Document:

EX-10.6

 Exhibit 10.6 

AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

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

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

WHEREAS, GS Inc. entered into the Shareholders’ Agreement (hereinafter defined) in connection with the initial public offering of GS Inc.
to address certain relationships among the parties thereto with respect to the voting and disposition of shares of Common Stock and various other matters, and to give to the Shareholders’ Committee (hereinafter defined) the power to enforce
their agreements with respect thereto. 
 WHEREAS, the GS Inc. Board of Directors has determined that it is in the best interests of GS Inc.
to maintain the firm’s retention requirement applicable to Management Committee Members through a Board-level policy rather than through this Agreement. 

WHEREAS, the Shareholders’ Committee and GS Inc. accordingly desire to amend the Shareholders’ Agreement to remove the transfer
restrictions previously set forth in Section 2.1 thereof and to amend other provisions of the Shareholders’ Agreement to reflect such removal, in accordance with Section 7.2(h) thereof. 

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

DEFINITIONS AND OTHER MATTERS 

Section 1.1 Definitions. The following words and phrases as used herein shall have the following meanings, except as otherwise
expressly provided or unless the context otherwise requires: 
 (a) This “Agreement” shall have the meaning
ascribed to such term in the Recitals. 
 (b) A “beneficial owner” of a security includes any person who,
directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power,
which includes the power to dispose, or to direct the disposition, of such security, but for purposes of this Agreement a person shall not be deemed a beneficial owner of Common Stock (A) 

 
solely by virtue of the application of Exchange Act Rule 13d-3(d) or Exchange Act Rule 13d-5, (B) solely by virtue
of the possession of the legal right to vote securities under applicable state or other law (such as by proxy or power of attorney) or (C) held of record by a “private foundation” subject to the requirements of Section 509 of the
Code. “Beneficially own” and “beneficial ownership” shall have correlative meanings. 
 (c)
“Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time, and the applicable rulings and regulations thereunder. 

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

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

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

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

(h) “Covered Shares” shall mean the aggregate of any shares of Common Stock, including any shares underlying
restricted or performance-based stock units, granted under a Goldman Sachs Compensation Plan as compensation for each year for which they were Covered Persons that are delivered to Covered Persons from time to time, calculated on an after-tax basis using the Specified Tax Rate. 
 (i) “Effective Date”
shall mean the close of business on December 31, 2019. 
 (j) “Exchange Act” shall mean the United
States Securities Exchange Act of 1934, as amended from time to time. 
 (k) A reference to an “Exchange Act
Rule” shall mean such rule or regulation of the SEC under the Exchange Act, as in effect from time to time or as replaced by a successor rule thereto. 

(l) “Goldman Sachs 401(k) Plan” shall mean The Goldman Sachs 401(k) Plan, as amended or supplemented from time
to time, and any successors to such Plan (previously known as The Goldman Sachs Employees’ Profit Sharing Retirement Income Plan). The Plan is intended to be a profit sharing plan for purposes of the qualification requirements for
Section 401(a) of the Code. 
 (m) “Goldman Sachs Compensation Plan” shall mean the Stock Incentive
Plan or any other deferred compensation or employee benefit plan of GS Inc. adopted by the Board of Directors of GS Inc. and specified by the Shareholders’ Committee as a Goldman Sachs Compensation Plan (other than the Goldman Sachs 401(k)
Plan). 

  
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 (n) “GS Inc.” shall have the meaning ascribed to such term
in the Recitals. 
 (o) “Management Committee Members” shall mean the members of the Management Committee of
GS Inc. 
 (p) “Participating Managing Director” shall mean a Managing Director of the Company who at the
time in question participates in the Partner Compensation Plan or any other compensation or benefit plan specified by the Shareholders’ Committee. 

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

(r) A “person” shall include, as applicable, any individual, estate, trust, corporation, partnership, limited
liability company, unlimited liability company, foundation, association or other entity. 
 (s) “Preliminary
Vote” shall have the meaning ascribed to such term in Section 4.1(a) hereof. 
 (t) “Restricted
Person” shall mean any person who is not (i) a Covered Person or (ii) a director, officer or employee of the Company acting in such person’s capacity as a director, officer or employee. 

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

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

(w) “Shareholders’ Committee” shall mean the body constituted to administer the terms and provisions of
this Agreement pursuant to Article V hereof. 
 (x) “SIP Committee” shall mean the committee authorized to
administer the Stock Incentive Plan. 
 (y) “Sole Beneficial Owner” shall mean a person who is the
beneficial owner of shares of Common Stock, who does not share beneficial ownership of such shares of Common Stock with any other person (other than pursuant to this Agreement or applicable community property laws) and who is the only person (other
than pursuant to applicable community property laws) with a direct economic interest in such shares of Common Stock. The interest of a spouse or a domestic partner in a joint account, and an economic interest of the Company as pledgee, shall be
disregarded for this purpose. 

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

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

(bb) “Subsidiary” shall mean any person in which GS Inc. owns, directly or indirectly, a majority of the
equity economic or voting ownership interest. 
 (cc) “vote” shall include actions taken or proposed to be
taken by written consent. 
 (dd) “Voting Shares” shall have the meaning ascribed to such term in Section
4.1(a). 
 Section 1.2 Gender. For the purposes of this Agreement, the words “he,” “his” or
“himself” shall be interpreted to include the masculine, feminine and corporate, other entity or trust form. 
 ARTICLE II

 LIMITATIONS ON TRANSFER OF SHARES 

Section 2.1 Holding of Common Stock in GS Inc. Brokerage Accounts or in Custody and in Nominee Name. 

(a) Each Covered Person understands and agrees that all shares of Common Stock beneficially owned by him (other than shares of
Common Stock held of record by a trustee in the Goldman Sachs 401(k) Plan or in any plan designated as a Goldman Sachs Compensation Plan) shall, as determined by the Shareholders’ Committee from time to time, be held either in a brokerage
account with a Subsidiary in his name or in the custody of a custodian (and registered in the name of a nominee for such Covered Person). If shares of Common Stock are required to be held in the custody of a custodian as provided in this
Section 2.1(a), each Covered Person agrees (i) to assign, endorse and register for transfer into such nominee name or deliver to such custodian any such shares of Common Stock which are not so registered or so held, as the case may be, and
(ii) that the form of the custody agreement and the identity of the custodian and nominee must be satisfactory in form and substance to the Shareholders’ Committee and GS Inc. 

(b) For such time as shares of Common Stock are required to be held in the custody of a custodian in accordance with
Section 2.1(a), whenever the nominee holder shall receive any dividend or other distribution upon any shares of Common Stock other than in shares of Common Stock, the Shareholders’ Committee will give 

  
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 or cause to be given notice or direction to the applicable nominee and/or custodian referred
to in paragraph (a) to permit the prompt distribution of such dividend or distribution to the beneficial owner of such shares of Common Stock, net of any tax withholding amounts required to be withheld by the nominee, unless the distribution of
such dividend or distribution is restricted by the terms of another agreement between the Covered Person and the Company known to the Shareholders’ Committee. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PARTIES 

Section 3.1 Each Covered Person severally represents and warrants for himself that: 

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

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

	 	(i)	 such Covered Person is duly organized and validly existing in good standing under the laws of the jurisdiction
of such Covered Person’s formation; 

  

	 	(ii)	 such Covered Person has full right, power and authority to enter into and perform this Agreement;

  

	 	(iii)	 the execution and delivery of this Agreement and the performance of the transactions contemplated herein have
been duly authorized, and no further proceedings on the part of such Covered Person are necessary to authorize the execution, delivery and performance of this Agreement; and this Agreement has been duly executed by such Covered Person;

  

	 	(iv)	 the person signing this Agreement on behalf of such Covered Person has been duly authorized by such Covered
Person to do so; 

  

	 	(v)	 this Agreement constitutes the legal, valid and binding obligation of such Covered Person, enforceable against
such Covered Person in accordance with its terms (subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity
principles); 

  
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	 	(vi)	 neither the execution and delivery of this Agreement by such Covered Person nor the consummation of the
transactions contemplated herein conflicts with or results in a breach of any of the terms, conditions or provisions of any agreement or instrument to which such Covered Person is a party or by which the assets of such Covered Person are bound
(including without limitation the organizational documents of such Covered Person, if such Covered Person is other than a natural person), or constitutes a default under any of the foregoing, or violates any law or regulation; 

 

	 	(vii)	 such Covered Person has obtained all authorizations, consents, approvals and clearances of all courts,
governmental agencies and authorities, and any other person, if any (including the spouse of such Covered Person with respect to the interest of such spouse in the shares of Common Stock of such Covered Person if the consent of such spouse is
required), required to permit such Covered Person to enter into this Agreement and to consummate the transactions contemplated herein; 

  

	 	(viii)	 there are no actions, suits or proceedings pending, or, to the knowledge of such Covered Person, threatened
against or affecting such Covered Person or such Covered Person’s assets in any court or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality which, if adversely
determined, would impair the ability of such Covered Person to perform this Agreement; 

  

	 	(ix)	 the performance of this Agreement will not violate any order, writ, injunction, decree or demand of any court
or federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality to which such Covered Person is subject; and 

 

	 	(x)	 no statement, representation or warranty made by such Covered Person in this Agreement, nor any information
provided by such Covered Person for inclusion in a report filed pursuant to Section 6.3 hereof or in a registration statement filed by GS Inc. contains or will contain any untrue statement of a material fact or omits or will omit to state a material
fact necessary in order to make the statements, representations or warranties contained herein or information provided therein not misleading. 

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

  
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 ARTICLE IV 

VOTING AGREEMENT 

Section 4.1 Preliminary Vote of Covered Persons; Voting Procedures. 

(a) Prior to any vote of the stockholders of GS Inc., there shall be a separate, preliminary vote, on each matter upon which a
stockholder vote is proposed to be taken (each, a “Preliminary Vote”), of all of the shares of Common Stock of which a Covered Person is the Sole Beneficial Owner (excluding shares of Common Stock held by the trust underlying the
Goldman Sachs 401(k) Plan) and any shares of Common Stock held by the trust underlying any plan designated as a Goldman Sachs Compensation Plan and allocated to a Covered Person (collectively, the “Voting Shares”). 

(b) Other than in elections of directors, every Voting Share shall be voted in accordance with the vote of the majority of the
votes cast on the matter in question by the Voting Shares in the Preliminary Vote. 
 (c) In elections of directors, every
Voting Share shall be voted in favor of the election of those persons, equal in number to the number of such positions to be filled, receiving the highest numbers of votes cast by the Voting Shares in the Preliminary Vote. 

Section 4.2 Irrevocable Proxy and Power of Attorney. 

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

 

	 	(i)	 such proxy shall be voted in connection with such matters as are the subject of a Preliminary Vote as provided
in this Agreement in accordance with such Preliminary Vote; 

  

	 	(ii)	 the holder of such proxy shall be authorized to vote on such other matters as may come before a meeting of
stockholders of GS Inc. or any adjournment thereof and as are related, directly or indirectly, to the matter which was the subject of the Preliminary Vote as the holder of such proxy sees fit in his discretion but in a manner consistent with the
Preliminary Vote; and 

  

	 	(iii)	 the holder of such proxy shall be authorized to vote on such other matters as may come before a meeting of
stockholders of GS Inc. or any adjournment thereof (including matters related to adjournment thereof) as the holder of such proxy sees fit in his discretion but not 

  
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	 	to cast any vote under this clause (iii) which is inconsistent with the Preliminary Vote or which would achieve an outcome that would frustrate the intent of the Preliminary Vote. Each Covered Person hereby affirms
that this proxy is given as a term of this Agreement and as such is coupled with an interest and is irrevocable. 

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

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

ARTICLE V 

SHAREHOLDERS’ COMMITTEE 

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

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

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

 (a) All determinations necessary or advisable under this Agreement (including determinations of beneficial ownership)
shall be made by the Shareholders’ Committee, whose determinations shall be final and binding. The Shareholders’ Committee’s determinations under this Agreement and actions (including waivers) hereunder need not be uniform and may be
made selectively among Covered Persons (whether or not such Covered Persons are similarly situated). 
 (b) Each Covered
Person recognizes and agrees that the members of the 
 Shareholders’ Committee in acting hereunder shall at all times
be acting in their capacities as members of the Shareholders’ Committee and not as directors or officers of the Company and in so acting or failing to act shall not have any fiduciary duties to the Covered Persons as a member of the
Shareholders’ Committee by virtue of the fact that one or more of such members may also be serving as a director or officer of the Company or otherwise. 

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

OTHER AGREEMENTS OF THE PARTIES 

Section 6.1 Standstill Provisions. Each Covered Person agrees that such Covered Person shall not, directly or indirectly, alone or
in concert with any other person: 
 (a) make, or in any way participate in, any “solicitation” of
“proxies” (as such terms are defined in Exchange Act Rule 14a-1) relating to any securities of the Company to or with any Restricted Person; 

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

  
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 (d) make any announcement subject to Exchange Act Rule 14a-1(l)(2)(iv) to any Restricted Person; 
 (e) initiate or propose any “shareholder
proposal” subject to Exchange Act 
 Rule 14a-8; 

(f) together with any Restricted Person, make any offer or proposal to acquire any securities or assets of GS Inc. or any of
its Subsidiaries or solicit or propose to effect or negotiate any form of business combination, restructuring, recapitalization or other extraordinary transaction involving, or any change in control of, GS Inc., its Subsidiaries or any of their
respective securities or assets; 
 (g) together with any Restricted Person, seek the removal of any directors or a change in
the composition or size of the board of directors of GS Inc.; 
 (h) together with any Restricted Person, in any way
participate in a call for any special meeting of the stockholders of GS Inc.; or 
 (i) assist, advise or encourage any
person with respect to, or seek to do, any of the foregoing. 
 Section 6.2 Expenses. 

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

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

Section 6.3 Filing of Schedule 13D or 13G. 

(a) In the event that a Covered Person is required to file a report of beneficial ownership on Schedule 13D or 13G with respect
to the shares of Common Stock beneficially owned by him (for this purpose as determined by Exchange Act Rule 13d-3 and Exchange Act Rule 13d-5), such Covered Person
agrees that, unless otherwise directed by the Shareholders’ Committee, he will not file a separate such report, but will file a report together with the other Covered Persons, containing the information required by the Exchange Act, and he
understands and agrees that such report shall be filed on his behalf by the Shareholders’ Committee, any member 

  
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thereof or any person authorized thereby. Such Covered Person shall cooperate fully with the other Covered Persons and the Shareholders’ Committee to achieve the timely filing of any such
report and any amendments thereto as may be required, and such Covered Person agrees that any information concerning him which he furnishes in connection with the preparation and filing of such report will be complete and accurate. 

(b) By his signature hereto, each Covered Person appoints the Shareholders’ Committee and each member thereof, with full
power of substitution and resubstitution, his true and lawful attorney-in-fact to execute such reports and any and all amendments thereto and to file such reports with
all exhibits thereto and other documents in connection therewith with the SEC, granting to such attorneys, and each of them, full power and authority to do and perform each and every act and thing whatsoever that such attorney or attorneys may deem
necessary, advisable or appropriate to carry out fully the intent of this Section 6.3 as such Covered Person might or could do personally, hereby ratifying and confirming all acts and things that such attorney or attorneys may do or cause to be
done by virtue of this power of attorney. Each Covered Person hereby further designates such attorneys as such Covered Person’s agents authorized to receive notices and communications with respect to such reports and any amendments thereto. It
is understood and agreed by each Covered Person that this appointment, empowerment and authorization may be exercised by the aforementioned persons for the period beginning on May 7, 1999 and ending on the date such Covered Person is no longer
subject to the provisions of this Agreement (and shall extend thereafter for such time as is required to reflect, and only to reflect, that such Covered Person is no longer a party to this Agreement). 

Section 6.4 Representatives, Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
respective legal representatives, successors and assigns of the Covered Persons; provided, however, that a Covered Person may not assign this Agreement or any of his rights or obligations hereunder without the prior written consent of GS
Inc., and any assignment without such consent by a Covered Person shall be void; and provided further that no assignment of this Agreement by GS Inc. or to a successor of GS Inc. (by operation of law or otherwise) shall be valid unless such
assignment is made to a person which succeeds to the business of GS Inc. substantially as an entirety. 
 Section 6.5 Further
Assurances. Each Covered Person agrees to execute such additional documents and take such further action as may be reasonably necessary to effect the provisions of this Agreement. 

  
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 ARTICLE VII 

MISCELLANEOUS 

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

(a) The term of this Agreement shall continue until the first to occur of January 1, 2050 and such time as this Agreement
is terminated by the affirmative vote of not less than 66 2/3% of the outstanding Covered Shares. 
 (b) Unless this
Agreement is previously terminated pursuant to Section 7.1(a) hereof, any Covered Person who ceases to be a Covered Person for any reason other than death shall no longer be bound by the provisions of this Agreement (other than Sections 5.3,
6.2, 6.3, 6.5, 7.4, 7.5, 7.6, 7.8 and 7.10 (the “Continuing Provisions”)), and such Covered Person’s name shall be removed from Appendix A to this Agreement. 

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

Section 7.2 Amendments. 

(a) Except as provided in this Section 7.2, provisions of this Agreement may be amended only by the affirmative vote of
the holders of a majority of the outstanding Covered Shares. 
 (b) This Section 7.2(b) and Section 7.1(a) may be
amended only by the affirmative vote of the holders of 66 2/3% of the outstanding Covered Shares. Any amendment of any other provision of this Agreement that would have the effect, in connection with a tender or exchange offer by any person other
than the Company as to which the Board of Directors of GS Inc. is recommending rejection, of permitting transfers which would not be permitted by the terms of this Agreement as then in effect shall also require the affirmative vote of the holders of
66 2/3% of the outstanding Covered Shares. 
 (c) This Section 7.2(c), Article V and any other provision the amendment
(or addition) of which has the effect of materially changing the rights or obligations of the Shareholders’ Committee hereunder may be amended (or added) either (i) with the approval of the Shareholders’ Committee and the affirmative
vote of the holders of a majority of the Covered Shares or (ii) by the affirmative vote of the holders of 66 2/3% of the outstanding Covered Shares. 

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

(e) Each Covered Person understands that it is intended that each Participating Managing Director of the Company will be a
Covered Person under this Agreement or will become a Covered Person upon his appointment to such position, and each Covered Person further understands that from time to time certain other persons may

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

Section 7.3 Waivers. The provisions of this Agreement may be waived only as provided in this Section 7.3. 

(a) In all circumstances other than those set forth in Section 7.2, the provisions of this Agreement may be waived only by
the affirmative vote of the holders of a majority of the outstanding Covered Shares. 
 (b) In connection with any waiver
granted under this Agreement, the Shareholders’ Committee or the holders of the percentage of Covered Shares required for the waiver, as the case may be, may impose such conditions as they determine on the granting of such waivers. 

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

Section 7.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.  
 Section 7.5 Resolution of Disputes. 

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

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

  
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 (c) Notwithstanding the provisions of paragraph (b), and in addition to its
right to submit any dispute or controversy to arbitration, the Shareholders’ Committee may bring, or may cause GS Inc. to bring, on behalf of the Shareholders’ Committee or on behalf of one or more Covered Persons, an action or special
proceeding in a state or federal court of competent jurisdiction sitting in the State of Delaware, whether or not an arbitration proceeding has theretofore been or is ever initiated, for the purpose of temporarily, preliminarily or permanently
enforcing the provisions of this Agreement and, for the purposes of this paragraph (c), each Covered Person (i) expressly consents to the application of paragraph (d) to any such action or proceeding, (ii) agrees that proof shall not
be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate and (iii) irrevocably appoints each General Counsel of GS Inc., c/o The Corporation
Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 as such Covered Person’s agent for service of process in connection with any such action or proceeding, who shall promptly advise such Covered Person of any
such service of process. 
 (d) Each Covered Person hereby irrevocably submits to the exclusive jurisdiction of any state or
federal court located in the State of Delaware over any suit, action or proceeding arising out of or relating to or concerning this Agreement that is not otherwise arbitrated according to the provisions of paragraph (b) hereof. This includes
any suit, action or proceeding to compel arbitration or to enforce an arbitration award. The parties acknowledge that the forum designated by this paragraph (d) has a reasonable relation to this Agreement, and to the parties’ relationship
with one another. Notwithstanding the foregoing, nothing herein shall preclude the Shareholders’ Committee or GS Inc. from bringing any action or proceeding in any other court for the purpose of enforcing the provisions of this
Section 7.5. 
 The agreement of the parties as to forum is independent of the law that may be applied in the action,
and they each agree to such forum even if the forum may under applicable law choose to apply non-forum law. The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they
now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in paragraph (d). The parties undertake not to commence any action arising out of or relating to or
concerning this Agreement in any forum other than a forum described in paragraph (d). The parties agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such
suit, action or proceeding in any such court shall be conclusive and binding upon the parties. 

  
 14 

 Section 7.6 Relationship of Parties. The terms of this Agreement are intended
not to create a separate entity for United States federal income tax purposes, and nothing in this Agreement shall be read to create any partnership, joint venture or separate entity among the parties or to create any trust or other fiduciary
relationship between them. 
 Section 7.7 Notices. 

(a) Any communication, demand or notice to be given hereunder will be duly given (and shall be deemed to be received) when
delivered in writing by hand or first class mail or by telecopy to a party at its address as indicated below: 
 If to a
Covered Person, 
 c/o The Goldman Sachs Group, Inc. 

200 West Street 
 15th Floor 
 New York, New York 10282-2198 

Fax: (212) 341-5638 

Attention: General Counsel; 
 If
to the Shareholders’ Committee, at 
 Shareholders’ Committee under the Shareholders’ Agreement, 

c/o The Goldman Sachs Group, Inc. 

200 West Street 
 15th Floor 
 New York, New York 10282-2198 

Fax: (212) 341-5638 

Attention: General Counsel; 
 and

 If to GS Inc., at 
 The
Goldman Sachs Group, Inc. 
 200 West Street 

15th Floor 

New York, New York 10282-2198 

Fax: (212) 341-5638 

Attention: General Counsel. 

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

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

  
 15 

 Section 7.8 Severability. If any provision of this Agreement is finally held to
be invalid, illegal or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid or unenforceable term or provision. 
 Section 7.9 Right to
Determine Tender Confidentially. In connection with any tender or exchange offer for all or any portion of the outstanding Common Stock, subject to compliance with all applicable restrictions on transfer in this Agreement or any other agreement
with GS Inc., each Covered Person will have the right to determine confidentially whether such Covered Person’s Covered Shares will be tendered in such tender or exchange offer. 

Section 7.10 No Third-Party Rights. Nothing expressed or referred to in this Agreement will be construed to give any person other
than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive
benefit of the parties to this Agreement and their successors and assigns. 
 Section 7.11 Section Headings. The headings of
sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. 
 Section 7.12
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 16 

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

					
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	/s/ Karen P. Seymour
		 	Name:	 	Karen P. Seymour
		 	Title:	 	Executive Vice President
		 		 	and General Counsel

 Dated: December 31, 2019 

  
 17EX-10.42

 Exhibit 10.42 

THE GOLDMAN SACHS GROUP, INC. 

OUTSIDE DIRECTOR            RSU
AWARD 
 This Award Agreement, together with The Goldman Sachs Amended and Restated Stock Incentive Plan (2018)
(the “Plan”), governs your            award of RSUs (your “Award”). You should read carefully this entire Award Agreement, which includes the Award Statement and any
attached Appendix. 
 DOCUMENTS THAT GOVERN YOUR AWARD;
DEFINITIONS 
 1.    The Plan. Your Award is granted under the Plan, and the
Plan’s terms apply to, and are a part of, this Award Agreement. 
 2.    Your Award Statement.
The Award Statement delivered to you contains some of your Award’s specific terms. For example, it contains the number of RSUs awarded to you. 

3.    Definitions. Unless otherwise defined herein, including in the Definitions Appendix or any
other Appendix, capitalized terms have the meanings provided in the Plan. 
 DELIVERY OF YOUR RSU
SHARES 
 4.    Delivery. RSU Shares (less applicable withholding) will be
delivered in respect of your Outstanding RSUs reasonably promptly (but no more than 30 Business Days) after the Delivery Date, which will be the first Business Day in the third quarter of the Firm’s fiscal year that occurs within a Window
Period in the year following the year in which you cease to be a director of the Board. Unless otherwise determined by the Committee, delivery of the RSU Shares will be effected by book-entry credit to your Account and no delivery of RSU Shares will
be made unless you have timely established your Account. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc. 

DIVIDEND EQUIVALENT RIGHTS 

5.    Dividend Equivalent Rights. Each RSU includes a Dividend Equivalent Right, which entitles you to
receive an amount (less applicable withholding), at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of a share of Common Stock, equal to any regular cash dividend payment that would have been made in respect
of an RSU Share underlying your Outstanding RSUs for any record date that occurs on or after the Date of Grant. 
 ACCELERATED
DELIVERY 
 6.    Accelerated Delivery in the Event of Conflicted Employment or
Death. In the event of your Conflicted Employment or death, your Outstanding Award will be treated as described in this Paragraph 6, and all other terms of this Award Agreement continue to apply. 

(a)    You Are Determined to Have Accepted Conflicted Employment. 

(i)    Generally. Unless prohibited by applicable law or regulation, if you accept Conflicted
Employment, as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment, RSU Shares will be delivered in respect of your Outstanding RSUs (including in the form of cash as described in
Paragraph 7(b)). 

 (ii)    You May Have to Take Other Steps to Address
Conflicts of Interest. The Committee retains the authority to exercise its rights under the Award Agreement or the Plan (including Section 1.3.2 of the Plan) to take or require you to take other steps it determines in its sole discretion to
be necessary or appropriate to cure an actual or perceived conflict of interest (which may include a determination that the accelerated delivery described in Paragraph 6(a)(i) will not apply because such actions are not necessary or appropriate to
cure an actual or perceived conflict of interest). 
 (b)    Death. If you die, the RSU Shares
underlying your Outstanding RSUs will 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. 

OTHER TERMS, CONDITIONS AND AGREEMENTS 

7.    Additional Terms, Conditions and Agreements. 

(a)    You Must Satisfy Applicable Tax Withholding Requirements. Delivery of RSU Shares is
conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan, provided that the Committee may determine not to apply the withholding rate described in Section 3.2.2 of the Plan. 

(b)    Firm May Deliver Cash or Other Property Instead of RSU Shares. In accordance with
Section 1.3.2(i) of the Plan, in the sole discretion of the Committee, in lieu of all or any portion of the RSU Shares, the Firm may deliver cash, other securities, other awards under the Plan or other property, and all references in this Award
Agreement to deliveries of RSU Shares will include such deliveries of cash, other securities, other awards under the Plan or other property. 

(c)    Firm May Affix Legends and Place Stop Orders on RSU Shares. GS Inc. may affix to Certificates
representing RSU Shares any legend that the Committee determines to be necessary or advisable. GS Inc. may advise the transfer agent to place a stop order against any legended RSU Shares. 

(d)    You Agree to Certain Consents. By accepting this Award, you have expressly consented to all
of the items listed in Section 3.3.3(d) of the Plan, including the Firm’s supplying to any third-party recordkeeper of the Plan or other person such personal information of yours as the Committee deems advisable to administer the Plan, and
you agree to provide any additional consents that the Committee determines to be necessary or advisable. 
 NON-TRANSFERABILITY 

8.    Non-transferability. Except as otherwise may be provided in
this Paragraph 8 or as otherwise may be provided by the Committee, the limitations on transferability set forth in Section 3.5 of the Plan will apply to this Award. Any purported transfer or assignment in violation of the provisions of this
Paragraph 8 or Section 3.5 of the Plan will be void. The Committee may adopt procedures pursuant to which you may transfer some or all of your RSUs through a gift for no consideration to any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law, including adoptive relationships, any person sharing the
recipient’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, and any other entity in which these persons (or the recipient) own more than 50% of the voting interests.

  
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 GOVERNING LAW 

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

CERTAIN TAX PROVISIONS 

10.    Compliance of Award Agreement and Plan with Section 409A. The
provisions of this Paragraph 10 apply to you only if you are a U.S. taxpayer. 
 (a)    This Award
Agreement and the Plan provisions that apply to this Award are intended and will be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation),
whether by reason of short-term deferral treatment or other exceptions or provisions. The Committee will have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or
potential inconsistency between the provisions of the Plan (including Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement will govern, and in the case of any conflict or potential inconsistency between
this Paragraph 10 and the other provisions of this Award Agreement, this Paragraph 10 will govern. 

(b)    Delivery of RSU Shares will not be delayed beyond the date on which all applicable conditions or
restrictions on delivery of RSU Shares required by this Agreement (including those specified in Paragraphs 4, 6(b) and 7 and the consents and other items specified in Section 3.3 of the Plan) are satisfied, and will occur by December 31 of
the calendar year in which the Delivery Date occurs unless, in order to permit such conditions or restrictions to be satisfied, the Committee elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may
be permitted in accordance with Section 409A, to delay delivery of RSU Shares to a later date as may be permitted under Section 409A, including Reg. 1.409A-3(d). For the avoidance of doubt, if the
Award includes a “series of installment payments” as described in Reg. 1.409A-2(b)(2)(iii), your right to the series of installment payments will be treated as a right to a series of separate
payments and not as a right to a single payment. 
 (c)    Notwithstanding the provisions of Paragraph
7(b) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your RSUs will not have the effect of deferring delivery or
payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the RSU Shares that would otherwise have been
deliverable (unless the Committee elects a later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including and to the extent applicable,
the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)). 

(d)    Notwithstanding the timing provisions of Paragraph 6(b), the delivery of RSU Shares referred to
therein will be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A). 

(e)    Notwithstanding any provision of Paragraph 5 or Section 2.8.2 of the Plan to the contrary, the
Dividend Equivalent Rights with respect to each of your Outstanding RSUs will be paid to you within the calendar year that includes the date of distribution of any corresponding 

  
 - 3 - 

 
regular cash dividends paid by GS Inc. in respect of a share of Common Stock the record date for which occurs on or after the Date of Grant. The payment will be in an amount (less applicable
withholding) equal to such regular dividend payment as would have been made in respect of the RSU Shares underlying such Outstanding RSUs. 

(f)    The timing of delivery or payment referred to in Paragraph 6(a)(i) will be the earlier of
(i) the Delivery Date or (ii) within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment will be made, and any Committee action
referred to in Paragraph 6(a)(i) will be taken, only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under Section 409A. 

(g)    Section 3.4 of the Plan will not apply to Awards that are 409A Deferred Compensation except to the
extent permitted under Section 409A. 
 (h)    Delivery of RSU Shares in respect of this Award may
be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A Deferred Compensation, only to the extent that the later delivery
is permitted under Section 409A). 
 (i)    You understand and agree that you are solely responsible
for the payment of any taxes and penalties due pursuant to Section 409A, but in no event will you be permitted to designate, directly or indirectly, the taxable year of the delivery. 

AMENDMENT, CONSTRUCTION AND REGULATORY REPORTING 

11.    Amendment. The Committee reserves the right at any time to amend the terms of 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(h) and 3.1 of the Plan, no such amendment will materially adversely affect your rights and obligations
under this Award Agreement without your consent; and provided further, that the Committee expressly reserves the right to accelerate the delivery of the RSU Shares and in its discretion to provide that such Shares may not be transferable
until the Delivery Date. A modification that impacts the tax consequences of this Award or the timing of delivery of RSU Shares will not be an amendment that materially adversely affects your rights and obligations under this Award Agreement. Any
amendment of this Award Agreement will be in writing. 
 12.    Construction, Headings. Unless the
context requires otherwise, (a) words describing the singular number include the plural and vice versa, (b) words denoting any gender include all genders and (c) the words “include,” “includes” and
“including” will be deemed to be followed by the words “without limitation.” 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. References in this Award Agreement to any specific Plan provision will not be construed as limiting the applicability of any other Plan provision. 

13.    Providing Information to the Appropriate Authorities. In accordance with applicable law,
nothing in this Award Agreement or the Plan prevents you from providing information you reasonably believe to be true to the appropriate governmental authority, including a regulatory, judicial, administrative, or other governmental entity;
reporting possible violations of law or regulation; making other disclosures that are protected under any applicable law or regulation; or filing a charge or participating in any investigation or proceeding conducted by a governmental authority.

  
 - 4 - 

 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. 

  
 - 5 - 

 DEFINITIONS APPENDIX 

The following capitalized terms are used in this Award Agreement with the following meanings: 

(a)    “409A Deferred Compensation” means a “deferral of compensation” or “deferred
compensation” as those terms are defined in the regulations under Section 409A. 
 The following capitalized terms are used in this Award
Agreement with the meanings that are assigned to them in the Plan. 
 (a)    “Account” means any
brokerage account, custody account or similar account, as approved or required by GS Inc. from time to time, into which shares of Common Stock, cash or other property in respect of an Award are delivered. 

(b)    “Award Agreement” means the written document or documents by which each Award is evidenced,
including any related Award Statement and signature card. 
 (c)    “Award Statement” means a written
statement that reflects certain Award terms. 
 (d)    “Board” means the Board of Directors of GS Inc.

 (e)    “Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions in New York City are authorized or obligated by Federal law or executive order to be closed. 

(f)    “Certificate” means a stock certificate (or other appropriate document or evidence of ownership)
representing shares of Common Stock. 
 (g)    “Committee” means the committee appointed by the Board
to administer the Plan pursuant to Section 1.3, and, to the extent the Board determines it is appropriate for the compensation realized from Awards under the Plan to be considered “performance based” compensation under
Section 162(m) of the Code, shall be a committee or subcommittee of the Board composed of two or more members, each of whom is an “outside director” within the meaning of Code Section 162(m), and which, to the extent the Board
determines it is appropriate for Awards under the Plan to qualify for the exemption available under Rule 16b-3(d)(1) or Rule 16b-3(e) promulgated under the Exchange Act,
shall be a committee or subcommittee of the Board composed of two or more members, each of whom is a “non-employee director” within the meaning of Rule 16b-3.
Unless otherwise determined by the Board, the Committee shall be the Compensation Committee of the Board. 

(h)    “Common Stock” means common stock of GS Inc., par value $0.01 per share. 

(i)    “Conflicted Employment” means the Grantee’s employment at any U.S. Federal, state or local
government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization, or any other
employer determined by the Committee, if, as a result of such employment, the Grantee’s continued holding of any Outstanding Award or Shares at Risk would result in an actual or perceived conflict of interest. 

(j)    “Date of Grant” means the date specified in the Grantee’s Award Agreement as the date of
grant of the Award. 

  
 - 6 - 

 (k)    “Delivery Date” means each date specified in the
Grantee’s Award Agreement as a delivery date, provided, unless the Committee determines otherwise, such date is during a Window Period or, if such date is not during a Window Period, the first trading day of the first Window Period beginning
after such date. 
 (l)    “Dividend Equivalent Right” means a dividend equivalent right granted under
the Plan, which represents an unfunded and unsecured promise to pay to the Grantee amounts equal to all or any portion of the regular cash dividends that would be paid on shares of Common Stock covered by an Award if such shares had been delivered
pursuant to an Award. 
 (m)    “Exchange Act” means the Securities Exchange Act of 1934, as amended
from time to time, and the applicable rules and regulations thereunder. 
 (n)    “Firm” means GS Inc.
and its subsidiaries and affiliates. 
 (o)    “GS Inc.” means The Goldman Sachs Group, Inc., and any
successor thereto. 
 (p)    “Outstanding” means any Award to the extent it has not been forfeited,
canceled, terminated, exercised or with respect to which the shares of Common Stock underlying the Award have not been previously delivered or other payments made. 

(q)    “RSU” means a restricted stock unit Award granted under the Plan, which represents an unfunded and
unsecured promise to deliver shares of Common Stock in accordance with the terms of the RSU Award Agreement. 

(r)    “RSU Shares” means shares of Common Stock that underlie an RSU. 

(s)    “Section 409A” means Section 409A of the Code, including any amendments or
successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. 

(t)    “Window Period” means a period designated by the Firm during which all employees of the Firm are
permitted to purchase or sell shares of Common Stock (provided that, if the Grantee is a member of a designated group of employees who are subject to different restrictions, the Window Period may be a period designated by the Firm during which an
employee of the Firm in such designated group is permitted to purchase or sell shares of Common Stock). 

  
 - 7 -

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