Document:

Exhibit 10.9

      

       

        

      

      

      

    

    

    

    

    IOPV CALCULATION AGREEMENT

    

    

    

    

    - hereinafter referred to as the “Agreement” -

    

    

    between

    

    

    Solactive AG

    Platz der Einheit 1

    60327 Frankfurt, Germany

    - hereinafter referred to as “Solactive” -

    

    

    and

    

    

    Sprott ESG Gold ETF

    Royal Bank Plaza,

    South Tower

    200 Bay Street, Suite 2600

    Toronto, Ontario,

    Canada M5J 2J1

    - hereinafter referred to as the “Partner” -

    

    

    dated [___________] (the “Agreement Date”)

    

    

    Solactive and the Partner are hereinafter also referred to individually as a "Party"

      and collectively as the "Parties"

     

    

     

    

     

    

     

    

    

    

    

    

    
      

      

      

      

      

      

      

      

      

      
        
          

      

      
       

      

      
        

        

        	1.	
                PREAMBLE

              

        Solactive is an independent German-based multi-asset class index service provider, operating worldwide and active in the
          business of calculation, maintenance and dissemination of Indicative Optimized Portfolio Value ("IOPV”).

        The Partner wishes to use the services of Solactive regarding the calculation, maintenance, and dissemination of the IOPVs
          during the term of this Agreement and as agreed between the Parties from time to time through the execution of an Order Schedule.

        THEREFORE, the Parties agree as follows:

        	2.	
                DEFINITIONS AND INTERPRETATION

              

        	2.1.	
                Definitions

              

        In this Agreement the words and expressions listed in the list of definitions below shall have the meanings as ascribed to
          them in the following list of definitions:

        “Applicable Law” means, with respect to a Party, the laws, rules and regulations
          applicable to the business of that Party which are in force during the term of this Agreement.

        “Confidential Information” means all information disclosed, by whatever means, by one
          party (the “Disclosing Party”) to another party (the “Receiving Party”) which concerns: (i) the business or operations of the Disclosing Party; (ii) this Agreement,
          including without limitation, the details of Remuneration; and/or (iii) any information which is not public information.

        “Files” means (a) the portfolio composition files; and (b) other data related to the
          calculation of the IOPV.

        “Fund” means (a) Exchange-Traded Fund; or (b) any other fund that contains a basket of
          investments.

        “Good Industry Practice” means, in respect of any activity, performing that activity
          using the degree of skill, care, diligence and judgement and in compliance with rules directly relevant to the IOPV calculation services that would be reasonably expected of a reasonably skilled and experienced provider of services similar to the
          services provided under this Agreement.

        “Losses” means: (a) damages awarded by a court of competent jurisdiction and/or
          settlement amounts and (b) costs (including reasonable legal costs, expenses and fees).

        "Market Data Usage Agreement" means an agreement to which Solactive is not a party and
          which is entered into between a) the Market Data Dissemination Agent and the relevant Vendor, Re-vendor or third party and/or b) the relevant Vendor, Re-vendor or third party and another Vendor, Re-vendor or third party.

        “Market Data Dissemination Agent” means the agent with whom Solactive has an agreement
          for the dissemination of the IOPVs.

        “Order Schedule” means an order schedule in the form set out in Appendix of this
          Agreement specifying the IOPVs.

        
          2

          
            

        

        "Promotional Materials" shall mean any information, which the Partner produces,
          provides and/or publishes voluntarily, including but not limited to, brochures, website pages and press releases.

        “Quarter Date” means each of the following dates: 31 March, 30 June, 30 September and
          31 December.

        “Related Third-Party” means any third-party that has a legal, commercial and/or
          operational relationship with the Partner and is authorized by the Partner to deliver the Files to Solactive, such as custodians.

        "Re-vendor" means a market data provider that does not receive market data directly
          from the Market Data Dissemination Agent, but indirectly from a third-party.

        “Solactive Trademarks” means all registered and unregistered trademarks owned by
          Solactive.

        "Start Date" means the date as specified in an Order Schedule for the start of a IOPV
          calculation service.

        "Tax(es)" shall mean any (i) value-added, sales, goods, transaction, service or
          similar taxes, (ii) any stamp duty or similar levies, and (iii) taxes to be withheld at source of any kind (withholding tax) that Solactive may be required to deduct, withhold and remit to tax authorities or other governmental bodies in relation
          to the services rendered under this Agreement.

        "Vendor" means a market data provider that receives market data, directly from the
          Market Data Dissemination Agent.

        	2.2.	
                Interpretation

              

        Except where stipulated otherwise in this Agreement, any reference in this Agreement to:

        	

              	2.2.1.	
                any Party, company or other person shall be construed so as to include its successors in title, permitted assignees and permitted transferees;

              

        	

              	2.2.2.	
                a reference to a company or other legal entity shall be construed so as to include any legal entity or entities into which such company may be merged by means
                  of a statutory merger or into which it may be split-up or de-merged, by means of a statutory split-up or demerger;

              

        	

              	2.2.3.	
                a reference to any time is to local time in Frankfurt am Main, Germany on the relevant day;

              

        	

              	2.2.4.	
                a reference to a section or schedule means a section or schedule of or to this Agreement;

              

        	

              	2.2.5.	
                a "regulation" includes any applicable regulation, rule, official directive, request or guideline (whether or not having the force of law) made from time to
                  time by any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority (including stock exchanges) or organization as amended or re-enacted; and

              

        	

              	2.2.6.	
                a provision of law is a reference to that provision as amended or re-enacted and shall be construed, at any particular time, as including a reference to all
                  subordinate legislation and all regulations, decisions or other binding administrative acts by any governmental authority (including stock exchanges) made from time to time under it.

              

        
          3

          
            

        

        Section and schedule headings are for ease of reference only and shall not affect the interpretation of this Agreement.

        The terms "shall" or "will" are intended to infer an obligation or duty of the respective Party.

        	3.	
                IOPV CALCULATION

              

        	3.1.	
                Subject to the provisions of this Agreement and each applicable Order Schedule, Solactive shall continually calculate the IOPVs set out in the Order Schedule
                  based on Files received from the Partner and will continuously maintain and disseminate the IOPVs.

              

        	3.2.	
                Any Order Schedule issued under this Agreement shall only become effective if signed by the Parties. Each Order Schedule shall come into force on the Start
                  Date stated therein and shall be subject to the terms and conditions of such Order Schedule and this Agreement. In the event of any inconsistency between this Agreement and an Order Schedule, the Order Schedule shall prevail in respect of
                  that Order Schedule only.

              

        	3.3.	
                The scope of service provided by Solactive includes setting up the IOPVs. Setup includes tickers, daily parameters, exchange rates, calculation days,
                  calculation term etc., in relation with the IOPVs.

              

        	3.4.	
                Solactive shall use its best endeavours to ensure that the IOPVs are calculated and maintained correctly.

              

        	3.5.	
                If Solactive notices that it has made an error in the calculation of the IOPV, it shall notify the Partner without undue delay through the usual information
                  channels and, as far as necessary, shall notify the Partner without undue delay of any necessary corrections.

              

        	3.6.	
                During the term of the Agreement the Partner may make suggestions for changing the criteria for compiling and calculating the IOPVs or including additional
                  calculation specifications. Solactive shall examine the feasibility of the proposals and make a decision on the implementation. If the changes have an effect on the calculation, maintenance or dissemination of the IOPVs and if this
                  increases Solactive’s work, Solactive may increase the remuneration. If Solactive proposes to increase the remuneration, it shall notify the Partner in writing with 30 calendar days' prior notice. The remuneration shall not be increased
                  without the prior written consent of the Partner.

              

        	4.	
                IOPVS DISSEMINATION

              

        	4.1.	
                Solactive is entitled to include and disseminate the IOPVs through its Market Data Dissemination Agent to Vendors and Re-vendors. Dissemination of the IOPVs
                  comprises the real-time values of the IOPVs. Solactive shall stipulate the technical format for the dissemination of the IOPVs and may modify it as required at its own discretion or at the request of the Market Data Dissemination Agent,
                  without prior coordination with the Partner.

              

         

        

        
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        	4.2.	
                Certain Vendors or Re-vendors may claim additional fees for displaying the IOPVs (“Vendor Fee”). The Vendor Fee will only be payable if such fee was agreed
                  between the Parties and set out in the Order Schedule. If Partner does not agree to pay the Vendor Fee, Partner acknowledges that the IOPVs might not be displayed by a Vendor or Re-vendor.

              

        	4.3.	
                If there is a breach of the provisions of the Market Data Usage Agreement or a misuse of the IOPVs by third parties, this shall not give rise to any claims by
                  the Partner against Solactive. However, if Solactive becomes aware of any abuse, it will use its best endeavors to stop such abuse.

              

        	4.4.	
                Solactive shall be entitled to retain any compensation received in connection with the dissemination of the IOPVs and the Partner will not be entitled to such
                  compensation.

              

        	4.5.	
                Solactive is not obliged to ensure that any Vendor or Re-vendor will a) display the IOPVs or b) indicate the Partner as a source when it presents the IOPVs.
                  However, Solactive may require Vendors and Re-vendors to display "Source: Solactive AG" as the general source.

              

        	5.	
                IOPVS RIGHTS

              

        	5.1.	
                Solactive hereby exclusively transfers to the Partner all rights, title, and interest in the IOPVs, in so far as such rights do not belong to third parties.

              

        	5.2.	
                The Partner hereby grants Solactive, during the term of this Agreement, the non-exclusive and non-transferable right, to use the Files free of charge, as well
                  as the right to publish the IOPVs calculated by Solactive and listed in the corresponding Order Schedule, to the extent necessary to fulfil its obligations and exercise its rights under this Agreement only and use the IOPV for its own
                  advertising purposes.

              

        	5.3.	
                The Partner may publish, display and make commercial use of the IOPVs or grant third parties access to such information. Notwithstanding the foregoing, the
                  Partner shall not disseminate the IOPVs to any third party, if the Partner is aware of any such third party being a Vendor or Re-vendor at the time of dissemination.

              

        	5.4.	
                At the request of Solactive, the Partner shall provide evidence that the obligations specified in 5.3 second sentence have been fulfilled.

              

        	6.	
                OBLIGATIONS OF THE PARTIES

              

        	6.1.	
                The Partner must provide on a daily basis the Files of each Fund on which the IOPV calculation shall be based on. The Files will be provided in a file format
                  as agreed between the Parties on an FTP server specified by Solactive.

              

        	6.2.	
                The Partner shall be responsible for the completeness, correctness and sufficiency of the Files and related data to effectively allow Solactive to perform the
                  obligations created under this Agreement.

              

        	6.3.	
                The Partner shall notify Solactive of a) any Related Third-Party connected to the provisions of Files or data necessary for the calculation of IOPV or any
                  change in the Related Third-Party and b) any other changes and corrections in the Files that may affect the calculation on the IOPVs as soon as possible after the Partner becomes aware of such changes or corrections. Notwithstanding the
                  foregoing, the Partner will be responsible for the provisions of Section 6.2.

              

         

        

        
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        	6.4.	
                As far as is possible and can reasonably be expected, each Party shall provide the other, upon request, with all information available on the IOPVs. However,
                  it does not include information and data which are classified as operating or business secrets of the Parties or for which one Party is obliged to observe confidentiality for other reasons.

              

        	7.	
                USE OF TRADEMARKS

              

        	7.1.	
                The Partner warrants that it is the owner of the trademarks or Fund names specified in the Order Schedule or that it is granted sufficient rights of use to
                  implement this Agreement, including the right to grant rights to Solactive as provided for in this Agreement.

              

        	7.2.	
                The Partner hereby grants Solactive for the term of the Agreement the non-exclusive and non-transferable right, unrestricted in content, to use the trademarks
                  or Fund names listed in the Order Schedule subject to the provisions of this Agreement and to extend necessary to fulfil its obligations under this Agreement.

              

        	7.3.	
                Solactive agrees only to use the trademarks listed in the Order Schedule in the form set out in the Order Schedule, or as otherwise agreed from time to time
                  between the Parties.

              

        	7.4.	
                The Partner agrees to indemnify Solactive for any claims which may be filed against Solactive by third parties with regard to use of the trademarks listed in
                  the Order Schedule in as far as these are used by Solactive in accordance with the provisions of this Agreement and to the extent necessary to fulfil its obligations under this Agreement.

              

        	7.5.	
                Where the Partner does not include any trademark or deviating trademarks in relation to the Fund name in the relevant Order Schedule, Partner hereby warrants
                  that the Fund name and its use by Solactive does and will not infringe or otherwise breach any third party trademarks or other third party rights of any kind. The Partner shall indemnify Solactive from any direct or indirect claims
                  potentially raised against Solactive with respect to an infringement or breach of the warranty stated in the foregoing sentence .

              

        	8.	
                ISSUER'S STATEMENT

              

        	8.1.	
                The Partner shall indicate clearly that the IOPV is calculated by Solactive; however, in no circumstance give the impression, either expressly or by
                  implication, that the related financial instrument is marketed and/or promoted by Solactive.

              

        	8.2.	
                The Partner shall include the following disclaimer (“Disclaimer”) on its website as well as in its regulatory and promotional material:

              

        	

              	
                "The IOPV is calculated by Solactive AG (Solactive). The financial instrument is not sponsored, endorsed, promoted or sold by Solactive in any way and
                  Solactive makes no express or implied representation, guarantee or assurance with regard to the IOPV, IOPV calculations or the fund.”

              

         

        

        
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        	8.3.	
                It is the Partner’s own and sole responsibility to comply with any legal requirements concerning the accuracy and completeness of the regulatory and
                  promotional material(s) for the financial product(s) issued by the Partner.

              

        	9.	
                REMUNERATION

              

        	9.1.	
                The Partner shall pay the remuneration (the “Remuneration”) set out in the applicable Order Schedule in accordance with
                  the terms of this Agreement

              

        	9.2.	
                The Partner shall pay the Remuneration upon the Start Date specified in the applicable Order Schedule and thereafter on the beginning of each following
                  calendar year (unless otherwise provided in the applicable Order Schedule). For the sake of clarity:

              

        	

              	9.2.1.	
                The first invoice shall be pro-rated in accordance with the period from the applicable Start Date to the end of the calendar year (unless otherwise provided in
                  the applicable Order Schedule); and thereafter

              

        	

              	9.2.2.	
                Solactive shall issue an invoice to the Partner at the beginning of each calendar year for services to be rendered for such calendar year (unless otherwise
                  provided in the applicable Order Schedule).

              

        	9.3.	
                In the event of termination of the service by the Partner under Section 10.3 or 10.4 of this Agreement, upon request by the Partner, Remuneration paid in
                  advance shall be refundable, on a pro-rated basis, for the relevant IOPV.

              

        	9.4.	
                The Remuneration shall be payable immediately upon the Partner’s receipt of the applicable invoice (the “Invoice Date”).
                  If Solactive has not received the Remuneration by the thirtieth (30th) day following the Invoice Date, a default interest of nine (9) percentage points above the current base interest rate as announced by the Deutsche Bundesbank under the
                  heading: “Basic rate of interest pursuant to section 247 of the German Civil Code” (the “Interest Amount”) shall be applied to the Remuneration as of the Invoice Date and become due and payable
                  immediately. This Section 9.4 shall not affect any other remedies available to Solactive.

              

        	9.5.	
                The Remuneration may be adjusted for inflation (the “Adjustment”) once per annum to reflect the percentage increase in
                  the Harmonized Index of Consumer Prices published by the Eurostat (the “HICP”) or such other index which is most consistent with the HICP if the HICP is no longer published.

              

        	9.6.	
                The Parties agree that Solactive shall not be entitled to any Renumeration or reimbursements except as set forth in this Agreement (including Order Schedules).

              

        	10.	
                TERM AND TERMINATION

              

        	10.1.	
                This Agreement shall be effective on and from the Agreement Date for an initial period of two (2) years and thereafter shall automatically renew for successive
                  periods of one (1) year.

              

        	10.2.	
                Except as otherwise expressly provided in any applicable Order Schedule, each IOPV shall be effective on and from the Start Date set forth in the applicable
                  Order Schedule and shall continue for an initial period of two (2) years (the “IOPV Initial Term”) and thereafter shall automatically renew for successive periods of one (1) year (each a “IOPV Renewal Term” and together with the IOPV Initial Term, the “IOPV Term”).

              

         

        

        
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        	10.3.	
                Each Order Schedule may be terminated by either Party by providing written notice to the other Party at least one hundred and eighty (180) calendar days to the
                  end of the calendar Quarter Date thereby terminating calculation of individual IOPV specified in the relevant Order Schedule, however no less than two years after the calculation start date of the relevant IOPV. In the event of partial
                  termination of this type the Remuneration due shall be reduced in accordance with Section 9.3 of this Agreement.

              

        	10.4.	
                Each Party may terminate, in writing, a IOPV or all IOPVs, with immediate effect, in the following events:

              

        	

              	10.4.1.	
                the other Party commits a breach under this Agreement or an Order Schedule and fails to remedy such breach within a period of fifteen (15) calendar days
                  following receipt of a written notification from the non-breaching Party specifying the breach and requesting its remedy;

              

        	

              	10.4.2.	
                the other Party files a petition in bankruptcy or for reorganization under the laws of any jurisdiction; or

              

        	

              	10.4.3.	
                the other Party dissolves or ceases to carry on business.

              

        	10.5.	
                Solactive may terminate an IOPV with thirty (30) calendar days written notice to the Partner in the following events:

              

        	

              	10.5.1.	
                Solactive is made aware of Applicable Law that, in the reasonable opinion of Solactive, impairs or prevents Solactive’s ability to perform its obligations
                  under this Agreement; or

              

        	

              	10.5.2.	
                Solactive reasonably believes that the outcome of any litigation or proceeding conducted against Solactive may have a material adverse effect on Solactive’s
                  ability to perform its obligations under this Agreement.

              

        	10.6.	
                All declarations of termination in connection with this Agreement shall be in writing and the termination date in respect of an IOPV service shall be provided
                  by Solactive (the “IOPV Termination Date”).

              

        	10.7.	
                The following Sections shall survive termination of any IOPV and remain in full force for an indefinite period following such termination: Sections 11, 12, 13
                  and 14.

              

        	10.8.	
                On the IOPV Termination Date:

              

        	

              	10.8.1.	
                the service (in respect of the IOPV that has been terminated) provided under this Agreement and the applicable Order Schedule shall be terminated;

              

        	

              	10.8.2.	
                Solactive’s obligations with respect to the IOPV shall cease (in respect of the IOPV that has been terminated);

              

         

        

        
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              	10.8.3.	
                Solactive shall cease the calculation of the IOPVs and Dissemination immediately. Upon request from the Partner, Solactive shall transfer all IOPV and all
                  rights relating thereto to the Partner (whether such rights be intellectual property rights or otherwise).

              

        	

              	10.8.4.	
                the Parties shall pay any Remuneration, Interest Amounts and Taxes (and any other amounts) due and owing.

              

        	11.	
                REPRESENTATIONS

              

        	11.1.	
                Each Party represents to the other Party that:

              

        	

              	11.1.1.	
                it is duly incorporated, formed or organized and is validly existing under the laws of the jurisdiction of its incorporation, formation or organization and has
                  the capacity and authority to enter into, deliver and perform the terms of this Agreement;

              

        	

              	11.1.2.	
                it is not nor, to the best of its knowledge, is any director, officer, agent, employee or affiliate of it subject to any Sanctions;

              

        	

              	11.1.3.	
                this Agreement has been executed by a duly authorized representative(s) of each Party; and

              

        	

              	11.1.4.	
                all Order Schedules will be executed by a duly authorized representative(s) of each Party.

              

        	11.2.	
                Save as expressly set out in this Agreement and to the extent permissible by law, Solactive does not make any representation or warranty and does not otherwise
                  assume any responsibility, obligation or duty to the Partner regarding: (i) the IOPV; (ii) any information that Solactive provides to the Partner in relation to this Agreement; and (iii) the completeness, accuracy, condition, quality,
                  merchantability, performance or fitness for a particular purpose with respect to the IOPV.

              

        	12.	
                LIABILITY AND INDEMNIFICATIONS

              

        	12.1.	
                Nothing in this Agreement shall be construed as excluding or limiting a Party's liability hereunder for Losses (including reasonable legal costs, expenses and
                  fees) incurred by the other Party resulting from:

              

        	

              	12.1.1.	
                breach under Section 11;

              

        	

              	12.1.2.	
                indemnifications;

              

        	

              	12.1.3.	
                injury to life, physical integrity or health; and/or

              

        	

              	12.1.4.	
                action or omission committed intentionally.

              

        	12.2.	
                Solactive’s liability under this Agreement for Losses incurred by the Partner resulting from:

              

        	

              	12.2.1.	
                any action or omission that is committed by gross negligence by Solactive shall not in the aggregate exceed 50% of the Remuneration already paid over the
                  previous six (6) months for the IOPV calculation which has given rise to the respective Loss;

              

         

        

        
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              	12.2.2.	
                any action or omission that is committed by simple negligence by Solactive shall not in the aggregate exceed 25% of the Remuneration already paid over the
                  previous six (6) months for the IOPV calculation which has given rise to the respective Loss.

              

        	12.3.	
                To the extent permitted by law, liability for indirect, consequential, punitive or similar damages, or for loss of profit or revenue is excluded. Liability
                  pursuant to the indemnities set out in this Agreement or any other liability which cannot be excluded by law is not excluded or limited under this Agreement.

              

        	12.4.	
                The Parties shall take all reasonable steps to mitigate the loss and damage it incurs in relation to any claim or action which it brings against the other
                  Party.

              

        	12.5.	
                The Partner's claims for compensation shall fall under the statute of limitations after two years. The limitation period shall begin at the end of the year in
                  which (i) the claim arose; and (ii) the Partner gained knowledge of the circumstances giving rise to the claim and the identity of the debtor or would have gained knowledge thereof had not acted with gross negligence.

              

        	12.6.	
                Solactive shall not be liable for losses arising out of any delay in or interruption of the performance of its obligations under this Agreement due to: (a)
                  forces beyond its control, including, without limitation, political unrest, acts of war or terrorism, civil or military disturbances, nuclear or natural or medical catastrophes or acts of God; (b) interruptions, loss or malfunctions of
                  utilities, communications or computer (software and hardware) services which have not been caused by intentional or grossly negligent conduct by Solactive; it being understood that Solactive shall use reasonable efforts which are
                  consistent with Good Industry Practice to resume performance as soon as practicable under the circumstances; (c) failure to deliver Files by Partner or Related Third-Parties.

              

        	12.7.	
                Solactive shall not be liable for losses of any type whatsoever caused to the Partner or third-parties in connection with the issue, marketing, quoting, trade
                  or advertising of the Funds or financial instrument issued by the Partner. The Partner indemnifies Solactive in this respect for any third party claims.

              

        	12.8.	
                The Partner shall be obliged to ensure and hereby warrants that: (i) the acceptance, utilization and processing of the Files provided by the Partner to
                  Solactive is in accordance with this Agreement; and that (ii) the publication of the processed Files and IOPVs based on the processed Files does and will not infringe or otherwise breach third party rights of any kind. The Partner agrees
                  to fully indemnify, defend and hold harmless Solactive and its respective officers, directors, employees, agents and representatives (each a "Solactive Indemnified Party" and together the “Solactive Indemnified Parties”) from any direct
                  or indirect claims potentially raised against Solactive in that context.

              

        	13.	
                TAXES

              

        	13.1.	
                The Partner shall pay any and all applicable Taxes. The Partner shall not be responsible for taxes payable by Solactive if and to the extent such Tax is
                  imposed on or calculated by reference to the net income received or receivable by Solactive.

              

         

        

        
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        	13.2.	
                Each Party shall be responsible for complying with all Tax obligations imposed on it by a government entity in connection with the transactions contemplated
                  herein

              

        	13.3.	
                The Partner shall make all payments to be made by it without deduction or withholding of any Taxes, unless a tax deduction or withholding of Tax is required by
                  law. If a Tax deduction or withholding of Tax is required by law to be made by the Partner, the amount of the payment due from the Partner shall be increased to an amount which (after making any tax deduction or withholding) leaves an
                  amount equal to the payment which would have been due if no Tax deduction had been required.

              

        	13.4.	
                The Parties agree to cooperate with each other to determine and minimize each Party’s respective Tax liabilities to the extent legally permissible.

              

        	14.	
                CONFIDENTIALITY

              

        The Parties shall use all matters, facts and information concerning the Parties in connection with this
          Agreement ("Confidential Information") solely for the purposes described in this Agreement and shall treat such Confidential Information confidentially unless they are required to disclose it by any applicable statute, law, regulation or written
          and legally enforceable policy or by legal process or an order or requirement of a court of competent jurisdiction or government department or agency. This applies in particular to the amount of remuneration due under this Agreement and to the
          content of this Agreement. The Parties shall impose this confidentiality obligation on any vicarious agents, members of corporate bodies, employees or advisers who are given access to the Confidential Information. In so doing, the Parties shall
          ensure, to the extent admissible under employment law, that the confidentiality obligation imposed on the employees shall continue to apply in the event that employees leave the services of a Party under obligation during the term of this
          confidentiality obligation. If Confidential Information is disclosed to third parties the other Party shall be informed in writing without undue delay. Notwithstanding the foregoing, the Partner shall be entitled to use Solactive’s name for
          inclusion in any offering documents and marketing materials related to the financial instruments to be issued by the Partner.

        Confidentiality is governed by the following:

        	14.1.	
                The Receiving Party may only use the Confidential Information for purposes of this Agreement. The Receiving Party agrees that:

              

        	

              	14.1.1.	
                it will hold the Confidential Information in the strictest confidence;

              

        	

              	14.1.2.	
                it will exercise no less care with respect to the Confidential Information than the level of care exercised with respect to its own Confidential Information;

              

        	

              	14.1.3.	
                it will not copy or disclose to any third-party any portion thereof; and

              

        	

              	14.1.4.	
                it will notify immediately the Disclosing Party of any unauthorized disclosure or use and will cooperate with the Disclosing Party to protect all proprietary
                  rights in and ownership of its Confidential Information.

              

        	14.2.	
                The Receiving Party may provide its employees, directors and agents (the “Representative Group”) with access to Confidential Information on a strict
                  “need-to-know” basis only. The Receiving Party shall be responsible for any breach of this Section 14 by its Representative Group.

              

         

        

        
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        	14.3.	
                The obligations in Section 14.1 shall not apply if and to the extent:

              

        	

              	14.3.1.	
                disclosure of Confidential Information is required by:

              

        
          	

                	a)	
                  Applicable Law of any country with jurisdiction over the affairs of the Receiving Party;

                

          	

                	b)	
                  any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body; or

                

        

        	

              	14.3.2.	
                such information:

              

        
          	

                	a)	
                  was known to the Receiving Party prior to disclosure or is in the public domain other than through breach of this Section 14;

                

          	

                	b)	
                  is independently developed by the Receiving Party without use of or reference to the Confidential Information provided by the Disclosing Party.

                

        

        
          The Party required to disclose Confidential Information under Section 14.3.1 shall
            notify the other Party of such request (to the extent not prohibited by Applicable Law) as promptly as practicable following such request.

        

        	14.4.	
                The Receiving Party shall, upon the written request of the Disclosing Party, return to the Disclosing Party or destroy all tangible materials containing the
                  Confidential Information; provided, however, that the Receiving Party may retain any such Confidential Information as may be necessary to satisfy any Applicable Law, internal policy or procedure (including, but not limited to, technology
                  back-up procedures). Any portion of the Confidential Information that is not returned or destroyed in accordance with this Section 14.4 shall be held by the Receiving Party in accordance with this Section 14.

              

        	14.5.	
                In respect of each IOPV, this Section shall remain in full force for a period of five (5) years following termination of each IOPV.

              

        	15.	
                GOVERNING LAW

              

        	15.1.	
                This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed and interpreted in accordance
                  with the laws of the Federal Republic of Germany.

              

        	15.2.	
                The place of exclusive jurisdiction for all disputes between the Parties arising out of or in connection with this Agreement or regarding its validity
                  (including, without limitation, disputes or claims based on tort) is Frankfurt am Main, Germany.

              

        	16.	
                MICELLANEOUS

              

        	16.1.	
                All notices and other communications under this Agreement shall be: (i) in writing; and (ii) delivered by hand, registered or certified mail, facsimile
                  transfer or electronic mail to the details set forth below or such details as either Party shall specify by written notice to the other; and (iii) deemed given upon receipt. For further details regarding electronic signatures please refer
                  to Section 16.10

              

        
          12

          
            

        

        

        To Solactive:

        Solactive AG

        Platz der Einheit 1

        60327 Frankfurt, Germany

        

        

        Attn.: Legal Department

        	

              	Telephone:	
                 +49 69 719 160 393

              

        	

              	Fax:	
                +49 69 719 160 25

              

        	

              	E-Mail:	
                legal@solactive.com

              

        

        

        To the Partner:

        Sprott ESG Gold ETF

        Royal Bank Plaza,

        South Tower

        200 Bay Street, Suite 2600

        Toronto, Ontario,

        Canada M5J 2J1

        

        

        	

              	Attn.:	
                Steve Schoffstall

              

        	

              	Telephone:	
                N/A

              

        	

              	E-Mail:	
                SSchoffstall@sprottusa.com

              

        

        

        	

              	Tax ID :	
                86-6647708

              

        

        

        	16.2.	
                The Partner may not assign, transfer or otherwise dispose of this Agreement or any of its rights under this Agreement or sub-contract, transfer or otherwise
                  dispose of any of its obligations under this Agreement without the prior written consent of Solactive. Any purported transfer, assignment or delegation in violation of this Section shall be null and void and shall give rise to a right to
                  terminate this Agreement.

              

        	16.3.	
                At its own and sole discretion, Solactive may engage third-parties in order to fulfill its contractual obligations hereunder. Solactive will be liable to the
                  Partner for the acts and omissions of such third-parties (in accordance with the provisions of this Agreement) as if it had committed such acts and omissions itself.

              

        	16.4.	
                This Agreement, including all Order Schedules, constitutes the whole agreement between the Parties relating to the transactions contemplated by this Agreement
                  and supersedes all previous agreements, both written and oral, relating to the Transactions between the Parties.

              

        	16.5.	
                Each Party acknowledges that, in entering into this Agreement, it has not relied on any statement, representation, assurance or warranty of any person other
                  than as expressly set out in this Agreement.

              

        	16.6.	
                No third-party shall have any directly enforceable rights under the terms of this Agreement.

              

        	16.7.	
                The provisions contained in each Section of this Agreement shall be enforceable independently of each of the others and their validity shall not be affected if
                  any of the others are invalid. If any of those provisions is void but would be valid if some part of the provision were deleted, the provision in question shall apply with such modification as may be necessary to make it valid.

              

         

        

        
          13

          
            

        

         

        

        	16.8.	
                The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

              

        	16.9.	
                This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement.

              

        	16.10.	
                An electronic copy of a signature executed and delivered via electronic mail services (e.g., www.docusign.com) or other method and any counterpart so executed
                  or delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. An electronic copy of a signature received in Portable Document Format (PDF) shall be deemed to be of the same force and
                  effect as an original signature on an original executed document.

              

        	16.11.	
                Any modification or amendment to this Agreement, including any amendment or modification of this Section 16.11, shall be in writing.

              

        	16.12.	
                The place of performance and fulfilment for this Agreement is the registered office of Solactive in Frankfurt am Main, Germany.

              

        

        

        [Remainder of page intentionally left blank; signature page follows]

        
          14

          
            

        

        

        

        By their signatures below, the Parties hereby agree to be bound by the terms and conditions of this Agreement.

        

        

        

        

        	
                Solactive AG

              	 	
                Sprott ESG Gold ETF

              
	
                __________________________________

                  (Location, Date)

              	 	
                __________________________________

                  (Location, Date)

              
	 	 	 
	
                Name:

                Title:

              	 	
                Name

                Title:

                 

                 

              
	
                Name:

                Title:

              	 	
                Name:

                Title:

              

        

        

        
          15

          
            

        

        

        

        APPENDIX

        	Form of Order Schedule	
                [TEMPLATE]

              

        ORDER SCHEDULE

        This Order Schedule (the “Order Schedule”) is dated as of [DD MMMM YYYY] (the “Order
          Schedule Effective Date”) between Solactive AG (“Solactive”) and [Account Name (Contracting)] (the “[Contracting Party Reference]” and together, the “Parties”) relating to the [Master

            Agreement Type] dated as of [DD MMMM YYYY] as amended from time to time between Solactive and [Account Name (Main)] (the “Agreement”).

        This Order Schedule (the “Order Schedule”) is dated as of [●] (the “Order Schedule Effective Date”) between Solactive AG
          (“Solactive”) and [●] (the “Partner” and together, the “Parties”) relating to the IOPV Agreement dated as of [●] as amended from time to time between Solactive and [●] (the “Agreement”).

        The terms and conditions of the Agreement are incorporated herein by reference. This Order Schedule shall be read and
          construed in accordance with the Agreement. Capitalized terms used but not otherwise defined in this Order Schedule shall have the meanings ascribed to such terms in the Agreement. In the event of any inconsistency between the terms and
          conditions set forth in the Agreement and in this Order Schedule, the terms and conditions set forth in this Order Schedule shall prevail.

        1 PRODUCT DETAILS

        The following table sets forth the Index/Indices covered under this Order Schedule:

        	
                Ref. No.

              	
                Indicative Optimized Portfolio Value (IOPV)

              	
                ISIN

              	
                Reuters Instrument Code (RIC)

              	
                Bloomberg Ticker

              
	
                1

              	 	 	 	 

        2 REMUNERATION

        The following table sets forth the Remuneration payable by the Partner under this Order Schedule:

        	
                Ref. No.

              	
                Service Description

              	
                Service Category

              	
                Start Date

              	
                Billing Type

              	
                Currency

              	
                Fixed Remuneration

              	
                Variable Remuneration (in bps)

              	
                Minimum Fee

              	
                Maximum Fee

              	
                Additional Detail(s)/Special Arrangement(s)

              
	
                1

              	 	 	 	 	 	 	 	 	 	 

        3 PARTNER TRADEMARKS

        The following table sets forth the Partner Trademark(s) / Fund(s) Names that Solactive may use in connection with the
          applicable Index/Indices.

        	
                Partner Trademark / Funds names

              	
                Partner Trademark Owner

              	
                Additional Detail(s)

              
	 	 	 

        

        

        Sign for and on behalf of Solactive AG Sign for and on behalf of [●]

        

        

        

        

        [TEMPLATE no need to sign]

      

      

      

    

    

    

    

    

    

    

    

    

    

  

  16EX-4.2

 EXHIBIT 4.2 
  

 
  

TWENTY-SECOND SUPPLEMENTAL INDENTURE 

Dated as of June 1, 2022 

Supplementing that Certain 

INDENTURE 
 Dated as of
August 20, 2009 
  
  

Among 
 BLACKSTONE HOLDINGS
FINANCE CO. L.L.C., 
 THE GUARANTORS PARTY HERETO 

and 
 THE BANK OF NEW YORK MELLON,

 as Trustee 
  

 
 3.500% Senior
Notes due 2034 
  
  

 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE I Issuance of Securities
	  	 	2	 
		
	 SECTION1.1. Issuance of Notes; Principal Amount; Maturity; Title
	  	 	2	 
		
	 SECTION1.2. Interest
	  	 	3	 
		
	 SECTION1.3. Relationship with Base Indenture
	  	 	4	 
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	 	5	 
		
	 SECTION2.1. Definitions
	  	 	5	 
		
	 ARTICLE III Security Forms
	  	 	11	 
		
	 SECTION3.1. Form Generally
	  	 	11	 
		
	 SECTION3.2. Form of Note
	  	 	11	 
		
	 ARTICLE IV Remedies
	  	 	24	 
		
	 SECTION4.1. Events of Default
	  	 	24	 
		
	 SECTION4.2. Waiver of Past Defaults
	  	 	25	 
		
	 ARTICLE V Redemption of Securities
	  	 	25	 
		
	 SECTION5.1. Optional Redemption
	  	 	25	 
		
	 SECTION5.2. Redemption for Tax Reasons
	  	 	27	 
		
	 SECTION5.3. Additional Amounts
	  	 	27	 
		
	 ARTICLE VI Particular Covenants
	  	 	29	 
		
	 SECTION6.1. Liens
	  	 	29	 
		
	 SECTION6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	30	 
		
	 SECTION6.3. Financial Reports
	  	 	32	 
		
	 ARTICLE VII Supplemental Indentures
	  	 	32	 
		
	 SECTION7.1. Supplemental Indentures without Consent of Holders of Notes
	  	 	32	 
		
	 SECTION7.2. Supplemental Indentures with Consent of Holders of Notes
	  	 	33	 

  
 i 

					
	 ARTICLE VIII Defeasance
	  	 	34	 
		
	 SECTION8.1. Covenant Defeasance
	  	 	34	 
		
	 SECTION8.2. Conditions to Defeasance or Covenant Defeasance
	  	 	35	 
		
	 SECTION8.3. Deposited Money and European Government Obligations to Be Held in Trust; Miscellaneous
Provisions
	  	 	35	 
		
	 SECTION8.4. Reinstatement
	  	 	36	 
		
	 SECTION8.5. Funding with U.S. Government Obligations
	  	 	37	 
		
	 ARTICLE IX
	  	 	37	 
		
	 SECTION9.1. Electronic Means
	  	 	37	 
		
	 SECTION9.2. FATCA
	  	 	38	 
		
	 ARTICLE X Miscellaneous
	  	 	38	 
		
	 SECTION10.1. Execution as Supplemental Indenture
	  	 	38	 
		
	 SECTION10.2. Not Responsible for Recitals or Issuance of Notes
	  	 	39	 
		
	 SECTION10.3. Separability Clause
	  	 	39	 
		
	 SECTION10.4. Successors and Assigns
	  	 	39	 
		
	 SECTION10.5. Execution and Counterparts
	  	 	39	 
		
	 SECTION10.6. Electronic Signatures
	  	 	39	 
		
	 SECTION10.7. Governing Law
	  	 	40	 

  

  
 ii 

 This Twenty-Second Supplemental Indenture, dated as of June 1, 2022 (the
“Twenty-Second Supplemental Indenture”), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue,
New York, New York 10154 (the “Company”), the Guarantors party hereto, and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the
“Trustee”), supplements that certain Indenture, dated as of August 20, 2009, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.3 hereof,
together with this Twenty-Second Supplemental Indenture, the “Indenture”). 
 RECITALS OF THE COMPANY 

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

The Company desires to create a series of Securities designated as its “3.500% Senior Notes due 2034” pursuant to the terms of this
Twenty-Second Supplemental Indenture; 
 The Company has duly authorized the execution and delivery of this Twenty-Second Supplemental
Indenture and the Notes to be issued from time to time, as provided for in the Indenture; 
 With respect to the Notes, pursuant to a Paying
Agency Agreement dated as of June 1, 2022, the Company has appointed The Bank of New York Mellon, London Branch, as paying agent (until such time as a successor may be appointed by the Company, the “Paying Agent”); 

Each Guarantor has duly authorized its Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and
delivery of this Twenty-Second Supplemental Indenture; 
 All things necessary have been done to make this Twenty-Second Supplemental
Indenture a valid and legally binding agreement of the Company, in accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the Indenture and duly issued by the Company, the valid and
legally binding obligations of the Company; and 

  
 1 

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

ARTICLE I 
 Issuance of
Securities 
 SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title.  

(1) On June 1, 2022, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Twenty-Second Supplemental
Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as
may, consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. 
 (2) The
Initial Notes to be issued pursuant to the Indenture shall be issued in the aggregate principal amount of €500,000,000 and shall mature on June 1, 2034 (the “Stated Maturity”), unless the Notes are redeemed prior to that
date as described in Section 5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed €500,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and
delivered. The Company may, without the consent of the Holders, issue additional Notes hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same ISIN numbers and Common Codes as the
Initial Notes (“Additional Notes”), but such Additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date; provided that if any
Additional Notes are issued at a price that causes such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the
United States Department of Treasury thereunder (the “Code”), such Additional Notes shall not have the same ISIN number or Common Code as the Initial Notes. 

  
 2 

 (3) The Notes shall be issued only in fully registered form without coupons in minimum
denominations of €100,000 and any integral multiple of €1,000 in excess thereof. 
 (4) Pursuant to the terms hereof and Sections
201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated as the “3.500% Senior Notes due 2034” of the Company (as amended or supplemented from time to time, that are issued under the Indenture,
including both the Initial Notes and the Additional Notes, if any, the “Notes”), which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 

SECTION 1.2. Interest.  

(1) Interest on a Note will accrue at the per annum rate of 3.500% (the “Note Interest Rate”), from and including the date
specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be computed by the Company on the basis of the actual number of days in the
period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or June 1, 2022 if no interest has been paid on the Notes), to but excluding the next
scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

(2) The Company shall pay interest on the Notes annually in arrears on June 1 of each year (each, an “Interest Payment
Date”), commencing June 1, 2023. 
 (3) Interest shall be paid on each Interest Payment Date to the registered Holders of the
Notes at the close of business on the Regular Record Date. 
 (4) Principal of, the Redemption Price (if any), and interest and additional
amounts (if any), on the Notes, will be payable in euro, provided, that if on or after the date of Company’s offering memorandum, dated May 25, 2022, the euro is unavailable to the Company due to the imposition of exchange controls or
other circumstances beyond its control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or
within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S.
dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the
basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date, or in the event The Wall Street Journal has not published such exchange rate,
such rate as determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an

  
 3 

 
Event of Default under the Notes or the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. Any
reference elsewhere in this Twenty-Second Supplemental Indenture or the Notes to payments being made in euro notwithstanding shall be made in U.S. dollars to the extent set forth in this Section 1.2(4). 

(5) Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the corporate trust office of the Paying
Agent, initially at One Canada Square, London E14 5AL. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry
form to the Paying Agent in immediately available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of the Paying Agent in effect from time to
time. The Company may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying
Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental
charges in connection with a transfer or exchange of Notes. 
 (6) If any Interest Payment Date, Stated Maturity, or earlier Redemption Date
or Repurchase Price Payment Date falls on a day that is not a Business Day, the Company shall make the required payment of principal, premium, if any, and/or interest or Repurchase Price in connection with a Change of Control Repurchase Event on the
next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase
Price Payment Date, as the case may be, to such next succeeding Business Day. 
 SECTION 1.3. Relationship with Base Indenture.
 
 The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Twenty-Second
Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Twenty-Second Supplemental Indenture, the provisions of this Twenty-Second Supplemental Indenture will govern and be
controlling. 

  
 4 

 ARTICLE II 

Definitions and Other Provisions of General Application 

SECTION 2.1. Definitions. 

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

(3) “including” means including without limitation; 

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

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

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

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

  
 5 

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

“Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period
following public notice of the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by
either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Bund Rate” means the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), on the third Business Day prior to the date fixed for redemption, of the Reference Bond on the basis of the middle market price of the Reference Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by the
Company or the Independent Investment Banker. 
 “Business Day” means any day, other than a Saturday or Sunday, that is not
a day on which banking institutions or trust companies are authorized or obligated by law, regulation or executive order to close in the place where the principal of and premium, if any, and interest on, or any repurchase price of, the Notes are
payable. 
 “Change of Control” means the occurrence of the following: 

 

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

  

	 	(2)	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing Blackstone Entity, becomes (A) the

  
 6 

	 	
beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of (i) a majority of the shares of common stock
of the Corporation entitled to vote generally in the election of directors or (ii) a controlling interest in one or more Guarantors comprising all or substantially all of the assets of the Credit Group and (B) entitled to receive a
Majority Economic Interest in connection with such transaction. 

 “Change of Control Offer” has the meaning
specified in Section 6.2(1). 
 “Change of Control Repurchase Event” means the occurrence of a Change of Control and a
Below Investment Grade Rating Event. 
 “Clearstream” means Clearstream Banking, S.A., or its successor. 

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

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

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

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

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

“Covenant Defeasance” has the meaning specified in Section 8.1. 

“Credit Parties” means the Company and the Guarantors. 

  
 7 

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

“euro” or “€” means the single currency of participating member states of the economic and monetary
union as contemplated in the Treaty on European Union. 
 “Euroclear” means Euroclear Bank, SA/NV, or its successor. 

“European Government Obligations” means any security which has received an investment grade rating from two rating agencies,
and is (1) a direct obligation of any member state of the European Union, for the payment of which the full faith and credit of such country is pledged or (2) an obligation of a person controlled or supervised by and acting as an agency or
instrumentality of any such country the payment of which is unconditionally guaranteed as a full faith and credit obligation by such country, which, in either case under the preceding clause (1) or (2), is not callable or redeemable at the
option of the issuer thereof. 
 “European Union” means the member states of the European Union established by the Treaty
on European Union, signed at Maastricht on February 7, 1992, which amended the Treaty of Rome establishing the European Community. 

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

“FATCA” has the meaning specified in Section 5.3. 

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

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

“Independent Investment Banker” means one of the Reference Bond Dealers appointed by the Company. 

“Initial Notes” means Notes in an aggregate principal amount of €500,000,000, initially issued under this Twenty-Second
Supplemental Indenture in accordance with Section 1.1(2). 
 “Interest Payment Date” has the meaning specified in
Section 1.2(2). 
 “Investment Grade” means a rating of BBB- or better by
Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating
Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

  
 8 

 “Majority Economic Interest” means any right or entitlement to receive more
than 50% of the equity distributions or partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or
other equity interests in the Credit Group (other than entities within the Credit Group). 
 “Note Interest Rate” has the
meaning specified in Section 1.2(1). 
 “Notes” has the meaning specified in Section 1.1(4). 

“Par Call Date” means March 1, 2034. 

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

 

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

 

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

 “Reference Bond” means, in relation to any Bund Rate
calculation, a German government bond whose maturity is closest to the Par Call Date, or if the Company or the Independent Investment Banker considers that such similar bond is not in issue, such other German government bond as the Company or the
Independent Investment Banker, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company or the Independent Investment Banker, determine to be appropriate for determining the Bund Rate. 

“Reference Bond Dealer” means (A) each of Barclays Bank PLC, Citigroup Global Markets Limited , J.P. Morgan Securities
plc, Merrill Lynch International and Morgan Stanley & Co. International plc (or their respective affiliates that are Primary Bond Dealers), and their respective successors and (B) any other broker of, and/or market maker in, German
government bonds (a “Primary Bond Dealer”) selected by the Company. 

  
 9 

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

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means the May 15 prior to
the relevant Interest Payment Date (whether or not a Business Day). 
 “Repurchase Price” has the meaning specified in
Section 6.2(1). 
 “Repurchase Price Payment Date” has the meaning specified in Section 6.2(3)(iii). 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or
any successor thereto. 
 “Trustee” has the meaning specified in the preamble hereto. 

“Twenty-Second Supplemental Indenture” has the meaning specified in the preamble hereto. 

“U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United States of
America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account of the
holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt. 

  
 10 

 ARTICLE III 

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

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

SECTION 3.2. Form of Note.  

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

  
 11 

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

  
 12 

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

  
 13 

 
ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO.
L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND
IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
 [THE FOLLOWING
ADDITIONAL LEGEND SHALL APPEAR ON THE FACE OF EACH TEMPORARY GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: 
 THIS
SECURITY (INCLUDING THE RELATED GUARANTEES) IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL
INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT GLOBAL SECURITY IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.] 

  
 14 

 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE COMMON DEPOSITARY OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE
FACE OF EACH GLOBAL SECURITY FOR WHICH THE BANK OF NEW YORK MELLON IS TO BE THE COMMON DEPOSITARY: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE BANK OF NEW YORK MELLON), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.]

  
 15 

 BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 

3.500% SENIOR NOTE DUE 2034 
  

			
	No.                     	  	Principal Amount (EURO) €                

 ISIN.
                 
 Common Code.
                 
 Blackstone
Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Twenty-Second Supplemental
Indenture referred to on the reverse hereof), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or registered assigns, the principal sum
of                euro (€                ), [Included for Global Security: as
increased or decreased by the Schedule of Increases or Decreases In the Global Note attached hereto] on June 1, 2034 and to pay interest thereon, from June 1, 2022, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for to but excluding the next Interest Payment Date, which shall be June 1 of each year, commencing June 1, 2023, at the per annum rate of 3.500%, or as such rate may be adjusted pursuant to the terms hereof, per
annum (the “Note Interest Rate”), until the principal hereof is paid or made available for payment. 
 The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Twenty-Second Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record
Date for such interest, which shall be the May 15 prior to the relevant Interest Payment Date (whether or not a Business Day). Except as otherwise provided in the Twenty-Second Supplemental Indenture, any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Notes may be listed, all as more fully provided in the Twenty-Second Supplemental Indenture. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated
and the actual number of days from and including the last date on which interest was paid on the Notes (or June 1, 2022 if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment
convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

  
 16 

 Payment of principal of, and premium, if any, and interest on this Note and the Repurchase
Price in connection with a Change of Control Repurchase Event will be made at the corporate trust office of the Paying Agent, in euro European Union as at the time of payment shall be legal tender for the payment of public and private debts. With
respect to Global Securities, the Company will make such payments by wire transfer of immediately available funds to The Bank of New York Depositary (Nominees) Limited, as Common Depository and registered owner of the Global Securities. With respect
to certificated Notes, the Company will make such payments by wire transfer of immediately available funds to each Holder of an aggregate principal amount of Notes in excess of €5,000,000 that has furnished wire instructions in writing to the
Trustee no later than 15 days prior to the relevant payment date to the applicable euro account designated by each such Holder in such instructions. If a Holder of a certificated Note (i) does not furnish such wire instructions as provided
in the preceding sentence or (ii) holds €5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such Holder’s registered address. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual, facsimile or electronic signature; provided, however, that any electronic signature is a true representation of such signatory’s actual signature, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 17 

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

 

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

		 	Name:
		 	Title:

 Attest: 
  

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

		 	Name:
		 	Title:

  
 18 

 CERTIFICATE OF AUTHENTICATION 

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

Dated: June 1, 2022 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	              

		 	Authorized Signatory

  
 19 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “3.500% Senior Notes due
2034” (herein called the “Notes”), issued under a Twenty-Second Supplemental Indenture, dated as of June 1, 2022 (the “Twenty-Second Supplemental Indenture”), among the Company, the Guarantors, and The
Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee), to an indenture, dated as of August 20, 2009 (as it may be amended or supplemented from time to time in accordance
with the terms thereof, the “Base Indenture” and herein with the Twenty-Second Supplemental Indenture, collectively, the “Indenture”), among the Company, the Guarantors and the Trustee, to which reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Paying Agent, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to
be, authenticated and delivered. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed €500,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304,
305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Twenty-Second Supplemental Indenture pursuant to which
this Note is issued provides that Additional Notes may be issued thereunder. 
 All terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. In the event of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 

Optional Redemption. Prior to March 1, 2034 (the “Par Call Date”), the Company may at its option at any time or
from time to time redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and
(ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest on any Notes being redeemed discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at a rate equal to the applicable Bund
Rate plus 45 basis points, less (b) interest accrued to the date of redemption, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. On or after the Par Call Date, the Company may, at its option at any
time or from time to time redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest
thereon to, but excluding, the Redemption Date. 
 Redemption for Tax Reasons. At any time prior to Stated Maturity, the Company may
at its option at any time or from time to time, redeem all, but not in part, of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of their principal amount, together with accrued and
unpaid interest on the Notes to, but not including, the Redemption Date if, as a result of any change in, or amendment to, the laws (or 

  
 20 

 
any regulations or rulings promulgated under the laws) of the United States (or any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an
official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the date of the Company’s offering memorandum, dated May 25, 2022,
the Company has become or, based upon a written opinion of independent counsel selected by the Company, there is a substantial probability that the Company will become, obligated to pay additional amounts as described in Section 5.3 of the
Twenty-Second Supplemental Indenture with respect to the Notes. 
 Change of Control Repurchase Event. In the event of a Change of
Control Repurchase Event, unless the Company has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101%
of the aggregate principal amount of the Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Twenty-Second Supplemental Indenture. 

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

  
 21 

 
have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to
seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders. 

The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and
premium, if any, or interest hereon, on or after the respective due dates expressed herein. 
 Amendment, Supplement and Waiver. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the
Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of
the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note or such other Note. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the
Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note
is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the
Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), 

  
 22 

 
or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder thereof or such Holder’s attorney duly
authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of
the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the Company, the Guarantors, the Trustee nor any agent of the
Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 
 Guarantee. As expressly set forth in the Base
Indenture, payment of this Note is jointly and severally and fully and unconditionally guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the
Indenture and their Guarantees under the circumstances specified in the Base Indenture. 
 Electronic Signatures. Notwithstanding
anything in the Indenture or this Note to the contrary, the words “execution,” “signed,” “signature,” and words of like import in this Note or in any other certificate, agreement or document related to this Note,
including, without limitation, the Indenture, shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other
electronic signatures (including, without limitation, DocuSign and AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

Governing Law. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 ABBREVIATIONS 

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

  
 23 

	
	TEN COM (= tenant in common)
	TEN ENT (= tenants by the entireties (Cust))
	JT TEN (= joint tenants with right of survivorship and not as tenants in common)
	UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

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

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * 

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

 

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

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  

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

ARTICLE IV 
 Remedies 

SECTION 4.1. Events of Default.  

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

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

  
 24 

 SECTION 4.2. Waiver of Past Defaults. 

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

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

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

ARTICLE V 
 Redemption of
Securities 
 SECTION 5.1. Optional Redemption.  

(1) Prior to March 1, 2034 (the “Par Call Date”), the Company may at its option at any time or from time to time redeem
all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) (a) the sum of the
present values of the remaining scheduled payments of principal and interest on any Notes being redeemed discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at a rate equal to the applicable Bund Rate plus 45 basis points,
less (b) interest accrued to the date of redemption, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. On or after the Par Call Date, the Company may, at its option at any time or from time to time
redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding,
the Redemption Date. 
 (2) Notes of €100,000 or less cannot be redeemed in part. 

  
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 (3) Paragraph one of Section 1103 of the Base Indenture shall not apply to the Notes,
and, with respect to the Notes, any reference to paragraph one of Section 1103 in the Base Indenture shall instead be deemed to refer to this Section 5.1(3). 

If less than all the Notes series are to be redeemed, the Notes to be redeemed shall be selected not more than 60 days prior to the Redemption
Date. If such Notes are global notes, the Notes to be redeemed shall be selected by Euroclear or Clearstream in accordance with the Applicable Procedures and if such Notes are not global notes then held by Euroclear or Clearstream, the Notes to be
redeemed shall be selected by the Trustee, from the Outstanding Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate, including by lot or pro rata, and which may provide for the selection for
redemption of a portion of the principal amount of any Note; provided that the unredeemed portion of the principal amount of any Note shall be in an authorized denomination (which shall not be less than the minimum authorized denomination)
for such Note. In addition, if the Notes are listed on any securities exchange, Euroclear or Clearstream or the Trustee, as applicable, shall select Notes in compliance with the requirements of the principal securities exchange on which the Notes
are listed. 
 (4) Section 1105 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to
Section 1105 in the Base Indenture shall instead be deemed to refer to this Section 5.1(5). 
 By no later than 11:00 a.m. (London
time) on the Business Day immediately prior to any Redemption Date, the Company shall deposit or cause to be deposited with the Trustee or with a Paying Agent (or, if any of the Credit Parties is acting as Paying Agent, such Credit Party will
segregate and hold in trust as provided in Section 1003 of the Base Indenture) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date or as herein otherwise expressly
provided) accrued interest on, all the Notes which are to be redeemed on the Redemption Date, other than the Notes or portions of the Notes called for redemption which are owned by any of the Credit Parties and have been delivered by such Credit
Party to the Trustee for cancellation. In addition, upon receipt of a written request from the Company, the Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts necessary
to pay the Redemption Price of, and accrued interest, if any, on, all Notes to be redeemed. 
 If any Note called for redemption is
converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Note shall (subject to any right of the Holder of such Note or any Predecessor Note to receive interest as
provided in the last paragraph of Section 307 of the Base Indenture or in the terms of such Note) be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such trust. 

  
 26 

 SECTION 5.2. Redemption for Tax Reasons. 

The Notes will be redeemable in whole, but not in part, at the Company’s option on not more than 60 days’ notice and not less than 15
days’ notice, at a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes to, but not including, the Redemption Date if, as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated under the laws) of the United States (or any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the date of the Company’s offering memorandum, dated May 25, 2022, the Company has become or, based upon a written opinion of
independent counsel selected by the Company, there is a substantial probability that the Company will become, obligated to pay additional amounts as described in Section 5.3 with respect to the Notes. 

SECTION 5.3. Additional Amounts. 

(1) All payments of principal and interest in respect of the Notes will be made free and clear of, and without deduction or withholding for or
on account of, any present or future taxes, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States, unless
such withholding or deduction is required by law. In the event any withholding or deduction on payments in respect of the Notes for or on account of any present or future tax, assessment or other governmental charge is required by the United States
or any political subdivision or taxing authority thereof or therein, the Company will pay such additional amounts on the Notes as will result in receipt by each beneficial owner of a Note that is not a U.S. Person of such amounts (after all such
withholding or deduction, including on any additional amounts) as would have been received by such beneficial owner had no such withholding or deduction been required. The Company will not be required, however, to make any payment of additional
amounts for or on account of: 
 (i) any tax, assessment or other governmental charge that would not have been imposed but for (1) the
existence of any present or former connection (other than a connection arising solely from the ownership of a Note or the receipt of payments in respect of such Note) between a Holder of a Note (or the beneficial owner for whose benefit such Holder
holds such Note), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner (if that Holder or beneficial owner is an estate, trust, partnership or corporation) and the
United States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or being or having been
engaged in trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a Note for payment on a date more than 30 days after the later of the date on which that
payment becomes due and payable and the date on which payment is duly provided for; 

  
 27 

 (ii) any estate, inheritance, gift, sales, transfer, capital gains, excise, personal
property, wealth or similar tax, assessment or other governmental charge; 
 (iii) any tax, assessment or other governmental charge imposed
by reason of the beneficial owner’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a
corporation that accumulates earnings to avoid U.S. federal income tax; 
 (iv) any tax, assessment or other governmental charge which is
payable otherwise than by withholding or deducting from payment of principal of or premium, if any, or interest on such Notes; 
 (v) any
tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of principal of and premium, if any, or interest on any Note if that payment can be made without withholding by any other Paying Agent; 

(vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure of a beneficial owner or any Holder
of Notes to comply with a request to satisfy certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the beneficial owner or any Holder of the
Notes that such beneficial owner or Holder is legally able to deliver (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income
tax treaty); 
 (vii) any tax, assessment or other governmental charge imposed on interest received by (1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the Code) of the Company, (2) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of
the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the beneficial owner’s status as described
in clauses (1) through (3) of this clause (vii); 
 (viii) any tax, assessment or other governmental charge required to be withheld or
deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”), any regulations or other guidance thereunder, or any agreement (including any
intergovernmental agreement) entered into in connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

  
 28 

 (ix) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and
(viii) above. 
 (2) In addition, the Company will not be required to make any payment of additional amounts to any beneficial owner or
Holder of Notes who is a fiduciary or partnership to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or a beneficial owner thereof would not have been entitled to the payment of those
additional amounts had that beneficiary, settlor, member or beneficial owner been the beneficial owner of those Notes. 
 (3) In this
Section 5.3, “U.S. Person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the
United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject
to United States federal income taxation regardless of its source. 
 (4) Any reference in this Twenty-Second Supplemental Indenture, or in
any Note, to any amounts in respect of the Notes shall be deemed to also refer to any additional amounts that may be payable under this Section 5.3 to the extent that, in such context, additional amounts are, were or would be payable in respect
thereof. 
 ARTICLE VI 

Particular Covenants 

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

  
 29 

 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase
Event.  
 (1) If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes
pursuant to Article V, the Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of the aggregate
principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”). 

(2) In connection with any Change of Control related to a Change of Control Repurchase Event and any particular reduction in the rating on the
Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as
a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly deliver an officers’
certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. The Trustee shall not be responsible for monitoring, or charged with knowledge of, the rating of the notes. 

(3) Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after
the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the Trustee. Such notice shall state: 

(i) a description of the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event;

 (ii) that the Change of Control Offer is being made pursuant to this Section 6.2; 

(iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be a Business Day that is
no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Repurchase Price Payment Date”); and 

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

  
 30 

 (4) The Company shall comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a
Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company shall comply with the applicable securities laws
and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

(5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; 
 (ii) deposit with the Paying Agent an amount equal to the Repurchase Price in respect of
all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 
 The
Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of
Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of €100,000 or any integral multiple of €1,000 in excess
thereof. 
 (6) Notwithstanding the foregoing, the Company shall not be required to make an offer to repurchase the Notes upon a Change of
Control Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the
Notes properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 1104 of the Base Indenture; provided that the Company has not failed to pay the
Redemption Price on the Redemption Date. 

  
 31 

 SECTION 6.3. Financial Reports  

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

(1) For so long as the Corporation is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall
provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the Corporation files the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Corporation may
file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not filed any such reports, information,
documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and until it shall have received written notice from the Company to
the contrary. 
 (2) For so long as any of the Notes remain Outstanding, the Company shall, or shall cause its Affiliates to, furnish to the
Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless available on the Commission’s Electronic Data Gathering, Analysis and
Retrieval System (or successor system), such information for the Corporation (as if such rule applied to it); provided, however, that if any time the Corporation no longer directly or indirectly controls the Credit Parties or
guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the Credit Parties and guarantees
the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors upon request. 

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

For the purposes of the Base Indenture and this Twenty-Second Supplemental Indenture, no amendment to cure any ambiguity, defect or
inconsistency in this Twenty-Second Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Twenty-Second Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the
Company’s offering memorandum, dated May 25, 2022, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Twenty-Second Supplemental Indenture, the Base Indenture
or the Notes, shall be deemed to adversely affect the interests of the Holders of any Notes. 

  
 32 

 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes. 

Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 902 in the
Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the consent of the Holders of not less than a majority in
aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to the Company, the Guarantors
and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or
of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note; 

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

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

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

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

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

  
 33 

 (8) modify any of the provisions of this Section 7.2 or Section 512 or
Section 1005 of the Base Indenture, except to increase any such percentage or to provide that certain other provisions of this Twenty-Second Supplemental Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Note affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in Section 902 and
Section 1005 of the Base Indenture, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 

(9) subordinate the Notes or any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor; 

(10) modify the terms of any Guarantee in a manner adverse to the Holders of the Notes; or 

(11) modify clauses (1) through (10) above. 

It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 In addition, the Holders of at least a majority in
aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 of this Twenty-Second Supplemental Indenture and
Article VIII of the Base Indenture. 
 ARTICLE VIII 

Defeasance 
 SECTION 8.1.
Covenant Defeasance.  
 Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes,
any reference to Section 1303 in the Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the
Company’s exercise of its option, if any, to have this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective
obligations and any covenants provided pursuant to Article VI of this Twenty-Second Supplemental Indenture and Section 301(18), Section 801, Section 901(1) or Section 901(12) and Article XIV of the Base Indenture for the benefit
of the Holders of such Notes and (2) the occurrence of any event specified in Section 501(4) and Section 501(8) of the Base Indenture shall be deemed not to be or result in an 

  
 34 

 
Event of Default, in each case with respect to such Notes and the related Guarantees as provided in this Section 8.1 on and after the date the conditions set forth in Section 1304 of
the Base Indenture are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, but the remainder of the Base Indenture, this Twenty-Second Supplemental Indenture and such Notes and Guarantees shall be unaffected thereby. 

SECTION 8.2. Conditions to Defeasance or Covenant Defeasance. 

Section 1304(1) of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1304(1)
in the Base Indenture shall instead be deemed to refer to this Section 8.2. 
 The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 609 of the Base Indenture and agrees to comply with the provisions of Article XIII of the Base Indenture applicable to it) as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Notes, (A) money in an amount, or (B) European Government Obligations which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and
premium, if any, and interest on such Notes on the respective Stated Maturities, in accordance with the terms of the Indenture and such Notes. 

SECTION 8.3. Deposited Money and European Government Obligations to Be Held in Trust; Miscellaneous Provisions. 

Section 1305 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1305 in the
Base Indenture shall instead be deemed to refer to this Section 8.3. 
 Subject to the provisions of the last paragraph of
Section 1003 of the Base Indenture, all money and European Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section 1305 and 1306 of the Base
Indenture, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304 of the Base Indenture in respect of any 

  
 35 

 
Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and the Indenture, to the payment, either directly or through any such Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes, of all sums due and to become due thereon in respect of principal and premium, if any, and interest, but money so held in trust need not be
segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the European Government Obligations deposited pursuant to Section 1304 of the Base Indenture or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Notes; provided that the Trustee shall be entitled to charge any such tax, fee or other charge to such Holder’s account. 

Anything in Article XIII of the Base Indenture to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon Company Request any money or European Government Obligations held by it as provided in Section 1304 of the Base Indenture with respect to any Notes which are in excess of the amount thereof which would then be required to be deposited
to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Notes. 
 SECTION 8.4. Reinstatement. 

Section 1306 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1306 in the
Base Indenture shall instead be deemed to refer to this Section 8.4. 
 If the Trustee or the Paying Agent is unable to apply any money
in accordance with Article XIII of the Base Indenture with respect to any Notes by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under
the Indenture and such Notes and Guarantees from which the Company and the Guarantors have been discharged or released pursuant to Section 1302 or 1303 of the Base Indenture shall be revived and reinstated as though no deposit had occurred
pursuant to Article XIII of the Base Indenture with respect to such Notes and Guarantees, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305 of the Base Indenture with respect
to such Notes and Guarantees in accordance with Article XIII of the Base Indenture; provided, however, that (a) if the Company or the Guarantors makes any payment of principal of or premium, if any, or interest on any such Note following such
reinstatement of its obligations, the Company or the Guarantors, as the case may be, shall be subrogated to the rights, if any, of the Holders of such Notes to receive such payment from the money so held in trust and (b) unless otherwise
required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee or Paying Agent shall return all such money and European Government Obligations to the Company or the Guarantors, as the case may be,
promptly after receiving a written request therefor at any time, if such reinstatement of the obligations of the Company or the Guarantors, as the case may be, has occurred and continues to be in effect. 

  
 36 

 SECTION 8.5. Funding with U.S. Government Obligations. 

Notwithstanding anything otherwise to the contrary herein, to the extent that payments in respect of the Notes are required to be made in U.S.
dollars in accordance with Section 1.2(4) of this Twenty-Second Supplemental Indenture, any reference to “European Government Obligations” in Section 8.2, 8.3 and 8.4 of this Twenty-Second Supplemental Indenture shall instead be
deemed to refer to “U.S. Government Obligations.” 
 ARTICLE IX 

Paying Agent 
 SECTION
9.1. Electronic Means. 
 The Trustee and Paying Agent shall have the right to accept and act upon instructions, including funds
transfer instructions (“Instructions”) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee and Paying Agent an incumbency certificate listing
officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be
added or deleted from the listing. If the Company elects to give the Trustee and Paying Agent Instructions using Electronic Means and the Trustee and Paying Agent in their discretion elects to act upon such Instructions, their good faith
understanding of such Instructions shall be deemed controlling. In the event that, in the opinion of the Trustee and/or the Paying Agent, an Instruction received from the Company via Electronic Means is unclear, it may seek clarification and
confirmation of such Instruction from the Company. The Company understands and agrees that the Trustee and Paying Agent cannot determine the identity of the actual sender of such Instructions and that the Trustee and Paying Agent shall conclusively
presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to them have been sent by such Authorized Officer. The Company shall be responsible for ensuring that the Company and all
Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee and Paying Agent shall not be liable for
any losses, costs or expenses arising directly or indirectly from the Trustee’s or Paying Agent’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written
instruction (except to the extent that any such liability is determined by a court of competent jurisdiction to have resulted from the Paying Agent’s negligence, willful misconduct or bad faith). The Company agrees: (i) to assume all risks
arising out of the use of Electronic Means to submit Instructions to the Trustee 

  
 37 

 
and Paying Agent, including without limitation the risk of the Trustee and Paying Agent acting on unauthorized Instructions (except to the extent that any such action is determined by a court of
competent jurisdiction to have resulted from the Paying Agent’s negligence, willful misconduct or bad faith), and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to the Trustee and Paying Agent and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any)
to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee and Paying Agent immediately upon
learning of any compromise or unauthorized use of the security procedures. “Electronic Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic
transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder. 

SECTION 9.2. FATCA. 
 In
order to assist the Trustee and the Paying Agent with their compliance with FATCA, the Company agrees (i) to provide the Trustee and any Paying Agent reasonably available information collected and stored in the Company’s ordinary course of
business regarding Holders of the Notes (solely in their capacity as such) and that is necessary for the Trustee’s and any Paying Agent’s determination of whether it has tax related obligations under FATCA and (ii) that the Trustee
and any Paying Agent shall be entitled to make any withholding or deduction from payments under this Twenty-Second Supplemental Indenture and the Notes to the extent necessary to comply with FATCA. Nothing in the immediately preceding sentence shall
be construed as obligating the Company to make any payment of additional amounts or other “gross up” payment or similar reimbursement in connection with a payment in respect of which amounts are so withheld or deducted. 

ARTICLE X 
 Miscellaneous

 SECTION 10.1. Execution as Supplemental Indenture.  

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

  
 38 

 SECTION 10.2. Not Responsible for Recitals or Issuance of Notes.  

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Twenty-Second Supplemental Indenture or of the
Securities or the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

SECTION 10.3. Separability Clause.  

In case any provision in this Twenty-Second Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 10.4. Successors
and Assigns.  
 All covenants and agreements in this Twenty-Second Supplemental Indenture by the Company and the Guarantors
shall bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Twenty-Second Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 10.5. Execution and Counterparts.  

This Twenty-Second Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. 
 SECTION 10.6. Electronic
Signatures. 
 Section 303 of the Base Indenture is hereby waived. The words “execution,” “signed,”
“signature,” and words of like import in this Twenty-Second Supplemental Indenture or in any other certificate, agreement or document related to this Twenty-Second Supplemental Indenture, including, without limitation, any Global Security,
shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without
limitation, DocuSign and AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or
other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature (provided such electronic signature is a true
representation of the signer’s actual signature) or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

  
 39 

 SECTION 10.7. Governing Law.  

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

[Signature page to follow.] 

  
 40 

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

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

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

Blackstone Holdings I L.P.

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

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

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

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

 [Signature Page to Twenty-Second Supplemental Indenture] 

 
					
	Blackstone Holdings III L.P.
		
	By:	 	Blackstone Holdings III GP L.P. , its general partner
		
	By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

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

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

 [Signature Page to Twenty-Second Supplemental Indenture] 

 
			
	Blackstone Inc.
		
	By:	 	 /s/ Tabea Hsi

		 	 Name:   Tabea Hsi

		 	 Title:   Senior Managing Director – Assistant Secretary

  

  
 [Signature Page to
Twenty-Second Supplemental Indenture] 

 
			
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	 /s/ Latoya S Elvin

		 	 Name:   Latoya S Elvin

		 	 Title:   Vice President

  

  
 [Signature Page to
Twenty-Second Supplemental Indenture]

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