Document:

EX-10.4

 Exhibit 10.4 
  

 
 LOAN AGREEMENT 

(Line of Credit) 
 This
Loan Agreement (Line of Credit) (the “Agreement”), dated as of October 1, 2015, is executed by and between PJT Partners Holdings LP (“Borrower”), and First Republic Bank (the “Lender”), with
reference to the following facts: 
 A. Borrower has requested a line of credit loan in the original principal amount of Sixty
Million and no/100 Dollars ($60,000,000.00), as may be increased from time to time subject to the terms and conditions set forth herein (referred to herein as the “Loan” or the “Line of Credit Loan”) from the Lender for the
purposes set forth in this Agreement. 
 B. Borrower and the Lender desire to enter into this Agreement to establish certain terms
and conditions relating to the Line of Credit Loan. 
 THEREFORE, for valuable consideration, Borrower and the Lender agree as follows: 

ARTICLE 1 

DEFINITIONS 
 For
purposes of this Agreement, the following terms shall have the following definitions: 
 1.1 Borrower’s Application. The
written application, if any, and all financial statements and other information submitted by Borrower to the Lender in connection with the Lender’s approval of the Line of Credit Loan. 

1.2 Business Day. Any day other than a day on which commercial banks in California are authorized or required by law to close.

 1.3 Collateral. As defined in the Security Agreements. 

1.4 Commitment. An amount equal to the principal face amount of the Note, as amended from time to time. 

1.5 Default. Any event which, with notice or passage of time or both, would constitute an Event of Default. 

1.6 Event of Default. As defined in Section 4.1 of this Agreement. 

1.7 Governmental Authorities. (a) the United States; (b) the state, county, city or other political subdivision in
which any of the Collateral is located; (c) all other governmental or quasi-governmental authorities (including but not limited to self-regulatory organizations such as the Financial Industry Regulatory Authority, of which the Pledgor is a
member), boards, bureaus, agencies, commissions, departments, administrative tribunals, instrumentalities and authorities; and (d) all judicial authorities and public utilities having or exercising jurisdiction over Borrower or the Collateral.
The term “Governmental Authority” means any one of the Governmental Authorities. 
 1.8 Governmental Permits. All
permits, approvals, licenses, and authorizations now or hereafter issued by any Governmental Authorities for or in connection with the conduct of Borrower’s business or the ownership or use by Borrower of the Collateral or any of its other
assets. 
 1.9 Governmental Requirements. All existing and future laws, ordinances, rules, regulations, orders, and
requirements of all Governmental Authorities applicable to Borrower, the Collateral or any of Borrower’s other assets. 
 1.10
Line of Credit Advance. Each advance of principal under the Note made by the Lender to or for the benefit of Borrower pursuant to a Request for Advance or otherwise. 

1.11 Loan Closing. The first date on which all or any part of the proceeds of the Line of Credit Loan are initially disbursed by
the Lender to or for the benefit of Borrower. 
 1.12 Loan Documents. The Note, Security Agreements, this Agreement, the Third
Party Pledge Agreements, all certificates and other documents now or hereafter executed by any Loan Party and delivered to the Lender at the Lender’s request in connection with the Line of Credit Loan that govern or evidence the Obligations,
and all extensions, renewals, modifications and replacements of any or all of such documents. 

 1.13 Loan Fee. The loan fees specified in Section 4 of the Loan Schedule which
shall be payable by Borrower to the Lender prior to or on the Loan Closing. 
 1.14 Loan Party. The Borrower and the Third
Party Pledgors. 
 1.15 Loan Schedule. The Loan Schedule attached to this Agreement as Exhibit A. 

1.16 Maturity Date. The stated maturity date of the Note. 

1.17 Note. (a) the promissory note dated the same date as this Agreement executed by Borrower evidencing the Line of Credit
Loan and all extensions, renewals, modifications and replacements of such promissory note; and/or (b) any additional note or notes now or hereafter executed by Borrower in favor of the Lender which specifically recite that they arise out of
this Agreement, and all extensions, renewals, modifications and replacements of any or all of such note or notes. 
 1.18
Obligations. All debts, obligations, and liabilities of Borrower to the Lender currently existing or hereafter made, incurred or created, whether voluntary or involuntary, and however arising or evidenced, whether direct or acquired by
the Lender by assignment or succession, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether under this Agreement, the Note, any of the other Loan Documents, or otherwise, and whether
Borrower may be liable individually or jointly, or whether recovery upon such debt may be or become barred by any statute of limitations or otherwise unenforceable, including all attorneys’ fees and costs now or hereafter payable by Borrower to
the Lender under the Loan Documents or in connection with the collection and enforcement of such debts, obligations and liabilities. Notwithstanding anything to the contrary contained in this Agreement, this Agreement shall not secure and the term
“Obligations” shall not include, any debts that are or may hereafter constitute “consumer credit” which is subject to the disclosure requirements of the federal Truth-In Lending Act (15 U.S.C. Section 1601, et seq.)
or any similar state law in effect from time to time, unless the Lender and Borrower shall otherwise agree in a separate written agreement. 

1.19 Permitted Liens. Liens granted to the Lender pursuant to the Loan Documents, liens of a depository or securities
intermediary which arise as a matter of law on items in the course of collection or encumbering deposits or other similar liens (including the right of set-off) and non-consensual liens, if any, imposed on the property of any Loan Party not yet
delinquent or being contested in good faith by appropriate proceedings. 
 1.20 Person. Any natural person or any entity,
including any corporation, partnership, joint venture, trust, limited liability company, unincorporated organization, trustee, or Governmental Authority. 

1.21 Request for Advance. A written request (or other form of request acceptable to the Lender) for an advance of principal
under the Note submitted by Borrower to the Lender pursuant to this Agreement. 
 1.22 Request for Increase. A written (or
other form of request acceptable to the Lender) for a temporary increase of the Commitment up to Eighty Million and no/100 Dollars ($80,000,000.00) pursuant to this Agreement. 

1.23 Security Agreements. Collectively, the Security Agreement dated on or about the date hereof (the “Security
Agreement”) between Borrower and Lender and any and all other personal security agreements and pledge agreements (including any Third Party Pledge Agreements) now or hereafter executed by Borrower, any Third Party Pledgor or any other Person
pursuant to which Borrower or such Person grants a security interest to the Lender in any property or asset of any kind to secure any or all of the Obligations, and all extensions, renewals, modifications and replacements of any or all of such
documents. 
 1.24 Third Party Pledge Agreements. Any pledge of or grant of a security interest to the Lender in any property
or asset of any kind, now or hereafter executed by any Third Party Pledgor to secure any or all of the Obligations, and all extensions, renewals, modifications and replacements of any or all of such documents (collectively, the “Third Party
Pledge Agreements”). 
 1.25 Third Party Pledgors. Collectively, the Person or Persons, now or hereafter entering into a
Third Party Pledge Agreement, including Park Hill Group LLC and PJT Partners LP, to secure any or all of the Obligations, including in each case the Persons identified as Third Party Pledgors in the Loan Schedule. 

1.26 Other Terms. All accounting terms with an initial capital letter that are used but not defined in this Agreement shall have
the respective meanings given to such terms in accordance with generally accepted accounting principles, consistently applied. 

 ARTICLE 2 

DISBURSEMENT OF LOAN PROCEEDS 

2.1 Line of Credit. The Lender agrees, on the terms and conditions contained in this Agreement and the other Loan Documents, to
make a Line of Credit Loan to Borrower during the period from the date of the Closing up to but not including the Maturity Date in the aggregate principal amount not to exceed at any time the amount of the Commitment. 

(a) Borrower may, on or after November 1st of any year, submit a Request for Increase to increase the Commitment (an
“Increase”) between December 1st and March 1st of the immediately following calendar year (or a portion of such period).
Each Request for Increase shall state the time period during the upcoming three-month period for the Increase to be in place (such period of time for such increase, the “Increase Period”). The Request for Increase must be accompanied by a
certificate of the Borrower executed by the chief financial officer or other officer or representative of the Borrower, in a form reasonably acceptable to Lender, that no Event of Default has occurred and is continuing and that all representations
and warranties in the Loan Documents are true and correct in all material respects on and as of the date of such Request for Increase. 

(b) If an Increase is put into place, Borrower must repay to Lender Line of Credit Advances such that by the end of the Increase
Period (but which shall in no event be after March 1st (or if such date is not a Business Day, then the next succeeding Business Day) of any year in which an Increase is in place) the
aggregate outstanding principal amount of the Line of Credit Advances is not greater than $60,000,000. At the end of the Increase Period the Commitment shall automatically be reduced to $60,000,000, and in no event shall the Commitment exceed
$60,000,000 at any time between March 2nd and November 30th in any calendar year. 

2.2 Use of Loan Proceeds. All proceeds of the Line of Credit Loan received by Borrower shall be used by Borrower solely for
payment of those costs, charges, and other items shown in the Loan Disbursement Instructions executed by Borrower in connection with the Loan and for working capital or general corporate purposes. The Lender shall have no obligation to monitor or
verify the use or application of any proceeds of Line of Credit Loan disbursed by the Lender. Borrower shall not, directly or indirectly, use all or any part of the Line of Credit Loan proceeds for the purpose of purchasing or carrying any margin
stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (the “Board of Governors”) or to extend credit to any Person for the purpose of purchasing or carrying any such margin stock or for any
purpose which violates or is inconsistent with Regulation X of the Board of Governors, unless such use has been expressly approved in writing by the Lender, in its discretion. 

2.3 Loan Fees. Concurrently with or prior to the date of the Loan Closing and at such other times as are required by this
Agreement, Borrower shall pay to the Lender the Loan Fees specified in the Loan Schedule. The entire amount of the Loan Fees shall be deemed to be fully earned by the Lender on each date such fees are paid, and no part of the Loan Fees shall be
refundable to Borrower, whether or not the principal balance of the Loan is prepaid or the Commitment is terminated prior to the Maturity Date. 

2.4 Requests for Advances Under Line of Credit. Each Request for Advance under the Line of Credit Loan shall indicate the
proposed date for the Line of Credit Advance requested by Borrower in the Request for Advance (which date shall be referred to as the “Advance Date”). Each Request for Advance shall be furnished to Lender no later than 11 A.M. Eastern Time
on the Advance Date. Each Advance Date shall be a Business Day. Provided that no Default or Event of Default has occurred and is continuing and that all representations and warranties in the Loan Documents are true and correct in all material
respects and on and as of such date, not later than 4 P.M. Eastern Time on the Advance Date, the Lender shall make the Line of Credit Advance available to Borrower in immediately available funds by deposit or credit to an account in Borrower’s
name established or to be established at one of the Lender’s offices, by check payable directly to Borrower or to a payee designated by Borrower, or by such other method as may be designated by the Lender, in each case as determined by the
Lender. 
 2.5 Reliance by Lender. The Lender may conclusively presume that all requests, statements, information,
certifications, and representations, whether written or oral, submitted or made by Borrower or any of its agents to the Lender in connection with the Line of Credit Loan are true and correct, and the Lender shall be entitled to rely thereon, without
investigation or inquiry of any kind by the Lender, in disbursing the Line of Credit Loan proceeds and taking or refraining from taking any other action in connection with the Line of Credit Loan. Without limiting the generality of this Section,
Borrower acknowledges and agrees that (a) it is in the best interest of Borrower that the Lender respond to and be entitled to rely upon Requests for Advances and Requests for Increases that are given by Borrower in writing, by telephone (if
permitted hereunder), or by other telecommunication method acceptable to the Lender without the Lender having to inquire into the actual authority of the Person making such request and purporting to act on behalf of Borrower; (b) therefore, the
Lender may conclusively rely on any and all Requests for Advances and Requests for Increases (whether made in writing, by telephone (if permitted hereunder), or by other telecommunication method) made by (i) any Person who purports to be one of
the agents of Borrower who has been authorized to act for Borrower in any resolution or other form of authorization of any kind delivered to the Lender (a “Borrower Authorization”); and (ii) any other Person who the Lender in good
faith believes to be authorized to act for Borrower (notwithstanding the fact that such other Person is not identified in any Borrower Authorization); 

 
and (c) Borrower assumes all risks arising out of any lack of actual authority by any Person submitting any form of Request for Advance or Request for Increase (whether made in writing, by
telephone (if permitted hereunder), or by other telecommunication method) to the Lender and the Lender’s reliance on such Request for Advance or Request for Increase (except to the extent such reliance results from the Lender’s gross
negligence, bad faith or willful misconduct). 
 ARTICLE 3 

BORROWER’S COVENANTS 

3.1 Existence of Borrower. Borrower shall maintain its existence in good standing under the laws of the state in which it is
organized and maintain its qualification as a foreign entity in good standing in each jurisdiction in which the nature of its business requires qualification as a foreign entity (except for such jurisdictions where the failure to so qualify would
not reasonably be expected to have a material adverse effect on the ability of Borrower to perform its obligations under the Loan Documents or on the business of the Loan Parties (taken as a whole)). 

3.2 Books and Records; Inspections by Lender. Borrower shall keep and maintain books and records relating to its business and
the Collateral that are complete and accurate in all material respects and may be accessed at its principal place of business. The Lender shall have access to such books and records at all reasonable times upon not less than five (5) Business
Days prior written notice to Borrower for the purposes of examination, inspection, verification, copying and for any other reasonable purpose relating to the Loan Documents. Borrower authorizes the Lender, at its option but without any obligation of
any kind to do so, to discuss the affairs, finances and accounts of Borrower and the Collateral with any of its officers and directors, and after an Event of Default has occurred and is continuing, with Borrower’s independent accountants and
auditors, and Borrower authorizes all accountants and auditors employed or retained by Borrower to respond to and answer all requests from the Lender for financial and other information regarding Borrower. Borrower agrees not to assert the benefit
of any accountant-client privilege precluding or limiting the disclosure or delivery of any of its books and records to the Lender (provided that Borrower will not be required to disclose, permit the inspection, examination or making copies or
abstracts of, or discussion of, any documents, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to the Lender (or its representatives
or contractors) is prohibited by law or any binding agreement to which the Borrower or its affiliates is a party, or (c) is subject to attorney-client privilege or constitutes attorney work product). 

3.3 Reports. Without limiting any of the other terms of the Loan Documents, from time to time within ten (10) Business Days
(or such later time as the Lender may reasonably agree) after the Lender’s written reasonable request to Borrower, Borrower shall deliver to the Lender such reports and information available to Borrower concerning the business, financial
condition and affairs of Borrower or the Collateral as the Lender may reasonably request. 
 3.4 Payment of Obligations; Compliance
with Financial Covenants. Borrower shall pay all of its indebtedness under the Note and pay and perform all of its other Obligations under the Loan Documents as and when the same become due. Without limiting the generality of the immediately
preceding sentence, Borrower shall comply with all of the financial covenants contained in Section 1 of Exhibit B (the “Financial Covenants”) and the other terms set forth in the Exhibit B. 

3.5 Notice of Material Adverse Changes. Borrower shall immediately notify the Lender in writing of (a) any material adverse
change in the financial condition of the Loan Parties (taken as a whole); (b) any material adverse change in (including any material decline in the value of) the Collateral; and (c) any claim, proceeding, litigation or investigation in the
future threatened or instituted by or against Borrower involving any claim or claims which, individually or in the aggregate, may cause or result in a material adverse change in the financial condition or business of Borrower or any material
impairment in the ability of Borrower to carry on its business in substantially the same manner as it is now being conducted. 
 3.6
Further Assurances. Upon the Lender’s request, Borrower shall execute and deliver to the Lender such further documents and agreements, in form and substance reasonably satisfactory to the Lender, as the Lender may reasonably require
to grant, preserve or protect the validity of the security interests created or intended to be created by the Security Agreements. 
 3.7
Claims. Subject to Section 3.9, Borrower shall pay when due all claims which, if unpaid, might become a lien or charge on any or all of the properties or assets of Borrower. 

3.8 Taxes. Subject to Section 3.9, Borrower shall pay when due all material foreign, federal, state and local taxes,
assessments, and governmental charges now or hereafter levied upon or against Borrower or any of its properties or assets (including the Collateral), including all material income, franchise, personal property, real property, excise, withholding,
sales and use taxes, except taxes that are being contested in good faith by appropriate proceedings and for which the Borrower has set aside on its books adequate reserves. 

3.9 Contest. Borrower shall not be in default hereunder for failure to pay any tax, assessment, charge or claim referred to in
Section 3.7 or 3.8 above (a) to the extent such failure would not reasonably be expected to have a material adverse effect on the ability of Borrower to perform its obligations under the Loan Documents or on the business of

 
the Loan Parties (taken as a whole) or (b) to the extent Borrower is contesting the payment of such tax, assessment, charge or claim in good faith by appropriate proceedings or has set aside
on its books adequate reserves with respect thereto in accordance with GAAP. 
 3.10 Pension Plans. Borrower shall pay all
amounts necessary to fund each of its present and future employee benefit plans (if any) that are subject to Title IV of the Employee Retirement Income Security Act of 1974, as amended in accordance with its terms, and Borrower shall not permit the
occurrence of any event with respect to any such plan which would result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or any other Governmental Authority, that would reasonably be expected to have
a material adverse effect on the ability of Borrower to perform its obligations under the Loan Documents or on the business of the Loan Parties (taken as a whole). 

3.11 Insurance. Borrower shall maintain insurance in at least such amounts and against at least such risks as the Borrower
believes (in the good faith judgment of management of the Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost effective basis. 

3.12 Maintenance of Properties. Borrower shall maintain its properties in good condition and repair, ordinary wear and tear
excepted, except where the failure to do so would not reasonably be expected to have a material adverse effect on the ability of Borrower to perform its obligations under the Loan Documents or on the business of the Loan Parties (taken as a whole).

 3.13 Licenses. Borrower shall maintain all Governmental Permits necessary for the ownership of its properties and the
conduct of its businesses, except where the failure to do so would not reasonably be expected to have a material adverse effect on the ability of Borrower to perform its obligations under the Loan Documents or on the business of the Loan Parties
(taken as a whole). 
 3.14 Compliance with Applicable Laws. Borrower shall at all times comply with and keep in effect all
Governmental Permits relating to Borrower, the Collateral, and Borrower’s other assets, except where the failure to do so would not reasonably be expected to have a material adverse effect on the ability of Borrower to perform its obligations
under the Loan Documents or on the business of the Loan Parties (taken as a whole). Borrower shall at all times comply with, and shall cause the Collateral to comply with (a) all Governmental Requirements, including all hazardous substance
laws; (b) all requirements and orders of all judicial authorities which have jurisdiction over Borrower or the Collateral; and (c) all covenants, conditions, restrictions and other documents relating to Borrower or the Collateral, except
in the case of each of the foregoing clauses (a), (b) and (c), where the failure to do so would not reasonably be expected to have a material adverse effect on the ability of Borrower to perform its obligations under the Loan Documents or on
the business of the Loan Parties (taken as a whole). 
 3.15 Place of Business; Borrower’s Name. Borrower shall promptly
give the Lender written notice of any change in the location of Borrower’s chief executive office except that Borrower shall obtain Lender’s prior written consent (such consent not to be unreasonably withheld) thereto if the change in
location of the chief executive office is to a place outside of the United States. Borrower shall give the Lender not less than fifteen (15) days prior written notice before changing its name or doing business under any other name. Borrower has
complied, and will in the future comply, in all material respects with all Governmental Requirements relating to the conduct of Borrower’s business under a fictitious business name. 

3.16 Sale; Merger. Borrower shall not sell or transfer all or any substantial part of its assets, merge with or into any other
Person, or change its jurisdiction of organization in each case without at least fifteen (15) days prior written notice to Lender; provided that Borrower shall not be required to give prior notice to the extent doing so would violate any
Governmental Requirements which cannot be satisfied by the execution of a confidentiality agreement by Lender; and provided further the provisions of this Section 3.16 shall not permit Borrower to transfer any Collateral in violation of any
provisions of the Security Agreements. 
 3.17 Other Financial Information. Borrower shall deliver to Lender, or cause to be
delivered to Lender, the financial information regarding the Loan Parties set forth on Exhibit B and such other financial information regarding the Loan Parties as Lender may reasonably request from time to time. Documents required to be
delivered pursuant to this Section 3.17 that are made publicly available via EDGAR, or any successor system of the SEC, in the Borrower’s (or its general partner’s) Annual Report on Form 10-K or 10-Q, as applicable, shall be deemed
delivered to the Lender on the date such documents are made so available, provided that Buyer complies with the delivery of the compliance certificate required by Section 2.3 of Exhibit B hereof. 

3.18 Collateral. Borrower at all times will have (a) legal and equitable title to the Collateral owned by it, free and
clear of all liens and other interests (except Permitted Liens), and (b) the right to grant the security interests in the Collateral owned by it. The grant by Borrower of the security interests in the Collateral will not at any time violate any
Government Requirement applicable to Borrower or any agreement to which Borrower is a party. 

 ARTICLE 4 

DEFAULT AND REMEDIES 

4.1 Events of Default. The Lender, at its option, may declare Borrower to be in default under this Agreement and the other Loan
Documents upon the occurrence and during the continuance of any or all of the following events (the declaration of such a default by the Lender by written notice to Borrower shall constitute an “Event of Default”): 

(a) Payment of Note and Other Monetary Obligations. If Borrower fails to (x) pay any of its indebtedness under the Note or
(y) pay any of its other obligations under the Loan Documents or under any other document with Lender requiring the payment of money to the Lender (provided that such failure under any such other document shall constitute a default hereunder
only to the extent the aggregate principal amount of the relevant indebtedness exceeds $25,000), in each case within three (3) days after the date on which such indebtedness or monetary obligation is due, including failure to repay any Line of
Credit Advances before the end of any Increase Period as required pursuant to Section 2.1(b) hereof; provided, however, that the three (3) day grace period contained in this Section 4.1(a) shall not apply to Borrower’s obligation
to pay the outstanding principal balance and all accrued and unpaid interest under the Note on the Maturity Date; 
 (b) Failure
to Comply with Financial Covenants, Permit Inspections, or to Perform Certain Non-Monetary Obligations Under Other Loan Documents. If (i) Borrower fails to comply with any or all of the Financial Covenants or Section 2 of
Exhibit B hereto; (ii) Borrower fails to permit any inspection of the Collateral or any of Borrower’s books and records in accordance with the terms of the Loan Documents; or (iii) Borrower breaches any of its non-monetary
obligations to (x) the Lender or any third Person under any of the Loan Documents or (y) under any other document with Lender, in each case after written notice by the Lender to Borrower setting forth such non-monetary obligation, which
breach is not reasonably susceptible to being cured by Borrower (provided that in the case of clause (y), the breach under any such document shall constitute a default hereunder only to the extent the aggregate principal amount of the
relevant indebtedness exceeds $25,000); 
 (c) Performance of Non-Monetary Obligations Under Other Loan Documents Which are
Curable. If (i) Borrower fails to perform any of its non-monetary obligations (x) to the Lender (other than those set forth in Section 4.1(b) above) under any of the Loan Documents or (y) under any other document with Lender,
in each case when due (provided that in the case of clause (y), the breach under any such document shall constitute a default hereunder only to the extent the aggregate principal amount of the relevant indebtedness exceeds $25,000); and
(ii) Borrower fails to diligently complete a cure of its breach of such non-monetary obligation as soon as reasonably practicable after written notice by the Lender to Borrower setting forth such non-monetary breach, but in any event within
thirty (30) days after such notice is given; provided, however, that the thirty (30) day cure period contained in this Section 4.1(c) shall not be deemed to apply if Borrower commits more than two (2) such non-monetary breaches
within any twelve (12) calendar month period. Without limiting any of the terms of this Section 4.1(c), the cure provision contained in this Section 4.1(c) (the “Cure Provision”) shall not apply with respect to
Borrower’s failure to comply with the Financial Covenants or Borrower’s breach of any non-monetary obligation of Borrower that is not reasonably susceptible to being cured by Borrower, including any transfer of the Collateral in violation
of the terms of the Loan Documents. Notwithstanding anything to the contrary contained in this Section 4.1(c) or Section 4.1(a) above, if Borrower breaches any of the terms of the Loan Documents, and if the Lender, in its discretion,
determines that such breach impairs the Lender’s security for the Line of Credit Loan, the Lender, immediately upon the occurrence of any such breach, shall have the right to take such actions and exercise such remedies under the Loan Documents
as the Lender may in good faith determine to be necessary or appropriate to avoid such impairment; 
 (d) Misrepresentation.
If any written statement, certification, representation, or warranty submitted or made by Borrower to the Lender in connection with the Line of Credit Loan is false or misleading in any material respect as of the date hereof; 

(e) Insolvency of Borrower. If (i) a petition is filed by or against Borrower under the federal bankruptcy laws or any
other applicable federal or state bankruptcy, insolvency or similar law; (ii) a receiver, liquidator, trustee, custodian, sequestrator, or other similar official is appointed to take possession of Borrower, the Collateral, or any material part
of Borrower’s other assets, or Borrower consents to such appointment; (iii) Borrower makes an assignment for the benefit of creditors; or (iv) Borrower takes any action in furtherance of any of the foregoing; provided, however, that
Borrower shall have sixty (60) days within which to cause any involuntary bankruptcy proceeding to be dismissed or the involuntary appointment of any receiver, liquidator, trustee, custodian, or sequestrator to be discharged. The cure provision
contained in this Section shall be in lieu of, and not in addition to, any and all other cure provisions contained in the Loan Documents; 

(f) Insolvency of Other Persons. If any of the events specified in clauses (i) through (iv) of Section 4.1(e)
above occurs with respect to any Third Party Pledgor, as if such Third Party Pledgor were the Borrower described therein; 

 (g) Performance of Obligations to Third Persons. If Borrower or any Third Party
Pledgor fails to pay any of its indebtedness or to perform any of its obligations when due, in each case under any document between Borrower or such Third Party Pledgor and any other Person and such failure to pay or perform entitles the holder
thereof to accelerate such indebtedness; provided such failure shall constitute a default hereunder only to the extent the aggregate principal amount of relevant indebtedness exceeds $5 million; 

(h) Attachment. If all or any material part of the Collateral or the other assets of any Loan Party are attached, seized,
subjected to a writ or levied upon by any court process and such Loan Party fails to cause such attachment, seizure, writ or levy to be fully released or removed within sixty (60) days after the occurrence of such event. The cure provision
contained in this Section shall be in lieu of, and not in addition to, any and all other cure periods contained in the Loan Documents; 

(i) Injunctions. If a court order is entered against any Loan Party enjoining the conduct of all or part of such Person’s
business and Borrower or such Third Party Pledgor fails to cause such injunction to be fully stayed, dissolved or removed within sixty (60) days after such order is entered. The cure provision contained in this Section shall be in lieu of, and
not in addition to, any and all other cure periods contained in the Loan Documents; 
 (j) Dissolution. The dissolution,
liquidation, or termination of existence of any Loan Party; 
 (k) Transfers of Interests. The sale or transfer of an
aggregate of more than twenty-five percent (25%) of the beneficial interests in Borrower (other than to any Loan Party or any affiliate of any Loan Party) without the Lender’s prior written consent; 

(l) Impairment of Security Interest or Lender’s Rights. If (i) the validity or priority of the Lender’s security
interest in the Collateral is impaired for any reason; or (ii) the value of the Collateral has deteriorated, declined or depreciated as a result of any intentional act or omission by a Loan Party; 

(m) Default by Third Party Pledgors. If any default occurs under any of the Third Party Pledge Agreements and is not cured
within any applicable cure period, if any Third Party Pledgor fails to pay any of its indebtedness or perform any of its obligations under any of the Third Party Pledge Agreements when due (after giving effect to any applicable cure period), or if
any Third Party Pledgor revokes, limits or terminates or attempts to revoke, limit or terminate any of the obligations of any Third Party Pledgor under any of the Third Party Pledge Agreements; 

(n) Misrepresentation by Third Party Pledgors. If any written statement, certification, representation, or warranty submitted
or made by any Third Party Pledgor to the Lender in connection with the Loan, is false or misleading in any material respect and the aderse effect of the failure of such representation or warranty shall not have been cured within five
(5) Business Days after written notice thereof is delivered to such Third Party Pledgor by the Lender; or 
 (o) Material
Adverse Change. If Lender determines in its commercially reasonable judgment that a material adverse change in the financial condition of Borrower and its affiliates (taken as a whole) has occurred after the date hereof and that such change
materially impairs Borrower’s ability to perform any or all of the Obligations, and within 60 days after the Lender notifies Borrower of the same the Borrower does not either cure or substantially remedy the adverse change or provide the Lender
a detailed business plan reasonably satisfactory to Lender to remedy the adverse change within the next 90 days. 
 4.2 Remedies.
Upon the Lender’s election to declare Borrower to be in default under the Loan Documents pursuant to Section 4.1 above, Borrower shall be deemed to be in default under the Loan Documents, and the Lender shall have the right to do any
or all of the following: 
 (a) Acceleration. The Lender shall have the right to declare any or all of the Obligations to be
immediately due and payable, including the entire principal amount and all accrued but unpaid interest under the Note, and notwithstanding the Maturity Date, such Obligations shall thereupon be immediately due and payable; 

(b) Remedies Under Other Loan Documents. The Lender may exercise any or all rights and remedies which the Lender may have under
any or all of the Loan Documents and applicable law; 
 (c) Discontinuation of Disbursements. The Lender may discontinue or
withhold any or all advances of the proceeds of Line of Credit Loan, and the Lender shall have no further obligation to make any Line of Credit Advance; and 

(d) Discontinuation of Other Extensions of Credit. The Lender may discontinue advancing money or extending credit to or for the
benefit of Borrower in connection with any other document between the Lender and Borrower. 
 Notwithstanding the preceding provisions of
this Section 4.2, if an Event of Default described in Section 4.1(e) shall occur, then all of the Obligations under the Loan Documents shall, automatically and without any action of or notice by Lender, become immediately due and payable
and Lender’s commitment to lend under the Note and the other Loan Documents shall automatically terminate. 

 ARTICLE 5 

WARRANTIES AND REPRESENTATIONS 

5.1 Borrower’s Warranties and Representations. As a material inducement to the Lender’s extension of credit to
Borrower in connection with the Line of Credit Loan, Borrower warrants and represents to the Lender as follows: 
 (a)
Existence. Borrower is duly organized, validly existing and in good standing under the laws of the state in which Borrower is organized, and Borrower is qualified to do business and is in good standing in each jurisdiction in which the
ownership of the Collateral pledged by it and its other assets or the conduct of its business requires qualification as a foreign entity (except where the failure to so qualify would not reasonably be expected to have a material adverse effect on
the ability of Borrower to perform its obigations under the Loan Documents or on the business of the Loan Parties (taken as a whole)). 

(b) Authority to Own Assets; Collateral. Borrower has the full power and authority to own its assets and to transact the
business in which it is now engaged. Borrower is the owner of all of the Collateral in which it has granted to Lender a security interest and has the right to grant Lender the security interests in the Collateral. 

(c) Authority to Execute Loan Documents. Borrower has the full power and authority to execute, deliver and perform its
obligations under the Loan Documents and grant the security interests in the Collateral, and the execution, delivery and performance of the Loan Documents and the consummation of the transactions contemplated thereby have been duly authorized by all
requisite action on the part of Borrower. The Person or Persons signing the Loan Documents on behalf of Borrower are duly authorized to execute the Loan Documents and all other documents necessary to consummate the Line of Credit Loan on behalf of
Borrower. 
 (d) Valid Obligations. The Loan Documents are legal, valid and binding obligations of Borrower and each Third
Party Pledgor, respectively, enforceable in accordance with their terms (except as enforcement may be limited by equitable principles and by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors’ rights
generally). The Security Agreement is effective to create a valid security interest in the Collateral. 
 (e) No Consents
Required. No consent of any other Person and no consent, approval, authorization or other action by or filing with any Governmental Authority not previously obtained by Borrower is required in connection with the execution, delivery and
performance of the Loan Documents by Borrower or the grant by Borrower of the security interest in the Collateral pledged by it, except for filings required by the Security Agreements. 

(f) Chief Executive Office. Borrower’s chief executive office is located at the address set forth in Section 13 of
Exhibit A. 
 (g) Borrower’s Name. Borrower has set forth above its full and correct name, and Borrower does not
use any other names or tradenames, except for the tradenames disclosed in the Loan Schedule. 
 (h) No Violations. The
execution, delivery and performance of the Loan Documents and compliance with their respective terms will not conflict with or result in a violation or breach in any material respect of any of the terms or conditions of any document to which
Borrower is a party or by which Borrower is bound or any order or judgment of any court or Governmental Authority binding on Borrower. 

(i) Organizational Documents. Borrower’s execution, delivery and performance of the Loan Documents and Borrower’s
compliance with their respective terms (i) will not violate any material Governmental Requirements applicable to Borrower; or (ii) Borrower’s Certificate of Limited Partnership or Limited Partnership Agreement, of which Borrower has
furnished Lender accurate and complete copies. 
 (j) Tax Claims. There are no claims or adjustments proposed by any taxing
authority for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower that would reasonably be expected to have a material adverse effect on the ability of Borrower to perform its
obligations under the Loan Documents or on the business of the Loan Parties (taken as a whole). Each Loan Party has filed all federal, state and local tax returns required to be filed under applicable Governmental Requirements and has paid all
taxes, assessments, fees, penalties, and other governmental charges that are due and payable in connection therewith, except (a) taxes that are being contested in good faith by appropriate proceedings and for which the Borrower has set aside on
its books adequate reserves or (b) to the extent that the failure to do so would not reasonably be expected to have a material adverse effect on the ability of Borrower to perform its obligations under the Loan Documents or on the business of
the Loan Parties (taken as a whole). 
 (k) Litigation. There are no actions, suits, proceedings or investigations pending or
to the best of Borrower’s knowledge, threatened against or affecting Borrower or any Third Party Pledgor in any court or before any other Governmental Authority which would be reasonably expected to have a material adverse effect on the ability
of Borrower to perform its obligations under the Loan Documents, on the Collateral or on the business of the Loan Parties (taken as a whole). 

 (l) Financial Statements. All financial statements respecting the financial
condition of Borrower which have been furnished to the Lender prior to the Closing Date (i) present fairly the financial condition and results of operations of the Person to whom the financial statement applies as of the dates and for the
periods shown on such statements; and (ii) disclose all contingent liabilities affecting the Person to whom the financial statement applies to the extent that such disclosure is required by generally accepted accounting principles. Since the
last date covered by any such statement, there has been no material adverse change in the financial condition of Borrower, and Borrower is now and at all times hereafter shall continue to be solvent. 

(m) Periodic Financial Statements. All financial statements respecting the financial condition of Borrower hereafter delivered
to the Lender by Borrower shall satisfy the requirements of clauses (i) and (ii) of Section 5.1(l) above. 
 (n)
Margin Stock. Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying any “margin stock” (as defined in Regulation G of the Board of Governors of the Federal Reserve System), and no
part of the proceeds of the Line of Credit Loan shall be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock, unless such use is approved in writing by the Lender or
otherwise expressly contemplated by the Loan Documents. 
 (o) Licenses and Governmental Requirements. No Loan Party
(i) is in violation in any material respect of any Governmental Permits or Governmental Requirements (including all hazardous substance laws) to which it is subject; or (ii) has failed to obtain any Governmental Permits necessary for the
ownership of its properties or the Collateral or the conduct of its business. 
 (p) Material Adverse Change. There has been
no material adverse change in Borrower’s financial condition as represented to Lender in connection with Lender’s approval of the Line of Credit Loan, which would reasonably be expected to have a material impairment on Borrower’s
ability to perform any or all of the Obligations. 
 5.2 OFAC; Patriot Act Compliance. 

(a) Borrower is not a Person (i) whose property or interest in property is blocked or subject to blocking pursuant to
Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”),
(ii) who engages in any dealings or transactions prohibited by Section 2 of the Executive Order, or (iii) who is on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any
other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order (“OFAC”). To Borrower’s knowledge, Borrower is not engaged in any transactions or dealings with any Person who is in violation of
Section 2 of the Executive Order. 
 (b) Borrower is in compliance with the Patriot Act in all material respects. No
proceeds of the Line of Credit Loan will be used, directly or, to the knowledge of the Borrower, indirectly, for the purpose of making or offering payments to any governmental official or employee, political party or its officials, candidate for
political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

5.3 Borrower’s Warranties. Borrower’s warranties and representations set forth in Section 5.1 above shall be true
and correct at the time of execution of this Agreement and as of the date of the Loan Closing, shall survive the closing of the Line of Credit Loan, and shall be true and correct in all material respects as of the date on which such warranties and
representations are given. For purposes of this Agreement and the other Loan Documents, the term “to the best of Borrower’s knowledge” shall be deemed to mean to the best knowledge of Borrower after a commercially reasonable and
diligent investigation, inspection and inquiry by Borrower. 
 ARTICLE 6 

MISCELLANEOUS 

6.1 Relationship of Parties. The Lender shall not be deemed to be, nor do the Lender or Borrower intend that the Lender shall
ever become, a partner, joint venturer, trustee, fiduciary, manager, controlling person, or other business associate or participant of any kind in the business or affairs of Borrower, whether as a result of the Loan Documents or any of the
transactions contemplated by the Loan Documents. In exercising its rights and remedies under the Loan Documents, the Lender shall at all times be acting only as a lender to Borrower within the normal and usual scope of activities of a lender. 

6.2 Indemnification. Borrower shall indemnify and hold the Lender and its officers, directors, agents, employees,
representatives, shareholders, affiliates, successors and assigns (collectively, the “Indemnified Parties”) harmless from and against any and all claims, demands, damages (including special and consequential damages), liabilities, actions,
causes of action, legal proceedings, administrative proceedings, suits, injuries, costs, losses, debts, liens, interest, fines, 

 
charges, penalties and expenses (including attorneys’, accountants’, consultants’, and expert witness fees and costs) of every kind and nature (collectively, the
“Claims”) arising directly or indirectly out of or relating to any or all of the following: (i) Borrower’s breach of any of its Obligations or warranties under the Loan Documents; (ii) any act or omission by Borrower or any
of its employees or agents; (iii) Borrower’s use of the Collateral or any other activity or thing allowed or suffered by Borrower to be done on or about any of Borrower’s properties; and (iv) any claims for commissions,
finder’s fees or brokerage fees arising out of the Line of Credit Loan or the transactions contemplated by the Loan Documents, if such claim is based on any act, omission or agreement by Borrower or any Affiliate. Notwithstanding anything to
the contrary contained in this Section, Borrower shall not be obligated to indemnify any Indemnified Party for any liabilities resulting solely from the gross negligence, willful misconduct or intentional tortious conduct of such Indemnified Party
which such Indemnified Party is determined by the final judgment of a court of competent jurisdiction to have committed. Borrower’s obligation to indemnify the Indemnified Parties under this Section 6.2 shall survive the cancellation of
the Note and the release of the Lender’s security interests under the Security Agreements. 
 6.3 Power of Attorney. Upon
the occurrence and during the continuation of any Event of Default, Borrower irrevocably appoints the Lender, with full power of substitution, as Borrower’s attorney-in-fact, coupled with an interest, with full power, in the Lender’s own
name or in the name of Borrower to sign, record and file all documents referred to in Section 3.6 above related to the Collateral. The Lender shall have the right to exercise the power of attorney granted in this Section directly. Nothing
contained in the Loan Documents shall be construed to obligate the Lender to act on behalf of Borrower as attorney-in-fact. 
 6.4
Confidentiality. The Lender agrees to use commercially reasonable efforts to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its affiliates and to its and its
affiliates’ managers, administrators, trustees, partners, directors, officers, employees and agents, including accountants, legal counsel and other advisors on a need-to-know basis (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or self-regulatory body, (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, provided that the Lender gives the Borrower prompt notice of any request to disclose information (unless such notice is prohibited by law, subpoena, similar process or by
the applicable regulatory authority) so that the Borrower may seek a protective order or other appropriate remedy (including by participation in any proceeding to which the Lender is a party, and the Lender hereby agrees to use reasonable effort to
permit the Borrower to do so), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (f) with the consent of the Borrower or (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Lender on a nonconfidential basis from a source other than the Borrower or its affiliates. 
 For the
purposes of this Section, “Information” means all information (including financial statements, certificates and reports and analyses, compilations and studies prepared by or on behalf of the Lender based on any of the foregoing) received
from or on behalf of the Borrower or any Third Party Pledgor relating to the Borrower, any Third Party Pledgor or any affiliate thereof or such Person’s business or relating to any employee, member or partner or customer of any such Person,
other than any such information that is or becomes available to the Lender on a nonconfidential basis. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

6.5 Actions. Whether or not an Event of Default has occurred, the Lender shall have the right, but not the obligation, to
commence, appear in, or defend any action or proceeding which affects or which the Lender determines may affect (a) the Collateral; (b) Borrower’s or the Lender’s respective rights or obligations under the Loan Documents;
(c) the Line of Credit Loan; or (d) the disbursement of any proceeds of the Line of Credit Loan. 
 6.6 Attorneys’ Fees
and Costs and Other Expenses. Upon Lender’s demand, Borrower shall reimburse Lender for all reasonable and documented attorney’s fees and costs, incurred by Lender in connection with the negotiation and execution of the Loan
Documents; the exercise of any or all of Lender’s rights and remedies under this Agreement and the other Loan Documents; the enforcement of any of all Obligations, whether or not any legal proceedings are instituted by Lender; or the defense of
any action or proceeding by Borrower or any other Person relating to the Line of Credit Loan (“Attorneys’ Fee”). Without limiting the generality of the immediately preceding sentence, such Attorneys’ Fee cost shall include all
attorneys’ fees and costs incurred by Lender in connection with any federal or state bankruptcy, insolvency, reorganization, or other similar proceeding by or against Borrower or any Third Party Pledgor which in any way affects Lender’s
exercise of its rights and remedies under the Loan Documents. Borrower’s obligation to reimburse Lender under this Section shall include payment of interest on all amounts expended by Lender from the date of expenditure at the rate of interest
applicable to principal under the Note. 
 6.7 No Third Party Beneficiaries. The Loan Documents are entered into for the sole
protection and benefit of the Lender, Borrower and Third Party Pledgors, as applicable, and their respective permitted successors and assigns. No other Person shall have any rights or causes of action under the Loan Documents. 

 6.8 Documents. The form and substance of all documents and instruments which
Borrower is required to deliver to the Lender under this Agreement shall be subject to the Lender’s reasonable approval. 
 6.9
Notices. All notices and demands by the Lender to Borrower under this Agreement shall be in writing and shall be effective on the earliest of (a) personal delivery to Borrower; (b) two (2) days after deposit in first class
or certified United States mail, postage prepaid, addressed to Borrower at the address set forth in the Loan Schedule; and (c) one (1) business day after deposit with a reputable overnight delivery service, delivery charges prepaid,
addressed to Borrower at the address set forth in the Loan Schedule. All notices and demands by Borrower to the Lender under this Agreement shall be in writing and shall be effective on actual receipt by the Lender at the Lender’s address shown
in the Loan Schedule; provided, however, that non-receipt of any such notice or demand by the Lender as a result of the Lender’s refusal to accept delivery or the Lender’s failure to notify Borrower of the Lender’s change of address
shall be deemed to constitute receipt by the Lender. The addresses specified in the Loan Schedule may be changed by notice given in accordance with this Section. 

6.10 Severability; No Offsets. If any provision of the Loan Documents shall be held by any court of competent jurisdiction to be
unlawful, voidable, void, or unenforceable for any reason, such provision shall be deemed to be severable from and shall in no way affect the validity or enforceability of the remaining provisions of the Loan Documents. No Obligations shall be
offset by all or part of any claim, cause of action, or cross-claim of any kind, whether liquidated or unliquidated, which Borrower now has or may hereafter acquire or allege to have acquired against the Lender. To the fullest extent permitted by
law, Borrower waives the benefits of any applicable law, regulation, or procedure which provides, in substance, that where cross demands for money exist between parties at any point in time when neither demand is barred by the applicable statute of
limitations, and an action is thereafter commenced by one such party, the other party may assert the defense of payment in that the two demands are compensated so far as they equal each other, notwithstanding that an independent action asserting the
claim would at the time of filing the response be barred by the applicable statute of limitations. 
 6.11 Interpretation.
Whenever the context of this Agreement reasonably requires, all words used in the singular shall be deemed to have been used in the plural, and the neuter gender shall be deemed to include the masculine and feminine gender, and vice versa. The
headings to sections of this Agreement are for convenient reference only and shall not be used in interpreting this Agreement. For purposes of this Agreement, (a) the term “including” shall be deemed to mean “including without
limitation”; (b) the term “document” shall be deemed to include all written contracts, commitments, agreements, and instruments; and (c) the term “discretion,” when applied to any determination, consent, or
approval right by the Lender, shall be deemed to mean the Lender’s sole but good faith business judgment. 
 6.12 Time of the
Essence. Time is of the essence in the performance of each provision of the Loan Documents by Borrower and/or any Third Party Pledgors. 

6.13 Amendments. The Loan Documents (excluding the Third Party Pledge Agreements) may be modified only by a written agreement
signed by Borrower and the Lender. Notwithstanding the foregoing or any other terms in this Agreement, the Note or other Loan Documents, the Line of Credit Loan may be renewed or the Maturity Date extended repeatedly and/or for any length of time as
mutually agreed to by Borrower and Lender. 
 6.14 Counterparts. This Agreement and each of the other Loan Documents may be
executed in counterparts, each of which shall constitute an original, and all of which together shall constitute one and the same document. 

6.15 Entire Agreement. The Loan Documents contain the entire agreement concerning the subject matter of the Loan Documents and
supersede all prior and contemporaneous negotiations, agreements, statements, understandings, terms, conditions, representations and warranties, whether oral or written, by and among the Lender, Borrower and Third Party Pledgors concerning the Loan
which is the subject matter of the Loan Documents. 
 6.16 No Waiver by Lender. No waiver by the Lender of any of its rights
or remedies in connection with the Obligations or of any of the terms or conditions of the Loan Documents shall be effective unless such waiver is in writing and signed by the Lender. 

6.17 Cumulative Remedies. No right or remedy of the Lender under this Agreement or the other Loan Documents shall be exclusive
of any other right or remedy under the Loan Documents or to which the Lender may be entitled. The Lender’s rights and remedies under the Loan Documents are cumulative and in addition to all other rights and remedies which the Lender may have
under any other document with Borrower and under applicable law. 
 6.18 Joint and Several Liability. [Intentionally Deleted]

 6.19 Assignment. Borrower shall not assign, encumber, or otherwise transfer any or all of Borrower’s rights under the
Loan Documents, whether voluntarily, involuntarily, or by operation of law, without the Lender’s prior written consent, which consent may be withheld in the Lender’s discretion. Unless an Event of Default exists or the Lender is merged
into or otherwise acquired by a third Person, in which case no consent shall be required, Lender shall not assign, encumber or otherwise transfer any or all of Lender’s rights under the Loan Documents, whether voluntarily, involuntarily, or by
operation of 

 
law, without Borrower’s prior written consent, which consent may not be unreasonably withheld (provided, that if in any case that Borrower’s consent is required, the refusal of Borrower
to consent to the assignment, encumbrance or other transfer to a Competitor shall not be deemed unreasonable). For purposes of this Section 6.19, “Competitor” means any direct corporate competitor of Borrower or any of its affiliates
operating as an investment bank advisory firm and/or institutional asset manager. Any purported assignment, encumbrance or transfer by either party in violation of this Section shall be void. 

6.20 Waivers. Borrower waives presentment, demand for payment, protest, notice of demand, dishonor, protest and non-payment, and
all other notices and demands in connection with the delivery, acceptance, performance, default under, and enforcement of the Loan Documents. Borrower waives the right to assert any statute of limitations as a defense to the enforcement of any or
all of the Loan Documents to the fullest extent permitted by law. Without limiting the generality of the immediately preceding sentence, in the event of Borrower’s payment in partial satisfaction of any or all of the Obligations, Lender shall
have the sole and exclusive right and authority to designate the portion of the Obligations that is to be satisfied. Borrower and all Persons holding a lien of any kind affecting all or part of the Collateral who have actual or constructive notice
of this Agreement waive (a) all rights to require marshalling of assets or liens in the event of Lender’s exercise of any of its rights and remedies under the Loan Documents; and (b) all rights to require Lender to exercise any other
right or power or to pursue any other remedy which Lender may have under any document or applicable law before exercising any other such right, power, or remedy. 

6.21 Applicable Law; Jurisdiction. The Loan Documents shall be governed by and construed in accordance with the laws of the
State of New York. Each of the parties hereto agrees that the courts of the State of New York and Federal District Courts located in the Borough of Manhattan in New York City, shall have exclusive jurisdiction and venue of any action or proceeding
directly or indirectly arising out of or related to the negotiation, execution, delivery, performance, breach, enforcement or interpretation of this Agreement and all of the other Loan Documents or any of the transactions contemplated by or related
to any or all of the Loan Documents, regardless of whether or not any claim, counterclaim or defense in any such action or proceeding is characterized as arising out of fraud, negligence, intentional misconduct, breach of contract or fiduciary duty,
or violation of any Governmental Requirements. Each of the parties hereto irrevocably consents to the personal jurisdiction of such courts, to such venue, and to the service of process in the manner provided for the giving of notices in this
Agreement. Each of the parties hereto waives all objections to such jurisdiction and venue, including all objections that are based upon inconvenience or the nature of the forum. 

6.22 Waiver of Right to Jury Trial. Each party hereto irrevocably waives all rights to a jury trial in any action, suit,
proceeding or counterclaim of any kind directly or indirectly arising out of or in any way relating to the Line of Credit Loan, this Agreement, any agreement securing the Note, or any of the other Loan Documents, any or all of the collateral
securing the Line of Credit Loan, or any of the transactions which are contemplated by the Loan Documents. The jury trial waiver contained in this section is intended to apply, to the fullest extent permitted by law, to any and all disputes and
controversies that arise out of or in any way related to any or all of the matters described in the immediately preceding sentence, including without limitation contract claims, tort claims, and all other common law and statutory claims of any kind.
This Agreement may be filed with any court of competent jurisdiction as each party’s written consent to such party’s waiver of a jury trial. 

6.23 Borrower Acknowledgement. Borrower acknowledges and agrees that (1) Borrower has carefully read and understands all of
the terms of the Loan Documents; (2) Borrower has executed the Loan Documents freely and voluntarily, after having consulted with Borrower’s independent legal counsel and after having had all of the terms of the Loan Documents explained to
it by its independent legal counsel or after having had a full and adequate opportunity to consult with Borrower’s independent legal counsel; (3) the waivers contained in the Loan Documents are reasonable, not contrary to public policy or
law, and have been intentionally, intelligently, knowingly, and voluntarily agreed to by Borrower; (4) the waivers contained in the Loan Documents have been agreed to by Borrower with full knowledge of their significance and consequences,
including full knowledge of the specific nature of any rights or defenses which Borrower has agreed to waive pursuant to the Loan Documents; (5) Borrower has had a full and adequate opportunity to negotiate the terms contained in the Loan
Documents; (6) Borrower is experienced in and familiar with loan transactions of the type evidenced by the Loan Documents; and (7) the waivers contained in the Loan Documents are material inducements to the Lender’s extension of
credit to Borrower, and the Lender has relied on such waivers in making the Line of Credit Loan to Borrower and will continue to rely on such waivers in any related future dealings with Borrower. The waivers contained in the Loan Documents shall
apply to all subsequent extensions, renewals, modifications, and replacements of the Loan Documents, except to the extent expressly provided therein. 

6.24 Termination. The Borrower may, at any time, in whole permanently terminate the Commitment upon prior written notice to
the Lender. Upon any such termination and repayment in full of any outstanding Line of Credit Loan, accrued interest and any fees and expenses under the Loan Documents, the Lender shall execute and deliver to the Borrower and/or authorize the
filing of, at the Borrower’s expense, all documents that the Borrower shall reasonably request to evidence such termination and the release of liens and termination of each Loan Document. 

6.25 Successors. Subject to the restrictions contained in the Loan Documents, the Loan Documents shall be binding upon and inure
to the benefit of the Lender and Borrower and their respective permitted successors and assigns. 

 [The remainder of this page intentionally left blank.] 

											
	Borrower:	 		 	Lender:
			
	PJT Partners Holdings LP	 		 	First Republic Bank
					
	By:	 	    PJT Partners Inc., its General Partner	 		 	By:	 	/s/ Joseph Harpster
						
		 	By:	 	 /s/ Michael S. Chae
	 		 	Name:	 	Joseph Harpster
						
		 	Name:	 	Michael S. Chae	 		 	Title:	 	Senior Vice President
						
		 	Title:	 	Chief Financial Officer	 		 		 	

 Exhibit A 

LOAN SCHEDULE 
 This Loan Schedule is an
integral part of the Line of Credit Loan Agreement between the Lender and Borrower, and the following terms are incorporated in and made a part of the Loan Agreement to which this Loan Schedule is attached: 

 
  

 
  

	1.	Borrower: Borrower represents that its name, address and trade name are as follows: 

  

					
	1.1	 	Name:	 	PJT Partners Holdings LP
			
	1.2	 	Trade Name or DBA:	 	None
			
	1.3	 	Notice Address:	 	c/o Helen Meates, Chief Financial Officer
		 		 	280 Park Avenue
		 		 	New York, NY 10017

  
  

 
  

	2.	Third Party Pledgors: Each of Park Hill Group LLC and PJT Partners LP 

  

 
  

 

					
	3.	 	Lender’s Notice Address:	 	First Republic Bank
		 		 	111 Pine Street
		 		 	San Francisco, California 94111
		 		 	Attention: Manager, Commercial Loan Operations

  
  

 
  

	4.	Fees. Borrower hereby agrees to pay to Lender the following fees at the times specified. 

  

	 	4.1	Closing Loan Fee. At or before the Closing Date, a loan fee of $120,000.00 and a documentation fee of $1,000 are payable. 

 

	 	4.2	Unused Commitment Fee. An unused commitment fee of 0.125% per annum of the aggregate unused Commitment (including pursuant to any Increase), payable quarterly in arrears within 15 days after the end
of each quarter and on the Maturity Date. 

  

	 	4.3	Other Fees. Any other fees payable concurrently herewith and detailed on the Loan Disbursement Instructions. 

  

 
  

 

	5.	Nature of Line of Credit Loan. The Line of Credit Loan is a revolving line of credit loan, and within the limits of the Commitment, and subject to the terms and conditions of this Agreement and the other
Loan Documents, Borrower may borrow, prepay and reborrow the principal amount of the Line of Credit Loan from time to time. 

  

 
  

 

	6.	Account Authorizations. 

 6.1 Automatic Payment Authorization.
Borrower authorizes the Lender to make automatic deductions (“Auto Debit”) from the following deposit account (the “Account”) maintained by Borrower at Lender’s offices in order to pay, when and as due, all installment
payments of interest, and/or principal, renewal, modification or other fees or payments (a “Payment”) that Borrower is required or obligated to pay Lender under the Note: 

Account No: 

Without limiting any of the terms of the Loan Documents, Borrower acknowledges and agrees that if Borrower defaults in its
obligation to make a Payment because the collected funds in the Account are insufficient to make such Payment in full on the date that such Payment is due, then Borrower shall be responsible for all late payment charges and other consequences of
such default by Borrower under the terms of the Loan Documents. 

 6.2 Revocation of Authorization. Subject to the Section immediately following this
Section, this authorization shall continue in full force and effect until the date which is five (5) business days after the date on which Lender actually receives written notice from Borrower expressly revoking the authority granted to the
Lender to charge the Account for Payments in connection with the Line of Credit Loan. No such revocation by Borrower shall in any way release Borrower from or otherwise affect Borrower’s obligations under the Loan Documents, including
Borrower’s obligations to continue to make all Payments required under the terms of the Note. 
 6.3 Termination by
Lender. The Lender, at its option and in its discretion, reserves the right to terminate the arrangement for Auto Debit pursuant to this Section at any time effective upon written notice of such election (a “Termination Notice”)
given by Lender to Borrower. Without limiting the generality of the immediately preceding sentence, the Lender may elect to give a Termination Notice to Borrower if Borrower fails to comply with any of the Lender’s rules, regulations, or
policies relating to the Account, including requirements regarding minimum balance, service charges, overdrafts, insufficient funds, uncollected funds, returned items, and limitations on withdrawals. 

6.4 Increase in Interest Rate Upon Termination of Auto Debit. The date on which the arrangement for Auto Debit terminates
(whether as a result of Borrower’s revocation of such arrangement or any Termination Notice given by the Lender), is referred to as the “Auto Debit Termination Date”. Borrower acknowledges and agrees that the Lender would not have
been willing to make the Line of Credit Loan at the interest rate contained in the Note in the absence of the arrangement for Auto Debit from the Account pursuant to this authorization. Therefore, effective on the first due date of a Payment
following the Auto Debit Termination Date, Lender, at its option and in its discretion, shall have the right to increase the interest rate on the outstanding principal balance of the Note to a rate which is equal to one-half of one percent
(0.5%) per annum (the “Percentage Rate Increase”) above the otherwise applicable interest rate under the terms of the Note. 

 Exhibit B 

COVENANTS 
 This Exhibit B is an integral
part of the Agreement between the Lender and Borrower, and the following terms are incorporated in and made a part of the Agreement to which this Exhibit B is attached: 
  

 
  

 

	1.	Financial Covenants. 

 1.1 No Additional Indebtedness. Without the
prior written consent of the Lender, Borrower: (a) shall not incur indebtedness for borrowed money during the term of this Agreement, excluding (i) debts owing by Borrower as of the date of this Agreement that were previously disclosed in
writing to Lender, (ii) other borrowing from the Lender (or an affiliate of Lender), (iii) unsecured debt incurred in the ordinary course of business, (vi) indebtedness incurred to finance the acquisition, construction or improvement
of any fixed or capital assets (including capital lease obligations) and any indebtedness assumed in connection with the acquisition of any such assets, (v) debts owing by Borrower to another Loan Party or any affiliate of a Loan Party and
(vi) other indebtedness up to an aggregate amount not to exceed $20,000,000 at any time outstanding (which other indebtedness under this clause (iv) shall include but not be limited to all indebtedness that is excluded from liabilities
pursuant to Sections (b) and (c) of the definition of “Tangible Net Worth” in Section 1.2 of this Exhibit B and all indebtedness that is excluded from the definition of “Debt” in Section 1.3 of this Exhibit
B); and (b) shall not directly or indirectly make, create, incur, assume or permit to exist any guaranty of any kind of any indebtedness of any other Person during the term of this Agreement, excluding (i) any guaranties by Borrower as of
the date of this Agreement previously disclosed in writing to Lender, (ii) guaranties by Borrower incurred in connection with any employee loan program arranged by Lender, (iii) guaranties incurred in connection with lease agreements
entered into by the Borrower or any of its affiliates and other guaranties incurred in the ordinary course of business (including in respect of any leasehold obligations) and not in respect of indebtedness for borrowed money and (iv) guaranties
in respect of indebtedness of Borrower’s affiliates if the Borrower would have been able to incur such indebtedness directly under the foregoing clause (a), provided that the amount of such guaranties under this Section (1.1)(iii) and
(iv) do not exceed an aggregate face value of $20,000,000 in the aggregate at any time. 
 1.2 Minimum Tangible Net Worth.
Borrower shall at all times maintain a Tangible Net Worth of not less than $150,000,000 measured as of the last day of each quarter. 

“Tangible Net Worth” is defined as the excess of total assets minus total liabilities, in each case determined in accordance with
generally accepted accounting principles with the following adjustments: (a) there will be excluded from assets (i) notes, accounts receivable and other obligations owing from officers, members, partners or affiliates, and (ii) all
assets which would be classified as intangible assets under generally accepted accounting principles including goodwill, licenses, patents, trademarks, trade names, copyrights, capitalized software and organizational costs and franchises;
(b) there will be excluded from liabilities all indebtedness which is either secured on a junior lien basis with respect to the Obligations, unsecured or subordinated to the Obligations; and (c) there will be excluded from liabilities all
liabilities in respect of any deferred rent obligations. 
 1.3 Leverage Ratio. Borrower shall at all times maintain a ratio of
Debt to Adjusted EBITDA as follows, measured as of the last day of each quarter: 
 (a) if Adjusted EBITDA is equal to or
greater than $35,000,000, then such ratio shall not exceed 2.00:1.00; 
 (b) if Adjusted EBITDA is equal to or greater than
$20,000,000 but less than $35,000,000, then such ratio shall not exceed 1.50:1.00; and 
 (c) if Adjusted EBITDA is less than
$20,000,000, then such ratio shall not exceed 1.00:1.00. 
 The term “Debt” means total liabilities of Borrower (x) minus any
all indebtedness which is either secured on a junior lien basis with respect to the Obligations, unsecured or subordinated to the Obligations and (y) any unsecured indebtedness that is junior in priority to the Loans. For the avoidance of
doubt, “Debt” shall include the indebtedness of any other entity (including any partnership in which the Borrower is a general partner) to the extent the Borrower is liable therefor as a result of the Borrower’s ownership interest in
or other relationship with such entity, except to the extent the terms of such indebtedness expressly provide that the Borrower is not liable therefor. 

The term “Adjusted EBITDA” means Borrower’s EBITDA for the previous four quarters plus any recorded non-cash expenses related to
restricted stock units granted to employees during such four quarters. 

 1.4 Liquidity. Borrower shall at all times maintain on a consolidated basis a ratio
of Unencumbered Liquid Assets to then total current liabilities of not less than 1.25:1.00. This ratio shall be measured quarterly as of the last day of each quarter. 

“Unencumbered Liquid Assets” is defined as the following assets: (a) cash and certificates of deposit; (b) the fair market
value of treasury bills and other obligations of the U.S. Federal Government; (c) readily marketable securities that can be converted into cash within three (3) days without penalty or prepayment fee; (d) commercial paper;
(e) Eligible Accounts Receivable and (f) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (d) of this definition. Excluded from assets are
(g) retirement accounts and (h) restricted stock and stock subject to provisions of Rule 144 of the Securities and Exchange Commission. 

The term “Eligible Accounts Receivable” means (a) 50% of all bona fide accounts receivable generated in the ordinary course of
business of Park Hill Group LLC, and (b) 75% of all bona fide accounts receivable generated in the ordinary course of business of Borrower and PJT Partners LP; provided, however, that the term Eligible Accounts Receivable shall not include
(i) any accounts receivable in which Lender does not have a perfected security interest of first priority or (ii) any accounts receivable: 

(A) that have been invoiced and not paid within 90 days of the due date; 

(B) for which any of the actions described in Sections 4.1(e), (h), (i) or (j) hereof has occurred with respect to
the account debtor; 
 (C) with respect to which the account debtor disputes liability or makes any claim and Lender
reasonably believes that there is a basis for such dispute (but only up to the disputed or claimed amount); 
 (D) with
respect to which the Borrower or any of its affiliates owes the account debtor, but only to the amount owed (i.e., contra accounts); or 

(E) with respect to which the account debtor is an affiliate of the Borrower or an officer or director of the Borrower or any
or its affiliates, or any Person having the power or ability to control the Borrower. For the avoidance of doubt, The Blackstone Group L.P. and its subsidiaries shall not be deemed affiliates of the Borrower. 

The Eligible Accounts Receivable shall be determined from the quarterly accounts receivable aging statement submitted by the Borrower pursuant
to this Agreement. 
  
  

 
  

	2.	Reporting Covenants. 

 2.1 Annual Financial Statements for General Partner
of the Borrower. Borrower shall deliver to Lender annual financial statements, including balance sheet and income statements, within 90 days after the end of each fiscal year, which financial statements shall be audited by an independent
certified public accountant of national standing (or otherwise reasonably acceptable to Lender). 
 2.2 Interim Financial Statements
for General Partner of the Borrower. Borrower shall deliver to Lender internally prepared quarterly financial statements (excluding any notes thereto), including balance sheet and income statements, within 60 days after the end of each
fiscal quarter, certified by such entity’s chief financial officer or other officer or representative of such entity acceptable to Lender. 

2.3 Compliance Certificate. Borrower shall deliver to Lender quarterly a compliance certificate, on Lender’s standard form,
within 45 days after the end of each quarter, certified by Borrower’s chief financial officer or other officer or representative of Borrower acceptable to Lender. 

2.4 Accounts Receivable Aging Statement. Borrower shall, and shall ensure that each Pledgor shall, deliver to Lender quarterly
accounts receivable aging statements, substantially in the form delivered to Lender in connection with the Loan Closing, within 45 days after the end of each fiscal quarter, certified by the chief financial officer of Borrower/Pledgor or other
officer or representative of each such entity acceptable to Lender. 

  

 
  

	3.	Conditions to Closing. 

 3.1 Documents. Lender shall have received
in form and substance satisfactory to Lender, the documents listed in the Loan Disbursement Instructions, and an Accounts Receivable Aging Statement for Borrower as of August 31, 2015. 

3.2 No Default. No Default or Event of Default shall have occurred and be continuing.EX-10.5

 Exhibit 10.5 

SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 
 OF

 PJT PARTNERS HOLDINGS LP 

Dated as of October 1, 2015 
  

 
  

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

 Table of Contents 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
		
	 ARTICLE II FORMATION, TERM, PURPOSE AND POWERS
	  	 	11	  
			
	 Section 2.01.
	 	 Formation
	  	 	11	  
			
	 Section 2.02.
	 	 Name
	  	 	12	  
			
	 Section 2.03.
	 	 Term
	  	 	12	  
			
	 Section 2.04.
	 	 Offices
	  	 	12	  
			
	 Section 2.05.
	 	 Agent for Service of Process; Existence and Good Standing; Foreign Qualification
	  	 	12	  
			
	 Section 2.06.
	 	 Business Purpose
	  	 	13	  
			
	 Section 2.07.
	 	 Powers of the Partnership
	  	 	13	  
			
	 Section 2.08.
	 	 Partners; Admission of New Partners
	  	 	13	  
			
	 Section 2.09.
	 	 Withdrawal
	  	 	13	  
			
	 Section 2.10.
	 	 Investment Representations of Partners
	  	 	13	  
		
	 ARTICLE III MANAGEMENT
	  	 	14	  
			
	 Section 3.01.
	 	 General Partner
	  	 	14	  
			
	 Section 3.02.
	 	 Compensation
	  	 	14	  
			
	 Section 3.03.
	 	 Expenses
	  	 	14	  
			
	 Section 3.04.
	 	 Officers
	  	 	15	  
			
	 Section 3.05.
	 	 Authority of Partners
	  	 	15	  
			
	 Section 3.06.
	 	 Action by Written Consent or Ratification
	  	 	16	  
			
	 Section 3.07.
	 	 Restrictions on General Partner’s Authority
	  	 	16	  
			
	 Section 3.08.
	 	 Restrictions on Termination Transactions
	  	 	17	  
		
	 ARTICLE IV DISTRIBUTIONS
	  	 	19	  
			
	 Section 4.01.
	 	 Distributions
	  	 	19	  
			
	 Section 4.02.
	 	 Liquidation Distribution
	  	 	20	  
			
	 Section 4.03.
	 	 Limitations on Distribution
	  	 	20	  
		
	 ARTICLE V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS
	  	 	20	  
			
	 Section 5.01.
	 	 No Additional Capital Contributions
	  	 	20	  
			
	 Section 5.02.
	 	 Capital Accounts
	  	 	20	  
			
	 Section 5.03.
	 	 Allocations of Profits and Losses
	  	 	20	  
			
	 Section 5.04.
	 	 Special Allocations
	  	 	23	  

  
 i 

							
			
	 Section 5.05.
	 	 Tax Allocations
	  	 	25	  
			
	 Section 5.06.
	 	 Tax Advances
	  	 	26	  
			
	 Section 5.07.
	 	 Tax Matters
	  	 	26	  
			
	 Section 5.08.
	 	 Other Allocation Provisions
	  	 	26	  
			
	 Section 5.09.
	 	 Allocations upon Final Liquidation
	  	 	26	  
		
	 ARTICLE VI BOOKS AND RECORDS; REPORTS
	  	 	27	  
			
	 Section 6.01.
	 	 Books and Records
	  	 	27	  
		
	 ARTICLE VII PARTNERSHIP UNITS
	  	 	27	  
			
	 Section 7.01.
	 	 Units
	  	 	27	  
			
	 Section 7.02.
	 	 Register
	  	 	29	  
			
	 Section 7.03.
	 	 Registered Partners
	  	 	29	  
		
	 ARTICLE VIII VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS
	  	 	30	  
			
	 Section 8.01.
	 	 Vesting of Unvested Units
	  	 	30	  
			
	 Section 8.02.
	 	 Forfeiture of Units
	  	 	30	  
			
	 Section 8.03.
	 	 Limited Partner Transfers
	  	 	31	  
			
	 Section 8.04.
	 	 Mandatory Exchanges
	  	 	32	  
			
	 Section 8.05.
	 	 Encumbrances
	  	 	32	  
			
	 Section 8.06.
	 	 Further Restrictions
	  	 	33	  
			
	 Section 8.07.
	 	 Rights of Assignees
	  	 	34	  
			
	 Section 8.08.
	 	 Allocation of Profits and Losses Upon Transfer
	  	 	34	  
			
	 Section 8.09.
	 	 Admissions, Withdrawals and Removals
	  	 	34	  
			
	 Section 8.10.
	 	 Admission of Assignees as Substitute Limited Partners
	  	 	34	  
			
	 Section 8.11.
	 	 Withdrawal and Removal of Limited Partners
	  	 	35	  
		
	 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	35	  
			
	 Section 9.01.
	 	 No Dissolution
	  	 	35	  
			
	 Section 9.02.
	 	 Events Causing Dissolution
	  	 	35	  
			
	 Section 9.03.
	 	 Distribution upon Dissolution
	  	 	36	  
			
	 Section 9.04.
	 	 Time for Liquidation
	  	 	37	  
			
	 Section 9.05.
	 	 Termination
	  	 	37	  
			
	 Section 9.06.
	 	 Claims of the Partners
	  	 	37	  
			
	 Section 9.07.
	 	 Survival of Certain Provisions
	  	 	37	  
		
	 ARTICLE X LIABILITY AND INDEMNIFICATION
	  	 	37	  
			
	 Section 10.01.
	 	 Liability of Partners
	  	 	37	  
			
	 Section 10.02.
	 	 Indemnification
	  	 	38	  

  
 ii 

							
		
	 ARTICLE XI MISCELLANEOUS
	  	 	41	  
			
	 Section 11.01.
	 	 Severability
	  	 	41	  
			
	 Section 11.02.
	 	 Notices
	  	 	41	  
			
	 Section 11.03.
	 	 Cumulative Remedies
	  	 	42	  
			
	 Section 11.04.
	 	 Binding Effect
	  	 	42	  
			
	 Section 11.05.
	 	 Interpretation
	  	 	42	  
			
	 Section 11.06.
	 	 Counterparts
	  	 	42	  
			
	 Section 11.07.
	 	 Further Assurances
	  	 	43	  
			
	 Section 11.08.
	 	 Entire Agreement
	  	 	43	  
			
	 Section 11.09.
	 	 Governing Law
	  	 	43	  
			
	 Section 11.10.
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	43	  
			
	 Section 11.11.
	 	 Expenses
	  	 	44	  
			
	 Section 11.12.
	 	 Amendments and Waivers
	  	 	44	  
			
	 Section 11.13.
	 	 No Third Party Beneficiaries
	  	 	45	  
			
	 Section 11.14.
	 	 Headings
	  	 	45	  
			
	 Section 11.15.
	 	 Power of Attorney
	  	 	45	  
			
	 Section 11.16.
	 	 Separate Agreements; Schedules
	  	 	46	  
			
	 Section 11.17.
	 	 Partnership Status
	  	 	46	  
			
	 Section 11.18.
	 	 Delivery by Facsimile or Email
	  	 	46	  
		
	 Schedule I – LTIP Units
	  			
	 Schedule II — Certain Limited Partners
	  			
	 Schedule III – Founder Group Partners
	  			
	 Exhibit A – Notice of Election by Partnership of Force Conversion of LTIP Units into Class A
Units
	  			

  
 iii 

 SECOND AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT OF 

PJT PARTNERS HOLDINGS LP 
 This
SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of PJT Partners Holdings LP (the “Partnership”), is made as of October 1, 2015 by and among PJT Partners Inc., a Delaware
corporation, as the general partner and the Limited Partners whose names are set forth in the books and records of the Partnership, and, solely to acknowledge its consent and approval of the amendments to the Existing Agreement (as defined below)
set forth in this Agreement and to the admission to the Partnership of PJT Partners Inc., as general partner, and to evidence its withdrawal as general partner of the Partnership, New Advisory GP L.L.C., a Delaware limited liability company (the
“Former General Partner”). 
 R-E-C-I-T-A-L-S 

WHEREAS, the Partnership was formed as a limited partnership pursuant to the Act by the filing of a Certificate of Limited Partnership (the
“Certificate”) in the office of the Secretary of State of the State of Delaware and the execution of a limited partnership agreement, and is currently governed pursuant to that certain Amended and Restated Agreement of Limited
Partnership of the Partnership, dated as of December 16, 2014 (the “Existing Agreement”); and 
 WHEREAS,
substantially concurrently with the execution and delivery of this Agreement, the Former General Partner has transferred and assigned all of its right, title and interest as General Partner (as such term is defined in the Existing Agreement) of the
Partnership to PJT Partners Inc., a Delaware corporation (the “General Partner”), and with effect simultaneously with the effectiveness of such assignment and transfer, the General Partner has been admitted as General Partner of the
Partnership and the Partnership continued without dissolution; and 
 WHEREAS, the parties hereto desire to amend and restate the Existing
Agreement in its entirety and to enter into this Second Amended and Restated Limited Partnership Agreement of the Partnership. 
 NOW,
THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby the parties hereto agree to amend and restate the Existing Agreement in its entirety to read as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. Capitalized terms used herein without definition have the following meanings (such meanings being
equally applicable to both the singular and plural form of the terms defined): 
 “Act” means, the Delaware
Revised Uniform Limited Partnership Act, 6 Del. C. Section 17-101, et seq., as it may be amended from time to time. 

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

  
 1 

 “Adjusted Capital Account Balance” means, with respect to each
Partner, the balance in such Partner’s Capital Account adjusted (i) by taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6); and
(ii) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5), and any amounts such Partner is
obligated to restore pursuant to any provision of this Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d)
and shall be interpreted consistently therewith. 
 “Affiliate” means, with respect to a specified Person,
any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 

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

“Amended Tax Amount” has the meaning set forth in Section 4.01(b)(ii). 

“Assignee” has the meaning set forth in Section 8.07. 

“Assumed Tax Rate” means 50%. 

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

“Award Agreement” means any award agreement entered into by the Partnership with a Service Provider to whom
the Partnership grants Units in connection with the issuance to such Service Provider of such Units. 
 “Board Change
of Control” means a majority of the members of the Board of Directors of the General Partner ceasing to be Continuing Directors. 

“Book-Up Target” means, for an LTIP Unit, as of any determination date, the amount required to be allocated to
such LTIP Unit for the Economic Capital Account Balance, to the extent attributable to such LTIP Unit, to be equal to the Class A Unit Economic Balance as of such date. Notwithstanding the foregoing, the Book-Up Target shall be zero for any
LTIP Unit for which the Economic Capital Account Balance attributable to such LTIP Unit has at any time reached an amount equal to the Class A Unit Economic Balance determined as of such time. 

“Capital Account” means the separate capital account maintained for each Partner in accordance with
Section 5.02 hereof. 

  
 2 

 “Capital Contribution” means, with respect to any Partner, the
aggregate amount of money contributed to the Partnership and the Carrying Value of any property (other than money), net of any liabilities assumed by the Partnership upon contribution or to which such property is subject, contributed to the
Partnership pursuant to Article V. 
 “Carrying Value” means, with respect to any Partnership asset,
the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial carrying value of assets contributed to the Partnership shall be their respective gross fair market values on the date of contribution as determined by the
General Partner in its sole discretion, and the Carrying Values of all Partnership assets shall be adjusted to equal their respective fair market values, in accordance with the rules set forth in Treasury Regulation
Section 1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of: (a) the date of the acquisition of any additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital
Contribution; (b) the grant of more than a de minimis interest in the Partnership as consideration for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity or by a new Partner
acting in a partner capacity or in anticipation of becoming a Partner (c) the date of the distribution of more than a de minimis amount of Partnership assets to a Partner; (d) the date an interest in the Partnership is relinquished to the
Partnership; or (e) any other date specified in the Treasury Regulations; provided, however, that adjustments pursuant to clauses (a), (b) (c), (d) and (e) above shall be made only if such adjustments are deemed necessary or
appropriate by the General Partner in its sole discretion to reflect the relative economic interests of the Partners. The Carrying Value of any Partnership asset distributed to any Partner shall be adjusted immediately before such distribution to
equal its fair market value. In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits”
and “Losses” rather than the amount of depreciation determined for U.S. federal income tax purposes, and depreciation shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis. 

“Cause” with respect to any particular Limited Partner has the meaning set forth in any effective Award
Agreement, employment agreement or other written contract of engagement entered into between such Limited Partner and the General Partner or any of its Affiliates, or if none, then “Cause” means any of the following: (i) (w) any
material breach by such Limited Partner of any covenant undertaken in Article VIII herein, any effective Award Agreement, employment agreement or any written non-disclosure, non-competition, or non-solicitation covenant or agreement with the General
Partner or any of its Affiliates, (x) any material breach by such Limited Partner of any material rules or regulations of the General Partner or any of its Affiliates applicable to such Limited Partner that have been provided to such Limited
Partner in writing and has a material adverse effect on the business of the General Partner or any of its Affiliates, or (y) such Limited Partner’s deliberate and repeated failure to perform substantially such Limited Partner’s duties
to the General Partner or any of its Affiliates, as applicable; (ii) any act of fraud, misappropriation, embezzlement or similar conduct by such Limited Partner against the General Partner or any of its Affiliates; or (iii) such Limited
Partner’s being convicted (on the basis of a trial or by an accepted plea of guilty or nolo contendere) of a felony or crime of moral turpitude, or a determination by a court of competent jurisdiction, by a regulatory body or by a
self-regulatory 

  
 3 

 
body having authority with respect to securities laws, rules or regulations, that such Limited Partner individually has violated any securities laws or any rules or regulations thereunder, or any
rules of any such self-regulatory body (including, without limitation, any licensing requirement), if such conviction or determination has a material adverse effect on (A) such Limited Partner’s ability to perform his or her duties to the
General Partner or any of its Affiliates taking into account the services required of such Limited Partner and the nature of the business of the General Partner or any of its Affiliates, as applicable, or (B) the business of the General Partner
or any of its Affiliates. 
 “Certificate” has the meaning set forth in the preamble of this Agreement. 

“Charitable Organization” has the meaning set forth in Section 8.03(a). 

“Class” means the classes of Units into which the partnership interests in the Partnership may be classified
or divided from time to time by the General Partner in its sole discretion pursuant to the provisions of this Agreement. Subclasses within a Class shall not be separate Classes for purposes of this Agreement. For all purposes hereunder and under the
Act, only such Classes expressly established under this Agreement, including by the General Partner in accordance with this Agreement, shall be deemed to be a class of partnership interests in the Partnership. For the avoidance of doubt, to the
extent that the General Partner holds interests in the Partnership of any Class, the General Partner shall not be deemed to hold a separate Class of such interests from any other Limited Partner because it is the General Partner. 

“Class A Unit Economic Balance” means the Capital Account balance of a Partner had such Partner contributed
cash on October 1, 2015 equal to the fair market value of one Class A Unit on such date in exchange for such Class A Unit, plus the amount of such Partner’s share of any Partner Nonrecourse Debt Minimum Gain or Partnership
Minimum Gain, in either case to the extent attributable to such Partner’s ownership of Class A Units and computed on a hypothetical basis after taking into account all allocations, distributions or other relevant transactions or
adjustments through the applicable date. 
 “Class A Units” means the Units of partnership interest in the
Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement. 

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

“Compensation Committee” has the meaning set forth in Section 8.02(c). 

“Contingencies” has the meaning set forth in Section 9.03(a). 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the
General Partner who: (i) was a member of such Board of Directors immediately following the consummation by The Blackstone Group L.P. of the distribution to its common unitholders of shares of Class A common stock of the General Partner (as
contemplated by the General Partner’s Registration Statement on Form 10 (File No. 001-36869); or (ii) was nominated for election or elected or appointed to such Board of 

  
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Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board of Directors. 
 “Control” (including the terms
“Controlled by” and “under common Control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the
affairs of such Person. 
 “Credit Amount” has the meaning set forth in Section 4.01(b)(ii). 

“Disabling Event” means the General Partner ceasing to be the general partner of the Partnership pursuant to Section 17-402 of the Act. 
 “Dissolution Event” has the meaning set
forth in Section 9.02. 
 “Economic Capital Account Balance” means, with respect to a Partner, an
amount equal to its Capital Account balance, plus the amount of its share of any Partner Nonrecourse Debt Minimum Gain or Partnership Minimum Gain. 

“Encumbrance” means any mortgage, hypothecation, claim, lien, encumbrance, conditional sales or other title
retention agreement, right of first refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title of any nature whatsoever. 

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

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Exchange Agreement” means the exchange agreement dated as of or about the date
hereof among the Partnership, General Partner, the Limited Partners of the Partnership from time to time party thereto, and the other parties thereto, as amended from time to time. 

“Exchange Transaction” means an exchange of Units for cash or shares of Class A common stock of the
General Partner pursuant to, and in accordance with, the Exchange Agreement. 
 “Existing Agreement” has the
meaning set forth in the preamble of this Agreement. 
 “Final Tax Amount” has the meaning set forth in
Section 4.01(b)(ii). 

  
 5 

 “Fiscal Year” means, unless otherwise determined by the General
Partner in its sole discretion in accordance with Section 11.12, (i) the period commencing upon the formation of the Partnership and ending on December 31, 2015 or (ii) any subsequent twelve-month period commencing on
January 1 and ending on December 31. 
 “Forfeited Units” has the meaning set forth in
Section 8.02(c). 
 “Former General Partner” means New Advisory GP L.L.C., a Delaware limited liability
company. 
 “Founder” means Mr. Paul J. Taubman. 

“Founder Group Partners” means the Limited Partners set forth on Schedule III. 

“Founder LTIP Unit” shall mean a Unit which is designated as a Founder LTIP Unit in the relevant Award
Agreement or other documentation pursuant to which such Founder LTIP Unit is granted or issued, having the rights, powers, privileges, restrictions, qualifications and limitations set forth in Schedule I hereto or in this Agreement in respect of the
holder of such Founder LTIP Unit, as well as the relevant Award Agreement or other documentation pursuant to which such Founder LTIP Unit is granted or issued. 

“GAAP” means accounting principles generally accepted in the United States of America as in effect from time
to time. 
 “General Partner” means PJT Partners Inc., a corporation incorporated under the laws of the
State of Delaware, or any successor general partner admitted to the Partnership in accordance with the terms of this Agreement. 

“Incapacity” means, with respect to any Person, the bankruptcy, dissolution, termination, entry of an order of
incompetence, or the insanity, permanent disability or death of such Person. 
 “Indemnitee” (a) the
General Partner, (b) the Former General Partner, (c) any additional or substitute General Partner, (d) any Person who is or was a Tax Matters Partner, officer or director of the General Partner, the Former General Partner or any
additional or substitute General Partner, (e) any Person the General Partner in its sole discretion designates as an “Indemnitee” for purposes of this Agreement, (f) any Person that is required to be indemnified by the General
Partner in accordance with the By-Laws of the General Partner as in effect from time to time and (g) any heir, executor or administrator with respect to Persons named in clauses (a) through (f). 

“Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree
or other order issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority therefrom with jurisdiction over the Partnership or any Partner,
as the case may be. 

  
 6 

 “Limited Partner” means each of the Persons from time to time
listed as a limited partner in the books and records of the Partnership, and, for purposes of Sections 8.01, 8.02, 8.03, 8.04, 8.05 and 8.06, any Personal Planning Vehicle of such Limited Partner. 

“Liquidating Gains” shall mean any Profits realized in connection with the actual or hypothetical sale of all
or substantially all of the assets of the Partnership (including upon the occurrence of any event of liquidation of the Partnership), including but not limited to Profits realized in connection with an adjustment to the book value of Partnership
assets under the first sentence of the definition of Carrying Value. 
 “Liquidating Losses” shall mean any
Losses realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership (including upon the occurrence of any event of liquidation of the Partnership), including but not limited to Losses
realized in connection with an adjustment to the book value of Partnership assets under the first sentence of the definition of Carrying Value. 

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

“LTIP Unit Forced Conversion” shall have the meaning set forth in Section 1.7 of Schedule I hereto. 

“LTIP Unit” shall mean a Unit which is designated as an LTIP Unit in the relevant Award Agreement or other
documentation pursuant to which such LTIP Unit is granted or issued, having the rights, powers, privileges, restrictions, qualifications and limitations set forth in Schedule I hereto or in this Agreement in respect of the holder of such LTIP Unit,
as well as the relevant Award Agreement or other documentation pursuant to which such LTIP Unit is granted or issued. For the avoidance of doubt, each Founder LTIP Unit shall constitute an LTIP Unit for the purposes of this Agreement. 

“LTIP Unit Limited Partner” shall mean any Person that holds LTIP Units or Class A Units resulting from a
conversion of LTIP Units. 
 “Net Taxable Income” has the meaning set forth in Section 4.01(b)(i). 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(1). The
amount of Nonrecourse Deductions of the Partnership for a Fiscal Year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that Fiscal Year, determined according to the provisions of Treasury
Regulations Section 1.704-2(c). 
 “Officer” means each Person designated as an officer of the
Partnership by the General Partner pursuant to and in accordance with the provisions of Section 3.04, subject to any resolutions of the General Partner appointing such Person as an officer of the Partnership or relating to such appointment.

 “Operating Profits” means Profits determined without taking into account any Liquidating Gains or
Liquidating Losses. 

  
 7 

 “Operating Losses” means Losses determined without taking into
account any Liquidating Gains or Liquidating Losses. 
 “Participating LTIP Unit” shall mean (i) a LTIP
Unit that has satisfied the applicable condition or conditions specified in in the relevant Award Agreement (or other documentation pursuant to which such LTIP Unit is granted) for becoming a “Participating LTIP Unit” thereunder, and
(ii) each Founder LTIP Unit. 
 “Partners” means, at any time, each person listed as a Partner
(including the General Partner) on the books and records of the Partnership, in each case for so long as he, she or it remains a partner of the Partnership as provided hereunder. 

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

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

“Partner Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(i)(2).

 “Performance Condition” has the meaning set forth in the applicable Award Agreement. 

“Performance Tranche” has the meaning set forth in the applicable Award Agreement. 

“Person” means any individual, estate, corporation, partnership, limited partnership, limited liability
company, limited company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 

“Personal Planning Vehicle” means, in respect of any Person that is a natural person, any other Person that is
not a natural person designated as a “Personal Planning Vehicle” of such natural person in the books and records of the Partnership. 

“Preferred Unit Purchase Right” has the meaning set forth in Section 7.01(d). 

“Profits” and “Losses” means, for each Fiscal Year or other period, the taxable income or
loss of the Partnership, or particular items thereof, determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (a) all items of income, gain, loss or
deduction allocated pursuant to Section 5.04 shall not be taken into account in computing such taxable income or loss; (b) any income of the Partnership that is exempt from U.S. federal income taxation

  
 8 

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

 “Service Provider” means any Limited Partner (in his, her or its individual capacity) or other Person,
who at the time in question, is employed by or providing services to the General Partner, the Partnership or any of its subsidiaries. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Series A Junior Participating Preferred Units” has the meaning set forth in
Section 7.01(c). 
 “Significant Limited Partner” means any Limited Partner that, together with any
Personal Planning Vehicle of such Limited Partner, held, immediately following the consummation of the distribution by The Blackstone Group L.P. to its common unitholders of shares of Class A common stock of the General Partner (as contemplated
by the General Partner’s Registration Statement on Form 10 (File No. 001-36869)) and, as of any subsequent date of determination, continues to hold, a number of Units (vested and unvested) equal to not less than five percent (5%) of
the total number of Units (vested and unvested) then outstanding. 
 “Similar Law” means any law or
regulation that could cause the underlying assets of the Partnership to be treated as assets of the Limited Partner by virtue of its limited partner interest in the Partnership and thereby subject the Partnership and the General Partner (or other
persons responsible for the investment and operation of the Partnership’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of
the Code. 

  
 9 

 “Stockholder Rights Agreement” means the stockholder rights
agreement dated as of or about the date hereof between the General Partner and the rights agent named therein, as amended from time to time. 

“Successor Shares Amount” has the meaning set forth in Section 3.08(b). 

“Target Balance” has the meaning set forth in Section 5.03(a)(ii). 

“Tax Advances” has the meaning set forth in Section 5.06. 

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

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

“Tax Matters Partner” has the meaning set forth in Section 5.07. 

“Tax Receivable Agreement” means the tax receivable agreement dated as of or about the date hereof among the
Partnership, General Partner and the other parties thereto, as amended from time to time. 
 “Termination
Transaction” means any direct or indirect Transfer of all or any portion of the General Partner’s interest in the Partnership in connection with, or the other occurrence of, (a) a merger, consolidation or other combination
involving the General Partner, on the one hand, and any other Person, on the other, (b) a sale, lease, exchange or other transfer of all or substantially all of the assets of the General Partner not in the ordinary course of its business,
whether in a single transaction or a series of related transactions, (c) a reclassification, recapitalization or change of the outstanding shares of Class A common stock of the General Partner (other than a change in par value, or from par
value to no par value, or as a result of a stock split, stock dividend or similar subdivision, including in connection with the distribution, exchange, redemption or exercise of preferred stock purchase rights under the Stockholder Rights Agreement
or securities issuable in respect of such rights), (d) the adoption of any plan of liquidation or dissolution of the General Partner, or (e) a direct or indirect Transfer of all or any portion of the General Partner’s interest in the
Partnership, other than a Transfer effected in accordance with Section 3.08(a) or Section 3.08(b). 

“Total Percentage Interest” means, with respect to any Partner, the quotient obtained by dividing (x) the
number of Class A Units (vested and unvested) and Participating LTIP Units (vested and unvested) then owned by such Partner by (y) the number of Class A Units (vested and unvested) and Participating LTIP Units (vested and unvested)
then owned by all Partners. For the avoidance of doubt, the Total Percentage Interest for each LTIP Unit Limited Partner shall not be affected by the Book-Up Target for any LTIP Unit owned by such Partner. 

“Transaction Consideration” has the meaning set forth in Section 3.08(a). 

“Transfer” means, in respect of any Unit, property or other asset, any sale, assignment, transfer,
distribution, exchange, mortgage, pledge, hypothecation or other 

  
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disposition thereof, whether voluntarily or by operation of Law, directly or indirectly, in whole or in part, including, without limitation, the exchange of any Unit for any other security. 

“Transferee” means any Person that is a permitted transferee of a Partner’s interest in the Partnership,
or part thereof. 
 “Treasury Regulations” means the income tax regulations, including temporary and
proposed regulations, promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Units” means the Class A Units, LTIP Units and any other Class of Units that is established in
accordance with this Agreement, which shall constitute partnership interests in the Partnership as provided in this Agreement and under the Act, entitling the holders thereof to the relative rights, title and interests in the profits, losses,
deductions and credits of the Partnership at any particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided in this Agreement, together with the obligations of
such Partner to comply with all terms and provisions of this Agreement. 
 “Unvested LTIP Units” shall have
the meaning set forth in Section 1.2 of Schedule I hereto. 
 “Unvested Units” means those Units from
time to time listed as unvested Units in the books and records of the Partnership. 
 “Vested LTIP Units”
shall have the meaning set forth in Section 1.2 of Schedule I hereto. 
 “Vested Percentage Interest”
means, with respect to any Partner, the quotient obtained by dividing the number of Vested Units then owned by such Partner by the number of Vested Units then owned by all Partners. 

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

FORMATION, TERM, PURPOSE AND POWERS 

Section 2.01. Formation. The Partnership is a limited partnership formed pursuant to the Act and upon the terms and conditions set
forth in this Agreement. The Partnership shall continue upon the execution of this Agreement. If requested by the General Partner, the Limited Partners shall promptly execute all certificates and other documents consistent with the terms of this
Agreement necessary for the General Partner to accomplish all filing, recording, publishing and other acts as may be appropriate to comply with all requirements for (a) the formation and operation of a limited partnership under the laws of the
State of Delaware, (b) if the General Partner 

  
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in its sole discretion deems it advisable, the operation of the Partnership as a limited partnership, or entity in which the Limited Partners have limited liability, in all jurisdictions where
the Partnership proposes to operate and (c) all other filings required to be made by the Partnership. The rights, powers, duties, obligations and liabilities of the Partners shall be determined pursuant to the Act and this Agreement. To the
extent that the rights, powers, duties, obligations and liabilities of any Partner are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the
Act, control. The execution, delivery and filing of the Certificate and each amendment thereto is hereby ratified, approved and confirmed by the Partners. 

Section 2.02. Name. The name of the Partnership shall be, and the business of the Partnership shall be conducted under the name of
“PJT Partners Holdings LP” and all Partnership business shall be conducted in that name or in such other names that comply with applicable law as the General Partner in its sole discretion may select from time to time. Subject to the Act,
the General Partner in its sole discretion may change the name of the Partnership (and amend this Agreement to reflect such change) at any time and from time to time without the consent of any other Person. Prompt notification of any such change
shall be given to all Partners. 
 Section 2.03. Term. The term of the Partnership commenced on the date of the filing of the
Certificate, and the term shall continue until the dissolution of the Partnership in accordance with Article IX. The existence of the Partnership shall continue until cancellation of the Certificate in the manner required by the Act. 

Section 2.04. Offices. The Partnership may have offices at such places either within or outside the State of Delaware as the
General Partner from time to time may select in its sole discretion. As of the date hereof, the principal place of business and office of the Partnership is located at 280 Park Avenue, New York, New York 10017. 

Section 2.05. Agent for Service of Process; Existence and Good Standing; Foreign Qualification. 

(a) The registered office of the Partnership in the State of Delaware shall be located at c/o Corporation Service Company, 2711 Centerville
Road, Suite 400, Wilmington, New Castle County, Delaware 19808. The name and address of the registered agent of the Partnership for service of process on the Partnership in the State of Delaware shall be Corporation Service Company, 2711 Centerville
Road, Suite 400, Wilmington, New Castle County, Delaware 19808. 
 (b) The General Partner in its sole discretion may take all action which
may be necessary or appropriate (i) for the continuation of the Partnership’s valid existence as a limited partnership under the laws of the State of Delaware (and of each other jurisdiction in which such existence is necessary to enable
the Partnership to conduct the business in which it is engaged) and (ii) for the maintenance, preservation and operation of the business of the Partnership in accordance with the provisions of this Agreement and applicable laws and regulations.
The General Partner may file or cause to be filed for recordation in the proper office or offices in each other jurisdiction in which the Partnership is formed or qualified, such certificates (including certificates of limited partnership and
fictitious name certificates) and other documents as are required by the applicable statutes, rules or regulations of any such jurisdiction or as are required to reflect the identity of the 

  
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Partners. The General Partner may cause the Partnership to comply, to the extent procedures are available and those matters are reasonably within the control of the Officers, with all
requirements necessary to qualify the Partnership to do business in any jurisdiction other than the State of Delaware. 
 Section 2.06.
Business Purpose. The Partnership was formed for the object and purpose of, and the nature and character of the business to be conducted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be
formed under the Act. 
 Section 2.07. Powers of the Partnership. Subject to the limitations set forth in this Agreement, the
Partnership will possess and may exercise all of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation of the assets and other property contributed to the Partnership by the Partners, by any
other Law or this Agreement, together with all powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the purpose of the Partnership set forth in Section 2.06. 

Section 2.08. Partners; Admission of New Partners. Each of the Persons listed in the books and records of the Partnership, as the
same may be amended from time to time in accordance with this Agreement, by virtue of such Person’s execution of the Existing Agreement or this Agreement, is admitted as a Partner of the Partnership. The rights, duties and liabilities of the
Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided herein. Subject to Section 8.10 with respect to substitute
Limited Partners, a Person may be admitted from time to time as a new Limited Partner with the written consent of the General Partner in its sole discretion. Each new Limited Partner shall execute and deliver to the General Partner an appropriate
supplement to this Agreement or other instrument pursuant to which the new Limited Partner agrees to be bound by the terms and conditions of this Agreement, as it may be amended from time to time. A new General Partner or substitute General Partner
may be admitted to the Partnership solely in accordance with Section 8.09 or Section 9.02(e) hereof. 
 Section 2.09.
Withdrawal. No Partner shall have the right to withdraw as a Partner of the Partnership other than following the Transfer of all Units owned by such Partner in accordance with Article VIII. 

Section 2.10. Investment Representations of Partners. Each Partner hereby represents, warrants and acknowledges to the Partnership
that: (a) such Partner has such knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of an investment in the Partnership and is making an informed investment decision with respect thereto;
(b) such Partner is acquiring interests in the Partnership for investment only and not with a view to, or for resale in connection with, any distribution to the public or public offering thereof; and (c) the execution, delivery and
performance of this Agreement have been duly authorized by such Partner. 

  
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 ARTICLE III 

MANAGEMENT 
 Section 3.01.
General Partner 
 (a) The business, property and affairs of the Partnership shall be managed under the sole, absolute and exclusive
direction of the General Partner, which may from time to time delegate authority to Officers or to others to act on behalf of the Partnership. 

(b) Without limiting the foregoing provisions of this Section 3.01, the General Partner shall have the general power to manage or cause
the management of the Partnership (which may be delegated to Officers of the Partnership), including, without limitation, the following powers: 

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

(ii) to execute and deliver or to authorize the execution and delivery of contracts, deeds, leases, licenses, instruments of transfer and
other documents on behalf of the Partnership; 
 (iii) to make any expenditures, to lend or borrow money, to assume or guarantee, or
otherwise contract for, indebtedness and other liabilities, to issue evidences of indebtedness and to incur any other obligations; 
 (iv)
to establish and enforce limits of authority and internal controls with respect to all personnel and functions; 
 (v) to engage attorneys,
consultants and accountants for the Partnership; 
 (vi) to develop or cause to be developed accounting procedures for the maintenance of
the Partnership’s books of account; and 
 (vii) to do all such other acts as shall be authorized in this Agreement or by the Partners
in writing from time to time. 
 Section 3.02. Compensation. The General Partner shall not be entitled to any compensation for
services rendered to the Partnership in its capacity as General Partner. 
 Section 3.03. Expenses. The Partnership shall pay,
or cause to be paid, all costs, fees, operating expenses and other expenses of the Partnership (including the costs, fees and expenses of attorneys, accountants or other professionals) incurred in pursuing and conducting, or otherwise related to,
the activities of the Partnership. The Partnership shall also, in the sole discretion of the General Partner, bear and/or reimburse the General Partner for (i) any costs, fees or expenses incurred by the General Partner in connection with
serving as the General Partner and (ii) all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the Partnership’s business (including expenses allocated to the General

  
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Partner by its Affiliates). To the extent that the General Partner determines in its sole discretion that such expenses are related to the business and affairs of the General Partner that are
conducted through the Partnership and/or its subsidiaries (including expenses that relate to the business and affairs of the Partnership and/or its subsidiaries and that also relate to other activities of the General Partner), the General Partner
may cause the Partnership to pay or bear all expenses of the General Partner, including, without limitation, compensation and meeting costs of any board of directors or similar body of the General Partner, any salary, bonus, incentive compensation
and other amounts paid to any Person including Affiliates of the General Partner to perform services for the Partnership, litigation costs and damages arising from litigation, accounting and legal costs and franchise taxes, provided that the
Partnership shall not pay or bear any income tax obligations of the General Partner, or obligations of the General Partner under the Tax Receivable Agreement. Reimbursements pursuant to this Section 3.03 shall be in addition to any
reimbursement to the General Partner as a result of indemnification pursuant to Section 10.02. 
 Section 3.04. Officers.
Subject to the direction and oversight of the General Partner, the day-to-day administration of the business of the Partnership may be carried out by persons who may be designated as officers by the General Partner, with titles including but not
limited to “assistant secretary,” “assistant treasurer,” “chairman,” “chief executive officer,” “chief financial officer,” “chief operating officer,” “director,” “general
counsel,” “managing director,” “partner,” “president,” “principal accounting officer,” “secretary,” “senior chairman,” “senior managing director,” “treasurer,”
“vice chairman” or “vice president,” and as and to the extent authorized by the General Partner in its sole discretion. The officers of the Partnership shall have such titles and powers and perform such duties as shall be
determined from time to time by the General Partner and otherwise as shall customarily pertain to such offices. Any number of offices may be held by the same person. In its sole discretion, the General Partner may choose not to fill any office for
any period as it may deem advisable. All officers and other persons providing services to or for the benefit of the Partnership shall be subject to the supervision and direction of the General Partner and may be removed, with or without cause, from
such office by the General Partner and the authority, duties or responsibilities of any employee, agent or officer of the Partnership may be suspended by the General Partner from time to time, in each case in the sole discretion of the General
Partner. The General Partner shall not cease to be a general partner of the Partnership as a result of the delegation of any duties hereunder. No officer of the Partnership, in his or her or its capacity as such, shall be considered a general
partner of the Partnership by agreement, as a result of the performance of his or her or its duties hereunder or otherwise. 

Section 3.05. Authority of Partners. No Limited Partner, in its capacity as such, shall participate in or have any control over
the business of the Partnership. Except as expressly provided herein, the Units do not confer any rights upon the Limited Partners to participate in the affairs of the Partnership described in this Agreement. Except as expressly provided herein, no
Limited Partner shall have any right to vote on any matter involving the Partnership, including with respect to any merger, consolidation, combination or conversion of the Partnership, or any other matter that a limited partner might otherwise have
the ability to vote on or consent with respect to under the Act, at law, in equity or otherwise. Except as expressly provided herein, the conduct, control and management of the Partnership shall be vested exclusively in the General Partner. In all
matters relating to or arising out of the conduct of the operation of the Partnership, the decision of the General Partner shall be the decision of the Partnership. Except as required or permitted by Law, or expressly provided in the ultimate
sentence of this Section 3.05 or by separate agreement 

  
 15 

 
with the Partnership, no Partner who is not also a General Partner (and acting in such capacity) shall take any part in the management or control of the operation or business of the Partnership
in its capacity as a Partner, nor shall any Partner who is not also the General Partner (and acting in such capacity) have any right, authority or power to act for or on behalf of or bind the Partnership in his or its capacity as a Partner in any
respect or assume any obligation or responsibility of the Partnership or of any other Partner. Notwithstanding the foregoing, the Partnership may from time to time appoint one or more Partners as officers or employ one or more Partners as employees,
and such Partners, in their capacity as officers or employees of the Partnership (and not, for clarity, in their capacity as Limited Partners of the Partnership), may take part in the control and management of the business of the Partnership to the
extent such authority and power to act for or on behalf of the Partnership has been delegated to them by the General Partner. 

Section 3.06. Action by Written Consent or Ratification. Any action required or permitted to be taken by the Partners pursuant to
this Agreement shall be taken if all Partners whose consent or ratification is required consent thereto or provide a consent or ratification in writing. 

Section 3.07. Restrictions on General Partner’s Authority. Notwithstanding any provision to the contrary contained in this
Agreement, from and after the occurrence of any Board Change of Control, the General Partner shall not authorize, approve or ratify any of the following actions or undertake or enter into any plan with respect thereto on behalf of itself or on
behalf of the Partnership, without the prior approval of Limited Partners holding a majority of the Units (vested and unvested) held by all Limited Partners (excluding any Limited Partners controlled by the General Partner), including each
Significant Limited Partner: 
 (i) any removal or appointment of any “officer” of the General Partner as defined in Rule
16a-1(f) of the Exchange Act, including the Chief Executive Officer; 
 (ii) the creation, authorization or issuance of any new Class or
series of equity interest in the Partnership; 
 (iii) the incurrence of any indebtedness (other than inter-company indebtedness) by the
Partnership or any of its subsidiaries or Controlled Affiliates that would, or is intended to, result in a material increase in the amount of consolidated indebtedness of the Partnership as compared to immediately prior to such Board Change of
Control; 
 (iv) any extraordinary distribution by the Partnership whether payable in cash or other assets or property; 

(v) any change in the Partnership’s distribution policy as in effect immediately prior to such Board Change of Control that would, or is
intended to, result in a material increase in the amount or frequency of distributions of the Partnership as compared to periods prior to such Board Change of Control; 

(vi) any change in the Partnership’s policy regarding the repurchase of Units, including without limitation from the General Partner, as
in effect immediately prior to such Board Change of Control that would, or is intended to, result in a material increase in the amount or frequency of Unit repurchases as compared to periods prior to such Board Change of Control; 

  
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 (vii) the entry into any merger, consolidation, recapitalization, liquidation, or sale of the
Partnership or of all or any significant portion of the assets of the Partnership or consummation of a similar transaction involving the Partnership or entering into any agreement providing therefor; 

(viii) voluntarily initiating any liquidation, dissolution or winding up of the Partnership or permitting the commencement of a proceeding
for bankruptcy, insolvency, receivership or similar action with respect to the Partnership or any of their subsidiaries or Controlled Affiliates; 

(ix) calling any meeting of the Limited Partners of the Partnership or submitting any matter for the vote or consent of the Limited Partners
of the Partnership; 
 (x) any settlement or compromise of any litigation directly against or otherwise relating to indemnification of the
General Partner or its directors or officers or their Affiliates or representatives or any litigation regarding tax matters; or 
 (xi) any
amendment to this Agreement. 
 Section 3.08. Restrictions on Termination Transactions. The General Partner shall not engage in,
or cause or permit, a Termination Transaction, unless either (x) the Termination Transaction has been approved by Limited Partners holding a majority of the Class A Units held by all Limited Partners (excluding any Limited Partners
controlled by the General Partner), including each Significant Limited Partner, or (y) the following conditions are satisfied: 
 (a)
in connection with any such Termination Transaction, (i) each holder of Class A Units (other than the General Partner and its wholly owned Subsidiaries) will receive, or will have the right to elect to receive, for each Class A Unit
an amount of cash, securities or other property equal to the product of (x) the number of shares of Class A common stock of the General Partner into which a Class A Unit is then exchangeable pursuant to the Exchange Agreement and
(y) the greatest amount of cash, securities or other property paid to a holder of one share of Class A common stock of the General Partner in consideration of one share of Class A common stock of the General Partner pursuant to the
terms of such Termination Transaction provided, that the condition set forth in this Section 3.08(a)(i) shall be deemed to have been satisfied if, in connection with such Termination Transaction, a purchase, tender or exchange offer
shall have been made to and accepted by the holders of a majority of the outstanding shares of Class A common stock of the General Partner, each holder of Class A Units (other than the General Partner and its wholly owned subsidiaries)
will receive, or will have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Class A Units would have received had such Class A Units been exchanged for shares of Class A
common stock of the General Partner in an Exchange Transaction immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction
shall have been consummated (the fair market value, at the time of the Termination Transaction, of the amount specified herein with respect to each Class A Unit is referred to as the “Transaction Consideration”); and
(ii) the Partnership receives an opinion from nationally recognized tax counsel to the effect that such Termination Transaction will be tax-free to each holder of Class A Units (other than the General Partner and its wholly owned
Subsidiaries) for U.S. federal income tax purposes of (except to the extent of cash, marketable securities or other property received); or  

  
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 (b) all of the following conditions are met: (i) substantially all of the assets directly or
indirectly owned by the Partnership prior to the announcement of the Termination Transaction are, immediately after the Termination Transaction, owned directly or indirectly by (x) the Partnership or (y) another limited partnership or
limited liability company organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof, which is the survivor of a merger, consolidation or combination of assets with the
Partnership (in each case, the “Surviving Partnership”); (ii) the Surviving Partnership is classified as a partnership for U.S. Federal income tax purposes; (iii) the Limited Partners (other than entities controlled by the
General Partner) that held Class A Units immediately prior to the consummation of such Termination Transaction own a percentage interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership
and the other net assets of the Surviving Partnership immediately prior to the consummation of such transaction; (iv) the rights of such Limited Partners with respect to the Surviving Partnership are at least as favorable as those of Limited
Partners holding Class A Units (including any rights under the Tax Receivable Agreement, unless such Termination Transaction constitutes a “Change of Control” for purposes of the Tax Receivable Agreement or otherwise results in
payments of cash to holders of Class A Units equivalent to (and in lieu of) the payments that would be required to be made to such holders pursuant to the Tax Receivable Agreement if such Termination Transaction did constitute a “Change of
Control” for such purposes) immediately prior to the consummation of such transaction (except to the extent that any such rights are consistent with clause (v) below) and as those applicable to any other limited partners or non-managing
members of the Surviving Partnership; and (v) such rights include: (A) if the General Partner or its successor has a single class of publicly traded common equity securities, the right, to the same extent provided to holders of
Class A Units pursuant to the Exchange Agreement, to exchange their interests in the Surviving Partnership for: (1) a number of such publicly traded common equity securities with a fair market value, as of the date of consummation of such
Termination Transaction, equal to the Transaction Consideration, subject to antidilution adjustments comparable to those set forth in Section 2.5 of the Exchange Agreement (the “Successor Shares Amount”); and/or (2) cash in an
amount equal to the fair market value of the Successor Shares Amount at the time of such exchange, determined in a manner consistent with the definition of “Value” as set forth in the Exchange Agreement; or (B) if the General Partner
or its successor does not have any class of publicly traded common equity securities, the right to exchange their interests in the Surviving Partnership on a quarterly basis for cash in an amount equal to the fair market value of such interest at
the time of exchange, as determined at least once every calendar quarter by an independent appraisal firm of recognized national standing retained by the Surviving Partnership. 

(c) In connection with any Termination Transaction permitted by Section 3.08(b) hereof, the relative fair market values shall be
reasonably determined by the General Partner as of the time of such transaction and, to the extent applicable, shall be no less favorable to the Limited Partners than the relative values reflected in the terms of such transaction. 

  
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 ARTICLE IV 

DISTRIBUTIONS 

Section 4.01. Distributions 

(a) The General Partner, in its sole discretion, may authorize distributions by the Partnership to the Partners, which distributions shall
(subject to Section 9.03) be made pro rata in accordance with the Partners’ respective Total Percentage Interests. 
 (b)
(i) In addition to the foregoing, if the General Partner reasonably determines that the taxable income of the Partnership for a Fiscal Year will give rise to taxable income for the Partners (“Net Taxable Income”), the General
Partner shall cause the Partnership to distribute Available Cash in respect of income tax liabilities (the “Tax Distributions”) to the extent that other distributions made by the Partnership for such year were otherwise
less than the Tax Amount. The aggregate Tax Distributions payable with respect to any Fiscal Year shall be computed based upon the General Partner’s estimate of the allocable Net Taxable Income in accordance with Article V, multiplied by the
Assumed Tax Rate (the “Tax Amount”) and shall be made to Partners pro rata in accordance with the number of Units held by the Partners. For purposes of computing the Tax Amount, the Net Taxable Income shall be determined without
regard to any special adjustments of tax items required as a result of any election under Section 754 of the Code, including adjustments required by Sections 734 and 743 of the Code. 

(ii) Tax Distributions shall be calculated and paid no later than one day prior to each quarterly due date for the payment by corporations on
a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25% of the Tax Amount, (B) for the second quarterly period, 50% of the Tax Amount, less the prior Tax Distributions for the
Fiscal Year, (C) for the third quarterly period, 75% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and (D) for the fourth quarterly period, 100% of the Tax Amount, less the prior Tax Distributions for the Fiscal
Year. Following each Fiscal Year, and no later than one day prior to the due date for the payment by corporations of income taxes for such Fiscal Year, the General Partner shall make an amended calculation of the Tax Amount for such Fiscal Year (the
“Amended Tax Amount”), and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Amended Tax Amount so calculated exceeds the cumulative Tax Distributions previously made by
the Partnership in respect of such Fiscal Year. If the Amended Tax Amount is less than the cumulative Tax Distributions previously made by the Partnership in respect of the relevant Fiscal Year, then the difference (the “Credit
Amount”) shall be applied against, and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Within 30 days following the date on which the Partnership files a tax return on Form 1065, the General Partner shall
make a final calculation of the Tax Amount of such Fiscal Year (the “Final Tax Amount”) and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Final Tax Amount so
calculated exceeds the Amended Tax Amount. If the Final Tax Amount is less than the Amended Tax Amount in respect of the relevant Fiscal Year, then the difference (“Additional Credit Amount”) shall be applied against, and shall
reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount applied against future Tax Distributions shall be treated as an amount actually distributed pursuant to this
Section 4.01(b) for purposes of the computations herein. 

  
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 Section 4.02. Liquidation Distribution. Distributions made upon dissolution of the
Partnership shall be made as provided in Section 9.03. 
 Section 4.03. Limitations on Distribution. Notwithstanding any
provision to the contrary contained in this Agreement, the General Partner shall not make a distribution to any Partner if such distribution would violate Section 17-607 of the Act or other applicable Law. 

ARTICLE V 
 CAPITAL CONTRIBUTIONS;
CAPITAL ACCOUNTS; 
 TAX ALLOCATIONS; TAX MATTERS 

Section 5.01. No Additional Capital Contributions. Except as otherwise provided in this Article V, no Partner shall be required to
make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General Partner, which may be granted or withheld in its
sole discretion. 
 Section 5.02. Capital Accounts. A separate capital account (a “Capital Account”) shall be
established and maintained for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited with such Partner’s Capital Contributions, if any, all
Profits allocated to such Partner pursuant to Section 5.03 and any items of income or gain which are specially allocated pursuant to Section 5.04; and shall be debited with all Losses allocated to such Partner pursuant to
Section 5.03, any items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.04, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner and the
liabilities to which such property is subject) distributed by the Partnership to such Partner. Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same may be
credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the Transferee shall succeed to the Capital Account of the transferor to the
extent it relates to the transferred interest. 
 Section 5.03. Allocations of Profits and Losses. 

(a) Except as otherwise provided in this Agreement, Operating Profits and Liquidating Gains of the Partnership shall be allocated as follows:

 (i) First, Operating Profits and Liquidating Gains shall be allocated to the General Partner to the extent the cumulative Operating
Losses and Liquidating Losses allocated to the General Partner under Section 5.03(b)(iii) below exceeds the cumulative Operating Profits and Liquidating Gains allocated to the General Partner under this Section 5.03(a)(i), provided that
the allocation under this Section shall first be made out of Operating Profits to the extent of available Operating Profits as of the time any allocation is being made, and thereafter to the extent of any available Liquidating Gains as of such time;

  
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 (ii) 
  

	 	(A)	Next, Liquidating Gains shall first be allocated to the Partners holding LTIP Units until the Economic Capital Account Balances of such Partners, to the extent attributable to their ownership of LTIP Units, are equal to
(1) the Class A Unit Economic Balance, multiplied by (2) the number of their LTIP Units (with respect to each Partner holding LTIP Units, the “Target Balance”). For the avoidance of doubt, Liquidating Gains allocated
with respect to an LTIP Unit pursuant to this subparagraph (A) shall reduce (but not below zero) the Book-Up Target for such LTIP Unit. Any such allocations shall be made (i) first, among the holders of Founder LTIP Units in proportion to
the aggregate amounts required to be allocated to each under this subparagraph and (ii) second, among the holders of LTIP Units that are not Founder LTIP Units in proportion to the aggregate amounts required to be allocated to each under this
subparagraph, unless the relevant Award Agreement or other documentation pursuant to which an LTIP Unit is granted provides for a reduced allocation with respect to such LTIP Unit. 

 

	 	(B)	Liquidating Gains allocated to a Partner under this Section 5.03(a)(ii) will be attributed to specific LTIP Units of such Partner for purposes of determining (1) allocations under this Article V, (2) the
effect of the forfeiture or conversion of specific LTIP Units on such Partner’s Capital Account and (3) the ability of such Partner to convert specific LTIP Units into Class A Units. Such Liquidating Gains will generally be attributed
in the following order: (1) first, to Vested LTIP Units held for more than two years, (2) second, to Vested LTIP Units held for two years or less, (3) third, to Unvested LTIP Units that have remaining vesting conditions that only
require continued employment or service to the Partnership, the General Partner or their Affiliates for a certain period of time (with such Liquidating Gains being attributed in order of vesting from soonest vesting to latest vesting), and
(4) fourth, to other Unvested LTIP Units (with such Liquidating Gains being attributed in order of the Performance Tranche with the lowest stock price Performance Condition to the Performance Tranche with the highest stock price Performance
Condition). Within each category, Liquidating Gains will be allocated seriatim (i.e., entirely to the first unit in a set, then entirely to the next unit in the set, and so on, until a full allocation is made to the last unit in the set) in the
order of smallest Book-Up Target to largest Book-Up Target. 

  
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	 	(C)	After giving effect to the special allocations set forth above, if, due to distributions with respect to Class A Units in which the LTIP Units do not participate, forfeitures or otherwise, the Economic Capital
Account Balance of any Partner attributable to such Partner’s LTIP Units exceeds the Target Balance, then Liquidating Losses shall be allocated to such Partner to eliminate the disparity; provided, however, that if Liquidating Losses are
insufficient to completely eliminate all such disparities, such losses shall be allocated among LTIP Units in a manner reasonably determined by the General Partner. 

 

	 	(D)	The parties agree that the intent of this Section 5.03(a)(ii) is (1) to the extent possible to make the liquidation value associated with each LTIP Unit the same as the liquidation value of a Class A
Unit, and (2) to allow conversion of a LTIP Unit (assuming it is a Vested LTIP Unit) when sufficient Liquidating Gains have been allocated to such LTIP Unit pursuant to this clause (ii) or Losses, Operating Losses and/or Liquidating Losses
have been allocated to Class A Units under Section 5.03(b)(i) so that either an LTIP Unit’s initial Book-Up Target has been reduced to zero or the parity described in subclause (1) above has been achieved. The General Partner
shall be permitted to interpret this Section and to amend this Agreement to the extent necessary and consistent with this intention. 

  

	 	(E)	If a Partner forfeits any LTIP Units to which Liquidating Gains has previously been allocated under Section 5.03(a)(ii)(A) above, (1) the portion of such Partner’s Capital Account attributable to such
Liquidating Gains allocated to such forfeited LTIP Units will be re-allocated to that Partner’s remaining LTIP Units that were outstanding on the date of the initial allocation of such Liquidating Gain, using a methodology similar to that
described in clause (B) above as reasonably determined by the General Partner, to the extent necessary to cause such Partner’s Economic Capital Account Balance attributable to each such LTIP Unit to equal the Class A Unit Economic
Balance and (2) such Partner’s Capital Account will be reduced by the amount of any such Liquidating Gains not re-allocated pursuant to the foregoing subclause (1) above. Any such reductions in Capital Accounts pursuant to the
foregoing subclause (2) shall be reallocated to the LTIP Units in accordance with the rules for allocations set forth in this Section 5.03(a)(ii), provided that the General Partner shall have the discretion to limit reallocations to LTIP
Units in any manner the General Partner reasonably determines is necessary to prevent such LTIP Units from participating in Liquidating Gains realized prior to the issuance of such LTIP Units; and 

(iii) Thereafter, Operating Profits to the holders of Class A Units and LTIP Units pro rata in proportion to the Class A Units and
LTIP Units held by such Partners and any remaining Liquidating Gains after the special allocation provided in Section 5.03(a)(ii) to the holders of Class A Units and LTIP Units in proportion to the Class A Units and LTIP Units held by
such Partners. 

  
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 (b) Except as otherwise provided herein, Operating Losses and Liquidating Losses of the
Partnership for each Fiscal Year or other applicable period shall be allocated as follows: 
 (i) First, Operating Losses shall be
allocated with respect to each Class A Unit and LTIP Unit in proportion to and to the extent that Operating Profits were allocated with respect to such Unit in previous periods in excess of the sum of Operating Losses allocated with respect to
such Unit in previous periods and distributions made with respect to such Unit in all periods; 
 (ii) Subject to the prior application of
Section 5.03(a)(ii)(C), first, Operating Losses shall be allocated to the holders of Class A Units and LTIP Units in proportion to the Class A Units and LTIP Units held by such Partners, and Liquidating Losses shall be allocated to
the holders of Class A Units and LTIP Units in proportion to the Class A Units and LTIP Units held by such Partners; provided that the Losses allocated in respect of a Class A Unit and LTIP Unit pursuant to this subparagraph
(ii) shall not exceed the maximum amount of Losses that could be allocated in respect of such Unit without causing a holder of such Unit to have a deficit Adjusted Capital Account Balance determined as if the holder held only that Unit,
provided further that (A) in the event the first proviso of this subparagraph (ii) applies to limit an allocation of Losses in respect of an LTIP Unit, the Losses allocable to the LTIP Unit shall first be made out of Operating Loss to the
extent the cumulative Operating Profits in excess of cumulative Operating Losses allocated to that LTIP Unit exceeds cumulative distributions in respect of that LTIP Unit, and any remaining allocation of Losses to that LTIP Unit shall be made
proportionately out of Operating Losses and Liquidating Losses, and (B) in the event the first proviso of this subparagraph (ii) applies to limit an allocation of Losses in respect of a Class A Unit, the Losses allocable to the
Class A Unit shall be made proportionately out of Operating Losses and Liquidating Losses remaining after the allocation of Losses in respect of LTIP Units as provided in clause (A) of this subparagraph (ii); 

(iii) Thereafter, Operating Losses and Liquidating Losses shall be allocated to the General Partner. 

Section 5.04. Special Allocations. Notwithstanding any other provision in this Article V: 

(a) Minimum Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain
(determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership 

  
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taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of
such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f). This
Section 5.04(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections and shall be interpreted consistently therewith; including that no chargeback shall be required to the extent of the
exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 
 (b) Qualified Income Offset. If any
Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner
in an amount and manner sufficient to eliminate the deficit balance in such Partner’s Adjusted Capital Account Balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation
pursuant to this Section 5.04(b) shall be made only to the extent that a Partner would have a deficit Adjusted Capital Account Balance in excess of such sum after all other allocations provided for in this Article V have been tentatively made
as if this Section 5.04(b) were not in this Agreement. This Section 5.04(b) is intended to comply with the “qualified income offset” requirement of the Treasury Regulations and shall be interpreted consistently therewith. 

(c) Special Allocation to LTIP Units. Items of gross income of the Partnership shall be specially allocated to a Partner in an amount
necessary to eliminate any deficit Adjusted Capital Account Balance attributable to an LTIP Unit of such Partner. Any such allocations shall be made first from items of income constituting Operating Profits or Operating Losses, and only thereafter
from items of income constituting Liquidating Gains or Liquidating Losses. For purposes of determining the amount of gross income that must be specially allocated under this Section, the Partnership shall initially allocate all items amongst the
Partners in accordance with the provisions of this Agreement, and only if a Partner has an deficit Adjusted Capital Account Balance after such initial allocation shall a special allocation be made pursuant to this Section and only in an amount equal
to the gross income allocation needed to eliminate such deficit Adjusted Capital Account Balance taking into account the remaining Profits that will be allocated to such Partner after applying the other provisions of this Article V. 

(d) Special Allocation upon LTIP Unit Forced Conversion. After an LTIP Unit Forced Conversion, the Partnership will specially allocate
Liquidating Gains and Liquidating Losses to the Partners until and in a manner that causes, as promptly as practicable, the portion of such Partner’s Economic Capital Account Balance attributable to the Class A Unit (or fraction thereof)
received upon such conversion to equal the Class A Unit Economic Balance (or in the case where a fractional Class A Unit is received on such conversion, the Class A Unit Economic Balance multiplied by a fraction equal to the fraction
of the Class A Unit issued in such conversion). 
 (e) Gross Income Allocation. If any Partner has a deficit Capital Account at
the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore
pursuant to the penultimate sentences of Treasury Regulations 

  
 24 

 
Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible;
provided that an allocation pursuant to this Section 5.04(e) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this
Article V have been tentatively made as if Section 5.04(b) and this Section 5.04(e) were not in this Agreement. 
 (f)
Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Total Percentage Interests. 

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

(h) Ameliorative Allocations. Any special allocations of income or gain pursuant to Sections 5.04(b) or 5.04(c) hereof shall be taken
into account in computing subsequent allocations pursuant to Section 5.03 and this Section 5.04(h), so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to
the net amount that would have been allocated to each Partner if such allocations pursuant to Sections 5.04(b) or 5.04(c) had not occurred. 

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

Section 5.05. Tax Allocations. For income tax purposes, each item of income, gain, loss and deduction of the Partnership shall be
allocated among the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for Capital Account purposes; provided that in the case of any asset the Carrying Value of which
differs from its adjusted tax basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income tax purposes in accordance with the principles of Sections 704(b) and
(c) of the Code (in any manner determined by the General Partner and permitted by the Code and Treasury Regulations) so as to take account of the difference between Carrying Value and adjusted basis of such asset; provided further that
the Partnership shall use the traditional method (as provided in Treasury Regulations Section 1.704-3(b)) for all Section 704(c) allocations, limited to allocations of income or gain from the disposition of Partnership property where
allocations of depreciation deductions have been limited by the ceiling rule throughout the term of the Partnership). Notwithstanding the foregoing, the General Partner shall make such allocations for tax purposes as it determines in its sole
discretion to be appropriate to ensure allocations are made in accordance with a Partner’s interest in the Partnership. 

  
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 Section 5.06. Tax Advances. To the extent the General Partner reasonably believes
that the Partnership is required by law to withhold or to make tax payments on behalf of or with respect to any Partner or the Partnership is subjected to tax itself by reason of the status of any Partner (“Tax Advances”), the
General Partner may cause the Partnership to withhold such amounts and cause the Partnership to make such tax payments as so required. All Tax Advances made on behalf of a Partner shall be repaid by reducing the amount of the current or next
succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. For all
purposes of this Agreement such Partner shall be treated as having received the amount of the distribution that is equal to the Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the other Partners from and
against any liability (including, without limitation, any liability for taxes, penalties, additions to tax or interest other than any penalties, additions to tax or interest imposed as a result of the Partnership’s failure to withhold or make a
tax payment on behalf of such Partner which withholding or payment is required pursuant to applicable Law) with respect to income attributable to or distributions or other payments to such Partner. 

Section 5.07. Tax Matters. The General Partner shall be the initial “tax matters partner” within the meaning of
Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Partnership shall file as a partnership for federal, state, provincial and local income tax purposes, except where otherwise required by Law. All elections
required or permitted to be made by the Partnership, and all other tax decisions and determinations relating to federal, state, provincial or local tax matters of the Partnership, shall be made by the Tax Matters Partner, in consultation with the
Partnership’s attorneys and/or accountants. Tax audits, controversies and litigations shall be conducted under the direction of the Tax Matters Partner. The Tax Matters Partner shall keep the other Partners reasonably informed as to any
material tax actions, examinations or proceedings relating to the Partnership. As soon as reasonably practicable after the end of each Fiscal Year, the Partnership shall use commercially reasonable efforts to send to each Partner a copy of U.S.
Internal Revenue Service Schedule K-1, and any comparable statements required by applicable U.S. state or local income tax Law as a result of the Partnership’s activities or investments, with respect to such Fiscal Year. The Partnership also
shall provide the Partners with such other information as may be reasonably requested for purposes of allowing the Partners to prepare and file their own tax returns, provided that any costs or expenses with respect to the foregoing shall be borne
by the requesting Partner. 
 Section 5.08. Other Allocation Provisions. Certain of the foregoing provisions and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent
with such regulations. In addition to amendments effected in accordance with Section 11.12 or otherwise in accordance with this Agreement, Sections 5.02, 5.03 and 5.04 may also, so long as any such amendment does not materially change the
relative economic interests of the Partners, be amended at any time by the General Partner if necessary, in the opinion of tax counsel to the Partnership, to comply with such regulations or any applicable Law. 

Section 5.09. Allocations upon Final Liquidation. With respect to the Fiscal Year in which the final liquidation of the
Partnership occurs in accordance with Article IX of the Agreement, and notwithstanding any other provision of Article V hereof, items of Partnership 

  
 26 

 
income, gain, loss and deduction shall be specially allocated to the Partners in such amounts and priorities as are necessary so that the positive Capital Accounts of the Partners shall, as
closely as possible, equal the amounts that will be distributed to the Partners pursuant to Section 9.03. 
 ARTICLE VI 

BOOKS AND RECORDS; REPORTS 

Section 6.01. Books and Records 

(a) At all times during the continuance of the Partnership, the Partnership shall prepare and maintain separate books of account for the
Partnership in accordance with GAAP. 
 (b) Except as limited by Section 6.01(c), each Limited Partner shall have the right to receive,
for a purpose reasonably related to such Limited Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand stating the purpose of such demand and at such Limited Partner’s own expense: 

(i) a copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of all powers of
attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and 
 (ii) promptly after
their becoming available, copies of the Partnership’s U.S. federal income tax returns for the three most recent years. 
 (c) The
General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade
secrets or (ii) other information the disclosure of which the General Partner believes is not in the best interests of the Partnership, could damage the Partnership or its business or that the Partnership is required by law or by agreement with
any third party to keep confidential, including without limitation, information as to the Units held by any other Limited Partner. Furthermore, the Partners hereby acknowledge that pursuant to § 17-305(f) of the Act the rights of a Limited
Partner to obtain information from the Partnership shall be limited to only those rights provided for in this Agreement, and that any other rights provided under § 17-305(a) of the Act shall not be available to the Limited Partners or
applicable to the Partnership. 
 ARTICLE VII 

PARTNERSHIP UNITS 

Section 7.01. Units. 

(a) Interests in the Partnership shall be represented by Units. At the execution of this Agreement, the Units are comprised of two Classes:
(x) a Class of Units in the Partnership designated as “Class A Units” and (y) a Class of Units in the Partnership designated as “LTIP Units.” The designations, preferences rights, powers and duties applicable to the
LTIP Units are as provided in this Agreement and Schedule I hereto, which is hereby adopted by the General Partner and incorporated by reference herein. 

  
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 (b) The General Partner in its sole discretion may establish and issue, from time to time in
accordance with such procedures as the General Partner shall determine from time to time, additional Units, in one or more additional Classes or series of Units, or other Partnership securities, at such price, and with such designations, preferences
and relative, participating, optional or other special rights, powers and duties (which may be senior to existing Units, Classes and series of Units or other Partnership securities), as shall be determined by the General Partner without the approval
of any Partner or any other Person who may acquire an interest in any of the Units, including (i) the right of such Units to share in Profits and Losses or items thereof; (ii) the right of such Units to share in Partnership distributions;
(iii) the rights of such Units upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions upon which, the Partnership may or shall be required to exchange or redeem such Units (including sinking fund
provisions); (v) whether such Units are issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which such Units will be issued, evidenced
by certificates and assigned or transferred; (vii) the method for determining the Total Percentage Interest as to such Units; (viii) the terms and conditions of the issuance of such Units (including, without limitation, the amount and form
of consideration, if any, to be received by the Partnership in respect thereof, the General Partner being expressly authorized, in its sole discretion, to cause the Partnership to issue such Units for less than fair market value); and (ix) the
right, if any, of the holder of such Units to vote on Partnership matters, including matters relating to the relative designations, preferences, rights, powers and duties of such Units. The General Partner in its sole discretion, without the
approval of any Partner or any other Person, is authorized (i) to issue Units or other Partnership securities of any newly established Class or any existing Class to Partners or other Persons who may acquire an interest in the Partnership and
(ii) to amend this Agreement to reflect the creation of any such new Class, the issuance of Units or other Partnership securities of such Class, and the admission of any Person as a Partner which has received Units or other Partnership
securities. Except as expressly provided in this Agreement to the contrary, any reference to “Units” shall include the Class A Units, LTIP Units and Units of any other Class or series that may be established in accordance with this
Agreement. All Units of a particular Class shall have identical rights in all respects as all other Units of such Class, except in each case as otherwise specified in this Agreement. 

(c) As soon as practicable following the occurrence of any event that causes the preferred stock purchase rights attached to shares of
Class A common stock of the General Partner to become exercisable pursuant to the Stockholder Rights Agreement, the General Partner shall pursuant to its authority under Section 7.01(b) establish in accordance with this Agreement a Class
of Units (“Series A Junior Participating Preferred Units”) that has substantially the same rights and preferences with respect to distributions of the Partnership in relation to Class A Units as shares of Series A Junior
Participating Preferred Stock of the General Partner are entitled with respect to dividends and distributions of the General Partner in relation to shares of Class A common stock of the General Partner. 

(d) Each Class A Unit (including, for the avoidance of doubt, Class A Units held by the General Partner) and each LTIP Unit has
attached to it a right (each a “Preferred Unit Purchase Right”) that entitles the holder of such Class A Unit or such LTIP Unit, as the case may 

  
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be, to purchase Series A Junior Participating Preferred Units of the Partnership as provided in this Section 7.01(d). Such Preferred Unit Purchase Rights will become exercisable, if at all,
at such time and to the same extent as the preferred stock purchase rights attached to shares of Class A common stock of the General Partner shall become exercisable pursuant to the Stockholder Rights Agreement; provided that no
Preferred Unit Purchase Right shall be exercisable by any holder of Class A Units or LTIP Units to the extent such holder is an “Acquiring Person” as such term is defined in the Stockholder Rights Agreement and the General Partner
shall take such action as it may determine in its sole discretion to be necessary or advisable to give effect to this proviso. Each Preferred Unit Purchase Right will entitle its holder to purchase at an exercise price per Preferred Unit equal to
the exercise price per share of Series A Junior Participating Preferred Stock of the General Partner determined in accordance with the Stockholder Rights Agreement (1) Series A Junior Participating Preferred Units, or (2) in lieu of such
Series A Junior Participating Preferred Units, a number of Class A Units equal to the number of shares of Class A common stock of the General Partner that a holder of a preferred stock purchase right attached to a share of Class A
common stock of the General Partner would be entitled to purchase pursuant to the Stockholder Rights Agreement. In the event that holders of Class A common stock of the General Partner exercise or exchange the preferred stock purchase rights
attached thereto for shares of Series A Junior Participating Preferred Stock of the General Partner, the General Partner shall exercise or exchange Preferred Unit Purchase Rights attached to Class A Units held by the General Partner for a
corresponding number of Series A Junior Participating Preferred Units. In the event that holders of Class A common stock of the General Partner exercise or exchange the preferred stock purchase rights attached thereto for additional shares of
Class A common stock of the General Partner, the General Partner shall exercise or exchange Preferred Unit Purchase Rights for a corresponding number of additional Class A Units of the Partnership. If at any time the ratio at which
Class A Units are exchangeable for shares of Class A common stock of the General Partner pursuant to the Exchange Agreement changes from one-for-one, the General Partner shall make corresponding adjustments to the number of Series A Junior
Participating Preferred Units or Class A Units, as the case may be, that a holder of Class A Units is entitled to receive upon exercise of or in exchange for a Preferred Unit Purchase Right as the General Partner shall determine in its
sole discretion. 
 Section 7.02. Register. The books and records of the Partnership shall be the definitive record of ownership
of each Unit and all relevant information with respect to each Partner. Unless the General Partner in its sole discretion shall determine otherwise, Units shall be uncertificated and recorded in the books and records of the Partnership. 

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

  
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 ARTICLE VIII 

VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS 

Section 8.01. Vesting of Unvested Units. 

(a) Unvested Units shall vest and shall thereafter be Vested Units for all purposes of this Agreement as agreed to in writing between the
General Partner and the applicable Limited Partner and reflected in the books and records of the Partnership. 
 (b) The General Partner in
its sole discretion may authorize the earlier vesting of all or a portion of Unvested Units owned by any one or more Limited Partners at any time and from time to time, and in such event, such Unvested Units shall vest and thereafter be Vested Units
for all purposes of this Agreement. Any such determination in the General Partner’s discretion in respect of Unvested Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited Partners,
whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 

(c) Upon the vesting of any Unvested Units in accordance with this Section 8.01, the General Partner shall modify the books and records
of the Partnership to reflect such vesting. 
 Section 8.02. Forfeiture of Units 

(a) Except as otherwise agreed to in writing between the General Partner and the applicable Person, if a Person that is a Service Provider
ceases to be a Service Provider for any reason, all Unvested Units held by such Person (or any Personal Planning Vehicle of such Person), and/or in which such Person (or any Personal Planning Vehicle of such Person) has an indirect interest, as set
forth in the books and records of the Partnership, shall be immediately forfeited without any consideration, and any such Person (or any such Personal Planning Vehicle) shall cease to own or have any rights, directly or indirectly, with respect to
such forfeited Unvested Units. 
 (b) Except as otherwise agreed to in writing between the General Partner and the applicable Person, if the
General Partner determines in good faith that Cause exists with respect to any Person that is or was at any time a Service Provider, the Units (whether or not vested) held by such Person (or any Personal Planning Vehicle of such Person), and/or in
which such Person (or any Personal Planning Vehicle of such Person) has an indirect interest, as set forth in the books and records of the Partnership, shall be immediately forfeited without any consideration, and any such Person (or any such
Personal Planning Vehicle) shall cease to own or have any rights, directly or indirectly, with respect to such forfeited Units. Such determinations need not be uniform and may be made selectively among such Persons, whether or not such Persons are
similarly situated, and shall not constitute the breach by the General Partner or any of its directors, managers, officers or members of any duty (including any fiduciary duty) hereunder or otherwise existing at law, in equity or otherwise. 

(c) Any (i) Class A Units granted as a “Founder Unit Issuance” under an Award Agreement, (ii) LTIP Units granted as
an “Earn-Out Unit Grant” under an Award Agreement, (iii)

  
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Founder LTIP Units, or (iv) B ordinary shares in PJT Partners (Cayman) Limited (“Joiner Shares”) or shares of Class A common stock in the General Partner potentially
issuable in respect of such Joiner Shares that in any of the foregoing cases were held by any of the Founder Group Partners and that expire, fail to become vested or are canceled, forfeited, terminated, or repurchased for nominal consideration
(“Forfeited Units”) shall be reallocated by the Compensation Committee of the Board of Directors of the General Partner (the “Compensation Committee”), in consultation with the Founder, to one or more other
Partners. Notwithstanding the foregoing, if the Founder has ceased to provide services to the Partnership, then Forfeited Units shall be reallocated to Founder Group Partners then providing services to the Partnership and holding like Units pro
rata in accordance with their respective holdings of such like Units as of the date hereof (provided, however, that for purposes of applying such pro rata reallocation, Founder LTIP Units and such Joiner Shares shall be deemed to
be Founder Units), such reallocation subject to the approval by a majority of the members of the Compensation Committee and, absent such approval, the Compensation Committee may determine the reallocation of the Forfeited Units in its discretion.
Any Forfeited Unit that is reallocated in accordance with this Section 8.02(c) shall be subject to terms that are no more favorable than if such reallocation was deemed granted on the original date of grant as the underlying Forfeited Units.

 (d) Upon the forfeiture of any Units in accordance with this Section 8.02, such Units shall be cancelled and the General Partner
shall modify the books and records of the Partnership to reflect such forfeiture and cancellation or reallocation, as applicable. 

Section 8.03. Limited Partner Transfers 

(a) Except as otherwise agreed to in writing between the General Partner and the applicable Limited Partner and reflected in the books and
records of the Partnership, no Limited Partner or Assignee thereof may Transfer (including pursuant to an Exchange Transaction) all or any portion of its Units or other interest in the Partnership (or beneficial interest therein) without the prior
consent of the General Partner, which consent may be given or withheld, or made subject to such conditions (including, without limitation, the receipt of such legal opinions and other documents that the General Partner may require) as are determined
by the General Partner, in each case in the General Partner’s sole discretion, and which consent may be in the form of a plan or program entered into or approved by the General Partner, in its sole discretion. Any such determination in the
General Partner’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated, and shall not
constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units that is not in accordance with, or subsequently violates, this Agreement shall be, to the fullest extent permitted by
law, null and void. Notwithstanding anything otherwise to the contrary, the General Partner shall not unreasonably withhold, condition or delay its consent to any Transfer of Units by any Significant Limited Partner to (i) any organization that
is described in Section 170(c) (determined without reference to Section 170(c)(2)(A)), Section 2055(a) or Section 2522(a) of the Code (or any successor provisions) (“Charitable Organizations”) or (ii) a
member or members of such Significant Limited Partner’s family (it being understood that “family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin; descendants of any degree of such
Significant Limited Partner, or of such Significant Limited Partner’s spouse or siblings) or a trust, the beneficiaries of which are primarily such Significant Limited Partner or a member or members of such Limited Partner’s family and/or
Charitable Organizations, or to any other entity that is wholly owned by or established primarily for the benefit of such persons. 

  
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 (b) Notwithstanding the foregoing, the parties hereto agree that the General Partner shall not
unreasonably withhold, condition or delay its consent to any Transfer of Vested Units by any Limited Partner or any Assignee thereof who is not a current or former Service Provider to (i) Charitable Organizations or (ii) a member or
members of such Limited Partner’s or any such Assignee’s family (it being understood that “family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin; descendants of any degree of such
Limited Partner or any such Assignee, or of such Limited Partner’s or any such Assignee’s spouse or siblings) or to a trust, the beneficiaries of which are primarily such Limited Partner or any such Assignee or a member or members of such
Limited Partner’s or any such Assignee’s family and/or Charitable Organizations or to any other entity that is wholly owned by or established primarily for the benefit of such persons. 

(c) Notwithstanding anything otherwise to the contrary in this Section 8.03, each Limited Partner may Transfer Units in an Exchange
Transaction pursuant to, and in accordance with, the Exchange Agreement. Notwithstanding Section 17-702(d) of the Act, any Class A Unit acquired by the Partnership (x) in exchange for a share of Class A common stock of the
General Partner pursuant to an Exchange Transaction or (y) for cash pursuant to an Exchange Transaction that the General Partner elects to fund with the new issuance of a share of Class A common stock, in each case, shall not be cancelled
and automatically shall be deemed re-issued to the General Partner by the Partnership. 
 (d) Notwithstanding anything otherwise to the
contrary in this Section 8.03, a Personal Planning Vehicle of a Limited Partner may Transfer Units: (i) to the donor thereof; (ii) if the Personal Planning Vehicle is a grantor retained annuity trust and the trustee(s) of such grantor
retained annuity trust is obligated to make one or more distributions to the donor of the grantor retained annuity trust, the estate of the donor of the grantor retained annuity trust, the spouse of the donor of the grantor retained annuity trust or
the estate of the spouse of the donor of the grantor retained annuity trust, to any such Persons; or (iii) upon the death of such Limited Partner, to the spouse of such Limited Partner or a trust for which a deduction under Section 2056 or
2056A (or any successor provisions) of the Code may be sought. 
 Section 8.04. Mandatory Exchanges. The General Partner may in
its sole discretion at any time and from time to time, without the consent of any Limited Partner or other Person, cause to be Transferred in an Exchange Transaction any and all Units, except for Units held by any Person that is a Service Provider
at the time in question and/or in which a Person that is a Service Provider at the time in question has an indirect interest as set forth in the books and records of the Partnership. Any such determinations by the General Partner need not be uniform
and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated. In addition, the General Partner may, with the consent of Partners whose Vested Percentage Interests exceed 75% of the Vested Percentage
Interests of all Partners in the aggregate, require all Limited Partners to Transfer in an Exchange Transaction all Units held by them. 

Section 8.05. Encumbrances. No Limited Partner or Assignee may create an Encumbrance with respect to all or any portion of its
Units (or any beneficial interest therein) other 

  
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than Encumbrances that run in favor of the Limited Partner unless the General Partner consents in writing thereto, which consent may be given or withheld, or made subject to such conditions as
are determined by the General Partner, in the General Partner’s sole discretion. Consent of the General Partner shall be withheld until the holder of the Encumbrance acknowledges the terms and conditions of this Agreement. Any purported
Encumbrance that is not in accordance with this Agreement shall be, to the fullest extent permitted by law, null and void. 

Section 8.06. Further Restrictions. 

(a) Notwithstanding any contrary provision in this Agreement, the General Partner may impose such vesting requirements, forfeiture provisions,
Transfer restrictions, minimum retained ownership requirements or other similar provisions with respect to any Units that are outstanding as of the date of this Agreement or are created thereafter, with the consent of the holder of such Units. Such
requirements, provisions and restrictions need not be uniform and may be waived or released by the General Partner in its sole discretion with respect to all or a portion of the Units owned by any one or more Limited Partners at any time and from
time to time, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 
 (b)
Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit be made by any Limited Partner or Assignee if: 

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

(ii) such Transfer would require the registration of such transferred Unit or of any Class of Unit pursuant to any applicable U.S. federal or
state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other non-U.S. securities laws (including Canadian provincial or territorial securities laws) or would constitute a non-exempt distribution pursuant to
applicable provincial or state securities laws; 
 (iii) such Transfer would cause (i) all or any portion of the assets of the
Partnership to (A) constitute “plan assets” (under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to the provisions of ERISA, Section 4975 of the Code or any
applicable Similar Law, or (ii) the General Partner to become a fiduciary with respect to any existing or contemplated Limited Partner, pursuant to ERISA, any applicable Similar Law, or otherwise; or 

(iv) to the extent requested by the General Partner, the Partnership does not receive such legal and/or tax opinions and written instruments
(including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the General Partner, as determined in the General Partner’s
sole discretion. 
 (c) In addition, notwithstanding anything to the contrary herein, if the board of directors of the General Partner shall
determine in good faith that additional restrictions on Transfers are necessary so that the Partnership is not treated as a “publicly traded partnership” under Section 7704 of the Code, the General Partner may impose such additional
restrictions on Transfers as the board of directors of the General Partner has determined in good faith to be so necessary. 
 (d) To the
fullest extent permitted by law, any Transfer in violation of this Article VIII shall be deemed null and void ab initio and of no effect. 

  
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 Section 8.07. Rights of Assignees. Subject to Section 8.06(b), the Transferee of
any permitted Transfer pursuant to this Article VIII will be an assignee only (“Assignee”), and only will receive, to the extent transferred, the distributions and allocations of income, gain, loss, deduction, credit or similar item
to which the Partner which transferred its Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations relating to, or in connection with,
such interest remaining with the transferring Partner. The transferring Partner will remain a Partner even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Partnership as a Partner
pursuant to Section 8.10. 
 Section 8.08. Allocation of Profits and Losses Upon Transfer. If a Partner sells or exchanges
Units or if a Partner is otherwise is admitted as a substitute Partner, Profits and Losses shall be allocated between the transferor and the transferee by taking into account their varying Units during the Fiscal Year in accordance with
Section 706(d) of the Code, using the interim closing of the books method described in proposed Treasury Regulations Section 1.706-4(c) to the extent reasonably practicable or, to the extent such method is not reasonably practicable, any
other permissible method (as determined by the General Partner). 
 Section 8.09. Admissions, Withdrawals and Removals 

(a) No Person may be admitted to the Partnership as an additional General Partner or substitute General Partner without the prior written
consent of each incumbent General Partner, which consent may be given or withheld, or made subject to such conditions as are determined by each incumbent General Partner, in each case in the sole discretion of each incumbent General Partner. A
General Partner will not be entitled to Transfer all of its Units or to withdraw from being a General Partner of the Partnership unless another General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn).
Any additional General Partner or substitute general partner admitted as a General Partner of the Partnership pursuant to this Section 8.09 is hereby authorized to, and shall, continue the Partnership without dissolution. 

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

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

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

Section 8.11. Withdrawal and Removal of Limited Partners. Subject to Section 8.07, if a Limited Partner ceases to hold any
Units, including as a result of a forfeiture of Units pursuant to Section 8.02, then such Limited Partner shall cease to be a Limited Partner and to have the power to exercise any rights or powers of a Limited Partner, and shall be deemed to
have withdrawn from the Partnership. 
 ARTICLE IX 

DISSOLUTION, LIQUIDATION AND TERMINATION 

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

Section 9.02. Events Causing Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the occurrence
of any of the following events (each, a “Dissolution Event”): 
 (a) the entry of a decree of judicial dissolution of the
Partnership under Section 17-802 of the Act upon the finding by a court of competent jurisdiction that it is not reasonably practicable to carry on the business of the Partnership in conformity with this Agreement; 

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

(c) the written consent of all Partners; 

  
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 (d) at any time there are no limited partners, unless the Partnership is continued in accordance
with the Act; 
 (e) the Incapacity or removal of the General Partner or the occurrence of a Disabling Event with respect to the General
Partner; provided that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified in this Section 9.02(e) if: (i) at the time of the occurrence of such event there is at least one other
general partner of the Partnership who is hereby authorized to, and elects to, carry on the business of the Partnership; or (ii) all remaining Limited Partners consent to or ratify the continuation of the business of the Partnership and the
appointment of another general partner of the Partnership, effective as of the event that caused the General Partner to cease to be a general partner of the Partnership, within 120 days following the occurrence of any such event, which consent shall
be deemed (and if requested each Limited Partner shall provide a written consent or ratification) to have been given for all Limited Partners if the holders of more than 50% of the Vested Units then outstanding agree in writing to so continue the
business of the Partnership; or 
 (f) the determination of the General Partner in its sole discretion; provided that in the event of a
dissolution pursuant to this clause (f), the relative economic rights of each Class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Partners pursuant to
Section 9.03 below in connection with the winding up of the Partnership, taking into consideration tax and other legal constraints that may adversely affect one or more parties hereto and subject to compliance with applicable laws and
regulations, unless, and to the extent that, with respect to any Class of Units, holders of not less than 90% of the Units of such Class consent in writing to a treatment other than as described above. 

Section 9.03. Distribution upon Dissolution. Upon dissolution, the Partnership shall not be terminated and shall continue until
the winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take full account of
the assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any liquidation
shall be applied and distributed in the following order: 
 (a) First, to the satisfaction of debts and liabilities of the Partnership
(including satisfaction of all indebtedness to Partners and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment of any reserve which the Liquidation Agent shall deem
reasonably necessary for any contingent, conditional or unmatured contractual liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may be paid over by the Liquidation Agent to any attorney-at-law, or
acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the balance in the manner hereinafter
provided in this Section 9.03; and 
 (b) The balance, if any, to the Partners in proportion to the Class A Units and LTIP Units
held by them; provided that (i) distributions to a Partner in respect of an LTIP Unit shall be limited to the Partner’s Economic Capital Account Balance attributable to such LTIP Unit as of the date of the final distribution (and after
taking into account any allocations pursuant to the 

  
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dissolution) and (ii) amounts that otherwise would have been distributed to such Partners in respect of LTIP Units in the absence of clause (i) shall be distributed to the Partners
holding Class A Units or LTIP Units in proportion to the Class A Units and LTIP Units held by them (excluding for this purpose all LTIP Units that are not eligible to participate in any further distributions as a result of the foregoing
clause (i) of this Section 9.03(b)). 
 Section 9.04. Time for Liquidation. A reasonable amount of time shall be
allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation. 

Section 9.05. Termination. The Partnership shall terminate when all of the assets of the Partnership, after payment of or due
provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall have been cancelled in the manner required by the
Act. 
 Section 9.06. Claims of the Partners. The Partners shall look solely to the Partnership’s assets for the return of
their Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are insufficient to return such Capital Contributions, the Partners shall
have no recourse against the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have any obligation to the Partnership or to the other Partners or to any creditor or
other Person to restore such negative balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to the extent required by the Act. 

Section 9.07. Survival of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of
Sections 5.06, 10.02, 11.09 and 11.10 shall survive the termination of the Partnership. 
 ARTICLE X 

LIABILITY AND INDEMNIFICATION 

Section 10.01. Liability of Partners 

(a) No Limited Partner and no Affiliate, manager, member, employee or agent of a Limited Partner shall be liable for any debt, obligation or
liability of the Partnership or of any other Partner or have any obligation to restore any deficit balance in its Capital Account solely by reason of being a Partner of the Partnership, except to the extent required by the Act. 

(b) This Agreement is not intended to, and does not, create or impose any duty (including any fiduciary duty) on any of the Partners
(including without limitation, the General Partner) hereto or on their respective Affiliates. Further, notwithstanding any other provision of this Agreement or any duty otherwise existing at law or in equity, the parties hereto agree that no Limited
Partner or General Partner shall, to the fullest extent permitted by law, have duties (including fiduciary duties) to any other Partner or to the Partnership or to any other Person who is a party to or is bound by this Agreement, and in doing so,
recognize, acknowledge and agree that their duties and obligations to one another and to the Partnership are only as expressly set forth in this Agreement; provided, however, that each Partner shall have the duty to act in accordance with the
implied contractual covenant of good faith and fair dealing. 

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

(d) The General Partner may consult with legal counsel, accountants and financial or other advisors selected by it, and any act or omission
taken by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in good faith in reliance upon and in accordance with the advice of such Person as to matters the General Partner reasonably believes to
be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion or advice, and the General Partner will be fully protected in so acting or
omitting to act so long as such counsel or accountants or financial or other advisors were selected with reasonable care. 
 (e)
Notwithstanding any other provision of this Agreement or otherwise applicable provision of law or equity, whenever in this Agreement the General Partner is permitted or required to make a decision (i) in its “sole discretion” or
“discretion” or under a grant of similar authority or latitude, such General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by
applicable Law, have no duty or obligation to give any consideration to any interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good faith” or under another expressed standard, such General
Partner shall act under such express standard and shall not be subject to any other or different standards. For all purposes of this Agreement and notwithstanding any applicable provision of law or in equity, a determination or other action or
failure to act by the General Partner, will be deemed to be made, taken or omitted to be made or taken in “good faith”, and shall not be a breach of this Agreement, unless the General Partner subjectively believed such determination,
action or failure to act was opposed to the best interests of the Partnership. The belief of a majority of the directors of the Board of Directors of the General Partner or a duly appointed committee thereof shall be deemed to be the belief of the
General Partner. 
 Section 10.02. Indemnification. 

(a) Exculpation and Indemnification. Notwithstanding any other provision of this Agreement, whether express or implied, to the fullest
extent permitted by law, no Indemnitee shall be liable to the Partnership or any Partner for any act or omission in relation to the Partnership or this Agreement or any transaction contemplated hereby taken or omitted by an Indemnitee unless

  
 38 

 
such Indemnitee’s conduct constituted fraud, bad faith or willful misconduct. To the fullest extent permitted by law, as the same exists or hereafter be amended (but in the case of any such
amendment, only to the extent that such amendment permits the Partnership to provide broader indemnification rights than such law permitted the Partnership to provide prior to such amendment), the Partnership shall indemnify any Indemnitee who was
or is made or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Partnership or otherwise), whether civil, criminal, administrative,
arbitrative or investigative, and whether formal or informal, including appeals, by reason of his or her or its status as an Indemnitee or by reason of any action alleged to have been taken or omitted to be taken by Indemnitee in such capacity, for
and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by such Indemnitee in connection with such action, suit or proceeding, including appeals;
provided that such Indemnitee shall not be entitled to indemnification hereunder if, but only to the extent that, such Indemnitee’s conduct constituted fraud, bad faith or willful misconduct. Notwithstanding the preceding sentence,
except as otherwise provided in Section 10.02(c), the Partnership shall be required to indemnify an Indemnitee in connection with any action, suit or proceeding (or part thereof) (i) commenced by such Indemnitee only if the commencement of
such action, suit or proceeding (or part thereof) by such Indemnitee was authorized by the General Partner and (ii) by or in the right of the Partnership only if the General Partner has provided its prior written consent. The indemnification of
any Indemnitee shall, to the extent not in conflict with such policy, be secondary to any and all payment to which such Indemnitee is entitled from any relevant insurance policy issued to or for the benefit of the Partnership or any Indemnitee. 

(b) Advancement of Expenses. To the fullest extent permitted by law, the Partnership shall promptly pay expenses (including
attorneys’ fees) incurred by any Indemnitee in appearing at, participating in or defending any action, suit or proceeding in advance of the final disposition of such action, suit or proceeding, including appeals, upon presentation of an
undertaking on behalf of such Indemnitee to repay such amount if it shall ultimately be determined that such Indemnitee is not entitled to be indemnified under this Section 10.02 or otherwise. Notwithstanding the preceding sentence, except as
otherwise provided in Section 10.02(c), the Partnership shall be required to pay expenses of an Indemnitee in connection with any action, suit or proceeding (or part thereof) (i) commenced by such Indemnitee only if the commencement of
such action, suit or proceeding (or part thereof) by such Indemnitee was authorized by the General Partner and (ii) by or in the right of the Partnership only if the General Partner has provided its prior written consent. 

(c) Unpaid Claims. If a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement
of expenses under this Section 10.02 is not paid in full within 30 days after a written claim therefor by any Indemnitee has been received by the Partnership, such Indemnitee may file proceedings to recover the unpaid amount of such claim and,
if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Partnership shall have the burden of proving that such Indemnitee is not entitled to the requested indemnification or
advancement of expenses under applicable Law. 

  
 39 

 (d) Insurance. (i) To the fullest extent permitted by law, the Partnership may
purchase and maintain insurance on behalf of any person described in Section 10.02(a) against any liability asserted against such person, whether or not the Partnership would have the power to indemnify such person against such liability under
the provisions of this Section 10.02 or otherwise. 
 (ii) In the event of any payment by the Partnership under this
Section 10.02, the Partnership shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee from any relevant other Person or under any insurance policy issued to or for the benefit of the Partnership,
such relevant other Person, or any Indemnitee. Each Indemnitee agrees to execute all papers required and take all action necessary to secure such rights, including the execution of such documents as are necessary to enable the Partnership to bring
suit to enforce any such rights in accordance with the terms of such insurance policy or other relevant document. The Partnership shall pay or reimburse all expenses actually and reasonably incurred by the Indemnitee in connection with such
subrogation. 
 (iii) The Partnership shall not be liable under this Section 10.02 to make any payment of amounts otherwise
indemnifiable hereunder (including, but not limited to, judgments, fines and amounts paid in settlement, and excise taxes with respect to an employee benefit plan or penalties) if and to the extent that the applicable Indemnitee has otherwise
actually received such payment under this Section 10.02 or any insurance policy, contract, agreement or otherwise. 
 (e)
Non-Exclusivity of Rights. The provisions of this Section 10.02 shall be applicable to all actions, claims, suits or proceedings made or commenced after the date of this Agreement, whether arising from acts or omissions to act occurring
before or after its adoption. The provisions of this Section 10.02 shall be deemed to be a contract between the Partnership and each person entitled to indemnification under this Section 10.02 (or legal representative thereof) who serves
in such capacity at any time while this Section 10.02 and the relevant provisions of applicable Law, if any, are in effect, and any amendment, modification or repeal hereof shall not affect any rights or obligations then existing with respect
to any state of facts or any action, suit or proceeding then or theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. If any provision of this
Section 10.02 shall be found to be invalid or limited in application by reason of any law or regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification provided in this Section 10.02
shall neither be exclusive of, nor be deemed in limitation of, any rights to which any person may otherwise be or become entitled or permitted by contract, this Agreement or as a matter of law, both as to actions in such person’s official
capacity and actions in any other capacity, it being the policy of the Partnership that indemnification of any person whom the Partnership is obligated to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent permitted by
law. 
 For purposes of this Section 10.02, references to “other enterprises” shall include employee benefit plans;
references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Partnership” shall include any service as a director, officer,
employee or agent of the Partnership which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries. 

  
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 This Section 10.02 shall not limit the right of the Partnership, to the extent and in the
manner permitted by law, to indemnify and to advance expenses to, and purchase and maintain insurance on behalf of, persons other than persons described in Section 10.02(a). 

ARTICLE XI 
 MISCELLANEOUS 

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

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

	 	(a)	If to the General Partner, to: 

 PJT Partners Inc. 

280 Park Avenue, New York, New York 10017 

Attention: General Counsel 

Email: cuminale@pjtpartners.com 
  

	 	(b)	If to the Partnership, to: 

 PJT Partners Holdings LP 

280 Park Avenue, New York, New York 10017 

Attention: General Counsel 

Email: cuminale@pjtpartners.com 

  
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 with a copy to: 

PJT Partners Inc. 
 280 Park
Avenue, New York, New York 10017 
 Attention: General Counsel 

Email: cuminale@pjtpartners.com 
  

	 	(c)	If to any Limited Partner, to: 

 c/o PJT Partners Inc. 

280 Park Avenue, New York, New York 10017 

Attention: General Counsel 

Email: cuminale@pjtpartners.com 

The General Partner shall use commercially reasonable efforts to forward any such communication to the applicable Partner’s address, email
address or facsimile number as shown in the Partnership’s books and records. 
 Section 11.03. Cumulative Remedies. The
rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other
rights the parties may have by Law. 
 Section 11.04. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

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

Each party hereto acknowledges and agrees that the parties hereto have participated collectively in the negotiation and drafting of this
Agreement and that he or she or it has had the opportunity to draft, review and edit the language of this Agreement; accordingly, it is the intention of the parties that no presumption for or against any party arising out of drafting all or any part
of this Agreement will be applied in any dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted by law the benefit of any rule of law or any legal decision that
would require that in cases of uncertainty that the language of a contract should be interpreted most strongly against the party who drafted such language. 

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

  
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 Section 11.07. Further Assurances. Each Partner shall perform all other acts and
execute and deliver all other documents as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 

Section 11.08. Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the
subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 Section 11.09. Governing
Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware. 
 Section 11.10.
Submission to Jurisdiction; Waiver of Jury Trial. 
 (a) Any and all disputes which cannot be settled amicably, including any
ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity,
scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the
International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the
appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a), the parties hereto may bring an action or special proceeding in any court of competent
jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each party hereto
(i) expressly consents to the application of paragraph (c) of this Section 11.10 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this
Agreement would be difficult to calculate and that remedies at law would be inadequate. 
 (c) (i) EACH PARTY HERETO IRREVOCABLY SUBMITS TO
THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 11.10, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION
ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an
arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to
personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 11.10 and such parties agree not to plead or claim the same. 

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

Section 11.12. Amendments and Waivers 

(a) Except as otherwise required by this Agreement (including Section 3.7), this Agreement (including any annexes, schedules or
supplements hereto) may be amended, supplemented, waived or modified by the General Partner in its sole discretion without the approval of any Limited Partner or other Person; provided that (1) no amendment, including any amendment effected by
way of merger, consolidation or transfer of all or substantially all the assets of the Partnership, may materially and adversely affect (A) the rights of a holder of Units, as such, other than on a pro rata basis with other holders of Units of
the same Class without the consent of such holder (or, if there is more than one such holder that is so affected, without the consent of a majority in interest of such affected holders in accordance with their holdings of such Class of Units) or
(B) the rights of any Significant Limited Partner without the prior written consent of each Significant Limited Partner so affected; and (2) the General Partner may not amend, supplement, waive or modify, including by way of merger,
consolidation or transfer of all or substantially all the assets of the Partnership, (A) the provisions of Section 3.07 hereof or this Section 11.12 without the approval by Limited Partners holding a majority of the Units held by all
Limited Partners (excluding any Limited Partners controlled by the General Partner), including each Significant Limited Partner or (B) the provisions of Section 3.08 hereof without the approval by Limited Partners holding a majority of the
Class A Units held by all Limited Partners (excluding any Limited Partners controlled by the General Partner), including each Significant Limited Partner; provided further, however, that notwithstanding the foregoing, the General Partner may,
without the written consent of any Limited Partner or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection
therewith, to reflect: (1) any amendment, supplement, waiver or modification that the General Partner determines in its sole discretion to be necessary or appropriate in connection with the creation, authorization or issuance of Units or any
Class or series of equity interest in the Partnership pursuant to Section 7.01 hereof; (2) the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement, including pursuant to Section 7.01 hereof;
(3) a change in the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; (4) any amendment, supplement, waiver or
modification that the General Partner determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations, legislation or interpretation; and/or (5) a change in the Fiscal Year or taxable
year of the Partnership and any other changes that the General Partner determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Partnership including a change in the dates on which distributions are
to be made by the Partnership. If an amendment has been approved in accordance with this agreement, 

  
 44 

 
such amendment shall be adopted and effective with respect to all Partners. Upon obtaining such approvals as may be required by this Agreement, and without further action or execution on the part
of any other Partner or other Person, any amendment to this Agreement may be implemented and reflected in a writing executed solely by the General Partner and the Limited Partners shall be deemed a party to and bound by such amendment. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of
time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by Law. 
 (c) The General Partner may, in its sole discretion,
unilaterally amend this Agreement on or before the effective date of the final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(l) (or any similar provision) under which the
fair market value of a partnership interest in the Partnership (or interest in an entity treated as a partnership for U.S. federal income tax purposes) that is transferred is treated as being equal to the liquidation value of that interest,
(ii) an agreement by the Partnership and each of its Partners to comply with all of the requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the Internal Revenue Service with respect to such
election) with respect to all partnership interests in the Partnership (or interest in an entity treated as a partnership for U.S. federal income tax purposes) transferred in connection with the performance of services while the election remains
effective, (iii) the allocation of items of income, gains, deductions and losses required by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and (c), 1.704-1(b)(2)(iv)(b)(1) and any other related
amendments. 
 (d) Except as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the
Partnership, each Partner hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of any of the Partnership’s property. 

Section 11.13. No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties
hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement (other than pursuant to Section 10.02 hereof); provided, however that each employee, officer, director, agent or indemnitee of any Person who is bound by this Agreement or its Affiliates is an intended third party beneficiary of
Section 11.10 and shall be entitled to enforce its rights thereunder. 
 Section 11.14. Headings. The headings and
subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 

Section 11.15. Power of Attorney. Each Limited Partner, by its execution hereof, hereby makes, constitutes and appoints the
General Partner as its true and lawful agent and attorney in fact, with full power of substitution and full power and authority in its name, place and stead, to 

  
 45 

 
make, execute, sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (b) the original certificate
of limited partnership of the Partnership and all amendments thereto required or permitted by law or the provisions of this Agreement; (c) all certificates and other instruments (including consents and ratifications which the Limited Partners
have agreed to provide upon a matter receiving the agreed support of Limited Partner) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions of Section 8.05) and Law or to permit the
Partnership to become or to continue as a limited partnership or entity wherein the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business; (d) all instruments that the General Partner deems
appropriate to reflect a change or modification of this Agreement or the Partnership in accordance with this Agreement, including, without limitation, the admission of additional Partners or substituted Partners pursuant to the provisions of this
Agreement; (e) all conveyances and other instruments or papers deemed advisable by the General Partner to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates required or permitted
(in light of the Partnership’s activities) to be filed on behalf of the Partnership. 
 Section 11.16. Separate Agreements;
Schedules. Notwithstanding any other provision of this Agreement, including Section 11.12, the General Partner in its sole discretion may, or may cause the Partnership to, without the approval of any Limited Partner or other Person, enter
into separate subscription, letter or other agreements with individual Limited Partner with respect to any matter, which have the effect of establishing rights under, or altering, supplementing or amending the terms of, this Agreement, in each case,
with respect to such Limited Partner. The parties hereto agree that any terms contained in any such separate agreement shall govern with respect to such Limited Partner(s) party thereto notwithstanding the provisions of this Agreement. The General
Partner in its sole discretion may from time to time execute and deliver to the Limited Partners schedules which set forth information contained in the books and records of the Partnership and any other matters deemed appropriate by the General
Partner. Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for any purpose whatsoever. Notwithstanding anything to the contrary, solely for U.S. federal income tax purposes, this Agreement,
the Exchange Agreement, the Tax Receivable Agreement, and any other separate agreement described in this Section 11.16 shall constitute a “partnership agreement” within the meaning of Section 761 of the Code. 

Section 11.17. Partnership Status. The parties intend to treat the Partnership as a partnership for U.S. federal income tax
purposes and notwithstanding anything to the contrary herein, no election to the contrary shall be made. 
 Section 11.18. Delivery
by Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the
extent signed and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect
as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or email to deliver a signature or the fact that any signature or agreement or
instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of a contract, and each such party forever waives any such defense. 

  
 46 

 [Remainder of Page Intentionally Left Blank] 

  
 47 

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

			
	GENERAL PARTNER:
	
	PJT PARTNERS INC.
		
	By:	 	 /s/ Michael S. Chae

	Name:	 	Michael S. Chae
	Title:	 	Chief Financial Officer

 
			
	LIMITED PARTNERS
	
	Each of the Limited Partners set forth on Schedule II attached hereto.
		
	By:	 	Blackstone Holdings I/II GP Inc., as attorney-in-fact
		
	By:	 	 /s/ John G. Finley

	Name:	 	John G. Finley
	Title:	 	Chief Legal Officer

 IN WITNESS WHEREOF, and, solely to acknowledge its consent and approval of the amendments to the
Existing Agreement set forth in this Agreement and to the admission to the Partnership of PJT Partners Inc., as general partner, and to evidence its withdrawal as general partner of the Partnership, the undersigned has executed this Agreement as of
the date first written above. 
  

			
	FORMER GENERAL PARTNER:
	
	NEW ADVISORY GP L.L.C.
		
	By:	 	Blackstone Holdings L.P., its sole member
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ John G. Finley

	Name:	 	John G. Finley
	Title:	 	Chief Legal Officer

 Schedule I 

LTIP UNITS 
 1.1 Designation.
A class of Units in the Partnership designated as “LTIP Units” is hereby established. LTIP Units are intended to qualify as “profits interests” in the Partnership, except as otherwise provided in the relevant Award Agreement. The
number of LTIP Units that may be issued by the Partnership shall not be limited. 
 1.2 Vesting. LTIP Units may, in the sole discretion of the
General Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of the relevant Award Agreement. The terms of any Award Agreement may be modified by the General Partner from time to time in its
sole discretion, subject to any restrictions on amendment imposed by the relevant Award Agreement or by the terms of any equity incentive plan, including without limitation the PJT Partners Inc. 2015 Omnibus Incentive Plan (the
“Plan”), pursuant to which the LTIP Units are issued, if applicable. LTIP Units that have vested and are no longer subject to forfeiture under the terms of an Award Agreement are referred to as “Vested LTIP Units;”
all other LTIP Units are referred to as “Unvested LTIP Units.” 
 1.3 Forfeiture or Transfer of Unvested LTIP Units. Unless
otherwise specified in the relevant Award Agreement, upon the occurrence of any event specified in an Award Agreement resulting in either the forfeiture of any LTIP Units or the repurchase thereof by the Partnership at a specified purchase price,
then, upon the occurrence of the circumstances resulting in such forfeiture or repurchase by the Partnership, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any
purpose. Unless otherwise specified in the relevant Award Agreement, no consideration or other payment (other than the repurchase payment, if any) shall be due with respect to any LTIP Units that have been forfeited; provided that with
respect to any distribution declared with a record date prior to the effective date of such forfeiture, such forfeited LTIP Units shall be included in calculating the applicable holder’s Total Percentage Interest in accordance with Article IV
of the Partnership Agreement. 
 1.4 Legend. Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating that
additional terms, conditions and restrictions on transfer, including without limitation provisions set forth in the Award Agreement, apply to the LTIP Unit. 

1.5 Adjustments. If an LTIP Unit Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to
the LTIP Units to maintain the same correspondence between Class A Units and LTIP Units as existed prior to such LTIP Unit Adjustment Event. The following shall be “LTIP Unit Adjustment Events:” (A) the Partnership makes a
distribution on all outstanding Class A Units in Class A Units, (B) the Partnership subdivides the outstanding Class A Units into a greater number of Units or combines the outstanding Class A Units into a smaller number of
Units, or (C) the Partnership issues any Units in exchange for its outstanding Class A Units by way of a reclassification or recapitalization. If more than one LTIP Unit Adjustment Event occurs, the adjustment to the LTIP Units need be
made only once using a single formula that takes into account each and every LTIP Unit Adjustment Event as if all LTIP Unit Adjustment Events occurred simultaneously. If the Partnership takes an action affecting the Class A Units other than
actions specifically described above as LTIP Unit Adjustment Events, including any extraordinary distribution to holders of Class A Units, and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to
maintain the correspondence between Class A Units and LTIP Units as it existed prior to such action, the General Partner shall make such adjustment to the LTIP Units, to the extent permitted by law and by the terms of any Award Agreement or
equity incentive plan pursuant to which the LTIP Units have been issued, in such manner and at such time as the General Partner, in its sole discretion, may determine to be 

  
 I-1 

 
appropriate under the circumstances to maintain such correspondence. If an adjustment is made to the LTIP Units as herein provided, the Partnership shall promptly file in the books and records of
the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error.
Promptly after filing such certificate, the Partnership shall mail or otherwise provide notice to each holder of LTIP Units setting forth the adjustment to such holder’s LTIP Units and the effective date of such adjustment. 

1.6 Conversion of LTIP Units into Class A Units. Except as otherwise agreed between the General Partner and the applicable LTIP Unit
Limited Partner, subject to the expiration of any applicable LTIP Unit Restricted Period (as defined below), on the first date that a Participating LTIP Unit (including, for purposes of clarity, a Founder LTIP Unit) has attained a Book-Up Target of
zero (such date, the “LTIP Unit Conversion Date”), such Participating LTIP Unit shall, without any action on the part of the holder of such LTIP Unit or any other Person, automatically be converted into a number (or fraction
thereof) of fully paid and non-assessable Class A Units equal to the LTIP Conversion Factor (as defined below). No LTIP Units shall be convertible pursuant to this Section 1.6 of Schedule I prior to the expiration of a twenty-four month
period (the “LTIP Unit Restricted Period”) ending on the day before the first twenty-four month anniversary of such holder’s becoming a holder of such LTIP Units; provided, however, that the General Partner may, in its sole and
absolute discretion, shorten or lengthen the LTIP Unit Restricted Period applicable to any LTIP Units by written agreement with the holder thereof to a period of shorter or longer than twenty-four (24) months, without the consent of any other
Partner and such written agreement shall govern the LTIP Unit Restricted Period with respect to such LTIP Units notwithstanding anything otherwise to the contrary herein. Any vesting, forfeiture and additional restrictions on transfer to which a
Participating LTIP Unit is subject at the time of its conversion under the terms of the relevant Award Agreement shall apply, mutatis mutandis, to any Class A Units received upon conversion of such LTIP Unit. “LTIP Conversion
Factor” shall mean the quotient of (i) the Economic Capital Account Balance attributable to the LTIP Unit being converted as of the date of conversion, divided by (ii) the Class A Unit Economic Balance as of the date of
conversion, provided that if the Economic Capital Account Balance attributable to an LTIP Unit has at any time reached an amount equal to the Class A Economic Balance determined as of such time, the LTIP Conversion Factor for such LTIP Unit
shall be equal to one (1) (except to the extent of adjustments (if any) to the LTIP Conversion Factor made pursuant to Section 1.5 of this Schedule I, without duplication). 

1.7 Forced Conversion by the Partnership into Class A Units. 

(a) The Partnership may cause LTIP Units to be converted (a “LTIP Unit Forced Conversion”) into Class A
Units at any time so long as the applicable holder thereof receives in respect of each LTIP Unit so converted a number (or fraction thereof) of fully paid and non-assessable Class A Units equal to the greater of (x) the LTIP Conversion
Factor for such LTIP Unit (giving effect to all adjustments (if any) made pursuant to Section 1.5 of this Schedule I) and (y) one (1). 

(b) In order to exercise its right to cause an LTIP Unit Forced Conversion, the Partnership shall deliver a notice (a
“LTIP Unit Forced Conversion Notice”) in the form attached as Exhibit A hereto to the applicable holder not less than 10 nor more than 60 days prior to the date specified in such LTIP Unit Forced Conversion Notice (such date, the
“LTIP Unit Forced Conversion Date”). A Forced LTIP Unit Conversion Notice shall be provided in the manner in which notices are generally to be provided in accordance with the Partnership Agreement. Each holder of LTIP Units
covenants and agrees with the Partnership that all LTIP Units to be converted pursuant to this Section 1.7 of this Schedule I shall be free and clear of all liens. 

  
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 1.8 Conversion Procedures. A conversion of LTIP Units pursuant to Section 1.6 or 1.7 of this
Schedule I shall occur automatically after the close of business on the applicable LTIP Unit Conversion Date or LTIP Unit Forced Conversion Date, as the case may be, without any action on the part of such holder of LTIP Units, as of which time such
holder of LTIP Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Class A Units issuable upon such conversion. After the conversion of LTIP Units
as aforesaid, the Partnership shall deliver to such holder of LTIP Units, upon his or her written request, a certificate certifying the number of Class A Units and remaining LTIP Units, if any, held by such Person immediately after such
conversion. 
 1.9 Treatment of Capital Account. For purposes of making future allocations under the Partnership Agreement, reference to a
Partner’s portion of its Economic Capital Account Balance attributable to his or her LTIP Units shall exclude, after the date of conversion of any of its LTIP Units, the portion of such Partner’s Economic Capital Account Balance
attributable to the converted LTIP Units. 
 1.10 Mandatory Conversion in Connection with a Capital Transaction. 

(a) If the Partnership or the General Partner shall be a party to any transaction (including without limitation a merger,
consolidation, unit exchange, self tender offer for all or substantially all Class A Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any transaction
which constitutes an LTIP Unit Adjustment Event) as a result of which Class A Units shall be exchanged for or converted into the right, or the holders of Class A Units shall otherwise be entitled, to receive cash, securities or other
property or any combination thereof (any such transaction being referred to herein as a “Capital Transaction”), then, to the extent not already converted into Class A Units in accordance with Section 1.6 of this Schedule
I, the General Partner shall, immediately prior to the consummation of the Capital Transaction, exercise its right to cause an LTIP Unit Forced Conversion with respect to any and all LTIP Units that have become Vested LTIP Units and the Book-Up
Target of which is zero, taking into account any allocations that occur in connection with the Capital Transaction or that would occur in connection with the Capital Transaction if the assets of the Partnership were sold at the Capital Transaction
price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Class A Units in the context of the Capital Transaction (in which case the LTIP Unit Conversion Date shall be the effective
date of the Capital Transaction and the conversion shall occur immediately prior to the effectiveness of the Capital Transaction). 

(b) In anticipation of such LTIP Unit Forced Conversion and the consummation of the Capital Transaction, the Partnership shall
use commercially reasonable efforts to cause each holder of such converting LTIP Units to be afforded the right to receive in connection with such Capital Transaction in consideration for the Class A Units into which such holder’s LTIP
Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Capital Transaction by a holder of the same number of Class A Units, assuming such
holder of Class A Units is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent
Person”), or an Affiliate of a Constituent Person. In the event that holders of Class A Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Capital Transaction, prior to such
Capital Transaction the Partnership shall give prompt written notice to each holder of such converting LTIP Units of such election, and the Partnership shall use commercially reasonable efforts to afford such holders the right to elect, by written
notice to the General Partner, the form or type of consideration to be received upon conversion of 

  
 I-3 

 
each LTIP Unit held by such holder into Class A Units in connection with such Capital Transaction. If a holder of LTIP Units fails to make such an election, such holder (and any his or her
transferees) shall receive upon conversion of each LTIP Unit held by him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Class A Unit would receive if such holder of Class A Units
failed to make such an election. 
 (c) Subject to the rights of the Partnership and the General Partner under the relevant
Award Agreement and the terms of any equity incentive plan, including without limitation the Plan, under which LTIP Units are issued, the Partnership shall use commercially reasonable efforts to (i) cause the terms of any Capital Transaction to
be consistent with the provisions of this Section 1.10, and (ii) in the event LTIP Units are not converted into Class A Units in connection with the Capital Transaction (including pursuant to Section 1.10(a) above), subject to
the rights of the General Partner and the Partnership set forth in Section 1.12 below to the extent that they can act without the consent of holders of LTIP Units, the Partnership shall (A) enter into an agreement with the successor or
purchasing entity, as the case may be, for the benefit of those holders of LTIP Units whose LTIP Units will not be converted into Class A Units in connection with the Capital Transaction that, to the extent not incompatible with the interests
of the holders of Class A Units and the holders of Class A common stock of the General Partner, (x) contains reasonable provisions designed to allow such holders to subsequently convert, redeem or exchange their LTIP Units, if and
when eligible for conversion, redemption or exchange into securities comparable as reasonably possible under the circumstances to the Class A Units, and (y) preserves as far as reasonably possible under the circumstances the distribution,
special allocation, conversion, and other rights of such holders, or (B) otherwise provide for payment to be made to such LTIP Unit holders (in respect of any unconverted LTIP Units) that is reasonably determined by the General Partner to be
comparable to the consideration received by holders of Class A Units in the Capital Transaction. 
 1.11 Exchange Rights of LTIP Unit Limited
Partners. 
 (a) LTIP Units will not be redeemable at the option of the Partnership; provided, however, that the
foregoing shall not prohibit the Partnership (i) from repurchasing LTIP Units from the holder thereof if and to the extent that such holder agrees to sell such LTIP Units or (ii) from exercising the right to cause a LTIP Unit Forced
Conversion. For the avoidance of doubt, with respect to any Class A Units received by a LTIP Unit Limited Partner upon conversion of LTIP Units, including a LTIP Unit Forced Conversion, such LTIP Unit Limited Partner shall have the right to
exchange such Class A Units in accordance with the Exchange Agreement. 
 (b) Except as otherwise set forth in the
relevant Award Agreement or other separate agreement entered into between the Partnership and a LTIP Unit Limited Partner, and subject to the terms and conditions set forth herein or in the Partnership Agreement, on or at any time after the
applicable LTIP Unit Conversion Date or LTIP Unit Forced Conversion Date, each LTIP Unit Limited Partner will have the same right (and subject to the same terms and conditions and to be effected in the same manner) (i) to re exchange all or a
portion of any vested Class A Units resulting from a conversion of any LTIP Units as the other holders of Class A Units in accordance with the Exchange Agreement and (ii) to receive payments of certain tax benefits as the other
holders of Class A Units in accordance with the Tax Receivable Agreement. 
 1.12 Special Approval Rights. The General Partner and/or the
Partnership shall not, without the affirmative approval of holders of more than 50% of the then outstanding LTIP Units affected thereby, given in person or by proxy, either in writing or at a meeting (voting separately as a class), take any action
that would materially and adversely alter, change, modify or amend, whether by merger, consolidation or 

  
 I-4 

 
otherwise, the rights, powers or privileges of such LTIP Units, subject to the following exceptions and qualifications: (i) no separate consent of the holders of LTIP Units will be required
if and to the extent that any such alteration, change, modification or amendment would, in a ratable and proportional manner, alter, change, modify or amend the rights, powers or privileges of the Class A Units; (ii) a merger,
consolidation or other business combination or reorganization of the Partnership or the General Partner, or any of their Affiliates shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of an
LTIP Unit (and the holder of such LTIP Unit will not be entitled to any vote or consent with respect to such merger, consolidation or other business combination or reorganization in respect of such LTIP Unit) so long as any of the following apply:
(w) such LTIP Unit is converted immediately prior to the effectiveness of the transaction into a number (or fraction thereof) of fully paid and non-assessable Class A Units equal to the greater of (i) the LTIP Conversion Factor for
such LTIP Unit (giving effect to all adjustments (if any) made pursuant to Section 1.5 of this Schedule I) and (ii) one (1) (which Class A Units, for the avoidance of doubt, may be unvested to the extent the LTIP Unit so
converted is not a Vested LTIP Unit); (x) the holder of such LTIP Unit either will receive, or will have the right to elect to receive, in respect of such LTIP Unit an amount of cash, securities, or other property equal to the amount of cash,
securities or other property that would be paid in respect of such LTIP Unit had it been converted into a Class A Unit (or fraction of a Class A Unit, as applicable under the terms of such LTIP Unit) immediately prior to the transaction;
(y) such LTIP Unit remains outstanding with its terms materially unchanged; or (z) if the Partnership is not the surviving entity in such transaction, such LTIP Unit is exchanged for a security of the surviving entity with terms that are
materially the same with respect to rights to allocations, distributions, redemption, conversion and voting as such LTIP Unit; (iii) any creation or issuance of Units (whether ranking junior to, on a parity with or senior to the LTIP Units in
any respect), which either (x) does not require the consent of the holders of Class A Units or (y) is authorized by the holders of Class A Units shall not be deemed to materially and adversely alter, change, modify or amend the
rights, powers or privileges of the LTIP Units; and (iv) any waiver by the Partnership or the General Partner of restrictions or limitations applicable to any outstanding LTIP Units with respect to any holder or holders thereof shall not be
deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of the LTIP Units with respect to other holders. For the avoidance of doubt, the General Partner in its sole discretion may waive any restrictions or
limitations (including vesting restrictions or transfer restrictions) applicable to any outstanding LTIP Units with respect to any holder or holders at any time and from time to time. Any such determination in the General Partner’s discretion
in respect of such LTIP Units shall be final and binding. Such determinations need not be uniform and may be made selectively among holders of LTIP Units, whether or not such holders are similarly situated, and shall not constitute the breach of any
duty hereunder or otherwise existing at law, in equity or otherwise. The foregoing voting provisions will not apply if, as of or prior to the time when the action with respect to which such vote would otherwise be required will be taken or be
effective, all outstanding LTIP Units shall have been converted and/or redeemed, or provision is made for such redemption and/or conversion to occur as of or prior to such time. 

1.13 Limited Partners’ Rights to Transfer. Subject to the terms of the relevant Award Agreement or other document pursuant to which LTIP
Units are granted and except in connection with the exercise of its exchange rights pursuant to Section 1.11 of this Schedule I, a holder of LTIP Units may not transfer all or any portion of such holder’s LTIP Units, except, in the case of
Vested LTIP Units, to the extent, and subject to the same restrictions, that a holder of Class A Units is entitled to transfer Class A Units pursuant to Section 8.03 of the Partnership Agreement. 

1.14 Allocations and Distributions. 

(a) All distributions shall be made to holders of LTIP Units in accordance with the provisions of Article IV of the Partnership Agreement.

 (b) All allocations, including allocations of Profits and Losses of the Partnership, special allocations and allocations upon final
liquidation, shall be made to holders of LTIP Units in accordance with Article V of the Partnership Agreement. 

  
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 EXHIBIT A 

Notice of Election by Partnership of Force Conversion of LTIP Units into Class A Units 

PJT Partners Holdings LP (the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP Units set forth
below to be converted into Class A Units in accordance with the terms of the Second Amended and Restated Agreement of Limited Partnership of PJT Partners Holdings LP, dated as of October 1, 2015, as amended from time to time (the
“Agreement”). 
 To the extent that LTIP Units held by the holder are not free and clear of all liens, claims and encumbrances, or should any such
liens, claims and/or encumbrances exist or arise with respect to such LTIP Units, the Class A Units into which such LTIP Units are converted shall continue to be subject thereto. 

Name of Holder: 
 Number of LTIP Units to be
Converted: 
 Conversion Date: 

  
 A-1

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