Common use of Delivery – General Clause in Contracts

Delivery – General. The Partnership shall, on each applicable Vesting Date set forth below, deliver to the Participant the Blackstone Holdings Partnership Units underlying the Deferred Units which vest and become Vested Deferred Units on such date; provided that on each such Vesting Date, the Partnership shall retain, as Retention Units (and withhold the corresponding underlying Blackstone Holdings Partnership Units with respect thereto) a number of Vested Deferred Units so that the aggregate number of Retention Units at such time (expressed as a percentage of the aggregate number of Deferred Units awarded to the Participant which have vested as of such date) is equal to the applicable Retention Percentage. The Blackstone Holdings Partnership Units underlying Retention Units will be delivered to the Participant as and when, and to the extent that, the number of Retention Units at any time exceeds the applicable Retention Percentage, as illustrated in the table below, with the Blackstone Holdings Partnership Units underlying any remaining Retention Units delivered to the Participant upon the Holdback Delivery Date. First Vesting Date 20 % 20 % 25 % 15 % 15 % Second Vesting Date 30 % 50 % 25 % 22.5 % 37.5 % Third Vesting Date 50 % 100 % 25 % 37.5 % 75 %

Delivery – General. The Partnership shall, on each applicable Vesting Date set forth below, deliver to the Participant the Blackstone Holdings Partnership Units underlying the Deferred Units which vest and become Vested Deferred Units on such date; provided that on each such Vesting Date, the Partnership shall retain, as Retention Units (and withhold the corresponding underlying Blackstone Holdings Partnership Units with respect thereto) a number of Vested Deferred Units so that the aggregate number of Retention Units at such time (expressed as a percentage of the aggregate number of Deferred Units awarded to the Participant which have vested as of such date) is equal to the applicable Retention Percentage. The Blackstone Holdings Partnership Units underlying Retention Units will be delivered to the Participant as and when, and to the extent that, the number of Retention Units at any time exceeds the applicable Retention Percentage, as illustrated in the table below, with the Blackstone Holdings Partnership Units underlying any remaining Retention Units delivered to the Participant upon the Holdback Delivery Date. First Vesting Date 20 July 1, 2019 16.67 % 20 16.67 % 25 % 15 12.5 % 15 12.5 % Second Vesting Date 30 July 1, 2020 16.67 % 33.34 % 25 % 12.5 % 25 % July 1, 2021 16.67 % 50.01 % 25 % 12.5 % 37.5 % July 1, 2022 16.67 % 66.68 % 25 % 12.5 % 50 % 25 July 1, 2023 16.66 % 22.5 % 37.5 % Third Vesting Date 50 % 100 83.34 % 25 % 37.5 12.5 % 62.5 % July 1, 2024 16.66 % 100.00 % 25 % 12.5 % 75 %