Document:

EXHIBIT 10.34

 

EXHIBIT 10.34

FORM OF

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

2004 DISCOUNT STOCK PROGRAM AWARD

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

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

          2.      Award.

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

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

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

          3.      Vesting and Delivery.

          (a)      Vesting.

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

 

 

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

          (b)      Delivery.

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

          (ii)      Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 6, 7, 9 and 10, in
accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than thirty
(30) Business Days) after the date specified as the Delivery Date (or any other date delivery of
Shares is called for hereunder), Shares underlying the number or percentage of your then
Outstanding DSP RSUs with respect to which the Delivery Date (or other date) has occurred (which
number of Shares may be rounded to avoid fractional Shares) shall be delivered to a brokerage or
custody account approved by the Firm. Notwithstanding the foregoing, if you are or become
considered by GS Inc. to be one of its “covered employees” within the meaning of Section 162(m) of
the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which delivery
of your Shares may be delayed.

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

          (c)      Death. Notwithstanding any other provision of this Award Agreement, if you die
prior
to the Delivery Date, the Shares underlying all of your then Outstanding DSP RSUs shall be
delivered to the
representative of your estate as soon as practicable after the date of death and after such
documentation as may
be requested by the Committee is provided to the Committee.

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

          (a)      Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c),
6 and 7, if your Employment terminates for any reason or you otherwise are no longer actively
employed with the
Firm, your rights in respect of your Discount RSUs (but not your Base RSUs) that were
Outstanding but that
had not yet become Vested immediately prior to your termination of Employment immediately
shall terminate,
such Discount RSUs shall cease to be Outstanding and no Shares shall be delivered in respect
thereof.

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

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

          (ii)      any event that constitutes Cause has occurred;

          (iii)      you, in any manner, directly or indirectly, (A) Solicit any Client to transact business
with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (B)
interfere with or damage (or attempt to interfere with or damage) any relationship between the
Firm and any Client, (C) Solicit any person who is an employee of the Firm to resign from the Firm
or to apply for or accept employment with any Competitive Enterprise or (D) on behalf of yourself
or any person or Competitive Enterprise hire, or participate in the hiring of, any Selected Firm
Personnel, or identify, or participate in the identification of Selected Firm Personnel for
potential hiring, whether as an employee or consultant or otherwise;

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

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

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

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

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

          6.      Extended Absence and Downsizing.

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

          (b)      Without limiting the application of Paragraph 4(b), your rights in respect of your
Outstanding Discount RSUs that become Vested in accordance with Paragraph 6(a) immediately
shall terminate,
such Outstanding Discount RSUs shall cease to be Outstanding, and no Shares shall be delivered
in respect

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thereof if, prior to the original Vesting Date with respect to such Discount RSUs, you (i) form,
or acquire a 5% or greater equity ownership, voting or profit participation interest in, any
Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to,
association as an officer, employee, partner, director, consultant, agent or advisor) with any
Competitive Enterprise. No termination of Employment initiated by you, including any termination
claimed to be a “constructive termination” or the like or a termination for good reason, will
constitute an “involuntary” termination of Employment or a termination of Employment by “mutual
agreement.”

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

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

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

          9.      Certain
Terms, Conditions and Agreements.

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

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

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

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

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

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

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

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

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

          13.      Non-transferability. Except as otherwise may be provided by the Committee, the
limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award.
Any purported transfer
or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan
shall be void.

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

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

          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:  Henry M. Paulson, Jr. 	 
	 	Title:  Chairman and Chief Executive Officer 	 
	 

6EXHIBIT 10.35

 

EXHIBIT 10.35

The Goldman Sachs Group, Inc. 
Non-Qualified Deferred Compensation Plan
for 
U.S. Participating Managing Directors

ARTICLE 1 
INTRODUCTION

1.1      Purpose of Plan

The Goldman Sachs Group, Inc. Non-Qualified Deferred Compensation Plan for U.S. Participating
Managing Directors is intended to promote the interests of GS Inc. and its shareholders by
encouraging certain Eligible Employees to remain in the employ of the Firm by providing them with
a means by which they may request to defer receipt of a portion of their Eligible Compensation.

ARTICLE 2 
DEFINITIONS

Wherever used herein, the following terms have the meanings set forth below, unless a different
meaning clearly is required by the context:

2.1      Account means, for each Participant, a notional account maintained on the
books and records of GS Inc. (by GS Inc. or such third party record keeper or record
keepers as GS Inc. may from time to time appoint) that is established for his or her
benefit and as to which amounts are credited under Section 5.1.

2.2      Administrative Committee means the person or persons designated by the
Compensation Policy Committee or the Board of Directors with the authority to perform
day-to-day administrative functions for the Plan. If no such person is so serving at any
time, the Compensation Policy Committee shall be the Administrative Committee.

2.3      Board of Directors means the Board of Directors of GS Inc.

2.4      Compensation Policy Committee means the GS Inc. Compensation Policy
Committee, as it may be constituted from time to time.

2.5
     Code means the Internal Revenue Code of 1986. Reference to any section or
subsection of the Code includes reference to any comparable or succeeding provisions
of any legislation that amends, supplements or replaces such section or subsection.

 

 

2.6      Deferral means the portion of a Participant’s Eligible Compensation that is
deferred in accordance with Section 4.1 hereof.

2.7      Deferral Date means, with respect to each Plan Year, the earliest date GS Inc.
determines that Eligible Compensation subject to a Deferral Request would have been
paid to the Eligible Employee in the absence of the Plan, or such other date or dates as
may be selected by the Administrative Committee in its sole discretion prior to the date
Deferral Requests are required to be returned to the Administrative Committee for a
Plan Year.

2.8      Deferral Request means any request by a Participant to make a Deferral
hereunder by submitting a Deferral Request Form in accordance with Section 4.1
hereof.

2.9      Deferral Request Form means the form (which may be in electronic form)
specified by the Administrative Committee from time to time pursuant to which an
Eligible Employee can make a Deferral Request.

2.10      Distribution Date means, with respect to each Deferral made by a Participant,
the date on which an amount shall become payable to a Participant in accordance with
Article 7 hereof.

2.11      Effective Date means November 27, 2004, the date as of which the Plan first
became effective.

2.12      Eligible Compensation means, for each Eligible Employee, with respect to each
Plan Year the amount the Firm determines in its sole discretion otherwise would have
been payable to the Eligible Employee as a gross end-of-year bonus (excluding any
amounts payable to the Eligible Employee that are directly attributable to the
performance of services prior to the beginning of such Plan Year), and before giving
effect to any Deferral, but after giving effect to: (i) any “voluntary contribution election”
under The Goldman Sachs Employees’ Profit Sharing Retirement Income Plan (as that
term is defined therein) or to any similar compensation reduction election made in
connection with a plan subject to Section 401(k) of the Code; (ii) the cost of contribution
by the Firm for any public or private employee benefit plan; (iii) any contribution to the
Money Purchase Plan; (iv) any amount the Firm decides to contribute as part of
compensation to the Goldman Sachs UK Retirement Plan or GSI International Pension
Plan or any other plan maintained outside the United States primarily for non-U.S.
citizens or residents that the Administrative Committee determines is similar thereto; (v)
the value of any award recommendation in respect of any plan or arrangement the Firm
determines is similar to The Goldman Sachs UK Conditional Share Reward Plan,
including, without limitation, any such plan or arrangement involving the establishment
and funding of an “employee benefit trust” in the United Kingdom; and (vi) any request
to participate in the Firm’s PMD Discount Stock Program. Unless otherwise permitted
by the Administrative Committee no year-end award granted under The Goldman Sachs
Amended and Restated Stock Incentive Plan, as in effect from time to time, shall
constitute Eligible Compensation. Notwithstanding the foregoing, the Administrative

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Committee, in its discretion, with respect to any Eligible Employee or Eligible Employees (on a
uniform or non-uniform basis) shall have the authority to (a) designate any jurisdiction or
jurisdictions from which amounts earned by any Eligible Employee will be excluded from Eligible
Compensation and (b) include or exclude, as the case may be, any amounts that otherwise would be
excluded or included, as the case may be, in any Eligible Employee’s Eligible Compensation.

2.13      Eligible Employee means, unless otherwise provided by the Administrative
Committee, in a Plan Year, an individual (i) who is a participant in The Goldman Sachs
Partner Compensation Plan (“PCP”) or The Goldman Sachs Restricted Partner
Compensation Plan (“RPCP”), (ii) who earned Minimum Eligible Compensation for
either or both of the immediately preceding Plan Year or the second preceding Plan
Year, (iii) who is designated by the Administrative Committee as eligible to participate in
the Plan or is a member of, a class of employees who is designated by the
Administrative Committee as eligible to participate in the Plan for the Plan Year and
(iv) who is not eligible to make a deferral under The Goldman Sachs Group, Inc. Non-Qualified Deferred Compensation Plan for U.K. Participating Managing Directors. The
Administrative Committee may, in its sole discretion, add or exclude any individual or
any member of a class of individuals from being considered an Eligible Employee. An
individual shall first be considered an Eligible Employee on the date he or she first
receives written notification from the Administrative Committee that he or she is eligible
to participate in the Plan. Unless otherwise provided by the Administrative Committee
(including, by reason of legal, tax or other regulatory restrictions or impediments to the
individual or to the Firm arising out of a country other than the United States or United
Kingdom) an individual that is an Eligible Employee for any Plan Year shall, for any
subsequent Plan Year in which he or she participates in the PCP or RPCP, be eligible
to participate in the Plan (or in The Goldman Sachs Group, Inc. Non-Qualified Deferred
Compensation Plan for U.K. Participating Managing Directors, if in such year he or she
is no longer a resident for tax purposes in the United States but is a U.K. Employee, as
defined in The Goldman Sachs Group, Inc. Non-Qualified Deferred Compensation
Plans for U.K. Participating Managing Directors).

2.14      ERISA means the Employee Retirement Income Security Act of 1974, as
amended from time to time. Reference to any section or subsection of ERISA includes
reference to any comparable or succeeding provisions of any legislation that amends,
supplements or replaces such section or subsection.

2.15      Firm means GS Inc. and its subsidiaries and affiliates.

2.16      GS Inc. means The Goldman Sachs Group, Inc., and any successor thereto.

2.17      Investment Committee means a committee of two or more individuals selected
by the Administrative Committee, which shall have the authority to select the Notional
Investments that are made available from time to time under the Plan.

2.18      Maximum Aggregate Deferral Amount means, with respect to each Plan Year,
$100 million or such other amount as may be determined by GS Inc. from time to time,

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which shall be the maximum total of all Deferrals for all Participants permitted under the Plan
for such Plan Year. GS Inc. may, in its discretion, (i) aggregate the Plan with such other
deferred compensation plan or plans as it may determine for purposes of applying the Maximum
Aggregate Deferral Amount and (ii) allocate the Maximum Aggregate Deferral Amount among the Plan
and any deferred compensation plans that are so aggregated with the Plan in any manner deemed
appropriate by it.

2.19      Maximum Deferral Amount means, unless otherwise determined by GS Inc.,
with respect to each Participant for each Plan Year, the lesser of: (i) 50% of the
Participant’s Eligible Compensation and (ii) $1 million.

2.20      Minimum Deferral Amount means, with respect to each Participant for each
Plan Year, $100,000 or such other amount as may be determined by the Administrative
Committee prior to the date Deferral Request Forms are required to be
returned to the
Administrative Committee for a Plan Year, which shall be the minimum amount that a
Participant may request as a Deferral for a Plan Year.

2.21      Minimum Eligible Compensation means total compensation of at
least $200,000 or such other amount as may be determined by the Administrative
Committee.

2.22      Money Purchase Plan means The Goldman Sachs Money Purchase Pension
Plan, as amended from time to time, or any successor thereto.

2.23      Notional Investment means a hypothetical investment made available under the
Plan by the Investment Committee from time to time in which a Participant’s Account
may be deemed to be invested in whole or in part in accordance with Sections 5.2 and
5.3 hereof in order to measure the value of the Account.

2.24      Participant means any Eligible Employee who participates in the Plan in
accordance with Article 3.

2.25      Plan means The Goldman Sachs Group, Inc. Non-Qualified Deferred
Compensation Plan for U.S. Participating Managing Directors.

2.26      Plan Year means the 12-month period that coincides with GS Inc.’s fiscal year.

2.27      Total and Permanent Disability means, with respect to any Participant, if such
Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months, or
is, by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for not less than 3 months
under any accident or health plan covering employees of the Firm.

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ARTICLE 3 
PARTICIPATION

3.1      Commencement of Participation

Any Eligible Employee who requests to defer part of his or her Eligible Compensation in accordance
with Article 4 shall, if and to the extent the Firm, in its discretion, agrees to follow the
request, become a Participant in the Plan as of the first Deferral Date as of which a Deferral is
credited to the Eligible Employee’s Account in accordance with Section 4.2.

3.2      Continued Participation

A Participant in the Plan shall continue to be a Participant so long as any amount remains
credited to his or her Account.

ARTICLE 4 
DEFERRALS

4.1      Deferral Request Form

Subject to the provisions of Article 4 hereof, for each Plan Year for which the Plan is in effect,
an Eligible Employee may, by properly completing a Deferral Request Form and filing it with the
Administrative Committee not later than the date specified by the Administrative Committee and
before the amount of the Eligible Compensation to which the Deferral relates has been determined
(which shall not be later than the last day of the Plan Year immediately preceding the Plan Year
for which the Deferral Request is made, unless the Administrative Committee determines that a later
date is permitted under Section 409A of the Code), request that a Deferral be made on his or her
behalf, on such terms as the Administrative Committee may permit in its sole discretion. The Firm
may, in its sole discretion, determine whether or not to follow any Deferral Request with respect
to any Eligible Employee.

4.2      Mechanics of Deferral

Subject to the provisions of this Article 4, if and to the extent the Firm determines to follow a
Deferral Request, an Eligible Employee’s Eligible Compensation shall be reduced in accordance with
the Participant’s Deferral Request, and the amount of the resulting Deferral shall be credited to
the Participant’s Account as of the Deferral Date.

4.3      Minimum Deferral Amount

Notwithstanding anything herein or in any Deferral Request Form to the contrary, no Deferral shall
be for an amount and no Deferral Request shall be valid to the extent that it specifies an amount
less than the Minimum Deferral Amount for the applicable Plan Year.

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4.4      Maximum Deferral Amount

Notwithstanding anything herein or in any Deferral Request Form to the contrary, no Deferral shall
be for an amount in excess of the Maximum Deferral Amount. If any amount specified on a Deferral
Request Form as a Deferral would exceed the Maximum Deferral Amount, such Deferral Request Form
shall be deemed to have specified the Maximum Deferral Amount.

4.5      Maximum Aggregate Deferral Amount

Notwithstanding anything herein or in any Deferral Request Form to the contrary, if and to the
extent that the aggregate amounts specified on all Deferral Request Forms in a Plan Year that the
Firm determines to follow exceed the Maximum Aggregate Deferral Amount, the amounts specified on
each Participant’s Deferral Request Form shall be reduced, and each Participants’ Deferrals shall
be reduced, under a formula or method determined by the Administrative Committee in its sole
discretion, including, without limitation, a pro rata reduction to the ratio of the Maximum
Aggregate Deferral Amount to the aggregate of the amounts specified by all Participants’ on their
Deferral Request Forms so that the aggregate Deferrals of all Participants do not exceed the
Maximum Aggregate Deferral Amount; provided that no Participant’s Deferral shall be reduced to an
amount below the Minimum Deferral Amount.

4.6      Deferral Request Irrevocable

Except to the extent determined by the Administrative Committee (but in no event later than the
date on which all Deferral Request Forms must be returned to the Administrative Committee for a
Plan Year), all Deferral Requests shall be irrevocable when made, and no Participant may change or
revoke his or her Deferral Request with respect to Eligible Compensation payable for a Plan Year.

ARTICLE 5 
ACCOUNTS

5.1      Accounts

The Administrative Committee shall maintain an Account for each Participant that reflects each
Participant’s Deferrals and any adjustments determined in accordance with Section 5.2, forfeitures
and any payments made under Article 7 with respect to the Account. The Administrative Committee
shall provide each Participant with a periodic statement of his or her Account adjusted in
accordance with Section 5.2.

5.2      Adjustment of Accounts

The amount of each Participant’s Deferral for a Plan Year shall be credited to the Participant’s
Account as of the applicable Deferral Date. The Participant’s Account shall be adjusted from time
to time to reflect: (i) Deferrals for subsequent Plan Years, if any; (ii) gains (or losses)
determined as if the Account were invested directly in the Notional Investment or Notional
Investments selected by the Participant (without taking into

6

 

account any tax consequences that may have arisen were the Account so directly invested); (iii)
the amount described in Section 7.5; (iv) any payments under Article 7 in respect of a Deferral;
and (v) any administrative charge determined by the Compensation Policy Committee or
Administrative Committee in its sole discretion to be appropriate to cover part or all of the cost
to the Firm of making the Plan available to Participants or otherwise maintaining the Plan.

5.3      Notional Investments

     (a)      The Notional Investment or Notional Investments that shall be available
under the Plan shall be determined from time to time by the Investment Committee in its
sole discretion. The Investment Committee may, in its sole discretion, provide
limitations or procedures on the availability of any Notional Investment or Notional
Investments with respect to any Participant or class of Participants. The Investment
Committee may modify, amend, eliminate or replace any or all of the Notional
Investments that may be available under the Plan to Plan Participants or any of them, in
any manner in its sole discretion at any time from time to time with or without notice to
the Participants and effective retroactively or prospectively, subject to Section 9.3
hereof.

     (b)      In selecting any Notional Investment or Notional Investments to be made
available under the Plan or prescribing any rules related thereto, the Investment
Committee and the Administrative Committee shall be acting solely on behalf of the
Firm and not as a fiduciary or adviser with respect to any Deferral, any Participant or
any other person employed by the Firm or in respect of any Account. Each Participant,
by requesting to participate in the Plan, agrees that none of the Investment Committee,
the Administrative Committee, the Compensation Policy Committee, GS Inc., the Firm
or any other person shall have any liability whatsoever to any Participant or any other
person as a result of, arising out of or related to the selection or elimination or
modification of Notional Investments, any monitoring of any such Notional Investment or
any Participant’s selection or failure to select any Notional Investment.

     (c)      The Administrative Committee or the Investment Committee may adopt
such rules and administrative practices as they, in their sole discretion, shall deem
necessary or appropriate in connection with any Participant’s ability to select Notional
Investments hereunder, including restrictions on the timing or frequency of such
selections; all such Notional Investment selections shall be made in such form as may
be required by the Administrative Committee from time to time.

ARTICLE 6 
VESTING

6.1      Accounts Generally Vested

Without limiting Section 7.6 or Section 10.1, each Participant shall be immediately vested in, and
shall have a nonforfeitable right to the balance credited to, the

7

 

     Participant’s Account subject to the terms of the Plan, including without limitation Section 7.5
hereof.

ARTICLE 7 
PAYMENTS

7.1      Commencement and Form of Payment

     (a)      Lump Sum. Unless a Participant makes a valid installment payment
request described in Paragraph (b) of this Section 7.1 with respect to a Deferral and
such request is approved by the Administrative Committee, the Participant shall receive
a payment of the entire portion of the Participant’s Account attributable to such Deferral
in a single lump sum within 30 business days after the applicable Distribution Date.

     (b)      Annual Installment Payments. Unless otherwise determined by the
Administrative Committee in its sole discretion, Participants (other than those that the
Administrative Committee determines are not eligible, including, without limitation,
persons who are tax residents of, or whose employment location during any part of the
relevant Plan Year is, the United Kingdom) shall be permitted to request to receive
payments in respect of any Deferral in 11 substantially equal annual installments
commencing within 30 business days after the applicable Distribution Date. Any
request to receive installment payments in respect of a Deferral pursuant to this Section
shall be subject to the limitations of Section 7.5 hereof, and in such form as may be
required by the Administrative Committee in its sole discretion and shall be valid only if
it is timely received by the Administrative Committee: (i) at the time the Participant
makes the applicable Deferral Request; or (ii) at a later time approved by the
Administrative Committee in its sole discretion that is (a) at least 5 full years prior to the
Distribution Date in respect of such Deferral or (b) such other time that the
Administrative Committee approves in a manner consistent with Section 409A of the
Code. Any request to receive installment payments that is received by the
Administrative Committee later than the dates described in the immediately preceding
sentence shall be null and void and of no force or effect. The amount that shall be paid
in each installment shall be the quotient of the balance of the Account attributable to the
Deferral as of the last day of the month prior to the Distribution Date (or, with respect to
each installment after the first installment, the applicable anniversary thereof) divided by
the number of installment payments remaining.

7.2      Distribution Date

In accordance with procedures established by the Administrative Committee in its sole discretion,
at the time each Participant makes a Deferral Request, the Participant shall select a Distribution
Date with respect to a Deferral that is, unless otherwise determined by the Administrative
Committee in its sole discretion, (i) any anniversary of the Deferral Date beginning with the third
anniversary and ending with the tenth anniversary or (ii) the later of the tenth anniversary of the
Deferral Date and six months after the date following the Participant’s separation from service
with the Firm. Notwithstanding the foregoing, no person who is a United Kingdom tax resident at the
time of the Deferral

8

 

Request or whose employment location during any part of the relevant Plan Year to which the
Deferral Request relates is the United Kingdom shall be permitted to request the Distribution Date
described in (ii).

7.3      Death and Total and Permanent Disability

     (a)      If a Participant dies prior to the payment of the entire balance credited to
his or her Account, unless otherwise determined by the Administrative Committee, and
notwithstanding any Participant’s request pursuant to
Section 7.1(b) or Section 7.2, the
amount credited to his or her Account shall be paid as soon as practicable to the
representative of the Participant’s estate. No payment shall be made to the
representative of a Participant’s estate until the Administrative Committee shall have
been furnished with such evidence and other documentation as it shall deem necessary
or appropriate to establish the validity of the payment.

     (b)      If
a Participant has a Total and Permanent Disability prior to the payment
of the entire balance credited to his or her Account, unless
otherwise determined by the
Administrative Committee and notwithstanding any Participant’s request pursuant to
Section 7.1(b) or Section 7.2, such balance shall be paid as soon as practicable to the
Participant or if the Participant is determined by the Administrative Committee, in its
sole discretion, to be incompetent by reason of physical or mental disability, to another
person for the benefit of the Participant, without responsibility on the part of the
Administrative Committee, the Firm or any other person to monitor the application or
use of such funds. No payment shall be made to the Participant or such other person
until the Administrative Committee shall have been furnished with such evidence and
other documentation as it shall deem necessary or appropriate to establish the validity
of the payment.

7.4      Taxes and Social Security

All Federal, State, foreign, local, hypothetical or other taxes, or social security or social
insurance charges, if any, that are required to be withheld in respect of any Deferrals hereunder
or from any payments made pursuant to this Article 7 shall be withheld from amounts payable
hereunder or from any other amounts payable to a Participant by any person.

7.5      Certain Account Adjustments

Unless otherwise determined by GS Inc., the amount payable on a Distribution Date to any
Participant under the Plan shall be net of, and a Participant’s Account shall be adjusted to
reflect on such Distribution Date, any outstanding amounts (including, without limitation, travel
and entertainment or advance account balances, loans, or amounts repayable to the Firm pursuant to
tax equalization, housing, automobile or other employee programs) the Participant owes to the Firm
(including by reason of any obligations of such Participant under any Firm sponsored investment
program, including under the Firm’s “Special Investments Program”), any amounts owed to the Firm by
reason of such Participant’s misconduct with respect to such Participant’s employment

9

 

with the Firm, including, without limitation, the Participant’s misappropriation of funds or other
property from the Firm, and any amount the Administrative Committee otherwise deems appropriate
pursuant to any tax equalization policy or agreement or otherwise applicable as of such
Distribution Date. Each Participant shall be required, as a condition to participation in the
Plan, to sign such documents, and make such representations and consents, to the extent deemed
necessary or appropriate by the Administrative Committee, to comply with this Section 7.5. For
purposes of the foregoing, in the event a Participant has validly requested payments in annual
installments pursuant to Section 7.1(b) hereof, any amounts required to be adjusted under this
Section 7.5 shall be applied against the Participant’s Account balance in respect of the Deferral
prior to the first installment to be paid (or the next installment scheduled to be paid, if later)
as prescribed by the Administrative Committee in a manner consistent with Section 409A of the
Code.

7.6      Certain Delayed Payments to Covered Employees

Notwithstanding anything herein or in any Deferral Request Form to the contrary, if and to the
extent that GS Inc. determines, in its sole discretion, that GS Inc.’s or the Firm’s U.S. Federal
tax deduction in respect of a payment under the Plan may be limited as a result of Section 162(m)
of the Code or any successor section of the Code, the Administrative Committee may delay such
Payment until such time or times as GS Inc. or the Administrative Committee determines, in its
sole discretion, that neither GS Inc.’s nor the Firm’s deduction for any such payment will be
limited as a result of Section 162(m) of the Code or any successor section of the Code and as are
consistent with Section 409A of the Code.

7.7      Payment Currency

Unless otherwise determined by the Administrative Committee in its discretion, any payments under
the Plan shall be made in the same currency in which the Participant’s bonus otherwise would have
been paid, in the absence of the Plan.

ARTICLE 8

ADMINISTRATIVE COMMITTEE; 
INDEMNIFICATION

8.1     Plan Administration and Interpretation

The Plan shall be administered by the Administrative Committee. The Administrative Committee shall
have complete control and authority to administer the Plan, and authority to determine the rights
and benefits and all claims, demands and actions arising out of the provisions of the Plan of any
Participant, representative of a deceased Participant’s estate, or any other person having or
claiming to have any interest under the Plan. The Administrative Committee shall have complete
discretion and power to interpret the Plan and to decide all matters under the Plan. Any
interpretation or decision by the Administrative Committee shall be final, conclusive and binding
on all Participants and any person claiming under or through any Participant. Any individual
serving on the Administrative Committee who also is a Participant shall not vote or act

10

 

on any matter relating solely to himself or herself. When making a determination or calculation,
the Administrative Committee shall be entitled to rely on information furnished by a Participant
or other person entitled to payment hereunder, or the Firm. The Administrative Committee shall
adopt such claims procedures as it determines in its sole discretion may be necessary or
appropriate for the proper determination of the rights of any Participant under this Plan.

8.2      Powers, Duties, Procedures, Etc.

In exercising its powers and duties, the Administrative Committee may adopt such rules and
procedures, appoint such officers or agents, delegate such powers and duties and receive such
reimbursements and compensation, in each case, as it may establish or determine from time to time
consistent with the provisions of the Plan.

8.3      Indemnification of Administrative Committee and Investment Committee

No member of the Administrative Committee or Investment Committee or any employee, officer or
director of the Firm (each such person, a “Covered Person”) shall have any liability to any person
(including any Participant) for any action taken or omitted to be taken or any determination made
in good faith with respect to the Plan. Each Covered Person shall be indemnified and held harmless
by GS Inc. against and from: (a) any loss, cost, liability or expense (including attorneys’ fees)
that may be imposed upon or incurred by such Covered Person in connection with or resulting from
any action, suit or proceeding to which such Covered Person may be a party or in which such Covered
Person may be involved by reason of any action taken or omitted to be taken under the Plan and (b)
any and all amounts paid by such Covered Person, with GS Inc.’s approval, in settlement thereof, or
paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding
against such Covered Person, provided that GS Inc. shall have the right, at its own expense, to
assume and defend any such action, suit or proceeding and, once GS Inc. gives notice of its intent
to assume the defense, GS Inc. shall have sole control over such defense with counsel of GS Inc.’s
choice. The foregoing right of indemnification shall not be available to a Covered Person to the
extent that a court of competent jurisdiction in a final judgment or other final adjudication, in
either case not subject to further appeal, determines that the acts or omissions of such Covered
Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith,
fraud or willful criminal act or omission. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which Covered Persons may be entitled under GS
Inc.’s Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws, as a
matter of law, or otherwise, or any other power that GS Inc. may have to indemnify such persons or
hold them harmless.

11

 

ARTICLE 9 
AMENDMENT AND TERMINATION

9.1      Amendments

Subject only to Section 9.3 hereof, GS Inc. shall have the right, in its sole discretion, to amend
or modify the Plan in any respect from time to time, including in any manner that adversely
affects the right of any Participant. Any such amendment may be effected by an action of the Board
of Directors or the Compensation Policy Committee. In addition, and without limiting the
foregoing, to the maximum extent permissible under Section 409A of the Code, the Administrative
Committee shall have the right, in its sole discretion, to accelerate any payment to any or all
Participants to any date or dates prior to the Distribution Date and to change any form of payment
selected by a Participant under Section 7.1 hereof.

9.2      Termination of Plan

This Plan is a strictly voluntary undertaking on the part of GS Inc. and shall not be deemed to
constitute a contract between GS. Inc. and any Eligible Employee (or any other person). Subject
only to Section 9.3 hereof, GS Inc. reserves the right to terminate the Plan at any time with
respect to any or all Participants, in whole or in part, by an instrument in writing that has been
executed on the Firm’s behalf by its duly authorized officer. Upon termination, with respect to
each Participant affected by any termination (an “Affected Participant”) on a
Participant-by-Participant basis the Firm shall, to the maximum extent permitted under Section
409A of the Code either: (a) elect to continue to maintain part or all of the Affected
Participant’s Account and pay amounts hereunder as they become due as if the Plan had not
terminated; or (b) pay promptly to each Affected Participant (or such Affected Participant’s
estate) part or all of the balance of the Affected Participant’s Account (or combine, in any
manner, the alternatives described in Sections 9.2(a) and 9.2(b) hereof).

9.3      Existing Rights

No amendment or modification to, or termination of, the Plan shall be effective to the extent that
it reduces the amount credited to a Participant’s Account immediately prior to the amendment,
modification or termination, without the Participant’s prior written consent.

ARTICLE 10 
MISCELLANEOUS

10.1      No Funding

The Plan constitutes a mere promise by GS Inc. to make payments in accordance with the terms of the
Plan, and Participants and beneficiaries shall have the status with respect to the amounts credited
to their Accounts from time to time only of general unsecured creditors of GS Inc. Nothing in the
Plan will be construed to give any Participant or any other person rights to any specific assets of
GS Inc., the Firm or any

12

 

other person. In all events, it is the intent of GS Inc. that the Plan be treated in a manner
consistent with the applicable provisions of Section 409A of the Code and be treated as unfunded
for U.S. Federal tax purposes and for purposes of ERISA, and the Plan shall be interpreted
accordingly.

10.2      Non-Assignability

None of the benefits, payments, proceeds or claims of any Participant or any other person shall be
subject to any claim of any creditor of any Participant or any other person and, in particular,
such benefits, payments, proceeds or claims shall not be subject to attachment or garnishment or
other legal process by any creditor of such Participant or other person, nor shall any Participant
or any other person have any right to alienate, participate, hedge, commute, pledge, encumber or
assign any of the benefits, payments, proceeds or claims that he or she may expect to receive,
contingently or otherwise, under the Plan and any attempt to so alienate, participate, hedge,
commute, pledge, encumber or assign any such benefit, payment, proceed or claim shall be null and
void and of no force or effect.

10.3      Limitation of Participants’ Rights

Nothing contained in the Plan shall confer upon any person a right to continue to be employed by
the Firm or shall affect any right the Firm may have to terminate or alter the terms and conditions
of a Participant’s employment.

10.4      Participants Bound

Any action with respect to the Plan taken by the Administrative Committee, the Investment
Committee, the Compensation Policy Committee, the Board of Directors, the Firm or any action
authorized by or taken at the direction of any of them, shall be final, binding and conclusive
upon all Participants (and any other persons).

10.5      Benefits Conditioned on Release

Any payment to any Participant made in accordance with the provisions of the Plan shall, to the
extent thereof, be in full satisfaction of all claims against the Firm, the Plan, the
Administrative Committee and the Investment Committee. The Administrative Committee may require a
Participant, as an express condition precedent to any payment hereunder, to execute a release to
such effect. If any Participant or other person entitled to payment hereunder is determined by the
Administrative Committee to be incompetent by reason of physical or mental disability to give a
valid release, the Administrative Committee may cause the payment or payments becoming due to such
person to be made to another person for his or her benefit without responsibility on the part of
the Administrative Committee, the Firm or any other person to follow the application or use of such
funds.

13

 

10.6      Arbitration; Choice of Forum

     (a)      Any dispute, controversy or claim between the Firm and a Participant
arising out of or relating to or concerning the Plan shall be finally settled by arbitration in
New York City before, and in accordance with the rules then obtaining of, the New York
Stock Exchange, Inc. (the “NYSE”) or, if the NYSE declines to arbitrate the matter (or if
the matter otherwise is not arbitrable by it), the American Arbitration Association (the
“AAA”) in accordance with the commercial arbitration rules of the AAA. Prior to
arbitration, all claims maintained by a Participant or any other person must first be
submitted to the Administrative Committee in accordance with claims procedures
determined by the Administrative Committee. This Paragraph is subject to the
provisions of Paragraphs (b) and (c) below.

     (b)      THE FIRM AND EACH PARTICIPANT SHALL IRREVOCABLY SUBMIT
TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED IN THE CITY OF NEW YORK OVER ANY SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN
THAT IS NOT OTHERWISE ARBITRATED OR RESOLVED ACCORDING TO
PARAGRAPH 10.6(a) HEREOF. This includes any suit, action or proceeding to compel
arbitration or to enforce an arbitration award. The Firm and each Participant, by
requesting to participate in the Plan, acknowledge that the forum designated by this
Paragraph (b) has a reasonable relation to the Plan and to the Participant’s relationship
with the Firm. Notwithstanding the foregoing, nothing herein shall preclude the Firm
from bringing any action or proceeding in any other court for the purpose of enforcing
the provisions of this Section 10.6 or otherwise.

     (c)      This provision as to forum is independent of the law that may be applied in
the suit, action or proceeding, and each Participant, by requesting to participate in the
Plan, and the Firm agrees to such forum even if the forum may under applicable law
choose to apply non-forum law. Each Participant, by requesting to participate in the
Plan and the Firm hereby waive, to the fullest extent permitted by applicable law, any
objection which the Participant or the Firm now or hereafter may have to personal
jurisdiction or to the laying of venue of any such suit, action or proceeding in any court
referred to in Paragraph (b) of this Section 10.6. Each Participant, by requesting to
participate in the Plan, and the Firm undertake not to commence any suit, action or
proceeding arising out of or relating to or concerning the Plan in any forum other than a
forum described in this Section 10.6. Each Participant, by requesting to participate in
the Plan, and the Firm agree that, to the fullest extent permitted by applicable law, a
final and non-appealable judgment in any such suit, action or proceeding in any such
court shall be conclusive and binding upon the Participant and the Firm.

     (d)      Each Participant, by requesting to participate in the Plan, irrevocably
appoints the General Counsel of GS Inc. as the Participant’s agent for service of
process in connection with any action or proceeding arising out of or relating to or
concerning the Plan that is not arbitrated pursuant to the provisions of this Section 10.6,
who shall promptly advise the Participant of any such service of process.

14

 

     (e)      Each Participant, by requesting to participate in the Plan, agrees to keep confidential
the existence of, and any information concerning, a dispute, controversy or claim described in
this Section 10.6, except that a Participant may disclose information concerning such dispute,
controversy or claim to the arbitrator or court that is considering such dispute, controversy or
claim or to his or her legal counsel (provided that such counsel agrees not to disclose any such
information other than as necessary to the prosecution or defense of the dispute, controversy or
claim).

10.7      Governing Law

The Plan shall be construed, administered and governed in all respects under and by the laws of
the State of New York, without reference to the principles of conflicts of law (except if and to
the extent preempted by applicable Federal law). It is the intent of GS Inc. that this Plan be
considered and interpreted in all respects as part of a bonus plan within the meaning of U.S.
Department of Labor Regulation Section 2510.3-2(c) and not in any respect as an employee pension
plan for purposes of ERISA. If and to the extent that any portion of this Plan shall be determined
to be an employee pension benefit plan subject to ERISA, then such portion shall be considered a
separate plan covering only those Participants as to whom this Plan is determined to be a pension
plan. Such pension plan shall in all respects be considered and interpreted as a plan which is
unfunded and maintained primarily for the purpose of providing deferred compensation for a select
group of management or highly compensated employees and exempt from
coverage of Parts 1, 2, 3 and 4
of Subtitle B of Title I of ERISA to the maximum extent permissible under the provisions thereof.
Further, it is the intent of GS Inc. that this Plan be considered and interpreted in all respects
as a nonqualified deferred compensation plan satisfying the requirements of Section 409A of the
Code and deferring the recognition of income by Participants in respect of Deferrals until amounts
are actually paid to them pursuant to Article 7.

10.8      Certain Consents

As a condition of participating in the Plan, each Eligible Employee wishing to make a Deferral
Request, and each Participant, shall be required to sign such documents, make such representations
and sign such consents, including, without limitation, signing any consent or taking any other
action necessary for the Firm to insure the life of the Participant and name itself as beneficiary
to the extent deemed necessary or appropriate of such insurance.

Without limiting the foregoing, by submitting a Deferral Request Form, a Participant will have
irrevocably agreed to consent to (i) the Firm’s supplying to any third party recordkeeper such
personal information as the Administrative Committee deems advisable to administer the Plan, (ii)
the Firm’s deducting amounts from the Participant’s wages to reimburse the Firm for any advances
made on the Participant’s behalf to satisfy any withholding and other tax obligations, (iii) the
Firm’s deducting or withholding from any payment or distributiòn to the Participant, whether or not
pursuant to the Plan, the amount of any taxes (including, without limitation, FICA, National
Insurance Contributions, if applicable, or social insurance taxes) the Administrative Committee

15

 

determines apply in connection with any Deferral or distribution under the Plan and (iv)
withholding from any distribution under the Plan any amount the Administrative Committee
determines is payable by the Participant to the Firm.

10.9      Currency Conversions

The Administrative Committee, in its discretion, shall have the authority to prescribe such rules
and procedures as it may deem appropriate for purposes of converting any currency into another
currency for purposes of the Plan including, without limitation, for purposes of determining (i)
the Minimum Deferral Amount, (ii) the Maximum Deferral Amount, (iii) the Maximum Aggregate
Deferral Amount, (iv) the amount of any Eligible Employee’s Deferral, (v) the amount of any
investment gains or losses to be allocated to a Participant’s Account, (vi) the amount of any
distribution, (vii) the amount of any Participant’s Eligible Compensation and (viii) the amount of
any Participant’s Minimum Eligible Compensation. The determination of the exchange rate by the
Administrative Committee shall be conclusive.

10.10      Non-Uniform Determinations

None of the Administrative Committee’s determinations under the Plan need to be uniform and any
such determinations may be made by it selectively among persons who
make Deferral Requests under
the Plan (whether or not such persons are similarly situated). Without limiting the generality of
the foregoing, the Administrative Committee shall be entitled, among other things, to make
non-uniform and selective determinations with regard to Deferrals, currency conversions and
availability of Notional Investments, and to enter into non-uniform and selective Deferral
Requests, as to (a) the persons permitted to make Deferrals, (b) the terms and provisions of any
Deferral, (c) whether a Participant’s employment with the Firm has been terminated for purposes of
the Plan and (d) any adjustments to be made with respect to any Deferral as described herein or
otherwise.

10.11      Severability; Entire Agreement

If any of the provisions of this Plan is finally held to be invalid, illegal or unenforceable
(whether in whole or in part), such provision shall be deemed modified to the extent, but only to
the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall
not be affected thereby. Each Participant, by requesting to participate in the Plan, acknowledges
that the Plan contains the entire agreement of the parties with respect to the subject matter
thereof and supersedes all prior agreements, promises, covenants, arrangements, communications,
representations and warranties between them, whether written or oral with respect to the subject
matter thereof.

10.12      No Third Party Beneficiaries

The Plan shall not confer on any person other than the Firm and the Participants any rights or
remedies thereunder; provided that the exculpation and indemnification provisions of Section 8.3
shall inure to the benefit of a Covered Person’s estate, beneficiaries and legatees.

16

 

10.13      Headings and Subheadings

Headings and
subheadings in this Plan are inserted for convenience only and are not to be
considered in the construction of the provisions hereof.

17

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