Document:

EX-10.30:

 

EXHIBIT 10.30

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

DISCOUNT STOCK PROGRAM AWARD

This Award Agreement sets forth the terms and conditions of the award of RSUs under the
Discount Stock Program (“DSP RSUs”) 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.

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

(b) Certain Conditions Precedent. Your DSP RSU award is expressly conditioned on:
(i) your being a participant in the Goldman Sachs Partner Compensation Plan or the Goldman
Sachs Restricted Partner Compensation Plan on the Date of Grant and your executing any agreement
required in connection with such participation; and (ii) your 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. unless otherwise determined by the
Committee, your failure to meet these conditions will result in the cancellation of your DSP Award.
Your DSP Award is subject to all terms, conditions and provisions of the Plan and this Award
Agreement, including, without limitation, the arbitration and choice of forum provisions set forth
in Paragraph 13. By executing the related signature card you will have confirmed your
acceptance of all of the terms and conditions of this Award Agreement.

(c) Status under Shareholders’ Agreement. The Shares delivered with respect to this
Award will be subject to the Goldman Sachs Shareholders’ Agreement to which you are a party, as
amended from time to time (the “Shareholders’ Agreement”), except those Shares will not be
considered “Covered Shares” as defined in that Agreement. Shares underlying your Base RSUs will
not count toward satisfying your transfer restriction requirements under Section 2.1 of the
Shareholders’ Agreement until the Transfer Restrictions described in Paragraph 3(b)(i)(B) are
removed.

3. Vesting, Delivery and Transfer Restrictions.

(a) Vesting.

(i) Base RSUs. Except as provided in Paragraph 2(b), you shall be fully Vested in all
of your Outstanding Base RSUs on the Date of Grant, and, subject to Paragraph 10, neither such Base
RSUs, nor the Shares underlying them, shall be forfeitable for any reason.

 

 

(ii) Discount RSUs. Except as provided in this Paragraph 3 and in Paragraphs 4, 7, 8,
10, 11 and 16, on each Vesting Date you shall become Vested in the number or percentage of your
Outstanding Discount RSUs specified next to such Vesting Date on the Award Statement (which may be
rounded to avoid fractional Shares). While continued active Employment is not required in order to
receive delivery of the Shares underlying your Discount RSUs that are or become Vested, all other
terms and conditions of this Award Agreement shall continue to apply, and failure to meet such
terms and conditions may result in the termination of some or all of your Discount RSUs (as a
result of which no Shares underlying such Discount RSUs would be delivered).

(b) Delivery and Transfer Restrictions.

(i) Base RSUs.

(A) Delivery Date. The Delivery Date with respect to your Base RSUs shall be the date
specified as such on your Award Statement, if that date is during a Window Period or, if that date
is not during a Window Period, the first Trading Day of the first Window Period beginning after
such date. For purposes of this Agreement, a “Trading Day” is a day on which Shares trade regular
way on the New York Stock Exchange. Except as provided in this Paragraph 3 and Paragraphs 2, 8,
10, 11 and 16, 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, Shares
underlying your Base RSUs (“Base Shares”) shall be delivered to a brokerage or custody account
approved by the Firm.

(B) Transfer Restrictions on Base Shares. Except as provided in Paragraphs 3(c),
4(a), 8, or 10, until the date specified on your Award Statement as the “Transferability Date:”
(I) your Base Shares shall not be permitted to be sold, exchanged, transferred, assigned, pledged,
hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any
cash-settled instrument), whether voluntarily or involuntarily by you (collectively referred to as
the “Transfer Restrictions”) and any purported sale, exchange, transfer, assignment, pledge,
hypothecation, fractionalization, hedge or other disposition in violation of the Transfer
Restrictions shall be void; and (II) if and to the extent your Base Shares are certificated, the
certificates representing your Base Shares are subject to the restrictions in this Paragraph
3(b)(i)(B) and GS Inc. shall advise its transfer agent to place a stop order against your Base
Shares. Within 30 Business Days after the Transferability Date (or any other date described herein
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.

(C) Escrow. Pending receipt of any consents deemed necessary or appropriate by the
Firm, Shares in respect of your DSP Award initially may be delivered into an escrow account meeting
such terms and conditions as determined by the Firm. Any such escrow arrangement shall, unless
otherwise determined by the Firm, provide that (i) the escrow agent shall have the exclusive
authority to vote such Shares while held in escrow and (ii) dividends paid on such Shares held in
escrow may be accumulated and shall be paid as determined by GS Inc. in its discretion. By
accepting your DSP Award, you have agreed to execute such documents and take such steps as may be
deemed necessary or appropriate by the Firm to establish and maintain any such escrow account.

(ii) Discount RSUs. The Delivery Date with respect to your Outstanding Vested
Discount RSUs shall be the date specified as such on your Award Statement, if that date is during a
Window Period or, if that date is not during a Window Period, the first Trading Day of the first
Window Period beginning after such date. Except as provided in this Paragraph 3 and in Paragraphs
2, 4(b), 5, 6, 7, 8, 10, 11 and 16, in accordance with Section 3.23 of the Plan, reasonably
promptly (but in no case more than thirty (30) Business Days) after any 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 Discount RSUs with respect to which the Delivery

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Date (or other date) has occurred (which number of Shares may be rounded to avoid fractional
shares) shall be delivered to a brokerage or custody account approved by the Firm.

(iii) Certain “Covered Employees.” 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.

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

(c) Death. Notwithstanding any other provision of this Award Agreement, if you die
prior to the Delivery Date with respect to your DSP RSUs and/or the Transferability Restrictions
with respect to your Base Shares, 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: (i) your Base
Shares and the Shares underlying all of your then Outstanding DSP RSUs shall be delivered to the
representative of your estate; and (ii) the Transfer Restrictions then applicable to your Base
Shares shall be removed.

4. Termination of Employment

(a) Base Shares. Unless the Committee determines otherwise, if your Employment
terminates for any reason or you otherwise are no longer actively employed with the Firm (other
than by reason of Extended Absence or solely as a result of “downsizing” as provided in Paragraph
7(b)), the Transfer Restrictions will be removed as soon as practicable after the date your
Employment so terminates. If your Employment terminates by reason of Extended Absence or solely by
reason of a “downsizing” as provided in Paragraph 7(b), the Transfer Restrictions shall continue to
apply to your Base Shares until the Transferability Date in accordance with Paragraph 3(b)(i)(B)
hereof.

(b) Discount RSUs. Unless the Committee determines otherwise, except as provided in
Paragraphs 3(c), 7, 8 and 10(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 Discount RSUs (but not
your Base RSUs) that were Outstanding, but that had not yet become Vested, immediately prior to
your termination of Employment immediately shall terminate, such Discount RSUs shall cease to be
Outstanding, and no Shares shall be delivered in respect thereof.

5. Termination of Discount RSUs and Non-Delivery of Shares. Unless the Committee
determines otherwise, and except as provided in Paragraphs 7 and 8, your rights in respect of all
of your Outstanding Discount RSUs (whether or not Vested), immediately shall terminate, such
Discount RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof
if:

(a) you attempt to have any dispute under the Plan or this Award Agreement resolved in any
manner that is not provided for by Paragraph 13 or Section 3.17 of the Plan;

(b) any event that constitutes Cause has occurred;

(c) you, in any manner, directly or indirectly, (A) Solicit any Client to transact business
with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (B)
interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm
and any Client, (C) Solicit any person who is an employee of the Firm to resign from the Firm or to
apply for or accept employment with

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any Competitive Enterprise or (D) on behalf of yourself or any person or Competitive
Enterprise hire, or participate in the hiring of, any Selected Firm Personnel, or identify, or
participate in the identification of, Selected Firm Personnel for potential hiring, whether as an
employee or consultant or otherwise;

(d) 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;

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

(f) as a result of any action brought by you, it is determined that any of the terms or
conditions 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.

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

7. Extended Absence and Downsizing.

(a) Extended Absence.

(i) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph
7(a)(ii), solely with respect to any Discount RSUs that were Outstanding but that had not yet
become Vested prior to your termination of Employment by reason of Extended Absence, the condition
set forth in Paragraph 4(b) shall be waived with respect to any such Discount RSUs (as a result of
which such Discount RSUs shall become Vested), but all other terms and conditions of this Award
Agreement shall continue to apply. Any termination of Employment by reason of Extended Absence
shall not affect your Base RSUs or Base Shares, and the Transfer Restrictions shall continue to
apply until the Transferability Date as provided in Paragraph 3(b)(i)(B).

(ii) Without limiting the application of Paragraph 4(b), your rights in respect of your
Outstanding Discount RSUs that become Vested in accordance with Paragraph 7(a)(i) immediately shall
terminate, such Outstanding Discount 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 Discount
RSUs, you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation
interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not
limited to, association as an officer, employee, partner, director, consultant, agent or advisor)
with any Competitive Enterprise.

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(b) Downsizing.

(i) Notwithstanding any other provision of this Award Agreement and subject to your executing
such general waiver and release of claims and an agreement to pay any associated tax liability,
both as may be prescribed by the Firm or its designee, if your Employment is terminated solely by
reason of a “downsizing,” the condition set forth in Paragraph 4(b) shall be waived with respect to
a portion of your Discount RSUs that were Outstanding but that had not yet become Vested prior to
your termination of Employment by reason of “downsizing,” as a result of which you shall become
Vested in a portion of such Discount RSUs, determined with respect to each remaining Vesting Date
by multiplying the number of Discount RSUs that would become Vested on each remaining Vesting Date
by a fraction, the numerator of which is the number of months from the Date of Grant to the date
your Employment terminated and the denominator of which is the number of months from the Date of
Grant to the applicable Vesting Date, but all other terms and conditions of this Award Agreement
shall continue to apply. Your termination of Employment by reason of “downsizing” shall not affect
your Base Shares, and the Transfer Restrictions shall continue to apply until the Transferability
Date as provided in Paragraph 3(b)(i)(B).

(ii) 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.”

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

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

10. Certain Additional Terms, Conditions and Agreements. 

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

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

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

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

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

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award
Agreement any legend that the Committee determines to be necessary or advisable (including to
reflect any restrictions to which you may be subject under this Award Agreement or under any
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 5, if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment
at a governmental agency, self-regulatory organization, or other employer and as a result of such
new employment the Firm determines that your continued holding of your Outstanding Base RSUs,
Discount RSUs, or Base Shares would violate standards of ethical conduct applicable to you
(“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 10(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 Base RSUs, Discount RSUs or Base Shares that are Vested;

then, in the case of Paragraph 10(g)(i) above only, the Transfer Restrictions with respect to any
then delivered Base Shares shall be removed, all Base RSUs the Base Shares for which had not yet
then been delivered shall be cancelled, the condition set forth in Paragraph 4(b) shall be waived
with respect to any Discount RSUs you then hold that had not yet become Vested (as a result of
which such Discount RSUs shall become Vested) and you shall receive a lump sum payment in respect
of such Base RSUs and in respect of all of your Discount RSUs; and in the case of Paragraph
10(g)(ii) above, the Transfer Restrictions with respect to any then delivered Base Shares shall be
removed, all Base RSUs the Base Shares for which had not yet then been delivered shall be
cancelled, and you shall receive a lump sum cash payment in respect of any such cancelled Base RSUs
and all of your then Outstanding Vested Discount RSUs, in each case as soon as practicable after
the Committee has received satisfactory documentation relating to your Conflicted Employment.
Notwithstanding anything else herein, the Discount RSUs shall become Vested and payment shall be
made as a result of this Paragraph only at such time and if and to the extent as would not result
in the imposition of any additional tax under Section 409A of the Code.

11. Right of Offset. The obligation to deliver Shares under this Award Agreement or
to remove the Transfer Restrictions 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.

12. 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

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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 this 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.

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

14. Non-transferability. Except as otherwise may be provided by the Committee, and
subject to Paragraph 3 hereof, the limitations on transferability set forth in Section 3.5 of the
Plan shall apply to this DSP Award. Any purported transfer or assignment in violation of the
provisions of this Paragraph 14 or Section 3.5 of the Plan shall be void.

15. Governing Law. YOUR DSP RSU 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.

16. Delay in Payment. To the extent required in order to avoid the imposition of any
interest and additional tax under Section 409A(a)(1)(B) of the Code, any payments or deliveries due
as a result of your termination of Employment with the Firm will 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.

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.

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:
	 	 

7EX-10.31:

 

EXHIBIT 10.31

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

DISCOUNT STOCK PROGRAM AWARD

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

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

2. Award.

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

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

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

3. Vesting and Delivery.

(a) Vesting.

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

 

 

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

(b) Delivery.

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

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

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

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

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

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

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

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

(ii) any event that constitutes Cause has occurred;

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

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

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

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

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

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

6. Extended Absence and Downsizing.

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

(b) Without limiting the application of Paragraph 4(b), your rights in respect of your
Outstanding Discount RSUs that become Vested in accordance with Paragraph 6(a) immediately shall
terminate, such Outstanding Discount RSUs shall cease to be Outstanding, and no Shares shall be
delivered in respect thereof if, prior to the original Vesting Date with respect to such Discount
RSUs, you (i) form, or

3

 

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

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

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

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

9. Certain Terms, Conditions and Agreements.

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

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

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

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

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

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

(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 a governmental agency, self-regulatory organization, or other employer and as a result of such
new employment the Firm determines that your continued holding of your Outstanding Discount RSUs or
Base RSUs would violate standards of ethical conduct applicable to you (“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 Discount RSUs that are Vested or any Base RSUs for which the delivery
of Shares has not yet occurred;

then, in the case of Paragraph 9(g)(i) above only, the condition set forth in Paragraph 4(a) shall
be waived with respect to any Discount RSUs you then hold that had not yet become Vested (as a
result of which such Discount RSUs shall become Vested) and, in the cases of Paragraph 9(g)(i) and
9(g)(ii) above, you shall receive a lump sum cash payment in respect of all then Outstanding Vested
DSP RSUs (including those that become Vested in connection with Paragraph 9(g)(i) by reason of the
immediately foregoing), in each case as soon as practicable after the Committee has received
satisfactory documentation relating to your Conflicted Employment. Notwithstanding anything else
herein, the Discount RSUs shall become Vested and payment shall be made as a result of this
Paragraph only at such time and if and to the extent as would not result in the imposition of any
additional tax under Section 409A of the Code.

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

5

 

in writing signed by an authorized member of the Committee or a person or persons designated
by the Committee.

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

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

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

15. Delay in Payment. To the extent required in order to avoid the imposition of any
interest and additional tax under Section 409A(a)(1)(B) of the Code, any payments or deliveries due
as a result of your termination of Employment with the Firm will 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:
	 	 

7

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