THE BLACKSTONE GROUP L.P.
BONUS DEFERRAL PLAN
The Blackstone Group L.P. (“ Blackstone ”) hereby adopts The Blackstone Group L.P. Bonus Deferral Plan (the “ Plan ”), a
new deferred compensation plan for certain eligible employees of Blackstone and certain of its affiliates in order to provide such
eligible employees with a pre-tax deferred incentive compensation opportunity and thereby enhance the alignment of interests
between such eligible employees and Blackstone and its affiliates.
As used herein, the following terms have the meanings set forth below.
“ Affiliated Employer ” means, except as provided under Section 409A of the Code and the regulations promulgated
thereunder, any company or other entity that is related to Blackstone (including Blackstone Administrative Services Partnership
L.P.) as a member of a controlled group of corporations in accordance with Section 414(b) of the Code or as a trade or business
under common control in accordance with Section 414(c) of the Code.
“ Annual Bonus ” means the annual bonus awarded to a Participant with respect to a given Fiscal Year under the
applicable annual bonus plan (as designated by the Plan Administrator in its sole discretion); provided that a Participant’s
Annual Bonus for purposes of this Plan shall exclude any bonus or other amount, the payment of which has been guaranteed or
promised to the Participant at any time prior to the Annual Bonus Notification Date pursuant to any agreement, plan, program or
other arrangement between the Participant and the Firm (a “ Guaranteed Bonus ”) unless the document evidencing the
Guaranteed Bonus expressly provides for the deferral of all or a specified portion of such Guaranteed Bonus, in which case such
deferral will occur pursuant to the terms and conditions set forth in such document. Notwithstanding the foregoing, if the Plan
Administrator determines that the deferral under the Plan of a Participant’s Guaranteed Bonus likely would result i