Document:

EX-10.31

 

EXHIBIT 10.31

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

      DISCOUNT STOCK PROGRAM AWARD

     This Award Agreement sets forth the terms and conditions of the award (“DSP Award”) of
RSUs under the Discount Stock Program (“DSP RSUs”) granted to you under The Goldman Sachs Amended
and Restated Stock Incentive Plan (the “Plan”).

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

     2. Award.

     (a) Form of Award. The number of DSP RSUs subject to this Award is set forth in the
Award Statement delivered to you. The Award Statement shall designate your DSP RSUs as either Base
RSUs or Discount RSUs. An RSU is an unfunded and unsecured promise to deliver (or cause to be
delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common
Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such delivery, you
have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc.

     (b) Certain Conditions Precedent. YOUR DSP AWARD IS EXPRESSLY CONDITIONED ON: (I)
YOUR BEING A PARTICIPANT IN THE GOLDMAN SACHS PARTNER COMPENSATION PLAN OR THE GOLDMAN SACHS
RESTRICTED PARTNER COMPENSATION PLAN ON THE DATE OF GRANT AND YOUR EXECUTING ANY AGREEMENT REQUIRED
IN CONNECTION WITH SUCH PARTICIPATION; AND (II) YOUR EXECUTING THE RELATED SIGNATURE CARD AND
RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE
SIGNATURE CARD BY THE DATE SPECIFIED. UNLESS OTHERWISE DETERMINED BY THE COMMITTEE, YOUR FAILURE
TO MEET THESE CONDITIONS WILL RESULT IN THE CANCELLATION OF YOUR DSP AWARD. YOUR DSP AWARD IS
SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING,
WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY
EXECUTING THE RELATED SIGNATURE CARD YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS
AND CONDITIONS OF THIS AWARD AGREEMENT.

     (c) Status under Shareholders’ Agreement. The Shares delivered with respect to this
Award will be subject to the Goldman Sachs Shareholders’ Agreement to which you are a party, as
amended from time to time (the “Shareholders’ Agreement”), except such Shares will not be
considered “Covered Shares” as defined in that Agreement.

     3. Vesting and Delivery.

     (a) Vesting.

     (i) Base RSUs. Except as provided in Paragraph 2(b), you shall be fully Vested in all
of your Outstanding Base RSUs on the Date of Grant, and, subject to Paragraph 9, neither such Base
RSUs, nor the Shares delivered thereunder, shall be forfeitable for any reason.

 

 

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

     (b) Delivery.

     (i) The Delivery Date with respect to all of your DSP RSUs shall be the date specified as such
on your Award Statement, if that date is during a Window Period or, if that date is not during a
Window Period, the first Trading Day of the first Window Period beginning after such date. For
this purpose, a “Trading Day” is a day on which Shares trade regular way on the New York Stock
Exchange.

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

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

     (iv) Pending receipt of any consents deemed necessary or appropriate by the Firm, Shares in
respect of your DSP Award initially may be delivered into an escrow account meeting such terms and
conditions as determined by the Firm. Any such escrow arrangement shall, unless otherwise
determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to
vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be
accumulated and shall be paid as determined by GS Inc. in its discretion. By accepting your DSP
Award, you have agreed to execute such documents and take such steps as may be deemed necessary or
appropriate by the Firm to establish and maintain any such escrow account.

     (c) Death. Notwithstanding any other Paragraph of this Award Agreement, if you die
prior to the Delivery Date, the Shares underlying all of your then Outstanding DSP RSUs shall be
delivered to the representative of your estate as soon as practicable after the date of death and
after such documentation as may be requested by the Committee is provided to the Committee. The
Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some
or all of your Outstanding DSP RSUs under your will to an organization described in Sections
501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved
by the Committee).

     4. Termination of Discount RSUs and Non-Delivery of Shares.

     (a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 6, 7
and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively
employed with the Firm, your rights in respect of your Discount RSUs (but not your Base RSUs) that
were Outstanding

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but that had not yet become Vested immediately prior to your termination of
Employment immediately shall terminate, such Discount RSUs shall cease to be Outstanding and no
Shares shall be delivered in respect thereof.

     (b) Unless the Committee determines otherwise, and except as provided in Paragraphs 6 and 7,
your rights in respect of all of your Outstanding Discount RSUs (whether or not Vested) (but not
your Base RSUs), immediately shall terminate, such Discount RSUs shall cease to be Outstanding and
no Shares shall be delivered in respect thereof if:

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

     (ii) any event that constitutes Cause has occurred;

     (iii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact
business with a Competitive Enterprise or to reduce or refrain from doing any business with the
Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship
between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign
from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on behalf
of yourself or any person or Competitive Enterprise hire, or participate in the hiring of, any
Selected Firm Personnel, or identify, or participate in the identification of, Selected Firm
Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected
Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1)
by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member
or have similar status, or in which you possess or control greater than a de minimis equity
ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or
are intended to have, direct or indirect managerial or supervisory responsibility for such Selected
Firm Personnel;

     (iv) you fail to certify to GS Inc., in accordance with procedures established by the
Committee, that you have complied, or the Committee determines that you in fact have failed to
comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the
delivery of Shares under this Award Agreement, you shall be deemed to have represented and
certified at such time that you have complied with all the terms and conditions of the Plan and
this Award Agreement;

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

     (vi) as a result of any action brought by you, it is determined that any of the terms or
conditions for Delivery of this Award Agreement are invalid.

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

     5. Repayment. The provisions of Section 2.6.3 of the Plan (which requires Award
recipients to repay to the Firm amounts delivered to them if the Committee determines that all
terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall
apply to your Discount RSUs but, subject to Paragraph 2(b), not your Base RSUs.

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     6. Extended Absence and Downsizing.

     (a) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph
6(b), in the event of the termination of your Employment by reason of Extended Absence, the
condition set forth in Paragraph 4(a) shall be waived with respect to any Discount RSUs that were
Outstanding but that had not yet become Vested immediately prior to such termination of Employment
(as a result of which such Discount RSUs shall become Vested), but all other terms and conditions
of this Award Agreement shall continue to apply.

     (b) Without limiting the application of Paragraph 4(b), your rights in respect of your
Outstanding Discount RSUs that become Vested in accordance with Paragraph 6(a) immediately shall
terminate, such Outstanding Discount RSUs shall cease to be Outstanding, and no Shares shall be
delivered in respect thereof if, prior to the original Vesting Date with respect to such Discount
RSUs, you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation
interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not
limited to, association as an officer, employee, partner, director, consultant, agent or advisor)
with any Competitive Enterprise.

     (c) Notwithstanding any other provision of this Award Agreement and subject to your executing
such general waiver and release of claims and an agreement to pay any associated tax liability,
both as may be prescribed by the Firm or its designee, if your Employment is terminated solely by
reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall be waived with respect to
a portion of your Discount RSUs that were Outstanding but that had not yet become Vested prior to
your termination of Employment by reason of “downsizing,” as a result of which you shall become
Vested in a portion of such Discount RSUs, determined with respect to each Vesting Date by
multiplying the number of Discount RSUs that would become Vested on the remaining Vesting Date by a
fraction, the numerator of which is the number of months from the Date of Grant to the date your
Employment terminated, and the denominator of which is the number of months from the Date of Grant
to the applicable Vesting Date, but all other terms and conditions of this Award Agreement shall
continue to apply. Whether or not your Employment is terminated solely by reason of a “downsizing”
shall be determined by the Firm in its sole discretion. No termination of Employment initiated by
you, including any termination claimed to be a “constructive termination” or the like or a
termination for good reason, will be solely by reason of a “downsizing.”

     7. Change in Control. Notwithstanding anything to the contrary in this Award
Agreement, in the event a Change in Control shall occur and within 18 months thereafter the Firm
terminates your Employment without Cause or you terminate your Employment for Good Reason, all
Shares underlying your then Outstanding DSP RSUs, whether or not Vested, shall be delivered.

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

     9. Certain Terms, Conditions and Agreements.

     (a) The delivery of Shares in respect of your DSP RSUs is conditioned on your satisfaction of
any applicable withholding taxes in accordance with Section 3.2 of the Plan. In addition, if you
are an individual with separate employment contracts (at any time during and/or after the Firm’s
      fiscal year), the Firm may, in its sole discretion, require that you provide amounts for
a reserve in connection with which the Firm may execute a sale for such number of Shares that may
be deliverable in respect of your DSP RSUs (or any other Outstanding Awards under the Plan) as the
Firm determines is advisable or necessary in connection with any actual, anticipated or potential
tax consequences related to your separate employment contracts.

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     (b) Your rights in respect of your Discount RSUs are conditioned on your becoming a party to
any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

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

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

     (e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this
Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning
trading in Shares and hedging or pledging Shares and equity-based compensation or other awards
(including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS
Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or
proprietary information, and to effect sales of Shares delivered to you in respect of your DSP
RSUs in accordance with such rules and procedures as may be adopted from time to time with respect
to sales of such Shares (which may include, without limitation, restrictions relating to the timing
of sale requests, the manner in which sales are executed, pricing method, consolidation or
aggregation of orders and volume limits determined by the Firm). In addition, you understand and
agree that you shall be responsible for all brokerage costs and other fees or expenses associated
with this Award, including, without limitation, such brokerage costs or other fees or expenses in
connection with the sale of Shares delivered to you hereunder in respect of your DSP RSUs.

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

     (g) Without limiting the application of Paragraph 4(b), if:

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

     (ii) following your termination of Employment other than described in Paragraph 9(g)(i), you
notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you
continue to hold Outstanding Discount RSUs that are Vested or any Base RSUs for which the delivery
of Shares has not yet occurred;

then, in the case of Paragraph 9(g)(i) above only, the condition set forth in Paragraph 4(a) shall
be waived with respect to any Discount RSUs you then hold that had not yet become Vested (as a
result of which such Discount RSUs shall become Vested) and, in the
case of 
Paragraphs 9(g)(i) and
9(g)(ii) above, at the sole discretion of the Firm, you shall receive either a lump sum cash
payment in respect of, or delivery of Shares underlying, all then Outstanding Vested Discount RSUs
(including those that become Vested in connection with
Paragraph 9(g)(i) by reason of the
immediately foregoing) and Base RSUs, in each case as soon as practicable after the Committee has
received satisfactory documentation relating to your Conflicted Employment. Notwithstanding
anything else herein, payment or delivery in respect of the DSP RSUs as a result of this Paragraph
9(g) shall be made only at such time and if and to the extent as would not result in the imposition
of any additional tax to you under Section 409A of the Code (which governs the taxation of certain
deferred compensation).

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     10. Right of Offset. The obligation to deliver Shares under this Award Agreement is
subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such
obligation any outstanding amounts you owe to the Firm and any amounts the Committee deems
appropriate pursuant to any tax equalization policy or agreement.

     11. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect;
provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan,
no such amendment shall materially adversely affect your rights and obligations under this Award
Agreement without your consent; and provided further that the Committee expressly reserves its
rights to amend the Award Agreement and the Plan as described in 
Sections 1.3.2(h)(1), (2) and (4)
of the Plan. Any amendment of this Award Agreement shall be in writing signed by an authorized
member of the Committee or a person or persons designated by the Committee.

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

     13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or
as otherwise may be provided by the Committee, the limitations on transferability set forth in
Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in
violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The
Committee may adopt procedures pursuant to which some or all recipients of DSP Awards may transfer
some or all of their DSP Awards through a gift for no consideration to any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive
relationships, any person sharing the recipient’s household (other than a tenant or employee), a
trust in which these persons have more than 50% of the beneficial interest, and any other entity in
which these persons (or the recipient) own more than 50% of the voting interests.

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

     15. Delay in Payment. To the extent required in order to avoid the imposition of any
interest and additional tax under Section 409A(a)(1)(B) of the Code, any payments or deliveries due
as a result of your termination of Employment with the Firm will be delayed for six months if you
are deemed to be a “specified employee” as defined in Section 409A(a)(2)(i)(B) of the Code.

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

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

	 	 	 	 	 
	 

	 	THE GOLDMAN SACHS GROUP, INC.
	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

7EX-10.36

 

EXHIBIT 10.36

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

           YEAR-END OPTION AWARD

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

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

     2. Award. The Award Statement delivered to you sets forth (i) the Date of Grant of
the            Year-End Options, (ii) the number of            Year-End Options and (iii) the Exercise Price
of each            Year-End Option. Until shares of Common Stock (“Shares”) are delivered to you
pursuant to Paragraph 7 after you exercise your            Year-End Options, you have no rights as a
shareholder of GS Inc. This Award is conditioned on your executing the related signature card
and returning it to the address designated and/or by the method specified by the date specified,
and is subject to all terms, conditions and provisions of the Plan and this Award Agreement,
including, without limitation, the arbitration and choice of forum provisions set forth in
Paragraph 13. By executing the related signature card (which, among other things, opens
the custody account referred to in paragraph 7 if you have not done so
already), you will have confirmed your acceptance of all of the terms and conditions of this Award
Agreement.

     3. Expiration Date. The Expiration Date for your            Year-End Options is November
25, 2016 (in New York). Notwithstanding anything to the contrary in this Award Agreement, but
subject to earlier termination as provided in this Award Agreement or otherwise in accordance with
the Plan, on the Expiration Date all of your then Outstanding            Year-End Options shall
terminate.

     4. Vesting.

     (a) In General. Except as provided below in Paragraphs 4(b), 4(c), 4(d), 5(a), 5(b),
10(g), and 11, on each Vesting Date you shall become Vested in the number or percentage of your
           Year-End Options specified next to such Vesting Date on the Award Statement (which may be
rounded to avoid fractional Shares). While continued active Employment is not required in order
for your Outstanding Vested            Year-End Options to become exercisable, all other terms
and conditions of this Award Agreement shall continue to apply to such Vested            Year-End
Options, and failure to meet such terms and conditions may result in the termination of this Award
(as a result of which no Shares subject to any such Vested            Year-End Options would be
delivered).

     (b) Death. Notwithstanding any other provision of this Award Agreement, if you die
prior to an applicable Vesting Date, as soon as practicable after the date of death and after such
documentation as may be requested by the Committee is provided to the Committee, any such           
Year-End Options that were Outstanding but that had not yet become Vested immediately prior to your
death shall become Vested, but all other conditions of this Award Agreement shall apply.

 

 

     (c) Extended Absence, Retirement and Downsizing.

     (i) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph
5(c), in the event of the termination of your Employment (determined as described in Section 1.2.19
of the Plan) by reason of Extended Absence or Retirement, the condition set forth in Paragraph 5(a)
shall be waived with respect to any            Year-End Options that were Outstanding but that had not
yet become Vested immediately prior to such termination of Employment (as a result of which such
           Year-End Options shall become Vested), but all other conditions of this Award Agreement shall
continue to apply.

     (ii) Notwithstanding any other provision of this Award Agreement and subject to your executing
such general waiver and release of claims and an agreement to pay any associated tax liability,
both as may be prescribed by the Firm or its designee, if your Employment is terminated without
Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 5(a) shall be waived
with respect to your            Year-End Options that were Outstanding but that had not yet become Vested
immediately prior to such termination of Employment (as a result of which such            Year-End
Options shall become Vested), but all other conditions of this Award Agreement shall continue to
apply. Whether or not your Employment is terminated solely by reason of a “downsizing” shall be
determined by the Firm in its sole discretion. No termination of Employment initiated by you,
including any termination claimed to be a “constructive termination” or the like or a termination
for good reason, will be solely by reason of a “downsizing.”

     (d) Change in Control. Notwithstanding any other provision of this Award Agreement,
if there is a Change in Control and your Employment terminates as described in Paragraph 6(d), the
condition set forth in Paragraph 5(a) shall be waived with respect to any            Year-End Options
that were Outstanding but that had not yet become Vested immediately prior to such termination of
Employment (as a result of which such            Year-End Options shall become Vested), but all other
terms and conditions of this Award Agreement shall continue to apply.

     5. Termination of            Year-End Options Upon Certain Events.

     (a) Unless the Committee determines otherwise, and except as provided in Paragraphs 4(b),
4(c), 4(d) and 10(g), if your Employment terminates for any reason or you otherwise are no
longer actively employed with the Firm, your rights in respect of your            Year-End Options
that were Outstanding but had not yet become Vested immediately prior to your termination of
Employment immediately shall terminate.

     (b) Unless the Committee determines otherwise, your rights in respect of all of your
Outstanding            Year-End Options (whether or not Vested) shall immediately terminate, such           
Year-End Options shall cease to be Outstanding, and no Shares shall be delivered in respect
thereof, if at any time prior to the date you exercise such            Year-End Options:

     (i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any
manner that is not provided for by Paragraph 13 or Section 3.17 of the Plan;

     (ii) any event that constitutes Cause has occurred;

     (iii) (A) you in any manner, directly or indirectly, (1) Solicit any Client to transact
business with a Competitive Enterprise or to reduce or refrain from doing any business with the
Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship
between the Firm and any such Client, (3) Solicit any person who is an employee of the Firm to
resign from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on
behalf of yourself or any person or Competitive Enterprise hire, or participate in the hiring, of
any Selected Firm Personnel or identify, or participate in the identification of, Selected Firm
Personnel for potential hiring whether as an employee or consultant or otherwise, or (B) Selected
Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1)
by a

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Competitive Enterprise that you form, that bears your name, in which you are a partner, member
or have similar status, or in which you possess or control greater than a de minimis equity
ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or
are intended to have, direct or indirect managerial or supervisory responsibility for such Selected
Firm Personnel;

     (iv) you fail to certify to GS Inc., in accordance with procedures established by the
Committee, that you have complied, or the Committee determines that you in fact have failed to
comply, with all the terms and conditions of the Plan and this Award Agreement. By exercising any
           Year-End Option under this Award Agreement, or by accepting the delivery of Shares under this
Award Agreement, you shall be deemed to have represented and certified at such time that you have
complied with all of the terms and conditions of the Plan and this Award Agreement;

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

     (vi) as a result of any action brought by you, it is determined that any of the terms or
conditions for exercise of your            Year-End Options or delivery of Shares in respect thereto are
invalid.

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

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

     6. Exercisability of Vested            Year-End Options.

          (a) In General. Only            Year-End Options that are Outstanding and Vested can be
exercised. Outstanding Vested            Year-End Options must be exercised subject to Paragraph 6(e) and
in accordance with procedures established by the Committee from time to time but, subject to
Paragraphs 6(b), 6(d) and 10(g), not earlier than the Initial Exercise Date. The Initial Exercise
Date for your            Year-End Options shall be a date specified by the Committee that is not more
than thirty (30) Business Days after the date listed on the Award Statement as the Initial Exercise
Date, if that date is during a Window Period or, if the date listed on the Award Statement is not
during a Window Period, on a date specified by the Committee that is not more than 30 Business Days
after the first Trading Day of the first Window Period that begins thereafter. For this purpose, a
“Trading Day” is a day on which Shares trade regular way on the New York Stock Exchange.

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The Committee may from time to time prescribe periods during which the Vested            Year-End
Options shall not be exercisable. In addition, the exercise procedures established by the
Committee may require you to take specific steps in order to exercise your            Year-End Options
within a minimum time prior to the effective date of exercise.

          (b) Death. Notwithstanding any other provision of this Award Agreement, if you die
and, at the time of your death, you have any Outstanding            Year-End Options, the Transfer
Restrictions described in Paragraph 6(e) with respect to any            Year-End Options and any Shares
delivered in respect thereto shall be removed, and such Outstanding            Year-End Options (i) shall
be exercisable by the representative of your estate or, to the extent you specifically bequeath any
of your Outstanding            Year-End Options under your will in accordance with such procedures, if
any, as may be adopted by the Committee to an organization described in Sections 501(c)(3) and
2055(a) of the Code (or such other similar charitable organization as may be approved by the
Committee) (a “Charitable Beneficiary”), by the Charitable Beneficiary, in either case in
accordance with Paragraph 6(a) beginning on the date that is as soon as practicable after the date
of death and after such documentation as may be requested by the Committee is provided to the
Committee and (ii) unless earlier terminated in accordance with the terms of this Award Agreement,
shall remain exercisable until the Expiration Date.

          (c) Other Terminations of Employment. Subject to Paragraphs 5(b) and 5(c), upon the
termination of your Employment for any reason (other than death or Cause), but subject to Paragraph
10(g), your then Outstanding Vested            Year-End Options shall be exercisable in accordance with
Paragraph 6(a) beginning on the Initial Exercise Date and, unless earlier terminated in accordance
with the terms of this Award Agreement, shall remain exercisable until the Expiration Date.

          (d) Change in Control. Notwithstanding anything to the contrary in this Award
Agreement, if a Change in Control shall occur, and within 18 months thereafter the Firm terminates
your Employment without Cause or you terminate your Employment for Good Reason, as provided in
Paragraph 4(d), all of your            Year-End Options that were Outstanding but that had not yet become
Vested immediately prior to your termination of Employment, shall become Vested, and all of your
Outstanding Vested            Year-End Options shall become exercisable and, unless earlier terminated in
accordance with the terms of this Award Agreement, shall remain exercisable until the Expiration
Date and the Transfer Restrictions described in Paragraph 6(e) with respect to any            Year-End
Options and any Shares delivered in respect thereto shall be removed.

          (e) Transfer Restrictions on Shares after Exercise. Subject to Paragraphs 6(b), 6(d)
and 10(g), notwithstanding any other provision of this Award Agreement, (i) (A) no sale, exchange,
transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition of
(including through the use of any cash-settled instrument) any Shares acquired in connection with
the exercise of your            Year-End Options, whether voluntarily or involuntarily by you; and (B) no
exercise of any            Year-End Options involving the sale of Shares acquired in respect of such
exercise (the restrictions in clauses (i)(A) and (i)(B) of this Paragraph 6(e) being referred to
collectively as the “Transfer Restrictions”) may be effected before the first anniversary of the
Initial Exercise Date (the “Transferability Date”), and any purported sale, exchange, transfer,
assignment, pledge, hypothecation, fractionalization, hedge, other disposition or exercise in
violation of the Transfer Restrictions shall be void; and (ii) if and to the extent Shares subject
to your            Year-End Options are certificated, the certificates representing such Shares, shall
bear a legend specifying that such Shares are subject to the restrictions described in this
Paragraph 6(e) and GS Inc. shall advise its transfer agent to place a stop order against the
transfer of such Shares in violation of such Transfer Restrictions. Any Shares acquired in
connection with any exercise of your            Year-End Options prior to the Transferability Date shall
be held in the Custody Account or other account designated by the Firm. Within 30 Business Days
after the Transferability Date (or any other date for which removal of the Transfer Restrictions is
called for), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to
remove the Transfer Restrictions.

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     7. Delivery. Subject to Section 6(e), unless otherwise determined by the Committee,
or as otherwise provided in this Award Agreement, including, without limitation, Paragraphs 10 and
11, after receipt of payment of the Exercise Price in respect of a            Year-End Option, a Share
shall be delivered by book-entry credit to the Custody Account maintained by you, and until the
Transferability Date, shall be subject to the Transfer Restrictions. Notwithstanding the
foregoing, if you are or become considered by GS Inc. to be one of its “covered employees” within
the meaning of Section 162(m) of the Code, then you shall be subject to the provisions of Section
3.21.1 of the Plan, as a result of which delivery of your Shares may be delayed. In accordance
with Section 1.3.2(h) of the Plan, in the discretion of the Committee, in lieu of all or any
portion of the Shares otherwise deliverable upon the exercise of all or any portion of your           
Year-End Options, the Firm may deliver cash, other securities, other Awards or other property, and
all references in this Award Agreement to deliveries of Shares shall include such deliveries of
cash, other securities, other Awards or other property.

     8. Repayment. The provisions of Section 2.3.5 of the Plan (which requires Award
recipients to repay to the Firm amounts delivered to them if the Committee determines that all
terms and conditions of this Award Agreement in respect of such exercise were not satisfied) shall
apply to this Award.

     9. Non-transferability. Except as otherwise may be provided in this Paragraph or as
otherwise may be provided by the Committee, and without limiting any permitted transfer in
accordance with Paragraph 10(g), the limitations on transferability set forth in Section 3.5 of the
Plan shall apply to this Award. Any purported transfer or assignment in violation of the
provisions of this Paragraph 9 or Section 3.5 of the Plan shall be void. The Committee may adopt
procedures pursuant to which some or all recipients of            Year-End Options may transfer some or
all of their            Year-End Options through a gift for no consideration to any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive
relationships, any person sharing the recipient’s household (other than a tenant or employee), a
trust in which these persons have more than 50% of the beneficial interest, and any other entity in
which these persons (or the recipient) own more than 50% of the voting interests.

     10. Certain Additional Terms, Conditions and Agreements.

     (a) The delivery of Shares upon exercise of your            Year-End Options is conditioned on your
satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. In
addition, if you are an individual with separate employment contracts (at any time during and/or
after the Firm’s            fiscal year), the Firm may, in its sole discretion, require that that you
provide amounts for a reserve in connection with which the Firm may execute a sale for such number
of shares that may be deliverable in respect of your            Year-End Options(s) (or any other
Outstanding Awards under the Plan) as the Firm determines is advisable or necessary in connection
with any actual, anticipated or potential tax consequences related to your separate employment
contracts.

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

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

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

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     (e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this
Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning
trading in Shares, hedging or pledging Shares and equity-based compensation or other awards
(including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS
Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or
proprietary information, and to effect sales of Shares delivered to you in respect of your           
Year-End Options in accordance with such rules and procedures as may be adopted from time to time
with respect to sales of such Shares (which may include, without limitation, restrictions relating
to the timing of sale requests, the manner in which sales are executed, pricing method,
consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you
understand and agree that you shall be responsible for all brokerage costs and other fees or
expenses associated with your Award, including without limitation, such brokerage costs or other
fees or expenses in connection with the exercise of your            Year-End Options or the sale of
Shares delivered to you hereunder.

     (f) Without limiting the application of Paragraph 6(e), GS Inc. may affix to Certificates
representing Shares issued pursuant to this Award Agreement upon exercise of your            Year-End
Options any legend that the Committee determines to be necessary or advisable (including to reflect
any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may
advise the transfer agent to place a stop order against any legended Shares.

     (g) Without limiting the application of Paragraph 5(b), if:

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

     (ii) following your termination of Employment other than described in Paragraph 10(g)(i), you
notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you
continue to hold Outstanding            Year-End Options that are Vested;

then, in the case of Paragraph 10(g)(i) above, the condition set forth in Paragraph 5(a) shall be
waived with respect to any            Year-End Options you then hold that had not yet become Vested (as a
result of which such
           Year-End Options shall become Vested) and, in the cases of Paragraphs
10(g)(i) and 10(g)(ii) above, at the sole discretion of the Firm, (a) such Outstanding Vested           
Year-End Options shall be cancelled and as soon as practicable after the Committee has received
satisfactory documentation relating to your Conflicted Employment (the “Release Date”) you shall
receive a payment equal to the excess (if any) of (x) the Fair Market Value of a Share on the
Business Day immediately prior to the Release Date multiplied by the number of your            Year-End
Options that were Outstanding and Vested immediately prior to such cancellation over (y) the
Exercise Price multiplied by the number of such Outstanding Vested            Year-End Options; (b) both
the Initial Exercise Date and Transferability Date shall become the Release Date or (c) if and to
the extent provided in any procedures adopted by the Committee, you may be permitted to transfer
your Outstanding Vested            Year-End Options for value to a party or parties acceptable to the
Firm (which may include the Firm). Notwithstanding anything else herein, the actions described in
this Paragraph 10(g) shall be permitted only at such time and if and to the extent as would not
result in the imposition of any additional tax to you under Section 409A of the Code (which governs
the taxation of certain deferred compensation).

     11. Right of Offset. The obligation to deliver Shares under this Award Agreement upon
exercise of your            Year-End Options 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.

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     12. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect;
provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan,
no such amendment shall materially adversely affect your rights and obligations under this Award
Agreement without your consent; and provided further that the Committee expressly reserves its
rights to amend the Award Agreement and the Plan as described in
Sections 1.3.2(h)(1), (2) and (4)
of the Plan. Any amendment of this Award Agreement shall be in writing signed by an authorized
member of the Committee or a person or persons designated by the Committee.

     13. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE
THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH
ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY
DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING
THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT
TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

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

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

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

	 	 	 
	 

	 	THE GOLDMAN SACHS GROUP, INC.
	 
	 	 
	 

	 	     By:

	 

	 	     Name:
	 

	 	     Title:

-8-

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