THE GOLDMAN SACHS AMENDED AND RESTATED STOCK INCENTIVE PLAN DISCOUNT STOCK PROGRAM AWARD FOR CERTAIN PERSONS PARTICIPATING IN THE GOLDMAN SACHS EMPLOYEE BENEFIT TRUST
EXHIBIT 10.33
THE XXXXXXX XXXXX AMENDED AND RESTATED
STOCK INCENTIVE PLAN
DISCOUNT STOCK PROGRAM AWARD FOR CERTAIN PERSONS
PARTICIPATING IN THE XXXXXXX XXXXX EMPLOYEE BENEFIT TRUST
STOCK INCENTIVE PLAN
DISCOUNT STOCK PROGRAM AWARD FOR CERTAIN PERSONS
PARTICIPATING IN THE XXXXXXX XXXXX EMPLOYEE BENEFIT TRUST
This Award Agreement sets forth the terms and conditions of the award (your “DSP Award”) under
the Discount Stock Program (the “DSP”), which is granted to you under The Xxxxxxx Xxxxx
Amended and Restated Stock Incentive Plan (the “Plan”), including the portion of such award granted
in connection with your participation in the Xxxxxxx Xxxxx Employee Benefit Trust (the
“EBT”).
1. The Plan. Your DSP Award is made pursuant to the Plan, the terms of which are
incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not
defined in this Award Agreement have the meanings as used or defined in the Plan. References in
this Award Agreement to any specific Plan provision shall not be construed as limiting the
applicability of any other Plan provision.
2. Award.
(a) Form of Award. Your DSP Award is made up of “EBT Base Shares” held in the EBT,
“Base RSUs” (granted to you to the extent that the Trustees (as defined below) have not purchased
sufficient EBT Base Shares to meet fully your request to purchase Shares (as defined below) for the
purposes of the DSP), “Ordinary Base Shares” (shares of common stock of The Xxxxxxx Xxxxx Group,
Inc. (“Shares”) delivered in respect of your Base RSUs, if any) and “Discount RSUs” (granted in
connection with your Base RSUs and EBT Base Shares in order to effect
a 25% discount on the
purchase price of your aggregate Base Shares (as defined below) and Base RSUs), each in the number
specified in the applicable statement. Your EBT Base Shares and Ordinary Base Shares are
collectively referred to herein as your “Base Shares.” Your Base RSUs and Discount RSUs together
are referred to as your “DSP RSUs.” A Base Share is a “Restricted Share,” which is a Share that is
subject to certain transfer restrictions and other terms and conditions described in this Award
Agreement (and, in the case of the EBT Base Shares, the Trust Deed dated entered into by
Xxxxxxx Xxxxx International and
as trustees of the EBT (the “Trustees”)
and the Contribution Agreement dated entered into by the Firm and the Trustees). An RSU is
an unfunded and unsecured promise to deliver (or cause to be delivered), subject to the terms and
conditions of this Award Agreement, a Share on the Delivery Date or as otherwise provided herein;
until such delivery, the holder of an RSU only has the rights of a general unsecured creditor, and
no rights as a shareholder of GS Inc.
(b) Specific Terms Relating to EBT Base Shares. The Trustees have purchased the
number of EBT Base Shares specified in the applicable statement. The Trustees shall hold the EBT
Base Shares in accordance with the terms and conditions of the Trust Deed and the Contribution
Agreement (which includes provisions identical to the Transfer Restrictions described in Paragraph
3(c) below).
(c) Certain Conditions Precedent. Your DSP Award is expressly
conditioned on: (i) your being a participant in the Xxxxxxx Xxxxx Partner Compensation
Plan or the Xxxxxxx Xxxxx Restricted Partner Compensation Plan on the Date of Grant and your
executing any agreement required in connection with such participation; and (ii) your
executing the related signature card and returning it to the address designated on the signature
card and/or by the method designated on the signature card by the date specified. unless otherwise
determined by the Committee, your failure to meet these conditions will result in the cancellation
of your DSP Award. Your DSP Award is subject to all terms, conditions and provisions of the Plan
and this Award Agreement, including, without limitation, the arbitration and choice of forum
provisions set forth in Paragraph 13. By executing the related signature card, you will
have confirmed your acceptance of all of the terms and conditions of this Award Agreement.
(d) Status under Shareholders’ Agreement. The Shares delivered with respect
to this DSP Award will be subject to the Xxxxxxx Xxxxx Shareholders’ Agreement to which you are a
party, as amended from time to time (the “Shareholders’ Agreement”), except those Shares will not
be considered “Covered Shares” as defined in the Shareholders’ Agreement. Your Base Shares will
not count toward satisfying your transfer restriction requirements under Section 2.1 of the
Shareholders’ Agreement until the Transfer Restrictions described in Paragraph 3(c) of this Award
Agreement are removed.
3. Vesting, Delivery and Transfer Restrictions.
(a) Vesting.
(i) EBT Base Shares. Except as provided in Paragraphs 2(b) and 2(c), you shall
be fully Vested in all of your Outstanding Base Shares on the Date of Grant, and, subject to
Paragraph 10, your Base Shares shall not be forfeitable for any reason.
(ii) Base RSUs. Except as provided in Paragraph 2(c), you shall be fully
Vested in all of your Outstanding Base RSUs, if any, on the Date of Grant, and, subject to
Paragraph 10, such Base RSUs shall not be forfeitable for any reason.
(iii) Discount RSUs. Except as provided in this Paragraph 3 and in Paragraphs
2, 4, 5, 6, 7, 8, 10, 11 and 16, on each Vesting Date, you shall become Vested in the number
or percentage of your Outstanding Discount RSUs specified next to such Vesting Date on the
Award Statement (which may be rounded to avoid fractional Shares). While continued active
Employment is not required in order to receive delivery of the Shares underlying your
Discount RSUs that are or become Vested, all other terms and conditions of this Award
Agreement shall continue to apply, and failure to meet such terms and conditions may result
in the termination of your Discount RSUs (as a result of which no Shares underlying your
Discount RSUs would be delivered).
(b) EBT Base Shares/Delivery of Shares.
(i) EBT Base Shares. EBT Base Shares will be held by the Trustees, in
accordance with Paragraph 2(b) hereof.
(ii) Base RSUs. The Delivery Date with respect to your Base RSUs shall be the
date specified as such on your Award Statement, if that date is during a Window Period or,
if that date is not during a Window Period, the first Trading Day of the first Window Period
beginning after such date. For purposes of this Agreement, a “Trading Day” is a day on
which Shares trade in a regular way on the New York Stock Exchange. Except as provided in
this Paragraph 3 and in Paragraphs 2, 8, 10, 11 and 16, in accordance with Section 3.23 of
the Plan, reasonably promptly (but in no case more than thirty (30) Business Days) after the
date specified as the Delivery Date, Ordinary Base Shares shall be delivered by book entry
credit to your Custody Account or to a brokerage account as approved or required by the
Firm.
(iii) Discount RSUs. The Delivery Date with respect to your Outstanding Vested
Discount RSUs shall be the date specified as such on your Award Statement, if that date is
during a Window Period or, if that date is not during a Window Period, the first Trading Day
of the first Window Period beginning after such date. Except as provided in this Paragraph
3 and in Paragraphs 2, 4, 5, 6, 7, 8, 10, 11 and 16, in accordance with Section 3.23 of the
Plan, reasonably promptly (but in no case more than thirty (30) Business Days) after any
date specified as the Delivery Date (or any other date delivery of Shares underlying your
Outstanding Discount RSUs is called for hereunder), Shares underlying the number or
percentage of your then Outstanding Discount RSUs with respect to which the Delivery Date
(or other date) has occurred (which number of Shares may be rounded to avoid
fractional Shares) shall
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be delivered by book entry credit to your Custody Account or to a
brokerage account as approved or required by the Firm.
(iv) Certain “Covered Employees.” Notwithstanding the foregoing, if you are or
become considered by GS Inc. to be one of its “covered employees” within the meaning of
Section 162(m) of the Code, then you shall be subject to Section 3.21.3 of the Plan, as a
result of which delivery of your Shares may be delayed.
(v) Right to Deliver Cash or Other Property. In accordance with Section
1.3.2(i) of the Plan, in the discretion of the Committee, in lieu of all or any portion of
the Shares otherwise deliverable in respect of all or any portion of your DSP RSUs, the Firm
may deliver cash, other securities, other Awards or other property, and all references in
this Award Agreement to deliveries of Shares shall include such deliveries of cash, other
securities, other Awards or other property.
(c) Transfer Restrictions. Except as provided in Paragraphs 3(e), 4(a), 8 or 10,
until the date specified on your Award Statement as the “Transferability Date”: (i) your Base
Shares shall not be permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated,
fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled
instrument), whether voluntarily or involuntarily by you or any third party (the “Transfer
Restrictions”), and any purported sale, exchange, transfer, assignment, pledge, hypothecation,
fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be
void; and (ii) if and to the extent your Base Shares are certificated, the certificates
representing your Base Shares shall bear a legend specifying that your Base Shares are subject to
the restrictions described in this Paragraph 3(c), and GS Inc. shall advise its transfer agent to
place a stop order against your Base Shares. Within 30 Business Days after the Transferability
Date (or any other date for which removal of the Transfer Restrictions is called for), GS Inc.
shall take, or shall cause to be taken, such steps as may be necessary to remove the Transfer
Restriction.
(d) Escrow. In the discretion of the Committee, delivery of Shares may be made
initially into an escrow account meeting such terms and conditions as are determined by the Firm
until 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 required by this
Award Agreement have been satisfied. By accepting your DSP Award, you have agreed on behalf of
yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain
an escrow account on such terms and conditions (which may include, without limitation, your
executing any documents related to, and your paying for any costs associated with, such escrow
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 while held in escrow and (B) dividends paid on such Shares held in
escrow may be accumulated and shall be paid as determined by the Firm in its discretion.
(e) Death. Notwithstanding any other Paragraph of this Award Agreement, if you die
prior to the Delivery Date with respect to your DSP RSUs and/or the Transferability Date with
respect to your Base Shares, as soon as practicable after the date of death and after such
documentation as may be requested by the Committee is provided to the Committee: (i) your Ordinary
Base Shares and the Shares underlying all of your then Outstanding Discount RSUs shall be delivered
to the representative of your estate; (ii) any EBT Base Shares may, in the Trustees’ absolute
discretion, be delivered to the representative of your estate; and (iii) the Transfer Restrictions
then applicable to your Base Shares shall be removed. The Committee may adopt procedures pursuant
to which you may be permitted to specifically bequeath some or all of your Outstanding DSP RSUs
under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such
other similar charitable organization as may be approved by the Committee).
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4. Termination of Employment.
(a) Base Shares. Unless the Committee determines otherwise, if your Employment
terminates for any reason or you otherwise are no longer actively employed with the Firm (other
than by reason of Extended Absence or solely as a result of “downsizing” as provided in Paragraph
7(b)), the Transfer Restrictions will be removed as soon as practicable after the date your
Employment so terminates. If your Employment terminates by reason of Extended Absence or solely by
reason of a “downsizing” as provided in Paragraph 7(b), the Transfer Restrictions shall continue
to apply to your Base Shares until the Transferability Date in accordance with Paragraph 3(c)
hereof.
(b) Discount RSUs. Unless the Committee determines otherwise, except as provided in
Paragraphs 3(e), 7, 8 and 10(g), if your Employment terminates for any reason or you otherwise are
no longer actively employed with the Firm, your rights in respect of your Discount RSUs (but not
your Base Shares) that were Outstanding, but that had not yet become Vested, immediately prior to
your termination of Employment immediately shall terminate, such Discount RSUs shall cease to be
Outstanding, and no Shares shall be delivered in respect thereof.
5. Termination of Discount RSUs and Non-Delivery of Shares. Unless the Committee
determines otherwise, and except as provided in Paragraphs 7 and 8, your rights in respect of all
of your Outstanding Discount RSUs (whether or not Vested), immediately shall terminate, such
Discount RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof
if:
(a) you attempt to have any dispute under the Plan or this Award Agreement resolved in any
manner that is not provided for by Paragraph 13 or Section 3.17 of the Plan;
(b) any event that constitutes Cause has occurred;
(c) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact
business with a Competitive Enterprise or to reduce or refrain from doing any business with the
Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship
between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign
from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on behalf
of yourself or any person or Competitive Enterprise hire, or participate in the hiring of, any
Selected Firm Personnel, or identify, or participate in the identification of, Selected Firm
Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected
Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1)
by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member
or have similar status, or in which you possess or control greater than a de minimis equity
ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or
are intended to have, direct or indirect managerial or supervisory responsibility for such Selected
Firm Personnel;
(d) you fail to certify to GS Inc., in accordance with procedures established by the
Committee, that you have complied, or the Committee determines that you in fact have failed to
comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the
delivery of Shares under this Award Agreement, you shall be deemed to have represented and
certified at such time that you have complied with all the terms and conditions of the Plan and
this Award Agreement;
(e) the Committee determines that you failed to meet, in any respect, any obligation you may
have under any agreement between you and the Firm, or any agreement entered into in connection with
your Employment with the Firm, including, without limitation, the Firm’s notice period requirement
applicable to you, any offer letter, employment agreement, the Shareholders’ Agreement or any other
shareholders’ agreement to which other similarly situated employees of the Firm are a party; or
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(f) as a result of any action brought by you, it is determined that any of the terms or
conditions of this Award Agreement are invalid.
For purposes of the foregoing, the term “Selected Firm Personnel” means: (i) any Firm employee or
consultant (A) with whom you personally worked while employed by the Firm, or (B) who at any time
during the year immediately preceding your termination of Employment with the Firm, worked in the
same division in which you worked; and (ii) any Managing Director of the Firm.
6. Repayment. The provisions of Section 2.6.3 of the Plan (which requires Award
recipients to repay to the Firm amounts delivered to them if the Committee determines that all
terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall
apply to your Discount RSUs, but, subject to Paragraph 2(b), shall not apply to your Base RSUs or
your Base Shares.
7. Extended Absence and Downsizing.
(a) Extended Absence.
(i) Notwithstanding any other provision of this Award Agreement, but subject to
Paragraph 7(a)(ii), solely with respect to any Discount RSUs that were Outstanding but that
had not yet become Vested prior to your termination of Employment (determined as described
in Section 1.2.19 of the Plan) by reason of Extended Absence, the condition set forth in
Paragraph 4(b) shall be waived with respect to any such Discount RSUs (as a result of which
such Discount RSUs shall become Vested), but all other terms and conditions of this Award
Agreement shall continue to apply. Any termination of Employment by reason of Extended
Absence shall not affect your Base Shares or Base RSUs, and the Transfer Restrictions shall
continue to apply to your Base Shares until the Transferability Date as provided in
Paragraph 3(c).
(ii) Without limiting the application of Paragraph 4(b), your rights in respect of
your Outstanding Discount RSUs that become Vested in accordance with Paragraph 7(a)(i)
immediately shall terminate, such Outstanding Discount RSUs shall cease to be Outstanding,
and no Shares shall be delivered in respect thereof if, prior to the original Vesting Date
with respect to such Discount RSUs, you (i) form, or acquire a 5% or greater equity
ownership, voting or profit participation interest in, any Competitive Enterprise, or (ii)
associate in any capacity (including, but not limited to, association as an officer,
employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise.
(b) Downsizing.
(i) Notwithstanding any other provision of this Award Agreement and, subject to your
executing such general waiver and release of claims and an agreement to pay any associated
tax liability, both as may be prescribed by the Firm or its designee, if your Employment is
terminated without Cause solely by reason of a “downsizing,” the condition set forth in
Paragraph 4(b) shall be waived with respect to a portion of your Discount RSUs that were
Outstanding but that had not yet become Vested immediately prior to such termination of
Employment by reason of “downsizing,” as a result of which you shall become Vested in
a portion of such Discount RSUs, determined with respect to each remaining Vesting Date by
multiplying the number of Discount RSUs that were scheduled to become Vested on each
remaining Vesting Date by a fraction, the numerator of which is the number of months from
the Date of Grant to the date your Employment terminated and the denominator of which is the
number of months from the Date of Grant to the applicable Vesting Date, but all other terms
and conditions of this Award Agreement shall continue to apply. Your termination of
Employment by reason of “downsizing” shall not affect your Base Shares or Base RSUs, and the
Transfer Restrictions shall continue to apply to your Base Shares until the Transferability
Date as provided in Paragraph 3(c).
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(ii) Whether or not your Employment is terminated solely by reason of a “downsizing”
shall be determined by the Firm in its sole discretion. No termination of Employment
initiated by you, including any termination claimed to be a “constructive termination” or
the like or a termination for good reason, will be solely by reason of a “downsizing.”
8. Change in Control. Notwithstanding anything to the contrary in this Award
Agreement, in the event a Change in Control shall occur and within 18 months thereafter the Firm
terminates your Employment without Cause or you terminate your Employment for Good Reason, all
Shares underlying your then Outstanding DSP RSUs, whether or not Vested, shall be delivered, and
the Transfer Restrictions with respect to your Base Shares shall be removed.
9. Dividend Equivalent Rights. Each of your DSP RSUs shall include a Dividend
Equivalent Right. Accordingly, with respect to each of your Outstanding DSP RSUs, at or after the
time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record
date for which occurs on or after the Date of Grant, you shall be entitled to receive an amount
(less applicable withholding) equal to such regular dividend payment as would have been made in
respect of the Share underlying such Outstanding DSP RSU. Payment in respect of a Dividend
Equivalent Right shall be made only with respect to DSP RSUs that are Outstanding on the relevant
record date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of
the Plan.
10. Certain Additional Terms, Conditions and Agreements.
(a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding
taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the
Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any
Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection
with the grant, vesting or delivery of this DSP Award by requiring you to choose between remitting
such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds
from the Firm’s executing a sale of Shares delivered to you pursuant to this DSP Award. In
addition, if you are an individual with separate employment contracts (at any time during and/or
after the Firm’s fiscal year), the Firm may, in its sole discretion, require you to provide
for a reserve in an amount the Firm determines is advisable or necessary in connection with any
actual, anticipated or potential tax consequences related to your separate employment contracts by
requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or
otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to
you pursuant to this DSP Award (or any other Outstanding Awards under the Plan). In no event,
however, shall any choice you may have under the preceding two sentences determine, or give you any
discretion to affect, the timing of the delivery of Shares or the timing of payment of tax
obligations.
(b) Your rights in respect of your Discount RSUs are conditioned on your becoming a party to
any shareholders’ agreement to which other similarly situated employees of the Firm are a party.
(c) Your rights in respect of your DSP Award are conditioned on the receipt to the full
satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan)
that the Committee may determine to be necessary or advisable.
(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this
DSP Award, you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan,
which are incorporated herein by reference.
(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting your
DSP Award you have agreed to be subject to the Firm’s policies in effect from time to time
concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other
awards (including,
without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity
Awards and
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GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary
information, and to effect sales of Shares delivered to you in respect of your DSP Award in
accordance with such rules and procedures as may be adopted from time to time with respect to sales
of such Shares (which may include, without limitation, restrictions relating to the timing of sale
requests, the manner in which sales are executed, pricing method, consolidation or aggregation of
orders and volume limits determined by the Firm). In addition, you understand and agree that you
shall be responsible for all brokerage costs and other fees or expenses associated with your DSP
Award, including, without limitation, such brokerage costs or other fees or expenses in connection
with the Trustees’ purchase or sale of EBT Base Shares, and the sale of Shares delivered to you
hereunder.
(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award
Agreement any legend that the Committee determines to be necessary or advisable (including to
reflect any restrictions to which you may be subject under this Award Agreement or under any
separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order
against any legended Xxxxxx.
(g) Without limiting the application of Paragraph 5, if:
(i) your Employment with the Firm terminates solely because you resigned to accept
employment at any U.S. Federal, state or local government, any non-U.S. government, any
supranational or international organization, any self-regulatory organization or any agency,
or instrumentality of any such government or organization, or any other employer determined
by the Committee, and as a result of such employment, your continued holding of your
Outstanding Base Shares and/or DSP RSUs would result in an actual or perceived conflict of
interest (“Conflicted Employment”); or
(ii) following your termination of Employment other than as described in
Paragraph 10(g)(i), you notify the Firm that you have accepted or intend to accept
Conflicted Employment at a time when you continue to hold Outstanding Base Shares and/or DSP
RSUs;
then, in the case of Paragraph 10(g)(i) above only, the conditions set forth in Paragraph 4(b)
shall be waived with respect to any Discount RSUs you then hold that had not yet become Vested (as
a result of which such Discount RSUs shall become Vested), and in the
case of Paragraphs 10(g)(i)
and 10(g)(ii) above, the Transfer Restrictions shall be removed with respect to any Base Shares,
and all Base RSUs and then Outstanding Vested Discount RSUs pursuant to which Shares had not yet
been delivered shall be cancelled, and, at the sole discretion of the Firm, you shall receive
either a lump sum cash payment in respect of, or delivery of Shares underlying, any such cancelled
Base RSUs and Vested Discount RSUs, in each case as soon as practicable after the Committee has
received satisfactory documentation relating to your Conflicted Employment. Notwithstanding
anything else herein, payment or delivery in respect of the DSP RSUs as a result of this Paragraph
10(g) shall be made only at such time and if and to the extent as would not result in the
imposition of any additional tax to you under Section 409A of the Code (which governs the taxation
of certain deferred compensation).
11. Right of Offset. The obligation to deliver Shares under this Award Agreement or
to remove the Transfer Restrictions is subject to Section 3.4 of the Plan, which provides for the
Firm’s right to offset against such obligation any outstanding amounts you owe to the Firm and any
amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement.
12. Amendment. The Committee reserves the right at any time to amend the terms and
conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect;
provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan,
no such amendment shall materially adversely affect your rights and obligations under this Award
Agreement without your consent; and provided further that the Committee expressly reserves its
rights to amend this Award Agreement and the Plan
as described in
Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award
Agreement shall be
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in writing signed by an authorized member of the Committee or a person or
persons designated by the Committee.
13. Arbitration; Choice of Forum. BY ACCEPTING THIS DSP AWARD, YOU UNDERSTAND AND
AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN,
WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT
ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR
CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK
CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.
14. Non-transferability. Except as otherwise may be provided in this Paragraph 14 or
as otherwise may be provided by the Committee, and subject to Paragraph 3 hereof, the limitations
on transferability set forth in Section 3.5 of the Plan shall apply to this DSP Award. Any
purported transfer or assignment in violation of the provisions of this Paragraph 14, Paragraph
3(c) or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to
which some or all recipients of DSP Awards may transfer some or all of their DSP Awards 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 (but in the case of DSP Awards over EBT Base Shares, only
to the extent that this is permitted by the terms of the Trust Deed).
15. Governing Law. YOUR DSP AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.
16. Delay in Payment. To the extent required in order to avoid the imposition of any
interest and/or additional tax under
Section 409A(a)(1)(B) of the Code, any payments or deliveries due as a result of your termination of Employment with the Firm may be delayed for six months if you are deemed to be a “specified employee” as defined in Section 409A(a)(2)(i)(B) of the Code.
Section 409A(a)(1)(B) of the Code, any payments or deliveries due as a result of your termination of Employment with the Firm may be delayed for six months if you are deemed to be a “specified employee” as defined in Section 409A(a)(2)(i)(B) of the Code.
17. Headings. The headings in this Award Agreement are for the purpose of convenience
only and are not intended to define or limit the construction of the provisions hereof.
IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered
as of the Date of Xxxxx.
THE XXXXXXX XXXXX GROUP, INC. | ||||
By: | ||||
Name: | ||||
Title: |
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