Document:

Blackrock, Inc. and 2002 long term retention

  Exhibit 10.21
 BlackRock, Inc.
 2002 Long-Term Retention and Incentive Plan
 SECTION 1.  Purpose; Definitions
           The purposes of the Plan (as defined below) are to attract and retain the best available personnel for positions with the Company (as defined below), to maintain and
enhance the Company’s performance, and to support succession planning and the development of future management of the Company.
           For
purposes of the Plan, the following terms are defined as set forth below:
 (a)     “Acceleration Event” shall occur upon the first to occur of the following: (i)
at the sole discretion of the Incumbent Management Committee, upon the vote of a majority of the Incumbent Management Committee to accelerate the Plan, which vote shall occur six months following the Termination of Employment of the Chief Executive
Officer of the Company (the “Chief Executive Officer”) by the Chief Executive Officer for Deficient Opportunity or by the Company other than for Cause, death or Disability, if, within 60 days following the Termination of Employment of the
Chief Executive Officer, a successor Chief Executive Officer of the Company fails to assume office who is either (A) a member of the Incumbent Management Committee or (B) a person approved by a majority of the Incumbent Management Committee; or (ii)
the Awards are fully vested pursuant to Section 3.3(b)(1) of the Initial Public Offering Agreement made and entered into as of September 30, 1999 by and among The PNC Financial Services Group, Inc. (“PNC”), PNC Asset Management, Inc., a
Delaware corporation and an indirect wholly owned subsidiary of PNC (“PAM”), and the Company, as amended.
 (b)     “Actual Award Pool” means
$240,000,000.
 (c)     “Affiliate” means any corporation, partnership, joint venture, association, organization or other person or entity that is directly or
indirectly through one or more intermediaries, controlling, controlled by or under common control with the person or entity specified. 
 (d)     “Award” means an
award granted under the Plan that is expressed as an amount in cash, which, subject to the attainment of Performance Goals, shall be settled in cash (the “Cash Portion”) and Common Stock (the “Stock Portion”).
 (e)     “Award Holder” means an Eligible Individual to whom an Award has been granted.
 (f)     “Board” means the Board of Directors of the Company.

  
  (g)     “Business Day” shall mean any day other than Saturday, Sunday or any other day on
which banks in the State of New York are required by law to be closed.
 (h)     “Cause” means (i) “Cause” as defined in any Individual Agreement, or (ii)
if there is no such Individual Agreement or if such Individual Agreement does not define “Cause”:  (A) a material breach by the Award Holder of any written policies of the Company or any Affiliate required by law or established to
maintain compliance with applicable law; (B) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct by the Award Holder against the Company or any Affiliate or any client of the Company or an Affiliate; (C) conviction
(including a plea of nolo contendere) of the Award Holder for the commission of a felony that could, in the Company’s reasonable judgment, impair the Award Holder’s ability to perform his or her duties or adversely affect the
Company’s or any Affiliate’s business or reputation; or (D) entry of any order against the Award Holder by any governmental body having regulatory authority with respect to the Company’s or any Affiliate’s business, which order
relates to or arises out of the Award Holder’s employment or service relationship with the Company or any Affiliate.  Unless otherwise provided in an Individual Agreement with respect to for Cause terminations, a determination of Cause
under the Plan only may be made by the Company’s Chief Executive Officer and a majority of the members of the Management Committee (excluding the Award Holder, if applicable).
 (i)     “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.
 (j)     “Commission” means the Securities and Exchange Commission or any successor agency.
 (k)     “Committee” means the Compensation Committee of the Company or such other committee of the Board as the Board may from time to time designate, which shall be composed of not less than
two directors, and shall be appointed and serve at the pleasure of the Board; provided that no member of the Compensation Committee that is an employee of the Company may vote on any matter relating to the grant or vesting of any Award. 
Notwithstanding the foregoing, following the effectiveness of any applicable law or regulation, including, without limitation, any stock exchange regulation restricting PNC’s designees to the Board from serving on the Compensation Committee the
“Committee” shall thereafter be comprised of all the members of the Board who are not employees of the Company, it being understood that under these circumstances the Compensation Committee would make non-binding recommendations to the
Committee on all matters relating to the administration of the Plan. 
 (l)     “Common Stock” means Class A common stock, par value $.01 per share, of the Company
and Class B common stock, par value $.01 per share, of the Company.
 (m)   “Company” means BlackRock, Inc., a Delaware corporation, and its successors.
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  (n)     “Company Peer Group” means the Salomon Smith Barney Asset Management Universe,
taking into account any addition or removal of companies, provided that the performance of such added or removed companies shall be pro-rated through, or commencing on, respectively, the date that any such companies are removed or added.  In
the event that the Salomon Smith Barney Asset Management Universe loses three or more members after the Effective Date, then the Committee shall hire a nationally recognized independent compensation consultant to determine an equitable adjustment to
the Company Peer Group, if any.
 (o)     “Covered Employee” means an Award Holder designated prior to the grant of Awards by the Committee who is or may be a
“covered employee” within the meaning of Section 162(m)(3) of the Code in the year in which Awards are expected to be taxable to such Award Holder.
 (p)     “Deficient Opportunity” means (i) “Deficient Opportunity” as defined in any Individual Agreement, or (ii) if there is no such Individual Agreement or if such Individual
Agreement does not define “Deficient Opportunity,” without the written consent of the Award Holder:  (x) any action by the Company which results in a material diminution in the Award Holder’s position (including status, offices,
titles and reporting requirements), authority, duties or responsibilities, excluding for this purpose any action not taken in bad faith and which is remedied by the Company promptly after receipt of notice given by the Award Holder; (y) any failure
by the Company to provide to the Award Holder any compensation and benefits to which the Award Holder is entitled, other than a failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by
the Award Holder; or (z) the Company’s requiring the Award Holder to be based in any city other than the city in which the Award Holder is employed at the commencement of the Award Holder’s tenure as Chief Executive Officer.  The
Award Holder’s mental or physical incapacity following the occurrence of an event described above in any of clauses (x), (y) or (z) shall not affect the Award Holder’s ability to terminate employment for Deficient Opportunity.  The
Award Holder shall be entitled to such additional procedural protections as may be provided in any Individual Agreement.
 (q)     “Disability” means (i)
“Disability” as defined in any Individual Agreement, or (ii) if there is no Individual Agreement or the Individual Agreement does not define “Disability”, the Award Holder’s physical or mental incapacity constituting
disability, as determined under the Company’s Long-Term Disability Plan applicable to the Award Holder, which, in any event, does or is reasonably expected to continue for at least six months.
 (r)     “Early Retirement” means early retirement, as the Committee shall determine from time to time.
 (s)     “Effective Date” means January 1, 2002.
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  (t)     “Eligible Individual”  means any officer or key employee of the Company that
may be selected by the Committee to participate in the Plan.
 (u)     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and
any successor thereto.
 (v)     “Fair Market Value” means, as of a particular date, (i) the closing sales price per share of Common Stock on the national
securities exchange on which Common Stock is principally traded for the last preceding date on which there was a sale of Common Stock on such exchange, or (ii) if Common Stock is then traded in an over-the-counter market, the average of the closing
bid and asked per share prices of Common Stock in such over-the-counter market for the last preceding date on which there was a sale of Common Stock in such market, or (iii) if Common Stock is not then listed on a national securities exchange or
traded in an over-the-counter market, the fair market value of the Common Stock as determined by a nationally recognized investment banking firm selected by the Committee for such purpose and reasonably acceptable to PNC, which determination will be
conclusive for all purposes of this Plan.
 (w)     “Incumbent Management Committee” means the Management Committee of the Company as it existed at such time as (i)
the condition or event giving rise to the Chief Executive Officer’s Termination of Employment for Deficient Opportunity arose or (ii) the Chief Executive Officer’s Termination of Employment other than for Cause, death or Disability
occurs.
 (x)     “Individual Agreement” means an employment, consulting or similar agreement between an Award Holder and the Company or any Subsidiary or
Affiliate.
 (y)     “Management Committee” means that committee consisting of (i) the Chief Executive Officer of the Company, (ii) the president of the Company and
(iii) not less than five managing directors of the Company designated from time to time by the Chief Executive Officer of the Company and the president of the Company to serve on such committee.
 (z)     “Maximum Award Pool” shall mean the lesser of (i) the Actual Award Pool and (ii) the sum of (A) the aggregate Fair Market Value on the date an Award vests of 4,000,000 shares of
Common Stock and (B) $40 million.
 (aa)     “Payment Date” means (i) with respect to any Award granted within ten days after the date on which an Award is first
granted under the Plan (the “Initial Award Date”), any date during the period commencing on January 1, 2007 and ending on January 31, 2007 selected in the discretion of the Committee, unless the achievement of Performance Goals is measured
pursuant to Section 1(bb)(i)(B), in which case, the Payment Date shall mean any date during the one-month period commencing on the date on which the Performance Goals are satisfied selected in the discretion of the Committee (“Initial Payment
Date”) or (ii) with respect to any Award granted after the Initial Award Date, any date as selected in the discretion of the Committee and set forth in the Award
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  agreement, unless an Acceleration Event occurs, in which case the Payment Date shall mean for Awards granted at any time on
or after the Initial Award Date, the date on which the Acceleration Event occurs.
 (bb)     “Performance Goals” means the performance goals established by the
Committee in connection with the grant of Awards as set forth in clauses (i) through (iv) of this definition.  In the event that a Performance Goal is satisfied, the Awards will vest and, subject to the terms of the Plan and the applicable
Award agreement, be paid to Award Holders on the Payment Date in the amounts equal to a percentage of the Award (the “Applicable Vesting Percentage”) as follows:
           (i)     100%, if the average closing price of Common Stock is equal to or in excess of $65 per share for (A) any period of one calendar
quarter during the period commencing January 1, 2005 and ending December 31, 2006, or (B) any period of three months commencing prior to and including December 31, 2006, whichever is earlier; or
           (ii)     90%, if (x) the Company has achieved 10% earnings per share growth (excluding all compensation expenses incurred pursuant to the
provisions of this Plan or any compensation expenses incurred if the Company elects or is required to account for equity and equity based compensation under Statement of Financial Accounting Standards No. 123, Accounting for Stock-Based
Compensation) on a compound annual growth rate basis during the period from January 1, 2002 to December 31, 2006 (the “Plan Period”), it being understood that for purposes of measuring earnings per share growth (1) expenses related to
long-term incentive and retention plans shall be excluded from the calculation of earnings for the period from January 1, 2001 to December 31, 2002 and (2) BlackRock shall be deemed to devote at least 31.5% of pre-bonus operating income to employee
bonuses during each year during the Plan Period (the “Company EPS Test”), and (y) the Common Stock’s price performance during the Plan Period relative to the Company Peer Group ranks in the 90th percentile or higher when comparing the
average of the closing prices of the Common Stock during the fourth quarter of 2001 (the “2001 Company Stock Price”) and the average of the closing prices of the stocks of the members of the Company Peer Group during the fourth quarter of
2001 (the “2001 Peer Group Stock Prices”) to the average of the closing prices of the Common Stock during the fourth quarter of 2006 (the “2006 Company Stock Price”) and the average of the closing prices of the stock of the
members of the Company Peer Group during the fourth quarter of 2006 (the “2006 Peer Group Stock Prices”); or
           (iii)     75%, if (x) the Company EPS Test is satisfied and (y) the Common Stock’s price performance during the Plan Period ranks in the
75th percentile to the 89th percentile when comparing the 2001 Company Stock Price and the 2001 Peer Group Stock Prices to the 2006 Company Stock Price and the 2006 Peer Group Stock Prices; or
           (iv)     50%, if (x) the Company EPS Test is satisfied and (y) the Common Stock’s price performance during the Plan Period ranks in the
50th percentile to the 74th percentile when comparing the 2001 Company Stock Price and the 2001 Peer Group Stock Prices to the 2006 Company Stock Price and the 2006 Peer Group Stock Prices.
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  Notwithstanding the foregoing, the Committee shall have the authority to reduce the Applicable Vesting Percentage under
clauses (ii), (iii) or (iv) with respect to any and all Awards (and for all purposes hereof such lower percentage shall be the Applicable Vesting Percentage) and nothing set forth in this Section 1(bb) shall cause an Award designated as a Qualified
Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption, and with respect to any Qualified Performance-Based Award (i) in addition to the Performance Goals, the Committee may impose additional vesting
criteria, which shall be based on the attainment of specified levels of one or more of the following measures:  earnings per share, sales, net profit after tax, gross profit, operating profit, cash generation, unit volume, return on equity,
change in working capital, return on capital or stockholder return (“Additional Vesting Criteria”), and (ii) the Additional Vesting Criteria shall be set by the Committee within the time period prescribed by Section 162(m) of the Code and
related regulations.
 (cc)     “Permitted Transferees” means (i) the Award Holder’s spouse, parents, children or grandchildren (including adopted children,
step-children and step-grandchildren), (ii) with respect to vested rights only, charitable organizations, (iii) the Company and its Affiliates, (iv) the estate or personal representative of the Award Holder, (v) any trust, corporation, partnership,
limited liability company or other entity if substantially all of the economic interests in such entity are held by or for the benefit of the Award Holder and/or persons specified in clauses (i) or (iv).
 (dd)     “Plan” means this BlackRock, Inc. 2002 Long-Term Retention and Incentive Plan, as set forth herein and as hereinafter amended from time to time.
 (ee)       “PNC” means The PNC Financial Services Group, Inc.
 (ff)        “Pro Rata
Award” means an amount equal to the product of (i) the amount of the Award that would have been paid to the Award Holder if the Award Holder had remained employed by the Company through the Payment Date, based on actual Company performance over
(or the occurrence of an Acceleration Event during) such period and (ii) a fraction, the numerator of which is the number of full months elapsed from (a) January 1, 2002, in the case of any Award Holder who was employed by the Company on January 1,
2002 or (b) the date of hire of the Award Holder in the case of any Award Holder who was hired as an employee of the Company after January 1, 2002, until the date of Termination of Employment and the denominator of which is the number of months from
(1) January 1, 2002, in the case of any Award Holder who was employed by the Company on January 1, 2002 or (2) the date of hire of the Award Holder in the case of any Award Holder who was hired as an employee of the Company after January 1, 2002,
until the Performance Goals are achieved.
 (gg)     “Qualified Performance-Based Award” means an Award designated as such by the Committee at the time of grant,
based upon a determination that (i) the recipient is or may be a Covered Employee in the year in which the Company would expect to be able to claim a tax deduction with respect to such Award and (ii) the Committee wishes such Award to qualify for
the Section 162(m) Exemption.
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  (hh)     “Retirement” means retirement, as the Committee shall determine from time to
time.
 (ii)       “Section 162(m) Exemption” means the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set
forth in Section 162(m)(4)(C) of the Code. 
 (jj)        “Subsidiary” means any corporation, partnership, joint venture or other entity during any
period in which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company.
 (kk)        “Termination of Employment” means the termination of the Award Holder’s employment with, or performance of services for, the Company or any Subsidiary or
Affiliate.  An Award Holder employed by, or performing services for, any Subsidiary or an Affiliate also shall be deemed to incur a Termination of Employment if the Subsidiary or Affiliate ceases to be a Subsidiary or Affiliate, as the case may
be, and the Award Holder does not immediately thereafter become an employee of, or service-provider for, the Company or another Subsidiary or Affiliate.  Temporary absences from employment because of illness, vacation or leave of absence and
transfers among the Company and any Subsidiary or Affiliate shall not be considered Terminations of Employment.
 In addition, certain other terms used herein have definitions given to them in the
first place in which they are used.
 SECTION 2.  Administration
 The Plan shall be administered by the Committee.  Among
other things, the Committee shall have the authority, subject to the terms of the Plan:
 (a)     to select the Eligible Individuals to whom Awards may from time to time be
granted;
 (b)     to determine the terms and conditions of any Award granted under the Plan (including, but not limited to, any vesting condition, restriction or limitation
(which may be related to the performance of the Award Holder, the Company or any Subsidiary or Affiliate) and any vesting acceleration or forfeiture or waiver regarding any Award, based on such factors as the Committee shall determine); provided,
however, that notwithstanding anything in this Plan to the contrary, the Committee may not grant any Award under the Plan that does not contain as a condition to vesting and payment satisfaction of one or more of the Performance Goals.

(c)     to modify, amend or adjust the terms and conditions of any Award, at any time or from time to time; provided, however, that the Committee may not adjust upwards the amount
payable with respect to a Qualified Performance-Based Award or waive or alter the Performance Goals and the Additional Vesting Criteria associated therewith; and
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  (d)     to determine to what extent and under what circumstances amounts payable with respect to an
Award shall be deferred.
          The Committee shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices
governing the Plan as it shall from time to time deem advisable, to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto), and to otherwise supervise the administration of the
Plan.
          The Committee may act only by a majority of its members then in office, except that the Committee may, except to the extent prohibited by
applicable law or the applicable rules of a stock exchange, allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons
selected by it; provided that no such delegation may be made that would cause Awards or other transactions under the Plan to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Exchange Act
or cause an Award designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption.  Any such allocation or delegation may be revoked by the Committee at any time.

         Any determination made by the Committee or pursuant to delegated authority pursuant to the provisions of the Plan with respect to any Award shall be made
in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time thereafter.  All decisions made by the Committee or such delegate pursuant
to the provisions of the Plan shall be final and binding on all persons, including the Company and Award Holders.
          Any authority granted to the
Committee also may be exercised by the full Board, except to the extent that the grant or exercise of such authority would cause any Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of
Section 16 of the Exchange Act or cause an Award designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption. To the extent that any permitted action taken by the Board conflicts
with action taken by the Committee, the Board action shall control.
 SECTION 3.  Maximum Limitations on Awards
          The maximum amount with respect to which the Committee may grant Awards during any calendar year to any individual Award Holder shall not exceed $25,000,000.  The
maximum number of shares of Common Stock that may be delivered to participants and their beneficiaries under the Plan shall be 4,000,000.  If any Award or portion of any Award is forfeited, Common Stock subject to such Awards and any amounts of
cash payable pursuant to such Awards shall again be available for grant in connection with Awards under the Plan.
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  SECTION 4.  Adjustments
          In the event any item of gain, loss, or expense that is reported in the financial statements of the Company is, as defined under United States Generally Accepted Accounting
Principles, (1) extraordinary (both unusual and infrequent), as defined under the provisions of Accounting Principles Board Opinion No. 30, Reporting the Results of Operations--Reporting the Effects of Disposal of a Segment of a Business, and
Extraordinary, Unusual, and Infrequently Occurring Events and Transactions (APB 30), (2) unusual or infrequent, as defined and required to be reported under APB 30, or (3) is the disposition of a component of an entity (discontinued operation) under
the provisions of Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Committee shall adjust the Company’s earnings per share to exclude any such item for purposes of
determining whether the Company’s EPS Test has been met.  Further, in the event of a stock split, reverse stock split, or stock dividend of the Company or a company which is a component of the Company Peer Group, the Committee, as
applicable, shall adjust the Company’s earnings per share, the Common Stock price, and the common stock price of any component of the Company Peer Group to insure that each of the Company EPS Test and relative common stock price performances
are calculated on a consistent basis of outstanding shares.  Notwithstanding the foregoing, no adjustments to the Company’s earnings per share, the Common Stock price or the common stock price of any component of the Company Peer Group
shall be made for any change in outstanding shares that is not due to a stock split, reverse stock split or stock dividend.
 SECTION 5.  Awards
          The Committee shall have the authority to grant any Eligible Individual an Award; provided, however, that grants under the Plan are subject to the limits on grants set
forth in Section 3.
          Awards granted under the Plan shall be subject to the following terms and conditions and shall contain such additional
terms and conditions as the Committee shall deem desirable:
 (a)     Awards.  The Committee shall determine the Eligible Individuals to whom and the time or times at
which Awards shall be granted, the number of Awards to be granted to any Eligible Individual, and any other terms and conditions of the Award in addition to those contained in this Section 5.  The grant of an Award shall occur on the date the
Committee, by resolution, selects an Eligible Individual to receive a grant of an Award, determines the amount of the Award to be granted to such Eligible Individual, and specifies the terms and provisions of the Award, including whether or not such
Award will be a Qualified Performance-Based Award.
 (b)     Award Agreement.  Each Award shall be confirmed by, and be subject to, the terms of an Award agreement, the
form of which shall be approved by the Committee.  The terms and provisions of each Award agreement shall be consistent with the terms of
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  the Plan, may differ from other Award agreements, and need not be the same with respect to each recipient or Eligible
Individual.  Such Award agreement or agreements shall become effective upon its or their execution by the Company and the Eligible Individual.
 (c)     Payment of
Awards.  The vesting of Awards shall be conditioned upon the attainment of the Performance Goals.  To the extent that the Performance Goals are satisfied, the Awards shall vest and, subject to the terms of the Plan and the applicable Award
agreement, be paid to Award Holders on the Payment Date.  The aggregate amount of all Awards that shall be available for payment (or deferral pursuant to any procedure adopted by the Committee under Section 5(j)) under the Plan shall be the
product of (x) Maximum Award Pool and (y) the Applicable Vesting Percentage.  Notwithstanding any provision of the Plan or an Award agreement to the contrary, the Cash Portion of each Award will be an amount equal to the product of (i) the
Award, (ii) the Applicable Vesting Percentage and (iii) 16.67%.  The Stock Portion of each Award will be in an amount equal to the product of (i) the Award, (ii) the Applicable Vesting Percentage, (iii) 83.33% and (iv) the lesser of (A) one or
(B) a fraction, the numerator of which is the Fair Market Value of 4,000,000 shares of Common Stock on the Payment Date and the denominator of which is $200,000,000.  In the event that Awards are paid, the Award Holder shall have the option
(the “Put Right”) exercisable at any time during the period commencing two Business Days following the Payment Date and ending fifteen Business Days following the Payment Date (the “Put Period”) to provide written notice (the
“Put Notice”) to the Company of the Award Holder’s intention to sell any or all Common Stock provided to the Award Holder in settlement of such Award Holder’s Award (“Award Stock”).  If the Award Holder exercises
the Put Right within the Put Period by providing the Company with the Put Notice of such Award Holder’s election to do so (the date that such notice is so provided, the “Put Date”), the Company shall be required to purchase within a
reasonable period of time after the Put Period ends such number of shares of Award Stock as the Award Holder shall specify in the Put Notice at a per share price equal to the Fair Market Value on the Put Date.  In the event that the Award
Holder fails to exercise the Put Right during the Put Period, the Put Right shall expire.
 (d)     Nontransferability of Awards.  No Award shall be transferable by the
Award Holder other than (i) by will or by the laws of descent and distribution; or (ii) pursuant to a transfer to such Award Holder’s Permitted Transferees, whether directly or indirectly or by means of a trust or partnership or
otherwise.  Transfers to the Award Holder’s Permitted Transferees are subject to the terms and conditions of the Plan and the terms and conditions of any Award agreement pursuant to which they were granted.  The Permitted Transferees
shall not have the right to further transfer the Award other than by will or the laws of descent and distribution.  All Awards shall be payable, subject to the terms of the Plan, only to the Award Holder, the guardian or legal representative of
the Award Holder, or any person to whom such Award is transferred, pursuant to this Section 5, it being understood that the term “Award Holder” as used in the Plan includes such guardian, legal representative and other transferee. 
Notwithstanding any transfer of the Award under this Section 5, the initial Award Holder’s employment or termination thereof shall be determinative.
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  (e)     Termination by Death or Disability.  If an Award Holder incurs a Termination of
Employment by reason of death or Disability prior to the date upon which the Award vests, any Award held by such Award Holder shall vest and be payable to the Award Holder (or, in the case of death, to the Award holder’s beneficiary) as
determined by the Committee in its sole discretion.  
 (f)     Retirement.  If an Award Holder incurs a Termination of Employment by reason of Retirement or Early
Retirement prior to the date upon which the Award vests, any Award held by such Award Holder shall vest and be payable to the Award Holder (or, if the Award Holder dies prior to the Payment Date, to the Award Holder’s beneficiary) as a Pro-Rata
Award at such time as and to the extent that the Award would otherwise have vested and become payable had such Award Holder remained in the employ of the Company; provided that such Pro Rata Award may be reduced by an appropriate amount as
determined by the Committee, in its sole discretion, consistent with the Company’s retirement policy in the event that an Award Holder incurs a Termination of Employment by reason of Early Retirement.
 (g)     Cause.  If an Award Holder incurs a Termination of Employment for Cause on or prior to the Payment Date, all Awards held by such Award Holder shall thereupon be immediately
forfeited.
 (h)     Without Cause.  If an Award Holder incurs a Termination of Employment by the Company without Cause (other than for death or Disability) prior to the
date upon which the Award vests, subject to the Award Holder’s compliance with any provisions of the Plan or any Award agreement implemented pursuant to Section 6, all Awards held by such Award Holder shall vest and be payable to the Award
Holder as a Pro-Rata Award at such time as the Award would otherwise have become payable had such Award Holder remained in the employ of the Company; provided that the Committee shall have the discretion to increase the Pro-Rata Award in such
circumstances to an amount no greater than the amount that would have been payable to such Award Holder had the Award Holder remained in the employ of the Company through the Payment Date.
 (i)     Other Termination of Employment.  If an Award Holder incurs a Termination of Employment for any reason other than death, Disability, Retirement, Early Retirement or by the Company with or
without Cause  prior to the Payment Date, any Award held by such Award Holder shall thereupon immediately become forfeited, unless the Committee determines otherwise, in which case such Award shall vest and be payable on such basis as the
Committee determines in its sole discretion.  
 (j)     Deferral of Awards.  The Committee may, from time to time, establish procedures pursuant to which an Award
Holder may elect to defer receipt of payment of all or a portion of an Award to such later time or times in lieu of receipt of such Award, all on such terms and conditions as the Committee shall determine.
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  SECTION 6.  Forfeiture of Awards
          Notwithstanding anything in the Plan to the contrary, the Committee may, in its sole discretion, in the event of serious misconduct by an Award Holder while employed by the
Company or any Subsidiary or Affiliate (including, without limitation, any misconduct prejudicial to or in conflict with the interests of the Company or any Subsidiary or Affiliate, or any Termination of Employment for Cause), or any activity of an
Award Holder in competition with the business of the Company or any Subsidiary or Affiliate, (a) cancel any outstanding Award granted to such Award Holder, in whole or in part, whether or not vested or deferred, and/or (b) if such conduct or
activity occurs within one year following the Payment Date, require such Award Holder to repay to the Company any payment received upon the payment of such Award (with such gain or payment valued as of the Payment Date).  Such cancellation or
repayment obligation shall be effective as of the date specified by the Committee.  Any repayment obligation may be satisfied in Common Stock or cash or a combination thereof (based upon the Fair Market Value of Common Stock on the day of
repayment), and the Committee may provide for an offset to any future payments owed by the Company or any Subsidiary or Affiliate to the Award Holder, if necessary, to satisfy the repayment obligation.  The determination of whether an Award
Holder has engaged in a serious misconduct or any activity in competition with the business of the Company or any Subsidiary or Affiliate shall be determined by the Committee in good faith and in its sole discretion.
 SECTION 7.  Acceleration Event
          Notwithstanding any other provision of the Plan to the contrary, in the
event of an Acceleration Event:
 (a)     Unless otherwise provided in the applicable Award agreement, any unvested and unpaid Awards outstanding under the Plan as of the
date of the Acceleration Event shall vest in full, any deferral or other restriction on such Awards shall lapse, and such Awards shall be paid in full as promptly as practicable after the Acceleration Event as if (i) all Performance Goals with
respect to such Awards had been fully achieved and (ii) the Applicable Vesting Percentage were 100.
 (b)     The provisions of Section 6 shall be inapplicable to any Award
Holder following an Acceleration Event.
 SECTION 8.  Term, Amendment and Termination
          The Board may amend, alter, or discontinue the Plan at any time, but no amendment, alteration or discontinuation shall be made that would impair the rights of an Award
Holder under an Award theretofore granted without the Award Holder’s consent, except such an amendment made to comply with applicable law, stock exchange rules or accounting rules.  In addition, no such amendment shall be made without the
approval of the Company’s stockholders to the extent such approval is required by applicable law or stock exchange rules.
 12

  
           The Committee may amend the terms of any Award theretofore granted,
prospectively or retroactively, but no such amendment shall cause a Qualified Performance-Based Award to cease to qualify for the Section 162(m) Exemption or impair the rights of any Award Holder without the Award Holder’s consent, except such
an amendment made to cause the Plan or the Award to comply with applicable law, stock exchange rules or accounting rules.
          Subject to the other
provisions of this Section, the Board shall have authority to amend the Plan to take into account changes in law and tax and accounting rules, as well as other developments, and to grant Awards that qualify for beneficial treatment under such rules
without stockholder approval.
 SECTION 9.  General Provisions
 (a)     Nothing contained in the Plan
shall prevent the Company or any Subsidiary or Affiliate from adopting other or additional compensation arrangements for its employees.  No Eligible Individual or Award Holder shall have any claim to be granted any Award under the Plan, and
there is no obligation for uniformity of treatment of Award Holders.
 (b)     The Plan shall not constitute a contract of employment, and adoption of the Plan shall not
confer upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment of any employee at any time.
 (c)     No later than the date as of which an amount first becomes includible in the gross income of the Award Holder for federal income tax purposes with respect to any Award under the Plan, the Award
Holder shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount.  The Award Holder
shall satisfy, in whole, the foregoing withholding liability by having the Company withhold from the number of shares of Common Stock otherwise issuable pursuant to the settlement of the Award, a number of shares of Common Stock with a Fair Market
Value equal to such withholding liability.  The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and any Affiliate shall, to the extent permitted by law, have the right to deduct
any such taxes from any payment otherwise due to the Award Holder.
 (d)     The Committee shall establish such procedures as it deems appropriate for an Award Holder to
designate a beneficiary  to whom any amounts payable in the event of the Award Holder’s death are to be paid or by whom any rights of the Award Holder, after the Award Holder’s death, may be exercised.
 (e)     The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of
laws.
 13

  
  (f)     In the event an Award is granted to an Eligible Individual who is employed or providing
services outside the United States and who is not compensated from a payroll maintained in the United States, the Committee may, in its sole discretion, modify the provisions of the Plan as they pertain to such individual to comply with applicable
foreign law.
 SECTION 10.  Effective Date of Plan
 The Plan shall be effective as of the Effective Date, subject to the approval
by at least a majority of the votes cast at the meeting of stockholders at which approval of the Plan is sought.
 14Share surrender Agreement

  Exhibit 10.22
 SHARE SURRENDER AGREEMENT
                     THIS SHARE SURRENDER AGREEMENT (this “Agreement”) is made and entered into as of October 10,
2002, by and between BlackRock, Inc., a Delaware corporation (“BlackRock”), PNC Asset Management, Inc., a Delaware corporation (“PAM”) and an indirect wholly-owned subsidiary of The PNC Financial Services Group, Inc., a
Pennsylvania corporation (“PNC”), and PNC.
 WITNESSETH:
                     WHEREAS, PAM and PNC have determined that it is in their best interests to adopt a long-term stock
incentive plan that will permit BlackRock and its affiliates to attract and retain employees of outstanding ability, to reward employees for services rendered and to promote the identification of their interests with those of the stockholders of
BlackRock; and
                     WHEREAS, in connection with the Plan (as defined herein),
BlackRock, PAM and PNC have agreed that PAM shall, and PNC shall cause PAM to, surrender to Award Holders  (as defined in the Plan), as directed by BlackRock, and assign, transfer, convey and deliver to Award Holders, as directed by BlackRock,
all of PAM’s right, title and interest to and in, a certain number of shares of Common Stock (as defined herein), upon the terms and subject to the conditions and in the manner more fully set forth herein;
                     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and agreements
contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:
 TERMS AND CONDITIONS
                     1.        Agreement.  Upon the terms and subject to the
conditions contained herein, the parties hereto agree as follows:
                     1.1      Definitions.
                     1.1.1   Defined Terms.  For the purpose of this Agreement, the following terms shall
have the following meanings:
                     (a)       “Acceleration Event” shall have the meaning
assigned thereto in the Plan.

  
  
                     (b)       “Applicable Vesting Percentage” shall mean, either
(1) in the event the Vesting Event occurs because an Acceleration Event occurs, 100% or (2) in the event the Vesting Event occurs because a Performance Goal is achieved, one of the following:  (A) 100%, if the Performance Goal that is achieved
is Performance Goal Number One; (B) at the sole discretion of the Committee (as defined in the Plan) pursuant to the Plan, in an amount not to exceed 90%, if the Performance Goal that is achieved is Performance Goal Number Two; (C) at the sole
discretion of the Committee (as defined in the Plan) pursuant to the Plan, in an amount not to exceed 75%, if the Performance Goal that is achieved is Performance Goal Number Three; or (D) at the sole discretion of the Committee (as defined in the
Plan) pursuant to the Plan, in an amount not to exceed 50%, if the Performance Goal that is achieved is Performance Goal Number Four.
                     (c)       “Award” shall have the meaning assigned thereto in
the Plan.
                     (d)       “Business
Day” shall mean any day other than Saturday, Sunday or any other day on which banks in the State of New York are required by law to be closed.
                     (e)       “Common Stock” shall mean Class A Common Stock, par
value $0.01 per share, of BlackRock (“Class A Common Stock”) or Class B Common Stock, par value $0.01 per share, of BlackRock (“Class B Common Stock”), as the case may be.
                     (f)        “Company Peer Group” shall have the meaning
assigned thereto in the Plan.
                     (g)       “Encumbrances” shall mean any liens, claims,
liability, charges, options, defaults, mortgages, pledges, hypothecations, security interests or other encumbrances of any type or nature, whether absolute or accrued, contingent or otherwise, except any such encumbrances created by this
Agreement.
                     (h)       “Last Possible
Vesting Event Date” shall mean the date that is the last possible date on which any Award might vest under the Plan.
                     (i)        “Performance Goal” shall mean, as the case
may be, Performance Goal Number One, Performance Goal Number Two, Performance Goal Number Three, or Performance Goal Number Four.
                     (j)        “Performance Goal Number One” shall mean the
achievement of the following:  the average closing price of Class A Common Stock is equal to or in excess of $65 per share for (x) any period of one calendar quarter during the period commencing January 1, 2005 and ending December 31, 2006, or
(y) any period of three months commencing prior to and including December 31, 2006, whichever is earlier.
                     (k)       “Performance Goal Number Two” shall mean the
achievement of the following:  (x) BlackRock has achieved 10% earnings per share growth (excluding all compensation expenses incurred pursuant to the provisions of the Plan or any compensation expenses incurred if the Company elects or is
required to account for
 2

  
  
 equity and equity based compensation under Statement of Financial Accounting Standards No. 123,
Accounting for Stock-Based Compensation) on a compound annual growth rate basis during the Plan Period, it being understood that for purposes of measuring earnings per share growth (1) expenses related to long-term incentive and retention plans
shall be excluded from the calculation of earnings from the period from January 1, 2001 to December 31, 2002 and (2) BlackRock shall be deemed to devote at least 31.5% of pre-bonus operating income to employee bonuses during each year during the
Plan Period (the “BlackRock EPS Test”), and (y) the price performance of Class A Common Stock during the Plan Period relative to the Company Peer Group ranks in the 90th percentile or higher when comparing the average of the closing prices
of Class A Common Stock during the fourth quarter of 2001 (the “2001 BlackRock Stock Price”) and the average of the closing prices of the stocks of the members of the Company Peer Group during the fourth quarter of 2001 (the “2001
Peer Group Stock Prices”) to the average of the closing prices of Class A Common Stock during the fourth quarter of 2006 (the “2006 BlackRock Stock Price”) and the average of the closing prices of the stock of the members of the
Company Peer Group during the fourth quarter of 2006 (the “2006 Peer Group Stock Prices”).
                     (l)       “Performance Goal Number Three” shall mean the
achievement of the following:  (x) the BlackRock EPS Test is satisfied and (y) the price performance of Class A Common Stock during the Plan Period ranks in the 75th percentile to the 89th percentile when comparing the 2001 BlackRock Stock
Price and the 2001 Peer Group Stock Prices to the 2006 BlackRock Stock Price and the 2006 Peer Group Stock Prices.
                     (m)       “Performance Goal Number Four” shall mean the
achievement of the following:  (x) the BlackRock EPS Test is satisfied, and (y) the price performance of Class A Common Stock during the Plan Period ranks in the 50th percentile to the 74th percentile when comparing the 2001 BlackRock Stock
Price and the 2001 Peer Group Stock Prices to the 2006 BlackRock Stock Price and the 2006 Peer Group Stock Prices.
                     (n)       “Person” shall mean an individual, a corporation, a
company, a voluntary association, a partnership, a joint venture, a limited liability company, a trust, an estate, an unincorporated organization, a governmental authority or other entity.
                     (o)       “Plan” shall mean the BlackRock, Inc. 2002
Long-Term Retention and Incentive Plan.
                     (p)       “Plan Period” shall mean the period from January 1,
2002 to December 31, 2006.
                     (q)       “Vesting Event” shall mean the occurrence of (1) an
Acceleration Event or (2) the achievement of a Performance Goal, whichever is earlier.
                     1.2        Agreement to Deliver Shares.
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                     (a)        The parties hereto agree that upon a Payment Date (as
defined in the Plan) PAM shall, and PNC shall cause PAM to, as soon as is reasonably practicable (1)  surrender and assign, transfer, convey and deliver to Award Holders, as directed by BlackRock, free and clear of all Encumbrances, all of
PAM’s right, title and interest to and in such number of shares of Common Stock (the “Payment Date Shares”) equal to the lesser of (A) the product of (I) 4,000,000 (as may be adjusted pursuant to Section 1.4.1) multiplied by (II) the
Applicable Vesting Percentage or (B) the product of (I) a number of shares of Common Stock having a value as of the Payment Date equal to the aggregate value of Awards (as defined in the Plan) to be paid to Award Holders pursuant to the Plan, as
directed by BlackRock, multiplied by (II) 0.8333; in either case less a number of shares of Common Stock having a value as of the Payment Date equal to the amount of federal, state and local taxes BlackRock is required to withhold with respect to
the Awards (the “Tax Withholding Shares”); and (2)  surrender and assign, transfer, convey and deliver to BlackRock, as directed by BlackRock, free and clear of all Encumbrances, all of PAM’s right, title and interest to and in
the Tax Withholding Shares.
                     (b)        The parties hereto also agree that if, pursuant to
Section 1.2(a)(1)(B), PAM delivers a number of shares of Common Stock to Award Holders on the Payment Date calculated pursuant to Section 1.2(a)(1)(B), in addition, PAM shall, and PNC shall cause PAM to, continue to own a number of shares of Common
Stock (the “Remainder Shares”) equal to the difference between (1) the product of (A) 4,000,000 (as may be adjusted pursuant to Section 1.4.1) multiplied by (B) the Applicable Vesting Percentage, less (2) the number of shares of Common
Stock surrendered on the Payment Date pursuant to Section 1.2(a)(1)(B).  PAM shall, and PNC shall cause PAM to, make the Remainder Shares available for use in future long-term retention and incentive programs approved by BlackRock’s Board
of Directors to retain BlackRock employees.  Notwithstanding the foregoing, nothing contained in this Agreement shall limit in any manner the rights of PNC, PAM or their respective designees to exercise voting or other corporate governance
rights to which such entity is entitled relating to the approval or disapproval of future BlackRock retention and/or incentive programs.
                     1.3        Covenants.
                     1.3.1     Covenants of PNC and PAM.  PAM and PNC agree that any and all
shares of Common Stock surrendered and assigned, transferred, conveyed and delivered by PAM to Award Holders and to BlackRock, as directed by BlackRock, pursuant to this Agreement shall be contributed free and clear of any and all
Encumbrances.  PNC and PAM shall take such steps as may be necessary to assure that at all times PAM directly owns for its own account sufficient shares of Common Stock as may be required to be surrendered pursuant to the terms
hereof.
                     1.3.2     Voting.  PAM hereby agrees
that, during the time this Agreement is in effect, at any meeting of the stockholders of BlackRock, however called, or any adjournment thereof, or by written consent, PAM shall be present (in person or by proxy) and vote (or cause to be voted), or
execute a written consent in respect of, all of the
 4

  
  
 Voting Shares Owned by it as of the record date fixed for such meeting or for such consent (a) in favor of approval
of the Plan and any other matter that is required to facilitate the transactions contemplated by the Plan and (b) against any action or agreement that would result in a breach in any material respect of any covenant, representation or warranty or
any other obligation or agreement of BlackRock under the Plan or that would otherwise be inconsistent with, prevent or materially delay the transactions contemplated by the Plan.  “Voting Shares” shall mean (1) all shares of Class A
Common Stock and shares of Class B Common Stock Owned by PAM as of the date hereof and (2) all additional shares of Class A Common Stock and shares of Class B Common Stock, of which PAM acquires Ownership during the period from the date hereof
through the relevant record date.  PAM shall be deemed to “Own” or to have acquired “Ownership” of a security if PAM, is the record or beneficial owner of such security.  As of the date hereof, PAM is the record owner
of 4,935,000 shares of Class A Common Stock and 40,000,000 shares of Class B Common Stock.
                     1.3.3     Covenants of BlackRock.
                     1.3.3.1  BlackRock hereby agrees that the members of its Board of Directors that constitute the
Committee (as such term is defined in the Plan) shall be comprised of such members as provided in the Plan.  BlackRock further agrees that the Plan will be administered by the Committee in accordance with the terms and conditions of the
Plan.
                     1.3.3.2  BlackRock hereby agrees that it shall not make any
adjustments to the Plan, including, without limitation, any adjustments to the Performance Goals and Awards, without obtaining the prior written consent of PNC as required by Section 4 of the Plan, which consent shall not be unreasonably withheld or
delayed.
                     1.4       Other.
                     1.4.1    Adjustment.  The number of shares and class of Common Stock or
substitute consideration therefor subject to this Agreement shall be appropriately adjusted to reflect any stock dividends, stock splits, reverse stock splits, recapitalizations, reclassifications, reorganizations, consolidations, mergers, share
exchanges or similar business combinations, or any other similar changes in the capital structure of BlackRock. In connection with any reorganization, consolidation, merger or similar business combination involving BlackRock, BlackRock shall
reasonably cooperate with PNC and PAM in negotiating with any person or entity that will own a significant portion of the voting or equity securities of BlackRock following such transaction regarding the equitable substitution of PNC and PAM from,
or the sharing by such person or entity of, PNC’s and PAM’s obligations under this Agreement.  Subject to BlackRock’s consent, which shall not be unreasonably withheld, in the event that in connection with any reorganization,
consolidation, merger or similar business combination involving BlackRock, any person agrees to provide shares or other consideration (valued on the date of the consummation of such transactions) (the “Substitute Consideration”) in
substitution of PAM’s obligations pursuant to Section 1.2 of this Agreement, this
 5

  
  
 Agreement and the obligations of PAM hereunder, including, without limitation, the obligations of PAM under Section
1.2, shall be deemed satisfied to the extent of the value of the Substitute Consideration.
                     1.4.2     Spin-off Adjustments.
                     (a)         In the event PAM or PNC proposes to effect a
distribution (including, but not limited to, a spin-off or a split-off) of the BlackRock Common Stock held by such entity to the public stockholders of PNC, PAM or any parent company of PNC or PAM, as the case may be (a “Distribution”),
before the Termination Date, BlackRock and PAM shall negotiate, in good faith to equitably adjust PAM’s and PNC’s obligations under this Agreement, including, without limitation, the economic value PAM and PNC may be required to deliver to
employees of BlackRock in connection with the Plan and the manner in which and time at which such economic value may be delivered.  Any such adjustment shall be determined with reference to the following considerations:  (1)
BlackRock’s potential funding requirements with respect to awards under the Plan, (2) the potential length of the time period between the proposed Distribution and the vesting and payment of awards under the Plan, (3) reasonable expectations
regarding the satisfaction of the Performance Goals based on the operating performance of BlackRock and price performance of the Common Stock since the date of this Agreement, (4) an equitable allocation of the costs of funding the Plan between PNC
and the stockholders of BlackRock following the Distribution and (5) PNC’s reasonable tax and financial accounting requirements in connection with the Distribution.  In the event that, notwithstanding such efforts, the parties are unable
to reach agreement within 60 days, the parties shall submit the matter for resolution by binding arbitration as described in subsection (b) below.
                     (b)         If BlackRock, PNC and PAM are unable to agree on
the equitable adjustments contemplated by subsection (a) within the 60-day time period contemplated by subsection (a), within 10 business days following the expiration of such 60-day period PAM and BlackRock each shall select a competent and
disinterested arbitrator and shall give written notice of such designation to the other party.  Within 10 business days after such notices have been given, the two arbitrators so designated shall select a third competent and disinterested
arbitrator and give notice of such selection to both parties.  The arbitrators shall determine any equitable adjustments to PAM’s and PNC’s obligations under the Agreement contemplated by subsection (a) with reference to the
considerations set forth in subsection (a).  The arbitrators may hire a nationally recognized investment bank and such other experts as the arbitrators determine are necessary to assist them in connection with making the determinations required
under this Section 1.4.2.  Each party shall provide any information and written submissions and participate in any proceedings determined to be necessary by the arbitrators.  The arbitrators shall render a decision within 60 days of the
selection of the third arbitrator.  Each party shall pay its chosen arbitrator, and shall bear equally the expenses of the third arbitrator and any investment bank and other experts hired by the arbitrators.  All other expenses of
arbitration are to be borne by the party incurring them.  Any determinations
 6

  
  
 made by the arbitrators pursuant to this Section 1.4.2(b) shall be final and binding on the parties to this
Agreement.
                     (c)         Each of
the parties hereto acknowledges that the fact (1) that BlackRock, PNC and PAM reach agreement as contemplated by Section 1.4.2(a) or (2) that a decision of arbitrators is rendered as contemplated by Section 1.4.2(b) shall not obligate PAM or PNC to
complete any proposed Distribution.
                     1.4.3      Further Assurances.  Each party hereto shall execute,
deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further actions, as the other parties hereto may reasonably request as
being necessary or advisable to effect or evidence the transactions contemplated by this Agreement.  PNC shall cause PAM to vote its Voting Shares in accordance with this Agreement and to perform PAM’s other obligations hereunder. 
PNC shall be liable for any breaches of PAM’s representations hereunder or any failure by PAM to perform any of its obligations hereunder.  Each party shall also cooperate with each other and use its reasonable best efforts to prepare for,
effect and consummate the surrender of the Payment Date Shares and the Remainder Shares, as contemplated by Section 1.2, including, if necessary, by preparing and filing with the Securities and Exchange Commission a registration statement and making
any filings under applicable state securities or “blue sky” laws or similar securities laws.
                     1.5         Termination.
                     1.5.1      Termination Date.  This Agreement shall terminate
upon the later to occur of (A) the surrender and assignment, transfer, conveyance and delivery by PAM of all shares of Common Stock required to be surrendered by PNC pursuant to Section 1.2 (including any Remainder Shares) and (B) the Last Possible
Vesting Event Date.
                     2.           General Provisions.

                    2.1         Notices.  All
notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent by telecopy, or by postage prepaid, registered, certified or express mail or by reputable overnight courier
service and shall be deemed given when delivered by hand or upon receipt of telecopy confirmation if sent by facsimile, three days after mailing (one (1) Business Day in the case of guaranteed overnight express mail or guaranteed overnight courier
service), as follows (or at such other address or to such other fax for a party as shall be specified by like notice):
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                     (i)         If to BlackRock:

	  
 	 BlackRock, Inc.
 40 East 52nd Street
 New York, NY 10022
 Attn.:  Robert Connolly
 Fax:    (212) 409-3744
 

                                  with a copy
to:

	  
 	 Wachtell, Lipton, Rosen & Katz
 51 West 52nd Street
 New York, New York  10019
 Attn.: Adam D. Chinn
 Fax:   (212) 403-2000
 

                     (ii)        if to PAM and/or
PNC:

	  
 	 The PNC Financial Services Group, Inc.
 One PNC Plaza
 Pittsburgh, Pennsylvania 15222
 Attn:  General Counsel
 Fax:   (412) 762-2875
 

                                  with a copy to:

	  
 	 Arnold & Porter
 555 Twelfth Street, N.W.
 Washington, D.C. 20004
 Attn.: Steven Kaplan
 Fax:   (202) 942-5999
 

                     2.2     Assignment; Successors and Assigns.  This Agreement
and the rights and obligations hereunder shall not be assigned or transferred in whole or in part by any party hereto without the prior written consent of the other parties hereto, except that PNC may assign its rights and obligations hereunder to
any successor-in-interest to PNC (provided that such successor-in-interest agrees in writing to become a party to and to be bound by this Agreement and all of the obligations of PNC hereunder) and PAM may assign its rights and obligations hereunder
to any person to whom it transfers at least a majority of the BlackRock capital stock owned by PAM (provided that such person agrees in writing to become a party to and to be bound by this Agreement and all of the obligations of PAM
hereunder).  Any attempted assignment or delegation in contravention hereof shall be null and void.  This Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto.

                    2.3     No Third-Party Beneficiaries.  Except for
the chief executive officer of BlackRock who shall be permitted to enforce the provisions of this Agreement
 8

  
  
 for the benefit of the Award Holders (as defined in the Plan), this Agreement is for the sole benefit of the parties
hereto, and nothing herein express or implied shall give or be construed to give to any Person or entity, other than the parties hereto, any legal or equitable rights hereunder.
                     2.4     Remedies.  Except as otherwise expressly provided herein,
none of the remedies set forth in this Agreement are intended to be exclusive, and each party shall have all other remedies now or hereafter existing at law or in equity or by statute or otherwise, and the election of any one or more remedies shall
not constitute a waiver of the right to pursue other available remedies.
                     2.5     Interpretation; Definitions.  The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  The terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa.  This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted.  When a reference is made in this Agreement to Sections, such
reference shall be to a Section of this Agreement unless otherwise indicated.  Whenever the words “include,” “includes” or  “including” are used in this Agreement, they shall be deemed to be followed by the
words “without limitation.”  The phrases “the date of this Agreement,” “the date hereof” and terms of similar import, unless the context otherwise requires, shall be deemed to refer to the date set forth in the
first paragraph of this Agreement.  The words “hereof,” “hereby,” “herein,” “hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole and not to any particular Section in
which such words appear.
                     2.6     Amendments.  No amendment to this Agreement shall be
effective unless it shall be in writing and signed by each party hereto.
                     2.7     Counterparts.  This Agreement and any amendments hereto may
be executed by facsimile and in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other
parties hereto.
                     2.8     Severability. 
If any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision hereof.
                     2.9     Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such State, without regard to the choice of law principles of such State.
 9

  
  
                     2.10    Actions and Proceedings.  The parties hereby irrevocably and
unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of New York located within the County of New York, of the United States of America located in the Southern District of the State of New York, of the
Commonwealth of Pennsylvania located within Allegheny County and/or of the United States of America located in the Western District of Pennsylvania for any actions, suits or proceedings arising out of or relating to this Agreement and the
transactions contemplated hereby (and agree not to commence any action, suit or proceeding relating thereto except in such courts, and further agree that, the fullest extent permitted by law, service of any process, summons, notice or document by
U.S. registered mail to any such party’s address referred to in Section 2.1 shall be effective service of process for any action, suit or proceeding brought against such party in any such court).  The parties hereby irrevocably and
unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this agreement or the transactions contemplated hereby in the courts of the State of New York or the Commonwealth of Pennsylvania or the
United States of America located in the State of New York or the Commonwealth of Pennsylvania, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
                     2.11     Waiver.  Except as otherwise provided in this Agreement, any
failure of any of the parties hereto to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but such
waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.  Any consent given by any party pursuant
to this Agreement shall be valid only if contained in a written consent signed by such party.
                     2.12     Entire Agreement.  This Agreement and the Plan contain the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings, whether written or oral, relating to such subject matter.
 10

  
  
                     2.13     Specific Performance.  The parties hereby acknowledge, recognize
and agree that irreparable injury may result to any non-breaching party if a party breached any provision of this Agreement such that money damages alone would not be a sufficient remedy for any such breach.  Each party hereto therefore agrees
that if it should engage, or cause or permit any other Person to engage, in any act in violation of any provision hereof, the other parties shall be entitled, in addition to such other remedies, damages and relief as may be available under this
Agreement or applicable law, to an injunction prohibiting the breaching party from engaging in any such act or specifically enforcing this Agreement, as the case may be.
 [SIGNATURE
PAGE FOLLOWS]
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           IN WITNESS WHEREOF, the parties have duly executed this
Agreement as of the date first above mentioned.
 BLACKROCK, INC.

	 By:
 	 /s/ LAURENCE D. FINK
 	  
 
	  
 	 
 	  
 
	 Name:
 	 Laurence D. Fink
 	  
 
	  
 	  
 	  
 
	 Title:
 	 Chairman and Chief Executive Officer
 	  
 
	 

 PNC ASSET MANAGEMENT, INC.

	 By:
 	 /s/ JAMES E. ROHR
 	  
 
	  
 	 
 	  
 
	 Name:
 	 James E. Rohr
 	  
 
	  
 	  
 	  
 
	 Title:
 	 Chairman and Chief Executive Officer
 	  
 
	 

 THE PNC FINANCIAL SERVICES GROUP, INC.

	 By:
 	 /s/ JAMES E. ROHR
 	  
 
	  
 	 
 	  
 
	 Name:
 	 James E. Rohr
 	  
 
	  
 	  
 	  
 
	 Title:
 	 Chairman and Chief Executive Officer
 	  
 
	  
 	   
 	  
 

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]