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(c) Except as otherwise disclosed to Blackstone in writing, in the past two years, neither
Contracting Employee nor his or her spouse (i) has donated to a state or local political campaign in any of
the fifty states or Washington D.C., or (ii) has donated to a candidate for any federal office where such
candidate held any state or local political office at the time of the donation.

6. Termination; Resignation.

(a) Contracting Employee acknowledges and agrees that Contracting Employee is an
employee at will and Blackstone may terminate Contracting Employee’s employment at any time for any
reason, or for no reason at all with or without cause.

(b) Notwithstanding the foregoing, Contracting Employee acknowledges and agrees that
Blackstone may terminate Contracting Employee’s employment hereunder for Cause and such
termination shall be effective immediately. For purposes of this Contracting Employee Agreement,
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 Blackstone: (i) any breach by Contracting Employee of any
provision of the Restrictive Covenant Agreement, (ii) any material breach of any rules or regulations of
Blackstone applicable to Contracting Employee, (iii) Contracting Employee’s deliberate failure to
perform his or her duties to Blackstone, (iv) Contracting Employee’s committing to or engaging in any
conduct or behavior that is or may be harmful to Blackstone in a material way; (v) any act of fraud,
misappropriation, dishonesty, embezzlement or similar conduct against Blackstone; (vi) any action or
behavior that would constitute a violation of Blackstone’s policies prohibiting unlawful harassment or
discrimination; or (vii) 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 securities laws, rules or regulations of the applicable securities industry,
that Contracting Employee 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)
Contracting Employee’s ability to function as a Contracting Employee, taking into account the
employment required of Contracting Employee and the nature of Blackstone’s business or (B) the
business of Blackstone.

(c) Contracting Employee agrees to provide Blackstone with written notice of Contracting
Employee’s intention to terminate his or her employment with Blackstone prior to the date of such
termination and in accordance with the notice periods defined in Schedule B (the “Notice Period”).
Written notice pursuant to this Section 6(c) shall be provided to any of the Chief Executive Officer, Chief
Operating Officer, Chief Legal Officer or Contracting Employee’s supervisor. During the Notice Period,
Contracting Employee shall perform any and all duties as directed by Blackstone, in its sole discretion.
Blackstone, in its sole discretion, may waive all or any portion of the Notice Period, in which case the
Garden Leave Period shall commence on the day following the conclusion of the Notice Period as so
revised.

(d) Contracting Employee may, at Blackstone’s sole discretion, be placed on garden leave
status, if applicable, for a period commencing on the day following the conclusion of Contracting
Employee’s Notice Period and continuing for the number of days set forth in Schedule B (the “Garden
Leave Period”). During the Garden Leave Period, Contracting Employee shall continue to receive his or
her base salary and benefits, subject to the payment of related premiums, but shall not receive or
participate in any profit sharing or bonus arrangements (including participation or continued vesting in
any carried interest or fee-sharing program), or continue to vest in any equity or other incentive awards.