Document:

EX-10.1

 Exhibit 10.1 

THE GOLDMAN SACHS 

AMENDED AND RESTATED 

STOCK INCENTIVE PLAN (2018) 

(as amended and restated effective as of January 15, 2019) 

 Contents 
  

							
	 ARTICLE I GENERAL
	  	 	1	 
			
	 1.1
	 	Purpose	  	 	1	 
	 1.2
	 	Definitions of Certain Terms	  	 	2	 
	 1.3
	 	Administration	  	 	8	 
	 1.4
	 	Persons Eligible for Awards	  	 	10	 
	 1.5
	 	Types of Awards Under Plan	  	 	10	 
	 1.6
	 	Shares Available for Awards	  	 	10	 
		
	 ARTICLE II AWARDS UNDER THE PLAN
	  	 	12	 
			
	 2.1
	 	Agreements Evidencing Awards	  	 	12	 
	 2.2
	 	No Rights as a Shareholder	  	 	12	 
	 2.3
	 	Options	  	 	12	 
	 2.4
	 	SARs	  	 	13	 
	 2.5
	 	Restricted Shares	  	 	14	 
	 2.6
	 	RSUs	  	 	15	 
	 2.7
	 	Other Stock-Based Awards	  	 	16	 
	 2.8
	 	Dividend Equivalent Rights	  	 	16	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	17	 
			
	 3.1
	 	Amendment of the Plan or Award Agreement	  	 	17	 
	 3.2
	 	Tax Withholding	  	 	17	 
	 3.3
	 	Required Consents and Legends	  	 	18	 
	 3.4
	 	Right of Offset	  	 	18	 
	 3.5
	 	Nonassignability	  	 	19	 
	 3.6
	 	Requirement of Consent and Notification of Election Under Section 83(b) of the Code or Similar Provision	  	 	19	 
	 3.7
	 	Requirement of Notification Upon Disqualifying Disposition Under Section 421(b) of the Code	  	 	20	 
	 3.8
	 	Change in Control	  	 	20	 
	 3.9
	 	Other Conditions to Awards	  	 	20	 
	 3.10
	 	Right of Discharge Reserved	  	 	21	 
	 3.11
	 	Nature and Form of Payments	  	 	21	 
	 3.12
	 	Non-Uniform Determinations	  	 	22	 
	 3.13
	 	Other Payments or Awards	  	 	22	 
	 3.14
	 	Plan Headings; References to Laws, Rules or Regulations	  	 	22	 
	 3.15
	 	Date of Adoption and Term of Plan; Shareholder Approval Required	  	 	22	 
	 3.16
	 	Governing Law	  	 	22	 
	 3.17
	 	Arbitration	  	 	23	 

  
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	 3.18
	 	Severability; Entire Agreement	  	 	24	 
	 3.19
	 	Waiver of Claims	  	 	25	 
	 3.20
	 	No Third Party Beneficiaries	  	 	25	 
	 3.21
	 	Certain Limitations on Transactions Involving Common Stock; Fees and Commissions	  	 	25	 
	 3.22
	 	Deliveries	  	 	25	 
	 3.23
	 	Successors and Assigns of GS Inc.	  	 	26	 

  

  
 ii 

 THE GOLDMAN SACHS 

AMENDED AND RESTATED STOCK INCENTIVE PLAN (2018) 

ARTICLE I 
 GENERAL

 1.1 Purpose 
 The purpose of The
Goldman Sachs Amended and Restated Stock Incentive Plan (2018) is to: (i) attract, retain and motivate officers, directors, employees (including prospective employees), consultants and others who may perform services for the Firm (as
hereinafter defined), to compensate them for their contributions to the long-term growth and profits of the Firm and to encourage them to acquire a proprietary interest in the success of the Firm, (ii) align the interests of officers,
directors, employees, consultants and others who may perform services for the Firm with those of shareholders of GS Inc., (iii) assist the Firm in ensuring that its compensation program does not provide incentives to take imprudent risks and
(iv) comply with regulatory requirements. 
 The Plan was originally adopted by the Board of Directors of GS Inc. (the
“Board”) on April 30, 1999 as The Goldman Sachs 1999 Stock Incentive Plan (the “1999 SIP”) and was amended and restated as The Goldman Sachs Amended and Restated Stock Incentive Plan (the “2003 SIP”) by the Board
on January 16, 2003, subject to the approval by the shareholders of GS Inc., which approval was obtained on April 1, 2003. The 2003 SIP was further amended and restated, effective as of December 31, 2008, and subsequently amended as
of December 20, 2012. The 2003 SIP was amended and restated as The Goldman Sachs Amended and Restated Stock Incentive Plan (2013) (the “2013 SIP”) by the Board on March 19, 2013, subject to the approval by the shareholders of GS
Inc., which approval was obtained on May 23, 2013. The 2013 SIP was amended and restated as The Goldman Sachs Amended and Restated Stock Incentive Plan (2015) (the “2015 SIP”) by the Board on March 6, 2015, subject to the approval by
the shareholders of GS Inc., which approval was obtained on May 21, 2015. 
 The Plan was amended and restated as The Goldman Sachs
Amended and Restated Stock Incentive Plan (2018) by the Board on February 22, 2018, subject to the approval by the shareholders of GS Inc., which approval was obtained on May 2, 2018. The Plan was further amended and restated,
effective as of January 15, 2019. 
 The amendments made to the 2015 SIP shall affect only Awards granted on or after the Effective
Date (as hereinafter defined). Awards granted prior to the Effective Date shall be governed by the terms of the 2015 SIP (as in effect prior to the Effective Date), 2013 SIP (as in effect prior to the effective date of the 2015 SIP), the 2003 SIP
(as in effect prior to the effective date of the 2013 SIP) or the 1999 SIP (as in effect prior to the effective date of the 2003 SIP), as applicable, and the applicable Award Agreements. The terms of this Plan are not intended to affect the
interpretation of the terms of the 2015 SIP, the 2013 SIP, the 2003 SIP or the 1999 SIP, as applicable, as they existed prior to the Effective Date. 

  
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 1.2 Definitions of Certain Terms 

Unless otherwise specified in an applicable Award Agreement, the terms listed below shall have the following meanings for purposes of the Plan
and any Award Agreement. 
 1.2.1 “AAA” means the American Arbitration Association. 

1.2.2 “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. 
 1.2.3 “Award”
means an award made pursuant to the Plan. 
 1.2.4 “Award Agreement” means the written document or documents by which each
Award is evidenced, including any related Award Statement and signature card. 
 1.2.5 “Award Statement” means a written
statement that reflects certain Award terms. 
 1.2.6 “Board” means the Board of Directors of GS Inc. 

1.2.7 “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. 
 1.2.8 “Cause” means (a) the Grantee’s
conviction, whether following trial or by plea of guilty or nolo contendere (or similar plea), in a criminal proceeding (i) on a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful taking, embezzlement,
bribery, forgery, counterfeiting or extortion, or (ii) on a felony charge, or (iii) on an equivalent charge to those in clauses (i) and (ii) in jurisdictions which do not use those designations, (b) the Grantee’s engaging in
any conduct which constitutes an employment disqualification under applicable law (including statutory disqualification as defined under the Exchange Act), (c) the Grantee’s willful failure to perform the Grantee’s duties to the Firm,
(d) the Grantee’s violation of any securities or commodities laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange or association of which the Firm is a member,
(e) the Grantee’s violation of any Firm policy concerning hedging or pledging or confidential or proprietary information, or the Grantee’s material violation of any other Firm policy as in effect from time to time, (f) the
Grantee’s engaging in any act or making any statement which impairs, impugns, denigrates, disparages or negatively reflects upon the name, reputation or business interests of the Firm or (g) the Grantee’s engaging in any conduct
detrimental to the Firm. The determination as to whether Cause has occurred shall be made by the Committee in its sole discretion and, in such case, the Committee also may, but shall not be required to, specify the date such Cause occurred
(including by determining that a prior termination of Employment was for Cause). Any rights the Firm may have hereunder and in any Award Agreement in respect of the events giving rise to Cause shall be in addition to the rights the Firm may have
under any other agreement with a Grantee or at law or in equity. 

  
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 1.2.9 “Certificate” means a stock certificate (or other appropriate
document or evidence of ownership) representing shares of Common Stock. 
 1.2.10 “Change in Control” means the consummation
of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving GS Inc. (a “Reorganization”) or sale or other disposition of all or substantially all of GS Inc.’s assets to an entity that is not
an affiliate of GS Inc. (a “Sale”), that in each case requires the approval of GS Inc.’s shareholders under the law of GS Inc.’s jurisdiction of organization, whether for such Reorganization or Sale (or the issuance of
securities of GS Inc. in such Reorganization or Sale), unless immediately following such Reorganization or Sale, either: (a) at least 50% of the total voting power (in respect of the election of directors, or similar officials in the case of an
entity other than a corporation) of (i) the entity resulting from such Reorganization, or the entity which has acquired all or substantially all of the assets of GS Inc. in a Sale (in either case, the “Surviving Entity”), or
(ii) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, as such Rule is in effect on the date of the
adoption of the 1999 SIP) of 50% or more of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the Surviving Entity (the “Parent Entity”) is
represented by GS Inc.’s securities (the “GS Inc. Securities”) that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such GS Inc. Securities were converted
pursuant to such Reorganization or Sale) or (b) at least 50% of the members of the board of directors (or similar officials in the case of an entity other than a corporation) of the Parent Entity (or, if there is no Parent Entity, the Surviving
Entity) following the consummation of the Reorganization or Sale were, at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale, individuals (the “Incumbent Directors”)
who either (i) were members of the Board on the Effective Date or (ii) became directors subsequent to the Effective Date and whose election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of GS Inc.’s proxy statement in which such persons are named as nominees for director). 

1.2.11 “Client” means any client or prospective client of the Firm to whom the Grantee provided services, or for whom the
Grantee transacted business, or whose identity became known to the Grantee in connection with the Grantee’s relationship with or employment by the Firm. 

1.2.12 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the applicable rulings and
regulations thereunder. 
 1.2.13 “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” 

  
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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. 

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

1.2.15 “Competitive Enterprise” means an existing or planned business enterprise that (a) engages, or may reasonably be
expected to engage, in any activity; (b) owns or controls, or may reasonably be expected to own or control, a significant interest in any entity that engages in any activity or (c) is, or may reasonably be expected to be, owned by, or a
significant interest in which is, or may reasonably be expected to be, owned or controlled by, any entity that engages in any activity that, in any case, competes or will compete anywhere with any activity in which the Firm is engaged. The
activities covered by this definition include, without limitation: financial services such as investment banking; public or private finance; lending; financial advisory services; private investing for anyone other than the Grantee and members of the
Grantee’s family (including for the avoidance of doubt, any type of proprietary investing or trading); private wealth management; private banking; consumer or commercial cash management; consumer, digital or commercial banking; merchant
banking; asset, portfolio or hedge fund management; insurance or reinsurance underwriting or brokerage; property management; or securities, futures, commodities, energy, derivatives, currency or digital asset brokerage, sales, lending, custody,
clearance, settlement or trading. 
 1.2.16 “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. 

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

1.2.18 “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. 

  
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 1.2.19 “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. 
 1.2.20 “Effective Date” means the date this Plan is approved by the shareholders of
GS Inc. pursuant to Section 3.15 hereof. 
 1.2.21 “Employment” means the Grantee’s performance of services for
the Firm, as determined by the Committee. The terms “employ” and “employed” shall have their correlative meanings. The Committee in its sole discretion may determine (a) whether and when a Grantee’s leave of absence
results in a termination of Employment (for this purpose, unless the Committee determines otherwise, a Grantee shall be treated as terminating Employment with the Firm upon the occurrence of an Extended Absence), (b) whether and when a change in a
Grantee’s association with the Firm results in a termination of Employment and (c) the impact, if any, of any such leave of absence or change in association on Awards theretofore made. Unless expressly provided otherwise, any references in
the Plan or any Award Agreement to a Grantee’s Employment being terminated shall include both voluntary and involuntary terminations. 

1.2.22 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the applicable rules and
regulations thereunder. 
 1.2.23 “Exercise Price” means (i) in the case of Options, the price specified in the
Grantee’s Award Agreement as the price-per-share of Common Stock at which such share can be purchased pursuant to the Option or (ii) in the case of SARs, the
price specified in the Grantee’s Award Agreement as the reference price-per-share of Common Stock used to calculate the amount payable to the Grantee. 

1.2.24 “Expiration Date” means the date specified in the Grantee’s Award Agreement as the final expiration date of the
Award. 
 1.2.25 “Extended Absence” means the Grantee’s inability to perform for six (6) continuous months, due to
illness, injury or pregnancy-related complications, substantially all the essential duties of the Grantee’s occupation, as determined by the Committee. 

1.2.26 “Fair Market Value” means, with respect to a share of Common Stock on any day, the fair market value as determined in
accordance with a valuation methodology approved by the Committee. 
 1.2.27 “FINRA” means the Financial Industry Regulatory
Authority. 
 1.2.28 “Firm” means GS Inc. and its subsidiaries and affiliates. 

1.2.29 “Good Reason” means, in connection with a termination of employment by a Grantee following a Change in Control,
(a) as determined by the Committee, a materially adverse alteration in the Grantee’s position or in the nature or status of the Grantee’s responsibilities from those in effect immediately prior to the Change in Control or (b) the
Firm’s requiring the Grantee’s principal place of Employment to be located more than seventy-five (75) 

  
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miles from the location where the Grantee is principally Employed at the time of the Change in Control (except for required travel on the Firm’s business to an extent substantially
consistent with the Grantee’s customary business travel obligations in the ordinary course of business prior to the Change in Control). 

1.2.30 “Grantee” means a person who receives an Award. 

1.2.31 “GS Inc.” means The Goldman Sachs Group, Inc., and any successor thereto. 

1.2.32 “Incentive Stock Option” means an option to purchase shares of Common Stock that is intended to qualify for special
Federal income tax treatment pursuant to Sections 421 and 422 of the Code, as now constituted or subsequently amended, or pursuant to a successor provision of the Code, and which is so designated in the applicable Option Award Agreement. 

1.2.33 “Initial Exercise Date” means, with respect to an Option or an SAR, the date specified in the Grantee’s Award
Agreement as the initial date on which such Award may be exercised, 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. 
 1.2.34 “1999 SIP” means The Goldman Sachs 1999 Stock Incentive Plan, as in effect prior
to the effective date of the 2003 SIP. 
 1.2.35 “New York Stock Exchange” means the New York Stock Exchange, Inc. and any
successor exchange or trading market that is the principal trading market for the Common Stock. 
 1.2.36 “Nonqualified Stock
Option” means an option to purchase shares of Common Stock that is not an Incentive Stock Option. 
 1.2.37
“Option” means an Incentive Stock Option or a Nonqualified Stock Option or both, as the context requires. 
 1.2.38
“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. 
 1.2.39 “Plan” means The Goldman Sachs Amended and Restated Stock Incentive Plan (2018), as described herein and as
hereafter amended from time to time. 
 1.2.40 “RSU” means a restricted stock unit 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. 

  
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 1.2.41 “RSU Shares” means shares of Common Stock that underlie an RSU. 

1.2.42 “Restricted Share” means a share of Common Stock delivered under the Plan that is subject to Transfer Restrictions,
forfeiture provisions and/or other terms and conditions specified herein and in the Restricted Share Award Agreement or other applicable Award Agreement. All references to Restricted Shares include “Shares at Risk.” 

1.2.43 “Retirement” means termination of the Grantee’s Employment (other than for Cause) on or after the Date of Grant at
a time when (i) (A) the sum of the Grantee’s age plus years of service with the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) the Grantee has completed at least 10 years of service with the
Firm (as determined by the Committee in its sole discretion) or, if earlier, (ii) (A) the Grantee has attained age 50 and (B) the Grantee has completed at least five years of service with the Firm (as determined by the Committee in its
sole discretion). 
 1.2.44 “SAR” means a stock appreciation right granted under the Plan, which represents an unfunded and
unsecured promise to deliver shares of Common Stock, cash or other property equal in value to the excess of the Fair Market Value per share of Common Stock over the Exercise Price per share of the SAR, subject to the terms of the SAR Award
Agreement. 
 1.2.45 “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. 

1.2.46 “Shares at Risk” means Restricted Shares that are designated as “Shares at Risk” in the applicable Award
Agreement. 
 1.2.47 “SIP Administrator” means each person designated by the Committee as a “SIP Administrator”
with the authority to perform day-to-day administrative functions for the Plan. 

1.2.48 “SIP Committee” means the persons who have been delegated certain authority under the Plan by the Committee. 

1.2.49 “Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting,
advising, suggesting, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action. 
 1.2.50
“Transfer Restrictions” means restrictions that prohibit the sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposal of (including through the use of any cash-settled instrument),
whether voluntarily or involuntarily by the Grantee, of an Award or any shares of Common Stock, cash or other property delivered in respect of an Award. 

  
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 1.2.51 “Transferability Date” means the date Transfer Restrictions on a
Restricted Share will be released. Within 30 Business Days after the applicable Transferability Date, GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove Transfer Restrictions. 

1.2.52 “2003 SIP” means The Goldman Sachs Amended and Restated Stock Incentive Plan, as in effect prior to the effective date
of the 2013 SIP. 
 1.2.53 “2013 SIP” means The Goldman Sachs Amended and Restated Stock Incentive Plan (2013), as in effect
prior to the effective date of the 2015 SIP. 
 1.2.54 “2015 SIP” means The Goldman Sachs Amended and Restated Stock
Incentive Plan (2015), as in effect prior to the Effective Date. 
 1.2.55 “Vested” means, with respect to an Award, the
portion of the Award that is not subject to a condition that the Grantee remain actively employed by the Firm in order for the Award to remain Outstanding. The fact that an Award becomes Vested shall not mean or otherwise indicate that the Grantee
has an unconditional or nonforfeitable right to such Award, and such Award shall remain subject to such terms, conditions and forfeiture provisions as may be provided for in the Plan or in the Award Agreement. 

1.2.56 “Vesting Date” means each date specified in the Grantee’s Award Agreement as a date on which part or all of an
Award becomes Vested. 
 1.2.57 “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). 
 1.3 Administration 

1.3.1 Subject to Sections 1.3.3 and 1.3.4, the Plan shall be administered by the Committee. 

1.3.2 The Committee shall have complete control over the administration of the Plan and shall have the authority in its sole discretion to
(a) exercise all of the powers granted to it under the Plan, (b) construe, interpret and implement the Plan and all Award Agreements, (c) prescribe, amend and rescind rules and regulations relating to the Plan, including rules
governing its own operations, (d) make all determinations necessary or advisable in administering the Plan, (e) correct any defect, supply any omission and reconcile any inconsistency in the Plan, (f) amend the Plan to reflect changes
in applicable law (whether or not the rights of the Grantee of any Award are adversely affected, unless otherwise provided in such Grantee’s Award Agreement), (g) grant Awards and determine who shall receive Awards, when such Awards shall be
granted and the terms of such Awards, including setting forth provisions 

  
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with regard to termination of Employment, such as termination of Employment for Cause or due to death, Conflicted Employment, Extended Absence or Retirement, (h) unless otherwise provided in
an Award Agreement, amend any outstanding Award Agreement in any respect, whether or not the rights of the Grantee of such Award are adversely affected, including, without limitation, to (1) accelerate the time or times at which the Award
becomes Vested, unrestricted or may be exercised (and, in connection with such acceleration, the Committee may provide that any shares of Common Stock acquired pursuant to such Award shall be Restricted Shares, which are subject to vesting,
transfer, forfeiture or repayment provisions similar to those in the Grantee’s underlying Award), (2) accelerate the time or times at which shares of Common Stock are delivered under the Award (and, without limitation on the Committee’s
rights, in connection with such acceleration, the Committee may provide that any shares of Common Stock delivered pursuant to such Award shall be Restricted Shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar
to those in the Grantee’s underlying Award), (3) waive or amend any goals, restrictions or conditions set forth in such Award Agreement, or impose new goals, restrictions and conditions or (4) reflect a change in the Grantee’s
circumstances (e.g., a change to part-time employment status or a change in position, duties or responsibilities) and (i) determine at any time whether, to what extent and under what circumstances and method or methods (1) Awards may be
(A) settled in cash, shares of Common Stock, other securities, other Awards or other property (in which event, the Committee may specify what other effects such settlement will have on the Grantee’s Award, including the effect on any
repayment provisions under the Plan or Award Agreement), (B) exercised (including a “cashless” exercise) or (C) canceled, forfeited or suspended, (2) shares of Common Stock, other securities, other Awards or other property and
other amounts payable with respect to an Award may be deferred either automatically or at the election of the Grantee thereof or of the Committee and (3) Awards may be settled by GS Inc., any of its subsidiaries or affiliates or any of its or
their designees. 
 1.3.3 Actions of the Committee may be taken by the vote of a majority of its members present at a meeting (which may be
held telephonically). Any action may be taken by a written instrument signed by a majority of the Committee members, and action so taken shall be fully as effective as if it had been taken by a vote at a meeting. The determination of the Committee
on all matters relating to the Plan or any Award Agreement shall be final, binding and conclusive. The Committee may allocate among its members and delegate to any person who is not a member of the Committee or to any administrative group within the
Firm, including the SIP Committee, the SIP Administrators or any of them, any of its powers, responsibilities or duties. In delegating its authority, the Committee shall consider the extent to which any delegation may cause Awards to fail to meet
the requirements of Rule 16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act. 

1.3.4 Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time,
grant Awards or administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein. 

  
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 1.3.5 No Liability. No member of the Board or the Committee or any employee of the
Firm (each such person, a “Covered Person”) shall have any liability to any person (including any Grantee) for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award. Each
Covered Person shall be indemnified and held harmless by GS Inc. against and from (a) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or
resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (b) any and
all amounts paid by such Covered Person, with GS Inc.’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that GS Inc.
shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once GS Inc. gives notice of its intent to assume the defense, GS Inc. shall have sole control over such defense with counsel of GS Inc.’s
choice. The foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines
that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission. The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which Covered Persons may be entitled under GS Inc.’s Restated Certificate of Incorporation, as may be amended from time to time, or Amended and Restated Bylaws, as may be amended from time to time, as
a matter of law, or otherwise, or any other power that GS Inc. may have to indemnify such persons or hold them harmless. 
 1.4 Persons Eligible for
Awards 
 Awards under the Plan may be made to such current, former (solely with respect to their final year of service) and prospective
officers, directors, employees, consultants and other individuals who may perform services for the Firm, as the Committee may select. 
 1.5 Types of
Awards Under Plan 
 Awards may be made under the Plan in the form of (a) Options, (b) SARs, (c) Restricted Shares,
(d) RSUs, (e) Dividend Equivalent Rights and (f) other equity-based or equity-related Awards that the Committee determines are consistent with the purpose of the Plan and the interests of the Firm. No Incentive Stock Option (other
than an Incentive Stock Option that may be assumed or issued by GS Inc. in connection with a transaction to which Section 424(a) of the Code applies) may be granted to a person who is not eligible to receive an Incentive Stock Option under the
Code. 
 1.6 Shares Available for Awards 

1.6.1 Total Shares Available. Subject to adjustment pursuant to Section 1.6.2, the total number of shares of Common Stock which may
be delivered pursuant to Awards granted under the Plan on or after the Effective Date shall be the number of shares available for awards under the 2015 SIP as of the Effective Date. Each Option, SAR, Restricted Share, RSU or similar Award or share
of Common Stock underlying an Award shall count as one share of Common Stock. No further Awards shall be granted pursuant to the 2015 SIP. If, on or after the 

  
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Effective Date, any Award or any outstanding award granted under the 2015 or 2013 SIP (“2015 or 2013 SIP Award”) is forfeited or otherwise terminates or is canceled without the delivery
of shares of Common Stock, shares of Common Stock are surrendered or withheld from any Award or 2015 or 2013 SIP Award to satisfy any obligation of the Grantee (including Federal, state or foreign taxes) or shares of Common Stock owned by a Grantee
are tendered to pay the exercise price of any Award, then the shares covered by such forfeited, terminated or canceled Award or 2015 or 2013 SIP Award or which are equal to the number of shares surrendered, withheld or tendered shall again become
available to be delivered pursuant to Awards granted under this Plan. Notwithstanding the foregoing, but subject to adjustment as provided in Section 1.6.2, no more than twenty-four million (24,000,000) shares of Common Stock that can be
delivered under the Plan shall be deliverable pursuant to the exercise of Incentive Stock Options. The maximum number of shares of Common Stock with respect to which Options or SARs may be granted to an individual Grantee in any fiscal year shall
equal one million (1,000,000) shares of Common Stock. Any shares of Common Stock (a) delivered by GS Inc., (b) with respect to which Awards are made hereunder and (c) with respect to which the Firm becomes obligated to make
Awards, in each case through the assumption of, or in substitution for, outstanding awards previously granted by an acquired entity, shall not count against the shares of Common Stock available to be delivered pursuant to Awards under this Plan.
Shares of Common Stock that may be delivered pursuant to Awards may be authorized but unissued Common Stock or authorized and issued Common Stock held in GS Inc.’s treasury or otherwise acquired for the purposes of the Plan. 

1.6.2 Adjustments. The Committee shall adjust the number of shares of Common Stock authorized pursuant to Section 1.6.1 and shall
adjust (including, without limitation, by payment of cash) the terms of any Outstanding Awards (including, without limitation, the number of shares of Common Stock covered by each Outstanding Award, the type of property to which the Award relates
and the exercise or strike price of any Award), in such manner as it deems appropriate to prevent the enlargement or dilution of rights, for any increase or decrease in the number of issued shares of Common Stock (or issuance of shares of stock
other than shares of Common Stock) resulting from a recapitalization, stock split, reverse stock split, stock dividend, spinoff, splitup, combination, reclassification or exchange of shares of Common Stock, merger, consolidation, rights offering,
separation, reorganization or any other change in corporate structure or event the Committee determines in its sole discretion affects the capitalization of GS Inc.; provided, however, that no such adjustment shall be required if the Committee
determines that such action would cause an award to fail to satisfy the conditions of an applicable exception from the requirements of Section 409A or otherwise would subject a Grantee to an additional tax imposed under Section 409A in
respect of an Outstanding Award. After any adjustment made pursuant to this Section 1.6.2, the number of shares of Common Stock subject to each Outstanding Award shall be rounded up or down to the nearest whole number as determined by the
Committee. 
 1.6.3 Except as provided in this Section 1.6 or under the terms of any applicable Award Agreement, there shall be no limit
on the number or the value of shares of Common Stock that may be subject to Awards to any individual under the Plan. 

  
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 1.6.4 There shall be no limit on the amount of cash, securities (other than shares of Common
Stock as provided in Section 1.6.1, as adjusted by Section 1.6.2) or other property that may be delivered pursuant to any Award. 

ARTICLE II 
 AWARDS
UNDER THE PLAN 
 2.1 Agreements Evidencing Awards 

Each Award granted under the Plan shall be evidenced by an Award Agreement, which shall contain such provisions and conditions as the Committee
deems appropriate (and which may incorporate by reference some or all of the provisions of the Plan). The Committee may grant Awards in tandem with or in substitution for any other Award or Awards granted under this Plan or any award granted under
any other plan of the Firm. By accepting an Award pursuant to the Plan, a Grantee thereby agrees that the Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement. 

2.2 No Rights as a Shareholder 
 No
Grantee (or other person having rights pursuant to an Award) shall have any of the rights of a shareholder of GS Inc. with respect to shares of Common Stock subject to an Award until the delivery of such shares. Except as otherwise provided in
Section 1.6.2, no adjustments shall be made for dividends or distributions on (whether ordinary or extraordinary, and whether in cash, Common Stock, other securities or other property), or other events relating to, shares of Common Stock
subject to an Award for which the record date is prior to the date such shares are delivered. 
 2.3 Options  

2.3.1 Grant. Subject to the individual limit described in Section 1.6.1, the Committee may grant Awards of Options in such amounts
and subject to such terms and conditions as the Committee may determine (and may include a grant of Dividend Equivalent Rights under Section 2.8 in connection with such Option grants); provided, however, that (i) the Exercise Price for any
Option may not be less than the lesser of (A) the closing price of a share of Common Stock on the New York Stock Exchange on the Date of Grant for such Option and (B) the average of the high and low sale prices of a share of Common Stock
on the New York Stock Exchange on the Date of Grant for such Option and (ii) the Expiration Date in respect of an Option may not be later than the tenth anniversary of the Date of Grant. Except as provided for in Section 1.6.2, the
Exercise Price for any Outstanding Option may not be reduced after the Date of Grant. 
 2.3.2 Exercise. Options that are not Vested
or that are not Outstanding may not be exercised. Outstanding Vested Options may be exercised in accordance with procedures established by the Committee (but, subject to the applicable Award Agreement, may not be exercised earlier than the Initial
Exercise Date). The Committee may from time to time prescribe periods during which Outstanding Vested Options shall not be exercisable. 

  
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 2.3.3 Payment of Exercise Price. Any acceptance by the Committee of a Grantee’s
written notice of exercise of a Vested Option shall be conditioned upon payment for the shares of Common Stock being purchased. Such payment may be made in cash or by such other methods as the Committee may from time to time prescribe. 

2.3.4 Delivery of Shares. Unless otherwise determined by the Committee, or as otherwise provided in the applicable Award Agreement, and
except as provided in Sections 3.3, 3.4, 3.11 and 3.17.1, and subject to Section 3.2, upon receipt of payment of the full Exercise Price (or upon satisfaction of procedures adopted by the Committee in connection with a “cashless”
exercise method adopted by it) for shares of Common Stock subject to an Outstanding Vested Option, delivery of such shares of Common Stock shall be effected by book-entry credit to the Grantee’s Account. The Grantee shall be the beneficial
owner and record holder of such shares of Common Stock properly credited to the Account. No delivery of such shares of Common Stock shall be made to a Grantee unless the Grantee has timely returned all required documentation specified in the
Grantee’s Award Agreement or as otherwise required by the Committee or the SIP Administrator. 
 2.3.5 Repayment if Conditions Not
Met. If the Committee determines that all terms and conditions of the Plan and a Grantee’s Option Award Agreement in respect of exercised Options were not satisfied, then the Grantee shall be obligated immediately upon demand therefor, as
determined by the Firm in its sole discretion, to either: (i) return to the Firm such number of shares of Common Stock that were delivered in excess of the Exercise Price paid therefor or (ii) pay the Firm an amount equal to the excess of
the Fair Market Value (determined at the time of exercise) of the shares of Common Stock that were delivered in respect of such exercised Options over the Exercise Price paid therefor, in each case, without reduction for any shares of Common Stock,
cash or other property applied to satisfy withholding tax or other obligations in respect of such shares. 
 2.4 SARs 

2.4.1 Grant. Subject to the individual limit described in Section 1.6.1, the Committee may grant Awards of SARs in such amounts and
subject to such terms and conditions as the Committee may determine (and may include a grant of Dividend Equivalent Rights under Section 2.8 in connection with such SAR grants); provided, however, that (i) the Exercise Price for any SAR
may not be less than the lesser of (A) the closing price of a share of Common Stock on the New York Stock Exchange on the Date of Grant for such SAR and (B) the average of the high and low sale prices of a share of Common Stock on the New
York Stock Exchange on the Date of Grant for such SAR and (ii) the Expiration Date in respect of an SAR may not be later than the tenth anniversary of the Date of Grant. Except as provided for in Section 1.6.2, the Exercise Price for any
SAR may not be reduced after the Date of Grant. 

  
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 2.4.2 Exercise. SARs that are not Vested or that are not Outstanding may not be
exercised. Outstanding Vested SARs may be exercised in accordance with procedures established by the Committee (but, subject to the applicable Award Agreement, may not be exercised earlier than the Initial Exercise Date). The Committee may from time
to time prescribe periods during which Outstanding Vested SARs shall not be exercisable. 
 2.4.3 Delivery of Shares. Unless otherwise
determined by the Committee, or as otherwise provided in the applicable Award Agreement, and except as provided in Sections 3.3, 3.4, 3.11 and 3.17.1, and subject to Section 3.2, upon exercise of an Outstanding Vested SAR for which payment
will be made partly or entirely in shares of Common Stock, delivery of shares of Common Stock (and cash in respect of fractional shares), with a Fair Market Value (on the exercise date) equal to (i) the excess of (a) the Fair Market Value
of a share of Common Stock (on the exercise date) over (b) the Exercise Price of such SAR multiplied by (ii) the number of SARs exercised, shall be effected by book-entry credit to the Grantee’s Account. The Grantee shall be the
beneficial owner and record holder of such shares of Common Stock properly credited to the Account on such date of delivery. No delivery of such shares of Common Stock shall be made to a Grantee unless the Grantee has timely returned all required
documentation specified in the Grantee’s Award Agreement or as otherwise required by the Committee or the SIP Administrator. 
 2.4.4
Repayment if Conditions Not Met. If the Committee determines that all terms and conditions of the Plan and a Grantee’s SAR Award Agreement in respect of exercised SARs were not satisfied, then the Grantee shall be obligated immediately
upon demand therefor, as determined by the Firm in its sole discretion, to either: (i) return to the Firm such number of shares of Common Stock that were delivered in excess of the Exercise Price paid therefor or (ii) pay the Firm an
amount equal to the excess of the Fair Market Value (determined at the time of exercise) of the shares of Common Stock subject to the exercised SARs over the Exercise Price therefor, in each case, without reduction for any shares of Common Stock,
cash or other property applied to satisfy withholding tax or other obligations in respect of such SARs. 
 2.5 Restricted Shares 

2.5.1 Grant. The Committee may grant or offer for sale Awards of Restricted Shares in such amounts and subject to such terms and
conditions as the Committee may determine. Upon the issuance of such shares in the name of the Grantee, the Grantee shall have the rights of a shareholder with respect to the Restricted Shares and shall become the record holder of such shares,
subject to the provisions of the Plan and any restrictions and conditions as the Committee may include in the applicable Award Agreement. In the event that a Certificate is issued in respect of Restricted Shares, such Certificate may be registered
in the name of the Grantee but, unless otherwise determined by the Committee, shall be held by a custodian (which may be GS Inc. or one of its affiliates) until the time the restrictions lapse. 

2.5.2 Condition to Grant. Any grant or offer for sale of Awards of Restricted Shares is subject to the Grantee’s irrevocable grant
of full power and authority to GS Inc. to register in GS Inc.’s name, or that of any designee, any and all Restricted Shares that have been or may be delivered to the Grantee, and the Grantee’s irrevocable authorization of GS Inc., or its
designee, to sell, assign or transfer such shares to GS Inc. or such other persons as it may determine in the event of a forfeiture of such shares pursuant to any Award Agreement. 

  
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 2.5.3 Repayment if Conditions Not Met. If the Committee determines that all terms and
conditions of the Plan and a Grantee’s Restricted Share Award Agreement (or other Award Agreement which provides for delivery of Restricted Shares) in respect of Restricted Shares which have become Vested (or for which Transfer Restrictions
have been released) were not satisfied, then the Grantee shall be obligated immediately upon demand therefor, as determined by the Firm in its sole discretion, to either: (i) return to the Firm such number of Restricted Shares for which such
terms and conditions were not satisfied or (ii) pay an amount equal to the Fair Market Value (determined at the time such shares became Vested, or at the time Transfer Restrictions were released, as applicable) of such Restricted Shares, in
each case, without reduction for any shares of Common Stock, cash or other property applied to satisfy withholding tax or other obligations in respect of such Restricted Shares. 

2.6 RSUs 
 2.6.1 Grant. The
Committee may grant Awards of RSUs in such amounts and subject to such terms and conditions as the Committee may determine. A Grantee of an RSU has only the rights of a general unsecured creditor of GS Inc. until delivery of shares of Common Stock,
cash or other securities or property is made as specified in the applicable Award Agreement. 
 2.6.2 Delivery of Shares. Unless
otherwise determined by the Committee, or as otherwise provided in the applicable Award Agreement, and except as provided in Sections 3.3, 3.4, 3.11 and 3.17.3, and subject to Section 3.2, on each Delivery Date the number or percentage of
RSU Shares specified in the Grantee’s Award Agreement with respect to the Grantee’s then Outstanding Vested RSUs (which amount may be rounded to avoid fractional RSU Shares) shall be delivered. Unless otherwise determined by the Committee,
or as otherwise provided in the applicable Award Agreement, delivery of RSU Shares shall be effected by book-entry credit to the Grantee’s Account. The Grantee shall be the beneficial owner and record holder of any RSU Shares properly credited
to the Grantee’s Account. No delivery of shares of Common Stock underlying a Grantee’s RSUs shall be made unless the Grantee has timely returned all required documentation specified in the Grantee’s Award Agreement or as otherwise
determined by the Committee or the SIP Administrator. 
 2.6.3 Repayment if Conditions Not Met. If the Committee determines that all
terms and conditions of the Plan and a Grantee’s RSU Award Agreement in respect of the delivery of shares underlying such RSUs were not satisfied, then the Grantee shall be obligated immediately upon demand therefor, as determined by the Firm
in its sole discretion, to either: (i) return to the Firm such number of the shares of Common Stock delivered in respect of such RSUs for which such terms and conditions were not satisfied or (ii) pay the Firm an amount equal to the Fair
Market Value (determined at the time of delivery) of the shares of Common Stock delivered with respect to such Delivery Date, in each case, without reduction for any shares of Common Stock, cash or other property applied to satisfy withholding tax
or other obligations in respect of such shares of Common Stock. 

  
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 2.7 Other Stock-Based Awards 

The Committee may grant other types of equity-based or equity-related Awards (including the grant or offer for sale of unrestricted shares of
Common Stock) in such amounts and subject to such terms and conditions as the Committee shall determine. Such Awards may entail the transfer of actual shares of Common Stock to Plan participants, or payment in cash or otherwise of amounts based on
the value of shares of Common Stock, and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

2.8 Dividend Equivalent Rights 
 2.8.1
Grant. The Committee may grant, either alone or in connection with any other Award, a Dividend Equivalent Right. 
 2.8.2
Payment. The Committee shall determine whether payments in connection with a Dividend Equivalent Right shall be made in cash, in shares of Common Stock or in another form, whether they shall be conditioned upon the exercise of any Award to
which they relate, the time or times at which they shall be made and such other terms and conditions as the Committee shall deem appropriate. No payments will be made in respect of any Dividend Equivalent Right at a time when any performance-based
goals that apply to the Dividend Equivalent Right or Award that is granted in connection with a Dividend Equivalent Right have not been satisfied (as determined by the Firm in its sole discretion). 

2.8.3 Repayment if Conditions Not Met. If the Committee determines that all terms and conditions of the Plan and a Grantee’s Award
Agreement in respect of which a Dividend Equivalent Right was granted were not satisfied (including the terms and conditions of any other Award that was granted in connection with the Dividend Equivalent Right), then the Grantee shall be obligated
to pay the Firm immediately upon demand therefor, any payments in connection with such Dividend Equivalent Right (and, if such payments in respect of the Dividend Equivalent Right were made in a form other than cash, as determined by the Firm in its
sole discretion, either return to the Firm the property paid in respect of such Dividend Equivalent Right or an amount equal to the Fair Market Value of such payment determined at the time of payment), without reduction for any amount applied to
satisfy withholding tax or other obligations in respect of such payments. 

  
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 ARTICLE III 

MISCELLANEOUS 
 3.1 Amendment of the
Plan or Award Agreement 
 3.1.1 Unless otherwise provided in the Plan or in an Award Agreement, the Board may from time to time suspend,
discontinue, revise or amend the Plan in any respect whatsoever, including in any manner that adversely affects the rights, duties or obligations of any Grantee of an Award. 

3.1.2 Unless otherwise determined by the Board, shareholder approval of any suspension, discontinuance, revision or amendment shall be obtained
only to the extent necessary to comply with any applicable law, rule or regulation; provided, however, if and to the extent the Board determines it is appropriate for the Plan to comply with the provisions of Section 422 of the Code, no
amendment that would require shareholder approval under Section 422 of the Code shall be effective without the approval of the shareholders of GS Inc. 

3.2 Tax Withholding 
 3.2.1 As a condition
to the delivery of any shares of Common Stock, other property or cash pursuant to any Award or the lifting or lapse of restrictions on any Award, or in connection with any other event that gives rise to a Federal or other governmental tax
withholding obligation on the part of the Firm relating to an Award (including, without limitation, FICA tax), (a) the Firm may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to the Grantee, whether or not
pursuant to the Plan, (b) the Committee shall be entitled to require that the Grantee remit cash to the Firm (through payroll deduction or otherwise) or (c) the Firm may enter into any other suitable arrangements to withhold, in each case
in an amount sufficient in the opinion of the Firm to satisfy such withholding obligation. 
 3.2.2 If the event giving rise to the
withholding obligation involves a transfer of shares of Common Stock, then, at the discretion of the Committee, the Grantee may satisfy the withholding obligation described under Section 3.2.1 by electing to have GS Inc. withhold shares of
Common Stock (which withholding, unless otherwise provided in the applicable Award Agreement, will be at a rate not in excess of the statutory maximum rate) or by tendering previously owned shares of Common Stock, in each case having a Fair Market
Value equal to the amount of tax to be withheld (or by any other mechanism as may be required or appropriate to conform with local tax and other rules). For this purpose, Fair Market Value shall be determined as of the date on which the amount of
tax to be withheld is determined, which may, as determined by the Committee, be the closing price of a share of Common Stock on the New York Stock Exchange on the trading day immediately prior to the date shares of Common Stock (or cash or other
property) are delivered in respect of RSUs (and GS Inc. may cause any fractional share amount to be settled in cash). 

  
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 3.3 Required Consents and Legends 

3.3.1 If the Committee shall at any time determine that any consent (as hereinafter defined) is necessary or desirable as a condition of, or in
connection with, the granting of any Award, the delivery of shares of Common Stock or the delivery of any cash, securities or other property under the Plan, or the taking of any other action thereunder (each such action being hereinafter referred to
as a “plan action”), then such plan action shall not be taken, in whole or in part, unless and until such consent shall have been effected or obtained to the full satisfaction of the Committee. The Committee may direct that any Certificate
evidencing shares delivered pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as the Committee may determine to be necessary or desirable, and may advise the transfer agent to place a stop order against any
legended shares. 
 3.3.2 By accepting an Award, each Grantee shall have expressly provided consent to the items described in
Section 3.3.3(d) hereof. 
 3.3.3 The term “consent” as used herein with respect to any plan action includes (a) any and
all listings, registrations or qualifications in respect thereof upon any securities exchange or under any Federal, state or local law, or law, rule or regulation of a jurisdiction outside the United States, (b) any and all written agreements
and representations by the Grantee with respect to the disposition of shares, or with respect to any other matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to
obtain an exemption from the requirement that any such listing, qualification or registration be made, (c) any and all other consents, clearances and approvals in respect of a plan action by any governmental or other regulatory body or any
stock exchange or self-regulatory agency, (d) any and all consents by the Grantee to (i) the Firm’s supplying to any third party recordkeeper of the Plan such personal information as the Committee deems advisable to administer the
Plan, (ii) the Firm’s deducting amounts from the Grantee’s wages, or another arrangement satisfactory to the Committee, to reimburse the Firm for advances made on the Grantee’s behalf to satisfy certain withholding and other tax
obligations in connection with an Award and (iii) the Firm’s imposing sales and transfer procedures and restrictions and hedging restrictions on shares of Common Stock delivered under the Plan and (e) any and all consents or
authorizations required to comply with, or required to be obtained under, applicable local law or otherwise required by the Committee. Nothing herein shall require GS Inc. to list, register or qualify the shares of Common Stock on any securities
exchange. 
 3.4 Right of Offset 
 The
Firm shall have the right to offset against its obligation to (i) deliver shares of Common Stock (or other property or cash), (ii) release restrictions and/or other terms and conditions in respect of Restricted Shares or (iii) pay
dividends or payments under Dividend Equivalent Rights (granted alone or in connection with any Award), in each case, under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance
account balances, loans, repayment obligations under any Awards, or amounts repayable to the Firm pursuant to tax equalization, housing, automobile or other employee programs) the Grantee then owes to the Firm and any amounts the Committee otherwise
deems appropriate pursuant to any tax equalization policy or agreement. 

  
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 3.5 Nonassignability 

3.5.1 Except to the extent otherwise expressly provided in the applicable Award Agreement and Sections 3.5.2 and 3.5.3 below, no Award (or any
rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument),
whether voluntarily or involuntarily, other than by will or by the laws of descent and distribution, and all such Awards (and any rights thereunder) shall be exercisable during the life of the Grantee only by the Grantee or the Grantee’s legal
representative. Notwithstanding the preceding sentence, the Committee may permit, under such terms and conditions that it deems appropriate in its sole discretion, a Grantee to transfer any Award to any person or entity that the Committee so
determines. Any sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the provisions of this Section 3.5 shall be void. All of the terms and conditions of this Plan and the
Award Agreements shall be binding upon any permitted successors and assigns. 
 3.5.2 The Committee may adopt procedures pursuant to which
some or all Grantees of RSUs or Restricted Shares may transfer some or all of their RSUs or Restricted Shares, in each case, which shall continue to be subject to the same terms and conditions on such Award, through a gift for no consideration to
any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% (or such lesser amount as determined by the Committee from time
to time) of the beneficial interest (as determined pursuant to the procedures). 
 3.5.3 The Committee may adopt procedures pursuant to which
a Grantee may be permitted to specifically bequeath some or all of the Grantee’s Outstanding RSUs under the Grantee’s will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable
organization as may be approved by the Committee). 
 3.6 Requirement of Consent and Notification of Election Under Section 83(b) of
the Code or Similar Provision 
 No election under Section 83(b) of the Code (to include in gross income in the year of
transfer the amounts specified in Code Section 83(b)) or under a similar provision of the law of a jurisdiction outside the United States may be made unless expressly permitted by the terms of the Award Agreement or by action of the Committee
in writing prior to the making of such election. If a Grantee of an Award, in connection with the acquisition of shares of Common Stock under the Plan or otherwise, is expressly permitted under the terms of the Award Agreement or by such Committee
action to make any such election and the Grantee makes the election, the Grantee shall notify the Committee of such election within ten (10) days of filing notice of the election with the Internal Revenue Service or other governmental
authority, in addition to any filing and notification required pursuant to regulations issued under Code Section 83(b) or other applicable provision. 

  
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 3.7 Requirement of Notification Upon Disqualifying Disposition Under Section 421(b)
of the Code 
 If any Grantee shall make any disposition of shares of Common Stock delivered pursuant to the exercise of an
Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions), such Grantee shall notify GS Inc. of such disposition within ten (10) days thereof. 

3.8 Change in Control 
 3.8.1 The
Committee may provide in any Award Agreement for provisions relating to a Change in Control, including, without limitation, the acceleration of the vesting, delivery or exercisability of, or the lapse of restrictions or deemed satisfaction of goals
with respect to, any Outstanding Awards and Shares at Risk; provided, however, that, in addition to any conditions provided for in the Award Agreement, any acceleration of the vesting, delivery or exercisability of, or the lapse of restrictions or
deemed satisfaction of goals with respect to, any Outstanding Awards and Shares at Risk in connection with a Change in Control may occur only if (i) the Change in Control occurs and (ii) the Grantee’s Employment is terminated by the
Firm without Cause or by the Grantee for Good Reason within 18 months following such Change in Control. 
 3.8.2 Unless otherwise provided in
the applicable Award Agreement and except as otherwise determined by the Committee, in the event of a merger, consolidation, mandatory share exchange or other similar business combination of GS Inc. with or into any other entity (“successor
entity”) or any transaction in which another person or entity acquires all of the issued and outstanding Common Stock of GS Inc., or all or substantially all of the assets of GS Inc., Outstanding Awards and Shares at Risk may be assumed or a
substantially equivalent Award may be substituted by such successor entity or a parent or subsidiary of such successor entity, and such an assumption or substitution shall not be deemed to violate this Plan or any provision of any Award Agreement.

 3.9 Other Conditions to Awards  

Unless the Committee determines otherwise, the Grantee’s rights in respect of all of his or her Outstanding Awards and Shares at Risk
(whether or not Vested) shall immediately terminate, such Awards shall cease to be Outstanding and such Shares at Risk shall be cancelled if: (a) the Grantee attempts to have any dispute under the Plan or his or her Award Agreement resolved in
any manner that is not provided for by Section 3.17 and the Award Agreement, (b) the Grantee in any manner, directly or indirectly, (1) Solicits any Client to transact business with a Competitive Enterprise or to reduce or refrain
from doing any business with the Firm or (2) interferes with or damages (or attempts to interfere with or damage) any relationship between the Firm and any Client or (3) Solicits any person who is an employee of the Firm to resign from the
Firm or to apply for or accept employment (or any other association) with any person or 

  
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entity other than the Firm, (c) the Grantee fails to certify to GS Inc., in accordance with procedures established by the Committee, that the Grantee has complied, or the Committee
determines that the Grantee in fact has failed to comply, with all the terms and conditions of the Plan or Award Agreement, (d) any event constituting Cause occurs with respect to the Grantee, (e) the Committee determines that the Grantee
failed to meet, in any respect, any obligation the Grantee may have under any agreement between the Grantee and the Firm, or any agreement entered into in connection with the Grantee’s Employment with the Firm or the Grantee’s Award,
(f) as a result of any action brought by the Grantee, it is determined that any of the terms or conditions for delivery of shares of Common Stock (or cash or other property) in respect of an Award are invalid or (g) the Grantee’s
Employment terminates for any reason or the Grantee is otherwise no longer actively Employed with the Firm and an entity to which the Grantee provide services grants the Grantee cash, equity or other property (whether vested or unvested) to replace,
substitute for or otherwise in respect of any Award. By exercising any Option or SAR or by accepting delivery of shares of Common Stock (including, for the avoidance of doubt, in the case of Restricted Shares, accepting Restricted Shares for which
Transfer Restrictions are released), payment in respect of Dividend Equivalent Rights or any other payment under this Plan, the Grantee shall be deemed to have represented and certified at such time that the Grantee has complied with all the terms
and conditions of the Plan and the Award Agreement. 
 3.10 Right of Discharge Reserved 

Neither the grant of an Award nor any provision in the Plan or in any Award Agreement shall confer upon any Grantee the right to continued
Employment by the Firm or affect any right that the Firm may have to terminate or alter the terms and conditions of the Grantee’s Employment. 
 3.11
Nature and Form of Payments 
 3.11.1 Any and all grants of Awards and deliveries of shares of Common Stock, cash or other property
under the Plan shall be in consideration of services performed or to be performed for the Firm by the Grantee. Awards under the Plan may, in the sole discretion of the Committee, be made in substitution in whole or in part for cash or other
compensation otherwise payable to an Employee. Without limitation on Section 1.3 hereof, unless otherwise specifically provided in an Award Agreement or by applicable law, the Committee shall be permitted with respect to any or all Awards to
exercise all of the rights described in Sections 1.3.2(h) and 1.3.2(i). Deliveries of shares of Common Stock may be rounded to avoid fractional shares. In addition, the Firm may pay cash in lieu of fractional shares. 

3.11.2 All grants of Awards and deliveries of shares of Common Stock, cash or other property under the Plan shall constitute a special
discretionary incentive payment to the Grantee and shall not be required to be taken into account in computing the amount of salary or compensation of the Grantee for the purpose of determining any contributions to or any benefits under any pension,
retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Firm or under any agreement with the Grantee, unless the Firm specifically provides otherwise. 

  
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 3.12 Non-Uniform Determinations 

None of Committee’s determinations under the Plan and Award Agreements need to be uniform and any such determinations may be made by it
selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among other things, to
make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive
Awards, (b) the terms and provisions of Awards, (c) whether a Grantee’s Employment has been terminated for purposes of the Plan and (d) any adjustments to be made to Awards pursuant to Section 1.6.2 or otherwise. 

3.13 Other Payments or Awards 
 Nothing
contained in the Plan shall be deemed in any way to limit or restrict the Firm from making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect. 

3.14 Plan Headings; References to Laws, Rules or Regulations 

The headings in this Plan are for the purpose of convenience only, and are not intended to define or limit the construction of the provisions
hereof. 
 Any reference in this Plan to any law, rule or regulation shall be deemed to include any amendments, revisions or successor
provisions to such law, rule or regulation. 
 3.15 Date of Adoption and Term of Plan; Shareholder Approval Required 

The adoption of the Plan as amended and restated on February 22, 2018 was expressly conditioned on the approval of the shareholders of GS
Inc. in accordance with Treasury Regulation §1.162-27(e)(4), Section 422 of the Code, the rules of the New York Stock Exchange and other applicable law, and such approval was obtained on May 2,
2018. The Plan was further amended and restated effective as of January 15, 2019. 
 Unless sooner terminated by the Board, the Plan
shall terminate on the date of the annual meeting of shareholders of GS Inc. that occurs in 2022. The Board reserves the right to terminate the Plan at any time. All Awards made under the Plan prior to the termination of the Plan shall remain in
effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements. 

3.16 Governing Law 

ALL RIGHTS AND OBLIGATIONS UNDER THE
PLAN AND EACH AWARD AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO PRINCIPLES OF CONFLICT OF LAWS. 

  
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 3.17 Arbitration 

3.17.1 Unless otherwise specified in an applicable Award Agreement, it shall be a condition of each Award that any dispute, controversy or
claim between the Firm and a Grantee, arising out of or relating to or concerning the Plan or applicable Award Agreement, shall be finally settled by arbitration in New York City before, and in accordance with the rules then obtaining of, FINRA, or,
if FINRA declines to arbitrate the matter in New York City (or if the matter otherwise is not arbitrable by it), the AAA in accordance with the commercial arbitration rules of the AAA. Prior to arbitration, all claims maintained by the Grantee must
first be submitted to the Committee in accordance with any claims procedures as may be determined by the Committee. Any arbitration decision and/or award will be final and binding upon the parties and may be entered as a judgment in any appropriate
court. Notwithstanding any applicable forum rules to the contrary, to the extent there is a question of enforceability of this Agreement arising from a challenge to the arbitrator’s jurisdiction or to the arbitrability of a claim, such question
shall be decided by a court and not an arbitrator. 
 3.17.2 Unless otherwise specified in an applicable Award Agreement, it shall be a
condition of each Award that the Firm and the Grantee irrevocably submit to the exclusive jurisdiction of any state or Federal court located in the City of New York over any suit, action or proceeding arising out of or relating to or concerning
the Plan or the Award that is not otherwise arbitrated or resolved according to Section 3.17.1. This includes any suit, action or proceeding to compel arbitration or to enforce an arbitration award. By accepting an Award, the Grantee
acknowledges that the forum designated by this Section 3.17.2 has a reasonable relation to the Plan, any applicable Award and to the Grantee’s relationship with the Firm. Notwithstanding the foregoing, nothing herein shall preclude the
Firm from bringing any suit, action or proceeding in any other court for the purpose of enforcing the provisions of this Section 3.17 or otherwise. 

3.17.3 Unless otherwise specified in an applicable Award Agreement, the agreement by the Grantee and the Firm as to forum is independent of the
law that may be applied in the suit, action or proceeding and the Grantee and the Firm agree to such forum even if the forum may under applicable law choose to apply non-forum law. By accepting an Award,
(a) the Grantee waives, to the fullest extent permitted by applicable law, any objection which the Grantee may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in
Section 3.17.2, (b) the Grantee undertakes not to commence any action arising out of or relating to or concerning any Award in any forum other than a forum described in Section 3.17 and (c) the Grantee agrees 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 Grantee and the Firm. 

3.17.4 Unless otherwise specified in an applicable Award Agreement, by accepting an Award, the Grantee irrevocably appoints each General
Counsel of GS Inc., or any person whom any General Counsel of GS Inc. designates, as his or her agent for service of process in connection with any suit, action or proceeding arising out of or relating to or concerning this Plan or any Award which
is not arbitrated pursuant to the provisions of Section 3.17.1, who shall promptly advise the Grantee of any such service of process. 

  
 23 

 3.17.5 Unless otherwise specified in an applicable Award Agreement, by accepting an Award,
the Grantee agrees to keep confidential the existence of, and any information concerning, a dispute, controversy or claim described in this Section 3.17, except that the Grantee may disclose information concerning such dispute, controversy or
claim to the arbitrator or court that is considering such dispute, controversy or claim or to his or her legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of
the dispute, controversy or claim). 
 3.17.6 By accepting an Award, Grantee agrees to arbitrate all claims as described in this
Section 3.17, in accordance with the arbitration procedure set forth in this Section 3.17, provided that nothing herein shall limit any right or obligation under applicable law or Firm policy to provide truthful information to the
appropriate judicial, regulatory, administrative, or governmental authority, or preclude a Grantee from filing a charge with or participating in any investigation or proceeding conducted by a governmental authority. Nothing herein shall be construed
as an agreement by either the Firm or Grantee to arbitrate claims on a collective or class basis. In addition, by accepting an Award, Grantee agrees that, to the fullest extent permitted by applicable law, no arbitrator shall have the authority to
consider class or collective claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved. 

3.17.7 The Federal Arbitration Act governs interpretation and enforcement of all arbitration provisions under the Plan and the applicable Award
Agreement, and all arbitration proceedings thereunder. 
 3.17.8 Notwithstanding any applicable forum rules to the contrary, to the extent
there is a question of enforceability of the provisions of the Plan or the applicable Award Agreement arising from a challenge to the arbitrator’s jurisdiction or to the arbitrability of a claim, it shall be decided by a court and not an
arbitrator. 
 3.17.9 Nothing in this Section 3.17 creates a substantive right to bring a claim under U.S., Federal, state or local
employment laws. 
 3.18 Severability; Entire Agreement 

If any of the provisions of this Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in
part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby; provided that, if any of such provisions is finally
held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such
scope in order to make such provision enforceable hereunder. By accepting an Award, the Grantee acknowledges that the Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede
all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. 

  
 24 

 3.19 Waiver of Claims 

By accepting an Award, the Grantee recognizes and agrees that prior to being selected by the Committee to receive an Award he or she has no
right to any benefits under such Award. Accordingly, in consideration of the Grantee’s receipt of any Award, he or she expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any determination, action or
omission hereunder or under any Award Agreement by the Committee, the SIP Administrator, GS Inc. or the Board or any amendment to the Plan or any Award Agreement (other than an amendment to this Plan or an Award Agreement to which his or her consent
is expressly required by the express terms of an Award Agreement), and the Grantee expressly waives any claim related in any way to any Award including any claim based upon any promissory estoppel or other theory in connection with any Award and the
Grantee’s employment with the Firm. 
 3.20 No Third Party Beneficiaries 

Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement shall confer on any person other than the Firm and
the Grantee of the Award any rights or remedies thereunder; provided that the exculpation and indemnification provisions of Section 1.3.5 shall inure to the benefit of a Covered Person’s estate, beneficiaries and legatees. 

3.21 Certain Limitations on Transactions Involving Common Stock; Fees and Commissions 

3.21.1 Each Grantee shall be subject to, and acceptance of an Award shall constitute an agreement to be subject to, the Firm’s policies in
effect from time to time concerning trading in Common Stock, hedging or pledging and confidential or proprietary information. In addition, with respect to any shares of Common Stock delivered to any Grantee in respect of an Award, sales of such
Common Stock shall be effected in accordance such rules and procedures as may be adopted from time to time with respect to sales of such shares of Common Stock (which may include, without limitation, restrictions relating to the timing of sale
requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). 

3.21.2 Each Grantee may be required to pay any brokerage costs or other fees or expenses associated with any Award, including, without
limitation, in connection with the sale of any shares of Common Stock delivered in respect of any Award or the exercise of an Option or SAR. 
 3.22
Deliveries 
 3.22.1 Deliveries of shares of Common Stock, cash or other property under the Plan shall be made to the Grantee
reasonably promptly after the Delivery Date or any other date such delivery is called for, but in no case more than thirty (30) Business Days after such date. 

  
 25 

 3.22.2 In the discretion of the Committee, delivery of shares of Common Stock (including
Restricted Shares) or the payment of cash or other property may be made initially into an escrow account meeting such terms and conditions as are determined by the Firm and may be held in that escrow account until such time as the Committee has
received such documentation as it may have requested or until the Committee has determined that any other conditions or restrictions on delivery of shares of Common Stock, cash or other property required by this Award Agreement have been satisfied.
The Firm may establish and maintain an escrow account on such terms and conditions (which may include, without limitation, the Grantee’s (or the Grantee’s estate or beneficiary) executing any documents related to, and the Grantee (or the
Grantee’s estate or beneficiary) paying for any costs associated with, such account) as the Firm may deem necessary or appropriate. Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow
agent shall have the exclusive authority to vote such shares of Common Stock while held in escrow and (B) dividends paid on such shares of Common Stock held in escrow may be accumulated and shall be paid as determined by the Firm in its sole
discretion. 
 3.23 Successors and Assigns of GS Inc. 

The terms of this Plan shall be binding upon and inure to the benefit of GS Inc. and its successors and assigns. 

  
 26EX-10.25

 Exhibit 10.25 

Description of PMD Retiree Medical Program 

Participating Managing Directors (“PMDs”) who retire with eight or more years of service as PMDs are eligible to receive retiree medical coverage
for themselves and their eligible dependents. The PMD retiree medical program currently provides a subsidy of up to 75%. A PMD’s eligibility under the PMD retiree medical program generally terminates if the PMD engages in conduct constituting
cause or if the PMD goes to work for a competitor. A PMD with less than eight years of service or who goes to work for a non-competitor may be eligible for the retiree medical program but not the subsidy. The
PMD retiree medical program and/or the subsidy can be amended or terminated at any time as provided in the applicable plan documents.

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