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or partial exercise of any such right, remedy or power, preclude any further exercise thereof or the
exercise of any other right, remedy or power.

12. Employment Status. Your salary and benefits and any other amount paid to you by
Blackstone hereunder shall be paid to you as an employee of Blackstone. You covenant and agree that
you will pay all U.S. federal, state, local and foreign taxes on the amounts payable hereunder. Amounts
payable hereunder are subject to withholding of U.S. federal, state, local and foreign taxes to the extent
Blackstone determines such withholding is applicable.

13. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York.

14. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be an original and all of which shall constitute one and the same instrument.

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