Document:

EX-10.60

 Exhibit 10.60 

[Execution Copy] 
 SMD Non-Competition and Non-Solicitation Agreement 
 This SMD Non-Competition and Non-Solicitation Agreement, dated as of November 12, 2018 (the “Non-Competition Agreement”),
between Blackstone Holdings I L.P., a Delaware limited partnership, Blackstone Holdings II L.P., a Delaware limited partnership, Blackstone Holdings III L.P., a Québec société en commandite, Blackstone Holdings IV L.P., a
Québec société en commandite and Blackstone Holdings AI L.P., a Delaware limited partnership (collectively, “Blackstone Holdings” and, together with its Subsidiaries and Affiliates (as each such term is defined
in the New Acquisition Agreement (as defined below) entities, “Blackstone”), and each of the other persons from time to time party hereto (each, an “SMD”). 

WHEREAS, each SMD acknowledges and agrees that it is essential to the success of Blackstone that Blackstone be protected by non-competition and non-solicitation agreements that will be entered into by such SMD and other SMDs of Blackstone; 

WHEREAS, each SMD acknowledges and agrees that Blackstone would suffer significant and irreparable harm from SMD competing with Blackstone
after the termination of SMD’s service with Blackstone; 
 WHEREAS, each SMD is a party to a letter agreement with Blackstone (an
“SMD Agreement”), as well as other agreements referred to therein; and 
 WHEREAS, each SMD acknowledges and agrees that in
the course of such SMD’s service with Blackstone, such SMD has been and will be provided with Confidential Information (as hereinafter defined) of Blackstone, and has been and will be provided with the opportunity to develop relationships with
investors and clients, prospective investors and clients, employees and other agents of Blackstone, and such SMD further acknowledges that such Confidential Information and relationships are extremely valuable assets in which Blackstone has invested
and will continue to invest substantial time, effort and expense; 
 NOW, THEREFORE, for good and valuable consideration, each SMD and
Blackstone hereby covenant and agree to the following restrictions which such SMD acknowledges and agrees are reasonable and necessary to protect the legitimate business interests of Blackstone and which will not unnecessarily or unreasonably
restrict such SMD’s professional opportunities should his or her service with Blackstone terminate: 
  

	I.	 Non-Competition and
Non-Solicitation Covenants 

 A.
Non-Competition. Each SMD shall not, directly or indirectly, during such SMD’s service with Blackstone, and for a period ending the latest of (x) 12 months following the termination with Cause by
Blackstone of such SMD’s service pursuant to Sections 5(a) or 5(b) of the SMD Agreement, (y) 90 days following the termination without Cause by Blackstone of such SMD’s service pursuant to Sections 5(a) or 5(b) of the SMD Agreement, and
(z) 12 months following the date on which such SMD’s Garden Leave Period would commence pursuant to Section 5(d) of the SMD Agreement, associate (including but not limited to association as a sole

  
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proprietor, owner, employer, principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor or otherwise) with any Competitive Business or any of the
Affiliates, related entities, successors or assigns of any Competitive Business; provided however that with respect to the equity of any Competitive Business which is or becomes publicly traded, such SMD’s ownership as a passive
investor of less than 3% of the outstanding publicly traded stock of a Competitive Business shall not be deemed a violation of this Non-Competition Agreement (provided that nothing in this Section I.A shall
restrict any SMD from providing asset-management services solely for the exclusive benefit of (i) himself, (ii) J. Albert (Tripp) Smith (“JAS”) and/or Douglas Ostrover, (iii) any immediate family members of the preceding
and/or (iv) any trust or estate planning vehicle for the benefit of any of the foregoing; provided, that no investors (other than the foregoing) pay for any fee to Executive in respect of such services). For purposes of this Non-Competition Agreement, “Competitive Business” means any business, in any geographical or market area where Blackstone conducts business or provides products or services, that competes with the
business of Blackstone, including any business in which Blackstone engaged during the term of such SMD’s service and any business that Blackstone was actively considering conducting at the time of such SMD’s termination of service and of
which such SMD has, or reasonably should have, knowledge. 
 B. Non-Solicitation of
Clients/Investors. Each SMD shall not, directly or indirectly, during such SMD’s service with Blackstone, and for a period ending 24 months following (i) the termination by Blackstone of such SMD’s service pursuant to Sections
5(a) or 5(b) of the SMD Agreement, or (ii) the commencement of such SMD’s Garden Leave Period pursuant to Section 5(d) of the SMD Agreement, (a) solicit, or assist any other individual, person, firm or other entity in soliciting,
the business of any Client or Prospective Client for or on behalf of an existing or prospective Competitive Business; (b) perform, provide or assist any other individual, person, firm or other entity in performing or providing, services similar
to those provided by Blackstone, for any Client or Prospective Client; or (c) impede or otherwise interfere with or damage (or attempt to impede or otherwise interfere with or damage) any business relationship and/or agreement between
Blackstone and (i) a Client or Prospective Client or (ii) any supplier. 
 1. For purposes of this
Non-Competition Agreement, “Client” shall mean any person, firm, corporation or other organization whatsoever for whom Blackstone provided services (including without limitation any investor
in any Blackstone fund, any portfolio company of a Blackstone fund, any client of any Blackstone business group or any other person for whom Blackstone renders any service) with respect to whom each SMD, individuals reporting to such SMD or
individuals over whom such SMD had direct or indirect responsibility, had personal contact or dealings on Blackstone’s behalf during the three-year period immediately preceding such SMD’s termination of service. “Prospective
Client” shall mean any person, firm, corporation or other organization whatsoever with whom Blackstone has had any negotiations or discussions regarding the possible engagement of business, investment in a Blackstone fund, investment in or
provision of services to any portfolio company of a Blackstone fund, or the performance of business services within the eighteen months preceding such SMD’s termination of service with Blackstone with respect to whom such SMD, individuals
reporting to such SMD or individuals over whom such SMD had direct or indirect responsibility, had personal contact or dealing on Blackstone’s behalf during such eighteen-month period. 

  
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 2. For purposes of this Section I.B., “solicit” means to have any direct or
indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any individual, person, firm or other entity, in any manner, to take or refrain from taking any action. 

C. Non-Solicitation of Employees/Consultants. Each SMD shall not, directly or indirectly, during
such SMD’s service with Blackstone, and for a period ending 24 months following (i) the termination by Blackstone of such SMD’s service pursuant to Sections 5(a) or 5(b) of the SMD Agreement or (ii) the commencement of such
SMD’s Garden Leave Period pursuant to Section 5(d) of the SMD Agreement, solicit, employ, engage or retain, or assist any other individual, person, firm or other entity in soliciting, employing, engaging or retaining, (a) any employee
or (with respect to soliciting only) other agent of Blackstone, including without limitation any former employee or (with respect to soliciting only) other agent, in each case, of Blackstone who ceased working for Blackstone within the twelve-month
period immediately preceding or following the date on which such SMD’s service with Blackstone terminated, or (b) any consultant or senior adviser that such SMD knows or should know is under contract with Blackstone; provided that SMD
shall not associate with JAS in any manner that involves the raising of third party capital (including, for the avoidance of doubt, engaging in preparatory activities with respect to the raising of third party capital) on or prior to the later of
(x) June 30, 2020 and (y) the date that is six months following the termination of SMD’s service with Blackstone (other than as expressly set forth in the parenthetical proviso of Section I.A hereof), although SMD may serve as a
reference for JAS or invest on the same terms as other similarly situated investors in funds and other opportunities sponsored by JAS. For purposes of this Section I.C., “solicit” means to have any direct or indirect communication of any
kind whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, to terminate their employment or business relationship with Blackstone, or recommending or suggesting (including by
identifying a person or entity to a third party) that a third party take any of the foregoing actions. 
 D. Retention Conditions.
Notwithstanding the foregoing, if the Retention Conditions shall have been satisfied by SMD, then the provisions of Section I.A and I.B shall expire on the date that is 90 days following SMD’s Early Retirement Date. Notwithstanding the
foregoing, and for the avoidance of doubt, the provisions of Section I.C shall not expire earlier as a result of the Retention Conditions. The terms “Retention Conditions” and “Early Retirement Date” are defined in
the Amended and Restated Deferred Holding Unit Agreement, dated February 24, 2015 and amended as of the date hereof, between The Blackstone Group L.P. and SMD. 
  

	II.	 Confidentiality 

A. Each SMD expressly agrees, at all times, during and subsequent to such SMD’s service with Blackstone, to maintain the confidentiality
of, and not to disclose to or discuss with, any person any Confidential Information (as hereinafter defined), except (i) to the extent reasonably necessary or appropriate to perform such SMD’s duties and responsibilities as an SMD
including without limitation furthering the interests of Blackstone and/or developing new business for Blackstone (provided that Confidential Information relating to (x) personnel matters related to any present or former employee,
partner or member of Blackstone (including such SMD himself or herself), including compensation and investment arrangements, or (y) the 

  
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financial structure, financial position or financial results of any Blackstone entities, shall not be so used without the prior consent of Blackstone), (ii) with the prior written consent of
Blackstone, or (iii) as otherwise required by law, regulation or legal process or by any regulatory or self-regulatory organization having jurisdiction; provided that such SMD agrees that a copy of the provisions set forth in Section I
may be disclosed to such SMD’s prospective future employers, partners or other service-recipients upon request in connection with such SMD’s application therefor. Without limiting the generality of the provisions of this Agreement, SMD
agrees that in connection with any employment, investment management or professional activities in which SMD engages following termination of SMD’s services with Blackstone, neither the SMD nor anyone, including without limitation, any firm or
investment fund with which SMD becomes affiliated or which SMD endeavors to establish, nor any other employee, agent or representative of such firm or fund, may provide to any investors or prospective investors or any other persons or entities,
whether orally or in writing, any non-public information about Blackstone, any fund or vehicle sponsored by Blackstone (collectively, a “Blackstone Fund”), any investments made by any Blackstone Fund
or the performance record of any Blackstone Fund; or non-public information about advisory services provided by Blackstone; or non-public information about the clients
to which such services were delivered, in each case without the prior written consent of John Finley (or his successor as Chief Legal Officer of Blackstone or respective designee), which consent may be withheld in John Finley or his successor’s
or designee’s sole discretion. Notwithstanding the foregoing, Blackstone and SMD agree that SMD will be entitled to use a biographical description to be agreed between the parties. 

B. For purposes of this Non-Competition Agreement, “Confidential Information” means
information concerning the business, affairs, operations, strategies, policies, procedures, organizational and personnel matters related to any present or former employee, partner or member of Blackstone (including each SMD himself or herself),
including compensation and investment arrangements, terms of agreements, financial structure, financial position, financial results or other financial affairs, actual or proposed transactions or investments, investment results, existing or
prospective clients or investors, computer programs or other confidential information related to the business of Blackstone or to its members, actual or prospective clients or investors (including funds managed by Affiliates of Blackstone), their
respective portfolio companies or other third parties. Such information may have been or may be provided in written or electronic form or orally. All of such information, from whatever source learned or obtained and regardless of Blackstone’s
connection to the information, is referred to herein as “Confidential Information.” Confidential Information excludes information that has been made generally available to the public (although it does include any confidential information
received by Blackstone from any clients), but information that when viewed in isolation may be publicly known or can be accessed by a member of the public will still constitute Confidential Information for these purposes to the extent such
information has been aggregated or interpreted by Blackstone in such a manner as to become proprietary to Blackstone. Without limiting the foregoing, Confidential Information includes any information, whether public or not, which
(1) represents, or is aggregated in such a way as to represent, or purport to represent, all or any portion of the investment results of, or any other information about the investment “track record” of, (a) Blackstone, (b) a
business group of Blackstone, (c) one or more funds managed by Blackstone, or (d) any individual or group of individuals during their time at Blackstone, or (2) describes an individual’s role in achieving or contributing to any
such investment results. 

  
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 C. In addition to the foregoing, SMD agrees not to disclose to, or discuss with, any person
(including any partner or employee of Blackstone) other than Stephen A. Schwarzman, Jonathan D. Gray, Michael S. Chae, John G. Finley, and Paige Ross, members of the firm’s financial, tax, accounting and human resources staff who participate in
the preparation or ongoing administration of the SMD Agreement and other persons designated by SAS or JDG, any information relating to the contents or subject matter of the SMD Agreement or of any Governing Agreement that may be furnished to SMD in
connection with SMD’s association with Blackstone, except (a) to the extent necessary to perform SMD’s duties and responsibilities under the SMD Agreement, (b) to the extent reasonably necessary or applicable in enforcing
SMD’s rights with respect to Blackstone or its Affiliates, (c) as otherwise required by applicable law, or (d) to SMD’s counsel, spouse and/or tax, accounting and financial advisors, and (with respect only to the terms of the
restrictions referred to in Section I of this Non-Competition Agreement) to any prospective future employer upon request in connection with SMD’s application for employment; provided, that SMD undertakes
that such counsel, spouse, tax, accounting and financial advisors and prospective future employers will comply with the restrictions set forth in this Section II. 
  

	III.	 Non-Disparagement 

A. Each SMD agrees that, during and at any time after such SMD’s service with Blackstone, such SMD will not, directly or indirectly,
through any agent or Affiliate, make any disparaging comments or criticisms (whether of a professional or personal nature) to any individual or other third party (including without limitation any present or former member, partner or employee of
Blackstone) or entity regarding Blackstone (or the terms of any agreement or arrangement of any Blackstone entity) or any of their respective Affiliates, members, partners or employees, or regarding such SMD’s relationship with Blackstone or
the termination of such relationship which, in each case, are reasonably expected to result in material damage to the business or reputation of Blackstone or any of its Affiliates, members, partners or employees. 

 

	IV.	 Remedies 

A. Injunctive Relief. Each SMD acknowledges and agrees that Blackstone’s remedy at law for any breach of this Non-Competition Agreement would be inadequate and that for any breach of this Non-Competition Agreement, Blackstone shall, in addition to other remedies as may be available to
it at law or in equity, or as provided for in this Non-Competition Agreement, be entitled to an injunction, restraining order or other equitable relief, without the necessity of posting a bond, restraining
such SMD from committing or continuing to commit any violation of such covenants. Each SMD agrees that proof shall not be required that monetary damages for breach of the provisions of this Non-Competition
Agreement would be difficult to calculate and that remedies at law would be inadequate. 

  
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 B. Forfeiture. 

1. In the event of any breach of this Non-Competition Agreement, the SMD Agreement or any limited
liability company agreement, partnership agreement or other governing document of Blackstone to which such SMD is a party, or any termination for Cause (as defined in Section 5 of the SMD Agreement) of such SMD’s services, (i) such
SMD shall no longer be entitled to receive payment of any amounts that are contingent on continued services as an SMD, member or partner, as the case may be, of Blackstone (excluding, for the avoidance of doubt, return of such SMD’s capital
contributions), (ii) all of such SMD’s remaining SMD, member, partner or other interests (including, without limitation, carried interests, but excluding the securities of Blackstone Holdings or The Blackstone Group L.P., a Delaware limited
partnership) in Blackstone (whether vested or unvested) shall immediately terminate and be null and void, (iii) all of the securities of Blackstone Holdings or The Blackstone Group L.P., a Delaware limited partnership subject to holdback (i.e.,
deferred or delayed delivery or prohibitions on transfer) held by or to be received by such SMD or such SMD’s personal planning vehicle(s) shall be forfeited (except to the extent such units were both (x) vested and (y) scheduled to
be delivered prior to the applicable breach or termination), (iv) no further such interests or securities will be awarded to such SMD, and (v) all unrealized gains (by investment) related to such SMD’s side-by-side investments (but excluding, for the avoidance of doubt, return of SMD’s capital) will be forfeited. 
  

	V.	 Amendment; Waiver 

A. This Non-Competition Agreement may not be modified, other than by a written agreement executed by
each SMD and Blackstone, nor may any provision hereof be waived other than by a writing executed by Blackstone. 
 B. The waiver by
Blackstone of any particular default by each SMD or any employee of Blackstone, shall not affect or impair the rights of Blackstone with respect to any subsequent default of the same or of a different kind by such SMD or any employee of Blackstone;
nor shall any delay or omission by Blackstone to exercise any right arising from any default by such SMD affect or impair any rights that Blackstone may have with respect to the same or any future default by such SMD or any employee of Blackstone.

  

	VI.	 Governing Law 

This Non-Competition Agreement and the rights and duties hereunder shall be governed by and construed
and enforced in accordance with the laws of the State of New York. 
  

	VII.	 Resolution of Disputes; Submission to Jurisdiction; Waiver of Jury Trial 

A. Any and all disputes (including any ancillary claims) arising out of, relating to or connecting with this Agreement, including the breach,
termination or validity thereof (including the validity, scope and enforceability of this arbitration provision and/or any claim of discrimination in connection with such SMD’s tenure as an SMD, partner or member of Blackstone or any aspect of
any relationship between such SMD and Blackstone or any termination of such SMD’s services as such member or partner or of any aspect of any relationship between such SMD and Blackstone), shall be finally settled by an arbitration conducted by
a single arbitrator, who shall be a lawyer, in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce (“ICC Rules”). If the parties to the dispute fail to agree on the selection of an
arbitrator within thirty days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. 

  
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 Notwithstanding the provisions of this Section VII, Blackstone may bring an action or
special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder and/or enforcing an arbitration award and, for the purposes of
this Section VII.A, each SMD (i) expressly consents to the application of this Section to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Non-Competition Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Chief Legal Officer of Blackstone as such SMD’s agent for service
of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise such SMD of any such service of process, shall be deemed in every respect effective service of process upon
such SMD in any such action or proceeding. 
 B. Performance under this Agreement shall continue if reasonably possible during any
arbitration proceedings. The place of arbitration shall be in New York City, New York. The language of the arbitration shall be in English. 

C. EACH SMD HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING
BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION DESCRIBED IN SECTION VII.A, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED
ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS NON-COMPETITION AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of
arbitration or to confirm an arbitration award. The parties acknowledge that the forum designated by this Section has, and will have, a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

D. Each SMD hereby waives, to the fullest extent permitted by applicable law, any objection which such SMD now or hereafter may have to
personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in this section and agrees not to plead or claim the same. Each SMD further waives, to the fullest extent permitted by
applicable law, any right that may exist to a jury trial or to participation as a member of a class in any proceeding. 
 E. Each SMD hereby
agrees that such SMD shall not, nor shall such SMD allow anyone acting on such SMD’s behalf to, subpoena or otherwise seek to gain access to any financial statements or other confidential financial information relating to Blackstone, or any of
its respective members, partners, officers, employees or agents, except as specifically permitted by the terms of this Non-Competition Agreement or by the provisions of any limited liability company agreement,
partnership agreement or other governing document of Blackstone to which such SMD is a party; provided, that in any proceeding referred to in this Section VII, each SMD shall have the right to use firm financial statements previously provided to
such SMD to the extent expressly provided in Section II of this Non-Competition Agreement. 

  
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 F. EACH SMD HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY SUCH ANCILLARY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY COURT REFERRED TO IN THIS SECTION. 
  

	VIII.	 Entire Agreement 

This Non-Competition Agreement, together with the SMD Agreement, the Acquisition Agreement by and among
Blackstone, the other acquirers named therein, GSO Capital Partners LP and the GSO Equity Participants named therein, dated March 3, 2008, the Acquisition Agreement by and among GSO Holdings I L.L.C. and the GSO Equity Participants named
therein, dated December 30, 2011 (the “New Acquisition Agreement”) and the Performance Earn Out Letter Agreement by and among GSO Holdings I L.L.C. and the Performance Earn Out Participants named therein, dated
December 30, 2011, contain the entire agreement between the parties with respect to the subject matter herein and supersede all prior oral and written agreements between the parties pertaining to such matters. 

 

	IX.	 Severability 

A. If any provision of this Non-Competition Agreement shall be held or deemed to be invalid, illegal or
unenforceable in any jurisdiction for any reason, the invalidity of that provision shall not have the effect of rendering the provision in question unenforceable in any other jurisdiction or in any other case or of rendering any other provisions
herein unenforceable, but the invalid provision shall be substituted with a valid provision which most closely approximates the intent and the economic effect of the invalid provision and which would be enforceable to the maximum extent permitted in
such jurisdiction or in such case. 

  
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 WHEREOF, the parties hereto have duly executed this SMD
Non-Competition and Non-Solicitation Agreement as of the date first above written. 

 

							
	BLACKSTONE HOLDINGS I L.P.
			
		 	By:	 	Blackstone Holdings I/II GP Inc., its general partner
				
		 		 	By:	 	 /s/ Stephen A. Schwarzman

		 		 		 	Name: Stephen A. Schwarzman
		 		 		 	Title: Chairman and Chief Executive Officer
	
	BLACKSTONE HOLDINGS II L.P.
		
		 	By: Blackstone Holdings I/II GP Inc., its general partner
				
		 		 	By:	 	 /s/ Stephen A. Schwarzman

		 		 		 	Name: Stephen A. Schwarzman
		 		 		 	Title: Chairman and Chief Executive Officer
	
	BLACKSTONE HOLDINGS III L.P.
		
		 	By: Blackstone Holdings III GP L.P., its general partner
			
		 	    By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
				
		 		 	By:	 	 /s/ Stephen A. Schwarzman

		 		 		 	Name: Stephen A. Schwarzman
		 		 		 	Title: Chairman and Chief Executive Officer
	
	BLACKSTONE HOLDINGS IV L.P.
		
		 	By: Blackstone Holdings IV GP L.P., its general partner
		
		 	 By: Blackstone Holdings IV GP Management (Delaware) L.P., its general partner

		
	    	 	 By: Blackstone Holdings IV GP Management L.L.C., its general partner

				
		 		 	    By:	 	 /s/ Stephen A. Schwarzman

		 		 		 	Name: Stephen A. Schwarzman
		 		 		 	Title: Chairman and Chief Executive Officer

 [Signature Page to SMD Non-Competition and Non-Solicitation Agreement] 

			
	 Agreed and accepted as of the date first above written:

 

	By:	 	 /s/ Bennett J. Goodman

		 	        (Please sign above)
	
	Print Name: Bennett J. GoodmanEX-10.91

 Exhibit 10.91 

Execution Copy 
  
 

 
 October 2, 2018 
 J.
Tomilson Hill 
 Dear Tom, 
 This letter
agreement (“Letter Agreement”) serves to document our mutual agreement regarding your continued service as a Senior Managing Director (“SMD”) of The Blackstone Group L.P. (“Blackstone”). All
capitalized terms used in this Letter Agreement but not defined shall have the meanings ascribed to such terms in that certain Senior Managing Director Agreement, dated as of June 18, 2007, by and among Blackstone Holdings I L.P. and you (the
“SMD Agreement”). A copy of your SMD Agreement is attached hereto as Exhibit A. 
 1. Service as Senior Managing
Director; Restrictive Covenants. 
 (a) You shall continue to serve as a Blackstone SMD following the date hereof until December 31,
2018 (such date, the “Effective Date”). Prior to the Effective Date, you will continue to (x) serve as an SMD and Chairman of Blackstone Alternative Asset Management (“BAAM”), Vice Chairman of Blackstone, a member of
the Management Committee, the Board of Directors of Blackstone and the GP Stakes Investment Committee and advisor to and member of the investment committee of Blackstone Strategic Capital Holdings (“BSCH”) and (y) provide proactive
leadership to effectuate a smooth management transition, as reasonably determined by Blackstone, the duties of which will include, without limitation, the transferring of key LP and hedge fund relationships and supporting the management team. In
order to facilitate such transition, you will gradually reduce your level of involvement in the day-to-day operations and, as of the date hereof, you will no longer be
required to participate in or attend regular internal meetings of BAAM. 
 (b) As of the Effective Date, you hereby resign as an SMD of
Blackstone Holdings I L.P. and each of Blackstone’s other affiliated entities (the “Blackstone Entities”) and as an officer or director (or person performing similar functions) of each Blackstone Entity for which you served as
an officer or director (or similar function). Blackstone waives its right to any advance notice from you regarding your resignation or retirement under the SMD Agreement, and you will not be obligated to remain on “garden leave status” (as
described in Section 5(d) of the SMD Agreement) at any time. 
 (c) You acknowledge and agree that, from and after the Effective Date,
you will have no legal or actual power or authority to act on behalf of or to legally bind the Blackstone Entities (to the extent you had such power prior to the Effective Date). 

 
 

 

 (d) You hereby acknowledge and affirm all of the provisions of your SMD Non-Competition and Non-Solicitation Agreement, dated as of June 18, 2007, a copy of which is attached hereto as Schedule A to the SMD Agreement (the “Non-Competition Agreement”). For purposes of the Non-Competition Agreement, the Effective Date will be deemed to be the date on which your “Garden Leave
Period” commenced. Notwithstanding the foregoing: 
 (i) the definition of “Competitive Business” in Section
I.A. of the Non-Competition Agreement is hereby amended and restated in its entirety, as of the Effective Date, with the following: 

“For purposes of this Non-Competition Agreement, ‘Competitive Business’ means
any business, in any geographical or market area where Blackstone conducts business or provides products or services, that competes with any portion of a Specified Business. 

‘Specified Business’ means any business consisting of one or more of the following areas: 

(i) a discretionary allocator to hedge funds (i.e., a hedge fund of funds or seeding/acceleration business); 

(ii) a private equity fund sponsor (other than to the extent the SMD’s services are limited to the areas described in clause (z) of
the immediately following sentence); 
 (iii) a private debt or credit fund sponsor; 

(iv) a real estate fund or real estate debt fund sponsor; or 

(v) the business of acquiring non-controlling/minority ownership interests and/or economic
participations in hedge funds, private equity sponsors, private debt or credit fund sponsors, real estate fund or real estate debt fund sponsors, or other alternative asset managers. 

Competitive Business shall not include the portion of any Specified Business that consists of: 

(x) direct investments in marketable investment vehicles (i.e., hedge funds, mutual funds and separately managed account managers); 

(y) a special purpose acquisition company that does not engage in a Specified Business; or 

  
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 (z) any investment fund (or sponsor thereof) the primary investment strategy of which is to
obtain superior returns through the application of data collection and data analytics to the operating businesses acquired by such investment fund (so long as such investment fund, sponsor and operating businesses are not engaged in the management
of any of the areas described in clauses (i), (iii), (iv) or (v) of the definition of a Specified Business).” 

(ii) Section I.B. of the Non-Competition Agreement is hereby amended and restated in
its entirety, effective as if the Effective Date, with the following: 
 “Each SMD shall not, directly or indirectly, during such
SMD’s service with Blackstone, and for a period ending twelve months following the commencement date of such SMD’s Garden Leave Period, (a) solicit, or assist any other individual, person, firm or other entity in soliciting, the
business of any Client or Prospective Client for or on behalf of an existing or prospective Competitive Business; (b) perform, provide or assist any Competitive Business in performing or providing services similar to those provided by
Blackstone for any Client or Prospective Client; or (c) impede or otherwise interfere with or damage (or attempt to impede or otherwise interfere with or damage) any business relationship and/or agreement between Blackstone and (i) a
Client or Prospective Client or (ii) any supplier. In addition, nothing in this Section I.B will prohibit the SMD from soliciting Clients and Prospective Clients in connection with activities that are described in the clauses (x), (y) or
(z) of the last sentence in Section I.A of the Non-Competition Agreement. 
 1.
For purposes of this Non-Competition Agreement, ‘Client’ shall mean any person, firm, corporation or other organization whatsoever for whom BAAM provided services (including any investor in
any BAAM fund) with respect to whom each SMD, individuals reporting to such SMD or individuals over whom such SMD had direct or indirect responsibility, had personal contact or dealings on BAAM’s behalf during the three-year period immediately
preceding such SMD’s termination of service. ‘Prospective Client’ shall mean any person, firm, corporation or other organization whatsoever with whom BAAM has had any negotiations or discussions regarding the possible
engagement of business or the performance of business services within the eighteen months preceding such SMD’s termination of service with Blackstone with respect to whom such SMD, individuals reporting to such SMD or individuals over whom such
SMD had direct or indirect responsibility, had personal contact or dealing on BAAM’s behalf during such eighteen-month period. 

  
 3 

 2. For purposes of this Section I.B., ‘solicit’ means to have any
direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any individual, person, firm or other entity, in any manner, to take or refrain from taking any action.”

 (iii) Section I.C. of the Non-Competition Agreement will not prohibit you (or your
affiliate) from soliciting or hiring for employment your current assistant, Julia Lee. 
 (iv) Section II.B. of the Non-Competition Agreement is hereby amended, effective as of the Effective Date, to add the following sentence to the end of such section: 

“Notwithstanding the foregoing or any other provision of this Non-Competition Agreement to the
contrary, Confidential Information shall exclude any information publicly known or in the public domain, which will be deemed to include, without limitation, information contained in (i) public filings, including any filings made with the
Securities Exchange Commission or any other regulatory agency, including ratings agencies; (ii) public relations or publicity materials, including press releases and interviews; (iii) publically available presentations made to investment
analysts; and (v) other publically available periodic disclosures to investors.” 
 2. Payments; Benefits 

(a) Your target annual cash compensation for 2018 will be $7,500,000, which includes your $350,000 base draw and a one-time lump sum cash bonus of $7,150,000 (which, for the avoidance of doubt, excludes your 2017 Year End Special Equity and 2017 Year End Special Equity Premium Awards (as described in Section 3(d))), subject
to your continued service as an SMD of Blackstone through December 31, 2018 and satisfaction of your responsibilities as set forth in Section 1(a) of this Letter Agreement and payable at the same time as base draw and annual cash bonuses
are payable to other Blackstone SMDs. 
 (b) You shall continue to receive your $350,000 base draw, as noted above, and benefits through the
Effective Date, but shall not receive or participate in any profit sharing or bonus arrangements (including participation in any carried interest or fee-sharing program) except as expressly provided for
herein. Following the Effective Date, you will be eligible to participate in Blackstone’s SMD retiree health insurance program; provided, that you shall bear the cost of your participation in such programs in a manner similar to other
Blackstone SMDs. 
 (c) Without limiting the generality of the provisions of the Non-Competition
Agreement, and notwithstanding any modifications to the Non-Competition Agreement set forth herein, you agree that in connection with any employment, investment management or professional activities in which
you engage following the Effective Date, neither you nor anyone, 

  
 4 

 
including without limitation, any firm or investment fund with which you become affiliated or which you endeavor to establish, nor any other employee, agent or representative of such firm or
fund, may provide to any investors or prospective investors or any other persons or entities, whether orally or in writing, any non-public information about Blackstone, any fund or vehicle sponsored by
Blackstone (collectively, a “Blackstone Fund”), any investments made by any Blackstone Fund or the performance record of any Blackstone Fund; or information about advisory services provided by Blackstone; or non-public information about the clients to which such services were delivered, in each case without the prior written consent of John Finley (or his successor as Chief Legal Officer of Blackstone or respective
designee), which consent may be withheld in John Finley or his successor’s or designee’s sole discretion. For the avoidance of doubt, public information shall include the information described in the last sentence of Section II.B. of the Non-Competition Agreement (as modified herein). 
 3. Treatment of Blackstone Unit Awards. 

(a) Reference is made to (i) the limited partnership units (the “Holdings Units”) in each of Blackstone Holdings (as
hereinafter described in Schedule I); “Holdings Unit” being a collective reference to a limited partnership unit in each Blackstone Holdings partnership and (ii) the publicly traded common units in Blackstone (the “Common
Units”). Blackstone and you acknowledge and agree that, as of the date hereof, you have the number of vested and unvested awards covering Holdings Units and Common Units as set forth in Exhibit E attached hereto and that, except as provided
herein, all such unvested awards of Holdings Units and Common Units will either be forfeited or retained following the Effective Date as set forth in Exhibit E. Notwithstanding the foregoing, Blackstone agrees that your withdrawal shall constitute a
“Qualifying Retirement” for the purposes of all plans or agreements governing such Holdings Units and Common Units, and provided further, that Blackstone hereby agrees to let you retain the portion of such awards that would have been
forfeited upon your withdrawal, so that such awards will be retained following the Effective Date as set forth herein and in Exhibit E hereto, subject to your continued compliance with your obligations set forth in the
Non-Competition Agreement (as modified herein). 
 (b) With respect to all Holdings Units, you agree
that you will remain subject to all of Blackstone’s policies as in effect as of the Effective Date, in addition to any agreements to which you are a party, with the following supplements and modifications: 

(i) If at any time, Blackstone concludes that such action is needed for tax or securities law purposes, Blackstone shall have
the right to cause you to exchange Holdings Units for Common Units at any time in any number of units it determines and you will be entitled to exchange Holdings Units for Common Units in accordance with and subject to the terms and the exchange
methodology in effect for Blackstone SMDs on the date of any such exchange; provided that you must execute and deliver to Blackstone a notice of exchange in the form as is generally used by Blackstone SMDs at such time at least 60 days prior
to the applicable Quarterly Exchange Date (as defined in the Exchange Agreement). 

  
 5 

 (ii) You will be required to continue to hold your Holdings Units and Common
Units, including any Common Units resulting from an exchange of Holdings Units, at Merrill Lynch in accordance with the procedures generally applicable to Blackstone SMDs. 

(iii) You must comply with the requirements outlined in the memorandum attached as Exhibit B and may not directly hold Common
Units at the time of any exchange of Holdings Units and, until such time as you no longer hold any Holdings Units, may not remain the direct holder of any Common Units received upon exchange following the end of the relevant selling period. 

(iv) You may transfer your vested Holdings Units and Common Units (collectively) as set forth on Exhibit E and in accordance
with the exchange methodology applicable to Blackstone SMDs. 
 (v) Blackstone will continue to provide you notice of matters
affecting your Holdings Units (including permissible exchange dates of Holdings Units into Common Units under Blackstone’s controlled sales program) on the same basis and timing that it provides all other Blackstone SMD holders of Holdings
Units. 
 (c) You will remain eligible for payments under the Blackstone Tax Receivables Agreement on terms and conditions no less favorable
than applicable to other Blackstone SMDs. 
 (d) You currently hold Bonus Deferral Units (the “Bonus Deferral Units”)
pursuant to the terms of Blackstone’s Sixth Amended and Restated Bonus Deferral Plan, as amended, as well as deferred units pursuant to one or more Special Equity Awards (the “Special Equity Awards”). Additionally, on
July 1, 2018, in respect of your performance in 2017, you were granted $7,500,000 in deferred Holdings Units in respect of your 2017 Year End Special Equity and 2017 Year End Special Equity Premium Awards, both of which will vest and be
retained as set forth in Exhibit E hereto subject to your continued service as a Blackstone SMD through December 31, 2018, your satisfaction of your responsibilities as set forth in Section 1(a) of this Letter Agreement and your continued
compliance with your obligations set forth in the Non-Competition Agreement (as modified herein). 

Blackstone agrees that your withdrawal shall constitute a “Qualifying Retirement” for the purposes of the plan agreements governing
such Bonus Deferral Units and Special Equity Awards such that you shall, as of the Effective Date, be vested in and retain 100% of your unvested Bonus Deferral Units and 50% of such unvested Special Equity Awards. Upon and following the Effective
Date, you will also retain the remaining 50% of your previously unvested Special Equity Awards which shall vest and be delivered to you (together with your other awards) as set forth in Exhibit E hereto, subject to your continued service as a
Blackstone SMD through December 31, 2018, your satisfaction of your responsibilities as set forth in Section 1(a) of this Letter Agreement and your continued compliance with your obligations set forth in the
Non-Competition Agreement (as modified herein). 

  
 6 

 Notwithstanding anything to the contrary contained in this Letter Agreement, 65,000 of your
deferred Holdings Units subject to Special Equity Awards which are scheduled to be delivered to you on or after January 1, 2020, as set forth in Exhibit E hereto (the “Designated Special Equity Awards”), will not be subject to
Section I.C. of your Non-Competition Agreement, as amended hereby. 
 4. Carried Interest;
Participation Investments. 
 (a) Blackstone agrees that your withdrawal shall constitute a “Qualifying Retirement” for
purposes of the plan agreements governing your participation in carried interest in any Blackstone Fund, such that you will, as of the Effective Date, be vested in and retain 50% of your unvested carried interest. In addition, following the
Effective Date, you will retain the remaining 50% of your unvested carried interest, subject to your continued service as a Blackstone SMD through December 31, 2018, your satisfaction of your responsibilities as set forth in Section 1(a)
of this Letter Agreement and your continued compliance with your obligations set forth in the Non-Competition Agreement (as modified herein). 

(b) Following the Effective Date, subject to your continued service as a Blackstone SMD through December 31, 2018, your satisfaction of
your responsibilities as set forth in Section 1(a) of this Letter Agreement and your continued compliance with your obligations set forth in the Non-Competition Agreement (as modified herein): 

(i) You will receive a profit sharing percentage of 4% for all investments made by the BSCH fund that close prior to the
Effective Date, including associated installments made following the Effective Date, all of which will be considered 100% vested. 

(ii) You will be eligible to receive additional awards of up to 2.5% of the total Carry Dollars created on new investments by
the BSCH fund in which you have material involvement.    Blackstone will inform you of such investments where you are eligible to earn Carry Dollars and the amount of your award with respect to each such investment, and you and
John McCormick will mutually agree on the nature of your involvement in each such investment. For reference, a “Carry Dollar” is the number attained by multiplying the aggregate amount of Limited Partner capital deployed in transactions by
such fund by the contractual percentage rate of the profits that Blackstone, as the General Partner of such fund, earns as carried interest from such investments. 

(iii) You will receive 2% of the carry proceeds realized by BCP VI from the investment in First Eagle Investment Management.

 (iv) Blackstone will permit you to participate in optional
side-by-side offerings made available to other Blackstone SMDs by any “Participation Entities” (as defined in Schedule I hereto) or any successor funds, as
well as other funds made generally available via the side-by-side investment program, at levels consistent with your current Blackstone SMD levels until the annual side-by-side period pertaining to the fifth anniversary of the Effective Date. 

  
 7 

 (c) You will continue to retain any mandatory or optional side-by-side participation in the Participation Entities through the end of the annual election period in which the Effective Date occurs, and will continue to be subject to capital commitments applicable to
such Participation Entities for such annual election period. You will continue to be eligible to receive distributions on your investments in the Participation Entities following the Effective Date in accordance with the applicable Governing
Agreements. 
 (d) Upon separation, Blackstone will continue to deliver to you its valuation of your portfolio with respect to your
participation in any Participation Entities on a semi-annual basis, until such time as you no longer have any such investments, which valuation shall be calculated on a basis consistent with the methodology used in previous valuations and consistent
with all other Blackstone SMDs’ valuations. Your investments in the Participation Entities will not be subject to any performance or management fees, however you will be assessed an administrative fee equivalent to fifty (50) basis points
on any optionally elected commitments to such entities following the Effective Date in accordance with Blackstone’s general policy regarding former Blackstone SMDs. 

(e) To the extent that you are invested in any non-drawdown funds managed by GSO or BREDS following the
Effective Date (or managed by BAAM, in the case of any such investments outstanding after the 5th anniversary of the Effective Date), your capital accounts, as to both current and future
investments, in such funds shall be subject to management and performance fees as of the next administratively practicable date on which you can elect to redeem such investments following the Effective Date in accordance with Blackstone’s
general policy regarding former Blackstone SMDs. To the extent that you are invested in any non-drawdown funds managed by BAAM following the Effective Date, your capital accounts, as to both current and future
investments, in such funds shall not be subject to management or performance fees during the 5 year period following the Effective Date so long as your investments are at levels consistent with amounts previously made during your period of services
to Blackstone or at reduced levels of investment, subject to any minimum levels generally applicable to other Blackstone SMDs (and, provided that, if the aggregate
“side-by-side” elections with respect to any such BAAM fund are in excess of the amount of the total side-by-side investment opportunity with respect to such BAAM fund, then Blackstone may scale back your investment election for such BAAM fund on a proportionate basis with other Blackstone SMDs and employees
so as to accommodate any “side-by-side” elections made with respect to such BAAM fund by fee-paying third party
investors). 
 5. Press Releases; Public Relations. Any future press releases and general public relations announcements related to
your retirement from Blackstone and similar issues will be substantially consistent with the sample form attached hereto as Exhibit F. 

  
 8 

 6. Securities Trades; Compliance. Until six months following the Effective Date, you
will continue to be required to seek Blackstone’s approval and clearance of, and submit statements to Blackstone with respect to, securities trades in accordance with the Blackstone policies contained in the Compliance Documents on the same
basis as generally applicable to other Blackstone SMDs. Nothing contained herein shall affect your obligations under applicable federal or state securities laws. 

7. Complete Release. You agree that in exchange for the payments, benefits and waivers provided herein, you forever release and waive
all claims, causes of action or the like, known or unknown, that you have, had or may have in the future against Blackstone and any and all present and former successors, predecessors, subsidiaries, divisions, affiliated entities, and their
respective present and former directors, officers, members, partners, trustees, representatives, employees, former employees, successors and assigns or anyone else connected with it (collectively, the “Released Parties”), with
respect to all matters related to your employment with Blackstone and retirement therefrom, or otherwise, by reason of facts that have occurred on or prior to the date on which you sign this Letter Agreement. This release and waiver covers both
claims that you know about and those you may not know about. This Release does not affect your rights with respect to indemnification, vested equity and carry and other benefits, investments, or the right to enforce this Agreement. You agree, on the
Effective Date, to execute and deliver the form of General Release attached hereto as Exhibit D. If you fail to timely execute and deliver, or you revoke the General Release within 7 days following your execution and delivery thereof, your right to
receive the waivers, payments and benefits herein shall be forfeited. 
 8. Miscellaneous. All of the provisions contained in Schedule
II are hereby incorporated by reference into this Section. 
 9. Governing Law. This Letter Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such State, without regard to principles of conflicts of laws. 

10. Dispute Resolution. Any dispute, controversy or other matter arising out of this Letter Agreement or otherwise referred to in the Non-Competition Agreement shall be subject to the provisions of Section VII of the SMD Non-Competition Agreement. 

11. Headings. The headings and subheadings in this Letter Agreement are included for convenience and identification only and are in no
way intended to affect, describe, interpret, define or limit the meaning, scope, extent or intent of this Letter Agreement or any provision hereof. 

12. Counterparts. This Letter Agreement may be executed in one or more counterparts, each of which shall be an original and all of which
together shall constitute one and the same instrument. Signatures delivered by facsimile transmission shall be effective for all purposes. 

13. Certain References. Throughout this Letter Agreement, references to Sections of this Letter Agreement include the Exhibits and
Schedules to this Letter Agreement (and Annexes to Exhibits) referred to in such Sections, and references to this Letter Agreement include all Exhibits and Schedules to this Letter Agreement (and Annexes to Exhibits). 

  
 9 

 IN WITNESS WHEREOF, the undersigned have executed this Letter Agreement as of the date first above written.

  

			
	BLACKSTONE HOLDINGS I L.P.
	
	 By: Blackstone Holdings I/II GP Inc., its general

partner

	
	 /s/ Stephen A. Schwarzman

	Name: Stephen A. Schwarzman
	Title: Chairman & Chief Executive Officer

  

			
	Accepted and agreed to as of
	the date first above written:
	
	 /s/ J. Tomilson Hill

	J. Tomilson Hill

  
 10 

 Index of Schedules and Exhibits 

 

					
	Schedule I	  	-	  	Continuing Blackstone Entities and Definitions
			
	Schedule II	  	-	  	Miscellaneous Provisions
			
	Exhibit A	  	-	  	Senior Managing Director Agreement and Non-Competition Agreement
			
	Exhibit B	  	-	  	Exchange Memo
			
	Exhibit C	  	-	  	Investor Statement
			
	Exhibit D	  	-	  	General Release
			
	Exhibit E	  	-	  	Blackstone Unit Award Schedule
			
	Exhibit F	  	-	  	Sample Press Release

 Schedule I 

Continuing Blackstone Entities and Definitions 

1. Except as otherwise specifically provided for herein, you hereby voluntarily withdraw as a partner and/or member (as applicable) from
Blackstone Holdings I L.P. and each of Blackstone’s other affiliated entities. Immediately following the Effective Date, you and your personal planning vehicles will remain a member or partner of certain entities listed below (the
“Continuing Entities”) on the terms and conditions set forth in the applicable Governing Agreements (as defined below) for such Continuing Entities (and as modified by this Letter Agreement) for members or partners who have ceased
to be employed by, or otherwise provide services to, Blackstone Entities or in any applicable Blackstone memoranda related to such Continuing Entities. 

“Participation Entities” 

BSCH, BCOM, BCP IV, BCP V, BCP VI, BCP VII, BCTP, BEP, BEP II, Patria – P2 III, Patria, PE V, BCRED, BPP
SMA-Europe, BPP SMA-US, BPP-US, BREDS II, BREDS III, BREP Asia, BREP Europe III, BREP Europe IV, BREP Europe V, BREP Intl II,
BREP IV, BREP V, BREP VI, BREP VII, BREP VIII, Special Sits Europe, Special Sits II, Bakken, Beacon, BMEZZ II, CDCG, COCA, COF II, COF III, CSF I, CSF II, EPA, EPB, EPC, EPC II, EPD, ESDF, ESOF, SJ, Special, SP VI RE, SP VII, BMO and BTOF subject to
Section 4 of the Letter Agreement to which this Schedule is attached. 
 “Blackstone Holdings” 

Blackstone Holdings I L.P. (solely to the extent you hold equity interests therein) 

Blackstone Holdings II L.P. (solely to the extent you hold equity interests therein) 

Blackstone Holdings III L.P. (solely to the extent you hold equity interests therein) 

Blackstone Holdings IV L.P. (solely to the extent you hold equity interests therein) 

Blackstone Holdings AI L.P. (solely to the extent you hold equity interests therein) 

2. Your interests in the Participation Entities are set forth on the BX Access system (collectively, the “Investor
Statements”) attached hereto as Exhibit C. The parties acknowledge and agree that such Exhibit C reflects only an estimate of such information contained therein and is subject to change. 

“Governing Agreement” of any Blackstone Entity means the limited partnership agreement, limited liability company agreement
or other governing agreement of such Blackstone Entity, in each case as modified by this Letter Agreement, and as amended, supplemented, restated or otherwise modified through the Effective Date. 

 Schedule II 

Miscellaneous Provisions 
 1. Right of
Offset. It is hereby agreed that, with respect to any payments due under the Letter Agreement to which this Schedule is attached (this “Letter Agreement”), the Governing Agreements of the Blackstone Entities and any other
agreement between you and the Blackstone Entities, the Blackstone Entities shall have the right to set off and apply against any amounts at any time payable by any Blackstone Entity to you pursuant to the provisions hereof or otherwise any amounts
payable by you to any Blackstone Entity (excluding amounts required to repay your Blackstone-related loans and interest, if any, to JPMorgan Chase Bank, N.A. (or its successor from time to time) (“JPMorgan”) and excluding the
Designated Special Equity Awards. 
 It is further agreed that if, at any time, it is determined by Stephen A. Schwarzman (or his successor as Chairman and
Chief Executive Officer, “SAS”) that you are in breach of any of your agreements or obligations under this Letter Agreement, the Non-Competition Agreement or any Blackstone Entity Governing
Agreement, as amended by this Letter Agreement, the Blackstone Entities shall have the right to recover from you, and to set off against amounts otherwise payable by any of the Blackstone Entities to you, up to the amount of likely damages suffered
by Blackstone and/or the amount of your liability to the Blackstone Entities resulting from such breach or from such act or omission constituting “Cause” (in any case, as determined by SAS) (excluding amounts required to repay your
Blackstone-related loans and interest, if any, to JPMorgan and excluding the Designated Special Equity Awards). In such case, Blackstone will provide you with written notice of such set-off. As used herein,
“Cause” shall have the meaning set forth in Section 5(b) of the SMD Agreement (as defined below). 
 If any set off is made by any
Blackstone Entity pursuant to this Paragraph 1 and it is ultimately determined that the amount payable by you to the Blackstone Entities, and/or the amount of actual damages suffered by Blackstone and/or the amount of your actual liability to the
Blackstone Entities is less than the amount set off with respect to such amount payable by you and/or such damages and/or such liability pursuant to this Paragraph 1, then (x) Blackstone shall return to you the excess amount so set off,
together with interest from the date of set-off at a rate equal to the average prime rate of interest published by JPMorgan and (y) if you have obtained a legal judgment ordering Blackstone to pay you
such amounts, then Blackstone also shall reimburse you for your reasonable legal fees directly related to obtaining such judgment. 
 2.
Notices. Any notice or other communication required or which may be given to any party hereunder shall be in writing and shall be deemed given effectively if delivered personally to such party (or, in the case of the Blackstone Entities, to
the Chief Legal Officer) or sent by facsimile transmission as follows: 
 To you: 

J. Tomilson Hill 
 c/o Cravath,
Swaine & Moore LLP 
 825 Eighth Avenue 

 
New York, New York 10019 
 Attention: Eric Hilfers 

                 Kenneth Halcom 

Facsimile: 212-474-3700 

To the Blackstone Entities: 

c/o The Blackstone Group L.P. 

345 Park Avenue 
 New York, New
York 10154 
 Attention: Chief Legal Officer 

Facsimile: 212-583-5719 

Any party may change the persons and addresses to which notices or other communications are to be sent by giving written notice of such change to the other
party in the manner provided herein for giving notice. 
 3. Entire Agreement, Etc. 

(a) This Letter Agreement constitutes an amendment of each prior written or oral agreement between Blackstone and you, including, without
limitation, the SMD Agreement, the Non-Competition Agreement, the plans and agreements governing your Holding Units, Common Units, Bonus Deferral Units, Special Equity Awards and carried interests in any
Blackstone Fund and any other similar prior agreement (collectively, the “Prior Agreements”). To the extent of any inconsistency between this Letter Agreement and any Prior Agreements, this Letter Agreement shall prevail. For the
avoidance of doubt, the Non- Competition Agreement, as modified herein, remains in full force and effect. 

(b) This Letter Agreement has been prepared, executed and delivered for the purpose, among other things, of settling all claims (except as
otherwise expressly provided herein) that you or any of your affiliates have or may have against any Blackstone Entity. By executing and delivering this Letter Agreement, you, on behalf of yourself and your affiliates, and Blackstone on behalf of
itself and its successors and assigns, expressly agree that no draft, memorandum, summary of proposed terms, notes or other document (other than this Letter Agreement, as executed and delivered by the parties) or written or oral statement prepared
or made in connection with the negotiation, preparation, execution and delivery of this Letter Agreement, nor any payment or delivery hereunder, shall constitute, or be deemed to constitute, evidence of the agreement or intentions of the parties
with respect to the subject matter of this Letter Agreement. 
 4. Amendment, Etc. This Letter Agreement may not be amended,
supplemented, modified, canceled or discharged except by a written instrument executed by you and the relevant Blackstone Entity or Entities, and no provision hereof shall be waived except by a written instrument executed by the party granting such
waiver. To the extent this Letter Agreement is inconsistent with any of the Governing Agreements of any Blackstone Entity, this Letter Agreement will control, and each party hereto will exercise any of such party’s rights and powers under any
Blackstone Entity Governing Agreement in a manner that is not inconsistent 

 
with the provisions of this Letter Agreement. If any of the parties shall waive the breach of any provision of this Letter Agreement, such party will not thereby be deemed to have waived any
preceding or succeeding breach of the same or any other provision of this Letter Agreement. The rights and remedies of each party in this Letter Agreement are cumulative and not exclusive, and the exercise by any party of any right or remedy
provided in this Letter Agreement shall not preclude any exercise by such party of any other rights or remedies of such party in this Letter Agreement, in the Blackstone Entities Governing Agreements or in any other agreement or at law, in equity,
under any statute or otherwise. The parties reserve the right, without notice to or consent of any third person, at any time to waive any rights hereunder or by mutual agreement to amend this Letter Agreement in any respect or by mutual agreement to
terminate this Letter Agreement. 
 5. Successors and Assigns, Etc. This Letter Agreement shall be binding upon and inure to the
benefit of the parties and their respective heirs, executors, administrators, personal representatives, successors and assigns, including successors and assigns resulting from any change in form of any Blackstone Entity. It is acknowledged and
agreed that any trusts, estate planning vehicles or other similar entities to which you have transferred an interest in any Blackstone Entity (or you have otherwise designated as a partner/member in the Blackstone Entities) shall be treated in the
same manner as you are hereunder with respect thereto. In the event of your death or a judicial determination of your incapacity, references in this Letter Agreement to “you” shall be deemed to refer, as appropriate, to your heirs,
beneficiaries, executor or other legal representative. You hereby consent to (i) the conversion (by merger or otherwise) to limited partnership, limited liability company, corporate or limited duration company status of any of the Blackstone
Entities in which you have a continuing interest, and (ii) any amendments to any of the Blackstone Entity agreements to which you will continue to be a party, to the extent such conversion or amendments do not adversely affect your interests in
a material manner and treat you in a manner that is materially less favorable than other withdrawn members or withdrawn partners of such Blackstone Entity are treated generally. Time shall be of the essence of this Letter Agreement. 

6. Consents. Blackstone and you hereby: 

(a) Consent to and approve the execution, delivery and performance of this Letter Agreement and consummation of all transactions (the
“Transactions”) contemplated hereby, for all purposes of any provision of the Governing Agreements of the Blackstone Entities and/or any provision of applicable law; and 

(b) To the fullest extent permitted by applicable law, agree that the consent and approval set forth herein shall constitute all consents and
approvals that are required for the execution, delivery and performance of this Letter Agreement by each of the Blackstone Entities party hereto and the consummation of the Transactions under any provision of the Governing Agreements of the
Blackstone Entities and under applicable law; and the terms, conditions, procedures and requirements contemplated by this Letter Agreement in order to effect the Transactions shall be sufficient to effect the Transactions for all purposes of such
Governing Agreements and shall be in lieu of any and all other or additional terms, conditions, procedures or requirements set forth in such Governing Agreements or under applicable law that might otherwise be required to effect the Transactions
(including, without limitation, any requirement of notice, consent, approval, consultation or the execution of any document).

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