Mr. Laurence A. Tosi Loft B New York, New York 10012 Dear Laurence:SMD Agreement • June 12th, 2008 • Blackstone Group L.P. • Investment advice • New York
We are pleased to confirm the terms relating to your becoming a Senior Managing Director (“SMD”) and Chief Financial Officer of Blackstone (as defined below) as soon as possible, but no later than December 10, 2008 (your “Start Date”). This letter agreement (this “SMD Agreement”) shall be effective as of the “as of” date first set forth above (the “Effective Date”) and sets forth the terms of your becoming an SMD with Blackstone (as defined below). “Blackstone” or “Blackstone Entities” means The Blackstone Group L.P. and its current and future affiliates; provided, that the terms “Blackstone” and “Blackstone Entities” do not include any investment fund affiliated with a Blackstone Entity or any portfolio company or underlying investment of any fund affiliated with a Blackstone Entity. The limited liability company agreement, limited partnership agreement or other governing agreement of any Blackstone Entity in which you have a partnership, membership or other participation interest, in
