Document:

exv10w47

Exhibit 10.47

The Goldman Sachs Group, Inc.

Signature Card For ____ Year-End Awards (China) and the BNY Mellon Custody Account 

and Consent to Receive Electronic Delivery 

IMPORTANT: PLEASE REVIEW, EXECUTE AND RETURN THIS FORM TO: EQUITY COMPENSATION

(DIVISION OF HCM), 30 HUDSON STREET, 34TH FLOOR, JERSEY CITY, NJ 07302.

YOU MUST PROPERLY EXECUTE THIS FORM TO ACKNOWLEDGE ACCEPTANCE OF THE TERMS AND CONDITIONS OF

YOUR AWARD(S) AND RELATED MATTERS.

1. I have received and agree to be bound by The Goldman Sachs Amended and Restated
Stock Incentive Plan (the “SIP”) and the Award Agreement(s) applicable to me in connection with the
____ Year-End Award(s) (the “Award(s)”) that I have been granted by the Firm (as defined in the
SIP). I confirm that I have accepted the Award(s) subject to the terms and conditions contained in
the SIP and the Award Agreement(s), including but not limited to, the requirement that disputes
relating to the Award(s) and the Award Agreement(s) be decided through arbitration in New York City
and be governed by New York law.

As a condition of this grant, I understand that the Award(s) (as well as any other award that the
Firm may grant to me under the SIP) is/are subject to other governing law provisions (as outlined
in this signature card (the “Signature Card”), in the current or otherwise then current Award
Summary (as defined below) or otherwise as may be required under applicable law) and, as a
condition to receiving such awards, I agree to be bound thereby. I also understand that the Firm
may grant to me other awards under the SIP that also may contain (among other terms and conditions)
arbitration and other governing law provisions and, as a condition to receiving such awards, I
agree to be bound thereby. As a condition of this grant, I agree to provide upon request an
appropriate certification regarding my U.S. tax status on Form W-8BEN, Form W-9, or other
appropriate form, and I understand that failure to supply a required form may result in the
imposition of backup withholding on certain payments I receive pursuant to this grant.

I understand and acknowledge that I am agreeing to arbitrate all claims, in accordance with the
arbitration procedure set forth in the Award Agreement(s). The Award Agreement(s) does not include
an agreement to arbitrate claims on a collective or class basis. It is explicitly agreed that, to
the fullest extent permitted by applicable law, no arbitrator shall have the authority to consider
class or collective claims, to order consolidation or to join different claimants or grant relief
other than on an individual basis to the individual claimant involved.

Further, as a condition of this grant, if I am a person who has worked in the United
Kingdom at any time during the earnings period relating to any award under the SIP, as
determined by the Firm, when requested and as directed by the Firm, I will agree to a Joint
Election under s431 ITEPA 2003 of the laws of the United Kingdom for full or partial disapplication
of Chapter 2 Income Tax (Earnings and Pension) Act 2003 under the laws of the United Kingdom and
will sign and return such election in respect of all future deliveries of shares underlying the
Award(s) and any previous grants made to me under the SIP and understand that the Firm intends to
meet its delivery obligations in shares with respect to my Award(s), except as may be prohibited by
law or described in the accompanying Award Agreement(s) or supplementary materials.

If I have worked in Switzerland at any time during the earnings period relating to the
Award(s) granted to me as determined by the Firm, (i) I acknowledge that my Award(s) are subject to
tax in accordance with the rulings and method of calculation of taxable values to be agreed by the
Firm with the Federal and/or Zurich/Geneva cantonal/communal tax authorities or as otherwise
directed by the Firm, and (ii) I hereby agree to be bound by any rulings agreed by the Firm in
respect of any Award(s), which is expected to result in taxation at the time of delivery of shares
(or cash or other property in lieu thereof), and (iii) I undertake to declare and make a full and
accurate income tax declaration in respect of my Award(s) in accordance with the above ruling or as
directed by the Firm.

I understand and acknowledge that any transfer provisions (including, where applicable, escrow and
other similar provisions, but specifically excluding any transfer restrictions imposed on any
Award(s) in the Award Agreement(s) or the SIP) in the SIP or related documents will not apply to me
(i) to the extent that the applicability of those provisions would affect the availability of
relevant exemptions or tax favorable treatment, or (ii) otherwise in circumstances determined by
the Firm in its sole discretion.

2. I have read and understand the Firm’s “Notice Periods for Recipients of Year-End Equity-Based
Awards” policy (the “Notice Policy”) available through the HR Workways® link on GSWeb or as
otherwise provided to me, pursuant to which I am required to provide certain specified advance
notice of my intent to leave employment with the Firm. I understand that in executing this form, I
will be agreeing to provide my employing entity with advance written notice of my intention to
leave employment with the Firm as follows:

	 	•	 	In the Americas: 60 days in advance of my termination date
	 	•	 	In Europe, the Middle East, Africa and India: 90 days in advance of my termination date
	 	•	 	In Japan and Asia Ex-Japan (including Australia and excluding India): 90 days in advance
of my termination date if I am a Vice President or

	 	 	 	an Executive Director; 60 days in advance of my termination date in all other cases

and that, subject to applicable law, the provisions of the Notice Policy constitute a permanent
change to my terms and conditions of employment. I agree to this change in consideration of my
continued employment with the Firm and my acceptance of the Award(s), and I agree to be bound by
the Notice Policy as in effect from time-to-time.

I understand that if under local law or my contract of employment I have a notice requirement that
is longer than those specified above, the longer notice period will apply. Also, I understand that
if my terms and conditions of employment provide for a probation period after I begin employment
with the Firm (e.g., in Hong Kong, India, Paris or Frankfurt), this Notice Policy will apply only
if notice of termination of employment is given (whether by me or by the Firm) after the probation
period has ended.

I also understand that the terms and conditions of my employment shall be permanently changed so
that, in the event that I resign from the Firm, the Firm may:

	 	•	 	Unilaterally waive or reduce the notice period otherwise applicable to my employment, or
	 	•	 	Take such other action as shall have that effect.

I acknowledge that the Firm retains its right to bring forward the end of the notice period to such
earlier date, and that I will not be entitled to any salary, wages, or benefits after such earlier
date. In addition, I understand that I will not receive pay in lieu for any period of notice that
has been waived or reduced.

I understand that unless the notice period is waived by agreement or unilaterally as set out above,
or I have exercised a statutory right to make a payment in lieu of my notice period, I will be paid
my base salary (and/or draw for commissioned employees) and will continue to receive all mandatory
benefits during the notice period.

I understand that during my notice period I may be required to remain away from the Firm’s offices,
and/or be removed from any assigned duties or assigned to other suitable duties.

I understand that if I fail to give the full amount of notice as set out above, or to comply in any
respect with the Notice Policy, I will have failed to meet an obligation I have under an agreement
with the Firm, as a result of which the Firm may have certain rights and I may be subject to
certain legal and equitable rights and remedies, including, without limitation, the forfeiture of
the Award(s) and any other awards granted to me (whether before or after the Award(s)) under the
SIP. The forfeiture of such Award(s) will also apply where I fail to give the full amount of notice
by exercising any right I may have under applicable legislation to make a payment in lieu of such
notice. The Firm may hold me personally liable for any damages that it suffers as a result of the
breach. I also understand that, if I fail to comply with the Notice Policy, the Firm may be
entitled to an injunction from a court restraining me from violating it.

This agreement concerning my notice period is being made for and on behalf of my Goldman Sachs
employing entity, and implementation of the Notice Policy does not create an employment
relationship between me and The Goldman Sachs Group, Inc. (“GS Inc.”).

3. I have read and understand the Firm’s hedging and pledging policies (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 agree to be bound by them (with respect to
the Award(s) and any prior awards under the SIP), both during and following my employment with the
Firm.

4. If a custody account is required, I request that The Bank of New York Mellon (“BNY Mellon”)
(successor in interest to Mellon Bank, N.A.) open a custody account for me as described in the
enclosed Custody Agreement among BNY Mellon (as successor in interest to Mellon Bank N.A.), GS
Inc., and myself. I have received and agree to be bound by the Custody Agreement (or any other such
custody agreement previously entered into by me or on my behalf), including the applicable
restrictions on transfers, pledges and withdrawals of shares of the common stock of GS Inc.
(“Shares”), the provisions permitting the Firm to monitor my custody account, and the limitations
on the liability of BNY Mellon and the Firm. I also agree to open an account with any other
custodian or broker selected by the Firm, if the Firm, in its sole discretion, requires me to open
an account with such custodian or broker as a condition to delivery of Shares (or cash or other
property) underlying the Award(s).

 

 

5. If the Firm advanced or loaned me funds to pay certain taxes (including income taxes and Social
Security, or similar contributions) in connection with the Award(s) (or does so in the future), and
if I have not signed a separate loan agreement governing repayment, I authorize the Firm to
withhold from my compensation any amounts required to reimburse it for any such advance or loan to
the extent permitted by applicable law.

I understand and agree that, if I leave the Firm, I am required immediately to repay any
outstanding amount. I further understand and agree that the Firm has the right to offset, to the
extent permitted by the Award Agreement and applicable law (including Section 409A of the U.S.
Internal Revenue Code of 1986, as amended, which limits the Firm’s ability to offset in the case of
United States taxpayers under certain circumstances), any outstanding amounts that I then owe the
Firm against its delivery obligations under the Award(s) or against any other amounts the Firm then
owes me. I understand that the delivery of Shares pursuant to the Award(s) is conditioned on my
satisfaction of any applicable taxes or social security contributions (collectively referred to as
“tax” or “taxes” for purposes of the SIP and all related documents) in accordance with the SIP. To
the extent permitted by applicable law, the Firm, in its sole discretion, may require me to provide
amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations
imposed on me or the Firm in connection with the grant, vesting or delivery of the Award(s) by
requiring me to choose between remitting such amount (i) in cash (or through payroll deduction or
otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me
pursuant to the Award(s) or (iii) as otherwise permitted in the Award Agreement(s). However, in no
event shall any such choice or the choice specified in paragraph 6, below, determine, or give me
any discretion to affect, the timing of the delivery of Shares or payment of tax obligations.

6. If I am an individual with separate employment contracts (at any time during and/or after the
Firm’s ____ fiscal year), I acknowledge and agree that the Firm may, in its sole discretion,
require (to the extent permitted by applicable law) that I 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 my separate employment contracts by requiring me to choose between
remitting such amount (i) in cash (or through payroll deductions or otherwise) or (ii) in the form
of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) (or
any other of my awards outstanding under the SIP).

7. In connection with any Award Agreement or other interest I may receive in the SIP or any Shares
that I may receive in connection with the Award(s) or any award I have previously received or may
receive, or in connection with any amendment or variation thereof or any documents listed in
paragraph 8, I hereby consent to (a) the acceptance by me of the Award(s) electronically, (b) the
giving of instructions in electronic form whether by me or the Firm, and (c) the receipt in
electronic form at my email address maintained at Goldman Sachs or via Goldman Sachs’ intranet site
(or, if I am no longer employed by the Firm, at such other email address as I may specify, or via
such other electronic means as the Firm and I may agree) all notices and information that the Firm
is required by law to send to me in connection therewith including, without limitation, any
document (or part thereof) constituting part of a prospectus covering securities that have been
registered under the U.S. Securities Act of 1933, the information contained in any such document
and any information required to be delivered to me under Rule 428 of the U.S. Securities Act of
1933, including, for example, the annual report to security holders or the annual report on Form
10-K of GS Inc. for its latest fiscal year, and that all prior elections that I may have made
relating to the delivery of any such document in physical form are hereby revoked and superseded. I
agree to check Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, such other
electronic site as the Firm and I may agree) periodically as I deem appropriate for any new notices
or information concerning the SIP. I understand that I am not required to consent to the receipt of
such documents in electronic form in order to receive the Award(s) and that I may decline to
receive such documents in electronic form by contacting Equity Compensation (division of HCM), 30
Hudson Street, 34th Floor, Jersey City, NJ 07302, telephone (212) 357-1444, which will provide me
with hard copies of such documents upon request. I also understand that this consent is voluntary
and may be revoked at any time on three business days’ written notice.

8. I hereby acknowledge that I have received in electronic form in accordance with my consent in
paragraph 7 the following documents:

	 	•	 	The Goldman Sachs Amended and Restated Stock Incentive Plan;
	 	•	 	Summary of The Goldman Sachs Amended and Restated Stock Incentive Plan;
	 	•	 	Custody Agreement with BNY Mellon;
	 	•	 	The 2009 Annual Report for The Goldman Sachs Group, Inc.;
	 	•	 	The annual report on Form 10-K for The Goldman Sachs Group, Inc. for the fiscal year
ended December 31, 2009;
	 	•	 	The Award Agreement(s); and
	 	•	 	Summaries of the Award(s) (“Award Summary”).

9. I expressly authorize any appropriate representative of the Firm to make any notifications,
filings or remittances of funds that may be required in connection with the SIP or otherwise on my
behalf. Further, if I am an employee who is resident in South Africa at a relevant time, by
accepting my Award(s), I expressly authorize any appropriate representative of the Firm to make any
required notification on my behalf to the Reserve Bank of South Africa (or its authorized dealer)
in relation to my participation in the SIP and to any acquisition of Shares for no consideration
under the SIP or other similar filing that may otherwise be

required in South Africa. I acknowledge
that any such authorization is effective from the date of acceptance of my Award(s) until such time
as I expressly revoke the authorization by written notice to any appropriate representative of the
Firm. I understand that this authorization does not create any obligation on the Firm to deal with
any such notifications, filings or remittances of funds that I may be required to make in
connection with the SIP and I accept full responsibility in this regard.

10. The granting of the Award(s), the delivery of the underlying Shares (or cash or other property)
and any subsequent dividends or dividend equivalent payments, and the receipt of any proceeds in
connection with the Award(s) may result in legal or regulatory requirements in some jurisdictions.
I understand and agree that it is my responsibility to ensure that I comply with any legal or
regulatory requirements in respect of the Award(s).

11. I confirm that I have filed all tax returns that I am required to file and paid all taxes I am
required to pay with respect to awards previously granted to me by the Firm, and I agree, with
respect to both the Award(s) as well as awards previously granted to me by the Firm, to file all
tax returns I am required to file and to pay all taxes I am required to pay.

Consent to Data Collection, Processing and Transfers:

I understand and agree that in connection with the SIP and any other Firm benefit plan (the “Programs”), to the extent permitted under the laws of the applicable jurisdiction, the Firm may
collect and process various data that is personal to me, including my name, address, work location,
hire date, Social Security or Social Insurance or taxpayer identification number (required for tax
purposes), type and amount of SIP or other benefit plan award, citizenship or residency (required
for tax purposes) and other similar information reasonably necessary for the administration of such
Programs (collectively referred to as “Information”) and provide such Information to its affiliates
and BNY Mellon (and its affiliates) or any other service provider, whether in the United States or
elsewhere, as is reasonably necessary for the administration of the Programs and under the laws of
these jurisdictions. I understand that, in certain circumstances, foreign courts, law enforcement
agencies or regulatory agencies may be entitled to access the Information. I understand that,
unless I explicitly authorize otherwise, the Firm, its affiliates and its service providers
(through their respective employees in charge of the relevant electronic and manual processing)
will use this Information only for purposes of administering the Programs. I understand that, in
the United States and in other countries to which such Information may be transferred for the
administration of the Programs, the level of data protection is not equivalent to data protection
standards in the member states of the European Union, Canada or certain Canadian provinces. I
understand that, upon request, to Equity Compensation (division of HCM), 30 Hudson Street, 34th
Floor, Jersey City, NJ 07302, telephone (212) 357-1444, to the extent required under the laws of
the applicable jurisdiction, I may have access to and obtain communication of the Information and
may exercise any of my rights in respect of such Information, including objecting to the processing
of the Information and requesting that the Information be corrected (if wrong), completed or
clarified (if incomplete or equivocal), or erased (if cannot legally be collected or kept). Upon
request, to the extent required under the laws of the applicable jurisdiction, Equity Compensation
(division of HCM) will also provide me, free of charge, with a list of all the service providers
used in connection with the Programs at the time of request. I understand that, if I refuse to
authorize the use and transfer of the Information consistent with the above, I may not benefit from
the Programs. I authorize the use and transfer of the Information consistent with the above for the
period of administration of the Programs. In particular, I authorize (within the limits described
above): (i) the data processing by the Firm (which means GS Inc. and its subsidiaries and
affiliates); (ii) the data processing by BNY Mellon and its affiliates; (iii) the data processing
by the Firm’s other service providers; and (iv) the data transfer to the United States and other
countries. I further acknowledge that the Information may be retained by such persons beyond the
period of administration of the Programs to the extent permitted under the laws of the applicable
jurisdiction and I so authorize.

NON-COMPETITION AND NON-SOLICITATION RESTRICTIONS FOR EMPLOYEES PROVIDING SERVICES IN
AUSTRALIA, HONG KONG, INDIA, INDONESIA, JAPAN, KOREA, MALAYSIA, PEOPLE’S REPUBLIC OF CHINA,
SINGAPORE AND TAIWAN

In addition to and without limiting any provisions in the SIP or the applicable Award
Agreement(s) (including without limitation the Award forfeiture, termination or repayment
provisions), I hereby agree to and acknowledge the following:

(a) If I am providing services to the Firm in Asia, in view of my importance to the Firm and BGH,
I hereby agree that the Firm or BGH would likely suffer significant harm from me competing with the
Firm or BGH for some period of time after my employment ends. Accordingly, I hereby agree that I
will not, without the written consent of the Firm or BGH, during the Restricted Period in the
Geographic Area:

     (i) form, or acquire a 5% or greater equity ownership, voting or profit participation
interest in, any Covered Competitive Enterprise; or

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     (ii) associate (including, but not limited to, association as an officer, employee, partner,
director, consultant, agent or advisor) with any Covered Competitive Enterprise and in connection
with such association engage in, or directly or indirectly manage or supervise personnel engaged
in, any activity:

          A. which is similar or substantially related to any activity in which I was engaged, in whole
or in part, at the Firm,

          B. for which I had direct or indirect managerial or supervisory responsibility at the Firm, or

          C. which calls for the application of the same or similar specialized knowledge or skills as
those utilized by me in my activities with the Firm,

at any time during the one-year period immediately prior to the end of the Employment Period, and,
in any such case, irrespective of the purpose of the activity or whether the activity is or was in
furtherance of advisory, agency, proprietary or fiduciary business of either the Firm or BGH or the
Covered Competitive Enterprise.

(By way of example only, this provision precludes an “advisory” investment banker from joining a
leveraged-buyout firm, a research analyst from becoming a proprietary trader or joining a hedge
fund, or an information systems professional from joining a management or other consulting firm and
providing information technology consulting services or advice to any Covered Competitive
Enterprise, in each case without the written consent of the Firm or BGH.)

To the extent that separate financial consideration may be necessary in order to enforce the
restrictive covenant set forth in Section (a) above, the Firm will pay me a monthly payment
equivalent to 25% of my last monthly base salary, unless local regulation provides otherwise, in
which case local regulation shall apply, while this restriction is in effect during any period when
I am not employed by the Firm, payable in accordance with the Firm’s payroll practices. Any such
payment shall begin within the first week after termination of employment.

(b) I hereby agree that during the Restricted Period, I will not, in any manner, directly or
indirectly, in Asia (1) Solicit a Covered Client to transact business with a Covered Competitive
Enterprise or to reduce or refrain from doing any business with the Firm or BGH, or (2) interfere
with or damage (or attempt to interfere with or damage) any relationship between the Firm or BGH
and a Covered Client.

(c) I hereby agree that during the Restricted Period, I will not, in any manner, directly or
indirectly in Asia:

     (i) Solicit any Covered Personnel to resign from the Firm or BGH or to apply for or accept
employment, consultancy, partnership, membership or similar status with a Covered Competitive
Enterprise;

     (ii) hire or participate in the hiring of any Covered Personnel (whether as an employee,
consultant, or otherwise) by a Covered Competitive Enterprise;

     (iii) participate in the decision to offer Covered Personnel employment, consultancy,
admission into partnership, membership or similar status with a Covered Competitive Enterprise; or

     (iv) participate in the identification of Covered Personnel for potential hiring or admission
into partnership, membership or similar status with a Covered Competitive Enterprise.

I acknowledge that I will have violated this provision if, during the Restricted Period, any
Covered Personnel are Solicited, hired, made a consultant or are accepted into partnership,
membership or similar status:

     (i) by any Covered Competitive Enterprise which I form, which bears my name, or in which I am
a partner, a member or have similar status or in which I possess or control a greater than de
minimis equity ownership, voting or profit participation; or

     (ii) by any Covered Competitive Enterprise, and I have, or are intended to have, direct or
indirect managerial or supervisory responsibility for such Covered Personnel.

To the extent that separate financial consideration may be necessary in order to enforce the
restrictive covenants set forth in Sections (b) and (c) above, the Firm will pay me a monthly
payment equivalent to 25% of my last monthly base salary, unless local regulation provides
otherwise, in which case local regulation shall apply, while these restrictions are in effect
during any period when I am not employed by the Firm, payable in accordance with the Firm’s payroll
practices. Any such payment shall begin within the first week after termination of employment.

(d) I acknowledge and agree that these Restrictions form part of my terms and conditions of
employment. I also acknowledge and agree that these Restrictions supersede any restrictions that I
may be subject to under the non-competition and non-solicitation restrictions for employees
providing services in the People’s Republic of China as set out in (a) to (n) of the Signature Card
For 2009 Year-End Awards (China) and the BNY Mellon Custody Account and Consent to Receive
Electronic Delivery.

(e) Prior to accepting employment with any other person or entity during the Restricted Period, I
will provide any prospective employer with written notice of

the Restrictions with a copy containing the prospective employer’s name and contact information delivered simultaneously to the
Firm.

(f) I understand that the Restrictions may limit my ability to earn a livelihood in a business
similar to the business of the Firm or BGH. I acknowledge that a violation on my part of any of
the Restrictions would cause immeasurable and irreparable damage to the Firm or BGH. Accordingly,
I agree that the Firm and/or BGH will be entitled to injunctive relief in any court of competent
jurisdiction for any actual or threatened violation of any of the Restrictions in addition to any
other remedies it or they may have. In the event that I violate any of the Restrictions, I
acknowledge that the Restricted Period shall automatically be extended by the period of time that I
was in violation of the said Restriction(s). I also acknowledge that a violation of any of the
Restrictions would constitute my failure to meet an obligation I have under an agreement between me
and the Firm that was entered into in connection with my employment with the Firm, and may
constitute “Cause” for purposes of any equity-based awards granted to me by the Firm and/or BGH and
will result in my forfeiting such equity-based awards.

(g) If any provision (or part of a provision) of the Restrictions is held by a court of competent
jurisdiction to be invalid, illegal or unenforceable (whether in whole or in part), such provision
will be deemed modified or severed to the extent, but only to the extent, of such invalidity,
illegality or unenforceability and the remaining such provisions will not be affected thereby;
provided, however, that if any of the Restrictions are held by a court of competent jurisdiction to
be invalid, illegal or unenforceable because it exceeds the maximum time period such court
determines is acceptable to permit such provision to be enforceable, such Restriction will be
deemed to be modified to the minimum extent necessary to modify such time period in order to make
such provision enforceable hereunder.

(h) The promises contained in the Restrictions are provided by me for the benefit of each Firm
entity and BGH and I acknowledge and agree that each such entity may independently enforce the
Restrictions against me. Any benefit that I give or am deemed to have given by virtue of the
Restrictions is received jointly and severally by the Firm (including, for the avoidance of doubt,
any entity of the Firm to which I provide services from time to time) or BGH.

(i) For the purposes of the Restrictions, GS Inc. enters into the SIP and Award Agreement(s)
applicable to me in connection with the Award(s) in its own capacity and as agent for each other
Firm entity and BGH. The consideration for the promises in these Restrictions is given to me by
GS, Inc. on its own behalf and on behalf of each other Firm entity (including, for the avoidance of
doubt, any entity of the Firm to which I provide services from time to time) and BGH.

(j) I acknowledge that the Restrictions set out in this clause are reasonable and necessary for
the protection of the legitimate interests of the Firm and BGH, and that, having regard to those
interests, such restrictions do not impose an unreasonable burden on me.

(k) The Restrictions shall remain in full force and effect and survive the termination of my
employment for any reason whatsoever.

(l) If I am a Managing Director subject to a Managing Director Agreement, the Restrictions shall
not apply to me.

(m) If I am a Private Wealth Management employee subject to an Employee Agreement Regarding
Confidential and Proprietary Information and Materials and Non-Solicitation, I will not be subject
to the restrictions contained in clauses (b) and (c) of the Restrictions.

(n) For the purposes of the Restrictions only, the following terms have the following meanings:

     “Asia” means Australia, the PRC, Hong Kong SAR, Taiwan, Japan, Korea, India, Singapore,
Indonesia, Malaysia, Thailand, Philippines, Brunei and Vietnam.

     “BGH” means Beijing Gao Hua Securities Company Limited, its subsidiaries and affiliates, and
its respective successors.

     “Covered Client” means any client or prospective client of the Firm or BGH (i) to whom I
provided services in the 12 months prior to the end of the Employment Period, or (ii) for whom I
transacted business in the 12 months prior to the end of the Employment Period, or (iii) whose
identity became known to me in connection with my relationship with or employment by the Firm or
BGH in the 12 months prior to the end of the Employment Period and with respect to whom I had
access to confidential information.

     “Covered Competitive Enterprise” means a business enterprise that (i) engages in any activity,
or (ii) owns or controls a significant interest in any entity that engages in any activity that, in
either case, competes anywhere with any activity in which the Firm or BGH is engaged. The
activities covered by the previous sentence include, without limitation, financial services such as
investment banking, public or private finance, lending, financial advisory services, private
investing (for anyone other than me and members of my family), merchant banking, asset or hedge
fund management, insurance or reinsurance underwriting or brokerage, property management, or
securities, futures, commodities, energy, derivatives or currency brokerage, sales, lending,
custody, clearance, settlement or trading.

     “Covered Extended Absence” means my absence from active employment for at least 180 days in
any 12-month period as a result of my incapacity due to mental or physical illness, as determined
by the Firm.

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     "Covered Personnel” means any Firm or BGH employee, consultant or Managing Director with whom
I had material contact or dealings within the 12 months prior to the end of the Employment Period
or in relation to whom I had access to confidential information.

     “Employment Period” means the period from the commencement of my employment with, or transfer,
assignment or secondment to the Firm and ending with the date of termination of my employment with,
or transfer, assignment or secondment to the Firm. For the purposes of the definition of
‘Employment Period’ in these Restrictions, the Employment Period does not terminate when I commence
employment with, or am transferred, assigned or seconded to, another member of the Firm in Asia
(excluding, for this purpose only, Goldman Sachs Gao Hua Securities Company Limited).

     “Firm” means GS Inc., its subsidiaries and affiliates and its and their respective successors.

     “Geographic Area” means (i) the PRC, including Hong Kong, Macao and Taiwan; and/or (ii) any
other country in Asia in relation to which I have substantial product and/or geographical market
responsibilities; and/or (iii) any other country in Asia in relation to which I have substantial
employee managerial responsibilities in the 12 months prior to the end of the Employment Period;
and/or (iv) any other jurisdiction in Asia in relation to which I provide services in the 12 months
prior to the end of the Employment Period.

     “Notice Date” means the date on which either I or the Firm gives written notice of (i) the
conclusion of my transfer, assignment or secondment to any member of the Firm, or (ii) the
termination of my employment with any member of the Firm, or if the termination is for cause or
Covered Extended Absence, the date on which such termination occurs, or (iii) if I repudiate my
employment contract, any earlier date as determined by the Firm in its sole discretion. For the
purposes of the definition of ‘Notice Date’ in these Restrictions, the Notice Date does not
commence where I am transferring to another Firm entity in Asia (excluding, for this purpose only,
Goldman Sachs Gao Hua Securities Company Limited).

     "PRC” means the People’s Republic of China.

     “Restricted Period” means (i) during the Employment Period; and (ii) for the period of notice
in my employment contract or the period stated in paragraph 2 of the Signature Card commencing from
the Notice Date (whichever is longer), irrespective of whether the termination is for cause or
Covered Extended Absence or whether I receive a payment in lieu of all or part of that notice
period or whether all or part of the notice period is waived by the Firm or whether I make a
payment in lieu of all or part of that notice period pursuant to a statutory entitlement or with
the Firm’s agreement.

     “Restrictions” means the non-competition and non-solicitation restrictions for employees
providing services in the PRC as set out in (a) to (o) of this section of the Signature Card.

     “Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by
whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner,
to take or refrain from taking any action.

(o) The Restrictions shall be governed by and construed in accordance with the laws of the
jurisdiction in which my employment relationship is governed.

Other Legal Notices:

FOR ARGENTINA EMPLOYEES ONLY

This is a private offer. It is not subject to the supervision of the Comision Nacional de
Valores (CNV) or any other governmental authority in Argentina.

FOR AUSTRALIA EMPLOYEES ONLY

GS Inc. undertakes that it will, at any time until the Delivery Date, within a reasonable
period of you so requesting, provide you with a copy of the rules of the SIP and/or the Australian
dollar equivalent of the market price of GS Inc.’s shares. This information may be obtained by
sending a written request to Head of Securities Compliance — Goldman Sachs & Partners Australia
Pty Ltd.

Any advice given by GS Inc. in connection with the SIP is general advice only. Nothing in the
documentation is to be taken to constitute a recommendation or statement of opinion that is
intended to influence a person or persons in making a decision to accept an Award and you should
consider obtaining your own financial product and/or legal advice from an independent person. The
documentation does not take into account the objectives, financial situation or needs of any
particular person. Before acting on the information contained in the documentation, or making a
decision to participate, you should seek professional advice as to whether participation is
appropriate in light of your personal circumstances.

FOR BRAZIL EMPLOYEES ONLY

Please note that the offer of an award under the SIP does not constitute a public offer in
Brazil, and therefore it is not subject to registration with the Brazilian authorities.

According to Brazilian regulations, individuals resident in Brazil must inform the Central Bank of
Brazil yearly the amounts of any nature, the assets and rights (including cash and other deposits)
held outside of the Brazilian territory. Please consult your own legal counsel on the terms and
conditions for presentation of such information.

By accepting the Award(s), you acknowledge that the Firm has provided you with Portuguese
translations of the Award Summary, Award Agreement and Signature Card, but that the original
English version of these documents controls. (Ao aceitar esta outorga, Você reconhece que a Empresa
Ihe disponibilizou a versão em português do Award Summary, do Award Agreement e do Signature Card;
porém a versão original em inglês desses documentos prevalecerá.)

FOR CANADA EMPLOYEES IN QUEBEC ONLY

By accepting the Award(s), you acknowledge and agree that you and the Firm expressly wish that
all documents related to the Award(s) (including, without limitation, the SIP, this Signature Card,
the Award Agreement and the Award Summary) be in English only.

En acceptant le ou les octrois, vous reconnaissez et acceptez que les parties souhaitent
expressément que tous les documents se rapportant à l’octroi ou aux octrois (incluant, sans limité
la généralité de ce qui précède, le document du régime, cette carte de signature, la convention
d’octroi et le sommaire d’octroi) soient en anglais seulement.

FOR THE PEOPLE’S REPUBLIC OF CHINA EMPLOYEES ONLY

All documentation in relation to the Award(s) is intended for your personal use and in your
capacity as an employee of the Firm (and/or its affiliate) and is being given to you solely for the
purpose of providing you with information concerning the Award(s) which the Firm may grant to you
as an employee of the Firm (and/or its affiliate) in accordance with the terms of the SIP, this
documentation and the applicable Award Agreement(s). The grant of the Award(s) has not been and
will not be registered with the China Securities Regulatory Commission of the People’s Republic of
China pursuant to relevant securities laws and regulations, and the Award(s) may not be offered or
sold within the mainland of the People’s Republic of China by means of any of the documentation in
relation to the Award(s) through a public offering or in circumstances which require a registration
or approval of the China Securities Regulatory Commission of the People’s Republic of China in
accordance with the relevant securities laws and regulations.

FOR FRANCE EMPLOYEES ONLY

Disclaimer: The current award is not covered by any prospectus which is the subject of the
AMF’s approval. Grantees can only receive this award for their own account (“compte propre”) in the
conditions laid down by articles D. 411-1, D. 411-2, D.411-3, D.411-4, D. 734-1, D. 744-1, D. 754-1
and D. 764-1 of the French Monetary and Financial Code. Any direct or indirect dissemination into
the public of the financial instruments acquired can only take place within the conditions of
articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 -to L. 621-8-3 of the French Monetary and
Financial Code.

By accepting this award, you acknowledge that the Firm has provided you with French translations of
the Award Summary, Award Agreement and Signature Card, but that the original English version of
these documents control.

Avertissement: La présente attribution ne donne pas lieu à un prospectus soumis au visa de
l’Autorité des marches financiers. Les personnes qui y participent ne peuvent le faire que pour
compte propre dans les conditions fixées par les articles D. 411-1, D. 411-2, D.411-3, D.411-4, D.
734-1, D. 744-1, D. 754-1 et D. 764-1 du Code monetaire et financier. La diffusion, directe ou
indirecte, dans le public des instruments financiers ainsi acquis, ne peut être réalisée que dans
les conditions prévues aux articles L. 411-1, L. 411-2 L. 412-1 et L. 621-8 à L. 621-8-3 du Code
monétaire et financier.

En acceptant cet octroi, vous reconnaissez que la Société vous á transmis une version français de
l’Award Summary (Résumé de l’Octroi), l’Award Agreement (Contrat d’Octroi) et de la Signature Card
(Carte de Signature), mais que seule la version originale en langue anglaise fait foi.”

FOR GERMANY EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are
summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You
are being offered Award(s) under the SIP in order to provide an additional incentive and to
encourage employee share ownership and so increase your interest in the Firm’s success. Please
refer to the section entitled Shares Available for Awards in the SIP for information on the maximum
number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus
under the Prospectus Directive does not apply to the offer because of Article 4(1)(e) of that
directive.

-4-

 

Die Prämien werden lhnen von der Goldman Sachs Group Inc. (,,GS Inc.”) gemäß den in der
Prämienübersicht aufgeführten Bestimmungen des Erwerbsplans angeboten. Weitere Informationen über
GS Inc. finden Sie unter www.gs.com. Die Prämien werden lhnen im Rahmen des Erwerbsplans angeboten,
um einen zusätzlichen Anreiz darzustellen und Sie als Mitarbeiter zum Erwerb von Aktien zu
ermutigen, um so Ihren Anteil am Erfolg des Unternehmens zu vergrößern. Informationen zur Anzahl
der im Rahmen des Plans angebotenen GS Inc.-Aktien entnehmen Sie bitte dem Abschnitt als Prämien
erhältliche Aktien im Erwerbsplan. Die Verpflichtung zur Veröffentlichung eines Emissionsprospekts
gemäß der europäischen Prospektrichtlinie trifft auf Grund von Artikel 4(1)(e) dieser Richtlinie
nicht auf dieses Angebot zu.

FOR HONG KONG EMPLOYEES ONLY

WARNING:

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You
are advised to exercise caution in relation to the offer. If you are in doubt about any of the
contents of this document, you should obtain independent professional advice.

By accepting the Award(s), you acknowledge and accept that you will not be permitted to transfer
awards to persons who fall outside the definition of ‘qualifying persons’ in the Companies
Ordinance (i.e., a person who is not a current or former director, employee, officer, consultant of
the Firm or a person other than the offeree’s wife, husband, widow, widower, child or step-child
under the age of 18 years, or as otherwise defined), even if otherwise permitted under the SIP or
any of the related documents.

FOR INDIA EMPLOYEES ONLY

This website does not invite offers from the public for subscription or purchase of the
securities of any body corporate under any law for the time being in force in India. The website is
not a prospectus under the applicable laws for the time being in force in India. Goldman Sachs does
not intend to market, promote, invite offers for subscription or purchase of the securities of any
body corporate by this website. The information provided on this website is for the record only.
Any person who subscribes or purchases securities of any body corporate should consult his own
investment advisers before making any investments. Goldman Sachs shall not be liable or responsible
for any such investment decision made by any person.

FOR INDONESIA EMPLOYEES ONLY

By accepting the Award(s), you acknowledge that the Firm has provided you with Bahasa Indonesia
translations of the Award Summary, Award Agreement and Signature Card, but that the original
English version of these documents controls.

Dengan menerima Putusan, Anda menyatakan bahwa Perusahaan telah memberikan Anda terjemahan Bahasa
Indonesia dari Ikhtisar Putusan, Perjanjian Putusan dan Perjanjian dengan Tanda Tangan, tapi versi
asli dalam Bahasa Inggris dari dokumen-dokumen ini tetap mengendalikan.

FOR ITALY EMPLOYEES ONLY

No person resident or located in Italy other than the original recipients of this document and
any other document related to the Award(s) may rely on such documents or their content. The offer
of the Award(s) under the SIP (and the delivery of underlying shares) is exempted from prospectus
requirements under Italian securities legislation.

Under Italian regulations, tax payers must report in their annual tax returns any foreign financial
assets in excess of EUR 10,000. Please consult your own advisors regarding the terms and conditions
of this reporting obligation.

FOR MONACO EMPLOYEES ONLY

By accepting your Award(s), you expressly renounce the jurisdiction of Monaco (and, if
applicable, France and notably the application of articles 14 and 15 of the French Civil Code) in
connection with any dispute relating to your Award(s).

FOR POLAND EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are
summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You
are being offered Award(s) under the SIP in order to provide an additional incentive and to
encourage employee share ownership and so increase your interest in the Firm’s success. Please
refer to

 

	 	 	 

	Signature:
	 	 
	 

	 	 

	 	 	 

	Print Name:
	 	 
	 

	 	 

the section entitled Shares Available for Awards in the SIP for information on the maximum
number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus
under the Prospectus Directive does not apply to the offer because of Article 4(1)(e) of that
directive.

Goldman Sachs Group, Inc. (,,GS Inc.”) przyznaje Państwu Premię (premie) zgodnie z warunkami
Motywacyjnego Programu Akcji Pracowniczych opisanymi w Ogólnych Warunkach Przyznania Premii. Więcej
informacji na temat GS Inc. można uzyskać na stronie www.gs.com.Oferowana Państwu na podstawie
Motywacyjnego Programu Akcji Pracowniczych Premia ma stanowić dodatkową motywację i rozwijać
akcjonariat pracowniczy a w konsekwencji zwiększyć Państwa zaangażowanie w sukces Firmy. Prosimy
zapoznać się z działem zatytułowanym Akcje dostępne w ramach Premii w Motywacyjnym Programie Akcji
Pracowniczych, w celu uzyskania informacji na temat maksymalnej liczby akcji GS Inc. oferowanych na
podstawie Motywacyjnego Programu Akcji Pracowniczych. Obowiązek publikowania prospektu wynikający z
Dyrektywy w Sprawie Prospektu Emisyjnego nie ma zastosowania do niniejszej oferty, ze względu na
brzmienie art. 4 ust. 1 lit. e wskazanej powyżej dyrektywy.

FOR RUSSIA EMPLOYEES ONLY

None of the information contained in the documents referred to in paragraph 8 of this Signature
Card or in this Signature Card constitutes an advertisement of the Award(s) in Russia and must not
be passed on to third parties or otherwise be made publicly available in Russia. The Award(s) have
not been and will not be registered in Russia and are not intended for “placement” or “public
circulation” in Russia.

FOR SAUDI ARABIA EMPLOYEES ONLY

The stock incentive plan documents may not be distributed in the Kingdom except to such persons
as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority.
The Capital Market Authority does not make any representation as to the accuracy or completeness of
the stock incentive plan documents, and expressly disclaims any liability whatsoever for any loss
arising from, or incurred in reliance upon, any part of the stock incentive plan documents.
Prospective purchasers of the securities offered hereby should conduct their own due diligence on
the accuracy of the information relating to the securities. If you do not understand the contents
of the stock incentive plan documents you should consult an authorized financial adviser.

I acknowledge that the grant of Award(s) to me by the Firm, and my acceptance of the Award(s), is conditional upon the Capital Market Authority, having received notification of the proposed offer
of Award(s) to me by the Firm, and not advising that the offer is not to be made or otherwise
prohibiting the offer within ten (10) business days of such notification (the “Condition”). I
agree that if the Condition is not satisfied, the Award(s) and this document will be void ab
initio.

FOR SWEDEN EMPLOYEES ONLY

By accepting the Award(s), you acknowledge and accept that any transfer provisions (including,
where applicable, escrow and other similar provisions) in the SIP or any related documents do not
apply to you.

FOR UK EMPLOYEES ONLY

This document is approved by Goldman Sachs International (“GSI”), Peterborough Court, 133 Fleet
Street, London EC4A 2BB, which is authorized and regulated by the Financial Services Authority. The
document relates to investments and investment services of GS Inc. and other institutions,
including BNY Mellon, relating to custodial and delivery operations. In some or all respects, the
regulatory system applying to these entities, including any compensation arrangements and rules
made under the Financial Services and Markets Act 2000 for the protection of private customers,
will be different from that of the United Kingdom.

This document does not have regard to the specific investment objectives, financial situation and
particular needs of any specific person who may receive it. Recipients should seek their own
financial advice.

The Award(s) is/are subject to the terms and conditions set forth in the SIP and the Award
Agreement(s). The price of shares and the income from such shares (if any) can fluctuate and may be
affected by changes in the exchange rate for U.S. Dollars. Past performance will not necessarily be
repeated. Levels and bases of taxation may change from time to time. Investors should consult their
own tax advisers in order to understand tax consequences. GS Inc. has (and its associates,
including GSI, may have) a material interest in the shares and the investments that are the subject
of this document.

	 	 	 

	Date:
	 	 
	 

	 	 

	 	 	 

	Employee ID #:
	 	 
	 

	 	 

-5-exv10w48

Exhibit 10.48

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, some or all of any Shares delivered in respect of your Year-End RSUs will 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). When a Year-End RSU becomes Vested, it means only that your 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. However, 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
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
under the Plan or other property, and all references in this Award Agreement to deliveries of
Shares shall include such deliveries of cash, other securities, other awards under the Plan or
other property.

          (iv) Except as provided in this Paragraph 3(b)(iv) and Paragraphs 3(c), 7, and 9(g), the
following Shares delivered to you in respect of your Year-End RSUs 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 (such restrictions collectively referred to herein as the “Transfer
Restrictions”):

          (1) If the withholding rate applicable to the delivery of Shares on a Delivery
Date (or any other date delivery of Shares is called for hereunder) is at least 50%,
then all the Shares delivered to you (after application of the withholding) in
respect of your Year-End RSUs on such date will be subject to the Transfer
Restrictions until the date specified in your Award Statement as the “Transferability
Date” (the “Transferability Date”).

          (2) If the withholding rate applicable to the delivery of Shares on a Delivery
Date (or any other date delivery of Shares is called for hereunder) is less than 50%,
then 50% of the Shares scheduled to be delivered to you (prior to application of any
withholding) on such date will be subject to the Transfer Restrictions until the
Transferability Date and the remaining Shares delivered to you (after application of
any withholding) on such date will not be subject to the Transfer Restrictions.
Shares may be rounded to avoid fractional Shares.

Shares that are subject to Transfer Restrictions are referred to in this Award Agreement as “Shares
at Risk.” Any purported sale, exchange, transfer, assignment, pledge, hypothecation,
fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be
void. 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. Within 30 Business Days
after the applicable Transferability Date (or any other date described herein on which

-2-

 

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.

               (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 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 (or your estate or beneficiary)
executing any documents related to, and your (or your estate or beneficiary) paying for any costs
associated with, such 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
sole 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) Unless the Committee determines otherwise, and except as provided in Paragraph 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:

               (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

-3-

 

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 or this Award, 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.

          (c) 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 (and shall be subject to repayment in a manner similar to the provisions
described in Paragraph 5) if:

               (i) any event constituting Cause has occurred;

               (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 or this Award, 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

-4-

 

other property (whether vested or unvested) to replace, substitute for or otherwise in respect
of any Shares at Risk.

          (d) 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 Paragraphs 4(b)(v) and 4(c)(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(b)(ii) and 4(c)(i).

          (e) Unless the Committee determines otherwise, without limiting any other provision in
Paragraphs 4(b) or 4(c), 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, or in a manner similar to the provisions described in, Paragraph 5)
and any Shares at Risk shall be cancelled.

     5. Repayment. The provisions of Section 2.6.3 of the Plan (which require Grantees 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 (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 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 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 Paragraphs 4(b), 4(c) and 4(e), 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 (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,

-5-

 

employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise.
Notwithstanding the foregoing, unless otherwise determined by the Committee in its discretion, this
Paragraph 6(b) will not apply if your termination of Employment by reason of Extended Absence or
Retirement is characterized by the Firm as “involuntary” or by “mutual agreement” other than for
Cause and if you execute such a general waiver and release of claims and an agreement to pay any
associated tax liability, both as may be prescribed by the Firm or its designee. No termination of
Employment initiated by you, including any termination claimed to be a “constructive termination”
or the like or a termination for good reason, will constitute an “involuntary” termination of
Employment or a termination of Employment by “mutual agreement.”

          (c) Notwithstanding any other provision of this Award Agreement and subject to your executing
such general waiver and release of claims and an agreement to pay any associated tax liability,
both as may be prescribed by the Firm or its designee, if your Employment is terminated without
Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall be waived
with respect to your 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 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),
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 (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-

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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.

          (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.

-7-

 

          (g) Without limiting the application of Paragraphs 4(b), 4(c) and 4(e), 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) 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), 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.

          (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(b)(iv)
and 4(c)(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

-8-

 

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 13 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 and/or Shares at Risk (which shall continue to be
subject to 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).

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

     15. 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. To the extent
that any portion of this Award is intended to satisfy the requirements for short-term deferral
treatment under Section 409A, delivery for such portion shall occur by the March 15 coinciding
with the last day of the applicable “short-term deferral” period described in Reg. 1.409A-1(b)(4)
in order for the delivery of Shares to be within the short-term deferral exception unless, in order
to permit all applicable conditions or restrictions on delivery 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).

-9-

 

          (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 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).

          (j) The Grantee understands and agrees that the Grantee is solely responsible for the payment
of any taxes and penalties due pursuant to 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

-10-

 

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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