Document:

EX-10.37

 

EXHIBIT 10.37

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.

     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. 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.

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

          (b) Delivery.

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

               (ii) Except as provided in this Paragraph 3 and in Paragraphs 4, 6, 7, 9, 10 and 15, in
accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than thirty (30)
Business Days) after the date specified as the Delivery Date (or any other date delivery of Shares
is called for hereunder), Shares underlying the number or percentage of your then Outstanding           
Year-End RSUs with respect to which the Delivery Date (or other date) has occurred (which number of
Shares may be rounded to

 

 

avoid fractional Shares) shall be delivered by book entry credit to your Custody Account or to a
brokerage account approved by the Firm. Notwithstanding the foregoing, if you are or become
considered by GS Inc. to be one of its “covered employees” within the meaning of Section 162(m) of
the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which delivery of
your Shares may be delayed.

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

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

          (a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 6,
7, and 9, 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 immediately 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.

          (b) Unless the Committee determines otherwise, and except as provided in Paragraphs 6 and 7,
your rights in respect of all of your Outstanding            Year-End RSUs (whether or not Vested) shall
immediately 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 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;

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

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

               (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.

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

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

     6. Extended Absence, Retirement and Downsizing. 

          (a) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph
6(b), in the event of the termination of your Employment (determined as described in Section 1.2.19
of the Plan) by reason of Extended Absence or Retirement, 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 conditions of this Award Agreement shall continue
to apply.

          (b) Without limiting the application of Paragraph 4(b), your rights in respect of your
Outstanding            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, 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

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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. Whether or not your Employment is terminated
solely by reason of a “downsizing” shall be determined by the Firm in its sole discretion. No
termination of Employment initiated by you, including any termination claimed to be a “constructive
termination” or the like or a termination for good reason, will be solely by reason of a
“downsizing.”

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

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

     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. 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 that that you provide amounts for a reserve in connection
with which the Firm may execute a sale for such number of Shares that may be deliverable in respect
of your            Year-End RSUs (or any other Outstanding Awards under the Plan) as the Firm determines
is advisable or necessary in connection with any actual, anticipated or potential tax consequences
related to your separate employment contracts.

          (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,

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you understand
and agree that you shall be responsible for all brokerage costs and other fees or expenses
associated with your            Year-End RSU Award, including without limitation, such brokerage costs or other fees or
expenses in connection with the sale of Shares delivered to you hereunder.

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

          (g) Without limiting the application of Paragraph 4(b), 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 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;

then, in the case of Paragraph 9(g)(i) above, the condition set forth in Paragraph 4(a) shall be
waived with respect to any            Year-End RSUs you then hold that had not yet become Vested (as a
result of which such            Year-End RSUs shall become Vested) and, in the case of Paragraphs 9(g)(i)
and 9(g)(ii) above, 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 Vested Outstanding Year-End
RSUs, in each case as soon as practicable after the Committee has received satisfactory
documentation relating to your Conflicted Employment. Notwithstanding anything else herein,
payment or delivery in respect of            Year-End RSUs as a result of this Paragraph 9(g) shall be
made only at such time and if and to the extent as would not result in the imposition of any
additional tax to you under Section 409A of the Code (which governs the taxation of certain
deferred compensation).

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

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

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

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FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT
TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

     13. Non-transferability. Except as otherwise may be provided in this Paragraph or as
otherwise may be provided by the Committee, the limitations on transferability set forth in Section
3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of
the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may
adopt procedures pursuant to which some or all recipients of            Year-End RSUs may transfer some
or all of their            Year-End RSUs through a gift for no consideration to any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive
relationships, any person sharing the recipient’s household (other than a tenant or employee), a
trust in which these persons have more than 50% of the beneficial interest, and any other entity in
which these persons (or the recipient) own more than 50% of the voting interests.

     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. Delay in Payment. To the extent required in order to avoid the imposition of any
interest and/or additional tax under 
Section 409A(a)(1)(B) of the Code, any payments or deliveries
due as a result a your termination of Employment with the Firm may be delayed for six months if you
are deemed to be a “specified employee” as defined in Section 409A(a)(2)(i)(B) of the Code.

     16. 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.

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\

     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:

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EXHIBIT 10.39

THE GOLDMAN SACHS AMENDED AND RESTATED STOCK INCENTIVE PLAN

OUTSIDE DIRECTOR                     

     This Award Agreement sets forth the terms and conditions of an award granted to you under The
Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”), of Options to purchase shares
of Common Stock (“Shares”).

     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.

     2. Award. The Award Statement sets forth (i) the Date of Grant, (ii) the number of
Options granted and (iii) the per-Share Exercise Price. Until the Shares are delivered to you
pursuant to Paragraph 6, you have no rights as a shareholder of GS Inc. This Award is subject to
all terms and provisions of the Plan and this Award Agreement.

     3. Expiration Date. Subject to the terms of the Plan, the Options shall expire and
no longer be exercisable on the Expiration Date (as identified on your Award Statement).

     4. Vesting. You shall be fully Vested in the Options on the Date of Grant.

     5. Exercisability of Vested Options.

     (a) General. To the extent Outstanding and unexercised, but subject to Paragraph 5(d)
hereof, the Options may be exercised in accordance with procedures established by the Committee,
but, not earlier than the Initial Exercise Date. The Committee may from time to time prescribe
periods during which the Options shall not be exercisable.

     (b) Death. Notwithstanding any other provision of this Award Agreement, if you die
and any Options remain unexercised, and provided your rights in respect of such Options have not
previously terminated, such Options shall be exercisable by the representative of your estate or,
to the extent you specifically bequeath any such Options under your will in accordance with such
procedures, if any, as may be adopted by the Committee 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) (a “Charitable Beneficiary”), by the Charitable Beneficiary, in either case in
accordance with the procedures described in Paragraph 5(a) 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 and shall, unless earlier terminated or cancelled in accordance with the terms of this
Agreement, remain exercisable until the Expiration Date and shall thereafter terminate. The
Transfer Restrictions described in Paragraph 5(d) shall be removed.

     (c) Other Terminations. Upon your separation from the Board of Directors of GS Inc.
for any reason, your Outstanding and unexercised Options shall remain exercisable until the
Expiration Date, and shall thereafter terminate.

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     (d) Certain Restrictions on Transfer of Shares and Exercise of Options. Until the
earlier of (I) the date on which you cease to be a Non-Employee Director of GS Inc., or (II) the
one year anniversary of the                      Initial Exercise Date as defined on your Award Statement (the
“Transferability Date”): (i) (A) no sale, exchange, transfer, assignment, pledge, hypothecation,
fractionalization, hedge or other disposition of (including through the use of any cash-settled
instrument) any Shares acquired in connection with the exercise of your Options, whether
voluntarily or involuntarily by you; and (B) no exercise of any Options involving the sale of
Shares acquired in respect of such exercise (the restrictions in clauses (i)(A) and (i)(B) of this
Paragraph 5(d) being referred to collectively as the “Transfer Restrictions”) may be effected,
and any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization,
hedge, other disposition or exercise in
violation of the Transfer Restrictions shall be void; and (ii) if and to the extent Shares
subject to your Options are certificated, the certificates representing such Shares, shall bear a
legend specifying that such Shares are subject to the restrictions described in this Paragraph 5(d)
and GS Inc. may advise its transfer agent to place a stop order against the transfer of such Shares
in violation of such Transfer Restrictions. Any Shares acquired in connection with any exercise of
your Options prior to the Transferability Date shall be held in a custody or other account
designated by the Firm. Within 30 Business Days after the Transferability Date (or any other date
for which removal of the Transfer Restrictions is called for), GS Inc. shall take, or shall cause
to be taken, such steps as may be necessary to remove the Transfer Restrictions.

     6. Delivery. Without limiting the application of Paragraph 5(d), unless otherwise
determined by the Committee, or as otherwise provided in this Award Agreement, and except as
provided in Paragraph 8, upon receipt of payment of the Exercise Price for Shares subject to one or
more Options, delivery of the appropriate number of Shares shall be effected by book-entry credit
to the Custody Account. No delivery of Shares shall be made unless you have timely established the
Custody Account. You shall be the beneficial owner of any Shares properly credited to the Custody
Account. You shall have no right to any dividend or distribution with respect to such Shares if
the record date for such dividend or distribution is prior to the date the Custody Account is
properly credited with such Shares. The Firm may deliver cash or other property in lieu of all or
any portion of the Shares otherwise deliverable in accordance with this Paragraph 6.

     7. Conflicted Employment. Without otherwise limiting the application of Paragraph
5(d), if you 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
Options would result in an actual or perceived conflict of interest (“Conflicted Employment”) then
the Transfer Restrictions set forth in Paragraph 5(d) shall be waived with respect to any Options
you then hold and, at the sole discretion of the Firm: (a) such Outstanding Options shall be
cancelled and as soon as practicable after the Committee has received satisfactory documentation
relating to your Conflicted Employment (the “Release Date”) you shall receive a payment equal to
the excess (if any) of (x) the Fair Market Value of a Share on the Business Day immediately prior
to the Release Date multiplied by the number of your Options that were Outstanding immediately
prior to such cancellation over (y) the Exercise Price multiplied by the number of such Options;
(b) both the Initial Exercise Date and the

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Transferability Date with respect to your Outstanding
Options shall become the Release Date; or (c) if and to the extent provided in any procedures
adopted by the Committee, you may be permitted to transfer your Outstanding Options for value to a
party or parties acceptable to the Firm (which may include the Firm). Notwithstanding anything
else herein, the actions described in this Paragraph 7 shall be permitted only at such time and if
and to the extent as would not result in the imposition of any additional tax to you under Section
409A of the Code (which governs taxation of certain deferred compensation).

     8. Non-transferability. Except as otherwise may be provided in this Paragraph or as
otherwise may be provided by the Committee, and without limiting any permitted transfer in
accordance with Paragraph 7, the limitations set forth in Section 3.5 of the Plan shall apply with
respect to the Options. Any assignment in violation of the provisions of this Paragraph 8 shall be
void. The Committee may adopt procedures pursuant to which you may transfer some or all of your
Options through a gift for no consideration to any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person
sharing the recipient’s household (other than a tenant or employee), a trust in which these persons
have more than 50% of the beneficial interest, and any other entity in which these persons (or the
recipient) own more than 50% of the voting interests.

     9. Withholding, Consents and Legends.

     (a) The delivery of Shares upon exercise of your Outstanding Options is conditioned on your
satisfaction of any applicable withholding taxes (in accordance with Section 3.2 of the Plan,
provided that the Committee may determine not to apply the minimum withholding rate specified in
Section 3.2.2 of the Plan).

     (b) Your rights in respect of the Options 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, and by accepting this Award you
shall be deemed to consent and agree to the items specified in Section 3.3.3(d) of the Plan.

     (c) In addition to the restrictions listed in Paragraph 5(d), GS Inc. may affix to
Certificates representing Shares issued pursuant to this Award Agreement any legend that the
Committee determines to be necessary or advisable (including to reflect any restrictions to which
you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent
to place a stop order against any legended Shares.

     10. Successors and Assigns of GS Inc. The terms and conditions of this Award
Agreement shall be binding upon and shall inure to the benefit of GS Inc. and its successors and
assigns.

     11. Committee Discretion. The Committee shall have full discretion with respect to
any actions to be taken or determinations to be made in connection with this Award Agreement, and
its determinations shall be final, binding and conclusive in accordance with Section 1.3 of the
Plan.

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     12. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in this Award Agreement in any respect in accordance with Section 1.3 of the
Plan, and the Board may amend the Plan in any respect in accordance with Section 3.1 of the Plan.

     13. 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.

     14. 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.

-4-

 

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

	 	 	 
	 

	 	THE GOLDMAN SACHS GROUP, INC.
	 
	 	 
	 

	 	By:	 
	 

	 	Name:
	 

	 	Title:
	 
	 	 
	Accepted and Agreed:
	 	 
	 
	 	 
	By:                                                            
	 	 

-5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]