Page 16 - 5D.Charlotte.Sydney

April 9, 2020

Ms. Charlotte Noels
53 Park Place, Apt. 5A
New York, NY 10007

Dear Charlotte:

On behalf of Blackstone Administrative Services Partnership L.P. (together, with its affiliates,
“Blackstone”), I am pleased to offer you a position as an Analyst in our Private Wealth Solutions
Group in New York, N Y. Your employment will commence on or around Monday, May 11, 2020
(the “Start Date”).

This is an exempt level position and your starting base compensation will be at an annual rate of
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$105,000. You will be paid semi-monthly, on the 15 and last business day of every month. If the
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15 or last day of the month falls on a weekend or holiday, you will be paid the business day
preceding the scheduled payment date.

You will be eligible for an annual discretionary year-end bonus, which will be paid in accordance
with applicable policies and procedures, and which, for 2020 will be considered a prorated bonus
based on time worked in the current year. All bonus determinations will be made at Blackstone’s
sole discretion and are generally based on the profitability of your business unit and Blackstone as a
whole, as well as individual job performance. Please be advised that in order to receive any bonus,
individuals must be actively employed with Blackstone and cannot be on a Notice Period, Garden
Leave, or any other pending termination status as of the designated bonus payment date.

You will be eligible to participate in Blackstone's health and other insurance benefit programs.
Further details about Blackstone’s benefits offerings will be provided to you in your offer package as
well as at new employee orientation which you are scheduled to attend on your first day. In the
meantime, if you have any questions about benefits offerings prior to the orientation, please contact
Danielle Leto, HR Assistant at (646) 482-8805 or Danielle.leto@Blackstone.com.

This offer, and your continued employment with Blackstone, are conditional upon satisfactory drug
screening, background and reference checks, successful pre-clearance of prior political contributions,
outside business and other pre-hire requirements, as applicable (including, but not limited to,
fingerprint screening for any FINRA registered position), as well as verification of your eligibility to
work in the United States (including obtaining a valid Social Security Number, which must be
presented prior to Blackstone processing any payments to you). If you are not a United States
citizen and Blackstone will be petitioning on your behalf for an employment-based temporary visa,
please be advised that the ultimate determination as to whether such a visa will be granted is at the
discretion of the U.S. Citizenship and Immigration Services.