Document:

Amended & Restated Share Option Plan

 

Exhibit
10.1

SHARE OPTION PLAN

(As
amended by the Corporation’s Board of Directors on
February 4, 1998 and approved by the Corporation’s
shareholders on March 23,
1998
and further amended by the Board of Directors on February 10,
2005 and approved by shareholders on March 22, 2005 and
further
amended by
the Board of Directors on October 19, 2006 and approved by the shareholders on November 20, 2006.)

ARTICLE 1

Purpose of Plan

1.1   The purpose of the Plan is to attract, retain and motivate persons as directors, officers, key
employees and consultants of the Corporation and its Subsidiaries and to advance the interests of
the Corporation by providing such persons with the opportunity, through share options, to acquire
an increased proprietary interest in the Corporation.

ARTICLE 2

Defined Terms

     Where used herein, the following terms shall have the following meanings, respectively:

2.1   Board means the board of directors of the Corporation or, if established and duly authorized to
act, the Executive Committee or another Committee appointed for such purpose by the board of
directors of the Corporation;

2.2   Business Day means any day, other than a Saturday or a Sunday, on which the Exchange is open
for trading;

2.3   Code means the U.S. Internal Revenue Code of 1986, as amended;

2.4   Consultant means an individual (including an individual whose services are contracted through a
personal holding corporation) with whom the Corporation or any Subsidiary has a contract for
substantial services;

2.5   Corporation means DENISON MINES CORP. (formerly named International Uranium Corporation) and
includes any successor corporation thereto;

2.6   Eligible Person means any director, officer, employee (part-time or full-time) or Consultant of
the Corporation or any Subsidiary or any employee of any management company providing services to
the Corporation;

2.7   Exchange means The Toronto Stock Exchange and, where the context permits, any other exchange on
which the Shares are or may be listed from time to time;

2.8   Incentive Stock Option means an Option to purchase Shares granted under Article 5 with the
intention that it qualify as an “incentive stock option” as that term is defined in
Section 422 of the Code;

 

 

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2.9   Insider means:

	(a)	 	an insider as defined under Section 1(1) of the Securities Act (Ontario), other than a person
who falls within that definition solely by virtue of being a director or senior officer of a
Subsidiary; and
	 
	(b)	 	an associate as defined under Section 1(1) of the Securities Act (Ontario) of any person who
is an insider by virtue of (a) above;

2.10   Market Price at any date in respect of the Shares shall be the greatest closing price of such
Shares on any Exchange on the last trading day preceding the date on which the Option is approved
by the Board (or, if such Shares are not then listed and posted for trading on the Exchange, on
such stock exchange in Canada on which the Shares are listed and posted for trading as may be
selected for such purpose by the Board). In the event that such Shares are not listed and posted
for trading on any stock exchange, the Market Price shall be the fair market value of such Shares
as determined by the Board in its sole discretion;

2.11   Nonqualified Stock Option means an Option to purchase Shares granted under Article 5 other
than an Incentive Stock Option;

2.12   Option means an option to purchase Shares granted under the Plan;

2.13   Option Price means the price per Share at which Shares may be purchased under the Option, as
the same may be adjusted from time to time in accordance with Article 8;

2.14   Optionee means an Eligible Person to whom an Option has been granted;

2.15   Person means an individual, a corporation, a partnership, an unincorporated association or
organization, a trust, a government or department or agency thereof and the heirs, executors,
administrators or other legal representatives of an individual and an associate or affiliate of any
thereof as such terms are defined in the Business Corporations Act, Ontario;

2.16   Plan means the Corporation’s Share Option Plan, as the same may be amended or varied from time
to time;

2.17   Share Compensation Arrangement means any stock option, stock option plan, employee stock
purchase plan or any other compensation or incentive mechanism involving the issuance or potential
issuance of Shares, including a share purchase from treasury which is financially assisted by the
Corporation by way of a loan, guarantee or otherwise;

2.18   Shares means the common shares of the Corporation or, in the event of an adjustment
contemplated by Article 8, such other shares or securities to which an Optionee may be entitled
upon the exercise of an Option as a result of such adjustment; and

2.19   Subsidiary means any corporation which is a subsidiary as such term is defined in subsection
1(2) of the Business Corporations Act, Ontario (as such provision is from time to time amended,
varied or re-enacted) of the Corporation.

ARTICLE 3

Administration of the Plan

3.1   The Plan shall be administered in accordance with the rules and policies of the Exchange in
respect of employee stock option plans by the Board. The Board shall receive recommendations of
management and shall determine and designate from time to time those directors, officers, employees
and Consultants of the Corporation or its Subsidiaries and those employees of management companies
providing services to the Corporation to whom an Option should be granted and the number of Shares,
which will be optioned from time to time to any individual and the terms and conditions of the
grant.

 

 

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3.2   The Board shall have the power, where consistent with the general purpose and intent of the
Plan and subject to the specific provisions of the Plan:

	(a)	 	to establish policies and to adopt, prescribe, amend or vary rules and regulations for
carrying out the purposes, provisions and administration of the Plan and make all other
determinations necessary or advisable for its administration;
	 
	(b)	 	to interpret and construe the Plan and to determine all questions arising out of the Plan and
any Option granted pursuant to the Plan and any such interpretation, construction or
determination made by the Board shall be final, binding and conclusive for all purposes;
	 
	(c)	 	to determine which Eligible Persons are granted Options and to grant Options;
	 
	(d)	 	to determine the number of Shares covered by each Option;
	 
	(e)	 	to determine the Option Price;
	 
	(f)	 	to determine the time or times when Options will be granted and exercisable;
	 
	(g)	 	to determine if the Shares which are subject to an Option will be subject to any restrictions
upon the exercise of such Option; and
	 
	(h)	 	to prescribe the form of the instruments relating to the grant, exercise and other terms of
Options which initially shall be substantially in the form annexed hereto as Schedule
“A”.

ARTICLE 4

Shares Subject to the Plan

4.1   Options may be granted in respect of authorized and unissued Shares provided that, subject to
increase by the Board, the receipt of the approval of the Exchange and the approval of shareholders
of the Corporation, the maximum aggregate number of Shares reserved by the Corporation for issuance
and which may be purchased upon the exercise of all Options granted under this Plan shall not
exceed 10% of the issued and outstanding shares of the Corporation from time to time, up to a
maximum of 20,000,000 Shares. Shares in respect of which Options are not exercised and
subsequently expire or are terminated, unexercised shall be available for subsequent Options under
the Plan. No fractional Shares may be purchased or issued under the Plan.

ARTICLE 5

Eligibility; Grant; Terms of Options

5.1   Options may be granted to Eligible Persons and may consist of Incentive Stock Options and/or
Nonqualified Stock Options. Notwithstanding the foregoing, only employees of the Corporation or
one of its Subsidiaries that is also a “subsidiary
corporation” (as defined in Section
422 of the Code) may be granted Incentive Stock Options.

5.2   Options may be granted by the Corporation pursuant to the recommendations of the Board from
time to time provided and to the extent that such decisions are approved by the Board.

5.3   Subject to the provisions of this Plan, the number of Shares subject to each Option, the Option
Price, the expiration date of each Option, the extent to which each Option is exercisable from time
to time during the term of the Option and other terms and conditions relating to each such Option
shall be determined by the Board. At no time shall the period during which an Option shall be
exercisable exceed 10 years.

 

 

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5.4   In the event that no specific determination is made by the Board with respect to any of the
following matters, each Option shall, subject to any other specific provisions of the Plan, contain
the following terms and conditions:

	(a)	 	the period during which an Option shall be exercisable shall be 10 years from the date the
Option is granted to the Optionee;
	 
	(b)	 	the Optionee may take up not more than 33 1/3% of the Shares covered by the Option during
each 12 month period from the date of the grant of the Option; provided, however, that if the
number of Shares taken up under the Option during any such 12 month period is less than 33
1/3% of the Shares covered by the Option, the Optionee shall have the right, at any time or
from time to time during the remainder of the term of the Option, to purchase such number of
Shares subject to the Option which were purchasable, but not purchased by him, during such 12
month period; and
	 
	(c)	 	to the extent that the Option Price of Shares (determined on the date of grant) with respect
to which Incentive Stock Options are exercisable for the first time during any calendar year
(under the Plan and all other stock option plans of the Corporation) exceeds US$100,000, such
portion in excess of US$100,000 shall be treated as a Nonqualified Stock Option.

5.5   The Option Price of Shares which are the subject of any Option shall in no circumstances be
lower than the Market Price of the Shares at the date of the grant of the Option.

5.6   The maximum number of Shares which may be reserved for issuance to Insiders under the Plan or
under any other Share Compensation Arrangement shall be 10% of the Shares outstanding at the date
of the grant (on a non-diluted basis).

5.7   The maximum number of Shares which may be issued to all Insiders under the Plan and any other
Share Compensation Arrangement in any 12 month period shall be 10% of the Shares outstanding at the
date of the issuance (on a non-diluted basis).

5.8   Any entitlement to acquire Shares granted pursuant to the Plan or any other Share Compensation
Arrangement prior to the Optionee becoming an Insider shall be excluded for the purposes of the
limits set out in 5.6 and 5.7 above.

5.9   An Option is personal to the Optionee and is non-assignable.

5.10   All references in
the Plan to “the Shares outstanding at the date of the
issuance”
shall mean that number of Shares determined on the basis of the number of Shares that are
outstanding immediately prior to the share issuance in question, excluding Shares issued pursuant
to any Share Compensation Arrangement over the preceding one year period.

ARTICLE 6

Exercise of Options

6.1   Subject to the provisions of the Plan, an Option may be exercised from time to time by delivery
to the Corporation at its registered office of a written notice of exercise addressed to the
Secretary of the Corporation specifying the number of Shares with respect to which the Option is
being exercised and accompanied by payment in full of the Option Price of the Shares to be
purchased. Certificates for such Shares shall be issued and delivered to the Optionee within a
reasonable period of time following the receipt of such notice and payment.

6.2   The exercise price for Shares purchased under an Option shall be paid in full to the
Corporation by delivery of consideration in an amount equal to the Option Price. Such
consideration must be paid in cash or by cheque or, unless the Board in its sole discretion
determines otherwise, either at the time the Option is granted or at any time before it is
exercised, a combination of cash and/or cheque (if any). The Corporation may permit an Optionee to
elect to pay the Option Price by authorizing a third party to sell Shares (or a sufficient portion
of such Shares)

 

 

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acquired upon exercise of the Option and remit to the Corporation a sufficient portion of the sale
proceeds to pay the entire Option Price and any tax withholding resulting from such exercise. In
addition, the Option Price for Shares purchased under an Option may be paid, either singly or in
combination with one or more of the alternative forms of payment authorized by this Section 6.2, by
such other consideration as the Board may permit. Notwithstanding the foregoing, if the Board
decides to grant stock appreciation rights, such rights shall be subject to the applicable
approvals provided for in Section 9.1.

6.3   Notwithstanding any of the provisions contained in the Plan or in any Option, the Corporation’s
obligation to issue Shares to an Optionee pursuant to the exercise of an Option shall be subject
to:

	(a)	 	completion of such registration or other qualification of such Shares or obtaining approval
of such governmental or regulatory authority as counsel to the Corporation shall reasonably
determine to be necessary or advisable in connection with the authorization, issuance or sale
thereof;
	 
	(b)	 	the listing of such Shares on the Exchange, if applicable; and
	 
	(c)	 	the receipt from the Optionee of such representations, agreements and undertakings, including
as to future dealings in such Shares, as the Corporation or its counsel reasonably determines
to be necessary or advisable in order to safeguard against the violation of the securities
laws of any jurisdiction.

In this connection the Corporation shall, to the extent necessary, take all reasonable steps to
obtain such approvals, registrations and qualifications as may be necessary for the issuance of
such Shares in compliance with applicable securities laws and for the listing of such Shares on the
Exchange.

ARTICLE 7

Termination of Employment; Death

7.1   Subject to Section 7.2 and any express resolution passed by the Board with respect to an
Option, an Option, and all rights to purchase pursuant thereto, shall expire and terminate 30 days
following the date upon which the Optionee ceases to be a director, officer or a part-time or
full-time employee of the Corporation or of any Subsidiary. The entitlement of a Consultant to
Options including the termination thereof shall be in accordance with the terms of the consulting
agreement entered into between the Corporation or the Subsidiary and the Consultant, provided that
in no event shall the Options of any Consultant continue to be outstanding 12 months following the
date upon which the consulting agreement between the Consultant and the Corporation or the
Subsidiary is terminated.

7.2   If, before the expiry of an Option in accordance with the terms thereof, the employment of the
Optionee with the Corporation or with any Subsidiary shall terminate, in either case by reason of
the death of the Optionee, such Option may, subject to the terms thereof and any other terms of the
Plan, be exercised by the legal representative(s) of the estate of the Optionee at any time during
the first year following the death of the Optionee (but prior to the expiry of the Option in
accordance with the terms thereof) but only to the extent that the Optionee was entitled to
exercise such Option at the date of the termination of the Optionee’s employment.

7.3   Options shall not be affected by any change of employment of the Optionee or by the Optionee
ceasing to be a director where the Optionee continues to be employed by the Corporation or any
Subsidiary or continues to be a director or officer of, the Corporation or any Subsidiary.

ARTICLE 8

Change in Control and Certain Adjustments

8.1   Notwithstanding any other provision of this Plan in the event that the Corporation receives an
offer (the “Offer”) for:

 

 

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	(a)	 	the acquisition by any Person of Shares or rights or options to acquire Shares of the
Corporation or securities which are convertible into Shares of the Corporation or any
combination thereof such that after the completion of such acquisition such Person would be
entitled to exercise 30% or more of the votes entitled to be cast at a meeting of the
shareholders; or
	 
	(b)	 	the sale by the Corporation of all or substantially all of the property or assets of the
Corporation;

then notwithstanding that at the effective time of the Offer the Optionee may not be entitled to
all the Shares granted by the Option, the Optionee shall be entitled to exercise the Options to the
full amount of the Shares remaining at that time from the date of the Offer to the date of 60 days
following the close of any such transaction. If such transaction is not completed within 90 days of
the date of the Offer and the Optionee has not so exercised that portion of the Option relating to
Shares to which the Optionee would not otherwise be entitled, this provision shall cease to apply
to the Offer.

8.2   Appropriate adjustments with respect to Options granted or to be granted, in the number of
Shares optioned and in the Option Price, shall be made by the Board to give effect to adjustments
in the number of Shares of the Corporation resulting from subdivisions, consolidations or
reclassifications of the Shares of the Corporation, the payment of stock dividends or cash
dividends by the Corporation (other than dividends in the ordinary course), the distribution of
securities, property or assets by way of dividend or otherwise (other than dividends in the
ordinary course), or other relevant changes in the capital stock of the Corporation or the
amalgamation or merger of the Corporation with or into any other entity, subsequent to the approval
of the Plan by the Board. The appropriate adjustment in any particular circumstance shall be
conclusively determined by the Board in its sole discretion, subject to approval by the
Shareholders of the Corporation and to acceptance by the Exchange respectively, if applicable.

ARTICLE 9

Amendment or Discontinuance of Plan

9.1   (a) Board and requisite shareholder and regulatory approval shall be required for any of the
following amendments to be made to the Plan:

	 	(i)	 	any amendment to the number of securities issuable under the Plan, including an
increase to a fixed maximum number of securities or a change from a fixed maximum
number of securities to a fixed maximum percentage. A change to a fixed maximum
percentage which was previously approved by shareholders will not require additional
shareholder approval.
	 
	 	(ii)	 	any change to the definition of “Eligible Person” which would have the
potential of broadening or increasing insider participation.
	 
	 	(iii)	 	the addition of any form of financial assistance;
	 
	 	(iv)	 	any amendment to a financial assistance provision which is more favourable to
participants;
	 
	 	(v)	 	the addition of a cashless exercise feature, payable in cash or securities
which does not provide for a full deduction of the number of underlying securities from
the Plan reserve;
	 
	 	(vi)	 	the addition of a deferred or restricted share unit or any other provision
which results in Eligible Persons receiving securities while no cash consideration is
received by the Corporation;
	 
	 	(vii)	 	discontinuance of the Plan; and
	 
	 	(viii)	 	and any other amendments that may lead to significant or unreasonable dilution in the
Corporation’s outstanding securities or may provide, additional benefits to Eligible
Persons, especially insiders of the Corporation, at the expense of the Corporation and
its existing shareholders.

 

 

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9.1   (b)   The Board may, subject to receipt of requisite regulatory approval, where required, in its
sole discretion make all other amendments to the Plan that are not of the type contemplated in
section 9.1(a) above including, without limitation:

	(i)	 	amendments of a “housekeeping” nature;
	 
	(ii)	 	a change to the vesting provisions of a security or the Plan;
	 
	(iii)	 	a change to the termination provisions of a security or the Plan which does
not entail an extension beyond the original expiry date; and
	 
	(iv)	 	the addition of a cashless exercise feature, payable in cash or securities,
which provides for a full deduction of the number of underlying securities from the
Plan reserve.

9.1   (c) Notwithstanding the provisions of section 9.1(b), the Corporation shall additionally obtain
requisite shareholder approval in respect of amendments to the Plan that are contemplated pursuant
to section 9.1(b), to the extent such approval is required by any applicable laws or regulations
(including, without limitation, Section 422 of the Code).

9.1   (d) Notwithstanding all of the foregoing, no amendment to the Plan may alter or impair any of
the terms of any Option previously granted to an Optionee under the Plan without the consent of the
Optionee.

9.2   Any change or adjustment to an outstanding Incentive Stock Option shall not, without the
consent of the Optionee, be made in a manner so as to constitute a
“modification” that
would cause such Incentive Stock Option to fail to continue to qualify as an Incentive Stock
Option.

9.3   The Plan will have no fixed expiration date; provided, however, that no Incentive Stock Options
may be granted more than 10 years after the earlier of the Plan’s adoption by the Board and
approval by the shareholders of the Corporation.

ARTICLE 10

Miscellaneous Provisions

10.1   The holder of an Option shall not have any rights as a shareholder of the Corporation with
respect to any of the Shares covered by such Option until such holder shall have exercised such
Option in accordance with the terms of the Plan (including tendering payment in full of the Option
Price of the Shares in respect of which the Option is being exercised) and the issuance of Shares
by the Corporation.

10.2   Nothing in the Plan or any Option shall confer upon an Optionee any right to continue in the
employ of the Corporation or any Subsidiary or affect in any way the right of the Corporation or
any Subsidiary to terminate the Optionee’s employment at any time; nor shall anything in the Plan
or any Option be deemed or construed to constitute an agreement, or an expression of intent, on the
part of the Corporation or any Subsidiary to extend the employment of any Optionee beyond the time
which the Optionee would normally be retired pursuant to the provisions of any present or future
retirement plan of the Corporation or any Subsidiary, or beyond the time at which the Optionee
would otherwise be retired pursuant to the provisions of any contract of employment with the
Corporation or any Subsidiary.

10.3   To the extent required by law or regulatory policy or necessary to allow Shares issued on
exercise of an Option to be free of resale restrictions, the Corporation shall report the grant,
exercise or termination of the Option to the Exchange and the appropriate securities regulatory
authorities.

10.4   The Corporation may require the Optionee to pay to the Corporation the amount of any
withholding taxes that the Corporation is required to withhold with respect to the grant or
exercise of any Option. Subject to the Plan and applicable law, the Board may, in its sole
discretion, permit the Optionee to satisfy withholding obligations in whole or in part, by paying
cash or by electing to have the Corporation withhold Shares in such amounts as are equivalent to
the Market Price in order to satisfy the withholding obligation. The Corporation shall have the
right to withhold from any Shares issuable pursuant to an Option or from any cash amounts otherwise
due or to become due from the Corporation to the Optionee an amount equal to such taxes, and such
withheld Shares shall be cancelled if

 

 

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required by any applicable law or regulatory authority. The Corporation may also deduct from any
Option any other amounts due from the Optionee to the Corporation. For the purposes of this
Section 10.4, all references to the Corporation shall be deemed to include references to a
Subsidiary where the context permits.

ARTICLE 11

Shareholder and Regulatory Approval

11.1   The Plan shall be subject to the approval of the shareholders of the Corporation to be given
by a resolution passed at a meeting of the shareholders of the Corporation in accordance with the
Business Corporations Act, Ontario, and to acceptance by the Exchange, if applicable. Any Options
granted prior to such approval and acceptance shall be conditional upon such approval and
acceptance being given, and no such Options may be exercised unless such approval and acceptance is
given.

November 20, 2006EX-10.29

 

EXHIBIT
10.29

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. This 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. This 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.
This 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 13. 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
DSP 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 those Shares will not be
considered “Covered Shares” as defined in that Agreement. Shares underlying your Base RSUs will
not count toward satisfying your transfer restriction requirements under Section 2.1 of the
Shareholders’ Agreement until the Transfer Restrictions
described in
Paragraph 3(b)(i)(B) are
removed.

     3. Vesting, Delivery and Transfer Restrictions.

          (a) Vesting.

          (i) Base RSUs. Except as provided in Paragraph 2(b), you shall be fully Vested in all
of the Outstanding Base RSUs on the Date of Grant, and, subject to Paragraph 10, neither such Base
RSUs, nor the Shares underlying them, shall be forfeitable for any reason.

 

 

          (ii) Discount RSUs. Except as provided in this Paragraph 3 and in Paragraphs 2, 4(b),
5, 7, 8, 10, 11 and 16, on each Vesting Date you shall become Vested in the number or percentage of
the 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 the Discount RSUs (as a result
of which no Shares underlying your Discount RSUs would be delivered).

          (b) Delivery and Transfer Restrictions.

          (i) Base RSUs.

          (A) Delivery Date. The Delivery Date with respect to your Base 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
that date. For this purpose, a “Trading Day” is a day on which Shares trade regular way on the New
York Stock Exchange. Except as provided in this Paragraph 3 and Paragraphs 2, 8, 10, 11 and 16, 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, Shares underlying your Base RSUs
(“Base Shares”) shall be delivered by book entry credit to your Custody Account or to a brokerage
account as approved or required by the Firm.

          (B) Transfer Restrictions on Base Shares. Except as provided in Paragraphs 3(c),
4(a), 8, or 10, until the date specified on your Award Statement as the “Transferability Date:”
(I) your Base Shares shall not be permitted to be sold, exchanged, transferred, assigned, pledged,
hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any
cash-settled instrument), whether voluntarily or involuntarily by you (collectively referred to as
the “Transfer Restrictions”) and any purported sale, exchange, transfer, assignment, pledge,
hypothecation, fractionalization, hedge or other disposition in violation of the Transfer
Restrictions shall be void; and (II) if and to the extent your Base Shares are certificated, the
certificates representing your Base Shares are subject to the restrictions in this Paragraph
3(b)(i)(B) and GS Inc. shall advise its transfer agent to place a stop order against your Base
Shares. Within 30 Business Days after the Transferability Date (or any other date described herein
the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps
as may be necessary to remove the Transfer Restrictions.

          (ii) Discount RSUs. The Delivery Date with respect to your Outstanding Vested
Discount 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 that date. Except as provided in this Paragraph 3 and in Paragraphs
2, 4(b), 5, 6, 7, 8, 10, 11 and 16, in accordance with Section 3.23 of the Plan, reasonably
promptly (but in no case more than thirty (30) Business Days) after any 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 Discount 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 as
approved or required by the Firm.

          (iii) Certain “Covered Employees.” 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.

          (iv) Right to Deliver Cash or Other Property. 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,

2

 

and all references in this Award Agreement to deliveries of Shares shall include
such deliveries of cash, other securities, other Awards or other property.

          (v) Escrow. 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 with respect to your DSP RSUs and/or the Transferability Date with
respect to your Base Shares, 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: (i) your Base
Shares and the Shares underlying all of your then Outstanding DSP RSUs shall be delivered to the
representative of your estate; and (ii) the Transfer Restrictions then applicable to your Base
Shares shall be removed. 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 Employment

          (a) Base Shares. Unless the Committee determines otherwise, if your Employment
terminates for any reason or you otherwise are no longer actively employed with the Firm (other
than by reason of Extended Absence or solely as a result of “downsizing” as provided in Paragraph
7(b)), the Transfer Restrictions will be removed as soon as practicable after the date your
Employment so terminates. If your Employment terminates by reason of Extended Absence or solely by
reason of a “downsizing” as provided in Paragraph 7(b), the Transfer Restrictions shall continue to
apply to your Base Shares until the Transferability Date in accordance with Paragraph 3(b)(i)(B)
hereof.

          (b) Discount RSUs. Unless the Committee determines otherwise, except as provided in
Paragraphs 3(c), 7, 8 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 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.

     5. Termination of Discount RSUs and Non-Delivery of Shares. Unless the Committee
determines otherwise, and except as provided in Paragraphs 7 and 8, your rights in respect of all
of your Outstanding Discount RSUs (whether or not Vested), immediately shall terminate, such
Discount RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof
if:

          (a) 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;

          (b) any event that constitutes Cause has occurred;

          (c) (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

3

 

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;

          (d) 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;

          (e) 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

          (f) as a result of any action brought by you, it is determined that any of the terms or
conditions 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.

     6. 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 not your Base RSUs or Base Shares.

     7. Extended Absence and Downsizing.

          (a) Extended Absence.

          (i) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph
7(a)(ii), solely with respect to any Discount RSUs that were Outstanding but that had not yet
become Vested immediately prior to your termination of Employment (determined as described in
Section 1.2.19 of the Plan) by reason of Extended Absence, the condition set forth in Paragraph
4(b) shall be waived with respect to any such Discount RSUs (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. Any termination of Employment by reason of Extended Absence shall not affect
your Base RSUs or Base Shares, and the Transfer Restrictions shall continue to apply until the
Transferability Date as provided in Paragraph 3(b)(i)(B).

          (ii) Without limiting the application of Paragraph 4(b), your rights in respect of your
Outstanding Discount RSUs that become Vested in accordance with Paragraph 7(a)(i) 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

4

 

(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.

          (b) Downsizing.

          (i) 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(b) shall be waived
with respect to a portion of your Discount RSUs that were Outstanding but that had not yet become
Vested immediately prior to such 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 remaining Vesting Date by multiplying the number of Discount RSUs that would become Vested on
each 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. Your termination of Employment by reason of
“downsizing” shall not affect your Base Shares, and the Transfer Restrictions shall continue to
apply until the Transferability Date as provided in Paragraph 3(b)(i)(B).

          (ii) 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.”

     8. 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, and
the Transfer Restrictions with respect to your Base Shares shall be removed.

     9. 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 relevant record date.
Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the Plan.

     10. Certain Additional Terms, Conditions and Agreements. 

          (a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding
taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the
Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any
Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection
with the grant, vesting or delivery of this DSP Award by requiring you to choose between remitting
such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds
from the Firm’s executing a sale of Shares delivered to you pursuant to this DSP Award. In
addition, if you are an individual with separate employment contracts (at any time during and/or
after the Firm’s                      fiscal year), the Firm may, in its sole discretion, require you to provide for
a reserve in an amount the Firm determines is advisable or necessary in connection
with any actual, anticipated or potential tax consequences related to your separate employment
contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll
deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares
delivered to you pursuant to this DSP Award (or

5

 

any other Outstanding Awards under the Plan). In
no event, however, shall any choice you may have under the preceding two sentences determine, or
give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of
tax obligations.

          (b) 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 Award 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
DSP 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
DSP Award, including, without limitation, such brokerage costs or other fees or expenses in
connection with the sale of Shares delivered to you hereunder.

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

          (g) Without limiting the application of Paragraph 5, 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 Base RSUs, Discount RSUs or
Base Shares 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 Base RSUs, Discount RSUs or Base Shares;

then, in the case of Paragraph 10(g)(i) above only, the condition set forth in Paragraph 4(b) 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 10(g)(i) and
10(g)(ii) above, the Transfer Restrictions shall be removed with respect to any then delivered Base Shares, all Base RSUs and then Outstanding
Vested Discount RSUs pursuant to which Shares had not yet been delivered shall be cancelled, and,
at the sole discretion of the Firm, you shall receive either a lump sum cash payment in respect of,
or delivery of Shares underlying, any such cancelled Base RSUs and Vested Discount RSUs, in each
case as soon as practicable after

6

 

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 10(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).

     11. Right of Offset. The obligation to deliver Shares under this Award Agreement or
to remove the Transfer Restrictions 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.

     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 this 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 DSP 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. Non-transferability. Except as otherwise may be provided in this Paragraph 14 or
as otherwise may be provided by the Committee, and subject to Paragraph 3 hereof, the limitations
on transferability set forth in Section 3.5 of the Plan shall apply to this DSP Award. Any
purported transfer or assignment in violation of the provisions of this Paragraph 14 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.

     15. 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.

     16. 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 of 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.

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

7

 

     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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