Document:

Exhibit 10.1

 

SEPARATION AND RELEASE AGREEMENT

 

This
Separation and Release Agreement (this “Agreement”) is entered into by and between Thomas Bergeson
(“Employee”) and Wheels Up Partners LLC (the “Company”) as of July 14, 2022. In consideration
of the material promises contained herein, the parties agree as follows:

 

1.            
TERMINATION OF EMPLOYMENT

 

Employee’s
last day of employment with the Company is August 17, 2022 (the “Separation Date”). Employee’s final
paycheck, which will include payment for any earned but unpaid wages for time worked through the Separation Date, is being paid to Employee
regardless of whether Employee signs this Agreement. Employee’s earned wages will include payment for accrued but unused PTO/vacation
through the Separation Date (to the extent not already paid) if applicable under state law and Company policy. If Employee has existing
coverage under the Company’s medical, dental and/or visions plans, such coverage shall continue through August 31, 2022. Thereafter,
regardless of whether Employee enters into this Agreement, Employee shall have the right to elect to continue coverage under such plan
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Employee shall be advised as to
Employee’s rights to continue such coverage under COBRA under separate cover. In the event Employee elects continuation coverage
pursuant to COBRA, for Employee and Employee’s eligible dependents within the time period prescribed pursuant to COBRA, the Company
will pay the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Employee’s separation from
service) for a period of twelve (12) months.

 

2.            
SEPARATION PAYMENT

 

(a)              
If Employee executes this Agreement and does not revoke it as provided in Section 6 below, the Company will provide to Employee a separation
payment in the amount of $495,000, less applicable withholdings (the “Payment”). This Payment, which represents
twelve (12) months of Employee’s base pay, will be paid in a lump sum on the Company’s next regularly scheduled payroll date
that is at least ten (10) business days from the Separation Date. Employee will also
receive $20,000, less applicable holdings, to assist employee with the expenses he incurred in relocating back to his residence in Florida
(“Relocation Assistance Payment”), which will be paid at the same time as the Payment.

 

(b)              
Employee shall be eligible for an annual bonus with a target of 100% of annual base salary for fiscal year 2022, to be paid in
a lump sum to Employee at the same time and in the same manner as regular annual bonuses are distributed to other similarly situated
senior executives of the Company in accordance with Company policy and as would otherwise have been payable to Employee had he continued
employment with the Company. In the event that applicable Company or other performance goals attributable to management bonuses generally
for fiscal year 2022 are achieved at a level below target levels but in excess of a threshold level, as may be determined by the Company’s
board of directors (the “Board”) in its sole discretion, Employee will be eligible to earn an annual bonus, if any,
in an amount less than the target bonus amount set forth above in the same manner as other similarly situated senior executives of the
Company are generally eligible for such a partial bonus.

 

     

     

    

 

(c)              
 Employee acknowledges and agrees that the Payment constitutes adequate consideration for all of the terms of this Agreement and does
not include any benefit, monetary or otherwise, that was earned or accrued or to which Employee was already entitled without signing
this Agreement.

 

(d)              
Employee is eligible for twenty bonus hours of flight time on a King Air 350i in 2022, granted in equal quarterly increments. As of the
Separation Date, Employee has received his Q1 and Q2 grants of five (5) King Air 350i hours. Following the Separation Date, Employee
remains eligible to receive the remaining 2022 quarterly grants as follows: five (5) King Air 350i for each of Q3 and Q4 to be deposited
at the end of each quarter, provided Employee remains a Core Member in good standing, and subject to the terms of the Executive Flight
Hours plan established by the Company, as may be amended from time to time.

 

(e)              
All outstanding options to purchase Company common stock and any restricted stock, restricted stock units or other equity interest in
the Company (each separate award, an “Equity Interest”) held by Employee as of the Separation Date that would
have otherwise vested in accordance with its terms, absent termination of employment, during the thirteen (13) month period immediately
following the Separation Date shall become vested and exercisable as of the Separation Date and each award agreement governing such Equity
Interest shall be, and hereby is, amended to provide that any Equity Interest that would have otherwise vested in accordance with its
terms, absent termination of employment, during the thirteen (13) month period immediately following the Separation Date shall become
vested and exercisable, as applicable, as of the Separation Date.

 

(f)               
Employee shall be entitled to exercise stock options granted to him by the Company or its parent company in accordance with the terms
of such stock options (and any plans governing such stock options) that are vested and exercisable as of the Separation Date until the
earlier of (i) the fifth anniversary of the Separation Date and (ii) the expiration date of such stock options.

 

3.            
RELEASE AND COVENANT NOT TO SUE

 

(a)         
Employee hereby voluntarily, irrevocably, fully, and completely RELEASES, ACQUITS, AND FOREVER DISCHARGES the Company (including any
current or former parent company, subsidiaries, affiliates, predecessors, successors, assigns, agents, employees, plan administrators,
representatives, attorneys, insurers, related business entities, and benefit plans, collectively known herein as “Releasees”)
from any and all claims, complaints, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action,
suits, rights, demands, costs, losses, debts, and expenses of any nature whatsoever (whether known or unknown), including attorneys’
fees, which Employee ever had, may have, or now has arising from or related to, directly or indirectly, Employee’s employment with
the Company, the termination of Employee’s employment or other events occurring through and including the date of Employee’s
execution of this Agreement, including, but not limited to:

 

		i.	violations
                                            of Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans
                                            with Disabilities Act, the Equal Pay Act, 42 U.S.C. § 1981, the Family and Medical
                                            Leave Act, the Employee Retirement Income Security Act (excluding claims for accrued and
                                            vested benefits, if any), the Age Discrimination in Employment Act of 1967 (“ADEA”),
                                            the Older Workers Benefit Protection Act (“OWBPA”), the Worker Adjustment
                                            and Retraining Notification (WARN) Act, the Sarbanes-Oxley Act of
2002, any amendments to the foregoing, and any other federal law, order or regulation applicable to Employee’s employment;

 

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		ii.	violations
                                            of any state or local statutes, orders, laws, ordinances, or regulations applicable to Employee’s
                                            employment, and any amendments to the foregoing;

 

		iii.	violations
                                            of any other federal, state or local statute, rule, regulation or ordinance;

 

		iv.	claims
                                            for lost or unpaid wages, compensation, or other benefits claims under state law, defamation,
                                            intentional infliction of emotional distress, negligent infliction of emotional distress,
                                            bad faith action, slander, assault, battery, wrongful or constructive discharge, negligent
                                            hiring, retention and/or supervision, fraud, misrepresentation, conversion, tortious interference
                                            with property, negligent investigation, breach of contract, or breach of fiduciary duty;

 

		v.	any
                                            claims to benefits under any bonus, severance, outplacement, or similar plan sponsored by
                                            the Company (excluding claims for accrued and vested benefits, if any); and

 

		vi.	any
                                            other claims for alleged unlawful behavior, the existence of which is specifically denied
                                            by the Company.

 

(b)            
Employee understands that the release herein includes a release of all known and unknown claims, suspected or unsuspected, past or present,
which Employee has or may have against any of the Releasees under any state or local statute, executive order, regulation, common law
and/or public policy relating to unknown claims.

 

(c)            
Employee acknowledges that this Agreement constitutes a full SETTLEMENT, ACCORD AND SATISFACTION of all claims covered by the
release provisions of this Section. Employee also covenants not to sue or file, or assign to others the right to file, any complaint
or claim against the Company or any of the Releasees with any court based on any act or omission arising or occurring prior to the
date of Employee’s execution of this Agreement, whether known or unknown at the time of execution. Except as set forth herein,
Employee also waives any right to recover individual relief in any civil suit or proceeding brought by Employee or on
Employee’s behalf against the Company or any of the Releasees. Notwithstanding the foregoing, nothing in this Agreement shall
be construed to prohibit or prevent Employee from communicating with, filing a charge or complaint with, providing documents or
information voluntarily or in response to a subpoena or other information request to, or from participating in any investigation or
proceeding conducted by the Equal Employment Opportunity Commission, National Labor Relations Board, the Securities and Exchange
Commission, the Occupational Safety and Health Administration, law enforcement, or any other federal, state or local agency charged
with the enforcement of any employment laws. However, by signing this Agreement, Employee is waiving any right to individual relief
(including backpay, frontpay, reinstatement or other legal or equitable relief) in any charge, complaint, lawsuit or other
proceeding brought by Employee or on Employee’s behalf by any third party, except for any right Employee may have to receive a
payment or award from a government agency (and not the Company or any of the Releasees) for information provided to the government
agency or where such a waiver of individual relief is otherwise prohibited. In addition, nothing in this Agreement limits or
affects Employee from exercising rights, if any, under Section 7 of the NLRA or similar state law to engage in protected, concerted
activity with other employees.

 

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(d)              
Employee and the Company acknowledge that the above release and waiver of claims shall not apply to: (i) claims that either party might
make to enforce the terms of this Agreement; (ii) claims for Employee’s vested benefits pursuant to applicable plans, if any; (iii)
Employee’s right, if applicable, to continue healthcare insurance under COBRA; (iv) Employee’s right to receive benefits
for unemployment or workers’ compensation benefits; (vi) Employee’s right to pursue any rights or claims that may arise after
Employee signs this Agreement; (vii) Employee’s right to challenge the validity or knowing and voluntary nature of this Agreement
under the ADEA or OWBPA; and (viii) any other claims that, under controlling law, may not be released by private settlement.

 

4.            
CONFIDENTIALITY AND NON-DISPARAGEMENT

 

(a)              
Confidentiality of this Agreement. Employee agrees that the existence and the terms of this Agreement are confidential and will
not be disclosed by Employee at any time, under any circumstances, without the express written consent of the Company. However, nothing
in this Section shall prohibit Employee from disclosing the terms of this Agreement if legally compelled to do so or from disclosing
or discussing this Agreement with his or her spouse, attorneys, or tax advisors, or a governmental agency, who (with the exception of
a governmental agency) must be informed of and agree to be bound by the confidentiality provisions contained in this Agreement before
Employee discloses any information to them about this Agreement.

 

(b)               Confidentiality
of the Company’s Trade Secrets and Confidential Information. Employee understands and agrees that in the course of
Employee’s employment with the Company, Employee has acquired confidential information, trade secrets, proprietary data and
other non-public information concerning the business, professional and/or personal affairs, activities and operations of the
Company, and the Company’s plans, methods of doing business, practices, procedures, customers and suppliers, as well as
confidential information disclosed to the Companies from time to time by third parties, any or all of which (the
 “Confidential Information”). Employee understands and agrees would be extremely damaging to the Companies
if disclosed to a competitor or made available to any other person or corporation. Employee understands and agrees that the
Confidential Information has been provided to the Employee in confidence, and Employee further understands and agrees that the
Employee has obtained Confidential Information in a fiduciary relationship of trust and confidence and that the Employee will keep
the Confidential Information strictly and completely secret and confidential for all time, both now and hereafter, and that Employee
will not disclose it in any way, directly or indirectly, or otherwise use for Employee’s benefit or for the benefit of any
third party any part or all of the Confidential Information. By signing this Agreement, Employee hereby acknowledges that Employee
is bound by certain restrictive covenants set forth in Employee’s confidentiality and restrictive Covenants Agreement or any
other post-termination restrictive covenant agreement Employee entered into at any time with the Company. Employee hereby reaffirms
such restrictive covenants and acknowledges and agrees that such covenants are incorporated herein by reference, shall survive the
termination of Employee’s employment with the Company and shall remain in full force and effect. In addition, Employee agrees
to continue to honor all confidentiality commitments of the Company known to Employee and owed to any third parties. Employee
further acknowledges that the federal Defend Trade Secrets Act (“DTSA”) provides that an individual shall not be
held criminally or civilly liable under federal or state trade secret law for the disclosure of a trade secret (as defined in the
federal Economic Espionage Act) that is made (i) in confidence to a government official or to an attorney and solely for the
purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal. In addition, Employee acknowledges that the DTSA provides that an individual
who files a retaliation lawsuit against an employer for reporting a suspected violation of law may disclose a trade secret to
his/her attorney and use the trade secret information in court, but only if the individual (i) files any document containing the
trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.

 

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(c)              
Non-Disparagement. Employee agrees that Employee will not make, directly or indirectly, to any person or entity, including any
member of the public and/or the press, any negative or disparaging oral or written statements by any means, including on social media,
about the Company, its products or services or any of the Releasees or their products or services or employees. However, nothing in this
paragraph shall preclude Employee from discussing or disclosing information about unlawful acts in the workplace, such as harassment
or discrimination or any other conduct that Employee has reason to believe is unlawful, or testifying honestly if required by law to
testify in a proceeding or complying with any other law.

 

5.            
RETURN OF COMPANY PROPERTY

 

By
signing this Agreement, Employee acknowledges that Employee has returned to the Company all of the Company’s property in Employee’s
possession, custody and control obtained as a result of employment with the Company, except those items that the Company specifically
agrees in writing to permit Employee to retain. Such property includes, but is not limited to, the original and any copy (regardless
of the manner in which it is recorded) of all documents provided by the Company to Employee or which Employee developed or collected
in the scope of Employee’s employment, as well as all Company-issued equipment, supplies, accessories, keys, access cards, disks,
tapes, software, materials, files, or records. If Employee has electronic files or backup copies of Company records, data or information,
Employee must return or destroy (at Company’s election) such electronic or backup copies. The Company has agreed to allow Employee
to retain his Company-issued cell phone, laptop and home office equipment.

 

6.            
CONSIDERATION AND REVOCATION PERIODS, OTHER INFORMATION 

 

Employee
and the Company acknowledge and agree that Employee has been given at least twenty-one (21) calendar days from the time that
Employee receives this Agreement and any attached information to consider the terms of this Agreement before signing it
("Consideration Period"). Employee must return this signed Agreement to the Company’s representative set
forth below within the Consideration Period but not prior to the Separation Date. If Employee signs this Agreement before the full
21-day has expired, Employee acknowledges that Employee is knowingly and voluntarily waiving the remainder of the 21-day
consideration period, if any, after carefully considering its terms. Additionally, Employee understands that Employee may revoke
this Agreement within seven (7) calendar days following the date Employee signs this Agreement (“Revocation
Period”). To be effective, such notice of revocation must be received by the Company by no later than 5:00 PM local time
on the seventh (7th) calendar day following the date Employee signs and delivers this Agreement to the Company. Provided that
Employee does not revoke this Agreement within the Revocation Period, this Agreement shall be effective and enforceable on the day
after the end of the Revocation Period (the “Effective Date”). Employee should return this signed Agreement and
any written revocation notice by e-mail or mail to:

 

	If
    by mail:

     
	Lori
    Sylvester

    Wheels
    Up

    601
    West 26th Street, Suite 900

    New
    York, NY 10001

     

	If
    by e-mail:	LSylvester@wheelsup.com  

 

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7.            
REMEDIES FOR BREACH

 

The
Company’s obligations under this Agreement are contingent upon Employee’s compliance with all terms and conditions provided
for herein. Employee acknowledges that the damages in the event of a breach of any term, condition or covenant in this Agreement would
be extremely difficult to calculate. As such, in the event Employee breaches any term, condition or covenant in this Agreement, Employee
agrees that the Company will be entitled to recover all payments already made under this Agreement as liquidated damages (and not as
a penalty) and cease payment of any as of yet unpaid severance – except that the Company will not seek to recover the first $10,000
worth of severance pay provided to employee, which Employee may retain and agrees will constitute full and adequate consideration for
the release and waiver of claims in this Agreement – in addition to injunctive relief by temporary restraining order, temporary
injunction and/or permanent injunction, recovery of attorney’s fees and costs incurred by the Company in obtaining such relief
where allowed by law, and any other legal or equitable relief to which the Company may be entitled. Injunctive relief will not exclude
other remedies that might apply. Should either party institute an action to enforce the terms of this Agreement, the prevailing party
shall be entitled to its reasonable attorneys’ fees and costs. Because of certain language in the OWBPA and associated regulations,
this paragraph does not apply to claims Employee might have to challenge the knowing and voluntary nature of this Agreement under the
ADEA and OWBPA.

 

8.            
MISCELLANEOUS

 

(a)              
Scope of Agreement. This Agreement shall accrue to the benefit of and be binding upon the parties hereto, their respective successors,
agents and permitted assigns, and as to Employee, his or her spouse, heirs, legatees, administrators, and personal representatives. Employee
may not assign his or her rights or obligations under this Agreement without the prior written consent of the Company.

 

(b)              
Applicable Law. This Agreement shall be interpreted, enforced, construed, and governed under the laws of the state of New York
without reference to any conflict of laws principles thereof.

 

(c)              
Non-Admission. This Agreement is not, and shall not be construed as, an admission by the Company of any wrongdoing or illegal
acts or omissions, and the Company expressly denies that it engaged in any wrongdoing or illegal or acts or omissions with respect to
Employee’s employment or the separation of Employee’s employment. Employee hereby represents and agrees that Employee shall
not, directly or indirectly make any written or oral statements, suggestions or representations that the Company has made or implied
any such admission.

 

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(d)              
 Entire Agreement. This Agreement contains the entire agreement and understanding concerning the subject matter hereof between
the parties hereto, superseding and replacing all prior negotiations, understandings, representations and agreements, written or oral,
except that Employee’s post-termination obligations under any previously-signed confidentiality or restrictive covenant agreements
entered into by Employee with the Company shall remain in full force and effect. No modification, amendment, waiver, termination or discharge
of this Agreement, or any of the terms or provisions hereof, shall be binding upon either of the parties unless confirmed by a written
instrument signed by Employee and an officer of the Company. No waiver by any party of any term or provision of this Agreement or of
any default hereunder shall affect such party’s rights thereafter to enforce such term or provision or to exercise any right or
remedy in the event of any other default, whether or not similar.

 

(e)              
Employee Acknowledgements. Employee acknowledges and affirms that Employee has (i) been paid and/or received all wages, commissions,
bonuses, leave (paid or unpaid), separation pay, vacation pay, or any other compensation, benefits, payment or remuneration of any kind
or nature with receipt of Employee’s final paycheck except as provided in this Agreement; (ii) reported to the Company any and
all work-related injuries or illnesses incurred by Employee during Employee’s employment with the Company; (iii) been properly
provided any leave of absence because of any health condition of Employee or any family members, and has not been subjected to any improper
treatment, conduct or actions due to a request for or taking such leave; and (iv) not raised a claim, including but not limited to, unlawful
discrimination, harassment, sexual harassment, abuse, assault, or other criminal conduct, or retaliation, in a court or government agency
proceeding, in an alternative dispute resolution forum, or through the Company’s internal compliance process, involving the Company
or any of the Releasees.

 

(f)               
Severability. The provisions of this Agreement are severable, and if any provision of this Agreement (except the release and waiver
of claims) shall be held void, voidable, invalid or unenforceable , no other provision of this Agreement shall be affected as a result
thereof, and accordingly, the remaining provisions of this Agreement shall remain in full force and effect as though such void, voidable,
invalid or inoperative provision had not been contained herein. If the release and waiver of claims is found to be unenforceable, the
parties agree to seek a determination by a court of competent jurisdiction as to the rights of the parties, including whether Employee
is entitled to retain the benefits paid to Employee under this Agreement.

 

(g)              
Counterparts and Electronic Signature. This Agreement may be executed in one or more counterparts, each of which shall be deemed
one agreement binding on each of the parties hereto, regardless of whether each party hereto is a signatory to the same counterpart.
The parties also agree that this Agreement may be executed by original signature or electronic signature. By using an electronic signature
option, Employee and the Company agree and intend to be bound by an electronic signature of the other in the same manner as the use of
a signature affixed by hand. Although neither Employee nor the Company are required to electronically sign this Agreement, by using an
electronic signature option, the parties are agreeing to conduct this transaction by electronic means. For purposes of this Agreement,
facsimile or scanned signatures in lieu of original signatures are also acceptable.

 

(h)               Proper
Construction. The language in all parts of this Agreement shall in all cases be construed as a whole, according to its fair
meaning, and not strictly for or against either of the parties. As utilized in this Agreement, the term “or” shall be
deemed to include the term “and/or” and the singular or plural number shall be deemed to include the other, whenever the
context so indicates or requires. The section and subsection headings used in this Agreement are intended solely for convenience of
reference and shall not in any manner amplify, limit, modify, or otherwise be used in the interpretation of any of the
provisions hereof.

 

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9.             
INFORMATION ABOUT GROUP TERMINATION PROGRAM

 

If
Employee is age 40 or over and Employee’s termination is part of an employment termination program that affects a group of employees,
Employee acknowledges that the Company has attached an Appendix A which describes: (a) the class, unit, or group of individuals covered
by the employment termination program; the eligibility factors for the program; and applicable time limits; and (b) a list of the job
titles and ages of all individuals eligible or selected for the employment termination program as well as those persons who were part
of the decisional unit but who are not eligible or selected for the program.

 

10.          
ADVICE OF COUNSEL, ACKNOWLEDGMENT OF KNOWING AND VOLUNTARY WAIVER

 

Employee
hereby represents and warrants that:

 

(a)       Employee
has CAREFULLY READ THIS AGREEMENT AND FULLY UNDERSTANDS ALL OF THE PROVISIONS OF THIS AGREEMENT;

 

(b)       Employee
has been ADVISED IN WRITING BY THE COMPANY and had an OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE AS TO THE TERMS
OF THIS AGREEMENT to the full extent that Employee desired before signing this Agreement;

 

(c)       Employee
understands, through signing this Agreement, Employee is FOREVER RELEASING the Company and the Releasees from any and all claims arising
prior to the date of execution of this Agreement by Employee, including claims under the ADEA and OWBPA;

 

(d)       Employee
has had the opportunity to REVIEW AND CONSIDER THIS AGREEMENT FOR TWENTY-ONE (21) DAYS FROM EMPLOYEE’S RECEIPT OF THE AGREEMENT
AND ANY ATTACHED INFORMATION, AND HAS SEVEN (7) DAYS AFTER SIGNING THE AGREEMENT TO REVOKE IT;

 

(e)       In
signing this Agreement, EMPLOYEE DOES NOT RELY ON NOR HAS HE OR SHE RELIED ON ANY REPRESENTATION OR STATEMENT, WRITTEN OR ORAL, NOT SPECIFICALLY
SET FORTH IN THIS AGREEMENT by the Company or by any of the Company’s agents, representatives, or attorneys with regard to the
subject matter, basis, or effect of this Agreement or otherwise;

 

(f)       Employee
was not coerced, threatened, or otherwise forced to sign this Agreement, and Employee is acting VOLUNTARILY, DELIBERATELY, AND OF EMPLOYEE’S
OWN FREE WILL IN SIGNING THIS AGREEMENT, and with ALL INFORMATION NEEDED TO MAKE AN INFORMED DECISION to enter this Agreement; and

 

(g)       The
Company has provided Employee with the opportunity to ask any questions regarding this Agreement, and provided notice of and an opportunity
to retain an attorney, or Employee is already represented by an attorney.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the undersigned have signed and executed this Agreement on the date first above written as an expression of their
intent to be bound by the foregoing terms of this Agreement.

 

	 	WHEELS
    UP PARTNERS LLC
	 	 
	 	 
	 	By:	/s/
    Stevens Sainte-Rose
	 	 	Stevens
    Sainte-Rose
	 	 	Chief
    People Officer
	 	 
	 	/s/
    Thomas Bergeson
	 	Thomas
    Bergeson
	 	 
	 	Address:
	 	 
	 	 
	 	Date:  	7/14/2022

 

[Separation
and Release Agreement]

 

    9EX-10.1

 Exhibit 10.1 

INVESTMENT MANAGEMENT AGREEMENT 

INVESTMENT MANAGEMENT AGREEMENT, dated as of [__], 2022, by and between Blackstone Private Equity Strategies Fund L.P., a Delaware limited
partnership (the “Partnership”), and Blackstone Private Investments Advisors L.L.C., a Delaware limited liability company (the “Investment Manager”). 

WHEREAS, the Partnership desires that the Investment Manager originate and recommend investment opportunities to the Partnership, monitor and
evaluate Investments and perform administrative services for the Partnership as requested by the General Partner, and the Investment Manager desires to render such services to the Partnership in consideration of a management fee and other
compensation as hereinafter specified; and 
 WHEREAS, the engagement of the Investment Manager by the Partnership is authorized by the
Amended and Restated Agreement of Limited Partnership of the Partnership (as amended and/or restated from time to time, the “Partnership Agreement”). 

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows: 

1. Defined Terms. The defined terms used in this Agreement shall, unless the context otherwise requires, have the meanings specified in
this Section 1 or, if not so specified, shall have the meanings specified in Article I of the Partnership Agreement. 

“Management Fee” shall have the meaning specified in Section 3(a) hereof. 

“NAV” shall have the meaning specified in Section 3(b) hereof. 

“Organizational and Offering Expenses” shall have the meaning specified in Section 4 hereof. 

“Other Fees” shall have the meaning specified in Section 3(c) hereof. 

“Reduction Amount” shall have the meaning specified in Section 3(c) hereof. 

2. Provision of Services by the Investment Manager. (a) The Investment Manager shall originate and recommend to the Partnership
investment opportunities consistent with the purposes of the Partnership, monitor and evaluate Investments and provide such other services related thereto as the Partnership may reasonably request. 

(b) The Investment Manager shall (directly or through an Affiliate) maintain a staff trained and experienced in the business of identifying
and structuring transactions contemplated by the Partnership Agreement. Services to be rendered by the Investment Manager in connection with the Partnership’s investment program shall include: 

  
 1 

 (i) analysis and investigation of potential Portfolio Entities, including
their products, services, markets, management, financial situation, competitive position, market ranking and prospects for future performance and analyzing other Investments, including primary and secondary investments in funds; 

(ii) analysis and investigation of potential Dispositions of Investments, including identification of potential acquirers and
evaluation of offers made by such potential acquirers; 
 (iii) structuring of acquisitions of Investments; 

(iv) identification of bank and institutional sources of financing, arrangement of appropriate introductions and marketing of
financing proposals; 
 (v) supervision of the preparation and review of all documents required in connection with the
acquisition, disposition or financing of each Investment; 
 (vi) monitoring the performance of Portfolio Entities and, where
appropriate, providing advice to the management of the Portfolio Entities at the policy level during the life of an Investment; 

(vii) arranging and coordinating the services of other professionals and consultants, including Blackstone; and 

(viii) providing the Partnership with such other services as the General Partner may, from time to time, appoint the Investment
Manager to be responsible for and perform. 
 (c) Notwithstanding the services provided by the Investment Manager, the Investment Manager
shall not be authorized to manage the affairs of, act in the name of, or bind the Partnership. The management, policies and operations of the Partnership shall be the responsibility of the General Partner acting pursuant to and in accordance with
the Partnership Agreement, and all decisions relating to Partnership matters, including, without limitation, the acquisition, management and Disposition of Investments, shall be made by the General Partner acting pursuant to and in accordance with
the Partnership Agreement. 
 (d) The General Partner, on behalf of the Partnership, shall appoint the Investment Manager to be responsible
for and perform all functions as, in the General Partner’s reasonable discretion, constitute: (i) portfolio management and risk management functions in respect of the Partnership, and (ii) such other functions or responsibilities (if
any) as the General Partner determines are appropriate to be carried out by the Investment Manager, in each case, in substitution for, and to the exclusion of, the General Partner. The General Partner will monitor the Investment Manager’s
performance of such functions. For the avoidance of doubt, the Investment Manager shall be permitted to engage one or more Affiliates to serve as a sub-manager. 

3. Management Fee and Other Fees. (a) Pursuant to Section 6.2 of the Partnership Agreement, the Partnership shall pay to the
Investment Manager a management fee with respect to each Limited Partner (the “Management Fee”), calculated in the manner set forth below. 

  
 2 

 (b) The Management Fee shall be calculated and paid monthly in arrears on the last Business
Day of each calendar month and shall be equal to, for each calendar month commencing six calendar months after the Initial Closing Date, in the aggregate, an annualized rate of 1.25% of the Partnership’s net asset value
(“NAV”). The Management Fee shall be payable by the Partnership before giving effect to any accruals for the Management Fee, Servicing Fees, the Performance Participation Allocation, pending Unit repurchases, any distributions and
without taking into account accrued and unpaid taxes of any Intermediate Entity through which Partnership indirectly invests in an Investment or taxes paid by any such Intermediate Entity during the applicable month. The Investment Manager may elect
to receive the Management Fee in cash, Units and/or shares or units of Intermediate Entities. If the Management Fee is paid in Units, such Units may be repurchased by the Partnership at NAV at the Investment Manager’s request and will be
subject to the volume limitations in the Unit repurchase program but not the early repurchase deduction of the Unit repurchase program. 

(c) Any fees (other than the Management Fee and the Servicing Fee) earned by the Investment Manager and/or its Affiliates from or with respect
to the Partnership’s investment activities and/or Portfolio Entities and from unconsummated transactions, including, without limitation, net break-up and topping fees, commitment fees, transaction fees,
monitoring fees, directors’ fees, investment banking fees, construction, development and other property/asset management fees, mortgage servicing fees, consulting fees (including management consulting), syndication fees, capital markets
syndication and advisory fees (including underwriting fees, and with respect to syndications or placements of debt and/or equity securities or instruments issued by Portfolio Entities or entities formed to invest therein), origination fees,
servicing (including loan/mortgage/asset servicing) fees, healthcare consulting/brokerage fees, group purchasing fees and/or insurance (including title insurance), financial advisory fees, organization fees, financing fees, divestment fees and other
similar fees, fees for ESG services, data management and services fees or payments, leasing/administrative fees, similar fees for arranging acquisitions and other financial restructurings, other similar operational and financial matters, (whether in
cash or in-kind), other fees and annual retainers (whether in cash or in-kind) and any other fees as further described in the Memorandum as updated from time to time
shall be paid directly to the Investment Manager or its Affiliates (collectively, “Other Fees”) and the Partnership recognizes and consents that the Investment Manager and its Affiliates may receive such Other Fees and the
Management Fee shall not be affected thereby except as expressly set forth in the last sentence of this Section 3(c); provided, that such Other Fees and any Reduction Amount (defined below) shall generally be allocated among the
Partnership, Other Blackstone Accounts, or other Persons pro rata as determined in the good faith discretion of the Investment Manager and its affiliates. However, the Management Fee paid by each Limited Partner (indirectly through the Partnership)
shall be reduced (but not below zero) by an amount (the “Reduction Amount”) equal to 100% of the Partnership’s pro rata share of the net break-up, topping, commitment, transaction,
monitoring, directors’, organization and divestment fees paid to the Investment Manager or its Affiliates in connection with the Partnership’s Investments. 

(d) Such Other Fees shall be net of, to the extent not reimbursed or paid as provided herein, reasonable out-of-pocket expenses incurred by the Investment Manager or its Affiliates (and not otherwise reimbursed) in connection with the transaction out of which such fees arose. Subject to the foregoing, the
Reduction Amounts in respect of fees received by the Investment Manager and its Affiliates in any month shall be based upon the aggregate of fees received by the Investment Manager and its Affiliates. The Reduction Amounts for each month shall be
applied to reduce the Management Fee payable at the beginning of the immediately succeeding month (but not to an amount below zero). 

  
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 (e) The Investment Manager and its Affiliates may receive fees of the type described in this
Section 3 from companies other than the Partnership’s Portfolio Entities and their Affiliates and those involved in the Partnership’s unconsummated transactions, including in connection with a joint venture in which the Partnership
participates or otherwise with respect to assets or other interests retained by a seller or other commercial counterparty of the Partnership and/or as otherwise described in the Memorandum. The Investment Manager and its Affiliates shall have no
obligation to reduce the Management Fee in respect of such fees or share such fees in any way with the Partnership or the Limited Partners. 

(f) The Management Fee for each of (i) the first calendar month after the first six months following the Initial Closing Date and
(ii) the last calendar month of the Partnership shall each be pro rated for the number of days in such period. 
 4. Organizational
and Offering Expenses. The Investment Manager hereby agrees to advance all of the Partnership’s organizational and offering expenses on the Partnership’s behalf (including legal, accounting, printing, mailing, subscription processing
and filing fees and expenses, due diligence expenses of participating placement agents or financial intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and
expenses of each entity (including, as applicable, transfer agent, administrator and depository fees, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, entertainment and meals
and including all similar organizational and offering expenses of feeder vehicles primarily organized to invest in the Partnership to the extent not paid by such feeder vehicle or its investors, but excluding subscription fees and Servicing Fees))
(collectively, “Organizational and Offering Expenses”) through the first anniversary of the Initial Closing Date. On the Initial Closing Date (i.e., the day on which the Partnership first accepts third-party investors and
begins investment operations), the Partnership will be obligated to reimburse the Investment Manager for all such advanced Organizational and Offering Expenses ratably over the 60 months following the first anniversary of the Initial Closing Date.
The Investment Manager will determine what Organizational and Offering Expenses are attributable to the Partnership, in its sole discretion. 

5. Exculpation and Indemnification. The parties hereto acknowledge that the Investment Manager and its officers, directors, members,
partners, employees, agents, stockholders and Affiliates are beneficiaries of and shall be bound by and deemed subject to the exculpation and indemnification provisions of Section 4.3 of the Partnership Agreement. 

6. Term. The term of this Agreement shall be the same as the term of the Partnership Agreement as set forth in Section 9.1
thereof. This Agreement shall be terminated upon the earliest to occur of (a) the decision of the Partnership in the sole discretion of the General Partner upon sixty (60) days’ notice to so terminate, (b) the bankruptcy of the
Investment Manager, and (c) the termination of the Partnership. 

  
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 7. Miscellaneous. (a) This Agreement may be amended, modified or supplemented at
any time and from time to time by an instrument in writing signed by each party hereto, or their respective successors or assigns, or otherwise as provided herein, and any provision herein may be waived, by the written consent of the General
Partner; provided that any amendment, modification or supplement that, in the General Partner’s discretion, viewed as a whole together with all such amendments, modifications or supplements, would have a material adverse effect on the
Limited Partners in the aggregate will require the prior approval of the Independent Directors. 
 (b) Any notice shall be deemed to have
been duly given if (i) personally delivered, when received, (ii) sent by United States Express Mail or recognized overnight courier on the second following Business Day (or third following Business Day if mailed outside the United States),
(iii) delivered by electronic mail, when received, or (iv) posted on a password protected website maintained by the Partnership or its Affiliates and for which any Limited Partner has received access instructions by electronic mail, when
posted. 
 (c) This Agreement shall bind any successors or assigns of the parties hereto as herein provided. 

(d) This Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) and any
additional information incidental thereto may be presented, delivered executed and/or maintained in as many counterparts as necessary or convenient, including both counterparts that are executed on paper and counterparts that are electronic records
and executed electronically, and each executed counterpart shall be deemed an original. All such counterparts shall constitute one and the same document. For the avoidance of doubt, any party’s execution and delivery of this Agreement (or any
agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) by electronic signature and/or electronic transmission shall constitute the execution and delivery of a counterpart of the executed document
by or on behalf of such party and shall bind such party to its terms. The authorization under this paragraph may include, without limitation, a manually signed paper document which has been converted into electronic form (such as scanned into PDF
format or transmitted via facsimile), or an electronically signed document converted into another format, for transmission, delivery and/or retention. 

(e) This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Investment Manager acting
in the ordinary course of its business as an independent contractor and is not intended to create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). The provisions of this
Agreement shall be construed in accordance with and governed by the laws of the State of New York. 
 (f) Without the consent of a majority
of the Independent Directors (which, for the avoidance of doubt, would include all of the Independent Directors in the event there were two or fewer Independent Directors on the Board of Directors), the Investment Manager shall not assign, sell or
otherwise dispose of all or any part of its right, title and interest in and to this Agreement, except to an Affiliate thereof; provided, that nothing in this Agreement shall preclude changes in the composition of the members constituting the
limited liability company which is the 

  
 5 

 
Investment Manager so long as Blackstone and its Affiliates control such limited liability company; provided, further, that such limited liability company may be reconstituted from the
limited liability company form to the limited partnership form, the general partnership form or to the corporate form or vice versa or any other form of entity so long as Blackstone and its Affiliates control such reconstituted entity. 

(g) No failure on the part of either party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this
Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
 [Rest of page intentionally left blank] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
representatives thereunto duly authorized effective as of the day and year first above written. 
  

			
	BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.
	
	By: Blackstone Private Equity Strategies Associates L.P., its general partner
	
	By: BXPEA L.L.C., its general partner
		
	        By:	 	
                     
   

	        Name:	 	Christopher James
	        Title:	 	Senior Managing Director
	
	BLACKSTONE PRIVATE INVESTMENTS ADVISORS L.L.C.
		
	        By:	 	  

	        Name:	 	Christopher James
	        Title:	 	Senior Managing Director

 [Signature page to Blackstone Private Equity Strategies Fund L.P. IMA]

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