Document:

EX-10.6

 Exhibit 10.6 
  

 
 FORM OF TRANSITION SERVICES
AGREEMENT 
 BETWEEN 

BLACKSTONE HOLDINGS I L.P. 
 AND

 PJT PARTNERS HOLDINGS LP 

DATED AS OF             , 2015 

 
  

 TRANSITION SERVICES AGREEMENT 

THIS TRANSITION SERVICES AGREEMENT (this “Agreement”) is made and entered into as of
            , 2015, by and among Blackstone Holdings I L.P., a Delaware limited partnership (the “Service Provider” or “Blackstone Holdings”), and PJT
Partners Holdings LP, a Delaware limited partnership (the “Service Recipient” or “Carbon LP”). Each of the Service Provider and the Service Recipient is sometimes referred to herein as a “Party” and
collectively, as the “Parties”. All capitalized terms used in this Agreement but not defined herein shall have the respective meanings set forth in the Separation Agreement (as defined below) or the Transaction Agreement (as defined
below), as applicable. 
 RECITALS 

A. The board of directors of Blackstone Group Management L.L.C., as general partner of The Blackstone Group L.P., a Delaware limited
partnership (“BX” and together with Blackstone Holdings, collectively, the “Blackstone Parties”), has determined that it is appropriate, desirable and in the best interests of BX and the holders of the issued and
outstanding common units representing limited partner interests of BX to separate the Carbon Business from Blackstone and to divest the Carbon Business in the manner contemplated by the Separation and Distribution Agreement (as such may be amended
from time to time, the “Separation Agreement”), dated as of             , 2015, by and among BX, Blackstone Holdings, New Advisory GP L.L.C., a Delaware limited liability
company and wholly-owned subsidiary of Blackstone Holdings (“Original Carbon GP”), PJT Partners Inc., a Delaware corporation (“Carbon HoldCo”), and Carbon LP, and the Transaction Agreement, dated as of
October 9, 2014 (as such may be amended from time to time, the “Transaction Agreement”), by and among the Blackstone Parties, Original Carbon GP, Carbon, PJT Capital LP, a Delaware limited partnership (“PJTC”),
PJT Management, LLC, a Delaware limited liability company and the general partner of PJTC, Mr. Paul J. Taubman and the other parties thereto. 

B. In order to provide for an orderly transition under the Separation Agreement, the Service Provider desires to provide to the Service
Recipient certain services for specified periods following the Closing Date, in accordance with and subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and agreements contained in this Agreement, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, upon the terms and subject to the conditions set forth in this Agreement, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 AGREEMENT TO
PROVIDE TRANSITION SERVICES 
 Section 1.01 Agreement. 

(a) The Service Provider hereby agrees to provide, or cause one or more members of its Group or its Affiliates or, with the prior consent of
Carbon LP (not to be unreasonably withheld, conditioned or delayed), a contractor, subcontractor, vendor or other 

 
third party provider (each, a “Third Party Provider”) to provide, upon the terms and subject to the conditions set forth herein, the Transition Services (as defined below) to the
Service Recipient, and the Service Recipient hereby agrees to pay to the Service Provider the Service Fees (as defined below) and any other fees or costs payable pursuant Sections 2.01, 2.05 or 3.01; provided,
however, that (i) any Service Fees payable hereunder shall not, subject to the requirements of Section 2.01(a), be increased as a result of any such outsourcing and (ii) the Service Provider shall remain primarily
responsible for the performance of the Transition Services by any such Third Party Provider in a manner consistent with the requirements of Section 1.01(b) hereof. Irrespective of whether the Service Provider, an Affiliate or a Third Party
Provider is providing a Transition Service, the Service Recipient may direct that any such Transition Service be provided directly to the Service Recipient or any other member of the Carbon Group. 

(b) The Service Provider shall (and shall cause the respective members of its Group, Affiliates or Third Party Providers to) provide the
Transition Services at consistent levels and with a consistent degree of care, diligence, priority, frequency and, as necessary, volume as such Transition Services were provided in the three (3) months prior to the date of the Transaction
Agreement; provided, however, that the Service Provider shall in no event be obligated to provide services that are more extensive in type or scope than similar or comparable services provided by BX to the Carbon Business as of the
date of the Transaction Agreement. 
 (c) The Parties declare and agree that each Party is engaged in a business that is independent from
that of the other Party and the Service Provider shall perform its obligations as an independent contractor. It is expressly understood and agreed that nothing contained in this Agreement is intended to create an agency relationship, affiliate
relationship or a partnership or joint venture. Neither Party is an agent or employee of the other. Neither Party has authority to represent or bind the other Party as to any matters. 

Section 1.02 Transition Services. 

(a) As used in this Agreement, the term “Transition Services” means the services set forth in Schedule B attached
hereto (the “Scheduled Services”) and any Additional Services (as defined below) or Alternative Arrangements (as defined below). 

(b) During the Term (as defined below), the Service Recipient may request, by providing the Service Provider with reasonable prior written
notice, the provision of additional services, including the expansion of the scope of any existing Transition Services, that (i) are reasonably necessary for the operation of the Carbon Business and the Partnership Business as conducted in the
last twelve (12) months prior to the Closing Date and (ii) cannot reasonably be provided by a member of the Carbon Group (the “Additional Services”). If the Parties mutually agree that such Additional Services shall be
provided, taking into account the availability of such services from a third party on reasonable terms, the Parties hereto shall mutually agree, acting reasonably and in good faith, on the terms upon which the Service Provider would provide such
Additional Services; provided that, the Service Fees (as defined below) of such Additional Services shall be based on market rates that are reasonably agreed to by the Parties to the extent not set forth in Schedule B. In the event
that any such Additional Services are mutually agreed among the Parties, the Parties will enter into an amendment to this Agreement amending Schedule B to reflect such Additional Services. 

  
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 Section 1.03 Cooperation; Access; Computer Security. The respective obligations of
the Service Provider to provide the Transition Services are conditioned upon being provided with reasonable access at all applicable times, and all necessary rights to utilize, the Service Recipient’s IT Assets, Information facilities,
personnel and assets to the extent reasonably requested by the Service Provider in connection with the performance of its obligations hereunder. Each Party shall, and shall cause the respective members of its Group, its Affiliates, any Third Party
Providers, if applicable, and its and their agents and representatives to, cooperate with each other and will cause their respective employees, agents and representatives to facilitate the provision of Transition Services. Without limiting the
generality of the foregoing, the Service Recipient shall (i) make available (or cause to be provided) to the Service Provider reasonable access to IT Assets, facilities, personnel and assets to the extent required to perform the Transition
Services, (ii) notify the Service Provider of any changes to operating environments or key personnel to the extent related to the provision of the Transition Services and (iii) provide timely decisions, approvals and acceptances required
by the Service Provider to perform its obligations hereunder in a timely and efficient manner. While using or accessing any IT Assets of the other Party, each Party shall and shall cause the respective members of its Group, its Affiliates, any Third
Party Providers, if applicable, and its and their agents and Representatives to (i) adhere in all respects to the other Party’s controlled processes, policies and procedures (including any of the foregoing with respect to computer and
network security), as may be communicated to such Party from time to time in writing, (ii) limit its use of or access to the other Party’s IT Assets solely for purposes of providing or receiving the Transition Services; and
(iii) cooperate with the other Party, at the other Party’s request and expense, in the investigation of any apparent unauthorized access to such other Party’s IT Assets. 

Section 1.04 Transition Period. 

(a) The term of this Agreement (the “Term”) shall commence as of the Closing Date and shall continue until the date that is
twenty four (24) months from the Closing Date (the “Expiration Date”), subject to earlier termination pursuant to Section 7.01 or Section 7.02. 

(b) The Service Provider shall provide or cause to be provided the Transition Services during the period commencing on the Closing Date,
unless a later date is otherwise agreed by the Parties pursuant to Section 1.02(b) for the provision of any Additional Services, and ending on the Expiration Date, unless an earlier date is otherwise specified for a Transition Service in
Schedule B (for each Transition Service, such period being herein referred to as the “Transition Period”). 
 (c)
Each Transition Service provided hereunder shall be terminated at the end of its applicable Transition Period, unless otherwise terminated earlier pursuant to Section 7.01 or Section 7.02. The Service Provider shall be under
no obligation to provide a Transition Service to the Service Recipient after the Transition Period applicable to such Transition Service. 

  
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 Section 1.05 Limitations on Transition Services. 

(a) Notwithstanding anything to the contrary contained herein or in Schedule B, the Service Provider shall have no obligation under
this Agreement to: (i) operate the Service Recipient or any members of its Group or any portion thereof; (ii) advance funds; (iii) provide any Transition Service to the extent that the provision of such Transition Service would
require the Service Provider to violate any applicable Law, client confidentiality, contractual obligations or fiduciary responsibilities; (iv) implement IT Assets, processes, plans or initiatives developed, acquired or utilized by the Service
Recipient after the Closing Date except as otherwise agreed; (v) perform or cause to be performed any of the Transition Services for the benefit of any third party; or (vi) purchase, lease or license any IT Assets or equipment, expand its
facilities, incur long-term capital expenses, maintain the employment of any specific employee or employ additional personnel in order to provide the Transition Services. 

(b) To the extent that the provision of any Transition Services to the Service Recipient under this Agreement requires any new or additional
third-party consents, licenses, rights, approvals or permissions by or on behalf of the Service Provider (the “Third Party Consents”) for the Service Recipient to receive and enjoy the full benefit of the Transition Services, and to
use any deliverables provided in connection therewith, the obligation to provide such Transition Services is contingent upon receipt by the Service Provider of such Third Party Consents, it being acknowledged and understood that those third parties
are not bound to this Agreement. The Service Provider shall use commercially reasonable efforts to obtain such Third Party Consents and shall keep the Service Recipient reasonably informed of the process to obtain such Third Party Consent;
provided, however, that nothing contained herein shall require the Service Provider, or any member of its Group, to pay any fees or other payments to obtain such Third Party Consents other than those expressly set forth in Schedule
B. Service Recipient shall reasonably assist the Service Provider in such efforts to obtain such Third Party Consents. If (i) the Service Provider fails to obtain the requisite Third Party Consent for any Transition Service or (ii) the
provision of any Transition Service would violate any client confidentiality or fiduciary responsibilities, in each case, the Service Provider shall use commercially reasonably efforts to devise a reasonable alternative to such Transition Service
which does not require such Third Party Consent or violate such client confidentiality or fiduciary responsibilities, as applicable (an “Alternative Arrangement”). All reasonable fees or costs associated with such Alternative
Arrangements (“Alternative Arrangement Costs”) shall be shared equally by the Service Provider, on the one hand, and the Service Recipient, on the other. Nothing contained herein shall require the Service Provider to provide a
Transition Service for which a Third Party Consent is required but has not been obtained. 
 (c) All employees and representatives of the
Service Provider, members of its Group and its Affiliates shall be deemed for all purposes to be employees or representatives of the Service Provider, members of its Group or such Affiliates, as applicable. In performing the Transition Services,
such employees and representatives shall be under the direction, control and supervision of the Service Provider, members of its Group or the applicable Affiliate thereof, and the Service Provider, members of its Group and its Affiliates shall have
the sole right to exercise all authority with respect to the employment (including termination of employment), assignment and compensation of such employees and representatives. 

(d) The Transition Services shall be available only for purposes of operating such business lines of the Carbon Business and the Partnership
Business as existed as of the date of the Transaction Agreement and in such geographies as the Carbon Business and Partnership Business operated as of the date of the Transaction Agreement. 

  
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 Section 1.06 Divestiture, Sale or Transfer of Assets. Nothing in this Agreement shall
be deemed to limit the Service Provider’s ability to divest, sell or otherwise transfer any of its assets necessary to provide the Transition Services; provided that the Service Provider’s obligations to provide or cause to be
provided the Transition Services in accordance with this Agreement for the duration of the applicable Transition Period shall not be abrogated or affected thereby. 

ARTICLE II 
 PAYMENT FOR
TRANSITION SERVICES 
 Section 2.01 Service Fees; Costs and Expenses. 

(a) In consideration for any of the Transition Services, the Service Recipient shall pay the Service Provider (or any designee of the Service
Provider) fees (the “Service Fees”) for each Transition Service in an amount equal to the amount set forth in Schedule B in respect of a particular Transition Service. Except as otherwise noted therein, quarterly fees set
forth in Schedule B for Transition Services rendered for a period that is less than one whole calendar quarter shall be determined by multiplying the quarterly rate for the relevant Transition Service set forth in Schedule B by the
ratio of the number of days in the calendar quarter such Transition Service was provided over 90. 
 (b) The Service Recipient shall pay the
Service Provider one half of any Alternative Arrangement Costs in addition to the Service Fees with respect to the applicable Scheduled Service. 

(c) Any fees, license costs or other costs incurred by the Service Provider in connection with the performance of its obligations under this
Agreement, including any fees or other costs to obtain any Third Party Consents pursuant to Section 1.05(b) but excluding any Alternative Arrangement Costs which are subject to Section 2.01(b), shall be paid (or reimbursed)
by the Service Recipient in addition to the Service Fees. 
 (d) Any costs and expenses incurred in connection with retaining Third Party
Providers may be billed directly to the Service Recipient; provided, that to the extent the Service Provider is required to make payments on behalf of the Service Recipient to Third Party Providers in connection with the provision of
Transition Services, the Service Recipient shall promptly reimburse the Service Provider for the actual cost of such payments in addition to all applicable Service Fees. 

Section 2.02 Invoicing Fees. Promptly after the end of each calendar quarter during the applicable Transition Period, the Service
Provider will submit a statement of account to the Service Recipient with respect to the Service Fees for all of the Transition Services performed during such calendar quarter and other fees or costs payable pursuant to Sections 2.01,
2.05 or 3.01 (the “Invoiced Amount”). Unless otherwise specified in Schedule B, all invoices shall be 

  
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paid by the Service Recipient to the Service Provider by wire transfer of immediately available funds not later than thirty (30) calendar days after receipt of such invoice in accordance
with the wiring instructions provided therein. To the extent necessary, local currency conversion on any such invoice shall be based on the Service Provider’s then applicable internal exchange rate for the then-current month. To the extent that
the Service Recipient and the Service Provider mutually determine that any amounts which have been invoiced hereunder are inaccurate, the Service Provider and the Service Recipient shall effect a “true-up” to reimburse the Service
Recipient or the Service Provider, as applicable, promptly after such mutual determination (but in no event later than ten (10) business days following such mutual determination). To the extent that one Party makes such determination and the
other Party disagrees with such determination or the amount of the disputed inaccuracy, the Parties shall comply with the dispute resolution procedures set forth in Section 8.11(a) below. If the Parties are unable to resolve such dispute
after first complying with Section 8.11(a), the Service Recipient and the Service Provider shall submit any such disagreement to a nationally recognized independent certified public accountant, mutually selected by the Parties, under
appropriate confidentiality provisions that are no less strict than as provided in Section 8.5 of the Separation Agreement (the “Accountant”). The determination of the Accountant with respect to any such dispute shall be
completed within fifteen (15) days after the appointment of the Accountant (or as soon thereafter as the Accountant is able to render its determination), shall be determined in accordance with this Agreement and shall be final and binding upon
the Service Recipient and the Service Provider (and, for the avoidance of doubt, neither Party shall have recourse to Section 8.11(b)). Any “true-up” payment shall be made to the other Party in accordance with the
Accountant’s determination no later than five (5) business days following such determination. The Accountant shall adopt the position of either the Service Recipient or the Service Provider with respect to the disputed item. The Service
Provider and the Service Recipient shall bear the fees and expenses of the Accountant equally. 
 Section 2.03 No Right of
Setoff. The Service Recipient will have no right to set off, discount or otherwise reduce or refuse to pay any Service Fees due to the Service Provider, whether because of: alleged payments, damages or liabilities owed by the Service Provider to
Service Recipient; alleged or actual claims against the Service Provider; or any other financial obligation of the Service Provider to the Service Recipient, in each case, whether under the Separation Agreement, this Agreement, the Transaction
Agreement or otherwise. 
 Section 2.04 Payment Only for Services Received. The Service Recipient shall compensate the Service
Provider only for Transition Services actually received. The Service Recipient shall not make, or shall receive an appropriate credit with respect to, payment for Transition Services that are not provided to the Service Recipient for any reason.

 Section 2.05 Migration and Integration; Disconnection and Disintegration. Notwithstanding anything to the contrary contained
herein, in the Transaction Agreement or the Separation Agreement, (i) the Service Recipient shall bear all costs or expenses associated with integrating the Transition Services with the IT Assets, Information, facilities, personnel and assets
of the Service Recipient and (ii) the Service Provider shall bear all costs or expenses associated with preparing the IT Assets, Information, facilities, personnel and assets of the Service Provider necessary to provide the Transition Services
at a level sufficient to operate the Carbon Business as conducted prior to the Closing Date, including any disconnection and 

  
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separation of the Transition Services from any IT Assets, Information, facilities, personnel and assets of the Service Provider resulting from such preparation. Each Party shall reimburse the
other Party for any costs or expenses incurred by such other Party which are to be borne by such Party pursuant to this Section 2.05. 

Section 2.06 Default Rate. Any amounts not paid when due will accrue interest at a rate of LIBOR plus 500 basis points calculated
on the basis of a year of three-hundred sixty (360) days (the “Applicable Rate”), calculated for each day from the due date until the date of the actual receipt of payment. 

Section 2.07 Sales Taxes. All amounts payable under this Agreement are exclusive of any goods, sales, services, use, turnover,
value added or other tax of a similar nature (“Sales Tax”). If Sales Tax is chargeable in respect of any Transition Service provided in accordance with this Agreement for which the Service Provider is required to account to the relevant
tax authority, the Service Recipient shall pay to the Service Provider (in addition to and at the same time as paying any other consideration for such Transition Service) an amount equal to the amount of such Sales Tax. 

Section 2.08 Record Keeping and Audits. The Service Provider shall maintain true and correct records of all receipts, invoices,
reports and other documents relating to the Transition Services rendered hereunder in accordance with its standard accounting practices and procedures, consistently applied. The Service Provider shall retain such accounting records and make them
available to Service Recipient’s auditors, for a period of not less than six (6) years from the close of each fiscal year of the Service Recipient during which Transition Services were provided; provided, however, that the
Service Provider may, at its option, provide one copy of such accounting records to the Service Recipient, and thereby terminate the above retention requirements. The Service Recipient may, at its sole cost and expense, have the applicable records
of the Service Provider audited to verify the accuracy, completeness and appropriateness of the charges for the Transition Services hereunder; provided, however, that (x) Service Provider shall not be required to provide
information to Service Recipient or its Representatives that would reasonably be expected to (i) result in the waiver or limitation of any attorney-client or other legal privilege available to Service Provider or its Affiliates,
(ii) result in a breach of any confidentiality obligation of Service Provider or its Affiliates to a third party or (iii) violate any applicable Law. Any such audit shall be conducted no more than twice and shall be conducted during the
Term or within 90 calendar days following the conclusion thereof upon at least thirty (30) days’ advance notice during normal business hours and in a manner that does not interfere unreasonably with the Service Provider’s business.
Any underpayment or overbilling determined by such audit shall be addressed in accordance with Section 2.02. 
 ARTICLE III

 ADDITIONAL ARRANGEMENTS 

Section 3.01 Access to Service Providers. The Service Provider hereby covenants and agrees that the Service Recipient’s
employees and agents will be given access during regular business hours to individuals responsible for the Transition Services and shall provide such Persons with all information, materials, data and records as they may reasonably request and that
are necessary for the purposes of allowing such Persons to exercise general oversight and to 

  
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monitor the performance of the Transition Services. The Service Recipient shall bear all of the out-of-pocket costs and expenses (including attorneys’ fees, but excluding reimbursement for
general overhead, salaries and employee benefits) reasonably incurred by the Service Provider in connection with the foregoing. 

Section 3.02 Disaster Recovery Procedures. The Service Provider shall use commercially reasonable efforts to ensure that all IT
Assets owned and controlled by Service Provider and related to the provision of Transition Services have disaster recovery procedures consistent with, but in no event more extensive than, those in place in the last twelve (12) months prior to
the date of the Transaction Agreement. 
 ARTICLE IV 

DISCLAIMER; FORCE MAJEURE; LIMITATION OF LIABILITY; 

INDEMNIFICATION 

Section 4.01 Warranty Disclaimer. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THE SERVICE PROVIDER AND THE SERVICE RECIPIENT
HEREBY EXPRESSLY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, WITH RESPECT TO THE TRANSITION SERVICES. UNLESS OTHERWISE
EXPRESSLY SET FORTH IN THIS AGREEMENT, ALL TRANSITION SERVICES ARE PROVIDED ON AN “AS IS, WHERE IS” BASIS WITHOUT WARRANTY OF ANY KIND. 

Section 4.02 Force Majeure. Except for the obligation to pay for Transition Services already provided, no Party (or any Person
acting on its behalf) shall have any liability or responsibility for failure to fulfill any obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented,
frustrated, hindered or delayed as a consequence of circumstances of Force Majeure. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event: (a) notify the other applicable
Parties of the nature and extent of any such Force Majeure condition and (b) use commercially reasonable efforts to remove any such causes and resume performance under this Agreement as soon as feasible. 

Section 4.03 Limitation of Liability. IN NO EVENT SHALL ANY PARTY, MEMBERS OF ITS GROUP OR ITS AFFILIATES, OR ANY OF THEIR
SHAREHOLDERS, ITS OWNERS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES BE LIABLE FOR ANY PUNITIVE OR SPECIAL DAMAGES OR ANY OTHER DAMAGES THAT ARE REMOTE, SPECULATIVE OR NOT REASONABLY FORESEEABLE AND PROXIMATELY CAUSED BY THE
PERFORMANCE OR NONPERFORMANCE HEREUNDER GIVING RISE TO INDEMNIFICATION OR THE PROVISION OF OR FAILURE TO PROVIDE ANY OF THE TRANSITION SERVICES HEREUNDER (INCLUDING LOST PROFITS OR LOSS OF BUSINESS OPPORTUNITY, BUSINESS INTERRUPTION LOSS, LOSS OF
FUTURE REVENUE, PROFITS OR INCOME, LOSS OF BUSINESS REPUTATION, LOSS OF CUSTOMERS OR OPPORTUNITY OR SIMILAR DAMAGES), EXCEPT WITH RESPECT TO A THIRD PARTY CLAIM FOR WHICH A PARTY IS ENTITLED TO INDEMNIFICATION

  
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HEREUNDER. THE AGGREGATE DAMAGES FOR WHICH THE SERVICE PROVIDER, MEMBERS OF ITS GROUP, AND ITS AFFILIATES AND ANY OF THEIR RESPECTIVE SHAREHOLDERS, OWNERS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS
OR REPRESENTATIVES, TAKEN TOGETHER, SHALL BE LIABLE IN CONNECTION WITH OR AS A RESULT OF THIS AGREEMENT OR THE TRANSITION SERVICES SHALL NOT EXCEED THE AMOUNT OF SERVICE FEES REASONABLY EXPECTED TO RECEIVED BY THE SERVICE PROVIDER UNDER THIS
AGREEMENT (OTHER THAN SERVICE FEES THAT ARE CHARGED TO THE SERVICE RECIPIENT FOR REIMBURSEMENT OF DIRECT THIRD PARTY COSTS) ASSUMING THAT ALL TRANSITION SERVICES WERE PROVIDED THROUGH AND UNTIL THE EXPIRATION DATE. 

Section 4.04 Indemnification. 

(a) Each Party will indemnify, defend and hold harmless the other Party, the members of its Group and its Affiliates and their respective
stockholders, members, managers, officers, directors, agents and other representatives (collectively, the “Other Party Indemnitees”) from any and all Liabilities suffered, paid or incurred by such Other Party Indemnitees and arising
out of or resulting from third-party claims due to (i) any gross negligence or willful or intentional misconduct or (ii) any knowing and intentional material breach of this Agreement that is a consequence of a deliberate act or deliberate
omission to act undertaken by the breaching party with the actual knowledge of and intent by the members of any such breaching party’s board of directors (or equivalent governing body) or executive officers that the taking of such act, or
failure to act, would result in a material breach of the Agreement on the part of the indemnifying Party relating to such Party’s performance under this Agreement. 

(b) Service Recipient shall indemnify, defend and hold harmless Service Provider, its Affiliates and their respective Representatives (the
“Provider Indemnified Parties”) from and against all Liabilities (including in respect of any third party claim) arising out of, relating to or in connection with: 

(i) any act or omission of Service Provider, its Affiliates or any of their respective Representatives in the performance of the Transition
Services or of any duty, obligation or service under this Agreement (other than any Liabilities for which Service Provider has indemnified Service Recipient pursuant to Section 4.04(a)); and 

(ii) any breach of any payment obligation of Service Recipient under this Agreement. 

Section 4.05 Exclusion of Other Remedies. The provisions of Section 4.04 of this Agreement shall, to the maximum extent
permitted by applicable Law, be the sole and exclusive remedies of the Other Party Indemnitees and the Provider Indemnified Parties, as applicable, for any claim, loss, damage, expense or liability, whether arising from statute, principle of common
or civil law, principles of strict liability, tort, contract or otherwise under this Agreement. 

  
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 ARTICLE V 

CONFIDENTIALITY 

Section 5.01 Confidentiality. The Parties acknowledge that certain Confidential Information may be shared or disclosed during the
performance of this Agreement. The Parties agree that all Confidential Information will be subject to the confidentiality provisions of Section 8.5 of the Separation Agreement and such Confidential Information will be used only for the purposes
of this Agreement and in connection with performing the Transition Services. Notwithstanding anything to the contrary provided herein or in Section 8.5 of the Separation Agreement, the obligations of the Parties under this
Section 5.01 shall survive the expiration or earlier termination of this Agreement; provided, however, that in any event, the obligations of the Parties under this Section 5.01 shall expire on the third
anniversary of the Closing Date (or, in the case of Confidential Information disclosed after the Effective Time, three (3) years from the date of such disclosure). “Confidential Information” of a Party hereunder shall include
(i) all user access credentials and passwords to a Party’s IT Assets; and (ii) all non-public, confidential or proprietary information concerning or provided by a Third Party Provider. 

ARTICLE VI 
 INTELLECTUAL
PROPERTY 
 Section 6.01 Ownership of Intellectual Property. Unless expressly agreed otherwise in the Separation Agreement,
the Transaction Agreement, this Agreement or in Schedule B, each Party agrees that any Intellectual Property of the other Party, member of its Group or its Affiliates or licensors made available to such Party, members of its Group or its
Affiliates in connection with the Transition Services, and any derivative works, additions, modifications, translations or enhancements thereof created by a Party, member of its Group or its Affiliates pursuant to this Agreement, are and shall
remain the sole property of the original owner of such Intellectual Property. 
 Section 6.02 License to Intellectual Property.
If the provision or receipt of the Transition Services requires the use by Services Provider or Services Recipient (or, in each case, a member of its Group or its Affiliates), as applicable, of the Intellectual Property (other than Trademarks) of
the other Party, then the other Party hereby grants to Services Provider or Services Recipient (or, in each case, a member of its Group or its Affiliates), as applicable, the limited, non-exclusive, non-sublicensable (except as to Third Party
Providers in connection with the provision or receipt of the Transition Services, but not for the unrelated use of such parties), non-transferable and royalty-free right, on an “as is,” warranty-free basis, to use and exercise all rights
in such Intellectual Property for the sole purpose of, and only to the extent and duration necessary for, the provision or receipt of the Transition Services, pursuant to the terms and conditions of this Agreement. For avoidance of doubt, the
foregoing license in no way limits or broadens the licenses provided in Sections 6.5(c) and 6.5(d) of the Separation Agreement. 

  
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 ARTICLE VII 

TERMINATION 

Section 7.01 Termination Rights. This Agreement or any or all of the Transition Services may be terminated at any time prior to
the Expiration Date: 
 (a) by the Service Recipient upon thirty (30) days’ prior written notice and effective immediately upon
the expiration of such thirty (30) day period, except that if any Transition Service is being provided by a Third Party Provider, the timing of the effectiveness of an early termination of such Transition Service shall be mutually agreed upon
by the Service Provider and the Service Recipient so that there is no material disruption to, or additional costs to be incurred with respect to, any services provided by such Third Party Provider (including services provided by such Third Party
Provider that are outside of the scope of this Agreement); 
 (b) by the Service Provider, if the Service Recipient commits a material
breach of any of its representations, warranties, covenants, agreements or obligations contained in this Agreement and fails to cure such breach within sixty (60) days after receipt of notice thereof; provided that the failure by Service
Recipient to pay any amount, not subject to dispute in accordance with Section 2.02, for more than thirty (30) days after such payment was due shall constitute a material breach of this Agreement; or 

(c) by either Party immediately upon written notice if (i) the other Party (A) commences a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, (B) seeks the appointment of a trustee, receiver, liquidator, custodian or
other similar official of it or any substantial part of its property, (C) consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it,
(D) makes a general assignment for the benefit of creditors or takes any action to authorize any of the foregoing or (ii) required to do so by any Governmental Authority. 

Section 7.02 Termination Upon Change in Control Event. This Agreement will terminate and be of no further force or effect
immediately upon transfer or sale of all or substantially all of the assets of Carbon LP, Carbon HoldCo or PJTC or other similar direct or indirect change in control (including by sale of voting securities or by merger or otherwise) of Carbon LP,
Carbon HoldCo or PJTC. 
 Section 7.03 Effect of Termination. In the event of early termination of this Agreement or any or all
Transition Services by the Service Recipient, the Service Recipient shall be liable for all costs and expenses incurred by the Service Provider attributable thereto and which would not have been incurred but for the provision of such Transition
Services, including fees for early termination or cancellation of contracts. The provisions of Section 4.01 (Warranty Disclaimer), Section 4.03 (Limitation of Liability), Section 4.04 (Indemnification), Article
V (Confidentiality) and Article VIII (General Provisions) shall survive the termination or expiration of this Agreement unless otherwise agreed to in writing by both Parties. The provisions of Article II (Payments for Transition
Services) shall survive such termination or expiration and the Service Recipient shall remain liable to the Service Provider for all amounts payable thereunder in respect of Transition Services provided prior to the effective date of such
termination or expiration. 

  
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 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.01 Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without
the prior written consent of the other Parties (not to be unreasonably withheld, conditioned or delayed), and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided, that no
such consent shall be required for (a) the Service Recipient to assign any or all of its rights or obligations arising under this Agreement to its Affiliates that operate the Carbon Business and the Partnership Business or (b) the Service
Provider to assign any or all of its rights or obligations arising under this Agreement to any of its Affiliates that is reasonably capable of providing the Transition Services or as provided in Section 1.01; provided
further, that the Parties shall remain primarily responsible for the performance of their obligations under this Agreement notwithstanding any such assignment pursuant to either clause (a) or (b) of this Section 8.01.

 Section 8.02 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and
their respective successors and assigns. 
 Section 8.03 Title and Headings. Titles and headings to sections herein are inserted
for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 8.04 Interpretation. The Parties have participated jointly in the negotiation and drafting of this Agreement. This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted. 

Section 8.05 Amendments. This Agreement may not be amended or modified except by an instrument or instruments in writing signed
and delivered on behalf of both Parties. 
 Section 8.06 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

Section 8.07 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the legal or economic substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 8.08 Governing Law. This Agreement and the rights and duties of the Parties hereunder shall be governed by, and construed
in accordance with, the Law of the State of Delaware. 

  
 12 

 Section 8.09 Conflicts. In the case of a conflict between the terms and conditions of
this Agreement and any Schedule to this Agreement, the terms and conditions of such Schedule shall control and govern as it relates to the Transition Services to which such terms and conditions apply. 

Section 8.10 No Agency, Authority or Franchise. Neither the Service Recipient nor the Service Provider shall act or represent or
hold itself out as having authority to act as an agent or partner of the other, or in any way bind or commit the other to any obligations. Nothing contained in this Agreement shall be construed as creating a partnership, joint venture, agency, trust
or other association of any kind, each Party being individually responsible only for its obligations as set forth in this Agreement. Furthermore, nothing contained in this Agreement, or any Party’s performance under this Agreement, shall be
construed as creating a franchisee/franchisor relationship. Except as expressly otherwise provided in this Agreement or the Separation Agreement, the Service Provider shall have no obligation to provide any assistance of any kind or character to the
Service Recipient in connection with the Service Recipient’s conduct of its business or affairs or otherwise, including the applicable business of the Service Recipient. 

Section 8.11 Dispute Resolution. 

(a) Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or validity
thereof (a “Dispute”), shall be resolved by submitting such Dispute first to the supervising managers of the Parties most immediately responsible for the issue giving rise to the Dispute who shall seek to resolve such Dispute
through informal good faith negotiation. If the Dispute is not resolved at that level of management within seven (7) Business Days after the claiming Party verbally notifies the other Party of the Dispute, then the Dispute shall be escalated to
the applicable Parties’ designated senior executive for resolution. 
 (b) In the event such designated senior executives fail to meet
or, if they meet, fail to resolve the Dispute within an additional seven (7) Business Days, then the claiming Party will provide the other Party with a written notice describing the nature of the Dispute, and the Dispute shall be submitted to
and finally resolved by arbitration in accordance with the CPR Institute for Dispute Resolution Rules for Non-Administered Arbitration (“CPR Rules”) then currently in effect, except the scope of discovery, if any, shall be in
accordance with the Federal Rules of Civil Procedure then currently in effect (as interpreted and enforced by the applicable arbitration panel). The composition of the arbitration panel shall be determined in accordance with CPR Rule 5.4. The
arbitration panel shall consist of three arbitrators. Notwithstanding the foregoing, if any dispute otherwise subject to arbitration pursuant to this Section 8.11(b) involves, as a party in their individual capacity, multiple senior
managing directors of BX who have agreed to exclusive arbitration clauses using the then-existing Rules of Arbitration of the International Chamber of Commerce (“ICC Rules”), then all references herein to “CPR Rules” shall
instead refer to the ICC Rules and the arbitrator-selection process contained in such other agreement. 
 (c) The arbitration shall be
governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be entered by any 

  
 13 

 
court having jurisdiction thereof; provided, however, performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. The place of arbitration shall be
in New York City, New York. The language of the arbitration shall be in English. 
 (d) The arbitral panel’s award shall be final,
conclusive, and binding upon the parties to the arbitration subject only to the right (if any) of any party to commence proceedings to vacate the award on any ground permitted under 9 U.S.C. § 10. 

(e) The procedures specified in this Section 8.11 shall be the sole and exclusive procedures for the resolution of any Dispute;
provided, however, that a party may file a complaint to seek a preliminary injunction or other provisional judicial relief, including for the purpose of compelling a party to arbitrate, or enforcing an arbitration award hereunder, if, in its sole
judgment, such action is necessary. Despite such action, the Parties will continue to participate in good faith pursuant to the procedures set forth in this Section 8.11. 

(f) To the extent a party brings an action pursuant to clause (d) or (e) above, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
SUBMITS TO THE JURISDICTION OF THE FEDERAL AND STATE COURTS OF THE STATE OF DELAWARE FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 8.11, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN
ARBITRATION OR CONTEMPLATED ARBITRATION DESCRIBED IN CLAUSE (a). The Parties acknowledge that the forum designated by this Section 8.11 has, and will have, a reasonable relation to this Agreement, and to the Parties’ relationship
with one another. 
 (g) Each of the Parties hereto waives, to the fullest extent permitted by applicable Law, any objection which such
party now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in this Section 8.11 and agrees not to plead or claim the same. Each
Party agrees (i) that service of process, summons, notice or document by registered mail addressed to them in accordance with Section 8.16 shall be effective service of process against it for any such Proceeding brought in any such
court, (ii) to waive and hereby waives, to the fullest extent permitted by applicable Law, any objection which it may now or hereafter have to the laying of venue of, and the defense of an inconvenient forum to the maintenance of, any such
proceeding in any such court, and (iii) that a final judgment in any such proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law. Nothing in this
paragraph shall affect or eliminate any right to serve process in any other manner permitted by applicable Laws. 
 (h) EACH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUCH ANCILLARY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY COURT REFERRED TO IN THIS SECTION 8.11. 

(i) Unless otherwise agreed in writing, the Parties will continue to provide service and honor all other commitments under this Agreement
during the course of dispute resolution pursuant to the provisions of this Section 8.11 with respect to all matters not subject to such dispute resolution. 

  
 14 

 Section 8.12 Schedules. All schedules annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein. 
 Section 8.13 No Third-Party Beneficiaries.
This Agreement is not intended to, and will not, confer any rights or remedies upon any Person other than the Parties and their respective successors and permitted assigns. 

Section 8.14 Entire Agreement. This Agreement (including the schedules hereto), together with the Separation Agreement and the
Transaction Agreement, constitute the entire agreement of the Parties hereto with respect to the subject matter hereof and supersede all prior agreements and undertakings with respect to the subject matter hereof, both written and oral. None of this
Agreement, the Separation Agreement and the Transaction Agreement shall be deemed to contain or imply any restriction, covenant, representation, warranty, agreement or undertaking of any Party with respect to the transactions contemplated hereby or
thereby other than those expressly set forth herein or therein, and none shall be deemed to exist or be inferred with respect to the subject matter hereof. 

Section 8.15 Time Periods. Unless specified otherwise, any action required hereunder to be taken within a certain number of days
shall be taken within that number of calendar days (and not Business Days); provided, however, that if the last day for taking such action falls on a weekend or a holiday in the United States, the period during which such action may be
taken shall be automatically extended to the next Business Day. 
 Section 8.16 Notices. All notices and other communications
required or permitted to be given hereunder shall be in writing and shall be deemed given if delivered personally, transmitted by facsimile or e-mail (and confirmed), mailed by registered or certified mail with postage prepaid and return receipt
requested, or sent by commercial overnight courier, courier fees prepaid (if available; otherwise, by the next best class of service available), to the parties as the following addresses: 

 

	 	(i)	if to BX: 

 The Blackstone Group L.P. 

345 Park Avenue 
 New York, NY
10154 
 Attn:    Michael Chae, John Finley 

Fax: 
 Email: 

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

New York, New York 10017 

Attn:    Josh Bonnie; Eric Swedenburg 

Fax: 
 Email: 

  
 15 

	 	(ii)	if to Carbon LP: 

 Attn: 

Fax: 
 Email: 

with a copy to: 
 Weil,
Gotshal & Manges LLP 
 767 Fifth Avenue 

New York, NY 10153 

Attn:    Barry M. Wolf; Michael J. Aiello 

Fax: 
 Email: 

[SIGNATURE PAGE FOLLOWS THIS PAGE] 

  
 16 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first written above. 
  

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

		 	Name:
		 	Title:
	
	PJT PARTNERS HOLDINGS LP
	
	By: PJT Partners Inc., as general partner
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Transition Services Agreement]EX-10.7

 Exhibit 10.7 

FORM OF 
 TAX MATTERS
AGREEMENT 
 by and among 

THE BLACKSTONE GROUP L.P., 

BLACKSTONE HOLDINGS I/II GP INC., 

PJT PARTNERS INC., 
 PJT
PARTNERS HOLDINGS LP, 
 STONECO IV CORPORATION, 

            , 

PJT CAPITAL LP, 
 PJT
MANAGEMENT, LLC 
 and 

the Seller Parties (as defined herein) 

Dated as of                     , 2015

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	1	  
	 SECTION 1.1.
	  	General	  	 	1	  
	 SECTION 1.2.
	  	References; Interpretation	  	 	6	  
	 ARTICLE II. ALLOCATION OF TAX LIABILITIES
	  	 	6	  
	 SECTION 2.1.
	  	Payment of Taxes	  	 	6	  
	 SECTION 2.2.
	  	Indemnity	  	 	7	  
	 SECTION 2.3.
	  	Contests	  	 	8	  
	 SECTION 2.4.
	  	Treatment of Payments; After Tax Basis	  	 	9	  
	 ARTICLE III. PREPARATION AND FILING OF TAX RETURNS
	  	 	9	  
	 SECTION 3.1.
	  	BX’s Responsibility for the Preparation and Filing of Tax Returns	  	 	9	  
	 SECTION 3.2.
	  	Carbon HoldCo’s Responsibility for the Preparation and Filing of Tax Returns	  	 	10	  
	 SECTION 3.3.
	  	Seller Parties’ Responsibility for the Preparation and Filing of Tax Returns	  	 	10	  
	 SECTION 3.4.
	  	Manner of Preparation	  	 	10	  
	 SECTION 3.5.
	  	Costs and Expenses of Preparation	  	 	11	  
	 SECTION 3.6.
	  	Carrybacks	  	 	11	  
	 SECTION 3.7.
	  	Retention of Records; Access	  	 	11	  
	 SECTION 3.8.
	  	Confidentiality; Ownership of Information; Privileged Information	  	 	12	  
	 ARTICLE IV. DISTRIBUTIONS AND RELATED TAX MATTERS
	  	 	12	  
	 SECTION 4.1.
	  	Opinion Requirement for Major Transactions Undertaken by Carbon HoldCo During the Restricted Period	  	 	12	  
	 SECTION 4.2.
	  	Indemnification for Reorganization Taxes	  	 	14	  
	 SECTION 4.3.
	  	Refund of Amounts	  	 	14	  
	 SECTION 4.4.
	  	Protective Section 336(e) Elections	  	 	14	  
	 ARTICLE V. MISCELLANEOUS
	  	 	15	  
	 SECTION 5.1.
	  	Tax Sharing Agreements	  	 	15	  
	 SECTION 5.2.
	  	Complete Agreement; Construction	  	 	15	  
	 SECTION 5.3.
	  	Counterparts	  	 	15	  
	 SECTION 5.4.
	  	Survival of Agreements	  	 	15	  
	 SECTION 5.5.
	  	Notices	  	 	16	  
	 SECTION 5.6.
	  	Waivers and Consents	  	 	16	  
	 SECTION 5.7.
	  	Amendments	  	 	16	  
	 SECTION 5.8.
	  	Assignment	  	 	17	  
	 SECTION 5.9.
	  	Certain Termination and Amendment Rights	  	 	17	  
	 SECTION 5.10.
	  	Subsidiaries	  	 	17	  

							
	 	  	 	  	Page	 
	 SECTION 5.11.
	  	Third Party Beneficiaries	  	 	17	  
	 SECTION 5.12.
	  	Title and Headings	  	 	17	  
	 SECTION 5.13.
	  	Exhibits	  	 	17	  
	 SECTION 5.14.
	  	Governing Law	  	 	17	  
	 SECTION 5.15.
	  	Severability	  	 	17	  
	 SECTION 5.16.
	  	Force Majeure	  	 	17	  
	 SECTION 5.17.
	  	Interpretation	  	 	18	  
	 SECTION 5.18.
	  	No Duplication; No Double Recovery	  	 	18	  

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is dated as of
                    , 2015, by and among THE BLACKSTONE GROUP L.P., a Delaware limited partnership (“BX”), BLACKSTONE HOLDINGS I/II
GP INC., a Delaware corporation (“Holdings I/II GP”), PJT PARTNERS INC., a Delaware corporation (“Carbon HoldCo”), PJT PARTNERS HOLDINGS LP, a Delaware limited partnership (“Carbon LP”), STONECO IV
CORPORATION, a Delaware corporation (“StoneCo IV”),             , a Delaware corporation (“Little SpinCo”), PJT CAPITAL LP, a Delaware limited partnership
(“PJTC”), (vi) PJT MANAGEMENT, LLC, a Delaware limited liability company and the general partner of PJTC (“PJTM”) and (vii) the Persons identified as Seller Parties on the signature pages hereto (the
“Seller Parties”) (each a “Party” and collectively the “Parties”). 
 W I T N E S S
E T H: 
 WHEREAS, BX, acting through its direct and indirect Subsidiaries, currently conducts a number of businesses, including the Carbon
Business; 
 WHEREAS, the Board of Directors of BX (the “Board”) has determined that it is appropriate, desirable
and in the best interests of BX and its unitholders to separate the Carbon Business from BX and to divest the Carbon Business in the manner contemplated by the Separation Agreement and the Transaction Agreement, dated as of October 9, 2014 (as
the same may be amended, restated or otherwise modified from time to time in accordance with its terms, the “Transaction Agreement”), among BX, Blackstone Holdings, Original Carbon GP, Carbon LP, PJTC, PJTM and the Founder;

 WHEREAS, in order to effect the Separation, the Board has determined that it is appropriate, desirable and in the best interests of
BX and its unitholders (i) to enter into a series of transactions whereby Carbon HoldCo and/or one or more members of the Carbon Group will, collectively, own all of the Carbon Assets and, where appropriate, assume (or retain) all of the Carbon
Liabilities and (ii) for BX to distribute to the holders of BX Common Units on a pro rata basis (without consideration being paid by such unitholders) all of the Carbon Class A Shares held by BX upon the consummation of the Carbon
Reorganization; 
 WHEREAS, it is the intention of the Parties that the Distributions and the Merger qualify for the Intended Tax-Free
Treatment; and 
 WHEREAS, as a result of the Acquisition, the Separation, the Distributions and the Merger, the Parties desire to enter
into this Tax Matters Agreement to provide for certain Tax matters, including the assignment of responsibility for the preparation and filing of Tax Returns, the payment of and indemnification for Taxes (including Taxes with respect to the
Distributions, the Merger and related transactions as contemplated in the Separation Agreement and the other Ancillary Agreements), entitlement to refunds of Taxes, and the prosecution and defense of any Tax controversies. 

NOW, THEREFORE, in consideration of the forgoing and the mutual agreements, provisions and covenants contained in this Agreement, the Parties
hereby agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 SECTION
1.1. General. Capitalized terms used in this Agreement and not defined herein shall have the meanings that such terms have in the Separation Agreement. As used in this Agreement, the following terms shall have the following meanings:

 “Affiliate” is defined in the Separation Agreement. 

“Agreement” is defined in the preamble hereof. 

“Ancillary Agreements” is defined in the Separation Agreement. 

“Acquisition” means the acquisition of the Acquired Interests by Acquirer, as defined in and contemplated by the Transaction
Agreement. 
 “Big Spin” means the distribution of the stock of Carbon HoldCo by Holdings I/II GP to BX. 

“Blackstone Group” is defined in the Separation Agreement. 

“Blackstone Holdings” is defined in the Separation Agreement. 

“Board” is defined in the recitals hereof. 

“Breaching Party” is defined in Section 4.2. 

“Business” is defined in the Separation Agreement. 

“Business Day” is defined in the Separation Agreement. 

“BX” is defined in the preamble hereof. 

“BX Common Units” is defined in the Separation Agreement. 

“BX Subsidiary” means any Subsidiary of BX other than a Carbon Party. 

“Capped Percentage” means 48%. 

“Carbon HoldCo” is defined in the preamble hereof. 

“Carbon Assets” is defined in the Separation Agreement. 

“Carbon Business” is defined in the Separation Agreement. 

“Carbon Class A Shares” is defined in the Separation Agreement. 

“Carbon Class B Shares” shall mean the shares of Class B common stock of Carbon HoldCo, par value $0.01 per share. 

“Carbon Group” is defined in the Separation Agreement. 

“Carbon Liabilities” is defined in the Separation Agreement. 

“Carbon LP” is defined in the preamble hereof. 

“Carbon Party” means Carbon HoldCo, any Carbon Subsidiary, Little SpinCo, and any Little SpinCo Subsidiary, as applicable.

 “Carbon Reorganization” is defined in the Separation Agreement. 

 “Carbon Subsidiary” means any Subsidiary of Carbon HoldCo. 

“Closing of the Books Method” means the apportionment of items between portions of a taxable period based on a closing of the
books and records on the Distribution Date (as if the Distribution Date was the end of the taxable period). 
 “Code” means
the United States Internal Revenue Code of 1986, as amended. 
 “Consents” is defined in the Separation Agreement. 

“Consolidated Tax Return” means any Tax Return filed pursuant to Section 1502 of the Code, or any comparable combined,
consolidated, or unitary group Tax Return filed under state, local or foreign Tax law with respect to which BX or a BX Subsidiary is the parent entity and that includes any Carbon Party. 

“Conversion or Exchange Event” is defined in Section 4.1(c). 

“Default Interest Rate” is defined in the Separation Agreement. 

“Distributing Corporation” or “Distributing Corporations” means Holdings I/II GP and/or StoneCo IV,
individually or collectively, as applicable. 
 “Distribution” or “Distributions” means the Big Spin and
the Little Spin, individually or collectively, as applicable. 
 “Distribution Date” means the day on which the
Distributions and the Separation are effected. 
 “Effective Time” is defined in the Separation Agreement. 

“Employee Matters Agreement” is defined in the Separation Agreement. 

“Exchange Agreement” is defined in the Separation Agreement. 

“Final Determination” means the final resolution of liability for any Tax for any taxable period, including any related
interest or penalties, by or as a result of: (i) a final and unappealable decision, judgment, decree or other order by any court of competent jurisdiction; (ii) a closing agreement or accepted offer in compromise under Section 7121 or
7122 of the Code, or comparable agreement under the laws of other jurisdictions which resolves the entire Tax liability for any taxable period; (iii) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the
expiration of all periods during which such refund may be recovered by the jurisdiction imposing the Tax; or (iv) any other final disposition. 

“Force Majeure” is defined in the Separation Agreement. 

“Founder” means Mr. Paul J. Taubman. 

“Framework Agreement” is defined in the Separation Agreement. 

“Group” is defined in the Separation Agreement. 

“Holdings I/II GP” is defined in the preamble hereof. 

 “Income Tax” means any income, franchise or similar Taxes imposed on (or
measured by) net income or net profits. 
 “Income Tax Returns” means all Tax Returns relating to Income Taxes. 

“Intended Tax-Free Treatment” means (i) that the contributions of certain assets and liabilities relating to the Carbon
Business to Big SpinCo and Little SpinCo by the applicable Distributing Corporation qualify as reorganizations within the meaning of Section 368(a)(1)(D) of the Code and that no gain or loss be recognized under Section 361 of the Code with
respect to such contributions, (ii) that the Big Spin and the Little Spin qualify as tax-free distributions under Sections 355 and 361 of the Code and that no gain or loss be recognized under Section 355 of the Code with respect to such
distributions and (iii) that the Merger qualifies as a reorganization pursuant to Section 368(a) of the Code. 

“IRS” means the United States Internal Revenue Service. 

“Little Spin” means the distribution of the stock of Little SpinCo by StoneCo IV, to Blackstone Holdings III L.P., a Delaware
limited partnership. 
 “Little SpinCo” is defined in the preamble hereof. 

“Little SpinCo Subsidiary” means any Subsidiary of Little SpinCo. 

“Losses” has the meaning ascribed to the term “Indemnifiable Losses” in the Separation Agreement. 

“Measurement Percentage” is defined in Section 4.1(c). 

“Merger” means the merger of Little SpinCo with and into Carbon HoldCo, with Carbon HoldCo surviving. 

“Non-Breaching Party” is defined in Section 4.2. 

“Opinion” means the opinion delivered by Simpson Thacher & Bartlett LLP pursuant to Section 7.1 of the
Separation Agreement. 
 “Original Carbon GP” is defined in the Separation Agreement. 

“Party” is defined in the preamble hereof. 

“Payment Period” is defined in Section 2.4(d). 

“Person” means any individual, corporation, company, partnership (limited or general), limited liability company, joint
venture, association, trust, unincorporated organization or other entity. 
 “PJTC” is defined in the preamble hereof. 

“PJT Entity” means PJTM, PJTC and any of their respective Subsidiaries. 

“PJTM” is defined in the preamble hereof. 

 “Proceeding” means any audit, examination or other proceeding involving any
Taxing Authority with respect to Taxes. 
 “Prohibited Acts” is defined in Section 4.1(a). 

“Pro-Rated Method” means the apportionment of items between portions of a Straddle Period based on the number of days in the
portion of such Straddle Period ending on the Distribution Date in comparison to the number of days in the portion of such Straddle Period beginning after the Distribution Date (i.e., without regard to when any items are realized within such
taxable period). 
 “Reorganization Taxes” means Taxes that are (i) imposed or incurred as a result of either
Distribution failing to qualify for the Intended Tax-Free Treatment and (ii) imposed on Carbon HoldCo or Little SpinCo as a result of the Merger failing to qualify for the Intended Tax-Free Treatment. 

“Replacement Award” is defined in the Employee Matters Agreement. 

“Restricted Period” means the two-year period commencing on the Distribution Date. 

“Retention Award” is defined in the Employee Matters Agreement. 

“Ruling” means the letter ruling, if any, issued by the IRS in response to the ruling request submitted by Holdings I/II GP
and StoneCo IV on March 24, 2015 (as supplemented) regarding certain aspects of the Big Spin and the Little Spin for U.S. federal income tax purposes. 

“Section 355(e) Calculations” means the illustrative calculations set forth in Exhibit A. 

“Seller Parties” is defined in the preamble hereof. 

“Separation” is defined in the Separation Agreement. 

“Separation Agreement” means the Separation and Distribution Agreement, dated as of , 2015, between BX, Blackstone Holdings,
Original Carbon GP, Carbon HoldCo and Carbon LP. 
 “Starting Percentage” means     % in the case of
the Big Spin and     % in the case of the Little Spin, as reflected in the Section 355(e) Calculations. 

“StoneCo IV” is defined in the preamble hereof. 

“Straddle Period” is defined in Section 2.1(a). 

“Stub Taxable Period” is defined in Section 3.4(c). 

“Subsidiary” is defined in the Separation Agreement. 

“Tax” or “Taxes” means (i) all taxes, charges, fees, imposts, levies or other assessments imposed by a
Taxing Authority, including all income, gross receipts, capital, sales, use, gains, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise,
severance, stamp, occupation, property estimated taxes, custom duties, fees, assessments and charges of any kind whatsoever 

 
and (ii) any liability for the payment of any amount of the type described in clause (i) above payable by reason of contract or assumption (other than pursuant to a commercial
agreement entered into in the ordinary course of business, the primary subject matter of which is not Tax matters) or transferee or successor liability or operation of law or arising as a result of being (or having been) a member of any group or
being (or having been) included or required to be included in any Tax Return related thereto. Whenever the term “Tax” or “Taxes” is used, it shall include penalties, fines, additions to tax and interest thereon. 

“Taxing Authority” means any governmental authority (whether United States or non-United States, and including, any state,
municipality, political subdivision or governmental agency) responsible for the imposition of any Tax. 
 “Tax Returns”
means all reports, returns, statements, schedules, notices, forms or other documents or information (including any elections, declarations, schedules, estimates, claims for refunds, information returns and amended returns) required to be filed or
that may be filed for any period with any Taxing Authority in connection with any Tax or Taxes (whether domestic or foreign). 

“Tax Sharing Agreements” is defined in Section 5.1. 

“Transaction Agreement” is defined in the recitals hereof. 

SECTION 1.2. References; Interpretation. References in this Agreement to any gender include references to all genders, and
references to the singular include references to the plural and vice versa. The words “include,” “includes” and “including” when used in this Agreement shall be deemed to be followed by the phrase “without
limitation.” Unless the context otherwise requires, references in this Agreement to Articles, Sections and Exhibits shall be deemed references to Articles and Sections of, and Exhibits to, such Agreement. The word “extent” in the
phrase “to the extent” means the degree to which a subject or other thing extends, and such phrase does not simply mean “if”. Reference to any agreement, document or instrument means such agreement, document or instrument as
amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Unless the context otherwise requires, the words “hereof,” “hereby” and “herein” and words of similar
meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement. All references to any period of days shall be to the relevant number of calendar days unless
otherwise specified. All references to dollars or $         shall be references to United States dollars. 

ARTICLE II. 
 ALLOCATION OF TAX
LIABILITIES 
 SECTION 2.1. Payment of Taxes. 

(a) Taxes Upon Filing and Adjusted Taxes. The Party responsible for, or responsible for causing, the preparation of a Tax Return
pursuant to Sections 3.1 and 3.2 shall pay or cause to be paid to the relevant Taxing Authority all Taxes due or payable in connection with such Tax Return (including any amounts relating to adjustments to such Tax Return) and shall be
entitled to any refunds (including, for the avoidance of doubt, any similar credit or offset against Taxes) in connection therewith; provided, however, (i) except as provided in clause (ii) of this sentence, with respect to
any Tax Return of a Carbon Party for (a) any taxable period that ends on or before the Distribution Date, BX shall be responsible for, and shall be entitled to any refunds of, Taxes (including any amounts relating to adjustments to such Tax
Return) relating to such taxable period and (b) any taxable period that begins on or before and includes 

 
but does not end on the Distribution Date (a “Straddle Period”), BX shall be responsible for, and shall be entitled to any refunds of, Taxes (including any amounts relating
to adjustments to such Tax Return) relating to the portion of the Straddle Period ending on the Distribution Date and Carbon HoldCo shall be responsible for, and shall be entitled to any refunds of, Taxes (including any amounts relating to
adjustments to such Tax Return) relating to the portion of the Straddle Period beginning after the Distribution Date; and (ii) with respect to any Tax Return of a PJT Entity for (x) any taxable period that ends on or before the
Distribution Date, the Seller Parties shall be responsible for, and shall be entitled to any refunds of, any Taxes (including any amounts relating to adjustments to such Tax Return) relating to such taxable period and (y) any Straddle Period,
the Seller Parties shall be responsible for, and shall be entitled to any refunds of, any Taxes (including any amounts relating to adjustments to such Tax Return) relating to the portion of the Straddle Period ending on the Distribution Date and
Carbon HoldCo shall be responsible for, and shall be entitled to any refunds of, any Taxes (including any amounts relating to adjustments to such Tax Return) relating to the portion of the Straddle Period beginning after the Distribution Date. For
the purposes of this Section 2.1(a), (i) Taxes imposed on a periodic basis (such as real or personal property Taxes or Taxes that are based upon occupancy) shall be apportioned between the two portions of a Straddle Period in
accordance with the Pro-Rated Method and (ii) Taxes not described in clause (i) above (such as Taxes that are based upon or related to income or receipts or Taxes imposed in connection with any sale or other transfer or assignment of
property) shall be apportioned between the two portions of a Straddle Period in accordance with the Closing of the Books Method. Notwithstanding anything to the contrary, for purposes of this Section 2.1(a), any Taxes imposed on a Carbon
Party accrued on the Distribution Date but after the Separation in respect of transactions that are outside the ordinary course of business shall be allocated to the taxable period beginning after the Distribution Date or the portion of a Straddle
Period ending after the Distribution Date, as the case may be. 
 (b) Reorganization Taxes. Notwithstanding anything in this
Section 2.1 to the contrary, and except as provided in Article IV, BX shall be responsible for, and shall be entitled to any refunds of, any Reorganization Taxes. 

(c) Income Taxes prior to the Distribution. Notwithstanding anything in this Section 2.1 to the contrary, and except as
provided in Article IV, (i) BX shall be responsible for any Income Taxes attributable to allocations of income to it or any BX Subsidiary as a result of any ownership of any Carbon Party or any entity conducting the Carbon Business and
(ii) the Seller Parties shall be responsible for any Income Taxes attributable to allocations of income to them as a result of their ownership of any PJT Entity, in each case, for any taxable period that ends on or before the Distribution Date
or the portion of any Straddle Period ending on the Distribution Date. Unless prohibited by applicable law, the Parties agree to close the taxable period of each Carbon Party as of the close of business on the Distribution Date. If applicable law
does not permit such action, the taxable period of any Carbon Party that is treated as a partnership (or other pass-through entity) shall, for purposes of this Section 2.1(c), be deemed to terminate at the end of the Closing Date. 

SECTION 2.2. Indemnity. 

(a) Subject to Article IV, BX shall (and shall cause the other members of the Blackstone Group to) indemnify Carbon HoldCo and its
Affiliates and the Seller Parties from all liability for Taxes for which BX is responsible pursuant to Section 2.1 and any related Losses. 

(b) Subject to Article IV, Carbon HoldCo shall (and shall cause the other members of the Carbon Group to) indemnify BX and its
Affiliates (or the applicable Distributing Corporation) and the Seller Parties from all liability for Taxes for which Carbon HoldCo is responsible pursuant to Section 2.1 and any related Losses. 

 (c) Subject to Article IV, the Seller Parties shall indemnify BX and its Affiliates and
Carbon HoldCo and its Affiliates from all liability for Taxes for which the Seller Parties are responsible pursuant to Section 2.1 and any related Losses. 

(d) Unless otherwise agreed in writing, the indemnifying Party shall pay to the indemnified Party the amount required to be paid pursuant to
Section 2.2(a), (b) or (c) above within thirty (30) days of being notified of the amount due by the indemnified Party. The notice by the indemnified Party requesting such payment shall be accompanied by the
calculations and other information used to determine the indemnifying Party’s obligations hereunder. Such payment shall be paid by the indemnifying Party to the indemnified Party by wire transfer of immediately available funds to an account
designated by the indemnified Party by written notice to the indemnifying Party prior to the due date of such payment. 
 SECTION
2.3. Contests. 
 (a) The right to control the conduct of any Proceeding shall belong to the Party responsible (or whose
Affiliate is responsible) under applicable law for the underlying Taxes to which such Proceeding relates; provided, that if the Party not controlling a Proceeding could have an indemnification obligation for an adjustment to Tax resulting from such
Proceeding, such Party shall be entitled to participate in (but not control) such Proceeding at its own cost and expense. Notwithstanding anything to the contrary in this Section 2.3(a), (i) BX shall have the right to control the
conduct of any Proceeding that relates to a Tax Return of any Carbon Party (other than any PJT Entity) for a taxable period that ends on or before the Distribution Date, (ii) if a Proceeding relates to a Tax Return of any Carbon Party for a
Straddle Period, BX and Carbon HoldCo shall have joint control over such Proceeding, and neither BX nor Carbon HoldCo shall settle such Proceeding without the other’s consent, (iii) BX shall have the right to control any Proceeding with
respect to a Consolidated Tax Return and (iv) if the right to control the conduct of a Proceeding with respect to any taxable period that ends on or before the Distribution Date, any Straddle Period, or any Stub Taxable Period belongs to Carbon
HoldCo or Carbon LP, Carbon HoldCo or Carbon LP shall use reasonable best efforts to defend in such Proceeding any position that relates to the past practices of BX and its Affiliates. 

(b) After the Distribution Date, each Party shall promptly notify the other Party in writing upon receipt of written notice of the
commencement of any Proceeding or of any demand or claim upon it, which, if determined adversely, would be grounds for indemnification from such other Party under this Agreement; provided that failure to provide notice pursuant to this
sentence shall not relieve any Party of its obligations pursuant to this Agreement except to the extent such Party is actually prejudiced as a result thereof. Each Party shall, on a timely basis, keep such other Party informed of all developments in
any such Proceeding and provide such other Party with copies of all pleadings, briefs, orders, and other correspondence pertaining thereto. 

(c) Subject to the provisions of Section 3.8, BX, Carbon HoldCo and Seller Parties shall (and shall cause their respective
Subsidiaries to) reasonably cooperate with one another in a timely manner with respect to any Proceeding or of any demand or claim, which, if determined adversely, would be grounds for indemnification under this Agreement. BX, Carbon HoldCo and
Seller Parties agree that such cooperation shall include making available to the other Party, during normal business hours, all books, records and information, officers and employees (without substantial interruption of employment) necessary or
useful in connection with any such Proceeding. The Party requesting or otherwise entitled to any books, records, information, officers or employees pursuant to this Section 2.3(c) shall bear all reasonable out-of-pocket costs and
expenses (except reimbursement of salaries, employee benefits and general overhead) incurred in connection with providing such books, records, information, officers or employees. 

 SECTION 2.4. Treatment of Payments; After Tax Basis. 

(a) Unless otherwise required by a Final Determination, this Agreement or as otherwise agreed to between the Parties, any payment made
pursuant to this Agreement (other than any payment of interest pursuant to Section 2.4(c)) by: (i) any Carbon Party to BX or a Distributing Corporation shall be treated for all Tax purposes as a distribution by Carbon HoldCo to the
applicable Distributing Corporation with respect to the stock of Carbon HoldCo or Little SpinCo, as applicable, occurring immediately before the relevant Distribution; (ii) BX or a Distributing Corporation to any Carbon Party shall be treated
for all Tax purposes as a tax-free contribution by the applicable Distributing Corporation to Carbon HoldCo or Little SpinCo, as applicable, with respect to its stock occurring after Carbon HoldCo or Little SpinCo, as applicable, is directly owned
by such Distributing Corporation and immediately before the relevant Distribution; (iii) a Seller Party shall be treated for all Tax purposes as a contribution by such Seller Party to the applicable PJT Entity immediately before the
Acquisition; or (iv) any Carbon Party to a Seller Party shall be treated for all Tax purposes as a distribution by the applicable PJT Entity immediately before the Acquisition; and in each case, no Party shall take any position inconsistent
with such treatment. In the event that a Taxing Authority asserts that a Party’s treatment of a payment pursuant to this Agreement should be other than as required pursuant to this Agreement (ignoring any potential inconsistent or adverse Final
Determination), such Party shall use its commercially reasonable efforts to contest such challenge. 
 (b) To the extent that any liability
for Taxes or Losses that is subject to indemnification under this Agreement gives rise to a deduction, credit or other Tax benefit to the indemnified Party or any of its Affiliates, the amount of any payment made under this Agreement shall be
decreased by taking into account any actual reduction in Taxes (determined on a with and without basis) of the indemnified Party or any of its Affiliates resulting from such Tax benefit (including as a result of the Merger or any election set forth
in Section 4.4). If (i) such actual reduction in Taxes of the indemnified Party or its Affiliate occurs in a taxable period following the period in which the indemnification payment is made or (ii) there is any adjustment to
the liability for Taxes for which one Party or any Affiliates is responsible hereunder as a result of the Merger or any Distribution failing to qualify for the Intended Tax-Free Treatment (including as a result of the effectiveness of any election
set forth in Section 4.4) and such adjustment gives rise to a deduction, credit or other Tax benefit to the other Party or any of its Affiliates, the indemnified Party (or, in the case of (ii), the other Party) shall on an annual basis
pay the indemnifying Party (or, in the case of (ii), the responsible Party) the amount of the actual reduction in Taxes (determined on a with and without basis). 

(c) Payments made pursuant to this Agreement that are not made within the period prescribed in this Agreement or, if no period is prescribed,
within thirty (30) days after demand for payment is made (the “Payment Period”) shall bear interest for the period from and including the date immediately following the last date of the Payment Period through and including the
date of payment at the Default Interest Rate. Such interest will be payable at the same time as the payment to which it relates and shall be calculated on the basis of a year of 365 days and the actual number of days for which due. 

ARTICLE III. 
 PREPARATION AND
FILING OF TAX RETURNS 
 SECTION 3.1. BX’s Responsibility for the Preparation and Filing of Tax Returns. 

(a) BX shall prepare or cause to be prepared all Consolidated Tax Returns and any Income Tax Returns of any Carbon Party (other than any PJT
Entity) for a taxable period ending on or before the Distribution Date. 

 (b) To the extent any Carbon Party is included in any Consolidated Tax Return of a Distributing
Corporation for a taxable period that includes the Distribution Date, such Distributing Corporation shall cause to be included in such Consolidated Tax Return the results of such Carbon Party on the basis of the Closing of the Books Method
consistent with Treas. Reg. Section 1.1502-76(b)(2)(i); provided; however; that any items arising from any transactions outside the ordinary course of business that occur on the Distribution Date but after the Separation shall be
treated as occurring on the day after the Separation under Treas. Reg. Section 1.1502-76(b)(1)(ii)(2)(B). 
 SECTION
3.2. Carbon HoldCo’s Responsibility for the Preparation and Filing of Tax Returns. Subject to Sections 3.1(a), 3.3 and 3.4, Carbon HoldCo shall prepare or cause to be prepared all Tax Returns for any taxable period ending on or
before the Distribution Date or any Straddle Period that it or any other Carbon Party (other than any PJT Entity) is legally obligated to file after the Distribution Date according to the laws of the relevant taxing jurisdiction and with the
appropriate Taxing Authority. 
 SECTION 3.3. Seller Parties’ Responsibility for the Preparation and Filing of Tax Returns.
The Seller Parties shall prepare or cause to be prepared all Tax Returns of the PJT Entities for periods that end on or before the Distribution Date. 

SECTION 3.4. Manner of Preparation. 

(a) Notwithstanding Section 3.1 of this Agreement, Carbon HoldCo shall have the right to review, comment on and approve (not to be
unreasonably withheld, delayed or conditioned) any Tax Returns that any Carbon Party has an obligation to file but are required to be prepared, or required to be caused to be prepared, by BX pursuant to Section 3.1. BX shall, to the
extent reasonably practicable, deliver to Carbon HoldCo any such Tax Returns at least thirty (30) days prior to the date on which they are required to be filed, and Carbon HoldCo shall respond with any comments on, or approval of, such Tax
Returns as soon as reasonably practicable after receipt. In the event the Parties are unable to agree on any items included in such Tax Return, then a reasonable amount of time prior to the due date for filing such Tax Return, any disputed issues
shall be submitted to an independent accounting firm to determine whether there is “substantial authority” (within the meaning of Treas. Reg. Sec. 1.6662-4(d)) to support BX’s position with respect to any disputed items. The
independent accounting firm’s determination with respect to such disputed items will be final and binding on the Parties, and any disputed items for which the independent accounting firm determines there is “substantial authority” to
support BX’s position shall be reflected on any applicable Tax Return. The cost of the independent accounting firm shall be shared equally by BX and Carbon HoldCo. 

(b) Notwithstanding Section 3.2 of this Agreement, BX shall have the right to review, comment on and approve (not to be
unreasonably withheld, delayed or conditioned) any Tax Returns required to be prepared, or required to be caused to be prepared, by Carbon HoldCo for any taxable period (or portion thereof) ending on or prior to the Distribution Date. Carbon HoldCo
shall, to the extent reasonably practicable, deliver to BX any such Tax Returns at least thirty (30) days prior to the date on which they are required to be filed, and BX shall respond with any comments on, or approval of, such Tax Returns as
soon as reasonably practicable after receipt. In the event the Parties are unable to agree on any items included in such Tax Return, then a reasonable amount of time prior to the due date for filing such Tax Return, any disputed issues shall be
submitted to an independent accounting firm for a final binding resolution, the cost of which shall be shared equally by BX and Carbon HoldCo. If any dispute with respect to a Tax Return is not resolved prior to the due date for filing such Tax
Return, such Tax Return shall be filed in the manner that Carbon HoldCo deems correct without prejudice to BX’s rights hereunder. 

(c) To the extent permitted by law, any taxable period of any Carbon Party for any federal, state, local or foreign Tax purposes that would
otherwise include but not end on the Distribution Date 

 
shall be bifurcated into two separate taxable periods, one ending on the Distribution Date and the other beginning on the day following the Distribution Date (each a “Stub Taxable
Period”), and a separate Tax Return for each Stub Taxable Period shall be prepared and filed by the Party responsible for such preparation and filing pursuant to Sections 3.1, 3.2 or 3.3. 

(d) All Tax Returns for which Carbon HoldCo is responsible pursuant to Section 3.2 shall be prepared in a manner consistent with
past practices of BX and any of its Affiliates (including with respect to any Tax Return filed pursuant to Section 1502 of the Code), except as otherwise required by applicable law. 

(e) All Tax Returns filed on or after the Distribution Date shall be prepared in a manner that is consistent with the Opinion, the Ruling, or
any other rulings obtained from other Taxing Authorities in connection with the Distributions (in the absence of a Final Determination to the contrary) and shall be prepared and filed on a timely basis (including pursuant to extensions) by the Party
responsible for such preparation and filing pursuant to Sections 3.1, 3.2 or 3.3. 
 (f) Except to the extent required
by a Final Determination, no Carbon Party shall amend any Tax Return relating to a taxable period (or portion thereof) ending on or before to the Distribution Date without the written consent of BX (which consent may be withheld in its sole
discretion); provided that this Section 3.4(f) shall not apply to any PJT Entity. 
 SECTION 3.5. Costs and
Expenses of Preparation. The Party responsible for preparing any Tax Return under Sections 3.1, 3.2 or 3.3 shall be responsible for the costs and expenses associated with preparing and filing such Tax Returns. 

SECTION 3.6. Carrybacks. To the extent permitted by law, each Carbon Party shall elect to forego a carryback of any net operating
losses, capital losses or credits for any taxable period ending after the Distribution Date to a taxable period, or portion thereof, ending on or before the Distribution Date. Notwithstanding anything herein to the contrary, no Carbon Party shall
have any right to receive the benefit of any carryback of Tax attributes created in a taxable period beginning after the Distribution Date into a Consolidated Tax Return. 

SECTION 3.7. Retention of Records; Access. 

(a) BX and Carbon HoldCo shall, and shall cause each of their Subsidiaries to, retain adequate records, documents, accounting data and other
information (including computer data) necessary for the preparation and filing of all Tax Returns required to be filed by BX or Carbon HoldCo (or their respective Subsidiaries) hereunder and for any Proceeding relating to such Tax Returns or to any
Taxes payable by BX or Carbon HoldCo (or their respective Subsidiaries) hereunder. 
 (b) BX and Carbon HoldCo shall, and shall cause each
of their Subsidiaries to, provide reasonable access to (i) all records, documents, accounting data and other information (including computer data) necessary for the preparation and filing of all Tax Returns required to be filed by BX or Carbon
HoldCo (or their respective Subsidiaries) and for any Proceeding relating to such Tax Returns or to any Taxes payable by BX or Carbon HoldCo (or their respective Subsidiaries) and (ii) its personnel and premises, for the purpose of the
preparation, review or audit of such Tax Returns, or in connection with any Proceeding, in each case, as reasonably requested by either BX or Carbon HoldCo. 

(c) The obligations set forth above in Sections 3.7(a) and 3.7(b) shall continue until the longer of (i) the time of a
Final Determination or (ii) expiration of all applicable statutes of limitations, to which the records and information relate. For purposes of the preceding sentence, each Party shall assume that no applicable statute of limitations has expired
unless such Party has received notification or otherwise has actual knowledge that such statute of limitations has expired. 

 SECTION 3.8. Confidentiality; Ownership of Information; Privileged Information. The
provisions of Article VIII of the Separation Agreement relating to confidentiality of information, ownership of information, privileged information and related matters shall apply with equal force to any records and information prepared and/or
shared by and among the Parties in carrying out the intent of this Agreement. 
 ARTICLE IV. 

DISTRIBUTIONS AND RELATED TAX MATTERS 

SECTION 4.1. Opinion Requirement for Major Transactions Undertaken by Carbon HoldCo During the Restricted Period. 

(a) Other than pursuant to the transactions contemplated in the Separation Agreement or with respect to any Replacement Award of Carbon
Class A Shares or any Retention Award of Carbon Class A Shares, Carbon HoldCo agrees that following the Effective Time and during the Restricted Period it shall not (i) merge or consolidate with or into any other entity,
(ii) liquidate or partially liquidate (within the meaning of such terms as defined in Section 346 and Section 302, respectively, of the Code), (iii) sell or transfer or permit Carbon LP to sell or transfer all or substantially
all of its assets or Carbon LP’s assets, as applicable (within the meaning of Rev. Proc. 77-37, 1977-2 C.B. 568) in a single transaction or series of related transactions, or sell or transfer any portion of its assets that would violate the
“continuity of business enterprise” requirement of Treas. Reg. Section 1.368-1(d), (iv) modify the terms of its equity (including, for the avoidance of doubt, to take any action (or fail to take any action) that results in the
acquisition by a holder of its equity of power to vote in the election of directors of its board), (v) redeem or otherwise repurchase any of its capital stock other than pursuant to open market stock repurchase programs meeting the requirements
of Section 4.05(1)(b) of Rev. Proc. 96-30, 1996-1 C.B. 696, (vi) cease the active conduct of its (or Little SpinCo’s) trade or business within the meaning of Section 355(b) of the Code, (vii) issue any of its equity or issue
rights to acquire any of its equity, (viii) cause or permit any class of equity to become entitled to an increased vote with respect to the election of directors of its board, (ix) take any action or positions inconsistent with any
representations or covenants of Carbon HoldCo that are included in any representation letter from Carbon HoldCo relating to the Opinion or (x) enter into any negotiations, agreements or arrangements with respect to transactions or events
(including any transactions described in clauses (i)-(viii) (and, for this purpose, including any redemptions made pursuant to open market stock repurchase programs), stock issuances (pursuant to the exercise of options or otherwise),
option grants, capital contributions or acquisitions, entering into any partnership or joint venture arrangements, or a series of such transactions or events, but excluding the Distributions), that may cause either Distribution to be treated as part
of a plan pursuant to which one or more persons acquire directly or indirectly stock of Carbon HoldCo in a manner that may cause Section 355(e) of the Code to apply to either Distribution (the acts listed in clauses
(i)-(x) collectively, the “Prohibited Acts”). 
 (b) Notwithstanding Section 4.1(a), Carbon HoldCo may
take any of the Prohibited Acts, subject to Section 4.2, if (x) it first obtains (at its expense) an opinion at no less than a “should level” in form and substance reasonably acceptable to BX of a nationally recognized law
firm or a “big four” accounting firm reasonably acceptable to BX, which opinion may be based on usual and customary factual representations (reasonably acceptable to BX) or (y) at Carbon HoldCo’s request, BX (at the expense of
Carbon HoldCo) obtains a ruling from the IRS, that such Prohibited Act or Prohibited Acts, and any transaction related thereto, should not or will not , as the case may be (a) affect (i) any of the conclusions set forth in the Opinion,
(ii) the qualification of either Distribution as a reorganization within the meaning of Section 368(a)(1)(D) and tax-free distribution under Section 355 of the Code, (iii) the 

 
status of the stock of Carbon HoldCo or Little SpinCo distributed in either Distribution as qualified property pursuant to Section 355(d) or Section 355(e) of the Code, (iv) the
nonrecognition of gain to a Distributing Corporation or its shareholders in either Distribution and (v) the qualification of the Merger as a reorganization within the meaning of Section 368(a)(1)(A) of the Code in which no gain or loss is
recognized by Carbon HoldCo, Little SpinCo or their respective shareholders or (b) cause the Measurement Percentage to exceed the Capped Percentage. Carbon HoldCo may also take any of the Prohibited Acts, subject to Section 4.2,
with the consent of the BX in BX’s sole and absolute discretion. During the Restricted Period, Carbon HoldCo shall provide all information reasonably requested by BX relating to any transaction involving an acquisition (directly or indirectly)
of stock of Carbon HoldCo (including as successor to Little SpinCo) within the meaning of Section 355(e) of the Code. 
 (c)
Notwithstanding Section 4.1(a), Carbon HoldCo may (w) issue or cause to be transferred Carbon Class A Shares to holders of Carbon LP units pursuant to the Exchange Agreement or (x) cause or permit all or any portion of the
voting power of any Carbon Class B Shares to become entitled to an increased vote with respect to the election of directors of Carbon HoldCo (as described in Section 4.3(A)(2) of Carbon HoldCo’s Certificate of Incorporation) (each, a
“Conversion or Exchange Event”) to the extent that the Measurement Percentage (as determined by Carbon HoldCo taking into account BX’s reasonable comments as provided in this Section 4.1(c)) with respect to each
Distribution would not exceed the Capped Percentage immediately after a Conversion or Exchange Event occurs; provided, however, that no later than twenty (20) days prior to any Conversion or Exchange Event (other than a Conversion
or Exchange Event that Carbon HoldCo may effect pursuant to Section 4.1(b) and for which Carbon HoldCo receives an opinion or ruling pursuant to Section 4.1(b) that provides such Conversion or Exchange Event should or will,
as the case may be, not result in a direct or indirect acquisition (within the meaning of Section 355(e) of the Code) of stock of Carbon HoldCo that is part of a plan (or series of related transactions) that involves the Distribution),
(i) Carbon HoldCo shall provide notice to BX of such Conversion or Exchange Event, (ii) such notice shall include, with respect to both Distributions, Carbon HoldCo’s calculations of the Measurement Percentages both immediately before
and immediately after such Conversion or Exchange Event occurs, the underlying factual assumptions made in making such calculations and documentary evidence reasonably satisfactory to BX corroborating such factual assumptions and (iii) Carbon
HoldCo shall take into account any reasonable comments of BX (which BX shall provide no later than ten (10) days after receipt of such notice) in reaching a final determination of the Measurement Percentages. Solely for the purposes of
Sections 4.1(b) and 4.1(c), the “Measurement Percentage”, with respect to each Distribution, shall equal the total percentage (by vote or value) of the stock of Carbon HoldCo (as successor to Little SpinCo in the case
of the Little Spin) directly or indirectly acquired as part of a plan that includes such Distribution pursuant to which one or more Persons acquire stock in Carbon HoldCo or Little SpinCo (or Carbon HoldCo as successor to Little SpinCo) (including,
for the avoidance of doubt, as a result of any Conversion or Exchange Event), it being understood that (a) the Starting Percentages shall represent the Measurement Percentages immediately following the Separation, (b) any change in the
ownership of the vote or value of Carbon HoldCo caused by a transaction for which Carbon HoldCo has obtained an opinion or ruling pursuant to Section 4.1(b) that provides such transaction should or will, as the case may be, not result in
a direct or indirect acquisition (within the meaning of Section 355(e) of the Code) of stock of Carbon HoldCo that is part of a plan (or series of related transactions) that involves the Distribution shall not be considered as acquired as part
of such a plan, (c) any change in the ownership of the vote or value of Carbon HoldCo as a result of any Conversion or Exchange Event for which Carbon HoldCo has not obtained an opinion or ruling pursuant to Section 4.1(b) that
provides such Conversion or Exchange Event should or will, as the case may be, not result in a direct or indirect acquisition (within the meaning of Section 355(e) of the Code) of stock of Carbon HoldCo that is part of a plan (or series of
related transactions) that involves the Distribution shall be considered as acquired as part of such a plan, (d) the Measurement Percentages shall be calculated in a manner consistent with the methodologies reflected in the Section 355(e)
Calculations and (e) the facts and circumstances as they exist at the time shall be taken into account (including the effect of any rulings 

 
received in the Ruling). This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and
shall be interpreted accordingly by the Parties in good faith. 
 SECTION 4.2. Indemnification for Reorganization Taxes. If, after
the Effective Time, (i) a Party or any of its Affiliates takes any action or enters into any agreement to take any action, including any of the Prohibited Acts as defined in Section 4.1(a), or (ii) if there is any direct or
indirect acquisition (within the meaning of Section 355(e) of the Code) of a Distributing Corporation’s stock, Carbon HoldCo’s stock, or Little SpinCo’s stock, and as a result any Reorganization Taxes are imposed on or incurred
by a Party or any of its Affiliates, then such Party (the “Breaching Party”) shall indemnify and hold harmless the other Party or Parties (the “Non-Breaching Party”) and any of their Affiliates against any such
Taxes (and any related Losses) imposed upon or incurred by the Non-Breaching Party or any of its Affiliates (and any such Taxes of BX unitholders to the extent the Non-Breaching Party or any BX Subsidiary is liable with respect to such Taxes,
whether to a Taxing Authority, to a unitholder or to any other person (but excluding, for the avoidance of doubt, any Tax distributions BX unitholders may be entitled to receive from BX as a result of such Reorganization Taxes)) as a result, unless
such Taxes would, in any event, have been imposed upon or incurred by the Non-Breaching Party or any or its Affiliates without regard to such actions, breaches or events, as determined at such time; provided, however, that Carbon
Holdco and its Affiliates shall not be required to indemnify BX or its Affiliates pursuant to this Section 4.2 for any Taxes described in clause (i) of the definition of Reorganization Taxes that would not have been imposed
but for the IRS or any other Taxing Authority successfully asserting that, immediately before the Acquisition, (i) (a) the total percentage (by vote or value) of the stock of Carbon HoldCo directly or indirectly acquired as part of a plan
that includes the Big Spin pursuant to which one or more Persons acquire stock in Carbon HoldCo, exceeded (b) the Starting Percentage for the Big Spin or (ii) (x) the total percentage (by vote or value) of the stock of Carbon HoldCo
(as successor to Little SpinCo) directly or indirectly acquired as part of a plan that includes the Little Spin pursuant to which one or more Persons acquire stock in Little SpinCo (or Carbon HoldCo as successor to Little SpinCo), exceeded
(y) the Starting Percentage for the Little Spin. The Non-Breaching Party and any of its Affiliates shall be indemnified and held harmless under this Section 4.2 without regard to whether an opinion or ruling pertaining to the action
pursuant to Section 4.1(b) was obtained, whether the Non-Breaching Party gave its consent to such action pursuant to Section 4.1(b) or otherwise or whether Carbon HoldCo was otherwise permitted to take such action pursuant to
Section 4.1. 
 SECTION 4.3. Refund of Amounts. Should a Party or any of its Affiliates receive a refund in respect
of any Taxes for which such Party was indemnified by the other Party pursuant to this Article IV, or should any such amounts that would otherwise be refundable to such Party or any of its Affiliates be applied or credited by the Taxing Authority to
obligations of such Party or any of its Affiliates unrelated to such Taxes, then such Party shall, promptly following receipt (or notification of credit), remit such refund or an amount equal to such credit (including any statutory interest that is
included in such refund or credited amount) to the other Party, net of any Taxes and expenses incurred in connection with the receipt thereof. 

SECTION 4.4. Protective Section 336(e) Elections. 

(a) For Carbon HoldCo. Holdings I/II GP and Carbon HoldCo shall make a protective election under Section 336(e) of the Code (and
any similar election under state or local law) with respect to the Big Spin in accordance with Treas. Reg. Section 1.336-2(h) and (j) (and any applicable provisions under state and local law) and shall cooperate in the timely completion
and/or filings of such elections and any related filings or procedures (including filing or amending any Tax Returns to implement an election that becomes effective). This Section 4.4(a) is intended to constitute a binding, written
agreement to make an election under Section 336(e) of the Code with respect to the Big Spin. 

 (b) For Little SpinCo. StoneCo IV and Carbon HoldCo (as successor to Little SpinCo) shall
make a protective election under Section 336(e) of the Code (and any similar election under state or local law) with respect to the Little Spin in accordance with Treas. Reg. Section 1.336-2(h) and (j) (and any applicable provisions
under state and local law) and shall cooperate in the timely completion and/or filings of such elections and any related filings or procedures (including filing or amending any Tax Returns to implement an election that becomes effective). This
Section 4.4(b) is intended to constitute a binding, written agreement to make an election under Section 336(e) of the Code with respect to the Little Spin. 

ARTICLE V. 
 MISCELLANEOUS 

SECTION 5.1. Tax Sharing Agreements. Any benefit or liability resulting from any Tax sharing, indemnification or similar
agreements, written or unwritten, as between any of the Parties or their respective Subsidiaries, on the one hand, and any other third party, on the other hand (other than the Separation Agreement, this Agreement or any other Ancillary Agreement)
(“Tax Sharing Agreements”), shall remain the benefit or liability of such Party or its respective Subsidiary; provided, however, that the Party responsible under this Agreement for any Taxes shall be responsible for any related
liability in respect of such Taxes under any Tax Sharing Agreement, and be entitled to any related benefit in respect of such Taxes under any Tax Sharing Agreement. No Party shall be entitled to indemnification under this Agreement in respect of
Taxes to the extent such Party or one of its Subsidiaries is indemnified under any Tax Sharing Agreement, and the Parties shall (and shall cause their Subsidiaries to) use commercially reasonable efforts to pursue any indemnification rights under
any Tax Sharing Agreement if such indemnification would reduce the other Party’s responsibility for such Taxes under this Agreement. 

SECTION 5.2. Complete Agreement; Construction. This Agreement, including any Exhibits, the other Ancillary Agreements, the
Separation Agreement and the Transaction Agreement shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all prior negotiations, commitments, course of dealings and writings with
respect to such subject matter. Except as expressly set forth in any other Ancillary Agreement, the Separation Agreement or the Transaction Agreement: (a) all matters relating to Taxes and Tax Returns of the Parties and their respective
Subsidiaries shall be governed exclusively by this Agreement; and (b) for the avoidance of doubt, in the event of any conflict between any other Ancillary Agreement, the Separation Agreement or the Transaction Agreement, on the one hand, and
this Agreement, on the other hand, with respect to such matters, the terms and conditions of this Agreement shall govern. 
 SECTION
5.3. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

SECTION 5.4. Survival of Agreements. Except as otherwise contemplated by this Agreement, all covenants and agreements of the
Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with the terms of this Agreement. 

 SECTION 5.5. Notices. All notices and other communications required or permitted to
be given hereunder shall be in writing and shall be deemed given if delivered personally, transmitted by facsimile or e-mail (and confirmed), mailed by registered or certified mail with postage prepaid and return receipt requested, or sent by
commercial overnight courier, courier fees prepaid (if available; otherwise, by the next best class of service available), to the parties at the following addresses: 

To any member of the Blackstone Group: 

The Blackstone Group L.P. 
 345
Park Avenue 
 New York, NY 10154 

Attn: Michael Chae, John Finley 

Facsimile: (212) 583-5749 

E-mail: Chae@Blackstone.com; John.Finley@Blackstone.com 

with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attn: Josh Bonnie; Eric Swedenburg 

Facsimile: (212) 455-2502 

Email: jbonnie@stblaw.com; eswedenburg@stblaw.com. 

To any member of the Carbon Group: 

To any Seller Party: 
 or to such
other Person or address as any party shall specify by notice in writing to the other parties in accordance with this Section 5.5. All such notices or other communications shall be deemed to have been received on the date of the personal
delivery or delivery by e-mail (if confirmed) or facsimile (if delivery confirmation is received), or on the third Business Day after the mailing or dispatch thereof; provided that notice of change of address shall be effective only upon receipt.

 SECTION 5.6. Waivers and Consents. The failure of any Party to require strict performance by any other Party of any provision
in this Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. Any consent required or permitted to be given by any Party to the other Parties under this Agreement
shall be in writing and signed by the Party giving such consent and shall be effective only against such Party (and its Group). 
 SECTION
5.7. Amendments. 
 (a) This Agreement may not be amended except by an instrument or instruments in writing signed and delivered
on behalf of BX, Blackstone Holdings, Carbon HoldCo, Carbon LP and the Founder (on behalf of himself, the PJT Entities and the other Seller Parties); provided, however, that this Agreement may not be amended in any manner that would adversely and
disproportionately affect any Seller Party in any material respect (as compared to any other Seller Party) except by an instrument in writing signed and delivered on behalf of such Seller Party. 

(b) At any time prior to the Effective Time, any Party hereto which is entitled to the benefits hereof may (i) extend the time for the
performance of any of the obligations or other acts of the other Parties and (ii) waive compliance with any of the agreements of any other Party or conditions contained herein. Any agreement on the part of a Party hereto to any such extension
or waiver shall be valid only with respect to the Party agreeing to such extension or waiver and only if set forth in an instrument in writing signed and delivered on behalf of such Party. 

 SECTION 5.8. Assignment. This Agreement shall not be assigned by any Party hereto without
the prior written consent of the other Parties. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective successors and assigns. 

SECTION 5.9. Certain Termination and Amendment Rights. This Agreement may not be terminated except (x) to the extent the
Transaction Agreement has been terminated according to its terms, in which case this Agreement shall automatically terminate and be of no further force and effect or (y) after the Distribution Date, by written consent of each of the Parties.

 SECTION 5.10. Subsidiaries. BX shall cause to be performed, and hereby guarantees the performance of, all actions, agreements
and obligations set forth herein to be performed by any member of the Blackstone Group. Carbon HoldCo shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by
any member of the Carbon Group. 
 SECTION 5.11. Third Party Beneficiaries. This Agreement is solely for the benefit of the
Parties and should not be deemed to confer upon third parties any remedy, claim, obligation, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

SECTION 5.12. Title and Headings. Titles and headings to sections herein are inserted for the convenience of reference only and
are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 SECTION 5.13. Exhibits. Any
Exhibits shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. Nothing in the Exhibits constitutes an admission of any liability or obligation of any member of the
Carbon Group or Blackstone Group or any of their respective Affiliates to any third party, nor, with respect to any third party, an admission against the interests of any member of the Carbon Group or Blackstone Group or any of their respective
Affiliates. 
 SECTION 5.14. Governing Law. THIS AGREEMENT AND THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE. 
 SECTION 5.15. Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible. 
 SECTION 5.16. Force Majeure. No Party (or any Person acting on its behalf) shall
have any liability or responsibility for failure to fulfill any obligation (other than a payment obligation) under this Agreement or, unless otherwise expressly provided therein, or any other Ancillary Agreement or the Separation Agreement, so long
as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure. A Party claiming the benefit of this provision shall, as soon as reasonably
practicable after the occurrence of any such event: (a) notify the other applicable Parties of the nature and extent of any such Force Majeure condition and (b) use commercially reasonable efforts to remove any such causes and resume
performance under this Agreement as soon as feasible. 

 SECTION 5.17. Interpretation. The Parties have participated jointly in the
negotiation and drafting of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted. 

SECTION 5.18. No Duplication; No Double Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party a
duplicative right, entitlement, obligation or recovery with respect to any matter arising out of the same facts and circumstances. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above
written. 
  

			
	THE BLACKSTONE GROUP, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	BLACKSTONE HOLDINGS I/II GP INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	STONECO IV CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	PJT PARTNERS INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	PJT PARTNERS HOLDINGS L.P.
		
	By:	 	  

		 	Name:
		 	Title:

 [Remainder of page intentionally left blank] 

 
			
	By:	 	  

		 	Name:
		 	Title:
	
	PJT CAPITAL LP
		
	By:	 	  

		 	Name:
		 	Title:
	
	PJT MANAGEMENT, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	SELLER PARTY
		
	By:	 	  

		 	Name:

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