Document:

EX-10.3

 Exhibit 10.3 

THE BLACKSTONE GROUP L.P. 

2007 EQUITY INCENTIVE PLAN 

FORM OF DEFERRED HOLDINGS UNIT AGREEMENT 

 

			
	Participant:		Date of Grant:

 Number of Deferred Units: 

1. Grant of Deferred Units. The Partnership hereby grants the number of deferred units (the “Deferred Units”) listed
above to the Participant (the “Award”), effective as of Date of Grant set forth above on the terms and conditions hereinafter set forth in this agreement (the “Award Agreement”). This grant is made pursuant to the
terms of The Blackstone Group L.P. 2007 Equity Incentive Plan (as amended, modified or supplemented from time to time, the “Plan”), which is incorporated herein by reference and made a part of this Award Agreement. Each Deferred
Unit represents the unfunded, unsecured right of the Participant to receive a Blackstone Holdings Partnership Unit on the delivery date(s) specified in Section 4 hereof. 

2. Definitions. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 

(a) “Cause” shall mean the occurrence or existence of any of the following as determined fairly, reasonably,
on an informed basis and in good faith by the Administrator: 
 (i) (w) any breach by the Participant of any provision
of the Non-Competition, Non-Solicitation and Confidentiality Agreement to which the Participant is a party, (x) any material breach of any rules or regulations of the Partnership or its Affiliates applicable to the Participant, (y) the
Participant’s deliberate failure to perform his or her duties to the Partnership or its Affiliates, or (z) the Participant’s committing to, or engaging in any conduct or behavior that is or may be harmful to the Partnership or its
Affiliates in a material way; provided, that, in the case of any of the foregoing clauses (w), (x), (y) and (z), the Administrator has given the Participant written notice (a “Notice of Breach”) within fifteen days after
the Administrator becomes aware of such action and the Participant fails to cure such breach, failure to perform, conduct or behavior within fifteen days after receipt by the Participant of such Notice of Breach from the Administrator (or such
longer period, not to exceed an additional fifteen days, as shall be reasonably required for such cure, provided, that the Participant is diligently pursuing such cure); 

 (ii) any act of fraud, misappropriation, dishonesty, embezzlement or similar
conduct against the Partnership or its Affiliates; or 
 (iii) conviction (on the basis of a trial or by an accepted plea of
guilty or nolo contendere) of a felony or crime (including any misdemeanor charge involving moral turpitude, false statements or misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery), or a determination by a
court of competent jurisdiction, by a regulatory body or by a self-regulatory body having authority with respect to applicable securities laws, rules or regulations of the securities industry, that the Participant individually has violated any
applicable securities laws or any rules or regulations thereunder, or any rules of any such self-regulatory body (including, without limitation, any licensing requirement), if such conviction or determination has a material adverse effect on
(A) the Participant’s ability to function in his or her position with the Partnership or its Affiliates, taking into account the services required of such position and the nature of the Partnership’s and its Affiliate’s business
or (B) the business of the Partnership or its Affiliates. 
 (b) “Involuntary Termination” shall mean
Partnership and its Affiliates have terminated the Employment of the Participant without Cause (and in the absence of the Participant’s Disability). 

(c) “Letter Agreement” shall mean the Performance Earn Out Letter Agreement, dated as of February 24,
2015, between Blackstone Holdings I L.P. and Participant. 
 (d) “Non-Competition, Non Solicitation and
Confidentiality Agreement” shall mean any agreement, and any attachments or schedules thereto, entered into by and between the Participant and the Partnership or its Affiliates, pursuant to which the Participant has agreed, among other
things, to certain restrictions relating to non-competition, non-solicitation and/or confidentiality, in order to protect the business of the Partnership and its Affiliates. 

(e) “Qualifying Event” shall mean, during the Participant’s Employment with the Partnership and its
Affiliates, the Participant’s death, Disability or Involuntary Termination. 
 (f) “Restrictive Covenant
Expiration Period” shall be one year following the date of the Participant’s termination of Employment with the Partnership and its Affiliates. 

(g) “Retention Units” shall mean, on any given date, the Deferred Units that have become Vested Deferred Units
and which are retained by the Partnership (along with the underlying Blackstone Holdings Partnership Units) in accordance with Section 4 hereof. 

 (h) “Vested Deferred Units” shall mean those Deferred Units
which have become vested pursuant to Section 3 or otherwise pursuant to the Plan. 
 (i) “Vesting
Dates” shall mean each of the first eight anniversaries of January 1, 2015. 
 3. Vesting. 

(a) Vesting — General. Subject to the Participant’s continued Employment with the Partnership and its
Affiliates,     % of the Deferred Units granted hereunder shall vest on each Vesting Date; provided that                  of the Deferred
Units otherwise scheduled to vest on the first Vesting Date shall vest instead     % on December 31, 2016 and     % on December 31, 2017 (each such date being an additional “Vesting Date”
for purposes of this Award Agreement). 
 (b) Vesting — Qualifying Events.  

(i) Death or Disability. Upon the occurrence of a Qualifying Event on account of the death or Disability, 100% of the
Deferred Units granted hereunder shall vest (to the extent not previously vested) upon the date of such event. 
 (ii)
Involuntary Termination. Upon the occurrence of a Qualifying Event on account of the Involuntary Termination of the Participant prior to the fifth anniversary of the Date of Grant, the unvested Deferred Units shall continue to vest in
accordance with the vesting schedule as described in Section 3(a) hereof as if the Participant remained employed through the fifth anniversary of the Date of Grant. All other unvested Deferred Units shall be cancelled immediately and the
Participant shall automatically forfeit all rights with respect to such unvested Deferred Units upon the date of such event. 

(c) Vesting — Terminations. Except as otherwise set forth in Section 3(b), in the event the Participant’s
Employment with the Partnership and its Affiliates is terminated for any reason, the portion of the Award that has not yet vested (or is not eligible to become vested) pursuant to Section 3(a) or 3(b) hereof (or otherwise pursuant to the Plan)
shall be cancelled immediately and the Participant shall automatically forfeit all rights with respect to such portion of the Award as of the date of such termination. 

4. Delivery. 

(a) Delivery — General. The Partnership shall, on each applicable Vesting Date set forth below, deliver to the
Participant the Blackstone Holdings Partnership Units underlying the Deferred Units which vest and become Vested Deferred Units on such date; provided that on each such Vesting Date, the Partnership shall retain, as Retention Units (and
withhold the corresponding 

 
underlying Blackstone Holdings Partnership Units with respect thereto)     % of the Deferred Units that vest on such Vesting Date. The Blackstone Holdings Partnership Units
underlying Retention Units will be delivered to the Participant on the earlier of (i) the tenth anniversary of the applicable Vesting Date and (ii) the date on which the Restrictive Covenant Expiration Period expires. 

(b) Delivery — Death or Disability. Upon the occurrence of a Qualifying Event on account of the Participant’s
death or Disability, the Partnership shall, within a reasonable time following the date of such event, deliver Blackstone Holdings Partnership Units to the Participant in respect of 100% of the Deferred Units which vest and become Vested Deferred
Units on such Date and any then outstanding Retention Units (to the extent not previously delivered). 
 (c) Delivery
— Terminations. Except as otherwise set forth in Section 4(b) or 4(d), in the event the Participant’s Employment with the Partnership and its Affiliates is terminated for any reason, the Partnership shall (i) within a
reasonable time of such termination, deliver Blackstone Holdings Partnership Units to the Participant in respect of the Vested Deferred Units as of such date that are not Retention Units (if any) and (ii) deliver Blackstone Holdings Partnership
Units to the Participant in respect of the Retention Units in accordance with Section 4(a), until the date on which the Restrictive Covenant Expiration Period expires, at which point all remaining Retention Units shall be delivered to the
Participant. 
 (d) Forfeiture — Cause Termination or Breach of Restrictive Covenants. Notwithstanding
anything to the contrary herein, upon the termination of the Participant’s Employment by the Partnership or any of its Affiliates for Cause or upon the Participant’s breach of any of the restrictive covenants contained within an applicable
Non-Competition, Non-Solicitation and Confidentiality Agreement, all unvested Deferred Units, all undelivered vested Deferred Units (except to the extent such Deferred Units were both (x) vested and (y) scheduled to be delivered prior to
the applicable breach or termination), and all outstanding Retention Units shall immediately terminate and be forfeited without consideration and no further Blackstone Holdings Partnership Units with respect of the Award shall be delivered to the
Participant or to the Participant’s legal representative, beneficiaries or heirs. 
 5. Change in Control. Notwithstanding
anything to the contrary herein, in the event of a Change in Control, (i) 100% of the Deferred Units granted hereunder which then remain outstanding shall vest (to the extent not previously vested) upon the date of such Change in Control, and
(ii) the Partnership shall deliver Blackstone Holdings Partnership Units to the Participant at the same times as would otherwise be delivered pursuant to Section 4(a); provided, however, if such Change in Control (or any
subsequent Change in Control) would constitute a “change in the ownership or effective control” or a “change in the ownership of a substantial portion of the assets” of the Partnership (in each case within the meaning of
Section 409A of the Code), the 

 
Partnership shall instead deliver Blackstone Holdings Partnership Units to the Participant in respect of 100% of the then-outstanding Deferred Units and Retention Units (to the extent not
previously delivered) on or within 10 days following such Change in Control. 
 6. Dividends. If on any date while Deferred Units are
outstanding hereunder any cash distributions shall be paid on the Blackstone Holdings Partnership Units (whether vested or unvested), the Participant shall be entitled to receive, as of such distribution date, a cash payment equal to the product of
(a) the number of Deferred Units, if any, held by the Participant as of the related distribution date, multiplied by (b) the per Blackstone Holdings Partnership Unit amount of such cash distribution. 

7. Adjustments Upon Certain Events. The Administrator shall, in its sole discretion, make certain substitutions or adjustments to any
Retention Units or Deferred Units subject to this Award Agreement pursuant to Section 9 of the Plan. 
 8. No Right to Continued
Employment. The granting of the Deferred Units evidenced by this Award Agreement shall impose no obligation on the Partnership or any Affiliate to continue the Employment of the Participant and shall not lessen or affect the Partnership’s
or its Affiliate’s right to terminate the Employment of such Participant. 
 9. No Rights of a Holder of Blackstone Holdings
Partnership Units. Except as otherwise provided herein, the Participant shall not have any rights as a holder of Blackstone Holdings Partnership Units until such Blackstone Holdings Partnership Units have been issued or transferred to the
Participant. 
 10. Restrictions. Any Blackstone Holdings Partnership Units issued or transferred to the Participant pursuant to
Section 4 of this Award Agreement shall be subject to such stop transfer orders and other restrictions as the Administrator may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which such Blackstone Holdings Partnership Units are listed and any applicable U.S. or non-U.S. federal, state or local laws, and the Administrator may cause a notation or notations to be put entered into the
books and records of the Partnership to make appropriate reference to such restrictions. 
 11. Transferability. Unless otherwise
determined or approved by the Administrator, no Deferred Units or Retention Units may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and
distribution, and any purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance not permitted by this Section 11 shall be void and unenforceable against the Partnership or any Affiliate. 

12. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such
other address for a party as shall be specified in a notice given in accordance with this Section 12): 

 (a) If to the Partnership, to: 

The Blackstone Group L.P. 

345 Park Avenue 

New York, New York, 10154 

Attention: Chief Legal Officer 

Fax: (212) 583-5258 

(b) If to the Participant, to the address appearing in the personnel records of the Partnership or any Affiliate. 

13. Withholding. The Participant may be required to pay to the Partnership or any Affiliate and the Partnership or any Affiliate shall
have the right and is hereby authorized to withhold from any issuance or transfer due under this Agreement or under the Plan or from any compensation or other amount owing to the Participant, applicable withholding taxes with respect to any issuance
or transfer under this Award Agreement or under the Plan and to take such action as may be necessary in the opinion of the Partnership to satisfy all obligations for the payment of such withholding taxes, including, without limitation, by reducing
the number of Blackstone Holdings Partnership Units that would otherwise be transferred or issued pursuant to this Award Agreement. Without limiting the foregoing, the Administrator may, from time to time, permit the Participant to make arrangements
prior to any vesting date or delivery date described herein to pay the applicable withholding taxes by remitting a check prior to the applicable vesting or delivery date. 

14. Choice of Law. The interpretation, performance and enforcement of this Award Agreement shall be governed by the law of the State of
New York. 
 15. Subject to Plan. By entering into this Award Agreement, the Participant agrees and acknowledges that the Participant
has received and read a copy of the Plan. All Deferred Units, Retention Units and Blackstone Holdings Partnership Units issued or transferred with respect thereof are subject to the Plan. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 
 16.
Entire Agreement. This Award Agreement contains the entire understanding between the parties with respect to the Deferred Units granted hereunder (including, without limitation, the vesting and delivery schedules described herein), and hereby
replaces and supersedes any prior communication and arrangements between the Participant and the Partnership or any of its Affiliates with respect to the matters set forth herein and any other pre-existing economic or other arrangements between the
Participant and the Partnership or any of its Affiliates. 
 17. Modifications. Notwithstanding any provision of this Award Agreement
to the contrary, the Partnership reserves the right to modify the terms and conditions of this Award Agreement, including, without limitation, the timing or circumstances of the issuance or transfer of Blackstone Holdings Partnership Units to the
Participant 

 
hereunder, to the extent such modification is determined by the Partnership to be necessary to comply with applicable law or preserve the intended deferral of income recognition with respect to
the Deferred Units and Retention Units until the issuance or transfer of Blackstone Holdings Partnership Units hereunder. 
 18.
Signature in Counterparts. This Award 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. 

[Signatures on next page.] 

 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement. 

 

	
	THE BLACKSTONE GROUP L.P.
	
	  

	Name:

  

	
	THE PARTICIPANT
	
	  

	Name:

 [Signature Page to Award Agreement]EX-10.4

 Exhibit 10.4 

AIRCRAFT DRY LEASE AGREEMENT 

THIS AIRCRAFT DRY LEASE AGREEMENT (this “Agreement”) is made and entered into this 15th day of January, 2015 (the “Effective Date”) between 113CS LLC, a Delaware limited liability company, (“Lessor”) and Blackstone Administrative Services Partnership
L.P., a Delaware limited partnership (“Lessee”) (collectively the “Parties”). 
 W I T N E S S E T H:

 WHEREAS, Lessor owns a 2014 Gulfstream Aerospace Corp. model GVI (G650), as described more fully in Section 1.1 below
(the “Aircraft”); 
 WHEREAS, Lessor desires to dry lease the Aircraft to Lessee from time to time on a
non-exclusive periodic basis; and Lessee desires to dry lease the Aircraft from Lessor from time to time; and 
 NOW, THEREFORE, in
consideration of the promises and the mutual covenants and undertakings herein contained, the Parties hereto do hereby agree as follows: 

ARTICLE 1: LEASE AND TERM 

1.1 Lease. Lessor hereby agrees to dry lease to Lessee, from time to time, and Lessee hereby agrees to dry lease from Lessor, from time
to time, one (1) 2014 Gulfstream Aerospace Corp. model GVI (G650) aircraft currently bearing U.S. registration mark N212LF (to be changed to N113CS), and manufacturer’s serial number 6090 (the “Airframe”), equipped with
two (2) installed Rolls Royce Deutschland Ld. & Co KG aircraft engines, model BR700-725A1-12, bearing manufacturer’s serial numbers 25293 and 25292 (the “Engines”) and one (1) Honeywell model RE220 (GVI)
auxiliary power unit bearing manufacturer’s serial number P-192 (the “APU”), together with, all loose equipment, systems, all appliances, parts, instruments, appurtenances, avionics, accessories and equipment (including,
without limitation, communication and radar equipment) now or hereafter installed in or attached to the aircraft, and all substitutions, replacements, and renewals and all other property that shall hereafter become physically incorporated or
installed in or attached to the Aircraft (the “Aircraft”) to Lessee hereunder. Changes to the U.S. registration mark of the Aircraft shall have no effect on this Agreement. 

1.2. Term and Rental Periods. The Term of this Agreement (“Term”) shall commence upon delivery of the Aircraft on the
Effective Date, for a period of one (1) year. Thereafter, this Agreement shall renew on a month-to-month basis. Either Party may terminate this Agreement at any time upon five (5) days written notice to the other Party. Lessee may dry
lease the Aircraft pursuant to this Agreement for specific periods of time during the Term (“Rental Periods”). No Rental Period shall be for more than Thirty (30) days. 

ARTICLE 2: RENTAL AND EXPENSES 

2.1. Rental Payment. Lessee agrees to pay to Lessor an hourly rental fee at a rental rate of Eight Thousand Dollars ($8,000.00) per
hour of operation during each Rental Period. Such hourly rental fees include delays, detours, cancellations caused by weather, routing, maintenance 

 
or other similar occurrences during each Rental Period, except that Lessor, at its sole discretion, may reduce the rental fees in the event of such occurrences. In addition, Lessee shall pay for
a minimum of two hours of Rental Payment on any day during the Rental Period. 
 2.2. Positioning, Repositioning Charges. Lessee
shall be responsible for accepting the Aircraft from Lessor, and returning the Aircraft to Lessor at Waterbury-Oxford Airport (“Home Base”), or other airport agreed between the Parties. If Lessee commences or ends its Rental Period
at a point other than Home Base, Lessee shall, in Lessor’s sole discretion, be assessed an additional charge equivalent to Lessor’s costs in positioning the Aircraft from Home Base to the delivery point, or repositioning the Aircraft back
to Home Base from the point of return. 
 2.3. Lessee Reimbursement for Incidental Charges. Lessee shall be responsible for all
incidental charges for any flight during the Rental Period, including but not limited to, hangaring and tie down charges away from the Aircraft’s base of operation, landing fees, federal excise taxes, airport taxes or similar charges, customs,
immigration or similar charges related to international flight; and (3) any additional insurance premiums required for specific flights during the Rental Period. In the event any such charges are made to Lessor by service providers, Lessee
shall promptly reimburse Lessor for such costs. 
 2.4. Lessor Reimbursement for Certain Charges. Lessor has incorporated the cost
for maintenance and repairs, and fuel costs into the Rental Payment. In the event any charges for fuel or maintenance are paid directly by Lessee, Lessor shall promptly reimburse Lessee for such cost, or deduct as an offset against Rental Payments
such costs. 
 2.5. Invoicing and Payment. Lessor will send Lessee invoices for such payments as are due under this Article for each
Rental Period, using the form attached as Appendix A or other form at Lessor’s discretion. Lessee shall make payment by check or money order payable to “113CS, LLC” payable upon receipt, or shall wire transfer funds to the address
specified on the invoice. 
 2.6. Calculation of Hours of Operation. For purposes of Rental Payments, hours of operation for each
Rental Period shall be calculated (a) from the time the Aircraft takes off to the time it lands, and (b) hours of operation shall include flights to return the Aircraft to Lessor at the end of Rental Period. 

2.7. Taxes. All payments, including specifically Rental Payments made by Lessee hereunder, shall be made free and clear of, and without
deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, restrictions or conditions now or hereafter imposed by any governmental or taxing authority. Taxes which the Lessee may incur while operating the Aircraft
include, but are not limited to: fuel excise taxes, airport taxes, sales and use taxes, over flight fees or taxes, and customs duties, or other foreign taxes relating to international travel. 

2.8. Procedure to Request Rental of Aircraft. Lessee shall make requests for rental of the Aircraft to Lessor either orally or in
writing. Requests should be made as far in advance as possible before the intended commencement of the Rental Period. 

  
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BLACKSTONE DRY LEASE - PAGE 2 OF 11 

 2.9. Availability. Lessor is making the Aircraft available to Lessee for dry lease on an
“as available” basis only, and makes no guarantee or warranty with regard to Aircraft availability. Lessor will, in good faith, attempt to make the Aircraft available when it is not otherwise being used by Lessor, another lessee, or is
unavailable for maintenance or other reasons. 
 2.10. Non-availability or Delay Due to Unanticipated Causes. Lessor shall promptly
notify Lessee if the Aircraft cannot be delivered for a Rental Period due to an unanticipated delay, such as weather or mechanical related delays. Lessor shall not be responsible for any loss, injury, damage, delay, or cancellation, or any
consequential or incidental damages or costs incurred by Lessee caused by such delay or cancellation. 
 ARTICLE 3: OPERATION OF AIRCRAFT
BY LESSEE 
 3.1. Operational Control. During each Rental Period, Lessee is and shall be the sole operator of the Aircraft and
has sole operational control of the Aircraft. During each Rental Period, Lessee is responsible for operating the Aircraft in accordance and compliance with all laws, ordinances and regulations relating to the possession, use, operation, or
maintenance of the Aircraft, including, but not limited to, the Federal Aviation Regulations, Title 14 Code of Federal Regulations (“FAR”). 

3.2. Selection of Flight Crew. Lessee shall select and hire its own flight crew provided that the pilots shall be professionally
trained and qualified, shall be familiar with and licensed to operate the Aircraft, and shall have current medical certificates, and recurrent training. 

3.3. Care and Use. Lessee shall use and operate the Aircraft in a careful and proper manner. Lessee shall operate the Aircraft in
accordance with the flight manual and all manufacturer’s suggested operating procedures. Lessee shall not operate, use, or maintain the Aircraft in violation of any airworthiness certificate, license, or registration relating to the Aircraft,
or contrary to any law or regulation. 
 3.4. Limits of Operations. Lessee expressly warrants and agrees that it shall not operate
the Aircraft outside the geographic limits set forth in the Insurance Policies, or otherwise operate the Aircraft in a way that would violate or compromise the Insurance Policies. Lessee shall use the Aircraft only for and on account of its
business, and will not use the Aircraft for the purpose of providing transportation of passengers or cargo in air commerce for compensation or hire (except in accordance with the provisions of FAR § 91.501), or for any illegal purpose. 

3.5. Documentation. Lessee shall complete required flight logs, maintenance logs, or other recording entries required by the FARs
during any Rental Period. 
 3.6. Maintenance and Repair. Lessor, at its own cost and expense, will promptly repair or replace all
parts, appliances, components, instruments, accessories, and furnishings that are installed in or attached to the Aircraft (herein called “Parts”) that may from time to time become worn out, lost, stolen, destroyed, seized,
confiscated, damaged beyond repair, or permanently rendered unfit for use for any reason whatsoever during a Rental Period. Further, Lessor shall reimburse Lessee for any mechanics liens or other costs incurred by Lessee associated with non-routine
repairs or maintenance made during a Rental Period, provided that: (1) such repairs shall 

  
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BLACKSTONE DRY LEASE - PAGE 3 OF 11 

 
be made by an FAA approved repair facility; and (2) Lessor shall approve in advance such repairs or maintenance. Lessee covenants to repair any damage beyond ordinary wear and tear caused by
Lessee’s use of the Aircraft. 
 3.7. Right to Inspect. Lessor and its authorized representatives shall, at all reasonable
times, have the right to enter the premises where the Aircraft may be located for the purpose of inspecting and examining the Aircraft, its condition, use and operation, and the books and records of Lessee relating thereto to ensure Lessee’s
compliance with its obligations under this Lease. Notwithstanding the foregoing rights, Lessor has no duty to inspect and shall not incur any liability or obligation by reason of not making any such inspection. 

ARTICLE 4: INSURANCE AND LIABILITY 

4.1. Primary Liability and Property Damage Insurance. Lessor shall maintain in effect, at its own expense, third party Aircraft
liability insurance, passenger legal liability insurance, and property damage liability insurance during the Term in such amounts as are customary for similarly situated aircraft. Each liability policy shall be primary without right of contribution
from any other insurance that is carried by Lessee, and expressly provide that all the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. 

4.2. Insurance Against Physical Damage. Lessor shall maintain in effect, at its own expense, all-risk ground and flight Aircraft hull
insurance covering the Aircraft. Any such insurance shall be during the Term for an amount customary for a similar aircraft. 
 4.3.
Lessee As Named Insured. All Insurance Policies carried by Lessor in accordance with this Article shall name Lessee as a named insured. 

4.4. Deductible. Any Insurance Policy carried by Lessor in accordance with this Article may be subject to a deductible amount which is
customary under policies insuring similar aircraft similarly situated. Lessor warrants and agrees that in the event of an insurable claim, Lessor will bear the costs up to the deductible amount. 

4.5. Additional Insurance for Lessee. Lessee may, at its discretion, obtain additional insurance covering its operation of the
Aircraft. 
 4.6. Certificate of Insurance. Upon request, Lessor shall deliver to Lessee a certificate of insurance evidencing the
insurance required to be maintained by Lessor under this Article. 
 4.7. Mutual Waiver of Liability Claims. Except as specifically
set forth in this Agreement, Lessor and Lessee (the “Parties”) each hereby agree that each shall hold harmless the other Party, and the other Party’s respective officers, directors, agents, employees, servants, attorneys,
insurers, coinsurers, reinsurers, indemnitors, parents, subsidiaries, affiliates, predecessors, successors, and assigns from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses,
including reasonable legal fees and expenses, of whatsoever kind and nature including, without limitation, personal injury or death (“Liabilities”), that could be asserted by that Party against the other Party directly or indirectly

  
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BLACKSTONE DRY LEASE - PAGE 4 OF 11 

 
(including but not limited to claims raised against that Party by any third-party, employee, agent, or other person or entity not a party to the Agreement) arising out of the lease, sublease,
possession, rental, use, condition, operation, transportation, return, storage or disposition of the Aircraft or any part thereof (including, without limitation, Liabilities in any way relating to or arising out of latent or other defects, whether
or not discoverable by a Party or any other person, injury to persons or property, or strict liability in tort), provided, however, that neither Party shall be required to hold harmless the other Party for Liabilities resulting from the gross
negligence or willful misconduct of the other Party. 
 ARTICLE 5: WARRANTIES AND DISCLAIMERS 

5.1. Lessor’s Warranty. Lessor warrants that (1) the Aircraft is properly registered in accordance with U.S. law; and
(2) Lessor is a citizen of the United States of America as set forth in Section 40102(16) of the Transportation Laws and the regulations thereunder. 

5.2. Lessor’s Disclaimer of Warranties. EXCEPT AS SPECIFICALLY PROVIDED HEREIN, LESSOR NEITHER MAKES NOR SHALL BE DEEMED TO HAVE
MADE AND HEREBY EXPRESSLY DISCLAIMS, AND LESSEE EXPRESSLY WAIVES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE VALUE, CONDITION, WORKMANSHIP, DESIGN, OPERATION, MERCHANTABILITY OR FITNESS FOR USE FOR A PARTICULAR PURPOSE OF THE
AIRCRAFT, AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT OR ANY OTHER
REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF. 
 5.3. Lessee’s
Representation Regarding Selection. Lessee represents and warrants that: (1) it has selected the Aircraft based on its own judgment and disclaims any reliance upon statements or representations not part of this Agreement; and (2) that
the Aircraft is of a size, design and capacity selected by Lessee and is suitable for Lessee’s intended use. 
 5.4. Lessee Warranty
Regarding Operation. Lessee represents and warrants that it shall only operate the Aircraft under the terms, conditions, and restrictions, as set forth in this Agreement. 

ARTICLE 6: MISCELLANEOUS 

6.1. Title. Title to the Aircraft shall remain vested in Lessor during the Lease Term and the Aircraft shall be registered at the FAA
in the name of Lessor. Lessee shall have no right, title or interest in or to the Aircraft except as expressly provided herein and shall take no action that would impair the continued registration of the Aircraft at the FAA in the name of Lessor.
Lessee shall not file or record this Agreement with the FAA. Lessee shall do or cause to be done any and all acts and things which may be required to perfect and preserve the interest and title of Lessor to the Aircraft within any jurisdiction in
which Lessee may operate the Aircraft, and Lessee shall also do or cause to be done any and all acts and things which may be required under the terms of any other agreement, treaty, convention, pact or by any practice, customs or

  
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BLACKSTONE DRY LEASE - PAGE 5 OF 11 

 
understanding involving any country or state in which Lessee may operate, as may be necessary or helpful, or as Lessor may reasonably request, to perfect and preserve the rights of Lessor within
the jurisdiction of any such country or state. 
 6.2. Liens. Except as provided herein, Lessee will not directly or indirectly
create, incur, assume or suffer to exist any liens on or with respect to (1) the Aircraft or any part thereof; (2) Lessor’s title thereto; or (3) any interest of Lessor therein. Lessee will promptly, at its own expense, take such
action as may be necessary to discharge any such lien. Lessee may incur the following liens: (i) the respective rights of Lessor and Lessee as herein provided; (ii) liens created by Lessor; (iii) liens for taxes either not yet due or
being contested by Lessee in good faith; and (iv) inchoate materialmen’s, mechanics’, workmen’s, repairmen’s, employees’ or other like liens arising in the ordinary course of business of Lessee, or Parties acting on
behalf of Lessee insofar as such actions relate to the Aircraft and are not inconsistent with this Agreement, not delinquent, and for the payment of which adequate reserves have been provided. 

6.3. Defaults. 
 (a) Each
of the following events shall constitute an “Event of Default” hereunder (whatever the reason for such event of default and whether it shall be voluntary or involuntary, or come about or be effected by operation of law, or be pursuant to
or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) if Lessee shall fail to pay when due any sum under this Agreement and such failure shall continue
for a period of three business days after oral, facsimile, or written notice has been given by Lessor to Lessee; (2) if Lessee shall fail to perform any covenant or agreement contained herein, and such failure shall continue for a period of
fifteen (15) days after notice thereof shall have been given in writing; (3) if any representation or warranty made by Lessee in this Agreement or any agreement, document or certificate delivered by the Lessee in connection herewith is or
shall become incorrect in any material respect; (4) if Lessee shall operate the Aircraft in violation of any applicable law, regulation, rule or order of any governmental authority having jurisdiction thereof or shall operate the Aircraft when
the insurance required hereunder shall not be in effect; (5) if any proceedings shall be commenced under any bankruptcy, insolvency, reorganization, readjustment of debt, receivership or liquidation law or statute of any jurisdiction; or
(6) if any such proceedings shall be instituted against either Party and shall not be withdrawn or terminated within thirty (30) days after their commencement. 

(b) Upon the occurrence of any Event of Default Lessor may, at its option, exercise any or all remedies available at law or in equity,
including, without limitation, any or all of the following remedies, as Lessor in its sole discretion shall elect: (1) by notice in writing to terminate this Agreement immediately, whereupon all rights of the Lessee to the use or possession of
the Aircraft or any part thereof shall absolutely cease and terminate but Lessee shall remain liable as hereinafter provided; and thereupon Lessee, if so requested by Lessor, shall at its expense promptly return the Aircraft and Aircraft
Documentation as required by this Agreement or Lessor, at its option, may enter upon the premises where the Aircraft or Aircraft Documentation are located and take immediate possession of and remove the same by summary proceedings or otherwise.
Lessee specifically authorizes Lessor’s entry upon any premises where 

  
 113CS LLC -
BLACKSTONE DRY LEASE - PAGE 6 OF 11 

 
the Aircraft or Aircraft Documentation may be located for the purpose of, and waives any cause of action it may have arising from, a peaceful retaking of the Aircraft or Aircraft Documentation;
or (2) perform or cause to be performed any obligation, covenant or agreement of Lessee hereunder. Lessee agrees to pay all costs and expenses incurred by Lessor for such performance and acknowledges that such performance by Lessor shall not be
deemed to cure said Event of Default. 
 (c) Lessee shall be liable for all costs, charges and expenses, including reasonable legal fees and
disbursements, incurred by Lessor by reason of the occurrence of any Event of Default or the exercise of Lessor’s remedies with respect thereto. No remedy referred to herein is intended to be exclusive, but each shall be cumulative and in
addition to any other remedy referred to above or otherwise available to Lessor at law or in equity. Lessor shall not be deemed to have waived any default, Event of Default or right hereunder unless the same is acknowledged in writing by duly
authorized representative of Lessor. No waiver by Lessor of any default or Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent default or Event of Default. The failure or delay of Lessor in
exercising any rights granted it hereunder upon any occurrence of any such right upon the continuation or recurrence of any such contingencies or similar contingencies, and any single or partial exercise of any particular right by Lessor shall not
exhaust the same or constitute a waiver of any other right provided herein. 
 6.4 Successors and Assigns. This Agreement shall be
binding upon Lessor, Lessee, and their respective successors and assigns, except that Lessee may not assign or transfer any of its rights hereunder except with the prior written consent of Lessor. Subject to the foregoing, this Lease shall inure to
the benefit of Lessor and Lessee and their respective successors and assigns. 
 6.5. Notices. All notices and other communications
under this Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt or refusal to accept receipt) by delivery in person, by facsimile or electronic mail (with a simultaneous confirmation copy sent by
first class mail properly addressed and postage prepaid), or by a reputable overnight courier service, addressed as follows: 
  

			
	 If to Lessor:
		113CS LLC
			288 Christian Street, Suite 10
			Oxford, Connecticut, 06478
			Attn: Alex Tsungu
			Telephone: (203) 267-1045
			Facsimile: (203) 267-1406
			Email:
		
	 If to Lessee:
		
			Blackstone Administrative Services Partnership L.P.
			c/o 345 Park Avenue
			New York, NY 10154
			Attn: John A. Magliano
			Telephone: (212) 583-5794
			Facsimile: (212) 583-5692
			Email: magliano@blackstone.com

  
 113CS LLC -
BLACKSTONE DRY LEASE - PAGE 7 OF 11 

 or at such other address as either Party may designate in writing. Any notice hereunder shall be effective upon
delivery. 
 6.6. Entire Agreement. This Agreement constitutes the final, complete, and exclusive statement of the terms of the
agreement between the Parties pertaining to the subject matter of this agreement and supersede all prior and contemporaneous understandings of the Parties. 

6.7. Severability. If any provision of this Agreement is found to be prohibited or unenforceable in any jurisdiction, such provision
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or unenforceability in one jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, each Party hereto hereby waives any provision of law that renders any provision hereof prohibited or unenforceable in any respect. 

6.8. Amendments and Modifications. The terms of this Agreement shall not be waived, varied, contradicted, explained, amended or changed
in any other manner except by an instrument in writing, executed by both Parties. 
 6.9. Choice of Law. This Agreement and any
claim, controversy or dispute arising under or related to the Agreement, the relationship of the parties, and/or interpretation of the rights and duties of the parties including all matters of construction, validity, and performance shall in all
respects be governed by, and construed in accordance with, the laws of the State of New York (disregarding any Conflict of Laws rule which might result in the application of the laws of any other jurisdiction). 

6.10. Force Majeure. No Party shall be liable for any failure to perform its obligations in connection with any action described in
this Agreement, if such failure results from any act of God, riot, war, civil unrest, flood, earthquake, or other cause beyond such Party’s reasonable control (including any mechanical, electronic, or communications failure, but excluding
failure caused by a Party’s financial condition or negligence). 
 6.11. Execution. This Lease may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument. 

ARTICLE 7: TRUTH IN LEASING 

7.1. Representation Regarding Maintenance. THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED SINCE NEW UNDER FEDERAL AVIATION REGULATION
PART 91 (AND WILL BE MAINTAINED UNDER PART 135 UPON COMPLETION OF CONFORMITY INSPECTION). LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT COMPLIES WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS CONTAINED IN THE ABOVE LISTED FEDERAL AVIATION REGULATION
FOR LESSEE’S USE OF THE AIRCRAFT UNDER THIS LEASE. 

  
 113CS LLC -
BLACKSTONE DRY LEASE - PAGE 8 OF 11 

 7.2. Representation Regarding Operational Control. LESSEE, WHOSE NAME AND ADDRESS APPEAR
HEREIN, IS RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT UNDER THE LEASE. LESSEE HEREBY CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH THE FEDERAL AVIATION REGULATIONS APPLICABLE TO THE AIRCRAFT. 

7.3. Information from FAA. LESSEE UNDERSTANDS THAT AN EXPLANATION OF FACTORS BEARING ON OPERATIONS CONTROL AND PERTINENT FEDERAL
AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT OFFICE, OR AIR CARRIER DISTRICT OFFICE. 

7.4. FAA Notification: in accordance with FAR § 91.23. The Parties shall take the following actions upon execution of this
Agreement: (a) a copy of this Agreement shall be placed aboard the Aircraft; (b) a copy of this agreement will be mailed to the FAA Aircraft Registration Branch, Attn: Technical Section, P.O. Box 25724, Oklahoma City, OK 73125 within 24 hours
of execution; and (c) the FAA will be notified at least 48 hours prior to the first flight of any aircraft under this Agreement. 

(Signature page follows) 

  
 113CS LLC -
BLACKSTONE DRY LEASE - PAGE 9 OF 11 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in their names
and on their behalf by their duly authorized officers, effective as of the date first written above. 
  

			
	113CS LLC
	
	As Lessor
		
	By:		 /s/ John A. Magliano

	Name:		John A. Magliano
	Title:		Secretary
	
	Blackstone Administrative Services Partnership L.P.
	
	As Lessee
		
	By:		 /s/ John A. Magliano

	Name:		John A. Magliano
	Title:		

  
 113CS LLC -
BLACKSTONE DRY LEASE - PAGE 10 OF 11 

APPENDIX A   

113CS LLC 

INVOICE 
  

					
	 To
	  	  
	  	
		  	  
	  	
		  	  
	  	

 Date:              

 

Payable: Payable upon receipt 
  

 

Ref Contract:        Aircraft Dry Lease Agreement between 113CS
LLC and Blackstone Administrative Services Partnership L.P. (“Lease”) dated January     , 2015. 
  

Rental Period:              to
             
  

					
	 Description
	  	Amount	 
	 1. Rental Payment
	  	$	            	  
	 Rental Fee ($8,000 per flight hour of operation x             
hours)
	  			
		
	 2. Other Costs: (see paragraph 2.3 of Lease)
	  	$	            	  

  

			
	 Description
	  	Cost
	 	  	 
	 	  	 
	 	  	 
	 	  	 
		  	

			
	 	  	 
		  	

					
	 TOTAL THIS INVOICE
	  	$	            	  

 

  
 113CS LLC -
BLACKSTONE DRY LEASE - PAGE 11 OF 11

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