diff --git a/src/internal/operators/share.ts b/src/internal/operators/share.ts
index 335210fdc81..57c9a101487 100644
--- a/src/internal/operators/share.ts
+++ b/src/internal/operators/share.ts
@@ -1,7 +1,10 @@
+import { Observable } from '../Observable';
+import { from } from '../observable/from';
+import { take } from '../operators/take';
 import { Subject } from '../Subject';
-import { MonoTypeOperatorFunction, OperatorFunction, SubjectLike } from '../types';
 import { SafeSubscriber } from '../Subscriber';
-import { from } from '../observable/from';
+import { Subscription } from '../Subscription';
+import { MonoTypeOperatorFunction, SubjectLike } from '../types';
 import { operate } from '../util/lift';
 
 export interface ShareConfig<T> {
@@ -17,16 +20,20 @@ export interface ShareConfig<T> {
    * will remain the connecting subject, meaning the resulting observable will not go "cold" again, and subsequent retries
    * or resubscriptions will resubscribe to that same subject. In all cases, RxJS subjects will emit the same error again, however
    * {@link ReplaySubject} will also push its buffered values before pushing the error.
+   * It is also possible to pass a notifier factory returning an observable instead which grants more fine-grained
+   * control over how and when the reset should happen. This allows behaviors like conditional or delayed resets.
    */
-  resetOnError?: boolean;
+  resetOnError?: boolean | ((error: any) => Observable<any>);
   /**
    * If true, the resulting observable will reset internal state on completion from source and return to a "cold" state. This
    * allows the resulting observable to be "repeated" after it is done.
    * If false, when the source completes, it will push the completion through the connecting subject, and the subject
    * will remain the connecting subject, meaning the resulting observable will not go "cold" again, and subsequent repeats
    * or resubscriptions will resubscribe to that same subject.
+   * It is also possible to pass a notifier factory returning an observable instead which grants more fine-grained
+   * control over how and when the reset should happen. This allows behaviors like conditional or delayed resets.
    */
-  resetOnComplete?: boolean;
+  resetOnComplete?: boolean | (() => Observable<any>);
   /**
    * If true, when the number of subscribers to the resulting observable reaches zero due to those subscribers unsubscribing, the
    * internal state will be reset and the resulting observable will return to a "cold" state. This means that the next
@@ -34,8 +41,10 @@ export interface ShareConfig<T> {
    * again.
    * If false, when the number of subscribers to the resulting observable reaches zero due to unsubscription, the subject
    * will remain connected to the source, and new subscriptions to the result will be connected through that same subject.
+   * It is also possible to pass a notifier factory returning an observable instead which grants more fine-grained
+   * control over how and when the reset should happen. This allows behaviors like conditional or delayed resets.
    */
-  resetOnRefCountZero?: boolean;
+  resetOnRefCountZero?: boolean | (() => Observable<any>);
 }
 
 export function share<T>(): MonoTypeOperatorFunction<T>;
@@ -48,6 +57,14 @@ export function share<T>(options: ShareConfig<T>): MonoTypeOperatorFunction<T>;
  * unsubscribe from the source Observable. Because the Observable is multicasting it makes the stream `hot`.
  * This is an alias for `multicast(() => new Subject()), refCount()`.
  *
+ * The subscription to the underlying source Observable can be reset (unsubscribe and resubscribe for new subscribers),
+ * if the subscriber count to the shared observable drops to 0, or if the source Observable errors or completes. It is
+ * possible to use notifier factories for the resets to allow for behaviors like conditional or delayed resets. Please
+ * note that resetting on error or complete of the source Observable does not behave like a transparent retry or restart
+ * of the source because the error or complete will be forwarded to all subscribers and their subscription will be
+ * closed. Only new subscribers after a reset on error or complete happened will cause a fresh subscription to the
+ * source. To achieve transparent retries or restarts pipe the source through appropriate operators before sharing.
+ *
  * ![](share.png)
  *
  * ## Example
@@ -84,30 +101,72 @@ export function share<T>(options: ShareConfig<T>): MonoTypeOperatorFunction<T>;
  * // ... and so on
  * ```
  *
+ * ## Example with notifier factory: Delayed reset
+ * ```ts
+ * import { interval } from 'rxjs';
+ * import { share, take, timer } from 'rxjs/operators';
+ *
+ * const source = interval(1000).pipe(take(3), share({ resetOnRefCountZero: () => timer(1000) }));
+ *
+ * const subscriptionOne = source.subscribe(x => console.log('subscription 1: ', x));
+ * setTimeout(() => subscriptionOne.unsubscribe(), 1300);
+ *
+ * setTimeout(() => source.subscribe(x => console.log('subscription 2: ', x)), 1700);
+ *
+ * setTimeout(() => source.subscribe(x => console.log('subscription 3: ', x)), 5000);
+ *
+ * // Logs:
+ * // subscription 1:  0
+ * // (subscription 1 unsubscribes here)
+ * // (subscription 2 subscribes here ~400ms later, source was not reset)
+ * // subscription 2:  1
+ * // subscription 2:  2
+ * // (subscription 2 unsubscribes here)
+ * // (subscription 3 subscribes here ~2000ms later, source did reset before)
+ * // subscription 3:  0
+ * // subscription 3:  1
+ * // subscription 3:  2
+ * ```
+ *
  * @see {@link api/index/function/interval}
  * @see {@link map}
  *
  * @return A function that returns an Observable that mirrors the source.
  */
-export function share<T>(options?: ShareConfig<T>): OperatorFunction<T, T> {
-  options = options || {};
-  const { connector = () => new Subject<T>(), resetOnComplete = true, resetOnError = true, resetOnRefCountZero = true } = options;
+export function share<T>(options: ShareConfig<T> = {}): MonoTypeOperatorFunction<T> {
+  const { connector = () => new Subject<T>(), resetOnError = true, resetOnComplete = true, resetOnRefCountZero = true } = options;
 
   let connection: SafeSubscriber<T> | null = null;
+  let resetConnection: Subscription | null = null;
   let subject: SubjectLike<T> | null = null;
   let refCount = 0;
   let hasCompleted = false;
   let hasErrored = false;
 
+  const cancelReset = () => {
+    resetConnection?.unsubscribe();
+    resetConnection = null;
+  };
   // Used to reset the internal state to a "cold"
   // state, as though it had never been subscribed to.
   const reset = () => {
+    cancelReset();
     connection = subject = null;
     hasCompleted = hasErrored = false;
   };
+  const resetAndUnsubscribe = () => {
+    // We need to capture the connection before
+    // we reset (if we need to reset).
+    const conn = connection;
+    reset();
+    conn?.unsubscribe();
+  };
 
   return operate((source, subscriber) => {
     refCount++;
+    if (!hasErrored && !hasCompleted) {
+      cancelReset();
+    }
 
     // Create the subject if we don't have one yet.
     subject = subject ?? connector();
@@ -123,12 +182,8 @@ export function share<T>(options?: ShareConfig<T>): OperatorFunction<T, T> {
       // If we're resetting on refCount === 0, and it's 0, we only want to do
       // that on "unsubscribe", really. Resetting on error or completion is a different
       // configuration.
-      if (resetOnRefCountZero && !refCount && !hasErrored && !hasCompleted) {
-        // We need to capture the connection before
-        // we reset (if we need to reset).
-        const conn = connection;
-        reset();
-        conn?.unsubscribe();
+      if (refCount === 0 && !hasErrored && !hasCompleted) {
+        resetConnection = handleReset(resetAndUnsubscribe, resetOnRefCountZero);
       }
     });
 
@@ -149,19 +204,17 @@ export function share<T>(options?: ShareConfig<T>): OperatorFunction<T, T> {
           // We need to capture the subject before
           // we reset (if we need to reset).
           const dest = subject!;
-          if (resetOnError) {
-            reset();
-          }
+          cancelReset();
+          resetConnection = handleReset(reset, resetOnError, err);
           dest.error(err);
         },
         complete: () => {
           hasCompleted = true;
-          const dest = subject!;
           // We need to capture the subject before
           // we reset (if we need to reset).
-          if (resetOnComplete) {
-            reset();
-          }
+          const dest = subject!;
+          cancelReset();
+          resetConnection = handleReset(reset, resetOnComplete);
           dest.complete();
         },
       });
@@ -169,3 +222,23 @@ export function share<T>(options?: ShareConfig<T>): OperatorFunction<T, T> {
     }
   });
 }
+
+function handleReset<T extends unknown[] = never[]>(
+  fn: () => void,
+  on: boolean | ((...args: T) => Observable<any>),
+  ...args: T
+): Subscription | null {
+  if (on === true) {
+    fn();
+
+    return null;
+  }
+
+  if (on === false) {
+    return null;
+  }
+
+  return on(...args)
+    .pipe(take(1))
+    .subscribe(() => fn());
+}