Document:

Registration Rights Agreement dated as of September 29, 2006

 Exhibit 4.6 
  

 REGISTRATION RIGHTS AGREEMENT 
 by and among 
 NEW BLACKROCK, INC., 
 MERRILL LYNCH & CO., INC., 
 and

 THE PNC FINANCIAL SERVICES GROUP, INC. 
  

 Dated as of September 29, 2006 
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 Section 1.
	  	Definitions	  	1
	 Section 2.
	  	Registration Under the Securities Act.	  	6
	 Section 3.
	  	Restrictions on Public Sale by the Company	  	11
	 Section 4.
	  	Registration Procedures	  	12
	 Section 5.
	  	Indemnification; Contribution	  	17
	 Section 6.
	  	Miscellaneous	  	20

 REGISTRATION RIGHTS AGREEMENT (the “Agreement”) dated as of September 29, 2006, by and
among New BlackRock, Inc., a Delaware corporation (the “Company”), Merrill Lynch & Co., Inc. (“Merrill”) and The PNC Financial Services Group, Inc., a Pennsylvania corporation (“PNC”). 
  

 WHEREAS, the Company is party to a
Transaction Agreement and Plan of Merger by and among Merrill, BlackRock, Inc., a Delaware corporation (“BlackRock”), the Company and BlackRock Merger Sub, Inc., dated as of February 15, 2006 (the “Transaction Agreement”);

 WHEREAS, upon the closing of the transactions contemplated under the Transaction Agreement (the “Closing”), the Company will be
renamed “BlackRock, Inc.”, (i) the Common Stock of the Company, par value $0.01 per share (the “Common Stock”), will trade under the symbol “BLK” on the New York Stock Exchange, and (ii) Merrill will
beneficially own, directly and/or through directly or indirectly wholly-owned subsidiaries, and PNC will beneficially own, directly and/or through directly or indirectly wholly-owned subsidiaries, Shares of Common Stock of the Company; 

WHEREAS, the Company is a party to an Implementation and Stockholder Agreement among PNC, the Company and BlackRock, dated as of February 15,
2006 (the “Implementation and Stockholder Agreement”), which provides among other things that, at or prior to the Closing, the Company and PNC will enter into a registration rights agreement on terms not less favorable in the aggregate to
PNC than the terms set forth on Exhibit 5.5 to the Implementation and Stockholder Agreement; 
 WHEREAS, the Transaction Agreement provides
among other things that, at or prior to the Closing, the Company and Merrill will enter into a registration rights agreement on terms not less favorable in the aggregate to Merrill and its Subsidiaries than the terms set forth on Exhibit 5.5 to the
Implementation and Stockholder Agreement; and 
 WHEREAS, the parties to this Agreement desire to set forth the rights of Merrill and PNC and
the obligations of the Company with respect to the registration of Registrable Securities pursuant to the Securities Act; 
 NOW THEREFORE,
in consideration of the premises and the representations, warranties and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound
hereby, the parties hereto agree as follows: 
 Section 1. Definitions. 
 As used in this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with, such specified Person; provided, however, that solely for purposes of this 
  

 Agreement, notwithstanding anything to the contrary set forth herein, neither the Company nor any of its controlled
Affiliates shall be deemed an Affiliate of Merrill or PNC by virtue of the beneficial ownership by Merrill or PNC of the Company’s Capital Stock, the election of Directors nominated by Merrill or PNC to the Board, the election of any other
Directors nominated by the Board or any other action taken by Merrill or PNC in accordance with the terms and conditions of, and subject to the limitations and restrictions set forth on such Person in, this agreement, the Stockholder Agreement
between Merrill and the Company dated as of February 15, 2006 (the “Stockholder Agreement”), or the Implementation and Stockholder Agreement (and irrespective of the characteristics of the aforesaid relationships and actions under
applicable law or accounting principles). 
 “Board” means the Board of Directors of the Company. 
 “Capital Stock” means, with respect to any Person at any time, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of capital stock, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such Person. 
 “Company” has the meaning set forth in the preamble and shall also include the Company’s successors. 
 “Director” means any member of the Board (other than any advisory, honorary or other non-voting member of the Board). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 “Holder” means any Merrill Holder or PNC Holder. 
 “Incidental Registration” means a registration required to be effected by the Company pursuant to Section 2(b). 
 “Incidental Registration Statement” means a registration statement of the Company, as provided in Section 2(b), which covers any of the Registrable Securities on an appropriate form in accordance
with the Securities Act and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference
therein. 
 “Merrill Holders” means Merrill and each of the Subsidiaries of Merrill that hold Shares of Common Stock or
shares of Series A Preferred (as defined below) and any Affiliate of Merrill to which Shares of Common Stock or shares of Series A Preferred are transferred or which it otherwise acquires in accordance with the terms of the Stockholder Agreement.

 “Merrill Representative” means Merrill, acting on its own behalf and as agent and representative of each other Merrill
Holder. 
 “NASD” means the National Association of Securities Dealers, Inc. 
  

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 “Person” means any individual, limited or general partnership, limited liability
company, corporation, trust, joint venture, association, joint stock company or unincorporated organization. 
 “PNC
Holders” means PNC and each of the Subsidiaries of PNC that hold Shares of Common Stock and any Affiliate of PNC to which Shares of Common Stock are transferred or which it otherwise acquires in accordance with the terms of the
Implementation and Stockholder Agreement. 
 “PNC Representative” means PNC, acting on its own behalf and as agent and
representative of each other PNC Holder. 
 “Prospectus” means the prospectus included in a Registration Statement,
including any preliminary Prospectus, and any such Prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities and by all other amendments and supplements
to such Prospectus, including post-effective amendments, and in each case all material incorporated by reference therein. 
 “Registrable Securities” means, collectively, (i) the Shares of Common Stock owned by the Holders identified as such herein as of the date of this Agreement and the Shares of Common Stock acquired at any time by any
such Holders in the future (excluding any Shares of Common Stock acquired by Merrill or any Subsidiary of Merrill in violation of the Stockholder Agreement and any Shares of Common Stock acquired by PNC or any Subsidiary of PNC in violation of the
Implementation and Stockholder Agreement), (ii) any stock or other securities into which or for which the Shares of Common Stock may hereafter be changed, converted or exchanged, including any Related Securities, (iii) any other securities
issued or distributed in respect of the Shares of Common Stock by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, reorganization, merger, consolidation or otherwise, (iv) any shares of
Series A Convertible Participating Preferred Stock (the “Series A Preferred”), including any Related Securities and (v) any other securities into which or for which shares of any other successor securities are received in respect of
any of the foregoing (i) through (iii); provided that in the event that any Registrable Securities (as defined without giving effect to this proviso) are being registered pursuant hereto, the Holder may include in such registration
(subject to the limitations of this Agreement otherwise applicable to the inclusion of Registrable Securities) any Shares of Common Stock or securities acquired in respect thereof thereafter acquired by such Holder (excluding any Shares of Common
Stock acquired by Merrill or any Subsidiary of Merrill in violation of the Stockholder Agreement or by PNC or any Subsidiary of PNC in violation of the Implementation and Stockholder Agreement), which shall also be deemed to be “Shares of
Common Stock,” and accordingly Registrable Securities, for purposes of such registration; provided, further, that as to Merrill and any Subsidiary of Merrill, none of the foregoing will be Registrable Securities until the termination or
waiver by the Company of the period set forth in Section 3.2(a) of the Stockholder Agreement. Registrable Securities will cease to be Registrable Securities when (i) a Registration Statement covering such Registrable Securities has become
effective under the Securities Act and they have been offered and sold pursuant to such effective Registration Statement, (ii) such Registrable Securities are transferred pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act or 

  

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 otherwise transferred in a manner that results in the security being so transferred being freely transferable thereafter,
(iii) even if such Registrable Securities have not been transferred pursuant to Rule 144, such Registrable Securities may be sold by the Holder thereof pursuant to Rule 144(k) under the Securities Act, (iv) such Registrable Securities
shall have been otherwise transferred to a person who is not a Holder (other than as contemplated by Section 6(c) hereof), or (v) such Registrable Securities shall have ceased to be outstanding. 
 “Registration Expenses” means all expenses incident to the Company’s performance of or compliance with this Agreement, including,
without limitation, (i) all registration, listing, qualification and filing fees (including NASD filing fees), (ii) fees and disbursements of counsel for the Company, (iii) accounting fees, (iv) blue sky fees and expenses
(including counsel fees in connection with the preparation of a Blue Sky Memorandum and legal investment survey and NASD filings), (v) all printing, distributing, mailing and delivery expenses for any Registration Statement, any Prospectus,
transmittal letters, securities certificates and other documents relating to the performance of and compliance with this Agreement, (vi) the expenses incurred in connection with making road show presentations and holding meetings with potential
investors to facilitate the distribution, (vii) underwriter fees, excluding discounts and commissions, and any other expenses which are customarily borne by the issuer or seller of securities in a public equity offering and (viii) all
internal expenses of the Company (including all salaries and expenses of officers and employees performing legal or accounting duties); provided, however, Registration Expenses shall not include any Selling Expenses. 
 “Registration Statement” means any registration statement of the Company, including a Shelf Registration Statement, which covers any
Registrable Securities and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by
reference therein. 
 “Related Securities” means any securities of the Company similar or identical to any of the
Registrable Securities including, without limitation, Shares of Common Stock and all options, warrants, rights and other securities convertible into, or exchangeable or exercisable for Shares of Common Stock (other than any of the foregoing to be
offered or sold to officers, directors or employees as compensation), excluding the 2.625% Convertible Debentures Due 2035 issued on February 23, 2005 by BlackRock (the “Convertible Debentures”). 
 “Required Registration” means a registration required to be effected pursuant to Section 2(a). 
 “Required Registration Statement” means a Registration Statement which covers the Registrable Securities requested to be included
therein pursuant to the provisions of Section 2(a) on an appropriate form (in accordance with Section 4(a) hereof) pursuant to the Securities Act, and which form shall be available for the sale of the Registrable Securities in accordance
with the intended method or methods of distribution thereof, and all amendments and supplements to such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated by reference therein. 
  

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 “SEC” means the Securities and Exchange Commission. 
 “Selling Expenses” means underwriting discounts, selling commissions and stock transfer taxes applicable to the shares registered by the
Holders. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 “Shares of Common Stock” means the shares of Common Stock. 
 “Shelf Registration Statement” means a registration statement pursuant to SEC Rule 415 under the Securities Act. 
 “Significant Stockholder” means, at any time of determination, any Person other than Merrill and its Affiliates and PNC and its
Affiliates that beneficially owns 20 percent or more of the Total Voting Power of the Voting Securities of the Company issued and outstanding at that time. 
 “Subsidiary” means, with respect to any Person, any corporation or other organization, whether incorporated or unincorporated, (i) of which such Person or any other Subsidiary of such Person is a
general partner (excluding partnerships the general partner interests of which held by such Person or any Subsidiary of such Person do not have a majority of the voting or similar interests in such partnership), or (ii) at least a majority of
the securities or other interests of which having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or
indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries. 
 “Subsidiary Holder” means, with respect to Merrill, each Subsidiary of Merrill that is a Holder and, with respect to PNC, each Subsidiary of PNC that is a Holder. 
 “Total Voting Power” means the total number of votes entitled to be cast by the holders of the outstanding Capital Stock and any other
securities entitled, in the ordinary course, to vote on matters put before the holders of the Capital Stock generally. 
 “Underwriter” has the meaning set forth in Section 5(a). 
 “Underwritten Offering” means a
sale of securities of the Company to an Underwriter or Underwriters for reoffering to the public. 
 “Voting Securities”
means, at any time, shares of any class of Capital Stock or other securities or interests of a Person which are then entitled to vote generally, and not solely upon the occurrence and during the continuation of certain specified events, in the
election of directors or Persons performing a similar function with respect to such Person, and any securities convertible into or exercisable or exchangeable at the option of the holder thereof for such shares of Capital Stock. 
 “WKSI” means a well-known seasoned issuer as defined in Rule 405 under the Securities Act. 
  

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 Section 2. Registration Under the Securities Act. 
 (a) Required Registration. 
 (i) Right to Require Registration. At any time following the Closing (subject to the Stockholder Agreement, with respect to the Merrill Representative and subject to the penultimate paragraph of this Section 2(a)(i) for both the
Merrill Representative and the PNC Representative), each of the Merrill Representative and the PNC Representative shall have the right to request in writing (such initial written request, a “Request”) (which Request shall specify the
number and type of Registrable Securities intended to be disposed of, the intended method of distribution thereof and whether the Registration Statement should be a Shelf Registration Statement) that the Company register Registrable Securities of
the Merrill Holders or the PNC Holders, respectively, by filing with the SEC a Required Registration Statement. Upon the receipt of such a Request, the Company will, by the tenth (10th) business day thereafter, give written notice of such
requested registration to all Holders of Registrable Securities, and, not later than the 45th calendar day after the receipt of such a Request by the Company, the Company will cause to be filed with the SEC a Required Registration Statement covering
the Registrable Securities which the Company has been so requested to register in such Request (the “Request Securities”) and all other Registrable Securities (the “Additional Requested Securities”) which the Company has been
requested to register by Holders thereof by written notice given to the Company within ten (10) calendar days after the giving of such written notice by the Company. The Required Registration Statement shall be a Shelf Registration Statement if
required by the Holder and will provide for the registration under the Securities Act of the Registrable Securities which the Company has been so requested to register by all such Holders, subject to the limitations of this Section, to the extent
necessary to permit the disposition of such Registrable Securities in accordance with the intended methods of distribution thereof specified in such Request or further requests, and, unless such registration statement is automatically effective upon
filing with the SEC, the Company shall use its reasonable best efforts to have such Required Registration Statement declared effective by the SEC as soon as practicable thereafter (but in no event later than the earlier of the 180th calendar day
after the receipt of such a Request or three business days after the Company receives notice from the SEC that it does not object to the effectiveness of such Required Registration Statement) and to keep such Required Registration Statement
continuously effective for a period of at least 60 calendar days (or until all of the Registrable Securities covered by such Required Registration Statement have been sold pursuant thereto (whichever is shorter in the case of an Underwritten
Offering and whichever is longer in the case of a Shelf Registration, or, in the case of an Underwritten Offering, such period as the Underwriters shall reasonably require) following the date on which such Required Registration Statement becomes
effective, including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the Required Registration Statement or the related Prospectus or any document incorporated therein by reference or by filing any other required
document or otherwise supplementing or amending the Required Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Required Registration Statement or by the
Securities Act, the Exchange Act, any state securities or blue sky laws or any rules and regulations thereunder. 
  

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 Pursuant to this Section 2(a), the Merrill Representative may Request, with respect
to the Registrable Securities held by the Merrill Holders, the Company to effect a total of two Required Registrations or underwritten takedowns under a Shelf Registration Statement in any twelve month period, and the PNC Representative may Request
with respect to the Registrable Securities held by the PNC Holders the Company to effect a total of two Required Registrations or underwritten takedowns under a Shelf Registration Statement; provided that any Request for Required
Registrations or underwritten takedowns under a Shelf Registration Statement must be for Registrable Securities with an aggregate dollar value of $150,000,000 or greater. A Request which does not result in an effective registration under the
Securities Act, a Withdrawn Request or a Withdrawn Required Registration, in each case shall not be counted as a Request for purposes of the limits in the preceding sentence. 
 A Request may be withdrawn prior to the filing of the Required Registration Statement by the Holder(s) which made such Request (a
“Withdrawn Request”) and a Required Registration Statement may be withdrawn prior to the effectiveness thereof (if applicable) by the Holders of a majority of the Registrable Securities included therein (a “Withdrawn Required
Registration”), but, in either such event, such withdrawal shall not be treated as a Required Registration or a request which shall have been effected pursuant to the immediately preceding paragraph. 
 No Holder shall, without the Company’s consent, be entitled to deliver a Request for a Required Registration if less than 90 calendar
days have elapsed since (A) the effective date of a prior Required Registration Statement, (B) in the case of a Required Registration which is effected other than by means of an Underwritten Offering, the sale by any Holder of their
Registrable Securities pursuant thereto or the Required Registration Statement ceasing to be effective under the Securities Act, (C) the date of withdrawal of a Withdrawn Required Registration or (D) the pricing date of any underwritten
offering effected by the Company. 
 Notwithstanding the foregoing, the Company may delay the filing or the effectiveness of
any Required Registration Statement (a “Blackout Period”) for so long as the CEO of the Company determines in good faith in consultation with counsel that such registration would require premature disclosure of non-public information the
disclosure of which would be materially adverse to the Company; provided, however, that the duration of any Blackout Period shall not exceed 60 days, and that the aggregate number of days included in all Blackout Periods during any consecutive 12
months shall not exceed 120 days. 
 The registration rights granted pursuant to the provisions of this Section 2(a)
shall be in addition to the registration rights granted pursuant to the other provisions of this Section 2. 
  

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 (ii) Priority in Required Registrations. If a Required Registration involves an
Underwritten Offering, and the sole Underwriter or the lead managing Underwriter, as the case may be, of such Underwritten Offering shall advise the Company in writing on or before the date five (5) days prior to the date then scheduled for
such offering that, in its opinion, the amount of Registrable Securities requested to be included in such Required Registration exceeds the amount which can be reasonably expected to be sold in such offering without adversely affecting the success
of the distribution of the Registrable Securities being offered, the Company will include in such Required Registration only the amount of Registrable Securities that the Company is so advised can be sold in such offering; provided, however,
that the Company shall be required to include in such Required Registration: first, all Request Securities; second, if all Request Securities can be included, all Additional Requested Securities and, to the extent not all such Additional Requested
Securities can be included in such Required Registration, the number of Additional Requested Securities to be included shall be allocated pro rata on the basis of the percentage of Shares of Common Stock beneficially owned at that time that each
Holder requesting to participate in the Required Registration desires to register in such Required Registration, or on such other basis as shall be agreed among such Holders; third, if all Additional Requested Securities can be so included, all
Registrable Securities requested to be included in the Required Registration by any other Holders and, to the extent not all such Registrable Securities can be included in such Required Registration, the number of Registrable Securities to be
included shall be allocated pro rata on the basis of the percentage of Shares of Common Stock beneficially owned at that time that each such other Holder requesting to participate in the Required Registration desires to register in such Required
Registration or on such other basis as shall be agreed among such other Holders; and fourth, if all Registrable Securities requested to be included in the Required Registration by all such Holders can be so included, all other securities requested,
in accordance with any registration rights which are granted by the Company after the date of this Agreement, to be included in such Required Registration and securities requested to be registered by the Company which are of the same class as the
Registrable Securities and, to the extent not all such securities can be included in such Required Registration, the number of securities to be included shall be allocated pro rata among the holders thereof requesting inclusion in such Required
Registration and the Company on the basis of the number of securities requested to be included by all such holders and the Company. 
 (b)
Incidental Registration. 
 (i) Right to Include Registrable Securities. If at any time the Company proposes to
register any Related Securities under the Securities Act (other than (A) any registration of public sales or distributions solely by and for the account of the Company of securities issued (x) pursuant to any employee benefit or similar
plan, including employee stock and stock option plus, or any dividend reinvestment plan or (y) in any acquisition by the Company, (B) pursuant to Section 2(a) hereof, or (C) any registration of the Company’s Convertible
Debentures and any securities related thereto or convertible or exchangeable therefor), either in connection with a primary offering for cash for the account of the Company or a secondary offering or a combination thereof, the Company will, each
time it intends to effect such a registration, give written notice to 

  

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 all Holders of Registrable Securities at least fifteen (15) business days prior to the anticipated
filing date of a Registration Statement with the SEC pertaining thereto, informing such Holders of its intent to file such Registration Statement and of the Holders’ rights to request the registration of the Registrable Securities held by the
Holders under this Section 2(b) (the “Company Notice”); provided, that if in the reasonable opinion of the Company such fifteen business day period would materially interfere with the ability of the Company effect a
registration and issue and sell securities pursuant to such registration, such period may be reduced to a period not less than ten business days to be reasonably determined by the Company. Upon the written request of any Holder made within 7
business days after any such Company Notice is given (which request shall specify the Registrable Securities intended to be disposed of by such Holder and, unless the applicable registration is intended to effect a primary offering of Shares of
Common Stock for cash for the account of the Company, the intended method of distribution thereof), the Company will use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities which the Company
has been so requested to register by such Holders to the extent required to permit the disposition (in accordance with the intended methods of distribution thereof) of the Registrable Securities so requested to be registered, including, if
necessary, by filing with the SEC a post-effective amendment or a supplement to the Incidental Registration Statement or the related Prospectus or any document incorporated therein by reference or by filing any other required document or otherwise
supplementing or amending the Incidental Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Incidental Registration Statement by the Securities Act, any
state securities or blue sky laws, or any rules and regulations thereunder; provided, however, that if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the Incidental
Registration Statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to
each Holder of Registrable Securities and, thereupon, (A) in the case of a determination not to register, the Company shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from
its obligation to pay the Registration Expenses incurred in connection therewith) and (B) in the case of a determination to delay such registration, the Company shall be permitted to delay registration of any Registrable Securities requested to
be included in such Incidental Registration Statement for the same period as the delay in registering such other securities. 
 The registration rights granted pursuant to the provisions of this Section 2(b) shall be in addition to the registration rights granted pursuant to the other provisions of this Section 2, and no registration effected under this
Section 2(b) shall relieve the Company of its obligations to effect a Required Registration under Section 2(a), other than as set forth in the fourth paragraph in Section 2(a)(i). 
 (ii) Priority in Incidental Registrations. If a registration pursuant to this Section 2(b) involves an Underwritten Offering
of the securities so being registered, whether or not for sale for the account of the Company, and the sole Underwriter or the lead managing Underwriter, as the case may be, of such Underwritten Offering shall 
  

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 advise the Company in writing (with a copy to each Holder of Registrable Securities requesting
registration) on or before the date five (5) days prior to the date then scheduled for such offering that, in its opinion, the amount of securities (including Registrable Securities) requested to be included in such registration exceeds the
amount which can be reasonably expected to be sold in (or during the time of) such offering without adversely affecting the success of the distribution of the securities being offered, then the Company will include in such registration, first, all
the securities desired to be sold by the Company pursuant to such Registration Statement without reference to the incidental registration rights of any holder (including Holders), and second, the amount of other securities (including Registrable
Securities) requested to be included in such registration that the Company is so advised can be sold in (or during the time of) such offering, allocated, if necessary, pro rata among the holders (including the Holders) thereof requesting such
registration on the basis of the percentage of the securities (including Registrable Securities) beneficially owned at the time that each holder (including Holders) requesting inclusion of their securities desires to register in such registration;
provided, however, that in the event the Company determines, by virtue of this paragraph, not to include in any such registration all of the Registrable Securities of any Holder requested to be included in such registration, such Holder may,
upon written notice to the Company given within 3 days of the time such Holder first is notified of such matter, reduce the amount of Registrable Securities it desires to have included in such registration, whereupon only the Registrable Securities,
if any, it desires to have included will be so included and the amount of Registrable Securities which each Holder is entitled to include in such registration shall be re-calculated utilizing the reduced total number of Registrable Securities to be
included in such registration. 
 (c) Expenses. Subject to the provisions of Section 3.2(d) of the Stockholder Agreement and
Section 3.2(c) of the Implementation and Stockholder Agreement, the Company agrees to pay all Registration Expenses in connection with each registration effected in accordance with Section 2 hereof. All Selling Expenses relating to
securities registered on behalf of Holders shall be borne by the Holders of shares included in such registration, other selling stockholders and the Company pro rata on the basis of the percentage of Shares of Common Stock so registered by each such
party, except that the Company need not contribute to fees and disbursements of counsel for the Holders and other selling stockholders. 
 (d) Effective Registration Statement; Suspension. Subject to the third paragraph of Section 2(a)(i), a Registration Statement pursuant to Section 2(a) will not be deemed to have become effective (and the related
registration will not be deemed to have been effected or requested) unless it has been declared effective by the SEC prior to a request by the Holders of a majority of the Registrable Securities included in such registration that such Registration
Statement be withdrawn; provided, however, that if, after it has been declared effective, the offering of any Registrable Securities pursuant to such Registration Statement is interfered with by any stop order, injunction or other order or
requirement of the SEC or any other governmental agency or court, such Registration Statement will be deemed not to have become effective and the related registration will not be deemed to have been effected or requested pursuant to this Agreement.

  

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 Any period during which the Company fails to keep any Required Registration Statement effective and
usable for resale of Registrable Securities shall be referred to as a “Suspension Period.” A Suspension Period shall (a) commence on and include the earlier of the date that (i) the Company gives notice or (ii) a
Holder is advised by counsel or the SEC, in either case, that a Required Registration Statement is no longer effective or usable for resale of Registrable Securities and (b) end on and including the date when each Holder of Registrable
Securities covered by such Required Registration Statement either receives copies of the supplemented or amended Prospectus contemplated by Section 4(j) or is advised in writing by the Company (having a reasonable basis to so advise) that the
use of the Prospectus may be resumed. In the event of one or more Suspension Periods, the applicable time period for keeping the Registration Statement effective referenced in the last sentence of the first paragraph of Section 2(a)(i) shall be
extended by the number of days included in each Suspension Period, and, in the event any Suspension Period occurs sooner than 30 days after the end of the previous Suspension Period or 30 days after the initial effectiveness of any Required
Registration Statement, none of the days between such Suspension Periods (as the case may be) or prior to such Suspension Period shall be included in computing such applicable time period. 
 (e) Selection of Underwriters. At any time or from time to time, the Holders of at least 25% of the Registrable Securities covered by a Required
Registration Statement may elect to have such Registrable Securities sold in an Underwritten Offering and may select the investment banker or investment bankers and manager or managers that will serve as lead and co-managing Underwriters with
respect to the offering of such Registrable Securities, subject to the consent of the Company which shall not be unreasonably withheld. If more than one Holder is the Holder of more than 25% of the Registrable Securities covered by a Required
Registration Statement, then such selection of investment bankers or managers shall be made by the Holder that has the greatest number of Registrable Securities included in such Registration Statement. In addition to the foregoing, for so long as
the Merrill Holders hold 20% of the outstanding Common Stock of the Company on an as converted basis in the aggregate, the Merrill Representative shall be entitled to direct that Merrill, Lynch, Pierce, Fenner & Smith or another Subsidiary
of Merrill be appointed as co-lead or co-managing Underwriter in respect of any Underwritten Offering contemplated by this Agreement. No Holder may participate in any Underwritten Offering hereunder unless such Holder (a) agrees to sell such
Holder’s securities on the basis provided in any underwriting arrangements and (b) completes and executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents required under
the terms of such Underwritten Offering. 
 (f) Equal Future Rights. Should the Company grant any new registration rights to any
Significant Stockholder other than any Holder, or amend or modify the registration rights of any Holder in such a way to make such registration rights more favorable to one Holder than to another Holder, the registration rights granted under this
Agreement shall be automatically amended so as to be not less favorable to any Holder than those granted to such Significant Stockholder or other Holder. 
 Section 3. Restrictions on Public Sale by the Company. 
 If requested by the sole Underwriter or lead
managing Underwriter(s) in any Underwritten Offering, the Company agrees not to effect any public sale or distribution (other 
  

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 than, in the case of the Company, in connection with (a) any merger, acquisition or similar transaction that
involves the public offering of securities, (b) public sales or distributions solely by and for the account of the Company of securities issued pursuant to any employee benefit or similar plan, including employee stock and stock option plans or
(c) any dividend reinvestment plan) of any securities during the period commencing on the date the Company receives a Request from any Holder and continuing until 90 days after the commencement of an Underwritten Offering (or for such shorter
period as the sole or lead managing Underwriter shall request) unless earlier terminated by the sole Underwriter or lead managing Underwriter(s) in such Underwritten Offering. 
 Section 4. Registration Procedures. 
 In connection with the obligations of the Company pursuant to Section 2, the Company shall use its reasonable best efforts to effect or cause to be effected the registration of the Registrable Securities under
the Securities Act to permit the sale of such Registrable Securities by the Holders in accordance with their intended method of distribution, and the Company shall: 
 (a) (i) prepare and file a Registration Statement with the SEC which (x) shall be on Form S-3 (or any successor to such form), if available, and otherwise on Form S-1, (y) shall be available for the sale or
exchange of the Registrable Securities in accordance with the intended method or methods of distribution by the selling Holders thereof and (z) shall comply as to form with the requirements of the applicable form and include all financial
statements required by the SEC to be filed therewith and all other information reasonably requested by the lead managing Underwriter or sole Underwriter, if applicable, to be included therein, (ii) unless such Registration Statement is
automatically effective upon filing with the SEC, use its reasonable best efforts to cause such Registration Statement to become effective and remain effective in accordance with Section 2, (iii) if the Company is eligible as a WKSI as of
the applicable time, utilize the automatic shelf registration process under Rule 415 and Rule 462 under the Securities Act, (iv) not take any action that would cause a Registration Statement to contain a material misstatement or omission or to
be not effective and usable for resale of Registrable Securities during the period that such Registration Statement is required to be effective and usable, (v) use its reasonable best efforts to cause each Registration Statement and the related
Prospectus and any amendment or supplement thereto, as of the effective date of such Registration Statement, amendment or supplement to comply in all material respects with any requirements of the Securities Act and the rules and regulations of the
SEC and (vi) cause each Registration Statement and the related Prospectus and any amendment or supplement thereto not to contain any untrue statement of a material fact required to be stated therein or necessary to make the statements therein
not misleading during the period that such Registration Statement is required to be effective and usable; 
 (b) subject to paragraph
(j) of this Section 4, prepare and file with the SEC such amendments and post-effective amendments to each such Registration Statement, as may be necessary to keep such Registration Statement effective for the applicable period; cause each
such Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act; and comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by each 
  

 12 

 Registration Statement during the applicable period in accordance with the intended method or methods of distribution by
the selling Holders thereof, as set forth in such registration statement; 
 (c) furnish to each Holder of Registrable Securities and to each
Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or
Underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities; the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus, by each Holder of
Registrable Securities and each Underwriter of an Underwritten Offering of Registrable Securities covered by the Prospectus or the preliminary Prospectus (and Holders hereby agreeing not to make a broad public dissemination of a form of preliminary
Prospectus which is designed to be a “quiet filing” without the Company’s consent, such consent to not be withheld unreasonably); 
 (d) (i) use its reasonable best efforts to register or qualify the Registrable Securities, no later than the time the applicable Registration Statement is declared effective by the SEC, under all applicable state securities or “blue
sky” laws of such jurisdictions as each Underwriter, if any, or any Holder of Registrable Securities covered by a Registration Statement, shall reasonably request; (ii) use its reasonable best efforts to keep each such registration or
qualification effective during the period such Registration Statement is required to be kept effective; and (iii) do any and all other acts and things which may be reasonably necessary or advisable to enable each such Underwriter, if any, and
Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Underwriter or Holder; provided, however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer
in securities in any jurisdiction in which it is not so qualified or to consent to be subject to general service of process (other than service of process in connection with such registration or qualification or any sale of Registrable Securities in
connection therewith) in any such jurisdiction; 
 (e) notify each Holder of Registrable Securities promptly, and, if requested by such
Holder, confirm such advice in writing, (i) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the SEC or any state securities
authority of any stop order, injunction or other order or requirement suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iii) if, between the effective date of a Registration
Statement and the closing of any sale of securities covered thereby pursuant to any agreement to which the Company is a party, the representations and warranties of the Company contained in such agreement cease to be true and correct in all material
respects or if the Company receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose and (iv) of the happening
of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; 
  

 13 

 (f) furnish counsel for each such Underwriter, if any, and for the Holders of Registrable Securities
copies of any request by the SEC or any state securities authority for amendments or supplements to a Registration Statement and Prospectus or for additional information; 
 (g) use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the earliest possible time; 
 (h) upon request, furnish to the sole Underwriter or lead managing Underwriter of an Underwritten Offering of Registrable Securities, if any, without
charge, at least one signed copy of each Registration Statement and any post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits; and furnish to each Holder of
Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 
 (i) cooperate with the selling Holders of Registrable Securities and the sole Underwriter or lead managing Underwriter of an Underwritten Offering of
Registrable Securities, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such
denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the selling Holders or the sole Underwriter or lead managing Underwriter of an Underwritten Offering of Registrable Securities, if any,
may reasonably request at least three business days prior to any sale of Registrable Securities; 
 (j) upon the occurrence of any event
contemplated by paragraph (e)(iv) of this Section, use its reasonable best efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus, or any document incorporated therein by reference, or file
any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact, or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
 (k) enter into
customary agreements (including, in the case of an Underwritten Offering, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions
relating to indemnification and contribution contained herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities and in connection therewith: 
 (1) make such representations and warranties to the Holders of such Registrable Securities and the Underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings; 
 (2) obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall 
  

 14 

 be reasonably satisfactory to the lead managing Underwriter, if any, and the Merrill Representative or
the PNC Representative, as applicable, addressed to each selling Holder and the Underwriters, if any, covering the matters customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be
reasonably requested by such Holders and Underwriters; 
 (3) obtain comfort letters and updates thereof from the
Company’s independent certified public accountants addressed to the selling Holders of Registrable Securities, if permissible, and the Underwriters, if any, which letters shall be customary in form and shall cover matters of the type
customarily covered in comfort letters to underwriters in connection with primary underwritten offerings; 
 (4) if the
selling Holder is a Subsidiary Holder of Merrill or PNC then, to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with Merrill or PNC, as the case may be, on behalf of itself and all other
Subsidiary Holders of it that are selling Holders, relating to the Registration and providing for, among other things, the appointment of the Merrill Representative or such Subsidiary of Merrill that Merrill shall specify, for the Merrill Holders
that are selling Holders or the PNC Representative, for the PNC Holders that are selling Holders, for the purpose of soliciting purchases of Registrable Securities, which agreement shall be customary in form, substance and scope and shall contain
customary representations, warranties and covenants; and 
 (5) deliver such customary documents and certificates as may be
reasonably requested by the Merrill Representative, for the Merrill Holders that are selling Holders or the PNC Representative, for the PNC Holders that are selling Holders, or by the managing Underwriters, if any. 
 The above shall be done (i) at the effectiveness of such Registration Statement (and each post-effective amendment thereto) in connection with any registration
required hereunder, and (ii) at each closing under any underwriting or similar agreement, as and to the extent required thereunder; 
 (l) make available for inspection by representatives of the Holders of the Registrable Securities and any Underwriters participating in any disposition pursuant to a Registration Statement and any counsel or
accountant retained by such Holders or Underwriters, all relevant financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors and employees of the Company to supply all
information reasonably requested by any such representative, Underwriter, counsel or accountant in connection with a Registration Statement; 
  

 15 

 (m) (i) within a reasonable time prior to the filing of any Registration Statement, any
Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus, provide copies of such document to the Holders of Registrable Securities and to counsel to such Holders and to the Underwriter or Underwriters of an
Underwritten Offering of Registrable Securities, if any; fairly consider such reasonable changes in any such document prior to or after the filing thereof as the counsel to the Holders or the Underwriter or the Underwriters may request and not file
any such document in a form to which the Merrill Representative, the PNC representative or any Underwriter shall reasonably object; and make such of the representatives of the Company as shall be reasonably requested by the Holders of Registrable
Securities being registered or any Underwriter available for discussion of such document; 
 (ii) within a reasonable time
prior to the filing of any document which is to be incorporated by reference into a Registration Statement or a Prospectus, provide copies of such document to counsel for the Holders; fairly consider such reasonable changes in such document prior to
or after the filing thereof as counsel for such Holders or such Underwriter shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; 
 (n) cause all Registrable Securities to be listed on the New York Stock Exchange and any securities exchange on which securities of the
same class issued by the Company are then so qualified or listed if so requested by the Merrill Representative or the PNC Representative or if so requested by the Underwriter or Underwriters of an Underwritten Offering of Registrable Securities, if
any; 
 (o) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC,
including making available to its security holders an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (p) cooperate and assist in any filings required to be made with the NASD and in the performance of any due diligence investigation by any
Underwriter in an Underwritten Offering; and 
 (q) use its reasonable best efforts to facilitate the distribution and sale of
any Registrable Securities to be offered pursuant to this Agreement, including without limitation by making road show presentations, holding meetings with potential investors and taking such other actions as shall be requested by the Merrill
Representative or the PNC Representative or the lead managing Underwriter of an Underwritten Offering. 
 Each selling Holder of Registrable
Securities as to which any registration is being effected pursuant to this Agreement agrees, as a condition to the registration obligations with respect to such Holder provided herein, to furnish to the Company such information regarding such Holder
required to be included in the Registration Statement, the ownership of Registrable Securities by such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in
writing. 
  

 16 

 Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the
kind described in paragraph (e)(iv) of this Section, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the affected Registration Statement until such Holder’s receipt of the copies of the supplemented or
amended Prospectus contemplated by paragraph (j) of this Section and, if so directed by the Company, such Holder will deliver to the Company (at the expense of the Company), all copies in its possession, other than permanent file copies then in
such Holder’s possession, of the Prospectus covering such Registrable Securities which was current at the time of receipt of such notice. 
 Section 5. Indemnification; Contribution. 
 (a) Indemnification by the Company. The Company
agrees to indemnify and hold harmless each Person who participates as an underwriter (any such Person being an “Underwriter”), each Holder and their respective partners, directors, officers and employees and each Person, if any, who
controls any Holder or Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows: 
 (i) against any and all losses, liabilities, claims, damages, judgments and reasonable expenses (“Damages”) whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement pursuant to which Registrable Securities were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a
material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, including all documents
incorporated therein by reference, or any “issuer free writing prospectus” (as defined in Securities Act Rule 433), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading; 
 (ii) against any and all Damages whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any litigation, investigation or proceeding by any governmental agency or body, commenced or threatened, or of any other claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and 
 (iii) against any and all reasonable expense whatsoever, as incurred (including fees and disbursements of counsel), incurred in investigating, preparing or defending against any litigation, investigation or proceeding
by any governmental agency or body, commenced or threatened, in each case whether or not such Person is a party, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the
extent that any such expense is not paid under subparagraph (i) or (ii) above; 
  

 17 

 provided, however, that this indemnity agreement does not apply to any Holder or Underwriter with respect
to any Damages to the extent (i) arising out of any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, or the omission or alleged omission therefrom of a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, in any such case made in reliance upon and in conformity with written information furnished to the Company by such Holder or Underwriter expressly for use in a
Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto) or (ii) arising out of or based upon offers or sales effected directly by any Holder or Underwriter “by means of” (as defined
in Securities Act Rule 159A) a “free writing prospectus” (as defined in Securities Act Rule 405) that was not issued by or authorized in writing by the Company. In addition to the foregoing, the Company shall indemnify each Holder and its
respective partners, directors, officers and employees and each Person, if any, who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the extent the indemnification provided by
the Company to any Underwriter in connection with a Registration exceeds the indemnity provided hereunder. 
 (b) Indemnification by
Holders. Merrill, for itself and jointly and severally for and on behalf of each of its Subsidiary Holders that may be a selling Holder hereunder, and PNC, for itself and jointly and severally for and on behalf of each of its Subsidiary Holders
that may be a selling Holder hereunder, each severally agrees to indemnify and hold harmless the Company, each Underwriter and the other selling Holders, and each of their respective partners, directors, officers and employees (including each
officer of the Company who signed the Registration Statement), and each Person, if any, who controls the Company, any Underwriter or any other selling Holder within the meaning of Section 15 of the Securities Act, against any and all Damages
described in the indemnity contained in paragraph (a) of this Section (provided that any settlement of the type described therein is effected with the written consent of such selling Holder), as incurred, but only (i) with respect to
untrue statements or alleged untrue statements of a material fact contained in any Prospectus or the omissions or alleged omissions therefrom of a material fact necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, in any such case made in reliance upon and in conformity with written information furnished to the Company by such selling Holder expressly for use in such Registration Statement (or any amendment thereto) or such
Prospectus (or any amendment or supplement thereto) or (ii) that arises out of or is based upon offers or sales by such Holder or Underwriter “by means of” (as defined in Securities Act Rule 159A) a “free writing prospectus”
(as defined in Securities Act Rule 405) that was not issued by or authorized in writing by the Company. No selling Holder shall be liable under this Section 5(b) for any Damages in excess of the net proceeds realized by such selling Holder in
the sale of Registrable Securities to which such Damages relate. 
 (c) Conduct of Indemnification Proceedings. Each indemnified party
or parties shall give reasonably prompt notice to each indemnifying party or parties of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but any failure to give such notice shall not relive the
indemnifying party or parties to any obligation that it or they 

  

 18 

 
may have under this indemnity agreement, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. If the
indemnifying party or parties so elects within a reasonable time after receipt of such notice, the indemnifying party or parties may assume the defense of such action or proceeding at such indemnifying party’s or parties’ expense with
counsel chosen by the indemnifying party or parties and approved by the indemnified party defendant in such action or proceeding, which approval shall not be unreasonably withheld; provided, however, that, if such indemnified party or parties
determines in good faith that a conflict of interest exists and that therefore it is advisable for such indemnified party or parties to be represented by separate counsel or that, upon advice of counsel, there may be legal defenses available to it
or them which are different from or in addition to those available to the indemnifying party, then the indemnifying party or parties shall not be entitled to assume such defense and the indemnified party or parties shall be entitled to separate
counsel (limited in each jurisdiction to one counsel for all Underwriters and another counsel for all other indemnified parties under this Agreement) at the indemnifying party’s or parties’ expense. If an indemnifying party or parties is
not so entitled to assume the defense of such action or does not assume such defense, after having received the notice referred to in the first sentence of this paragraph, the indemnifying party or parties will pay the reasonable fees and expenses
of counsel for the indemnified party or parties (limited in each jurisdiction to one counsel for all Underwriters and another counsel for all other indemnified parties under this Agreement). No indemnifying party or parties will be liable for any
settlement effected without the written consent of such indemnifying party or parties, which consent shall not be unreasonably withheld. If an indemnifying party is entitled to assume, and assumes, the defense of such action or proceeding in
accordance with this paragraph, such indemnifying party or parties shall not, except as otherwise provided in this subsection (c), be liable for any fees and expenses of counsel for the indemnified parties incurred thereafter in connection with such
action or proceeding. 
 (d) Contribution. (i) In order to provide for just and equitable contribution in circumstances in which
the indemnity agreement provided for in this Section is for any reason held to be unenforceable by the indemnified parties although applicable in accordance with its terms in respect of any losses, liabilities, claims, damages, judgments and
expenses suffered by an indemnified party referred to therein, each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses,
liabilities, claims, damages, judgments and expenses in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and of the liable selling Holders (including, in each case, that of their respective officers,
directors, employees and agents) on the other, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages, judgments or expenses, as well as any other relevant equitable considerations. The relative
fault of the Company on the one hand and of the liable selling Holders (including, in each case, that of their respective officers, directors, employees and agents) on the other, shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or by or on behalf of the selling Holders, on the other, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, liabilities, claims, damages, judgments and expenses
referred to above shall be deemed to include, subject to the limitations 

  

 19 

 
set forth in paragraph (c) of this Section, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or
defending any action or claim. 
 (ii) The Company and each Holder of Registrable Securities agree that it would not be just
and equitable if contribution pursuant to this paragraph (d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in sub-paragraph (i) above.
Notwithstanding the provisions of this paragraph (d), in the case of distributions to the public, an indemnifying Holder shall not be required to contribute any amount in excess of the amount by which (A) the total price at which the
Registrable Securities sold by such indemnifying Holder and distributed to the public were offered to the public exceeds (B) the amount of any damages which such indemnifying Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
 (iii) For purposes of this Section, each Person, if any, who controls a Holder or an Underwriter within
the meaning of Section 15 of the Securities Act (and their respective partners, directors, officers and employees) shall have the same rights to contribution as such Holder or Underwriter; and each director of the Company, each officer of the
Company who signed the Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, shall have the same rights to contribution as the Company. 
 Section 6. Miscellaneous. 
 (a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given
unless the Company has obtained the written consent of each of the Merrill Representative and the PNC Representative; provided, however, that nothing herein shall prohibit any amendment, modification, supplement, waiver or consent the effect of
which is limited only to the Merrill Holders if the Merrill Representative shall have agreed to such amendment, modification, supplement, waiver or consent or the PNC Holders if the PNC Representative shall have agreed to such amendment,
modification, supplement, waiver or consent, other than, in each case, an amendment, modification, supplement, waiver or consent which would grant one Holder more favorable rights hereunder than another Holder. 
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, telex, telecopier
or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this paragraph (b), which address initially is,
with respect to Merrill as of the date hereof, at Four World Financial Center, 250 Vesey Street, New York, New York 10080, facsimile number (212) 670-4518, Attention: Richard E. Alsop, Esq., and with respect to PNC as of the date hereof, at

  

 20 

 
One PNC Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222, facsimile number (412) 705-2679, Attention: General Counsel and thereafter at such
other address, notice of which is given in accordance with the provisions of this paragraph, and with respect to each Holder who becomes after the date hereof, the address of such Holder in the stock or warrant records of the Company or (ii) if
to the Company, at 40 East 52nd Street, New York, NY 10022, facsimile number (212) 810-3744, Attention: Robert
P. Connolly, Esq., and thereafter at such other address, notice of which is given in accordance with the provisions of this paragraph (c), with a copy to Skadden, Arps, Slate, Meagher & Flom, LLP, Four Times Square, New York, New York
10036, Attention: Richard T. Prins, facsimile number (917) 777-2790. Notwithstanding the foregoing, the Company shall not be obligated to provide any notice to any Holder which is not a party to this Agreement except with respect to a Required
or Incidental Registration Statement which has been filed and pursuant to which such Holder is identified as a selling stockholder. 
 All
such notices and communications shall be deemed to have been duly given at the time delivered by hand, if personally delivered; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next business day, if timely
delivered to a courier guaranteeing overnight delivery. 
 (c) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors, assigns and transferees of each of the parties without the need for an express assignment. If any successor, assignee or transferee of any Holder shall acquire Registrable Securities in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall conclusively be deemed to have agreed to be bound by and
to perform all of the terms and provisions of this Agreement and to receive the benefits hereof. Notwithstanding the foregoing, nothing in this Section 6 is intended to enlarge the class of Persons which are Holders, as defined in the preamble
of this Agreement, and thus entitled to the rights granted hereunder. For purposes of this Agreement, “successor” for any entity other than a natural person means a successor to such entity as a result of such entity’s merger,
consolidation, liquidation, dissolution, sale of substantially all of its assets or similar transaction. 
 (d) Counterparts. This
Agreement may be executed in two or more counterparts, each of which, when so executed and delivered, shall be deemed to be an original, but all of which counterparts, taken together, shall constitute one and the same instrument. 
 (e) Descriptive Headings, Etc. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein. Unless the context of this Agreement otherwise requires: (1) words of gender shall be deemed to include each other gender; (2) words using the singular or plural number shall also include the plural or
singular number, respectively; (3) the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Article, Section and paragraph references are to the Articles, Sections and paragraphs to this Agreement unless otherwise specified; (4) the word “including” and words of similar
import when used in this Agreement means “including, without limitation,” unless otherwise specified; (5) “or” is not exclusive; and (6) provisions apply to successive events and transactions. 
  

 21 

 (f) Severability. In the event that any one or more of the provisions, paragraphs, words, clauses,
phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, paragraph, word,
clause, phrase or sentence in every other respect and of the other remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way impaired, it being intended that all rights, powers and privileges of the
parties hereto shall be enforceable to the fullest extent permitted by law. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF). 
 (h) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if any party fails to perform in any material respect any of its obligations hereunder, and accordingly agree that each party, in
addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of any other party under this Agreement in accordance with the terms and conditions of this Agreement
in any court of the United States or any State thereof having jurisdiction. 
 (i) Entire Agreement. This Agreement is intended by the
parties as a final expression of their agreement and, subject to the last sentence of this paragraph (i), is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. This Agreement supersedes all prior agreements and understandings between the Company, on the one hand, and the other parties to this Agreement, on the other, with respect to such subject matter. In case of any conflict between
this Agreement and (x) as to the Merrill Holders, the Stockholder Agreement or (y) as to the PNC Holders, the Implementation and Stockholder Agreement, the terms and provisions of the Stockholder Agreement or Implementation and Stockholder
Agreement, as the case may be, shall control. 
 (j) Termination of Prior Agreement. As of the date of this Agreement, the
Registration Rights Agreement, dated as of October 6, 1999, as amended, among BlackRock, PNC Asset Management, Inc. and the Employee Stockholders (as defined therein), is hereby terminated and shall have no further force or effect. 

*     *     * 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date
first written above. 
  

			
	NEW BLACKROCK, INC.
		
	By:	 	/s/ Daniel Waltcher
		 	Name: Daniel Waltcher
		 	Title: Managing Director and Deputy General Counsel
	
	MERRILL LYNCH & CO, INC.
		
	By:	 	/s/ Laurence A. Tosi
		 	Name: Laurence A. Tosi
		 	Title: Vice President
	
	THE PNC FINANCIAL SERVICES GROUP, INC.
		
	By:	 	/s/ David J. Williams
		 	Name: David J. Williams
		 	Title: Senior Vice President

			
	Agreed to and accepted, as of the date first above written, for the purposes of Section 6(j):
		
	By:	 	/s/ Laurence Fink
		 	Laurence Fink
		
	By:	 	/s/ Ralph Schlosstein
		 	Ralph Schlosstein
		
	By:	 	/s/ Robert Kapito
		 	Robert KapitoBlackRock, Inc. 1999 Stock Award and Incentive Plan

 EXHIBIT 10.1 
 BLACKROCK, INC. 
 1999 STOCK AWARD AND INCENTIVE PLAN 
 1. Purpose; Types of Awards; Construction. 
 The
purposes of the 1999 Stock Award and Incentive Plan of BlackRock, Inc. (the “Plan”), are to afford an incentive to selected employees and independent contractors of BlackRock, Inc. (the “Company”) or any Affiliate that now exists
or hereafter is organized or acquired, to continue as employees or independent contractors, as the case may be, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. Pursuant to the Plan, there
may be granted stock options (including “incentive stock options” and “nonqualified stock options”), stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other long- term stock- or
cash-based Awards. 
 2. Definitions. 
 (a) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 
 (b) “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Dividend Equivalent or Other Stock-Based Award or Other Cash-Based Award granted under the Plan. 
 (c) “Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Cash-Based Award” means an Award that is not denominated or valued by reference to Stock, including an Award that is subject to the attainment of Performance Goals or otherwise as permitted under the
Plan. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 (g) “Committee” means the committee established by the Board to administer the Plan, the composition of which shall at all times satisfy the
provisions of Rule 16b-3. 
 (h) “Company” means BlackRock, Inc., a corporation organized under the laws of the State of Delaware,
or any successor corporation. 
 (i) “Dividend Equivalent” means a right, granted to a Grantee under Section 6(b)(v), to
receive cash, Stock, or other property equal in value to dividends paid with respect to a specified number of shares of Stock. Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award, and may be paid
currently or on a deferred basis. 
  

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 (j) “Effective Date” means the effective date of the Initial Public Offering, provided that the
Plan had been approved by the stockholders of the Company prior to the Initial Public Offering. 
 (k) “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended from time to time. 
 (l) “Fair Market Value” means, with respect to Stock or other
property, the fair market value of such Stock or other property determined by such methods or procedures as shall be established from time to time by the Committee. Unless otherwise determined by the Committee in good faith, the per share Fair
Market Value of Stock as of a particular date shall mean (i) the closing sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for the last preceding date on which there was a sale of such
Stock on such exchange, or (ii) if the shares of Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of Stock in such over-the-counter market for the last preceding date on which
there was a sale of such Stock in such market, or (iii) if the shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall determine.

 (m) “Grantee” means a person who has been granted an Award under the Plan. 
 (n) “ISO” means any Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code.

 (o) “Initial Public Offering” shall mean the initial public offering of shares of Stock of the Company. 
 (p) “NQSO” means any Option that is designated as a nonqualified stock option. 
 (q) “Option” means a right, granted to a Grantee under Section 6(b)(i), to purchase shares of Stock. An Option may be either an ISO or an
NQSO; provided that ISOs may be granted only to employees of the Company or any Subsidiary or the Company’s Parent. 
 (r) “Other
Stock-Based Award” means an Award that is denominated or valued in whole or in part by reference to Stock, including, but not limited to (1) restricted or unrestricted Stock awarded subject to the attainment of Performance Goals or
otherwise as permitted under the Plan, and (2) a right granted to a Grantee to acquire Stock from the Company for cash. 
 (s)
“Parent” means any corporation in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock of
one of the other corporations in such chain. 
 (t) “Participant” means an individual eligible to receive Awards under the Plan.

 (u) “Performance Goals” means performance goals based on one or more of the following criteria: (i) before-tax income or
after-tax income, (ii) operating profit, (iii) return on equity, assets, capital or investment, (iv) earnings or book value per share, (v) sales or revenues, 
  

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 (vi) operating expenses, (vii) Stock price appreciation and (viii) implementation or completion of critical
projects or processes. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied
to the Company or one or all of the Affiliates of the Company, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination
thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be made (or
specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). To the extent possible, each of the foregoing Performance Goals shall be determined in accordance
with generally accepted accounting principles and shall be subject to certification by the Committee; provided that the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or
non-recurring events affecting the Company or any Subsidiary or other Affiliate or the financial statements of the Company or any Subsidiary or other Affiliate, in response to changes in applicable laws or regulations, or to account for items of
gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. 
 (v) “Plan” means this BlackRock, Inc., 1999 Stock Award and Incentive Plan, as amended from time to time. 
 (w) “Plan Year” means the fiscal year of the Company. 
 (x) “Restricted Stock” means an Award of shares of Stock to a Grantee under Section 6(b)(iii) that may be subject to certain transferability and other restrictions and to a risk of forfeiture (including
by reason of not satisfying certain Performance Goals). 
 (y) “Restricted Stock Unit” means a right granted to a Grantee under
Section 6(b)(iv) to receive Stock or cash at the end of a specified deferral period, which right may be conditioned on the satisfaction of certain requirements (including the satisfaction of certain Performance Goals). 
 (z) “Rule 16b-3” means Rule 16b-3, as from time to time in effect promulgated by the Securities and Exchange Commission under Section 16
of the Exchange Act, including any successor to such Rule. 
 (aa) “Stock” means shares of the [class A and/or class B] common
stock, par value $0.01 per share, of the Company. 
 (bb) “SAR” or “Stock Appreciation Right” means the right, granted to
a Grantee under Section 6(b)(ii), to be paid an amount measured by the appreciation in the Fair Market Value of Stock from the date of grant to the date of exercise of the right, with payment to be made in cash, Stock, or property as specified
in the Award or determined by the Committee. 
 (cc) “Subsidiary” means any corporation in an unbroken chain of corporations
beginning with the Company if, at the time of granting of an Award, each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing 50% or more of the total combined voting power of all classes of stock in one
of the other corporations in the chain. 
  

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 3. Administration. 
 The Plan shall be administered by the Committee. The Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to
exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to grant Awards; to determine the persons to whom and
the time or times at which Awards shall be granted; to determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may relate and the terms, conditions, restrictions and Performance Goals relating to any
Award; to determine Performance Goals; to determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; to make adjustments in the terms and conditions (including
Performance Goals) applicable to Awards; to designate Affiliates; to construe and interpret the Plan and any Award; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the Award
Agreements (which need not be identical for each Grantee); and to make all other determinations deemed necessary or advisable for the administration of the Plan. 
 The Committee may appoint a chairperson and a secretary and may make such rules and regulations for the conduct of its business as it shall deem advisable, and shall keep minutes of its meetings. All determinations of
the Committee shall be made by a majority of its members either present in person or participating by conference telephone at a meeting or by written consent. The Committee may delegate to one or more of its members or to one or more agents such
administrative duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have
under the Plan. All decisions, determinations and interpretations of the Committee shall be final and binding on all persons, including the Company, and any Affiliate or Grantee (or any person claiming any rights under the Plan from or through any
Grantee) and any stockholder. 
 No member of the Board or Committee shall be liable for any action taken or determination made in good faith
with respect to the Plan or any Award granted hereunder. 
 4. Eligibility. 
 Except as provided below, all Awards may be granted to selected employees and independent contractors of the Company or of any of its Affiliates. In
determining the persons to whom Awards shall be granted and the type of Award (including the number of shares to be covered by such Award), the Committee shall take into account such factors as the Committee shall deem relevant in connection with
accomplishing the purposes of the Plan. 
 ISOs shall be granted only to employees (including officers and directors who are also employees)
of the Company, its Parent or any of its Subsidiaries. No ISO shall be granted to any employee of the Company, its Parent or any of its Subsidiaries if such employee owns, 
  

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 immediately prior to the grant of the ISO, stock representing more than 10% of the voting power or more than 10% of the
value of all classes of stock of the Company or a Parent or a Subsidiary, unless the purchase price for the stock under such ISO shall be at least 110% of its Fair Market Value at the time such ISO is granted and the ISO, by its terms, shall not be
exercisable more than five years from the date it is granted. In determining the stock ownership under this paragraph, the provisions of Section 424(d) of the Code shall be controlling. 
 5. Stock Subject to the Plan. 
 The maximum number of
shares of Stock reserved for the grant or settlement of Awards under the Plan shall be [    ], subject to adjustment as provided herein. No more than [    ] shares of Stock may be covered by stock-based awards
(including Options, SARs, Restricted Stock and Restricted Stock Units) made to a single individual during any Plan Year, which number shall be subject to adjustment as provided herein. Shares issued hereunder may, in whole or in part, be authorized
but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award
otherwise terminates or expires without a distribution of shares to the Grantee, the shares of stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be
available for Awards under the Plan. 
 In the event that the Committee shall determine that any dividend or other distribution (whether in
the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the
Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Grantees under the Plan, then the Committee shall make such equitable changes or adjustments as it deems necessary or appropriate to any or all
of (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with Awards, (ii) the number and kind of shares of Stock or other property (including cash) issued or issuable in
respect of outstanding Awards, (iii) the exercise price, grant price, or purchase price relating to any Award; provided that, with respect to ISOs, such adjustment shall be made in accordance with Section 424(h) of the Code, (iv) the
Performance Goals and (v) the individual limitations applicable to Awards. 
 6. Terms of Awards. 
 (a) General Terms of Awards. The term of each Award shall be for such period as may be determined by the Committee. Subject to the terms of the
Plan and any applicable Award Agreement, payments to be made by the Company or Affiliate upon the grant, maturation, or exercise of an Award may be made in such forms as the Committee shall determine at the date of grant or thereafter, including,
without limitation, cash, Stock, or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. The Committee may make rules relating to installment or deferred payments with respect to Awards, including
the rate of interest to be credited with respect to such payments. In addition to the foregoing, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine. 
  

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 (b) Specific Terms of Awards. The Committee is authorized to grant to Participants the following
Awards, as deemed by the Committee to be consistent with the purposes of the Plan. The Committee shall determine the terms and conditions of such Awards at the date of grant or thereafter. 
 (i) Options. The Committee is authorized to grant Options to Participants on the following terms and conditions: 
 (A) Type of Award. The Award Agreement evidencing the grant of an Option under the Plan shall designate the Option as an ISO or an
NQSO. 
 (B) Exercise Price. The exercise price per share of Stock purchasable under an Option shall be determined by
the Committee; provided that, such exercise price of an ISO shall be not less than the Fair Market Value of a share of Stock on the date of grant of such ISO. The exercise price for Stock subject to an Option may be paid in cash or by an exchange of
Stock previously owned by the Grantee, or a combination of both, in an amount having a combined value equal to such exercise price. An Award Agreement may provide that a Grantee may elect to pay all or a portion of the aggregate exercise price by
having shares of Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company or sold by a broker-dealer. 
 (C) Term and Exercisability of Options. Options shall be exercisable over the exercise period (which shall not exceed ten years
from the date of grant), at such times and upon such conditions as the Committee may determine, as reflected in the Award Agreement; provided that, the Committee shall have the authority to accelerate the exercisability of any outstanding Option at
such time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable, by giving written notice of such
exercise to the Committee or its designated agent. 
 (D) Termination of Employment, etc. An Option may not be
exercised unless the Grantee is then in the employ of, or maintains a independent contractor relationship with, the Company or an Affiliate (or a company or a parent or subsidiary company of such company issuing or assuming the Option in a
transaction to which Section 424(a) of the Code applies), and unless the Grantee has remained continuously so employed, or continuously maintained such relationship, since the date of grant of the Option; provided that, the Award Agreement may
contain provisions extending the exercisability of Options, in the event of specified terminations, to a date not later than the expiration date of such Option. 
  

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 (E) Other Provisions. Options may be subject to such other conditions including,
but not limited to, restrictions on transferability of the shares acquired upon exercise of such Options, as the Committee may prescribe in its discretion or as may be required by applicable law. 
 (ii) SARs. The Committee is authorized to grant SARs to Participants on the following terms and conditions: 
 (A) In General. Unless the Committee determines other wise, an SAR (1) granted in tandem with an NQSO may be granted at the
time of grant of the related NQSO or at any time thereafter or (2) granted in tandem with an ISO may only be granted at the time of grant of the related ISO. An SAR granted in tandem with an Option shall be exercisable only to the extent the
underlying Option is exercisable. 
 (B) Settlement of SARs. An SAR shall confer on the Grantee a right to receive an
amount in cash or shares of Stock (at the sole discretion of the Committee) with respect to each share subject thereto, upon exercise thereof, equal to the excess of (1) the Fair Market Value of one share of Stock on the date of exercise over
(2) the grant price of the SAR (which in the case of an SAR granted in tandem with an Option shall be equal to the exercise price of the underlying Option, and which in the case of any other SAR shall be such price as the Committee may
determine). 
 (iii) Restricted Stock. The Committee is authorized to grant Restricted Stock to Participants on the
following terms and conditions: 
 (A) Issuance and Restrictions. Restricted Stock shall be subject to such
restrictions on transferability and other restrictions, if any, as the Committee may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments,
or otherwise, as the Committee may determine. The Committee may place restrictions on Restricted Stock that shall lapse, in whole or in part, upon the attainment of Performance Goals. Except to the extent restricted under the Award Agreement
relating to the Restricted Stock, a Grantee granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (B) Forfeiture. Upon termination of employment with or service to the Company or Affiliate, or upon termination of the independent
contractor relationship, as the case may be, during the applicable restriction period, Restricted Stock and any accrued but unpaid dividends or Dividend Equivalents that are at that time subject to restrictions shall be forfeited; provided that, the
Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations
resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock. 
  

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 (C) Certificates for Stock. Restricted Stock granted under the Plan may be
evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Grantee, such certificates shall bear an appropriate legend referring to the terms, conditions, and
restrictions applicable to such Restricted Stock, and the Company shall retain physical possession of the certificate. 
 (D)
Dividends. Dividends paid on Restricted Stock shall be either paid at the dividend payment date, or deferred for payment to such date as determined by the Committee, in cash or in shares of unrestricted Stock having a Fair Market Value equal
to the amount of such dividends. Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock
with respect to which such Stock or other property has been distributed. 
 (iv) Restricted Stock Units. The Committee
is authorized to grant Restricted Stock Units to Participants, subject to the following terms and conditions: 
 (A) Award
and Restrictions. Delivery of Stock or cash, as determined by the Committee, will occur upon expiration of the deferral period specified for Restricted Stock Units by the Committee or, if permitted by the Committee, upon expiration of such
deferral period as may have been elected by the Grantee. The Committee may condition the vesting and/or payment of Restricted Stock Units, in whole or in part, upon the attainment of Performance Goals. 
 (B) Forfeiture. Upon termination of employment or termination of the independent contractor relationship during the applicable
deferral period or portion thereof to which forfeiture conditions apply, or upon failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such Restricted Stock Units relate, all Restricted Stock Units that are then
subject to deferral or restriction shall be forfeited; provided that, the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to
Restricted Stock Units will be waived in whole or in part in the event of termination resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock Units. 
 (v) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to Participants. The Committee may provide, at
the date of grant or thereafter, that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Stock, or other investment vehicles as the Committee may specify, provided that Dividend
Equivalents (other than freestanding Dividend Equivalents) shall be subject to all conditions and restrictions of the underlying Awards to which they relate. 
  

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 (vi) Other Stock- or Cash-Based Awards. The Committee is authorized to grant
Awards to Participants in the form of Other Stock-Based Awards or Cash-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be granted with value and payment
contingent upon the attainment of certain Performance Goals, so long as such goals relate to periods of performance in excess of one calendar year. The Committee shall determine the terms and conditions of such Awards at the date of grant or
thereafter. The maximum payment that any Grantee may receive pursuant to an Award granted under this paragraph in respect of any performance period shall be [$  ]. Payments earned hereunder may be decreased or increased in the sole
discretion of the Committee based on such factors as it deems appropriate. 
 7. General Provisions. 
 (a) Nontransferability. Unless otherwise provided in an Award Agreement, Awards shall not be transferable by a Grantee except by will or the laws
of descent and distribution and shall be exercisable during the lifetime of a Grantee only by such Grantee or his guardian or legal representative. 
 (b) No Right to Continued Employment. Nothing in the Plan or in any Award granted under the Plan or in any Award Agreement or other agreement entered into pursuant hereto shall confer upon any Grantee or Participant the right to
continue in the employ of or to continue as an independent contractor of the Company or any Affiliate or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or
limit in any way the right of the Company or any such Affiliate to terminate such Grantee’s employment or independent contractor relationship. 
 (c) Withholding and Other Taxes. The Company or any applicable Affiliate is authorized to withhold from any Award granted, any payment relating to an Award under the Plan (including from a distribution of Stock) or any other payment
to a Grantee, amounts of withholding and other taxes due in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Grantees to satisfy obligations for the
payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Grantee’s tax
obligations. 
 (d) Amendment and Termination. The Board may at any time and from time to time alter, amend, suspend, or terminate the
Plan in whole or in part. Notwithstanding the foregoing, no amendment shall affect adversely any of the rights of any Grantee, without such Grantee’s consent, under any Award theretofore granted under the Plan and any amendment shall be
approved by shareholders, unless otherwise determined by the Board, if necessary to comply with state law, stock listing requirements or other applicable law. Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan
shall terminate on the tenth anniversary of its Effective Date. No Awards shall be granted under the Plan after such termination date. 
  

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 (e) No Rights to Awards; No Stockholder Rights. No Grantee or Participant shall have any claim to
be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Grantees. Except as provided specifically herein, a Grantee or a transferee of an Award shall have no rights as a stockholder with respect to any shares
covered by the Award until the date of the issuance of a stock certificate to him for such shares. 
 (f) Unfunded Status of Awards.
The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any Award shall give any such
Grantee any rights that are greater than those of a general creditor of the Company. 
 (g) No Fractional Shares. No fractional shares
of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any
rights thereto shall be forfeited or otherwise eliminated. 
 (h) Regulations and Other Approvals. 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all
applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 
 (ii) Each Award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that the listing,
registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or
obtained free of any conditions not acceptable to the Committee. 
 (iii) In the event that the disposition of Common Stock
acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act of 1933, as amended (the “Securities Act”), and is not otherwise exempt from such registration, such Stock shall be restricted
against transfer to the extent required by the Securities Act or regulations thereunder, and the Committee may require a Grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in
writing that the Stock acquired by such Grantee is acquired for investment only and not with a view to distribution. 
 (i) Governing
Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Delaware without giving effect to the conflict of laws principles thereof. 
  

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