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Deferral Program
As of Year-End 2019
Summary of Terms

Term/Provision Description

Methodology  Deferral of aggregate annual gross cash bonus and eligible portion of incentive
fees

 Gross cash bonus and eligible portion of incentive fees reduced by pre-tax
value (50% tax rate) of annual mandatory contributions to illiquid funds prior
to calculation of deferral amount
 Deferral amount based on progressive marginal rates on the following page

Form of Award  Deferred Units to be settled in shares of BX Class A Common Stock

Award  Value of award communicated with year-end compensation
Communication st
and Grant Timing  Awards granted on January 1

Number of Units  The number of Deferred Units is determined by dividing the dollar value of the
Covered by award by the 30-day volume weighted average trading price (VWAP) of a
Deferral Award share of BX Class A Common Stock over the trading period immediately
preceding the grant date

Vesting  Deferred Units vest ratably on an annual basis over a three year period after the
grant date
 Vesting is contingent upon continued active employment with Blackstone
through the vesting period, except as addressed below
 Unvested Deferred Units will vest immediately upon death, permanent
disability or Termination without Cause (other than a Termination without
Cause that also qualifies as “Retirement”) and be delivered as soon as
administratively practicable thereafter
 Unvested Deferred Units will continue to vest and be delivered on the original
schedule upon Retirement, subject to forfeiture upon engaging in any
competitive activity or breach of other applicable covenants during the
remaining vesting period
 Unvested Deferred Units will be forfeited in the event of voluntary departure
or Termination with Cause

Delivery of Units  Vested Deferred Units will be delivered, net of any required tax withholdings,
during the period after of the release of fourth quarter earnings and before the
fourth quarter dividend record date each year (generally early February)

Dividend  Dividend equivalents will be paid in cash on a current basis with respect to
Equivalents both vested and unvested Deferred Units

Trading  Shares of BX Class A Common Stock delivered will be subject to standard
Restrictions Blackstone trading policies and compliance rules

Note: For the avoidance of doubt, the individual award agreement shall govern as the terms above are
for reference only and shall not be binding.