Document:

EX-10.59

 EXHIBIT 10.59 

[            ] FIXED ALLOWANCE
DEFERRED CASH AWARD 
 This Award Agreement governs your
             Fixed Allowance deferred cash award (your “Award”), granted to you effective
             (the “Award Date’). You should read carefully this entire Award Agreement, which includes the Award Statement and any attached Appendix. 

ACCEPTANCE 
 1.
You Must Decide Whether to Accept this Award Agreement. To be eligible to receive your Award, you must by the date specified agree to all the terms of your Award by executing this Award Agreement and returning the executed signature page in
accordance with its instructions. By executing this Award Agreement, you confirm your agreement to all of the terms of this Award Agreement, including the arbitration and choice of forum provisions in Paragraph 13. 

DOCUMENTS THAT GOVERN YOUR AWARD; DEFINITIONS 

2. Your Award Statement. The Award Statement delivered to you contains some of your Award’s specific terms. For example, it
contains the amount of your Award (the “Award Amount”). 
 3. Definitions. Capitalized terms that are not defined in
the body of this Award Agreement are defined in the Definitions Appendix, which also includes terms that are defined in The Goldman Sachs Amended and Restated Stock Incentive Plan (2015) (the “Plan”). 

4. The Goldman Sachs Amended and Restated Stock Incentive Plan (2015). Certain provisions of the Plan apply to this Award. Any
reference to a Plan provision in this Award Agreement means that such provision applies to this Award and that such provision is expressly incorporated by reference into this Award Agreement. Any references to “Grantee” in the Plan shall
be deemed to refer to you, any references to an “Award” shall be deemed to refer to this Award of deferred cash, any references to “shares of Common Stock” shall be deemed to refer to the Award Amount and any references to
“delivery” shall be deemed to refer to payment. 
 AWARD 

5. Award. This Award constitutes an unfunded and unsecured promise to pay (or cause to be paid) to you in cash, subject to the
terms and conditions of this Award Agreement, the Award Amount, plus applicable earnings as described in Paragraph 8, on the date or dates provided in this Award Agreement. 

VESTING OF YOUR AWARD 

6. Vesting. Your Award is Vested. When an Award is Vested, it means that your continued active Employment is not required for
payment of that portion of your Award. The terms of this Award Agreement (including conditions to payment) continue to apply to your Vested Award. 

PAYMENT OF YOUR AWARD AMOUNT; EARNINGS 

7. Payment of the Award Amount. The Award Amount (less applicable withholding as described in Paragraph 10(a)) will be paid to
you in three substantially equal installments in each of             ,              and
             (each such date, a “Payment Date”). Until such payment, you have only the rights of a general unsecured creditor of the Firm. The Firm may accelerate
any Payment Date by up to 30 days. 

 8. Earnings. During the period between the Date of Grant and the last applicable
Payment Date (or such earlier date as you may receive payment of all amounts due to you under the Award), any unpaid portion of the Award Amount will be credited with earnings on the last day of the calendar year that immediately precedes the
Payment Date at a rate of             , provided, however, in the event you receive payment on a date earlier than the applicable Payment Date, any unpaid
portion of the Award Amount will be credited with the pro-rata portion of such earnings (based upon the number of days in the calendar year in which such payment occurs, or such other method as may be determined by the Firm). Such credited earnings
(less applicable withholding as described in Paragraph 10(a)) will be paid to you on each Payment Date in accordance with Paragraph 7 above. 

EXCEPTIONS TO PAYMENT DATES 

9. Accelerated Payment in the Event of a Qualifying Termination After a Change in Control, Conflicted Employment or Death.
In the event of your Qualifying Termination After a Change in Control, Conflicted Employment or death, each as described below, your Outstanding Award will be treated as described in this Paragraph 9. 

(a) You Have a Qualifying Termination After a Change in Control. If your Employment terminates when you meet the
requirements of a Qualifying Termination After a Change in Control, an amount equal to any unpaid portion of your Award will be paid to you. 

(b) You Are Determined to Have Accepted Conflicted Employment. 

(i) Generally. If your Employment terminates solely because you resign to accept Conflicted Employment, as soon as
practicable after the Firm has received satisfactory documentation relating to your Conflicted Employment, an amount equal to any unpaid portion of your Award will be paid to you. In addition, if, following your termination of Employment, you notify
the Firm and provide the Firm with satisfactory documentation that you are accepting Conflicted Employment, an amount equal to any unpaid portion of your Award will be paid to you. 

(ii) You May Have to Take Other Steps to Address Conflicts of Interest. The Firm retains the authority to exercise its
rights under the Award Agreement to take or require you to take other steps it determines in its sole discretion to be necessary or appropriate to cure an actual or perceived conflict of interest (which may include a determination that the
accelerated payment described in Paragraph 9(b)(i) will not apply because such action is not necessary or appropriate to cure an actual or perceived conflict of interest). 

(c) Death. If you die, an amount equal to any unpaid portion of your Award will be paid 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 Firm is provided to the Firm. 

  
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 OTHER TERMS, CONDITIONS AND
AGREEMENTS 
 10. Additional Terms, Conditions and Agreements. 

(a) You Must Satisfy Applicable Tax Withholding Requirements. Payment of your Award is conditioned on your satisfaction
of any applicable withholding taxes in any manner described in Section 3.2 of the Plan (which includes the Firm deducting or withholding amounts from any payment to you). To the extent permitted by applicable law, the Firm, in its sole
discretion, also 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 or payment of this Award by requiring you to remit
such amount in cash (or through payroll deduction or otherwise). 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, in its sole discretion, may 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 remit such amount in cash (or through payroll deduction or otherwise). In no event, however, does this Paragraph 10(a) give you
any discretion to determine or affect the timing of the payment of the Award or the timing of payment of tax obligations. 

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

(i) You Agree to Certain Consents as a Condition to the Award. You have expressly consented to all of the items listed
in Section 3.3.3(d) of the Plan, including the Firm’s supplying to any third-party recordkeeper of the Award or other person such personal information of yours as the Firm deems advisable to administer the Award, and you agree to provide
any additional consents that the Firm determines to be necessary or advisable; 
 (ii) You Are Subject to the Firm’s
Policies, Rules and Procedures. You are subject to the Firm’s policies in effect from time to time concerning confidential or proprietary information; 

(iii) You Will Be Deemed to Represent Your Compliance with All the Terms of Your Award if You Accept Payment. You will
be deemed to have represented and certified that you have complied with all of the terms of this Award Agreement when you accept payment of your Award; 

(iv) Firm May Deliver Your Award into an Escrow Account. The Firm may establish and maintain an escrow account on such
terms (which may include your executing any documents related to, and your paying for any costs associated with, such account) as it may deem necessary or appropriate, and the payment of your Award may initially be made into and held in that escrow
account until such time as the Firm has received such documentation as it may have requested or until the Firm has determined that any other conditions or restrictions on payment required by this Award Agreement have been satisfied; 

(v) You Must Comply with Applicable Deadlines and Procedures to Appeal Determinations Made by the Firm. In order to
appeal a determination by the Firm, or any of its delegates or designees, you must submit a written request for the appeal within 180 days after receipt of any such determination. You must exhaust all administrative remedies before seeking to
resolve a dispute through arbitration pursuant to Paragraph 13 and Section 3.17 of the Plan. 

  
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 (vi) You Agree that any Covered Person Shall Not Have Liability. In
addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person will have any liability to you or any other person for any action taken or omitted in respect of this or any
other Award. 
 11. Non-transferability. Unless otherwise determined by the Firm, none of your rights under this Award shall be
permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized or otherwise disposed of, whether voluntarily or involuntarily, and any purported sale, exchange, transfer, assignment, pledge, hypothecation,
fractionalization or other disposition in violation of this Paragraph shall be void. 
 12. Right of Offset. Except as provided
in Paragraph 15(f), the obligation to make any payment 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 Firm deems appropriate pursuant to any tax equalization policy or agreement. 
 ARBITRATION, CHOICE
OF FORUM AND GOVERNING LAW 
 13. Arbitration;
Choice of Forum. 
 (a) BY ACCEPTING THIS AWARD,
YOU ARE INDICATING THAT YOU UNDERSTAND AND AGREE THAT THE ARBITRATION
AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE
PLAN ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WILL APPLY TO
THIS AWARD. THESE PROVISIONS, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE,
PROVIDE AMONG OTHER THINGS THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN
THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING
THE PLAN OR THIS AWARD AGREEMENT WILL BE FINALLY SETTLED BY
ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET
FORTH IN SECTION 3.17 OF THE PLAN. 

(b) To the fullest extent permitted by applicable law, no arbitrator will have the authority to consider class, collective or
representative claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved. 

(c) Notwithstanding any applicable forum rules to the contrary, to the extent there is a question of enforceability of this
Award Agreement arising from a challenge to the arbitrator’s jurisdiction or to the arbitrability of a claim, it will be decided by a court and not an arbitrator. 

(d) All references to the New York Stock Exchange in Section 3.17 of the Plan will be read as references to the Financial
Industry Regulatory Authority. 
 (e) The Federal Arbitration Act governs interpretation and enforcement of all arbitration
provisions under the Plan and this Award Agreement, and all arbitration proceedings thereunder. 
 (f) Nothing in this Award
Agreement creates a substantive right to bring a claim under U.S. Federal, state, or local employment laws. 

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

 CERTAIN TAX PROVISIONS 

15. Compliance of Award Agreement and Plan with Section 409A. The provisions of this Paragraph 16 apply to you only
if you are a U.S. taxpayer. 
 (a) This Award Agreement is intended and will be construed to comply with Section 409A
(including the requirements applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation), whether by reason of short-term deferral treatment or other exceptions or provisions. The Firm will have full authority to
give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of this Paragraph 15 and the other provisions of this Award Agreement, this Paragraph 15
will govern. 
 (b) Payment of the Award will not be delayed beyond the date on which all applicable conditions or
restrictions on payment required by this Agreement are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, payment for such portion will occur by
the March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. 1.409A-1(b)(4) in order for the payment of the Award to be within the short-term deferral exception unless, in order to permit
all applicable conditions or restrictions on payment to be satisfied, the Firm elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay payment to a later date within the same
calendar year or to such later date as may be permitted under Section 409A, including Reg. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and Reg. 1.409A-3(d). For the avoidance of
doubt, if the Award includes a “series of installment payments” as described in Reg. 1.409A-2(b)(2)(iii), your right to the series of installment payments will be treated as a right to a series of separate payments and not as a right to a
single payment. 
 (c) Notwithstanding the timing provisions of Paragraph 9(c), the payment of the Award referred to therein
will be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A). 

(d) The timing of payment pursuant to Paragraph 9(a) will occur on the earlier of (i) the Payment Date or (ii) a date
that is within the calendar year in which the termination of Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the Firm in accordance with Section 409A(a)(2)(i)(B) of the Code),
payment will occur on the earlier of the Payment Date or (to the extent required to avoid the imposition of additional tax under Section 409A) the date that is six months after your termination of Employment. For purposes of Paragraph 9(a),
references in this Award Agreement to termination of Employment mean a termination of Employment from the Firm (as defined by the Firm) which is also a separation from service (as defined by the Firm in accordance with Section 409A). 

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

  
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 (f) Paragraph 12 and Section 3.4 of the Plan will not apply to Awards that
are 409A Deferred Compensation except to the extent permitted under Section 409A. 
 (g) Payment of the Award may be
made, if and to the extent elected by the Firm, later than the Payment Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A Deferred Compensation, only to the extent that the later payment is
permitted under Section 409A). 
 (h) You understand and agree that you are solely responsible for the payment of any
taxes and penalties due pursuant to Section 409A, but in no event will you be permitted to designate, directly or indirectly, the taxable year of the payment. 

AMENDMENT AND CONSTRUCTION 

16. Amendment. The Firm reserves the right at any time to amend the terms of this Award Agreement; provided that, no such
amendment will materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Firm expressly reserves its rights to amend the Award Agreement as described in Sections
1.3.2(h)(1), (2) and (4) of the Plan. A modification that impacts the tax consequences of this Award or the timing of payment of the Award will not be an amendment that materially adversely affects your rights and obligations under this
Award Agreement. Any amendment of this Award Agreement will be in writing. 
 17. Construction, Headings. Unless the context
requires otherwise, (a) words describing the singular number include the plural and vice versa, (b) words denoting any gender include all genders and (c) the words “include,” “includes” and “including”
will be deemed to be followed by the words “without limitation.” The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof. References in
this Award Agreement to any specific Plan provision will not be construed as limiting the applicability of any other Plan provision. 
 18.
Actions of the Firm. Any right, responsibility, act or omission that is reserved to the Firm hereunder or to the Committee in the provisions of the Plan that apply to this Award, may be taken by the Board of Directors of The Goldman
Sachs Group, Inc. (the “Board”), the Compensation Committee of the Board, the individuals who from time to time constitute the administrative committee of the SIP (the “SIP Committee”) or such other person or persons as the
Board, the Compensation Committee or the members of the SIP Committee may designate, and each such person shall have the powers with respect to this Award as described in Section 1.3.2 of the Plan, and may take actions in the manner described
in Section 1.3.3 of the Plan. 

  
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 IN WITNESS WHEREOF,
[            ] has caused this              Fixed Allowance Deferred Cash Award Agreement to be duly executed and
delivered as of the Award Date. 
 [            ] 

  
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 DEFINITIONS APPENDIX 

The following capitalized terms are used in this Award Agreement with the following meanings: 

(a) “409A Deferred Compensation” means a “deferral of compensation” or “deferred compensation” as those
terms are defined in the regulations under Section 409A. 
 (b) “Qualifying Termination After a Change in Control”
means that the Firm terminates your Employment other than for Cause or you terminate your Employment for Good Reason, in each case, within 18 months following a Change in Control. 

The following capitalized terms are used in this Award Agreement with the meanings that are assigned to them in The Goldman Sachs Amended and Restated Stock
Incentive Plan (2015) (the “Plan”), as modified by Paragraph 4. 
 (a) “Award Agreement” means the
written document or documents by which each Award is evidenced, including any Award Statement. 
 (b) “Award Statement”
means a written statement that reflects certain Award terms. 
 (c) “Business Day” means any day other than a Saturday, a
Sunday or a day on which banking institutions in New York City are authorized or obligated by Federal law or executive order to be closed. 

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

(e) “Change in Control” means the consummation of a merger, consolidation, statutory share exchange or similar form of
corporate transaction involving GS Inc. (a “Reorganization”) or sale or other disposition of all or substantially all of GS Inc.’s assets to an entity that is not an affiliate of GS Inc. (a “Sale”), that in each case
requires the approval of GS Inc.’s shareholders under the law of GS Inc.’s jurisdiction of organization, whether for such Reorganization or Sale (or the issuance of securities of GS Inc. in such Reorganization or Sale), unless
immediately following such Reorganization or Sale, either: (i) at least 50% of the total voting power (in respect of the election of directors, or similar officials in the 

  
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case of an entity other than a corporation) of (A) the entity resulting from such Reorganization, or the entity which has acquired all or substantially all of the assets of GS Inc. in a Sale
(in either case, the “Surviving Entity”), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, as such Rule is in effect on the
date of the adoption of the 1999 SIP) of 50% or more of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the Surviving Entity (the “Parent Entity”)
is represented by GS Inc.’s securities (the “GS Inc. Securities”) that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such GS Inc. Securities were converted
pursuant to such Reorganization or Sale) or (ii) at least 50% of the members of the board of directors (or similar officials in the case of an entity other than a corporation) of the Parent Entity (or, if there is no Parent Entity, the
Surviving Entity) following the consummation of the Reorganization or Sale were, at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale, individuals (the “Incumbent
Directors”) who either (A) were members of the Board on the Effective Date or (B) became directors subsequent to the Effective Date and whose election or nomination for election was approved by a vote of at least two-thirds of the
Incumbent Directors then on the Board (either by a specific vote or by approval of GS Inc.’s proxy statement in which such persons are named as nominees for director). 

(f) “Committee” means the committee appointed by the Board to administer the Plan pursuant to Section 1.3, and, to the
extent the Board determines it is appropriate for the compensation realized from Awards under the Plan to be considered “performance based” compensation under Section 162(m) of the Code, shall be a committee or subcommittee of the
Board composed of two or more members, each of whom is an “outside director” within the meaning of Code Section 162(m), and which, to the extent the Board determines it is appropriate for Awards under the Plan to qualify for the
exemption available under Rule 16b-3(d)(1) or Rule 16b-3(e) promulgated under the Exchange Act, shall be a committee or subcommittee of the Board composed of two or more members, each of whom is a “non-employee director” within the meaning
of Rule 16b-3. Unless otherwise determined by the Board, the Committee shall be the Compensation Committee of the Board. 
 (g)
“Common Stock” means common stock of GS Inc., par value $0.01 per share. 
 (h) “Conflicted Employment”
means the Grantee’s 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, if, as a result of such employment, the Grantee’s continued holding of any Outstanding Award would result in an actual or perceived conflict of interest. 

(i) “Covered Person” means a member of the Board or the Committee or any employee of the Firm. 

(j) “Date of Grant” means the date specified in the Grantee’s Award Agreement as the date of grant of the Award. 

(k) “Employment” means the Grantee’s performance of services for the Firm, as determined by the Committee. The terms
“employ” and “employed” shall have their correlative meanings. The Committee in its sole discretion may determine (i) whether and when a Grantee’s leave of absence results in a termination of Employment (for this
purpose, unless the Committee determines otherwise, a Grantee shall be treated as terminating Employment with the Firm upon the occurrence of an Extended Absence), (ii) whether and when a change in a Grantee’s association with the Firm
results in a termination of Employment and (iii) the impact, if any, of any such leave of absence or change in association on Awards theretofore made. Unless expressly provided otherwise, any references in the Plan or any Award Agreement to a
Grantee’s Employment being terminated shall include both voluntary and involuntary terminations. 

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

(m) “Good Reason” means, in connection with a termination of employment by a Grantee following a Change in Control,
(a) as determined by the Committee, a materially adverse alteration in the Grantee’s position or in the nature or status of the Grantee’s responsibilities from those in effect immediately prior to the Change in Control or (b) the
Firm’s requiring the Grantee’s principal place of Employment to be located more than seventy-five (75) miles from the location where the Grantee is principally Employed at the time of the Change in Control (except for required travel
on the Firm’s business to an extent substantially consistent with the Grantee’s customary business travel obligations in the ordinary course of business prior to the Change in Control). 

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

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

(p) “Outstanding” means any Award to the extent it has not been forfeited, cancelled, terminated, exercised or with respect to
which the shares of Common Stock underlying the Award have not been previously delivered or other payments made. 
 (q) “Section
409A” means Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or
interpreted through further administrative guidance. 
 (r) “Vested” means, with respect to an Award, the portion of the
Award that is not subject to a condition that the Grantee remain actively employed by the Firm in order for the Award to remain Outstanding. The fact that an Award becomes Vested shall not mean or otherwise indicate that the Grantee has an
unconditional or nonforfeitable right to such Award, and such Award shall remain subject to such terms, conditions and forfeiture provisions as may be provided for in the Plan or in the Award Agreement. 

  
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 EXHIBIT 10.60 

THE GOLDMAN SACHS GROUP, INC. 

[            ] YEAR-END
PERFORMANCE-BASED RSU AWARD 
 This Award Agreement governs your award of
performance-based RSUs (your “Award” or “PSUs”) granted under The Goldman Sachs Amended and Restated Stock Incentive Plan (2015) (the “Plan”) in accordance with The Goldman Sachs Long-Term
Performance Incentive Plan (the “LTIP”). You should read carefully this entire Award Agreement, which includes the Award Statement and any attached Appendix. 

ACCEPTANCE 
 1.
You Must Decide Whether to Accept this Award Agreement. To be eligible to receive your Award, you must by the date specified agree to all the terms of your Award by executing the related signature card in accordance with its instructions.
By executing the signature card, you confirm your agreement to all of the terms of this Award Agreement, including the arbitration and choice of forum provisions in Paragraph 15. 

DOCUMENTS THAT GOVERN YOUR AWARD; DEFINITIONS 

2. The Plan and LTIP. Your Award is granted under the Plan in accordance with the LTIP, and the terms of both apply to, and are a
part of, this Award Agreement. In the event of a conflict between the terms of the LTIP and the Plan, the terms of the Plan will control. 

3. Your Award Statement. The Award Statement delivered to you contains some of your Award’s specific terms. For example, it
contains the number of PSUs subject to this Award, the Performance Periods and the Performance Goal applicable to your Award. The number of PSUs on your Award Statement is not necessarily the number of PSUs in respect of which the Payment Amount
will be paid, but is merely the basis for determining the amount (if any) that will be paid to you. 
 4. Definitions.
Capitalized terms are defined in the Award Statement or the Definitions Appendix, which also includes terms that are defined in the LTIP and the Plan. 

VESTING OF YOUR PSUS 

5. Vesting. Your PSUs are Vested. When a PSU is Vested, it means only that your continued active Employment is not
required for payment in respect of that PSU. Vesting does not mean you have a non-forfeitable right to the Vested portion of your Award. The terms of this Award Agreement (including conditions to payment and satisfaction of the Performance Goal)
continue to apply to your Award, and failure to meet such terms may result in the termination of this Award (as a result of which no payment in respect of such Vested PSUs would be made). 

PERFORMANCE GOALS 

6. Performance. The Payment Amount is dependent, and may vary based, on achievement of the Performance Goal over the Performance
Period. On the Determination Date, the Firm will determine whether or not, and to what extent, the Performance Goal for that Performance Period has been satisfied. All your rights with respect to the Payment Amount (and any Dividend Equivalent
Payments) are dependent on the extent to which the Performance Goal is achieved, and any rights to payment in respect of your Outstanding PSUs immediately will terminate and no Payment Amount will be paid in respect of such PSUs upon the
Committee’s determination, in its sole discretion, that the Performance Goal has not been satisfied to the extent necessary to result in payment in respect of the PSUs. 

 PAYMENT AMOUNT 

7. Payment. Subject to satisfaction of the terms of this Award, including satisfaction of the Performance Goal, on the Payment
Date, you will receive payment (less applicable withholding as described in Paragraph 12(a)) of the Payment Amount and any Dividend Equivalent Payments as further described in your Award Statement. Until such payment, you have only the rights of a
general unsecured creditor and you do not have any rights as a shareholder of GS Inc. with respect to either the PSUs or the Payment Amount. Without limiting the Committee’s authority under Section 2(b) of the LTIP, the Firm may accelerate
any Payment Date by up to 30 days. 
 DIVIDEND EQUIVALENT RIGHTS 

8. Dividend Equivalent Rights. To the extent described in your Award Statement, each PSU will include a Dividend Equivalent
Right, which will be subject to the provisions of Section 2.8 of the Plan. Accordingly, for each of your Outstanding PSUs with respect to which payment is made under the Payment Amount, you will be entitled to payments under Dividend Equivalent
Rights equal to any regular cash dividend paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant. The payment to you of amounts under Dividend Equivalent Rights (less applicable withholding as described
in Paragraph 12(a)) is conditioned upon the payment under the Payment Amount in respect of the PSUs to which such Dividend Equivalent Rights relate, and you will have no right to receive any Dividend Equivalent Payments relating to PSUs for which
you do not receive payment under the Payment Amount (including, without limitation, due to a failure to satisfy the Performance Goal). Dividend Equivalent Payments will be paid on the Payment Date. 

FORFEITURE OF YOUR AWARD 

9. How You May Forfeit Your Award. This Paragraph 9 sets forth the events that result in forfeiture of up to all of your PSUs and
may require repayment to the Firm of up to all amounts previously paid to you under your PSUs in accordance with Paragraph 10. More than one event may apply, and in no case will the occurrence of one event limit the forfeiture and repayment
obligations as a result of the occurrence of any other event. In addition, the Firm reserves the right to (i) suspend payment of the Payment Amount and any Dividend Equivalent Payments or (ii) make payment into an escrow account in
accordance with Paragraph 12(c)(iv). If any of the following occurs, your rights to all of your Outstanding PSUs will terminate, and no Payment Amount will be paid in respect thereof, as may be further described below: 

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

(b) You Solicit Clients or Employees, Interfere with Client or Employee Relationships or Participate in the Hiring of
Employees. Before the Payment Date, either: 
 (i) you, in any manner, directly or indirectly, (A) Solicit any
Client to transact business with a Covered 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 Covered Enterprise or (D) on behalf of yourself or any person or Covered 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 

  
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 (ii) Selected Firm Personnel are Solicited, hired or accepted into partnership,
membership or similar status (A) by a Covered 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 (B) by any Covered Enterprise where you have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Selected Firm Personnel. 

(c) You Failed to Consider Risk. You Failed to Consider Risk during the Firm’s
             fiscal year. 
 (d) Your Conduct
Constitutes Cause. Any event that constitutes Cause has occurred before the Payment Date. 
 (e) You Do Not Meet Your
Obligations to the Firm. The Committee determines that, before the Payment Date, you failed to meet, in any respect, any obligation under any agreement with the Firm, or any agreement entered into in connection with your Employment or this
Award, including the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement relating to the Firm. Your failure to pay or reimburse the Firm, on demand, for any amount you
owe to the Firm will constitute (A) failure to meet an obligation you have under an agreement, regardless of whether such obligation arises under a written agreement, and/or (B) a material violation of Firm policy constituting Cause. 

(f) You Do Not Provide Timely Certifications or Comply with Your Certifications. You fail to certify to GS Inc. that you
have complied with all of the terms of the LTIP, the Plan and this Award Agreement, or the Committee determines that you have failed to comply with a term of the LTIP, the Plan or this Award Agreement to which you have certified compliance. 

(g) You Do Not Follow Dispute Resolution/Arbitration Procedures. You attempt to have any dispute under the LTIP, the
Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 15, Section 3.17 of the Plan or Section 6(h) of the LTIP. 

(h) You Bring an Action that Results in a Determination that Any Award Agreement Term Is Invalid. As a result of any
action brought by you, it is determined that any term of this Award Agreement is invalid. 
 (i) You Receive Compensation
in Respect of Your Award from Another Employer. Your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and another entity grants you cash, equity or other property (whether vested or unvested) to
replace, substitute for or otherwise in respect of your Outstanding PSUs. 
 (j) GS Inc. Fails to Maintain the Minimum
Tier 1 Capital Ratio. Before the Payment Date, GS Inc. fails to maintain the required “Minimum Tier 1 Capital Ratio” as defined under Federal Reserve Board Regulations applicable to GS Inc. for a period of 90 consecutive business days.

 (k) GS Inc. Is Determined to Be in Default. Before the Payment Date, the Board of Governors of the Federal Reserve
or the FDIC makes a written recommendation under Title II (Orderly Liquidation Authority) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the appointment of the FDIC as a receiver of GS Inc. based on a determination that GS Inc.
is “in default” or “in danger of default.” 

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

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

(ii) Any Dividend Equivalent Payments for which the terms were not satisfied (including any such payments made in respect of
PSUs that are forfeited or any Payment Amount that is subject to repayment), in accordance with Section 2.8.4 of the Plan. 

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

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

11. Termination of Employment. 

(a) Employment Termination Generally. Unless the Committee determines otherwise, if your Employment terminates for any
reason or you are otherwise no longer actively Employed with the Firm (which includes off-premises notice periods, “garden leaves,” pay in lieu of notice or any other similar status), the Performance Goal applicable to your Outstanding
PSUs will continue to apply and the determination of the Payment Amount will continue to be subject to whether or not, and to what extent, the Performance Goal has been achieved, in each case, as provided in Paragraph 6. All other terms of this
Award Agreement, including the forfeiture and repayment events in Paragraphs 9 and 10, continue to apply. 

  
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 (b) Death. If you die before the Payment Date, the representative of your
estate will, on the relevant Payment Date, be paid the Payment Amount and Dividend Equivalent Payments that would have otherwise been payable pursuant to Paragraph 6, after such documentation as may be requested by the Committee is provided to the
Committee. All other terms of this Award Agreement, including the forfeiture and repayment events in Paragraphs 9 and 10, continue to apply. 

(c) Restrictions on Association with a Covered Enterprise Cease to Apply After an Involuntary or Mutual Agreement
Termination. Paragraph 9(a) (relating to forfeiture if you Associate With a Covered Enterprise) will not apply if (i) your Employment terminates and the Firm characterizes your Employment termination as “involuntary” or by
“mutual agreement” and (ii) you execute a general waiver and release of claims and an agreement to pay any associated tax liability, in each case, in the form the Firm prescribes. No Employment termination that you initiate, including
any purported “constructive termination,” a “termination for good reason” or similar concepts, can be “involuntary” or by “mutual agreement.” All other terms of this Award Agreement, including the other
forfeiture and repayment events in Paragraphs 9 and 10, continue to apply. 
 OTHER TERMS, CONDITIONS
AND AGREEMENTS 
 12. Additional Terms, Conditions and Agreements. 

(a) You Must Satisfy Applicable Tax Withholding Requirements. The payment of your Award is conditioned on your
satisfaction of any applicable withholding taxes in accordance with Section 6(k) of the LTIP and Section 3.2 of the Plan (which includes the Firm deducting or withholding amounts from any payment or distribution to you). 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 or
payment of this Award by requiring you to remit such amount in cash (or through payroll deduction or otherwise). In addition, if you are an individual with separate employment contracts (at any time on or after the Date of Grant), the Firm, in its
sole discretion, may 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 remit such amount in cash (or through payroll deduction or otherwise). In no event, however, does this Paragraph 12(a) give you any discretion to determine or affect the timing of payment of the Payment Amount or the timing of payment of tax
obligations. 
 (b) You Agree to Certain Consents, Terms and Conditions. By accepting this Award you understand and
agree that: 
 (i) You Agree to Certain Consents as a Condition to the Award. You have expressly consented to all of
the items listed in Section 6(c)(ii) of the LTIP and Section 3.3.3(d) of the Plan, including the Firm’s supplying to any third-party recordkeeper of the LTIP or the Plan or other person such personal information of yours as the
Committee deems advisable to administer the LTIP or the Plan, and you agree to provide any additional consents that the Committee determines to be necessary or advisable; 

(ii) You Are Subject to the Firm’s Policies, Rules and Procedures. You are subject to the Firm’s policies in
effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares,
Equity Awards and GS Options by Persons Affiliated with GS Inc.” or any successor policies), and confidential or proprietary information; 

  
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 (iii) You Will Be Deemed to Represent Your Compliance with All the Terms of
Your Award if You Accept Payment. You will be deemed to have represented and certified that you have complied with all of the terms of the LTIP, the Plan and this Award Agreement when you accept payment in respect of your Award; 

(iv) Firm May Make Payments into an Escrow Account. The Firm may establish and maintain an escrow account on such terms
(which may include your executing any documents related to, and your paying for any costs associated with, such account) as it may deem necessary or appropriate, and the Payment Amount and any Dividend Equivalent Payments may initially be paid into
and held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the Committee has determined that any other conditions or restrictions on payment required by this Award Agreement
have been satisfied; 
 (v) You May Be Required to Certify Compliance with Award Terms; You Are Responsible for Providing
the Firm with Updated Address and Contact Information After Your Departure from the Firm. If your Employment terminates while you continue to hold PSUs, from time to time, you may be required to provide certifications of your compliance with all
of the terms of the LTIP, the Plan and this Award Agreement as described in Paragraph 9(f). You understand and agree that (A) your address on file with the Firm at the time any certification is required will be deemed to be your current
address, (B) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (C) you are responsible for contacting the Firm to obtain such certification materials if not
received and (D) your failure to return properly completed certification materials by the specified deadline (which includes your failure to timely return the completed certification because you did not provide the Firm with updated contact
information) will result in the forfeiture of all of your PSUs and subject previously delivered amounts to repayment under Paragraph 9(f). 

(vi) You Must Comply with Applicable Deadlines and Procedures to Appeal Determinations Made by the Committee. In order
to appeal a determination by the Committee, the SIP Committee, the SIP Administrators, or any of their delegates or designees, you must submit a written request for the appeal within 180 days after receipt of any such determination. You must exhaust
all administrative remedies before seeking to resolve a dispute through arbitration pursuant to Paragraph 15, Section 6(h) of the LTIP and Section 3.17 of the Plan; and 

(vii) You Agree that Covered Persons Will Not Have Liability. In addition to and without limiting the generality of the
provisions of Section 2(e) of the LTIP and Section 1.3.5 of the Plan, neither the Firm nor any Covered Person will have any liability to you or any other person for any action taken or omitted in respect of this or any other Award. 

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the
Committee, the limitations on transferability set forth in Section 6(b) of the LTIP and Section 3.5 of the Plan will apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13,
Section 6(b) of the LTIP or Section 3.5 of the Plan will be void. The Committee may adopt procedures pursuant to which some or all recipients of PSUs may transfer some or all of their PSUs through a gift for no consideration to any
immediate family member, a trust or other estate planning vehicle approved by the Committee in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest. 

  
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 14. Right of Offset. Except as provided in Paragraph 17(d), the obligation
to pay the Payment Amount or Dividend Equivalent Payments under this Award Agreement is subject to Section 6(l) of the LTIP and Section 3.4 of the Plan, which provide for the Firm’s right to offset against such obligation any
outstanding amounts you owe to the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement. 

ARBITRATION, CHOICE OF FORUM AND GOVERNING LAW

 15. Arbitration; Choice of Forum. 

(a) BY ACCEPTING THIS AWARD, YOU
ARE INDICATING THAT YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND
CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 6(h) OF THE LTIP AND
SECTION 3.17 OF THE PLAN WILL APPLY TO THIS AWARD. THESE PROVISIONS,
WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE, PROVIDE AMONG OTHER THINGS
THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU
ARISING OUT OF OR RELATING TO OR CONCERNING THE LTIP, THE PLAN OR
THIS AWARD AGREEMENT WILL BE FINALLY SETTLED BY ARBITRATION IN NEW
YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN
SECTION 6(h) OF THE LTIP AND SECTION 3.17 OF THE PLAN. 

(b) To the fullest extent permitted by applicable law, no arbitrator will have the authority to consider class, collective or
representative claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved. 

(c) Notwithstanding any applicable forum rules to the contrary, to the extent there is a question of enforceability of this
Award Agreement arising from a challenge to the arbitrator’s jurisdiction or to the arbitrability of a claim, it will be decided by a court and not an arbitrator. 

(d) All references to the New York Stock Exchange in Section 6(h) of the LTIP and Section 3.17 of the Plan will be
read as references to the Financial Industry Regulatory Authority. 
 (e) The Federal Arbitration Act governs interpretation
and enforcement of all arbitration provisions under the LTIP, the Plan and this Award Agreement, and all arbitration proceedings thereunder. 

(f) Nothing in this Award Agreement creates a substantive right to bring a claim under U.S., Federal, state, or local
employment laws. 
 16. Governing Law. THIS AWARD WILL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 

CERTAIN TAX PROVISIONS 

17. Compliance of Award Agreement, the Plan and LTIP with Section 409A. The provisions of this Paragraph 17 apply to
you only if you are a U.S. taxpayer. 
 (a) This Award Agreement, the Plan and the LTIP provisions that apply to this Award
are intended and will be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation), whether by reason of short-term deferral treatment or
other exceptions or provisions. The Committee will have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or 

  
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potential inconsistency between the provisions of the LTIP (including Section 2(b) thereof), the Plan (including Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of
this Award Agreement will govern, and in the case of any conflict or potential inconsistency between this Paragraph 17 and the other provisions of this Award Agreement, this Paragraph 17 will govern. 

(b) Payment will not be delayed beyond the date on which all applicable conditions or restrictions on payment in respect of
your PSUs required by this Award Agreement (including, those specified in Paragraph 11(c) (execution of waiver and release of claims agreement to pay associated tax liability) the consents and other items specified in Section 3.3 of the Plan
and 
Section 6(c) of the LTIP) are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, payment for such portion will occur by the
March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. § 1.409A-1(b)(4) in order for payment to be within the short-term deferral exception unless, in order to permit all applicable
conditions or restrictions on payment to be satisfied, the Committee elects, pursuant to Reg. § 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay payment to a later date within the same
calendar year or to such later date as may be permitted under Section 409A, including, Reg. § 1.409A-2(b)(7) (in conjunction with Section 6(d) of the LTIP and Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and
Reg. § 1.409A-3(d). For the avoidance of doubt, if the Award includes a “series of installment payments” as described in Reg. § 1.409A-2(b)(2)(iii), your right to the series of installment payments will be treated as a right to a
series of separate payments and not as a right to a single payment. 
 (c) Notwithstanding the provisions of
Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any payment that the Firm may make in respect of your PSUs will not have the effect of deferring payment, income inclusion, or a substantial risk of
forfeiture, beyond the date on which such payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the payment that would otherwise have been made (unless the Committee elects a later date for this purpose pursuant to
Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)). 

(d) Paragraph 14, Section 6(l) of the LTIP and Section 3.4 of the Plan will not apply to Awards that are 409A
Deferred Compensation except to the extent permitted under Section 409A. 
 (e) Payments in respect of any portion of
the Award may be made, if and to the extent elected by the Committee, later than the relevant Payment Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A Deferred Compensation, only to the extent
that the later payment is permitted under Section 409A). 
 (f) You understand and agree that you are solely responsible
for the payment of any taxes and penalties due pursuant to Section 409A, but in no event will you be permitted to designate, directly or indirectly, the taxable year of the payment. 

18. Compliance of Award Agreement and LTIP with Section 162(m). 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 will be subject to Section 6(d) of the LTIP and Section 3.21.3 of the Plan, as a result of which payment of the Payment Amount and Dividend
Equivalent Payments may be delayed. In addition, to the extent provided in your Award Statement and, to the extent that Section 409A is applicable to you, consistent with Reg § 1.409A-2(b), the Firm may delay any Payment Date. 

  
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 COMMITTEE AUTHORITY, AMENDMENT AND
CONSTRUCTION 
 19. Committee Authority. The Committee has the authority to determine, in its sole
discretion, that any event triggering forfeiture or repayment of your Award will not apply and to limit the forfeitures and repayments that result under Paragraphs 9 and 10. In addition, the Committee, in its sole discretion, may determine whether
Paragraph 11 (c) will apply upon a termination of Employment. 
 20. Amendment. The Committee reserves the right at any
time to amend the terms of this Award Agreement, and the Board may amend the LTIP and the Plan in any respect; provided that, notwithstanding the foregoing and Sections 2(b)(vi), 2(b)(viii) and 
6(a) of the LTIP and Sections 1.3.2(f),
1.3.2(h) and 3.1 of the Plan, no such amendment will materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the
Award Agreement, the LTIP and the Plan as described in Section 2(b)(viii)(1) of the LTIP and Sections 1.3.2(h)(1), (2) and (4) of the Plan. A modification that impacts the tax consequences of this Award or the timing of payment will
not be an amendment that materially adversely affects your rights and obligations under this Award Agreement. Any amendment of this Award Agreement will be in writing. 

21. Construction, Headings. Unless the context requires otherwise, (i) words describing the singular number include
the plural and vice versa, (ii) words denoting any gender include all genders and (iii) the words “include,” “includes” and “including” will be deemed to be followed by the words “without
limitation.” The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof. References in this Award Agreement to any specific Plan or LTIP
provision will not be construed as limiting the applicability of any other Plan or LTIP provision. 

  
 - 9 - 

 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. 

  
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 DEFINITIONS APPENDIX 

The following capitalized terms are used in this Award Agreement with the following meanings: 

(a) “409A Deferred Compensation” means a “deferral of compensation” or “deferred compensation” as those
terms are defined in the regulations under Section 409A. 
 (b) “Associate With a Covered Enterprise” means that you
(i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Covered Enterprise or (ii) associate in any capacity (including association as an officer, employee, partner, director, consultant,
agent or advisor) with any Covered Enterprise. Associate With a Covered Enterprise may include, as determined in the discretion of the Committee, (i) becoming the subject of any publicly available announcement or report of a pending or future
association with a Covered Enterprise and (ii) unpaid associations, including an association in contemplation of future employment. “Association With a Covered Enterprise” will have its correlative meaning. 

(c) “Covered Enterprise” means an existing or planned business enterprise that competes with the Firm (which, for this purpose
means offering products or services that are the same as or similar to those offered by the Firm (“Firm Products or Services”)), or reasonably may be expected to do so. The enterprises covered by this definition include enterprises that
offer Firm Products or Services directly, as well as those that do so indirectly by ownership or control (e.g., by owning, being owned by, or being under common ownership with an enterprise that offers Firm Products or Services). An
enterprise will be treated as providing Firm Products or Services if, solely by way of example, it provides products or services associated with investment banking, public or private finance, lending, financial advisory services, private investing
(for anyone other than you or your family members), private banking, commercial banking, merchant banking, asset or hedge fund management, insurance or reinsurance underwriting or brokerage, property management, or securities, futures, commodities,
energy, derivatives or currency brokerage, sales, lending, custody, clearance, settlement or trading. A Competitive Enterprise is a Covered Enterprise. An enterprise that offers, or may reasonably be expected to offer, Firm Products or Services
is a Covered Enterprise irrespective of whether the enterprise is a customer, client or counterparty of the Firm, and, because the Firm is a global enterprise, irrespective of where the Covered Enterprise is physically located. 

(d) “Determination Date” means the date specified on your Award Statement as the date on which the Committee will determine
whether or not, and to what extent, the Performance Goal was achieved for the Performance Period. 
 (e) “Dividend Equivalent
Payments” means any payments made in respect of Dividend Equivalent Rights. 
 (f) “FDIC” means the Federal Deposit
Insurance Corporation or any successor thereto. 
 (g) “Failed to Consider Risk” means that you participated in the
structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the
broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has
been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system. 

  
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 (h) “Payment Amount” means an amount in cash (determined as described in the
Award Statement) of a share of Common Stock. 
 (i) “Performance Goal” means the performance goal determined by the
Committee that is specified on your Award Statement. 
 (j) “Performance Period” means the performance period determined by
the Committee that is specified on your Award Statement. 
 (k) “Sarbanes Oxley” means the Sarbanes-Oxley Act of 2002, as
amended. 
 (l) “Section 409A” means Section 409A of the Internal Revenue Code of 1986, including any amendments or
successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. 

(m) “Selected Firm Personnel” means any individual who is or in the three months preceding the conduct prohibited by Paragraph
9(b) was (i) a Firm employee or consultant with whom you personally worked while employed by the Firm, (ii) a Firm employee or consultant who, at any time during the year preceding the date of the termination of your Employment, worked in
the same division in which you worked or (iii) an Advisory Director, a Managing Director or a Senior Advisor of the Firm. 
 (n)
“Share” means a share of Common Stock. 
 The following capitalized terms are used in this Award Agreement with the meanings that are
assigned to them in the LTIP: 
 (a) “Board” means the Board of Directors of GS Inc. 

(b) “Committee” means the committee appointed by the Board to administer the LTIP pursuant to Section 2(a) of the LTIP.

 (c) “Covered Person” means a member of the Board or the Committee or any employee of the Firm. 

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

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

The following capitalized terms are used in this Award Agreement with the meanings that are assigned to them in The Goldman Sachs Amended and Restated Stock
Incentive Plan (2015): 
 (f) “Account” means any brokerage account, custody account or similar account, as approved or
required by GS Inc. from time to time, into which shares of Common Stock, cash or other property in respect of an Award are delivered. 
 (g)
“Award Agreement” means the written document or documents by which each Award is evidenced, including any Award Statement. 

(h) “Award Statement” means a written statement that reflects certain Award terms. 

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

(k) “Client” means any client or prospective client of the Firm to whom the Grantee provided services, or for whom the Grantee
transacted business, or whose identity became known to the Grantee in connection with the Grantee’s relationship with or employment by the Firm. 

(l) “Common Stock” means common stock of GS Inc., par value $0.01 per share. 

(m) “Competitive Enterprise” means an existing or planned business enterprise that (i) engages, or may reasonably be
expected to engage, in any activity, (ii) owns or controls, or may reasonably be expected to own or control, a significant interest in or (iii) is, or may reasonably be expected to be, owned by, or a significant interest in which is, or
may reasonably expected to be, owned or controlled by, any entity that engages in any activity that, in any case, competes or will compete anywhere with any activity in which the Firm is engaged. The activities covered by this definition include,
without limitation, financial services such as investment banking, public or private finance, lending, financial advisory services, private investing (for anyone other than the Grantee and members of the Grantee’s family), merchant banking,
asset or hedge fund management, insurance or reinsurance underwriting or brokerage, property management, or securities, futures, commodities, energy, derivatives or currency brokerage, sales, lending, custody, clearance, settlement or trading. 

(n) “Date of Grant” means the date specified in the Grantee’s Award Agreement as the date of grant of the Award. 

(o) “Dividend Equivalent Right” means a dividend equivalent right granted under the Plan, which represents an unfunded and
unsecured promise to pay to the Grantee amounts equal to all or any portion of the regular cash dividends that would be paid on shares of Common Stock covered by an Award if such shares had been delivered pursuant to an Award. 

  
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 (p) “Employment” means the Grantee’s performance of services for the Firm,
as determined by the Committee. The terms “employ” and “employed” shall have their correlative meanings. The Committee in its sole discretion may determine (i) whether and when a Grantee’s leave of absence results in a
termination of Employment (for this purpose, unless the Committee determines otherwise, a Grantee shall be treated as terminating Employment with the Firm upon the occurrence of an Extended Absence), (ii) whether and when a change in a
Grantee’s association with the Firm results in a termination of Employment and (iii) the impact, if any, of any such leave of absence or change in association on Awards theretofore made. Unless expressly provided otherwise, any references
in the Plan or any Award Agreement to a Grantee’s Employment being terminated shall include both voluntary and involuntary terminations. 

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

(r) “Outstanding” means any Award to the extent it has not been forfeited, cancelled, terminated, exercised or with respect to
which the shares of Common Stock underlying the Award have not been previously delivered or other payments made. 
 (s)
“RSU” means a restricted stock unit Award granted under the Plan, which represents an unfunded and unsecured promise to deliver shares of Common Stock in accordance with the terms of the RSU Award Agreement. 

(t) “Section 409A” means Section 409A of the Code, including any amendments or successor provisions to that Section and
any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. 

(u) “SIP Administrator” means each person designated by the Committee as a “SIP Administrator” with the authority to
perform day-to-day administrative functions for the Plan. 
 (v) “SIP Committee” means the persons who have been delegated
certain authority under the Plan by the Committee. 
 (w) “Solicit” means any direct or indirect communication of any kind
whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action. 

(x) “Vested” means, with respect to an Award, the portion of the Award that is not subject to a condition that the Grantee
remain actively employed by the Firm in order for the Award to remain Outstanding. The fact that an Award becomes Vested shall not mean or otherwise indicate that the Grantee has an unconditional or nonforfeitable right to such Award, and such Award
shall remain subject to such terms, conditions and forfeiture provisions as may be provided for in the Plan or in the Award Agreement. 

  
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