Document:

EX-4.4

 Exhibit 4.4 
  

 
  

TWENTY-FOURTH SUPPLEMENTAL INDENTURE 

Dated as of November 3, 2022 

Supplementing that Certain 

INDENTURE 
 Dated as of
August 20, 2009 
  
  

Among 
 BLACKSTONE HOLDINGS
FINANCE CO. L.L.C., 
 THE GUARANTOR PARTIES HERETO 

and 
 THE BANK OF NEW YORK MELLON,

 as Trustee 
  

 
 6.200% Senior
Notes due 2033 
  
  

 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE I Issuance of Securities
	  	 	2	 
		
	 SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title.
	  	 	2	 
	 SECTION 1.2. Interest.
	  	 	2	 
	 SECTION 1.3. Relationship with Base Indenture.
	  	 	3	 
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	 	4	 
		
	 SECTION 2.1. Definitions.
	  	 	4	 
		
	 ARTICLE III Security Forms
	  	 	9	 
		
	 SECTION 3.1. Form Generally.
	  	 	9	 
	 SECTION 3.2. Form of Note.
	  	 	9	 
		
	 ARTICLE IV Remedies
	  	 	22	 
		
	 SECTION 4.1. Events of Default.
	  	 	22	 
	 SECTION 4.2. Waiver of Past Defaults.
	  	 	22	 
		
	 ARTICLE V Redemption of Securities
	  	 	23	 
		
	 SECTION 5.1. Optional Redemption.
	  	 	23	 
		
	 ARTICLE VI Particular Covenants
	  	 	23	 
		
	 SECTION 6.1. Liens.
	  	 	23	 
	 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase
Event.
	  	 	24	 
	 SECTION 6.3. Financial Reports
	  	 	25	 
		
	 ARTICLE VII Supplemental Indentures
	  	 	26	 
		
	 SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes.
	  	 	26	 
	 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes.
	  	 	26	 
		
	 ARTICLE VIII Defeasance
	  	 	28	 
		
	 SECTION 8.1. Covenant Defeasance.
	  	 	28	 
		
	 ARTICLE IX Miscellaneous
	  	 	28	 
		
	 SECTION 9.1. Execution as Supplemental Indenture.
	  	 	28	 

  
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	 SECTION 9.2. Not Responsible for Recitals or Issuance of Notes.
	  	 	28	 
	 SECTION 9.3. Separability Clause.
	  	 	29	 
	 SECTION 9.4. Successors and Assigns.
	  	 	29	 
	 SECTION 9.5. Execution and Counterparts.
	  	 	29	 
	 SECTION 9.6. Electronic Signatures.
	  	 	29	 
	 SECTION 9.7. Governing Law.
	  	 	29	 

  
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 This Twenty-Fourth Supplemental Indenture, dated as of November 3, 2022 (the
“Twenty-Fourth Supplemental Indenture”), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue,
New York, New York 10154 (the “Company”), the Guarantors party hereto and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the
“Trustee”), supplements that certain Indenture, dated as of August 20, 2009, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.3 hereof,
together with this Twenty-Fourth Supplemental Indenture, the “Indenture”). 
 RECITALS OF THE COMPANY 

The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time
to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and 301
of the Base Indenture, and the Guarantees thereof by the Guarantors; 
 Sections 901 (9) and 901 (12) of the Base Indenture provide, among
other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by
Sections 201 and 301 of the Base Indenture and (b) adding to or changing any of the provisions to the Base Indenture in certain circumstances; 

The Company desires to create a series of Securities designated as its “6.200% Senior Notes due 2033” pursuant to the terms of this
Twenty-Fourth Supplemental Indenture; 
 The Company has duly authorized the execution and delivery of this Twenty-Fourth Supplemental
Indenture and the Notes to be issued from time to time, as provided for in the Indenture; 
 Each Guarantor has duly authorized its
Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Twenty-Fourth Supplemental Indenture; 

All things necessary have been done to make this Twenty-Fourth Supplemental Indenture a valid and legally binding agreement of the Company, in
accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company; and 

All things necessary have been done to make the Guarantees, upon execution and delivery of this Twenty-Fourth Supplemental Indenture, the
valid and legally binding obligations of each Guarantor and to make this Twenty-Fourth Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. 

  
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 ARTICLE I 

Issuance of Securities 

SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title.  

(1) On November 3, 2022, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Twenty-Fourth Supplemental
Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as
may, consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. 
 (2) The
Initial Notes to be issued pursuant to the Indenture shall be issued in the aggregate principal amount of $900,000,000 and shall mature on April 22, 2033 (the “Stated Maturity”), unless the Notes are redeemed prior to that date as
described in Section 5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $900,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The
Company may without the consent of the Holders, issue additional Notes as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers and ISIN numbers as the Initial Notes
(“Additional Notes”), but such Additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date; provided that if any Additional Notes are
issued at a price that causes such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department
of Treasury thereunder, such Additional Notes shall not have the same CUSIP number or ISIN number as the Initial Notes. 
 (3) The Notes
shall be issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

(4) Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated
as the “6.200% Senior Notes due 2033” of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the “Notes”),
which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 
 SECTION 1.2. Interest. 

(1) Interest on a Note will accrue at the per annum rate of 6.200% (the “Note Interest Rate”), from and including the date
specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year
comprised of twelve 30-day months. 

  
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 (2) The Company shall pay interest on the Notes semi-annually in arrears on April 22
and October 22 of each year (each, an “Interest Payment Date”), commencing April 22, 2023. 
 (3) Interest shall
be paid on each Interest Payment Date to the registered Holders of the Notes at the close of business on the Regular Record Date. 
 (4)
Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the Corporate Trust Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change
of Control Repurchase Event in respect of the Notes in book-entry form to DTC in immediately available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the
procedures of DTC and its participants in effect from time to time. The Company may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts,
except that the Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require
Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. 
 (5) If any
Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or
interest or Repurchase Price in connection with a Change of Control Repurchase Event on the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and
after that Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price Payment Date, as the case may be, to such next succeeding Business Day. 

SECTION 1.3. Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Twenty-Fourth
Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Twenty-Fourth Supplemental Indenture, the provisions of this Twenty-Fourth Supplemental Indenture will govern and be
controlling. 

  
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 ARTICLE II 

Definitions and Other Provisions of General Application 

SECTION 2.1. Definitions. 

For all purposes of this Twenty-Fourth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this
Twenty-Fourth Supplemental Indenture otherwise requires): 
 (1) any reference to an “Article” or a “Section” refers to
an Article or a Section, as the case may be, of this Twenty-Fourth Supplemental Indenture; 
 (2) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Twenty-Fourth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(3) “including” means including without limitation; 

(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Twenty-Fourth Supplemental Indenture. 

The terms defined in this Section 2.1 (except as herein otherwise expressly provided or unless the context of this Twenty-Fourth
Supplemental Indenture otherwise requires) for all purposes of this Twenty-Fourth Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.1. All other terms used in this
Twenty-Fourth Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Twenty-Fourth Supplemental Indenture otherwise
requires), have the respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Twenty-Fourth Supplemental Indenture as originally executed; provided that any term that is defined in both the Base
Indenture and this Twenty-Fourth Supplemental Indenture shall have the meaning assigned to such term in this Twenty-Fourth Supplemental Indenture. 

“Additional Notes” has the meaning specified in Section 1.1(2). 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Base Indenture” has the meaning specified in the preamble hereto. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could 

  
 4 

 
result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be
extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating
Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that
the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the
time of the Below Investment Grade Rating Event). 
 “Business Day” means any day that is not Saturday or Sunday or any
other day on which commercial banks are authorized or required by law, regulation or executive order to close in the City of New York. 

“Change of Control” means the occurrence of the following: 

 

	 	(1)	 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Credit Group to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor
provision), other than to a Continuing Blackstone Entity; or 

  

	 	(2)	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing Blackstone Entity, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a controlling interest in (i) the Corporation or (ii) one or more Guarantors comprising all or substantially all of the assets of the Credit
Group and (B) entitled to receive a Majority Economic Interest in connection with such transaction. 

“Change of Control Offer” has the meaning specified in Section 6.2(1). 

“Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 “Clearstream” means Clearstream Banking, S.A. 

“Commission” means the U.S. Securities and Exchange Commission or any successor entity. 

“Company” has the meaning specified in the preamble hereto. 

  
 5 

 “Continuing Blackstone Entity” means any entity that, immediately prior to
and immediately following any relevant date of determination, is directly or indirectly controlled by one or more senior managing directors or other personnel of the Corporation who, as of any date of determination (i) each has devoted
substantially all of his or her business and professional time to the activities of the Credit Parties and/or their Subsidiaries during the 12-month period immediately preceding such date and
(ii) directly or indirectly controls a majority of the general partner interests (or other similar interests) in the Corporation or any successor entity. 

“Corporate Trust Office” means the principal office of the Trustee at which, at any particular time, its corporate trust
business shall be conducted, which office is located as of the date of this Twenty-Fourth Supplemental Indenture at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262, Attention:
Corporate Trust Division—Corporate Finance Unit, or at any other time at such other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Company). 
 “Corporation” means
Blackstone Inc. 
 “Covenant Defeasance” has the meaning specified in Section 8.1. 

“Credit Parties” means the Company and the Guarantors. 

“DTC” means The Depository Trust Company, a New York corporation. 

“Euroclear” means Euroclear Bank, SA/NV. 

“Event of Default” has the meaning specified in Section 4.1. 

“Fitch” means Fitch Ratings Inc. or any successor thereto. 

“Indenture” has the meaning specified in the preamble hereto. 

“Initial Notes” means Notes in an aggregate principal amount of $900,000,000, initially issued under this Twenty-Fourth
Supplemental Indenture in accordance with Section 1.1(2). 
 “Interest Payment Date” has the meaning specified in
Section 1.2(2). 
 “Investment Grade” means a rating of BBB- or better by
Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating
Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity distributions or partner
allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in the Credit Group (other
than entities within the Credit Group). 

  
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 “Note Interest Rate” has the meaning specified in Section 1.2(1). 

“Notes” has the meaning specified in Section 1.1(4). 

“Par Call Date” means January 22, 2033. 

“Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at
the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation (provided such liens are not created or incurred in connection with such transaction and do
not extend to any other Subsidiary), and (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith and (c) other liens of a
similar nature as those described above. 
 “Rating Agency” means: 

 

	 	(1)	 each of Fitch and S&P; and 

 

	 	(2)	 if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Fitch or S&P, or both, as the case may be. 

 “Registrar” means the Security Registrar for the Notes,
which shall initially be The Bank of New York Mellon, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. 

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means April 7 and
October 7 prior to the relevant Interest Payment Date (whether or not a Business Day). 
 “Repurchase Price” has the
meaning specified in Section 6.2(1). 
 “Repurchase Price Payment Date” has the meaning specified in
Section 6.2(3)(iii). 
 “S&P” means S&P Global Ratings a division of S&P Global Inc. and its successors.

 “Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with the
following two paragraphs. 

  
 7 

 The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or
after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that
appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or
publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall
select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date for the notes being redeemed (the “Remaining Life”); or (2) if there is no
such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or
(3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable
Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate
based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity
that is closest to, the Par Call Date of the notes being redeemed, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call
Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more
United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the
Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal
amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 
 The
Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. 

“Trustee” has the meaning specified in the preamble hereto. 

  
 8 

 “Twenty-Fourth Supplemental Indenture” has the meaning specified in the
preamble hereto. 
 ARTICLE III 

Security Forms 
 SECTION
3.1. Form Generally.  
 (1) The Notes shall be in substantially the form set forth in Section 3.2 of this Article III,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Twenty-Fourth Supplemental Indenture, and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as
evidenced by the execution thereof. All Notes shall be in fully registered form. The Trustee may authenticate the Notes by manual, facsimile or electronic signature; provided, however, that any electronic signature is a true
representation of such signatory’s actual signature 
 (2) The Notes shall be printed, lithographed or engraved on steel engraved
borders or may be produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. 

(3) Upon their original issuance, the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form
without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as
custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants and indirect participants, including Clearstream and the Euroclear System.

 SECTION 3.2. Form of Note.  

[FORM OF FACE OF NOTE] 
 [THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: 
 THIS SECURITY
(INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS
SECURITY, BY ITS 

  
 9 

 
ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE
“RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS
FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR BLACKSTONE INC., BLACKSTONE HOLDINGS I
L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED
INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] 

  
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 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO
REGULATION S UNDER THE SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE
DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR BLACKSTONE INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING
OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR

  
 11 

 
OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT
PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

[THE FOLLOWING ADDITIONAL LEGEND SHALL APPEAR ON THE FACE OF EACH TEMPORARY GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES
ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD
APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT GLOBAL SECURITY IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION
S UNDER THE SECURITIES ACT.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.] 

  
 12 

 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO
BE THE DEPOSITARY: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.] 

  
 13 

 BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 

6.200% SENIOR NOTE DUE 2033 
  

			
	No.                 	  	Principal Amount (US)$            
	CUSIP NO.                 	  	
	ISIN.                 	  	

 Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws
of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Twenty-Fourth Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of United States Dollars (U.S.$                ), as increased or decreased by the Schedule of Increases or
Decreases In the Global Note attached hereto, on April 22, 2033 and to pay interest thereon, from November 3, 2022, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the
next Interest Payment Date, which shall be April 22 and October 22 of each year, commencing April 22, 2023, at the per annum rate of 6.200%, or as such rate may be adjusted pursuant to the terms hereof, per annum (the “Note
Interest Rate”), until the principal hereof is paid or made available for payment. 
 The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the Twenty-Fourth Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest,
which shall be April 7 and October 7 prior to the relevant Interest Payment Date (whether or not a Business Day). Except as otherwise provided in the Twenty-Fourth Supplemental Indenture, any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Notes may be listed, all as more fully provided in the Twenty-Fourth Supplemental Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 Payment of principal of, and premium, if any, and interest on this Note and the
Repurchase Price in connection with a Change of Control Repurchase Event will be made at the Corporate Trust Office, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public
and private debts. With respect to Global Securities, the Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the
Company will make such payments by wire transfer of immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has
furnished wire instructions in writing to the Trustee no later than 15 days prior to the relevant payment date. If a Holder of a certificated Note (i) does not furnish such wire instructions as

  
 14 

 
provided in the preceding sentence or (ii) holds U.S. $5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such
Holder’s registered address. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature; provided, however, that any electronic signature is a true representation of such signatory’s actual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 15 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
		
	By:	 	  

		 	  Name:
		 	  Title:

 Attest: 
  

			
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
		
	By:	 	  

		 	  Name:
		 	  Title:

  
 16 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: November 3, 2022 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

		 	  Authorized Signatory

  
 17 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “6.200% Senior Notes due
2033” (herein called the “Notes”), issued under a Twenty-Fourth Supplemental Indenture, dated as of November 3, 2022 (the “Twenty-Fourth Supplemental Indenture”), to an indenture, dated as of
August 20, 2009 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the Twenty-Fourth Supplemental Indenture, collectively, the
“Indenture”), among the Company, the Guarantors and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $900,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of
the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Twenty-Fourth Supplemental Indenture pursuant to which this Note is issued provides
that Additional Notes may be issued thereunder. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. In the event of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 

Optional Redemption. Prior to January 22, 2033, the Company may, at its option, redeem all or a part of the Notes upon not more
than 60 nor less than 15 days prior notice, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) in cash equal to the greater of: 

(i) 100% of the principal amount of any Notes being redeemed, and 

(ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points less
(b) interest accrued to the Redemption Date, 
 plus, in each case, accrued and unpaid interest thereon to, but excluding, the
Redemption Date. 
 On or after January 22, 2033, the Company may, at its option, redeem all or a part of the Notes upon not more than
60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited
to, completion of a securities offering or other corporate transaction. 

  
 18 

 Change of Control Repurchase Event. In the event of a Change of Control Repurchase
Event, unless the Company has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate
principal amount of the Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Twenty-Fourth Supplemental Indenture. 

Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note,
including an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the
Applicable Procedures. 
 Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the Notes
may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and
interest on the Notes shall terminate. 
 No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with
respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or
interest on such Notes in accordance with its terms), unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii) the
Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;
(iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such
proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period
by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of
the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided
in the Indenture and for the equal and ratable benefit of all of such Holders. 
 The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates expressed herein. 

Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any 

  
 19 

 
time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding
Note affected. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the
consent of the Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note
is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the
Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the
Holder thereof or such Holder’s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the
Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the
Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 

Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally
guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base
Indenture. 

  
 20 

 Electronic Signatures. Notwithstanding anything in the Indenture or this Note to the
contrary, the words “execution,” “signed,” “signature,” and words of like import in this Note or in any other certificate, agreement or document related to this Note, including, without limitation, the Indenture, shall
include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 
 Governing Law. THE INDENTURE, THIS
SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 ABBREVIATIONS

 The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in
full according to applicable laws or regulations: 
  

	
	 TEN COM (= tenant in common)

	 TEN ENT (= tenants by the entireties (Cust))

	 JT TEN (= joint tenants with right of survivorship and not as tenants in common)

	 UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

 Additional abbreviations may also be used though not in the above list. 

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * 

The following increases or decreases in the principal amount of this Global Note have been made: 

 

									
	 Date of
Increase or
Decrease
	 	
Amount of
decrease in
Principal Amount
at maturity of
this Global Note
	 	
Amount of
increase in
Principal Amount
at maturity of
this Global Note
	  	
Principal Amount
at maturity of
this Global Note
following such
decrease 
(or
increase)
	  	
Signature of
authorized officer
of Trustee or
Custodian

	     
	 		 		  		  	
	     
	 		 		  		  	
	     
	 		 		  		  	

  

	*	 This schedule should be included only if the Note is issued in global form. 

  
 21 

 ARTICLE IV 

Remedies 
 SECTION 4.1.
Events of Default.  
 “Event of Default” means, wherever used herein with respect to the Notes, any one of
the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1) an Event of Default pursuant to Section 501 of the Base Indenture; or 

(2) the Company’s failure to pay the Repurchase Price when due in connection with a Change of Control Repurchase Event.

 SECTION 4.2. Waiver of Past Defaults. 

Section 512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 512 in the
Base Indenture shall instead be deemed to refer to this Section 4.2. 
 The Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default 

(1) in the payment of the principal of or premium, if any, or interest on any Note or the Repurchase Price in connection with a Change of
Control Repurchase Event; or 
 (2) in respect of a covenant or provision hereof or of the Base Indenture which under Article VII hereof or
under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Twenty-Fourth Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
 22 

 ARTICLE V 

Redemption of Securities 

SECTION 5.1. Optional Redemption. 

Prior to January 22, 2033, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days
prior notice, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) in cash equal to the greater of: 

(i) 100% of the principal amount of any Notes being redeemed, and 

(ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points less
(b) interest accrued to the Redemption Date, 
 plus, in each case, accrued and unpaid interest thereon to, but excluding, the
Redemption Date. 
 On or after January 22, 2033, the Company may, at its option, redeem all or a part of the Notes upon not more than
60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited
to, completion of a securities offering or other corporate transaction. 
 ARTICLE VI 

Particular Covenants 

SECTION 6.1. Liens. 
 The
Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than
Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by
merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or
guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge,
mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities for so long as such other indebtedness is so 

  
 23 

 
secured. This Section 6.1 shall not limit the ability of the Credit Parties or their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting
stock or profit participating equity interests of the Credit Parties and their respective Subsidiaries. 
 SECTION 6.2. Obligation to
Offer to Repurchase Upon a Change of Control Repurchase Event. 
 (1) If a Change of Control Repurchase Event occurs, unless the
Company has exercised its option to redeem the Notes pursuant to Article V, the Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a
repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”). 

(2) In connection with any Change of Control related to a Change of Control Repurchase Event and any particular reduction in the rating on the
Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as
a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly deliver an officers’
certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. 
 (3) Within 30 days following
any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the
Trustee. Such notice shall state: 
 (i) a description of the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event; 
 (ii) that the Change of Control Offer is being made pursuant to this
Section 6.2; 
 (iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be
a Business Day that is no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Repurchase Price Payment Date”); and 

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (4) The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the

  
 24 

 
Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the
Notes by virtue of such conflict. 
 (5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; 
 (ii) deposit with the Paying Agent an amount equal to the Repurchase Price in respect of
all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 
 The
Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of
Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. 

(6) Notwithstanding the foregoing, the Company shall not be required to make an offer to repurchase the Notes upon a Change of Control
Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the Notes
properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 1104 of the Base Indenture; provided that the Company has not failed to pay the Redemption
Price on the Redemption Date. 
 SECTION 6.3. Financial Reports  

Section 704 of the Base Indenture shall apply to the reports, information, and documents delivered under this Section 6.3. 

(1) For so long as the Corporation is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall
provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the Corporation files the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Corporation may
file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not filed any such reports, information,
documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and until it shall have received written notice from the Company to
the contrary. 

  
 25 

 (2) For so long as any of the Notes remain Outstanding, the Company shall, or shall cause
its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless available on the Commission’s
Electronic Data Gathering, Analysis and Retrieval System (or successor system), such information for the Corporation (as if such rule applied to it); provided, however, that if any time the Corporation no longer directly or indirectly
controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the
Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors
upon request. 
 ARTICLE VII 

Supplemental Indentures 

SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes. 

For the purposes of the Base Indenture and this Twenty-Fourth Supplemental Indenture, no amendment to cure any ambiguity, defect or
inconsistency in this Twenty-Fourth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Twenty-Fourth Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the
Company’s offering memorandum dated October 31, 2022, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Twenty-Fourth Supplemental Indenture, the Base
Indenture or the Notes, shall be deemed to adversely affect the interests of the Holders of any Notes. 
 SECTION 7.2. Supplemental
Indentures with Consent of Holders of Notes. 
 Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to
the Notes, any reference to Section 902 in the Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the
consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of
said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Note affected thereby: 

  
 26 

 (1) change the Stated Maturity of the principal of, or any installment of principal of or
interest on, any Note; 
 (2) reduce the principal amount of any Note which would be due and payable at or upon a declaration of
acceleration of the maturity thereof pursuant to Section 502 and 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; 

(4) reduce any premium payable upon the redemption of or change the date on which any Note may or must be redeemed; 

(5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is payable; 

(6) impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date); 
 (7) reduce the percentage in principal amount of the Outstanding Notes the
consent of whose Holders is required for modification or amendment of this Twenty-Fourth Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Base
Indenture or this Twenty-Fourth Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Twenty-Fourth Supplemental Indenture; 

(8) modify any of the provisions of this Section 7.2 or Section 512 or Section 1005 of the Base Indenture, except to increase
any such percentage or to provide that certain other provisions of this Twenty-Fourth Supplemental Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in Section 902 and Section 1005 of the Base Indenture, or the deletion of this
proviso, in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 
 (9) subordinate the Notes or any Guarantee
of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor; 
 (10) modify the terms of any Guarantee in a
manner adverse to the Holders of the Notes; or 
 (11) modify clauses (1) through (10) above. 

It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
 27 

 In addition, the Holders of at least a majority in aggregate principal amount of the
Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 of this Twenty-Fourth Supplemental Indenture and Article VIII of the Base Indenture.

 ARTICLE VIII 
 Defeasance

 SECTION 8.1. Covenant Defeasance. 

Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1303 in
the Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the Company’s exercise of its option, if any, to
have this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective obligations and any covenants provided pursuant to
Article VI of this Twenty-Fourth Supplemental Indenture and Section 301(18), Section 801, Section 901(1) or Section 901(12) and Article XIV of the Base Indenture for the benefit of the Holders of such Notes and (2) the
occurrence of any event specified in Section 501(4) and Section 501(8) of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and the related Guarantees as provided in this
Section 8.1 on and after the date the conditions set forth in Section 1304 of the Base Indenture are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect
to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by
reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of the Base Indenture, this Twenty-Fourth Supplemental Indenture
and such Notes and Guarantees shall be unaffected thereby. 
 ARTICLE IX 

Miscellaneous 
 SECTION
9.1. Execution as Supplemental Indenture. 
 This Twenty-Fourth Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Twenty-Fourth Supplemental Indenture forms a part thereof. 

SECTION 9.2. Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no 

  
 28 

 
representations as to the validity or sufficiency of this Twenty-Fourth Supplemental Indenture or of the Securities or the Guarantees. The Trustee shall not be accountable for the use or
application by the Company of the Notes or the proceeds thereof. 
 SECTION 9.3. Separability Clause. 

In case any provision in this Twenty-Fourth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 9.4. Successors
and Assigns. 
 All covenants and agreements in this Twenty-Fourth Supplemental Indenture by the Company and the Guarantors shall
bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Twenty-Fourth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 9.5. Execution and Counterparts. 

This Twenty-Fourth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. 
 SECTION 9.6. Electronic Signatures.

 Section 303 of the Base Indenture is hereby waived. The words “execution,” “signed,” “signature,” and
words of like import in this Twenty-Fourth Supplemental Indenture or in any other certificate, agreement or document related to this Twenty-Fourth Supplemental Indenture, including, without limitation, any Global Security, shall include images of
manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and
AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other record created,
generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based on the
Uniform Electronic Transactions Act or the Uniform Commercial Code. 
 SECTION 9.7. Governing Law. 

This Twenty-Fourth Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York. 

[Signature page to follow.] 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Twenty-Fourth Supplemental Indenture
to be duly executed all as of the day and year first above written. 
  

					
	Blackstone Holdings Finance Co. L.L.C.
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Holdings I L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Holdings AI L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary

 [Signature Page to Twenty-Fourth Supplemental Indenture] 

 
					
	 Blackstone Holdings II L.P.

		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Holdings III L.P.
		
	By:	 	Blackstone Holdings III GP L.P. , its general partner
		
	By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary

 [Signature Page to Twenty-Fourth Supplemental Indenture] 

 
					
	Blackstone Holdings IV L.P.
		
	By:	 	Blackstone Holdings IV GP L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management (Delaware) L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Inc.
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary

 [Signature Page to Twenty-Fourth Supplemental Indenture] 

 
					
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	 /s/ Stacey B. Poindexter

		 	Name:	 	Stacey B. Poindexter
		 	Title:	 	Vice President

 [Signature Page to Twenty-Fourth Supplemental Indenture]EXHIBIT
10.1

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this
“Agreement”) is made as of this November 3, 2022, by and between RED ROBIN GOURMET BURGERS, INC., a Delaware
corporation (the “Company”), and TODD WILSON (“Executive”).

RECITAL

WHEREAS, the parties desire to enter
into this Agreement setting forth the terms and conditions for the employment relationship between Executive and the Company.

NOW, THEREFORE, in consideration of the
promises and mutual covenants and agreements herein contained and intending to be legally bound hereby, the Company and Executive hereby
agree as follows:

AGREEMENT

1.     
Employment Period. (a) The Company, through its wholly-owned subsidiary, Red Robin International, Inc., a Nevada corporation
(“RRI”), hereby employs Executive, and Executive hereby accepts such employment, upon the terms and conditions hereinafter
set forth. The term of Executive’s employment hereunder shall commence on November 7, 2022 (the “Effective Date”),
and shall continue until otherwise terminated as provided herein (such term being referred to herein as the “Employment Period”).

(b)     
Executive and the Company acknowledge that, except as may otherwise be provided by this Agreement or under any other written agreement
between Executive and the Company, the employment of Executive by the Company and RRI is “at will” and Executive’s employment
may be terminated by either Executive or the Company at any time for any reason, or no reason, as long as consistent with applicable law.
RRI shall be the “employer” for tax, legal reporting, payroll processing and similar purposes.

2.     
Position and Duties.

(a)     
During the Employment Period, Executive shall be employed as and hold the title of Executive Vice President and Chief Financial
Officer of the Company, with such duties, authorities and responsibilities that are customary for public company chief financial officer
positions. Executive shall report to the Company’s Chief Executive Officer and shall interface with the Company’s Board of
Directors and the committees of the Board of Directors and their respective chairpersons from time to time (collectively, the “Board”).
In addition, the Chief Executive Officer may assign Executive such duties and responsibilities that are not substantially inconsistent
with his position as the Chief Financial Officer of the Company. Executive agrees to serve without additional compensation, if elected
or appointed thereto, as a director or officer of any of the Company’s subsidiaries.

(b)     
During the Employment Period, Executive shall devote substantially all of his skill, knowledge, and working time to the business
and affairs of the Company and its subsidiaries; provided that in no event shall this sentence prohibit Executive from performing
personal and charitable activities and any other activities approved in advance by the Board, so

     

     

    

long as such activities do not materially interfere with Executive’s
duties for the Company or otherwise violate the terms and conditions of this Agreement or the Company’s policies in effect from
time to time. Executive shall perform his services at the Company’s headquarters, presently located in Englewood, Colorado, subject
to reasonably required travel in connection with the performance of his services hereunder or as reasonably requested by the Board. Executive
shall use his best efforts to carry out his responsibilities under this Agreement faithfully and efficiently.

3.     
Compensation.

(a)     
Base Salary. During the Employment Period, Executive shall receive from the Company an annual base salary (“Annual
Base Salary”) at the rate of $425,000, with such salary to be adjusted at such times, if any, and in such amounts as recommended
by the Chief Executive Officer and approved by the Compensation Committee of the Board (the “Compensation Committee”).
Executive’s Annual Base Salary shall be subject to annual review by the Chief Executive Officer and the Compensation Committee during
the Employment Period. The Annual Base Salary shall be paid in accordance with the Company’s and RRI’s normal payroll policy.

(b)     
Sign-On Bonus. The Company agrees to pay Executive a one-time cash sign-on bonus of $125,000 (the “Sign-On
Bonus”), subject to all required taxes and withholdings, to be paid on the first payroll period following the Effective Date.
If Executive’s employment with the Company is terminated (i) by the Company with Cause or (ii) as a result of Executive’s
resignation without Good Reason less than twelve (12) full months after the Effective Date, Executive agrees to repay the Company the
full Sign-On Bonus. Executive further agrees that Executive will repay such amount by no later than thirty (30) days following the effective
date of the employment termination, and that any outstanding balance on such repayment obligation is delinquent and immediately collectable
the day following the effective date of termination.

(c)     
Annual Incentive Compensation. In addition to the Annual Base Salary, beginning in fiscal year 2023, Executive is eligible
to receive an annual cash bonus each fiscal year during the Employment Period as determined in accordance with the Company’s annual
incentive plan as in effect from time to time and as approved by the Compensation Committee (the “Annual Bonus”). For
fiscal year 2023, Executive’s target Annual Bonus (the “Target Bonus”) shall be seventy-five percent (75%) of
Executive’s Annual Base Salary. Such Target Bonus will be subject to adjustment by the Compensation Committee in fiscal year 2024
and later. The actual amount of any Annual Bonus shall depend on the level of achievement of the applicable performance criteria established
with respect to the Annual Bonus by the Board and the Compensation Committee in their sole discretion. The Annual Bonus for each fiscal
year shall be payable in accordance with the then-current annual incentive plan, but in no event later than March 15 of the following
fiscal year. For the avoidance of doubt, Executive shall not be eligible to receive any Annual Bonus in respect of fiscal year 2022.

(d)     
Long-Term Incentive Awards.

    	 	2	 

     

    

(i)     
 Sign-On Equity Award. On the seventh day following the Effective Date (or, if not a trading day, on the first trading day
immediately thereafter), Executive will receive a grant (the “Sign-On Equity Award”) of time-vested restricted stock
units (“RSUs”) having a target value of $350,000. The Executive’s Sign-On Equity Award shall be in the form of
an inducement grant (for purposes of the NASDAQ listing rules) and as a result shall not be granted pursuant to the Company’s 2017
Performance Incentive Plan (the “2017 Plan”), but the Sign-On Equity Award shall be subject to all the terms and conditions
of the 2017 Plan as if the award were granted under the 2017 Plan. The RSUs will vest ratably over the first three anniversaries of the
grant date, subject to continued employment through all such vesting dates.

(ii)     
Generally. Beginning in fiscal year 2023, Executive shall have the opportunity to participate in the Company’s long
term incentive plan (“LTIP”). Executive’s annual grant under the LTIP shall be subject to such terms as approved
by the Board or the Compensation Committee from time to time in accordance with the Company’s LTIP, but the LTIP grant for fiscal
year 2023 shall have a target value equal to 120% of the Executive’s Annual Base Salary. Executive’s target value will be
subject to adjustment by the Compensation Committee in fiscal year 2024 and later. Except as expressly provided herein, each such equity
award shall be made in accordance with the Company’s Equity Granting Policy. As an executive officer of the Company, Executive is
subject to the Company’s Ownership Guidelines (as defined in Section 12) as in effect from time to time, within the time period
specified therein, which currently include a requirement for the Chief Financial Officer to own shares of common stock of the Company
with a value equal to at least 3x Executive’s Annual Base Salary.

(e)     
Other Benefits.

(i)     
Welfare and Benefit Plans. During the Employment Period: (A) Executive shall be entitled to participate in all incentive,
savings and retirement plans, practices, policies and programs of the Company and RRI to the same extent as other senior executive employees,
including, among other things, participation in the Company’s Employee Stock Purchase Plan, after one year of continuous employment,
and the Non-Qualified Deferred Compensation Plan; and (B) Executive and/or Executive’s family, as the case may be, shall be eligible
to participate in, and shall receive all benefits under, all welfare benefit plans, practices, policies and programs provided by the Company
and RRI (including, to the extent provided, without limitation, medical, prescription, dental, disability, salary continuance, employee
life insurance, group life insurance, accidental death and travel accident insurance plans and programs) to the same extent as other senior
executive employees.

(ii)     
Expenses. During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable travel
and other expenses incurred by Executive in carrying out Executive’s duties under this Agreement, provided that Executive
complies with the policies, practices and procedures of the Company and RRI for submission of expense reports, receipts or similar documentation
of the incurrence and purpose of such expenses.

(iii)     
Paid Time Off. Executive shall be entitled to holidays and paid time off per calendar year in accordance with the Company’s
holiday and paid time off policies applicable to similarly situated senior executives as in effect from time to time.

    	 	3	 

     

    

(iv)     
 Relocation Benefit. The Company will provide relocation assistance to the Executive (in an amount up to $200,000) for relocation
expenses, including an additional payment (“gross-up”) in respect of any taxable portion of the Executive’s relocation
benefit such that the Executive is placed in the same after-tax position in respect of such relocation assistance as if such benefit were
not taxable, all in accordance with the Company’s relocation policy. If the Executive’s employment terminates due to the Executive’s
resignation, other than for Good Reason, within the first twenty-four (24) months following the Effective Date, the Executive shall be
required to reimburse the Company for the full amount of the relocation benefit provided to the Executive.

(f)     
Reservation of Rights. Except as otherwise specifically agreed as to Executive in a separate agreement between the Company
and Executive, the Company reserves the right to modify, suspend or discontinue any and all of the employee benefit plans, practices,
policies and programs referenced in subsections 3(e)(i), (ii) and (iii) above at any time without recourse by Executive so long as such
action is taken with respect to similarly situated senior executives generally and does not disproportionately adversely affect Executive.

4.     
Termination.

(a)     
Death or Disability. Executive’s employment and all associated rights and benefits shall terminate automatically upon
Executive’s death. If the Company determines in good faith that the Disability of Executive has occurred, it may give to Executive
written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company
shall terminate effective on the thirtieth (30th) day after receipt of such notice by Executive, provided that, within the thirty days
after such receipt, Executive shall not have returned to full-time performance of his duties.

(b)     
Cause. The Company may terminate Executive’s employment at any time for Cause.

(c)     
By the Company without Cause. The Company may terminate Executive’s employment at any time without Cause.

(d)     
By Executive for Good Reason. Executive may terminate his employment at any time for Good Reason subject to the notice and
cure provisions set forth in the definition thereof.

(e)     
By Executive without Good Reason. Executive may terminate his employment at any time without Good Reason, provided that
Executive must provide at least thirty (30) days advance notice to the Company of any such termination.

(f)     
Obligations of the Company Upon Termination.

(i)     
Death or Disability. If Executive’s employment is terminated by reason of Executive’s Death or Disability, this
Agreement shall terminate without further obligations to Executive or his legal representatives under this Agreement, other than for (A)
payment of the sum of (1) Executive’s Annual Base Salary through the date of termination to the extent not theretofore paid and
(2) reimbursement for any unreimbursed business expenses incurred

    	 	4	 

     

    

through the date of termination which shall be paid in a lump sum
in cash within thirty (30) days of the effective date of termination or such earlier date as may be required by law; (B) any payments,
benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation arrangement or benefit,
equity or fringe benefit plan or program or grant or this Agreement, which shall be paid at such times and in such forms as provided for
by such plan, program or grant or such earlier date as may be required by law; (C) any Annual Bonus Earned but unpaid with respect to
the fiscal year ending on or preceding the date of termination, which shall be paid in a lump sum in cash when such Annual Bonus payment
is regularly paid to similarly situated executives (the payments and benefits described in clauses (A), (B), and (C) shall be hereinafter
referred to as the “Accrued Obligations”); and (D) payment of a pro rata share (determined on the basis of the number
of days on which Executive was employed by the Company during the fiscal year in which the date of termination occurred) of the Annual
Bonus that would otherwise have been Earned based on actual performance and been payable pursuant to Section 3(c) hereof had Executive
continued to be employed by the Company for the entirety of the fiscal year in which the date of termination occurred, which shall be
paid in a lump sum in cash when such Annual Bonus payment is regularly paid to similarly situated executives.

(ii)     
Cause or Resignation other than with Good Reason. If Executive’s employment is terminated by the Company for
Cause or Executive resigns from his position as Chief Financial Officer of the Company without Good Reason, this Agreement shall terminate
without further obligations to Executive other than payment of the Accrued Obligations as described in Section 4(f) (provided, that if
Executive’s employment is terminated for Cause, then the amount described in clause (C) of the Accrued Obligations shall not be
payable). If it is subsequently determined that the Company did not have Cause for termination hereof or that Executive had Good Reason
for termination, then the decision to terminate shall be deemed to have been made under Section 4(c) or (d), as applicable, and the amounts
payable under Section 4(f)(iii) shall be the only amounts Executive may receive on account of his termination.

(iii)     
By the Company without Cause or by Executive for Good Reason. If the Company terminates Executive’s employment without
Cause or Executive terminates his employment for Good Reason, this Agreement shall terminate without further obligations to Executive
other than:

(A)     
payment of the Accrued Obligations and a pro rata share of the Annual Bonus for the fiscal year in which the date of termination
occurred, each, as described in Section 4(f)(i);

(B)     
lump-sum payment equivalent to one (1) times the Executive’s Annual Base Salary as in effect immediately prior to the date
of termination, subject to standard withholdings and other authorized deductions; and

(C)     
upon Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”), as amended, the Company shall pay to Executive in a lump sum in cash within thirty (30) days after such
election an amount equal to the product of (x) the portion of premiums of Executive’s group health insurance, including coverage
for

    	 	5	 

     

    

Executive’s eligible dependents, if any, that the Company
paid immediately prior to his date of termination and (y) twelve (12);

provided, however, that as a condition precedent to
receiving the payments and benefits provided for in this Section 4(f)(iii) (other than payment of the Accrued Obligations), Executive
shall first execute and deliver to the Company and RRI a general release agreement that is satisfactory to the Company and RRI (the “Release”),
and all rights of Executive thereunder or under applicable law to rescind or revoke the release shall have expired no later than the date
specified in such release, which shall either be twenty-eight (28) days or fifty-two (52) days, dependent upon the circumstances, after
the date of termination (the “Release Condition”). If Executive fails to satisfy the Release Condition, all payments
and benefits set forth in this Section 4(f)(iii) (other than the payment of the Accrued Obligations) shall be forfeited; provided,
further, notwithstanding any other provision contained in this Agreement, if Executive receives severance payments and benefits
under the Red Robin Gourmet Burgers, Inc. Executive Change in Control Severance Plan (as such plan may be modified, amended and/or restated
from time to time) (the “Executive CIC Severance Plan”), Executive shall have no right to receive the payments and
benefits under this Section 4(f)(iii). For purposes of the Executive CIC Severance Plan, insofar as it is applicable to Executive: (x)
the Release Agreement (as defined in the Executive CIC Severance Plan) shall be replaced with (and all references therein shall be deemed
to refer to) the Release (as defined in this Agreement); and (y) the definitions of Cause and Good Reason (each as defined in the Executive
CIC Severance Plan) shall be replaced with the definition of Cause and Good Reason (each as defined in this Agreement).

(iv)     
Exclusive Remedy. Executive agrees that the payments contemplated by this Section 4(f) shall constitute the exclusive and
sole remedy for any termination of his employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity,
with respect to any termination of employment; provided, however, that nothing contained in this Section 4(f) shall prevent
Executive from otherwise challenging in a subsequent arbitration proceeding a determination by the Company that it was entitled to terminate
Executive’s employment hereunder for Cause.

(v)     
Termination of Payments. Anything in this Agreement to the contrary notwithstanding, the Company may terminate all payments
and benefits owing to Executive pursuant to this Section 4(f) upon the Company’s discovery of any breach or threatened breach by
Executive of his obligations under the general release or Sections 5, 6, 7 and 8 of this Agreement after written notice to Executive,
and, if curable, providing the Executive with thirty (30) days to cure. No payments shall be terminated during this cure period (if applicable).

(vi)     
Resignation as Officer or Director Upon Termination. Upon termination of Executive’s employment with the Company
for any reason whatsoever, Executive shall thereupon be deemed to have immediately resigned from any positions with the Company and all
of its subsidiaries and affiliates, whether as an officer, director, employee, fiduciary or otherwise. In such event, Executive shall,
at the request of the Company, execute any documents reasonably required to evidence such resignations.

(g)     
Survival of Certain Obligations Following Termination. Notwithstanding any other provision contained in this Agreement,
the provisions in Sections 5 through 11 and 14

    	 	6	 

     

    

through 22 of this Agreement shall survive any termination of Executive’s
employment hereunder (but shall be subject to Executive’s right to receive the payments and benefits provided under this Section
4).

5.     
Confidential Information (i). Except in the good-faith performance of his duties hereunder, Executive shall not disclose
to any person or entity or use, any information not in the public domain, in any form, acquired by Executive while he was employed or
associated with the Company or RRI or, if acquired following the termination of such association, such information which, to Executive’s
knowledge, has been acquired, directly or indirectly, from any person or entity owing a duty of confidentiality to the Company or RRI,
relating to the Company or its business. Executive agrees and acknowledges that all of such information, in any form, and copies and extracts
thereof are and shall remain the sole and exclusive property of the Company, and Executive shall on request return to the Company the
originals and all copies of any such information provided to or acquired by Executive in connection with his association with the Company
or RRI, and shall return to the Company all files, correspondence and/or other communications received, maintained and/or originated by
Executive during the course of such association.

6.     
Covenant Not to Compete. Executive agrees that, for the period commencing on the Effective Date and ending twelve (12) months
after the date of termination of Executive’s employment with the Company (the “Restrictive Period”), Executive
shall not directly or indirectly, either for himself or for, with or through any other Person, own, manage, operate, control, be employed
by, participate in, loan money to or be connected in any manner with, or permit his name to be used by, either (i) any business that,
in the reasonable judgment of the Board, competes with the Company and its subsidiaries in the burger-focused restaurant business in (x)
the United States, (y) the Canadian provinces of Alberta and British Columbia, or (z) any other country, province or territory in which
the Company conducts business as of the date Executive’s employment terminates, or (ii) the following casual dining and brew-centric
restaurant concepts (and their successors): Five Guys, Chili’s, Applebee’s, Ruby Tuesday, TGIFridays, Texas Roadhouse, BJ’s,
Yardhouse, Millers Ale House and Brickhouse (“Competitive Activity”). In making its judgment as to whether any business
is engaged in a Competitive Activity, the Board shall act in good faith, and shall first provide Executive with a reasonable opportunity
to present such information as Executive may desire for the Board’s consideration. For purposes of this Agreement, the term “participate”
includes any direct or indirect interest, whether as an officer, director, employee, partner, sole proprietor, trustee, beneficiary, agent,
representative, independent contractor, consultant, advisor, provider of personal services, creditor, owner (other than by ownership of
less than five percent (5%) of the stock of a publicly-held corporation whose stock is traded on a national securities exchange).

7.     
No Interference; Nondisparagement.

(a)     
During the Restrictive Period, Executive shall not, without the prior written approval of the Company, directly or indirectly through
any other Person (i) induce or attempt to induce any employee of the Company or RRI at the level of Assistant Store Manager or higher
in restaurant operations or the level of Director or higher at the Company’s home office to leave the employ of the Company or RRI,
or in any way interfere with the relationship between the Company or RRI and any employee thereof (for the sake of clarity, this clause
(i)

    	 	7	 

     

    

shall not be violated by virtue of general advertisements or solicitations
for positions that are not targeted at employees of the Company or RRI), (ii) hire any Person who was an employee of the Company or RRI
at the level of Assistant Store Manager or higher in restaurant operations or the level of Director or higher at the Company’s home
office within twelve months after such Person’s employment with the Company or RRI was terminated for any reason or (iii) induce
or attempt to induce any supplier or other business relation of the Company or RRI to cease doing business with the Company or RRI, or
in any way interfere with the relationship between any such supplier or business relation and the Company or RRI.

(b)     
Executive agrees not to disparage the Company, any of its products or practices, or any of its directors, officers, stockholders,
or affiliates (each in their capacities as such), either orally or in writing, at any time; provided, however, that Executive
may (A) confer in confidence with his legal representatives, (B) make truthful statements as required by law or when requested by a governmental,
regulatory or similar body or entity and/or (C) make truthful statements in the course of performing his duties to the Company. The Company
shall instruct its current directors, and following the date of termination of Executive’s employment, its current executive officers,
to not disparage Executive, either orally or in writing, at any time; provided, however, that the Company shall not be required
to instruct its directors or executive officers to refrain from (X) conferring in confidence with their respect legal representatives,
(Y) making truthful statements as required by law or when requested by a governmental, regulatory, or similar body or entity and/or (Z)
making truthful statements in the course of performing duties to the Company.

8.     
Return of Documents. In the event of the termination of Executive’s employment for any reason, Executive shall deliver
to the Company all of (a) the property of the Company or any of its subsidiaries, and (b) non-personal documents and data of any nature
and in whatever medium of the Company or any of its subsidiaries, in each case within his possession and control, and he shall not take
with him any such property, documents or data or any reproduction thereof, or any documents containing or pertaining to any Confidential
Information.

9.     
Reasonableness of Restrictions. Executive agrees that the covenants set forth in Sections 5, 6, 7 and 8 are reasonable with
respect to their duration, geographical area, and scope. In the event that any of the provisions of Sections 5, 6, 7 and 8 relating to
the geographic or temporal scope of the covenants contained therein or the nature of the business or activities restricted thereby shall
be declared by a court of competent jurisdiction to exceed the maximum restrictiveness such court deems enforceable, such provision shall
be deemed to be replaced herein by the maximum restriction deemed enforceable by such court.

10.     
Injunctive Relief. The parties hereto agree that either party hereto would suffer irreparable harm from a breach by the
other party of any of the covenants or agreements contained herein, for which there is no adequate remedy at law. Therefore, in the event
of the actual or threatened breach by a party of any of the provisions of this Agreement, the other party, and in the case of the Company,
its respective successors or assigns, may, in addition and supplementary to other rights and remedies existing in their favor, apply to
any court of law or equity of competent jurisdiction for specific performance, injunctive or other relief (without the necessity of posting
bond or security) in order to enforce compliance with, or prevent any violation of, the provisions hereof; and that, in the event of such
a breach or threat thereof by one

    	 	8	 

     

    

party, the other party shall be entitled to obtain a temporary restraining
order and/or a preliminary or permanent injunction restraining the other party from engaging in activities prohibited hereby or such other
relief as may be required to specifically enforce any of the covenants contained herein.

11.     
Extension of Restricted Periods. In addition to the remedies the Company may seek and obtain pursuant to this Agreement,
the restricted periods set forth herein may be extended by any and all periods during which Executive shall be found by a court to have
been in violation of the covenants contained herein.

12.     
Stock Ownership Requirement. While employed by the Company, Executive shall be expected to maintain ownership of common
stock or stock equivalents in such amounts and on such terms and conditions as are set forth in the Company’s Executive Stock Ownership
Guidelines established by the Compensation Committee and in effect from time to time (the “Ownership Guidelines”). Executive
is expected to meet the ownership requirements set forth in the Ownership Guidelines within the time period stated in the Ownership Guidelines.
In the event Executive is unable to meet his ownership requirements within the defined time period, Executive shall retain all net after-tax
profit Shares following option exercise and/or the vesting of restricted stock units and any other awards settled in Shares, until Executive
has satisfied the requirements set forth in this Section 12. No additional liability shall apply to Executive if Executive fails to satisfy
the stock ownership requirements set forth in this Section 12. For the sake of clarity, failure to satisfy the requirements set forth
in this Section 12 (other than any willful breach by Executive of the obligation not to dispose of net after-tax profit Shares as contemplated
above) shall not constitute Cause.

13.     
Definitions. As used herein, unless the context otherwise requires, the following terms have the following respective meanings:

“Cause” means with respect
to the termination by the Company of Executive as an employee of the Company:

(i)     
Executive’s continual and deliberate gross neglect in the performance of his material duties;

(ii)     
Executive’s failure to devote substantially all of his working time to the business of the Company and its subsidiaries (other
than as expressly permitted in this Agreement or by applicable state or federal law);

(iii)     
Executive’s failure to follow the lawful directives of the Board or the Chief Executive Officer relating to his duties and
responsibilities hereunder in any material respect;

(iv)     
Executive’s engaging in misconduct in connection with the performance of any of his duties, including, without limitation,
falsifying or attempting to falsify documents, books or records of the Company or its subsidiaries, misappropriating or attempting to
misappropriate funds or other property, or securing or attempting to secure any personal profit in connection with any transaction entered
into on behalf of the Company or its subsidiaries;

    	 	9	 

     

    

(v)     
 the violation by Executive, in any material respect, of any policy or of any code or standard of behavior or conduct generally
applicable to employees of the Company or its subsidiaries;

(vi)     
Executive’s breach of the material provisions of this Agreement or any other non-competition, non-interference, non-disclosure,
confidentiality or other similar agreement executed by Executive with the Company or any of its subsidiaries or other act of disloyalty
to the Company or any of its subsidiaries (including, without limitation, aiding a competitor or unauthorized disclosure of confidential
information); or

(vii)     
Executive’s engaging in conduct that is reasonably likely to result in material injury to the reputation of the Company or
any of its subsidiaries, including, without limitation, commission of a felony, fraud, embezzlement, or other crime involving moral turpitude;

provided, that a termination for Cause by the Company of
any of the events described in clauses (i), (ii), (iv) and (v) above shall only be effective on ten (10) days advance written notification,
providing Executive the opportunity to cure, if reasonably capable of cure within said ten (10) day period; provided, however,
that no such notification is required if the Cause event is not reasonably capable of cure or the Board determines that its fiduciary
obligation legally requires it to effect a termination of Executive for Cause immediately. Notwithstanding the preceding sentence, the
Board may suspend with compensation Executive while it conducts a good faith inquiry of whether grounds for Cause exist.

“Disability” means a physical
or mental impairment which substantially limits a major life activity of Executive and which renders Executive unable to perform the essential
functions of his position, even with reasonable accommodation which does not impose an undue hardship on the Company. The Company reserves
the right, in good faith, to make the determination of disability under this Agreement based upon information supplied by Executive and/or
his medical personnel, as well as information from medical personnel (or others) selected by the Company or its insurers. Nothing in this
definition is meant to waive Executive’s rights under the Health Insurance Portability and Accountability Act of 1996 or the Americans
with Disabilities Act, as amended.

“Earned” has the definition
of that term as it is used in the Colorado Wage and Hour Act, Colo. Rev. Stat. § 8-4-101, et seq., at the time of the Effective Date.

“Good Reason” shall mean
the occurrence, without Executive’s express written consent, of: (i) a material reduction in Executive’s compensation other
than as permitted pursuant to Section 3 hereof; (ii) a relocation of the Company’s headquarters to a location more than twenty (20)
miles from the location of the Company’s headquarters prior to such relocation; (iii) any willful breach by the Company of any material
provision of this Agreement; or (iv) a significant reduction in the then-effective responsibilities of the Chief Financial Officer of
the Company; provided that Executive gives written notice to the Company of the existence of such a condition within ninety (90)
days of the initial existence of the condition, the Company has at least thirty (30) days from the date when such notice is provided to
cure the condition without being required to make payments due to termination by the Company for Good Reason (the “Cure

    	 	10	 

     

    

Period”), and Executive actually terminates his employment
for Good Reason within thirty (30) days after the expiration of the Cure Period.

“Person” means any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended).

14.     
Arbitration. Except as otherwise provided herein, any controversy arising out of or relating to this Agreement, its enforcement
or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or any other
controversy arising out of Executive’s employment, including, but not limited to, any state or federal statutory or common law claims,
shall be submitted to arbitration in Denver, Colorado, before a sole arbitrator (the “Arbitrator”) selected from Judicial
Arbiter Group, Inc., Denver, Colorado, or its successor (“JAG”), or if JAG is no longer able to supply the arbitrator,
such arbitrator shall be selected from the Judicial Arbitration and Mediation Services, Inc. (“JAMS”), or other mutually
agreed upon arbitration provider, as the exclusive forum for the resolution of such dispute. Provisional injunctive relief may, but need
not, be sought by either party to this Agreement in a court of law while arbitration proceedings are pending, and any provisional injunctive
relief granted by such court shall remain effective until the matter is finally determined by the Arbitrator. Final resolution of any
dispute through arbitration may include any remedy or relief which the Arbitrator deems just and equitable, including any and all remedies
provided by applicable state or federal statutes. At the conclusion of the arbitration, the Arbitrator shall issue a written decision
that sets forth the essential findings and conclusions upon which the Arbitrator’s award or decision is based. Any award or relief
granted by the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction.
The parties acknowledge and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought
by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement
or Executive’s employment, and under no circumstances shall class claims be processed or participated in by Executive. The parties
agree that Company shall be responsible for payment of the forum costs of any arbitration hereunder, including the Arbitrator’s
fee. Executive and the Company further agree that in any proceeding to enforce the terms of this Agreement, the prevailing party shall
be entitled to its or his reasonable attorneys’ fees and costs incurred by it or his in connection with resolution of the dispute
in addition to any other relief granted.

15.     
Governing Law. This Agreement and the legal relations hereby created between the parties hereto shall be governed by and
construed under and in accordance with the internal laws of the State of Colorado, without regard to conflicts of laws principles thereof.
Executive shall submit to the venue and personal jurisdiction of the Colorado state and federal courts concerning any dispute for which
judicial redress is permitted pursuant to this Agreement; however the Company is not limited in seeking relief in those courts.

16.     
Taxes.

(a)     
Executive shall be solely liable for Executive’s tax consequences of compensation and benefits payable under this Agreement,
including any consequences of the application of Section 409A of the Code.

    	 	11	 

     

    

(b)     
 In order to comply with all applicable federal or state income tax laws or regulations, the Company may withhold from any payments
made under this Agreement all applicable federal, state, city or other applicable taxes.

17.     
Section 409A Savings Clause.

(a)     
It is the intention of the parties that compensation or benefits payable under this Agreement not be subject to the additional
tax imposed pursuant to Section 409A of the Code, and this Agreement shall be interpreted accordingly. To the extent such potential payments
or benefits could become subject to additional tax under such Section, the parties shall cooperate to amend this Agreement with the goal
of giving Executive the economic benefits described herein in a manner that does not result in such tax being imposed. The foregoing notwithstanding,
the Company shall in no event whatsoever be liable for any additional tax, interest or penalty incurred by Executive as a result of the
failure of any payment or benefit to satisfy the requirements of Section 409A of the Code.

(b)     
The Executive’s right to a series of installment payments under this Agreement shall be treated as a right to a series of
separate payments within the meaning of Treas. Reg. §1.409A-2(b)(2)(iii). In addition, payments or benefits pursuant to Section 4(f)
shall be exempt from the requirements of Section 409A of the Code to the maximum extent possible as “short-term deferrals”
pursuant to Treasury Regulation Section 1.409A-1(b)(4), as involuntary separation pay pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii),
and/or under any other exemption that may be applicable, and this Agreement shall be construed accordingly.

(c)     
Notwithstanding any provision to the contrary in this Agreement, (i) no amount of non-qualified deferred compensation subject to
Section 409A of the Code that is payable in connection with the termination of his employment shall be paid to Executive unless the termination
of Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department
of Treasury Regulations; (ii) if Executive is deemed at the time of his separation from service to be a “specified employee”
for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent that delayed commencement of any portion of the termination benefits
to which Executive is entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits
under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of
Executive’s termination benefits shall not be provided to Executive prior to the earlier of (A) the expiration of the six-month
period measured from the date of Executive’s “separation from service” with the Company (as such term is defined in
the Department of Treasury Regulations issued under Section 409A) and (B) the date of Executive’s death; provided, that upon
the earlier of such dates, all payments deferred pursuant to the foregoing shall be paid to Executive in a lump sum, and any remaining
payments due under this Agreement shall be paid as otherwise provided herein; (iii) the determination of whether Executive is a “specified
employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the
Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including, without limitation, Section
1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto).

    	 	12	 

     

    

(d)     
 To the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section
409A of the Code, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the
expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent
year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.

18.     
Entire Agreement. This Agreement constitutes and contains the entire agreement and final understanding concerning Executive’s
employment with the Company and the other subject matters addressed herein between the parties. It is intended by the parties as a complete
and exclusive statement of the terms of their agreement. It supersedes and replaces all prior negotiations and all agreements proposed
or otherwise, whether written or oral, concerning the subject matter hereof. Any representation, promise or agreement not specifically
included in this Agreement shall not be binding upon or enforceable against either party. This is a fully integrated agreement.

19.     
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the
Board (or a person expressly authorized thereby) and Executive, and no course of conduct or failure or delay in enforcing the provisions
of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.

20.     
Clawback. Executive acknowledges that any incentive compensation contemplated under this Agreement shall be subject to the
Company’s clawback policies, including, without limitation, any policy adopted to the extent required by applicable law or written
Company policy adopted to implement the requirements of such law (including, without limitation, Section 304 of the Sarbanes-Oxley Act
and Section 954 of the Dodd Frank Act).

21.     
Permitted Actions. Nothing in this Agreement shall prohibit Executive from reporting possible violations of federal or state
law or regulation to or otherwise cooperating with or providing information requested by any governmental agency or entity, including,
but not limited to, the Department of Justice, the Securities and Exchange Commission, the U.S. Equal Employment Opportunity Commission,
the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal
or state law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures and
Executive is not required to notify the Company that Executive has made such reports or disclosures. Notwithstanding anything to the contrary
contained herein, Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure
of Confidential Information that is made (i) in confidence to a federal, state, or local government official, either directly or indirectly,
or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or is made in a complaint
or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by the Company
for reporting a suspected violation of law, Executive may disclose the Company’s Confidential Information to Executive’s attorney
and use the Confidential Information in the court proceeding if Executive (A) files any document containing the trade secret under seal;
and (B) does not disclose the Confidential Information, except pursuant to court order.

    	 	13	 

     

    

22.     
 Miscellaneous.

(a)     
Binding Effect. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company
and their respective heirs, successors and assigns, except that Executive may not assign his rights or delegate his obligations hereunder
without the prior written consent of the Company.

(b)     
Notices. All notices required to be given hereunder shall be in writing and shall be deemed to have been given if (i) delivered
personally or by documented courier or delivery service, (ii) transmitted by facsimile during normal business hours or (iii) mailed by
registered or certified mail (return receipt requested and postage prepaid) to the following listed persons at the addresses and facsimile
numbers specified below, or to such other persons, addresses or facsimile numbers as a party entitled to notice shall give, in the manner
hereinabove described, to the others entitled to notice:

If to the Company, to:

Red Robin Gourmet Burgers, Inc.

10000 E. Geddes Avenue, Suite 500

Englewood, CO 80112

Attention: Chief Legal Officer

Facsimile No.: 303-846-6048

If to Executive, to:

Executive’s last known address as reflected
in the Company’s records, or to such other address as Executive shall designate by written notice to the Company.

If given personally or by documented courier
or delivery service, or transmitted by facsimile, a notice shall be deemed to have been given when it is received. If given by mail, it
shall be deemed to have been given on the third business day following the day on which it was posted.

(c)     
Headings. The section and other headings contained in this Agreement are for the convenience of the parties only and are
not intended to be a part hereof or to affect the meaning or interpretation hereof.

(d)     
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

(e)     
Construction. Each party has cooperated in the drafting and preparation of this Agreement. Hence, in any construction to
be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter.

(f)     
Savings Clause. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not
affect other provisions or applications of the Agreement which can be given effect without the invalid provisions or applications and
to this

    	 	14	 

     

    

end the provisions of this Agreement are declared to be severable.
Subject to the foregoing, upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent reasonably
practicable.

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    	 	15	 

     

    

IN WITNESS WHEREOF,
the Parties have executed and delivered this Agreement as of the date written below.

 

	EXECUTIVE	 	 	 	 
	 	 	 	 	 	 
	Date:	11/3/2022	 	 	/s/ Todd Wilson	 
	 	 	 	 	TODD WILSON	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 
	COMPANY	 	 	 	 
	 	 	 	 	 	 
	 	 	 	RED ROBIN GOURMET BURGERS, INC.	 
	 	 	 	 	 	 
	Date:	11/3/2022	 	By:	/s/ Wayne Davis	 
	 	 	 	 	Name: Wayne Davis	 
	 	 	 	 	Title: SVP, Chief Human Resources Officer	 

 

 

 

 

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