Document:

exv10w6

Exhibit 10.6

AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT

          This Amended and Restated Shareholders’ Agreement (this “Agreement”), among The
Goldman Sachs Group, Inc., a Delaware corporation (“GS Inc.”), and the Covered Persons
(hereinafter defined) listed on Appendix A hereto, as such Appendix A may be amended from time to
time pursuant to the provisions hereof.

WITNESSETH:

          WHEREAS, the Covered Persons are beneficial owners of shares of Common Stock, par value $0.01
per share, of GS Inc. (the “Common Stock”).

          WHEREAS, GS Inc. entered into the Original Shareholders’ Agreement (hereinafter defined) in
connection with the initial public offering of GS Inc. to address certain relationships among the
parties thereto with respect to the voting and disposition of shares of Common Stock and various
other matters, and to give to the Shareholders’ Committee (hereinafter defined) the power to
enforce their agreements with respect thereto.

          WHEREAS, the Shareholders’ Committee, GS Inc. and a majority of the outstanding Voting
Interests (as defined in the Original Shareholders’ Agreement) desire to amend certain provisions
of the Original Shareholders’ Agreement.

          NOW, THEREFORE, in consideration of the premises and of the mutual agreements, covenants and
provisions herein contained, the parties hereto agree to amend and restate the Original
Shareholders’ Agreement in its entirety as follows:

ARTICLE I

DEFINITIONS AND OTHER MATTERS

          Section 1.1 Definitions. The following words and phrases as used herein shall have
the following meanings, except as otherwise expressly provided or unless the context otherwise
requires:

          (a) This “Agreement” shall have the meaning ascribed to such term in the
Recitals.

          (b) A “beneficial owner” of a security includes any person who, directly or
indirectly, through any contract, arrangement, understanding, relationship or otherwise
has or shares: (i) voting power, which includes the power to vote, or to direct the
voting of, such security and/or (ii) investment power, which includes the power to
dispose, or to direct the disposition of, such security, but for purposes of this
Agreement a person shall not be deemed a beneficial owner of (A) Common Stock solely by
virtue of the application of Exchange Act Rule 13d-3(d) or Exchange Act Rule 13d-5, (B)
Common Stock

 

 

solely by virtue of the possession of the legal right to vote securities under
applicable state or other law (such as by proxy or power of attorney) or (C) Common
Stock held of record by a “private foundation” subject to the requirements of Section
509 of the Code. “Beneficially own” and “beneficial ownership” shall
have correlative meanings.

          (c) “Code” shall mean the United States Internal Revenue Code of 1986, as
amended from time to time, and the applicable rulings and regulations thereunder.

          (d) “Common Stock” shall have the meaning ascribed to such term in the
Recitals.

          (e) “Company” shall mean GS Inc., together with its Subsidiaries.

          (f) “Continuing Provisions” shall have the meaning ascribed to such term in
Section 7.1(b).

          (g) “Covered Persons” shall mean the Participating Managing Directors,
whose names are listed on Appendix A hereto, and all persons who may become
Participating Managing Directors, whose names will be added to Appendix A hereto.

          (h) “Covered Shares” shall, with respect to each Covered Person, equal the
sum of the number of shares of Common Stock determined by the following calculation,
which calculation shall be made, and the sum shall be determined, each time, after a
Covered Person’s Participation Date and with respect to an award (other than an award in
connection with GS Inc.’s initial public offering or any acquisition by GS Inc. (unless
otherwise determined by the Shareholders’ Committee)) under a Goldman Sachs Compensation
Plan, such Covered Person:

          (i) receives Common Stock underlying an award of restricted
stock units,

          (ii) becomes vested in an award under the Defined
Contribution Plan with respect to fiscal 1999 or 2000 only, or

          (iii) exercises a stock option.

As of each such relevant event, the calculation, unless otherwise determined by the
Shareholders’ Committee, shall be:

(A) such Covered Person’s “gross” number of shares of Common Stock underlying
such restricted stock units, Defined Contribution Plan awards or stock options,
as applicable (i.e., the gross number is determined before any deductions,
including any deductions for

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withholding taxes, fees, commissions or the payment of any amount in respect of
exercise),

minus

(B) the sum of :

	 	(1)	 	with respect to the
exercise of any stock option, a number of shares of Common
Stock (subject to rounding) having a fair market value equal
to the exercise price of such option (determined based on the
closing price of the Common Stock on the trading day
immediately preceding the date of exercise), but not
including any amount in respect of fees, commissions, taxes
or other charges, and
	 
	 	(2)	 	with respect to any
relevant event, the product of:

	 	(a)	 	the “gross”
number of shares of Common Stock underlying the
awards as described in Clause (A) above, less the
number of shares of Common Stock determined in Clause
(B)(1) above, if any, and
	 
	 	(b)	 	the
Specified Tax Rate.

With respect to any other type of award that may be granted under a Goldman Sachs
Compensation Plan from time to time, the timing and manner of the calculation of Covered
Shares in connection with such awards shall be as determined by the Shareholders’
Committee.

          (i) “Defined Contribution Plan” shall mean The Goldman Sachs Defined
Contribution Plan adopted by the Board of Directors of GS Inc., and approved by the
stockholders of GS Inc., on May 7, 1999, as amended or supplemented from time to time,
and any successors to such Plan.

          (j) “Designated Senior Officers” shall mean each Participating Managing
Director who at the time in question has been appointed to a Designated Title.

          (k) “Designated Title” shall have the meaning ascribed to such term in
Section 7.2(g) hereof.

          (l) “Effective Date” shall mean the close of business on January 22, 2010.

          (m) “Employees’ Profit Sharing Plan” shall mean The Goldman Sachs
Employees’ Profit Sharing Retirement Income Plan, as amended or supplemented from time
to time, and any successors to such Plan.

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          (n) “Exchange Act” shall mean the United States Securities Exchange Act of
1934, as amended from time to time.

          (o) A reference to an “Exchange Act Rule” shall mean such rule or
regulation of the SEC under the Exchange Act, as in effect from time to time or as
replaced by a successor rule thereto.

          (p) “General Transfer Restrictions” shall have the meaning ascribed to such
term in Section 2.1(a) hereof.

          (q) “Goldman Sachs Compensation Plan” shall mean the Defined Contribution
Plan, the Stock Incentive Plan or any other deferred compensation or employee benefit
plan of GS Inc. adopted by the Board of Directors of GS Inc. and specified by the
Shareholders’ Committee as a Goldman Sachs Compensation Plan (other than the Employees’
Profit Sharing Plan).

          (r) “GS Inc.” shall have the meaning ascribed to such term in the Recitals.

          (s) “Original Shareholders’ Agreement” shall mean the Shareholders’
Agreement adopted by the Board of Directors of GS Inc. on May 7, 1999, as amended or
supplemented from time to time up to but excluding the Effective Date.

          (t) “Participation Date” is the date on which a Covered Person became a
Participating Managing Director for purposes of Section 2.1(a) hereof or was appointed
to a Designated Title for purposes of Section 2.1(b) hereof. In the event a
Participating Managing Director ceases to be a Participating Managing Director, or a
Designated Senior Officer ceases to be a Designated Senior Officer, and then such person
again becomes a Participating Managing Director or Designated Senior Officer, as
applicable, such person’s Participation Date shall be determined by the Shareholders’
Committee (or any person authorized thereby).

          (u) “Participating Managing Director” shall mean a Managing Director of the
Company who at the time in question participates in the Partner Compensation Plan, the
Restricted Partner Compensation Plan or any other compensation or benefit plan specified
by the Shareholders’ Committee.

          (v) “Partner Compensation Plan” shall mean The Goldman Sachs Partner
Compensation Plan adopted by the Board of Directors of GS Inc., and approved by the
stockholders of GS Inc., on May 7, 1999, as amended or supplemented from time to time,
and any successors to such Plan.

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          (w) A “person” shall include, as applicable, any individual, estate, trust,
corporation, partnership, limited liability company, unlimited liability company,
foundation, association or other entity.

          (x) “Preliminary Vote” shall have the meaning ascribed to such term in
Section 4.1(a) hereof.

          (y) “Restricted Partner Compensation Plan” shall mean The Goldman Sachs
Restricted Partner Compensation Plan adopted by the Board of Directors of GS Inc. on
January 16, 2003 and approved by the stockholders of GS Inc. on April 1, 2003, as
amended or supplemented from time to time, and any successors to such Plan.

          (z) “Restricted Person” shall mean any person who is not (i) a Covered
Person or (ii) a director, officer or employee of the Company acting in such person’s
capacity as a director, officer or employee.

          (aa) “SEC” shall mean the United States Securities and Exchange Commission.

          (bb) “Shareholders’ Committee” shall mean the body constituted to
administer the terms and provisions of this Agreement pursuant to Article V hereof.

          (cc) “Sole Beneficial Owner” shall mean a person who is the beneficial
owner of shares of Common Stock, who does not share beneficial ownership of such shares
of Common Stock with any other person (other than pursuant to this Agreement or
applicable community property laws) and who is the only person (other than pursuant to
applicable community property laws) with a direct economic interest in such shares of
Common Stock. The interest of a spouse or a domestic partner in a joint account, and an
economic interest of the Company as pledgee, shall be disregarded for this purpose.

          (dd) “Special Transfer Restrictions” shall have the meaning ascribed to
such term in Section 2.1(b) hereof.

          (ee) “Specified Tax Rate” shall mean the rate determined from time to time
by the Shareholders’ Committee (or any person authorized thereby), in its sole
discretion, to be applicable to the calculation of Covered Shares.

          (ff) “Stock Incentive Plan” shall mean The Goldman Sachs Amended and
Restated Stock Incentive Plan adopted by the Board of Directors of GS Inc. on January
16, 2003 and approved by the stockholders of GS Inc. on April 1, 2003, as amended or
supplemented from time to time, and any predecessors or successors to such Plan.

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          (gg) “Subsidiary” shall mean any person in which GS Inc. owns, directly or
indirectly, a majority of the equity economic or voting ownership interest.

          (hh) “Transfer Restrictions” shall mean the General Transfer Restrictions
and the Special Transfer Restrictions.

          (ii) “vote” shall include actions taken or proposed to be taken by written
consent.

          (jj) “Voting Shares” shall have the meaning ascribed to such term in
Section 4.1(a).

          Section 1.2 Gender. For the purposes of this Agreement, the words “he,” “his” or
“himself” shall be interpreted to include the masculine, feminine and corporate, other entity or
trust form.

ARTICLE II

LIMITATIONS ON TRANSFER OF SHARES

          Section 2.1 Transfer Restrictions.

     (a) Each Covered Person agrees that for so long as he is a Covered Person, he shall at
all times be the Sole Beneficial Owner of at least that number of shares of Common Stock
which equals 25% of his Covered Shares, provided, that with respect to 2009 year-end equity
awards granted in accordance with the equity deferral table approved by the Board of
Directors of GS Inc. or its Compensation Committee, such number shall equal 30% of the
Covered Shares relating thereto (the “General Transfer Restrictions”).

     (b) Each Designated Senior Officer agrees that for so long as he is a Designated
Senior Officer, he shall at all times be the Sole Beneficial Owner of at least that number
of shares of Common Stock which equals 75% of his Covered Shares (the “Special Transfer
Restrictions”); provided, however, that the same Covered Shares may be used to satisfy
both the Special Transfer Restrictions and the General Transfer Restrictions.

          Section 2.2 Holding of Common Stock in GS Inc. Brokerage Accounts or in Custody and in
Nominee Name; Entry of Stop Transfer Orders.

     (a) Each Covered Person understands and agrees that all shares of Common Stock
beneficially owned by him (other than shares of Common Stock held of record by a trustee
in a Goldman Sachs Compensation Plan or the Employees’ Profit Sharing Plan) shall, as
determined by the Shareholders’ Committee from time to time, be held either in a
brokerage account with a Subsidiary in his name or in the custody of a custodian (and
registered in the

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name of a nominee for such Covered Person). If shares of Common Stock are required
to be held in the custody of a custodian as provided in this Section 2.2(a), each
Covered Person agrees (i) to assign, endorse and register for transfer into such nominee
name or deliver to such custodian any such shares of Common Stock which are not so
registered or so held, as the case may be, and (ii) that the form of the custody
agreement and the identity of the custodian and nominee must be satisfactory in form and
substance to the Shareholders’ Committee and GS Inc.

     (b) For such time as shares of Common Stock are required to be held in the custody
of a custodian in accordance with Section 2.2(a), whenever the nominee holder shall
receive any dividend or other distribution upon any shares of Common Stock other than in
shares of Common Stock, the Shareholders’ Committee will give or cause to be given
notice or direction to the applicable nominee and/or custodian referred to in paragraph
(a) to permit the prompt distribution of such dividend or distribution to the beneficial
owner of such shares of Common Stock, net of any tax withholding amounts required to be
withheld by the nominee, unless the distribution of such dividend or distribution is
restricted by the terms of another agreement between the Covered Person and the Company
known to the Shareholders’ Committee.

     (c) Each Covered Person agrees and consents to the entry of stop transfer orders
against the transfer of shares of Common Stock subject to Transfer Restrictions except
in compliance with this Agreement.

     (d) The Shareholders’ Committee (or any person authorized thereby) shall develop
procedures for releasing from the Transfer Restrictions all shares of Common Stock of
each Covered Person who ceases to be a Covered Person.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE PARTIES

     Each Covered Person severally represents and warrants for himself that:

          (a) Such Covered Person has (and, with respect to shares of Common Stock to be
acquired, will have) good, valid and marketable title to the shares of Common Stock subject
to the General Transfer Restrictions set forth in Section 2.1(a) (or, with respect to
Designated Senior Officers, subject to the Special Transfer Restrictions set forth in
Section 2.1(b)), free and clear of any pledge, lien, security interest, charge, claim,
equity or encumbrance of any kind, other than pursuant to this Agreement, an agreement with
the Company by which such Covered Person is bound and to which the shares of Common Stock
are subject or as permitted by the policies of GS Inc. in effect from time to time;

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          (b) Such Covered Person has (and, with respect to shares of Common Stock to be
acquired, will have) the right to vote pursuant to Section 4.1 of this Agreement all shares
of Common Stock of which the Covered Person is the Sole Beneficial Owner; and

          (c) (if the Covered Person is other than a natural person, with respect to subsections
(i) through (x), and if the Covered Person is a natural person, with respect to subsections
(iv) through (x) only):

	 	(i)	 	such Covered Person is duly organized and validly
existing in good standing under the laws of the jurisdiction of such
Covered Person’s formation;
	 
	 	(ii)	 	such Covered Person has full right, power and
authority to enter into and perform this Agreement;
	 
	 	(iii)	 	the execution and delivery of this Agreement and
the performance of the transactions contemplated herein have been duly
authorized, and no further proceedings on the part of such Covered
Person are necessary to authorize the execution, delivery and
performance of this Agreement; and this Agreement has been duly executed
by such Covered Person;
	 
	 	(iv)	 	the person signing this Agreement on behalf of
such Covered Person has been duly authorized by such Covered Person to
do so;
	 
	 	(v)	 	this Agreement constitutes the legal, valid and
binding obligation of such Covered Person, enforceable against such
Covered Person in accordance with its terms (subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors’ rights
and to general equity principles);
	 
	 	(vi)	 	neither the execution and delivery of this
Agreement by such Covered Person nor the consummation of the
transactions contemplated herein conflicts with or results in a breach
of any of the terms, conditions or provisions of any agreement or
instrument to which such Covered Person is a party or by which the
assets of such Covered Person are bound (including without limitation
the organizational documents of such Covered Person, if such Covered
Person is other than a natural person), or constitutes a default under
any of the foregoing, or violates any law or regulation;

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	 	(vii)	 	such Covered Person has obtained all
authorizations, consents, approvals and clearances of all courts,
governmental agencies and authorities, and any other person, if any
(including the spouse of such Covered Person with respect to the
interest of such spouse in the shares of Common Stock of such Covered
Person if the consent of such spouse is required), required to permit
such Covered Person to enter into this Agreement and to consummate the
transactions contemplated herein;
	 
	 	(viii)	 	there are no actions, suits or proceedings pending, or, to the
knowledge of such Covered Person, threatened against or affecting such
Covered Person or such Covered Person’s assets in any court or before or
by any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality which, if adversely
determined, would impair the ability of such Covered Person to perform
this Agreement;
	 
	 	(ix)	 	the performance of this Agreement will not
violate any order, writ, injunction, decree or demand of any court or
federal, state, municipal or other governmental department, commission,
board, bureau, agency or instrumentality to which such Covered Person is
subject; and
	 
	 	(x)	 	no statement, representation or warranty made by
such Covered Person in this Agreement, nor any information provided by
such Covered Person for inclusion in a report filed pursuant to Section
6.3 hereof or in a registration statement filed by GS Inc. contains or
will contain any untrue statement of a material fact or omits or will
omit to state a material fact necessary in order to make the statements,
representations or warranties contained herein or information provided
therein not misleading.

     Each Covered Person severally agrees for himself that the foregoing provision of this Article
III shall be a continuing representation and covenant by him during the period that he shall be a
Covered Person, and he shall take all actions as shall from time to time be necessary to cure any
breach or violation and to obtain any authorizations, consents, approvals and clearances in order
that such representations shall be true and correct during that period.

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ARTICLE IV

VOTING AGREEMENT

          Section 4.1 Preliminary Vote of Covered Persons; Voting Procedures.

     (a) Prior to any vote of the stockholders of GS Inc., there shall be a separate,
preliminary vote, on each matter upon which a stockholder vote is proposed to be taken
(each, a “Preliminary Vote”), of all of the shares of Common Stock of which a
Covered Person is the Sole Beneficial Owner (excluding shares of Common Stock held by the
trust underlying the Employees’ Profit Sharing Plan) and the shares of Common Stock held by
the trust underlying a Goldman Sachs Compensation Plan and allocated to a Covered Person
(collectively, the “Voting Shares”).

     (b) Other than in elections of directors, every Voting Share shall be voted in
accordance with the vote of the majority of the votes cast on the matter in question by the
Voting Shares in the Preliminary Vote.

     (c) In elections of directors, every Voting Share shall be voted in favor of the
election of those persons, equal in number to the number of such positions to be filled,
receiving the highest numbers of votes cast by the Voting Shares in the Preliminary Vote.

          Section 4.2 Irrevocable Proxy and Power of Attorney.

     (a) By his signature hereto, each Covered Person hereby gives the Shareholders’
Committee, with full power of substitution and resubstitution, an irrevocable proxy to
vote or otherwise act with respect to all of the Covered Person’s Voting Shares as of
the relevant record date or other date used for purposes of determining holders of
Common Stock entitled to vote or take any action, as fully, to the same extent and with
the same effect as such Covered Person might or could do under any applicable laws or
regulations governing the rights and powers of stockholders of a Delaware corporation,
as follows:

	 	(i)	 	such proxy shall be voted in connection with such
matters as are the subject of a Preliminary Vote as provided in this
Agreement in accordance with such Preliminary Vote;
	 
	 	(ii)	 	the holder of such proxy shall be authorized to
vote on such other matters as may come before a meeting of stockholders
of GS Inc. or any adjournment thereof and as are related, directly or
indirectly, to the matter which was the subject of the Preliminary Vote
as the holder of such proxy sees fit in

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	 	 	 	his discretion but in a manner consistent with the Preliminary Vote;
and
	 
	 	(iii)	 	the holder of such proxy shall be authorized to
vote on such other matters as may come before a meeting of stockholders
of GS Inc. or any adjournment thereof (including matters related to
adjournment thereof) as the holder of such proxy sees fit in his
discretion but not to cast any vote under this clause (iii) which is
inconsistent with the Preliminary Vote or which would achieve an outcome
that would frustrate the intent of the Preliminary Vote. Each Covered
Person hereby affirms that this proxy is given as a term of this
Agreement and as such is coupled with an interest and is irrevocable.

It is further understood and agreed by each Covered Person that this proxy may be exercised
by the holder of such proxy with respect to all Voting Shares of such Covered Person for
the period beginning on the Effective Date and ending on the earlier of (a) the date this
Agreement shall have been terminated pursuant to Section 7.1(a) hereof or, (b) in the case
of a Covered Person, Section 7.1(b) hereof.

     (b) By his signature hereto, each Covered Person appoints the Shareholders’
Committee, with full power of substitution and resubstitution, his true and lawful
attorney-in-fact to direct, in accordance with the provisions of this Article IV, the
voting of any Voting Shares held of record by any other person but beneficially owned by
such Covered Person (including Voting Shares held by the trust underlying any Goldman
Sachs Compensation Plan and allocated to such Covered Person), granting to such
attorneys, and each of them, full power and authority to do and perform each and every
act and thing whatsoever that such attorney or attorneys may deem necessary, advisable
or appropriate to carry out fully the intent of Section 4.1 and Section 4.2(a) as such
Covered Person might or could do personally, hereby ratifying and confirming all acts
and things that such attorney or attorneys may do or cause to be done by virtue of this
power of attorney. It is understood and agreed by each Covered Person that this
appointment, empowerment and authorization may be exercised by the aforementioned
persons with respect to all Voting Shares of such Covered Person, and held of record by
another person, for the period beginning on the Effective Date and ending on (a) the
earlier of the date this Agreement shall have been terminated pursuant to Section 7.1(a)
hereof or, (b) in the case of a Covered Person, Section 7.1(b) hereof.

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ARTICLE V

SHAREHOLDERS’ COMMITTEE

          Section 5.1 Membership. The Shareholders’ Committee shall at all times consist of all
of those individuals who are both Covered Persons and members of the Board of Directors of GS Inc.
and who agree to serve as members of the Shareholders’ Committee.

          Section 5.2 Additional Members. If there are less than three individuals who are both
Covered Persons and members of the Board of Directors of GS Inc. and who agree to serve as members
of the Shareholders’ Committee, the Shareholders’ Committee shall consist of each such individual
plus such additional individuals who are Covered Persons and who are selected pursuant to
procedures established by the Shareholders’ Committee as shall assure a Shareholders’ Committee of
not less than three members who are Covered Persons.

          Section 5.3 Determinations of and Actions by the Shareholders’ Committee.

          (a) All determinations necessary or advisable under this Agreement (including
determinations of beneficial ownership) shall be made by the Shareholders’ Committee,
whose determinations shall be final and binding. The Shareholders’ Committee’s
determinations under this Agreement and actions (including waivers) hereunder need not
be uniform and may be made selectively among Covered Persons (whether or not such
Covered Persons are similarly situated).

          (b) Each Covered Person recognizes and agrees that the members of the Shareholders’
Committee in acting hereunder shall at all times be acting in their capacities as
members of the Shareholders’ Committee and not as directors or officers of the Company
and in so acting or failing to act shall not have any fiduciary duties to the Covered
Persons as a member of the Shareholders’ Committee by virtue of the fact that one or
more of such members may also be serving as a director or officer of the Company or
otherwise.

          (c) The Shareholders’ Committee shall act through a majority vote of its members
and such actions may be taken in person at a meeting (in person or telephonically) or by
a written instrument signed by all of the members.

          Section 5.4 Certain Obligations of the Shareholders’ Committee. The Shareholders’
Committee shall be obligated (a) to attend as proxy, or cause a person designated by it and acting
as lawful proxy to attend as proxy, each meeting of the stockholders of GS Inc. and to vote or to
cause such designee to vote the Voting Shares over which it has the power to vote in accordance
with the results of the Preliminary Vote
as set forth in Section 4.1, and (b) to develop procedures governing Preliminary Votes and
other votes and actions to be taken pursuant to this Agreement.

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ARTICLE VI

OTHER AGREEMENTS OF THE PARTIES

          Section 6.1 Standstill Provisions. Each Covered Person agrees that such Covered
Person shall not, directly or indirectly, alone or in concert with any other person:

     (a) make, or in any way participate in, any “solicitation” of “proxies” (as such terms
are defined in Exchange Act Rule 14a-1) relating to any securities of the Company to or
with any Restricted Person;

     (b) deposit any shares of Common Stock in a voting trust or subject any shares of
Common Stock to any voting agreement or arrangement that includes as a party any Restricted
Person;

     (c) form, join or in any way participate in a group (as contemplated by Exchange Act
Rule 13d-5(b)) with respect to any securities of the Company (or any securities the
ownership of which would make the owner thereof a beneficial owner of securities of the
Company (for this purpose as determined by Exchange Act Rule 13d-3 and Exchange Act Rule
13d-5)) that includes as a party any Restricted Person;

     (d) make any announcement subject to Exchange Act Rule 14a-1(l)(2)(iv) to any
Restricted Person;

     (e) initiate or propose any “shareholder proposal” subject to Exchange Act Rule 14a-8;

     (f) together with any Restricted Person, make any offer or proposal to acquire any
securities or assets of GS Inc. or any of its Subsidiaries or solicit or propose to effect
or negotiate any form of business combination, restructuring, recapitalization or other
extraordinary transaction involving, or any change in control of, GS Inc., its Subsidiaries
or any of their respective securities or assets;

     (g) together with any Restricted Person, seek the removal of any directors or a change
in the composition or size of the board of directors of GS Inc.;

     (h) together with any Restricted Person, in any way participate in a call for any
special meeting of the stockholders of GS Inc.; or

     (i) assist, advise or encourage any person with respect to, or seek to do, any of the
foregoing.

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          Section 6.2 Expenses.

          (a) GS Inc. shall be responsible for all expenses of the members of the
Shareholders’ Committee incurred in the operation and administration of this Agreement,
including expenses of proxy solicitation for and tabulation of the Preliminary Vote,
expenses incurred in preparing appropriate filings and correspondence with the SEC,
lawyers’, accountants’, agents’, consultants’, experts’, investment banking and other
professionals’ fees, expenses incurred in enforcing the provisions of this Agreement,
expenses incurred in maintaining any necessary or appropriate books and records relating
to this Agreement and expenses incurred in the preparation of amendments to and waivers
of provisions of this Agreement.

          (b) Each Covered Person shall be responsible for all expenses incurred by him in
connection with compliance with his obligations under this Agreement, including expenses
incurred by the Shareholders’ Committee or GS Inc. in enforcing the provisions of this
Agreement relating to such obligations.

          Section 6.3 Filing of Schedule 13D or 13G.

          (a) In the event that a Covered Person is required to file a report of beneficial
ownership on Schedule 13D or 13G with respect to the shares of Common Stock beneficially
owned by him (for this purpose as determined by Exchange Act Rule 13d-3 and Exchange Act
Rule 13d-5), such Covered Person agrees that, unless otherwise directed by the
Shareholders’ Committee, he will not file a separate such report, but will file a report
together with the other Covered Persons, containing the information required by the
Exchange Act, and he understands and agrees that such report shall be filed on his
behalf by the Shareholders’ Committee, any member thereof or any person authorized
thereby. Such Covered Person shall cooperate fully with the other Covered Persons and
the Shareholders’ Committee to achieve the timely filing of any such report and any
amendments thereto as may be required, and such Covered Person agrees that any
information concerning him which he furnishes in connection with the preparation and
filing of such report will be complete and accurate.

          (b) By his signature hereto, each Covered Person appoints the Shareholders’
Committee and each member thereof, with full power of substitution and resubstitution,
his true and lawful attorney-in-fact to execute such reports and any and all amendments
thereto and to file such reports with all exhibits thereto and other documents in
connection therewith with the SEC, granting to such attorneys, and each of them, full
power and authority to do and perform each and every act and thing whatsoever that such
attorney or attorneys may deem necessary, advisable or appropriate to carry out fully
the

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intent of this Section 6.3 as such Covered Person might or could do personally,
hereby ratifying and confirming all acts and things that such attorney or attorneys may
do or cause to be done by virtue of this power of attorney. Each Covered Person hereby
further designates such attorneys as such Covered Person’s agents authorized to receive
notices and communications with respect to such reports and any amendments thereto. It
is understood and agreed by each Covered Person that this appointment, empowerment and
authorization may be exercised by the aforementioned persons for the period beginning on
May 7, 1999 and ending on the date such Covered Person is no longer subject to the
provisions of this Agreement (and shall extend thereafter for such time as is required
to reflect, and only to reflect, that such Covered Person is no longer a party to this
Agreement).

          Section 6.4 Adjustment upon Changes in Capitalization; Adjustments upon Changes of
Control; Representatives, Successors and Assigns.

          (a) In the event of any change in the outstanding Common Stock by reason of stock
dividends, stock splits, reverse stock splits, spin-offs, split-ups, recapitalizations,
combinations, exchanges of shares and the like, the term “Common Stock” shall
refer to and include the securities received or resulting therefrom, but only to the
extent such securities are received in exchange for or in respect of Common Stock. Upon
the occurrence of any event described in the immediately preceding sentence, the
Shareholders’ Committee shall make such adjustments to or interpretations of the
restrictions of Section 2.1 (and, if it so determines, any other provisions hereof) as
it shall deem necessary, advisable or appropriate or desirable to carry out the intent
of such provisions. If the Shareholders’ Committee deems it necessary, advisable or
appropriate, any such adjustments may take effect from the record date, the “when issued
trading date”, the “ex dividend date” or another appropriate date.

          (b) In the event of any business combination, restructuring, recapitalization or
other extraordinary transaction involving GS Inc., its Subsidiaries or any of their
respective securities or assets as a result of which the Covered Persons shall hold
voting securities of a person other than GS Inc., the Covered Persons agree that this
Agreement shall also continue in full force and effect with respect to such voting
securities of such other person formerly representing or distributed in respect of
Common Stock, and the terms “Common Stock,” “Covered Shares” and “Voting Shares,” and
“GS Inc.” and “Company,” shall refer to such voting securities formerly representing or
distributed in respect of shares of Common Stock of GS Inc. and such other person,
respectively. Upon the occurrence of any event described in the immediately preceding
sentence, the Shareholders’ Committee shall make such adjustments to or interpretations
of the restrictions of Section 2.1 (and, if it so determines, any other provisions
hereof) as it shall deem necessary, advisable or appropriate to carry out the intent of
such provisions.

15

 

If the Shareholders’ Committee deems it necessary, advisable or appropriate, any
such adjustments may take effect from the record date or another appropriate date.

          (c) This Agreement shall be binding upon and inure to the benefit of the respective
legal representatives, successors and assigns of the Covered Persons (and GS Inc. in the
event of a transaction described in Section 6.4(b) hereof); provided, however, that a
Covered Person may not assign this Agreement or any of his rights or obligations
hereunder without the prior written consent of GS Inc., and any assignment without such
consent by a Covered Person shall be void; and provided further that no assignment of
this Agreement by GS Inc. or to a successor of GS Inc. (by operation of law or
otherwise) shall be valid unless such assignment is made to a person which succeeds to
the business of GS Inc. substantially as an entirety.

          Section 6.5 Further Assurances. Each Covered Person agrees to execute such additional
documents and take such further action as may be reasonably necessary to effect the provisions of
this Agreement.

          Section 6.6 Promotions to Designated Senior Officer. Each Participating Managing
Director who is a party to this Agreement agrees to be bound by the Special Transfer Restrictions
in place at such time as he may be promoted to Designated Senior Officer, notwithstanding that such
Special Transfer Restrictions could be materially different than the Special Transfer Restrictions
in place on the later of the Effective Date or such person’s Participation Date.

ARTICLE VII

MISCELLANEOUS

          Section 7.1 Term of the Agreement; Termination of Certain Provisions.

          (a) The term of this Agreement shall continue until the first to occur of January
1, 2050 and such time as this Agreement is terminated by the affirmative vote of not
less than 66 2/3% of the outstanding Covered Shares.

          (b) Unless this Agreement is previously terminated pursuant to Section 7.1(a)
hereof, (i) any Covered Person who ceases to be a Covered Person for any reason other
than death shall no longer be bound by the provisions of this Agreement (other than
Sections 5.3, 6.2, 6.3, 6.5, 7.4, 7.5, 7.6, 7.8 and 7.10 (the “Continuing
Provisions”)), and such Covered Person’s name shall be removed from Appendix A to
this Agreement, and (ii) any Designated Senior Officer who ceases to hold a Designated
Title shall no longer be bound by the provisions of Section 2.1(b) hereof.

16

 

          (c) Unless this Agreement is theretofore terminated pursuant to Section 7.1(a)
hereof, the estate of any Covered Person who ceases to be a Covered Person by reason of
death shall from and after the date of such death be bound only by the Continuing
Provisions, and such Covered Person’s name shall be removed from Appendix A to this
Agreement.

          Section 7.2 Amendments.

          (a) Except as provided in this Section 7.2, provisions of this Agreement may be
amended only by the affirmative vote of the holders of a majority of the outstanding
Covered Shares.

          (b) This Section 7.2(b), Section 7.1(a) and Section 7.3(a)(i) may be amended only
by the affirmative vote of the holders of 66 2/3% of the outstanding Covered Shares.
Any amendment of any other provision of this Agreement that would have the effect, in
connection with a tender or exchange offer by any person other than the Company as to
which the Board of Directors of GS Inc. is recommending rejection, of permitting
transfers which would not be permitted by the terms of this Agreement as then in effect
shall also require the affirmative vote of the holders of 66 2/3% of the outstanding
Covered Shares.

          (c) This Section 7.2(c), Article V, Section 7.3(b) and any other provision the
amendment (or addition) of which has the effect of materially changing the rights or
obligations of the Shareholders’ Committee hereunder may be amended (or added) either
(i) with the approval of the Shareholders’ Committee and the affirmative vote of the
holders of a majority of the Covered Shares or (ii) by the affirmative vote of the
holders of 66 2/3% of the outstanding Covered Shares.

          (d) In addition to any other vote or approval that may be required under this
Section 7.2, (i) any amendment to the General Transfer Restrictions that would make such
General Transfer Restrictions materially more onerous to a Covered Person will not be
enforceable against that Covered Person unless that Covered Person has consented to such
amendment and (ii) any amendment to the Special Transfer Restrictions that would make
such Special Transfer Restrictions materially more onerous to a current Designated
Senior Officer will not be enforceable against that Designated Senior Officer unless
that Designated Senior Officer has consented to such amendment.

           (e) In addition to any other vote or approval that may be required under this
Section 7.2, any amendment of this Agreement that has the effect of changing the
obligations of GS Inc. hereunder to make such obligations materially more onerous to GS
Inc. shall require the approval of GS Inc.

17

 

          (f) Each Covered Person understands that it is intended that each Participating
Managing Director of the Company will be a Covered Person under this Agreement or will
become a Covered Person upon his appointment to such position, and each Covered Person
further understands that from time to time certain other persons may become Covered
Persons and certain Covered Persons will cease to be bound by provisions of this
Agreement pursuant to the terms hereof when they cease to be Participating Managing
Directors. Accordingly, this Agreement may be amended by action of the Shareholders’
Committee from time to time and without the approval of any other person, but solely for
the purposes of (i) adding to Appendix A such persons as shall be made party to this
Agreement pursuant to the terms hereof, such addition to be effective as of the time of
such action or appointment, and (ii) removing from Appendix A such persons as shall
cease to be bound by the provisions of this Agreement pursuant to Sections 7.1(b) or (c)
hereof, which additions and removals shall be given effect from time to time by
appropriate changes to Appendix A.

          (g) Each Covered Person agrees that the Shareholders’ Committee, without the
approval of any other person, may designate positions that may be held by senior
executives of GS Inc. from time to time (each, a “Designated Title”) that will
subject such senior executives to the Special Transfer Restrictions pursuant to Section
2.1(b) hereof.

          (h) Section 2.1 may be amended with the approval of the Shareholders’ Committee and
GS Inc. without requiring the affirmative vote of the outstanding Covered Shares to
decrease either or both of the percentages stated therein, provided, however, that in no
event shall the percentage applicable to the Special Transfer Restrictions in Section
2.1(b) ever be less than the percentage applicable to the General Transfer Restrictions
in Section 2.1(a).

          Section 7.3 Waivers. The Transfer Restrictions and the other provisions of this
Agreement may be waived only as provided in this Section 7.3.

               (a) The holders of the outstanding Covered Shares may waive the Transfer
Restrictions and the other provisions of this Agreement without the consent of any other
person as follows:

	 	(i)	 	The Transfer Restrictions may be waived, in
connection with any tender or exchange offer by any person other than
the Company as to which the Board of Directors of GS Inc. is
recommending rejection at the time of such waiver, only by the
affirmative vote of the holders of 66 2/3% of the outstanding Covered
Shares;
	 
	 	(ii)	 	The Transfer Restrictions may be waived, in
connection with any tender or exchange offer by any person other than
the

18

 

	 	 	 	Company as to which the Board of Directors of GS Inc. is
recommending acceptance or is not making any recommendation with
respect to acceptance at the time of such waiver, only by the
affirmative vote of the holders of a majority of the outstanding
Covered Shares;
	 
	 	(iii)	 	The Transfer Restrictions may be waived, in
connection with any tender or exchange offer by the Company, by the
affirmative vote of the holders of a majority of the outstanding Covered
Shares; and
	 
	 	(iv)	 	In all circumstances other than those set forth
in Sections 7.2 or 7.3(a)(i), (ii) and (iii), the provisions of this
Agreement may be waived only by the affirmative vote of the holders of a
majority of the outstanding Covered Shares; provided, however, that the
holders of the outstanding Covered Shares may not waive the provisions
of this Agreement in the circumstances set forth in Section 7.3(b).

     (b) The Shareholders’ Committee may waive the Transfer Restrictions and the other
provisions of this Agreement without the consent of any other person to permit:

	 	(i)	 	Covered Persons to participate as sellers
in underwritten public offerings of, and stock repurchase programs
and tender or exchange offers by GS Inc. for, Common Stock;
	 
	 	(ii)	 	transfers of Covered Shares to
organizations described in Section 501(c)(3) of the Code, including
gifts to “private foundations” subject to the requirements of Section
509 of the Code;
	 
	 	(iii)	 	transfers of Covered Shares held in
employee benefit plans of the Company either generally or in
particular situations; and
	 
	 	(iv)	 	particular Covered Persons or all Covered
Persons to transfer Covered Shares in particular situations (such as
transfers to family members, partnerships or trusts), but not
generally.

          (c) In connection with any waiver granted under this Agreement, the Shareholders’
Committee or the holders of the percentage of Covered Shares required for the waiver, as
the case may be, may impose such conditions as they determine on the granting of such
waivers.

19

 

          (d) The failure of the Company or the Shareholders’ Committee at any time or times
to require performance of any provision of this Agreement shall in no manner affect the
rights at a later time to enforce the same. No waiver by the Company or the
Shareholders’ Committee of the breach of any term contained in this Agreement, whether
by conduct or otherwise, in any one or more instances, shall be deemed to be or
construed as a further or continuing waiver of any such breach or the breach of any
other term of this Agreement.

          Section 7.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS.

          Section 7.5 Resolution of Disputes.

          (a) The Shareholders’ Committee shall have the sole and exclusive power to enforce
the provisions of this Agreement. The Shareholders’ Committee may in its sole
discretion request GS Inc. to conduct such enforcement, and GS Inc. agrees to conduct
such enforcement as requested and directed by the Shareholders’ Committee.

          (b) Without diminishing the finality and conclusive effect of any determination by
the Shareholders’ Committee of any matter under this Agreement (and subject to the
provisions of paragraphs (c) and (d) hereof), any dispute, controversy or claim arising
out of or relating to or concerning the provisions of this Agreement 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. (“NYSE”), or if the NYSE
declines to arbitrate the matter, the American Arbitration Association (“AAA”)
in accordance with the commercial arbitration rules of the AAA.

          (c) Notwithstanding the provisions of paragraph (b), and in addition to its right
to submit any dispute or controversy to arbitration, the Shareholders’ Committee may
bring, or may cause GS Inc. to bring, on behalf of the Shareholders’ Committee or on
behalf of one or more Covered Persons, an action or special proceeding in a state or
federal court of competent jurisdiction sitting in the State of Delaware, whether or not
an arbitration proceeding has theretofore been or is ever initiated, for the purpose of
temporarily, preliminarily or permanently enforcing the provisions of this Agreement
and, for the purposes of this paragraph (c), each Covered Person (i) expressly consents
to the application of paragraph (d) to any such action or proceeding, (ii) agrees that
proof shall not be required that monetary damages for breach of the provisions of this
Agreement would be difficult to calculate and that remedies at law would be inadequate
and (iii) irrevocably appoints each General Counsel of GS Inc., c/o The Corporation
Trust Company,

20

 

Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 as such
Covered Person’s agent for service of process in connection with any such action or
proceeding, who shall promptly advise such Covered Person of any such service of
process.

     (d) Each Covered Person hereby irrevocably submits to the exclusive jurisdiction of
any state or federal court located in the State of Delaware over any suit, action or
proceeding arising out of or relating to or concerning this Agreement that is not
otherwise arbitrated according to the provisions of paragraph (b) hereof. This includes
any suit, action or proceeding to compel arbitration or to enforce an arbitration award.
The parties acknowledge that the forum designated by this paragraph (d) has a
reasonable relation to this Agreement, and to the parties’ relationship with one
another. Notwithstanding the foregoing, nothing herein shall preclude the Shareholders’
Committee or GS Inc. from bringing any action or proceeding in any other court for the
purpose of enforcing the provisions of this Section 7.5.

               The agreement of the parties as to forum is independent of the law that may be applied
in the action, and they each agree to such forum even if the forum may under applicable law
choose to apply non-forum law. The parties hereby waive, to the fullest extent permitted
by applicable law, any objection which they now or hereafter may have to personal
jurisdiction or to the laying of venue of any such suit, action or proceeding brought in
any court referred to in paragraph (d). The parties undertake not to commence any action
arising out of or relating to or concerning this Agreement in any forum other than a forum
described in paragraph (d). The parties 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 parties.

          Section 7.6 Relationship of Parties. The terms of this Agreement are intended not to
create a separate entity for United States federal income tax purposes, and nothing in this
Agreement shall be read to create any partnership, joint venture or separate entity among the
parties or to create any trust or other fiduciary relationship between them.

          Section 7.7 Notices.

          (a) Any communication, demand or notice to be given hereunder will be duly given
(and shall be deemed to be received) when delivered in writing by hand or first class
mail or by telecopy to a party at its address as indicated below:

          If to a Covered Person,

c/o The Goldman Sachs Group, Inc.

200 West Street

21

 

15th Floor

New York, New York 10282-2198

Fax: (212) 902-3876

Attention: General Counsel;

If to the Shareholders’ Committee, at

Shareholders’ Committee under the Shareholders’ Agreement,

c/o The Goldman Sachs Group, Inc.

200 West Street

15th Floor

New York, New York 10282-2198

Fax: (212) 902-3876

Attention: General Counsel;

and

If to GS Inc., at

The Goldman Sachs Group, Inc.

200 West Street

15th Floor

New York, New York 10282-2198

Fax: (212) 902-3876

Attention: General Counsel.

     GS Inc. shall be responsible for notifying each Covered Person of the receipt of a
communication, demand or notice under this Agreement relevant to such Covered Person at the
address of such Covered Person then in the records of GS Inc. (and each Covered Person
shall notify GS Inc. of any change in such address for communications, demands and
notices).

     (b) Unless otherwise provided to the contrary herein, any notice which is required
to be given in writing pursuant to the terms of this Agreement may be given by telecopy.

          Section 7.8 Severability. If any provision of this Agreement is finally held to be
invalid, illegal or unenforceable, (a) the remaining terms and provisions hereof shall be
unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a
term or provision that is valid and enforceable and that comes closest to expressing the intention
of the invalid or unenforceable term or provision.

          Section 7.9 Right to Determine Tender Confidentially. In connection with any tender
or exchange offer for all or any portion of the outstanding Common Stock, subject to compliance
with all applicable restrictions on transfer in this Agreement or any other agreement with GS Inc.,
each Covered Person will have the right

22

 

to determine confidentially whether such Covered Person’s Covered Shares will be tendered in
such tender or exchange offer.

          Section 7.10 No Third-Party Rights. Nothing expressed or referred to in this
Agreement will be construed to give any person other than the parties to this Agreement any legal
or equitable right, remedy, or claim under or with respect to this Agreement or any provision of
this Agreement. This Agreement and all of its provisions and conditions are for the sole and
exclusive benefit of the parties to this Agreement and their successors and assigns.

          Section 7.11 Section Headings. The headings of sections in this Agreement are
provided for convenience only and will not affect its construction or interpretation.

          Section 7.12 Execution in Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original, but all such counterparts shall
together constitute but one and the same instrument.

23

 

          IN WITNESS WHEREOF, the parties hereto have duly executed or caused to be duly executed this
Agreement.

	 	 	 	 	 	 	 
	 	 	THE GOLDMAN SACHS GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Esta E. Stecher	 	 
	 

	 	 	 	 

Name: Esta E. Stecher
	 	 
	 

	 	 	 	Title: Executive Vice President and General Counsel	 	 

Dated: February 25, 2010

24exv10w30

Exhibit 10.30

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

___ YEAR-END RSU AWARD

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

     1. The Plan. This Award is made pursuant to the Plan, the terms of which
are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are
not defined in this Award Agreement have the meanings as used or defined in the Plan. References
in this Award Agreement to any specific Plan provision shall not be construed as limiting the
applicability of any other Plan provision. In light of the U.S. tax rules relating to deferred
compensation in Section 409A of the Code, to the extent that you are a United States taxpayer,
certain provisions of this Award Agreement and of the Plan shall apply only as provided in
Paragraph 15.

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

     3. Vesting and Delivery and Transfer Restrictions.

          (a) Vesting. Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 6, 7, 9,
10 and 15, on each Vesting Date you shall become Vested in the number or percentage of Year-End
RSUs specified next to such Vesting Date on the Award Statement (which may be rounded to avoid
fractional Shares). While continued active Employment is not required in order to receive delivery
of the Shares underlying your Outstanding Year-End RSUs that are or become Vested, all other terms
and conditions of this Award Agreement shall continue to apply to such Vested Year-End RSUs, and
failure to meet such terms and conditions may result in the termination of this Award (as a result
of which, no Shares underlying such Vested Year-End RSUs would be delivered).

          (b) Delivery and Transfer Restrictions.

 

 

               (i) The Delivery Date with respect to the number or percentage of your Year-End RSUs shall be
the date specified next to such number or percentage of Year-End RSUs on your Award Statement. In
accordance with Treasury Regulations section (“Reg.”) 1.409A-3(d), the Firm may accelerate delivery
to a date that is up to 30 days before the Delivery Date specified on the Award Statement;
provided, however, that in no event shall you be permitted to designate, directly or indirectly,
the taxable year of the delivery.

               (ii) Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 6, 7, 9, 10, 15
and 16, in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than
thirty (30) Business Days) after each date specified as a Delivery Date (or any other date delivery
of Shares is called for hereunder), Shares underlying the number or percentage of your then
Outstanding Year-End RSUs with respect to which such Delivery Date (or other date) has occurred
(which number of Shares may be rounded to avoid fractional Shares) shall be delivered by book entry
credit to your Custody Account or to a brokerage account, as approved or required by the Firm.
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 Year-End RSUs, the Firm may deliver cash, other securities, other Awards or
other property, and all references in this Award Agreement to deliveries of Shares shall include
such deliveries of cash, other securities, other Awards or other property.

               (iv) Except as provided in this Paragraph 3(b)(iv) and Paragraphs 3(c), 7, and 9(g), until the
date specified on your Award Statement as the “Transferability Date:” (A) on each Delivery Date (or
any other date delivery of Shares is called for hereunder), 50% of gross delivered Shares
underlying the number or percentage of Year-End RSUs specified next to such Delivery Date on your
Award Statement (which may be rounded to avoid fractional Shares) will be subject to the “Transfer
Restrictions” (as hereinafter defined) (such Shares, “Shares at Risk”) and shall not be permitted
to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or
otherwise disposed of (including through the use of any cash-settled instrument), whether
voluntarily or involuntarily by you (collectively referred to as the “Transfer Restrictions”) and
any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge
or other disposition in violation of the Transfer Restrictions shall be void; and (B) if and to the
extent your Shares at Risk are certificated, the Certificates representing the Shares at Risk are
subject to the restrictions in this Paragraph 3(b)(iv), and GS Inc. shall advise its transfer agent
to place a stop order against your Shares at Risk. Notwithstanding the foregoing, if the
applicable withholding rate at delivery of Shares underlying your Year-End RSUs equals or exceeds
50%, all of the Shares delivered to you after the application of the withholding will be Shares at
Risk. Within 30 Business Days after the Transferability Date (or any other date described herein
on which the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken,
such steps as may be necessary to remove the Transfer Restrictions. The Committee may adopt
procedures pursuant to which some or all recipients of Year-End RSUs may transfer some or all of
their Shares at Risk (which shall continue to be subject to the Transfer Restrictions until the
Transferability Date) through a gift for no consideration to any immediate family member (as
determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s
immediate family members in the aggregate have 100% of the beneficial interest (as determined
pursuant to the procedures).

               (v) In the discretion of the Committee, delivery of Shares (including Shares at Risk) may be
made initially into an escrow account meeting such terms and conditions as are determined by

-2-

 

the Firm and may be 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 delivery of Shares required by this Award Agreement have been
satisfied. By accepting your Year-End RSUs, you have agreed on behalf of yourself (and your estate
or other permitted beneficiary) that the Firm may establish and maintain an escrow account on such
terms and conditions (which may include, without limitation, your executing any documents related
to, and your paying for any costs associated with, such escrow account) as the Firm may deem
necessary or appropriate. Any such escrow arrangement shall, unless otherwise determined by the
Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares
while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and
shall be paid as determined by the Firm in its discretion.

          (c) Death. Notwithstanding any other Paragraph of this Award Agreement (except
Paragraph 15), if you die prior to the Delivery Date and/or the Transferability Date, the Shares
underlying your then Outstanding Year-End RSUs shall be delivered to the representative of your
estate and any Transfer Restrictions shall cease to apply as soon as practicable after the date of
death and after such documentation as may be requested by the Committee is provided to the
Committee. The Committee may adopt procedures pursuant to which you may be permitted to
specifically bequeath some or all of your Outstanding Year-End RSUs under your will to an
organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar
charitable organization as may be approved by the Committee).

     4. Termination of Year-End RSUs and Non-Delivery of Shares; Termination of
Shares at Risk.

          (a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 6,
7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively
employed with the Firm, your rights in respect of your Year-End RSUs that were Outstanding but that
had not yet become Vested prior to your termination of Employment immediately shall terminate, such
Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof.
Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 7, and 9(g),
if your Employment terminates for any reason or you otherwise are no longer actively employed with
the Firm, any Transfer Restrictions shall continue to apply until the Transferability Date as
provided in Paragraph 3(b)(iv).

          (b) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), and subject to
Paragraphs 6(b) and 6(c), your rights in respect of the Year-End RSUs that are Vested on the Date
of Grant shall terminate, such Outstanding Year-End RSUs shall cease to be Outstanding, and no
Shares shall be delivered in respect thereof if, prior to the earlier of December 31, ___or the
date on which your Year-End RSUs become deliverable following a Change in Control in accordance
with Paragraph 7 hereof, you engage in “Competition.” For purposes of this Award Agreement,
“Competition” means that you (i) form, or acquire a 5% or greater equity ownership, voting or
profit participation interest in, any Competitive Enterprise, or (ii) associate in any capacity
(including, but not limited to, association as an officer, employee, partner, director, consultant,
agent or advisor) with any Competitive Enterprise.

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

-3-

 

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

               (ii) any event that constitutes Cause has occurred;

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

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

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

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

               (vii) your Employment terminates for any reason or you otherwise are no longer actively
employed with the Firm and an entity to which you provide services grants you cash, equity or other
property (whether vested or unvested) to replace, substitute for or otherwise in respect of any
Outstanding Year-End RSUs.

For purposes of the foregoing, the term “Selected Firm Personnel” means: (A) any Firm employee or
consultant (1) with whom you personally worked while employed by the Firm, or (2) 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 (B) any Managing Director of the Firm.

          (d) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your
rights in respect of all of your Shares at Risk immediately shall terminate and such Shares at Risk
shall be cancelled if:

               (i) any event constituting Cause has occurred;

-4-

 

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

               (iii) 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; or

               (iv) your Employment terminates for any reason or you otherwise are no longer actively
employed with the Firm and an entity to which you provide services grants you cash, equity or other
property (whether vested or unvested) to replace, substitute for or otherwise in respect of any
Shares at Risk.

          (e) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any
amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an
agreement referred to in Paragraph 4(c)(v) and 4(d)(ii), regardless of whether such obligation
arises under a written agreement, and/or (ii) a material violation of Firm policy constituting
Cause referred to in Paragraphs 4(c)(ii)) and 4(d)(i).

          (f) Unless the Committee determines otherwise, without limiting any other provision in
Paragraph 4(c) or Paragraph 4(d), and except as provided in Paragraph 7, if the Committee
determines that, during the Firm’s ___fiscal year, 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, your rights in respect of your Year-End RSUs awarded
as part of this Award (whether or not Vested) immediately shall terminate, such Year-End RSUs shall
cease to be Outstanding and no Shares shall be delivered in respect thereof (and any Shares,
Dividend Equivalents, dividends on Shares at Risk or other amounts paid or delivered to you in
respect of this Award shall be subject to repayment in accordance with Paragraph 5) and any Shares
at Risk shall be cancelled.

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

     6. Extended Absence, Retirement, Downsizing and Approved Termination for Program
Analysts.

          (a) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph
6(b), in the event of the termination of your Employment (determined as described in Section 1.2.19
of the Plan) by reason of Extended Absence or Retirement (as defined below), the condition set
forth in Paragraph 4(a) shall be waived with respect to any Year-End RSUs that were Outstanding but
that had not yet become Vested immediately prior to such termination of Employment (as a result of
which such Year-End RSUs shall become Vested), but all other terms and conditions of this Award
Agreement shall continue to apply

-5-

 

(including any applicable Transfer Restrictions). Notwithstanding anything to the contrary in
the Plan or otherwise, “Retirement” means termination of your Employment (other than for Cause) on
or after the Date of Grant at a time when (i) (A) the sum of your age plus years of service with
the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) you
have completed at least ten (10) years of service with the Firm (as determined by the Committee in
its sole discretion) or, if earlier, (ii) (A) you have attained age 50 and (B) you have completed
at least 5 (five) years of service with the Firm (as determined by the Committee in its sole
discretion). Any termination of Employment by reason of Extended Absence or Retirement shall not
affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply
until the Transferability Date as provided in Paragraph 3(b)(iv).

          (b) Without limiting the application of Paragraph 4(c), 4(d) and 4(f), your rights in respect
of your Outstanding Year-End RSUs that become Vested in accordance with Paragraph 6(a) immediately
shall terminate, such Outstanding Year-End RSUs shall cease to be Outstanding, and no Shares shall
be delivered in respect thereof if, prior to the original Vesting Date with respect to such
Year-End RSUs, you engage in Competition. Notwithstanding the foregoing, unless otherwise
determined by the Committee in its discretion, neither this Paragraph 6(b) nor Paragraph 4(b) will
apply to your Outstanding Year-End RSUs if your termination of Employment by reason of Extended
Absence or Retirement is characterized by the Firm as “involuntary” or by “mutual agreement” other
than for Cause and if you execute such a general waiver and release of claims and an agreement to
pay any associated tax liability, both as may be prescribed by the Firm or its designee. No
termination of Employment initiated by you, including any termination claimed to be a “constructive
termination” or the like or a termination for good reason, will constitute an “involuntary”
termination of Employment or a termination of Employment by “mutual agreement.”

          (c) Notwithstanding any other provision of this Award Agreement and subject to your executing
such general waiver and release of claims and an agreement to pay any associated tax liability,
both as may be prescribed by the Firm or its designee, if your Employment is terminated without
Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall be waived
with respect to your Year-End RSUs that were Outstanding but that had not yet become Vested
immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall
become Vested) and Paragraph 4(b) shall not apply to your Outstanding Year-End RSUs that are Vested
on the Date of Grant, but all other conditions of this Award Agreement shall continue to apply
(including any applicable Transfer Restrictions). 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.” Your termination of Employment by reason of “downsizing” shall not affect any
applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the
Transferability Date as provided in Paragraph 3(b)(iv).

          (d) Notwithstanding any other provision of this Award Agreement, if you are classified by the
Firm as a “program analyst,” and your Employment is terminated without Cause solely by reason of an
“approved termination” with respect to your participation in the program prior to any Vesting Date
specified on your Award Statement, the condition set forth in Paragraph 4(a) shall be waived with
respect to any Year-End RSUs that were Outstanding but had not yet become Vested immediately prior
to such termination of Employment (as a result of which such Year-End RSUs shall become Vested) and
Paragraph 4(b) shall not apply to your Outstanding Year-End RSUs that are Vested on the Date of
Grant, but all other conditions of this Award Agreement shall continue to apply (including any
applicable Transfer Restrictions). Unless otherwise determined by the Committee, for purposes of
this Paragraph 6(d), an “approved termination” shall mean a termination of Employment from the
analyst program where you: (i) successfully complete the analyst program

-6-

 

(as determined by the Firm in its sole discretion), which shall include, but not be limited
to, remaining Employed by the Firm through the analyst program completion date specified by the
Firm and (ii) terminate Employment with the Firm immediately after you complete the analyst
program, without any “stay-on” or other agreement or understanding to continue Employment with the
Firm. If you agree to stay with the Firm as an employee after your analyst program ends and then
later terminate Employment, you will not have an “approved termination.” An “approved termination”
shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue
to apply until the Transferability Date as provided in Paragraph 3(b)(iv).

     7. Change in Control. Notwithstanding anything to the contrary in this
Award Agreement (except Paragraph 15), 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 Year-End RSUs, whether or
not Vested, shall be delivered and any Transfer Restrictions shall cease to apply.

     8. Dividend Equivalent Rights; Dividends. Each Year-End RSU shall include a Dividend
Equivalent Right. Accordingly, with respect to each of your Outstanding Year-End RSUs, at or after
the time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the
record date for which occurs on or after the Date of Grant, you shall be entitled to receive an
amount (less applicable withholding) equal to such regular dividend payment as would have been made
in respect of the Share underlying such Outstanding Year-End RSU. Payment in respect of a Dividend
Equivalent Right shall be made only with respect to Year-End RSUs that are Outstanding on the
relevant record date. Each Dividend Equivalent Right shall be subject to the provisions of Section
2.8.2 of the Plan. You shall be entitled to receive on a current basis any regular cash dividend
paid by GS, Inc. in respect of your Shares at Risk, or, if the Shares at Risk are held in escrow,
the Firm will direct the transfer/paying agent to distribute the dividends to you in respect of
your Shares at Risk.

     9. Certain Additional Terms, Conditions and Agreements.

          (a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding
taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the
Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any
Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection
with the grant, vesting or delivery of this Award by requiring you to choose between remitting such
amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from
the Firm’s executing a sale of Shares delivered to you pursuant to this Award. In addition, if you
are an individual with separate employment contracts (at any time during and/or after the Firm’s
___fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an
amount the Firm determines is advisable or necessary in connection with any actual, anticipated or
potential tax consequences related to your separate employment contracts by requiring you to choose
between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in
the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this
Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you
may have under the preceding two sentences determine, or give you any discretion to affect, the
timing of the delivery of Shares or the timing of payment of tax obligations.

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

-7-

 

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

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

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

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

          (g) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), if:

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

               (ii) following your termination of Employment other than described in Paragraph 9(g)(i), you
notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you
continue to hold Outstanding Year-End RSUs and/or Shares at Risk;

then, in the case of Paragraph 9(g)(i) above only, the condition set forth in Paragraph 4(a) shall
be waived with respect to any Year-End RSUs you then hold that had not yet become Vested (as a
result of which such Year-End RSUs shall become Vested) and, in the case of Paragraphs 9(g)(i) and
9(g)(ii) above, any Transfer Restrictions shall cease to apply, and, at the sole discretion of the
Firm, you shall receive either a lump sum cash payment in respect of, or delivery of Shares
underlying, your then Outstanding Vested Year-End RSUs, in each case as soon as practicable after
the Committee has received satisfactory documentation relating to your Conflicted Employment.

-8-

 

          (h) 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 shall have any liability to you or any other
person for any action taken or omitted in respect of this or any other Award.

          (i) You understand and agree that, in the event of your termination of Employment while you
continue to hold outstanding Vested Year-End RSUs and/or Shares at Risk, you may be required to
certify, from time to time, your compliance with all terms and conditions of the Plan and this
Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of
any changes to your address to ensure timely receipt of the certification materials, (ii) you are
responsible for obtaining such certification materials by contacting the Firm if you do not receive
certification materials, and (iii) failure to return properly completed certification materials by
the deadline specified in the certification materials will result in the forfeiture of all of your
outstanding Year-End RSUs and Shares at Risk, as applicable, in accordance with Paragraphs 4(c)(iv)
and 4(d)(iii).

     10. Right of Offset. Except as provided in Paragraph 15(h), the obligation to deliver
Shares or to remove the Transfer Restrictions 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.

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

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

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

-9-

 

     15. Compliance of Award Agreement and Plan With Section 409A. The provisions of this
Paragraph 15 apply to you only if you are a United States taxpayer.

          (a) References in this Award Agreement to “Section 409A” refer to 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. This Award Agreement and the Plan provisions
that apply to this Award are intended and shall be construed to comply with Section 409A (including
the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of
compensation” or “deferred compensation” as those terms are defined in the regulations under
Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or
other exceptions or provisions). The Committee shall 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 the Plan (including, without limitation, Sections
1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall
govern, and in the case of any conflict or potential inconsistency between this Paragraph 15 and
the other provisions of this Award Agreement, this Paragraph 15 shall govern.

          (b) Delivery of Shares shall not be delayed beyond the date on which all applicable
conditions or restrictions on delivery of Shares in respect of your Year-End RSUs required by this
Agreement (including, without limitation, those specified in Paragraphs 3(b) and (c), 6(b) and (c)
(execution of waiver and release of claims and agreement to pay associated tax liability) and 9 and
the consents and other items specified in Section 3.3 of the Plan) are satisfied, and shall occur
by March 15 of the calendar year in which the Delivery Date occurs unless, in order to permit such
conditions or restrictions 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
delivery of Shares to a later date within the same calendar year or to such later date as may be
permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction
with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

          (c) Notwithstanding the provisions of Paragraph 3(b)(iii) and Section 1.3.2(i) of the Plan, to
the extent necessary to comply with Section 409A, any securities, other Awards or other property
that the Firm may deliver in respect of your Year-End RSUs shall not have the effect of deferring
delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on
which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with
respect to the Shares that would otherwise have been deliverable (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, without limitation 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) Notwithstanding the timing provisions of Paragraph 3(c), the delivery of Shares referred
to therein shall 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).

          (e) The timing of delivery or payment pursuant to Paragraph 7 shall occur on the earlier of
(i) the Delivery 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), delivery shall occur on the earlier
of the Delivery 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 (or, if the latter
date is not during a Window Period, the first

-10-

 

trading day of the next Window Period). For purposes of Paragraph 7, 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).

          (f) Notwithstanding any provision of Paragraph 8 or Section 2.8.2 of the Plan to the contrary,
the Dividend Equivalent Rights with respect to each of your Outstanding Year-End RSUs shall be paid
to you within the calendar year that includes the date of distribution of any corresponding regular
cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after
the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such
regular dividend payment as would have been made in respect of the Shares underlying such
Outstanding Year-End RSUs.

          (g) The timing of delivery or payment referred to in Paragraph 9(g) shall be the earlier of
(i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee
receives satisfactory documentation relating to your Conflicted Employment, provided that such
delivery or payment shall be made 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.

          (h) Paragraph 10 and Section 3.4 of the Plan shall not apply to Awards that are 409A deferred
compensation.

          (i) Delivery of Shares in respect of any Award may be made, if and to the extent elected by
the Committee, later than the Delivery 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 delivery is permitted under Section 409A).

          16. Compliance of Award Agreement and Plan with Section 457A. To the extent the
Committee or the Plan’s committee that has been delegated certain authority by the Committee (the
“SIP Committee”) determines that (i) Section 457A of the Code or any guidance promulgated
thereunder (“Section 457A”) requires that, in order to qualify for the short-term deferral
exception from treatment as “deferred compensation” under Section 457A(d)(3)(B) of the Code, the
documents governing an Award must specify that such Award will be delivered within the period set
forth in Section 457(A)(d)(3)(B) of the Code and (ii) all or any portion of this Award is or
becomes subject to Section 457A, this Award Agreement will be deemed to be amended as of the Date
of Grant (as the Committee or the SIP Committee determines necessary or appropriate after
consultation with counsel) to provide that delivery of Year-End RSUs will occur no later than 12
months after the end of the taxable year in which the right to delivery is first no longer subject
to a substantial risk of forfeiture (as defined under Section 457A); provided, however, that no
action or modification will be permitted to the extent that such action or modification would cause
such Award to fail to satisfy the conditions of an applicable exception from the requirements of
Section 409A or otherwise would result in an additional tax imposed under Section 409A in respect
of such Award.

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

-11-

 

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

	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

-12-

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