Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
  

			
	Name of Executive:	  	William T. Hull
	Position:	  	Chief Financial Officer
	Fiscal Year 2016 Base Salary:	  	$315,000
	Initial Equity Grant:	  	82,906 restricted shares (subject to the alternative described below), 1/3 vesting per year
		
	Effective Date:	  	October 5, 2015
		
	Initial Term:	  	Effective Date through March 31, 2017
	Renewal Periods are:	  	1 Year
	Post-Change of Control Renewal Period is:	  	2 Years
		
	Severance Multiplier is:	  	1x
	Post-Change of Control Severance Multiplier is:	  	2x

 EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT 

This Agreement (“Agreement”) is between the individual named above (“Executive”), and Orion Energy Systems, Inc.
(“Orion”) effective as of the date set forth above (“Effective Date”). 
 WHEREAS, Orion desires to employ
Executive (by itself or through one of its affiliates, and “Orion” shall be deemed to include any such affiliate, if applicable, when used herein), and Executive desires to be employed by Orion under the terms and conditions set forth
herein. 
 NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: 

1. Effective Date; Term. This Agreement shall become effective on the Effective Date and continue until the end of the
initial term set forth above (“Initial Term”). The employment status of the Executive will be reviewed by Orion prior to the end of the Initial Term (and the end of any subsequent renewal period term thereafter). Upon such review, Orion
may choose not to extend Executive’s employment under this Agreement for an additional renewal period term as set forth above and, upon such a determination, shall provide written notice to such effect to Executive prior to the end of the
Initial Term (or the end of any subsequent renewal period term thereafter). If Orion does not provide Executive with such notice of non-renewal prior to the end of the Initial Term (or the end of any subsequent renewal period term), then the term of
this Agreement shall be extended for the renewal period set forth above. Notwithstanding the foregoing, if a Change of Control occurs prior to the end of the Initial Term (or the end of any subsequent renewal period term), this Agreement and the
Initial Term (or the applicable subsequent renewal period term) shall be automatically extended for the post-Change of Control renewal period set forth above beginning on the date of the Change of Control. Expiration of this Agreement will not
affect the rights or obligations of the parties hereunder arising out of, or relating to circumstances occurring prior to the expiration of this Agreement, which rights and obligations will survive the expiration of this Agreement.  

 2. Definitions. For purposes of this Agreement, the following terms shall have the
meanings ascribed to them: 
 (a) “Accrued Benefits” shall mean, as of the Termination Date, the sum of:
(i) Executive’s Base Salary earned but not paid for the time period ending with the Termination Date; (ii) any other earned but unpaid amounts as of the Termination Date, and (iii) any other payments or benefits to be provided to
Executive by Orion pursuant to any employee benefit plans or arrangements adopted by Orion, to the extent such amounts are due from Orion. 

(b) “Base Salary” shall mean the Executive’s annual base salary with Orion as in effect from time to time
beginning, with the initial fiscal year 2016 base salary set forth above. 
 (c) “Board” shall mean the
board of directors of Orion or a committee of such Board authorized to act on its behalf in certain circumstances, including the Compensation Committee of the Board. 

(d) “Cause” shall mean a finding by Orion that (i) Executive has failed, neglected, or refused to perform
his employment duties or achieve his goals and objectives as provided to Executive in advance by Orion’s Chief Executive Officer (in either case, other than due to death or Disability); (ii) Executive has committed any willful,
intentional, or grossly negligent act having the effect of injuring the interest, business, or reputation of Orion; (iii) Executive has violated or failed to comply in any material respect with Orion’s published rules, regulations, or
policies, as in effect or amended from time to time; (iv) Executive has committed an act constituting a felony or misdemeanor involving moral turpitude, fraud, theft, or dishonesty; (v) Executive has misappropriated, embezzled or engaged
in corporate waste of any property of Orion; or (vi) Executive has breached any provision of this Agreement or any other applicable confidentiality, non-compete, non-solicit, general release, covenant not-to-sue, restricted stock grant
agreement, or other agreement with Orion. 
 (e) “Change of Control” shall mean and be limited to the
occurrence of any of the following: 
 (i) the acquisition by any “person” (as such term is used in
Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than (A) Orion or any of its subsidiaries, (B) a trustee or other fiduciary holding securities under any employee benefit plan of Orion or any of its
subsidiaries, or (C) an underwriter temporarily holding securities pursuant to an offering of such securities, of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended)
directly or indirectly, of securities of Orion by reason of having acquired such securities during the twelve month period ending on the date of the most recent acquisition representing 20% or more of the then outstanding shares of the common stock
of Orion, or the combined voting power of Orion’s then outstanding securities entitled to vote generally in the election of directors (the “Company Voting Stock”); or 

  
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 (ii) the majority of members of Orion’s Board is replaced during any twelve
(12) month period by directors whose appointment or election is not endorsed by a majority of the members of Orion’s Board before the date of the appointment or election; or 

(iii) the consummation of a merger, consolidation, reorganization or share exchange of Orion with any other corporation or the
issuance of Company Voting Stock in connection with a merger, consolidation, reorganization or share exchange of Orion which requires approval of the shareholders of Orion, other than (A) a merger, consolidation, reorganization or share
exchange which would result in the Company Voting Stock outstanding immediately prior to such merger, consolidation, reorganization or share exchange continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the Company Voting Stock or such surviving entity or any parent thereof outstanding immediately after such merger, consolidation, reorganization or share
exchange, or (B) a merger, consolidation or share exchange effected to implement a recapitalization of Orion (or similar transaction) in which no “person” (defined above) is or becomes the beneficial owner (within the meaning of Rule
13d-3 promulgated under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of Orion (not including in the securities beneficially owned by such “person” (defined above) any securities acquired directly
from Orion or its affiliates (within the meaning of Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended) pursuant to the express authorization by the Board that refers to this exception) representing twenty percent
(20%) or more of either the then outstanding shares of common stock of Orion or the Company Voting Stock; or 
 (iv) the
consummation of a plan of complete liquidation or dissolution of Orion or a sale or disposition by Orion of all or substantially all of Orion’s assets (in one transaction or a series of related transactions within any period of 24 consecutive
months), in each case, which requires approval of the shareholders of Orion, other than a sale or disposition by Orion of all or substantially all of Orion’s assets to an entity at least seventy-five percent (75%) of the combined voting
power of the outstanding voting securities of which are owned by “persons” (defined above) in substantially the same proportions as their ownership of Orion immediately prior to such sale. 

Notwithstanding the foregoing, no “Change of Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the record holders of the common stock of Orion immediately prior to such transaction or series of transactions continue to own, directly or indirectly, in the same
proportions as their ownership in Orion, an entity that owns all or substantially all of the assets or Company Voting Stock of Orion immediately following such transaction or series of transactions. 

  
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 (f) “COBRA” shall mean the provisions of Code Section 4980B.

 (f) “Code” shall mean the Internal Revenue Code of 1986, as amended, as interpreted by rules and
regulations issued pursuant thereto, including any successor provisions thereto. 
 (g) “Competing Product”
means any product or service which is sold or provided in competition with a product or service: (A) that Orion has sold or provided at any time during the twenty-four (24) months immediately preceding the Termination Date or (B) that
was designed, developed, tested, distributed, marketed, provided or produced by Orion at any time during the twenty-four (24) months immediately preceding the Termination Date. 

(h) “Disability” shall mean a total and permanent mental or physical disability precluding Executive from
performing the material and substantial duties of his employment for 180 days during any twelve (12)-month period. For purposes of this Agreement, the Executive shall be deemed totally and permanently disabled at the end of such 180th day or such
date that makes Executive eligible to receive benefits under Orion’s long-term disability plan. 
 (i) “Good
Reason” shall mean the occurrence of any of the following without the consent of Executive: (i) a material diminution in the Executive’s Base Salary; (ii) a material change in the geographic location at which the Executive
must perform services; (iii) a material diminution in duties; or (iv) a material breach by Orion of any provisions of this Agreement or any equity award agreement with Orion to which the Executive is a party. 

(j) “Key Employee” means any person who at the Termination Date is employed or engaged by Orion and with whom
Executive has had material contact in the course of employment during the twelve (12) months immediately preceding the Termination Date, and (i) is a manager, officer or director of Orion; (ii) is in possession of Confidential
Information and/or Trade Secrets of Orion; and/or (iii) is directly managed by or reports to Executive as of, or at any time prior to, the Termination Date. 

(k) “Restricted Customer” means a customer of Orion during the twelve (12)-month period immediately preceding
the Termination Date. 
 (l) “Restricted Territory” means Territories (as the term “Territory” as
defined below) in which Orion has sold or provided products or services during the twelve (12)-month period immediately preceding the Termination Date. Notwithstanding the foregoing, the term Restricted Territory is limited to Territories in which
Orion has sold or provided in excess of one hundred thousand dollars (US $100,000) in the aggregate worth of products or services in the twelve (12)-month period immediately preceding the Termination Date. 

(m) “Separation from Service” shall have the meaning set forth in Code Section 409A and the related
Treasury Regulations; provided, that for this purpose, a “separation from service” is deemed to occur on the date that Orion and Executive reasonably anticipate that the level of bona fide services Executive would perform after

  
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that date (whether as an employee or independent contractor) would permanently decrease to no more than 50% of the average level of bona fide services provided in the immediately preceding
thirty-six (36) months. 
 (n) “Services” means sales, financial, supervisory, management or any other
services of the type performed for Orion by Executive (or one or more Orion executives managed, supervised or directed by Executive) during the final twenty-four (24) months preceding the Termination Date, but shall not include clerical, menial
or manual labor. 
 (o) “Severance Payment” shall mean the Executive’s Base Salary at the time of the
Termination Date plus the average of the annual bonuses (excluding the Initial Sign-On Bonus and the Long-Term Sign-On Bonus) earned by the Executive with respect to each of the three completed fiscal years of Orion preceding the fiscal year in
which the Termination Date occurs (or such lesser number of fiscal years for which the Executive was employed by Orion, with any partial year’s bonus (excluding the Initial Sign-On Bonus and the Long-Term Sign-On Bonus) being annualized with
respect to such fiscal year) multiplied by the severance multiplier set forth above; provided that if Executive’s Termination Date occurs on or following a Change of Control, the multiplier described above shall be increased to the
post-Change of Control severance multiplier set forth above and any reduction in Executive’s Base Salary since the date of the Change of Control shall be ignored. 

(p) “Strategic Customer” means a customer of Orion that has purchased a product or service from the Orion
during the twelve (12)-month period immediately preceding the Termination Date. 
 (q) “Termination Date”
shall mean the effective date of the termination of Executive’s Employment, as further described in Section 4. 

(r) “Territory” means a state within the United States, the District of Columbia, a territory of the United
States, and/or a foreign nation. 
 (s) “Third Party Confidential Information” means information received by
Orion from others that Orion has an obligation to treat as confidential. 
 (t) “Trade Secret” means a Trade
Secret as that term is defined under Wis. Stat. § 134.90, or its successor provision. 
 3. Employment of Executive. 

(a) Position. 

(i) Executive shall serve in a full-time capacity in the position set forth above or in any other position and/or with such
other duties as determined from time to time or at any time by Orion. 
 (ii) Executive will devote Executive’s full
business time and best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which 

  
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would conflict or interfere with the rendition of such services either directly or indirectly, without the prior written consent of Orion; provided that nothing herein shall preclude
Executive, subject to the prior approval of Orion, from accepting appointment to or continuing to serve on any board of directors or trustees of any non-profit organization or any charitable organization; or possibly one (1) for-profit entity
as long as Executive does not serve on an audit committee; further provided in each case, and in the aggregate, that such activities do not materially conflict or interfere with the performance of Executive’s duties hereunder or conflict
with Section 7. 
 (b) Base Salary. Orion shall pay Executive a Base Salary at the initial annual rate set forth
above, payable in regular installments in accordance with Orion’s usual payroll practices. Executive shall be entitled to such increases in Executive’s Base Salary, if any, as may be determined from time to time by Orion. All payments
shall be subject to payroll taxes and other withholdings in accordance with Orion’s standard payroll practices and applicable law. 

(c) Initial Sign-On Equity Bonus. Orion shall pay Executive an initial sign-on bonus of $50,000 in equivalent value of
Orion’s common stock issuable pursuant to Section 12 of Orion’s 2004 Stock and Incentive Awards Plan (with the exact number of Orion’s shares of common stock issuable determined based on the closing sale price of Orion’s
stock on the Effective Date), with such shares issuable to Executive within thirty (30) days of the Effective Date (the “Initial Sign-On Bonus”). In the event that (i) Executive is terminated for Cause or (ii) Executive
terminates his employment with Orion without Good Reason, in either case, prior to the one year anniversary from the date of issuance of the Initial Sign-On Bonus, Executive shall repay the cash equivalent of the Initial Sign-On Bonus to Orion
immediately upon such termination. Orion shall be entitled to set-off amounts owed to Executive (including accrued but unpaid Base Salary, Accrued Benefits, Severance Payments and/or vested restricted stock as of the Termination Date) in order to
ensure repayment of the cash equivalent of the Initial Sign-On Bonus. The Initial Sign-On Bonus shall be subject to payroll taxes and other withholdings in accordance with Orion’s standard payroll practices and applicable law. 

(d) Long-Term Cash Sign-On Bonus. If Executive remains an employee of Orion on March 31, 2016, Orion shall pay
Executive a long-term cash sign-on bonus of $78,750 within forty-five (45) days after March 31, 2016 (the “Long-Term Sign-On Bonus”). In the event that (i) Executive is terminated for Cause or (ii) Executive terminates
his employment with Orion without Good Reason, in either case, prior to the one year anniversary from the date of payment of the Long-Term Sign-On Bonus, Executive shall repay the Long-Term Sign-On Bonus to Orion immediately upon such termination.
Orion shall be entitled to set-off amounts owed to Executive (including accrued but unpaid Base Salary, Accrued Benefits, Severance Payments and/or vested restricted stock as of the Termination Date) in order to ensure repayment of the Long-Term
Sign-On Bonus. All payments shall be subject to payroll taxes and other withholdings in accordance with Orion’s standard payroll practices and applicable law. 

(e) Additional Annual Bonus Incentives. Beginning in Orion’s fiscal 2017, Executive shall be entitled to
participate in such annual and/or long-term cash incentive compensation plans and programs of Orion as are generally provided to the senior 

  
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executives of Orion, as determined by the Board in its discretion. Any cash bonuses payable to Executive will be paid at the time Orion normally pays such bonuses to its senior executives and
will be subject to the terms and conditions of the applicable cash incentive compensation plans and programs, as determined by the Board in its discretion. 

(f) Initial Equity Grant. On the Effective Date, Orion shall grant Executive an initial grant of restricted stock
for the number of shares set forth above and subject to the terms and conditions of the separate restricted stock grant agreement to be executed on the Effective Date by and between Orion and Executive (“Initial Equity Grant”). Among other
matters, the terms and conditions of the Initial Equity Grant as set forth in such restricted grant agreement shall include vesting of such grant in one-third increments on each of the first three annual anniversaries of the Effective Date, provided
that Executive remains employed by Orion on each such vesting date. Additionally, Executive shall have the option, exercisable on the Effective Date, to choose to receive the entire Initial Equity Grant in either the entire number of shares set
forth above or, alternatively, to accept the Initial Equity Grant for a total of 49,744 shares (subject to the vesting provisions described above) and to receive a restricted cash payment equal to the fair market value as of the Effective Date of
11,054 shares on each vesting date of the Initial Equity Grant, all pursuant to the terms and conditions of the tandem restricted stock and restricted cash agreement for the Initial Equity Grant. 

(g) Additional Annual Equity Compensation Grants. Beginning in Orion’s fiscal 2017, Executive shall be eligible to
receive additional equity compensation awards (which may consist of restricted stock or other types of equity awards), as determined by the Board in its discretion pursuant to Orion’s equity compensation plans and programs in effect from time
to time. These awards shall be granted in the discretion of the Board, and shall include such terms and conditions, including performance objectives, as the Board deems appropriate. 

(h) Employee Benefits. Executive shall be entitled to participate in Orion’s other employee benefit plans (other
than annual and/or long-term incentive programs for fiscal 2016, which are addressed in subsections (c) and (d)) as in effect from time to time on the same basis as those benefits are generally made available to other senior executives of
Orion. 
 (i) Business Expenses. Executive shall have a right to be reimbursed for Executive’s reasonable and
appropriate business expenses which Executive actually incurs in connection with the performance of Executive’s duties and responsibilities under this Agreement in accordance with Orion’s expense reimbursement policies and procedures for
its senior executives, subject to Orion’s reasonable requirements with respect to reporting and documentation of such expenses 

(j) Other Perquisites. Executive shall be entitled to receive the other benefits and perquisites set forth in Exhibit A.

  
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 4. Termination of Employment. A Termination Date shall occur as follows:

 (a) Executive’s employment will terminate upon Executive’s death. 

(b) If Executive suffers a Disability, and if within thirty (30) days after Orion notifies the Executive in writing that
it intends to terminate Executive’s employment because of such Disability, Executive shall not have returned to the performance of Executive’s duties hereunder on a full-time basis, then Orion may terminate Executive’s employment,
effective immediately following the end of such thirty (30)-day period. 
 (c) Orion may terminate Executive’s
employment with or without Cause (other than as a result of death or Disability by providing written notice to Executive of such termination, provided however, if Orion terminates Executive’s employment for Cause, then such written
notice shall indicate in reasonable detail the facts and circumstances alleged to provide a basis for such termination for Cause. If the termination is without Cause, Executive’s employment will terminate on the date specified in the written
notice of termination. If the termination is for Cause, the Executive shall have thirty (30) days from the date the written notice is provided, or such longer period as Orion may determine to be appropriate, to cure any conduct or act, if
curable (as determined by Orion), alleged to provide grounds for termination of Executive’s employment for Cause. If the alleged conduct or act constituting Cause is not curable (as determined by Orion), Executive’s employment will
terminate on the date specified in the written notice of termination. If the alleged conduct or act constituting Cause is curable but Executive does not cure such conduct or act within the specified time period, Executive’s employment will
terminate on the date immediately following the end of the cure period. Unless otherwise directed by Orion, from and after the date of the written notice of proposed termination, Executive shall be relieved of his duties and responsibilities and
shall be considered to be on a paid leave of absence pending any final action by Orion confirming such proposed termination. 

(d) Executive may terminate his employment with or without Good Reason by providing written notice of termination to Orion that
indicates in reasonable detail the facts and circumstances alleged to provide a basis for such termination. If Executive is alleging a termination for Good Reason, Executive must provide written notice to Orion of the existence of the condition
constituting Good Reason within ninety (90) days of the initial existence of such condition, and Orion must have a period of at least thirty (30) days following receipt of such notice to cure such condition. If such condition is not cured
by Orion within such thirty (30) day period, Executive’s termination of employment from Orion shall be effective on the date immediately following the end of such cure period. 

(e) Executive’s employment will terminate upon expiration of this Agreement. 

  
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 5. Payments upon Termination.  

(a) Entitlement to Severance. Subject to the other terms and conditions of this Agreement, Executive shall be
entitled to the Accrued Benefits, and to the Severance Payment described in subsection (c), in either of the following circumstances while this Agreement is in effect:  

(i) Executive’s employment is terminated by Orion without Cause, except in the case of death or Disability; or 

(ii) Executive terminates his employment with Orion for Good Reason. 

If Executive dies after receiving a notice by Orion that Executive is being terminated without Cause, or after providing notice of termination
for Good Reason, the Executive’s estate, heirs and beneficiaries shall be entitled to the Accrued Benefits and the Severance Payment described in subsection (c) at the same time such amounts would have been paid or benefits provided to
Executive had he lived. Any non-renewal by Orion pursuant to Section 1 or expiration of the term of this Agreement pursuant to Section 4(e) shall not constitute a termination of Executive’s employment under this Section 5(a) and
Executive shall not be entitled to any amounts set forth in Section 5(c). Any non-renewal by Executive of this Agreement pursuant to Section 1 shall constitute a resignation by Executive without Good Reason and Executive shall not be
entitled to any amounts set forth in Section 5(c). 
 (b) General Release Requirement. Executive will not
be eligible to receive any payments or benefits under Section 5(c) until (i) Executive executes a general release of all claims arising out of his employment with, and termination of employment from, Orion in the form proscribed by and
acceptable to Orion (“General Release”); and (ii) the revocation period specified in such General Release expires without such Executive exercising his right of revocation as set forth in the General Release. 

(c) Severance Payment; Timing and Form of Severance Payment. Subject to Section 5(b) and the limitations
imposed by Section 6 (and any repayment obligations under Sections 3(b) or 3(c)), in lieu of any severance pay or benefits under any Orion severance pay plans, programs or policies, if Executive is entitled to severance benefits, then Orion
shall pay Executive the Severance Payment on a ratable basis each month over the eighteen (18) month period following the Termination Date, or if later, the date on which the General Release is no longer revocable, or if later, the date on
which the amount payable under Section 6 is determined. All Severance Payments shall be subject to payroll taxes and other withholdings in accordance with Orion’s standard payroll practices and applicable law.  

(d) Other Termination of Employment. If Executive’s employment terminates for any reason other than those
described in subsection (a), Executive (or Executive’s estate in the event of his death), shall be entitled to receive only the Accrued Benefits. 

  
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 6. Limitations on Severance Payments and Benefits. Notwithstanding any other
provision of this Agreement, if any portion of the Severance Payment or any other payment under this Agreement, or under any other agreement with or plan of Orion (in the aggregate “Total Payments”), would constitute an “excess
parachute payment,” then the Total Payments to be made to Executive shall be reduced such that the value of the aggregate Total Payments that Executive is entitled to receive shall be One Dollar ($1) less than the maximum amount which Executive
may receive without becoming subject to the tax imposed by Code Section 4999 or which Orion may pay without loss of deduction under Code Section 280G(a); provided that the foregoing reduction in the amount of Total
Payments shall not apply if the After-Tax Value to Executive of the Total Payments prior to reduction in accordance herewith is greater than the After-Tax Value to Executive if Total Payments are reduced in accordance herewith. For purposes of this
Agreement, the terms “excess parachute payment” and “parachute payments” shall have the meanings assigned to them in Code Section 280G, and such “parachute payments” shall be valued as provided therein. 

 Within twenty (20) business days following delivery of the notice of termination or notice by Orion to Executive of its belief
that there is a payment or benefit due Executive that will result in an excess parachute payment as defined in Code Section 280G, Executive and Orion, at Orion’s expense, shall obtain the opinion (which need not be unqualified) of
nationally recognized tax counsel selected by Orion’s independent auditors and acceptable to Executive in Executive’s sole discretion, which opinion sets forth: (A) the amount of the Executive’s “annualized includible
compensation for the base period” as defined in Code Section 280G(d)(1), (B) the amount and present value of Total Payments, (C) the amount and present value of any excess parachute payments without regard to the limitations of
this Section 6, (D) the After-Tax Value of the Total Payments if the reduction in Total Payments contemplated under this Section 6 did not apply, and (E) the After-Tax Value of the Total Payments taking into account the reduction
in Total Payments contemplated under this Section 6. For purposes of determining the After-Tax Value of Total Payments, Executive shall be deemed to pay federal income taxes and employment taxes at the highest marginal rate of federal income
and employment taxation in the calendar year in which the Termination Payment is to be made and state and local income taxes at the highest marginal rates of taxation in the state and locality of Executive’s domicile for income tax purposes on
the date the Termination Payment is to be made, net of the maximum reduction in federal income taxes that may be obtained from deduction of such state and local taxes. Such opinion shall be binding upon Orion and Executive. 

Any reduction in payments and/or benefits required by this Section will occur in the following order: (I) reduction of cash payments;
(II) reduction of vesting acceleration of equity awards; and (III) reduction of other benefits paid or provided to Executive. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled
in the reverse order of the date of grant for Executive’s equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis. In no event will Executive exercise any discretion with respect
to the ordering of any reductions of payments or benefits under this Section 6. 
 7. Covenants by Executive.

 (a) Nondisclosure of Third Party Confidential Information. During Executive’s employment with Orion and
after the Termination Date, Executive shall not 

  
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use or disclose Third Party Confidential Information for as long as the relevant third party has required Orion to maintain its confidentiality, or for so long as required by applicable law,
whichever period is longer. This prohibition does not prohibit Executive’s use of general skills and know-how acquired during and prior to employment by Orion, as long as such use does not involve the use or disclosure of Third Party
Confidential Information. This prohibition also does not prohibit the description by Executive of Executive’s employment history and duties, for work search or other purposes, as long as such use does not involve the use or disclosure of Third
Party Confidential Information. 
 (b) Non-disclosure of Trade Secrets. During employment and after the Termination
Date, Executive shall not use or disclose Orion’s Trade Secrets so long as they remain Trade Secrets. Nothing in this Agreement shall limit either Executive’s statutory and other duties not to use or disclose Orion’s Trade Secrets, or
Orion’s remedies in the event Executive uses or discloses Orion’s Trade Secrets. 
 (c) Obligations Not to
Disclose or Use Confidential Information. Except as set forth herein or as expressly authorized in writing on behalf of Orion, Executive agrees that while Executive is employed by Orion and during the two (2) year period commencing at the
Termination Date, Executive will not use or disclose (except in discharging Executive’s job duties with Orion) any Confidential Information, whether such Confidential Information is in Executive’s memory or it is set forth electronically,
in writing or other form. This prohibition does not prohibit Executive’s disclosure of information after it ceases to meet the definition of “Confidential Information,” or Executive’s use of general skills and know-how acquired
during and prior to employment by Orion, so long as such use does not involve the use or disclosure of Confidential Information; nor does this prohibition restrict Executive from providing prospective employers with an employment history or
description of Executive’s duties with Orion, so long as Executive does not use or disclose Confidential Information. Notwithstanding the foregoing, if Executive learns information in the course of employment with Orion which is subject to a
law governing confidentiality or non-disclosure, Executive shall keep such information confidential for so long as required by law, or for two (2) years after the Termination Date, whichever period is longer. 

(d) Return of Property; No Copying or Transfer of Documents. All equipment, books, records, papers, notes, catalogs,
compilations of information, data bases, correspondence, recordings, stored data (including data or files that exist on any personal computer or other electronic storage device), software, and any physical items, including copies and duplicates,
that Executive generates or develops or which come into Executive’s possession or control, which relate directly or indirectly to, or are a part of Orion’s (or its customers’) business matters, whether of a public nature or not, shall
be and remain the property of Orion, and Executive shall deliver all such materials and items, and any and all copies of them, to Orion on the Termination Date. During employment or after the Termination Date, Executive will not copy, duplicate, or
otherwise reproduce, or permit copying, duplicating, or reproduction of Orion documents or writings, whether stored on paper, magnetic tape, CD, electronically, or otherwise, including but not limited to notes, notebooks, letters, blueprints,
manuals, drawings, sketches, specifications, formulas, financial documents, business plans, and the like, or any other documentation owned or originated by Orion and relating to Orion’s business

  
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which, from time to time, may have come into Executive’s possession, custody, or control as a result of or in the course of Executive’s employment with Orion, without the express
written consent of Orion, or, as a part of Executive’s duties performed hereunder for the benefit of Orion. Executive expressly covenants and warrants, upon termination of employment for any reason (or no reason), that Executive shall promptly
deliver to Orion any and all originals and copies in Executive’s possession, custody, or control of any and all said property, documents or writings, and that Executive shall not make, retain, or transfer to any third party any copies thereof.
In the event any Confidential Information or Trade Secrets are stored or otherwise kept in or on a computer hard drive or other storage device owned by or otherwise in the possession or control of Executive (collectively, “Executive Storage
Device”), upon the Termination Date, Executive will present to Orion for inspection and removal of all information regarding Orion (including but not limited to Confidential Information or Trade Secrets) stored on any Executive Storage Device.

 (e) Duty of Loyalty. During employment with Orion, Executive shall owe Orion an undivided duty of loyalty, and
shall take no action adverse to that duty of loyalty. Executive’s duty of loyalty to Orion includes but is not limited to a duty to promptly disclose to Orion any information that might cause Orion to take or refrain from taking any action, or
which otherwise might cause Orion to alter its behavior. Without limiting the generality of the foregoing, Executive shall promptly notify Orion at any time that Executive decides to terminate employment with Orion or enter into competition with
Orion, as Orion may decide at such time to limit, suspend, or terminate Executive’s employment or access to one or more Companies’ Confidential Information, Trade Secrets, or customer relationships. 

(f) Limited Restriction on Misuse of Goodwill. For eighteen (18) months following the Termination Date, for
whatever reason, Executive shall not sell or solicit the sale of a Competing Product to a Restricted Customer. 
 (g)
Limited Restriction on Assisting Misuse of Goodwill. For eighteen (18) months following the Termination Date, for whatever reason, Executive shall not perform Services as part of or in support of providing, selling or soliciting the sale
of a Competing Product to a Restricted Customer. 
 (h) Limited Restriction on Misuse of Information. For eighteen
(18) months following the Termination Date, for whatever reason, Executive shall not sell or solicit the sale of a Competing Product to a Strategic Customer. 

(i) Limited Restriction on Assisting Misuse of Information. For eighteen (18) months following the Termination
Date, for whatever reason, Executive shall not perform Services as part of or in support of providing, selling or soliciting the sale of a Competing Product to a Strategic Customer. 

(j) Limited Territorial Restriction. For eighteen (18) months following the Termination Date, for whatever reason,
Executive shall not perform Services as part of or in support of the business of selling, soliciting the sale of or providing Competing Products in the Restricted Territory. 

  
 12 

 (k) Limited Territorial Restriction – Design, Development, Production and
Testing Activities. For eighteen (18) months following the Termination Date, for whatever reason, Executive shall not perform Services as part of or in support of the business of designing, testing, developing or producing Competing
Products for sale in the Restricted Territory. 
 (l) Non-solicitation of Key Employees. For eighteen (18) months
following the Termination Date, for whatever reason, Executive shall not, without the prior written consent of Orion, solicit a Key Employee to engage in competition with Orion, unless such Key Employee has already ceased employment with Orion. This
shall not bar any Employee of Orion from applying for or accepting employment with any person or entity. 
 (m)
Disclosure and Assignment to Orion of Inventions and Innovations. 
 (i) Executive agrees to disclose and
assign to Orion as Orion’s exclusive property, all inventions and technical or business innovations, including but not limited to all patentable and copyrightable subject matter (collectively, the “Innovations”) developed, authored or
conceived by Executive solely or jointly with others during the period of Executive’s employment, including during Executive’s employment prior to the date of this Agreement, (1) that are along the lines of the business, work or
investigations of Orion to which Executive’s employment relates or as to which Executive may receive information due to Executive’s employment with Orion, or (2) that result from or are suggested by any work which Executive may do for
Orion or (3) that are otherwise made through the use of Orion time, facilities or materials. To the extent any of the Innovations is copyrightable, each such Innovation shall be considered a “work for hire.” 

(ii) Executive agrees to execute all necessary papers and otherwise provide proper assistance (at Orion’s expense), during
and subsequent to Executive’s employment, to enable Orion to obtain for itself or its nominees, all right, title, and interest in and to patents, copyrights, trademarks or other legal protection for such Innovations in any and all countries.

 (iii) Executive agrees to make and maintain for Orion adequate and current written records of all such Innovations; 

(iv) Upon any termination of Executive’s employment, employee agrees to deliver to Orion promptly all items which belong
to Orion or which by their nature are for the use of Orion employees only, including, without limitation, all written and other materials which are of a secret or confidential nature relating to the business of Orion. 

(v) In the event Orion is unable for any reason whatsoever to secure Executive’s signature to any lawful and necessary
documents required, including those necessary for the assignment of, application for, or prosecution of any United States or foreign application for letters patent or copyright for any Innovation, Executive hereby irrevocably designates and appoints
Orion and its duly authorized officers and agents as Executive’s agent and attorney-in-fact, to 

  
 13 

 
act for and in Executive’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the assignment, prosecution, and issuance of
letters patent or registration of copyright thereon with the same legal force and effect as if executed by Executive. Executive hereby waives and quitclaims to Orion any and all claims, of any nature whatsoever, which Executive may now have or may
hereafter have for infringement of any patent or copyright resulting from any such application. 
 (n) Remedies Not
Exclusive. In the event that Executive breaches any terms of this Section 7, Executive acknowledges and agrees that said breach may result in the immediate and irreparable harm to the business and goodwill of Orion and that damages, if any,
and remedies of law for such breach may be inadequate and indeterminable. Orion, upon Executive’s breach of this Section 7, shall therefore be entitled (in addition to and without limiting any other remedies that Orion may seek under this
Agreement or otherwise at law or in equity) to (1) seek from any court of competent jurisdiction equitable relief by way of temporary or permanent injunction and without being required to post a bond, to restrain any violation of this
Section 7, and for such further relief as the court may deem just or proper in law or equity, and (2) in the event that Orion shall prevail, its reasonable attorney’s fees and costs and other expenses in enforcing its rights under
this Section 7. 
 (o) Severability of Provisions. If any restriction, limitation, or provision of
this Section 7 is deemed to be unreasonable, onerous, or unduly restrictive by a court of competent jurisdiction, it shall not be stricken in its entirety and held totally void and unenforceable, but shall remain effective to the maximum extent
possible within the bounds of the law. If any phrase, clause or provision of this Section 7 is declared invalid or unenforceable by a court of competent jurisdiction, such phrase, clause, or provision shall be deemed severed from this
Section 7, but will not affect any other provision of this Section 7, which shall otherwise remain in full force and effect. The provisions of this Section 7 are each declared to be separate and distinct covenants by Executive.

 (p) Definition of “Orion” for Purposes of Section 7 of this Agreement. With respect to
Section 7(a) through (l) of this Agreement only, the term “Orion” shall be deemed to include Orion and other affiliates of Orion for which Employee has provided services during the prior twelve months. 

8. Notice. Any notice, request, demand or other communication required or permitted herein will be deemed to be properly
given when personally served in writing or when deposited in the United States mail, postage prepaid, addressed to Executive at the address appearing at the end of this Agreement and to Orion with attention to the Chief Executive Officer of Orion.
Either party may change its address by written notice in accordance with this paragraph. 
 9. Set Off.
Orion’s obligation to pay Executive any amounts and to provide any of the benefits hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to Orion.  

10. Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective executors, administrators, successors and 

  
 14 

 
assigns. Orion will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Orion to
assume expressly and agree to perform this Agreement in the same manner and to the same extent that Orion would be required to perform it if no such succession had taken place. As used in this Agreement, “Orion” shall mean Orion as
hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

11. Arbitration. Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement
that cannot be mutually resolved by the Executive and Orion, including any dispute as to the calculation of the Executive’s Accrued Benefits, Base Salary, bonus amount or any Severance Payment hereunder, shall be submitted to arbitration in
Milwaukee, Wisconsin, in accordance with the procedures of the American Arbitration Association. The determination of the arbitrator shall be conclusive and binding on Orion and the Executive, and judgment may be entered on the arbitrator’s
award in any court having jurisdiction. Notwithstanding the foregoing, both Executive and Orion may seek to obtain injunctive relief in a Wisconsin court of competent jurisdiction pending arbitration. 

12. Applicable Law and Jurisdiction. This Agreement is to be governed by and construed under the laws of the United States and
of the State of Wisconsin without resort to Wisconsin’s choice of law rules. Each party hereby agrees that the forum and venue for any legal or equitable action or proceeding arising out of, or in connection with, this Agreement will lie in the
appropriate federal or state courts in the State of Wisconsin and specifically waives any and all objections to such jurisdiction and venue. 

13. Section 409A Compliance. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of
the Code (“Section 409A”). Orion shall undertake to administer, interpret, and construe this Agreement in a manner that does not result in the imposition to the Executive of additional taxes or interest under Section 409A of the Code.
If a payment obligation under this Agreement arises on account of the Executive’s Separation from Service while the Executive is a “specified employee” (as defined under Section 409A of the Code and determined in good faith by
the Board), any payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is
scheduled to be paid within six (6) months after such Separation from Service shall accrue without interest and shall be paid within fifteen (15) days after the end of the six-month period beginning on the date of such separation from
service or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor of the Executive’s estate following his death. 

14. Captions and Paragraph Headings. Captions and paragraph headings used herein are for convenience only and are not a
part of this Agreement and will not be used in construing it. 
 15. Invalid Provisions. Subject to
Section 7(e), should any provision of this Agreement for any reason be declared invalid, void, or unenforceable by a court of competent jurisdiction, the validity and binding effect of any remaining portion will not be affected, and the
remaining portions of this Agreement will remain in full force and effect as if this Agreement had been executed with said provision eliminated. 

  
 15 

 16. No Waiver. The failure of a party to insist upon strict adherence to any
term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

17. Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter of
this Agreement and supersedes any and all other agreements, either oral or in writing, between the parties hereto with respect to the employment of Executive by Orion. Each party to this Agreement acknowledges that no representations, inducements,
promises, or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise not contained in this Agreement will be valid or
binding. 
 18. Modification. This Agreement may not be modified or amended by oral agreement, but only by an
agreement in writing signed by Orion and Executive.  
 19. Counterparts. This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

WHEREAS, this Agreement is effective as of the Effective Date set forth above. 

 

			
	EXECUTIVE
	
	 /s/ William T. Hull

	Name:	 	William T. Hull
	Address:	 	  

		 	  

	
	ORION ENERGY SYSTEMS, INC.
		
	By:	 	 /s/ John Scribante

		 	John Scribante
		 	Chief Executive Officer

  
 16 

 EXHIBIT A 

Benefits and Perquisites* 
  

	*	Note: The listed benefits and perquisites are in addition to those generally made available to all other senior executives of Orion under Orion’s employee benefit plans (other than annual and long-term incentive
plans, which are addressed in Section 3 of the Agreement) as in effect from time to time. Executive is entitled to participate in such benefit plans on the same basis as those benefits are generally made available to other senior executives of
Orion. Currently, such company-wide benefits include: (i) 401(k) Plan; (ii) group short term disability insurance; and (iii) group health and prescription drug insurance. 

 

			
	 Benefit
	  	 Amount

		
	 1. Life Insurance
	  	$1,000,000 (face value)
		
	 2. Health/Prescription Drug Reimbursement
	  	Reimbursed by Company Per Current Practice
		
	 3. Group Long Term Disability Insurance
	  	Reimbursed by Company Per Current Practice
		
	 4. Automobile Allowance
	  	$1,000 per month
		
	 5. Relocation Reimbursement
	  	 Orion will pay for reasonable and documented expenses directly submitted by a realtor for real estate transaction costs, and by movers
related to the packing, moving, and unpacking of household goods associated with Executive’s relocation to begin employment. Orion will also directly provide two house hunting trips, and temporary living accommodations for up to six months;
provided, however, that such combined costs paid by Orion shall not exceed a maximum of $50,000.
  

In the event that (i) Executive is terminated for Cause or (ii) Executive terminates his employment with Orion without Good Reason, in either case, prior to
the one year anniversary from the Effective Date for any reason, Executive shall repay to Orion all such costs paid by Orion immediately upon such termination. Orion shall be entitled to set-off amounts owed to Executive (including accrued but
unpaid Base Salary Accrued Benefits, Severance Payments and/or vested restricted stock as of the Termination Date) in order to ensure repayment of the such amounts.

  
 17EX-10.1

 Exhibit 10.1 

EMPLOYEE MATTERS AGREEMENT 

by and among 
 THE
BLACKSTONE GROUP L.P. 
 BLACKSTONE HOLDINGS I L.P., 

NEW ADVISORY GP L.L.C., 

PJT PARTNERS INC., 
 PJT
PARTNERS HOLDINGS LP, 
 PJT CAPITAL LP, 

and 
 PJT MANAGEMENT,
LLC, 
 Dated as of October 1, 2015 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	2	  
	 Section 1.1
	    	 Definitions
	  	 	2	  
			
	 Section 1.2
	    	 References; Interpretation
	  	 	7	  
			
	 Section 1.3
	    	 Relation to Other Documents
	  	 	7	  
		
	 ARTICLE II GENERAL PRINCIPLES
	  	 	7	  
	 Section 2.1
	    	 Assumption and Retention of Liabilities; Related Assets
	  	 	7	  
			
	 Section 2.2
	    	 Treatment of Cash Compensation and Severance Arrangements
	  	 	9	  
			
	 Section 2.3
	    	 Participation in Blackstone Benefit Arrangements
	  	 	10	  
			
	 Section 2.4
	    	 Service Recognition
	  	 	10	  
			
	 Section 2.5
	    	 No Acceleration of Benefits
	  	 	10	  
			
	 Section 2.6
	    	 Amendment Authority
	  	 	11	  
			
	 Section 2.7
	    	 No Commitment to Employment or Benefits
	  	 	11	  
			
	 Section 2.8
	    	 Certain Employment Transfers
	  	 	11	  
		
	 ARTICLE III QUALIFIED DEFINED CONTRIBUTION PLANS
	  	 	11	  
	 Section 3.1
	    	 Participation of PJT Personnel in the Blackstone Savings Plan; Vesting
	  	 	11	  
			
	 Section 3.2
	    	 PJT Savings Plan
	  	 	11	  
			
	 Section 3.3
	    	 Transfer of Plan Assets and Liabilities
	  	 	12	  
		
	 ARTICLE IV HEALTH AND WELFARE PLANS
	  	 	12	  
	 Section 4.1
	    	 Health and Welfare Plan Participation
	  	 	12	  
			
	 Section 4.2
	    	 Reimbursement Account Plans
	  	 	12	  
			
	 Section 4.3
	    	 Certain Liabilities
	  	 	13	  
			
	 Section 4.4
	    	 Time-Off Benefits
	  	 	13	  
		
	 ARTICLE V EQUITY AND INCENTIVE COMPENSATION AWARDS
	  	 	13	  
	 Section 5.1
	    	 Treatment of Blackstone Equity Awards of PJT Personnel
	  	 	13	  
			
	 Section 5.2
	    	 True-Up of Replacement Awards
	  	 	14	  
			
	 Section 5.3
	    	 Forfeiture of Replacement Awards
	  	 	14	  
			
	 Section 5.4
	    	 Change of Control; Separation from Service
	  	 	15	  
			
	 Section 5.5
	    	 New PJT Equity Plan
	  	 	15	  
			
	 Section 5.6
	    	 Retention Awards
	  	 	15	  
			
	 Section 5.7
	    	 Savings Clause
	  	 	15	  
			
	 Section 5.8
	    	 SEC Registration
	  	 	15	  
		
	 ARTICLE VI ADDITIONAL COMPENSATION MATTERS
	  	 	16	  
	 Section 6.1
	    	 Workers’ Compensation Liabilities
	  	 	16	  
			
	 Section 6.2
	    	 Code Section 409A
	  	 	16	  

  
 i 

							
			
	 Section 6.3
	    	 Certain Payroll and Annual Cash Incentive Matters
	  	 	16	  
			
	 Section 6.4
	    	 Tax Benefits
	  	 	18	  
		
	 ARTICLE VII INDEMNIFICATION
	  	 	18	  
	 Section 7.1
	    	 Indemnification
	  	 	18	  
		
	 ARTICLE VIII GENERAL AND ADMINISTRATIVE
	  	 	18	  
	 Section 8.1
	    	 Sharing of Information
	  	 	18	  
			
	 Section 8.2
	    	 Reasonable Efforts/Cooperation
	  	 	19	  
			
	 Section 8.3
	    	 Effect on Employment
	  	 	19	  
			
	 Section 8.4
	    	 Consent of Third Parties
	  	 	19	  
			
	 Section 8.5
	    	 Access to Employees
	  	 	19	  
			
	 Section 8.6
	    	 Beneficiary Designation/Release of Information/Right to Reimbursement
	  	 	20	  
			
	 Section 8.7
	    	 Certain Compensation Arrangements
	  	 	20	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	20	  
	 Section 9.1
	    	 Entire Agreement
	  	 	20	  
			
	 Section 9.2
	    	 Governing Law
	  	 	20	  
			
	 Section 9.3
	    	 Waiver of Jury Trial
	  	 	21	  
			
	 Section 9.4
	    	 Notices
	  	 	21	  
			
	 Section 9.5
	    	 Amendments; Waivers and Consents
	  	 	22	  
			
	 Section 9.6
	    	 Termination
	  	 	22	  
			
	 Section 9.7
	    	 No Third-Party Beneficiaries
	  	 	22	  
			
	 Section 9.8
	    	 Assignability; Binding Effect
	  	 	22	  
			
	 Section 9.9
	    	 Construction; Interpretation
	  	 	23	  
			
	 Section 9.10
	    	 Severability
	  	 	23	  
			
	 Section 9.11
	    	 Counterparts
	  	 	23	  
			
	 Section 9.12
	    	 Relationship of Parties
	  	 	23	  
			
	 Section 9.13
	    	 Subsidiaries
	  	 	23	  
			
	 Section 9.14
	    	 Dispute Resolution
	  	 	23	  
			
	 Section 9.15
	    	 Payroll and Related Taxes
	  	 	24	  

  

			
	Exhibits	  	
		
	Exhibit A	  	Retained Personnel
	Exhibit B	  	PJT Personnel
	Exhibit C	  	Form of Release

  
 ii 

			
		
	Schedules	  	
		
	Schedule A	  	Severance Protections
	Schedule B-1	  	Retention Awards
	Schedule B-2	  	Retention Award Recipients

  
 iii 

 EMPLOYEE MATTERS AGREEMENT 

This Employee Matters Agreement (this “Agreement”) is dated as of October 1, 2015, by and among (i) The Blackstone
Group L.P., a Delaware limited partnership (“BX”), (ii) Blackstone Holdings I L.P., a Delaware limited partnership (“Blackstone Holdings” and together with BX, collectively, the “Blackstone
Parties”), (iii) New Advisory GP L.L.C., a Delaware limited liability company and wholly-owned subsidiary of Blackstone Holdings (“Original PJT GP”), (iv) PJT Partners Inc., a Delaware corporation (“PJT
HoldCo”), (v) PJT Partners Holdings LP (“PJT LP”), a Delaware limited partnership wholly-owned by Blackstone Holdings and certain of its Affiliates (as limited partners) and Original PJT GP (as general partner),
(vi) PJT Capital LP, a Delaware limited partnership (“PJTC”), and (vii) PJT Management, LLC, a Delaware limited liability company and the general partner of the PJTC (“PJTM”). Each of the Blackstone Group
and the PJT Group (as defined in the Separation Agreement) are sometimes referred to herein as a “Party” and collectively, as the “Parties”. 

R E C I T A L S: 

WHEREAS, the Board of Directors of Blackstone Group Management L.L.C. (the “Board”), as a general partner of BX, determined
that it is appropriate, desirable, and in the best interests of BX and the Blackstone Common Unitholders to separate the PJT Business from Blackstone (the “Separation”) and to divest the PJT Business in the manner contemplated by
the Separation and Distribution Agreement by and among BX, Blackstone Holdings, Original PJT GP, PJT HoldCo and PJT LP, dated as of October 1, 2015 (the “Separation Agreement”); 

WHEREAS, in order to effect the Separation, the Board has determined that it is appropriate, desirable and in the best interests of BX and the
Blackstone Common Unitholders (as defined herein) (i) to enter into a series of transactions whereby PJT LP, either directly or through one or more direct or indirect Subsidiaries, will, collectively, own all of the PJT Assets and assume (or
retain) all of the PJT Liabilities and (ii) for BX to distribute to the Blackstone Common Unitholders on a pro rata basis (without consideration being paid by such unitholders) all of the issued and outstanding PJT Class A Shares held by
BX upon the consummation of the PJT Reorganization; 
 WHEREAS, pursuant to the Separation Agreement, the Parties have entered into this
Agreement for the purpose of allocating Assets, Liabilities and responsibilities with respect to certain employee matters and employee compensation and benefit plans and programs between and among them and to address certain other employment-related
matters. 
 NOW, THEREFORE, in consideration of the foregoing and the representations, warranties and covenants and agreements contained
herein, and intending to be legally bound hereby, the Parties agree as follows: 

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Separation Agreement and the following terms shall have the following meanings: 
 “Agreement” has the meaning set forth in
the preamble. 
 “Benefit Arrangement” means, with respect to an entity, each compensation or employee benefit plan,
program, policy, agreement or other arrangement, whether or not “employee benefit plans” (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA), including any benefit plan, bonuses, program, policy, agreement
or arrangement providing cash- or equity-based compensation or incentives, health, medical, dental, vision, disability, accident or life insurance benefits or vacation, severance, retention, change in control, termination, deferred compensation,
individual employment or consulting, retirement, pension or savings benefits, supplemental income, retiree benefit, relocation or other fringe benefit (whether or not taxable), or employee loans, that are sponsored or maintained by such entity (or
to which such entity contributes or is required to contribute or in which it participates), and excluding workers’ compensation plans, policies, programs and arrangements. 

“Blackstone Benefit Arrangement” means any Benefit Arrangement sponsored, maintained or contributed to by any member of the
Blackstone Group or any ERISA Affiliate thereof. 
 “Blackstone Bonus Deferral Plan” means the Sixth Amended and
Restated Blackstone Group Bonus Deferral Plan (including, as applicable to prior year’s awards, the prior versions of such Bonus Deferral Plan). 

“Blackstone Common Unit” means an issued and outstanding common unit representing a limited partner interest of BX. 

“Blackstone Common Unitholder” means a holder of Blackstone Common Units. 

“Blackstone Equity Award” means an equity award granted by BX or Blackstone Holdings under the Blackstone Bonus Deferral Plan
or the Blackstone Equity Incentive Plan. 
 “Blackstone Equity Incentive Plan” means the Blackstone Group Amended and
Restated 2007 Equity Incentive Plan, as amended. 
 “Blackstone Holdings” has the meaning set forth in the preamble. 

“Blackstone Holdings Units” means the issued and outstanding common units of Blackstone Holdings. 

“Blackstone Parties” has the meaning set forth in the preamble. 

“Blackstone Post-Distribution Value” means the closing per unit price of Blackstone Common Units on the Closing Date. 

  
 2 

 “Blackstone Pre-Distribution Value” means the closing per unit price of
Blackstone Common Units on the Trading Day immediately preceding the Distribution Date. 
 “Blackstone Reimbursement Account
Plan” has the meaning set forth in Section 4.2. 
 “Blackstone Savings Plan” means The Blackstone
Group 401(k) Savings Plan. 
 “Blackstone VWAP” means, for any specified period, the volume weighted average per share
price of Blackstone Common Units trading on the NYSE. 
 “Blackstone Welfare Plans” means any employee welfare benefit plan
maintained by BX or any member of the Blackstone Group and in which PJT Personnel participate. 
 “Board” has the meaning
set forth in the recitals. 
 “BX” has the meaning set forth in the preamble. 

“Code” means the United States Internal Revenue Code of 1986 (or any successor statute), as amended from time to time. 

“Converted Blackstone Award” has the meaning set forth in Section 5.1(a). 

“Converted Blackstone Award Post-Separation Value” means, during the True-Up Measurement Period (or, if applicable, a
designated period within such True-Up Measurement Period), the sum of (x) the product of (i) the Blackstone VWAP during such period and (ii) the number of shares of Blackstone Common Units or Blackstone Holdings Units, as applicable,
that were subject to a Converted Blackstone Award immediately prior to its conversion into a Replacement Award and (y) the product of (i) the PJT VWAP during such period and (ii) the number of shares of PJT Class A Shares that
would have been distributed in respect of such Converted Blackstone Award if the Blackstone Common Units or Blackstone Holdings Units underlying such Converted Blackstone Award has been issued and outstanding as of the Effective Time. 

“Employment Tax Return” means any return, report, certificate, form or similar statement or document (including any related
or supporting information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated Employment Tax) required to be supplied to, or filed with, a Tax authority in connection with the
determination, assessment or collection of any Employment Tax or the administration of any laws, regulations or administrative requirements relating to any Employment Tax (whether or not a payment is required to be made with respect to such filing).

 “Employment Taxes” means any federal, state, local or foreign Taxes, charges, fees, duties, levies, imposts, rates or
other assessments or obligations imposed on, due or asserted to be due from (i) employees or deemed employees of the Blackstone Group or employees or deemed employees of the PJT Group or (ii) the Blackstone Group or the PJT Group as
employers or deemed employers of such employees, including employers’ and employees’ portions of Federal 

  
 3 

 
Insurance Contributions Act (“FICA”) Taxes, employers’ Federal Unemployment Tax Act (“FUTA”) taxes and state and local unemployment insurance taxes
(“SUTA”), and employers’ withholding, reporting and remitting obligations with respect to any such Taxes or employees’ federal, state and local income taxes that are imposed on or due from employees or deemed employees of
the Blackstone Group or the PJT Group. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 “ERISA Affiliate” means with respect to any Person, each business or entity which is a member of a “controlled
group of corporations,” under “common control” or a member of an “affiliated service group” with such Person within the meaning of Sections 414(b), (c) or (m) of the Code, or required to be aggregated with
such Person under Section 414(o) of the Code, or under “common control” with such Person within the meaning of Section 4001(a)(14) of ERISA. 

“Forfeited Replacement Award Reimbursement” has the meaning set forth in Section 5.3. 

“Former PJT Personnel” means any individual who, immediately prior to such individual’s separation from the Blackstone
Group, PJTC, or their respective Affiliates, primarily provided services in respect of the PJT Business. 
 “Founder” means
Mr. Paul J. Taubman. 
 “HIPAA” means the Health Insurance Portability and Accountability Act of 1996, as
amended. 
 “IRS” means the United States Department of the Treasury Internal Revenue Service. 

“Leave of Absence” means any approved leave of absence, whether paid or unpaid, that is protected by Law or provided for
under a policy, program or agreement of any member of the Blackstone Group including USERRA Leave, leave under the Family and Medical Leave Act or corresponding state law or any short-term or long-term disability policy, program, or arrangement of
any member of the Blackstone Group. 
 “New PJT Equity Plan” has the meaning set forth in Section 5.5. 

“Non-Competition Agreement” means any agreement, and any attachments or schedules thereto, entered into by and between an
individual and BX or its Affiliates, pursuant to which the individual has agreed, among other things, to certain restrictions relating to non-competition, non-solicitation and/or confidentiality, in order to protect the business of BX and its
Affiliates. 
 “OPEB Plan” means health and welfare plans that provide post-employment welfare benefits (i.e., any
retiree medical, dental, vision and/or life benefits) and, when immediately preceded by “Blackstone,” means any OPEB Plan maintained by any member of the Blackstone Group and, when immediately preceded by “PJT,” means any OPEB
Plan maintained by any member of the PJT Group. 

  
 4 

 “Order” means any: (i) order, judgment, injunction, edict, decree, ruling,
pronouncement, determination, decision, opinion, verdict, sentence, subpoena, writ or award issued, made, entered, rendered or otherwise put into effect by or under the authority of any court, administrative agency or other Governmental Authority or
any arbitrator or arbitration panel or (ii) Contract with any Governmental Authority entered into in connection with any Action. 

“Original PJT GP” has the meaning set forth in the preamble. 

“Park Hill Bonus Plan” means the document identified on Schedule 1.5(a) attached hereto. 

“Participating Company” means BX or any Person (other than an individual) participating in a Blackstone Benefit Arrangement.

 “Party” or “Parties” has the meaning set forth in the preamble. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a Governmental Authority. 
 “PHG” shall mean PHG
Holdings LLC. 
 “PHG GP” shall mean PHG GP Inc. 

“PJTC” has the meaning set forth in the preamble. 

“PJTM” has the meaning set forth in the preamble. 

“PJT Benefit Arrangement” means any Benefit Arrangement sponsored, maintained or contributed to by the PJT Business. 

“PJT Business” means the BX businesses (conducted through certain of its Subsidiaries) of (i) providing financial and
strategic advisory services (which does not include, for the avoidance of doubt, BX’s capital markets and related capital markets services business, BX’s private wealth unit and wealth management services business, and businesses and
activities related to the funds of BX and its Affiliates, including those that are designated by BX as “IRBD” or “GSO”), (ii) restructuring and reorganization advisory services and (iii) fund placement services
(conducted through the Park Hill Group). 
 “PJT HoldCo” has the meaning set forth in the preamble. 

“PJT LP” has the meaning set forth in the preamble. 

“PJT LP Unit” means a unit of limited partnership interests in PJT LP. 

“PJT Per Share TEV” means $39.50. 

“PJT Personnel” means any individual who primarily provides services to any member of the PJT Business as of the Effective
Time (other than any Retained Personnel), which individuals are listed on Exhibit B hereto. Such PJT Personnel may include individuals who are employed by, or otherwise primarily providing services to, either a member of the PJT Business or the
Blackstone Group as of immediately before the Effective Time. 

  
 5 

 “PJT Personnel Retained Blackstone Equity Award” has the meaning set forth in
Section 5.1(b). 
 “PJT Reimbursement Account Plan” has the meaning set forth in Section 4.2. 

“PJT RSUs” means restricted share units of PJT HoldCo and settled in PJT Class A Shares or in cash, at the election of
PJT HoldCo. 
 “PJT Savings Plan” has the meaning set forth in Section 3.2. 

“PJT VWAP” means, for any specified period, the volume weighted average per share price of PJT Class A Shares trading on
the NYSE. 
 “PJT Welfare Plan” has the meaning set forth in Section 4.1. 

“Replacement Award” has the meaning set forth in Section 5.1(a). 

“Replacement Award Post-Separation Value” means, during the True-Up Measurement Period (or, if applicable, a designated
period within such True-Up Measurement Period), the product of (x) the PJT VWAP during such applicable period and (y) the number of shares of PJT Class A Shares or PJT LP Units, as applicable, subject to a Replacement Award. 

“Retained Personnel” means the individuals identified on Exhibit A. 

“Retention Award” has the meaning set forth in Section 5.6. 

“Separation” has the meaning set forth in the recitals. 

“Separation Agreement” has the meaning set forth in the recitals. 

“Severance Protections” has the meaning set forth in Section 2.2(b). 

“Special Equity Award” means an equity award of deferred Blackstone Common Units or Blackstone Holdings Units identified as a
“Special Equity Award,” “Wealth Accumulation Plan Award,” or “Star Award” and issued under the Blackstone Equity Incentive Plan. 

“Third Party Claim” shall have the meaning set forth in Section 7.4(b). 

“Trading Day” means the period of time during any given calendar day, commencing with the determination of the opening price
on the NYSE and ending with the determination of the closing price on the NYSE. 
 “True-Up Adjustment” has the meaning set
forth in Section 5.2. 
 “True-Up Measurement Period” means the 180 calendar days following the Closing Date,
commencing with the first Trading Day after the Closing Date. 

  
 6 

 “USERRA Leave” means a leave of absence in respect of which reemployment rights
are protected under the Uniformed Services Employment and Reemployment Rights Act. 
 Section 1.2 References; Interpretation.
Unless the context otherwise requires: 
 (a) references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed
references to Articles and Sections of, Exhibits and Schedules to, this Agreement; 
 (b) references in this Agreement to any time shall be
to the then prevailing New York City, New York time unless otherwise expressly provided herein; and 
 (c) references to an individual as an
“Employee” are descriptive only and are not necessarily intended to mean that an individual is in fact an employee of any Party. 

Section 1.3 Relation to Other Documents. To the extent there is any inconsistency between this Agreement and the terms of another
agreement pertaining to the Separation that is the subject of this Agreement and such inconsistency (i) arises in connection with or as a result of employment with or the performance of services before or after the Separation for any member of
the Blackstone Group or PJT Group and (ii) relates to the allocation of Liabilities attributable to the employment, service, termination of employment or termination of service of all present or former Blackstone employees or PJT Personnel or
any of their dependents and beneficiaries (and any alternate payees in respect thereof) and other service providers (including any individual who is, or was or is determined to be an independent contractor, temporary employee, temporary service
worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the Blackstone Group
or the PJT Group), the terms of this Agreement shall prevail. 
 ARTICLE II 

GENERAL PRINCIPLES 

Section 2.1 Assumption and Retention of Liabilities; Related Assets. 

(a) Effective as of the Effective Time, except as otherwise expressly provided for in this Agreement, Blackstone shall, or shall cause one or
more members of the Blackstone Group to, assume or retain, as applicable, and pay, perform, fulfill and discharge, in due course in full: 

(i) all Liabilities under all Blackstone Benefit Arrangements (other than PJT Benefit Arrangements) which exist as of the Effective Time;

 (ii) subject to Section 2.1(a)(iii) below, all Liabilities with respect to the employment, service, termination of employment or
termination of service (or otherwise) of all (A) employees (other than PJT Personnel and Former PJT Personnel) of any member of the Blackstone Group and their dependents and beneficiaries (and any alternate payees in respect thereof) and
(B) other service providers (including any individual who is, or was, or is determined to be an 

  
 7 

 
independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any
other employment, non-employment, or retainer arrangement, or relationship with any member of the Blackstone Group), in each case to the extent such other service provider Liability arose in connection with or as a result of the performance of
services for businesses other than the PJT Business before, at or after the Effective Time or the performance of services for any member of the Blackstone Group before the Effective Time; 

(iii) all Liabilities with respect to the employment, service, termination of employment or termination of service of Former PJT Personnel
whose employment or services with the Blackstone Group terminated prior to the Separation and other Liabilities to Former PJT Personnel solely to the extent such Liabilities arose out of, or were related to, events that occurred prior to the
Separation, except in each case to the extent such Liabilities are described on or arise out of contracts set forth on Schedule 2.1(a)(iii) attached hereto; and 

(iv) any other Liabilities or obligations expressly assigned to BX or any of its Affiliates under this Agreement. 

(b) Effective as of the Effective Time, except as otherwise expressly provided for in this Agreement but notwithstanding the provisions of
Section 2.1(a), PJT LP shall, or shall cause one or more members of the PJT Group to, assume or retain, as applicable, and pay, perform, fulfill and discharge, in due course in full: 

(i) all Liabilities under all PJT Benefit Arrangements; 

(ii) all Liabilities set forth on Schedule 2.1(a)(iii) attached hereto and all other Liabilities (other than with respect to Liabilities
retained by the Blackstone Group pursuant to Section 2.1(a)(iii)) with respect to the employment, service, termination of employment or termination of service (or otherwise) of (A) all PJT Personnel and their dependents and beneficiaries
(and any alternate payees in respect thereof) and (B) other service providers (including any individual who is, or was, or is determined to be an independent contractor, temporary employee, temporary service worker, consultant, freelancer,
agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the PJT Group), in each case to the extent such
Liability arose in connection with or as a result of the performance of services for the PJT Business before, at or after the Effective Time; and 

(iii) any other Liabilities or obligations expressly assigned to PJT LP or any of its Affiliates under this Agreement. 

(c) From time to time after the Effective Time, the Parties shall promptly reimburse one another, upon reasonable request of the Party
requesting reimbursement and the presentation by such Party of such substantiating documentation as the other Party shall reasonably request, for the cost of any obligations or Liabilities satisfied or assumed by the Party requesting reimbursement
or its Affiliates that are, or that have been made pursuant to this Agreement, the responsibility of the other Party or any of its Affiliates. Any such reimbursement shall be on a fair-market-value, arm’s-length basis. 

  
 8 

 (d) Subject to Section 8.7, BX shall be the responsible party for preparing and timely
filing or causing to be prepared and timely filed all Employment Tax Returns of any member of the Blackstone Group. BX shall be liable for all Employment Taxes due on any such Employment Tax Return. BX, at its sole expense, shall have exclusive
control over the conduct and resolution of any audit, litigation, contest, dispute, or other proceeding relating to Employment Taxes of any member of the Blackstone Group. 

(e) Subject to Section 8.7, PJT HoldCo shall be the responsible party for preparing and timely filing or causing to be prepared and
timely filed all Employment Tax Returns of any member of the PJT Group with respect to periods (or portions thereof) following the Closing Date. PJT HoldCo shall be liable for all Employment Taxes due on any such Employment Tax Return. PJT HoldCo,
at its sole expense, shall have exclusive control over the conduct and resolution of any audit, litigation, context, dispute, or other proceeding relating to Employment Taxes of the PJT Group. 

Section 2.2 Treatment of Cash Compensation and Severance Arrangements. 

(a) For a period of at least twelve (12) months following the Effective Time, PJT HoldCo shall, or shall cause a member of the PJT Group
to, provide to each PJT Personnel who remains employed during such period with (i) a base salary/draw and annual cash bonus opportunity (expressed as a percentage of base salary/draw) that are no less favorable in the aggregate (excluding
guarantees) than those provided to such PJT Personnel immediately before the Effective Time and (ii) other compensation and employee benefits (excluding equity and/or equity-based compensation) that are substantially similar in the aggregate to
those benefits provided to such PJT Personnel immediately before the Effective Time. Without limiting the generality of the foregoing, PJT shall maintain the Park Hill Bonus Plan in accordance with the terms of each Park Hill Bonus Plan. 

(b) Until the first anniversary of the Effective Time, PJT HoldCo shall, or shall cause a member of the PJT Group to, provide severance
protections described on Schedule A to PJT Personnel described on Schedule A (“Severance Protections”). BX shall, or shall cause a member of the Blackstone Group to, reimburse PJT in cash on a monthly basis for the PJT
Group’s pre-tax costs of providing the Severance Protections, including the employer portion of the payroll tax obligations arising in connection with providing the Severance Protections, whether paid as severance or pursuant to settlement of
litigation or potential litigation arising out of the termination of the employment of any PJT Personnel identified on Schedule A; provided, that no reimbursement shall be provided for (x) any termination of PJT Personnel that occurs
after the first anniversary of the Effective Time or (y) the value of any accelerated vesting of equity or equity-based awards. To the extent PJT HoldCo, or any member of the PJT Group, provides severance benefits to PJT Personnel identified on
Schedule A in amounts greater than, or to individuals not covered by, the Severance Protections, BX will have no obligation to, or to cause a member of the Blackstone Group to, reimburse PJT HoldCo, or any member of the PJT Group, for such excess
benefits unless otherwise approved in writing by Blackstone’s Global Head of Human Resources. 

  
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 Section 2.3 Participation in Blackstone Benefit Arrangements. Except as otherwise
expressly provided for in this Agreement or as otherwise expressly agreed to in writing between the Parties, (i) effective as of the Effective Time, PJT HoldCo and each member of the PJT Group, to the extent applicable, shall cease to be a
Participating Company in any Blackstone Benefit Arrangement and (ii) each PJT Participant, effective as of the Effective Time, shall cease to participate in, be covered by, accrue benefits under, be eligible to contribute to or have any rights
under any Blackstone Benefit Arrangement except to the extent of obligations that accrued before the Effective Time, which obligations will remain a liability of the Blackstone Group unless expressly assumed by the PJT Group pursuant to this
Agreement), and Blackstone and PJT HoldCo shall, or cause the applicable member of the PJT Group to, take all necessary action to effectuate each such cessation. 

Section 2.4 Service Recognition. Effective as of the Effective Time PJT HoldCo shall, and shall cause each member of the PJT Group
to, give each PJT Personnel full credit for purposes of eligibility, vesting, determination of level of benefits, and, to the extent applicable, benefit accruals and benefit subsidies under any PJT Benefit Arrangement (other than under any
equity-based plan or arrangements covering grants made after the Effective Time to the extent not otherwise expressly provided for herein or in any other agreement) for such individual’s service with any member of the Blackstone Group or PJT
Group or any predecessor thereto prior to the Closing Date, to the same extent permitted by Applicable Law and the terms of the applicable PJT Benefit Arrangements and to the same extent such service was recognized by an applicable similar
Blackstone Benefit Arrangement immediately prior to the Closing Date; provided, that, such service shall not be recognized to the extent such recognition would result in the duplication of benefits. In addition, and without limiting the
generality of the foregoing provisions of this Section 2.4, (i) PJT HoldCo shall cause each PJT Personnel to be immediately eligible to participate, without any waiting time, in any and all PJT Benefit Arrangements to the extent
coverage under the PJT Benefit Arrangement is comparable to a Blackstone Benefit Arrangement in which the PJT Personnel participated immediately before the Closing Date and (ii) for purposes of each PJT Benefit Arrangement providing medical,
dental, pharmaceutical or vision benefits to any PJT Personnel, PJT HoldCo shall cause all pre-existing condition exclusions and actively-at-work requirements of such PJT Benefit Arrangement to be waived for such employee and his or her covered
dependents, except to the extent such conditions would not have been waived under the comparable Blackstone Benefit Arrangement in which such employee participated immediately prior to the Closing Date, and PJT HoldCo shall cause any eligible
expenses incurred by such employee and his or her covered dependents during the portion of the plan year of the Blackstone Benefit Arrangement ending on the date such employee’s participation in the corresponding PJT Benefit Arrangement begins
to be taken into account under such PJT Benefit Arrangement for purposes of satisfying all deductible, coinsurance and maximum out-of pocket requirements applicable to such employee and his or her covered dependents for the applicable plan year as
if such amounts had been paid in accordance with the PJT Benefit Arrangement. 
 Section 2.5 No Acceleration of Benefits. Except
as otherwise provided in this Agreement, no provision of this Agreement shall be construed to create any right, or accelerate vesting or entitlement, to any compensation or benefit whatsoever on the part of any PJT Personnel or other former, current
or future employee of the Blackstone Group or PJT Group under any Benefit Arrangement of the Blackstone Group or PJT Group. 

  
 10 

 Section 2.6 Amendment Authority. Except as otherwise provided in this Agreement,
nothing in this Agreement is intended to prohibit any member of the Blackstone Group, PJT Group or PJT Group from amending or terminating any employee benefit plans, policies and compensation programs at any time on or after the Closing Date. 

Section 2.7 No Commitment to Employment or Benefits. Nothing contained in this Agreement shall be construed (i) as a
commitment or agreement on the part of any person to continue employment with the Blackstone Group or the PJT Group or, except as otherwise provided in this Agreement, (ii) as a commitment on the part of the Blackstone Group or the PJT Group to
continue the compensation or benefits of any person for any period, (iii) to provide any recall or similar rights to an individual on layoff or any type of Leave of Absence, (iv) to establish, amend or modify any benefit plan or
arrangement, or (v) to prevent the PJT Group from terminating any employee for any reason. This Agreement is solely for the benefit of the Blackstone Group and the PJT Group and, except to the extent otherwise expressly provided herein, nothing
in this Agreement, express or implied, is intended to confer any rights, benefits, remedies, obligations or Liabilities under this Agreement upon any Person, including any PJT Personnel or other current or former employee, officer, director or
contractor of the Blackstone Group or the PJT Group, other than the Parties and their respective successors and assigns. 
 Section 2.8
Certain Employment Transfers. BX shall, or shall cause one or more members of the Blackstone Group to, cause each of the PJT Personnel to be employed by a member of the PJT Group immediately before the Effective Time. 

ARTICLE III 

QUALIFIED DEFINED CONTRIBUTION PLANS 

Section 3.1 Participation of PJT Personnel in the Blackstone Savings Plan; Vesting. BX shall, or shall cause one or more members
of the Blackstone Group to, cause each PJT Personnel to become fully vested in such PJT Personnel’s account balances under the Blackstone Savings Plan as of the date on which such PJT Personnel ceases to be employed by the Blackstone Group
(which, generally, will be the Closing Date). 
 Section 3.2 PJT Savings Plan. Effective as of the Closing Date, PJT HoldCo
shall, or shall have caused one or more members of the PJT Group to, establish or maintain a defined contribution savings plan or plans and related trust or trusts intended to satisfy the requirements of Sections 401(a) and 401(k) of the Code (such
defined contribution savings plan or plans, the “PJT Savings Plan”). PJT HoldCo shall, or shall cause one or more members of the PJT Group to, be responsible for taking all necessary, reasonable, and appropriate action to establish,
maintain and administer the PJT Savings Plan so that it is qualified under Section 401(a) of the Code, that it satisfies the requirements of Section 401(k) of the Code and that the related trust thereunder is exempt under
Section 501(a) of the Code, and as soon as reasonably practicable following the Closing Date PJT HoldCo shall, or shall cause one or more members of the PJT Group to, take all steps reasonably necessary to obtain a favorable determination from
the IRS as to such qualification if one is not then applicable to the PJT Savings Plan. PJT HoldCo shall, or shall cause one or more members of the PJT Group to, be responsible for any and all Liabilities (including Liability for funding) and other
obligations with respect to the PJT Savings Plan. 

  
 11 

 Section 3.3 Transfer of Plan Assets and Liabilities. As soon as practicable following
the Effective Time, BX shall, or shall cause one or more members of the Blackstone Group to, cause any and all accounts of PJT Personnel under the Blackstone Savings Plan, and the value of the assets attributable to such accounts, to be transferred
to the PJT Savings Plan in a “transfer of assets or liabilities” in accordance with Section 414(l) of the Code. BX shall, or shall cause one or more members of the Blackstone Group to, effectuate at least one subsequent transfer no
later than seven (7) months following the Effective Time with respect to any individuals who become PJT Personnel after the Effective Time. The assets to be transferred shall be transferred in-kind (except as a third-party administrator may
otherwise require), including as applicable in the form of promissory notes evidencing plan loans. PJT HoldCo shall cause the administrator of, and the trustee of the trust established under, the PJT Savings Plan to accept such transfer, subject to
Applicable Law. Prior to the transfer, BX and PJT HoldCo or their respective Affiliates shall notify the IRS of the transfer by timely filing Forms 5310-A, to the extent such filings are required. 

ARTICLE IV 
 HEALTH
AND WELFARE PLANS 
 Section 4.1 Health and Welfare Plan Participation. Effective as of the Closing Date, PJT HoldCo
shall, or shall cause an Affiliate to, establish or maintain health and welfare plans for the benefit of PJT Personnel (collectively, the “PJT Welfare Plans”). 

Section 4.2 Reimbursement Account Plans. Effective as of the Closing Date PJT HoldCo shall, or shall have caused one or more
members of the PJT Group to, have established a health and dependent care reimbursement account plan (the “PJT Reimbursement Account Plan”) with features substantially similar to those contained in the Blackstone Administrative
Services Partnership LP Health and Welfare Plan (or any successor thereto) as in effect immediately prior to the Closing Date (the “Blackstone Reimbursement Account Plan”). PJT shall assume responsibility for administering under the
PJT Reimbursement Account Plan all reimbursement claims of PJT Personnel incurred in the calendar year in which the Closing Date occurs, whether such claims arose before, on and after the Closing Date. No more than forty-five (45) calendar days
following the Closing Date (or such later time as mutually agreed by BX and PJT HoldCo), (A) BX shall, or shall cause one or more members of the Blackstone Group to, cause to be transferred to PJT HoldCo, or such member of the PJT Group as PJT
HoldCo designates, an amount in cash, cash-like securities or other cash equivalents equal to the excess, if any, of all contributions to the Blackstone Reimbursement Account Plan made with respect to the calendar year in which the Closing occurs
(and, if the transfer occurs in any calendar year before April 1, the preceding calendar year) by or on behalf of any PJT Personnel prior to the Closing Date over the amount previously distributed to the PJT Personnel under the Blackstone
Reimbursement Account Plan for the calendar year in which the Closing occurs (and, if the transfer occurs in any calendar year before April 1, the preceding calendar year), and (B) PJT HoldCo shall cause to be transferred to BX, or such
member of the Blackstone Group as BX designates, an amount in cash, cash-like securities or other cash equivalents equal to the excess, if any, of the amount previously distributed 

  
 12 

 
to the PJT Personnel under the Blackstone Reimbursement Account Plan for the calendar year in which the Closing occurs (and, if the transfer occurs in any calendar year before April 1, the
preceding calendar year) over all contributions to the Blackstone Reimbursement Account Plan made with respect to the calendar year in which the Closing occurs (and, if the transfer occurs in any calendar year before April 1, the preceding
calendar year) by or on behalf of any PJT Personnel prior to the Closing Date. 
 Section 4.3 Certain Liabilities. 

(a) Insured Benefits. With respect to employee welfare and fringe benefits that are provided through the purchase of insurance, BX
shall, or shall cause one or more members of the Blackstone Group to, timely pay all premiums in respect of coverage of PJT Personnel who participated in Blackstone Benefit Arrangements in respect of the period through the Closing Date, and PJT
HoldCo Welfare Plans shall maintain Liability in respect of any and all claims of PJT Personnel that are incurred under such plans. 
 (b)
Self-Insured Benefits. With respect to employee welfare and fringe benefits that are provided on a self-insured basis, (i) BX shall, or shall cause one or more members of the Blackstone Group to, fully perform, pay and discharge, under
the Blackstone Welfare Plans, all claims of PJT Personnel that are incurred under such plans through the Closing Date and (ii) PJT HoldCo shall, or shall cause one or more members of the PJT Group to, fully perform, pay and discharge, under the
PJT Welfare Plans, after the Closing Date, all claims of PJT Personnel that are incurred on or after the Closing Date. For purposes of this Section 4.3(b), a claim or Liability is deemed to be incurred: with respect to medical, dental,
vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim or Liability; with respect to life insurance, accidental death and dismemberment and business travel accident insurance, upon the occurrence of
the event giving rise to such claim or Liability; and with respect to disability benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim
or Liability. 
 Section 4.4 Time-Off Benefits. PJT HoldCo shall credit (or continue to credit) or cause to be credited (or
cause to continue to be credited) each PJT Personnel as of the Closing Date with the amount of accrued but unused vacation time, paid time off and other time-off benefits as such PJT Personnel had with BX as of immediately prior to the Closing Date.

 ARTICLE V 

EQUITY AND INCENTIVE COMPENSATION AWARDS 

Section 5.1 Treatment of Blackstone Equity Awards of PJT Personnel. 

(a) Immediately following the Effective Time, except as otherwise agreed in writing between BX and an award holder, fifty percent
(50%) of each outstanding unvested Blackstone Equity Award held by PJT Personnel, other than any such unvested Blackstone Equity Award which is scheduled to vest within 180 calendar days following the Effective Time, will be converted and
cancelled (each, a “Converted Blackstone Award”) and replaced by a comparable 

  
 13 

 
equity award in accordance with this Agreement (a “Replacement Award”). Such Replacement Award will be (ii) an award of PJT RSUs for each Converted Blackstone Award
denominated in Blackstone Common Units and (ii) denominated in PJT LP Units for each Converted Blackstone Award denominated in Blackstone Holdings Units. The number of shares of PJT Class A Shares or PJT LP Units, as applicable, subject to
each Replacement Award will be equal to a quotient, the numerator of which is equal to the product of (x) the number of Blackstone Common Units or Blackstone Holdings Units, as applicable, subject to the Converted Blackstone Award and
(y) the Blackstone VWAP for the twenty (20)-Trading Day period ended on August 14, 2015, and the denominator of which is the PJT Per-Share TEV. The Replacement Award will be subject to identical vesting and settlement terms as those that
applied to such Converted Blackstone Award immediately before the Effective Time; provided, that any vesting conditions and settlement based on continued service to Blackstone or its Affiliates will be based on continued service to PJT HoldCo
or its Affiliates. 
 (b) The portion of any Blackstone Equity Award held by PJT Personnel that is not a Converted Blackstone Award will
remain a Blackstone Equity Award (the “PJT Personnel Retained Blackstone Equity Award”). Each PJT Personnel Retained Blackstone Equity Award, except as otherwise agreed in writing between BX and an award holder, either (i) will
be adjusted to reflect the value of a distribution of PJT Class A Shares or PJT LP Units or (ii) will receive a distribution from BX of PJT Class A Shares or PJT LP Units, in each case, in connection with the transactions contemplated
hereby in accordance with the terms of the Blackstone Equity Incentive Plan, as determined by BX. 
 Section 5.2 True-Up of
Replacement Awards. If during every full twenty-Trading Day period within the True-Up Measurement Period, the Replacement Award Post-Separation Value is less than the Converted Blackstone Award Post-Separation Value during the applicable
twenty-Trading Day period, then the Replacement Award holder will be credited with an adjustment to such Replacement Award (a “True-Up Adjustment”). The True-Up Adjustment, if applicable, will provide the holder of a Replacement
Award with the right to receive equity or a cash payment based on the excess, if any (the “True-Up Value”), of (x) the Converted Blackstone Award Post-Separation Value for the last 20 Trading Days of the True-Up Measurement
Period over (y) the value of the Replacement Award Post-Separation Value for the last 20 Trading Days of the True-Up Measurement Period. The True-Up Adjustment will be payable by BX and settled in cash, Blackstone Common Units, or PJT
Class A Shares, as determined by BX in its sole discretion as soon as practicable following the True-Up Measurement Period. If the True-Up Adjustment is settled in Blackstone Common Units or PJT Class A Shares, the Replacement Award holder
will receive a number of units or shares, as applicable, with a value equal to the True-Up Value using the Blackstone VWAP or PJT VWAP, as applicable, during the last 20 Trading Days of the True-Up Measurement Period. The True-Up Adjustment will be
subject to such other terms and conditions as determined by BX in its sole discretion after consultation with PJT HoldCo. For the avoidance of doubt, a holder of a Replacement Award that is forfeited prior to the end of the True-Up Measurement
Period will not be entitled to receive a True-Up Adjustment in respect of such Replacement Award. 
 Section 5.3 Forfeiture of
Replacement Awards. On the tenth (10th) Business Day following the end of the each fiscal quarter, PJT HoldCo or one of its Affiliates will pay to BX or one its Affiliates an amount equal
to the product of (x) the number of Replacement Award 

  
 14 

 
shares or units forfeited during the preceding fiscal quarter and (y) the twenty (20)-Trading Day PJT VWAP immediately preceding and including the last day of the preceding fiscal quarter
(the “Forfeited Replacement Award Reimbursement”). The Forfeited Replacement Award Reimbursement will be paid in cash or in PJT Class A Shares, at the election of PJT HoldCo. For the avoidance of doubt, PJT HoldCo will not
reimburse BX for the value of any forfeited True-Up Adjustment or any forfeited Replacement Award which corresponds to a Converted Blackstone Award that was granted with respect to the 2014 calendar year pursuant to the Blackstone Bonus Deferral
Plan. PJT Holdco shall promptly notify Blackstone upon the termination of services of any PJT Personnel resulting in a forfeited Replacement Award. 

Section 5.4 Change of Control; Separation from Service. For the avoidance of doubt, (i) the Separation shall not constitute a
“Change of Control” under the Blackstone Equity Plan or the Blackstone Bonus Deferral Plan (or their respective underlying documents) and (ii) the transfer of employment and services by a holder of Blackstone Equity Awards from BX and
its Affiliates to PJT HoldCo and its Affiliates (and the Separation) shall not constitute a “separation of service” (to the extent not otherwise prohibited by applicable law) for purposes of the Blackstone Equity Plan or the Blackstone
Bonus Deferral Plan (or their respective underlying award agreements). 
 Section 5.5 New PJT Equity Plan. No later than the
Effective Time, PJT shall adopt a plan that will provide equity-based awards (including, without limitation, the Replacement Awards) to PJT Personnel (the “New PJT Equity Plan”). The New PJT Equity Plan shall be approved by the
shareholders of PJT HoldCo prior to the Effective Time. 
 Section 5.6 Retention Awards. At the Effective Time, BX shall, or
shall cause one or more members of the Blackstone Group to, cause PJT HoldCo, in consultation with the Founder, to issue to PJT Personnel retention awards in the form of PJT Class A Shares, PJT LP Units, and cash-based awards (collectively, the
“Retention Awards”) on such terms as set forth on Schedule B-1 hereto, with the form of equity and amount of such award for each recipient as specified on Schedule B-2. 

Section 5.7 Savings Clause. The Parties hereby acknowledge that the provisions of this ARTICLE V are intended to achieve
certain Tax, legal and accounting objectives and, in the event such objectives are not achieved, the Parties agree to negotiate in good faith regarding such other actions that may be necessary or appropriate to achieve such objectives. 

Section 5.8 SEC Registration. As soon as practicable following the Effective Time, PJT HoldCo shall prepare and file with the SEC
a registration statement on Form S-8 (or another appropriate form) registering under the Securities Act the offering of at least a number of PJT Class A Shares issuable under the New PJT Equity Plan. PJT HoldCo shall keep such registration
statement effective (and maintain the current status of the prospectus required thereby) for so long as any PJT Class A Shares issued pursuant to this ARTICLE V remain outstanding. 

  
 15 

 ARTICLE VI 

ADDITIONAL COMPENSATION MATTERS 

Section 6.1 Workers’ Compensation Liabilities. Effective as of the Closing Date, PJT HoldCo shall, or shall cause one or more
members of the PJT Group to, assume all Liabilities for PJT Personnel related to any and all workers’ compensation claims and coverage, whether arising under any law of any state, territory, or possession of the U.S. or the District of
Columbia, and arising after the Closing Date (the “Workers’ Compensation Liabilities”), and PJT HoldCo shall, or shall cause one or more members of the PJT Group to, be fully responsible for the administration of all such
claims; provided, however, if the event giving rise to a workers’ compensation claim occurs over a period both preceding and following the Closing Date, the claim shall be jointly covered under the applicable plans of PJT Holdco and BX and
equitably apportioned between them in accordance with Applicable Law or the applicable plan documents. If no member of the PJT Group is able to assume any Workers’ Compensation Liabilities or the administration of any related claim because of
the operation of applicable state law or for any other reason, BX shall, or shall cause one or more members of the Blackstone Group to, retain such Liabilities and PJT HoldCo shall, or shall cause one or more members of the PJT Group to, reimburse
and otherwise fully indemnify BX and all members of the Blackstone Group for all Workers’ Compensation Liabilities, including the costs of administering the plans, programs or arrangements under which any such Liabilities have accrued or
otherwise arisen. 
 Section 6.2 Code Section 409A. Notwithstanding anything in this Agreement to the contrary (including the
treatment of supplemental and deferred compensation plans, outstanding long-term incentive awards and annual incentive awards as described herein), the Parties agree to negotiate in good faith regarding the need for any treatment different from that
otherwise provided herein to ensure that the treatment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or other compensation does not cause the imposition of a Tax under Section 409A of the
Code. In no event, however, will any Party be liable to another in respect of any Taxes imposed under Section 409A of the Code. For the avoidance of doubt, the transfer of employment and services by a holder of Blackstone Equity Awards from BX
and its Affiliates to PJT HoldCo and its Affiliates (and the Separation) on or prior to the Effective Date shall not be intended to constitute a “separation of service” for purposes of Section 409A of the Code. 

Section 6.3 Certain Payroll and Annual Cash Incentive Matters. 

(a) Post-Distribution Payroll for Pre-Distribution Service. Subject to Section 9.15, in the case of each PJT Personnel, the
employer of such individual as of immediately before the Closing Date shall be responsible for paying (and the W-2 and other payroll reporting obligations for) the payroll amount due to such individual for the payroll period (or portion thereof)
ending on the Closing Date. 

  
 16 

 (b) Annual Cash Incentives. At the Effective Time, except as set forth below with respect
to partners and non-U.S. based employees (and subject to BX’s payment obligations to PJT HoldCo as set forth below), PJT HoldCo shall, or shall cause one or more members of the PJT Group to, assume responsibility for making payments to PJT
Personnel in respect of their annual incentive arrangements (“Bonus Arrangements”). BX and PJT HoldCo shall satisfy their respective obligations with respect to the Bonus Arrangements as follows: 

(i) Bonus Payments to Employees. PJT HoldCo, or one or more members of the PJT Group, shall pay the Bonus Arrangements in respect of
2015 to PJT Personnel who are employees (and not partners) no later than 75 calendar days following the Effective Date (the “PJT NPP Bonus Payment Date”). On the day immediately preceding the PJT NPP Bonus Payment Date, BX shall, or
shall cause one or more members of the Blackstone Group to pay PJT HoldCo an amount equal to the cash portion of any Bonus Arrangements accrued to such PJT Personnel as of the Effective Date (the “NPP Accrued Bonuses”);
provided, that the foregoing shall not apply with respect to PJT Personnel who are employees (and not partners) located in a jurisdiction other than the United States, and instead, on the PJT NPP Bonus Payment Date, BX shall, or shall cause
one or more members of the Blackstone Group to pay such PJT Personnel an amount equal to the cash portion of any Bonus Arrangements accrued to such PJT Personnel as of the Effective Date in satisfaction of BX’s Bonus Arrangement obligations
with respect to such individuals. 
 (ii) Bonus Payments to Partners. (A) PJT HoldCo, or one or more members of the PJT Group,
shall pay the Bonus Arrangements in respect of the period in 2015 following the Effective Date to PJT Personnel who are partners (and not employees) no later than such time as Bonus Arrangements are typically paid by the PJT Group to such PJT
Personnel in the ordinary course of business (the “PJT Partner Payment Date”); and (B) on the PJT Partner Payment Date, BX shall, or shall cause one or more members of the Blackstone Group to, pay to such PJT Personnel an
amount equal to the cash portion of any Bonus Arrangements accrued to such PJT Personnel as of the Effective Date (the “Partner Accrued Bonuses” and together with the NPP Accrued Bonuses, the “Accrued Bonuses”) in
satisfaction of BX’s Bonus Arrangement obligations with respect to such individuals. 
 (iii) Certain Adjustments; Treatment of
Non-Cash Bonuses. Subject to BX’s consent (such consent not to be unreasonably withheld), in the event that due to subsequent developments or events occurring following the Effective Time, including, without limitation, an increase in the
levels of compensation in the investment banking industry, there is a material increase in bonuses actually paid to such PJT Personnel above the levels anticipated by the Accrued Bonuses, BX shall be obligated to pay to PJT HoldCo its pro rata
portion of such incremental increase based on the portion of the calendar year prior to the Effective Time. On the Effective Date, with respect to any portion of the Accrued Bonuses which is deferred compensation or would have been denominated in
Blackstone Common Units or Blackstone Holdings Units pursuant to the terms of the Blackstone Bonus Deferral Plan (the “Non-Cash Portion”), BX shall, or shall cause one or more members of the Blackstone Group to, pay to PJT Holdco or
such member of the PJT Group as PJT HoldCo designates an amount in cash equal to the Non-Cash Portion of the Accrued Bonuses. Payment of Bonus Arrangements in respect of 2015 shall be made in accordance with the terms set forth on Schedule 8.7. 

  
 17 

 Section 6.4 Tax Benefits. If any member of the PJT Group actually realizes a
cash benefit (including a reduction in payments under the Tax Receivable Agreement or a reduction in cash Taxes otherwise payable) as a result of (i) any True-Up Adjustment (including, without limitation, in connection with the receipt, vesting
or delivery of any cash, equity or other property as a result of such True-Up Adjustment), (ii) any PJT Personnel Retained Blackstone Equity Award (including, without limitation, in connection with the receipt, vesting or delivery of any cash,
equity or other property pursuant to the foregoing) or (iii) the payment (whether by a member of the Blackstone Group or the PJT Group) of any Accrued Bonuses (including, without limitation, in connection with the receipt, vesting or delivery
of any cash, equity or other property attributable to the cash or Non-Cash Portion of any Accrued Bonuses), then PJT HoldCo shall pay the net amount of such cash benefit or such reduction in Taxes to BX (or such member of the Blackstone Group as BX
designates). Any such payments shall be made on an annual basis within 9 months following the end of the relevant taxable period in which the applicable member of the PJT Group actually realized such cash benefit or such reduction in Taxes and
shall be net of the tax costs on income, if any, to any member of the PJT Group resulting from the payments made by BX in connection with any of its foregoing obligations. PJT HoldCo shall cooperate (and shall cause other members of the PJT Group to
cooperate) with BX’s reasonable requests in determining the amount of any cash benefit or reduction in Taxes that could give rise to a payment under this Section 6.4. 

ARTICLE VII 

INDEMNIFICATION 

Section 7.1 Indemnification. The Parties acknowledge that any claim for indemnification, whether or not based upon, attributable
to, resulting from or arising under this Agreement shall be subject to and made in accordance with Article VIII (Indemnification) of the Separation Agreement. 

ARTICLE VIII 

GENERAL AND ADMINISTRATIVE 

Section 8.1 Sharing of Information. To the extent permitted by Applicable Law, BX and PJT HoldCo shall provide to each other and
their respective agents and vendors all Information (other than attorney-client privileged Information or attorney work product) as the other may reasonably request to enable the requesting Party to defend or prosecute claims, to administer
efficiently and accurately each of its Benefit Arrangements (including in connection with audits or other proceedings maintained by any Governmental Authority), to facilitate the treatment of equity awards and compensation matters as contemplated
under this Agreement, to timely and accurately comply with and report under Section 14 of the Securities Exchange Act of 1934, as amended and the Code, to determine the scope of, as well as fulfill, all of its other

  
 18 

 
obligations under this Agreement, and otherwise to comply with provisions of Applicable Law. Such Information shall, to the extent reasonably practicable, be provided in the format and at the
times and places requested, but in no event shall the Party providing such Information be obligated to incur any out-of-pocket expenses not reimbursed by the Party making such request or make such Information available outside of its normal business
hours and premises. Any Information shared or exchanged pursuant to this Agreement shall be subject to the confidentiality requirements set forth in ARTICLE IX of the Separation Agreement; provided, that, notwithstanding anything in
such ARTICLE IX and without otherwise limiting the provisions of such ARTICLE IX, each of the Parties shall comply with any requirement of Applicable Law in regard to the confidentiality of the Information (whether relating to employee
records or otherwise) that is shared with another Party in accordance with this Section 8.1. The Parties also hereby agree to enter into any business associate agreements that may be required for the sharing of any Information pursuant
to this Agreement to comply with the requirements of HIPAA. The Parties shall use their best efforts to secure consents or authorizations from employees, former employees and their respective dependents to the extent required to permit the Parties
to share Information as contemplated in this Section 8.1. 
 Section 8.2 Reasonable Efforts/Cooperation. Each of the
Parties shall use commercially reasonable efforts (subject to, and in accordance with Applicable Law) to be take promptly, or cause to be taken promptly, all actions, and to do promptly, or cause to be done promptly, and to assist and cooperate with
the other Parties in doing, all things reasonably necessary, proper or advisable under Applicable Laws or contractual obligations to carry out the intent and purposes of this Agreement, including, without limitation, adopting plans or plan
amendments and facilitating the treatment of equity awards and compensation matters as contemplated under this Agreement. Each of the Parties shall cooperate fully on any issue relating to the transaction contemplated by this Agreement for which the
other Party seeks a determination letter or private letter ruling from the IRS, an advisory opinion from the Department of Labor or any other filing, consent or approval with respect to or by a Governmental Authority. 

Section 8.3 Effect on Employment. Without limiting Section 2.3 or Section 2.4, except as expressly
provided in this Agreement, the mere occurrence of the Separation shall not cause any employee to be deemed to have incurred a termination of employment which entitles such individual to the commencement of benefits under any of the Blackstone
Benefit Arrangements (provided that PJT Personnel may become eligible for a distribution from the Blackstone Savings Plan in accordance with the terms of such plan). 

Section 8.4 Consent of Third Parties. If any provision of this Agreement is dependent on the Consent of any third party and such
Consent is withheld, the Parties hereto shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure
of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision (as applicable) in a mutually satisfactory manner. 

Section 8.5 Access to Employees. On and after the Closing Date, BX and PJT HoldCo shall, and shall cause each of their respective
Affiliates to, use their best efforts to make available to each other those of their employees who may reasonably be needed in order to defend or prosecute any legal or administrative Action (other than a legal action between or among any of

  
 19 

 
the Parties) to which any employee, director or Benefit Arrangement of the Blackstone Group or PJT Group is a party and which relates in any way to their respective employment or to their
respective Benefit Arrangements prior to the Closing Date. The Party to whom an employee is made available in accordance with this Section 8.5 shall pay or reimburse the other Party for all reasonable, pre-approved expenses which may be
incurred by such employee in connection therewith, including all reasonable travel, lodging, and meal expenses, but excluding any amount for such employee’s time spent in connection herewith. 

Section 8.6 Beneficiary Designation/Release of Information/Right to Reimbursement. Without limiting the provisions of
Section 2.7 or other provisions of this Agreement, to the extent permitted by Applicable Law and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of Information and rights
to reimbursement made by or relating to PJT Personnel under Blackstone Benefit Arrangements shall be transferred to and be in full force and effect under the corresponding PJT Benefit Arrangements until such beneficiary designations, authorizations
or rights are replaced or revoked by, or no longer apply, to the relevant PJT Personnel. 
 Section 8.7 Certain Compensation
Arrangements. Without limiting the generality of this Article VIII, the Parties shall cooperate in good faith and share information to implement and administer the terms of the Replacement Awards, the PJT Personnel Retained Blackstone Equity
Awards, the True-Up Adjustment, the Retention Awards and the Bonus Arrangements and any other applicable arrangements, in each case, as contemplated under the terms of this Agreement and as further set forth in Schedule 8.7 attached hereto, in order
to facilitate the Parties’ respective obligations to each other and to the PJT Personnel. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Entire Agreement. This Agreement, including the Exhibits and Schedules, and the Separation Agreement, including any
related annexes, schedules and exhibits, as well as any other agreements and documents referred to herein and therein, shall together constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and shall
supersede all prior negotiations, agreements and understandings of the Parties of any nature, whether oral or written, with respect to such subject matter. In the event of any conflict between the terms and conditions of the body of this Agreement
and the terms and conditions of any Schedule or Exhibit, the terms and conditions of such Schedule or Exhibit shall control, unless specifically provided otherwise in this Agreement. 

Section 9.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

  
 20 

 Section 9.3 Waiver of Jury Trial. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 9.4 Notices. All notices and other communications required or permitted to be given hereunder shall be in writing and
shall be deemed given if delivered personally, transmitted by facsimile or e-mail (and confirmed), mailed by registered or certified mail with postage prepaid and return receipt requested, or sent by commercial overnight courier, courier fees
prepaid (if available; otherwise, by the next best class of service available), to the parties at the following addresses: 
  

							
		 	(a)	  	If to any member of the PJT Group:
			
		 		  	PJT Partners Inc.
		 		  	280 Park Avenue
		 		  	16th FloorNew York, NY 10017
		 		  	Attn: Ji-Yeun Lee; Jim Cuminale
		 		  	E-mail: jyl@pjtpartners.com; cuminale@pjtpartners.com
			
		 		  	with a copy to (which shall not constitute notice):
			
		 		  	Weil, Gotshal & Manges LLP
		 		  	767 Fifth Avenue
		 		  	New York, NY 10153
		 		  	Attn: Barry Wolf, Esq.; Michael Aiello, Esq.
		 		  	Facsimile: (212) 310-8007
		 		  	Email:	 	Barry.Wolf@weil.com;
		 		  		 	Michael.Aiello@weil.com
			
		 	(b)	  	If to any member of the Blackstone Group:
			
		 		  	The Blackstone Group L.P.
		 		  	345 Park Avenue
		 		  	New York, NY 10154
		 		  	Attn: John Finley; Michael Chae
		 		  	Facsimile: (212) 583-5749
		 		  	E-mail:	 	John.Finley@blackstone.com
		 		  		 	Chae@blackstone.com
			
		 		  	with a copy to (which shall not constitute notice):
			
		 		  	 Simpson Thacher & Bartlett LLP

425 Lexington Avenue
 New York, NY 10017-3954

		 		  	 Attn: Gregory T. Grogan, Esq.

Facsimile: (212) 455-2502

		 		  	E-mail:	 	ggrogan@stblaw.com

  
 21 

 or to such other Person or address as any party shall specify in notice by writing to the other parties in
accordance with this Section 9.4. All such notices or other communications shall be deemed to have been received on the date of the personal delivery or delivery by e-mail (if confirmed) or facsimile (if delivery confirmation is
received), or, on the third Business Day after the mailing or dispatch thereof; provided that notice of change of address shall be effective only upon receipt. 

Section 9.5 Amendments; Waivers and Consents. 

(a) This Agreement may be amended except by an instrument or instruments in writing signed and delivered on behalf of the Blackstone Parties,
PJT HoldCo and PJT LP. At any time prior to the Effective Time, any party hereto which is entitled to the benefits hereof may (i) extend the time for the performance of any obligations or other acts of the other parties, (ii) waive any
inaccuracy in the representations and warranties of any other party contained herein or in any document delivered pursuant hereto, and (iii) waive compliance with any of the agreements of any other party or conditions contained herein. Any
agreement on the party of a party hereto to any such extension or waiver shall be valid only with respect to the party agreeing to such extension or waiver and only if set forth in an instrument in writing, signed and delivered on behalf of such
party. 
 (b) The failure of any Party to require strict performance by the other Party of any provision in this Agreement will not waive or
diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. Any consent required or permitted to be given by any Party to the other Parties under this Agreement shall be in writing and signed by
the Party giving such consent and shall be effective only against such party (and its Group). 
 Section 9.6 Termination. This
Agreement shall terminate without further action at any time before the Closing upon termination of the Separation Agreement. If terminated, no Party shall have any Liability of any kind to the other Party or any other Person on account of this
Agreement, except as provided in the Separation Agreement. 
 Section 9.7 No Third-Party Beneficiaries. Except (i) as
provided in Article VII with respect to indemnification of Indemnitees, which is intended to benefit and be enforceable by the Persons specified therein as Indemnitees and (ii) as specifically provided herein, this Agreement is solely
for the benefit of the Parties and does not confer on third parties (including any employees of any member of the Blackstone Group or the PJT Group) any remedy, claim, reimbursement, claim of action or other right in addition to those existing
without reference to this Agreement. 
 Section 9.8 Assignability; Binding Effect. This Agreement is not assignable by any Party
without the prior written consent of the other Parties and any attempt to assign this Agreement without such consent shall be void and of no effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. 

  
 22 

 Section 9.9 Construction; Interpretation. Titles and headings to sections herein are
inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. Whenever required by the context, any pronoun used in this Agreement or the Schedules and Exhibits
hereto shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement,
document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement. The Parties have participated jointly in the negotiation and drafting of this Agreement. This Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the Party drafting or causing any instrument to be drafted. 
 Section 9.10
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 Section 9.11 Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

Section 9.12 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as
creating the relationship of principal and agent, partnership, joint venture or joint employer relationship between or among the Parties, it being understood and agreed that no provision contained herein, and no act of the Parties, shall be deemed
to create any relationship between or among the Parties other than the relationship set forth herein. 
 Section 9.13
Subsidiaries. BX shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any member of the Blackstone Group. PJT HoldCo shall cause to be performed,
and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any member of the PJT Group. 

Section 9.14 Dispute Resolution. Any controversy, dispute or claim arising out of, in connection with, or in relation to the
interpretation, performance, nonperformance, validity, termination or breach of this Agreement or otherwise arising out of, or in any way related to this Agreement or the transactions contemplated hereby or thereby shall be subject to the dispute
resolutions procedures set forth in Article IX of the Separation Agreement. 

  
 23 

 Section 9.15 Payroll and Related Taxes. With respect to the PJT Personnel who were
employees of a member of the Blackstone Group immediately prior to the Effective Time, the parties shall cause their respective Affiliates to (to the extent permitted by applicable Law and practicable) (a) treat the applicable member of the PJT
Group as a “successor employer” and the applicable member of the Blackstone Group as a “predecessor,” within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, to the extent appropriate, for purposes of Taxes imposed
under the United States Federal Insurance Contributions Act, as amended (“FICA”), or the United States Federal Unemployment Tax Act, as amended (“FUTA”) and (b) file tax returns, exchange wage payment
information, and report wage payments made by the respective predecessor and successor employer on IRS Forms W-2 or similar earnings statements to such PJT Personnel for the tax year in which the Effective Time occurs, in a manner provided in
Section 4.02(1) of Revenue Procedure 2004-53. For the avoidance of doubt, the collection of payroll taxes under FICA and FUTA for the tax year during which the Effective Time occurs will not restart upon or following the Effective Time with
respect to the PJT Personnel who were employees of a member of the Blackstone Group immediately prior to the Effective Time. 
 [Remainder
of this page intentionally left blank.] 

  
 24 

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

					
	THE BLACKSTONE GROUP L.P.
	By:	 	 Blackstone Group Management L.L.C., as

general partner

		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	BLACKSTONE HOLDINGS I L.P.
	By:	 	Blackstone Holdings I/II GP Inc., as general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	PJT PARTNERS INC.
		
	By:	 	 /s/ Michael S. Chae

		 	Name:	 	Michael S. Chae
		 	Title:	 	Chief Financial Officer
	
	PJT PARTNERS HOLDINGS LP
	By:	 	New Advisory GP L.L.C., as general partner
	By:	 	Blackstone Holdings I L.P., as sole member
	By:	 	Blackstone Holdings I/II GP Inc., as general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer

 
					
	PJT PARTNERS HOLDINGS LP
	BY:	 	PJT Partners Inc., its general partner
		
	By:	 	 /s/ Michael S. Chae

		 	Name:	 	Michael S. Chae
		 	Title:	 	Chief Financial Officer
	
	NEW ADVISORY GP L.L.C.
	By:	 	Blackstone Holdings I L.P., as sole member
	By:	 	Blackstone Holdings I/II GP Inc., as general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	PJT CAPITAL LP
		
	By:	 	 /s/ James Cuminale

	Name:	 	James Cuminale
	Title:	 	Authorized Signatory
	
	PJT MANAGEMENT, LLC
		
	By:	 	 /s/ James Cuminale

		 	Name:	 	James Cuminale
		 	Title:	 	Authorized Signatory

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