Document:

EX-10.9

 Exhibit 10.9 

THE BLACKSTONE GROUP INC. 

AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 
  

	1.	 Purpose of the Plan 

The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (as amended through May 7, 2021) (the “Plan”)
is designed to promote the long term financial interests and growth of The Blackstone Group Inc., a Delaware corporation (the “Company”), and its Affiliates by (i) attracting and retaining senior managing directors, employees, non-employee directors, consultants and other service providers of the Company or any of its Affiliates and (ii) aligning the interests of such individuals with those of the Company and its Affiliates by
providing them with equity-based awards based on the shares of Common Stock (as defined below) of the Company or the partnership units (the “Blackstone Holdings Partnership Units”) of Blackstone Holdings (as defined below). 

 

	2.	 Definitions 

The following capitalized terms used in the Plan have the respective meanings set forth in this Section: 

(a) Act: The Securities Exchange Act of 1934, as amended, or any successor thereto. 

(b) Administrator: The Compensation Committee of the Board, or such subcommittee thereof or, if the Compensation Committee shall so
determine, the Board or such other committee thereof, to whom authority to administer the Plan has been delegated pursuant to Section 4 hereof. 

(c) Affiliate: With respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with the Person in question. As used herein, the term “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise. 
 (d) Award: Individually or collectively, any
Option, Share Appreciation Right, or Other Share-Based Awards based on or relating to the shares of Common Stock or Blackstone Holdings Partnership Units issuable under the Plan. 

(e) Beneficial Owner: A “beneficial owner”, as such term is defined in Rule 13d-3
under the Act (or any successor rule thereto). 
 (f) Blackstone Holdings: The collective reference to all of the Blackstone Holdings
Partnerships. 
 (g) Blackstone Holdings Partnerships: Each of Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone
Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. 

 (h) Blackstone Holdings Partnership Units: Each “Blackstone Holdings Partnership
Unit” shall consist of one partnership unit in each of the four Blackstone Holdings Partnerships. 
 (i) Board: The board of
directors of the Company. 
 (j) Change in Control: The occurrence of any Person, other than a Person approved by Blackstone Group
Management L.L.C., becoming the holder of the outstanding Series II Preferred Stock of the Company. 
 (k) Code: The Internal Revenue
Code of 1986, as amended, or any successor thereto. 
 (l) Common Stock: The common stock, par value $0.00001 per share, of the
Company. 
 (m) Company: The Blackstone Group Inc., a Delaware corporation. 

(n) Disability: The term “Disability” shall have the meaning as provided under Section 409A(a)(2)(C)(i) of the Code.
Notwithstanding the foregoing or any other provision of this Plan, the definition of Disability (or any analogous term) in an Award agreement shall supersede the foregoing definition; provided, however, that if no definition of Disability or any
analogous term is set forth in such agreement, the foregoing definition shall apply. 
 (o) Effective Date: August 10, 2014. 

(p) Employment: The term “Employment” as used herein shall be deemed to refer to (i) a Participant’s employment if
the Participant is an employee of the Company or any of its Affiliates, (ii) a Participant’s services as a consultant or partner, if the Participant is consultant to, partner of, or other service provider for the Company or of any of its
Affiliates, and (iii) a Participant’s services as an non-employee director, if the Participant is a non-employee member of the Board. 

(q) Fair Market Value: Of a Share on any given date means (i) the closing sale price per Share on the New York Stock Exchange on
that date (or, if no closing sale price is reported, the last reported sale price), (ii) if Shares are not listed for trading on the New York Stock Exchange, the closing sale price (or, if no closing sale price is reported, the last reported sale
price) as reported on that date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Act on which the Shares are listed, (iii) if the Shares are not so listed on a national
securities exchange, the last quoted bid price for Shares on that date in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization, or
(iv) if Shares are not so quoted by OTC Markets Group Inc. or a similar organization, the average of the mid-point of the last bid and ask prices for Shares on that date from a nationally recognized
independent investment banking firm selected by the Administrator for this purpose. 
 (r) Option: An option to purchase Shares
granted pursuant to Section 6 of the Plan. 
 (s) Option Price: The purchase price per Share of an Option, as determined pursuant
to Section 6(a) of the Plan. 

  
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 (t) Other Share-Based Awards: Awards granted pursuant to Section 8 of the Plan.

 (u) Participant: A senior managing director, other employee, consultant, partner, director or other service provider of the Company
or of any of its Affiliates who is selected by the Administrator to participate in the Plan. 
 (v) Performance-Based Awards: Certain
Other Share-Based Awards granted pursuant to Section 8(b) of the Plan. 
 (w) Person: A “person”, as such term is used
for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto). 
 (x) Share Appreciation Right: A share
appreciation right granted pursuant to Section 7 of the Plan. 
 (y) Shares: Common Stock or Blackstone Holdings Partnership
Units which are issued or may be issued under the Plan. 
  

	3.	 Shares Subject to the Plan 

Subject to Section 9 hereof, the total number of Shares which may be issued under the Plan shall be 163,000,000, of which all or any
portion may be issued as shares of Common Stock or Blackstone Holdings Partnership Units. Notwithstanding the foregoing, the total number of Shares subject to the Plan shall be increased on the first day of each fiscal year beginning in calendar
year 2008 by a number of Shares equal to the positive difference, if any, of (x) 15% of the aggregate number of shares of Common Stock and Blackstone Holdings Partnership Units outstanding on the last day of the immediately preceding fiscal year
(excluding Blackstone Holdings Partnership Units held by the Company or its wholly-owned subsidiaries) minus (y) the aggregate number of shares of Common Stock and Blackstone Holdings Partnership Units covered by the Plan, unless the
Administrator should decide to increase the number of shares of Common Stock and Blackstone Holdings Partnership Units covered by the Plan by a lesser amount on any such date. The issuance of Shares or the payment of cash upon the exercise of an
Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares which are subject to Awards which terminate or lapse without the payment of
consideration may be granted again under the Plan. Unless the Administrator shall otherwise determine, shares of Common Stock delivered by the Company or its Affiliates upon exchange of Blackstone Holdings Partnership Units that have been issued
under the Plan shall be issued under the Plan. 
  

	4.	 Administration 

The Plan shall be administered by the Administrator. Additionally, the Administrator may delegate the authority to grant Awards under the Plan
to any employee or group of employees of the Company or of any Affiliate of the Company; provided that such delegation and grants are consistent with applicable law and guidelines established by the Board from time to time. Awards may,
in the discretion of the Administrator, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company, any Affiliate of the Company or any entity acquired by the Company or with which the

  
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Company combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Administrator is
authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Administrator may
correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Administrator deems necessary or desirable. Any decision of the Administrator in the interpretation and administration of the
Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Administrator
shall have the full power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any
vesting conditions). The Administrator shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award. Unless the Administrator
specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes by (a) delivery in Shares or (b) having Shares withheld by the Company from any Shares that would have otherwise been received by the
Participant. 
  

	5.	 Limitations 

No Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that
date. 
  

	6.	 Terms and Conditions of Options 

Options granted under the Plan shall be non-qualified options for federal income tax purposes, and
shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Administrator shall determine: 

(a) Option Price. The Option Price per Share shall be determined by the Administrator; provided that the Option Price per Share shall
not be less than the Fair Market Value of a Share on the applicable date the Option is granted unless the Participant is not subject to Section 409A of the Code or the Option is otherwise designed to be compliant with Section 409A of the
Code. 
 (b) Exercisability. Options granted under the Plan shall be exercisable at such time and upon such terms and conditions as
may be determined by the Administrator, but in no event shall an Option be exercisable more than ten years after the date it is granted. 

(c) Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from
time to time any part, of the Shares for which it is then exercisable. For purposes of Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the
date payment is received by the Company pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence. The purchase price for the Shares as to which an Option is exercised shall be paid to the Company, and in the manner designated by
the Administrator, pursuant to one or 

  
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more of the following methods: (i) in cash or its equivalent (e.g., by personal check), (ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being
purchased and satisfying such other requirements as may be imposed by the Administrator, (iii) partly in cash and partly in such Shares, (iv) if there is a public market for the Shares at such time, through the delivery of irrevocable
instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate Option Price for the Shares being purchased, or (v) to the
extent permitted by the Administrator, through net settlement in Shares. Unless otherwise provided in an Award agreement, no Participant shall have any rights to distributions or other rights of a holder with respect to Shares subject to an Option
until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Administrator pursuant to the Plan. 

(d) Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the exercise price of an
Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Administrator, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares,
in which case the Company shall treat the Option as exercised without further payment and/or shall withhold such number of Shares from the Shares acquired by the exercise of the Option, as appropriate. 

(e) Service Recipient Stock. No Option may be granted to a Participant subject to Section 409A of the Code unless (i) the
Shares constitute “service recipient stock” with respect to such Participant (as defined in Section 1.409A-1(b)(5)(iii)) or (ii) the Option is otherwise designed to be compliant with
Section 409A of the Code. 
  

	7.	 Terms and Conditions of Share Appreciation Rights 

(a) Grants. The Administrator may grant (i) a Share Appreciation Right independent of an Option or (ii) a Share Appreciation
Right in connection with an Option, or a portion thereof. A Share Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the
exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Administrator may determine) and (C) shall be subject to the same terms and conditions
as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement). 

(b) Terms. The exercise price per Share of a Share Appreciation Right shall be an amount determined by the Administrator;
provided, however, that (z) the exercise price per Share shall not be less than the Fair Market Value of a Share on the applicable date the Share Appreciation Right is granted unless the Participant is not subject to
Section 409A of the Code or the Share Appreciation Right is otherwise designed to be compliant with Section 409A of the Code and (y) in the case of a Share Appreciation Right granted in conjunction with an Option, or a portion
thereof, the exercise price may not be less than the Option Price of the related Option. Each Share Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to an amount equal to (i) the excess of
(A) the Fair Market Value on the exercise date of 

  
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one Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Share Appreciation Right. Each Share Appreciation Right granted in conjunction with an
Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or any portion thereof, and to receive from the Company in exchange therefore an amount equal to (i) the excess of (A) the Fair
Market Value on the exercise date of one Share over (B) the Option Price per Share, times (ii) the number of Shares covered by the Option, or portion thereof, which is surrendered. Payment shall be made in Shares or in cash, or partly in
Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be determined by the Administrator. Share Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of
exercise stating the number of Shares with respect to which the Share Appreciation Right is being exercised. The date a notice of exercise is received by the Company shall be the exercise date. The Administrator, in its sole discretion, may
determine that no fractional Shares will be issued in payment for Share Appreciation Rights, but instead cash will be paid for a fraction or the number of Shares will be rounded downward to the next whole Share. 

(c) Limitations. The Administrator may impose, in its discretion, such conditions upon the exercisability of Share Appreciation Rights
as it may deem fit, but in no event shall a Share Appreciation Right be exercisable more than ten years after the date it is granted. 
 (d)
Service Recipient Stock. No Option may be granted to a Participant subject to Section 409A of the Code unless (i) the Shares constitute “service recipient stock” with respect to such Participant (as defined in Section 1.409A-1(b)(5)(iii)) or (ii) the Option is otherwise designed to be compliant with Section 409A of the Code. 
  

	8.	 Other Share-Based Awards 

The Administrator, in its sole discretion, may grant or sell Awards of Shares, restricted Shares, restricted shares of Common Stock, deferred
restricted shares of Common Stock, phantom restricted shares of Common Stock or other Share-Based awards based in whole or in part on the Fair Market Value of shares of Common Stock or Blackstone Holdings Partnership Units (“Other Share-Based
Awards”). Such Other Share-Based Awards shall be in such form, and dependent on such conditions, as the Administrator shall determine, including, without limitation, the right to receive, or vest with respect to, one or more Shares (or the
equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other Share-Based Awards may be granted alone or in addition to any other Awards
granted under the Plan. Subject to the provisions of the Plan, the Administrator shall determine to whom and when Other Share-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Share-Based
Awards; whether such Other Share-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions
ensuring that all Shares so awarded and issued shall be fully paid and non-assessable). 

  
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	9.	 Adjustments Upon Certain Events 

Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

 (a) Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share distribution or
split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to holders of Shares
other than regular cash distributions or any transaction similar to the foregoing, the Administrator in its sole discretion and without liability to any person shall make such substitution or adjustment, if any, as it deems to be equitable (subject
to Section 17), as to (i) the number or kind of Shares or other securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares for which Options or Share
Appreciation Rights may be granted during a calendar year to any Participant (iii) the maximum amount of a Performance-Based Award that may be granted during a calendar year to any Participant, (iv) the Option Price or exercise price of
any Share Appreciation Right and/or (v) any other affected terms of such Awards. 
 (b) Change in Control. In the event of a
Change in Control after the Effective Date, (i) if determined by the Administrator in the applicable Award agreement or otherwise, any outstanding Awards then held by Participants which are unexercisable or otherwise unvested or subject to
lapse restrictions shall automatically be deemed exercisable or otherwise vested or no longer subject to lapse restrictions, as the case may be, as of immediately prior to such Change of Control and (ii) the Administrator may (subject to
Section 17), but shall not be obligated to, (A) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of an Award, (B) cancel such Awards for fair value (as determined in the sole discretion of the
Administrator) which, in the case of Options and Share Appreciation Rights, may equal the excess, if any, of value of the consideration to be paid in the Change in Control transaction to holders of the same number of Shares subject to such Options
or Share Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options or Share Appreciation Rights) over the aggregate exercise price of such Options or Share Appreciation
Rights, (C) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder as determined by the Administrator in its sole discretion or
(D) provide that for a period of at least 15 days prior to the Change in Control, such Options shall be exercisable as to all shares subject thereto and that upon the occurrence of the Change in Control, such Options shall terminate and be of
no further force and effect. 
  

	10.	 No Right to Employment or Awards 

The granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the Employment of a Participant
and shall not lessen or affect the Company’s or Affiliate’s right to terminate the Employment of such Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of
treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Administrator’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether
or not such Participants are similarly situated). 

  
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	11.	 Successors and Assigns 

The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such
Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 
  

	12.	 Nontransferability of Awards 

Unless otherwise determined or approved by the Administrator, an Award shall not be transferable or assignable by the Participant otherwise
than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. 

 

	13.	 Amendments or Termination 

The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, without the consent of a
Participant, if such action would diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Administrator may amend the Plan in such manner as it
deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws (including, without limitation, to avoid adverse tax consequences to the Company or to Participants). 

Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that any amounts payable hereunder
will be taxable to a Participant under Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant of such amount, the Company may (a) adopt such amendments to the Plan and Awards and
appropriate policies and procedures, including amendments and policies with retroactive effect, that the Administrator determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards
hereunder and/or (b) take such other actions as the Administrator determines necessary or appropriate to avoid the imposition of an additional tax under Section 409A of the Code. 

 

	14.	 International Participants 

With respect to Participants who reside or work outside the United States of America, the Administrator may, in its sole discretion, amend the
terms of the Plan or Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or an Affiliate. 

 

	15.	 Choice of Law 

The Plan shall be governed by and construed in accordance with the law of the State of New York. 

  
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	16.	 Effectiveness of the Plan 

The Plan shall be effective as of the Effective Date. 
  

	17.	 Section 409A 

To the extent applicable, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A of the Code and
Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding other provisions of the Plan or
any Award agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a
Participant. In the event that it is reasonably determined by the Administrator that, as a result of Section 409A of the Code, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or
the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, the Company may take whatever actions the Administrator determines necessary or
appropriate to comply with, or exempt the Plan and Award agreement from the requirements of Section 409A of the Code and related Department of Treasury guidance and other interpretive materials as may be issued after the Effective Date, which
action may include, but is not limited to, delaying payment to a Participant who is a “specified employee” within the meaning of Section 409A of the Code until the first day following the
six-month period beginning on the date of the Participant’s termination of Employment. The Company shall use commercially reasonable efforts to implement the provisions of this Section 17 in good
faith; provided that neither the Company, the Administrator nor any employee, director or representative of the Company or of any of its Affiliates shall have any liability to Participants with respect to this Section 17. 

  
 9EX-10.10

 Exhibit 10.10 

THE BLACKSTONE GROUP INC. 

NINTH AMENDED AND RESTATED BONUS DEFERRAL PLAN 

Purpose 
 The Blackstone
Group Inc., f.k.a. Blackstone Group L.P. (“Blackstone”), initially adopted the Blackstone Group L.P. Bonus Deferral Plan (the “First Plan”) as of December 17, 2007, representing a deferred compensation plan for
certain eligible employees and senior managing directors of Blackstone and certain of its affiliates in order to provide such individuals with pre-tax deferred incentive compensation awards and thereby enhance
the alignment of interests between such individuals and Blackstone and its affiliates. Blackstone previously amended and restated the First Plan, effective as of November 5, 2009, as the Amended and Restated Blackstone Group L.P. Bonus Deferral
Plan, effective as of December 14, 2010, as the Second Amended and Restated Blackstone Group L.P. Bonus Deferral Plan, effective as of December 1, 2011, as the Third Amended and Restated Blackstone Group L.P. Bonus Deferral Plan, effective
as of December 1, 2012, as the Fourth Amended and Restated Blackstone Group L.P. Bonus Deferral Plan, and effective as of December 1, 2013, as the Fifth Amended and Restated Blackstone Group L.P. Bonus Deferral Plan, as the Sixth Amended
and Restated Blackstone Group L.P. Bonus Deferral Plan, effective as of December 1, 2014, as the Seventh Amended and Restated Blackstone Group Inc. Bonus Deferral Plan, effective as of July 1, 2019, and as the Eighth Amended and Restated
Blackstone Group Inc. Bonus Deferral Plan, effective as of December 1, 2019 (the First Plan and the subsequent amended and restated versions of the Bonus Deferral Plan, collectively, the “Prior Plans”). Blackstone is hereby
further amending and restating the plan as this Ninth Amended and Restated Bonus Deferral Plan, effective as of May 7, 2021 (the “Plan”). This Plan governs Annual Bonuses (as defined below) earned in respect of 2021 and
subsequent calendar years. Annual Bonuses earned in respect of years prior to 2021 are subject to the Prior Plan as in effect with respect to the relevant year for which such Annual Bonus was earned. 

ARTICLE I. 
 DEFINITIONS

 As used herein, the following terms have the meanings set forth below. 

“Affiliated Employer” means, except as provided under Section 409A of the Code and the regulations promulgated
thereunder, any company or other entity that is related to Blackstone (including Blackstone Administrative Services Partnership L.P.) as a member of a controlled group of corporations in accordance with Section 414(b) of the Code or as a trade
or business under common control in accordance with Section 414(c) of the Code. 
 “Annual Bonus” means the annual
bonus awarded to a Participant with respect to a given Fiscal Year under the applicable annual bonus plan, program, agreement or other arrangement (as designated by the Plan Administrator in its sole discretion); provided that a
Participant’s Annual Bonus for purposes of this Plan shall exclude any bonus or other amount, the payment of which has been guaranteed or promised to the Participant at any time prior to the Annual Bonus Notification Date pursuant to any
agreement, plan, program or other arrangement between the Participant and the Firm (a “Guaranteed Bonus”) unless the document evidencing 

 
the Guaranteed Bonus expressly provides for the deferral of all or a specified portion of such Guaranteed Bonus, in which case such deferral will occur pursuant to the terms and conditions set
forth in such document. Notwithstanding the foregoing, if the Plan Administrator determines that the deferral under the Plan of a Participant’s Guaranteed Bonus likely would result in the imposition of tax or penalties under Section 409A
of the Code, the Participant’s Annual Bonus shall exclude such Guaranteed Bonus. 
 “Annual Bonus Notification Date”
means the date on which the Firm notifies a Participant of the amount of such Participant’s Annual Bonus (if any) for the relevant Fiscal Year. 

“BHP Units” means units, each of which consists of one partnership unit in each of Blackstone Holdings I L.P., a Delaware
limited partnership, Blackstone Holdings AI L.P., a Delaware limited partnership, Blackstone Holdings II L.P., a Delaware limited partnership, Blackstone Holdings III L.P., a Québec société en commandite, and Blackstone Holdings
IV L.P., a Québec société en commandite. 
 “Board” means the board of directors of The Blackstone
Group Inc., a Delaware corporation. 
 “Bonus Deferral Amount” has the meaning set forth in Section 3.01(a). 

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

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

“Common Stock” means the common stock, par value $0.00001 per share, of Blackstone which are available for issuance under the
Equity Incentive Plan. 
 “Competitive Activity” means a Participant’s engagement in any activity that would
constitute a violation of any non-competition covenants to which the Participant is subject under the Participant’s Employment Agreement, determined without regard to the actual duration of such non-competition covenants pursuant to the Employment Agreement. 
 “Deferral Share” has
the meaning set forth in Section 3.01(b). 
 “Delivery Date” shall mean the date upon which shares of Common Stock
(or, if applicable, BHP Units, cash or other securities) are delivered with respect to any Deferral Shares, as set forth in Section 5.01. 

“Disability” has the meaning as provided under Section 409A(a)(2)(C)(i) of the Code. 

  
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 “Employment” means (i) a Participant’s employment if the
Participant is an employee of Blackstone or any Affiliated Employer or (ii) a Participant’s services as a senior managing director of Blackstone or any Affiliated Employer if the Participant is a senior managing director. 

”Employment Agreement” means, with respect to a Participant, the Contracting Employment Agreement (including all schedules
and exhibits thereto) or, with respect to a Participant who is a senior managing director, the Senior Managing Director Agreement (including all schedules and exhibits thereto), as applicable, to which such Participant is a party. 

“Equity Incentive Plan” means The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan or such other plan as
the Plan Administrator may designate in its sole discretion. 
 “Fair Market Value” shall have the meaning given to such
term in the Equity Incentive Plan; provided that, with respect to a BHP Unit or other security, if the fair market value of such BHP Unit or other security cannot reasonably be determined pursuant to the foregoing definition, the Fair Market Value
of such BHP Unit or other security shall be the value thereof as determined pursuant to a valuation made by the Plan Administrator in good faith and based upon a reasonable valuation method. 

“Firm” means Blackstone and each Participating Employer (individually or collectively as the context requires). 

“Fiscal Year” means the fiscal year of Blackstone. 

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

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

“Participating Employer” means Blackstone and each Affiliated Employer (or division or unit of an Affiliated Employer) that
is designated as a “Participating Employer” by the Plan Administrator and which adopts this Plan. 
 “Person”
means any individual, partnership, corporation, limited liability company, unincorporated organization, trust, joint venture or enterprise or a governmental agency or political subdivision thereof. 

“Plan Account” has the meaning given to such term in Section 3.01(b). 

“Plan Administrator” means the Compensation Committee of the Board, or such subcommittee thereof or, if the Compensation
Committee shall so determine, the Board or such other committee thereof, to whom authority to administer the Plan has been delegated. Additionally, the Plan Administrator may delegate its authority under the Plan to any employee or group of
employees of Blackstone or an Affiliate Employer; provided that such delegation is consistent with applicable law and guidelines established by the Board from time to time. 

  
 3 

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

“Separation from Service” means a Participant’s “separation from service” with the Firm within the meaning of
Section 409A of the Code and the regulations thereunder. 
 “Vesting Date” has the meanings set forth in Sections
4.01(b) and 6.01. 
 “Vesting Period” has the meaning set forth in Section 4.01(b). 

“VWAP” means the 30-day volume weighted average trading price of a share of Common
Stock (as reported on the national exchange on which the shares of Common Stock are listed on each such date) over the 30-day period (only counting trading days for shares of Common Stock) immediately
preceding the relevant measurement date. 
 ARTICLE II. 

PLAN PARTICIPATION 
 2.01.
Plan Participation. Each Fiscal Year, on or prior to the Annual Bonus Notification Date for such Fiscal Year, the Plan Administrator, in its sole discretion, will select Participants from among the employees and senior managing directors of
the Participating Employers and will notify such individuals that they have been selected to participate in the Plan for such Fiscal Year. The Plan Administrator may, in its sole discretion, establish different rules and/or sub-plans under the Plan (x) with respect to Participants based outside of the United States and Participants who are employees of, or other service providers for, a “nonqualified entity” within the
meaning of Section 457A of the Code, in each case, in a manner intended to address tax, administrative and securities law considerations with respect to the Firm and such Participants or (y) on such terms as are approved by the Plan
Administrator and communicated to the applicable Participants prior to or coincident with the Annual Bonus Notification Date. Such alternate rules and/or sub-plans may include, without limitation, different
treatment with respect to timing of vesting and delivery of shares of Common Stock (or, if applicable, BHP Units, cash or other securities) under the Plan and may be set forth in Schedules to be attached hereto from time to time. 

  
 4 

 ARTICLE III. 

DEFERRALS 
 3.01. Bonus
Award Deferrals. 
 (a) With respect to a given Fiscal Year commencing with the Fiscal Year ending December 31, 2021, and for each
Participant selected to participate in the Plan in accordance with Section 2.01 hereof, a portion of the Annual Bonus (excluding any portion thereof that is being separately deferred pursuant to this Plan or any other agreement, plan, program
or other arrangement between the Participant and the Firm) for the Fiscal Year shall be deferred (his or her “Bonus Deferral Amount”) in accordance with the following table (or such other table that may be adopted by the Plan
Administrator prior to or coincident with the Annual Bonus Notification Date): 
  

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

  

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

For purposes of determining the Bonus Deferral Amount pursuant to the above table, (i) a Participant’s total annual incentive
compensation shall be taken into account (including, without limitation, performance incentive fees earned in connection with Firm sponsored investment funds), although the Bonus Deferral Amount shall only reduce (but not below zero) the amount of
the Annual Bonus otherwise payable in cash on a current basis and (ii) the amount subject to deferral pursuant to the above table shall be reduced (but not below zero) by an amount equal to the deemed
pre-tax value (using an assumed 50% tax rate) of the Participant’s annual mandatory contributions to Firm sponsored investment funds with respect to the Fiscal Year for which the Annual Bonus was earned.

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

  
 5 

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

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

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

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

  
 6 

 (b) Form of Delivery. On the applicable Delivery Date, or as soon as reasonably
practicable after such Delivery Date (but in no event more than ten (10) business days after such Delivery Date), the Firm shall issue to the Participant, in full settlement of the Firm’s obligations with respect to the deliverable portion
of the Participant’s Deferral Shares, the number of shares of Common Stock subject to such Deferral Shares (or, at the Plan Administrator’s sole discretion, which will likely be only in rare occasions, an amount in cash equal to the VWAP
of such number of shares of Common Stock as of the date of such payment). Notwithstanding the foregoing, if the Plan Administrator determines, in its sole discretion, that the issuance of shares of Common Stock may raise tax, securities law or
administrative concerns to the Firm or the Participant, then distributions to such Participant hereunder shall not be made in shares of Common Stock but instead (in the Plan Administrator’s sole discretion, which will likely be only in rare
occasions), may be made in BHP Units or other securities, as determined by the Plan Administrator. 
 5.02. Issuance of Units. The
issuance of any shares of Common Stock (or, if applicable, BHP Units) to a Participant pursuant to the Plan shall be effectuated by recording the Participant’s ownership of such shares of Common Stock (or, if applicable, BHP Units) in a
book-entry or similar system utilized by the Firm as soon as practicable following the Delivery Date applicable thereto. Any shares of Common Stock (or, if applicable, BHP Units) issued to a Participant hereunder will be held in an account
administered by the Firm’s equity plan administrator or such other account as the Plan Administrator may determine in its discretion. No Participant shall have any rights as an owner with respect to any shares of Common Stock (or, if
applicable, BHP Units) under the Plan prior to the date on which the Participant becomes entitled to delivery of such shares of Common Stock (or, if applicable, BHP Units) in accordance with Section 5.01. The Plan Administrator may, in its sole
discretion, cause the Firm to defer the delivery of any shares of Common Stock (or, if applicable, BHP Units, cash or other securities) pursuant to this Plan as the Plan Administrator deems necessary to ensure compliance under federal or state
securities laws or to avoid adverse tax or other consequences to the Firm or the Participant. 
 5.03. Taxes and Withholding. As a
condition to any payment or distribution pursuant to this Plan, the Firm may require a Participant to pay such sum to the Firm as may be necessary to discharge the Firm’s obligations with respect to any taxes, assessments or other governmental
charges, whether of the United States or any other jurisdiction, which the Firm reasonably expects will be imposed as a result of such payment or distribution. In the discretion of the Firm, the Firm may deduct or withhold such sum from such payment
or distribution (including by deduction or withholding of shares of Common Stock (or, if applicable, BHP Units or other securities), provided that the amount the Firm deducts or withholds shall not (unless otherwise determined by the Plan
Administrator) exceed the Firm’s minimum statutory withholding obligations. Alternatively, the Firm may elect to satisfy the tax withholding obligations by advancing and remitting its own funds on behalf of the Participant to the applicable tax
authorities, in which case the Participant shall be required to repay such amounts to the Firm within 5 days of such remittance, together with interest thereon based on the Firm’s cost of funds as determined by Blackstone Treasury from time to
time. As of November 5, 2009, this rate will equal the “prime rate” (as published in the Wall Street Journal) for JPMorgan Chase (or any successor) plus 500 basis points (or a comparable rate as determined by Blackstone or such
Affiliate). In the event that the Firm plans to advance a tax withholding remittance on 

  
 7 

 
behalf of the Participant as described in the preceding sentence, the Firm shall provide the Participant with reasonable advance notice to permit the Participant to remit the required funds in
cash to the Firm prior to the required withholding date and thereby avoid the need to have the Firm advance its own funds to the tax authorities. 

5.04. Liability for Payment. Each Participating Employer shall be liable for the amount of any distribution or payment owed to a
Participant pursuant to Section 5.01 who is Employed by such Participating Employer during the relevant Vesting Period; provided, however, that in the event that a Participant is Employed by more than one Participating Employer during the
relevant Vesting Period, each Participating Employer shall be liable for its allocable portion of such distribution or payment. 
 ARTICLE
VI. 
 TERMINATION OF EMPLOYMENT; CHANGE IN CONTROL 

6.01. Termination of Employment. In the event that a Participant’s Employment with the Firm is terminated, or a Change in Control
occurs, in either case prior to the Vesting Date or Delivery Date that would otherwise apply to any of such Participant’s Deferral Shares, vesting and delivery (if any) of such Deferral Shares shall be governed by this Section 6.01. 

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

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

  
 8 

 (e) Disability. In the event that a Participant’s Employment with the Firm is
terminated due to the Participant’s Disability, such Participant’s unvested Deferral Shares shall immediately vest (in which case, the date of the Participant’s termination due to Disability shall be referred to as the
“Vesting Date” for such Deferral Shares) and be delivered to the Participant in accordance with Article V. 
 (f)
Death. In the event of a Participant’s death during his or her Employment with the Firm, or during the period following termination of Employment in which his or her Deferral Shares remain subject to vesting pursuant to this
Section 6.01, such Participant’s Deferral Shares which remain unvested as of (and have not been forfeited prior to) the date of the Participant’s death shall immediately vest and, together with any previously vested but undelivered
Deferral Shares, become deliverable to the Participant’s estate as of the date of the Participant’s death (in which case, the date of the Participant’s death shall be referred to as the “Vesting Date” for such
Deferral Shares). 
 (g) Change in Control. Notwithstanding anything to the contrary herein, in the event of a Change in Control, such
Participant’s Deferral Shares which remain unvested as of the date of such Change in Control shall immediately vest and become deliverable as of the date of such Change in Control (in which case, the date of such Change in Control shall be
referred to as the “Vesting Date” for such Deferral Shares). 
 (h) Section 409A: Separation from
Service. References in this Section 6.01 to a Participant’s termination of Employment shall refer to the date upon which the Participant has a Separation from Service. 

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

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

  
 9 

 ARTICLE VIII. 

AMENDMENTS AND TERMINATION 

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

 GENERAL PROVISIONS 

9.01. Unfunded Status of the Plan. The Plan is unfunded. A Participant’s rights under the Plan (if any) shall represent at all
times an unfunded and unsecured contractual obligation of each Participating Employer that Employed Participant during the Vesting Periods and through the Delivery Dates applicable to such Participant’s Deferral Shares. Each Participant and his
or her estate and/or beneficiaries (if any) will be unsecured creditors of each Participating Employer with which such Participant is or was Employed with respect to any obligations owed to such Participant, estate and/or beneficiaries under the
Plan. Amounts deliverable or payable under the Plan will be satisfied solely out of the general assets of the applicable Participating Employer subject to the claims of its creditors. None of a Participant, his or her estate, his or her
beneficiaries (if any) nor any other person shall have any right to receive any payment or distribution under the Plan except as, and to the extent, expressly provided in the Plan. No Participating Employer will segregate any funds or assets to
provide for any payment or 

  
 10 

 
distribution under the Plan or issue any notes or security for any such distribution or payment. Any reserve or other asset that a Participating Employer may establish or acquire to assure itself
of the funds to provide distributions or payments required under the Plan shall not serve in any way as security to any Participant or the estate or beneficiary of a Participant for the performance of the Participating Employer under the Plan. 

9.02. No Right to Continued Employment. Neither the Plan nor any action taken or omitted to be taken pursuant to or in connection with
the Plan shall be deemed to (i) create or confer on a Participant any right to be retained in the employ of the Firm, (ii) interfere with or to limit in any way the Firm’s right to terminate the Employment of a Participant at any
time, (iii) confer on a Participant any right or entitlement to compensation in any specific amount for any future Fiscal Year or (iv) affect, supersede, amend or change the Employment Agreement (or any other agreement between the
Participant and the Firm). In addition, selection of an individual as a Participant for a given Fiscal Year shall not be deemed to create or confer on the Participant any right to participate in the Plan, or in any similar plan or program that may
be established by the Firm, in respect of any future Fiscal Year. 
 9.03. No Stockholder or Ownership Rights Prior to Delivery of Shares;
Dividend Equivalent Payments. 
 (a) Except as set forth in Section 9.03(b), Participants shall not have voting, dividend, cash
distribution or any other rights as a holder of shares of Common Stock (or, if applicable, BHP Units) until the issuance or transfer thereof to the Participant. For the avoidance of doubt, Deferral Shares represent an unfunded and unsecured right to
receive shares of Common Stock (or, if applicable, BHP Units, cash or other securities) on an applicable Delivery Date and, until such Delivery Date, the Participant shall have no ownership rights with respect to the shares of Common Stock, BHP
Units, cash or other securities underlying such Deferral Shares. 
 (b) Participants shall be entitled to receive dividend equivalent
payments paid on a current basis with respect to their outstanding Deferral Shares (whether vested or unvested) in form and amounts corresponding to the payments that such Participants would have received as dividend payments if they directly held
the shares of Common Stock (or, if applicable, BHP Units) underlying such outstanding Deferral Shares on the relevant dividend payment date. A Participant’s right to receive such dividend equivalent payments with respect to Deferral Shares
shall cease upon the forfeiture or settlement of such Deferral Shares. 
 9.04. Right to Offset. The Firm shall have the right to
deduct from amounts owed to a Participant under the Plan the amount of any deficit, debt or other liability or obligation of any kind which the Participant may at that time have with respect to the Firm; provided, however, that no such right to
deduct or offset shall arise or otherwise be deemed to arise until the date upon which shares of Common Stock (or, if applicable, BHP Units, cash or other securities) are deliverable or payable hereunder and any such deduction or offset shall be
implemented in a manner intended to avoid subjecting the Participant to additional taxation under Section 409A of the Code. 

  
 11 

 9.05. Successors. The obligations of the Firm under this Plan shall be binding upon
the successors of the Firm. 
 9.06. Governing Law. The Plan shall be subject to and construed in accordance with the laws of the
State of New York. 
 9.07. Arbitration; Venue. Any dispute, controversy or claim between any Participant and the Firm arising out of
or concerning the provisions of this Plan shall be finally resolved in accordance with the arbitration provisions (and the jurisdiction, venue and similar provisions related thereto) of the Employment Agreement to which such Participant is a party.

 9.08. Construction. The headings in this Plan have been inserted for convenience of reference only and are to be ignored in any
construction of any provision hereof. Use of one gender includes the other, and the singular and plural include each other. 

  
 12

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