 14(b) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with
Section 409A, any delivery or payment (including in the form of Shares at Risk or other property) that the Firm may make in respect of your PSUs will not have the effect of deferring payment, delivery, income inclusion, or a substantial risk of
forfeiture, beyond the date on which such payment, delivery or inclusion would occur or such risk of forfeiture would lapse, with respect to the payment or delivery that would otherwise have been made (unless the Committee elects a later date for
this purpose pursuant to Reg. § 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including and to the extent applicable, the subsequent election provisions of
Section 409A(a)(4)(C) of the Code and Reg. § 1.409A-2(b)). 
 (d) Paragraph 16 and
Section 3.4 of the Plan will not apply to Awards that are 409A Deferred Compensation except to the extent permitted under Section 409A. 

(e) Settlement in respect of any portion of the Award may be made, if and to the extent elected by the Committee, later than the relevant
Settlement 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 payment or delivery, as applicable, is permitted under Section 409A).

 (f) You understand and agree that you are solely responsible for the payment of any taxes and penalties due pursuant to
Section 409A, but in no event will you be permitted to designate, directly or indirectly, the taxable year of the delivery. 

COMMITTEE AUTHORITY, AMENDMENT, CONSTRUCTION AND REGULATORY
REPORTING 
 20. Committee Authority. The Committee has the authority to determine, in its sole
discretion, that any event triggering forfeiture or repayment of your Award will not apply, to limit the forfeitures and repayments that result under Paragraphs 9 and 10 and to remove Transfer Restrictions before the [applicable] Transferability
Date. [In addition, the Committee, in its sole discretion, may determine whether Paragraph 12(b) will apply upon a termination of Employment.] 

21. Amendment. The Committee reserves the right at any time to amend the terms of this Award Agreement, and the Board may
amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(h) and 3.1 of the Plan, no such amendment will materially adversely affect your rights and obligations under this Award Agreement without
your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. A modification that impacts the tax

  
 - 13 - 

 
consequences of this Award or the timing of delivery will not be an amendment that materially adversely affects your rights and obligations under this Award Agreement. Any amendment of this Award
Agreement will be in writing. 
 22. Construction, Headings. Unless the context requires otherwise, (a) words
describing the singular number include the plural and vice versa, (b) words denoting any gender include all genders and (c) the words “include,” “includes” and “including” will be deemed to be followed by the
words “without limitation.” The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof. References in this Award Agreement to any specific
Plan provision will not be construed as limiting the applicability of any other Plan provision. 
 23. Providing Information to the
Appropriate Authorities. In accordance with applicable law, nothing in this Award Agreement (including the forfeiture and repayment provisions in Paragraphs 9 and 10) or the Plan prevents you from providing information you reasonably
believe to be true to the appropriate governmental authority, including a regulatory, judicial, administrative, or other governmental entity; reporting possible violations of law or regulation; making other disclosures that are protected under any
applicable law or regulation; or filing a charge or participating in any investigation or proceeding conducted by a governmental authority. For the avoidance of doubt, governmental authority includes federal, state and local government agencies such
as the SEC, the Equal Employment Opportunity Commission and any state or local human rights agency (e.g., the New York State Division of Human Rights, the New York City Commission on Human Rights, the California Department of Fair Employment
and Housing), as well as law enforcement. 

  
 - 14 - 

 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.                                     

  
 - 15 - 

 [U.K. MATERIAL RISK TAKER
APPENDIX 
 This Appendix supplements Paragraph 9 and sets forth additional events that result in forfeiture of up to all of your PSUs
and Shares at Risk and may require repayment to the Firm of up to all other amounts previously delivered or paid to you under your Award in accordance with Paragraph 10. As with the events described in Paragraph 9, more than one event may apply, in
no case will the occurrence of one event limit the forfeiture and repayment obligations as a result of the occurrence of any other event and the Firm reserves the right to (a) suspend vesting of Outstanding PSUs, delivery of the Settlement
Amount or release of Transfer Restrictions, (b) deliver the Settlement Amount or dividends into an escrow account in accordance with Paragraph 14(f)(v) or (c) apply Transfer Restrictions to any Shares in connection with any investigation
of whether any of the events that result in forfeiture under this Appendix have occurred. 
 With respect to the events described in this Appendix, the
Committee will consider certain factors to determine whether and what portion of your Award will terminate, including the reason for the “Loss Event” (as defined below) or “Risk Event” (as defined below) and the extent to which:
(1) you participated in the Loss Event or Risk Event, (2) your compensation for _________ may or may not have been adjusted to take into account the risk associated with the Loss Event, Risk Event, your “Serious Misconduct” (as
defined below) or the Serious Misconduct of a “Supervised Employee” (as defined below) and (3) your compensation may be adjusted for the year in which the Loss Event, Risk Event, your Serious Misconduct or a Supervised Employee’s
Serious Misconduct is discovered. 
 (a) A Loss Event Occurs Prior to Delivery. If a Loss Event occurs prior to the
delivery of the Settlement Amount, your rights in respect of all or a portion of your PSUs (whether or not Vested) which are scheduled to deliver on the next Settlement Date immediately following the date that the Loss Event is identified (or, if
not practicable, then the next following Settlement Date) will terminate, and no Settlement Amount will be delivered in respect of such PSUs. 

(i) A “Loss Event” means (A) an annual pre-tax loss at GS Inc. or
(B) annual negative revenues in one or more reporting segments as disclosed in the Firm’s Form 10-K other than the Asset Management segment, or annual negative revenues in the Asset Management
segment of $5 billion or more, provided in either case that you are employed in a business within such reporting segment. 

(b) A Risk Event Occurs ___________. If a Risk Event occurs ___________, (i) your rights in respect of all or a portion
of your PSUs (whether or not Vested) will terminate and no Settlement Amount will be delivered in respect of such PSUs, (ii) your rights to all or a portion of any Shares at Risk will terminate and such Shares at Risk will be cancelled and
(iii) you will be obligated immediately upon demand therefor to pay the Firm an amount not in excess of the greater of the Fair Market Value of the Settlement Amount (plus any dividend payments) delivered in respect of the Award (without
reduction for any amount applied to satisfy tax withholding or other obligations) determined as of (A) the date the Risk Event occurred and (B) the date that the repayment request is made. 

(i) A “Risk Event” means there occurs a loss of 5% or more of firmwide total capital from a reportable
operational risk event determined in accordance with the firmwide Reporting Operational Risk Events Policy. 

  
 - 16 - 

 (c) You Engage in Serious Misconduct __________. If you engage in
Serious Misconduct ________________, you will be obligated immediately upon demand therefor to pay the Firm an amount not in excess of the greater of the Fair Market Value of the Settlement Amount (plus any dividend payments) delivered in respect of
the Award (without reduction for any amount applied to satisfy tax withholding or other obligations) determined as of (i) the date the Serious Misconduct occurred and (ii) the date that the repayment request is made. 

(i) “Serious Misconduct” means that you engage in conduct that the Firm reasonably considers, in its sole
discretion, to be misconduct sufficient to justify summary termination of employment under English law. 
 (d) A
Supervised Employee Engages in Serious Misconduct. If the Committee determines that it is appropriate to hold you accountable in whole or in part for Serious Misconduct related to compliance, control or risk that occurred during __________ by a
Supervised Employee, your rights in respect of all or a portion of your PSUs (whether or not Vested) will terminate and no Settlement Amount will be delivered in respect of such PSUs and your rights to all or a portion of any Shares at Risk will
terminate and such Shares at Risk will be cancelled. 
 (i) “Supervised Employee” means an individual with
respect to whom the Committee determines you had supervisory responsibility as a result of direct or indirect reporting lines or your management responsibility for an office, division or business. 

Notwithstanding any provision in the Plan, this Award Agreement or any other agreement or arrangement you may have with the Firm, the parties agree that to
the extent that there is any dispute arising out of or relating to the payment required by Paragraphs (b) and (c) of this Appendix (including your refusal to remit payment) the parties will submit to arbitration in accordance with Paragraph 17
of this Award Agreement and Section 3.17 of the Plan as the sole means of resolution of such dispute (including the recovery by the Firm of the payment amount).] 

  
 - 17 - 

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

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

  
 - 18 - 

 (d) “Determination Date” means the date specified on your Award Statement
as the date on which the Committee will determine whether or not, and to what extent, the Performance Goal[s] [was][were] achieved for the Performance Period. 

(e) “Dividend Equivalent Payments” means any payments made in respect of Dividend Equivalent Rights. 

(f) “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 

(g) “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. 

(h) “Performance Goal” means the performance goal determined by the Committee that is specified on your Award Statement. 

(i) “Performance Period” means the performance period determined by the Committee that is specified on your Award Statement.

 (j) [“Qualified Termination” means the termination of your Employment by the Firm where none of the forfeiture and
repayment events described in Paragraphs 9 and 10 has occurred. No Employment termination that you initiate, including any purported “constructive termination,” a “termination for good reason” or similar concepts, can be a
Qualified Termination.] 
 (k) “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. 

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

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

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

(o) “Settlement Amount” means an amount deliverable to you in respect of your PSUs (determined as described in the Award
Statement). 
 (p) “Settlement Date” means each date specified on your Award Statement as the date on which the Settlement
Amount will be delivered, provided, unless the Committee determines otherwise, such date is during a Window Period or, if such date is not during a Window Period, the first trading day of the first Window Period beginning after such date.

  
 - 19 - 

 (q) “Share” means a share of Common Stock. 

(r) “Shares at Risk” means Shares that are subject to Transfer Restrictions. 

  
 - 20 - 

 The following capitalized terms are used in this Award Agreement with the meanings that are assigned to
them in the Plan: 
 (a) “Account” means any brokerage account, custody account or similar account, as approved or
required by GS Inc. from time to time, into which shares of Common Stock, cash or other property in respect of an Award are delivered. 

(b) “Award Agreement” means the written document or documents by which each Award is evidenced, including any related Award
Statement and signature card. 
 (c) “Award Statement” means a written statement that reflects certain Award terms. 

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

(e) “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York City are
authorized or obligated by Federal law or executive order to be closed. 
 (f) “Cause” means (i) the Grantee’s
conviction, whether following trial or by plea of guilty or nolo contendere (or similar plea), in a criminal proceeding (A) on a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful taking, embezzlement,
bribery, forgery, counterfeiting or extortion, or (B) on a felony charge, or (C) on an equivalent charge to those in clauses (A) and (B) in jurisdictions which do not use those designations, (ii) the Grantee’s engaging in
any conduct which constitutes an employment disqualification under applicable law (including statutory disqualification as defined under the Exchange Act), (iii) the Grantee’s willful failure to perform the Grantee’s duties to the
Firm, (iv) the Grantee’s violation of any securities or commodities laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange or association of which the Firm is a
member, (v) the Grantee’s violation of any Firm policy concerning hedging or pledging or confidential or proprietary information, or the Grantee’s material violation of any other Firm policy as in effect from time to time,
(vi) the Grantee’s engaging in any act or making any statement which impairs, impugns, denigrates, disparages or negatively reflects upon the name, reputation or business interests of the Firm or (vii) the Grantee’s engaging in
any conduct detrimental to the Firm. The determination as to whether Cause has occurred shall be made by the Committee in its sole discretion and, in such case, the Committee also may, but shall not be required to, specify the date such Cause
occurred (including by determining that a prior termination of Employment was for Cause). Any rights the Firm may have hereunder and in any Award Agreement in respect of the events giving rise to Cause shall be in addition to the rights the Firm may
have under any other agreement with a Grantee or at law or in equity. 
 (g) “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 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 

  
 - 21 - 

 
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 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. 

  
 - 22 - 

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

(v) “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). 

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

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

(y) “1999 SIP” means The Goldman Sachs 1999 Stock Incentive Plan, as in effect prior to the effective date of the 2003 SIP.

  
 - 23 - 

 (z) “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. 

(aa) “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.” 

(bb) “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). 
 (cc) “RSU” means a restricted stock unit granted under the Plan, which represents an unfunded and
unsecured promise to deliver shares of Common Stock in accordance with the terms of the RSU Award Agreement. 
 (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. The terms “Solicited,” “Soliciting” and “Solicitation” will have their correlative
meanings. 
 (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 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. 

  
 - 24 - 

 (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). 

  
 - 25 -EX-10.54

 Exhibit 10.54 

The Goldman Sachs Group, Inc. 

SIGNATURE CARD FOR ________________________ AWARDS 

AND CONSENT TO RECEIVE ELECTRONIC DELIVERY 

 

[IMPORTANT: PLEASE REVIEW, EXECUTE AND RETURN THIS FORM TO: ______________________________. 

YOU MUST PROPERLY EXECUTE THIS FORM TO ACKNOWLEDGE ACCEPTANCE OF THE TERMS AND CONDITIONS OF 

YOUR AWARD(S) AND RELATED MATTERS.] 

 

 1. I have received and agree to be bound by The Goldman Sachs Amended and Restated Stock Incentive Plan (2021)
(the “SIP”) and the Award Agreement(s) applicable to me in connection with the _______________________________ Award(s) (the “Award(s)”) that I have been granted by the Firm (as defined in the SIP). I confirm that I am accepting
the Award(s) subject to the terms and conditions contained in the SIP, the Award Agreement(s), and this signature card (the “Signature Card”), including, but not limited to, the requirement that certain disputes be decided through
arbitration in New York City and be governed by New York law. For the avoidance of doubt, references to a “share” or “Share” herein mean a share of the common stock of The Goldman Sachs Group, Inc. (“GS Inc.”) and,
where applicable, deliveries of cash or other property in lieu thereof. 
 For the avoidance of doubt, I understand and agree that to be eligible to receive
any award under the SIP or any predecessor plan, I must not have engaged in any conduct constituting “Cause” (as defined in the SIP) prior to the grant of the award, and by accepting this Award, I represent and warrant that I have not
engaged in any conduct constituting Cause. 
 As a condition of this grant, I understand that the Award(s) (as well as any other award that the Firm may
grant to me under the SIP) is/are subject to governing law provisions as outlined in this Signature Card or in the applicable Award Agreement(s), and, as a condition to receiving such awards, I agree to be bound thereby. As a condition of this
grant, I agree to provide upon request an appropriate certification regarding my U.S. tax status on Form W-8BEN, Form W-9, or other appropriate form, and I understand
that failure to supply a required form may result in the imposition of backup withholding on certain payments I receive pursuant to this grant. 
 I
irrevocably grant full power and authority to GS Inc. to register in its name, or that of any designee, any and all Restricted Shares (as defined in the applicable Award Agreement), Shares at Risk (as defined in the applicable Award Agreement) or
other shares of GS Inc. common stock that have been or may be delivered to me subject to transfer restrictions or forfeiture provisions, and I irrevocably authorize GS Inc., or its designee, to sell, assign or transfer such shares to GS Inc. or such
other persons as it may determine in the event of a forfeiture of such shares pursuant to any agreement with GS Inc. 
 Further, as a condition of this
grant, if I am a person who has worked in the United Kingdom at any time during the earnings period relating to any award under the SIP, as determined by the Firm, when requested and as directed by the Firm, I will agree to a Joint Election
under s431 ITEPA 2003 of the laws of the United Kingdom for full or partial disapplication of Chapter 2 Income Tax (Earnings and Pension) Act 2003 under the laws of the United Kingdom and will sign and return such election in respect of all future
deliveries of Shares underlying the Award(s) and any previous grants made to me under the SIP and understand that the Firm intends to meet its delivery obligations in Shares with respect to my Award(s), except as may be prohibited by law or
described in the accompanying Award Agreement(s) or supplementary materials. 
 If I have worked in Switzerland at any time during the earnings period
relating to the Award(s) granted to me as determined by the Firm, (i) I acknowledge that my Award(s) are subject to tax in accordance with the rulings and method of calculation of taxable values to be agreed by the Firm with the Federal and/or
Zurich/Geneva cantonal/communal tax authorities or as otherwise directed by the Firm, and (ii) I hereby agree to be bound by any rulings agreed by the Firm in respect of any Award(s), which is expected to result in taxation at the time of
delivery of Shares, and (iii) I undertake to declare and make a full and accurate income tax declaration in respect of my Award(s) in accordance with the above ruling or as directed by the Firm. 

2. I have read and understand the Firm’s “Notice Periods for Recipients of Year-End Equity-Based Awards”
policy, or any successor policy (the “Notice Policy”), available on GSWeb > My HCM Policies link under the Policies tab > Leaving the Firm link under Career and Performance or as otherwise provided to me, pursuant to
which I am required to provide certain specified advance notice of my intent to leave employment with the Firm. I understand that the Notice Policy will also apply with respect to my One-Time Awards (with the
references to “Year-End” deemed to be references to “One-Time” in this context). By executing this form, I am agreeing to be bound by the Notice
Policy as in effect from time to time and, where applicable, am agreeing to a permanent change in the terms and conditions of my employment. I agree to this change in consideration of my continued employment with the Firm and the Firm’s offer
of the Award(s). I understand that the Notice Policy requires me, among other things, to provide my employing entity with advance written notice of my intention to leave employment with the Firm as follows: 

 

	 	•	 In the Americas: 60 days in advance of my termination date;

	 	•	 In Europe, the Middle East, Africa and India: 90 days in advance of my termination date; and

  

	 	•	 In Japan and Asia Ex-Japan (including Australia and New Zealand and
excluding India): 90 days in advance of my termination date if I am a Vice President or an Executive Director; 60 days in advance of my termination date in all other cases. 

If, under local law or a written contract with the Firm (for example, a Managing Director Agreement or Non-Competition
Agreement), I have a notice requirement that is longer than those specified above, I understand that the longer notice period will apply. I also understand that if my employment is subject to a probation period, the Notice Policy applies only if
notice of termination is given after the probation period has ended. 
 I understand that if I fail to comply in any respect with the Notice Policy, I will
have failed to meet an obligation I have under an agreement with the Firm, as a result of which the Firm may have certain legal and equitable rights and remedies, including, without limitation, forfeiture of the Award(s) and any other awards granted
to me under the SIP. The Firm may forfeit such Award(s) for violation of the Notice Policy irrespective of whether this agreement constitutes a legally recognized permanent change to my terms and conditions of employment, and irrespective of whether
applicable law permits me to make a payment in lieu of notice. In addition, the Firm may seek an order or injunction from a court or arbitration panel to stop a breach and may also seek other permissible remedies. The Firm may hold me personally
liable for any damages it suffers as a result of the breach. 
 This agreement concerning my notice period is being made for and on behalf of my Goldman
Sachs employing entity, and implementation of the Notice Policy does not create an employment relationship between me and GS Inc. 
 3. I have read and
understand the Firm’s hedging and pledging policies (including, without limitation, the “Firmwide Policy with Respect to Personal Transactions Involving GS Securities and GS Equity Awards”), and agree to be bound by them (with respect
to the Award(s) and any prior awards under the SIP), both during and following my employment with the Firm. 
 4. As a condition to this grant, I agree to
open and activate any brokerage, trust, sub-trust, custody or similar account (an “Account”), as required or approved by the Firm in its sole discretion. I agree to access, review, execute and be
bound by any agreements that govern any such Account, including any provisions that provide for the applicable restrictions on transfers, pledges and withdrawals of Shares, permitting the Firm to monitor any such Account, and the limitations on the
liability of the party (which may not be affiliated with the Firm) providing the Account and the Firm. I understand and agree that the Firm may direct the transfer of securities, cash or other assets in my Account to the Firm in connection with any
indebtedness or any other obligation that I have to the Firm, as determined by the Firm in its sole discretion, however such obligation may have arisen. I also agree to open an Account with any other custodian, broker, trustee, transfer agent or
similar party selected by the Firm, if the Firm, in its sole discretion, requires me to open an account with such custodian, broker, trustee, transfer agent or similar party as a condition to delivery of Shares underlying the Award(s). 

5. If the Firm advanced or loaned me funds to pay certain taxes (including income taxes and Social Security, or similar contributions) in connection with the
Award(s) (or does so in the future), and if I have not signed a separate loan agreement governing repayment, I authorize the Firm to withhold from my compensation any amounts required to reimburse it for any such advance or loan to the extent
permitted by applicable law. 
 I understand and agree that, if I leave the Firm, I am required immediately to repay any outstanding amount. I further
understand and agree that the Firm has the right to offset, to the extent permitted by the Award Agreement and applicable law (including Section 409A of the U.S. Internal Revenue Code of 1986, as amended, which limits the Firm’s ability to
offset in the case of United States taxpayers under certain circumstances), any outstanding amounts that I then owe the Firm against its delivery obligations under the Award(s), against any obligations to remove restrictions and/or other terms and
conditions in respect of any Restricted Shares or Shares at Risk (each as defined in the applicable Award Agreement) or against any other amounts the Firm then owes me, including payments of dividends or dividend equivalent payments. I understand
that the delivery of Shares pursuant to the Award(s) is conditioned on my satisfaction of any applicable taxes or Social Security contributions (collectively referred to as “tax” or “taxes” for purposes of the SIP and all related
documents) in accordance with the SIP. To the extent permitted by applicable law, the Firm, in its sole discretion, may require me to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on
me or the 

 

 Firm in connection with the grant, vesting or delivery of the Award(s) by requiring me to choose between
remitting such amount (i) in cash (or through payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) or (iii) as otherwise permitted in the
Award Agreement(s). However, in no event shall any such choice determine, or give me any discretion to affect, the timing of the delivery of Shares or payment of tax obligations. 

6. In connection with any Award Agreement or other interest I may receive in the SIP or any Shares that I may receive in connection with the Award(s) or any
award I have previously received or may receive, or in connection with any amendment or variation thereof or any documents listed in paragraph 7, I hereby consent to (a) the acceptance by me of the Award(s) electronically, (b) the giving
of instructions in electronic form whether by me or the Firm, and (c) the receipt in electronic form at my email address maintained at Goldman Sachs or via Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, at such
other email address as I may specify, or via such other electronic means as the Firm and I may agree) all notices and information that the Firm is required by law to send to me in connection therewith including, without limitation, any document (or
part thereof) constituting part of a prospectus covering securities that have been registered under the U.S. Securities Act of 1933, the information contained in any such document and any information required to be delivered to me under Rule 428 of
the U.S. Securities Act of 1933, including, for example, the annual report to security holders or the annual report on Form 10-K of GS Inc. for its latest fiscal year, and that all prior elections that I may
have made relating to the delivery of any such document in physical form are hereby revoked and superseded. I agree to check Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, such other electronic site as notified to me
by the Firm) periodically as I deem appropriate for any new notices or information concerning the SIP. I understand that I am not required to consent to the receipt of such documents in electronic form in order to receive the Award(s) and that I may
decline to receive such documents in electronic form by contacting___________________________________, which will provide me with hard copies of such documents upon request. I also understand that this consent is voluntary and may be revoked at any
time on three business days’ written notice. 
 7. I hereby acknowledge that I have received in electronic form in accordance with my consent in
paragraph 6 the following documents: 
  

	 	•	 The Goldman Sachs Amended and Restated Stock Incentive Plan (2021); 

 

	 	•	 Summary of The Goldman Sachs Amended and Restated Stock Incentive Plan (2021); 

 

	 	•	 The annual report on Form 10-K for The Goldman Sachs Group, Inc. for
the fiscal year ended _____________; 

  

	 	•	 The Award Agreement(s); and 

 

	 	•	 Summaries of the Award(s) (“Award Summary”). 

8. I expressly authorize any appropriate representative of the Firm to make any notifications, filings or remittances of funds that may be required in
connection with the SIP or otherwise on my behalf. Further, if I am an employee who is resident in South Africa at a relevant time, by accepting my Award(s), I expressly authorize any appropriate representative of the Firm to make any
required notification on my behalf to the Financial Surveillance Department of the South African Reserve Bank (or its authorized dealer) in relation to my participation in the SIP and to any acquisition of Shares for no consideration under the SIP
or other similar filing that may otherwise be required in South Africa. I acknowledge that any such authorization is effective from the date of acceptance of my Award(s) until such time as I expressly revoke the authorization by written notice to
any appropriate representative of the Firm. I understand that this authorization does not create any obligation on the Firm to deal with any such notifications, filings or remittances of funds that I may be required to make in connection with the
SIP and I accept full responsibility in this regard. 
 9. The granting of the Award(s), the delivery of the underlying Shares and any subsequent
dividends or dividend equivalent payments, and the receipt of any proceeds in connection with the Award(s) may result in legal or regulatory requirements in some jurisdictions. I understand and agree that it is my responsibility to ensure that I
comply with any legal or regulatory requirements in respect of the Award(s). 
 10. I confirm that I have filed all tax returns that I am required to file
and paid all taxes I am required to pay with respect to awards previously granted to me by the Firm, and I agree, with respect to both the Award(s) as well as awards previously granted to me by the Firm, to file all tax returns I am required to file
in connection with the Award(s) and any sales of any Shares or other property delivered pursuant to the Award(s) and to pay all taxes I am required to pay. 

11. The goodwill associated with the relationships between the Firm and its clients and prospective clients is a valuable asset of the Firm that is built and
preserved through the combined services and efforts of the Firm and all of its personnel. The Firm provides its employees with a unique platform of financial products and services, confidential and proprietary information, professional training,
access to specialized expertise, research, analytical, operational, and business development support, travel and entertainment expenses and other valuable resources to build and enhance the goodwill associated with the relationships between the Firm
and its clients, as well as to foster and establish such relationships with prospective clients. Accordingly, I acknowledge and

 
agree that (i) because the Firm contributes valuable resources to build and enhance client relationships, including those for which I provide services, it has a legitimate and essential
business interest in protecting the goodwill associated with those relationships; (ii) by my continued employment, I confirm that I have assigned and will assign to the Firm all goodwill I have developed or will develop with persons or entities
with whom I interact while at the Firm and/or who are or will become clients or prospective clients of the Firm in connection with my employment with the Firm, even if I did business with such persons or entities prior to joining the Firm; and
(iii) while at the Firm I do not have and will not acquire any property, proprietary, contractual or other legal right or interest whatsoever in or to any client or prospective client with whom I interact or conduct business while employed by
the Firm or (except to the extent otherwise provided in a written agreement between the Firm and me that governs my compensation) to any current or prospective revenues associated with such client or prospective client (all such interests being
referred to herein as “Intangible Interests”). For the avoidance of doubt, I am hereby assigning all Intangible Interests to the Firm. I acknowledge and agree that my compensation during the term of my employment with the Firm is adequate
financial consideration in this regard, and that no further consideration is necessary (including in respect of obligations applicable to me after my employment with the Firm has ended). 

12. I understand and agree that the terms of any award granted to me under the SIP or any predecessor plan that provide for accelerated vesting, delivery or
transferability as a result of Conflicted Employment (as defined in the applicable Award Agreement) may be limited to the extent prohibited by applicable law or regulation. 

Data Collection, Processing and Transfers: 
 Grantees
residing outside of the European Economic Area (“EEA”) and PRC (defined below): If I am located outside of the EEA and PRC, I consent to the processing of my personal data in accordance with the information set out below. 

Grantees residing in the EEA or the UK: If I am located in the EEA or the UK, my personal data will be processed in accordance with the information set out
below and in the GS HCM – Fair Processing Notice which can be found at http://www.goldmansachs.com/notices/hcm-fpn.html. In the event of any inconsistency, the GS HCM – Fair Processing Notice
shall prevail over this section. 
 Grantees residing in the People’s Republic of China (“PRC”) (which, for the purpose of this
section, excludes Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan): If I am located in the PRC, I give my consent to the processing of my personal data as follows by signing this signature card: 

 

	 	•	 The Firm will process my personal data as set out in this section. I consent to such use.

  

	 	•	 The Firm will process and retain my sensitive personal data as set out in this section and underlined. I
consent to such use. 

  

	 	•	 The Firm will transfer my personal data to third parties within the PRC, as described by this section and
the hyperlinks within it. I consent to such transfers. 

  

	 	•	 The Firm will transfer my personal data to third parties outside the PRC, as described by this section and
the hyperlinks within it. I consent to such transfers. 

 ___ 

In connection with the SIP and any other Firm benefit plan (the “Programs”), to the extent permitted under the laws of the applicable
jurisdiction, the Firm may process (including, where applicable, collecting, transferring/transmitting internationally and/or domestically, disclosing, using and storing) various data that is personal to me, and my data might be deemed sensitive
personal data in certain jurisdictions, including but not limited to my name, address, work location, hire date, Social Security or Social Insurance or taxpayer identification number (required for tax purposes), type and amount of SIP or
other benefit plan award, citizenship or residency (required for tax purposes) and other similar information reasonably necessary for the administration of such Programs (collectively referred to as “Information”) and provide such
Information to its affiliates, Computershare Limited and its affiliates (collectively “Computershare”) and Fidelity Stock Plan Services, LLC, Fidelity Personal Trust Company, FSB and any of their affiliates (collectively
“Fidelity”) or any other service provider, whether in the United States or elsewhere, as is reasonably necessary for the administration of the Programs and under the laws of these jurisdictions. In certain circumstances and subject to any
applicable restrictions regarding cross-border data transfers in the jurisdiction where you reside, where required by law, foreign courts, law enforcement agencies or regulatory agencies may be entitled to access the Information. Unless I

 

  
 -2- 

 
explicitly authorize otherwise, the Firm, its affiliates and its service providers (through their respective employees in charge of the relevant electronic and manual processing) will process
this Information only for purposes of administering the Programs. In the United States and in other countries to which such Information may be transferred for the administration of the Programs, the level of data protection is not equivalent to data
protection standards in the member states of the EEA, Switzerland, Canada or certain Canadian provinces or my home country and U.S. public authorities may potentially access such Information. If I am employed in Argentina, the PRC, Peru or Turkey, I
have also read the text in bold in the respective Argentina, the PRC, Peru and Turkey legal notices below (the “Argentina Clause”, the “PRC Clause”, the “Peru Clause” or the “Turkey Clause”) in conjunction
with this Data Collection, Processing and Transfers section, and I acknowledge that such text forms part of this section and that in the event of any inconsistency the Argentina Clause, PRC Clause, Peru Clause or Turkey Clause, as applicable, shall
prevail over this section. Upon request to Equity Compensation (division of HCM), 200 West Street, 19th Floor, New York, NY 10282, telephone (212) 357-1444,
email EquityCompensation@ny.email.gs.com, to the extent required under the laws of the applicable jurisdiction, I may have access to and obtain communication of the Information and may exercise any of my rights in respect of such Information, in
each case free of charge, including objecting to any type of processing of the Information and requesting that the Information be updated or corrected (if wrong), completed or clarified (if incomplete or equivocal), or erased (if it cannot legally
be collected or kept). Upon request, to the extent required under the laws of the applicable jurisdiction, Equity Compensation (division of HCM) will also provide me, free of charge, with a list of all the service providers used in connection with
the Programs at the time of request. There is no legal obligation for me to provide the Firm with the Information and any Information is provided at my own will and consent. If I refuse to authorize the processing of the Information consistent with
the above, I may not benefit from the Programs. The processing of the Information will be consistent with the above for the period of administration of the Programs. In particular (within the limits described above): (i) the Firm will process data
(Firm means GS Inc. and any of its subsidiaries and affiliates); (ii) Fidelity or Computershare will process data; (iii) the Firm’s other service providers will process data; and (iv) data will be transferred to the United States and
other countries, as described above for the purposes set forth herein. A list of the Firm’s international offices and countries to which data that is personal to me can be transferred is set forth at http://www2.goldmansachs.com/who-we-are/locations/index.html. The Information may be retained by the aforementioned persons beyond the period of administration of the Programs to the extent permitted
under the laws of the applicable jurisdiction. 
 Other Legal Notices: 

By accepting (whether expressly or by implication) any benefit granted to me by the Firm, including, without limitation, my Award(s), I acknowledge and agree
to each of the following: 
  

	 	•	 No Public Offer: Awards under the SIP and the Firm’s other compensation and benefit programs
are strictly limited to eligible participants and are not intended to constitute a public offer in any jurisdiction, nor intended for registration in any jurisdiction outside of the U.S. I must keep all Award-related documents confidential and I may
not reproduce, distribute or otherwise make public any part of such documents without the Firm’s express written consent. If I have received any such documents and I am not the intended recipient, I will disregard and destroy them.

  

	 	•	 Transferability: Any provisions permitting transfers to a third party in the Award documents will
not apply to me (i) to the extent that the applicability of those provisions would affect the availability of relevant exemptions or tax favorable treatment, or (ii) otherwise in circumstances determined by the Firm in its sole discretion
from time to time. 

  

	 	•	 Adequate Information: I acknowledge that (i) I have been provided with all relevant
information and materials with respect to the Firm’s operations and financial conditions and the terms and conditions of my Award(s), (ii) I have read and understood such information and materials, (iii) I am fully aware and knowledgeable
of the terms and conditions of my Award(s), and (iv) I completely and voluntarily agree to the terms and conditions of my Award(s). 

  

	 	•	 Independent Advice Recommended: The information provided by the Firm or its service providers in
respect of an Award does not take into account the individual circumstances of recipients and does not constitute investment advice. Awards under the SIP involve certain risks and I should exercise caution. The Firm recommends that I consult my own
independent legal, financial and tax advisors in all

	 	cases, and I acknowledge that I am provided with adequate opportunity to do so. 

  

	 	•	 No Employer Involvement: Except to the extent required by applicable law, all Awards are offered,
issued and administered by GS Inc., a Delaware corporation, and my employer (if it is not GS Inc.) is not involved in the grant of my Award(s) or any other GS Inc. equity compensation. All documents related to the Awards, including the SIP, the
Award Agreement, this Signature Card and the link by which I access these documents, are originated and maintained in the United States. 

  

	 	•	 No Effect on Employment-Related Rights: Any compensation I receive (even on a regular and
repeated basis) in connection with the SIP is discretionary and does not constitute part of my base or normal salary or wages. It does not affect my rights and obligations under the terms of my employment and it will not be taken into account
(except to the extent otherwise required by applicable law) in determining any other employment-related rights I may have, including, without limitation, rights in relation to severance, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits. In particular, I waive any and all rights to compensation or damages in consequence of the termination of my employment
for any reason whatsoever insofar as those rights arise or may arise from me ceasing to have rights under, or be entitled to receive payment in respect of, the SIP as a result of such termination, or from the loss or diminution in value of such
rights or entitlements. This waiver applies whether or not such termination amounts to wrongful or unfair dismissal. 

  

	 	•	 No Additional Entitlements: The grant of an Award is strictly discretionary and voluntary and
neither this Award (even if Award grants are made to me on a regular and repeated basis) nor my employment contract implies any expectation or right in relation to (i) the grant of any Award or similar compensation in the future, (ii) the
terms, conditions and amount of any Award or similar compensation that the Firm may decide to grant in the future, or (iii) continued employment in connection with any Award. 

 

	 	•	 Translations: The official Award documents (including contracts and communications) are in the
English language. I am responsible for ensuring that I fully understand these documents. The English version of the documents will always prevail in the event of any inconsistency with translated or interpreted documents. 

 

	 	•	 Severability: If any provision (in whole or in part) of this Signature Card or the other Award
documents is to any extent illegal, otherwise invalid, or incapable of being enforced, that provision will be excluded to the extent (only) of such invalidity or unenforceability. All other provisions will remain in full effect and, to the extent
possible, the invalid or unenforceable provision will be deemed replaced by a provision that is valid and enforceable and that comes closest to expressing the intention of such invalid or unenforceable provision. 

 

	 	•	 Country-Specific Legal Notices: I have read the country-specific legal notices below that pertain
to my place of employment and/or residence (and also the location of my employer, if different), if any, and understand that they apply throughout the term of my Award(s). 

[NON-COMPETITION AND NON-SOLICITATION RESTRICTIONS FOR EMPLOYEES PROVIDING
SERVICES IN ASIA 
 In addition to and without limiting any provisions in the SIP or the applicable Award Agreement(s) (including without limitation the
Award vesting, delivery, forfeiture, termination or repayment provisions) unless provided otherwise in the Restrictions, if I am providing services to the Firm in Asia or to BGH, in view of my importance to the Firm and/or BGH, I hereby agree to and
acknowledge the following: 
 (a) I hereby agree that the Firm or BGH would likely suffer significant harm if I associate with a Covered Enterprise during my
employment and for some period of time after my employment ends. Accordingly, I hereby agree that I will not, without the written consent of the Firm or BGH, during the Restricted Period in the Geographic Area: 

(i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Covered Enterprise; or 

(ii) associate (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any
Covered Enterprise and in connection with such association engage in, or directly or indirectly manage or supervise personnel engaged in, any activity: 

A. which is similar or substantially related to any activity in which I was engaged, in whole or in part, at the Firm or BGH,

 

  
 -3- 

 B. for which I had direct or indirect managerial or supervisory responsibility at the Firm or
BGH, or 
 C. which calls for the application of the same or similar specialized knowledge or skills as those utilized by me in my
activities with the Firm or BGH, 
 each such activity being determined with reference to the one-year period
immediately prior to the end of the Asia Service Period, and, in each such case, irrespective of the purpose of the activity or whether the activity is or was in furtherance of advisory, agency, proprietary or fiduciary business of either the Firm
or BGH or the Covered Enterprise. 
 (By way of example only, this provision precludes an “advisory” investment banker from joining a
leveraged-buyout firm, a research analyst from becoming a proprietary trader or joining a hedge fund, or an information systems professional from joining a management or other consulting firm and providing information technology consulting services
or advice to any Covered Enterprise, in each case without the written consent of the Firm or BGH.) 
 (b) I hereby agree that during the Restricted Period, I
will not, in any manner, directly or indirectly, (1) Solicit a Client to transact business with a Covered Enterprise or to reduce or refrain from doing any business with the Firm or BGH, or (2) interfere with or damage (or attempt to
interfere with or damage) any relationship between the Firm or BGH and a Client. 
 (c) I hereby agree that during the Restricted Period, I will not, in any
manner, directly or indirectly: 
 (i) Solicit any Selected Firm Personnel to resign from the Firm or BGH; 

(ii) Solicit any Selected Firm Personnel to apply for or accept employment (or other association) with any person or entity other than the
Firm; or 
 (iii) participate in the hiring of any Selected Firm Personnel (whether as an employee, consultant or otherwise) 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. 

I acknowledge and agree that I will be presumed to have violated this provision if, during the Restricted Period, any Selected Firm Personnel are Solicited or
hired by any entity where I have, or will have, direct or indirect managerial responsibility for such Selected Firm Personnel; provided, however, that if I demonstrate to the Firm’s reasonable satisfaction that I was not involved in the
solicitation or the hiring of the Selected Firm Personnel, I will not be presumed to have violated this Section (c). 
 (d) I acknowledge and agree that
these Restrictions form part of my terms and conditions of employment. I also acknowledge and agree that these Restrictions supersede any part of any other agreement (which, for the avoidance of doubt, excludes the SIP and the Award Agreement(s)),
written or oral, that I am subject to in respect of the same subject matter unless I am notified in writing to the contrary. 
 (e) Prior to accepting
employment with any other person or entity during the Restricted Period, I will provide any prospective employer with written notice of the Restrictions with a copy containing the prospective employer’s name and contact information delivered
simultaneously to the Firm. 
 (f) I understand that the Restrictions may limit my ability to earn a livelihood in a business similar to the business of the
Firm or BGH. I acknowledge that a violation on my part of any of the Restrictions would cause immeasurable and irreparable damage to the Firm or BGH. Accordingly, I agree that the Firm and/or BGH will be entitled to injunctive relief in any court of
competent jurisdiction for any actual or threatened violation of any of the Restrictions in addition to any other remedies it or they may have. In the event that I violate any of the Restrictions, I acknowledge that the Restricted Period shall
automatically be extended by the period of time that I was in violation of the said Restriction(s). I also acknowledge that a violation of any of the Restrictions would constitute my failure to meet an obligation I have under an agreement between me
and the Firm that was entered into in connection with my employment with the Firm and/or BGH, may be detrimental to the Firm and/or BGH and would constitute “Cause” for purposes of any equity-based awards granted to me by the Firm and/or
BGH and will result in my forfeiting such equity-based awards. 
 (g) If any provision (or part of a provision) of the Restrictions is held by a court of
competent jurisdiction to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such
provisions will not be affected thereby; provided, however, that if any of the Restrictions are held by a court of competent jurisdiction to be invalid, illegal or unenforceable because it exceeds the maximum time period such court determines is
acceptable to permit such provision to be enforceable, such Restrictions will be deemed to be modified to the minimum extent necessary to modify such time period in order to make such provision enforceable hereunder. 

(h) The promises contained in the Restrictions are provided by me for the benefit of each Firm entity and BGH and I acknowledge and agree that each

 
such entity may independently enforce the Restrictions against me. Any benefit that I give or am deemed to have given by virtue of the Restrictions is received jointly and severally by each Firm
entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) and BGH. 
 (i) For the purposes of the
Restrictions, GS Inc. enters into the SIP and Award Agreement(s) applicable to me in connection with the Award(s) in its own capacity and as agent for each other Firm entity and BGH. The consideration for the promises in these Restrictions is given
to me by GS Inc. on its own behalf and on behalf of each other Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) and BGH. 

(j) I acknowledge that the Restrictions set out in this clause are reasonable and necessary for the protection of the legitimate interests of the Firm and/or
BGH, and that, having regard to those interests, such restrictions do not impose an unreasonable burden on me. 
 (k) The Restrictions shall remain in full
force and effect and survive the termination of my employment for any reason whatsoever. 
 (l) If I am subject to the
Non-Competition and Non-Solicitation Agreement for Select Employees in the Equities Division, or a Managing Director subject to a Goldman Sachs Group, Inc. Managing
Director Agreement, the Restrictions shall not apply to me. 
 (m) If I am a Private Wealth Management employee subject to an Employee Agreement Regarding
Confidential and Proprietary Information and Materials and Non-Solicitation, I will be subject to the restrictions contained in clause (a) of the Restrictions but will not be subject to the restrictions
contained in clauses (b) and (c) of the Restrictions. Nothing in the Restrictions will affect the operation of the Employee Agreement Regarding Confidential and Proprietary Information and Materials and
Non-Solicitation. 
 (n) For the purposes of the Restrictions only, the following terms have the following meanings:

 “Asia” means each state and territory in Australia, Brunei, Hong Kong SAR, India, Indonesia, Japan, Korea, Labuan,
Macau SAR, Malaysia, Mongolia, New Zealand, Papua New Guinea, the Philippines, the PRC, Singapore, Taiwan, Thailand and Vietnam.  

“Asia Service Period” means the period during which I am located in Asia and contracted to provide services to a member
of the Firm in Asia or BGH. For the avoidance of doubt, the Asia Service Period does not end when I transfer to another member of the Firm in Asia or BGH. 

“BGH” means Beijing Gao Hua Securities Company Limited, its subsidiaries and affiliates, and its or their respective
successors. 
 “Client” means any client or prospective client of the Firm or BGH (i) to whom I
provided services at any time during the one year period immediately prior to the end of the Asia Service Period, or (ii) for whom I transacted business or solicited at any time during the one year period immediately prior to the end of the
Asia Service Period, or (iii) whose identity became known to me in connection with my employment by the Firm or BGH at any time during the one year period immediately prior to the end of the Asia Service Period. 

“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 or (iii) is, or may reasonably be expected to be, owned by, or a significant interest in which is, or
may reasonably 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 or BGH 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 me and members of my family), merchant banking, asset or hedge fund
management, insurance or reinsurance underwriting or brokerage, property management, or securities, futures, commodities, energy, derivatives or currency brokerage, sales, lending, custody, clearance, settlement or trading. 

“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 BGH or that the Firm or BGH 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 BGH or in which the Firm or BGH
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 BGH or in which the Firm or BGH
reasonably expects to engage, irrespective of whether any such financial activity is in furtherance of an advisory, agency, proprietary or fiduciary undertaking.

 

  
 -4- 

 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 me or members of my family (including, for the avoidance of doubt, any type of proprietary investing or trading); private wealth management; private banking; consumer or commercial cash management; consumer, digital,
or commercial banking; merchant banking; asset, portfolio or hedge fund management; insurance or reinsurance underwriting or brokerage; property management; or securities, futures, commodities, energy, derivatives, currency or digital asset
brokerage, sales, lending, custody, clearance, settlement or trading. 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 BGH or is otherwise associated with the Firm or BGH and, because each of
the Firm and BGH is a global enterprise, irrespective of where the Covered Enterprise is physically located. 
 “Covered
Extended Absence” means my absence from active employment for at least 180 days in any 12-month period as a result of my incapacity due to mental or physical illness, as determined by the Firm or
BGH (as applicable). 
 “Effective Date” means (i) if the termination is for cause
or Covered Extended Absence, the date on which such termination occurs; or (ii) if I repudiate my employment contract, the date of repudiation as determined by the Firm or BGH (as applicable); or (iii) if I fail to return to work on the
agreed date from an unpaid leave of absence, the day after I was due to return to work. 
 “Firm” means GS Inc., its
subsidiaries and affiliates and its and their respective successors. 
 “Geographic Area” means (i) the
jurisdiction in Asia in which I am located as of the date of execution of the Signature Card; and/or (ii) any other jurisdiction in Asia in relation to which I have substantial product and/or geographical market responsibilities in the one year
period immediately prior to the end of the Asia Service Period; and/or (iii) any other jurisdiction in Asia in relation to which I have substantial employee managerial responsibilities in the one year period immediately prior to the end of the
Asia Service Period; and/or (iv) any other jurisdiction in Asia in relation to which I provided services in the one year period immediately prior to the end of the Asia Service Period. 

“PRC” means, for the purpose of the Restrictions, the People’s Republic of China, excluding Hong Kong SAR, Macau
SAR and Taiwan. 
 “Restricted Period” means (i) in the event of the termination of my employment with the Firm
in Asia or BGH, the Asia Service Period including any notice period applicable under the Notice Policy or, in the event I repudiate my notice requirement or exercise any statutory right to shorten the notice period or if my employment is terminated
without notice or if the Firm elects to shorten the notice period in whole or in part with or without pay in lieu for any period of notice that has been waived or reduced, the Asia Service Period and the period of time equivalent to my notice
requirement commencing from the Effective Date; or (ii) in the event of my employment with the Firm in Asia or BGH ending by reason of the transfer of my employment to another member of the Firm outside Asia, the Asia Service Period and the
period of time equivalent to my notice requirement commencing from the conclusion of the Asia Service Period; or (iii) in the event of the termination of my secondment to the Firm in Asia or BGH and assignment or transfer of my employment to
another member of the Firm outside Asia, the Asia Service Period and the period of time equivalent to my notice requirement commencing from the conclusion of the Asia Service Period. 

“Restrictions” means the non-competition and
non-solicitation restrictions for employees providing services in Asia as set out in (a) to (o) of this section of the Signature Card. 

“Selected Firm Personnel” means any individual: 

(i) who at any point in the 12 months preceding the conduct prohibited by (c) of this section of the Signature Card was a
Firm or BGH employee or consultant; and 
 (ii) (a) with whom I have personally worked at any point during my employment
with the Firm; (b) who, on or at any time during the 12-month period immediately prior to the end of the Asia Service Period, worked in the

 
same division(s) in which I worked; or (c) who holds or has ever held the title of Advisory Director, Managing Director, or Senior Advisor of the Firm. 

“Solicit” means making 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. The terms “Solicited,” “Soliciting” and “Solicitation” will have their
correlative meanings. 
 (o) Notwithstanding paragraph 1 of this Signature Card, the Restrictions shall be governed by and construed in accordance with the
laws of the jurisdiction in which I am located and providing services to the Firm at the date of execution of the Signature Card. If I am located and providing services to the Firm in a state or territory in Australia, the laws of the jurisdiction
shall be New South Wales. Notwithstanding paragraph 1, any Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) or BGH may at any time elect to enforce the Restrictions in any competent
court of any jurisdiction determined by such entity.] 
 FOR EMPLOYEES IN CERTAIN EUROPEAN UNION JURISDICTIONS (BELGIUM, DENMARK, FRANCE, GERMANY,
IRELAND, LUXEMBOURG AND SWEDEN) 
 You are being offered Award(s) under the SIP in order to provide an additional incentive and to encourage employee
share ownership and to increase your interest in GS Inc.’s success. The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. Further details on the rights attaching
to your Award(s) can be found in the Award Summary. More information about GS Inc. is available at www.gs.com.
 The shares subject to the Award(s)
are new or existing ordinary shares in GS Inc. and information on the total maximum number of shares which can be offered under the SIP rules can be found in the section entitled Shares Available for Awards in the SIP. The obligation to
publish a prospectus does not apply because of Article 1(4)(i) of the EU Prospectus Regulation 2017/1129. 
 If applicable, you should also refer to any
additional specific notices below in relation to these jurisdictions. 
 FOR ARGENTINA EMPLOYEES ONLY 

Your Award(s) are being offered to you in your capacity as an employee of the Firm and not aimed at the general public. By receiving and accepting your
Award(s), you are deemed to (i) acknowledge that the Firm has not made, and will not make, any application to obtain an authorization from the National Securities Commission (Comisión Nacional de Valores) for the public offering
of the underlying Shares in Argentina, or otherwise taken any action that would permit a public offering of the underlying Shares in Argentina within the meaning of Argentine Capital Markets Law No. 26,831, as amended, supplemented or otherwise
modified from time to time (the “CML”) and of the Argentine Securities Exchange Commission General Resolution No. 622/2013, as amended, supplemented or otherwise modified from time to time, and ancillary regulations;
(ii) acknowledge that the Argentine Securities Exchange Commission has not approved the offering of the underlying Shares nor any document relating to its offering; and (iii) agree that you will not sell or offer to sell any Shares
acquired upon settlement of your Award(s) in Argentina other than pursuant to transactions that would not qualify as a public offering under Section 2 of the CML. 

The Award documents are being delivered to you in your capacity as an employee of the Firm. Accordingly, receipt and acceptance of the Award documents
constitute your agreement that the information contained in the Award documents may not be (i) reproduced or used, in whole or in part, for any purpose whatsoever other than as a representation of your holding of Shares, or (ii) furnished
to or discussed with any person (other than your personal advisors on a confidential basis) without the express written permission of GS Inc. 
 You
acknowledge that the Access to Public Information Agency, as the enforcing authority of Act 25.326, has the power to attend the reports and claims from those who are affected in their rights consequence of
non-fulfilment of data protection provisions. (La Agencia de Acceso a la Información Pública, en su carácter de Órgano de Control de la Ley No 25.326, tiene la
atribución de atender las denuncias y reclamos que interpongan quienes resulten afectados en sus derechos por incumplimiento de las normas vigentes en materia de protección de datos personales.) 

Additional data protection information for Argentina employees (which should be read in conjunction with, and forms part of, the Data Collection, Processing
and Transfers section above): 

 

  
 -5- 

 You understand that your data may be stored in a database duly registered with the Argentine National Data
Protection Agency, under the name and responsibility of GS Inc. or one of its subsidiaries or affiliates. 
 FOR AUSTRALIA EMPLOYEES ONLY 

GS Inc. undertakes that it will, within a reasonable period of you so requesting and at no charge, provide you with a copy of the rules of the SIP. The market
price of a Share can be accessed at the following link: https://www.nyse.com/index. The Australian dollar equivalent of that market price can be ascertained by applying the prevailing USD/AUD exchange rate published by the Reserve Bank of
Australia, which can be accessed at the following link: http://www.rba.gov.au/statistics/frequency/exchange-rates.html. 
 Any advice given by GS Inc.
in connection with the SIP is general advice only. The documentation does not take into account the objectives, financial situation or needs of any particular person. Before acting on the information contained in the documentation, or making a
decision to participate, you should consider obtaining your own financial product advice from a person who is licensed by the Australian Securities and Investments Commission (ASIC) to give such advice. 

Throughout the period in which you hold a dividend equivalent right you may obtain copies of all information filed by GS Inc. with the U.S. Securities and
Exchange Commission (SEC) which is accessible by GS Inc.’s shareholders and the general public (“shareholder information”) by going to the SEC’s website (https://www.sec.gov) or to the GS Inc. website (www.gs.com),
and at http://www.goldmansachs.com/investor-relations/financials/. You should be aware that shareholder information can affect the value of your dividend equivalent rights from time to time. 

The actual value you receive in respect of the Shares acquired by you will depend on the number of Shares you receive, the market value of a Share, the value
of any dividend and dividend equivalent payments made in respect of a Share, and the USD/AUD exchange rate. 
 There are risks associated with an investment
in Shares and the value of any Shares you receive may be less than the value of those Shares today. Some of those risks are specific to GS Inc.’s business activities while others are of a more general nature. For more detail on those risks,
please refer to GS Inc.’s most recent annual report. Individually or in combination, those risks may affect the value of Shares. 
 Fidelity Personal
Trust Company, FSB (“Trustee”) will hold Shares that are the subject of Award(s). Subject to the terms and conditions of the Award(s), any Shares, and income gained, held on your behalf may only be dealt with by the Trustee with your
direction. You may direct the Trustee on the exercise of any applicable voting rights that you hold in respect of such Shares. GS Inc. undertakes that it will, within a reasonable period of you so requesting and at no charge, provide you with a
copy of the trust deed. 
 FOR BRAZIL EMPLOYEES ONLY 

The Award(s) referred to in this document and the underlying Shares have not been and will not be publicly issued, placed, distributed, offered or negotiated
in the Brazilian capital markets and, as a result, will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários). The Award(s) and the underlying Shares will not be offered or sold in Brazil
under any circumstances that constitute a public offering, placement, distribution or negotiation under the Brazilian capital markets regulation. 
 By
accepting the Award(s), you agree and acknowledge that (i) neither your employer nor any person or entity acting on behalf of your employer has provided you with financial advice with respect to your Award(s) or the Shares acquired upon
settlement of your Award(s); and (ii) your employer does not guarantee a specified level of return on your Award(s) or the registered Shares. 

According to Brazilian regulations, individuals resident in Brazil must inform the Central Bank of Brazil yearly the amounts of any nature, the assets and
rights (including cash and other deposits) held outside of the Brazilian territory. Please consult your own legal counsel on the terms and conditions for presentation of such information. 

By accepting the Award(s), you acknowledge that the Firm has provided you with Portuguese translations of the Award Summary, Award Agreement and Signature
Card, but that the original English versions of these documents control. (Ao aceitar esta outorga, Você reconhece que a Empresa Ihe disponibilizou a versão em português do Award Summary, do Award Agreement e do Signature Card;
porém a versão original em inglês desses documentos prevalecerá.) 
 FOR CHILE EMPLOYEES ONLY 

By accepting the Signature Card connected to your Award, you acknowledge that this legend applies to all Award-related documents and communications. 

General Warning

 Neither GS Inc., the SIP nor the Shares have been registered in the Registro de Valores (Securities
Registry) or in the Registro de Valores Extranjeros (Foreign Securities Registry) of the Comisión para el Mercado Financiero (Chilean Commission for the Financial Market or CMF) and they are not subject to the control of the
CMF. If such securities are offered within Chile, they will be offered and sold only pursuant to Norma de Carácter General 336 (General Regulation 336) of the CMF, an exemption to the registration requirements, or in circumstances
which do not constitute a public offer of securities in Chile within the meaning of Article 4 of the Chilean Securities Market Law 18,045. As the Shares are not registered, the issuer has no obligation under Chilean law to deliver public information
regarding the Shares in Chile. The Shares shall not be subject to public offering in Chile unless they are registered in the Foreign Securities Registry of the CMF. The commencement date of the offer is the date on which these documents were first
provided to you via email. 
 Statement by Investors (Grantees) 

Pursuant to General Regulation 336 (as amended), you are required to inform GS Inc. whether or not you are a “Qualified Investor” as defined in
Norma de Carácter General 216 (General Regulation 216) of the CMF. By accepting the Signature Card connected to your Award, you state to GS Inc. that you are not a Qualified Investor, or if you are a Qualified Investor, that you have
provided a separate statement acknowledging this to GS Inc. (please note that any such statement may be emailed to GS Inc. at EquityCompensation@ny.email.gs.com). By accepting the Signature Card connected to your Award, you further state to GS Inc.
that you acknowledge: 
 (i) that the securities acquired in connection with the SIP will not be registered in the CMF Securities Registry or Foreign
Securities Registry and, therefore, such securities may not be publicly offered in Chile; and 
 (ii) that since GS Inc. is not registered in the registries
kept by the CMF, GS Inc. will not be subject to the CMF’s oversight nor to the ongoing disclosure obligations imposed by the law and regulation on registered issuers. 

English Language 
 You declare that you read and understand
English and that the fact that the official SIP documents are in the English language does not represent any inconvenience or prejudice to you. If you do not understand their content, please contact your HCM contact in order to obtain a Spanish
version. 
 Accessibility of Award Documents 
 The Firm
undertakes to provide you with a copy of the key documents pertaining to your Award in a form that remains accessible even if your employment is terminated. 

SÓLO PARA EMPLEADOS DE CHILE 
 Al aceptar
la “Signature Card” relacionada con su plan, usted reconoce que esta leyenda se aplica a todos los documentos y comunicaciones relacionados con el SIP. 

Advertencia General 
 Ni GS Inc., ni el SIP, ni
las Acciones, han sido registradas en el Registro de Valores o Registro de Valores Extranjeros que lleva la Comisión para el Mercado Financiero (“CMF”) y ninguno de ellos está sujeto a la fiscalización de la CMF. Si
dichos valores son ofrecidos dentro de Chile, serán ofrecidos y colocados sólo de acuerdo a la Norma de Carácter General 336 de la CMF, una excepción a la obligación de registro, o en circunstancias que no
constituyan una oferta pública de valores en Chile según lo definido por el Artículo 4 de la Ley 18.045 de Mercado de Valores de Chile. Por tratarse de valores no inscritos, el emisor de las Acciones no tiene obligación
bajo la ley chilena de entregar en Chile información pública acerca de las Acciones. Las Acciones no pueden ser ofrecidas públicamente en Chile en tanto éstas no se registren en el Registro de Valores Extranjeros de la
CMF. Se informa que la fecha de inicio de la presente oferta será aquella en que estos documentos fueron entregados a usted por primera vez vía email. 

Declaración de los Inversionistas (Destinatarios) 

De conformidad con la Norma de Carácter General N°336 (modificada), se requiere que usted informe a GS Inc. si califica como “Inversionista
Calificado” en los términos de la Norma de Carácter General N°216 de la CMF. Por medio de la aceptación de la Signature Card referida a su Plan, usted declara a GS Inc, que no califica como “Inversionista
Calificado”, o que si califica como “Inversionista Calificado”, usted ha enviado por separado una declaración reconociendo dicha circunstancia a GS Inc. (favor tenga en cuenta que cualquier declaración puede ser enviada
a GS Inc., al correo EquityCompensation@ny.email.gs.com). Por medio de la aceptación de la Signature Card referida a su plan, usted declara a GS Inc, que está en conocimiento de que:

 

  
 -6- 

 (i) los valores adquiridos en conexión con el SIP no estarán inscritos en el Registro de
Valores o en el Registro de Valores Extranjeros de la CMF y, por lo tanto, dichos valores no podrán ser públicamente ofrecidos en Chile; y 

(ii) dado que GS Inc. no está inscrita en los registros mantenidos por la CMF, GS Inc. no estará sujeta a la fiscalización de la CMF ni
a las obligaciones de información continua impuestas por la ley y la regulación a los emisores inscritos. 
 Idioma Inglés

 Usted declara que lee y entiende el idioma inglés, de manera que el hecho de que los documentos oficiales del SIP se encuentren en
idioma inglés no representa ningún inconveniente o perjuicio para usted. En caso de que usted no entienda el contenido de estos documentos, por favor comuníquese con su encargado de recursos humanos, a fin de obtener una
versión en español. 
 Accesibilidad a los Documentos del Plan 

La empresa se obliga a entregarle una copia de los documentos clave relativos al plan de forma tal que permanezcan accesibles a usted incluso luego de
terminada su relación laboral con ésta. 
 FOR THE PEOPLE’S REPUBLIC OF CHINA EMPLOYEES ONLY 

All documentation in relation to the Award(s) is intended for your personal use and in your capacity as an employee of the Firm (and/or its affiliate) and is
being given to you solely for the purpose of providing you with information concerning the Award(s) which the Firm may grant to you as an employee of the Firm (and/or its affiliate) in accordance with the terms of the SIP, this documentation and the
applicable Award Agreement(s). The grant of the Award(s) has not been and will not be registered with the China Securities Regulatory Commission of the People’s Republic of China pursuant to relevant securities laws and regulations, and the
Award(s) may not be offered or sold within the mainland of the People’s Republic of China by means of any of the documentation in relation to the Award(s) through a public offering or in circumstances which require a registration or approval of
the China Securities Regulatory Commission of the People’s Republic of China in accordance with the relevant securities laws and regulations. 
 You
agree that notwithstanding anything to the contrary under the SIP or the Award Agreement(s), the Award(s) may be settled in cash in Renminbi or such other currency, payable by your employing entity in the mainland of the People’s Republic of
China or such other entity, in each case, as may be determined by the Firm in its sole discretion. 
 Additional data protection information for the
People’s Republic of China employees (which should be read in conjunction with, and forms part of, the Data Collection, Processing and Transfers section above): 

You have the ability to request the name, contact information, processing purpose and processing methods for any onshore data controller to which the Firm
discloses your personal data in connection with your Award. You also have the ability to request the information listed in the preceding sentence, as well as information on the procedures that you may follow to exercise your data rights, in relation
to any foreign party to which the Firm discloses your personal data in connection with your Award. The Firm will respond to any such request by you as soon as is reasonably practicable for the Firm. 

FOR FRANCE EMPLOYEES ONLY 
 By accepting the Award(s), you
acknowledge that the Firm has provided you with French translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control. 

The provisions of the Award Agreement will apply only in respect of the year to which the Award Agreement relates and will not in any circumstances create any
right or entitlement to you for any future fiscal years. 
 En acceptant cet octroi, vous reconnaissez que la Société vous a transmis une
version française de l’Award Summary (Résumé de l’Octroi), l’Award Agreement (Contrat d’Octroi) et de la Signature Card (Carte de Signature), mais que seule la version originale en langue anglaise fait foi.

 Les dispositions de l’Accord de prime s’appliquent uniquement à l’année concernée par l’Accord de prime et
ne créent en aucune circonstance tous droits ou habilitations s’agissant des années fiscales à venir. 
 FOR HONG KONG
EMPLOYEES ONLY 
 WARNING:

 The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised
to exercise caution in relation to this Award(s). If you are in doubt about any of the contents of this document, you should obtain independent professional advice. 

This document has not been, and will not be, registered as a “prospectus” in Hong Kong under the Companies (Winding Up and Miscellaneous Provisions)
Ordinance (Cap 32) nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap 571) of the Laws of Hong Kong. This document does not constitute an offer or invitation to the
public in Hong Kong to acquire any securities nor an advertisement of securities in Hong Kong. This document is distributed on a confidential basis. 
 By
accepting the Award(s), you acknowledge and agree that you will not be permitted to transfer awards to persons who fall outside the definition of ‘qualifying persons’ in the Companies (Winding Up and Miscellaneous Provisions) Ordinance
(Cap 32) (i.e., a person who is not a current or former director, employee, officer, consultant of the Firm or a person other than the offeree’s wife, husband, widow, widower, child or step-child under the age of 18 years, or as otherwise
defined), even if otherwise permitted under the SIP or any of the related documents. 
 FOR INDIA EMPLOYEES ONLY 

The Award documents (including any related website) do not invite offers from the public for subscription or purchase of the securities of any body corporate
under any law for the time being in force in India. The documents are not a prospectus under the applicable laws for the time being in force in India. GS Inc. does not intend to market, promote, invite offers for subscription or purchase of the
securities of any body corporate by these documents. The information provided in the documents is for the record only. Any person who subscribes or purchases securities of any body corporate should consult their own investment advisors before making
any investments. GS Inc. shall not be liable or responsible for any such investment decision made by any person. 
 FOR INDONESIA EMPLOYEES ONLY 

By accepting the Award(s), you acknowledge that the Firm has provided you with Bahasa Indonesia translations of the Award Summary, Award Agreement and
Signature Card, but that the original English versions of these documents control. Dengan menerima Putusan, Anda menyatakan bahwa Perusahaan telah memberikan Anda terjemahan Bahasa Indonesia dari Ikhtisar Putusan, Perjanjian Putusan dan
Perjanjian dengan Tanda Tangan, tapi versi asli dalam Bahasa Inggris dari dokumen-dokumen ini tetap mengendalikan. 
 FOR ITALY EMPLOYEES ONLY

 The current Award(s) are offered to fewer than 150 natural persons in Italy and therefore the obligation to produce a prospectus in connection with
the Award(s) does not apply because of Article 1(4)(b) of the EU Prospectus Regulation 2017/1129. 
 No person resident or located in Italy other than the
original recipient of this document and any other document related to the Award(s) may rely on such documents or their content. The offer of the Award(s) under the SIP (and the delivery of the underlying Shares) is exempted from prospectus
requirements under Italian securities legislation. 
 Under Italian rules, Italian taxpayers generally must report in their annual tax return the value of
any financial instruments held abroad at year-end (such as financial and real estate assets). Please consult your own advisors regarding the terms and conditions of this reporting obligation. 

FOR NEW ZEALAND EMPLOYEES ONLY 
 GS Inc. is offering you an
Award(s) under the SIP in reliance upon clause 8 of Schedule 1 of the Financial Markets Conduct Act 2013 (offers under employee share purchase schemes) (Exclusion). In accordance with the requirements of the Exclusion, the following
information has been made available to you: 
  

	1.	 GS Inc.’s most recent annual report via https://www.goldmansachs.com/investor-relations/index.html.

  

	2.	 The SIP documentation (which constitutes the current rules of the employee share purchase scheme for the
purposes of the Exclusion) on https://hcm.web.gs.com/newaward. 

  

	3.	 A copy of the Award Agreement on https://hcm.web.gs.com/newaward. 

 

	4.	 GS Inc.’s most recent published audited and unaudited financial statements on
https://www.goldmansachs.com/investor-relations/financials/index.html. 

  

	5.	 A copy of the auditor’s report on the above financial statements (if any) at
https://www.goldmansachs.com/investor-relations/financials/index.html. 

 You may obtain a copy of the documents listed above by
electronic means from the internet site addresses given in each case. You may request hard copies of 

 

  
 -7- 

 the documents listed above free of charge from Head of Securities Compliance – Goldman Sachs Australia Pty
Ltd. 
 For further information, including the form, dividend payments, vesting, delivery, and transfer restrictions of the Awards, please refer to the
documents listed above. 
 Warning 
 The Award(s) is an
offer of Shares (although the Award may in limited circumstances be settled in cash or other property). The Shares give you a stake in the ownership of GS Inc. You may receive a return if dividends are paid. 

If GS Inc. runs into financial difficulties and is wound up, you will be paid only after all creditors and holders of any preference shares have been paid. You
may lose some or all of your investment. 
 New Zealand law normally requires people who offer financial products to give information to investors before
they invest. This information is designed to help investors to make an informed decision. 
 The usual rules do not apply to this offer because it is made
under an employee share purchase scheme. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment. 

Ask questions, read all documents carefully, and seek independent financial advice before committing yourself. 

The Shares are quoted on a stock exchange. GS Inc. intends to quote these Shares on the New York Stock Exchange (NYSE). This means you may be able to
sell them on the NYSE if there are interested buyers. You may get less than you invested. The price will depend on the demand for the Shares. 
 FOR PERU
EMPLOYEES ONLY 
 If you are employed in Peru, the following statement is hereby made part of the SIP documents: the Shares which may be issued upon
settlement of your Award have not been registered with the Public Registry of the Securities Market administered by the Peruvian Securities Market Superintendence (Superintendencia del Mercado de Valores - SMV) and may not be offered or sold
publicly in Peru. In addition, the contents of the SIP documents have not been reviewed by any Peruvian regulatory authority.  
 Additional data
protection information for Peru employees (which should be read in conjunction with, and forms part of, the Data Collection, Processing and Transfers section above): 

GS Inc., identified by Tax ID Number (EIN) No. 134019460, with registered office at 200 West Street, New York 10282 – United States, will use,
collect, transfer and store your following personal data for the purpose of accessing the SIP: name, address, work location, hire date, Social Security or Social Insurance or taxpayer identification number (required for tax purposes), type and
amount of SIP Awards or other benefit plan award, citizenship or residency (required for tax purposes). Your personal data is necessary for the execution of the SIP, therefore if you express your refusal to provide it, GS Inc. will not be able to
execute the SIP. Your personal data will be stored in a data bank owned by GS Inc., the identity of which can be obtained upon your request, for the time necessary to complete the SIP and/or until the fulfillment of legal obligations provided by the
applicable regulations are applicable to GS Inc. Your personal data could be sent to GS Inc. affiliates, detailed in
http://www2.goldmansachs.com/who-we-are/locations/index.html; including, Computershare Limited and its affiliates and Fidelity Stock Plan Services, LLC, Fidelity
Personal Trust Company, FSB and any of their affiliates; or any other service provider necessary for the administration of the SIP, which will be communicated to you by GS Inc. You may exercise your rights of access, rectification and cancellation
through EquityCompensation@ny.email.gs.com. 
 FOR RUSSIA EMPLOYEES ONLY 

None of the information contained in this Signature Card or the documents that you received in electronic form (as listed in this Signature Card) constitutes
an advertisement of the Award(s) in Russia and must not be passed on to third parties or otherwise be made publicly available in Russia. The Award(s) have not been and will not be registered in Russia and are not intended for “placement”
or “public circulation” in Russia. 
 You understand and agree that the Firm may, in its sole discretion or where required by legal or regulatory
requirements, grant Awards as cash-settled instruments or settle Awards in cash and that you will not have any rights to the Shares underlying your Award(s) (if any). Your Award(s) will remain subject to the terms and conditions contained in the
SIP, the Award Agreement(s), and this Signature Card.

 FOR SAUDI ARABIA EMPLOYEES ONLY 

The Award(s) are offered to you on behalf of Goldman Sachs Saudi Arabia, Commercial Registration Number 1010256672, 25th Floor, Kingdom Tower, Post Office Box 52969, Riyadh 11573, Saudi Arabia. The SIP documents may not be distributed in the Kingdom except to such persons as are permitted under the Rules on the Offer
of Securities and Continuing Obligations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of the SIP documents, and expressly disclaims any liability whatsoever
for any loss arising from, or incurred in reliance upon, any part of the SIP documents. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If
you do not understand the contents of the SIP documents you should consult an authorized financial adviser. 
 FOR SINGAPORE EMPLOYEES ONLY 

The Award(s) are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded
Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products). 
 The Shares or the Award(s) may not be offered or sold, or be made the subject of an invitation for subscription or purchase,
whether directly or indirectly, to persons in Singapore other than pursuant to, and in accordance with the conditions of, an exemption under any provision of Subdivision (4) of Division 1 of Part XIII of the Securities and Futures Act,
Chapter 289 of Singapore. 
 FOR SPAIN EMPLOYEES ONLY 

Please note that the offer of an Award under the SIP does not constitute a public offer in Spain, and therefore it is not subject to registration with the
Spanish authorities. The Award(s) are offered to you by GS Inc. in accordance with the terms and conditions set forth in the SIP and the Award Agreement(s). The grantees may be subject to certain reporting obligations for the acquisition or disposal
of Shares under the SIP, the opening of cash or brokerage bank accounts abroad and the transfer or receipt of funds. Please consult your own advisors regarding these and other legal or tax obligations that may be applicable. 

FOR TURKEY EMPLOYEES ONLY 
 This offer is not a public
offering in terms of the Turkish Capital Markets legislation and the information provided herein cannot be construed as a public offering. The grant of the Award(s) should not be construed as a public offering or a private placement and is made to
you as an employee of the Firm. You are not obligated to accept your Award(s). Your decision to accept or reject the Award(s) is entirely up to you and will have no impact on your employment or your career, either positive or negative. The grant of
your Award(s) does not change or supplement the terms of your employment in any way. The Award documents do not constitute an employee handbook or an employment contract between you and the Firm. 

The information set forth in the Award documents is solely for informative reasons and the Firm is not hereby giving you nor purports to be giving you
investment or other financial advice. The Firm reserves the right to suspend, change, amend or supplement the terms of the Award documents, in whole or in part, for any reason at any time. If you are in doubt about the merits of the Award documents,
you should contact your financial advisor. 
 Additional data protection information for Turkey employees (which should be read in conjunction with, and
forms part of, the Data Collection, Processing and Transfers section above): 
 In terms of the Law on the Protection of Personal Data No. 6698
and its relevant legislation, GOLDMAN SACHS TK DANIŞMANLIK HİZMETLERİ ANONİM ŞİRKETİ acts as the data controller regarding your personal data in Turkey. 

FOR UK EMPLOYEES ONLY 
 This document does not have regard
to the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Recipients should seek their own financial advice. 

The Award(s) are subject to the terms and conditions set forth in the SIP and the Award Agreement(s). The price of Shares and the income from such Shares (if
any) can fluctuate and may be affected by changes in the exchange rate for U.S. dollars. Past performance will not necessarily be repeated. Levels and bases of taxation may change from time to time. Investors should consult their own tax advisors in
order to understand tax consequences. GS Inc. has (and its associates may have) a material interest in the Shares and the investments that are the subject of this document.

 

  
 -8- 

 You are being offered Award(s) under the SIP in order to provide an additional incentive and to encourage
employee share ownership and to increase your interest in GS Inc.’s success. The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. Further details on the rights attaching
to your Award(s) can be found in the Award Summary. More information about GS Inc. is available at www.gs.com. 
 The shares subject to the Award(s)
are new or existing ordinary shares in GS Inc. and information on the total maximum number of shares which can be offered under the SIP rules can be found in the section entitled Shares Available for Awards in the SIP. The obligation to
publish a prospectus does not apply because of Section 86(aa) of the Financial Services and Markets Act 2000 (as amended, supplemented or substituted by any UK legislation enacted in connection with the UK’s exit from the European Union).

 

  
 -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]