Document:

EX-10.2

 

Exhibit 10.2

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 of RSUs under the
Discount Stock Program (“DSP RSUs”) 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, and 9,
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.

(c) Death. Notwithstanding any other provision 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.

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 and 7, 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 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;

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(ii) any event that constitutes Cause has occurred;

(iii) you, in any manner, directly or indirectly, (A) Solicit any Client to
transact business with a Competitive Enterprise or to reduce or refrain from doing any
business with the Firm, (B) interfere with or damage (or attempt to interfere with or
damage) any relationship between the Firm and any Client, (C) Solicit any person who is
an employee of the Firm to resign from the Firm or to apply for or accept employment
with any Competitive Enterprise or (D) 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;

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

(v) the Committee determines that you failed to meet, in any respect, any
obligation you may have under any agreement between you and the Firm, or any agreement
entered into in connection with your Employment with the Firm, including, without
limitation, any offer letter, employment agreement, 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.

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 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. 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.”

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(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.

(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,

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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 a governmental agency,
self-regulatory organization, or other employer and as a
result of such new employment the Firm determines that your
continued holding of your Outstanding Discount RSUs, or Base
RSUs would violate standards of ethical conduct applicable to
you (“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 cases of Paragraph 9(g)(i) and
9(g)(ii) above at the sole discretion of the Firm, you shall receive either a lump sum cash payment
or the delivery of the Shares underlying all then Outstanding Vested DSP RSUs (including those that
become Vested in connection with Paragraph 9(g)(i) by reason of the immediately foregoing), in each
case as soon as practicable after the Committee has received satisfactory documentation relating to
your Conflicted Employment. Notwithstanding anything else herein, Discount RSUs shall become
Vested and payment or delivery as a result of this Paragraph shall be made only at such time and if
and to the extent as would not result in the imposition of any additional tax under Section 409A of the Code;

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

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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 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.

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:  	[Name] 	 
	 	Title:  	[Title] 	 
	 

7EX-10.3

 

Exhibit 10.3

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

[20   ] YEAR-END RSU AWARD

This Award Agreement sets forth the terms and conditions of the [20  ] Year-End award (this
“Award”) of RSUs (“[20  ] Year-End RSUs”) granted to you under The Goldman Sachs Amended and
Restated Stock Incentive Plan (the “Plan”).

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

2. Award. The number of [20  ] Year-End RSUs subject to this Award is set forth in
the Award Statement delivered to you. An RSU is an unfunded and unsecured promise to deliver (or
cause to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share
of Common Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such
delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder
of GS Inc. This Award is conditioned on your executing the related signature card and
returning it to the address designated on the signature card and/or by the method designated on the
signature card by the date specified, and is subject to all terms, conditions and provisions of the
Plan and this Award Agreement, including, without limitation, the arbitration and choice of forum
provisions set forth in Paragraph 12. By executing the related signature card (which,
among other things, opens the custody account referred to in paragraph 3(b) if you have
not done so already), you will have confirmed your acceptance of all of the terms and conditions of
this Award Agreement.

3. Vesting and Delivery.

(a) Vesting. Except as provided in this Paragraph 3 and in Paragraphs 4,
6, 7, 9, 10 and 15, on each Vesting Date you shall become Vested in the number or
percentage of [20  ] Year-End 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 [20  ] Year-End RSUs that are or become Vested, all other terms and
conditions of this Award Agreement shall continue to apply to such Vested [20  ]
Year-End RSUs, and failure to meet such terms and conditions may result in the
termination of this Award (as a result of which no Shares underlying such Vested [20  ]
Year-End RSUs would be delivered).

(b) Delivery.

(i) The Delivery Date with respect to this Award 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 4, 6, 7, 9, 10 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 [20  ] Year-End 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 by book entry credit to your Custody Account or to a brokerage
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 [20  ] Year-End 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.

[(c) Escrow. Pending receipt of any consents deemed necessary or
appropriate by the Firm, Shares underlying your [20 ] Year-End RSUs initially may be
delivered into an escrow account meeting such terms and conditions as may be determined
by the Firm. Any such escrow arrangement shall, unless otherwise determined by the Firm,
provide that (i) the escrow agent shall have the exclusive authority to vote such Shares
while held in escrow and (ii) dividends paid on Shares held in escrow may be accumulated
and shall be paid as determined by GS Inc. in its discretion. By accepting your [20 ]
Year-End 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)][(d)] Death. Notwithstanding any other provision of this Award
Agreement, if you die prior to the Delivery Date, the Shares underlying your then
Outstanding [20  ] Year-End RSUs shall be delivered to the representative of your estate
as soon as practicable after the date of death and after such documentation as may be
requested by the Committee is provided to the Committee.

4. Termination of [20  ] Year-End RSUs and Non-Delivery of Shares.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs
[3(c)][3(d)], 6, 7, and 9, if your Employment terminates for any reason or you otherwise
are no longer actively employed with the Firm, your rights in respect of your [20  ]
Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior
to your termination of Employment immediately shall terminate, such [20  ] Year-End 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 [20  ] Year-End RSUs (whether
or not Vested) shall immediately terminate, such [20  ] Year-End 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) you, in any manner, directly or indirectly, (A) Solicit any Client to
transact business with a Competitive Enterprise or to reduce or refrain from doing any
business with the Firm, (B) interfere with or damage (or attempt to interfere with or
damage) any relationship between the Firm and any Client, (C) Solicit any person who is an employee of the Firm to
resign from the Firm or to apply for or accept employment with any Competitive
Enterprise or (D) 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;

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

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

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

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 this Award.

6. Extended Absence, Retirement 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 (determined as
described in Section 1.2.19 of the Plan) by reason of Extended Absence or Retirement,
the condition set forth in Paragraph 4(a) shall be waived with respect to any [20  ]
Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior
to such termination of Employment (as a result of which such [20  ] Year-End RSUs shall
become Vested), but all other 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 [20  ] Year-End RSUs that become Vested in accordance with Paragraph
6(a) immediately shall terminate, such Outstanding [20  ] Year-End 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 [20  ] Year-End RSUs, you (i) form, or
acquire a 5% or greater equity ownership, voting or profit participation interest in,
any Competitive Enterprise, or (ii) associate in any capacity (including, but not
limited to, association as an officer, employee, partner, director, consultant, agent or
advisor) with any Competitive Enterprise. Notwithstanding the foregoing, unless
otherwise determined by the Committee in its discretion, this Paragraph 6(b) will not
apply if your termination of Employment by reason of Extended Absence 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.”

(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 without Cause solely by reason of a “downsizing,” the condition
set forth in Paragraph 4(a) shall be waived with respect to your [20  ]

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Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior to such
termination of Employment (as a result of which such [20  ] Year-End RSUs 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.”

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 [20  ] Year-End RSUs, whether or not Vested, shall be
delivered.

8. Dividend Equivalent Rights. Each [20  ] Year-End RSU shall include a Dividend
Equivalent Right. Accordingly, with respect to each of your Outstanding [20  ] Year-End 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 [20  ] Year-End RSU. Payment in
respect of a Dividend Equivalent Right shall be made only with respect to [20  ] Year-End 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 Additional Terms, Conditions and Agreements.

(a) The delivery of Shares is conditioned on your satisfaction of any applicable
withholding taxes in accordance with Section 3.2 of the Plan.

(b) If you are or become a Managing Director, your rights in respect of the [20  ]
Year-End 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 [20  ] Year-End 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 [20  ] Year-End RSUs in accordance with such rules
and procedures as may be adopted from time to time with respect to sales of such Shares
(which may include, without limitation, restrictions relating to the timing of sale
requests, the manner in which sales are executed, pricing method, consolidation or
aggregation of orders and volume limits determined by the Firm). In addition, you
understand and agree that you shall be responsible for all brokerage costs and other
fees or expenses associated with your [20  ] Year-End RSU Award, including without
limitation, such brokerage costs or other fees or expenses in connection with the sale
of Shares delivered to you hereunder.

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(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 a governmental agency, self-regulatory organization, or other employer and
as a result of such new employment the Firm determines that your continued holding of
your Outstanding [20  ] Year-End RSUs would violate standards of ethical conduct
applicable to you (“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 [20  ] Year-End RSUs;

then, in the case of Paragraph 9(g)(i) above, the condition set forth in Paragraph 4(a)
shall be waived with respect to any [20  ] Year-End RSUs you then hold that had not yet
become Vested (as a result of which such [20  ] Year-End RSUs shall become Vested) and, in
the cases of Paragraph 9(g)(i) and 9(g)(ii) above, at the sole discretion of the Firm, you
shall receive either a lump sum cash payment or delivery of the Shares underlying your then
Vested Outstanding [20  ] Year-End RSUs, in each case as soon as practicable after the
Committee has received satisfactory documentation relating to your Conflicted Employment.
Notwithstanding anything else herein, [20  ] Year-End RSUs shall become Vested and payment
or delivery as a result of this Paragraph shall be made only at such time and if and to the
extent as would not result in the imposition of any additional tax under Section 409A of the
Code;

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 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.

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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. Delay in Payment. To the extent required in order to avoid the imposition of any
interest and/or additional tax under Section 409A(a)(1)(B) of the Code, any payments or deliveries
due as a result a your termination of Employment with the Firm may 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.

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:  	[Name] 	 
	 	Title:  	[Title] 	 
	 

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