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) % of the Deferred Units that vest on such Vesting Date. The Blackstone Holdings Partnership Units underlying Retention Units will be delivered to the Participant on the earlier of (i) the tenth anniversary of the applicable Vesting Date and (ii) the date on which the Restrictive Covenant Expiration Period expires.

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) 7.5% of the Deferred Units that vest on such Vesting Date. The Blackstone Holdings Partnership Units underlying Retention Units will be delivered to the Participant on the earlier of (i) the tenth anniversary of the applicable Vesting Date and (ii) the date on which the Restrictive Covenant Expiration Period expires.