Document:

EX-4.1

 Exhibit 4.1 

DESCRIPTION OF CAPITAL STOCK 
 General

 The following description summarizes important terms of our capital stock. This summary does not purport to be complete and is
qualified in its entirety by the provisions of our certificate of incorporation and bylaws, copies of which have been filed by us with the Securities and Exchange Commission. For a complete description of our capital stock, you should refer to our
certificate of incorporation, our bylaws and applicable provisions of Delaware law. As used in this section, “we,” “us” and “our” mean The Blackstone Group Inc., a Delaware corporation, and its successors, but not any
of its subsidiaries. 
 Our authorized capital stock consists of 100,000,000,000 shares, all with a par value of $0.00001 per share, of
which: 
  

	 	•	 	 90,000,000,000 are designated as Class A common stock; 

 

	 	•	 	 999,999,000 are designated as Class B common stock; 

 

	 	•	 	 1,000 are designated as Class C common stock; and 

 

	 	•	 	 9,000,000,000 are designated as preferred stock. 

Common Stock 
 Our common stock consists
of Class A common stock, Class B common stock and Class C common stock. 
 Economic Rights 

Dividends. Subject to preferences that apply to any shares of preferred stock outstanding at the time, the holders of our Class A
common stock are entitled to receive dividends out of funds legally available therefor if our board of directors, in its discretion, determines to declare and pay dividends and then only at the times and in the amounts that our board of directors
may determine. Our certificate of incorporation provides that dividends shall not be declared or paid on our Class B common stock or our Class C common stock. 

Liquidation. If we become subject to an event giving rise to our dissolution, liquidation or winding up, the assets legally available
for distribution to our stockholders would be distributable ratably among the holders of our Class A common stock and any participating preferred stock outstanding at that time ranking on a parity with our Class A common stock with respect
to such distribution, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock. Our certificate of
incorporation provides that the holders of our Class B common stock and our Class C common stock are not entitled to receive any of our assets upon our dissolution, liquidation or winding up. 

Voting Rights 
 Our
Class A common stock and our Class B common stock are non-voting and are not entitled to any votes on any matter that is submitted to a vote of our stockholders (including for purposes of the rules
of any securities exchange on which the Class A common stock or Class B common stock, as applicable, is listed for trading), except as expressly provided in our certificate of incorporation or required by Delaware law. The Class C
common stock is voting and is entitled to one vote per share on any matter that is submitted to a vote of our stockholders generally. 
 Our
certificate of incorporation provides for holders of our Class A common stock and our Class B common stock, voting together as a single class, to have the right to vote on the following matters: 

  
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	 	•	 	 a sale, exchange or other disposition of all or substantially all of our and our subsidiaries’ assets, taken
as a whole, in a single transaction or series of related transactions (except (i) for the sole purpose of changing our legal form into another limited liability entity and where the governing instruments of the new entity provide our
stockholders with substantially the same rights and obligations and (ii) mortgages, pledges, hypothecations or grants of a security interest by us in all or substantially all of our assets (including for the benefit of affiliates of the holder
of the Class C common stock (the “Class C Stockholder”)) and any forced sale of any or all of our or our subsidiaries’ assets pursuant to the foreclosure of, or other realization upon, any such encumbrance);

  

	 	•	 	 a merger, consolidation or other combination (except for the sole purpose of changing our legal form into another
limited liability entity and where the governing instruments of the new entity provide our stockholders with substantially the same rights and obligations); 

  

	 	•	 	 the removal of the Class C Stockholder and forced transfer by the Class C Stockholder of its shares of
Class C common stock and the designation of a successor Class C Stockholder. See “—Removal of Class C Stockholder” below; and 

  

	 	•	 	 certain amendments to our certificate of incorporation. 

In addition, our certificate of incorporation provides that holders of our Class B common stock will be entitled to vote separately as a
class on certain matters, including any amendment to our certificate of incorporation that changes certain terms of the Class B common stock or is inconsistent with such terms. Delaware law would also permit the holders of our Class B
common stock to vote separately as a class on any amendment to our certificate of incorporation that changes the par value of the shares of Class B common stock or alters or changes the powers, preferences or special rights of the Class B
common stock in a way that would affect them adversely. 
 In addition, Delaware law would permit holders of our Class A common stock
to vote as a separate class on an amendment to our certificate of incorporation that would: 
  

	 	•	 	 change the par value of our Class A common stock; or 

 

	 	•	 	 alter or change the powers, preferences, or special rights of the Class A common stock in a way that would
affect them adversely. 

 Our certificate of incorporation provides that the number of authorized shares of any class of
stock, including our Class A common stock, may be increased or decreased (but not below the number of shares of such class then outstanding) solely with the approval of the Class C Stockholder. As a result, the Class C Stockholder can
approve an increase or decrease in the number of authorized shares of Class A common stock, Class B common stock, Class C common stock and preferred stock without a separate vote of the holders of the applicable class of common stock
or preferred stock. This could allow us to increase and issue additional shares of Class A common stock, Class B common stock, Class C common stock and/or preferred stock beyond what is currently authorized in our certificate of
incorporation without the consent of the holders of the applicable class of common stock or preferred stock. Blackstone Group Management L.L.C., an entity owned by senior managing directors of Blackstone and controlled by Mr. Schwarzman, is the
initial holder of the Class C common stock. 
 Except as described below under “Anti-Takeover Provisions—Loss of voting
rights,” each record holder of Class A common stock will be entitled to a number of votes equal to the number of shares of Class A common stock held with respect to any matter on which the holders of Class A common stock are
entitled to vote. 
 In addition, holders of our Class B common stock, as such, will collectively be entitled to a number of votes
equal to the aggregate number of Blackstone Holdings Partnership Units (as defined below) held by the limited partners of the Blackstone Holdings Partnerships (as defined below) on the relevant record date and will vote together with holders of our
Class A common stock as a single class. Blackstone Partners L.L.C., an entity owned by senior managing directors of Blackstone and controlled by Mr. Schwarzman, is the initial holder of the Class B common stock. If Blackstone Partners
L.L.C. directs us to do so, we will issue one share of Class B common stock 

  
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to each of the limited partners of the Blackstone Holdings Partnerships, whereupon each holder of Class B common stock will be entitled to a number of votes that is equal to the number of
Blackstone Holdings Partnership Units held by such holder of Class B common stock on the relevant record date. If the holders of Class A common stock become entitled to a number of votes other than one vote per share or the ratio at which
Blackstone Holdings Partnership Units are exchangeable for our Class A common stock changes from a one-for-one basis, the number of votes to which the holders of
the Class B common stock are entitled will be adjusted accordingly. Additional classes of common stock having special voting rights could also be issued. 

No Preemptive or Similar Rights 

The holders of our Class A common stock, Class B common stock and Class C common stock are not entitled to preemptive rights,
and, except in the case of impermissible transfers of the Class C common stock, which would result in the cancellation of such Class C common stock, are not subject to conversion, redemption or sinking fund provisions. 

Transferability 

Without the approval of any other stockholder, the Class C Stockholder may transfer all or any part of the Class C common stock held
by it with the prior written approval of our board of directors so long as the transferee agrees to assume the rights and duties of the Class C Stockholder under our certificate of incorporation, agrees to be bound by the provisions of our
certificate of incorporation and we receive an opinion of counsel regarding certain limited liability matters. The foregoing limitations do not preclude the members or other interest holders of the Class C Stockholder from selling or
transferring all or part of their outstanding equity or other interests in the Class C Stockholder at any time. 
 Removal of
Class C Stockholder 
 The Class C Stockholder may, upon (i) the approval of the stockholders holding at least two-thirds of the voting power of our outstanding shares of Class A common stock and Class B common stock, voting together as a single class, and (ii) our receipt of an opinion of counsel regarding
certain limited liability and tax matters, be required to transfer its shares of Class C common stock to a successor holder of Class C common stock designated by the stockholders holding a majority of the voting power of such classes,
voting together as a single class (such designated successor, a “Successor Class C Stockholder”) (the “Class C Stockholder Removal”). 

In the event of a Class C Stockholder Removal under circumstances where cause (as such term is defined in the certificate of
incorporation) exists, the Successor Class C Stockholder will have the option to purchase the Class C Stockholder’s shares of Class C common stock and the Class C Stockholder’s general partner interest (or equivalent
interest), if any, in our subsidiaries (collectively, the “Combined Interest”) for a cash payment equal to the fair market value of such Combined Interest. In the event of a Class C Stockholder Removal under all other circumstances,
the Class C Stockholder will have the option to require the Successor Class C Stockholder to purchase its Combined Interest for a cash payment equal to the fair market value of such Combined Interest. In each case, this fair market value
will be determined by agreement between the Class C Stockholder and the Successor Class C Stockholder. If no agreement is reached within 30 days after the Class C Stockholder Removal, an independent investment banking firm or other
independent expert selected by the Class C Stockholder and the Successor Class C Stockholder will determine the fair market value. If the Class C Stockholder and the Successor Class C Stockholder cannot agree upon an expert
within 45 days of the Class C Stockholder Removal, then an independent investment banking firm or other independent expert mutually chosen by the investment banking firms or experts designated by each of them will determine the fair market
value. 
 If the option described above is not exercised by either the Class C Stockholder or the Successor Class C Stockholder,
we will issue to the Class C Stockholder (or its transferee) shares of Class A common stock having a value equal to the Combined Interest determined pursuant to a valuation of such Combined Interest as determined by an investment banking
firm or other independent expert selected in the manner described in the preceding paragraph, without reduction in such shares of Class C common stock (but subject to proportionate dilution by reason of the Successor Class C Stockholder).

  
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 In addition, we are required to reimburse the Class C Stockholder for all amounts due to the
Class C Stockholder, including without limitation all employee-related liabilities, including severance liabilities, incurred for the termination of any employees employed by the Class C Stockholder or its affiliates for our benefit. 

Exchange 
 The
limited partner interests (the “Blackstone Holdings Partnership Units”) in Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., and Blackstone Holdings IV L.P. (collectively,
the “Blackstone Holdings Partnerships”) are exchangeable for our Class A common stock on a one-for-one basis, subject to customary adjustments for splits,
unit distributions and reclassifications and compliance with applicable lock-up, vesting and transfer restrictions. When Blackstone Holdings Partnership Units are exchanged for shares of Class A common
stock, the number of votes to which the shares of our Class B common stock are entitled shall automatically be reduced by the number of Blackstone Holdings Partnership Units so exchanged. 

Limited Call Right 

If at any time less than 10% of the then issued and outstanding shares of any class (other than Class B common stock and Class C
common stock) is held by persons other than the Class C Stockholder and its affiliates, we will have the right, which we may assign in whole or in part to the Class C Stockholder or any of its affiliates, to acquire all, but not less than
all, of the remaining shares of the class held by unaffiliated persons as of a record date to be selected by us, on at least ten but not more than 60 days notice. The purchase price in the event of this purchase is the greater of: 

(1) the current market price as of the date three days before the date the notice is mailed, and 

(2) the highest cash price paid by us or any of our affiliates for any share of the class purchased within the 90 days preceding the date on
which we first mail notice of our election to purchase those shares. 
 As a result of our right to purchase outstanding shares of stock,
including Class A common stock, as described in the foregoing paragraph, a stockholder may have their shares purchased at an undesirable time or price. 

Preferred Stock 
 Our board of directors
is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers (including voting
powers), preferences and rights of the shares of each series and any of its qualifications, limitations or restrictions, in each case without further vote or action by our stockholders (except as may be required by the terms of any preferred stock
then outstanding). Our board of directors can also increase (but not above the total number of shares of preferred stock then authorized and available for issuance and not committed for other issuance) or decrease (but not below the number of shares
of that series then outstanding) the number of shares of any series of preferred stock without any further vote or action by our stockholders. Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that
could adversely affect the proportion of voting power held by, or other relative rights of, the holders of our Class A common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other
corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control of our company and might adversely affect the market price of the Class A common stock or the proportion of voting power
held by, or other relative rights of, the holders of the Class A common stock. 
 Conflicts of Interest 

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the
corporation or its officers, directors or stockholders. Our certificate of incorporation, to the maximum extent permitted from time to time by Delaware law, renounces any interest or expectancy that we have in any business ventures of (a) the
Class C Stockholder, (b) our former general partner, (c) 

  
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any person who is or was a controlling affiliate of the Class C Stockholder or our former general partner, (d) any person who is or was a director or officer of Blackstone, the
Class C Stockholder or our former general partner, (e) any person in clause (d) who is or was serving at the request of Blackstone, the Class C Stockholder or our former general partner as an officer, director, employee, member,
partner, agent, fiduciary or trustee of another person (subject to certain limitations) and (f) certain other persons designated by the Corporation (collectively, the “Indemnitees”), except with respect to any corporate opportunity
expressly offered to any Indemnitee solely through their service to us or our subsidiaries. Our certificate of incorporation provides that each Indemnitee has the right to engage in businesses of every type and description, including business
interests and activities in direct competition with our business and activities. Our certificate of incorporation also waives and renounces any interest or expectancy that we may have in, or right to be offered an opportunity to participate in,
business opportunities that are from time to time presented to the Indemnitees. Notwithstanding the foregoing, pursuant to our certificate of incorporation, the Class C Stockholder, for so long as it owns Class C common stock, has agreed
that its sole business will be to act as the Class C Stockholder and as a general partner or managing member of any partnership or limited liability company that we may hold an interest in and that it will not engage in any business or activity
or incur any debts or liabilities except (x) in connection therewith or incidental thereto or (y) in connection with or incidental to the acquisition, owning or disposing of debt or equity securities of us or any of our subsidiaries. 

Anti-Takeover Provisions 
 Our certificate
of incorporation and bylaws and the Delaware General Corporation Law (the “DGCL”) contain provisions, which are summarized in the following paragraphs, that are intended to enhance the likelihood of continuity and stability in the
composition of our board of directors and to discourage certain types of transactions that may involve an actual or threatened acquisition of our company. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a
hostile change in control or other unsolicited acquisition proposal, and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have the
effect of delaying, deterring or preventing a merger or acquisition of our company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including attempts that might result in
a premium over the prevailing market price for the shares of Class A common stock held by stockholders. 
 Non-voting common stock. Our Class A common stock is generally non-voting. In addition, our certificate of incorporation provides that generally, with respect to any
matter on which the Class A common stock is entitled to vote, such vote shall require a majority in voting power or more of all the outstanding Class A common stock and Class B common stock, voting together as a single class. With
respect to any matter as to which Class A common stock may be entitled to vote, depending on the number of shares of outstanding shares of Class A common stock and Class B common stock actually voted, our senior managing directors, as
the owners of Blackstone Partners L.L.C., the initial holder of Class B common stock, and the persons to whom the shares of Class B common stock will be issued at the direction of Blackstone Partners L.L.C., should generally have
sufficient voting power to significantly influence matters subject to the vote. Because our Class A common stock, which is the class of our capital stock listed on the New York Stock Exchange (the “NYSE”), is generally nonvoting, we
believe based on discussions with the NYSE that the stockholder approval requirements of the NYSE do not apply. 
 Election of
directors. Subject to the rights granted to one or more series of preferred stock then outstanding, the Class C Stockholder has the sole authority to elect directors. 

Removal of directors. Subject to the rights granted to one or more series of preferred stock then outstanding, the Class C
Stockholder has the sole authority to remove and replace any director, with or without cause, at any time. 
 Vacancies. In addition,
our bylaws also provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on the board of directors that results from an increase in the number of directors and any
vacancies on our board of directors will be filled only by the Class C Stockholder. 

  
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 Loss of voting rights. If at any time any person or group (other than the Class C
Stockholder and its affiliates, a direct or indirect transferee of the Class C Stockholder or its affiliates (provided that, with respect to any indirect transferee, our board of directors shall have provided such transferee with written
notification that this limitation shall not apply) or a person or group that has acquired such stock with the prior approval of our board of directors) acquires, in the aggregate, beneficial ownership of 20% or more of the Class A common stock
then outstanding, that person or group will lose voting rights on all of its shares of Class A common stock and such shares of Class A common stock may not be voted on any matter as to which the holders of such shares of Class A
common stock may be entitled to vote and will not be considered to be outstanding when sending notices of a meeting of stockholders, calculating required votes, determining the presence of a quorum or for other similar purposes, in each case, as
applicable and to the extent the holders of such shares of Class A common stock are entitled to any vote. 
 Requirements for
advance notification of stockholder proposals. Stockholders are only permitted to make stockholder proposals with respect to the limited matters on which they are entitled to vote. Further, our bylaws establish advance notice procedures with
respect to stockholder proposals relating to the limited matters on which the holders of our Class A common stock may be entitled to vote. Generally, to be timely, a stockholder’s notice must be received at our principal executive offices
not less than 90 days or more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our bylaws also specify requirements as to the form and content of a stockholder’s notice. Our bylaws
allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings, which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not
followed. These provisions may deter, delay or discourage a potential acquirer from attempting to influence or obtain control of our company. 

Special stockholder meetings. Our certificate of incorporation provides that special meetings of our stockholders may be called at any
time only by or at the direction of our board of directors, the Class C Stockholder or, if at any time any stockholders other than the Class C Stockholder are entitled under applicable law or our certificate of incorporation to vote on
specific matters proposed to be brought before a special meeting, stockholders owning 50% or more of the voting power of the outstanding stock of the class or classes of stock which are entitled to vote at such meeting. Class A common stock and
Class B common stock are considered the same class of common stock for this purpose. 
 Stockholder action by written consent.
Pursuant to Section 228 of the DGCL, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing,
setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote
thereon were present and voted, unless the certificate of incorporation provides otherwise or it conflicts with the rules of the NYSE. Our certificate of incorporation permits the Class C Stockholder to act by written consent. Under our
certificate of incorporation, stockholders (other than the Class C Stockholder) may only act by written consent if consented to by the Class C Stockholder. 

Amendments to our certificate of incorporation requiring only Class C Stockholder approval. Except as otherwise
expressly provided by applicable law, only the vote of the Class C Stockholder, together with the approval of our board of directors, shall be required in order to amend certain provisions of our certificate of incorporation and none of our
other stockholders shall have the right to vote with respect to any such amendments, which include, without limitation: 

(1) a change in our name, our registered agent or our registered office; 

(2) an amendment that our board of directors has determined to be necessary or appropriate to address changes in U.S. federal
income tax regulations, legislation or interpretation; 
 (3) an amendment that is necessary, in the opinion of our counsel,
to prevent us or our directors, officers, trustees or agents from having a material risk of being in any manner subjected to the provisions of the U.S. Investment Company Act of 1940, as amended, the U.S. Investment Advisers Act of 1940, as amended,
or “plan asset” regulations adopted under the U.S. Employee Retirement Income Security Act of 1974, as amended, whether or not substantially similar to plan asset regulations currently applied or proposed by the U.S. Department of Labor;

  
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 (4) an amendment that is a change in our fiscal year or taxable year or that our
board of directors has determined is necessary or appropriate as a result of such change; 
 (5) an amendment that our board
of directors has determined to be necessary or appropriate for the creation, authorization or issuance of any class or series of our capital stock or options, rights, warrants or appreciation rights relating to our capital stock; 

(6) any amendment expressly permitted in our certificate of incorporation to be voted on solely by the Class C Stockholder
acting alone; 
 (7) an amendment effected, necessitated or contemplated by an agreement of merger, consolidation or other
business combination agreement that has been approved under the terms of our certificate of incorporation; 
 (8) an
amendment effected, necessitated or contemplated by an amendment to the partnership agreement of a Blackstone Holdings Partnership that requires unitholders of the Blackstone Holdings Partnership to provide a statement, certification or other proof
of evidence regarding whether such unitholder is subject to U.S. federal income taxation on the income generated by the Blackstone Holdings Partnership; 

(9) any amendment that our board of directors has determined is necessary or appropriate to reflect and account for our
formation of, or our investment in, any corporation, partnership, joint venture, limited liability company or other entity, in connection with the conduct of the activities permitted by our certificate of incorporation; 

(10) any amendment that reflects a merger into, or conveyance of all of our assets to, another limited liability entity that is
newly formed and has no assets, liabilities or operations at the time of the merger or conveyance other than those it receives by way of the merger or conveyance consummated solely to effect a mere change in our legal form, the governing instruments
of which provide the stockholders with substantially the same rights and obligations as provided by our certificate of incorporation; or 

(11) any other amendments substantially similar to any of the matters described in (1) through (10) above or the
immediately following paragraph. 
 In addition, except as otherwise provided by applicable law, the Class C Stockholder, together with
the approval of our board of directors, can amend our certificate of incorporation without the approval of any other stockholder to adopt any amendments that our board of directors has determined: 

(1) do not adversely affect the stockholders (other than the Class C Stockholder) considered as a whole (including any
particular class or series of stock as compared to other classes or series) in any material respect; 
 (2) are necessary or
appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state or non-U.S. agency or judicial authority or contained
in any federal or state or non-U.S. statute (including the DGCL); 
 (3) are
necessary or appropriate to facilitate the trading of our stock or to comply with any rule, regulation, guideline or requirement of any securities exchange on which our stock is or will be listed for trading; 

(4) are necessary or appropriate for any action taken by us relating to distributions, splits or combinations of shares of our
capital stock under the provisions of our certificate of incorporation; or 
 (5) are required to effect the intent of or are
otherwise contemplated by our certificate of incorporation. 

  
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 Super-majority requirements for certain amendments to our certificate of incorporation.
Except for amendments to our certificate of incorporation that require only the approval of the Class C Stockholder, any amendments to our certificate of incorporation require, in addition to the consent of the Class C Stockholder, the
vote or consent of stockholders holding at least 90% of the voting power of our Class A common stock and Class B common stock, voting together as a single class, unless we obtain an opinion of counsel confirming that such amendment would
not affect the limited liability of any stockholder under the DGCL. Any amendment of this provision of our certificate of incorporation also requires the vote or consent of stockholders holding at least 90% in voting power of our Class A common
stock and Class B common stock, voting together as a single class. 
 Merger, sale or other disposition of assets. Our
certificate of incorporation provides that we may, with the approval of the Class C Stockholder and with the approval of the holders of at least a majority in voting power of our Class A common stock and Class B common stock, voting
together as a single class, sell, exchange or otherwise dispose of all or substantially all of our assets in a single transaction or a series of related transactions, or consummate any merger, consolidation or other similar combination, or approve
the sale, exchange or other disposition of all or substantially all of the assets of our subsidiaries, except that no approval of our Class A common stock and Class B common stock shall be required in the case of certain limited
transactions involving our reorganization into another limited liability entity. See “—Common Stock—Voting Rights.” We may in our sole discretion mortgage, pledge, hypothecate or grant a security interest in all or substantially
all of our assets (including for the benefit of persons other than us or our subsidiaries) without the prior approval of the holders of our Class A common stock and Class B common stock. We may also sell all or substantially all of our
assets under any forced sale of any or all of our assets pursuant to the foreclosure or other realization upon those encumbrances without the prior approval of the holders of our Class A common stock and Class B common stock. 

Business Combinations 
 We have opted out
of Section 203 of the DGCL, which provides that an “interested stockholder” (a person other than the corporation or any direct or indirect majority-owned subsidiary who, together with affiliates and associates, owns, or, if such
person is an affiliate or associate of the corporation, within three years did own, 15% or more of the outstanding voting stock of a corporation) may not engage in “business combinations” (which is broadly defined to include a number of
transactions, such as mergers, consolidations, asset sales and other transactions in which an interested stockholder receives or could receive a financial benefit on other than a pro rata basis with other stockholders) with the corporation for a
period of three years after the date on which the person became an interested stockholder without certain statutorily mandated approvals. 
 Transfer
Agent and Registrar 
 The transfer agent and registrar for our Class A common stock is American Stock Transfer & Trust
Company, LLC. The transfer agent and registrar’s address is 6201 15th Avenue, Brooklyn, New York 11219, and its telephone number is (718) 921-8300 or (800)
937-5449. 
 Listing 

Our Class A common stock is listed on the NYSE under the ticker symbol “BX.” 

  
 8EX-10.12

 Exhibit 10.12 

THE BLACKSTONE GROUP INC. 

EIGHTH AMENDED AND RESTATED BONUS DEFERRAL PLAN 

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

DEFINITIONS 
 As used
herein, the following terms have the meanings set forth below. 
 “Affiliated Employer” means, except as provided under
Section 409A of the Code and the regulations promulgated thereunder, any company or other entity that is related to Blackstone (including Blackstone Administrative Services Partnership L.P.) as a member of a controlled group of corporations in
accordance with Section 414(b) of the Code or as a trade or business under common control in accordance with Section 414(c) of the Code. 

“Annual Bonus” means the annual bonus awarded to a Participant with respect to a given Fiscal Year under the applicable
annual bonus plan, program, agreement or other arrangement (as designated by the Plan Administrator in its sole discretion); provided that a Participant’s Annual Bonus for purposes of this Plan shall exclude any bonus or other amount,
the payment of which has been guaranteed or promised to the Participant at any time prior to the Annual Bonus Notification Date pursuant to any agreement, plan, program or other arrangement between the Participant and the Firm (a “Guaranteed
Bonus”) unless the document evidencing the Guaranteed Bonus expressly provides for the deferral of all or a specified portion of such 

 
Guaranteed Bonus, in which case such deferral will occur pursuant to the terms and conditions set forth in such document. Notwithstanding the foregoing, if the Plan Administrator determines that
the deferral under the Plan of a Participant’s Guaranteed Bonus likely would result in the imposition of tax or penalties under Section 409A of the Code, the Participant’s Annual Bonus shall exclude such Guaranteed Bonus. 

“Annual Bonus Notification Date” means the date on which the Firm notifies a Participant of the amount of such
Participant’s Annual Bonus (if any) for the relevant Fiscal Year. 
 “BHP Units” means units, each of which consists
of one partnership unit in each of Blackstone Holdings I L.P., a Delaware limited partnership, Blackstone Holdings AI L.P., a Delaware limited partnership, Blackstone Holdings II L.P., a Delaware limited partnership, Blackstone Holdings III L.P., a
Québec société en commandite, and Blackstone Holdings IV L.P., a Québec société en commandite. 

“Board” means the board of directors of The Blackstone Group Inc., a Delaware corporation. 

“Bonus Deferral Amount” has the meaning set forth in Section 3.01(a). 

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

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

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

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

  
 2 

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

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

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

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

“Fiscal Year” means the fiscal year of Blackstone. 

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

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

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

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

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

  
 3 

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

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

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

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

  
 4 

 ARTICLE III. 

DEFERRALS 
 3.01. Bonus
Award Deferrals. 
 (a) With respect to a given Fiscal Year commencing with the Fiscal Year ending December 31, 2019, and for each
Participant selected to participate in the Plan in accordance with Section 2.01 hereof, a portion of the Annual Bonus (excluding any portion thereof that is being separately deferred pursuant to this Plan or any other agreement, plan, program
or other arrangement between the Participant and the Firm) for the Fiscal Year shall be deferred (his or her “Bonus Deferral Amount”) in accordance with the following table (or such other table that may be adopted by the Plan
Administrator prior to or coincident with the Annual Bonus Notification Date): 
  

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

  

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

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

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

  
 5 

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

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

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

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

  
 6 

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

  
 7 

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

ARTICLE VI. 
 TERMINATION
OF EMPLOYMENT; CHANGE IN CONTROL 
 6.01. Termination of Employment. In the event that a Participant’s Employment with the
Firm is terminated, or a Change in Control occurs, in either case prior to the Vesting Date or Delivery Date that would otherwise apply to any of such Participant’s Deferral Shares, vesting and delivery (if any) of such Deferral Shares shall be
governed by this Section 6.01. 
 (a) Termination by the Firm For Cause. Upon termination of a Participant’s Employment by
the Firm for Cause, such Participant’s Deferral Shares (vested and unvested) shall be forfeited without any payment. 
 (b)
Termination by the Firm Without Cause. Upon termination of a Participant’s Employment with the Firm without Cause at such time as the Participant does not qualify for Retirement, such Participant’s unvested Deferral Shares shall
immediately vest (in which case, the date of the Participant’s termination without Cause shall be referred to as the “Vesting Date” for such Deferral Shares) and be delivered to the Participant in accordance with Article V.

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

  
 8 

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

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

ADMINISTRATION 
 7.01.
Plan Administrator. The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have discretionary authority to interpret the Plan, to make all legal and factual determinations and to determine all questions arising
in the administration of the Plan, including without limitation the reconciliation of any inconsistent provisions, the resolution of ambiguities, the correction of any defects, and the supplying of omissions. Each interpretation, determination or
other action made or taken pursuant to the Plan by the Plan Administrator shall be final and binding on all persons. 

  
 9 

 7.02. Indemnification. The Plan Administrator shall not be liable to any Participant for
any action or determination. The Plan Administrator shall be indemnified by the Firm against any liabilities, costs, and expenses (including, without limitation, reasonable attorneys’ fees) incurred by him or her as a result of actions taken or
not taken in connection with the Plan. 
 ARTICLE VIII. 

AMENDMENTS AND TERMINATION 

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

 GENERAL PROVISIONS 

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

  
 10 

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

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

  
 11 

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

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

  
 12

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