Blackstone Inc. — Director's Dealing 2019

Jul 3, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group Inc (BX)
CIK: 0001393818
Period of Report: 2019-07-01

Reporting Person: GRAY JONATHAN (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-07-01	Blackstone Holdings partnership units	$	A	708601	Acquired		Class A Common Stock (708601)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Class A Common Stock (15989920)	16579796	Indirect
Blackstone Holdings partnership units	$		Class A Common Stock (9716084)	9716084	Indirect

Footnotes

F1: A "Blackstone Holdings partnership" unit collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and Blackstone Holdings AI L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone partnerships, the holder has the right, exercisable from time to time, to exchange each Blackstone Holdings partnership unit for one share of Class A Common Stock of The Blackstone Group Inc. The Blackstone Holdings partnership units have no expiration date and may not be exchanged at any time prior to December 31, 2019 other than pursuant to transactions or programs approved by Blackstone.

F2: Granted under the Amended and Restated 2007 Equity Incentive Plan, 20% of these deferred restricted Blackstone Holdings partnership units, or 141,720 units, will vest on July 1, 2022; an additional 30%, or 212,580 units, will vest on July 1, 2023; and the remaining 50%, or 354,301 units, will vest on July 1, 2024. As these deferred restricted Blackstone Holdings partnership units vest, the underlying Blackstone Holdings partnership units will be delivered to the Reporting Person, except that 1/4 of the vested units will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the units may be delivered earlier upon a change in control of Blackstone.

F3: Reflects certain transfers made between Grantor Retained Annuity Trusts and the Reporting Person. Such transfers were exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

F4: Such Blackstone Holdings partnership units are held in Grantor Retained Annuity Trusts of which the Reporting Person is the investment trustee.

F5: Such Blackstone Holdings partnership units are held in trusts, for the benefit of the Reporting Person's children, of which the Reporting Person is the
investment trustee.