Document:

EX-10.7

 Exhibit 10.7 

FIFTH AMENDED AND RESTATED EXCHANGE AGREEMENT 

FIFTH AMENDED AND RESTATED EXCHANGE AGREEMENT (the “Agreement”), dated as of May 7, 2021 among The Blackstone Group
Inc., Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and the Blackstone Holdings Limited Partners from time to time party hereto. 

WHEREAS, The Blackstone Group L.P., Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings
III L.P., Blackstone Holdings IV L.P. and the Blackstone Holdings Limited Partners heretofore executed and delivered the Fourth Amended and Restated Exchange Agreement, dated as of July 1, 2019 (the “Fourth Amended and Restated Exchange
Agreement”); 
 WHEREAS, the parties hereto desire to provide for the exchange of certain Blackstone Holdings Partnership Units for
shares of Common Stock, on the terms and subject to the conditions set forth herein; 
 WHEREAS, the right to exchange Blackstone Holdings
Partnership Units set forth in Section 2.1(a) below, once exercised, represents a several, and not a joint and several, obligation of the Blackstone Holdings Partnerships (on a pro rata basis), and no Blackstone Holdings Partnership
shall have any obligation or right to acquire Blackstone Holdings Partnership Units issued by another Blackstone Holdings Partnership; 

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 in connection therewith, the parties to the Fourth Amended and
Restated Exchange Agreement now desire to enter into this Agreement to amend and restate the Fourth Amended and Restated Exchange Agreement in its entirety as more fully set forth below. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION
1.1. Definitions. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 

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

“Blackstone Holdings AI” means Blackstone Holdings AI L.P., a limited partnership formed under the laws of the State of
Delaware, and any successor thereto. 

 “Blackstone Holdings I” means Blackstone Holdings I L.P., a limited
partnership formed under the laws of the State of Delaware, and any successor thereto. 
 “Blackstone Holdings II” means
Blackstone Holdings II L.P., a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 

“Blackstone Holdings I/II General Partner” means Blackstone Holdings I/II GP L.L.C., a limited liability company formed under
the laws of the State of Delaware and the general partner of Blackstone Holdings AI, Blackstone Holdings I, Blackstone Holdings II, and any successor general partner thereof. 

“Blackstone Holdings III” means Blackstone Holdings III L.P., a société en commandite formed under the laws of
the Province of Québec, and any successor thereto. 
 “Blackstone Holdings III General Partner” means Blackstone
Holdings III GP L.P., a limited partnership formed under the laws of the State of Delaware, and the general partner of Blackstone Holdings III, and any successor general partner thereof. 

“Blackstone Holdings IV” means Blackstone Holdings IV L.P., a société en commandite formed under the laws of
the Province of Québec, and any successor thereto. 
 “Blackstone Holdings IV General Partner” means Blackstone
Holdings IV GP L.P., a société en commandite formed under the laws of the Province of Québec and the general partner of Blackstone Holdings IV, and any successor general partner thereof. 

“Blackstone Holdings IV General Partner Sub” means Blackstone Holdings IV GP Sub L.P., a société en commandite
formed under the laws of the Province of Québec, and any successor thereto. 
 “Blackstone Holdings General
Partners” means, collectively, Blackstone Holdings I/II General Partner, Blackstone Holdings III General Partner and Blackstone Holdings IV General Partner. 

“Blackstone Holdings Limited Partner” means each Person that is as of the date of this Agreement or becomes from time to time
a limited partner of each of the Blackstone Holdings Partnerships pursuant to the terms of the Blackstone Holdings Partnership Agreements. 

“Blackstone Holdings Partnership Agreements” means, collectively, the Fourth Amended and Restated Limited Partnership
Agreement of Blackstone Holdings I, the Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings AI, the Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings II, the Fifth Amended and Restated
Limited Partnership Agreement of Blackstone Holdings III and the Fifth Amended and Restated Limited Partnership Agreement of Blackstone Holdings IV, as they may each be amended, supplemented or restated from time to time. 

“Blackstone Holdings Partnership Unit” means, collectively, one unit of partnership interest in each of Blackstone Holdings
AI, Blackstone Holdings I, Blackstone Holdings II, Blackstone Holdings III and Blackstone Holdings IV, issued pursuant to their respective Blackstone Holdings Partnership Agreements. 

  
 2 

 “Blackstone Holdings Partnerships” means, collectively, Blackstone Holdings
AI, Blackstone Holdings I, Blackstone Holdings II, Blackstone Holdings III and Blackstone Holdings IV. 
 “Business Day”
means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are authorized or required by law to close. 

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

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

“Exchange” has the meaning set forth in Section 2.1(a) of this Agreement. 

“Exchange Rate” means the number of shares of Common Stock for which a Blackstone Holdings Partnership Unit is entitled to be
exchanged. On the date of this Agreement, the Exchange Rate shall be 1 for 1, which Exchange Rate shall be subject to modification as provided in Section 2.4 of this Agreement. 

“Issuer” means The Blackstone Group Inc., a corporation formed under the laws of the State of Delaware, and any successor
thereto. 
 “Insider Trading Policy” means the Insider Trading Policy of the Issuer applicable to the directors and
executive officers of the Issuer, as such insider trading policy may be amended from time to time. 
 “Issuer Certificate of
Incorporation” means the Certificate of Incorporation of the Issuer, dated February 26, 2021, as it may be amended, supplemented or restated from time to time. 

“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, estate,
unincorporated organization, association (including any group, organization, co-tenanacy, plan, board, council or committee), government (including a country, state, county, or any other governmental or
political subdivision, agency or instrumentality thereof) or other entity (or series thereof). 
 “Quarter” means, unless
the context requires otherwise, a fiscal quarter of the Issuer. 
 “Quarterly Exchange Date” means, unless the Issuer
cancels such Quarterly Exchange Date pursuant to Section 2.8 hereof, the date that is the later to occur of either: (1) the second Business Day after the date on which the Issuer makes a public news release of its quarterly earnings for
the prior Quarter, (2) the first day each Quarter that directors and executive officers of the Issuer are permitted to trade under the Insider Trading Policy, or (3) such other date as the Issuer shall determine in its sole discretion,
provided with respect to clause (3) that the Issuer shall provide the Blackstone Holdings Limited Partners with reasonable notice of such date. 

  
 3 

 “Sale Transaction” has the meaning set forth in Section 2.8 of this
Agreement. 
 “Transfer Agent” means such bank, trust company or other Person as shall be appointed from time to time by
the Issuer pursuant to the Issuer Certificate of Incorporation to act as registrar and transfer agent for the Common Stock. 
 ARTICLE II

 EXCHANGE OF BLACKSTONE HOLDINGS PARTNERSHIP UNITS 

SECTION 2.1. Exchange of Blackstone Holdings Partnership Units. 

(a) Subject to adjustment as provided in this Article II, to the provisions of the Blackstone Holdings Partnership Agreements and the Issuer
Certificate of Incorporation and to the provisions of Section 2.2 hereof, each Blackstone Holdings Limited Partner shall be entitled on any Quarterly Exchange Date to surrender Blackstone Holdings Partnership Units held by such Blackstone
Holdings Limited Partner to the Blackstone Holdings Partnerships in exchange for the delivery by the Blackstone Holdings Partnerships of a number of shares of Common Stock equal to the product of such number of Blackstone Holdings Partnership Units
surrendered multiplied by the Exchange Rate (such exchange, an “Exchange”); provided that any such exchange is for a minimum of the lesser of 1,000 Blackstone Holdings Partnership Units or all of the vested Blackstone
Holdings Partnership Units held by such Blackstone Holdings Limited Partner. 
 (b) On the date Blackstone Holdings Partnership Units are
surrendered for exchange, all rights of the exchanging Blackstone Holdings Limited Partner as holder of such Blackstone Holdings Partnership Units shall cease, and such exchanging Blackstone Holdings Limited Partner shall be treated for all purposes
as having become the Record Holder (as defined in the Issuer Certificate of Incorporation) of such shares of Common Stock. 
 (c) For the
avoidance of doubt, any exchange of Blackstone Holdings Partnership Units shall be subject to the provisions of the Blackstone Holdings Partnership Agreements, including without limitation the provisions of Sections 8.01, 8.03 and 8.04. 

SECTION 2.2. Exchange Procedures. (a) A Blackstone Holdings Limited Partner may exercise the right to exchange Blackstone
Holdings Partnership Units set forth in Section 2.1(a) above by providing a written notice of exchange at least sixty (60) days prior to the applicable Quarterly Exchange Date to each of the Blackstone Holdings General Partners
substantially in the form of Exhibit A hereto, duly executed by such holder or such holder’s duly authorized attorney in respect of the Blackstone Holdings Partnership Units to be exchanged, in each case delivered during normal business
hours at the principal executive offices of the Issuer or the Blackstone Holdings General Partners, as applicable. 

  
 4 

 (b) As promptly as practicable following the surrender for exchange of Blackstone Holdings
Partnership Units in the manner provided in this Article II, the Blackstone Holdings Partnerships shall deliver or cause to be delivered at the principal executive offices of the Issuer or at the office of the Transfer Agent the number of shares of
Common Stock issuable upon such exchange, issued in the name of such exchanging Blackstone Holdings Limited Partner. 
 (c) The Blackstone
Holdings Partnerships may adopt reasonable procedures for the implementation of the exchange provisions set forth in this Article II, including, without limitation, procedures for the giving of notice of an election for exchange. 

SECTION 2.3. Blackout Periods and Ownership Restrictions. 

(a) Notwithstanding anything to the contrary, a Blackstone Holdings Limited Partner shall not be entitled to exchange Blackstone Holdings
Partnership Units, and the Issuer and the Blackstone Holdings Partnerships shall have the right to refuse to honor any request for exchange of Blackstone Holdings Partnership Units, (i) at any time or during any period if the Issuer or the
Blackstone Holdings Partnerships shall determine, based on the advice of counsel (which may be inside counsel), that there may be material non-public information that may affect the trading price per share of
Common Stock at such time or during such period or (ii) if such exchange would be prohibited under applicable law or regulation. 

SECTION 2.4. Splits, Distributions and Reclassifications. 

(a) The Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by split, distribution, reclassification,
recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the Blackstone Holdings Partnership Units that is not accompanied by an identical subdivision or combination of the shares of Common
Stock; or (2) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the shares of Common Stock that is not accompanied by
an identical subdivision or combination of the Blackstone Holdings Partnership Units. In the event of a reclassification or other similar transaction as a result of which the shares of Common Stock are converted into another security, then a
Blackstone Holdings Limited Partner shall be entitled to receive upon exchange the amount of such security that such Blackstone Holdings Limited Partner would have received if such exchange had occurred immediately prior to the effective date of
such reclassification or other similar transaction. Except as may be required in the immediately preceding sentence, no adjustments in respect of distributions shall be made upon the exchange of any Blackstone Holdings Partnership Unit. 

SECTION 2.5. Shares of Common Stock to be Issued. 

(a) The Issuer covenants that if any shares of Common Stock require registration with or approval of any governmental authority under any U.S.
federal or state law before such shares of Common Stock may be issued upon exchange pursuant to this Article II, the Issuer shall use commercially reasonable efforts to cause such shares of Common Stock to be duly registered or approved, as the case
may be. The Issuer shall use commercially reasonable efforts to list the shares of Common Stock required to be delivered upon exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the

  
 5 

 
outstanding shares of Common Stock may be listed or traded at the time of such delivery. Nothing contained herein shall be construed to preclude the Issuer or the Blackstone Holdings Partnership
from satisfying their obligations in respect of the exchange of the Blackstone Holdings Partnership Units by delivery of shares of Common Stock which are held in the treasury of the Issuer or the Blackstone Holdings Partnership or any of their
subsidiaries. 
 SECTION 2.6. Taxes. 

(a) The delivery of shares of Common Stock upon exchange of Blackstone Holdings Partnership Units shall be made without charge to the
Blackstone Holdings Limited Partners for any stamp or other similar tax in respect of such issuance. 
 SECTION
2.7. Restrictions. 
 (a) The provisions of Sections 8.02, 8.03 (other than paragraphs (a), (b) and (d)), 8.04 and 8.06 of the
Blackstone Holdings Partnership Agreements shall apply, mutatis mutandis, to any shares of Common Stock issued upon exchange of Blackstone Holdings Partnership Units; and the provisions of paragraphs (b) and (d) of Section 8.03 of
the Blackstone Holdings Partnership Agreements shall permit Transfers of Common Stock issued upon exchange of Blackstone Holdings Partnership Units to the same extent as Exchange Transactions (as defined in the Blackstone Holdings Partnership
Agreements) with respect to Blackstone Holdings Partnership Units may be permitted under such provisions. In each case, the provisions of Sections 8.03 and 8.04 of the Blackstone Holdings Partnership Agreements shall apply in the aggregate to
Blackstone Holdings Partnership Units and shares of Common Stock received in exchange for Blackstone Holdings Partnership Units. 
 SECTION
2.8. Subsequent Offerings. 
 (a) The Issuer may from time to time provide the opportunity for Blackstone Holdings Limited
Partners to sell their Blackstone Holdings Partnership Units to the Issuer, the Blackstone Holdings Partnerships or any of their subsidiaries (a “Sale Transaction”); provided that no Sale Transaction shall occur unless the Issuer
cancels the nearest Quarterly Exchange Date scheduled to occur in the same fiscal year of the Issuer as such Sale Transaction. A Blackstone Limited Partner selling Blackstone Holdings Partnership Units in connection with a Sale Transaction must
provide notice to Issuer at least thirty (30) days prior to the cash settlement of such Sale Transaction in respect of the Blackstone Holdings Partnership Units to be sold, in each case delivered during normal business hours at the principal
executive offices of the Issuer. For the avoidance of doubt, the total aggregate number of Quarterly Exchange Dates and Sale Transactions occurring during any fiscal year of the Issuer shall not exceed four (4). 

ARTICLE III 
 GENERAL
PROVISIONS 
 SECTION 3.1. Amendment. (a) The provisions of this Agreement may be amended by the affirmative vote or
written consent of each of the Blackstone Holdings Partnerships and, after a Change of Control (as such term as defined in the Blackstone Holdings Partnership Agreements), the holders of at least a majority of the Vested Percentage Interests (as
such term as defined in the Blackstone Holdings Partnership Agreements) of the Blackstone Holdings Partnership Units (excluding Blackstone Holdings Partnership Units held by the Issuer and the Blackstone Holdings General Partners). No amendment to
this Agreement shall be required to the extent any entity becomes a successor of any of the foregoing parties. 

  
 6 

 (b) Each Blackstone Holdings Limited Partner hereby expressly consents and agrees that,
whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or written consent of less than all of the Blackstone Holdings Limited Partners, such action may be so taken upon the concurrence of less than all of
the Blackstone Holdings Limited Partners and each Blackstone Holdings Limited Partner shall be bound by the results of such action. 

SECTION 3.2. Addresses and 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 as specified in a notice given in accordance with this Section 3.2): 

(a) If to the Issuer, to: 
 345
Park Avenue 
 New York, New York 10154 

Attention: Chief Legal Officer 

Fax: (212) 583-5660 

Electronic Mail: john.finley@blackstone.com 

(b) If to Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. or Blackstone
Holdings IV L.P., to: 
 345 Park Avenue 

New York, New York 10154 

Attention: Chief Legal Officer 

Fax: (212) 583-5660 

Electronic Mail: john.finley@blackstone.com 

(c) If to any Blackstone Holdings Limited Partner, to: 

c/o The Blackstone Group Inc. 

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

Fax: (212) 583-5660 

Electronic Mail: john.finley@blackstone.com 

SECTION 3.3. Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

  
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 SECTION 3.4. 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 3.5. 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 3.6. Integration. 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 3.7. Waiver. No failure by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant,
duty, agreement or condition. 
 SECTION 3.8. 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 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 Blackstone Holdings Partnerships may cause any Blackstone Holdings Partnership to bring, on behalf of the Issuer or such Blackstone Holdings Partnership or on behalf of one or more Blackstone Holdings Limited
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 Blackstone Holdings Limited Partner (i) expressly consents to the application of paragraph (c) of this Section 3.8 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 Blackstone

  
 8 

 
Holdings Partnerships as such Blackstone Holdings Limited Partner’s agents 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 Blackstone Holdings Limited Partner of any such service of process, shall be deemed in every respect effective service of process upon the Blackstone Holdings Limited Partner in any such action or
proceeding. 
 (c) (i) EACH BLACKSTONE HOLDINGS 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 3.8, 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 3.8 and such parties agree not to plead or claim the same. 

(d) Notwithstanding any provision of this Agreement to the contrary, this Section 3.8 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 3.8, 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 3.8. In that case, this Section 3.8 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 3.8 shall be construed to omit such invalid or unenforceable provision. 

SECTION 3.9. 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 3.9. 

SECTION 3.10. Tax Treatment. To the extent this Agreement imposes obligations upon a particular Blackstone Holdings Partnership or
a Blackstone Holdings General Partner, this Agreement shall be treated as part of the relevant Blackstone Holdings Partnership Agreement as described in Section 761(c) of the Code and Sections
1.704-1(b)(2)(ii)(h) and 

  
 9 

 
1.761-1(c) of the Treasury Regulations. As required by the Code and the Treasury Regulations, the parties shall report any Exchange consummated hereunder
as a taxable sale of Blackstone Holdings Partnership Units by a Blackstone Holdings Limited Partner to Blackstone Holdings I/II General Partner, Blackstone Holdings III General Partner or Blackstone Holdings IV General Partner Sub, as the case may
be, and no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 

SECTION 3.11. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	THE BLACKSTONE GROUP INC.
		
	By:	 	 /s/ Tabea Hsi

		 	Name: Tabea Hsi
		 	 Title:  Senior Managing Director – Assistant

           Secretary

	
	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/ Tabea Hsi

		 	Name: Tabea Hsi
		 	 Title:   Senior Managing Director – Assistant

           Secretary

	
	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/ Tabea Hsi

		 	Name: Tabea Hsi
		 	 Title:  Senior Managing Director – Assistant

           Secretary

  

  
 [Signature Page to
Fifth Amended and Restated Exchange Agreement] 

 
			
	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/ Tabea Hsi

		 	Name: Tabea Hsi
		 	 Title:  Senior Managing Director – Assistant

            Secretary

	
	BLACKSTONE HOLDINGS III L.P.
		
	By:	 	Blackstone Holdings III GP L.P., its general partner
		
	By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ Tabea Hsi

		 	Name: Tabea Hsi
		 	 Title:  Senior Managing Director – Assistant

           Secretary

  

  
 [Signature Page to
Fifth Amended and Restated Exchange Agreement] 

 
			
	BLACKSTONE HOLDINGS IV L.P.
		
	By:	 	Blackstone Holdings IV GP L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management
		 	(Delaware) L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management L.L.C., its general partner
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ Tabea Hsi

		 	Name: Tabea Hsi
		 	 Title:  Senior Managing Director – Assistant

           Secretary

  

  
 [Signature Page to
Fifth Amended and Restated Exchange Agreement] 

 EXHIBIT A 

[FORM OF] 
 NOTICE OF EXCHANGE 

Blackstone Holdings I L.P. 
 Blackstone Holdings AI L.P. 

Blackstone Holdings II L.P. 
 Blackstone Holdings III L.P. 

Blackstone Holdings IV L.P. 
 345 Park Avenue 

New York, New York 10154 
 Attention: Tabea Hsi 

Fax: (646) 455-4221 

Electronic Mail: tabea.hsi@blackstone.com 
 Reference is hereby
made to the Fifth Amended and Restated Exchange Agreement, dated as of May 7, 2021 (the “Exchange Agreement”), among The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II
L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and the Blackstone Holdings Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but not defined herein shall have the meanings given
to them in the Exchange Agreement. 
 The undersigned Blackstone Holdings Limited Partner hereby elects to exchange the number of Blackstone
Holdings Partnership Units set forth below for an equal number of shares of Common Stock to be issued in its name. 
 Name of Blackstone Holdings Limited
Partner:                                       
                                         
              
 Number of Blackstone Holdings Partnership Units to be exchanged
on the [____] exchange date: _________________ units (or such lesser number as the Issuer may determine in its sole discretion, which determination shall be final and binding and shall be conclusively determined by the exchange of such lesser
number of Blackstone Holdings Partnership Units). 
 The undersigned acknowledges that this Notice of Exchange is binding and may only be withdrawn with
the consent of the Issuer prior to the exchange date. 
 The undersigned (1) hereby represents that the Blackstone Holdings Partnership Units set forth
above are owned by the undersigned, (2) hereby exchanges such Blackstone Holdings Partnership Units for shares of Common Stock as set forth in the Exchange Agreement, (3) hereby irrevocably constitutes and appoints any officer of the
Blackstone Holdings Partnerships, the Blackstone Holdings General Partners or the Issuer as its attorney, with full power of substitution, to exchange said Blackstone Holdings Partnership Units on the books of the Blackstone Holdings Partnerships
for shares of Common Stock on the books of the Issuer, with full power of substitution in the premises. 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice of
Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

	
	  
 Name:

 Dated: ______________ 

  
 2EX-10.8

 Exhibit 10.8 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

OF 
 THE BLACKSTONE
GROUP INC. 
 Dated as of May 7, 2021 

 TABLE OF CONTENTS 

 

					
		  	 	Page	 
	 ARTICLE I DEFINITIONS AND OTHER MATTERS
	  	 	1	 
		
	 Section 1.1. Definitions
	  	 	1	 
	 Section 1.2. Definitions Generally
	  	 	3	 
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	4	 
		
	 Section 2.1. Exchange Registration
	  	 	4	 
	 Section 2.2. Demand Registration
	  	 	4	 
	 Section 2.3. Piggyback Registration
	  	 	5	 
	 Section 2.4. Lock-Up Agreements
	  	 	6	 
	 Section 2.5. Registration Procedures
	  	 	6	 
	 Section 2.6. Indemnification by the Corporation
	  	 	8	 
	 Section 2.7. Indemnification by Registering Covered Persons
	  	 	9	 
	 Section 2.8. Conduct of Indemnification Proceedings
	  	 	9	 
	 Section 2.9. Contribution
	  	 	10	 
	 Section 2.10. Participation in Public Offering
	  	 	10	 
	 Section 2.11. Other Indemnification
	  	 	10	 
	 Section 2.12. Cooperation by the Corporation
	  	 	10	 
	 Section 2.13. Parties in Interest
	  	 	10	 
	 Section 2.14. Acknowledgement Regarding the Corporation
	  	 	10	 
	 Section 2.15. Mergers, Recapitalizations, Exchanges or Other Transactions Affecting
Registrable Securities
	  	 	10	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	11	 
		
	 Section 3.1. Term of the Agreement; Termination of Certain Provisions
	  	 	11	 
	 Section 3.2. Amendments; Waiver
	  	 	11	 
	 Section 3.3. Governing Law
	  	 	11	 
	 Section 3.4. Submission to Jurisdiction; Waiver of Jury Trial
	  	 	11	 
	 Section 3.5. Notices
	  	 	12	 
	 Section 3.6. Severability
	  	 	13	 
	 Section 3.7. Specific Performance
	  	 	13	 
	 Section 3.8. Assignment; Successors
	  	 	13	 
	 Section 3.9. No Third-Party Rights
	  	 	13	 
	 Section 3.10. Section Headings
	  	 	13	 
	 Section 3.11. Execution in Counterparts
	  	 	13	 

  

  
 i 

 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (as amended from time to time, this “Agreement”), is made and entered
into as of May 7, 2021, by and among The Blackstone Group Inc., a Delaware corporation (the “Corporation”), and the Covered Persons (defined below) from time to time party hereto (collectively, the “Parties”).

 RECITALS 
 WHEREAS,
the Parties heretofore executed and delivered a Registration Rights 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; 
 WHEREAS, the Covered Persons
are holders of Blackstone Holdings Partnership Units (defined below), which, subject to certain restrictions and requirements, are exchangeable at the option of the holder thereof for shares of Common Stock (defined below) of the Corporation; 

WHEREAS, the Corporation desires to provide the Covered Persons with registration rights with respect to shares of Common Stock underlying
their Blackstone Holdings Partnership Units and any other shares of Common Stock they may otherwise hold from time to time; 
 WHEREAS,
pursuant to Section 3.2 of the Original Agreement, the Original Agreement may be amended by the Corporation and the Demand Committee without the consent of any other person; and 

WHEREAS, effective February 26, 2021, the Corporation 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 premises and of the mutual agreements, covenants and provisions herein contained, the Parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS
AND OTHER MATTERS 
 Section 1.1. Definitions. Capitalized terms used in this Agreement without other definition shall,
unless expressly stated otherwise, have the meanings specified in this Section 1.1: 
 “Agreement” has the meaning
ascribed to such term in the Recitals. 
 “Beneficial owner” has the meaning set forth in Rule 13d-3 under the Exchange Act. 
 “Blackstone Holdings” means, collectively, Blackstone
Holdings I L.P., a Delaware limited partnership (“Blackstone Holdings I”), Blackstone Holdings AI L.P., a Delaware limited partnership (“Blackstone Holdings AI”), Blackstone Holdings II L.P., a Delaware limited
partnership (“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”). 
 “Blackstone Holdings Partnership Unit”
means, collectively, one partnership unit in each of Blackstone Holdings I, Blackstone Holdings AI, Blackstone Holdings II, Blackstone Holdings III and Blackstone Holdings IV issued under each of their respective Blackstone Holdings Partnership
Agreements. 

 “Blackstone Holdings Partnership Agreements” means, collectively, the
Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings I, the Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings AI, the Fourth Amended and Restated Limited Partnership Agreement of Blackstone
Holdings II, the Fifth Amended and Restated Limited Partnership Agreement of Blackstone Holdings III and the Fifth Amended and Restated Limited Partnership Agreement of Blackstone Holdings IV, as each of them may be amended, supplemented or restated
from time to time. 
 “Board” means the Board of Directors of the Corporation. 

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

“Corporation” means The Blackstone Group Inc., a Delaware corporation, and any successor thereto. 

“Covered Person” means those persons from time to time recorded as such in the books and records of the Corporation or
Blackstone Holdings, and all persons who may become parties to this Agreement in accordance with the terms hereof. 
 “Covered
Blackstone Holdings Partnership Units” means, with respect to a Covered Person, such Covered Person’s Blackstone Holdings Partnership Units. 

“Demand Committee” shall mean a committee consisting of the individuals that are from time to time designated as
“Founding Members” pursuant to the amended and restated limited liability company agreement of Blackstone Group Management L.L.C., as amended from time to time. 

“Demand Notice” has the meaning ascribed to such term in Section 2.2(a) of this Agreement. 

“Demand Registration” has the meaning ascribed to such term in Section 2.2(a) of this Agreement. 

“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 Corporation, Blackstone Holdings and the Limited Partners of Blackstone Holdings, as amended from time to time. 

“Exchange Registration” has the meaning ascribed to such term in Section 2.1(a) of this Agreement. 

“Governmental Authority” means any national, local or foreign (including U.S. federal, state or local) or supranational
(including European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or authority of competent jurisdiction. 

“Indemnified Parties” has the meaning ascribed to such term in Section 2.6 of this Agreement. 

“NASD” means the National Association of Securities Dealers, Inc. 

“Original Agreement” has the meaning ascribed to such term in the Recitals. 

“Permitted Transferee” means any transferee of a Blackstone Holdings Partnership Unit after the date of the Original
Agreement the transfer of which was permitted by the Blackstone Holdings Partnership Agreements. 
 “Public Offering” means
an underwritten public offering pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form
S-8 or any similar or successor form. 
 “Registering Covered Person” has the
meaning ascribed to such term in Section 2.5(a) of this Agreement. 

  
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 “Registrable Securities” means shares of Common Stock that may be delivered
in exchange for Blackstone Holdings Partnership Units or otherwise held by Covered Persons from time to time. For purposes of this Agreement, Registrable Securities shall cease to be Registrable Securities when (i) a Registration Statement
covering resales of such Registrable Securities has been declared effective under the Securities Act by the SEC and such Registrable Securities have been disposed of pursuant to such effective Registration Statement, (ii) such Registrable
Securities of a Covered Person are eligible to be sold by such Covered Person pursuant to Rule 144(k) (or any successor provision then in effect) under the Securities Act or (iii) such Registrable Securities cease to be outstanding (or issuable
upon exchange). 
 “Registration Expenses” means any and all expenses incident to the performance of or compliance with any
registration or marketing of securities, including all (i) SEC and securities exchange registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated
interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the securities
registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security
engraving and printing expenses, (v) internal expenses of the Corporation and Blackstone Holdings (including, without limitation, all salaries and expenses of the officers and employees of the Corporation or Blackstone Holdings performing legal
or accounting duties), (vi) reasonable fees and disbursements of counsel for the Corporation or Blackstone Holdings and customary fees and expenses for independent certified public accountants retained by the Corporation or Blackstone Holdings
(including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants of any comfort letters requested pursuant to Section 2.5(i)) of this Agreement, (vii) reasonable fees
and expenses of any special experts retained by the Corporation or Blackstone Holdings in connection with such registration, (viii) reasonable fees, out-of-pocket
costs and expenses of the Covered Persons, including one counsel for all of the Covered Persons participating in the offering selected by the Demand Committee, (ix) fees and expenses in connection with any review by the NASD of the underwriting
arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by
issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting
agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’
fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with
the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies and
(xv) all out-of-pocket costs and expenses incurred by the Corporation, Blackstone Holdings or their appropriate officers in connection with their compliance with
Section 2.5(m) of this Agreement. 
 “SEC” means the Securities and Exchange Commission. 

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

 Section 1.2. Definitions Generally. Wherever required by the context of this Agreement, the singular shall include the
plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended,
supplemented or modified from time to time. When used herein: 
 (a) the word “or” is not exclusive; 

(b) the words “including,” “includes,” “included” and “include” are deemed to be followed by the words
“without limitation”; 
 (c) the terms “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 

  
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 (d) the word “person” means any individual, corporation, limited liability
company, trust, joint venture, association, company, partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 

(e) all section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement,
and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.1. Exchange Registration. 

(a) The Corporation shall use its commercially reasonable efforts to cause to be declared effective under the Securities Act by the SEC, prior
to the time that Blackstone Holdings Partnership Units held by Covered Persons become available for exchange for shares of Common Stock pursuant to the terms of the Blackstone Holdings Partnership Agreements and the Exchange Agreement, one or more
registration statements (the “Exchange Registration”) covering (i) the delivery by the Corporation or its subsidiaries, from time to time, to the Covered Persons of shares of Common Stock registered under the Securities Act in
exchange for such Blackstone Holdings Partnership Units or (ii) if the Corporation determines that the registration provided for in clause (i) is not available for any reason, the registration of resale of such shares of Common Stock by
the Covered Persons. 
 (b) The Corporation shall be liable for and pay all Registration Expenses in connection with any Exchange
Registration, regardless of whether such registration is effected. 
 (c) Upon notice to each Covered Person participating in any Exchange
Registration, the Corporation may postpone effecting a registration pursuant to this Section 2.1 on up to three occasions during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 120 days in
the aggregate (which period may not be extended or renewed), if (i) the Board shall determine in good faith that effecting the registration would materially and adversely affect an offering of securities of the Corporation the preparation of
which had then been commenced or (ii) the Corporation is in possession of material non-public information the disclosure of which during the period specified in such notice the Board believes in good
faith would not be in the best interests of the Corporation. 
 Section 2.2. Demand Registration. 

(a) If at any time the Corporation shall receive a written request (a “Demand Notice”) from the Demand Committee that the
Corporation effect the registration under the Securities Act of all or any portion of the Registrable Securities specified in the Demand Notice (a “Demand Registration”), specifying the information set forth under
Section 2.5(j), then the Corporation shall use its commercially reasonable efforts to effect, as expeditiously as reasonably practicable, subject to the restrictions in Section 2.2(d), the registration under the Securities Act of the
Registrable Securities for which the Demand Committee has requested registration under this Section 2.2, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable
Securities so to be registered. 
 (b) At any time prior to the effective date of the registration statement relating to such registration,
the Demand Committee may revoke such Demand Registration request by providing a notice to the Corporation revoking such request. The Corporation shall be liable for and pay all Registration Expenses in connection with any Demand Registration. 

(c) If a Demand Registration involves an underwritten Public Offering and the managing underwriter advises the Corporation and the Demand
Committee that, in its view, the number of units of Registrable Securities requested to be included in such registration exceeds the largest number of units that can be sold without having a material adverse effect on such offering, including the
price at which such units can be sold (the “Maximum Offering Size”), the Corporation shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 

  
 4 

 (i) first, all Registrable Securities requested to be registered in the
Demand Registration by the Demand Committee (allocated, if necessary for the offering not to exceed the Maximum Offering Size, in such proportions as shall be determined by the Demand Committee); 

(ii) second, any securities proposed to be registered by the Corporation or any securities proposed to be registered for the
account of any other persons, with such priorities among them as the Corporation shall determine. 
 (d) Upon notice to the Demand Committee,
the Corporation may postpone effecting a registration pursuant to this Section 2.2 on up to three occasions during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 120 days in the aggregate
(which period may not be extended or renewed), if (i) the Board shall determine in good faith that effecting the registration would materially and adversely affect an offering of securities of the Corporation the preparation of which had then
been commenced or (ii) the Corporation is in possession of material non-public information the disclosure of which during the period specified in such notice the Board believes in good faith would not be
in the best interests of the Corporation. 
 Section 2.3. Piggyback Registration. 

(a) Subject to any contractual obligations to the contrary, if the Corporation proposes at any time to register any of the equity securities
issued by it under the Securities Act (other than a registration on Form S-8 or Form S-4, or any successor forms, relating to shares of Common Stock issuable in
connection with any employee benefit or similar plan of the Corporation or in connection with a direct or indirect acquisition by the Corporation of another person or as a recapitalization or reclassification of securities of the Corporation),
whether or not for sale for its own account, the Corporation shall each such time give prompt notice at least 15 business days prior to the anticipated filing date of the registration statement relating to such registration to the Demand Committee,
which notice shall offer the Demand Committee the opportunity to elect to include in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered held by Covered Persons as the
Demand Committee may request (a “Piggyback Registration”), subject to the provisions of Section 2.3(b). If the Demand Committee elects to effect a Piggyback Registration, the Corporation shall give notice of the registration
statement relating to such registration to those Covered Persons who the Demand Committee determines to afford participation in the Piggyback Registration. Upon the request of the Demand Committee, the Corporation shall use its commercially
reasonable efforts to effect the registration under the Securities Act of all Registrable Securities that the Corporation has been so requested to register by the Demand Committee, to the extent necessary to permit the disposition of the Registrable
Securities to be so registered, provided that (i) if such registration involves an underwritten Public Offering, all such Covered Persons to be included in the Corporation’s registration must sell their Registrable Securities to the
underwriters selected by the Corporation on the same terms and conditions as apply to the Corporation or any other selling person, as applicable, and (ii) if, at any time after giving notice of its intention to register any securities pursuant
to this Section 2.3(a) and prior to the effective date of the registration statement filed in connection with such registration, the Corporation shall determine for any reason not to register such securities, the Corporation shall give notice
to all such Covered Persons and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration effected under this Section 2.3 shall relieve the Corporation of its
obligations to effect an Exchange Registration or Demand Registration to the extent required by Section 2.1 or Section 2.2, respectively. The Corporation shall pay all Registration Expenses in connection with each Piggyback Registration.

 (b) Subject to Section 2.2(c) and any other contractual obligations to the contrary, if a Piggyback Registration involves an
underwritten Public Offering and the managing underwriter advises the Corporation that, in its view, the number of Registrable Securities that the Corporation and such Covered Persons intend to include in such registration exceeds the Maximum
Offering Size, the Corporation shall include in such registration, in the following priority, up to the Maximum Offering Size: 

(i) first, the Corporation securities proposed to be registered for the account of the Corporation; 

  
 5 

 (ii) second, the Corporation securities proposed to be registered pursuant
to any demand registration rights of third parties; 
 (iii) third, all Registrable Securities requested to be included in
such registration by any Covered Persons (allocated, if necessary for the offering not to exceed the Maximum Offering Size, in such proportions as shall be determined by the Demand Committee); and (iv) fourth, any securities proposed to be
registered for the account of any other persons with such priorities among them as the Corporation shall determine. 
 (c) Notwithstanding
any provision in this Section 2.3 or elsewhere in this Agreement, no provision relating to the registration of Registrable Securities shall be construed as permitting any Covered Person to effect a transfer of securities that is otherwise
prohibited by the terms of any agreement between such Covered Person and the Corporation or any of its subsidiaries. Unless the Corporation shall otherwise consent, the Corporation shall not be obligated to provide notice or afford Piggyback
Registration to the Demand Committee or any Covered Person pursuant to this Section 2.3 unless some or all of such person’s Registrable Securities are permitted to be transferred under the terms of applicable agreements between such person
and the Corporation or any of its subsidiaries. 
 Section 2.4. Lock-Up Agreements.
If any registration of Registrable Securities shall be effected in connection with a Public Offering, neither the Corporation nor any Covered Person shall effect any public sale or distribution, including any sale pursuant to Rule 144, of any shares
of Common Stock or other security of the Corporation (except as part of such Public Offering) during the period beginning 14 days prior to the effective date of the applicable registration statement until the earlier of (i) such time as the
Corporation and the lead managing underwriter shall agree and (ii) 180 days following the pricing of the Public Offering. 

Section 2.5. Registration Procedures. In connection with any request by the Demand Committee that Registrable Securities be
registered pursuant to Sections 2.2 or 2.3, subject to the provisions of such Sections, the paragraphs below shall be applicable, and in connection with any Exchange Registration pursuant to Section 2.1, paragraphs (a), (c), (d), (e) and
(l) below shall be applicable: 
 (a) The Corporation shall as expeditiously as reasonably practicable prepare and file with the SEC a
registration statement on any form for which the Corporation then qualifies or that counsel for the Corporation shall deem appropriate and which form shall be available for the registration of the Registrable Securities to be registered thereunder
in accordance with the intended method of distribution thereof, and use its commercially reasonable efforts to cause such filed registration statement to become and remain effective for a period of not less than 40 days, or in the case of an
Exchange Registration until all of the Registrable Securities of the Covered Persons included in any such registration statement (each, a “Registering Covered Person”) shall have actually been exchanged thereunder. 

(b) Prior to filing a registration statement or prospectus or any amendment or supplement thereto, the Corporation shall, if requested, furnish
to each Registering Covered Person and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such registration statement as proposed to be filed, and thereafter the Corporation shall furnish to such
Registering Covered Person and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the
prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the Securities Act and such other documents as such Registering
Covered Person or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Registering Covered Person. The Registering Covered Person shall have the right to request that the Corporation
modify any information contained in such registration statement, amendment and supplement thereto pertaining to such Registering Covered Person and the Corporation shall use its all commercially reasonable efforts to comply with such request,
provided, however, that the Corporation shall not have any obligation to so modify any information if the Corporation reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading. 

  
 6 

 (c) After the filing of the registration statement, the Corporation shall (i) cause the
related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Registering Covered Person thereof set forth in such registration statement
or supplement to such prospectus and (iii) promptly notify each Registering Covered Person holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC suspending the effectiveness of
such registration statement or any state securities commission and take all commercially reasonable efforts to prevent the entry of such stop order or to obtain the withdrawal of such order if entered. 

(d) To the extent any “free writing prospectus” (as defined in Rule 405 under the Securities Act) is used, the Corporation shall file
with the SEC any free writing prospectus that is required to be filed by the Corporation with the SEC in accordance with the Securities Act and retain any free writing prospectus not required to be filed. 

(e) The Corporation shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by such
registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering Covered Person holding such Registrable Securities or each underwriter, if any, reasonably (in light of
such member’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and
operations of the Corporation and do any and all other acts and things that may be reasonably necessary or advisable to enable such Registering Covered Person to consummate the disposition of the Registrable Securities owned by such person, provided
that the Corporation shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.5(e), (B) subject itself to taxation in any such jurisdiction
or (C) consent to general service of process in any such jurisdiction. 
 (f) The Corporation shall immediately notify each Registering
Covered Person holding such Registrable Securities covered by such registration statement or each underwriter, if any, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event
requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each such Registering Covered Person or underwriter, if any, and file with the SEC any such supplement
or amendment. 
 (g) The Demand Committee shall select an underwriter or underwriters in connection with any Public Offering. In connection
with any Public Offering, the Corporation shall enter into customary agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of
such Registrable Securities in any such Public Offering, including if necessary the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with the NASD. 

(h) Subject to the execution of confidentiality agreements satisfactory in form and substance to the Corporation in the exercise of its good
faith judgment, pursuant to the reasonable request of the Demand Committee or underwriter (if any), the Corporation will give to each Registering Covered Person, each underwriter (if any) and their respective counsel and accountants
(i) reasonable and customary access to its books and records and (ii) such opportunities to discuss the business of the Corporation with its directors, officers, employees, counsel and the independent public accountants who have certified
its financial statements, as shall be appropriate, in the reasonable judgment of counsel to such Registering Covered Person or underwriter, to enable them to exercise their due diligence responsibility. 

(i) The Corporation shall use its commercially reasonable efforts to furnish to each Registering Covered Person and to each such underwriter,
if any, a signed counterpart, addressed to such person or underwriter, of (i) an opinion or opinions of counsel to the Corporation and (ii) a comfort letter or comfort letters from the Corporation’s independent public accountants,
each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the Demand Committee or underwriter reasonably requests. 

  
 7 

 (j) Each Registering Covered Person registering securities under Sections 2.2 or 2.3 shall
promptly furnish in writing to the Corporation such customary information regarding itself, the distribution of the Registrable Securities as the Corporation may from time to time reasonably request and such other information as may be legally
required or advisable in connection with such registration. 
 (k) Each Registering Covered Person and each underwriter, if any, agrees that,
upon receipt of any notice from the Corporation of the happening of any event of the kind described in Section 2.5(f), such Registering Covered Person or underwriter shall forthwith discontinue disposition of Registrable Securities pursuant to
the registration statement covering such Registrable Securities until such Registering Covered Person’s or underwriter’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.5(f), and, if so
directed by the Corporation, such Registering Covered Person or underwriter shall deliver to the Corporation all copies, other than any permanent file copies then in such Registering Covered Person’s possession, of the most recent prospectus
covering such Registrable Securities at the time of receipt of such notice. If the Corporation shall give such notice, the Corporation shall extend the period during which such registration statement shall be maintained effective (including the
period referred to in Section 2.5(a)) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.5(f) to the date when the Corporation shall make available to such Registering Covered
Person a prospectus supplemented or amended to conform with the requirements of Section 2.5(f). 
 (l) The Corporation shall use its
commercially reasonable efforts to list all Registrable Securities covered by such registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 

(m) The Corporation shall have appropriate officers of the Corporation or Blackstone Holdings (i) prepare and make presentations at any
“road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their commercially reasonable efforts to cooperate as
reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
 (n) The Corporation shall
cooperate with the Registering Covered Persons to facilitate the timely delivery of Registrable Securities to be sold, which shall not bear any restrictive legends, and to enable such Registrable Securities to be issued in such denominations and
registered in such names as such Registering Covered Persons may reasonably request at least two business days prior to the closing of any sale of Registrable Securities. 

Section 2.6. Indemnification by the Corporation. In the event of any registration of any Registrable Securities of the
Corporation under the Securities Act pursuant to this Article II, the Corporation will, and it hereby does, indemnify and hold harmless, to the extent permitted by law, a Registering Covered Person, each affiliate of such Registering Covered Person
and their respective directors and officers or general and limited partners or members and managing members (including any director, officer, affiliate, employee, agent and controlling person of any of the foregoing) and each other person, if any,
who controls such seller within the meaning of the Securities Act (collectively, the “Indemnified Parties”), from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses
incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement or amendment or supplement thereto under which such Registrable Securities were registered or any omission or alleged omission to state therein a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any prospectus, any free writing prospectus or any “issuer information” filed or
required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, or any omission or alleged omission to state therein a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the Corporation shall not be liable to any Indemnified Party in any such case to the extent that any such loss, claim, damage, liability
(or action or proceeding 

  
 8 

 
in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, prospectus, any
free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto, in reliance upon and in
conformity with written information furnished to the Corporation with respect to such seller or any underwriter specifically for use in the preparation thereof. 

Section 2.7. Indemnification by Registering Covered Persons. Each Registering Covered Person hereby indemnifies and holds
harmless, and the Corporation may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with this Article II, that the Corporation shall have received an undertaking reasonably satisfactory
to it from any underwriter to indemnify and hold harmless, the Corporation and all other prospective sellers of Registrable Securities, the directors of the Corporation, each officer of the Corporation who signed the Registration Statement and each
person, if any, who controls the Corporation and all other prospective sellers of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth
in Section 2.6 above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with written information furnished to the Corporation with respect to such seller or any underwriter specifically for use in the preparation of such registration statement, prospectus, any free writing prospectus or any “issuer
information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Corporation, any of the Registering Covered Persons or any underwriter, or any of their respective affiliates, directors, officers or controlling persons and shall survive the transfer of such securities by
such person. In no event shall any such indemnification liability of any Registering Covered Person be greater in amount than the dollar amount of the proceeds received by such Registering Covered Person upon the sale of the Registrable Securities
giving rise to such indemnification obligation. 
 Section 2.8. Conduct of Indemnification Proceedings. Promptly after
receipt by an Indemnified Party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article II, such Indemnified Party will, if a claim in respect
thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided, that the failure of the Indemnified Party to give notice as provided herein shall not relieve the indemnifying party
of its obligations under this Article II, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. 

In case any such action is brought against an Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of
interest between such Indemnified Party and indemnifying parties may exist in respect of such claim, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly
notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the indemnifying party to such Indemnified Party of its election so to assume the defense thereof, the indemnifying party
will not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. It is understood and agreed that the indemnifying
person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Parties, and that all such
fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) for any Covered Person, its affiliates, directors and officers and any control persons of such Indemnified Party shall be designated in writing by the Demand
Committee, (y) in all other cases shall be designated in writing by the Corporation. The indemnifying person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying person agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No indemnifying person shall, without the written
consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnification could have been sought hereunder by such Indemnified Party,
unless such settlement (A) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such Indemnified Party, from all liability on claims that are the subject matter of such proceeding and
(B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 

  
 9 

 Section 2.9. Contribution. If the indemnification provided for in this
Article II from the indemnifying party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and
Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Parties
shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to
information supplied by, such indemnifying party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this
Section 2.9 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.9 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

Section 2.10. Participation in Public Offering. No Covered Person may participate in any Public Offering hereunder unless
such Covered Person (a) agrees to sell such Covered Person’s securities on the basis provided in any underwriting arrangements approved by the Covered Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights.

 Section 2.11. Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications)
shall be given by the Corporation and the Registering Covered Person participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation or Governmental Authority other
than the Securities Act. 
 Section 2.12. Cooperation by the Corporation. If the Covered Person shall transfer any
Registrable Securities pursuant to Rule 144, the Corporation shall use its commercially reasonable efforts to cooperate with the Covered Person and shall provide to the Covered Person such information as may be required to be provided under Rule
144. 
 Section 2.13. Parties in Interest. Each Covered Person shall be entitled to receive the benefits of this Agreement
and shall be bound by the terms and provisions of this Agreement by reason of such Covered Person’s election to participate in a registration under this Article II. To the extent Blackstone Holdings Partnership Units are effectively transferred
in accordance with the terms of the Blackstone Holdings Partnership Agreements, the transferee of such Blackstone Holdings Partnership Units shall be entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions
of this Agreement upon becoming bound hereby pursuant to Section 3.1(c). 
 Section 2.14. Acknowledgement Regarding the
Corporation. Other than those determinations reserved expressly to the Demand Committee, all determinations necessary or advisable under this Article II shall be made by the Board, the determinations of which shall be final and binding. 

Section 2.15. Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities. The provisions of
this Agreement shall apply to the full extent set forth herein with respect to the Registrable Securities, to any and all securities or units of Blackstone Holdings or the Corporation or any successor or assign of any such person (whether by merger,
amalgamation, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend, split, issuance, reverse split, combination, recapitalization,
reclassification, merger, amalgamation, consolidation or otherwise. 

  
 10 

 ARTICLE III 

MISCELLANEOUS 

Section 3.1. Term of the Agreement; Termination of Certain Provisions. 

(a) The term of this Agreement shall continue until the first to occur of (i) such time as no Covered Person holds any Covered Blackstone
Holdings Partnership Units or Registrable Securities and (ii) such time as the Agreement is terminated by the Demand Committee. 
 (b)
Unless this Agreement is theretofore terminated pursuant to Section 3.1(a) hereof, a Covered Person shall be bound by the provisions of this Agreement with respect to any Covered Blackstone Holdings Partnership Units or Registrable Securities
until such time as such Covered Person ceases to hold any Covered Blackstone Holdings Partnership Units or Registrable Securities. Thereafter, such Covered Person shall no longer be bound by the provisions of this Agreement other than Sections 2.7,
2.8, 2.9 and 2.11 and this Article III. Any person that has ceased to be a Covered Person and that reacquires Covered Blackstone Holdings Partnership Units or Registrable Securities shall sign an agreement in the form approved by the Corporation
acknowledging that such person is bound by the terms and provisions of the Agreement. 
 (c) Any Permitted Transferee shall sign an agreement
in the form approved by the Corporation acknowledging that such Permitted Transferee is bound by the terms and provisions of the Agreement. 

Section 3.2. Amendments; Waiver. 

(a) The provisions of this Agreement may be amended by the Corporation and, except as provided in paragraph (b) below, the Demand
Committee. In addition to any other consent, vote or approval that may be required under this Section 3.2, any amendment of this Agreement that has the effect of changing the obligations of the Corporation hereunder to make such obligations
materially more onerous to the Corporation shall require the approval of the Corporation. 
 (b) Each Covered Person understands that from
time to time certain other persons may become Covered Persons and certain Covered Persons will cease to be bound by the provisions of this Agreement pursuant to the terms hereof. 

(c) No provision of this Agreement may be waived except by an instrument in writing executed by the party against whom the waiver is to be
effective. 
 Section 3.3. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF
THE STATE OF NEW YORK. 
 Section 3.4. 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 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. 

  
 11 

 (b) Notwithstanding the provisions of paragraph (a), the Corporation may bring, on behalf of
the Corporation, 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 Covered Person (i) expressly consents to the application of paragraph (c) of this Section 3.4 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 Corporation as such Covered Person’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 Covered Person of any such service of process, shall be deemed in every respect effective service of process
upon the Covered Person in any such action or proceeding. 
 (c) (i) EACH COVERED PERSON 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 3.4, 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 3.4 and such parties agree not to plead or claim the same. 

Section 3.5. Notices. 

(a) 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 3.5): 

If to a Covered Person, 
 c/o
The Blackstone Group Inc. 
 345 Park Avenue 

New York, New York 10154 

Attention: Chief Legal Officer 

Fax: (212) 583-5660 

Electronic Mail: john.finley@blackstone.com 

If to the Corporation, at 
 c/o
The Blackstone Group Inc. 
 345 Park Avenue 

New York, New York 10154 

Attention: Chief Legal Officer 

Fax: (212) 583-5660 

Electronic Mail: john.finley@blackstone.com 

The Corporation shall be responsible for notifying each Covered Person of the receipt of a notice, request, claim, demand or other
communication under this Agreement relevant to such Covered Person at the address of such Covered Person then in the records of Blackstone Holdings (and each Covered Person shall notify the Corporation of any change in such address for notices,
requests, claims, demands or other communications). 

  
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 Section 3.6. Severability. If any provision of this Agreement is finally
held to be invalid, illegal or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and
enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision. 

Section 3.7. Specific Performance. Each party hereto acknowledges that the remedies at law of the other parties for a breach
or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable
relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may be then available. 

Section 3.8. Assignment; Successors. This Agreement shall be binding upon and inure to the benefit of the respective
legatees, legal representatives, successors and assigns of the Covered Persons; provided, however, that a Covered Person may not assign this Agreement or any of his rights or obligations hereunder, and any purported assignment in breach hereof by a
Covered Person shall be void; and provided further that no assignment of this Agreement by the Corporation or to a successor of the Corporation (by operation of law or otherwise) shall be valid unless such assignment is made to a person which
succeeds to the business of such person substantially as an entirety. 
 Section 3.9. No Third-Party Rights. Other than as
expressly provided herein, nothing in this Agreement will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this
Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns. 

Section 3.10. Section Headings. The headings of sections in this Agreement are provided for convenience only and will not
affect its construction or interpretation. 
 Section 3.11. Execution in Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have duly executed or caused to be duly executed this
Agreement as of the date first written above. 
  

			
	THE BLACKSTONE GROUP INC.

 
			
		
	By:	 	 /s/ Stephen A. Schwarzman

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

 
			
	
	DEMAND COMMITTEE

 
			
		
	By:	 	 /s/ Stephen A. Schwarzman

	Name:	 	Stephen A. Schwarzman
	Title:	 	Founding Member

  

  
 [Signature Page to the
Amended and Restated Registration Rights Agreement]

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