Document:

EX-10.8

 Exhibit 10.8 

FORM OF EMPLOYEE MATTERS AGREEMENT 

by and among 
 THE
BLACKSTONE GROUP L.P. 
 BLACKSTONE HOLDINGS I L.P., 

NEW ADVISORY GP L.L.C., 

PJT PARTNERS INC., 
 PJT
PARTNERS HOLDINGS LP, 
 PJT CAPITAL LP, 

and 
 PJT MANAGEMENT,
LLC, 
 Dated as of             , 2015 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	2	  
			
	 Section 1.1
	 	 Definitions
	  	 	2	  
			
	 Section 1.2
	 	 References; Interpretation
	  	 	7	  
			
	 Section 1.3
	 	 Relation to Other Documents
	  	 	7	  
		
	 ARTICLE II GENERAL PRINCIPLES
	  	 	7	  
			
	 Section 2.1
	 	 Assumption and Retention of Liabilities; Related Assets
	  	 	7	  
			
	 Section 2.2
	 	 Treatment of Cash Compensation and Severance Arrangements
	  	 	9	  
			
	 Section 2.3
	 	 Participation in Blackstone Benefit Arrangements
	  	 	10	  
			
	 Section 2.4
	 	 Service Recognition
	  	 	10	  
			
	 Section 2.5
	 	 No Acceleration of Benefits
	  	 	10	  
			
	 Section 2.6
	 	 Amendment Authority
	  	 	11	  
			
	 Section 2.7
	 	 No Commitment to Employment or Benefits
	  	 	11	  
			
	 Section 2.8
	 	 Certain Employment Transfers
	  	 	11	  
		
	 ARTICLE III QUALIFIED DEFINED CONTRIBUTION PLANS
	  	 	11	  
			
	 Section 3.1
	 	 Participation of PJT Personnel in the Blackstone Savings Plan; Vesting
	  	 	11	  
			
	 Section 3.2
	 	 PJT Savings Plan
	  	 	11	  
			
	 Section 3.3
	 	 Transfer of Plan Assets and Liabilities
	  	 	12	  
		
	 ARTICLE IV HEALTH AND WELFARE PLANS
	  	 	12	  
			
	 Section 4.1
	 	 Health and Welfare Plan Participation
	  	 	12	  
			
	 Section 4.2
	 	 Reimbursement Account Plans
	  	 	12	  
			
	 Section 4.3
	 	 Certain Liabilities
	  	 	13	  
			
	 Section 4.4
	 	 Time-Off Benefits
	  	 	13	  
		
	 ARTICLE V EQUITY AND INCENTIVE COMPENSATION AWARDS
	  	 	13	  
			
	 Section 5.1
	 	 Treatment of Blackstone Equity Awards of PJT Personnel
	  	 	13	  
			
	 Section 5.2
	 	 True-Up of Replacement Awards
	  	 	14	  
			
	 Section 5.3
	 	 Forfeiture of Replacement Awards
	  	 	14	  
			
	 Section 5.4
	 	 Change of Control; Separation from Service
	  	 	15	  
			
	 Section 5.5
	 	 New PJT Equity Plan
	  	 	15	  
			
	 Section 5.6
	 	 Retention Awards
	  	 	15	  
			
	 Section 5.7
	 	 Savings Clause
	  	 	15	  
			
	 Section 5.8
	 	 SEC Registration
	  	 	15	  
		
	 ARTICLE VI ADDITIONAL COMPENSATION MATTERS
	  	 	16	  
			
	 Section 6.1
	 	 Workers’ Compensation Liabilities
	  	 	16	  
			
	 Section 6.2
	 	 Code Section 409A
	  	 	16	  

  
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	 Section 6.3
	 	 Certain Payroll and Annual Cash Incentive Matters
	  	 	16	  
			
	 Section 6.4
	 	 Tax Benefits
	  	 	17	  
		
	 ARTICLE VII INDEMNIFICATION
	  	 	18	  
			
	 Section 7.1
	 	 Indemnification
	  	 	18	  
		
	 ARTICLE VIII GENERAL AND ADMINISTRATIVE
	  	 	18	  
			
	 Section 8.1
	 	 Sharing of Information
	  	 	18	  
			
	 Section 8.2
	 	 Reasonable Efforts/Cooperation
	  	 	18	  
			
	 Section 8.3
	 	 Effect on Employment
	  	 	19	  
			
	 Section 8.4
	 	 Consent of Third Parties
	  	 	19	  
			
	 Section 8.5
	 	 Access to Employees
	  	 	19	  
			
	 Section 8.6
	 	 Beneficiary Designation/Release of Information/Right to Reimbursement
	  	 	19	  
			
	 Section 8.7
	 	 Certain Compensation Arrangements
	  	 	19	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	20	  
			
	 Section 9.1
	 	 Entire Agreement
	  	 	20	  
			
	 Section 9.2
	 	 Governing Law
	  	 	20	  
			
	 Section 9.3
	 	 Waiver of Jury Trial
	  	 	20	  
			
	 Section 9.4
	 	 Notices
	  	 	20	  
			
	 Section 9.5
	 	 Amendments; Waivers and Consents
	  	 	21	  
			
	 Section 9.6
	 	 Termination
	  	 	22	  
			
	 Section 9.7
	 	 No Third-Party Beneficiaries
	  	 	22	  
			
	 Section 9.8
	 	 Assignability; Binding Effect
	  	 	22	  
			
	 Section 9.9
	 	 Construction; Interpretation
	  	 	22	  
			
	 Section 9.10
	 	 Severability
	  	 	22	  
			
	 Section 9.11
	 	 Counterparts
	  	 	23	  
			
	 Section 9.12
	 	 Relationship of Parties
	  	 	23	  
			
	 Section 9.13
	 	 Subsidiaries
	  	 	23	  
			
	 Section 9.14
	 	 Dispute Resolution
	  	 	23	  
			
	 Section 9.15
	 	 Payroll and Related Taxes
	  	 	23	  

 Exhibits 
  

			
	Exhibit A	  	Retained Personnel
	Exhibit B	  	PJT Personnel
	Exhibit C	  	Form of Release

  
 ii 

 Schedules 
  

			
	Schedule A	  	Severance Protections
	Schedule B-1	  	Retention Awards
	Schedule B-2	  	Retention Award Recipients

  
 iii 

 EMPLOYEE MATTERS AGREEMENT 

This Employee Matters Agreement (this “Agreement”) is dated as of
            , 2015, by and among (i) The Blackstone Group L.P., a Delaware limited partnership (“BX”), (ii) Blackstone Holdings I L.P., a Delaware limited
partnership (“Blackstone Holdings” and together with BX, collectively, the “Blackstone Parties”), (iii) New Advisory GP L.L.C., a Delaware limited liability company and wholly-owned subsidiary of Blackstone
Holdings (“Original PJT GP”), (iv) PJT Partners Inc., a Delaware corporation (“PJT HoldCo”), (v) PJT Partners Holdings LP (“PJT LP”), a Delaware limited partnership wholly-owned by
Blackstone Holdings and certain of its Affiliates (as limited partners) and Original PJT GP (as general partner), (vi) PJT Capital LP, a Delaware limited partnership (“PJTC”), and (vii) PJT Management, LLC, a Delaware
limited liability company and the general partner of the PJTC (“PJTM”). Each of the Blackstone Group and the PJT Group (as defined in the Separation Agreement) are sometimes referred to herein as a “Party” and
collectively, as the “Parties”. 
 R E C I T A L S: 

WHEREAS, the Board of Directors of Blackstone Group Management L.L.C. (the “Board”), as a general partner of BX, determined
that it is appropriate, desirable, and in the best interests of BX and the Blackstone Common Unitholders to separate the PJT Business from Blackstone (the “Separation”) and to divest the PJT Business in the manner contemplated by
the Separation and Distribution Agreement by and among BX, Blackstone Holdings, Original PJT GP, PJT HoldCo and PJT LP, dated as of             , 2015 (the “Separation
Agreement”); 
 WHEREAS, in order to effect the Separation, the Board has determined that it is appropriate, desirable and in the
best interests of BX and the Blackstone Common Unitholders (as defined herein) (i) to enter into a series of transactions whereby PJT LP, either directly or through one or more direct or indirect Subsidiaries, will, collectively, own all of the
PJT Assets and assume (or retain) all of the PJT Liabilities and (ii) for BX to distribute to the Blackstone Common Unitholders on a pro rata basis (without consideration being paid by such unitholders) all of the issued and outstanding PJT
Class A Shares held by BX upon the consummation of the PJT Reorganization; 
 WHEREAS, pursuant to the Separation Agreement, the
Parties have entered into this Agreement for the purpose of allocating Assets, Liabilities and responsibilities with respect to certain employee matters and employee compensation and benefit plans and programs between and among them and to address
certain other employment-related matters. 
 NOW, THEREFORE, in consideration of the foregoing and the representations, warranties and
covenants and agreements contained herein, and intending to be legally bound hereby, the Parties agree as follows: 

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Separation Agreement and the following terms shall have the following meanings: 
 “Agreement” has the meaning set forth in
the preamble. 
 “Benefit Arrangement” means, with respect to an entity, each compensation or employee benefit plan,
program, policy, agreement or other arrangement, whether or not “employee benefit plans” (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA), including any benefit plan, bonuses, program, policy, agreement
or arrangement providing cash- or equity-based compensation or incentives, health, medical, dental, vision, disability, accident or life insurance benefits or vacation, severance, retention, change in control, termination, deferred compensation,
individual employment or consulting, retirement, pension or savings benefits, supplemental income, retiree benefit, relocation or other fringe benefit (whether or not taxable), or employee loans, that are sponsored or maintained by such entity (or
to which such entity contributes or is required to contribute or in which it participates), and excluding workers’ compensation plans, policies, programs and arrangements. 

“Blackstone Benefit Arrangement” means any Benefit Arrangement sponsored, maintained or contributed to by any member of the
Blackstone Group or any ERISA Affiliate thereof. 
 “Blackstone Bonus Deferral Plan” means the Sixth Amended and
Restated Blackstone Group Bonus Deferral Plan (including, as applicable to prior year’s awards, the prior versions of such Bonus Deferral Plan). 

“Blackstone Common Unit” means an issued and outstanding common unit representing a limited partner interest of BX. 

“Blackstone Common Unitholder” means a holder of Blackstone Common Units. 

“Blackstone Equity Award” means an equity award granted by BX or Blackstone Holdings under the Blackstone Bonus Deferral Plan
or the Blackstone Equity Incentive Plan. 
 “Blackstone Equity Incentive Plan” means the Blackstone Group Amended and
Restated 2007 Equity Incentive Plan, as amended. 
 “Blackstone Holdings” has the meaning set forth in the preamble. 

“Blackstone Holdings Units” means the issued and outstanding common units of Blackstone Holdings. 

“Blackstone Parties” has the meaning set forth in the preamble. 

“Blackstone Post-Distribution Value” means the closing per unit price of Blackstone Common Units on the Closing Date. 

  
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 “Blackstone Pre-Distribution Value” means the closing per unit price of
Blackstone Common Units on the Trading Day immediately preceding the Distribution Date. 
 “Blackstone Reimbursement Account
Plan” has the meaning set forth in Section 4.2. 
 “Blackstone Savings Plan” means The Blackstone
Group 401(k) Savings Plan. 
 “Blackstone VWAP” means, for any specified period, the volume weighted average per share
price of Blackstone Common Units trading on the NYSE. 
 “Blackstone Welfare Plans” means any employee welfare benefit plan
maintained by BX or any member of the Blackstone Group and in which PJT Personnel participate. 
 “Board” has the meaning
set forth in the recitals. 
 “BX” has the meaning set forth in the preamble. 

“Code” means the United States Internal Revenue Code of 1986 (or any successor statute), as amended from time to time. 

“Converted Blackstone Award” has the meaning set forth in Section 5.1(a). 

“Converted Blackstone Award Post-Separation Value” means, during the True-Up Measurement Period (or, if applicable, a
designated period within such True-Up Measurement Period), the sum of (x) the product of (i) the Blackstone VWAP during such period and (ii) the number of shares of Blackstone Common Units or Blackstone Holdings Units, as applicable,
that were subject to a Converted Blackstone Award immediately prior to its conversion into a Replacement Award and (y) the product of (i) the PJT VWAP during such period and (ii) the number of shares of PJT Class A Shares that
would have been distributed in respect of such Converted Blackstone Award if the Blackstone Common Units or Blackstone Holdings Units underlying such Converted Blackstone Award has been issued and outstanding as of the Effective Time. 

“Employment Tax Return” means any return, report, certificate, form or similar statement or document (including any related
or supporting information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated Employment Tax) required to be supplied to, or filed with, a Tax authority in connection with the
determination, assessment or collection of any Employment Tax or the administration of any laws, regulations or administrative requirements relating to any Employment Tax (whether or not a payment is required to be made with respect to such filing).

 “Employment Taxes” means any federal, state, local or foreign Taxes, charges, fees, duties, levies, imposts, rates or
other assessments or obligations imposed on, due or asserted to be due from (i) employees or deemed employees of the Blackstone Group or employees or deemed employees of the PJT Group or (ii) the Blackstone Group or the PJT Group as
employers or deemed employers of such employees, including employers’ and employees’ portions of Federal 

  
 3 

 
Insurance Contributions Act (“FICA”) Taxes, employers’ Federal Unemployment Tax Act (“FUTA”) taxes and state and local unemployment insurance taxes
(“SUTA”), and employers’ withholding, reporting and remitting obligations with respect to any such Taxes or employees’ federal, state and local income taxes that are imposed on or due from employees or deemed employees of
the Blackstone Group or the PJT Group. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 “ERISA Affiliate” means with respect to any Person, each business or entity which is a member of a “controlled
group of corporations,” under “common control” or a member of an “affiliated service group” with such Person within the meaning of Sections 414(b), (c) or (m) of the Code, or required to be aggregated with such
Person under Section 414(o) of the Code, or under “common control” with such Person within the meaning of Section 4001(a)(14) of ERISA. 

“Forfeited Replacement Award Reimbursement” has the meaning set forth in Section 5.3. 

“Former PJT Personnel” means any individual who, immediately prior to such individual’s separation from the Blackstone
Group, PJTC, or their respective Affiliates, primarily provided services in respect of the PJT Business. 
 “Founder” means
Mr. Paul J. Taubman. 
 “HIPAA” means the Health Insurance Portability and Accountability Act of 1996, as
amended. 
 “IRS” means the United States Department of the Treasury Internal Revenue Service. 

“Leave of Absence” means any approved leave of absence, whether paid or unpaid, that is protected by Law or provided for
under a policy, program or agreement of any member of the Blackstone Group including USERRA Leave, leave under the Family and Medical Leave Act or corresponding state law or any short-term or long-term disability policy, program, or arrangement of
any member of the Blackstone Group. 
 “New PJT Equity Plan” has the meaning set forth in Section 5.5. 

“Non-Competition Agreement” means any agreement, and any attachments or schedules thereto, entered into by and between an
individual and BX or its Affiliates, pursuant to which the individual has agreed, among other things, to certain restrictions relating to non-competition, non-solicitation and/or confidentiality, in order to protect the business of BX and its
Affiliates. 
 “OPEB Plan” means health and welfare plans that provide post-employment welfare benefits (i.e., any
retiree medical, dental, vision and/or life benefits) and, when immediately preceded by “Blackstone,” means any OPEB Plan maintained by any member of the Blackstone Group and, when immediately preceded by “PJT,” means any OPEB
Plan maintained by any member of the PJT Group. 

  
 4 

 “Order” means any: (i) order, judgment, injunction, edict, decree, ruling,
pronouncement, determination, decision, opinion, verdict, sentence, subpoena, writ or award issued, made, entered, rendered or otherwise put into effect by or under the authority of any court, administrative agency or other Governmental Authority or
any arbitrator or arbitration panel or (ii) Contract with any Governmental Authority entered into in connection with any Action. 

“Original PJT GP” has the meaning set forth in the preamble. 

“Park Hill Bonus Plan” means the document identified on Schedule 1.5(a) attached hereto. 

“Participating Company” means BX or any Person (other than an individual) participating in a Blackstone Benefit Arrangement.

 “Party” or “Parties” has the meaning set forth in the preamble. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a Governmental Authority. 
 “PHG” shall mean PHG
Holdings LLC. 
 “PHG GP” shall mean PHG GP Inc. 

“PJTC” has the meaning set forth in the preamble. 

“PJTM” has the meaning set forth in the preamble. 

“PJT Benefit Arrangement” means any Benefit Arrangement sponsored, maintained or contributed to by the PJT Business. 

“PJT Business” means the BX businesses (conducted through certain of its Subsidiaries) of (i) providing financial and
strategic advisory services (which does not include, for the avoidance of doubt, BX’s capital markets and related capital markets services business, BX’s private wealth unit and wealth management services business, and businesses and
activities related to the funds of BX and its Affiliates, including those that are designated by BX as “IRBD” or “GSO”), (ii) restructuring and reorganization advisory services and (iii) fund placement services
(conducted through the Park Hill Group). 
 “PJT HoldCo” has the meaning set forth in the preamble. 

“PJT LP” has the meaning set forth in the preamble. 

“PJT LP Unit” means a unit of limited partnership interests in PJT LP. 

“PJT Per Share TEV” means [$        ]. 

“PJT Personnel” means any individual who primarily provides services to any member of the PJT Business as of the Effective
Time (other than any Retained Personnel), which individuals are listed on Exhibit B hereto. Such PJT Personnel may include individuals who are employed by, or otherwise primarily providing services to, either a member of the PJT Business or the
Blackstone Group as of immediately before the Effective Time. 

  
 5 

 “PJT Personnel Retained Blackstone Equity Award” has the meaning set forth in
Section 5.1(b). 
 “PJT Reimbursement Account Plan” has the meaning set forth in Section 4.2. 

“PJT RSUs” means restricted share units of PJT HoldCo and settled in PJT Class A Shares or in cash, at the election of
PJT HoldCo. 
 “PJT Savings Plan” has the meaning set forth in Section 3.2. 

“PJT VWAP” means, for any specified period, the volume weighted average per share price of PJT Class A Shares trading on
the NYSE. 
 “PJT Welfare Plan” has the meaning set forth in Section 4.1. 

“Replacement Award” has the meaning set forth in Section 5.1(a). 

“Replacement Award Post-Separation Value” means, during the True-Up Measurement Period (or, if applicable, a designated
period within such True-Up Measurement Period), the product of (x) the PJT VWAP during such applicable period and (y) the number of shares of PJT Class A Shares or PJT LP Units, as applicable, subject to a Replacement Award. 

“Retained Personnel” means the individuals identified on Exhibit A. 

“Retention Award” has the meaning set forth in Section 5.6. 

“Separation” has the meaning set forth in the recitals. 

“Separation Agreement” has the meaning set forth in the recitals. 

“Severance Protections” has the meaning set forth in Section 2.2(b). 

“Special Equity Award” means an equity award of deferred Blackstone Common Units or Blackstone Holdings Units identified as a
“Special Equity Award,” “Wealth Accumulation Plan Award,” or “Star Award” and issued under the Blackstone Equity Incentive Plan. 

“Third Party Claim” shall have the meaning set forth in Section 7.4(b). 

“Trading Day” means the period of time during any given calendar day, commencing with the determination of the opening price
on the NYSE and ending with the determination of the closing price on the NYSE. 
 “True-Up Adjustment” has the meaning set
forth in Section 5.2. 
 “True-Up Measurement Period” means the 180 calendar days following the Closing Date,
commencing with the first Trading Day after the Closing Date. 

  
 6 

 “USERRA Leave” means a leave of absence in respect of which reemployment rights
are protected under the Uniformed Services Employment and Reemployment Rights Act. 
 Section 1.2 References; Interpretation.
Unless the context otherwise requires: 
 (a) references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed
references to Articles and Sections of, Exhibits and Schedules to, this Agreement; 
 (b) references in this Agreement to any time shall be
to the then prevailing New York City, New York time unless otherwise expressly provided herein; and 
 (c) references to an individual as an
“Employee” are descriptive only and are not necessarily intended to mean that an individual is in fact an employee of any Party. 

Section 1.3 Relation to Other Documents. To the extent there is any inconsistency between this Agreement and the terms of another
agreement pertaining to the Separation that is the subject of this Agreement and such inconsistency (i) arises in connection with or as a result of employment with or the performance of services before or after the Separation for any member of
the Blackstone Group or PJT Group and (ii) relates to the allocation of Liabilities attributable to the employment, service, termination of employment or termination of service of all present or former Blackstone employees or PJT Personnel or
any of their dependents and beneficiaries (and any alternate payees in respect thereof) and other service providers (including any individual who is, or was or is determined to be an independent contractor, temporary employee, temporary service
worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the Blackstone Group
or the PJT Group), the terms of this Agreement shall prevail. 
 ARTICLE II 

GENERAL PRINCIPLES 

Section 2.1 Assumption and Retention of Liabilities; Related Assets. 

(a) Effective as of the Effective Time, except as otherwise expressly provided for in this Agreement, Blackstone shall, or shall cause one or
more members of the Blackstone Group to, assume or retain, as applicable, and pay, perform, fulfill and discharge, in due course in full: 

(i) all Liabilities under all Blackstone Benefit Arrangements (other than PJT Benefit Arrangements) which exist as of the Effective Time;

 (ii) subject to Section 2.1(a)(iii) below, all Liabilities with respect to the employment, service, termination of employment or
termination of service (or otherwise) of all (A) employees (other than PJT Personnel and Former PJT Personnel) of any member of the Blackstone Group and their dependents and beneficiaries (and any alternate payees in respect thereof) and
(B) other service providers (including any individual who is, or was, or is determined to be an 

  
 7 

 
independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any
other employment, non-employment, or retainer arrangement, or relationship with any member of the Blackstone Group), in each case to the extent such other service provider Liability arose in connection with or as a result of the performance of
services for businesses other than the PJT Business before, at or after the Effective Time or the performance of services for any member of the Blackstone Group before the Effective Time; 

(iii) all Liabilities with respect to the employment, service, termination of employment or termination of service of Former PJT Personnel
whose employment or services with the Blackstone Group terminated prior to the Separation and other Liabilities to Former PJT Personnel solely to the extent such Liabilities arose out of, or were related to, events that occurred prior to the
Separation, except in each case to the extent such Liabilities are described on or arise out of contracts set forth on Schedule 2.1(a)(iii) attached hereto; and 

(iv) any other Liabilities or obligations expressly assigned to BX or any of its Affiliates under this Agreement. 

(b) Effective as of the Effective Time, except as otherwise expressly provided for in this Agreement but notwithstanding the provisions of
Section 2.1(a), PJT LP shall, or shall cause one or more members of the PJT Group to, assume or retain, as applicable, and pay, perform, fulfill and discharge, in due course in full: 

(i) all Liabilities under all PJT Benefit Arrangements; 

(ii) all Liabilities set forth on Schedule 2.1(a)(iii) attached hereto and all other Liabilities (other than with respect to Liabilities
retained by the Blackstone Group pursuant to Section 2.1(a)(iii)) with respect to the employment, service, termination of employment or termination of service (or otherwise) of (A) all PJT Personnel and their dependents and beneficiaries
(and any alternate payees in respect thereof) and (B) other service providers (including any individual who is, or was, or is determined to be an independent contractor, temporary employee, temporary service worker, consultant, freelancer,
agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the PJT Group), in each case to the extent such
Liability arose in connection with or as a result of the performance of services for the PJT Business before, at or after the Effective Time; and 

(iii) any other Liabilities or obligations expressly assigned to PJT LP or any of its Affiliates under this Agreement. 

(c) From time to time after the Effective Time, the Parties shall promptly reimburse one another, upon reasonable request of the Party
requesting reimbursement and the presentation by such Party of such substantiating documentation as the other Party shall reasonably request, for the cost of any obligations or Liabilities satisfied or assumed by the Party requesting reimbursement
or its Affiliates that are, or that have been made pursuant to this Agreement, the responsibility of the other Party or any of its Affiliates. Any such reimbursement shall be on a fair-market-value, arm’s-length basis. 

  
 8 

 (d) Subject to Section 8.7, BX shall be the responsible party for preparing and timely
filing or causing to be prepared and timely filed all Employment Tax Returns of any member of the Blackstone Group. BX shall be liable for all Employment Taxes due on any such Employment Tax Return. BX, at its sole expense, shall have exclusive
control over the conduct and resolution of any audit, litigation, contest, dispute, or other proceeding relating to Employment Taxes of any member of the Blackstone Group. 

(e) Subject to Section 8.7, PJT HoldCo shall be the responsible party for preparing and timely filing or causing to be prepared and
timely filed all Employment Tax Returns of any member of the PJT Group with respect to periods (or portions thereof) following the Closing Date. PJT HoldCo shall be liable for all Employment Taxes due on any such Employment Tax Return. PJT HoldCo,
at its sole expense, shall have exclusive control over the conduct and resolution of any audit, litigation, context, dispute, or other proceeding relating to Employment Taxes of the PJT Group. 

Section 2.2 Treatment of Cash Compensation and Severance Arrangements. 

(a) For a period of at least twelve (12) months following the Effective Time, PJT HoldCo shall, or shall cause a member of the PJT Group
to, provide to each PJT Personnel who remains employed during such period with (i) a base salary/draw and annual cash bonus opportunity (expressed as a percentage of base salary/draw) that are no less favorable in the aggregate (excluding
guarantees) than those provided to such PJT Personnel immediately before the Effective Time and (ii) other compensation and employee benefits (excluding equity and/or equity-based compensation) that are substantially similar in the aggregate to
those benefits provided to such PJT Personnel immediately before the Effective Time. Without limiting the generality of the foregoing, PJT shall maintain the Park Hill Bonus Plan in accordance with the terms of each Park Hill Bonus Plan. 

(b) Until the first anniversary of the Effective Time, PJT HoldCo shall, or shall cause a member of the PJT Group to, provide severance
protections described on Schedule A to PJT Personnel described on Schedule A (“Severance Protections”). BX shall, or shall cause a member of the Blackstone Group to, reimburse PJT in cash on a monthly basis for the PJT
Group’s pre-tax costs of providing the Severance Protections, including the employer portion of the payroll tax obligations arising in connection with providing the Severance Protections, whether paid as severance or pursuant to settlement of
litigation or potential litigation arising out of the termination of the employment of any PJT Personnel identified on Schedule A; provided, that no reimbursement shall be provided for (x) any termination of PJT Personnel that occurs
after the first anniversary of the Effective Time or (y) the value of any accelerated vesting of equity or equity-based awards. To the extent PJT HoldCo, or any member of the PJT Group, provides severance benefits to PJT Personnel identified on
Schedule A in amounts greater than, or to individuals not covered by, the Severance Protections, BX will have no obligation to, or to cause a member of the Blackstone Group to, reimburse PJT HoldCo, or any member of the PJT Group, for such excess
benefits unless otherwise approved in writing by Blackstone’s Global Head of Human Resources. 

  
 9 

 Section 2.3 Participation in Blackstone Benefit Arrangements. Except as otherwise
expressly provided for in this Agreement or as otherwise expressly agreed to in writing between the Parties, (i) effective as of the Effective Time, PJT HoldCo and each member of the PJT Group, to the extent applicable, shall cease to be a
Participating Company in any Blackstone Benefit Arrangement and (ii) each PJT Participant, effective as of the Effective Time, shall cease to participate in, be covered by, accrue benefits under, be eligible to contribute to or have any rights
under any Blackstone Benefit Arrangement except to the extent of obligations that accrued before the Effective Time, which obligations will remain a liability of the Blackstone Group unless expressly assumed by the PJT Group pursuant to this
Agreement), and Blackstone and PJT HoldCo shall, or cause the applicable member of the PJT Group to, take all necessary action to effectuate each such cessation. 

Section 2.4 Service Recognition. Effective as of the Effective Time PJT HoldCo shall, and shall cause each member of the PJT Group
to, give each PJT Personnel full credit for purposes of eligibility, vesting, determination of level of benefits, and, to the extent applicable, benefit accruals and benefit subsidies under any PJT Benefit Arrangement (other than under any
equity-based plan or arrangements covering grants made after the Effective Time to the extent not otherwise expressly provided for herein or in any other agreement) for such individual’s service with any member of the Blackstone Group or PJT
Group or any predecessor thereto prior to the Closing Date, to the same extent permitted by Applicable Law and the terms of the applicable PJT Benefit Arrangements and to the same extent such service was recognized by an applicable similar
Blackstone Benefit Arrangement immediately prior to the Closing Date; provided, that, such service shall not be recognized to the extent such recognition would result in the duplication of benefits. In addition, and without limiting the
generality of the foregoing provisions of this Section 2.4, (i) PJT HoldCo shall cause each PJT Personnel to be immediately eligible to participate, without any waiting time, in any and all PJT Benefit Arrangements to the extent
coverage under the PJT Benefit Arrangement is comparable to a Blackstone Benefit Arrangement in which the PJT Personnel participated immediately before the Closing Date and (ii) for purposes of each PJT Benefit Arrangement providing medical,
dental, pharmaceutical or vision benefits to any PJT Personnel, PJT HoldCo shall cause all pre-existing condition exclusions and actively-at-work requirements of such PJT Benefit Arrangement to be waived for such employee and his or her covered
dependents, except to the extent such conditions would not have been waived under the comparable Blackstone Benefit Arrangement in which such employee participated immediately prior to the Closing Date, and PJT HoldCo shall cause any eligible
expenses incurred by such employee and his or her covered dependents during the portion of the plan year of the Blackstone Benefit Arrangement ending on the date such employee’s participation in the corresponding PJT Benefit Arrangement begins
to be taken into account under such PJT Benefit Arrangement for purposes of satisfying all deductible, coinsurance and maximum out-of pocket requirements applicable to such employee and his or her covered dependents for the applicable plan year as
if such amounts had been paid in accordance with the PJT Benefit Arrangement. 
 Section 2.5 No Acceleration of Benefits. Except
as otherwise provided in this Agreement, no provision of this Agreement shall be construed to create any right, or accelerate vesting or entitlement, to any compensation or benefit whatsoever on the part of any PJT Personnel or other former, current
or future employee of the Blackstone Group or PJT Group under any Benefit Arrangement of the Blackstone Group or PJT Group. 

  
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 Section 2.6 Amendment Authority. Except as otherwise provided in this Agreement,
nothing in this Agreement is intended to prohibit any member of the Blackstone Group, PJT Group or PJT Group from amending or terminating any employee benefit plans, policies and compensation programs at any time on or after the Closing Date. 

Section 2.7 No Commitment to Employment or Benefits. Nothing contained in this Agreement shall be construed (i) as a
commitment or agreement on the part of any person to continue employment with the Blackstone Group or the PJT Group or, except as otherwise provided in this Agreement, (ii) as a commitment on the part of the Blackstone Group or the PJT Group to
continue the compensation or benefits of any person for any period, (iii) to provide any recall or similar rights to an individual on layoff or any type of Leave of Absence, (iv) to establish, amend or modify any benefit plan or
arrangement, or (v) to prevent the PJT Group from terminating any employee for any reason. This Agreement is solely for the benefit of the Blackstone Group and the PJT Group and, except to the extent otherwise expressly provided herein, nothing
in this Agreement, express or implied, is intended to confer any rights, benefits, remedies, obligations or Liabilities under this Agreement upon any Person, including any PJT Personnel or other current or former employee, officer, director or
contractor of the Blackstone Group or the PJT Group, other than the Parties and their respective successors and assigns. 
 Section 2.8
Certain Employment Transfers. BX shall, or shall cause one or more members of the Blackstone Group to, cause each of the PJT Personnel to be employed by a member of the PJT Group immediately before the Effective Time. 

ARTICLE III 

QUALIFIED DEFINED CONTRIBUTION PLANS 

Section 3.1 Participation of PJT Personnel in the Blackstone Savings Plan; Vesting. BX shall, or shall cause one or more members
of the Blackstone Group to, cause each PJT Personnel to become fully vested in such PJT Personnel’s account balances under the Blackstone Savings Plan as of the date on which such PJT Personnel ceases to be employed by the Blackstone Group
(which, generally, will be the Closing Date). 
 Section 3.2 PJT Savings Plan. Effective as of the Closing Date, PJT HoldCo
shall, or shall have caused one or more members of the PJT Group to, establish or maintain a defined contribution savings plan or plans and related trust or trusts intended to satisfy the requirements of Sections 401(a) and 401(k) of the Code (such
defined contribution savings plan or plans, the “PJT Savings Plan”). PJT HoldCo shall, or shall cause one or more members of the PJT Group to, be responsible for taking all necessary, reasonable, and appropriate action to establish,
maintain and administer the PJT Savings Plan so that it is qualified under Section 401(a) of the Code, that it satisfies the requirements of Section 401(k) of the Code and that the related trust thereunder is exempt under
Section 501(a) of the Code, and as soon as reasonably practicable following the Closing Date PJT HoldCo shall, or shall cause one or more members of the PJT Group to, take all steps reasonably necessary to obtain a favorable determination from
the IRS as to such qualification if one is not then applicable to the PJT Savings Plan. PJT HoldCo shall, or shall cause one or more members of the PJT Group to, be responsible for any and all Liabilities (including Liability for funding) and other
obligations with respect to the PJT Savings Plan. 

  
 11 

 Section 3.3 Transfer of Plan Assets and Liabilities. As soon as practicable following
the Effective Time, BX shall, or shall cause one or more members of the Blackstone Group to, cause any and all accounts of PJT Personnel under the Blackstone Savings Plan, and the value of the assets attributable to such accounts, to be transferred
to the PJT Savings Plan in a “transfer of assets or liabilities” in accordance with Section 414(l) of the Code. BX shall, or shall cause one or more members of the Blackstone Group to, effectuate at least one subsequent transfer no
later than seven (7) months following the Effective Time with respect to any individuals who become PJT Personnel after the Effective Time. The assets to be transferred shall be transferred in-kind (except as a third-party administrator may
otherwise require), including as applicable in the form of promissory notes evidencing plan loans. PJT HoldCo shall cause the administrator of, and the trustee of the trust established under, the PJT Savings Plan to accept such transfer, subject to
Applicable Law. Prior to the transfer, BX and PJT HoldCo or their respective Affiliates shall notify the IRS of the transfer by timely filing Forms 5310-A, to the extent such filings are required. 

ARTICLE IV 
 HEALTH
AND WELFARE PLANS 
 Section 4.1 Health and Welfare Plan Participation. Effective as of the Closing Date, PJT HoldCo
shall, or shall cause an Affiliate to, establish or maintain health and welfare plans for the benefit of PJT Personnel (collectively, the “PJT Welfare Plans”). 

Section 4.2 Reimbursement Account Plans. Effective as of the Closing Date PJT HoldCo shall, or shall have caused one or more
members of the PJT Group to, have established a health and dependent care reimbursement account plan (the “PJT Reimbursement Account Plan”) with features substantially similar to those contained in the Blackstone Administrative
Services Partnership LP Health and Welfare Plan (or any successor thereto) as in effect immediately prior to the Closing Date (the “Blackstone Reimbursement Account Plan”). PJT shall assume responsibility for administering under the
PJT Reimbursement Account Plan all reimbursement claims of PJT Personnel incurred in the calendar year in which the Closing Date occurs, whether such claims arose before, on and after the Closing Date. No more than forty-five (45) calendar days
following the Closing Date (or such later time as mutually agreed by BX and PJT HoldCo), (A) BX shall, or shall cause one or more members of the Blackstone Group to, cause to be transferred to PJT HoldCo, or such member of the PJT Group as PJT
HoldCo designates, an amount in cash, cash-like securities or other cash equivalents equal to the excess, if any, of all contributions to the Blackstone Reimbursement Account Plan made with respect to the calendar year in which the Closing occurs
(and, if the transfer occurs in any calendar year before April 1, the preceding calendar year) by or on behalf of any PJT Personnel prior to the Closing Date over the amount previously distributed to the PJT Personnel under the Blackstone
Reimbursement Account Plan for the calendar year in which the Closing occurs (and, if the transfer occurs in any calendar year before April 1, the preceding calendar year), and (B) PJT HoldCo shall cause to be transferred to BX, or such
member of the Blackstone Group as BX designates, an amount in cash, cash-like securities or other cash equivalents equal to the excess, if any, of the amount previously distributed 

  
 12 

 
to the PJT Personnel under the Blackstone Reimbursement Account Plan for the calendar year in which the Closing occurs (and, if the transfer occurs in any calendar year before April 1, the
preceding calendar year) over all contributions to the Blackstone Reimbursement Account Plan made with respect to the calendar year in which the Closing occurs (and, if the transfer occurs in any calendar year before April 1, the preceding
calendar year) by or on behalf of any PJT Personnel prior to the Closing Date. 
 Section 4.3 Certain Liabilities. 

(a) Insured Benefits. With respect to employee welfare and fringe benefits that are provided through the purchase of insurance, BX
shall, or shall cause one or more members of the Blackstone Group to, timely pay all premiums in respect of coverage of PJT Personnel who participated in Blackstone Benefit Arrangements in respect of the period through the Closing Date, and PJT
HoldCo Welfare Plans shall maintain Liability in respect of any and all claims of PJT Personnel that are incurred under such plans. 
 (b)
Self-Insured Benefits. With respect to employee welfare and fringe benefits that are provided on a self-insured basis, (i) BX shall, or shall cause one or more members of the Blackstone Group to, fully perform, pay and discharge, under
the Blackstone Welfare Plans, all claims of PJT Personnel that are incurred under such plans through the Closing Date and (ii) PJT HoldCo shall, or shall cause one or more members of the PJT Group to, fully perform, pay and discharge, under the
PJT Welfare Plans, after the Closing Date, all claims of PJT Personnel that are incurred on or after the Closing Date. For purposes of this Section 4.3(b), a claim or Liability is deemed to be incurred: with respect to medical, dental,
vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim or Liability; with respect to life insurance, accidental death and dismemberment and business travel accident insurance, upon the occurrence of
the event giving rise to such claim or Liability; and with respect to disability benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim
or Liability. 
 Section 4.4 Time-Off Benefits. PJT HoldCo shall credit (or continue to credit) or cause to be credited (or
cause to continue to be credited) each PJT Personnel as of the Closing Date with the amount of accrued but unused vacation time, paid time off and other time-off benefits as such PJT Personnel had with BX as of immediately prior to the Closing Date.

 ARTICLE V 

EQUITY AND INCENTIVE COMPENSATION AWARDS 

Section 5.1 Treatment of Blackstone Equity Awards of PJT Personnel. 

(a) Immediately following the Effective Time, except as otherwise agreed in writing between BX and an award holder, fifty percent
(50%) of each outstanding unvested Blackstone Equity Award held by PJT Personnel, other than any such unvested Blackstone Equity Award which is scheduled to vest within 180 calendar days following the Effective Time, will be converted and
cancelled (each, a “Converted Blackstone Award”) and replaced by a comparable 

  
 13 

 
equity award in accordance with this Agreement (a “Replacement Award”). Such Replacement Award will be (ii) an award of PJT RSUs for each Converted Blackstone Award
denominated in Blackstone Common Units and (ii) denominated in PJT LP Units for each Converted Blackstone Award denominated in Blackstone Holdings Units. The number of shares of PJT Class A Shares or PJT LP Units, as applicable, subject to
each Replacement Award will be equal to a quotient, the numerator of which is equal to the product of (x) the number of Blackstone Common Units or Blackstone Holdings Units, as applicable, subject to the Converted Blackstone Award and
(y) the Blackstone VWAP for the twenty (20)-Trading Day period ended on August 14, 2015, and the denominator of which is the PJT Per-Share TEV. The Replacement Award will be subject to identical vesting and settlement terms as those that
applied to such Converted Blackstone Award immediately before the Effective Time; provided, that any vesting conditions and settlement based on continued service to Blackstone or its Affiliates will be based on continued service to PJT HoldCo
or its Affiliates. 
 (b) The portion of any Blackstone Equity Award held by PJT Personnel that is not a Converted Blackstone Award will
remain a Blackstone Equity Award (the “PJT Personnel Retained Blackstone Equity Award”). Each PJT Personnel Retained Blackstone Equity Award, except as otherwise agreed in writing between BX and an award holder, either (i) will
be adjusted to reflect the value of a distribution of PJT Class A Shares or PJT LP Units or (ii) will receive a distribution from BX of PJT Class A Shares or PJT LP Units, in each case, in connection with the transactions contemplated
hereby in accordance with the terms of the Blackstone Equity Incentive Plan, as determined by BX. 
 Section 5.2 True-Up of
Replacement Awards. If during every full twenty-Trading Day period within the True-Up Measurement Period, the Replacement Award Post-Separation Value is less than the Converted Blackstone Award Post-Separation Value during the applicable
twenty-Trading Day period, then the Replacement Award holder will be credited with an adjustment to such Replacement Award (a “True-Up Adjustment”). The True-Up Adjustment, if applicable, will provide the holder of a Replacement
Award with the right to receive equity or a cash payment based on the excess, if any (the “True-Up Value”), of (x) the Converted Blackstone Award Post-Separation Value for the last 20 Trading Days of the True-Up Measurement
Period over (y) the value of the Replacement Award Post-Separation Value for the last 20 Trading Days of the True-Up Measurement Period. The True-Up Adjustment will be payable by BX and settled in cash, Blackstone Common Units, or PJT
Class A Shares, as determined by BX in its sole discretion as soon as practicable following the True-Up Measurement Period. If the True-Up Adjustment is settled in Blackstone Common Units or PJT Class A Shares, the Replacement Award holder
will receive a number of units or shares, as applicable, with a value equal to the True-Up Value using the Blackstone VWAP or PJT VWAP, as applicable, during the last 20 Trading Days of the True-Up Measurement Period. The True-Up Adjustment will be
subject to such other terms and conditions as determined by BX in its sole discretion after consultation with PJT HoldCo. For the avoidance of doubt, a holder of a Replacement Award that is forfeited prior to the end of the True-Up Measurement
Period will not be entitled to receive a True-Up Adjustment in respect of such Replacement Award. 
 Section 5.3 Forfeiture of
Replacement Awards. On the tenth (10th) Business Day following the end of the each fiscal quarter, PJT HoldCo or one of its Affiliates will pay to BX or one its Affiliates an amount equal
to the product of (x) the number of Replacement Award 

  
 14 

 
shares or units forfeited during the preceding fiscal quarter and (y) the twenty (20)-Trading Day PJT VWAP immediately preceding and including the last day of the preceding fiscal quarter
(the “Forfeited Replacement Award Reimbursement”). The Forfeited Replacement Award Reimbursement will be paid in cash or in PJT Class A Shares, at the election of PJT HoldCo. For the avoidance of doubt, PJT HoldCo will not
reimburse BX for the value of any forfeited True-Up Adjustment or any forfeited Replacement Award which corresponds to a Converted Blackstone Award that was granted with respect to the 2014 calendar year pursuant to the Blackstone Bonus Deferral
Plan. PJT Holdco shall promptly notify Blackstone upon the termination of services of any PJT Personnel resulting in a forfeited Replacement Award. 

Section 5.4 Change of Control; Separation from Service. For the avoidance of doubt, (i) the Separation shall not constitute a
“Change of Control” under the Blackstone Equity Plan or the Blackstone Bonus Deferral Plan (or their respective underlying documents) and (ii) the transfer of employment and services by a holder of Blackstone Equity Awards from BX and
its Affiliates to PJT HoldCo and its Affiliates (and the Separation) shall not constitute a “separation of service” (to the extent not otherwise prohibited by applicable law) for purposes of the Blackstone Equity Plan or the Blackstone
Bonus Deferral Plan (or their respective underlying award agreements). 
 Section 5.5 New PJT Equity Plan. No later than the
Effective Time, PJT shall adopt a plan that will provide equity-based awards (including, without limitation, the Replacement Awards) to PJT Personnel (the “New PJT Equity Plan”). The New PJT Equity Plan shall be approved by the
shareholders of PJT HoldCo prior to the Effective Time. 
 Section 5.6 Retention Awards. At the Effective Time, BX shall, or
shall cause one or more members of the Blackstone Group to, cause PJT HoldCo, in consultation with the Founder, to issue to PJT Personnel retention awards in the form of PJT Class A Shares, PJT LP Units, and cash-based awards (collectively, the
“Retention Awards”) on such terms as set forth on Schedule B-1 hereto, with the form of equity and amount of such award for each recipient as specified on Schedule B-2. 

Section 5.7 Savings Clause. The Parties hereby acknowledge that the provisions of this ARTICLE V are intended to achieve
certain Tax, legal and accounting objectives and, in the event such objectives are not achieved, the Parties agree to negotiate in good faith regarding such other actions that may be necessary or appropriate to achieve such objectives. 

Section 5.8 SEC Registration. As soon as practicable following the Effective Time, PJT HoldCo shall prepare and file with the SEC
a registration statement on Form S-8 (or another appropriate form) registering under the Securities Act the offering of at least a number of PJT Class A Shares issuable under the New PJT Equity Plan. PJT HoldCo shall keep such registration
statement effective (and maintain the current status of the prospectus required thereby) for so long as any PJT Class A Shares issued pursuant to this ARTICLE V remain outstanding. 

  
 15 

 ARTICLE VI 

ADDITIONAL COMPENSATION MATTERS 

Section 6.1 Workers’ Compensation Liabilities. Effective as of the Closing Date, PJT HoldCo shall, or shall cause one or more
members of the PJT Group to, assume all Liabilities for PJT Personnel related to any and all workers’ compensation claims and coverage, whether arising under any law of any state, territory, or possession of the U.S. or the District of
Columbia, and arising after the Closing Date (the “Workers’ Compensation Liabilities”), and PJT HoldCo shall, or shall cause one or more members of the PJT Group to, be fully responsible for the administration of all such
claims; provided, however, if the event giving rise to a workers’ compensation claim occurs over a period both preceding and following the Closing Date, the claim shall be jointly covered under the applicable plans of PJT Holdco and BX and
equitably apportioned between them in accordance with Applicable Law or the applicable plan documents. If no member of the PJT Group is able to assume any Workers’ Compensation Liabilities or the administration of any related claim because of
the operation of applicable state law or for any other reason, BX shall, or shall cause one or more members of the Blackstone Group to, retain such Liabilities and PJT HoldCo shall, or shall cause one or more members of the PJT Group to, reimburse
and otherwise fully indemnify BX and all members of the Blackstone Group for all Workers’ Compensation Liabilities, including the costs of administering the plans, programs or arrangements under which any such Liabilities have accrued or
otherwise arisen. 
 Section 6.2 Code Section 409A. Notwithstanding anything in this Agreement to the contrary (including the
treatment of supplemental and deferred compensation plans, outstanding long-term incentive awards and annual incentive awards as described herein), the Parties agree to negotiate in good faith regarding the need for any treatment different from that
otherwise provided herein to ensure that the treatment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or other compensation does not cause the imposition of a Tax under Section 409A of the
Code. In no event, however, will any Party be liable to another in respect of any Taxes imposed under Section 409A of the Code. For the avoidance of doubt, the transfer of employment and services by a holder of Blackstone Equity Awards from BX
and its Affiliates to PJT HoldCo and its Affiliates (and the Separation) on or prior to the Effective Date shall not be intended to constitute a “separation of service” for purposes of Section 409A of the Code. 

Section 6.3 Certain Payroll and Annual Cash Incentive Matters. 

(a) Post-Distribution Payroll for Pre-Distribution Service. Subject to Section 9.15, in the case of each PJT Personnel, the
employer of such individual as of immediately before the Closing Date shall be responsible for paying (and the W-2 and other payroll reporting obligations for) the payroll amount due to such individual for the payroll period (or portion thereof)
ending on the Closing Date. 
 (b) Annual Cash Incentives. At the Effective Time, PJT HoldCo shall, or shall cause one or more
members of the PJT Group to, assume all liabilities for annual incentive arrangements (“Bonus Arrangements”) with respect to PJT Personnel. PJT HoldCo, or one or more members of the PJT Group, shall pay the Bonus Arrangements in
respect of 2015 to PJT 

  
 16 

 
Personnel who are employees (and not partners) no later than such time as Bonus Arrangements are typically paid by the PJT Group to PJT Personnel in the ordinary course of business, provided that
with respect to payments under the Park Hill Bonus Plan, such payment date will be no later than 75 calendar days following the Effective Date (in either case, the “PJT Bonus Payment Date”). On the day immediately preceding the PJT
Bonus Payment Date, BX shall, or shall cause one or more members of the Blackstone Group to, pay PJT HoldCo (in the case of Bonus Arrangements covering employees) or to the PJT Personnel (in the case of Bonus Arrangements covering partners) an
amount equal to the cash portion of any Bonus Arrangements accrued to such PJT Personnel as of the Effective Date (the “Accrued Bonuses”). Subject to BX’s consent (such consent not to be unreasonably withheld), in the event
that due to subsequent developments or events occurring following the Effective Time, including, without limitation, an increase in the levels of compensation in the investment banking industry, there is a material increase in bonuses actually paid
to such PJT Personnel above the levels anticipated by the Accrued Bonuses, BX shall be obligated to pay to PJT HoldCo its pro rata portion of such incremental increase based on the portion of the calendar year prior to the Effective Time. On the
Effective Date, with respect to any portion of the Accrued Bonuses which is deferred compensation or would have been denominated in Blackstone Common Units or Blackstone Holdings Units pursuant to the terms of the Blackstone Bonus Deferral Plan (the
“Non-Cash Portion”), BX shall, or shall cause one or more members of the Blackstone Group to, pay to PJT Holdco or such member of the PJT Group as PJT HoldCo designates an amount in cash equal to the Non-Cash Portion of the Accrued
Bonuses. Payment of Bonus Arrangements in respect of 2015 shall be made in accordance with the terms set forth on Schedule 8.7. 

Section 6.4 Tax Benefits. If any member of the PJT Group actually realizes a cash benefit (including a reduction in payments
under the Tax Receivable Agreement or a reduction in cash Taxes otherwise payable) as a result of (i) any True-Up Adjustment (including, without limitation, in connection with the receipt, vesting or delivery of any cash, equity or other
property as a result of such True-Up Adjustment), (ii) any PJT Personnel Retained Blackstone Equity Award (including, without limitation, in connection with the receipt, vesting or delivery of any cash, equity or other property pursuant to the
foregoing) or (iii) the payment (whether by a member of the Blackstone Group or the PJT Group) of any Accrued Bonuses (including, without limitation, in connection with the receipt, vesting or delivery of any cash, equity or other property
attributable to the cash or Non-Cash Portion of any Accrued Bonuses), then PJT HoldCo shall pay the net amount of such cash benefit or such reduction in Taxes to BX (or such member of the Blackstone Group as BX designates). Any such payments
shall be made on an annual basis within 9 months following the end of the relevant taxable period in which the applicable member of the PJT Group actually realized such cash benefit or such reduction in Taxes and shall be net of the tax costs on
income, if any, to any member of the PJT Group resulting from the payments made by BX in connection with any of its foregoing obligations. PJT HoldCo shall cooperate (and shall cause other members of the PJT Group to cooperate) with BX’s
reasonable requests in determining the amount of any cash benefit or reduction in Taxes that could give rise to a payment under this Section 6.4. 

  
 17 

 ARTICLE VII 

INDEMNIFICATION 

Section 7.1 Indemnification. The Parties acknowledge that any claim for indemnification, whether or not based upon, attributable
to, resulting from or arising under this Agreement shall be subject to and made in accordance with Article VIII (Indemnification) of the Separation Agreement. 

ARTICLE VIII 

GENERAL AND ADMINISTRATIVE 

Section 8.1 Sharing of Information. To the extent permitted by Applicable Law, BX and PJT HoldCo shall provide to each other and
their respective agents and vendors all Information (other than attorney-client privileged Information or attorney work product) as the other may reasonably request to enable the requesting Party to defend or prosecute claims, to administer
efficiently and accurately each of its Benefit Arrangements (including in connection with audits or other proceedings maintained by any Governmental Authority), to facilitate the treatment of equity awards and compensation matters as contemplated
under this Agreement, to timely and accurately comply with and report under Section 14 of the Securities Exchange Act of 1934, as amended and the Code, to determine the scope of, as well as fulfill, all of its other obligations under this
Agreement, and otherwise to comply with provisions of Applicable Law. Such Information shall, to the extent reasonably practicable, be provided in the format and at the times and places requested, but in no event shall the Party providing such
Information be obligated to incur any out-of-pocket expenses not reimbursed by the Party making such request or make such Information available outside of its normal business hours and premises. Any Information shared or exchanged pursuant to this
Agreement shall be subject to the confidentiality requirements set forth in ARTICLE IX of the Separation Agreement; provided, that, notwithstanding anything in such ARTICLE IX and without otherwise limiting the provisions of
such ARTICLE IX, each of the Parties shall comply with any requirement of Applicable Law in regard to the confidentiality of the Information (whether relating to employee records or otherwise) that is shared with another Party in accordance
with this Section 8.1. The Parties also hereby agree to enter into any business associate agreements that may be required for the sharing of any Information pursuant to this Agreement to comply with the requirements of HIPAA. The Parties
shall use their best efforts to secure consents or authorizations from employees, former employees and their respective dependents to the extent required to permit the Parties to share Information as contemplated in this Section 8.1.

 Section 8.2 Reasonable Efforts/Cooperation. Each of the Parties shall use commercially reasonable efforts (subject to, and in
accordance with Applicable Law) to be take promptly, or cause to be taken promptly, all actions, and to do promptly, or cause to be done promptly, and to assist and cooperate with the other Parties in doing, all things reasonably necessary, proper
or advisable under Applicable Laws or contractual obligations to carry out the intent and purposes of this Agreement, including, without limitation, adopting plans or plan amendments and facilitating the treatment of equity awards and compensation
matters as 

  
 18 

 
contemplated under this Agreement. Each of the Parties shall cooperate fully on any issue relating to the transaction contemplated by this Agreement for which the other Party seeks a
determination letter or private letter ruling from the IRS, an advisory opinion from the Department of Labor or any other filing, consent or approval with respect to or by a Governmental Authority. 

Section 8.3 Effect on Employment. Without limiting Section 2.3 or Section 2.4, except as expressly
provided in this Agreement, the mere occurrence of the Separation shall not cause any employee to be deemed to have incurred a termination of employment which entitles such individual to the commencement of benefits under any of the Blackstone
Benefit Arrangements (provided that PJT Personnel may become eligible for a distribution from the Blackstone Savings Plan in accordance with the terms of such plan). 

Section 8.4 Consent of Third Parties. If any provision of this Agreement is dependent on the Consent of any third party and such
Consent is withheld, the Parties hereto shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure
of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision (as applicable) in a mutually satisfactory manner. 

Section 8.5 Access to Employees. On and after the Closing Date, BX and PJT HoldCo shall, and shall cause each of their respective
Affiliates to, use their best efforts to make available to each other those of their employees who may reasonably be needed in order to defend or prosecute any legal or administrative Action (other than a legal action between or among any of the
Parties) to which any employee, director or Benefit Arrangement of the Blackstone Group or PJT Group is a party and which relates in any way to their respective employment or to their respective Benefit Arrangements prior to the Closing Date. The
Party to whom an employee is made available in accordance with this Section 8.5 shall pay or reimburse the other Party for all reasonable, pre-approved expenses which may be incurred by such employee in connection therewith, including
all reasonable travel, lodging, and meal expenses, but excluding any amount for such employee’s time spent in connection herewith. 

Section 8.6 Beneficiary Designation/Release of Information/Right to Reimbursement. Without limiting the provisions of
Section 2.7 or other provisions of this Agreement, to the extent permitted by Applicable Law and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of Information and rights
to reimbursement made by or relating to PJT Personnel under Blackstone Benefit Arrangements shall be transferred to and be in full force and effect under the corresponding PJT Benefit Arrangements until such beneficiary designations, authorizations
or rights are replaced or revoked by, or no longer apply, to the relevant PJT Personnel. 
 Section 8.7 Certain Compensation
Arrangements. Without limiting the generality of this Article VIII, the Parties shall cooperate in good faith and share information to implement and administer the terms of the Replacement Awards, the PJT Personnel Retained Blackstone Equity
Awards, the True-Up Adjustment, the Retention Awards and the Bonus Arrangements and any other applicable arrangements, in each case, as contemplated under the terms of this Agreement and as further set forth in Schedule 8.7 attached hereto, in order
to facilitate the Parties’ respective obligations to each other and to the PJT Personnel. 

  
 19 

 ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Entire Agreement. This Agreement, including the Exhibits and Schedules, and the Separation Agreement, including any
related annexes, schedules and exhibits, as well as any other agreements and documents referred to herein and therein, shall together constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and shall
supersede all prior negotiations, agreements and understandings of the Parties of any nature, whether oral or written, with respect to such subject matter. In the event of any conflict between the terms and conditions of the body of this Agreement
and the terms and conditions of any Schedule or Exhibit, the terms and conditions of such Schedule or Exhibit shall control, unless specifically provided otherwise in this Agreement. 

Section 9.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

Section 9.3 Waiver of Jury Trial. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 9.4 Notices. All notices and other
communications required or permitted to be given hereunder shall be in writing and shall be deemed given if delivered personally, transmitted by facsimile or e-mail (and confirmed), mailed by registered or certified mail with postage prepaid and
return receipt requested, or sent by commercial overnight courier, courier fees prepaid (if available; otherwise, by the next best class of service available), to the parties at the following addresses: 

 

							
	(a)	  	If to any member of the PJT Group:
			
		  	PJT Partners Inc.	  	
		  	  
	  	
		  	  
	  	
		  	Attn:	  	  
	  	
		  	Facsimile:	  	  
	  	
		  	Email:	  	  
	  	
		
		  	with a copy to (which shall not constitute notice):
		
		  	 Weil, Gotshal & Manges LLP

767 Fifth Avenue
 New York, NY
10153

  
 20 

							
		  	Attn: Barry Wolf, Esq.; Michael Aiello, Esq.
		  	Facsimile: (212) 310-8007
		  	Email:	  	Barry.Wolf@weil.com;	  	
		  		  	Michael.Aiello@weil.com	  	
		
	(b)	  	If to any member of the Blackstone Group:
		
		  	 The Blackstone Group L.P.
 345 Park
Avenue
 New York, NY 10154
 Attn: John Finley; Michael Chae

Facsimile: (212) 583-5749

		  	E-mail:	  	John.Finley@blackstone.com	  	
		  		  	Chae@blackstone.com	  	
		
		  	with a copy to (which shall not constitute notice):
		
		  	 Simpson Thacher & Bartlett LLP

425 Lexington Avenue
 New York, NY 10017-3954

Attn: Gregory T. Grogan, Esq.
 Facsimile:
(212) 455-2502

		  	E-mail:	  	ggrogan@stblaw.com	  	

 or to such other Person or address as any party shall specify in notice by writing to the other parties in accordance with
this Section 9.4. All such notices or other communications shall be deemed to have been received on the date of the personal delivery or delivery by e-mail (if confirmed) or facsimile (if delivery confirmation is received), or, on the
third Business Day after the mailing or dispatch thereof; provided that notice of change of address shall be effective only upon receipt. 

Section 9.5 Amendments; Waivers and Consents. 

(a) This Agreement may be amended except by an instrument or instruments in writing signed and delivered on behalf of the Blackstone Parties,
PJT HoldCo and PJT LP. At any time prior to the Effective Time, any party hereto which is entitled to the benefits hereof may (i) extend the time for the performance of any obligations or other acts of the other parties, (ii) waive any
inaccuracy in the representations and warranties of any other party contained herein or in any document delivered pursuant hereto, and (iii) waive compliance with any of the agreements of any other party or conditions contained herein. Any
agreement on the party of a party hereto to any such extension or waiver shall be valid only with respect to the party agreeing to such extension or waiver and only if set forth in an instrument in writing, signed and delivered on behalf of such
party. 
 (b) The failure of any Party to require strict performance by the other Party of any provision in this Agreement will not waive or
diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. Any consent required or permitted to be given by any Party to the other Parties under this Agreement shall be in writing and signed by
the Party giving such consent and shall be effective only against such party (and its Group). 

  
 21 

 Section 9.6 Termination. This Agreement shall terminate without further action at any
time before the Closing upon termination of the Separation Agreement. If terminated, no Party shall have any Liability of any kind to the other Party or any other Person on account of this Agreement, except as provided in the Separation Agreement.

 Section 9.7 No Third-Party Beneficiaries. Except (i) as provided in Article VII with respect to indemnification
of Indemnitees, which is intended to benefit and be enforceable by the Persons specified therein as Indemnitees and (ii) as specifically provided herein, this Agreement is solely for the benefit of the Parties and does not confer on third
parties (including any employees of any member of the Blackstone Group or the PJT Group) any remedy, claim, reimbursement, claim of action or other right in addition to those existing without reference to this Agreement. 

Section 9.8 Assignability; Binding Effect. This Agreement is not assignable by any Party without the prior written consent of the
other Parties and any attempt to assign this Agreement without such consent shall be void and of no effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. 

Section 9.9 Construction; Interpretation. Titles and headings to sections herein are inserted for the convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. Whenever required by the context, any pronoun used in this Agreement or the Schedules and Exhibits hereto shall include the corresponding
masculine, feminine or neuter forms, and the singular forms of nouns, pronouns and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document or instrument as amended or
otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The Parties have participated jointly in the negotiation and drafting of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation
against the Party drafting or causing any instrument to be drafted. 
 Section 9.10 Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated 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, the
Parties 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 be consummated as originally
contemplated to the fullest extent possible. 

  
 22 

 Section 9.11 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

Section 9.12 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as
creating the relationship of principal and agent, partnership, joint venture or joint employer relationship between or among the Parties, it being understood and agreed that no provision contained herein, and no act of the Parties, shall be deemed
to create any relationship between or among the Parties other than the relationship set forth herein. 
 Section 9.13
Subsidiaries. BX shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any member of the Blackstone Group. PJT HoldCo shall cause to be performed,
and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any member of the PJT Group. 

Section 9.14 Dispute Resolution. Any controversy, dispute or claim arising out of, in connection with, or in relation to the
interpretation, performance, nonperformance, validity, termination or breach of this Agreement or otherwise arising out of, or in any way related to this Agreement or the transactions contemplated hereby or thereby shall be subject to the dispute
resolutions procedures set forth in Article IX of the Separation Agreement. 
 Section 9.15 Payroll and Related Taxes.
With respect to the PJT Personnel who were employees of a member of the Blackstone Group immediately prior to the Effective Time, the parties shall cause their respective Affiliates to (to the extent permitted by applicable Law and practicable)
(a) treat the applicable member of the PJT Group as a “successor employer” and the applicable member of the Blackstone Group as a “predecessor,” within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, to the
extent appropriate, for purposes of Taxes imposed under the United States Federal Insurance Contributions Act, as amended (“FICA”), or the United States Federal Unemployment Tax Act, as amended (“FUTA”) and
(b) file tax returns, exchange wage payment information, and report wage payments made by the respective predecessor and successor employer on IRS Forms W-2 or similar earnings statements to such PJT Personnel for the tax year in which the
Effective Time occurs, in a manner provided in Section 5.02(1) of Revenue Procedure 2004-53. For the avoidance of doubt, the collection of payroll taxes under FICA and FUTA for the tax year during which the Effective Time occurs will not
restart upon or following the Effective Time with respect to the PJT Personnel who were employees of a member of the Blackstone Group immediately prior to the Effective Time. 

[Remainder of this page intentionally left blank.] 

  
 23 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and
year first above written. 
 [INSERT PARTY ENTITY SIGNATURE BLOCKS] 

  
 24EX-10.11

 Exhibit 10.11 

FORM OF PJT PARTNERS INC. BONUS DEFERRAL PLAN 

Purpose 
 The PJT Partners
Inc. Bonus Deferral Plan (the “Plan”) represents a deferred compensation plan for certain eligible employees and partners of PJT Partners Inc. (“PJT Partners”) and certain of its affiliates in order to provide such
individuals with pre-tax deferred incentive compensation awards and thereby enhance the alignment of interests between such individuals and the Company and its affiliates. This Plan governs Annual Bonuses (as defined below) earned in respect of 2015
and subsequent calendar years. This Plan operates as a sub-plan to the PJT Partners Inc. 2015 Omnibus Incentive Plan and, accordingly, any Common Shares (as defined below) issued pursuant to this Plan will be deemed as issued under the share reserve
established under the PJT Partners Inc. 2015 Omnibus Incentive Plan. 
 ARTICLE I. 

DEFINITIONS 
 As used
herein, the following terms have the meanings set forth below. 
 “Affiliated Employer” means, except as provided under
Section 409A of the Code and the regulations promulgated thereunder, any company or other entity that is related to the Company as a member of a controlled group of corporations in accordance with Section 414(b) of the Code or as a trade
or business under common control in accordance with Section 414(c) of the Code. 
 “Annual Bonus” means the annual
bonus awarded to a Participant with respect to a given Fiscal Year under the applicable annual bonus plan, program, agreement or other arrangement (as designated by the Plan Administrator in its sole discretion); provided that a
Participant’s Annual Bonus for purposes of this Plan shall exclude any bonus or other amount, the payment of which has been guaranteed or promised to the Participant at any time prior to the Annual Bonus Notification Date pursuant to any
agreement, plan, program or other arrangement between the Participant and the Company (a “Guaranteed Bonus”) unless the document evidencing the Guaranteed Bonus expressly provides for the deferral of all or a specified
portion of such Guaranteed Bonus, in which case such deferral will occur pursuant to the terms and conditions set forth in such document. Notwithstanding the foregoing, if the Plan Administrator determines that the deferral under the Plan of a
Participant’s Guaranteed Bonus likely would result in the imposition of tax or penalties under Section 409A of the Code, the Participant’s Annual Bonus shall exclude such Guaranteed Bonus. 

“Annual Bonus Notification Date” means the date on which the Company notifies a Participant of the amount of such
Participant’s Annual Bonus (if any) for the relevant Fiscal Year. 
 “Board” means the board of directors of PJT
Partners. 
 “Bonus Deferral Amount” has the meaning set forth in Section 3.01(a). 

 “Cause,” with respect to a Participant, has the meaning set forth in the
Employment Agreement to which such Participant is a party. 
 “Change in Control” means, with respect to the Company, a
“Change in Control” as defined under the Equity Incentive Plan, to the extent that such event also constitutes a “change of control” within the meaning of Section 409A of the Code and the regulations and Internal Revenue
Service guidance promulgated thereunder. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Common Shares” means the publicly-traded Common Shares of PJT Partners which are available for issuance under the Equity
Incentive Plan. 
 “Company” means PJT Partners and each Participating Employer (individually or collectively as the
context requires). 
 “Competitive Activity” means a Participant’s engagement in any activity that would constitute a
violation of any non-competition covenants to which the Participant is subject under the Participant’s Employment Agreement, determined without regard to the actual duration of such non-competition covenants pursuant to the Employment
Agreement. 
 “Deferral Share” has the meaning set forth in Section 3.01(b). 

“Delivery Date” shall mean the date upon which Common Shares (or, if applicable, cash or other securities) are delivered with
respect to any Deferral Shares, as set forth in Section 5.01. 
 “Disability” has the meaning as provided under
Section 409A(a)(2)(C)(i) of the Code. 
 “Employment” means (i) a Participant’s employment if the
Participant is an employee of PJT Partners or any Affiliated Employer or (ii) a Participant’s services as a partner of PJT Partners or any Affiliated Employer if the Participant is a partner. 

“Employment Agreement” means, with respect to a Participant, the Contracting Employment Agreement (including all schedules
and exhibits thereto) or, with respect to a Participant who is a partner, the Partner Agreement (including all schedules and exhibits thereto), as applicable, to which such Participant is a party. 

“Equity Incentive Plan” means the PJT Partners Inc. 2015 Omnibus Incentive Plan or such other plan as the Plan Administrator
may designate in its sole discretion. 
 “Fair Market Value” shall have the meaning given to such term in the Equity
Incentive Plan; provided that, with respect to a security other than Common Shares, if the fair market value of such security cannot reasonably be determined pursuant to the foregoing definition, the Fair Market Value of such security shall be the
value thereof as determined pursuant to a valuation made by the Plan Administrator in good faith and based upon a reasonable valuation method. 

“Fiscal Year” means the fiscal year of PJT Partners. 

  
 2 

 “Investment Date” means the January 1 immediately following the Fiscal Year
in respect of which a Participant’s Annual Bonus is earned, which shall be the date on which such Participant’s Bonus Deferral Amount is deemed invested in Common Shares in accordance with Section 3.01(b). 

“Participant” means a participant selected by the Plan Administrator in accordance with Section 2.01 hereof. 

“Participating Employer” means PJT Partners and each Affiliated Employer (or division or equity of an Affiliated Employer)
that is designated as a “Participating Employer” by the Plan Administrator and which adopts this Plan. 

“Person” means any individual, partnership, corporation, limited liability company, unincorporated organization, trust, joint
venture or enterprise or a governmental agency or political subdivision thereof. 
 “Plan Account” has the meaning given to
such term in Section 3.01(b). 
 “Plan Administrator” means the Board or the committee or subcommittee thereof to whom
the Board delegates authority to administer the Plan, or such other person or persons as the Board may appoint for such purpose from time to time. Additionally, the Plan Administrator may delegate its authority under the Plan to any employee or
group of employees of PJT Partners or an Affiliate Employer; provided that such delegation is consistent with applicable law and guidelines established by the Board from time to time. 

“Retirement” means a Participant’s Separation from Service (whether voluntary or involuntary) after (i) the
Participant has reached age sixty-five (65) and has at least five (5) full years of service with the Company or (ii) (A) the Participant’s age plus years of service with the Company totals at least sixty-five (65),
(B) the Participant has reached age fifty-five (55) and (C) the Participant has had a minimum of five (5) years of service. 

“Separation from Service” means a Participant’s “separation from service” with the Company within the meaning
of Section 409A of the Code and the regulations thereunder. 
 “Vesting Date” has the meanings set forth in Sections
4.01(b) and 6.01. “Vesting Period” has the meaning set forth in Section 4.01(b). 
 “VWAP” means the 30-day
volume weighted average trading price of a Common Share (as reported on the national exchange on which the Common Shares are listed on each such date) over the 30-day period (only counting trading days for Common Shares) immediately preceding the
relevant measurement date. 
 ARTICLE II. 

PLAN PARTICIPATION 
 2.01.
Plan Participation. Each Fiscal Year, on or prior to the Annual Bonus Notification Date for such Fiscal Year, the Plan Administrator, in its sole discretion, will select Participants from among the employees and partners of the Participating
Employers and will 

  
 3 

 
notify such individuals that they have been selected to participate in the Plan for such Fiscal Year. The Plan Administrator may, in its sole discretion, establish different rules and/or
sub-plans under the Plan (x) with respect to Participants based outside of the United States and Participants who are employees of, or other service providers for, a “nonqualified entity” within the meaning of Section 457A of the
Code, in each case, in a manner intended to address tax, administrative and securities law considerations with respect to the Company and such Participants or (y) on such terms as are approved by the Plan Administrator and communicated to the
applicable Participants prior to or coincident with the Annual Bonus Notification Date. Such alternate rules and/or sub-plans may include, without limitation, different treatment with respect to timing of vesting and delivery of Common Shares (or,
if applicable, cash or other securities) under the Plan and may be set forth in Schedules to be attached hereto from time to time. 

ARTICLE III. 
 DEFERRALS

 3.01. Bonus Award Deferrals. 

(a) With respect to a given Fiscal Year commencing with the Fiscal Year ending December 31, 2015, and for each Participant selected to
participate in the Plan in accordance with Section 2.01 hereof, a portion of the Annual Bonus (excluding any portion thereof that is being separately deferred pursuant to this Plan or any other agreement, plan, program or other arrangement
between the Participant and the Company) for the Fiscal Year shall be deferred (his or her “Bonus Deferral Amount”) in accordance with the following table (or such other table that may be adopted by the Plan Administrator prior to
or coincident with the Annual Bonus Notification Date): 
  

									
	 Portion of Annual Bonus
	  	Marginal Deferral
Rate Applicable
to Such Portion	 	 	Effective Deferral Rate
for Entire Annual
Bonus*	 
	 $              0 -    100,000
	  	 	0.0	% 	 	 	0.0	% 
	 $   100,001 -    200,000
	  	 	15.0	% 	 	 	7.5	% 
	 $   200,001 -    500,000
	  	 	20.0	% 	 	 	15.0	% 
	 $   500,001 -    750,000
	  	 	30.0	% 	 	 	20.0	% 
	 $   750,001 - 1,250,000
	  	 	40.0	% 	 	 	28.0	% 
	 $1,250,001 - 2,000,000
	  	 	45.0	% 	 	 	34.4	% 
	 $2,000,001 - 3,000,000
	  	 	50.0	% 	 	 	39.6	% 
	 $3,000,001 - 4,000,000
	  	 	55.0	% 	 	 	43.4	% 
	 $4,000,001 - 5,000,000
	  	 	60.0	% 	 	 	46.8	% 
	 $5,000,000 +
	  	 	65.0	% 	 	 	52.8	% 

  

	*	Effective Deferral Rates are shown for illustrative purposes only and are based on an Annual Bonus equal to the maximum amount in the range shown in the far left column (which is assumed to be $7,500,000 for the last
range shown). 

 For purposes of determining the Bonus Deferral Amount pursuant to the above table, a Participant’s total
annual incentive compensation shall be taken into account, although the Bonus Deferral Amount shall only reduce (but not below zero) the amount of the Annual Bonus otherwise payable in cash on a current basis. 

  
 4 

 Notwithstanding the foregoing: (i) if a Participant’s Annual Bonus includes a
Guaranteed Bonus, such Participant’s Bonus Deferral Amount shall be equal to (x) the portion of the Guaranteed Bonus which the document evidencing the Guaranteed Bonus states will be deferred, plus (y) a portion of the amount (if any)
by which the Participant’s Annual Bonus exceeds his or her Guaranteed Bonus, determined pursuant to the table above and (ii) the Company reserves the right to change the method by which a Participant’s Bonus Deferral Amount will be
calculated with respect to any Annual Bonus by notifying the Participant in writing in advance of the Annual Bonus Notification Date for such Annual Bonus. Deferral of each Participant’s Bonus Deferral Amount for the relevant Fiscal Year shall
be automatic and mandatory and shall occur immediately prior to the Investment Date for such Fiscal Year. The excess of the Participant’s Annual Bonus for the relevant Fiscal Year over his or her Bonus Deferral Amount for such Fiscal Year shall
be paid to the Participant on such date and in the same manner as such Participant’s Annual Bonus would have been paid to him or her if he or she was not a Participant in the Plan with respect to such Fiscal Year. 

(b) On the Investment Date, the Participant’s entire Bonus Deferral Amount corresponding to such Investment Date shall automatically and
mandatorily be notionally invested in the number of Common Shares (the Participant’s “Deferral Shares”) that is equal to such Bonus Deferral Amount divided by the VWAP of a Common Share as of the corresponding Annual Bonus
Notification Date, rounded up to the nearest whole number. The Company will keep on its books and records an account for each Participant (his or her “Plan Account”), in which the Company will record the number of Deferral Shares
credited to such Participant. 
 ARTICLE IV. 

VESTING 
 4.01.
Vesting. 
 (a) Deferral Shares. Subject to Article VI, and except as otherwise provided in Sections 6.01(f) and 6.01(g),
one-third of the Deferral Shares granted to a Participant in respect of a given Investment Date will vest (but will only be deliverable pursuant to Article V) on the January 1 that immediately follows the end of each of the first, second and
third Fiscal Years after the Fiscal Year to which the relevant Annual Bonus relates, subject to the Participant remaining continuously Employed with the Company through the applicable Vesting Date (or on such other vesting schedule selected by the
Plan Administrator and communicated to the Participant prior to or coincident with the Annual Bonus Notification Date or as otherwise set forth in prior versions of this Plan). For the avoidance of doubt, Deferral Shares shall not be eligible for
partial-year vesting. 
 (b) Vesting Date; Vesting Period. For purposes of this Plan, and except as otherwise provided in Sections
6.01(f) and 6.01(g), the date upon which all or a portion of a Participant’s Deferral Shares vest in accordance with the provisions of this Section 4.01 shall be referred to as the “Vesting Date” for such Deferral Shares.
The period between the Investment Date in respect of which a Deferral Share is granted and the Vesting Date on which such Deferral Share vests in accordance with the provisions hereof shall be referred to as the “Vesting Period.”

  
 5 

 ARTICLE V. 

DELIVERY OF SHARES 
 5.01.
Delivery Generally. The Common Shares (or, if applicable, cash or other securities) underlying the Deferral Shares shall generally be delivered to Participants on a date intended to coincide with a date upon which the underlying Common Shares
(or, if applicable, other securities) may next be traded or converted by the Participant (subject to further restrictions due to Firm policies in place at such time) as set forth below: 

(a) Window Period for Delivery of Deferral Shares. The “Delivery Date” for each Deferral Share shall be a date selected by
the Plan Administrator which falls between the first February 1 and March 1 following the Vesting Date applicable to such Deferral Share. 

(b) Form of Delivery. On the applicable Delivery Date, or as soon as reasonably practicable after such Delivery Date (but in no event
more than ten (10) business days after such Delivery Date), the Company shall issue to the Participant, in full settlement of the Company’s obligations with respect to the deliverable portion of the Participant’s Deferral Shares, the
number of Common Shares subject to such Deferral Shares (or, at the Plan Administrator’s sole discretion, which will likely be only in rare occasions, an amount in cash equal to the VWAP of such number of Common Shares as of the date of such
payment). Notwithstanding the foregoing, if the Plan Administrator determines, in its sole discretion, that the issuance of Common Shares may raise tax, securities law or administrative concerns to the Company or the Participant, then distributions
to such Participant hereunder shall not be made in Common Shares but instead (in the Plan Administrator’s sole discretion, which will likely be only in rare occasions), may be made in cash or other securities, as determined by the Plan
Administrator. 
 5.02. Issuance of Common Shares. The issuance of any Common Shares to a Participant pursuant to the Plan shall be
effectuated by recording the Participant’s ownership of such Common Shares in a book-entry or similar system utilized by the Company as soon as practicable following the Delivery Date applicable thereto. Any Common Shares issued to a
Participant hereunder will be held in an account administered by the Company’s equity plan administrator or such other account as the Plan Administrator may determine in its discretion. No Participant shall have any rights as an owner with
respect to any Common Shares under the Plan prior to the date on which the Participant becomes entitled to delivery of such Common Shares in accordance with Section 5.01. The Plan Administrator may, in its sole discretion, cause the Company to
defer the delivery of any Common Shares (or, if applicable, cash or other securities) pursuant to this Plan as the Plan Administrator deems necessary to ensure compliance under federal or state securities laws or to avoid adverse tax or other
consequences to the Company or the Participant. 
 5.03. Taxes and Withholding. As a condition to any payment or distribution
pursuant to this Plan, the Company may require a Participant to pay such sum to the Company as may be necessary to discharge the Company’s obligations with respect to any taxes, assessments 

  
 6 

 
or other governmental charges, whether of the United States or any other jurisdiction, which the Company reasonably expects will be imposed as a result of such payment or distribution. In the
discretion of the Company, the Company may deduct or withhold such sum from such payment or distribution (including by deduction or withholding of Common Shares (or, if applicable, other securities), provided that the amount the Company deducts or
withholds shall not (unless otherwise determined by the Plan Administrator) exceed the Company’s minimum statutory withholding obligations. Alternatively, the Company may elect to satisfy the tax withholding obligations by advancing and
remitting its own funds on behalf of the Participant to the applicable tax authorities, in which case the Participant shall be required to repay such amounts to the Company within 5 days of such remittance, together with interest thereon based on
the Company’s cost of funds as determined by PJT Partners Treasury from time to time. In the event that the Company plans to advance a tax withholding remittance on behalf of the Participant as described in the preceding sentence, the Company
shall provide the Participant with reasonable advance notice to permit the Participant to remit the required funds in cash to the Company prior to the required withholding date and thereby avoid the need to have the Company advance its own funds to
the tax authorities. 
 5.04. Liability for Payment. Each Participating Employer shall be liable for the amount of any distribution
or payment owed to a Participant pursuant to Section 5.01 who is Employed by such Participating Employer during the relevant Vesting Period; provided, however, that in the event that a Participant is Employed by more than one Participating
Employer during the relevant Vesting Period, each Participating Employer shall be liable for its allocable portion of such distribution or payment. 

ARTICLE VI. 
 TERMINATION
OF EMPLOYMENT; CHANGE IN CONTROL 
 6.01. Termination of Employment. In the event that a Participant’s Employment with the
Company is terminated, or a Change in Control occurs, in either case prior to the Vesting Date or Delivery Date that would otherwise apply to any of such Participant’s Deferral Shares, vesting and delivery (if any) of such Deferral Shares shall
be governed by this Section 6.01. 
 (a) Termination by the Company For Cause. Upon termination of a Participant’s
Employment by the Company for Cause, such Participant’s Deferral Shares (vested and unvested) shall be forfeited without any payment. 

(b) Termination by the Company Without Cause. Upon termination of a Participant’s Employment with the Company without Cause at
such time as the Participant does not qualify for Retirement, such Participant’s unvested Deferral Shares shall immediately vest (in which case, the date of the Participant’s termination without Cause shall be referred to as the
“Vesting Date” for such Deferral Shares) and be delivered to the Participant in accordance with Article V. 
 (c)
Resignation. In the event that a Participant resigns from the Company, such Participant’s unvested Deferral Shares shall be forfeited without payment. 

  
 7 

 (d) Retirement. In the event of a Participant’s Retirement from the Company, all of
such Participant’s unvested Deferral Shares shall continue to vest in accordance with Article IV, and shall continue to be delivered to the Participant in accordance with Article V, as though the Participant remained continuously Employed with
the Company through the end of the Vesting Period; provided that if, following a termination of his or her Employment with the Company as described in this Section 6.01(d), such Participant breaches any applicable provision of the
Employment Agreement to which the Participant is a party or otherwise engages in any Competitive Activity, such Participant’s Deferral Shares which remain undelivered as of the date of such violation or engagement in Competitive Activity, as
determined by the Plan Administrator in its sole discretion, will be forfeited without payment. As a pre-condition to a Participant’s right to continued vesting following Retirement, the Plan Administrator may require the Participant to certify
in writing prior to each scheduled Vesting Date that the Participant has not breached any applicable provisions of the Participant’s Employment Agreement or otherwise engaged in any Competitive Activity. 

(e) Disability. In the event that a Participant’s Employment with the Company is terminated due to the Participant’s
Disability, such Participant’s unvested Deferral Shares shall immediately vest (in which case, the date of the Participant’s termination due to Disability shall be referred to as the “Vesting Date” for such Deferral
Shares) and be delivered to the Participant in accordance with Article V. 
 (f) Death. In the event of a Participant’s death
during his or her Employment with the Company, or during the period following termination of Employment in which his or her Deferral Shares remain subject to vesting pursuant to this Section 6.01, such Participant’s Deferral Shares which
remain unvested as of (and have not been forfeited prior to) the date of the Participant’s death shall immediately vest and, together with any previously vested but undelivered Deferral Shares, become deliverable to the Participant’s
estate as of the date of the Participant’s death (in which case, the date of the Participant’s death shall be referred to as the “Vesting Date” for such Deferral Shares). 

(g) Change in Control. Notwithstanding anything to the contrary herein, in the event of a Change in Control, such Participant’s
Deferral Shares which remain unvested as of the date of such Change in Control shall immediately vest and become deliverable as of the date of such Change in Control (in which case, the date of such Change in Control shall be referred to as the
“Vesting Date” for such Deferral Shares). 
 (h) Section 409A; Separation from Service. References in this
Section 6.01 to a Participant’s termination of Employment shall refer to the date upon which the Participant has a Separation from Service. 

6.02. Nontransferability. No benefit under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge or
encumbrance, other than by will or the laws of descent and distribution. Any attempt to violate the foregoing prohibition shall be void; provided, however, that a Participant may transfer or assign any vested interest hereunder in connection with
estate planning and administration with the express written consent of the Plan Administrator. 

  
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 ARTICLE VII. 

ADMINISTRATION 
 7.01.
Plan Administrator. The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have discretionary authority to interpret the Plan, to make all legal and factual determinations and to determine all questions arising
in the administration of the Plan, including without limitation the reconciliation of any inconsistent provisions, the resolution of ambiguities, the correction of any defects, and the supplying of omissions. Each interpretation, determination or
other action made or taken pursuant to the Plan by the Plan Administrator shall be final and binding on all persons. 
 7.02.
Indemnification. The Plan Administrator shall not be liable to any Participant for any action or determination. The Plan Administrator shall be indemnified by the Company against any liabilities, costs, and expenses (including, without
limitation, reasonable attorneys’ fees) incurred by him or her as a result of actions taken or not taken in connection with the Plan. 

ARTICLE VIII. 

AMENDMENTS AND TERMINATION 

8.01. Modification; Termination. The Plan Administrator may alter, amend, modify, suspend or terminate the Plan at any time in its sole
discretion, to the extent permitted by Section 409A of the Code. No further deferrals will occur under the Plan after the effective date of any such suspension or termination. Following any such termination, the Participants’ Deferral
Shares will continue to vest and be delivered, or be forfeited, as otherwise provided herein. Notwithstanding the foregoing, no alteration, amendment or modification of the Plan shall adversely affect the rights of the Participant in any amounts or
shares accrued by or credited to such Participant prior to such action without the Participant’s written consent unless the Plan Administrator determines, in its sole discretion, that such alternation, modification or amendment is necessary for
the Plan to comply with the requirements of Section 409A of the Code and the regulations promulgated thereunder. 
 8.02. Required
Delay. Notwithstanding any provision to the contrary, if pursuant to the provisions of Section 409A of the Code any distribution or payment is required to be delayed as a result of a Participant being deemed to be a “specified
employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, then any such distributions or payments under the Plan shall not be made or provided prior to the earlier of (A) the expiration of the six month period
measured from the date of the Participant’s Separation from Service or (B) the date of the Participant’s death. Upon the expiration of such period, or the date of such Participant’s death, as applicable, all distributions or
payments under the Plan delayed pursuant to this Section 8.02 shall be delivered or paid to the Participant (or the Participant’s estate, as applicable) in a lump sum, and any remaining distributions or payments due under the Plan shall be
paid or delivered in accordance with the normal Delivery Dates specified for such distributions or payments herein. 

  
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 ARTICLE IX. 

GENERAL PROVISIONS 
 9.01.
Unfunded Status of the Plan. The Plan is unfunded. A Participant’s rights under the Plan (if any) shall represent at all times an unfunded and unsecured contractual obligation of each Participating Employer that Employed Participant
during the Vesting Periods and through the Delivery Dates applicable to such Participant’s Deferral Shares. Each Participant and his or her estate and/or beneficiaries (if any) will be unsecured creditors of each Participating Employer with
which such Participant is or was Employed with respect to any obligations owed to such Participant, estate and/or beneficiaries under the Plan. Amounts deliverable or payable under the Plan will be satisfied solely out of the general assets of the
applicable Participating Employer subject to the claims of its creditors. None of a Participant, his or her estate, his or her beneficiaries (if any) nor any other person shall have any right to receive any payment or distribution under the Plan
except as, and to the extent, expressly provided in the Plan. No Participating Employer will segregate any funds or assets to provide for any payment or distribution under the Plan or issue any notes or security for any such distribution or payment.
Any reserve or other asset that a Participating Employer may establish or acquire to assure itself of the funds to provide distributions or payments required under the Plan shall not serve in any way as security to any Participant or the estate or
beneficiary of a Participant for the performance of the Participating Employer under the Plan. 
 9.02. No Right to Continued
Employment. Neither the Plan nor any action taken or omitted to be taken pursuant to or in connection with the Plan shall be deemed to (i) create or confer on a Participant any right to be retained in the employ of the Company,
(ii) interfere with or to limit in any way the Company’s right to terminate the Employment of a Participant at any time, (iii) confer on a Participant any right or entitlement to compensation in any specific amount for any future
Fiscal Year or (iv) affect, supersede, amend or change the Employment Agreement (or any other agreement between the Participant and the Company). In addition, selection of an individual as a Participant for a given Fiscal Year shall not be
deemed to create or confer on the Participant any right to participate in the Plan, or in any similar plan or program that may be established by the Company, in respect of any future Fiscal Year. 

9.03. No Shareholder or Ownership Rights Prior to Delivery of Shares; Dividend Equivalent Payments. 

(a) Except as set forth in Section 9.03(b), Participants shall not have voting, dividend, cash distribution or any other rights as a
holder of Common Shares until the issuance or transfer thereof to the Participant. For the avoidance of doubt, Deferral Shares represent an unfunded and unsecured right to receive Common Shares (or, if applicable, cash or other securities) on an
applicable Delivery Date and, until such Delivery Date, the Participant shall have no ownership rights with respect to the Common Shares, cash or other securities underlying such Deferral Shares. 

(b) Participants shall be entitled to receive dividend equivalent payments paid on a current basis with respect to their outstanding Deferral
Shares (whether vested or unvested) in form and amounts corresponding to the payments that such Participants would have received as dividend payments if they directly held the Common Shares underlying such outstanding

  
 10 

 
Deferral Shares on the relevant dividend payment date. A Participant’s right to receive such dividend equivalent payments with respect to Deferral Shares shall cease upon the forfeiture or
settlement of such Deferral Shares. 
 9.04. Right to Offset. The Company shall have the right to deduct from amounts owed to a
Participant under the Plan the amount of any deficit, debt or other liability or obligation of any kind which the Participant may at that time have with respect to the Company; provided, however, that no such right to deduct or offset shall arise or
otherwise be deemed to arise until the date upon which Common Shares (or, if applicable, cash or other securities) are deliverable or payable hereunder and any such deduction or offset shall be implemented in a manner intended to avoid subjecting
the Participant to additional taxation under Section 409A of the Code. 
 9.05. Successors. The obligations of the Company under
this Plan shall be binding upon the successors of the Company. 
 9.06. Governing Law. The Plan shall be subject to and construed in
accordance with the laws of the State of New York. 
 9.07. Arbitration; Venue. Any dispute, controversy or claim between any
Participant and the Company arising out of or concerning the provisions of this Plan shall be finally resolved in accordance with the arbitration provisions (and the jurisdiction, venue and similar provisions related thereto) of the Employment
Agreement to which such Participant is a party. 
 9.08. Construction. The headings in this Plan have been inserted for convenience
of reference only and are to be ignored in any construction of any provision hereof. Use of one gender includes the other, and the singular and plural include each other. 

  
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