Exhibit 99.9
Execution Version
July 1, 2019
Mr. Stephen A. Schwarzman
Chairman, CEO &Co-Founder
c/o Blackstone
345 Park Avenue
New York, NY 10154
Dear Steve:
Reference is made to the Amended and Restated Founding Member Agreement, dated as of March 1, 2018 (as amended, supplemented, waived or otherwise modified from time to time in accordance with its terms, the “Founding Member Agreement”), by and among Blackstone Holdings I L.P. (collectively with its Affiliates, “Blackstone”) and Stephen A. Schwarzman (“Founding Member” or “you”). Capitalized terms not otherwise defined herein are defined in the Founding Member Agreement.
1. Section 2(a) of the Founding Member Agreement is hereby amended by deleting the clause “as may be determined by Blackstone from time to time” and inserting in lieu thereof the clause “in amounts and at levels that are consistent with current practices”.
2. Section 3 of the Founding Member Agreement is hereby amended by adding the following additional clauses (f) and (g) at the end thereof:
“(f) Prior to Departure of the Founding Member, the Founder Group shall be awarded Profit Sharing Percentages with respect to each Blackstone Fund that holds its Launch prior to a Departure as follows:
(i) in the case of each Blackstone Fund for which there is a predecessor Blackstone Fund in which the Founder Group owns Profit Sharing Percentages, the Profit Sharing Percentage in such successor Blackstone Fund shall equal the aggregate Profit Sharing Percentages owned by the Founder Group in the most recent such predecessor Blackstone Fund; and
(ii) in the case of a Blackstone Fund for which there is no predecessor Blackstone Fund, the Profit Sharing Percentage in such Blackstone Fund shall equal the median of the aggregate Profit Sharing Percentages owned by the Founder Group across all Blackstone Funds existing at the time in question.
(g) With regard to any Blackstone Fund with an indefinite life or investment period, each separate accrual/calculation period with respect to carried interest under such Blackstone Fund is treated as a successor Blackstone Fund related thereto for all purposes under this Section 3.”
