Document:

Exhibit 10.2

 EXHIBIT 10.2 
 MANAGEMENT CONTINUITY AGREEMENT 
 This Agreement (“Agreement”),
dated as of July 17, 2012, is between Union First Market Bankshares Corporation, a Virginia corporation (the “Company”), and Robert M. Gorman (the “Executive”). 

1. Purpose 
 The Company recognizes that the possibility of a Change in Control exists and the uncertainty and questions that it may raise among management may result in the departure or distraction of management
personnel to the detriment of the Company and its shareholders. Accordingly, the purpose of this Agreement is to encourage the Executive to continue employment with the Company and/or its affiliates or successors in interest by merger or acquisition
after a Change in Control by providing reasonable employment security to the Executive and to recognize the prior service of the Executive in the event of a termination of employment under certain circumstances after a Change in Control. 

2. Term of the Agreement 
 This Agreement will be effective on July 17, 2012 and will expire on December 31, 2014; provided that on January 1, 2015 and on each January 1st thereafter (each such January 1st is referred to as the “Renewal Date”), this Agreement will
be automatically extended for an additional calendar year. This Agreement will not, however, be extended if the Company gives written notice of such non-renewal to the Executive no later than September 30th before the Renewal Date (the original and any extended term of this
Agreement is referred to as the “Change in Control Period”). 
 3. Employment After a Change in Control

 If a Change in Control of the Company (as defined in Section 12) occurs during the Change in Control Period and the
Executive is employed by the Company on the date the Change in Control occurs (the “Change in Control Date”), the Company will continue to employ the Executive in accordance with the terms and conditions of this Agreement for the period
beginning on the Change in Control Date and ending on the third anniversary of such date (the “Employment Period”). If a Change in Control occurs on account of a series of transactions, the Change in Control Date is the date of the last of
such transactions. 
 4. Terms of Employment 
 (a) Position and Duties. During the Employment Period, (i) the Executive’s position, authority, duties and responsibilities will be commensurate in all material respects with the most
significant of those held, exercised and assigned to Executive by the Company at any time during the 90-day period immediately preceding the Change in 

 
Control Date and (ii) the Executive’s services will be performed at the location where the Executive was employed immediately preceding the Change in Control Date or any office that is
the headquarters of the Company and is less than 35 miles from such location. 
 (b) Compensation. 

(i) Base Salary. During the Employment Period, the Executive will receive an annual base salary (the “Annual
Base Salary”) at least equal to the base salary paid or payable to the Executive by the Company and its affiliated companies for the twelve-month period immediately preceding the Change of Control Date. During the Employment Period, the Annual
Base Salary will be reviewed at least annually and will be increased at any time and from time to time as will be substantially consistent with increases in base salary generally awarded in the ordinary course of business to other peer executives of
the Company and its affiliated companies. Any increase in the Annual Base Salary will not serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual Base Salary will not be reduced after any such increase, and
the term Annual Base Salary as used in this Agreement will refer to the Annual Base Salary as so increased. The term “affiliated companies” includes any company controlled by, controlling or under common control with the Company.

 (ii) Annual Bonus. In addition to the Annual Base Salary, the Executive will be awarded for each year
ending during the Employment Period and for which the Executive is employed on the last day of the year an annual bonus (the “Annual Bonus”) in cash at least equal to the average annual bonus paid or payable, including by reason of any
deferral, for the two years immediately preceding the year in which the Change in Control Date occurs. Each such Annual Bonus will be paid no later than two and one-half months after the end of the year for which the Annual Bonus is awarded.

 (iii) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive will be
entitled to participate in all incentive (including stock incentive), savings and retirement, insurance plans, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event will such
plans, policies and programs provide the Executive with incentive opportunities, savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than those provided by the Company and its affiliated
companies for the Executive under such plans, policies and programs as in effect at any time during the six months immediately preceding the Change in Control Date. 

(iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or the Executive’s family, as the
case may be, will be eligible for participation in and will receive all benefits under welfare benefit plans, policies and programs provided by the Company and its affiliated companies to the extent applicable generally to other peer executives of
the Company and its affiliated 

  
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companies, but in no event will such plans, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the most favorable of such plans, policies
and programs in effect at any time during the six months immediately preceding the Change in Control Date. 
 (v)
Fringe Benefits. During the Employment Period, the Executive will be entitled to fringe benefits in accordance with the most favorable plans, policies and programs of the Company and its affiliated companies in effect for the Executive at any
time during the six months immediately preceding the Change in Control Date or, if more favorable to the Executive, as in effect generally from time to time after the Change in Control Date with respect to other peer executives of the Company and
its affiliated companies. 
 (vi) Paid Time Off. During the Employment Period, the Executive will be
entitled to paid time off in accordance with the most favorable plans, policies and programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately preceding the Change in Control Date
or, if more favorable to the Executive, as in effect generally from time to time after the Change in Control Date with respect to other peer executives of the Company and its affiliated companies. 

5. Termination of Employment Following a Change in Control 

(a) Death or Disability. The Executive’s employment will terminate automatically upon the Executive’s death during the
Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period, it may terminate the Executive’s employment. For purposes of this Agreement, “Disability” means
the Executive’s inability to perform the essential functions of his position with the Company on a full time basis for 180 consecutive days or a total of at least 240 days in any twelve month period as a result of the Executive’s
incapacity due to physical or mental illness (as determined by an independent physician selected by the Board of the Company). 

(b) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause. For purposes of this
Agreement, “Cause” means (i) gross incompetence, gross negligence, willful misconduct in office or breach of a material fiduciary duty owed to the Company or any affiliated company; (ii) conviction of or entering of a guilty plea
or a plea of no contest with respect to a felony or a crime of moral turpitude or commission of an act of embezzlement or fraud against the Company or any affiliated company; (iii) any material breach by the Executive of a material term of this
Agreement, including, without limitation, material failure to perform a substantial portion of his duties and responsibilities hereunder; or (iv) deliberate dishonesty of the Executive with respect to the Company or any affiliated company.

 (c) Good Reason; Window Period. The Executive’s employment may be terminated (i) during the Employment
Period by the Executive for Good Reason or (ii) during 

  
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the Window Period by the Executive without any reason. For purposes of this Agreement, the “Window Period” means the 45-day period beginning on the later of the one-year anniversary of
the Change in Control Date or the date of closing of the corporate transaction that is the subject of shareholder approval in Section 12. For purposes of this Agreement, “Good Reason” means: 

(i) a material reduction in the Executive’s duties or authority; 

(ii) a failure by the Company to comply with any of the provisions of Section 4(b); 

(iii) the Company’s requiring the Executive to be based at any office or location other than that described in
Section 4(a) (ii); 
 (iv) the failure by the Company to comply with and satisfy Section 7(b); or

 (v) the Company fails to honor any term or provision of this Agreement; 

Notwithstanding the above, Good Reason shall not include an isolated, insubstantial and/or inadvertent action not taken in bad faith by the Company and
which is remedied by the Company within a reasonable time after receipt of notice thereof if given by the Executive. 
 (d)
Notice of Termination. Any termination during the Employment Period by the Company or by the Executive for Good Reason or during the Window Period shall be communicated by written Notice of Termination to the other party hereto. For purposes
of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 
 (e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive during the Window Period or
for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the date
specified in the Notice of Termination (which shall not be less than 30 nor more than 60 days from the date such Notice of Termination is given), and (iii) if the Executive’s employment is terminated for Disability, 30 days after Notice of
Termination is given, provided that the Executive shall not have returned to the full-time performance of his duties during such 30-day period. 
 6. Compensation Upon Termination 
 (a) Termination Without Cause or for
Good Reason or During Window Period. The Executive will be entitled to the following benefits if, during the Employment Period, the Company terminates his employment without Cause or the Executive terminates his employment with the Company or
any affiliated company for Good Reason or during the Window Period. 

  
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 (i) Accrued Obligations. The Accrued Obligations are the sum of:
(1) the Executive’s Annual Base Salary through the Date of Termination at the rate in effect just prior to the time a Notice of Termination is given; (2) the amount, if any, of any incentive or bonus compensation theretofore earned
which has not yet been paid; (3) the product of the Annual Bonus paid or payable, including by reason of deferral, for the most recently completed year and a fraction, the numerator of which is the number of days in the current year through the
Date of Termination and the denominator of which is 365; and (4) any benefits or awards (including both the cash and stock components) which pursuant to the terms of any plans, policies or programs have been earned or become payable, but which
have not yet been paid to the Executive (but not including amounts that previously had been deferred at the Executive’s request, which amounts will be paid in accordance with the Executive’s existing directions). The Accrued Obligations
will be paid to the Executive in a lump sum cash payment within ten days after the Date of Termination; 
 (ii) Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 times the Executive’s Final Compensation. For purposes of this Agreement, “Final
Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently
completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later
than the 45th day following the Date of Termination;

 (iii) Welfare Continuance Benefit. For 24 months following the Date of Termination, the Executive and
his dependents will continue to be covered under all health and dental plans, disability plans, life insurance plans and all other welfare benefit plans (as defined in Section 3(1) of ERISA) (“Welfare Plans”) in which the Executive or
his dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The Company will pay all or a portion of the cost of the Welfare Continuance Benefit for the Executive and his dependents
under the Welfare Plans on the same basis as applicable, from time to time, to active employees covered under the Welfare Plans and the Executive will pay any additional costs. If participation in any one or more of the Welfare Plans included in the
Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for the Executive or the Company due to such participation, the Company will provide substantially identical
benefits directly or through an insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Executive has obtained coverage under one or more welfare benefit plans of a subsequent employer that provides
for equal or greater benefits to the Executive and his dependents with respect to the specific type of benefit. The Executive or his dependents will become eligible for COBRA continuation coverage as of the date the Welfare Continuance Benefit
ceases for all health and dental benefits. 

  
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 (b) Death. If the Executive dies during the Employment Period, this Agreement will
terminate without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six months of the Executive’s Base Salary (which shall be paid to the Executive’s
beneficiary designated in writing or his estate, as applicable, in a lump sum cash payment within 30 days of the date of death); (ii) the timely payment or provision of the Welfare Continuance Benefit to the Executive’s spouse and other
dependents for 24 months following the date of death; and (iii) the timely payment of all death and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies. 

(c) Disability. If the Executive’s employment is terminated because of the Executive’s Disability during the Employment
Period, this Agreement will terminate without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six months of the Executive’s Base Salary (which shall be paid
to the Executive in a lump sum cash payment within 30 days of the Date of Termination; (ii) the timely payment or provision of the Welfare Continuance Benefit for 24 months following the Date of Termination; and (iii) the timely payment of
all disability and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies. 
 (d) Cause; Other than for Good Reason. If the Executive’s employment is terminated for Cause during the Employment Period, this Agreement will terminate without further obligation to the
Executive other than the payment to the Executive of the Annual Base Salary through the Date of Termination, plus the amount of any compensation previously deferred by the Executive. If the Executive terminates employment during the Employment
Period, excluding a termination either for Good Reason or during the Window Period, this Agreement will terminate without further obligation to the Executive other than for the Accrued Obligations (which will be paid in a lump sum in cash within 30
days of the Date of Termination) and any other benefits to which the Executive may be entitled pursuant to the terms of any plan, program or arrangement of the Company and its affiliated companies. 

(e) Maximum Benefit. No amounts will be payable and no benefits will be provided under this Agreement to the extent that such
payments or benefits, together with other payments or benefits under other plans, agreements or arrangements, would make the Executive liable for the payment of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended
(the “Code”), or any successor provision. The amounts otherwise payable and the benefits otherwise to be provided under this Agreement shall be reduced in a manner determined by the Company (by the minimum possible amount) that is
consistent with the requirements of Section 409A of the Code until no amount payable to the Executive will be subject to such excise tax. All calculations and determinations under this Section 6(e) shall be made by an independent
accounting firm or independent tax counsel appointed by the Company (the “Tax Advisor”) whose determinations shall be conclusive and binding on the Company and the Executive for all purposes. The Tax Advisor may rely on reasonable, good
faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company shall bear all costs of the Tax Advisor. 

  
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 7. Binding Agreement; Successors 

(a) This Agreement will be binding upon and inure to the benefit of the Executive (and his personal representative), the Company and any
successor organization or organizations which shall succeed to substantially all of the business and property of the Company, whether by means of merger, consolidation, acquisition of all or substantially of all of the assets of the Company or
otherwise, including by operation of law. 
 (b) The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. 
 (c) For purposes of this Agreement, the term
“Company” includes any subsidiaries of the Company and any corporation or other entity which is the surviving or continuing entity in respect of any merger, consolidation or form of business combination in which the Company ceases to
exist; provided, however, that for purposes of determining whether a Change in Control has occurred herein, the term “Company” refers to Union First Market Bankshares Corporation or its successors. 

8. Fees and Expenses; Mitigation 
 (a) The Company will pay or reimburse the Executive for all costs and expenses, including without limitation court costs and reasonable attorneys’ fees, incurred by the Executive (i) in
contesting or disputing any termination of the Executive’s employment or (ii) in seeking to obtain or enforce any right or benefit provided by this Agreement, in each case provided the Executive is the prevailing party in a proceeding brought
in a court of competent jurisdiction. The Company shall reimburse the foregoing costs on a current basis after the Executive submits a claim for reimbursement with the proper documentation of the costs and expenses, provided that no expense will be
reimbursed after the end of the year following the year in which the expense is incurred. 
 (b) The Executive shall not be
required to mitigate the amount of any payment the Company becomes obligated to make to the Executive in connection with this Agreement, by seeking other employment or otherwise. Except as specifically provided above with respect to the Welfare
Continuance Benefit, the amount of any payment provided for in Section 6 shall not be reduced, offset or subject to recovery by the Company by reason of any compensation earned by the Executive as the result of employment by another employer
after the Date of Termination, or otherwise. 

  
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 9. No Employment Contract 

Nothing in this Agreement will be construed as creating an employment contract between the Executive and the Company prior to Change in
Control. 
 10. Continuance of Welfare Benefits Upon Death 

If the Executive dies while receiving a Welfare Continuation Benefit, the Executive’s spouse and other dependents will continue to
be covered under all applicable Welfare Plans during the remainder of the 24-month coverage period. The Executive’s spouse and other dependents will become eligible for COBRA continuation coverage for health and dental benefits at the end of
such 24-month period. 
 11. Notice 
 Any notices and other communications provided for by this Agreement will be sufficient if in writing and delivered in person, or sent by registered or certified mail, postage prepaid (in which case notice
will be deemed to have been given on the third day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice will be deemed to have been given on the day after delivery to such courier service). Notices
to the Company shall be directed to the Secretary of the Company, with a copy directed to the Chairman of the Board of the Company. Notices to the Executive shall be directed to his last known address. 

12. Definition of a Change in Control 
 No benefits shall be payable hereunder unless there shall have been a Change in Control of the Company as set forth below. For purposes of this Agreement, a “Change in Control” means:

 (a) The acquisition by any Person of beneficial ownership of 20% or more of the then outstanding shares of common stock of
the Company, provided that an acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege) shall not constitute a Change in Control; 

(b) Individuals who constitute the Board on the date of this Agreement (the “Incumbent Board”) cease to constitute a majority
of the Board, provided that any director whose nomination was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board will be considered a member of the Incumbent Board, but excluding any such individual whose
initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company; 

  
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 (c) Approval by the shareholders of the Company of a reorganization, merger, share exchange
or consolidation (a “Reorganization”), provided that shareholder approval of a Reorganization will not constitute a Change in Control if, upon consummation of the Reorganization, each of the following conditions is satisfied: 

(i) more than 50% of the then outstanding shares of common stock of the corporation resulting from the Reorganization is
beneficially owned by all or substantially all of the former shareholders of the Company in substantially the same proportions as their ownership existed in the Company immediately prior to the Reorganization; 

(ii) no Person beneficially owns 20% or more of either (1) the then outstanding shares of common stock of the
corporation resulting from the transaction or (2) the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors; and 

(iii) at least a majority of the members of the board of directors of the corporation resulting from the Reorganization
were members of the Incumbent Board at the time of the execution of the initial agreement providing for the Reorganization. 

(d) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company, or of the sale or other
disposition of all or substantially all of the assets of the Company. 
 (e) For purposes of this Agreement, “Person”
means any individual, entity or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934 (the “Exchange Act”), other than any employee benefit plan (or related trust) sponsored or maintained by the Company
or any affiliated company, and “beneficial ownership” has the meaning given the term in Rule 13d-3 under the Exchange Act. 
 13. Confidentiality 
 The Executive will hold in a fiduciary capacity for
the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies and their respective businesses, which was obtained by the Executive during the Executive’s
employment by the Company or any of its affiliated companies and which will not be or become public knowledge. After termination of the Executive’s employment with the Company, the Executive will not, without the prior written consent of the
Company or except as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the
provisions of this Section 13 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 14. Miscellaneous 
 No provision of this Agreement may be amended,
modified, waived or discharged unless such amendment, modification, waiver or discharge is agreed to in a writing signed by the Executive and the Chairman of the Board, Chief Executive Officer, or

  
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President of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or of compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party that are not expressly set forth in this Agreement. 
 15. Governing
Law 
 The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
Commonwealth of Virginia without reference to its conflicts of laws principles. 
 16. Validity 

The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect. 
 17. Deferred Compensation Omnibus Provision.

 (a) It is intended that payments and benefits under this Agreement that are considered to be deferred compensation subject to
Section 409A of the Code shall be provided and paid in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided for therein for
non-compliance. Notwithstanding any other provision of this Agreement, the Company’s Compensation Committee or Board of Directors is authorized to amend this Agreement, to amend or void any election made by the Executive under this Agreement
and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by it to be necessary or appropriate to comply with Section 409A of the Code. For purposes of this Agreement, all rights to payments
and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. 
 (b) If the Executive is deemed on the date of separation of service with the Company to be a “specified employee,” as defined in Section 409A(a)(2)(B) of the Code, then payment of any
amount or provision of any benefit under this Agreement that is considered deferred compensation subject to Section 409A of the Code shall not be made or provided prior to the earlier of (A) the expiration of the six-month period measured
from the date of separation of service or (B) the date of death (the “409A Deferral Period”). 
 (c) In the case
of benefits that are subject to Section 409A of the Code, the Executive may pay the cost of benefit coverage, and thereby obtain benefits, during the 409A Deferral Period and then be reimbursed by the Company when the 409A Deferral Period ends.
On the first day after the end of the 409A Deferral Period, all payments delayed pursuant to this Section 17 (whether they would have otherwise been payable in a 

  
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single lump sum or in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement
shall be paid or provided as originally scheduled. 
 (d) “Termination of employment” shall have the same meaning as
“separation of service,” as that phrase is defined in Section 409A of the Code (taking into account all rules and presumptions provided for in the Section 409A regulations). 

18. Clawback. The Executive agrees that any incentive based compensation or award that he receives, or has received, from the
Company or its Affiliates under this Agreement or otherwise, will be subject to clawback by the Company as may be required by applicable law or stock exchange listing requirement and on such basis as the Board of Directors of the Company determines,
but in no event with a look-back period of more than three years, unless required by applicable law or stock exchange listing requirement. 
 [Signatures follow on next page.] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by Union First
Market Bankshares Corporation by its duly authorized officer, and by the Executive, as of the date first above written. 
  

			
	UNION FIRST MARKET BANKSHARES CORPORATION
		
	By:	 	 

		 	G. William Beale
		 	Chief Executive Officer
	
	EXECUTIVE:
	
	 

	Robert M. Gorman

  
 12Seventh Supplemental Indenture

 Exhibit 4.1 
 EXECUTION COPY 
  
  

 
 THE
GOLDMAN SACHS GROUP, INC., 
 as Issuer 

to 

THE BANK OF NEW YORK MELLON, 

as Trustee 
  

 
 Seventh
Supplemental Indenture 
 Dated as of July 20, 2012 

 
  

$500,010,000 

Series VS-1 Remarketed 4.404% Junior Subordinated Notes due 2016 

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
		  	 ARTICLE I
  

DEFINITIONS
	  	
			
	Section 1.1	  	Provisions of the Indenture	  	4
	Section 1.2	  	Rules of Interpretation	  	4
			
		  	ARTICLE II	  	
			
		  	AMENDMENTS TO EXISTING INDENTURE	  	
			
		  	ARTICLE III	  	
		  	TERMS AND CONDITIONS OF THE NOTES	  	
			
	Section 3.1	  	Redesignation	  	10
	Section 3.2	  	Stated Maturity	  	10
	Section 3.3	  	Redemption	  	10
	Section 3.4	  	Form and Exchange	  	10
	Section 3.5	  	Denominations	  	10
	Section 3.6	  	Certain Provisions	  	10
	Section 3.7	  	Benefits of Indenture for Holders of Trust Securities	  	11
	Section 3.8	  	Paying Agent	  	11
			
		  	ARTICLE IV	  	
		  	FORM OF NOTE	  	
			
		  	ARTICLE V	  	
			
		  	MISCELLANEOUS PROVISIONS	  	
			
	Section 5.1	  	Separability of Invalid Provisions	  	18
	Section 5.2	  	Execution in Counterparts	  	19
	Section 5.3	  	Effectiveness	  	19
	Section 5.4	  	Successors and Assigns	  	19
	Section 5.5	  	Further Assurances	  	19
	Section 5.6	  	Effect of Recitals	  	19
	Section 5.7	  	Ratification of Indenture	  	19
	Section 5.8	  	Governing Law	  	19

 SEVENTH SUPPLEMENTAL INDENTURE 

 SEVENTH SUPPLEMENTAL
INDENTURE, dated as of July 20, 2012, between THE GOLDMAN SACHS GROUP, INC., a corporation duly organized and existing under the
laws of the State of Delaware (the “Company”), having its principal office at 200 West Street, New York, New York 10282, and THE BANK OF NEW YORK
MELLON, a New York banking corporation, as Trustee (the “Trustee”), to the Subordinated Debt Indenture, dated as of February 20, 2004, between the Company and the Trustee (the
“Original Indenture”). 
 W I T N E
S S E T H : 

WHEREAS, the Original Indenture provides for the issuance from time to time thereunder, in one or
more series, of unsecured debentures, notes or other evidence of indebtedness of the Company, and Section 301 of the Original Indenture provides for the establishment of the form or terms of Securities of any series issued thereunder, and any
additions to, changes in or eliminations of any provisions of the Original Indenture in respect of such series as provided therein, through one or more supplemental indentures; 

WHEREAS, the Company, by a Third Supplemental Indenture, dated as of May 15, 2007 (the
“Third Supplemental Indenture”), created and issued a series of Securities known as the Company’s Remarketable Floating Rate Junior Subordinated Notes due 2043 (the “Remarketable Notes”), the
terms and provisions of which were as specified in the Third Supplemental Indenture, and to the extent not added to, changed or eliminated by the Third Supplemental Indenture, the Original Indenture; 

WHEREAS, the Company, by a Fifth Supplemental Indenture, dated as of February 6, 2012 (the
“Fifth Supplemental Indenture”), modified certain terms of the Remarketable Notes and of the Third Supplemental Indenture (the Third Supplement Indenture as so modified, the “Supplemental Indenture”,
and the Original Indenture, as modified and supplemented by the Supplemental Indenture, the “Indenture”); 
 WHEREAS, Section 901(11) of the Original Indenture and Section 3.6 of the Supplemental Indenture permit the Company to enter into a supplemental indenture
without the consent of any Holder of the Remarketable Notes or of any APEX Holder to reflect any modifications to the terms of the Remarketable Notes pursuant to the terms of Article III of the Supplemental Indenture and to provide for the exchange
of the Remarketable Notes for notes in the form reflecting such modifications and adopted pursuant to such supplemental indenture; 
 WHEREAS, Section 3.2 of the Supplemental Indenture permits the Company, without the consent of any Holder of the Notes or any APEX Holders to (a) divide the
Remarketable Notes into multiple tranches, and if so, determine the principal amount of each tranche of notes into which each Remarketable Note shall be exchanged (collectively, the “Remarketed Notes”), (b) keep the
Stated Maturity Date of any tranche of Remarketed Notes at September 1, 2043 or change it to an earlier date (specifying such date if applicable); provided that the Stated Maturity Date of any tranche of Remarketed Notes may not be
changed to a date earlier than the later of (i) September 1, 2016 and (ii) if the Remarketing Settlement Date occurs during an Extension Period, the seventh anniversary of the first day of such Extension Period, (c) change the date
after which any tranche of Remarketed Notes will be redeemable at the Company’s option and the redemption price or prices; provided that no redemption date for any tranche of Remarketed Notes may be earlier than the later of
(i) September 1, 2016 and (ii) if the Remarketing Settlement Date occurs during an Extension Period, the seventh anniversary of the first day of such Extension Period; and provided, further, that no Redemption Price may
be less than 100% of the principal amount of such tranche of Remarketed Notes plus accrued and unpaid interest, including deferred interest, if any, to the Redemption Date, in accordance with Article XI of the Original Indenture;

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	2	 	

 
(d) remarket each tranche of Remarketed Notes as fixed rate notes or floating rate notes, and (e) if the Remarketed Notes of any tranche will be remarketed as floating rate notes, determine
the applicable index (which must be a qualified floating rate) and the interest payment dates and manner of calculation of interest on such tranche of Remarketed Notes, which the Company may change to correspond with the market conventions
applicable to notes bearing interest at rates based on the applicable index, any such changes to apply automatically and come into effect on the Remarketing Settlement Date; 
 WHEREAS, Section 901 of the Original Indenture, as supplemented by Section 2.9 of the Supplemental Indenture, permits the Company, when authorized by a Board
Resolution, and the Trustee to enter into a supplemental indenture without the consent of any Holders of Remarketable Notes in the event any Notes are sold in the Remarketing to one or more statutory trusts sponsored by the Company, to modify the
provisions of Sections 2.7, 2.9(c), 2.10 through 2.15, 4.1 and 7.3 of the Supplemental Indenture to make comparable provision with respect to each such trust and the holders of its trust securities, and to modify the definitions of “Investment
Company Event” and “Tax Event” to refer to each such statutory trust in lieu of Goldman Sachs Capital III, a Delaware statutory trust (the “APEX Trust”), and to replace references to the date of issuance of the
APEX with references to the Remarketing Settlement Date; 
 WHEREAS, Vesey Street
Investment Trust I, a Delaware statutory trust (the “New Trust”), has agreed pursuant to a Distribution Agreement dated July 17, 2012, with the Company and Goldman, Sachs & Co. to issue $500,010,000 liquidation
amount of its 4.404% Senior Guaranteed Trust Securities (the “Trust Securities”); 

WHEREAS, the Company has determined to remarket the Remarketable Notes as a single tranche to be
redesignated as the Series VS-1 Remarketed 4.404% Junior Subordinated Notes due 2016 (the “Notes”) in accordance with this Seventh Supplemental Indenture; 

WHEREAS, the New Trust has accordingly agreed pursuant to a Note Purchase Agreement, dated
July 17, 2012, with the Company, the APEX Trust, and Goldman, Sachs & Co., as remarketing agent, to use the net proceeds of the issuance and sale of the Trust Securities to purchase $500,010,000 principal amount of the Notes from the
APEX Trust on the date hereof; 
 WHEREAS, the Company wishes to make certain changes as
specified herein to the terms of and provisions of the Indenture and establish the terms of the Notes and to authorize the exchange of the Remarketable Notes for the Notes; 
 WHEREAS, the Company has duly authorized the execution and delivery of this Seventh Supplemental Indenture; and 

WHEREAS, all things necessary to make this Seventh Supplemental Indenture a valid agreement
according to its terms have been done. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	3	 	

 NOW, THEREFORE, for and in consideration
of the premises, the Company covenants and agrees with the Trustee as follows: 
 ARTICLE I 

DEFINITIONS 
  

	Section 1.1	Provisions of the Indenture 

 Except insofar as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Indenture shall remain in full force and effect and, for all purposes of this Seventh
Supplemental Indenture (including the recitals hereto), shall have the meanings assigned to them in the Supplemental Indenture or the Original Indenture, as applicable. The Indenture, as amended and supplemented by this Seventh Supplemental
Indenture, is in all respects ratified and confirmed. The Original Indenture, as supplemented and amended by the Supplemental Indenture and this Seventh Supplemental Indenture, shall be read, taken and considered as one and the same instrument for
all purposes and every Holder of Notes authenticated and delivered under the Indenture (and every holder of Senior Debt with respect to the Notes) shall be bound hereby. 

 

	Section 1.2	Rules of Interpretation 

For all purposes of this Seventh Supplemental Indenture, the Indenture and the Notes, except as herein otherwise expressly provided or
unless the subject matter or context hereof otherwise requires: 
 (i) “Seventh Supplemental
Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof; 

(ii) all terms used in this Seventh Supplemental Indenture (including in the recitals) that are defined in the Indenture
or the Trust Agreement have the meanings assigned to them therein; 
 (iii) references to any agreement or other
instrument are to such agreement or other instrument as it has been or may be amended or supplemented from time to time; and 
 (iv) references to the Third Supplemental Indenture in such Third Supplemental Indenture or in this Seventh Supplemental Indenture shall be references to the Supplemental Indenture as amended and
supplemented by this Seventh Supplemental Indenture. 
 ARTICLE II 

AMENDMENTS TO EXISTING INDENTURE 
 The provisions of the Supplemental Indenture are hereby modified as follows: 
 (a)
Section 1.2(f) is hereby amended by adding the following terms (and where appropriate, by deleting the definition of any such term currently set forth therein): 

“Distribution Agreement” means the Distribution Agreement, dated July 17, 2012, among the
Issuer Trust, the Company and Goldman, Sachs & Co. (as representative of the agents named therein) in respect of the Trust Securities. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
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 “Event of Default,” for purposes of the Notes, means
any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): (i) default in the payment of any interest upon any Note, in full for a period of 30 days after the conclusion of any Extension Period; (ii) the termination of the Issuer Trust
without redeeming the Trust Securities; (iii) the entry of a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or of any substantial part of its property or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive days; or
(iv) the institution by the Company of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts
generally as they become due and its willingness to be adjudicated a bankrupt, or the taking of corporate action by the Company in furtherance of any such action. 

“Guarantee Agreement” means the Guarantee Agreement, dated as of July 20, 2012, between the
Company, as Guarantor and The Bank of New York Mellon, as Guarantee Trustee named thereunder, as it may be amended from time to time. 
 “Holder”, when used in connection with a Trust Security, has the meaning set forth in the Trust Agreement. 

“Indenture” means the Original Indenture as originally executed, as it is supplemented and amended
by the Third Supplemental Indenture, including, for all purposes of each such instrument, the provisions of the Trust Indenture Act that are deemed to be a part of and govern such instrument. The term “Indenture” shall also
include the terms of the Notes. 
 “Investment Company Event” means the Company’s
receipt of an Opinion of Counsel to the effect that, as a result of the occurrence of a change in law or regulation or a written change, including any announced prospective change, in interpretation or

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
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application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is more than an insubstantial risk that the Issuer Trust is or will be
considered an investment company that is required to be registered under the Investment Company Act of 1940, and this change becomes effective or would become effective on or after the date of issuance of the Trust Securities. 

“Issuer Trust” means Vesey Street Investment Trust I, a Delaware statutory trust. 

“Make-Whole Amount” shall be calculated by or on behalf of the Company and shall be equal to the
sum of the present values of the principal amount of the Notes and each interest payment thereon that would have been payable to and including the Stated Maturity Date (not including any portion of such payments of interest accrued as of the date of
redemption), discounted from the Stated Maturity Date or the applicable interest payment date to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate
plus 50 basis points. 
 “Pari Passu Securities” means all
indebtedness and obligations that, among other things, by their terms rank equally with the Notes in right of payment and upon liquidation and guarantees of such indebtedness and includes the Company’s Series MS-1 Remarketed 4.647% Junior
Subordinated Notes due 2017; provided that “Pari Passu Securities” shall not be deemed to include the Company’s 6.345% Junior Subordinated Debentures Due February 15, 2034 or guarantees issued in connection
with the trust preferred securities of Goldman Sachs Capital I, each of which ranks or will rank senior to the Notes, or any junior subordinated debentures or guarantees that may be issued in the future in connection with trust preferred securities.

 “Paying Agent”, when used with respect to the Notes, The Bank of New York Mellon or
any other Person authorized by the Company to pay the principal of (and premium, if any) or interest on the Notes on behalf of the Company. 
 “Paying Agent Office” means the office of the applicable Paying Agent at which at any particular time its corporate agency business shall principally be administered in a Place of
Payment, which office at the date hereof in the case of The Bank of New York Mellon, in its capacity as Paying Agent with respect to the Notes under the Indenture, is located at 101 Barclay Street, Floor 4E, New York, New York 10286 –
Attention: International Corporate Trust. 
 “Securities Registrar Office” means the
office of the applicable Securities Registrar at which at any particular time its corporate agency business shall principally be administered, which office at the date hereof in the case of The Bank of New York Mellon, in its capacity as Securities
Registrar with respect to the Notes under the Indenture, is located at 101 Barclay Street, Floor 4E, New York, New York 10286 – Attention: International Corporate Trust. 

“Senior Debt” means all indebtedness and obligations (other than the Notes) of, or guaranteed or
assumed by, the Company, that are for borrowed money or are 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	6	 	

 
evidenced by bonds, debentures, notes or other similar instruments, whether now existing or hereafter created, and all amendments, renewals, extensions, modifications and refundings of such
indebtedness and obligations, but not including trade accounts payable and accrued liabilities arising in the ordinary course of business, which rank equally in right of payment and upon liquidation with the Notes, unless in any such case, in the
instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are subordinate, or not superior, in right of payment to the Notes; provided, however, that the Notes will
rank equally in right of payment with any Pari Passu Securities. The obligations of the Company under the Guarantee Agreement shall constitute Senior Debt. 

“Stated Maturity Date” means September 1, 2016. 

“Tax Event” means the Company’s receipt of an Opinion of Counsel to the effect that, as a
result of: (i) an amendment to or change (including any announced prospective change) in the laws or regulations of the United States or any political subdivision or taxing authority of or in the United States that is enacted or becomes
effective after the initial issuance of the Trust Securities; (ii) a proposed change in those laws or regulations that is announced after the initial issuance of the Trust Securities; (iii) an official administrative decision or judicial
decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after the initial issuance of the Trust Securities; or (iv) a threatened challenge asserted in connection
with an audit of the Issuer Trust or any similar statutory trust sponsored by the Company, the Company or the Company’s Subsidiaries, or a threatened challenge asserted in writing against any other taxpayer that has raised capital through the
issuance of securities that are substantially similar to the Notes or the Trust Securities, there is more than an insubstantial increase in risk that: (a) the Issuer Trust is, or will be, subject to United States federal income tax with respect
to income received or accrued on the Notes; (b) interest payable by the Company on the Notes is not, or will not be, deductible by the Company, in whole or in part, for United States Federal income tax purposes; or (c) the Issuer Trust is,
or will be, subject to more than an insignificant amount of other taxes, duties or other governmental charges. 

“Third Supplemental Indenture” means the Third Supplemental Indenture, as amended by the Fifth
Supplemental Indenture, dated as of February 6, 2012, and the Seventh Supplemental Indenture, dated as of July 20, 2012, each between the Company and the Trustee, and as it may from time to time be further supplemented or amended by one or
more other indentures supplemental hereto entered into pursuant to the applicable provisions hereof. 

“Trust Agreement” means the Amended and Restated Declaration of Trust, dated as of July 20,
2012, of the Issuer Trust among the Company, as Sponsor, the Property Trustee, the Delaware Trustee, the Administrative Trustees (each as named therein) and the several holders of the Trust Securities, as amended from time to time. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
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 “Trust Securities” means the 4.404% Senior
Guaranteed Trust Securities of the Issuer Trust. 
 (b) The following definitions appearing in Section 1.2(f) are hereby
deleted: 
  

			
	Additional Subordinated Notes	 	Released Note
	Allowable Capital	 	Remarketed Note
	APEX	 	Remarketing Disruption Event
	APEX Holder	 	Remarketing Period
	Capital APEX	 	Remarketing Settlement Date
	Capital Treatment Event	 	Remarketing Value
	Collateral Agent	 	Reset Rate
	Collateral Agreement	 	Reset Spread
	CSE Rules	 	SEC
	Custodial Agent	 	Securities Intermediary
	Early Remarketing	 	Series F Preferred Stock
	Early Settlement Event	 	Stock Purchase Contract Agreement
	Early Termination Event	 	Stripped APEX
	Failed Remarketing	 	Subjected Note
	Final Remarketing	 	Successful
	Normal APEX	 	Trust Common Securities
	qualified floating rate	 	Unsuccessful
	Rating Agency Event	 	

 (c) Section 2.5(b) is hereby amended by: 

(i) deleting the second sentence thereof; 

(ii) deleting clauses (ii) and (vi) of the fourth sentence thereof; 

(iii) replacing the words “the Goldman Sachs Guarantee” in clause (E) of the fourth sentence thereof with
the words “the Notes”; 
 (iv) deleting clause (f) of the fourth sentence thereof; and 

(v) renumbering the remaining clauses in the fourth sentence thereof appropriately. 

(d) Section 2.5(d) is hereby amended by replacing the words “the Capital APEX, and if such election is made prior to the Stock
Purchase Date or, if earlier, the Remarketing Settlement Date, to the holders of the Normal APEX” with the words “the Trust Securities”. 
 (e) Section 2.5(f) is hereby deleted in its entirety. 
 (f) Section 2.6
is hereby amended and restated in its entirety as follows: 
  

	 	“Section 2.6	Redemption of the Notes 

 (a) Prior to September 1, 2016, the Company may redeem all, but not less than all, of the Notes upon the occurrence of an Investment Company 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	8	 	

 
Event or Tax Event at a redemption price equal to the greater of 100% of the principal amount thereof and the Make-Whole Amount, plus accrued and unpaid interest, including deferred interest (if
any), to the date of redemption, in accordance with Article XI of the Indenture. 
 (b) The Notes are not
entitled to any sinking fund payments.” 
 (g) Section 2.7 is hereby amended by replacing each reference to “the
Normal APEX, Trust Common Securities and Capital APEX” with a reference to “the Trust Securities”. 
 (h)
Section 2.9(b) is hereby amended by inserting the word “or” at the end of subparagraph (13) and by deleting sub paragraph (15). 
 (i) Section 2.9(c) is hereby amended and restated in its entirety as follows: 

(c) So long as the Notes are held by or on behalf of the Issuer Trust, no modification or amendment of any provision in the Indenture
shall be made that adversely affects the Holders of the Trust Securities in any material respect, and no termination of the Indenture shall occur, and no waiver of any Event of Default or compliance with any covenant under the Indenture shall be
effective, without prior consent of the Holders of at least a majority of the aggregate Liquidation Amount of the Trust Securities then outstanding, unless and until the principal (and premium, if any) of the Notes and all accrued and unpaid
interest (including any Additional Interest) thereon have been paid in full. If the consent of the Holder of each outstanding Note is required for such modification or waiver, no such modification or waiver shall be effective without the prior
consent of each Holder of the Trust Securities. 
 (j) Sections 2.9(e), 2.13, 2.14, 2.15 and 4.1 (including in the headings
thereof) are each hereby amended by: 
 (i) replacing each reference to “APEX Holder” with a reference
to the “Holder of the Trust Securities”; 
 (ii) replacing each reference to “APEX Holders”
with a reference to the “Holders of the Trust Securities”; 
 (iii) replacing each reference to
“APEX” with a reference to “Trust Securities”. 
 (k) Section 2.10 is hereby amended by replacing the
word “APEX” with the words “the Trust Securities or under Section 2.12”. 
 (l) Section 2.11(a) is
hereby amended by replacing the words “the Normal APEX and Capital APEX then outstanding shall have such right prior to the Stock Purchase Date or, if earlier, the Remarketing Settlement Date” with the words “the Trust
Securities”. 
 (m) Section 2.11(b) is hereby amended by replacing the words “the holders of Normal APEX and
Capital APEX and before a judgment or decree for payment of the money due has been obtained by the Trustee, the Holders of a majority in aggregate Liquidation Amount of the Normal APEX and Capital APEX” with the words “the Holders of the
Trust Securities and before a judgment or decree for payment of the money due has been obtained by the Trustee, the Holders of a majority in aggregate Liquidation Amount of the Trust Securities”. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
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 (n) Section 2.12 is hereby amended and restated in its entirety as follows: 

 

	 	“Section 2.12	Direct Action by Holders of Trust Securities 

 So long as the Notes are held by or on behalf of the Issuer Trust, any holder of Trust Securities shall have the right, upon the occurrence of an Event of Default with respect to the Notes (other than as
described in Clause (iii) or (iv)), to institute a suit directly against the Company for enforcement of payment to such Holder (subject to Section 507 of the Original Indenture) of principal or interest on the Notes having a principal
amount equal to the aggregate Liquidation Amount of Trust Securities held by such Holder, in each case in accordance with the Indenture and the Notes.” 
 (o) Section 4.1 is further amended by replacing the reference to the “Underwriting Agreement” with a reference to the “Distribution Agreement”. 

ARTICLE III 
 TERMS AND CONDITIONS OF THE NOTES 
  

	Section 3.1	Redesignation 

 The Notes
are hereby redesignated the “Series VS-1 Remarketed 4.404% Junior Subordinated Notes due 2016”. 
  

	Section 3.2	Stated Maturity 

 The
Stated Maturity of the Notes will be September 1, 2016. 
  

	Section 3.3	Redemption 

 The Notes
shall be redeemable as provided in Section 2.6 of the Supplemental Indenture, as modified by this Seventh Supplemental Indenture. 
  

	Section 3.4	Form and Exchange 

 Notes
issued on the date hereof in exchange for Remarketable Notes held by the Collateral Agent shall be issued in definitive form only. 
  

	Section 3.5	Denominations 

 Notes
shall be issued in denominations of $1,000 and integral multiples thereof. 
  

	Section 3.6	Certain Provisions 

Article III and Sections 2.4, 6.2 and 6.3 of the Supplemental Indenture shall not apply to the Notes after the date hereof. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
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	Section 3.7	Benefits of Indenture for Holders of Trust Securities 

 Notwithstanding Section 111 of the Indenture, the Holders of Trust Securities shall have such rights and benefits, but only such rights and benefits as are specified in the Indenture, the Notes and
as are specified in Sections 2.9, 2.10, 2.11, 2.12, 2.13 and 2.14 of the Supplemental Indenture, as modified by this Seventh Supplemental Indenture. Such rights and benefits shall terminate with respect to each Trust Security and Holder thereof when
such Trust Security is no longer Outstanding. Without limiting the effect of Section 6.1 of the Trust Agreement, nothing herein or in the Notes shall impair the rights and benefits afforded to the Holders of the Notes under the Indenture and
such Notes, even if such rights and benefits overlap, conflict with or otherwise differ from those afforded to the Holders of Trust Securities hereunder. Subject to the foregoing, Section 111 of the Indenture shall remain in full force and
effect with respect to the Notes and the Indenture as it applies to the Notes. 
  

	Section 3.8	Paying Agent 

 The Company
hereby appoints The Bank of New York Mellon as Securities Registrar and Paying Agent for the Notes. 
 ARTICLE IV

 FORM OF NOTE 
 Any Notes issued on or after the date hereof are to be substantially in the following form: 
 (FACE OF SECURITY) 
  

					
	No.                     	 		 	Principal Amount: $            
	Issue Date:                     	 		 	CUSIP No.:                     

 THE GOLDMAN SACHS GROUP, INC. 

SERIES VS-1 REMARKETED 4.404% JUNIOR SUBORDINATED NOTE
DUE 2016 
 THE GOLDMAN SACHS GROUP, INC.,
a corporation organized and existing under the laws of the State of Delaware (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to
                                        , or
registered assigns, the principal sum of
                                         Dollars
on September 1, 2016 (the “Stated Maturity Date”). The Company further promises to pay interest (subject to deferral as set forth herein) on said principal sum from and including June 1, 2012, or from and including
the most recent Interest Payment Date on which interest has been paid or duly provided for, until the principal hereof is paid or made available for payment. Interest shall be payable semi-annually in arrears on March 1 and September 1 of
each year, commencing September 1, 2012, (i) at the rate of 1.03685% per annum from and including June 1, 2012 to but excluding July 20, 2012, and (ii) from and including July 20, 2012 until the principal
hereof is paid or duly provided for or made available for payment at a rate of 4.404% per annum, in each case plus Additional Interest, if any. If any date on which 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
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an interest payment is due is not a Business Day, then the payment of such interest shall be made on the next succeeding day that is a Business Day (and without any interest or other payment in
respect of any such delay) with the same force and effect as if made on the date such payment was originally payable (each such date on which interest is payable, an “Interest Payment Date”). The amount of interest payable
for any period less than a full Interest Period shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. A “Business Day” shall mean a Monday, Tuesday, Wednesday, Thursday or Friday that is not a
day on which banking institutions in New York City generally are authorized or obligated by law or executive order to close. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest installment, which shall be the calendar day
immediately preceding the applicable Interest Payment Date. Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in said Indenture. 
 If the principal amount hereof or any portion of such principal
amount is not paid when due (whether upon acceleration, upon the date set for payment of the Redemption Price or upon the Stated Maturity Date) or if interest due hereon (or any portion of such interest), is not paid when due, then in each such case
the overdue amount shall, to the extent permitted by law, bear interest at the rate then borne by this Note for the applicable Interest Period, compounded at the end of such Interest Period, which interest shall accrue from the date such overdue
amount was originally due to the date payment of such amount, including interest thereon, has been made or duly provided for. All such interest shall be payable as set forth in the Indenture. 

The Company shall have the right, at any time during the term of this Note, to defer the payment of interest on this Note, at any time or
from time to time, for any number of consecutive semi-annual Interest Periods with respect to each deferral period (each, an “Extension Period”), during which Extension Periods the Company shall have the right to make partial
payments of interest on any Interest Payment Date. No Extension Period shall end on a date other than an Interest Payment Date. At the end of any such Extension Period, the Company shall pay all interest then accrued and unpaid on this Note
(together with Additional Interest thereon, to the extent permitted by applicable law); provided that no Extension Period shall extend beyond the Stated Maturity Date; provided, further, that if (a) there shall have
occurred and be continuing any Event of Default with respect to the Notes; (b) the Company shall have given notice of the election to defer payments of interest on the Notes but the related Extension Period has not yet commenced; (c) the
Company has not paid in full interest scheduled to have been paid on the most recent Interest Payment Date; or (d) any amount of deferred interest remains unpaid, then the Company shall not: (i) declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of the Company’s capital stock, (ii) permit any of its subsidiaries over which the Company has voting control to purchase or acquire
or make any other payment or distribution on or with respect to any shares of the Company’s capital stock, (iii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities issued
by the Company that rank or make any payments under any guarantee that ranks, upon the liquidation of the Company, pari passu with the Notes (including the Notes, “Parity Securities”) or junior to the Notes,
(iv) permit any of its subsidiaries over which the Company has voting control to purchase or acquire or make any other payment on or with respect to any of the Company’s debt 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
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securities or any guarantee that ranks, upon the liquidation of the Company, pari passu with or junior to the Notes; or (v) make any payment under any guarantee by the Company that
ranks junior in interest to the Notes (other than (a) any repurchase, redemption or other acquisition of shares of the Company’s capital stock in connection with (1) any employment contract, benefit plan or other similar arrangement
with or for the benefit of any one or more employees, officers, directors, consultants or independent contractors, (2) the satisfaction of the Company’s obligations pursuant to any contract entered into in the ordinary course prior to the
beginning of the Extension Period, (3) a dividend reinvestment or stockholder purchase plan, or (4) the issuance of the Company’s capital stock, or securities convertible into or exercisable for such capital stock, as consideration in
an acquisition transaction entered into prior to the applicable Extension Period; (b) any exchange, redemption or conversion of any class or series of the Company’s capital stock, or the capital stock of one of its Subsidiaries, for any
other class or series of the Company’s capital stock, or any class or series of the Company’s indebtedness for any class or series of its capital stock; (c) any purchase of fractional interests in shares of the Company’s capital
stock pursuant to the conversion or exchange provisions of such capital stock or the securities being converted or exchanged; (d) any declaration of a dividend in connection with any rights plan, or the issuance of rights, stock or other
property under any rights plan, or the redemption or repurchase of rights pursuant thereto; (e) any payment of current or deferred interest on Parity Securities that is made pro rata to the amounts due on such Parity Securities (including the
Notes), and any payments of principal of or deferred interest on Parity Securities that, if not made, would cause us to breach the terms of the instrument governing such Parity Securities; (f) any dividend in the form of stock, warrants,
options or other rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock; or (g) any
purchase or other acquisition of shares of the Company’s capital stock or debt securities (and any related guarantees) or payment with respect to shares of the Company’s capital stock or debt securities (and any related guarantees) if made
in connection with (x) the initial distribution of shares of the Company’s capital stock or debt securities (and any related guarantees) or (y) market-making or other secondary market activities). Prior to the termination of any such
Extension Period, the Company may further defer the payment of interest on the Notes, provided that no Extension Period shall exceed the period or periods specified in this Note or extend beyond the Stated Maturity of the principal of this
Note. Upon the termination of any such Extension Period and upon the payment of all accrued and unpaid interest and any Additional Interest then due on any Interest Payment Date, the Company may elect to begin a new Extension Period, subject to the
above requirements. No interest shall be due and payable during an Extension Period except at the end thereof. The Company shall give the Trustee, the Property Trustee and the Paying Agent notice of its election to begin or extend any Extension
Period at least 10 Business Days prior to the date on which interest on the Notes would be payable but for the election to begin or extend such Extension Period. The Trustee or its designee shall give notice of the Company’s election to begin
or extend any Extension Period to the Holders of the Notes, to the Administrative Trustees and to the Holders of the Trust Securities. 
 Payment of the principal of (and premium, if any) and interest on this Note will be made at the office or agency of the Company maintained for that purpose in the United States, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided that at the option of the Company payment of interest may be made (i) by check mailed to the address of the
Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available funds at such place and to such account as may be designated by the Person entitled thereto as specified in the
Securities Register in writing not less than 10 days before the date of the interest payment. 
 The indebtedness evidenced by
this Note is, to the extent provided in the Indenture, subordinate and junior in right of payment and upon liquidation to the prior payment in full of all Senior 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	13	 	

 
Debt, and this Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Note, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such
purposes. Each Holder hereof, by his acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Debt, whether now outstanding or hereafter incurred, and
waives reliance by each such holder upon said provisions. 
 Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	14	 	

 IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed under its corporate seal. 
 Dated: 

 

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated: 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	15	 	

 (REVERSE OF SECURITY) 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and
to be issued in one or more series under the Subordinated Debt Indenture, dated as of February 20, 2004 (herein called the “Original Indenture”), between the Company and The Bank of New York Mellon, as trustee (the
“Trustee”), as amended and supplemented by the Third Supplemental Indenture, dated as of May 15, 2007, between the Company and the Trustee, which was amended and supplemented by the Fifth Supplemental Indenture, dated as
of February 6, 2012, and the Seventh Supplemental Indenture, dated as of July 20, 2012 (such Third Supplemental Indenture, as so amended and supplemented, the “Third Supplemental Indenture”), each between the
Company and the Trustee (together with the Original Indenture and the Third Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. By terms of the Indenture,
the Securities are issuable in series that may vary as to amount, date of maturity, rate of interest, rank and in other respects provided in the Indenture. This Note is one of the series designated on the face hereof, is a “Security” under
the Indenture and is limited in aggregate principal amount to $500,010,000. 
 All terms used in this Note that are defined in
the Indenture or in the Amended and Restated Declaration of Trust Agreement, dated as of July 20, 2012, as amended (the “Trust Agreement”), of Vesey Street Investment Trust I among The Goldman Sachs Group, Inc., as Sponsor, the
Trustees named therein and the several Holders of the Trust Securities, shall have the meanings assigned to them in the Indenture or the Trust Agreement, as the case may be. 
 Prior to September 1, 2016, the Company may redeem all, but not less than all, of the Notes upon the occurrence of an Investment Company Event or Tax Event at a redemption price equal to the greater
of 100% of the principal amount thereof and the applicable Make-Whole Amount, plus accrued and unpaid interest, including deferred interest (if any), to the date of redemption, in accordance with Article XI of the Indenture. 

No sinking fund is provided for the Notes. 
 The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental
indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes to
be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	16	 	

 As provided in and subject to the provisions of the Indenture, if an Event of Default with
respect to the Notes at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the entire principal amount and all accrued
but unpaid interest of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), provided that, in the case of Notes issued to and held by the Issuer Trust, or any trustee
thereof or agent therefor, if upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes fails to declare the entire principal and all accrued but unpaid interest of all the Notes to be
immediately due and payable, the holders of at least 25% in aggregate liquidation amount of the Trust Securities then outstanding, shall have such right by a notice in writing to the Company and the Trustee. Upon any such declaration, such amount of
the principal of and the accrued but unpaid interest on all the Notes shall become immediately due and payable, provided that the payment of principal and interest on the Notes shall remain subordinated to the extent provided in Article XIV
of the Original Indenture, as modified by the Third Supplemental Indenture. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the
extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and interest (including Additional Interest), if any, on this Note shall terminate.

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Securities Register, upon surrender of this Note for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Original Indenture duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee shall treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary. 
 The Notes are issuable only in registered form without coupons in minimum
denominations of $1,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the same. 
 The Company and, by its acceptance of this Note or
a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, this Note agree to treat for United States Federal income tax purposes (i) the Notes as indebtedness of the company, and (ii) the stated
interest on the Notes as ordinary interest income that is includible in the Holder’s or beneficial owner’s gross income at the time the interest is paid or accrued in accordance with the Holder’s or beneficial owner’s regular
method of tax accounting, and otherwise to treat the Notes as described in the Prospectus. 
 The Indenture and this Note
shall be governed by and construed in accordance with the laws of the State of New York. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	17	 	

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
  

 
 (Insert assignee’s social
security or tax identification number) 
  
  

 
  
  

 
 (Insert address and zip code of
assignee) 
 agent to transfer this Note on the books of the Securities Registrar. The agent may substitute another to act for him or her.

  

			
	Dated:	 	Signature:
		
		 	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Note) 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Securities Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 ARTICLE V 

MISCELLANEOUS PROVISIONS 
  

	Section 5.1	Separability of Invalid Provisions 

 In case any one or more of the provisions of this Seventh Supplemental Indenture should be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect any other provisions contained in this Seventh Supplemental Indenture, and to the extent and only to the extent that any such provision is invalid, illegal or unenforceable, this Seventh Supplemental Indenture shall be construed as if such
provision had never been contained herein. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	18	 	

	Section 5.2	Execution in Counterparts 

This Seventh Supplemental Indenture may be simultaneously executed and delivered in any number of counterparts, each of which when so
executed and delivered shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
  

	Section 5.3	Effectiveness 

 This
Seventh Supplemental Indenture will become effective upon its execution and delivery. 
  

	Section 5.4	Successors and Assigns 

All covenants and agreements in the Indenture, as supplemented and amended by this Seventh Supplemental Indenture, by the Company shall
bind its successors and assigns, whether so expressed or not. 
  

	Section 5.5	Further Assurances 

 The
Company will, at its own cost and expense, execute and deliver any documents or agreements, and take any other actions that the Trustee or its counsel may from time to time request in order to assure the Trustee of the benefits of the rights granted
to the Trustee under the Indenture, as supplemented and amended by this Seventh Supplemental Indenture. 
  

	Section 5.6	Effect of Recitals 

 The
recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Seventh Supplemental Indenture or of the Notes. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of the Notes or the proceeds thereof. 
  

	Section 5.7	Ratification of Indenture 

The Indenture as supplemented by this Seventh Supplemental Indenture, is in all respects ratified and confirmed, and this Seventh
Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
  

	Section 5.8	Governing Law 

 This
Seventh Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. 

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE
		 	19	 	

 IN WITNESS WHEREOF, the
parties hereto have caused this Seventh Supplemental Indenture to be duly executed all as of the day and year first above written. 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	 /s/ Ellis J. Whipple

		 	Name: Ellis J. Whipple
		 	Title:   Assistant Treasurer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Teisha Wright

		 	Name: Teisha Wright
		 	Title:   Vice President

  

					
		 		 	SEVENTH SUPPLEMENTAL INDENTURE

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