{"id":39205,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-goldman-sachs-group-inc-and-john-l.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-goldman-sachs-group-inc-and-john-l","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-goldman-sachs-group-inc-and-john-l.html","title":{"rendered":"Employment Agreement &#8211; Goldman Sachs Group Inc. and John L. Weinberg"},"content":{"rendered":"<pre>\nThe Goldman Sachs Group, L.P.\/85 Broad Street\/New York, New York 10004\nTel: 212-902-1000\n\n                                                                                \n                                                                         Goldman\n                                                                          Sachs\n\n\n\n                                                                   April 5, 1999\n\n\n\nMr. John L. Weinberg, \n70 Field Point Circle,\nGreenwich, CT  06830.\n\nDear John:\n\n     The Board of Directors of The Goldman Sachs Group, Inc. (the 'Company') is \ntremendously pleased that you have agreed to continue as Senior Chairman of \nGoldman Sachs (the Company, together with its affiliates and subsidiaries are \nsometimes referred to herein as the 'Firm'). We expect to continue to draw upon \nyour advice and talent. This letter is intended to memorialize our mutual \nunderstanding with respect to your senior advisory relationship with the \nCompany.\n\n     1.   Your responsibilities shall be to continue to service, in a senior \ncapacity, the accounts and relationships of the Firm with which you have been \nor become involved and to lend such advice and counsel to the Company as it may \nfrom time to time request. You shall devote substantial time and attention to \nthe business of the Firm and you shall not enter into any other business \nenterprise without the consent of the Board of Directors of the Company. It is \nunderstood that you shall not be required to perform services other than in a \nsenior capacity and that you may arrange your daily affairs pursuant hereto as \nyou deem\nMr. John L. Weinberg                                                         -2-\n\n\nappropriate consistent with the Firm's high standards of professional conduct.\n\n     2. The term of this agreement will be from the date of the Company's\ninitial public offering through November 24, 2000, unless you or the Company\nelects to terminate this agreement sooner on 90 days' prior written notice;\nprovided, however, that any termination by the Company will take effect\nimmediately if the termination is for violation of law, breach of this agreement\nor violation of Goldman Sachs policies or procedures ('cause'). This agreement\nwill also terminate if you die or become disabled.\n\n     3. Your fee shall be at an annual rate of $2,000,000 payable in\nsemi-monthly installments (subject to any required withholding for taxes) and\nshall be pro rated for the portion of 1999 covered by this agreement. If you\nterminate this agreement or the Company terminates it for cause, you will be\nentitled to payment pro rated through the date of such termination. If the\nCompany terminates this agreement other than for cause you will be entitled to\npayment through the end of the fiscal year in which the notice of termination is\ngiven. You will be entitled to continue to participate in the benefits plans of\nthe Company in which you currently participate. The Company will reimburse you\nfor all expenses and disbursements reasonably incurred by you in the performance\nof your duties hereunder.\n\n     4. For 12 months following termination of this agreement you will not,\nwithout the consent of the Board of Directors of the Company, engage directly or\nindirectly in any business which competes with the business of the Firm.\n\n     5. The Confidentiality Agreement you will execute as a Schedule I Limited\nPartner in The Goldman Sachs Group, L.P. ('Group') in connection with the Plan\nof Incorporation of Group (the 'Confidentiality Agreement') will extend to\nconfidential information obtained in connection with your services as a director\nand as Senior Chairman pursuant to this agreement. The\n\n\nMr. John L. Weinberg                                                       -3-\n\nprovisions of Sections 2, 3, 4, 5 and 6 of the Confidentiality Agreement\nshall apply to any dispute under this agreement as if those sections were \nincluded in this agreement and referred to the covenants hereunder.\n\n     6.  This agreement and the Confidentiality Agreement constitute the entire \nunderstanding between the Company and you relating to your relationship with \nthe Firm and supersede and cancel all prior written and oral agreements and \nunderstandings with respect to the subject matter of this agreement. This \nagreement may be amended only by a subsequent written agreement of the parties, \nshall be binding upon and inure to the benefit of you and your heirs, \nexecutors, administrators and beneficiaries and the Company and its successors \nand assigns and shall be governed by and construed in accordance with the laws \nof the State of New York.\n\n     If the foregoing is in accordance with your understanding, kindly confirm \nyour acceptance and agreement by signing and returning the enclosed duplicate \nof this letter which will thereupon constitute an agreement between us.\n\n                                   Very truly yours,\n\n                                   The Goldman Sachs Group, Inc.\n\n   \n                                   By: \/s\/ Henry M. Paulson, Jr. \n                                      --------------------------\n    \n\n\nAgreed to and accepted as\nof the date of this letter\n\n\/s\/ John L. Weinberg\n--------------------------\nJohn L. Weinberg\n\n     \n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7660],"corporate_contracts_industries":[9418],"corporate_contracts_types":[9539,9544],"class_list":["post-39205","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-goldman-sachs-group-inc","corporate_contracts_industries-financial__securities","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39205"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39205"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39205"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}