Document:

EX-10.5

 Exhibit 10.5 

FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

OF 
 BLACKSTONE HOLDINGS
AI L.P. 
 Dated as of May 7, 2021 

THE PARTNERSHIP UNITS OF BLACKSTONE HOLDINGS AI L.P. HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY
STATE, PROVINCE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR
SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR PROVINCE, AND ANY OTHER APPLICABLE SECURITIES LAWS; AND (II) THE TERMS
AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT. THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS LIMITED PARTNERSHIP AGREEMENT. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH
UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME. 
  

 Table of Contents 

 

							
	 	  	Page	 
		
	ARTICLE I	  	 	 
		
	DEFINITIONS	  	 	 
			
	 Section 1.01
	 	 Definitions
	  	 	2	 
		
	ARTICLE II	  	 	 
		
	FORMATION, TERM, PURPOSE AND POWERS	  	 	 
			
	 Section 2.01
	 	 Formation
	  	 	11	 
	 Section 2.02
	 	 Name
	  	 	12	 
	 Section 2.03
	 	 Term
	  	 	12	 
	 Section 2.04
	 	 Offices
	  	 	12	 
	 Section 2.05
	 	 Agent for Service of Process
	  	 	12	 
	 Section 2.06
	 	 Business Purpose
	  	 	12	 
	 Section 2.07
	 	 Powers of the Partnership
	  	 	12	 
	 Section 2.08
	 	 Partners; Admission of New Partners
	  	 	12	 
	 Section 2.09
	 	 Withdrawal
	  	 	12	 
		
	ARTICLE III	  	 	 
		
	MANAGEMENT	  	 	 
			
	 Section 3.01
	 	 General Partner
	  	 	13	 
	 Section 3.02
	 	 Compensation
	  	 	13	 
	 Section 3.03
	 	 Expenses
	  	 	13	 
	 Section 3.04
	 	 Officers
	  	 	14	 
	 Section 3.05
	 	 Authority of Partners
	  	 	14	 
	 Section 3.06
	 	 Action by Written Consent or Ratification
	  	 	14	 
		
	ARTICLE IV	  	 	 
		
	DISTRIBUTIONS	  	 	 
			
	 Section 4.01
	 	 Distributions
	  	 	15	 
	 Section 4.02
	 	 Liquidation Distribution
	  	 	16	 
	 Section 4.03
	 	 Limitations on Distribution
	  	 	16	 
	 Section 4.04
	 	 Administration Fee
	  	 	16	 
		
	ARTICLE V	  	 	 
		
	CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS	  	 	 
			
	 Section 5.01
	 	 Initial Capital Contributions
	  	 	16	 

  
 i 

							
	 Section 5.02
	 	 No Additional Capital Contributions
	  	 	16	 
	 Section 5.03
	 	 Capital Accounts
	  	 	16	 
	 Section 5.04
	 	 Allocations of Profits and Losses
	  	 	17	 
	 Section 5.05
	 	 Special Allocations
	  	 	17	 
	 Section 5.06
	 	 Tax Allocations
	  	 	18	 
	 Section 5.07
	 	 Tax Advances
	  	 	19	 
	 Section 5.08
	 	 Tax Matters
	  	 	19	 
	 Section 5.09
	 	 Other Allocation Provisions
	  	 	20	 
	
	ARTICLE VI	 
		
	BOOKS AND RECORDS; REPORTS	  	 	 
			
	 Section 6.01
	 	Books and Records	  	 	20	 
		
	ARTICLE VII	  	 	 
		
	PARTNERSHIP UNITS	  	 	 
			
	 Section 7.01
	 	Units	  	 	20	 
	 Section 7.02
	 	 Register
	  	 	21	 
	 Section 7.03
	 	 Registered Partners
	  	 	21	 
		
	ARTICLE VIII	  	 	 
		
	VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS	  	 	 
			
	 Section 8.01
	 	Vesting of Initial Unvested Units	  	 	21	 
	 Section 8.02
	 	 Forfeiture of Units Held by Initial Limited Partners
	  	 	22	 
	 Section 8.03
	 	 Limited Partner Transfers
	  	 	23	 
	 Section 8.04
	 	 Minimum Retained Ownership Requirement
	  	 	24	 
	 Section 8.05
	 	 Mandatory Exchanges
	  	 	25	 
	 Section 8.06
	 	 Encumbrances
	  	 	25	 
	 Section 8.07
	 	 Further Restrictions
	  	 	25	 
	 Section 8.08
	 	 Rights of Assignees
	  	 	26	 
	 Section 8.09
	 	 Admissions, Withdrawals and Removals
	  	 	26	 
	 Section 8.10
	 	 Admission of Assignees as Substitute Limited Partners
	  	 	26	 
	 Section 8.11
	 	 Withdrawal and Removal of Limited Partners
	  	 	27	 
		
	ARTICLE IX	  	 	 
		
	DISSOLUTION, LIQUIDATION AND TERMINATION	  	 	 
			
	 Section 9.01
	 	No Dissolution	  	 	27	 
	 Section 9.02
	 	 Events Causing Dissolution
	  	 	27	 
	 Section 9.03
	 	 Distribution upon Dissolution
	  	 	28	 
	 Section 9.04
	 	 Time for Liquidation
	  	 	28	 
	 Section 9.05
	 	 Termination
	  	 	28	 
	 Section 9.06
	 	 Claims of the Partners
	  	 	29	 
	 Section 9.07
	 	 Survival of Certain Provisions
	  	 	29	 

  
 ii 

							
		
	ARTICLE X	  	 	 
		
	LIABILITY AND INDEMNIFICATION	  	 	 
			
	 Section 10.01
	 	 Liability of Partners
	  	 	29	 
	 Section 10.02
	 	 Indemnification
	  	 	30	 
		
	ARTICLE XI	  	 	 
		
	MISCELLANEOUS	  	 	 
			
	 Section 11.01
	 	 Severability
	  	 	32	 
	 Section 11.02
	 	 Notices
	  	 	32	 
	 Section 11.03
	 	 Cumulative Remedies
	  	 	33	 
	 Section 11.04
	 	 Binding Effect
	  	 	33	 
	 Section 11.05
	 	 Interpretation
	  	 	33	 
	 Section 11.06
	 	 Counterparts
	  	 	33	 
	 Section 11.07
	 	 Further Assurances
	  	 	33	 
	 Section 11.08
	 	 Entire Agreement
	  	 	33	 
	 Section 11.09
	 	 Governing Law
	  	 	33	 
	 Section 11.10
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	33	 
	 Section 11.11
	 	 Expenses
	  	 	35	 
	 Section 11.12
	 	 Amendments and Waivers
	  	 	35	 
	 Section 11.13
	 	 No Third Party Beneficiaries
	  	 	36	 
	 Section 11.14
	 	 Headings
	  	 	36	 
	 Section 11.15
	 	 Construction
	  	 	36	 
	 Section 11.16
	 	 Power of Attorney
	  	 	36	 
	 Section 11.17
	 	 Letter Agreements; Schedules
	  	 	37	 
	 Section 11.18
	 	 Partnership Status
	  	 	37	 

  

  
 iii 

 FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

OF 
 BLACKSTONE HOLDINGS
AI L.P. 
 This FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Blackstone Holdings AI
L.P. (the “Partnership”) is made as of the 7th day of May, 2021, by and among Blackstone Holdings I/II GP L.L.C., a limited liability company formed under the laws of the State of
Delaware, as general partner, and the Limited Partners (as defined herein) of the Partnership. 
 WHEREAS, the Partnership was formed as a
limited partnership pursuant to the Act, by the filing of a Certificate of Limited Partnership (as amended from time to time, the “Certificate”) with the Office of the Secretary of State of the State of Delaware and the execution of
the Limited Partnership Agreement of the Partnership dated as of September 17, 2015 (the “Original Agreement”); 

WHEREAS, the Original Agreement was amended and restated by the Amended and Restated Limited Partnership Agreement of the Partnership dated as
of October 1, 2015 (the “First Amended and Restated Agreement), was further amended and restated by the Second Amended and Restated Limited Partnership Agreement of the Partnership dated as of July 1, 2019 (the “Second
Amended and Restated Agreement”) and was further amended and restated by the Third Amended and Restated Limited Partnership Agreement of the Partnership dated as of August 10, 2020 (the “Third Amended and Restated
Agreement”); 
 WHEREAS, pursuant to Section 11.12 of the Third Amended and Restated Agreement, the amendments set forth in
this Agreement require only the consent of the General Partner and no consent or approval of any Limited Partner is required; 
 WHEREAS,
effective February 26, 2021, the Issuer effectuated changes to rename its Class A common stock as “Common Stock” and to reclassify its Class B common stock and Class C common stock into a new “Series I Preferred
Stock” and “Series II Preferred Stock,” respectively; and 
 WHEREAS, the parties to this Agreement now wish to amend and
restate the Third Amended and Restated Agreement in its entirety as more fully set forth below. 
 NOW, THEREFORE, in consideration of the
mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto agree to amend and restate the Third Amended and Restated Agreement in its entirety to read as follows: 

 ARTICLE I 

DEFINITIONS 
 Section 1.01
Definitions. Capitalized terms used herein without definition have the following meanings (such meanings being equally applicable to both the singular and plural form of the terms defined): 

“Act” means, the Delaware Revised Uniform Limited Partnership Act, 6 Del. C.
Section 17-101, et seq., as it may be amended from time to time. 
 “Additional Credit
Amount” has the meaning set forth in Section 4.01(b)(ii) of this Agreement. 
 “Adjusted Capital Account
Balance” means, with respect to each Partner, the balance in such Partner’s Capital Account adjusted (i) by taking into account the adjustments, allocations and distributions described in U.S. Treasury Regulations Sections 1.704-1(b)(2)(ii)(c)(4), (5) and (6); and (ii) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Regulations
Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Partner is obligated to restore pursuant to any provision of this Agreement or by applicable Law. The foregoing
definition of Adjusted Capital Account Balance is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Administration Fee” has the meaning set forth in Section 4.04 of this Agreement. 

“Affiliate” means, with respect to a specified Person, any other Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 
 “Agreement” has the
meaning set forth in the preamble of this Agreement. 
 “Amended Tax Amount” has the meaning set forth in
Section 4.01(b)(ii) of this Agreement. 
 “Assignee” has the meaning set forth in Section 8.08 of this Agreement.

 “Assumed Tax Rate” means the highest effective marginal combined U.S. federal, state and local income tax rate for a
Fiscal Year prescribed for an individual or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses subject to the limitation described in Section 67(a) of the Code and (b) the character
(e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes). For the avoidance of doubt, the
Assumed Tax Rate will be the same for all Partners. 

  
 2 

 “Available Cash” means, with respect to any fiscal period, the amount of
cash on hand which the General Partner, in its reasonable discretion, deems available for distribution to the Partners, taking into account all debts, liabilities and obligations of the Partnership then due and amounts which the General Partner, in
its reasonable discretion, deems necessary to expend or retain for working capital or to place into reserves for customary and usual claims with respect to the Partnership’s operations. 

“Blackstone Holdings I Limited Partnership Agreement” means the Third Amended and Restated Limited Partnership Agreement of
Blackstone Holdings I L.P., dated as of May 7, 2021, as amended from time to time. 
 “Blackstone Holdings
Partnerships” means each of the Partnership, 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, and Blackstone Holdings IV L.P., a Québec société en commandite. 
 “Capital Account”
means the separate capital account maintained for each Partner in accordance with Section 5.03 hereof. 
 “Capital
Contribution” means, with respect to any Partner, the aggregate amount of money contributed to the Partnership and the Carrying Value of any property (other than money), net of any liabilities assumed by the Partnership upon contribution or
to which such property is subject, contributed to the Partnership pursuant to Article V. 
 “Carrying Value” means, with
respect to any Partnership asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial carrying value of assets contributed to the Partnership shall be their respective gross fair market values on the date of
contribution as determined by the General Partner, and the Carrying Values of all Partnership assets shall be adjusted to equal their respective fair market values, in accordance with the rules set forth in United States Treasury Regulation Section 1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of: (a) the date of the acquisition of any additional Partnership Interest by any new or existing Partner in exchange for more than a
de minimis Capital Contribution; (b) the date of the distribution of more than a de minimis amount of Partnership assets to a Partner; (c) the date a Partnership Interest is relinquished to the Partnership; or (d) any other date
specified in the United States Treasury Regulations; provided, however, that adjustments pursuant to clauses (a), (b) (c) and (d) above shall be made only if such adjustments are deemed necessary or appropriate by the General Partner to
reflect the relative economic interests of the Partners. The Carrying Value of any Partnership asset distributed to any Partner shall be adjusted immediately before such distribution to equal its fair market value. In the case of any asset that has
a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits (Losses)” rather than the amount of depreciation
determined for U.S. federal income tax purposes, and depreciation shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis. 

“Category 1 Limited Partner” means each of the Limited Partners identified in the books and records of the Partnership as a
Category 1 Limited Partner. 
 “Category 2 Limited Partner” means each of the Limited Partners identified in the books and
records of the Partnership as a Category 2 Limited Partner. 

  
 3 

 “Category 3 Limited Partner” means each of the Limited Partners identified
in the books and records of the Partnership as a Category 3 Limited Partner. 
 “Category 4 Limited Partner” means each of
the Limited Partners identified in the books and records of the Partnership as a Category 4 Limited Partner. 
 “Category 5 Limited
Partner” means each of the Limited Partners identified in the books and records of the Partnership as a Category 5 Limited Partner. 

“Category 6 Limited Partner” means the Limited Partner identified in the books and records of the Partnership as a Category 6
Limited Partner. 
 “Cause” means the occurrence or existence of any of the following as determined fairly, reasonably, on
an informed basis and in good faith by the General Partner: (i) (w) any breach by an Employed Limited Partner of any provision of this Agreement or the Non-Competition Agreement, (x) any material
breach of any rules or regulations applicable to senior managing directors or employees, as applicable, of the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities, (y) an Employed Limited Partner’s deliberate
failure to perform his or her duties to the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities, or (z) an Employed Limited Partner’s committing to or engaging in any conduct or behavior that is or may be
harmful to the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities in any material way (provided that, in the case of any of the foregoing clauses (w), (x), (y) and (z), the General Partner has given the Employed
Limited Partner written notice (a “Notice of Breach”) within fifteen days after the General Partner becomes aware of such action and such Employed Limited Partner fails to cure such breach, failure to perform or conduct or behavior
within fifteen days after receipt by the Employed Limited Partner of such Notice of Breach from the General Partner (or such longer period, not to exceed an additional fifteen days, as shall be reasonably required for such cure, provided,
that such Employed Limited Partner is diligently pursuing such cure), (iii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Blackstone Holdings Partnerships, their subsidiaries and their affiliated
entities, or (iv) conviction (on the basis of a trial or by an accepted plea of guilty or nolo con tendere) of a felony or crime (including any misdemeanor charge involving moral turpitude, false statements or misleading omissions,
forgery, wrongful taking, embezzlement, extortion or bribery), or a determination by a court of competent jurisdiction, by a U.S. federal or state or comparable non-U.S. regulatory body or by a self-regulatory
body having authority with respect to U.S. federal or state or comparable non-U.S. securities laws, rules or regulations of the securities industry, that such Employed Limited Partner individually has violated
any U.S. federal or state or comparable non-U.S. securities laws or any rules or regulations thereunder, or any rules of any such self-regulatory body (including, without limitation, any licensing
requirement), if such conviction or determination has a material adverse effect on (A) such Employed Limited Partner’s ability to function as a senior managing director or employee, as applicable, of the Blackstone Holdings Partnerships,
their subsidiaries and their affiliated entities, taking into account the services required of Employed Limited Partner and the nature of the business of the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities or
(B) the business of the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities. 

  
 4 

 “Certificate” has the meaning set forth in the preamble of this Agreement.

 “Change of Control” means the occurrence of any Person, other than Blackstone Group Management L.L.C. or a Person
approved by Blackstone Group Management L.L.C., becoming the Series II Preferred Stockholder. 
 “Charity” means any
organization that is organized and operated for a purpose described in Section 170(c) of the Code (determined without reference to Code Section 170(c)(2)(A)) and described in Code Sections 2055(a) and 2522. 

“Class” means the classes of Units into which the interests in the Partnership may be classified or divided from time to time
pursuant to the provisions of this Agreement. 
 “Class A Units” means the Units of partnership interest
in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Common Stock” means the common stock, par value $0.00001 per share, of the Issuer. 

“Contingencies” has the meaning set forth in Section 9.03(b) of this Agreement. 

“Control” (including the terms “Controlled by” and “under common Control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise, including, without
limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 

“Credit Amount” has the meaning set forth in Section 4.01(b)(ii) of this Agreement. 

“Creditable Non-U.S. Tax” means a non-U.S.
tax paid or accrued for United States federal income tax purposes by the Partnership, in either case to the extent that such tax is eligible for credit under Section 901(a) of the Code. A non-U.S. tax is
a Creditable Non-U.S. Tax for these purposes without regard to whether a partner receiving an allocation of such non-U.S. tax elects to claim a credit for such amount.
This definition is intended to be consistent with the definition of “Creditable Non-U.S. Tax” in Temporary Treasury Regulations Section 1.704-1T(b)(4)(xi)(b), and shall be interpreted
consistently therewith. 
 “Delaware Arbitration Act” has the meaning set forth in Section 11.10(d) of this Agreement.

 “Disability” means, as to any Person, such Person’s inability to perform in all material respects his or her duties
and responsibilities to the General Partner, or any of its Affiliates, by reason of a physical or mental disability or infirmity which inability is reasonably expected to be permanent and has continued (i) for a period of six consecutive months
or (ii) such shorter period as the General Partner may reasonably determine in good faith. 

  
 5 

 “Disabling Event” means the General Partner ceasing to be the general
partner of the Partnership pursuant to Section 17-402 of the Act. 
 “Dissolution
Event” has the meaning set forth in Section 9.02 of this Agreement. 
 “Employed Limited Partner” means any
Limited Partner that is employed by or providing services to the Series II Preferred Stockholder, the Issuer, the General Partner, the Partnership or any of its subsidiaries at the time in question, and any Personal Planning Vehicle of such Limited
Partner. 
 “Encumbrance” means any mortgage, claim, lien, encumbrance, conditional sales or other title retention
agreement, right of first refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title of any nature whatsoever. 

“ERISA” means The Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exchange Agreement” means the Fifth Amended and Restated Exchange Agreement, dated as of or about the date
hereof, among the Issuer, the Blackstone Holdings Partnerships and the limited partners of the Blackstone Holdings Partnerships from time to time, as it may be amended, supplemented or restated from time to time. 

“Exchange Transaction” means an exchange of Units for shares of Common Stock pursuant to, and in accordance with, the
Exchange Agreement or, if the Issuer and the exchanging Limited Partner shall mutually agree, a Transfer of Units to the Issuer, the Partnership or any of their subsidiaries for other consideration. 

“Final Tax Amount” has the meaning set forth in Section 4.01(b)(ii) of this Agreement. 

“First Amended and Restated Agreement” has the meaning set forth in the preamble hereto. 

“Fiscal Year” means (i) the period commencing upon the formation of the Partnership and ending on December 31, 2007
or (ii) any subsequent twelve-month period commencing on January 1 and ending on December 31. 
 “GAAP” means
accounting principles generally accepted in the United States of America as in effect from time to time. 
 “General
Partner” means Blackstone Holdings I/II GP L.L.C., a limited liability company formed under the laws of the State of Delaware or any successor general partner admitted to the Partnership in accordance with the terms of this Agreement. 

“Government Official” means a person who holds a high-level, full-time position with a national, supranational, U.S. federal,
U.S. state or City of New York government. 

  
 6 

 “Incapacity” means, with respect to any Person, the bankruptcy,
dissolution, termination, entry of an order of incompetence, or the insanity, permanent disability or death of such Person. 

“Initial Limited Partner” means each Limited Partner as of the date of the First Amended and Restated Agreement that is an
“Initial Limited Partner” as defined in the Blackstone Holdings I Limited Partnership Agreement. 
 “Initial
Units” means, with respect to any Initial Limited Partner, the aggregate number of Class A Units acquired by such Initial Limited Partner as of the date of the First Amended and Restated Agreement as a distribution in respect of
“Initial Units” as defined in the Blackstone Holdings I Limited Partnership Agreement. 
 “Initial Unvested
Units” means, with respect to any Initial Limited Partner, the aggregate number of Unvested Units acquired by such Initial Limited Partner as of the date of the First Amended and Restated Agreement as a distribution in respect of
“Initial Unvested Units” as defined in the Blackstone Holdings I Limited Partnership Agreement. 
 “Initial Vested
Units” means, with respect to any Initial Limited Partner, the aggregate number of Vested Units acquired by such Initial Limited Partner as of the date of the First Amended and Restated Agreement as a distribution in respect of
“Initial Vested Units” as defined in the Blackstone Holdings I Limited Partnership Agreement, and any additional Initial Units that have vested from time to time in accordance with Section 8.01 of this Agreement. 

“Intangible Assets” means the assets of the Partnership that are described in Section 197(d) of the Code. 

“Intangible Asset Gain” means the net gain recognized by the Partnership with respect to the Partnership’s Intangible
Assets in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the Carrying Value of Partnership
assets; provided, however, that any such gain shall constitute “Intangible Asset Gain” only to the extent that any such gain exceeds losses previously recognized in an actual or hypothetical sale of Intangible Assets. 

“IPO” means the initial public offering and sale of common units representing limited partner interests of The Blackstone
Group L.P., as contemplated by The Blackstone Group L.P.’s Registration Statement on Form S-1 (File No. 333-141504). 

“Issuer” means The Blackstone Group Inc., a corporation incorporated under the laws of the State of Delaware, or any
successor thereto. 
 “Last Reported Sale Price” of the Common Stock on any date means: 

(a) the closing sale price per share on the New York Stock Exchange on that date (or, if no closing sale price is reported, the last reported
sale price); 
 (b) if the Common Stock is not listed for trading on the New York Stock Exchange, the closing sale price (or, if no closing
sale price is reported, the last reported sale price) as reported on that date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Exchange Act on which the Common Stock is listed;

  
 7 

 (c) if the Common Stock is not so listed on a national securities exchange, the last quoted
bid price for the Common Stock on that date in the over-the-counter market as reported by Pink Sheets LLC or a similar organization; or 

(d) if the Common Stock is not so quoted by Pink Sheets LLC or a similar organization, the average of the midpoint of the last bid and ask
prices for the Common Stock on that date from a nationally recognized independent investment banking firm selected by the Issuer for this purpose. 

“Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order
issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority therefrom with jurisdiction over the Partnership or any Partner, as the case may
be. 
 “Limited Partner” means each of the Persons from time to time listed as a limited partner in the books and records
of the Partnership, and, for purposes of Sections 8.01, 8.02, 8.03, 8.04, 8.05 and 8.06, any Personal Planning Vehicle of such Limited Partner. 

“Liquidation Agent” has the meaning set forth in Section 9.03 of this Agreement. 

“Minimum Retained Ownership Requirement” has the meaning set forth in Section 8.04(a). 

“Net Taxable Income” has the meaning set forth in Section 4.01(b)(i) of this Agreement. 

“Non-Competition Agreement” means collectively, the Senior Managing Director Non-Competition and Non-Solicitation Agreement and Contracting Employees Non-Competition and
Non-Solicitation Agreement dated on or about June 18, 2007 by certain Employed Limited Partners with each of the Blackstone Holdings Partnerships and any agreement with respect to similar subject matter
entered into from time to time by an Employed Limited Partner, as amended from time to time. 
 “Nonrecourse Deductions”
has the meaning set forth in Treasury Regulations Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership for a fiscal year equals the net increase, if any, in the amount of
Partnership Minimum Gain of the Partnership during that fiscal year, determined according to the provisions of Treasury Regulations Section 1.704-2(c). 

“Original Agreement” has the meaning set forth in the preamble of this Agreement. 

“Partners” means, at any time, each person listed as a Partner (including the General Partner) on the books and records of
the Partnership, in each case for so long as he, she or it remains a partner of the Partnership as provided hereunder. 

  
 8 

 “Partnership” has the meaning set forth in the preamble of this Agreement.

 “Partnership Minimum Gain” has the meaning set forth in Treasury Regulations Sections
1.704-2(b)(2) and 1.7042-(d). 
 “Partnership Representative” has the meaning set
forth in Section 5.08 of this Agreement. 
 “Partner Nonrecourse Debt Minimum Gain” means an amount with respect to
each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a
nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a) (2)) determined in accordance with Treasury Regulations Section 1.7042(i)(3). 

“Partner Nonrecourse Deductions” has the meaning ascribed to the term “partner nonrecourse deductions” set forth in
Treasury Regulations Section 1.704-2(i)(2). 
 “Person” means any individual,
corporation, partnership, limited partnership, limited liability company, limited company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 

“Personal Planning Vehicle” means, in respect of any Limited Partner, any estate, family limited liability company, family
limited partnership, or inter vivos or testamentary trust that holds Units that is designated as a Personal Planning Vehicle of such Limited Partner in the books and records of the Partnership. 

“Profits” and “Losses” means, for each Fiscal Year or other period, the taxable income or loss of the
Partnership, or particular items thereof, determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (a) all items of income, gain, loss or deduction
allocated pursuant to Section 5.05 shall not be taken into account in computing such taxable income or loss; (b) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in
computing Profits and Losses shall be added to such taxable income or loss; (c) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss resulting from a disposition of such
asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value, the amount of the
adjustment shall be included as gain or loss in computing such taxable income or loss; (e) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or
cost recovery deductions with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost
recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the General Partner may use any reasonable method for purposes of
determining depreciation, amortization or other cost recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not
properly capitalizable and not otherwise taken into account in computing Profits and Losses pursuant to this definition shall be treated as deductible items. 

  
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 “Restricted Period,” with respect to each Limited Partner that is or was an
Employed Limited Partner, has the meaning set forth in such Limited Partner’s Non-Competition Agreement. 

“Restrictive Covenant,” with respect to each Limited Partner that is or was an Employed Limited Partner, has the meaning set
forth in such Limited Partner’s Non-Competition Agreement. 
 “Retirement”
(including the term “Retire”) means retirement of an Employed Limited Partner from his or her employment with the Series II Preferred Stockholder, the Issuer, the General Partner, the Partnership or any of their subsidiaries after
(a) he or she has reached age 65 and has at least five full years of service, or (b) (i) his or her age plus years of service totals at least 65, (ii) he or she has reached age 50 and (iii) he or she has had a minimum of five years of
service; provided, however, that no Employed Limited Partner will be eligible to Retire prior to June 30, 2010. 

“Second Amended and Restated Agreement” has the meaning set forth in the preamble hereto. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Series II Preferred Stockholder” means Blackstone Group Management L.L.C., a Delaware limited liability company, and
any successor or permitted assign that owns the Series II Preferred Stock, par value $0.00001 per share, of the Issuer at the applicable time. 

“Similar Law” means any law or regulation that could cause the underlying assets of the Partnership to be treated as assets
of the Limited Partner by virtue of its limited partner interest in the Partnership and thereby subject the Partnership and the General Partner (or other persons responsible for the investment and operation of the Partnership’s assets) to laws
or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. 

“Tax Advances” has the meaning set forth in Section 5.07 of this Agreement. 

“Tax Amount” has the meaning set forth in Section 4.01(b)(i) of this Agreement. 

“Tax Distributions” has the meaning set forth in Section 4.01(b)(i) of this Agreement. 

“Tax Matters Partner” has the meaning set forth in Section 5.08 of this Agreement. 

“Third Amended and Restated Agreement” has the meaning set forth in the preamble hereto. 

  
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 “Total Percentage Interest” means, with respect to any Partner, the
quotient obtained by dividing the number of Units (vested or unvested) then owned by such Partner by the number of Units then owned by all Partners. 

“Transfer” means, in respect of any Unit, property or other asset, any sale, assignment, transfer, distribution or other
disposition thereof, whether voluntarily or by operation of Law, including, without limitation, the exchange of any Unit for any other security. 

“Transferee” means any Person that is a transferee of a Partner’s interest in the Partnership, or part thereof. 

“Treasury Regulations” means the income tax regulations, including temporary regulations, promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Units”
means the Class A Units and any other Class of Units authorized in accordance with this Agreement, which shall constitute interests in the Partnership as provided in this Agreement and under the Act, entitling the holders thereof to the
relative rights, title and interests in the profits, losses, deductions and credits of the Partnership at any particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as
provided in this Agreement, together with the obligations of such Partner to comply with all terms and provisions of this Agreement. 

“Unvested Units” means those Units listed as unvested Units in the books and records of the Partnership, as the same may be
amended from time to time in accordance with this Agreement. 
 “Vested Percentage Interest” means, with respect to any
Partner, the quotient obtained by dividing the number of Vested Units then owned by such Partner by the number of Vested Units then owned by all Partners. 

“Vested Units” means those Units listed as vested Units in the books and records of the Partnership, as the same may be
amended from time to time in accordance with this Agreement. 
 ARTICLE II 

FORMATION, TERM, PURPOSE AND POWERS 

Section 2.01 Formation. The Partnership was formed as a limited partnership under the provisions of the Act by the filing on
September 17, 2015 of the Certificate as provided in the preamble of this Agreement and the execution of the Original Agreement. If requested by the General Partner, the Limited Partners shall promptly execute all certificates and other
documents consistent with the terms of this Agreement necessary for the General Partner to accomplish all filing, recording, publishing and other acts as may be appropriate to comply with all requirements for (a) the formation and operation of
a limited partnership under the laws of the State of Delaware, (b) if the General Partner deems it advisable, the operation of the Partnership as a limited partnership, or partnership in which the Limited Partners have limited liability, in all
jurisdictions where the Partnership proposes to operate and (c) all other filings required to be made by the Partnership. 

  
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 Section 2.02 Name. The name of the Partnership shall be, and the business of the
Partnership shall be conducted under the name of, Blackstone Holdings AI L.P. 
 Section 2.03 Term. The term of the Partnership
commenced on the date of the filing of the Certificate, and the term shall continue until the dissolution of the Partnership in accordance with Article IX. The existence of the Partnership shall continue until cancellation of the Certificate in the
manner required by the Act. 
 Section 2.04 Offices. The Partnership may have offices at such places either within or outside
the State of Delaware as the General Partner from time to time may select. 
 Section 2.05 Agent for Service of Process. The
Partnership’s registered agent for service of process in the State of Delaware shall be as set forth in the Certificate, as the same may be amended by the General Partner from time to time. 

Section 2.06 Business Purpose. The Partnership was formed for the object and purpose of, and the nature and character of the
business to be conducted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act. 

Section 2.07 Powers of the Partnership. Subject to the limitations set forth in this Agreement, the Partnership will possess and
may exercise all of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation of the assets contributed to the Partnership by the Partners, by any other Law or this Agreement, together with all
powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the purpose of the Partnership set forth in Section 2.06. 

Section 2.08 Partners; Admission of New Partners. Each of the Persons listed in the books and records of the Partnership, as the
same may be amended from time to time in accordance with this Agreement, by virtue of the execution of this Agreement, are admitted, or hereby continue, as applicable, as Partners of the Partnership. The rights, duties and liabilities of the
Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided herein. A Person may be admitted from time to time as a new
Partner in accordance with Section 8.10; provided, however, that each new Partner shall execute and deliver to the General Partner an appropriate supplement to this Agreement pursuant to which the new Partner agrees to be bound by the
terms and conditions of the Agreement, as it may be amended from time to time. 
 Section 2.09 Withdrawal. No Partner shall have
the right to withdraw as a Partner of the Partnership other than following the Transfer of all Units owned by such Partner in accordance with Article VIII; provided, however, that a new General Partner or substitute General Partner may be admitted
to the Partnership in accordance with Section 8.09. 

  
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 ARTICLE III 

MANAGEMENT 
 Section 3.01
General Partner. (a) The business, property and affairs of the Partnership shall be managed under the sole, absolute and exclusive direction of the General Partner, which may from time to time delegate authority to officers or to others
to act on behalf of the Partnership. 
 (b) Without limiting the foregoing provisions of this Section 3.01, the General Partner shall
have the general power to manage or cause the management of the Partnership (which may be delegated to officers of the Partnership), including, without limitation, the following powers: 

(i) to develop and prepare a business plan each year which will set forth the operating goals and plans for the Partnership;

 (ii) to execute and deliver or to authorize the execution and delivery of contracts, deeds, leases, licenses, instruments
of transfer and other documents on behalf of the Partnership; 
 (iii) the making of any expenditures, the lending or
borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations; 

(iv) to employ, retain, consult with and dismiss personnel; 

(v) to establish and enforce limits of authority and internal controls with respect to all personnel and functions; 

(vi) to engage attorneys, consultants and accountants for the Partnership; 

(vii) to develop or cause to be developed accounting procedures for the maintenance of the Partnership’s books of account;
and 
 (viii) to do all such other acts as shall be authorized in this Agreement or by the Partners in writing from time to
time. 
 Section 3.02 Compensation. The General Partner shall not be entitled to any compensation for services rendered to the
Partnership in its capacity as General Partner. 
 Section 3.03 Expenses. The Partnership shall bear and/or reimburse the
General Partner for any expenses incurred by the General Partner in connection with serving as the general partner of the Partnership. 

  
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 Section 3.04 Officers. Subject to the direction and oversight of the General
Partner, the day-to-day administration of the business of the Partnership may be carried out by employees and agents who may be designated as officers by the General
Partner, with titles including but not limited to “chief executive officer,” “chief financial officer,” “chief legal officer,” “chief administrative officer,” “chief compliance officer,”
“principal accounting officer,” “chairman,” “senior chairman,” “vice chairman,” “president,” “vice president,” “treasurer,” “assistant treasurer,” “secretary,”
“assistant secretary,” “general manager,” “senior managing director,” “managing director” and “director,” as and to the extent authorized by the General Partner. The officers of the Partnership shall
have such titles and powers and perform such duties as shall be determined from time to time by the General Partner and otherwise as shall customarily pertain to such offices. Any number of offices may be held by the same person. All employees,
agents and officers shall be subject to the supervision and direction of the General Partner and may be removed from such office by the General Partner and the authority, duties or responsibilities of any employee, agent or officer of the
Partnership may be suspended by the General Partner from time to time, in each case in the sole discretion of the General Partner. The General Partner shall not cease to be a general partner of the Partnership as a result of the delegation of any
duties hereunder. No officer of the Partnership, in its capacity as such, shall be considered a general partner of the Partnership by agreement, estoppel, as a result of the performance of its duties hereunder or otherwise. 

Section 3.05 Authority of Partners. No Limited Partner, in its capacity as such, shall participate in or have any control over the
business of the Partnership. Except as expressly provided herein, the Units do not confer any rights upon the Limited Partners to participate in the affairs of the Partnership described in this Agreement. Except as expressly provided herein, the
Limited Partners shall have no right to vote on any matter involving the Partnership, including with respect to any merger, consolidation, combination or conversion of the Partnership. The conduct, control and management of the Partnership shall be
vested exclusively in the General Partner. In all matters relating to or arising out of the conduct of the operation of the Partnership, the decision of the General Partner shall be the decision of the Partnership. Except as required or permitted by
Law, or expressly provided in the ultimate sentence of this Section 3.05 or by separate agreement with the Partnership, no Partner who is not also a General Partner (and acting in such capacity) shall take any part in the management or control
of the operation or business of the Partnership in its capacity as a Partner, nor shall any Partner who is not also a General Partner (and acting in such capacity) have any right, authority or power to act for or on behalf of or bind the Partnership
in his or its capacity as a Partner in any respect or assume any obligation or responsibility of the Partnership or of any other Partner. Notwithstanding the foregoing, the Partnership may employ one or more Partners from time to time, and such
Partners, in their capacity as employees of the Partnership (and not, for clarity, in their capacity as Limited Partners of the Partnership), may take part in the control and management of the business of the Partnership to the extent such authority
and power to act for or on behalf of the Partnership has been delegated to them by the General Partner. 
 Section 3.06 Action by
Written Consent or Ratification. Any action required or permitted to be taken by the Partners pursuant to this Agreement shall be taken if all Partners whose consent or ratification is required consent thereto or provide a ratification in
writing. 

  
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 ARTICLE IV 

DISTRIBUTIONS 
 Section 4.01
Distributions. (a) The General Partner, in its sole discretion, may authorize distributions by the Partnership to the Partners, which distributions shall be made pro rata in accordance with the Partners’ respective Total
Percentage Interests. 
 (b) (i) In addition to the foregoing, if the General Partner reasonably determines that the taxable income of the
Partnership for a Fiscal Year will give rise to taxable income for the Partners (“Net Taxable Income”), the General Partner shall cause the Partnership to distribute Available Cash in respect of income tax liabilities (the
“Tax Distributions”) to the extent that other distributions made by the Partnership for such year were otherwise insufficient to cover such tax liabilities. The Tax Distributions payable with respect to any Fiscal Year shall be
computed based upon the General Partner’s estimate of the allocable Net Taxable Income in accordance with Article V, multiplied by the Assumed Tax Rate (the “Tax Amount”). For purposes of computing the Tax Amount, the
effect of any benefit under Section 743(b) of the Code will be ignored. 
 (ii) Tax Distributions shall be calculated
and paid no later than one day prior to each quarterly due date for the payment by corporations on a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25% of the Tax Amount, (B) for
the second quarterly period, 50% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year, (C) for the third quarterly period, 75% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and (D) for the
fourth quarterly period, 100% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year. Following each Fiscal Year, and no later than one day prior to the due date for the payment by corporations of income taxes for such Fiscal Year,
the General Partner shall make an amended calculation of the Tax Amount for such Fiscal Year (the “Amended Tax Amount”), and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the
Amended Tax Amount so calculated exceeds the cumulative Tax Distributions previously made by the Partnership in respect of such Fiscal Year. If the Amended Tax Amount is less than the cumulative Tax Distributions previously made by the Partnership
in respect of the relevant Fiscal Year, then the difference (the “Credit Amount”) shall be applied against, and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Within 30 days following the date on
which the Partnership files a tax return on Form 1065, the General Partner shall make a final calculation of the Tax Amount of such Fiscal Year (the “Final Tax Amount”) and shall cause the Partnership to distribute a Tax
Distribution, out of Available Cash, to the extent that the Final Tax Amount so calculated exceeds the Amended Tax Amount. If the Final Tax Amount is less than the Amended Tax Amount in respect of the relevant Fiscal Year, then the difference
(“Additional Credit Amount”) shall be applied against, and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount applied against future Tax Distributions shall
be treated as an amount actually distributed pursuant to this Section 4.01(b) for purposes of the computations herein. 

  
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 Section 4.02 Liquidation Distribution. Distributions made upon dissolution of
the Partnership shall be made as provided in Section 9.03. 
 Section 4.03 Limitations on Distribution. Notwithstanding any
provision to the contrary contained in this Agreement, the General Partner shall not make a Partnership distribution to any Partner if such distribution would violate Section 17-607 of the Act or other
applicable Law. 
 Section 4.04 Administration Fee. Notwithstanding anything to the contrary herein, unless the General Partner
shall determine otherwise, commencing with the distribution in respect of the quarterly period ending June 30, 2020, an amount shall be withheld from each quarterly distribution payable to a Limited Partner other than an Employed Limited
Partner that, together with analogous administration fee amounts withheld from distributions payable to such Limited Partner by the other Blackstone Holdings Partnerships in respect of the same quarterly period, equals the Administration Fee (as
defined below). The “Administration Fee” shall mean an amount per Class A Unit initially equal to $0.03125, which amount may increase or decrease by such percentage as the General Partner may determine from time to time in its
sole discretion. Amounts withheld as an Administration Fee shall be treated as if distributed to the applicable Limited Partner. 

ARTICLE V 
 CAPITAL CONTRIBUTIONS;
CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS 
 Section 5.01 Initial Capital Contributions. (a) The Partners have made,
on or prior to the date hereof, Capital Contributions and, in exchange, the Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the Partnership. 

(b) Upon issuance by the Partnership of Class A Units to the Partners pursuant to the First Amended and Restated Agreement, the interests
in the Partnership as provided in the First Amended and Restated Agreement and under the Act held by Blackstone Holdings I L.P. were cancelled. 

Section 5.02 No Additional Capital Contributions. Except as otherwise provided in this Article V, no Partner shall be required to
make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General Partner. 

Section 5.03 Capital Accounts. A separate capital account (a “Capital Account”) shall be established and
maintained for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited with such Partner’s Capital
Contributions, if any, all Profits allocated to such Partner pursuant to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses allocated to such Partner
pursuant to Section 5.04, any items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner and
the liabilities to which such property is subject) distributed by the Partnership to 

  
 16 

 
such Partner. Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same may be credited or debited from time
to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the
transferred interest. 
 Section 5.04 Allocations of Profits and Losses. Except as otherwise provided in this Agreement, Profits
and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect to the Special Allocations set forth
in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their
Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the
Partnership were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets.
For purposes of this Article V, each Unvested Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to
ensure allocations are made in accordance with a partner’s interest in the Partnership. 
 Section 5.05 Special
Allocations. Notwithstanding any other provision in this Article V: 
 (a) Minimum Gain Chargeback. If there is a net decrease in
Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2
(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during
such year, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i) (5). The items to be so allocated shall be determined in accordance with
Treasury Regulations Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections and shall be interpreted
consistently therewith; including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and
1.704-2(i) (4). 
 (b) Qualified Income Offset. If any Partner unexpectedly receives any
adjustments, allocations, or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner
in an amount and manner sufficient to eliminate the deficit balance in such Partner’s Adjusted Capital Account Balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation
pursuant to this Section 5.05(b) shall be made only to the extent that a Partner would have a deficit Adjusted Capital Account Balance in excess of such sum after all other allocations provided for in this Article V have been tentatively made
as if this Section 5.05(b) were not in this Agreement. This Section 5.05(b) is intended to comply with the “qualified income offset” requirement of the Code and shall be interpreted consistently therewith. 

  
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 (c) Gross Income Allocation. If any Partner has a deficit Capital Account at the end
of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to
the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership
income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05 (c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of
such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement. 

(d) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Total
Percentage Interests. 
 (e) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated
to the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(j).

 (f) Creditable Non-U.S. Taxes. Creditable Non-U.S.
Taxes for any taxable period attributable to the Partnership, or an entity owned directly or indirectly by the Partnership, shall be allocated to the Partners in proportion to the partners’ distributive shares of income (including income
allocated pursuant to Section 704(c) of the Code) to which the Creditable Non-U.S. Tax relates (under principles of Treasury Regulations Section 1.904-6). The
provisions of this Section 5.05(f) are intended to comply with the provisions of Temporary Treasury Regulations Section 1.704-1T(b) (4)(xi), and shall be interpreted consistently therewith. 

(g) Ameliorative Allocations. Any special allocations of income or gain pursuant to Sections 5.05(b) or 5.05(c) hereof shall be taken
into account in computing subsequent allocations pursuant to Section 5.04 and this Section 5.05(g), so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to
the net amount that would have been allocated to each Partner if such allocations pursuant to Sections 5.05(b) or 5.05(c) had not occurred. 

(h) Section 751 Allocations. Any gain or loss from items described in Section 751(c) or (d) that were previously held by
Blackstone Holdings I L.P. will be allocated in a manner that is consistent with Blackstone Holdings I L.P.’s partners’ shares of such gain or loss immediately before the distribution of the Partnership by Blackstone Holdings I L.P. 

Section 5.06 Tax Allocations. For income tax purposes, each item of income, gain, loss and deduction of the Partnership shall be
allocated among the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for Capital Account purposes; provided that in the case of any asset the Carrying Value of which
differs from its adjusted tax basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income tax purposes in accordance with the principles of Sections 704(b) and
(c) of the Code (in any manner determined by the General Partner and permitted by the Code and Treasury Regulations) so as to take account of the difference between Carrying Value and adjusted basis of such asset. Notwithstanding the foregoing,
the General Partner shall make such allocations for tax purposes as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership. 

  
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 Section 5.07 Tax Advances. To the extent the General Partner reasonably believes
that the Partnership is required by law to withhold or to make tax payments on behalf of or with respect to any Partner or the Partnership is subjected to tax itself by reason of the status of any Partner (“Tax Advances”), the
General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall be repaid by reducing the amount of the current or next succeeding distribution or distributions which would
otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. For all purposes of this Agreement such Partner shall be treated as
having received the amount of the distribution that is equal to the Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the other Partners from and against any liability (including, without limitation, any
liability for taxes, penalties, additions to tax or interest other than any penalties, additions to tax or interest imposed as a result of the Partnership’s failure to withhold or make a tax payment on behalf of such Partner which withholding
or payment is required pursuant to applicable Law but only to the extent amounts sufficient to pay such taxes were not timely distributed to the Partner pursuant to Section 4.01(b)) with respect to income attributable to or distributions or
other payments to such Partner. 
 Section 5.08 Tax Matters. For tax years beginning before December 31, 2017, the General
Partner shall be or shall designate the “tax matters partner” within the meaning of Section 6231(a)(7) of the Code (as in effect prior to 2018) (the “Tax Matters Partner”) and, for the years beginning after
December 31, 2017, the General Partner shall be or shall designate the “partnership representative” within the meaning of Section 6223 of the Code (the “Partnership Representative”). The Partnership shall file as
a partnership for federal, state, provincial and local income tax purposes, except where otherwise required by Law. All elections required or permitted to be made by the Partnership, and all other tax decisions and determinations relating to
federal, state, provincial or local tax matters of the Partnership, shall be made by the Tax Matters Partner or the Partnership Representative, as applicable, in consultation with the Partnership’s attorneys and/or accountants. Tax audits,
controversies and litigations shall be conducted under the direction of the Tax Matters Partner or the Partnership Representative, as applicable. The Tax Matters Partner or the Partnership Representative, as applicable, shall keep the other Partners
reasonably informed as to any tax actions, examinations or proceedings relating to the Partnership and shall submit to the other Partners, for their review and comment, any settlement or compromise offer with respect to any disputed item of income,
gain, loss, deduction or credit of the Partnership. As soon as reasonably practicable after the end of each Fiscal Year, the Partnership shall send to each Partner a copy of U.S. Internal Revenue Service Schedule
K-1, and any comparable statements required by applicable U.S. state or local income tax Law as a result of the Partnership’s activities or investments, with respect to such Fiscal Year. The Partnership
also shall provide the Partners with such other information as may be reasonably requested for purposes of allowing the Partners to prepare and file their own tax returns. 

  
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 Section 5.09 Other Allocation Provisions. Certain of the foregoing provisions
and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a
manner consistent with such regulations. Sections 5.03, 5.04 and 5.05 may be amended at any time by the General Partner if necessary, in the opinion of tax counsel to the Partnership, to comply with such regulations or any applicable Law, so long as
any such amendment does not materially change the relative economic interests of the Partners. 
 ARTICLE VI 

BOOKS AND RECORDS; REPORTS 

Section 6.01 Books and Records. (a) At all times during the continuance of the Partnership, the Partnership shall prepare and
maintain separate books of account for the Partnership in accordance with GAAP. 
 (b) Except as limited by Section 6.01(c), each
Limited Partner shall have the right to receive, for a purpose reasonably related to such Limited Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand stating the purpose of such demand and at such Limited
Partner’s own expense: 
 (i) a copy of the Certificate and this Agreement and all amendments thereto, together with a
copy of the executed copies of all powers of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and 

(ii) promptly after their becoming available, copies of the Partnership’s federal, state and local income tax returns and
reports, if any, for the three most recent years. 
 (c) The General Partner may keep confidential from the Limited Partners, for such period
of time as the General Partner determines in its sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the General Partner
believes is not in the best interests of the Partnership, could damage the Partnership or its business or that the Partnership is required by law or by agreement with any third party to keep confidential. 

ARTICLE VII 
 PARTNERSHIP UNITS

 Section 7.01 Units. Interests in the Partnership shall be represented by Units. The Units initially are comprised of one
Class: Class A Units. The General Partner may establish, from time to time in accordance with such procedures as the General Partner shall determine from time to time, other Classes, one or more series of any such Classes, or other Partnership
securities with such designations, preferences, rights, powers and duties (which may be senior to existing Classes and series of Units or other Partnership securities), as shall be determined by the General Partner, including (i) the right to
share in Profits and Losses or items thereof; (ii) the 

  
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right to share in Partnership distributions; (iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions upon which, the Partnership
may or shall be required to redeem the Units or other Partnership securities (including sinking fund provisions); (v) whether such Unit or other Partnership security is issued with the privilege of conversion or exchange and, if so, the terms and
conditions of such conversion or exchange; (vi) the terms and conditions upon which each Unit or other Partnership security will be issued, evidenced by certificates and assigned or transferred; (vii) the method for determining the Total
Percentage Interest as to such Units or other Partnership securities; and (viii) the right, if any, of the holder of each such Unit or other Partnership security to vote on Partnership matters, including matters relating to the relative
designations, preferences, rights, powers and duties of such Units or other Partnership securities. Except as expressly provided in this Agreement to the contrary, any reference to “Units” shall include the Class A Units and
any other Classes that may be established in accordance with this Agreement. All Units of a particular Class shall have identical rights in all respects as all other Units of such Class, except in each case as otherwise specified in this
Agreement. 
 Section 7.02 Register. The register of the Partnership shall be the definitive record of ownership of each Unit
and all relevant information with respect to each Partner. Unless the General Partner shall determine otherwise, Units shall be uncertificated and recorded in the books and records of the Partnership. 

Section 7.03 Registered Partners. The Partnership shall be entitled to recognize the exclusive right of a Person registered on its
records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as
otherwise provided by the Act or other applicable Law. 
 ARTICLE VIII 

VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS 

Section 8.01 Vesting of Initial Unvested Units. (a) Subject to Section 8.02 and except as set forth in
Section 8.01(b) or as otherwise agreed to in writing between the General Partner and the applicable Limited Partner and reflected in the books and records of the Partnership, the Initial Unvested Units shall vest and shall thereafter be Vested
Units for all purposes of this Agreement as follows: 
 (i) with respect to each Category 1 Limited Partner, 100% of the
Initial Unvested Units owned by such Limited Partner shall vest and thereafter be Vested Units for all purposes of this Agreement in equal 25% installments on each of the first, second, third and fourth anniversary dates of the consummation of the
IPO; 
 (ii) with respect to each Category 3 Limited Partner and Category 4 Limited Partner, 100% of the Initial Unvested
Units owned by such Limited Partner shall vest and thereafter be Vested Units for all purposes of this Agreement in equal 20% installments on each of the first, second, third, fourth and fifth anniversary dates of the consummation of the IPO; and

  
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 (iii) with respect to each Category 5 Limited Partner, 100% of the Initial
Unvested Units owned by such Limited Partner shall vest and thereafter be Vested Units for all purposes of this Agreement in equal 12.5% installments on each of the first, second, third, fourth, fifth, sixth, seventh and eighth anniversary dates of
the consummation of the IPO. 
 (b) Notwithstanding Section 8.01(a), if earlier, the Initial Unvested Units shall vest and shall
thereafter be Vested Units for all purposes of this Agreement as follows: (i) upon the Retirement of an Employed Limited Partner, 50% of the Initial Unvested Units owned by such Limited Partner that are Unvested Units at that time shall vest
and thereafter be Vested Units for all purposes of this Agreement; (ii) upon the death or Disability of an Employed Limited Partner, 100% of the Initial Unvested Units owned by such Limited Partner that are Unvested Units at that time shall
vest and thereafter be Vested Units for all purposes of this Agreement; and (iii) upon the occurrence of a Change of Control, 100% of the Initial Unvested Units that are Unvested Units at that time shall vest and thereafter be Vested Units for
all purposes of this Agreement. 
 (c) In addition, the General Partner in its sole discretion may authorize the earlier vesting of all or a
portion of the Initial Unvested Units owned by any one or more Limited Partners at any time and from time to time, and in such event, such Initial Unvested Units shall vest and thereafter be Vested Units for all purposes of this Agreement. Any such
determination in the General Partner’s discretion in respect of Initial Unvested Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners
are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 

(d) Upon the vesting of any Initial Unvested Units in accordance with this Section 8.01, the General Partner shall modify the books and
records of the Partnership to reflect such vesting. 
 Section 8.02 Forfeiture of Units Held by Initial Limited Partners.
(a) Other than as set forth in Section 8.01(b) and except as otherwise agreed to in writing between the General Partner and the applicable Limited Partner and reflected in the books and records of the Partnership, if a Limited Partner
ceases to be an Employed Limited Partner for any reason, such Limited Partner’s Unvested Units shall be immediately forfeited without any consideration, and such Limited Partner shall cease to own or have any rights with respect to such
Unvested Units; provided, however, that if a Limited Partner ceases to be an Employed Limited Partner in order to become a Government Official, such Limited Partner’s Unvested Units shall continue to vest as set forth in
Section 8.01 until such Limited Partner ceases to be a Government Official for any reason, at which point such Limited Partner’s Unvested Units shall be immediately forfeited without any consideration (unless such Limited Partner becomes
an Employed Limited Partner immediately after such Limited Partner ceases to be such a Government Official, in which case such Limited Partner’s Unvested Units shall continue to vest as set forth in Section 8.01) and such Limited Partner
shall cease to own or have any rights with respect to such Unvested Units. Immediately upon the forfeiture of any Initial Unvested Units, such Unvested Units that have been so forfeited shall be cancelled. 

  
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 (b) Except as otherwise agreed to in writing between the General Partner and the applicable
Limited Partner and reflected in the books and records of the Partnership, (i) if a Limited Partner that is or was at any time an Employed Limited Partner breaches any Restrictive Covenant to which such Limited Partner is subject or
(ii) if an Employed Limited Partner is terminated for Cause, the Initial Units held by such Limited Partner or such Limited Partner’s Personal Planning Vehicle at that time (whether or not vested) shall be immediately forfeited without any
consideration, and such Limited Partner shall cease to own or have any rights with respect to such Initial Units; provided, however, that Initial Units held by a Personal Planning Vehicle of a Category 1 Limited Partner created prior to
June 18, 2007 are not subject to forfeiture. Immediately upon the forfeiture of any Initial Units, such Initial Units that have been so forfeited shall be cancelled. 

(c) Upon the forfeiture of any Unvested Units in accordance with this Section 8.02, the General Partner shall modify the books and records
of the Partnership to reflect such forfeiture. 
 Section 8.03 Limited Partner Transfers. (a) Except as provided in clauses
(b), (c), (d) and (f) of this Section 8.03, no Limited Partner or Assignee thereof may Transfer (including by exchanging in an Exchange Transaction) all or any portion of its Units or other interest in the Partnership (or beneficial
interest therein) without the prior consent of the General Partner, which consent may be given or withheld, or made subject to such conditions (including, without limitation, the receipt of such legal opinions and other documents that the General
Partner may require) as are determined by the General Partner, in each case in the General Partner’s sole discretion. Any such determination in the General Partner’s discretion in respect of Units shall be final and binding. Such
determinations need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or
otherwise. Any purported Transfer of Units that is not in accordance with, or subsequently violates, this Agreement shall be, to the fullest extent permitted by law, null and void. 

(b) Notwithstanding clause (a) above, except as provided in or pursuant to clauses (b), (c), (d) and (f) below and subject to
Section 8.04, each Limited Partner may exchange in an Exchange Transaction up to 100% of the Initial Vested Units owned by such Limited Partner at any time and from time to time; provided that Unvested Units may not be Transferred at any time.

 (c) Notwithstanding clauses (a) or (b) above, with the prior consent of the General Partner, (i) the Category 1 Limited Partners
may make one or more gratuitous Transfers (including by exchanging in an Exchange Transaction) to any Charity at any time and from time to time up to a number of Initial Vested Units owned by such Limited Partners that is equal to the quotient of
$250 million divided by the offering price per common unit in the IPO for the purpose of making gratuitous transfers to any Charity. 

(d) Notwithstanding clauses (a) or (b) above, if earlier: (i) upon the death or Disability of an Employed Limited Partner, such
Limited Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited Partner; (ii) other than with respect to a Category 1 Limited Partner, following an

  
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Employed Limited Partner’s termination of employment and after the earlier to occur of (A) one year from the date of termination of employment or (B) the expiration of the longest
applicable Restricted Period with respect to such Employed Limited Partner, such Limited Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited Partner;
(iii) following Mr. Stephen A. Schwarzman’s termination of employment, any Category 1 Limited Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited
Partner; and (iv) upon the occurrence of a Change of Control, any Limited Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited Partner; provided that in
each case Unvested Units may not by Transferred at any time. 
 (e) [Reserved] 

(f) Notwithstanding clauses (a), (b), (c) and (d) above, a Personal Planning Vehicle of a Limited Partner may Transfer Class A Units
(i) to the donor thereof or to the spouse of the donor thereof; (ii) if the Personal Planning Vehicle is a grantor retained annuity trust and the trustee(s) of such grantor retained annuity trust is obligated to make one or more
distributions to the donor of the grantor retained annuity trust, the estate of the donor of the grantor retained annuity trust, the spouse of the donor of the grantor retained annuity trust or the estate of the spouse of the donor of the grantor
retained annuity trust, to any such Persons; or (iii) upon the death of such Limited Partner, to the spouse of such Limited Partner or a trust for which a deduction under Section 2056 or 2056A (or any successor provisions) of the Code may
be sought. 
 Section 8.04 Minimum Retained Ownership Requirement. (a) Other than the Category 1 Limited Partners, the
Category 2 Limited Partners and the Category 6 Limited Partner and unless otherwise permitted by the General Partner in its sole discretion, each Limited Partner that is or was at any time an Employed Limited Partner other than a Personal Planning
Vehicle shall, until the first anniversary of such Employed Limited Partner’s termination of employment, continue to hold (and may not Transfer) at least 25% of all Initial Vested Units received collectively by such Employed Limited Partner and
by any Personal Planning Vehicle of such Employed Limited Partner (the “Minimum Retained Ownership Requirement”); and provided that upon the Retirement of an Employed Limited Partner, such Limited Partner shall be subject to
a Minimum Retained Ownership Requirement of 12.5% instead of 25%. For purposes of this paragraph (a), (i) Units held by a Personal Planning Vehicle of a Limited Partner (other than the portion of the Units received by a Personal Planning Vehicle
created prior to June 18, 2007 identified in the books and records of the Partnership as “Non-Minimum Retained Ownership Requirement Units”) shall be deemed held by such Limited Partner for
purposes of calculating the number of Initial Vested Units received by such Limited Partner and (ii) any Units held by a Personal Planning Vehicle of a Limited Partner shall not be deemed to be held by such Limited Partner for purposes of
calculating whether the relevant percentage of Initial Vested Units held satisfies the Minimum Retained Ownership Requirement set forth in this Section 8.04(a). 

  
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 (b) Unless otherwise approved by the General Partner in its sole discretion, each Category 1
Limited Partner other than a Personal Planning Vehicle shall, until Mr. Stephen A. Schwarzman’s termination of employment, continue to hold (and may not Transfer) the lesser of (i) at least 25% of all Initial Vested Units
received collectively by the Category 1 Limited Partners and (ii) a number of Initial Units that is equal to the quotient of $1.5 billion divided by the Last Reported Sale Price per share of Common Stock from time to time. For
purposes of this paragraph (b), (i) Units held by a Personal Planning Vehicle of a Category 1 Limited Partner (other than the portion of the Units received by a Personal Planning Vehicle created prior to June 18, 2007 identified in the books
and records of the Partnership as “Non-Minimum Retained Ownership Requirement Units”) shall be deemed held by such Category 1 Limited Partner for purposes of calculating the number of Initial Vested
Units received by such Category 1 Limited Partner and (ii) any Units held by a Personal Planning Vehicle of a Category 1 Limited Partner shall not be deemed to be held by such Category 1 Limited Partner for purposes of calculating whether the
relevant percentage of Initial Vested Units held satisfies the Minimum Retained Ownership Requirement set forth in this Section 8.04(b). 

Section 8.05 Mandatory Exchanges. The General Partner may in its sole discretion at any time and from time to time, without the
consent of any Limited Partner, require any Limited Partner other than an Employed Limited Partner to Transfer in an Exchange Transaction all Units held by such Limited Partner. Any such determinations by the General Partner need not be uniform and
may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated. In addition, the General Partner may, with the consent of Partners whose Vested Percentage Interests exceed 75% of the Vested Percentage
Interests of all Partners in the aggregate, require all Limited Partners to Transfer in an Exchange Transaction all Units held by them. 

Section 8.06 Encumbrances. No Limited Partner or Assignee may create an Encumbrance with respect to all or any portion of its
Units (or any beneficial interest therein) other than Encumbrances that run in favor of the Limited Partner unless the General Partner consents in writing thereto, which consent may be given or withheld, or made subject to such conditions as are
determined by the General Partner, in the General Partner’s sole discretion. Consent of the General Partner shall be withheld until the holder of the Encumbrance acknowledges the terms and conditions of this Agreement. Any purported Encumbrance
that is not in accordance with this Agreement shall be, to the fullest extent permitted by law, null and void. 
 Section 8.07
Further Restrictions. Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit be made by any Limited Partner or Assignee if: 

(a) such Transfer is made to any Person who lacks the legal right, power or capacity to own such Unit; 

(b) such Transfer would require the registration of such transferred Unit or of any Class of Unit pursuant to any applicable United States
federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other non-U.S. securities laws (including Canadian provincial or territorial securities laws) or
would constitute a non-exempt distribution pursuant to applicable provincial or state securities laws; 

  
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 (c) such Transfer would cause (i) all or any portion of the assets of the Partnership
to (A) constitute “plan assets” (under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to the provisions of ERISA, Section 4975 of the Code or any applicable
Similar Law, or (ii) the General Partner to become a fiduciary with respect to any existing or contemplated Limited Partner, pursuant to ERISA, any applicable Similar Law, or otherwise; 

(d) to the extent requested by the General Partner, the Partnership does not receive such legal and/or tax opinions and written instruments
(including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the General Partner, as determined in the General Partner’s
sole discretion. 
 Section 8.08 Rights of Assignees. Subject to Section 8.07, the transferee of any permitted Transfer
pursuant to this Article VIII will be an assignee only (“Assignee”), and only will receive, to the extent transferred, the distributions and allocations of income, gain, loss, deduction, credit or similar item to which the Partner
which transferred its Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations relating to, or in connection with, such Interest remaining
with the transferring Partner. The transferring Partner will remain a Partner even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Partnership as a Partner pursuant to
Section 8.10. 
 Section 8.09 Admissions, Withdrawals and Removals. (a) No Person may be admitted to the Partnership
as an additional General Partner or substitute General Partner without the prior written consent or ratification of Partners whose Vested Percentage Interests exceed 50% of the Vested Percentage Interests of all Partners in the aggregate. A General
Partner will not be entitled to Transfer all of its Units or to withdraw from being a General Partner of the Partnership unless another General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn). 

(b) No Limited Partner will be removed or entitled to withdraw from being a Partner of the Partnership except in accordance with
Section 8.11 hereof. 
 (c) Except as otherwise provided in Article IX or the Act, no admission, substitution, withdrawal or removal of
a Partner will cause the dissolution of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is not in accordance with this Agreement shall be null and void. 

Section 8.10 Admission of Assignees as Substitute Limited Partners. An Assignee will become a substitute Limited Partner only if
and when each of the following conditions is satisfied: 
 (a) the General Partner consents in writing to such admission, which consent may
be given or withheld, or made subject to such conditions as are determined by the General Partner, in each case in the General Partner’s sole discretion; 

  
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 (b) if required by the General Partner, the General Partner receives written instruments
(including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner) that are in a form satisfactory to the General Partner (as determined in its sole
discretion); 
 (c) if required by the General Partner, the General Partner receives an opinion of counsel satisfactory to the General
Partner to the effect that such Transfer is in compliance with this Agreement and all applicable Law; and 
 (d) if required by the General
Partner, the parties to the Transfer, or any one of them, pays all of the Partnership’s reasonable expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Partnership). 

Section 8.11 Withdrawal and Removal of Limited Partners. If a Limited Partner ceases to hold any Units, then such Limited Partner
shall withdraw from the Partnership and shall cease to be a Limited Partner and to have the power to exercise any rights or powers of a Limited Partner. 

ARTICLE IX 
 DISSOLUTION,
LIQUIDATION AND TERMINATION 
 Section 9.01 No Dissolution. Except as required by the Act, the Partnership shall not be
dissolved by the admission of additional Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and
the Partners hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets. 

Section 9.02 Events Causing Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the occurrence
of any of the following events (each, a “Dissolution Event”): 
 (a) the entry of a decree of judicial dissolution of the
Partnership under Section 17-802 of the Act upon the finding by a court of competent jurisdiction that the General Partner (i) is permanently incapable of performing its part of this Agreement,
(ii) has been guilty of conduct that is calculated to affect prejudicially the carrying on of the business of the Partnership, (iii) willfully or persistently commits a breach of this Agreement or (iv) conducts itself in a manner
relating to the Partnership or its business such that it is not reasonably practicable for the other Partners to carry on the business of the Partnership with the General Partner; 

(b) any event which makes it unlawful for the business of the Partnership to be carried on by the Partners; 

(c) the written consent of all Partners; 

  
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 (d) any other event not inconsistent with any provision hereof causing a dissolution of the
Partnership under the Act; 
 (e) the Incapacity or removal of the General Partner or the occurrence of a Disabling Event with respect to the
General Partner; provided that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified in this Section 9.02(e) if: (i) at the time of the occurrence of such event there is at
least one other general partner of the Partnership who is hereby authorized to, and elects to, carry on the business of the Partnership; or (ii) all remaining Limited Partners consent to or ratify the continuation of the business of the
Partnership and the appointment of another general partner of the Partnership, effective as of the event that caused the General Partner to cease to be a general partner of the Partnership, within 120 days following the occurrence of any such event,
which consent shall be deemed (and if requested each Limited Partner shall provide a written consent or ratification) to have been given for all Limited Partners if the holders of more than 50% of the Vested Units then outstanding agree in writing
to so continue the business of the Partnership. 
 Section 9.03 Distribution upon Dissolution. Upon dissolution, the Partnership
shall not be terminated and shall continue until the winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the
“Liquidation Agent”), shall take full account of the assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with
obtaining the fair value thereof. The proceeds of any liquidation shall be applied and distributed in the following order: 
 (a) First, to
the satisfaction of debts and liabilities of the Partnership (including satisfaction of all indebtedness to Partners and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the
establishment of any reserve which the Liquidation Agent shall deem reasonably necessary for any contingent, conditional or unmatured contractual liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may
be paid over by the Liquidation Agent to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies and, at
the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the balance in the manner hereinafter provided in this Section 9.03; and 

(b) The balance, if any, to the Partners, pro rata to each of the Partners in accordance with their Total Percentage Interests. 

Section 9.04 Time for Liquidation. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the
Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation. 

Section 9.05 Termination. The Partnership shall terminate when all of the assets of the Partnership, after payment of or due
provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall have been cancelled in the manner required by the
Act. 

  
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 Section 9.06 Claims of the Partners. The Partners shall look solely to the
Partnership’s assets for the return of their Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are insufficient to return such
Capital Contributions, the Partners shall have no recourse against the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have any obligation to the Partnership or to
the other Partners or to any creditor or other Person to restore such negative balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to the extent required by the Act. 

Section 9.07 Survival of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of
Section 10.02 and Section 11.09 shall survive the termination of the Partnership. 
 ARTICLE X 

LIABILITY AND INDEMNIFICATION 

Section 10.01 Liability of Partners. (a) No Limited Partner shall be liable for any debt, obligation or liability of the
Partnership or of any other Partner or have any obligation to restore any deficit balance in its Capital Account solely by reason of being a Partner of the Partnership, except to the extent required by the Act. 

(b) This Agreement is not intended to, and does not, create or impose any fiduciary duty on any of the Partners (including without limitation,
the General Partner) hereto or on their respective Affiliates. Further, the Partners hereby waive any and all fiduciary duties that, absent such waiver, may exist at or be implied by Law or in equity, and in doing so, recognize, acknowledge and
agree that their duties and obligations to one another and to the Partnership are only as expressly set forth in this Agreement and those required by the Act. 

(c) To the extent that, at law or in equity, any Partner (including without limitation, the General Partner) has duties (including fiduciary
duties) and liabilities relating thereto to the Partnership or to another Partner, the Partners (including without limitation, the General Partner) acting under this Agreement will not be liable to the Partnership or to any such other Partner for
their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Partner (including without limitation, the General
Partner) otherwise existing at law or in equity, are agreed by the Partners to replace to that extent such other duties and liabilities of the Partners relating thereto (including without limitation, the General Partner). 

(d) The General Partner may consult with legal counsel, accountants and financial or other advisors and any act or omission suffered or taken
by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in good faith in reliance upon and in accordance with the advice of such counsel, accountants or financial or other advisors will be full
justification for any such act or omission, and the General Partner will be fully protected in so acting or omitting to act so long as such counsel or accountants or financial or other advisors were selected with reasonable care. 

  
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 (e) Notwithstanding any other provision of this Agreement or otherwise applicable provision
of law or equity, whenever in this Agreement the General Partner is permitted or required to make a decision (i) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, such General
Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give any consideration to any interest of
or factors affecting the Partnership or the Limited Partners, or (ii) in its “good faith” or under another expressed standard, such General Partner shall act under such express standard and shall not be subject to any other or
different standards. 
 Section 10.02 Indemnification. 

(a) Indemnification. To the fullest extent permitted by law, the Partnership shall indemnify any person (and such person’s heirs,
executors or administrators) who was or is made or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Partnership or otherwise), whether civil,
criminal, administrative or investigative, and whether formal or informal, including appeals, by reason of the fact that such person, or a person for whom such person was the legal representative, is or was the General Partner or a director or
officer of the General Partner or the Partnership or, while a director or officer of the General Partner or the Partnership, is or was serving at the request of the Partnership as a director, officer, partner, trustee, employee or agent of another
corporation, partnership, joint venture, trust, limited liability company, nonprofit entity or other enterprise, for and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in
settlement reasonably incurred by such person or such heirs, executors or administrators in connection with such action, suit or proceeding, including appeals, if such person acted in good faith and in a manner the person reasonably believed to be
in or not opposed to the best interests of the Partnership and, with respect to any alleged conduct resulting in a criminal proceeding against the person, such person had no reasonable cause to believe that such person’s conduct was unlawful.
Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c), the Partnership shall be required to indemnify a person described in such sentence in connection with any action, suit or proceeding (or part thereof)
commenced by such person only if the commencement of such action, suit or proceeding (or part thereof) by such person was authorized by the General Partner. Any reference to an officer of the General Partner or the Partnership in this
Section 10.02 shall be deemed to refer exclusively to the Chief Executive Officer, President, Chief Operating Officer, Executive Vice Chairman, Chief Financial Officer, Chief Legal Officer, Secretary or any other officer of the Partnership
appointed pursuant to Section 3.04 hereof or, with respect to the General Partner, appointed pursuant to the equivalent organizational documents of the General Partner. The fact that any person who is or was an employee of the General Partner
or the Partnership, but not an officer thereof as described in the preceding sentence, has been given or has used any title that could be construed to suggest or imply that such person is or may be an officer of the General Partner or the
Partnership shall not result in such person being constituted as, or being deemed to be, such an officer of the General Partner or the Partnership for purposes of this Section 10.02. 

  
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 (b) Advancement of Expenses. To the fullest extent permitted by law, the Partnership
shall promptly pay expenses (including attorneys’ fees) incurred by any person described in Section 10.02(a) in appearing at, participating in or defending any action, suit or proceeding in advance of the final disposition of such action,
suit or proceeding, including appeals, upon (i) presentation of an undertaking on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified under this Section 10.02
or otherwise and (ii) to the extent determined by the General Partner in its sole discretion to be necessary or advisable, receipt by the Partnership of security or other assurances satisfactory to the General Partner in its sole discretion
that such person will be able to repay such amount if it ultimately shall be determined that such person is not entitled to be indemnified under this Section 10.02 or otherwise. Notwithstanding the preceding sentence, except as otherwise
provided in Section 10.02(c), the Partnership shall be required to advance expenses of a person described in such sentence in connection with any action, suit or proceeding (or part thereof) commenced by such person only if the commencement of
such action, suit or proceeding (or part thereof) by such person was authorized by the General Partner. 
 (c) Unpaid Claims. If a
claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses under this Section 10.02 is not paid in full within thirty (30) days after a written claim therefor by any person
described in Section 10.02(a) has been received by the Partnership, such person may file proceedings to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such
claim. In any such action the Partnership shall have the burden of proving that such person is not entitled to the requested indemnification or advancement of expenses under applicable Law. 

(d) Insurance. To the fullest extent permitted by law, the Partnership may purchase and maintain insurance on behalf of any person
described in Section 10.02(a) against any liability asserted against such person, whether or not the Partnership would have the power to indemnify such person against such liability under the provisions of this Section 10.02 or otherwise.

 (e) Non-Exclusivity of Rights. The provisions of this Section 10.02 shall be
applicable to all actions, claims, suits or proceedings made or commenced after the date of the First Amended and Restated Agreement, whether arising from acts or omissions to act occurring before or after its adoption. The provisions of this
Section 10.02 shall be deemed to be a contract between the Partnership and each person entitled to indemnification under this Section 10.02 (or legal representative thereof) who serves in such capacity at any time while this
Section 10.02 and the relevant provisions of applicable Law, if any, are in effect, and any amendment, modification or repeal hereof shall not affect any rights or obligations then existing with respect to any state of facts or any action, suit
or proceeding then or theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. If any provision of this Section 10.02 shall be found to be invalid or limited
in application by reason of any law or regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification provided in this Section 10.02 shall neither be exclusive of, nor be deemed in limitation of,
any rights to which any person may otherwise be or become entitled or permitted by contract, this Partnership Agreement or as a matter of law, both as to actions in such person’s official capacity and actions in any other capacity, it being the
policy of the Partnership that indemnification of any person whom the Partnership is obligated to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent permitted by law. 

  
 31 

 For purposes of this Section 10.02, references to “other enterprises”
shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Partnership”
shall include any service as a director, officer, employee or agent of the Partnership which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or
beneficiaries. 
 This Section 10.02 shall not limit the right of the Partnership, to the extent and in the manner permitted by law, to
indemnify and to advance expenses to, and purchase and maintain insurance on behalf of, persons other than persons described in Section 10.02(a). 

ARTICLE XI 
 MISCELLANEOUS 

Section 11.01 Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 11.02 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.02): 

(a) If to the Partnership, to: 

Blackstone Holdings AI L.P. 

c/o Blackstone Holdings I/II GP L.L.C. 

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

Fax: (212) 583-5749 

Electronic Mail: john.finley@blackstone.com 

(b) If to any Partner, to: 
 c/o
Blackstone Holdings I/II GP L.L.C. 
 345 Park Avenue 

New York, New York, 10154 

Attention: Chief Legal Officer 

Fax: (212) 583-5749 

Electronic Mail: john.finley@blackstone.com 

  
 32 

 (c) If to the General Partner, to: 

Blackstone Holdings I/II GP L.L.C. 

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

Fax: (212) 583-5749 

Electronic Mail: john.finley@blackstone.com 

Section 11.03 Cumulative Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right
or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by Law. 

Section 11.04 Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the
extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

Section 11.05 Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine,
neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and paragraphs shall refer to corresponding provisions of this Agreement. 

Section 11.06 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed
counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.06. 

Section 11.07 Further Assurances. Each Limited Partner shall perform all other acts and execute and deliver all other documents as
may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
 Section 11.08 Entire Agreement. This
Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

Section 11.09 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. 
 Section 11.10 Submission to Jurisdiction; Waiver of Jury Trial. (a) Any and all disputes which cannot be
settled amicably, including any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this
Agreement (including the validity, scope and enforceability of this 

  
 33 

 
arbitration provision) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber
of Commerce. If the parties to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator
shall be a lawyer and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a), the General Partner may bring, or may cause the Partnership to bring, on behalf of the
General Partner or the Partnership or on behalf of one or more Partners, 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 paragraph (b), each Partner (i) expressly consents to the application of paragraph (c) of this Section 11.10 to any such action or proceeding,
(ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the General
Partner as such Partner’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 Partner of any such service of process, shall be deemed
in every respect effective service of process upon the Partner in any such action or proceeding. 
 (c) (i) EACH PARTNER 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 11.10, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED
ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS 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 fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable Law, any objection which they 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 the preceding paragraph of this Section 11.10 and such parties agree not to plead or claim the same.

 (d) Notwithstanding any provision of this Agreement to the contrary, this Section 11.10 shall be construed to the maximum extent
possible to comply with the laws of the State of Delaware, including the Delaware Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall be determined by a court of
competent jurisdiction that any provision or wording of this Section 11.10, including any rules of the International Chamber of Commerce, shall be invalid or unenforceable under the Delaware Arbitration Act, or other applicable Law, such
invalidity shall not invalidate all of this Section 11.10. In that case, this Section 11.10 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the Delaware Arbitration
Act or other applicable Law, and, in the event such term or provision cannot be so limited, this Section 11.10 shall be construed to omit such invalid or unenforceable provision. 

  
 34 

 Section 11.11 Expenses. Except as otherwise specified in this Agreement, the
Partnership shall be responsible for all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with its operation. 

Section 11.12 Amendments and Waivers. (a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived
or modified by the written consent of the General Partner; provided that any amendment that would have a material adverse effect on the rights or preferences of any Class of Units in relation to other Classes of Units must be approved by the
holders of not less than a majority of the Vested Percentage Interests of the Class affected; provided further, that the General Partner may, without the written consent of any Limited Partner or any other Person, amend, supplement, waive or
modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: (i) any amendment, supplement, waiver or modification that the General
Partner determines to be necessary or appropriate in connection with the creation, authorization or issuance of any class or series of equity interest in the Partnership; (ii) the admission, substitution, withdrawal or removal of Partners in
accordance with this Agreement; (iii) a change in the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership;
(iv) any amendment, supplement, waiver or modification that the General Partner determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations, legislation or interpretation;
(v) a change in the Fiscal Year or taxable year of the Partnership and any other changes that the General Partner determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Partnership including
a change in the dates on which distributions are to be made by the Partnership. 
 (b) No failure or delay by any party in exercising any
right, power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

(c) The General Partner may, in its sole discretion, unilaterally amend this Agreement on or before the effective date of the final regulations
to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3 (1) (or any similar provision) under which the fair market value of a partnership interest that is
transferred is treated as being equal to the liquidation value of that interest, (ii) an agreement by the Partnership and each of its Partners to comply with all of the requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the Internal Revenue Service with respect to such election) with respect to all partnership interests transferred in connection with the performance of services while the
election remains effective, (iii) the allocation of items of income, gains, deductions and losses required by the final regulations similar to Proposed Treasury Regulation
Section 1.704-1(b)(4)(xii)(b) and (c), and (iv) any other related amendments. 

  
 35 

 (d) Except as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the Partnership, each Partner hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of any of the
Partnership’s property. 
 Section 11.13 No Third Party Beneficiaries. This Agreement shall be binding upon and inure
solely to the benefit of the parties hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement (other than pursuant to Section 10.02 hereof). 
 Section 11.14
Headings. The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision
hereof. 
 Section 11.15 Construction. Each party hereto acknowledges and agrees it has had the opportunity to draft, review and
edit the language of this Agreement and that it is the intent of the parties hereto that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any dispute relating to, in connection with
or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted by law the benefit of any rule of Law or any legal decision that would require that in cases of uncertainty, the language of a contract should be
interpreted most strongly against the party who drafted such language. 
 Section 11.16 Power of Attorney. Each Limited Partner,
by its execution hereof, hereby irrevocably makes, constitutes and appoints the General Partner as its true and lawful agent and attorney in fact, with full power of substitution and full power and authority in its name, place and stead, to make,
execute, sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (b) the original certificate of limited partnership of the Partnership and all
amendments thereto required or permitted by law or the provisions of this Agreement; (c) all certificates and other instruments (including consents and ratifications which the Limited Partners have agreed to provide upon a matter receiving the
agreed support of Limited Partners) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions of Section 8.05) and Law or to permit the Partnership to become or to continue as a limited
partnership or partnership wherein the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business; (d) all instruments that the General Partner deems appropriate to reflect a change or modification
of this Agreement or the Partnership in accordance with this Agreement, including, without limitation, the admission of additional Limited Partners or substituted Limited Partners pursuant to the provisions of this Agreement; (e) all
conveyances and other instruments or papers deemed advisable by the General Partner to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates required or permitted (in light of the
Partnership’s activities) to be filed on behalf of the Partnership. 

  
 36 

 Section 11.17 Letter Agreements; Schedules. The General Partner may, or may
cause the Partnership to, without the approval of any Limited Partner or other Person, enter into separate letter agreements with individual Limited Partners with respect to any matter, in each case on terms and conditions not inconsistent with this
Agreement, which have the effect of establishing rights under, or supplementing the terms of, this Agreement. The General Partner may from time to time execute and deliver to the Limited Partners schedules which set forth information contained in
the books and records of the Partnership and any other matters deemed appropriate by the General Partner. Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for any purpose whatsoever. 

Section 11.18 Partnership Status. The parties intend to treat the Partnership as a partnership for U.S. federal income tax
purposes. 
 [Remainder of Page Intentionally Left Blank] 

  
 37 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement or have caused this
Agreement to be duly executed by their respective authorized officers, in each case as of the date first above stated. 
  

					
	 GENERAL PARTNER:

BLACKSTONE HOLDINGS I/II GP L.L.C.

		
	 By:
	 	 The Blackstone Group Inc., its sole member

		
	 By:
	 	 /s/ Tabea Hsi

		 	 Name:
	 	 Tabea Hsi

		 	Title:	 	Senior Managing Director – Assistant Secretary

 [Signature Page to Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings AI
L.P.] 

 
					
	ALL LIMITED PARTNERS:
	
	All Limited Partners now and hereafter admitted as Limited Partners of the Partnership, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to the General Partner without
execution hereof pursuant to Section 11.16 of the Third Amended and Restated Agreement.
		
	 By:
	 	Blackstone Holdings I/II GP L.L.C.
		
	 By:
	 	 The Blackstone Group Inc., its sole member

		
	 By:
	 	 /s/ Tabea Hsi

		 	 Name:
	 	 Tabea Hsi

		 	Title:	 	Senior Managing Director – Assistant Secretary

 [Signature Page to Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings AI
L.P.]EX-10.6

 Exhibit 10.6 

AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT 

dated as of 
 May 7, 2021

 TABLE OF CONTENTS 

 

							
	 Page
	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.01.
	 	Definitions	  	 	2	 
		
	 ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT
	  	 	7	 
			
	 Section 2.01.
	 	Basis Adjustment	  	 	7	 
	 Section 2.02.
	 	Exchange Basis Schedule	  	 	8	 
	 Section 2.03.
	 	Tax Benefit Schedule	  	 	8	 
	 Section 2.04.
	 	Procedures, Amendments	  	 	8	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	9	 
			
	 Section 3.01.
	 	Payments	  	 	9	 
	 Section 3.02.
	 	No Duplicative Payments	  	 	10	 
	 Section 3.03.
	 	Pro Rata Payments	  	 	10	 
		
	 ARTICLE IV TERMINATION
	  	 	10	 
			
	 Section 4.01.
	 	Early Termination and Breach of Agreement	  	 	10	 
	 Section 4.02.
	 	Early Termination Notice	  	 	11	 
	 Section 4.03.
	 	Payment upon Early Termination	  	 	11	 
		
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	 	12	 
			
	 Section 5.01.
	 	Subordination	  	 	12	 
	 Section 5.02.
	 	Late Payments by the Corporate Taxpayer	  	 	12	 
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	12	 
			
	 Section 6.01.
	 	Limited Partner Group Member Participation in the Corporate Taxpayer’s and Partnerships’ Tax Matters	  	 	12	 
	 Section 6.02.
	 	Consistency	  	 	12	 
	 Section 6.03.
	 	Cooperation	  	 	13	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	13	 
			
	 Section 7.01.
	 	Notices	  	 	13	 
	 Section 7.02.
	 	Counterparts	  	 	13	 
	 Section 7.03.
	 	Entire Agreement; No Third Party Beneficiaries	  	 	14	 
	 Section 7.04.
	 	Governing Law	  	 	14	 
	 Section 7.05.
	 	Severability	  	 	14	 
	 Section 7.06.
	 	Successors; Assignment; Amendments; Waivers	  	 	14	 
	 Section 7.07.
	 	Titles and Subtitles	  	 	15	 

  
 i 

							
	 Section 7.08.
	 	Resolution of Disputes	  	 	15	 
	 Section 7.09.
	 	Reconciliation	  	 	16	 
	 Section 7.10.
	 	Withholding	  	 	17	 
	 Section 7.11.
	 	Affiliated Corporations of Other Blackstone Holdings General Partners; Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	  	 	17	 
	 Section 7.12.
	 	Confidentiality	  	 	19	 
	 Section 7.13.
	 	Partnership Agreement	  	 	20	 
	 Section 7.14.
	 	Partnerships	  	 	20	 
	 Section 7.15.
	 	Headings	  	 	20	 

  
 ii 

 This AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT (as amended from time to time, this
“Agreement”), dated as of May 7, 2021, is hereby entered into by and among Blackstone Holdings I/II GP L.L.C., a Delaware limited liability company (the “Corporate Taxpayer”), Blackstone Holdings I L.P., a
Delaware limited partnership (“Blackstone Holdings I”), Blackstone Holdings II L.P., a Delaware limited partnership (“Blackstone Holdings II”), Blackstone Holdings AI L.P. (“Blackstone Holdings AI”)
(together with all other Persons (as defined herein) in which the Corporate Taxpayer acquires a partnership interest, member interest or similar interest after the date hereof and who executes and delivers a joinder contemplated in
Section 7.11, the “Partnerships”), and each of the undersigned parties hereto identified as “Limited Partners” (collectively, the “Parties”). 

RECITALS 
 WHEREAS, the
Parties heretofore executed and delivered a Tax Receivable Agreement, dated as of June 18, 2007 (the “Original Agreement”); 

WHEREAS, the Parties heretofore executed an delivered an amendment to the Original Agreement as of July 1, 2019 in connection with an
internal reorganization involving the conversion of The Blackstone Group L.P. into a Delaware corporation (such conversion and the related internal reorganization transactions and conversions, collectively, the “Conversion
Transactions”); 
 WHEREAS, the Limited Partners hold interests as partners or members of entities (the “Prior
Entities”) and sold such interests to the Corporate Taxpayer (the “Initial Sale”) as described in the Form S-1 Registration Statement of The Blackstone Group L.P.; 

WHEREAS, the Limited Partners hold limited partner interests (“Partnership Units”) in each of the Partnerships, each of which
is treated as a partnership for U.S. Federal income tax purposes; 
 WHEREAS, the Corporate Taxpayer is the general partner of each of the
Partnerships; 
 WHEREAS, the Partnership Units, together with limited partner interests in the other Blackstone Holdings Partnerships (as
defined below), were previously exchangeable with the Corporate Taxpayer and the Parent (as defined below), and are currently exchangeable with the Partnerships, for Common Stock in the Parent, subject to the provisions of the Exchange Agreement (in
each case, as defined below); 
 WHEREAS, the Prior Entities, the Partnerships, and each of their direct and indirect subsidiaries, will
have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for the Taxable Year in which the Initial Sale occurs and for each Taxable Year in which an exchange of Partnership
Units for Common Stock occurs, which elections are intended generally to result in an adjustment to the tax basis of the assets owned by the Partnerships (solely with respect to the Corporate Taxpayer) at the time of an exchange of Partnership Units
for Common Stock or any other acquisition of Partnership Units for cash or other consideration, including the Initial Sale (collectively, an “Exchange”) (such time, the “Exchange Date”) (such assets and any asset
whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset, the “Original Assets”) by reason of such Exchange and the receipt of payments under this Agreement; 

  
 1 

 WHEREAS, the income, gain, loss, expense and other Tax items of (i) the Partnerships
solely with respect to the Corporate Taxpayer may be affected by the Basis Adjustment (defined below) and (ii) the Corporate Taxpayer may be affected by the Imputed Interest (as defined below); 

WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed
Interest on the actual liability for Taxes of the Corporate Taxpayer; 
 WHEREAS, effective February 26, 2021, Parent effectuated
changes to rename its Class A common stock as “Common Stock” and to reclassify its Class B common stock and Class C common stock into a new “Series I Preferred Stock” and “Series II Preferred Stock,”
respectively, and in connection therewith the Parties now desire to enter into this Agreement to amend and restate the Original Agreement in its entirety as more fully set forth below. 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Affiliate” means,
with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means LIBOR plus 100 basis points. 

“Agreement” is defined in the preamble of this Agreement. 

“Amended Schedule” is defined in Section 2.04(b) of this Agreement. 

“Basis Adjustment” means the adjustment to the tax basis of an Original Asset under Section 732 of the Code (in
situations where, as a result of one or more Exchanges, a Partnership becomes an entity that is disregarded as separate from its owner for tax purposes), Section 1012 of the Code, or Sections 743(b) and 754 of the Code (in situations where,
following an Exchange, a Partnership remains in existence as an entity for tax purposes) and, in each case, comparable sections of state, local and foreign tax laws (as calculated under Section 2.01 of this Agreement) as a result of an Exchange
and the payments made pursuant to this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Partnership Units shall be determined without regard to any Pre-
Exchange Transfer of such Partnership Units and as if any such Pre-Exchange Transfer had not occurred. 

  
 2 

 “Blackstone Holdings General Partners” means, collectively, the Corporate
Taxpayer, Blackstone Holdings III GP L.P., a Delaware limited partnership, and Blackstone Holdings IV GP L.P., a Québec société en commandite. 

“Blackstone Holdings Partnerships” means, collectively, Blackstone Holdings AI, Blackstone Holdings I, Blackstone Holdings
II, Blackstone Holdings III L.P., a Québec société en commandite (“Blackstone Holdings III”), and Blackstone Holdings IV L.P., a Québec société en commandite (“Blackstone Holdings
IV”). 
 “Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such
by the government of the United States of America or the State of New York shall not be regarded as a Business Day. 
 “Change of
Control” means the occurrence of any Person, other than Blackstone Group Management L.L.C. or a Person approved by Blackstone Group Management L.L.C., becoming the Series II Preferred Stockholder. 

“Code” is defined in the Recitals of this Agreement. 

“Common Stock” means shares of common stock, par value $0.00001 per share, of Parent. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Conversion
Transactions” is defined in the Recitals of this Agreement. 
 “Corporate Taxpayer” is defined in the preamble of
this Agreement. 
 “Corporate Taxpayer Return” means the federal Tax Return and/or state and/or local and/or foreign Tax
Return, as applicable, of the Corporate Taxpayer filed with respect to Taxes of any Taxable Year. 
 “Default Rate” means
LIBOR plus 500 basis points. 
 “Determination” shall have the meaning ascribed to such term in Section 1313(a) of the
Code or similar provision of state, local and foreign tax law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability
for Tax. 
 “Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early
Termination Payment. 
 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 

  
 3 

 “Early Termination Schedule” is defined in Section 4.02 of this
Agreement. 
 “Early Termination Payment” is defined in Section 4.03(b) of this Agreement. 

“Early Termination Rate” means the lesser of (i) 6.5% and (ii) LIBOR plus 100 basis points. 

“Exchange” is defined in the Recitals of this Agreement. 

“Exchange Agreement” means the Fifth Amended and Restated Exchange Agreement, dated as of or about the date hereof, among
Parent, the Corporate Taxpayer, the Blackstone Holdings Partnerships and the limited partners of the Blackstone Holdings Partnerships from time to time, as it may be amended, supplemented or restated from time to time. 

“Exchange Basis Schedule” is defined in Section 2.02 of this Agreement. 

“Exchange Date” is defined in the Recitals of this Agreement. 

“Exchange Payment” is defined in Section 5.01 of this Agreement. 

“Excluded Assets” is defined in Section 7.11(c) of this Agreement. 

“Expert” is defined in Section 7.09 of this Agreement. 

“Initial Sale” is defined in the Recitals of this Agreement. 

“Imputed Interest” shall mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and
any similar provision of state, local and foreign tax law with respect to the Corporate Taxpayer’s payment obligations under this Agreement. 

“LIBOR” means for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum
reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available source of
such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “Limited
Partner” means the parties hereto other than the Corporate Taxpayer and each other individual who from time to time executes a joinder agreement. 

“Limited Partner Group Member” has the meaning assigned to such term in the Amended and Restated Limited Liability Company
Agreement of Blackstone Group Management L.L.C., a Delaware limited liability company, as it may be amended, supplemented or restated from time to time. 

“Market Value” shall mean the closing price of the Common Stock on the applicable Exchange Date on the national securities
exchange or interdealer quotation system on which such Common Stock are then traded or listed, as reported by the Wall Street Journal; provided that if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date,
then 

  
 4 

 
the Market Value shall mean the closing price of the Common Stock on the Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer quotation system
on which such Common Stock are then traded or listed, as reported by the Wall Street Journal; provided further, that if the Common Stock are not then listed on a National Securities Exchange or Interdealer Quotation System, “Market
Value” shall mean the cash consideration paid for Common Stock, or the fair market value of the other property delivered for Common Stock, as determined by the Board of Directors of Parent in good faith. 

“Material Objection Notice” has the meaning set forth in Section 4.02 of this Agreement. 

“Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the tax
basis that such asset would have had at such time if no Basis Adjustment had been made. 

“Non-Stepped Up Tax Liability” means, with respect to any Taxable Year, the liability
for Taxes of i) the Corporate Taxpayer or ii) any Partnership in which the Corporate Taxpayer owns an interest but only with respect to Taxes imposed on such Partnership and allocable to the Corporate Taxpayer, in each case using the same methods,
elections, conventions and similar practices used on the relevant Corporate Taxpayer Return, but using the Non-Stepped Up Tax Basis instead of the tax basis of the Original Assets and excluding any deduction
attributable to the Imputed Interest. 
 “Objection Notice” has the meaning set forth in Section 2.04(a) of this
Agreement. 
 “Original Assets” is defined in the Recitals of this Agreement. 

“Parent” means The Blackstone Group Inc., and any successor thereto. 

“Partnerships” is defined in the Recitals of this Agreement. 

“Partnership Agreement” means, with respect to a Partnership, the Amended and Restated Limited Partnership Agreement of such
Partnership. 
 “Partnership Units” is defined in the Recitals of this Agreement. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Pre-Exchange
Transfer” means any transfer (including upon the death of a Limited Partner) of one or more Partnership Units (i) that occurs prior to an Exchange of such Partnership Units, and (ii) to which Section 743(b) of the Code
applies. 
 “Prior Entities” is defined in the Recitals of this Agreement. 

  
 5 

 “Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of
the Non-Stepped Up Tax Liability over the actual liability for Taxes of i) the Corporate Taxpayer or ii) any Partnership in which the Corporate Taxpayer owns an interest but only with respect to Taxes imposed
on such Partnership and allocable to Corporate Taxpayer for such Taxable Year, in each case using the “with or without” methodology. If all or a portion of the actual tax liability for Taxes for the Taxable Year arises as a result of an
audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability for Taxes of i) the Corporate
Taxpayer or ii) any Partnership in which the Corporate Taxpayer owns an interest but only with respect to Taxes imposed on such Partnership and allocable to the Corporate Taxpayer over the Non-Stepped Up Tax
Liability for such Taxable Year, in each case using the “with or without” methodology. If all or a portion of the actual tax liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year,
such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Dispute” has the meaning set forth in Section 7.09 of this Agreement. 

“Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 

“Schedule” means any Exchange Basis Schedule, Tax Benefit Schedule and the Early Termination Schedule. 

“Series II Preferred Stockholder” means Blackstone Group Management L.L.C., a Delaware limited liability company, and any
successor or permitted assign that owns the Series II Preferred Stock, par value $0.00001 per share, of Parent at the applicable time. 

“Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such Person,
owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.03 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes (including
any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of state, local or
foreign tax law, as applicable, (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made) ending on or after the Exchange Date in which there is a Basis Adjustment due to an Exchange.

  
 6 

 “Taxes” means any and all U.S. federal, state, local and foreign taxes,
assessments or similar charges measured with respect to net income or profits and any interest related to such Tax. 
 “Taxing
Authority” shall mean any domestic, foreign, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority
or any other authority exercising Tax regulatory authority. 
 “Treasury Regulations” means the final, temporary and
proposed regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Valuation Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year
ending on or after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the deductions arising from the basis Adjustment and the Imputed Interest during such Taxable Year, (2) the federal
income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, (3) any
loss carryovers or carryback generated by the Basis Adjustment or the Imputed Interest and available as of the date of the Early Termination Schedule will be utilized by the Corporate Taxpayer on a pro rata basis from the date of the Early
Termination Schedule through the scheduled expiration date of such loss carryovers or carrybacks, (4) any non-amortizable assets are deemed to be disposed of (A) with respect to private equity fund
related assets, pro-rata over the number of years remaining under the original fund agreement until expected liquidation (without extensions) of the applicable fund (or, if such expected liquidation date has
passed, on the Early Termination Date) and (B) with respect to all other assets, on the fifteenth anniversary of the earlier of the Basis Adjustment and the Early Termination Date and (5) if an Early Termination is effected prior to an
Exchange of Partnership Units, clause (i) of Section 2.01 shall be read to include the Market Value of the Common Stock and cash that would be transferred if the Exchange occurred on the Early Termination Date. 

ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.01. Basis Adjustment. The Corporate Taxpayer and the Partnerships, on the one hand, and the applicable Limited Partner,
on the other hand, acknowledge that, as a result of an Exchange, the Corporate Taxpayer’s basis in the applicable Original Assets shall be increased by the excess, if any, of (i) the sum of (x) the Market Value of the Common Stock,
cash or other consideration transferred to the applicable Limited Partner pursuant to the Exchange as payment for the exchanged Partnership Units, plus (y) the amount of payments made pursuant to this Agreement with respect to such Exchange
plus (z) the amount of debt allocated to the Partnership Units acquired pursuant to such Exchange over (ii) the Corporate Taxpayer’s share of the basis of the Original Assets immediately after the Exchange attributable to the
Partnership Units exchanged, determined as if (x) each Partnership remains in existence as an entity for tax purposes, and (y) no Partnership made the election provided by Section 754 of the Code. For the avoidance of doubt, payments
made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

  
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 Section 2.02. Exchange Basis Schedule. Within 90 calendar days after the filing
of the U.S. federal income tax return of the Corporate Taxpayer for each Taxable Year in which any Exchange has been effected, the Corporate Taxpayer shall deliver to the applicable Limited Partner a schedule (the “Exchange Basis
Schedule”) that shows for purposes of Taxes, (i) the actual unadjusted tax basis of the Original Assets as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to the Original Assets as a result of the
Exchanges effected in such Taxable Year, calculated in the aggregate, (iii) the period or periods, if any, over which the Original Assets are amortizable and/or depreciable and (iv) the period or periods, if any, over which each Basis
Adjustment is amortizable and/or depreciable (which, for non-amortizable assets shall be based on the Valuation Assumptions). 

Section 2.03. Tax Benefit Schedule. Within 90 calendar days after the filing of the U.S. federal income tax return of the
Corporate Taxpayer for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporate Taxpayer shall provide to the applicable Limited Partner a schedule showing the calculation of the Realized Tax Benefit or
Realized Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”). The Schedule will become final as provided in Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth
in Section 2.04(b)). 
 Section 2.04. Procedures, Amendments. 

(a) Procedure. Every time the Corporate Taxpayer delivers to the applicable Limited Partner an applicable Schedule under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.04(b), but excluding any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also (x) deliver to the applicable Limited Partner
schedules and work papers providing reasonable detail regarding the preparation of the Schedule and (y) allow the applicable Limited Partner reasonable access at no cost to the appropriate representatives at the Corporate Taxpayer in connection
with a review of such Schedule. The applicable Schedule shall become final and binding on all parties unless the applicable Limited Partner Group Member, within 30 calendar days after receiving an Exchange Basis Schedule or amendment thereto or 30
calendar days after receiving a Tax Benefit Schedule or amendment thereto, provides the Corporate Taxpayer with notice of a material objection to such Schedule (“Objection Notice”) made in good faith; provided, for the sake of
clarity, only Limited Partner Group Members shall have the right to object to any Schedule or Amended Schedule pursuant to this Section 2.04. If the parties, for any reason, are unable to successfully resolve the issues raised in such notice
within 30 calendar days of receipt by the Corporate Taxpayer of an Objection Notice, if with respect to an Exchange Basis Schedule, or 30 calendar days of receipt by the Corporate Taxpayer of an Objection Notice, if with respect to a Tax Benefit
Schedule, after such Schedule was delivered to the applicable Limited Partner, the Corporate Taxpayer and the applicable Limited Partner shall employ the reconciliation procedures as described in Section 7.09 of this Agreement (the
“Reconciliation Procedures”). 
 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended
from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information
relating to a Taxable Year after the date the Schedule was provided to the applicable Limited Partner, (iii) to comply with the Expert’s 

  
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determination under the Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback
or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or
(vi) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”). 

ARTICLE III 
 TAX BENEFIT
PAYMENTS 
 Section 3.01. Payments. 

(a) Payments. Within five (5) calendar days of a Tax Benefit Schedule delivered to an applicable Limited Partner becoming final in
accordance with Section 2.04(a), the Corporate Taxpayer shall pay to the applicable Limited Partner for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.01(b). Each such Tax Benefit Payment shall be made by wire
transfer of immediately available funds to a bank account of the applicable Limited Partner previously designated by such Limited Partner to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and the applicable Limited Partner.
For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, federal income tax payments. 

(b) A “Tax Benefit Payment” means an amount, not less than zero, equal to 85% of the sum of the Net Tax Benefit and the
Interest Amount. The “Net Tax Benefit” shall equal: (1) the Corporate Taxpayer’s Realized Tax Benefit, if any, for a Taxable Year plus (2) the amount of the excess Realized Tax Benefit reflected on an Amended Tax Benefit
Schedule for a previous Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the Tax Benefit Schedule for such previous Taxable Year, minus (3) an amount equal to the Corporate
Taxpayer’s Realized Tax Detriment (if any) for the current or any previous Taxable Year, minus (4) the amount of the excess Realized Tax Benefit reflected on a Tax Benefit Schedule for a previous Taxable Year over the Realized Tax Benefit
(or Realized Tax Detriment (expressed as a negative number)) reflected on the Amended Tax Benefit Schedule for such previous Taxable Year; provided, however, that to the extent of the amounts described in 3.01(b)(2), (3) and
(4) were taken into account in determining any Tax Benefit Payment in a preceding Taxable Year, such amounts shall not be taken into account in determining a Tax Benefit Payment attributable to any other Taxable Year; provided,
further, for the avoidance of doubt, no applicable Limited Partner shall be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the Net Tax Benefit
calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with respect to Taxes for such Taxable Year until the Payment Date. Notwithstanding the foregoing, for each Taxable Year ending on or after
the date of a Change of Control, all Tax Benefit Payments, whether paid with respect to Partnership Units that were exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be
calculated by utilizing Valuation Assumptions (1), (3), and (4), substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date”. 

  
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 Section 3.02. No Duplicative Payments. It is intended that the above provisions
of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement provide that 85% of the Corporate Taxpayer’s Realized Tax
Benefit and Interest Amount is paid to the Limited Partners pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner as such intentions are realized. 

Section 3.03. Pro Rata Payments. For the avoidance of doubt, to the extent the Corporate Taxpayer’s deduction with respect to
the Basis Adjustment is limited in a particular Taxable Year or the Corporate Taxpayer lacks sufficient funds to satisfy its obligations to make all Tax Benefit Payments due in a particular taxable year, the limitation on the deduction, or the Tax
Benefit Payments that may be made, as the case may be, shall be taken into account or made for each applicable Limited Partner on a pro rata basis relative to the total amount of deductions with respect to the aggregate Basis Adjustments for all of
the applicable Limited Partners. 
 ARTICLE IV 

TERMINATION 

Section 4.01. Early Termination and Breach of Agreement. 

(a) The Corporate Taxpayer may terminate this Agreement with respect to all of the Partnership Units held (or previously held and exchanged) by
all Limited Partners at any time by paying to all of the applicable Limited Partners the Early Termination Payment; provided, however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by all Limited
Partners, and provided, further, that the Corporate Taxpayer may withdraw any notice to execute its termination rights under this Section 4.01(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early
Termination Payments by the Corporate Taxpayer, neither the applicable Limited Partners nor the Corporate Taxpayer shall have any further payment obligations under this Agreement in respect of such Limited Partners, other than for any (a) Tax
Benefit Payment agreed to by the Corporate Taxpayer and the applicable Limited Partner as due and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with or including the date of
the Early Termination Notice (except to the extent that the amount described in clause (b) is included in the Early Termination Payment). If an Exchange occurs after the Corporate Taxpayer exercises its termination rights under this
Section 4.01(a), the Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange. 
 (b) In the
event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as
a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered
on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by the
Corporate Taxpayer and any Limited Partners as due and payable but unpaid as of the date of a 

  
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breach, and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the date of a breach. Notwithstanding the foregoing, in the event that the Corporate Taxpayer
breaches this Agreement, the Limited Partners shall be entitled to elect to receive the amounts set forth in (1), (2) and (3), above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due
pursuant to this Agreement within three months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a
material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of the date such payment is due. 

(c) The undersigned parties agree that the aggregate value of the Tax Benefit Payments cannot be ascertained with any reasonable certainty for
U.S. federal income tax purposes. 
 Section 4.02. Early Termination Notice. If the Corporate Taxpayer chooses to exercise its
right of early termination under Section 4.01 above, the Corporate Taxpayer shall deliver to the applicable Limited Partner notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the
“Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment. The applicable Early Termination Schedule
shall become final and binding on all parties unless the applicable Limited Partner Group Member, within 30 calendar days after receiving the Early Termination Schedule thereto provides the Corporate Taxpayer with notice of a material objection to
such Schedule made in good faith (“Material Objection Notice”); provided, for the sake of clarity, only Limited Partner Group Members shall have the right to object to any Schedule or Amended Schedule pursuant to this
Section 4.02. If the parties, for any reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the
applicable Limited Partner Group Member shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement. 

Section 4.03. Payment upon Early Termination. (a) Within three calendar days after agreement between the applicable Limited
Partner and the Corporate Taxpayer of the Early Termination Schedule, the Corporate Taxpayer shall pay to the applicable Limited Partner an amount equal to the Early Termination Payment. Such payment shall be made by wire transfer of immediately
available funds to a bank account designated by the applicable Limited Partner or as otherwise agreed by the Corporate Taxpayer and the applicable Limited Partner. 

(a) The “Early Termination Payment” as of the date of the delivery of an Early Termination Schedule shall equal with respect
to the applicable Limited Partner the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer to the applicable Limited Partner beginning from
the Early Termination Date assuming the Valuation Assumptions are applied. 

  
 11 

 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.01. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or
Early Termination Payment required to be made by the Corporation to the applicable Partner under this Agreement (an “Exchange Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other amounts due
and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of the
Corporation that are not Senior Obligations. 
 Section 5.02. Late Payments by the Corporate Taxpayer. The amount of all or any
portion of any Tax Benefit Payment not made to the applicable Limited Partner when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such
Exchange Payment was due and payable. 
 ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION 

Section 6.01. Limited Partner Group Member Participation in the Corporate Taxpayer’s and
Partnerships’ Tax Matters. Except as otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer and the Partnerships,
including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the applicable Limited Partner
Group Member of, and keep the applicable Limited Partner Group Member reasonably informed with respect to the portion of any audit of the Corporate Taxpayer and the Partnerships by a Taxing Authority the outcome of which is reasonably expected to
affect the applicable Limited Partner Group Member’s rights and obligations under this Agreement, and shall provide to the applicable Limited Partner Group Member reasonable opportunity to provide information and other input to the Corporate
Taxpayer, the Partnerships and their respective advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporate Taxpayer and the Partnerships shall not be required to take any action that is
inconsistent with any provision of any of the Partnership Agreements. 
 Section 6.02. Consistency. The Corporate Taxpayer and
the applicable Limited Partner agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items
(including without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporate Taxpayer in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this
Agreement. 

  
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 Section 6.03. Cooperation. The applicable Limited Partner shall (a) furnish
to the Corporate Taxpayer in a timely manner such information, documents and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement,
preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents and materials
and such other information as the Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and
the Corporate Taxpayer shall reimburse the applicable Limited Partner for any reasonable third-party costs and expenses incurred pursuant to this Section. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.01. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or
(b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other
instructions as may be designated in writing by the party to receive such notice: 
 If to the Corporate Taxpayer, to: 

c/o The Blackstone Group Inc. 

345 Park Avenue 
 New York, NY
10154 
 (T) (212) 583-5000 

Attention: Chief Legal Officer 

with a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 
 (T) (212) 455-2000 
 (F) (212) 735-2502 

Attention: Joshua Ford Bonnie, Esq. 

If to the applicable Limited Partner, to: 

The address and facsimile number set forth in the records of the Partnerships. 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed
signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

  
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 Section 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement
constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each
party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement. 
 Section 7.04. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law
of the State of New York. 
 Section 7.05. Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.06. Successors; Assignment; Amendments; Waivers. 

(a) No Limited Partner may assign this Agreement to any person without the prior written consent of the Corporate Taxpayer; provided, however,
(i) that, to the extent Partnership Units are effectively transferred in accordance with the terms of the Partnership Agreements and any other agreements the Limited Partners may have entered into with the Parent, the Corporate Taxpayer and/or
any of the other Blackstone Holdings General Partners or Blackstone Holdings Partnerships, the transferring Limited Partner shall assign to the transferee of such Partnership Units the transferring Limited Partner’s rights under this Agreement
with respect to such transferred Partnership Units, as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the
Corporate Taxpayer, agreeing to become a “Limited Partner” for all purposes of this Agreement, except as otherwise provided in such joinder, and (ii) that, once an Exchange has occurred, any and all payments that may become payable to
a Limited Partner pursuant to this Agreement with respect to such Exchange may be assigned to any Person or Persons, as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to
this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to be bound by Section 7.12 and acknowledging specifically the last sentence of the next paragraph. For the avoidance of doubt: (A) to the
extent a Limited Partner Group Member or other Person transfers Partnership Units to a Limited Partner Group Member pursuant to the relevant Partnership Agreements, the Limited Partner Group Member receiving such Partnership Units shall have all
rights under this Agreement with respect to such transferred Partnership Units as such Limited Partner Group Members has, under this Agreement, with respect to the other Partnership Units held by him; and (B) the requirement to execute and
deliver a joinder pursuant to this Section 7.06(a) shall not be construed as requiring such execution and delivery prior to an assignment becoming effective. 

  
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 (b) Notwithstanding the provisions of Section 7.06(a), no transferee described in
clause (i) of Section 7.06(a) shall have the right to enforce the provisions of Section 2.04, 4.02, 6.01 or 6.02 of this Agreement, and no assignee described in clause (ii) of Section 7.06(a) shall have any rights under this
Agreement except for the right to enforce its right to receive payments under this Agreement. 
 (c) No provision of this Agreement may be
amended unless such amendment is approved in writing by the Corporate Taxpayer, on behalf of themselves and the respective Partnerships they Control, and by Limited Partner Group Members who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Limited Partner Group Members hereunder if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange
prior to such amendment (excluding, for purposes of this sentence, all payments made to any Limited Partner Group Member pursuant to this Agreement since the date of such most recent Exchange); provided, that no such amendment shall be effective if
such amendment will have a disproportionate effect on the payments certain Limited Partners will or may receive under this Agreement unless all such Limited Partners disproportionately effected consent in writing to such amendment. No provision of
this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 (d) All
of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives.
The Corporate Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein, in the
event an Limited Partner Group Member transfers his Partnership Units to a Permitted Transferee (as defined in each Partnership Agreement), excluding any other Limited Partner Group Member, such Limited Partner Group Member shall have the right, on
behalf of such transferee, to enforce the provisions of Sections 2.04, 4.02 or 6.01 with respect to such transferred Partnership Units. 

Section 7.07. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement. 
 Section 7.08. Resolution of Disputes. 

(a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in
connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be
finally settled by 

  
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arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to
agree on the selection of an arbitrator within thirty (30) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings
in the English language. 
 Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a), the Corporate Taxpayer 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 paragraph (b), each Limited Partner
(i) expressly consents to the application of paragraph (c) of this Section 7.08 to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement
would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as such Limited Partner’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 Limited Partner of any such service of process, shall be deemed in every respect effective service of process upon the Limited Partner in any such action or proceeding.

 (c) (i) EACH LIMITED PARTNER 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 7.08, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS 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 fora designated by this
paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they 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 the preceding paragraph of this Section 7.08 and such parties agree not to plead or claim the same.

 Section 7.09. Reconciliation. In the event that the Corporate Taxpayer and the applicable Limited Partner Group Member are
unable to resolve a disagreement with respect to the matters governed by Sections 2.04, 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted
for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm,
and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or the applicable 

  
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Limited Partner Group Member or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) days of receipt by the respondent(s) of
written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early
Termination Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case
after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a
disagreement is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to
the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer; except as provided in the next sentence. The Corporate Taxpayer and each applicable Limited Partner Group Member shall bear their own costs and
expenses of such proceeding, unless the Limited Partner Group Member has a prevailing position that is more than 10% of the payment at issue, in which case the Corporate Taxpayer shall reimburse such Limited Partner Group Member for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be
decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporate Taxpayer and the applicable Limited Partner Group Member
and may be entered and enforced in any court having jurisdiction. 
 Section 7.10. Withholding. The Corporate Taxpayer shall be
entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local
or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the
applicable Limited Partner. 
 Section 7.11. Affiliated Corporations of Other Blackstone Holdings General Partners; Admission of the
Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets. 
 (a) The other Blackstone Holdings General Partners shall
provide that all provisions of this Agreement shall correspondingly apply, including the payment of Tax Benefit Payments by any corporation owned directly or indirectly in whole or in part, now or in the future, by other Blackstone Holdings General
Partners, with respect to any Realized Tax Benefit with respect to limited partner interests in other Blackstone Holdings Partnerships, that are part of the Exchange and in which such corporation owns an interest, under the same terms and conditions
as set forth in this Agreement, and the other Blackstone Holdings General Partners shall cause such corporation to execute and deliver a joinder to this Agreement to such effect. If either (i) the Parent or any other Blackstone Holdings General
Partner has elected or otherwise become, or elects to be or otherwise becomes, treated as a corporation for tax purposes, or (ii) the Parent holds any other Blackstone Holdings General Partner directly or indirectly through an entity that is
treated as a corporation for tax purposes, then (w) Parent, such other entity treated as a 

  
 17 

 
corporation for tax purposes, or such other Blackstone Holdings General Partner, as applicable (the “Relevant Entity”), shall become a Corporate Taxpayer and shall execute and
deliver a joinder to this Agreement to such effect, and (x) the provisions of this Agreement shall apply to each partnership, limited partnership and limited liability company Controlled by any other Blackstone Holdings General Partner as if
each such entity were a Partnership; provided that, if any Partnership Units or limited partner interests in other Blackstone Holdings Partnerships were Exchanged prior to an event described in clause (i) or (ii) above, then (y) such
Exchange shall be treated for purposes of this Agreement as having occurred immediately after such event at the Fair Market Value in existence at the time of such prior Exchange, and (z) the Relevant Entity shall be required to make the same
Tax Benefit Payments pursuant to the terms of this Agreement that it would have been required to make had it been treated in the same manner as the Corporate Taxpayer on the date of such Exchange; provided, however, that such Tax Benefit Payments
shall be payable only with respect to (I) Original Assets that are still owned at the time of the event described in clause (i) or (ii) above, and (II) taxable years of such entity ending on or after the date of the event
described in clause (i) or (ii) above. The parties agree that the terms of this Agreement will be applied to any corporation under this Section 7.11 only if the aggregate Tax Benefit Payments payable with respect to such corporation
are reasonably expected to be more than $10 million. The determination of the amount of Tax Benefit Payments that a Relevant Entity would have been required to make had it been treated as a Corporate Taxpayer on the date of a prior Exchange
under this Section 7.11(a) shall be made taking into account whether the applicable Partnership (and if applicable, any entity treated as a partnership for United States federal income tax purposes in which the applicable Partnership owns a
direct or indirect interest) had an election in effect under Section 754 of the Code for the taxable year in which the prior Exchange occurred; provided that, for this purpose, if the applicable Partnership (and if applicable, any entity
treated as a partnership for United States federal income tax purposes in which the applicable Partnership owns a direct or indirect interest) makes such an election in connection with the Relevant Entity becoming a Corporate Taxpayer as described
in this Section 7.11(a), such Partnership (and if applicable, any entity treated as a partnership for United States federal income tax purposes in which the applicable Partnership owns a direct or indirect interest) shall be deemed not to have
such an election in effect until after the date on which the Relevant Entity becomes a Corporate Taxpayer as described in this Section 7.11(a). 

(b) If the Corporate Taxpayer becomes a member of an affiliated or consolidated group of corporations that files a consolidated income tax
return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit
Payments shall be computed with reference to the consolidated taxable income of the group as a whole. 
 (c) Notwithstanding any other
provision of this Agreement, if Parent acquires one or more assets that, as of an Exchange Date, have not been contributed to the Corporate Taxpayer (other than Parent’s interests in the other Blackstone Holdings General Partners) (such assets,
“Excluded Assets”), then all Tax Benefit Payments due hereunder shall be computed as if such assets had been contributed to the Corporate Taxpayer on a pro rata basis on the date such assets were first acquired by Parent;
provided, however, that if an Excluded Asset consists of stock in a corporation, then, for purposes of this Section 7.11(c), (i) such corporation (and any corporation Controlled by such corporation) shall be deemed to have
contributed its assets to the Corporate Taxpayer in a transaction described in Section 351 of the Code, and (ii) the Corporate Taxpayer shall be deemed to have contributed all such assets to the Partnerships, in each case on the date on
which the Parent acquired stock of such corporation. 

  
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 (d) If any entity that is obligated to make an Exchange Payment hereunder transfers one or
more assets to a corporation with which such entity does not file a consolidated tax return pursuant to Section 1501 of the Code (other than any corporation that is obligated to make an Exchange Payment hereunder or which includes the taxable
income of the transferor in its tax return), such entity, for purposes of calculating the amount of any Exchange Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall
be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution; provided, however, the foregoing shall not apply to the extent a non-U.S. entity transfers assets to
a directly or indirectly wholly owned non-U.S. entity, or otherwise in respect of any transfer or deemed transfer of assets pursuant to the Conversion Transactions. The consideration deemed to be received by
such entity shall be equal to the Fair Market Value of the contributed asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of debt allocated to such
asset, in the case of a contribution of a partner interest. 
 Section 7.12. Confidentiality. Each Limited Partner and assignee
acknowledges and agrees that the information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce
the terms of this Agreement, shall keep and retain in the strictest confidence and not to disclose to any Person all confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer or any Person included within the Parent and
their respective Affiliates and successors and the other Limited Partners, including, without limitation, the identity of the beneficial holders of interests in any fund or account managed by the Parent or any of its Subsidiaries, confidential
information concerning the Parent, any Person included within the Parent and their respective Affiliates and successors, the other Limited Partners and any fund, account or investment managed by any Person included within the Parent, including
marketing, investment, performance data, fund management, credit and financial information, and other business affairs of the Corporate Taxpayer, any Person included within the Parent and their respective Affiliates and successors, the other Limited
Partners and any fund, account or investment managed directly or indirectly by any Person included within the Corporate Taxpayer learned by the Limited Partner heretofore or hereafter. This clause 7.12 shall not apply to (i) any information
that has been made publicly available by the Corporate Taxpayer or any of its Affiliates, becomes public knowledge (except as a result of an act of such Limited Partner in violation of this Agreement) or is generally known to the business community
and (ii) the disclosure of information to the extent necessary for a Limited Partner to prepare and file his or her tax returns, to respond to any inquiries regarding the same from any taxing authority or to prosecute or defend any action,
proceeding or audit by any taxing authority with respect to such returns. Notwithstanding anything to the contrary herein, each Limited Partner (and each employee, representative or other agent of such Limited Partner) may disclose to any and all
Persons, without limitation of any kind, the tax treatment and tax structure of (x) the Corporate Taxpayer and (y) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the
Limited Partners relating to such tax treatment and tax structure. 

  
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 If a Limited Partner or assignee commits a breach, or threatens to commit a breach, of any
of the provisions of this Section 7.12, the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction
without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its Subsidiaries or the other Limited Partners and the
accounts and funds managed by the Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at
law or in equity. 
 Section 7.13. Partnership Agreement. This Agreement shall be treated as part of the partnership agreement
of each Partnership as described in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

Section 7.14. Partnerships. The Corporate Taxpayer hereby agrees that, to the extent it acquires a general partner interest,
managing member interest or similar interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and become a “Partnership” for all purposes of this Agreement. 

Section 7.15. Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the Corporate Taxpayer and each Limited Partner have duly executed this
Agreement as of the date first written above. 
  

			
	BLACKSTONE HOLDINGS I/II GP L.L.C.
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ Stephen A. Schwarzman

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

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

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

 [Signature Page to Amended and Restated Tax Receivable Agreement] 

 
			
	LIMITED PARTNER GROUP MEMBERS
		
	By:	 	 /s/ Stephen A. Schwarzman

	Name:	 	Stephen A. Schwarzman
	Title:	 	Founding Member

 [Signature Page to Amended and Restated Tax Receivable Agreement]

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