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other employee agent or representative of such firm or fund, claim to have had sole or substantial
investment discretion over any funds, investments or disposition decisions.

IV. Non-Disparagement

Except as set forth in Section II.C, Contracting Employee agrees that, during and at any time after
Contracting Employee’s employment with Blackstone, Contracting Employee will not, directly or
indirectly, through any agent or affiliate, make any disparaging comments or criticisms (whether of a
professional or personal nature) to any individual or other third party (including without limitation any
present or former member, partner or employee of Blackstone) or entity regarding Blackstone (or the
terms of any agreement or arrangement of any Blackstone entity) or any of their respective affiliates,
members, partners or employees, or regarding Contracting Employee’s relationship with Blackstone or
the termination of such relationship which, in each case, are reasonably expected to result in damage to
the business or reputation of Blackstone or any of its affiliates, members, partners or employees.

V. Remedies

A. Injunctive Relief. Contracting Employee acknowledges and agrees that Blackstone’s
remedy at law for any breach of the covenants contained herein would be inadequate and that for any
actual or threatened breach of such covenants, Blackstone shall, in addition to other remedies as may be
available to it at law or in equity, or as provided for in this Restrictive Covenant Agreement, be entitled to
an injunction, restraining order, specific performance or other equitable relief, without the necessity of
posting a bond, restraining Contracting Employee from committing or continuing to commit any violation
of such covenants. Contracting Employee agrees that proof shall not be required that monetary damages
for breach of the provisions of this Restrictive Covenant Agreement would be difficult to calculate and
that remedies at law would be inadequate.

B. Forfeiture. In the event of any breach of this Restrictive Covenant Agreement, the
Contracting Employee Agreement or any other agreement between Contracting Employee and Blackstone
to which Contracting Employee is a party, or any termination for Cause of Contracting Employee’s
employment, (i) Contracting Employee shall no longer be entitled to receive payment of any amounts that
would otherwise be payable to Contracting Employee following Contracting Employee’s withdrawal as a
Contracting Employee, member or partner, as the case may be, of Blackstone (including, without
limitation, return of Contracting Employee’s capital contributions), (ii) all of Contracting Employee’s
remaining interests as a Contracting Employee, member or partner (including, without limitation, carried
interests and any other interests in any fund or investment vehicle sponsored by Blackstone (collectively,
a “Blackstone Fund”) held by Contracting Employee or Contracting Employee’s personal planning
vehicle(s), whether vested or unvested and whether realized or not yet realized, including if the realized
amount has been escrowed) in Blackstone shall immediately terminate and be null and void, (iii) all of the
securities of Blackstone Holdings or The Blackstone Group Inc., a Delaware limited corporation (whether
vested or unvested and whether delivered or not yet delivered) held by or to be received by such
Contracting Employee or Contracting Employee’s personal planning vehicle(s) shall be forfeited, (iv) no
further such interests or securities will be awarded to Contracting Employee, and (v) all unrealized gains
(by investment) related to Contracting Employee’s side by side investments will be forfeited (the
foregoing are collectively referred to as the “Blackstone Interests”). This Section V.B supersedes any
provision in any document governing Contracting Employee’s interests in Blackstone (including any
direct or indirect interests in any Blackstone Fund) to the extent such governing document does not
otherwise provide for forfeiture of the Blackstone Interests.

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