Exhibit 10.25

AMENDMENT NO. 1 TO THE
AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                    This AMENDMENT NO. 1 TO THE AMENDED AND RESTATED
STOCKHOLDERS AGREEMENT (this “Amendment”) is made and entered into as of October
10, 2002, by and among BLACKROCK, INC., a Delaware corporation (together with
any successor, “BlackRock”), PNC ASSET MANAGEMENT, INC. a Delaware corporation
(together with any successor and with any assignee or group of assignees
(treated for this purpose as a single assignee) that holds or beneficially owns
at least a majority of the voting power of BlackRock’s Common Stock, “PAM”), and
the director(s) of BlackRock nominated by the BlackRock Management Committee
(“Management Committee Directors”), amending and supplementing the Amended and
Restated Stockholders Agreement, dated as of September 30, 1999 (the
“Stockholders Agreement”), among BlackRock, PAM and the Employee Stockholders. 
Capitalized terms used herein and not otherwise defined herein have the meanings
ascribed thereto in the Stockholders Agreement.

RECITALS:

                    WHEREAS, BlackRock, PAM and the Management Committee
Directors have agreed to make certain amendments to the Stockholders Agreement;

                    WHEREAS, pursuant to Section 7.6 of the Stockholders
Agreement, the Stockholders Agreement may be amended by written agreement of
BlackRock, PAM and the Management Committee Directors;

                    WHEREAS, on the terms and conditions set forth herein,
BlackRock, PAM and the Management Committee Directors have agreed to amend the
Stockholders Agreement as provided herein; and

                    WHEREAS, BlackRock, PAM and the Management Committee
Directors have duly authorized the execution and delivery of this Amendment and
have done all things necessary to make this Amendment a valid agreement in
accordance with its terms;

                    NOW, THEREFORE, the parties hereby agree as follows:

Section 1.  Amendment of Certain Definitions. 

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EXHIBIT 10.25

          (a)     In Section 1.6 of the Stockholders Agreement, the definition
of “Change of Control of PNC” is hereby amended to read as follows:

 

““Change of Control of PNC” shall have the meaning assigned to such term in the
Initial Public Offering Agreement, dated as of September 30, 1999 and amended as
of October 10, 2002 (the “IPO Agreement”), as in effect on the date hereof.

          (b)     In Section 1.7 of the Stockholders Agreement, the definition
of “Change of Control of BlackRock” is hereby amended to read as follows:

 

““Change of Control of BlackRock” shall have the meaning assigned to such term
in the IPO Agreement, as in effect on the date hereof.”

Section 3.  Amendment to Section 4.11.

          Section 4.11 of the Stockholders Agreement is hereby amended to read
as follows:

 

“4.11       Nothing in Section 4.2 of this Agreement shall be deemed to prohibit
PNC, any PNC Affiliate or PAM and its affiliates from effecting a distribution
(including, but not limited to, a spin-off or a split-off) of BlackRock Common
Stock held by such entity to the public stockholders of PNC, PAM or any parent
company of PNC or PAM, as the case may be (a “Distribution”).  Notwithstanding
anything in this Agreement to the contrary, no party to this Agreement shall
have any rights set forth in this Article 4 with respect to any (x) Distribution
or (y) transaction undertaken by PAM pursuant to Section 3.3(b)(1)(z) of the IPO
Agreement.”

Section 4.  Amendments to Section 6.2.

          Section 6.2(b) of the Stockholders Agreement is hereby amended by the
addition of the following sentence at the end of such subsection:

 

“Notwithstanding the preceding sentence, in the event that PAM ceases to own any
shares of Class B Common Stock as a result of the conversion of such shares to
shares of Class A Common Stock in accordance with the provisions of Section
3.3(b)(1)(x) of the IPO Agreement, all rights and obligations of PAM set forth
in this Agreement shall terminate only upon termination of the Voting Trust
Agreement contemplated by the IPO Agreement.

Section 5.  Amendments to Section 6.3.

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          Section 6.3 of the Stockholders Agreement is hereby amended by adding
the following sentence to the end of such section:

 

“Notwithstanding the foregoing, no Person who receives shares of Class B Common
Stock as a result of a Distribution shall be required to or shall be entitled to
become a party to this Agreement.”

Section 6.  Ratification.

          Except as expressly affected by the provisions hereof, the
Stockholders Agreement as amended shall remain in full force and effect in
accordance with its terms and ratified and confirmed by the parties hereto.  On
and after the date hereof, each reference in the Stockholders Agreement to “this
Agreement,” “hereunder,” “herein” or words of like import shall mean and be a
reference to the Stockholders Agreement as amended by this Amendment.

Section 7.  Effect of Headings.

          The Section headings herein are for convenience of reference only and
shall not effect the construction hereof.

Section 8.  Governing Law.

          This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York, without giving effect to conflicts of laws
principles thereof. 

Section 9.  Counterparts.

          This Amendment may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed, all as of the day and year first above written.

 

BLACKROCK, INC.

 

 

 

 

By:

/s/ LAURENCE D. FINK

 

 

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Name:

Laurence D. Fink

 

Title:

Chairman and Chief Executive Officer

 

 

 

 

 

 

 

PNC ASSET MANAGEMENT, INC.

 

 

 

 

By:

/s/ JAMES E. ROHR

 

 

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Name:

James E. Rohr

 

Title:

Chairman and Chief Executive Officer

 

 

 

 

 

 

 

DIRECTORS

 

 

 

 

 

/s/ LAURENCE D. FINK

 

 

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Laurence D. Fink

 

 

 

 

 

/s/ RALPH L. SCHLOSSTEIN

 

 

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Ralph L. Schlosstein

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