Summary
This 8-K filing from Blackstone Inc. (BX) announces the resignation of J. Tomilson Hill from his roles as director and Vice Chairman of Blackstone Group Management L.L.C., effective December 31, 2018. Mr. Hill will continue to serve in his current capacities, including Chairman of Blackstone Alternative Asset Management, until his departure to ensure a smooth leadership transition. The terms of his withdrawal agreement, executed on October 2, 2018, outline his compensation for the remainder of 2018, continued eligibility for vesting in certain outstanding awards (bonus deferral units, special equity, and carried interest), and profit sharing percentages for specific investments from the Blackstone Strategic Capital Holdings (BSCH) fund. This announcement is significant for investors as it details the financial arrangements and ongoing commitments related to the departure of a key executive.
Key Highlights
- 1J. Tomilson Hill to resign as Director and Vice Chairman of Blackstone Group Management L.L.C. effective December 31, 2018.
- 2Mr. Hill will continue in his current roles until his resignation date to facilitate a smooth transition.
- 3Mr. Hill has entered into a withdrawal agreement with terms regarding his compensation, outstanding awards, and future profit sharing.
- 4Total target annual cash compensation for Mr. Hill in 2018 will be $7,500,000, subject to continued service and transition responsibilities.
- 5Mr. Hill will remain eligible to vest in 100% of bonus deferral units, 50% of special equity awards, and 50% of carried interest awards.
- 6Additional vesting for the remaining 50% of special equity and carried interest awards is contingent upon compliance with the withdrawal and non-competition agreements.
- 7Mr. Hill will receive specific profit sharing percentages for certain investments made by the BSCH fund and carry proceeds from specific Blackstone funds.