Document:

Employment Agree. btwn Registrant & Laurence Fink

  EXHIBIT 10.23
 EMPLOYMENT AGREEMENT
                     AGREEMENT by and between BlackRock, Inc., a Delaware corporation (the “Company”) and Laurence
Fink (the “Executive”) dated as of the 10th day of October, 2002 (the “Agreement”).
                     WHEREAS, the Executive is currently employed as Chairman and Chief Executive Officer of the Company;
and
                     WHEREAS, the Company has determined that it is in the best interests of the
Company and its stockholders for the Company to have the continued dedication and services of the Executive;
                NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
                     1.     Effective Date.  The “Effective Date” shall mean the
date of this Agreement.
                     2.     Employment
Period.  The Company hereby agrees to employ the Executive, and the Executive hereby agrees to continue in the employ of the Company on the terms and subject to the conditions of this Agreement, for the period commencing on the Effective
Date and ending on the later of (a) the Initial Payment Date (as defined in Section 1(aa)(i) of the BlackRock, Inc. 2002 Long-Term Retention and Incentive Plan (the “Program”)), if any, and (b) the last possible date upon which any
Performance Goal (as defined in the Program) could be achieved (such period of employment, the “Employment Period”).
                     3.     Terms of Employment.  (a)  Position and
Duties.  (i)  During the Employment Period, (A) the Executive shall serve as Chairman and Chief Executive Officer of the Company, reporting directly to the Board of Directors of the Company (the “Board”), with full executive
power as Chief Executive Officer of the Company, subject to supervision of the Board consistent with its fiduciary duties and obligations under laws, with duties, authorities and responsibilities commensurate with such title and office and on a
basis no less favorable than the Executive’s duties, authorities and responsibilities prior to the Effective Date and (B) the Executive’s services shall be performed in Manhattan, New York.
                             (ii)     During the Employment
Period, and excluding any periods of disability and vacation and sick leave to which the Executive is entitled, the Executive agrees to devote substantially all of his attention and time during normal business hours to the business and affairs of
the Company and, to the extent necessary to discharge the Executive’s responsibilities hereunder, to use the Executive’s reasonable best efforts to perform such responsibilities.  During the Employment Period, it shall not be a
violation of this Agreement for the Executive to (a) serve on corporate, civic or charitable boards

  
  or committees, (b) deliver lectures, fulfill speaking engagements or teach at educational institutions and (c) manage personal
investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement.  It is expressly understood and agreed that to
the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall
not thereafter be deemed to interfere with the performance of the Executive’s responsibilities to the Company.
                     (b)     Compensation.  (i)  Base Salary.  During the
Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”) of no less than the Executive’s base salary as in effect as of the date hereof.  The Annual Base Salary shall be reviewed by the Board no
less frequently than annually and may be increased (but not decreased) at the discretion of the Board.  If the Executive’s Annual Base Salary is increased, the increased amount shall be the Annual Base Salary for the remainder of the
Employment Period.  The Annual Base Salary shall be payable in installments, consistent with the Company’s payroll procedures in effect from time to time, provided that such installments shall be no less frequent than monthly.

                             (ii)      
 Annual Bonus.  In addition to the Annual Base Salary, the Executive shall be eligible to earn, for each fiscal year ending during the Employment Period, an annual cash bonus (an “Annual Bonus”) on terms and conditions,
including performance goals, as mutually determined by the Executive and the Compensation Committee of the Board (the “Committee”) prior to each such fiscal year.
                              (iii)     
 Long-Term Incentive Compensation.  As determined by the Committee, the Executive shall be entitled to participate in the Company’s long term incentive compensation arrangements on terms and conditions no less favorable than the
terms and conditions generally applicable to the Executive’s peer executives at the Company (the “Peer Executives”), as in effect from time to time.
                              (iv)     
 Incentive, Savings and Retirement Plans.  During the Employment Period, the Executive shall be entitled to participate in all other incentive plans, practices, policies and programs, and all savings and retirement plans, practices,
policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Peer Executives, but in no event shall such plans, practices, policies and programs provide the Executive with
incentive opportunities, savings opportunities and retirement benefit opportunities, in the aggregate, less favorable than those provided to the Executive under such plans, practices, policies and programs, as in effect immediately before the
Effective Date.
                              (v)      
 Welfare Benefit Plans.  During the Employment Period, the Executive and/or the Executive’s spouse and dependents, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit
plans, practices, policies and programs provided by the Company and its affiliates (including,
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  without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident
insurance plans and programs) on terms and conditions no less favorable than the terms and conditions generally applicable to the Peer Executives, but in no event shall such plans, practices, policies and programs provide the Executive with benefits
which are less favorable, in the aggregate, than those provided to the Executive and his dependents immediately before the Effective Date.
                              (vi)     
 Expenses.  During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures
of the Company in effect for the Executive immediately before the Effective Date or, if more favorable to the Executive, those provided generally at any time thereafter to the Peer Executives.
                              (vii)     Fringe
Benefits.  During the Employment Period, the Executive shall be entitled to fringe benefits as determined by the Committee in its sole discretion, but in no event less favorable than fringe benefits provided pursuant to the most favorable
policies, practices and procedures of the Company in effect for the Executive immediately before the Effective Date (including, without limitation, automobiles) or, if more favorable to the Executive, those provided generally at any time thereafter
to the Peer Executives.
                              
(viii)   Office and Support Staff.  During the Employment Period, the Executive shall be entitled to an office or offices of a size and with furnishings and other appointments, and to exclusive personal secretarial and
other assistance at least equal to those provided to the Executive immediately before the Effective Date or, if more favorable to the Executive, those provided generally at any time thereafter to the Peer Executives.
                              
(ix)     Vacation.  During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company as in effect for the
Executive immediately before the Effective Date or, if more favorable to the Executive, those provided generally at any time thereafter to the Peer Executives.
                     4.      Termination of Employment.  (a)  Death or
Disability.  The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period.  If the Company determines in good faith that the Disability of the Executive has occurred during
the Employment Period (pursuant to the definition of Disability set forth below), it may provide to the Executive written notice in accordance with Section 11(b) of this Agreement of its intention to terminate the Executive’s employment. 
In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the 30 days after the receipt
of such notice, the Executive shall not have returned to full time performance of the Executive’s duties.  For purposes of this Agreement, “Disability” shall mean the absence of the
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  Executive from the Executive’s duties with the Company on a full time basis for 180 consecutive business days as a result of
incapacity due to mental or physical illness, which is determined to be total and permanent by a physician selected by the Company or its insurers and reasonably acceptable to the Executive or the Executive’s legal representative.

                    (b)     Cause.  The Company may terminate the
Executive’s employment during the Employment Period with or without Cause.  For purposes of this Agreement, “Cause” shall mean:
                              (i)     the willful and
continued failure of the Executive to perform substantially the Executive’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is
delivered to the Executive by the Board or its representative, which specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive’s duties; or
                              (ii)    the willful engaging by
the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company; or
                              (iii)  conviction of a felony (other than
a traffic related felony) or guilty or nolo contendere plea by the Executive with respect thereto; or
                              (iv)  a material breach by the Executive
of Section 9 of this Agreement.
 No act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith
or without reasonable belief that the Executive’s act or omission was in the best interests of the Company.  Any act, or failure to act, based upon express authority given pursuant to a resolution duly adopted by the Board with respect to
such act or omission or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.  The cessation of employment of
the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds of the entire membership of the Board (not
including the Executive) at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that,
in the good faith opinion of the Board, the Executive is guilty of the conduct described in subparagraph (i), (ii), (iii) or (iv) above, and specifying the particulars thereof in detail.
                     (c)     Deficient Opportunity.  The Executive’s employment may
be terminated by the Executive for Deficient Opportunity.  For purposes of this Agreement, “Deficient Opportunity” shall mean in the absence of a written consent of the Executive:
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                               (i)       the
failure to have authority, duties or responsibilities consistent with the Executive’s position (including status, offices, titles and reporting requirements) as contemplated by the Agreement, or any action by the Company which results in a
material diminution in such position, 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 hereof given by the Executive;
or
                              (ii)     any failure by the
Company to comply with any of the provisions of Section 3(b) of this Agreement, 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 Executive; or

                             (iii)    the
Company’s requiring the Executive to be based at any office or location other than that provided in Section 3(a)(i)(B) hereof; or
                              (iv)    any purported
termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement; or
                              (v)     any failure by the
Company to comply with and satisfy Section 10(c) of this Agreement.
 The Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (v)
shall not affect the Executive’s ability to terminate employment for Deficient Opportunity.
                     (d)     Notice of Termination.  Any termination by the Company for
Cause, or by the Executive for Deficient Opportunity, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 11(b) of this Agreement.  For purposes of this Agreement, a “Notice of
Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not
more  than thirty days after the giving of such notice).  The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Deficient Opportunity or Cause shall
not constitute a waiver of any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s
rights hereunder.
                     (e)     Date of
Termination.  “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Deficient Opportunity, the date of receipt of the Notice of Termination or any later
date specified therein within 30 days of such notice, as the case may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause or
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  Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination and (iii)
if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be.
                     5.     Obligations of the Company upon Termination.  (a) 
Deficient Opportunity; Other Than for Cause, Death or Disability.  If, during the Employment Period, the Company shall terminate the Executive’s employment other than for Cause, death or Disability or the Executive shall terminate
his employment for Deficient Opportunity:
                             (i)     the Company shall pay to
the Executive in a lump sum in cash within 15 days after the Date of Termination the aggregate of the following amounts:

	  
 	 A.     the sum of (1) the Executive’s Annual Base Salary through the Date of Termination, and (2) the product of (x) the highest Annual Bonus paid to
the Executive with respect to the three fiscal years ending prior to the Date of Termination (the “Reference Bonus”) and (y) a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination
occurs through the Date of Termination, and the denominator of which is 365, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1) and (2), shall be hereinafter referred to as the “Accrued
Obligations”); and
 
	  
 	  
 
	  
 	 B.     an amount equal to the product of (1) three and (2) the sum of (a) the Annual Base Salary and (b) the Reference Bonus; and
 

                       (ii)     for the three-year period
commencing on the Date of Termination, the Company shall continue to provide the benefits described in Section 3(b)(v) to the Executive and his spouse and dependents on the same basis such benefits were provided to the Executive immediately prior to
the Effective Date (collectively “Welfare Benefits”);
                       (iii)   any unvested cash and equity long-term incentive award or other
incentive awards granted to the Executive, including without limitation options to purchase Company stock and cash awards granted under the Program (collectively, “Retention and Incentive Awards”), shall immediately vest and/or be paid, as
applicable, in full and such stock options shall, from and after such vesting, remain exercisable for the remainder of their respective terms; and
                       (iv)   to the extent not theretofore paid or provided, the Company shall timely
pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated
companies (other
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  than any severance payment plan) through the Date of Termination (such other amounts and benefits shall be hereinafter referred
to as the “Other Benefits”).
                       (b)     Death.  If the Executive’s employment is
terminated by reason of the Executive’s death during the Employment Period, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than for payment of Accrued
Obligations and the timely payment or provision of Other Benefits.  In addition, options granted to the Executive to purchase Company stock shall vest in full and, from and after such vesting, remain exercisable for the remainder of their
respective terms.  Furthermore, with respect to the Retention and Incentive Awards, the Executive’s beneficiary shall receive a Pro Rata Award (as defined in the Program) at such time as the Retention and Incentive Awards would otherwise
have become payable had the Executive remained in the employ of the Company.  Accrued Obligations shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. 
With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 5(b) shall include death benefits as in effect on the date of the Executive’s death with respect to senior executives of the Company and their
beneficiaries.
                       (c)     Disability.  If the Executive’s employment
is terminated by reason of the Executive’s Disability during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued Obligations and the timely payment or provision
of Other Benefits.  In addition, options granted to the Executive to purchase Company stock shall vest in full and, from and after such vesting, remain exercisable for the remainder of their respective terms.  Furthermore, with respect to
the Retention and Incentive Awards, the Executive shall receive a Pro Rata Award at such time as the Retention and Incentive Awards would otherwise have become payable had the Executive remained in the employ of the Company.  Accrued
Obligations shall be paid to the Executive (or his legal representative) in a lump sum in cash within 30 days of the Date of Termination.  With respect to the provision of Other Benefits, the term Other Benefits as utilized in this 
Section 5(c) shall include, and the Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits as in effect at any time thereafter generally with respect to senior executives of the Company and the
continued provision of Welfare Benefits to the Executive, his spouse and dependents.
                     (d)     Cause; Other than for Deficient Opportunity.  If the
Executive’s employment shall be terminated for Cause or the Executive terminates his employment without Deficient Opportunity during the Employment Period, this Agreement shall terminate without further obligations to the Executive other than
the obligation to pay to the Executive (i) his Annual Base Salary through the Date of Termination and (ii) the Other Benefits, in each case to the extent theretofore unpaid.
                     (e)     After the Employment Period.  If the Executive’s
employment shall terminate for any reason following the Employment Period, the Company shall
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  provide the Other Benefits (to the extent theretofore unpaid), and any earned but unpaid Annual Base Salary.
                     6.     Non-exclusivity of Rights.  Except as specifically
provided, nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may
qualify, nor, subject to Section 11(f), shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies.  Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be
payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.
                     7.     Full Settlement.  The Company’s obligation to make the
payments provided for in this Agreement shall not be affected by any set-offs other than of amounts payable under this Agreement.  In no event shall the Executive be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and, such amounts shall not be reduced whether or not the Executive obtains other employment.  The Company agrees to pay as incurred (within 10
days following the Company’s receipt of an invoice from the Executive), to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by
the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any
payment pursuant to this Agreement), plus, in each case, interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”).

                    8.     Certain Additional Payments by the Company. 
(a)  Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any Payment would be subject to the Excise Tax (as defined below), then the Executive shall be entitled to
receive an additional payment (the “Gross-Up Payment”) in an amount such that, after payment by the Executive of all taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes
(and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.  The Company’s
obligation to make Gross-Up Payments under this Section 8 shall not be conditioned upon the Executive’s termination of employment.
 (b)     Subject to the provisions of Section 8(c), all determinations required to be
made under this Section 8, including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by Ernst & Young, LLP or such other
nationally recognized
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  accounting firm as may be agreed by the Company and the Executive (the “Accounting Firm”).  The Accounting Firm
shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been a Payment or such earlier time as is requested by the Company.  All
fees and expenses of the Accounting Firm shall be borne solely by the Company.  Any Gross-Up Payment, as determined pursuant to this Section 8, shall be paid by the Company to the Executive within 5 days of the receipt of the Accounting
Firm’s determination.  Any determination by the Accounting Firm shall be binding upon the Company and the Executive.  As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments that will not have been made by the Company should have been made (the “Underpayment”), consistent with the calculations required to be made
hereunder.  In the event the Company exhausts its remedies pursuant to Section 8(c) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive.
                     (c)     The Executive shall notify the Company in writing of any claim by the
Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment.  Such notification shall be given as soon as practicable, but no later than 10 business days after the Executive is informed in
writing of such claim.  The Executive shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid.  The Executive shall not pay such claim prior to the expiration of the 30-day period
following the date on which the Executive gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due).  If the Company notifies the Executive in writing prior to the
expiration of such period that the Company desires to contest such claim, the Executive shall:
                              (i)     give the Company
any information reasonably requested by the Company relating to such claim;
                              (ii)    take such action in
connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the
Company;
                              (iii)   cooperate with the Company in
good faith in order effectively to contest such claim; and
                              (iv)   permit the Company to
participate in any proceedings relating to such claim;
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and
penalties) incurred in connection with such contest, and
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  shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and
penalties) imposed as a result of such representation and payment of costs and expenses.  Without limitation on the foregoing provisions of this Section 8(c), the Company shall control all proceedings taken in connection with such contest, and,
at its sole discretion, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either direct the Executive to pay
the tax claimed and sue for a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company shall determine; provided, however, that, if the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis,
and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties) imposed with respect to such advance or with respect to any imputed income in connection with such
advance; and provided, further, that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested
amount.  Furthermore, the Company’s control of the contest shall be limited to issues with respect to which the Gross-Up Payment would be payable hereunder, and the Executive shall be entitled to settle or contest, as the case may be, any
other issue raised by the Internal Revenue Service or any other taxing authority.
                     (d)     If, after the receipt by the Executive of a Gross-Up Payment or an amount
advanced by the Company pursuant to Section 8(c), the Executive becomes entitled to receive any refund with respect to the Excise Tax to which such Gross-Up Payment relates or with respect to such claim, the Executive shall (subject to the
Company’s complying with the requirements of Section 8(c), if applicable) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto).  If, after the receipt by
the Executive of an amount advanced by the Company pursuant to Section 8(c), a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its
intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the
amount of Gross-Up Payment required to be paid.
                     (e)     Notwithstanding any other provision of this Section 8, the Company may,
in its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of the Executive, all or any portion of any Gross-Up Payment, and the Executive hereby consents to such
withholding.
                     (f)     Any other liability for unpaid or
unwithheld Excise Taxes shall be borne exclusively by the Company, in accordance with Section 3403 of the Code.  The
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  foregoing sentence shall not in any manner relieve the Company of any of its obligations under this Employment
Agreement.
                     (g)     Definitions.  The following
terms shall have the following meanings for purposes of this Section 8.
                               (i)     “Excise
Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.
                               (ii)    A “Payment”
shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise.
                     9.      Restrictive Covenants.  (a) 
Non-Compete.  During the Executive’s employment and for a period of one year following the Date of Termination (the “Restricted Period”), unless the Executive’s employment with the Company or an affiliate thereof shall have
been terminated (i) by the Company without Cause, (ii) by reason of the Executive’s death or Disability or (iii) by the Executive by reason of a Deficient Opportunity, the Executive shall not, without the prior written consent of the Company,
engage in any Competitive Activity anywhere in the world.  “Competitive Activity” shall mean any participation in, employment by, ownership of any equity interest exceeding 5% in, or organization of, any person, partnership,
corporation, firm, association or other business organization, entity or enterprise that is engaged in a business that is in direct competition with some or all of the businesses of the Company as of the Date of Termination, whether the Executive is
acting as agent, consultant, employee, officer, director, investor, partner, shareholder, proprietor or in any other individual or representative capacity therein. 
                     (b)     Non-Solicit/Non-Hire.  During the Restricted Period, the
Executive shall not directly or indirectly, either for his own benefit or purpose or for the benefit or purpose of any other person, solicit, call on, actively interfere with the Company’s relationship with, or attempt to divert or entice away,
any person who the Executive should reasonably know is an investment management or advisory client of the Company as of the Date of Termination.  During the Restricted Period, the Executive shall not, directly or indirectly, either for his or
her own benefit or purpose or for the benefit or purpose of any other person, employ or offer to employ, call on, actively interfere with the Company’s relationship with, or attempt to divert or entice away, any employee of the
Company.
                     (c)     Non-Disclosure.  During
the Employment Period and at all times thereafter, the Executive shall not, without the prior written consent of the Company, disclose or use in any way, except as required in the course of such Executive’s employment with the Company or an
affiliate thereof, any confidential business or technical information or trade secret acquired in the course of such employment, whether
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  or not conceived of or prepared by him, which is related to any service or business of the Company or any affiliate thereof, all
of which are the exclusive and valuable property of the Company and its affiliates, other than information which is generally known in the industry in which such business is transacted or acquired from public sources; provided, however, that this
provision shall not preclude the Executive from the disclosure or use of information required to be disclosed by applicable law, rules or regulations or by court, governmental or regulatory agency order or decree.
                     (d)     Non-Disparagement.  During the Employment Period and at all
times thereafter, the Executive shall not make any public statements that disparage, criticize or defame the Company, its affiliates or any of their respective employees, agents, officers, directors or shareholders, provided, however, that this
provision shall not apply to any conduct by the Executive which is isolated and non-continuous in nature and which has not been undertaken in bad faith.  During the Employment Period and at all times thereafter, the Company shall not make any
public statements that disparage, criticize or defame the Executive.  Nothing in this Agreement shall prohibit either party from making truthful statements when required by order of a court or other body having jurisdiction, or as otherwise may
be required by law.
                     10.     Successors. 
(a)  This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to
the benefit of and be enforceable by the Executive’s legal representatives.
                     (b)     This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns.
                     (c)     The
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.
                     11.     Miscellaneous.  (a)  This Agreement shall be governed by
and construed in accordance with the laws of the State of New York without reference to principles of conflict of laws.  The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.  This
Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.
                     (b)     All notices and other communications hereunder shall be in writing and
shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
 12

  
 
	  
 	 If to the Executive:
 	 At the most recent address on file at the Company.
 
	  
 	  
 	  
 
	  
 	 If to the Company:
 	 BlackRock, Inc.
 40 East 52nd Street
 New York, NY 10022
 Attn.:  General Counsel
 Fax:    (212) 409-3744
 

 or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.

                    (c)     The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.
                     (d)     The Company may withhold from any amounts payable under this Agreement
such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
                     (e)     The Executive’s or the Company’s failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Deficient Opportunity pursuant
to Section 4(c)(i) (v) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.
                     (f)     From and after the Effective Date this Agreement shall supersede any
other employment, severance or change of control agreement between the parties with respect to the subject matter hereof (including the Employment Agreement between the Company and the Executive dated as of October 1, 1999), except as expressly
provided herein.
                     IN WITNESS WHEREOF, the Executive has hereunto set the
Executive’s hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

	  
 	 /s/ LAURENCE FINK
 
	  
 	 
 
	  
 	 LAURENCE FINK
 
	  
 	  
 
	  
 	 BLACKROCK, INC.
 
	  
 	  
 
	  
 	 By
 	 /s/ RALPH L. SCHLOSSTEIN
 
	  
 	  
 	 
 
	  
 	  
 	 RALPH L. SCHLOSSTEIN
 

 13Amendment No.1 to the IPO Agree. dated 11/10/2002

  Exhibit 10.24
 AMENDMENT NO. 1 TO THE
 INITIAL PUBLIC OFFERING AGREEMENT

                    This AMENDMENT NO. 1 TO THE INITIAL PUBLIC OFFERING AGREEMENT (this
“Amendment”) is made and entered into as of October 10, 2002, by and among THE PNC FINANCIAL SERVICES GROUP, INC. (formerly PNC Bank Corp.), a Pennsylvania corporation (together with any successor,“PNC”), PNC ASSET
MANAGEMENT, INC., a Delaware corporation and an indirect wholly owned subsidiary of PNC (together with any successor and with any assignee or group of or affiliated assignees (treated for this purpose as a single assignee) that is a Controlling
Stockholder, “PAM”), and BLACKROCK, INC., a Delaware corporation and a majority owned subsidiary of PAM (together with any successor, “BlackRock”), amending and supplementing the Initial Public Offering Agreement,
dated as of September 30, 1999 (the “IPO Agreement”), among PNC, PAM and BlackRock.  Capitalized terms used herein and not otherwise defined herein have the meanings ascribed thereto in the IPO Agreement.
 RECITALS:
                            WHEREAS, PNC, PAM and BlackRock have agreed to make certain
amendments to the IPO Agreement; 
                            WHEREAS, pursuant to Section 6.7 of the IPO Agreement, the IPO
Agreement may be amended by written agreement of the parties thereto;
                            WHEREAS, on the terms and conditions set forth herein, PNC, PAM
and BlackRock have agreed to amend the IPO Agreement as provided herein; and
                            WHEREAS, PNC, PAM and BlackRock have duly authorized the
execution and delivery of this Amendment and have done all things necessary to make this Amendment a valid agreement in accordance with its terms;
                            NOW, THEREFORE, the parties hereby agree as follows:

SECTION 1.     Amendment to Definitions.
           (a)           The definition of “Fair Value” is hereby deleted from Article 1 of the IPO
Agreement.
           (b)           The definition of “Change in Control of
BlackRock” is hereby deleted in its entirety and replaced with the following:

  
           “Change of Control of BlackRock” has the meaning set forth in Section 3.3(d).”

          (c)            The definition of “Change in Control of PNC” is hereby deleted in
its entirety and replaced with the following:
           ““Change of Control of PNC” has the meaning set forth in Section
3.3(c).”
           (d)            The definition of “PNC Affiliate” is hereby
deleted in its entirety and replaced with the following:
           ““PNC Affiliate” means a Person that, directly or indirectly
through one or more intermediaries, controls, is controlled by or is under common control with, PNC, except for BlackRock or any BlackRock Affiliate.”
 SECTION
2.     Amendments to Section 3.2. 
 (a)      Section 3.2 is hereby amended by adding the following subsection, which is designated as
subsection 3.2(d):

	  
 	 “(d)     Notwithstanding the provisions of this Section 3.2, if within 12 months following a Change of Control of BlackRock or a Change of Control of
PNC (each, a “Change of Control”), a majority of the Independent Directors (as defined below) of BlackRock serving on the day prior to the effective date of such Change in Control, determines that the fundamental economics and
operations of the business of BlackRock have been materially and adversely affected as a result of such Change of Control (taking into account BlackRock’s revenues, earnings, corporate governance, management practices, culture and compensation
practices) (a “Material Effect”), then at any time following (1) receipt of written notice of such determination, which notice shall be provided within 12 months following a Change of Control and shall specify in reasonable detail
the general circumstances, practices and/or conditions that have caused the Material Effect (the “Material Effect Notice”), (2) receipt of a Failed Cure Notification (as defined below), and (3) a determination by PAM that it will
elect to dispose of its Voting Stock of BlackRock and BlackRock Common Stock in accordance with Section 3.3(b)(1)(x), PNC (or any PNC Affiliate) may not purchase or otherwise acquire any additional BlackRock Capital Securities pursuant to this
Section 3.2.  For purposes of this Agreement, “Independent Directors” shall mean those directors of BlackRock who (i) are not current or former executive officers or employees of BlackRock or any BlackRock Affiliate, (ii) are not
current or former directors, executive officers or employees of PNC  or any PNC Affiliate, (iii) were not designated by PAM or the BlackRock Management Committee pursuant to Section 2.2(a) of the Amended and Restated Stockholders Agreement,
dated as of September 30, 1999 (the “Stockholders Agreement”), among BlackRock, PAM and certain 
 

 2

  

	  
 	 employee stockholders and (iv) after such time as the Board commences identifying “Independent Directors” for purposes of the rules of the New York Stock Exchange, are
identified by the Board as “Independent Directors” and disclosed by BlackRock.  Notwithstanding the foregoing, the Directors listed on Exhibit A hereto shall be deemed to be “Independent Directors” for purposes of this
Agreement, except, following the date on which the Board commences identifying “Independent Directors” pursuant to clause (iv) of the preceding sentence, any such Directors listed on Exhibit A hereto who has not been so designated shall no
longer be deemed to be an “Independent Director” for purposes of this Agreement.”
 

        (b)            Section 3.2 is hereby amended by adding the following subsection, which is designated as subsection
3.2(e):

	  
 	 “(e)     In the event that PAM has deposited Voting Stock of BlackRock or BlackRock Common Stock owned by it into a Voting Trust pursuant to Section
3.3(a)(2), any Voting Stock of BlackRock or BlackRock Common Stock purchased by PNC (or any PNC Affiliate) pursuant to the provisions of this Section 3.2 shall be deposited in such Voting Trust.”
 

 SECTION 3.   Amendments to Section 3.3.
        (a)
           Section 3.3(a) of the IPO Agreement is hereby deleted in its entirety and replaced with the following:

	  
 	 “(a)     (1)     If within 12 months following a Change of Control (the “Evaluation Period”), the
Independent Directors determine that a Material Effect has occurred, PAM may, within three months of the date of such determination as specified in the Material Effect Notice (the “Cure Period”), seek to cure such Material
Effect.
 
	  
 	  
 
	  
 	             (2)     Following the expiration of the Cure Period, if a majority of the
Independent Directors, in their sole discretion, determine that a Material Effect has not been cured, the Independent Directors shall provide PAM notification (the “Failed Cure Notification”) that such Material Effect has not been
cured within 30 days after the termination of the Cure Period (the date on which the Failed Cure Notification is provided to PAM being the “Notice Date”).  If the Independent Directors do not provide a Failed Cure
Notification to PAM on or before the 30th day following the termination of the Cure Period, the Material Effect shall be deemed cured for all purposes of this Agreement.  As soon as practicable following receipt of the Failed Cure Notification,
PAM shall, and PNC shall cause PAM to, deposit any Voting Stock of BlackRock and BlackRock Common Stock owned by PAM into a voting trust, the terms 
 

 3

  

	  
 	 of which shall be substantially as set forth on Schedule I (the “Voting Trust”).
 
	  
 	  
 
	  
 	             (3)     PAM shall not solicit proxies from holders of outstanding BlackRock Capital
Securities, for as long as any shares of its BlackRock Capital Securities are held in the Voting Trust in accordance with the terms thereof.  PAM further agrees that, at any time following receipt of a Failed Cure Notification, except as
otherwise provided in Sections 3.2 and 3.3(b) hereof, PAM shall not purchase or otherwise acquire additional shares of BlackRock Capital Securities.”
 

        (b)            Section 3.3(b) of the IPO Agreement is hereby deleted in its entirety and replaced with the
following:

	  
 	 “(b)     (1) Within 3 months after the receipt of a Failed Cure Notification, PAM shall, and PNC shall cause PAM to, send BlackRock written
notification (the “Election Notification”) of its decision to undertake one of the following options:
 
	  
 	  
 
	  
 	             (x)     dispose of its ownership interest in any Voting Stock of BlackRock, within
two years of the Notice Date, so that neither PNC (together with any PNC Affiliates) nor PAM (together with its affiliates) is the beneficial owner (as defined by Rules 13d-3 and 13d-5 under the Exchange Act or any successor provision thereof) (a
“Beneficial Owner”) of more than 4.9% of any class of Voting Stock of BlackRock; provided that, except with the prior written consent of the Independent Directors of BlackRock, none of PNC, PAM (together with its affiliates) or any
other PNC Affiliate may dispose of an amount of its shares of Voting Stock of BlackRock (A) to any bank or bank holding company that would result in any bank or bank holding company becoming the Beneficial Owner of more than 4.9% of any class of
Voting Stock of BlackRock or (B) to any other person or entity that is not a bank or bank holding company that would result in any person or entity becoming the Beneficial Owner of more than 10% of any class of Voting Stock of BlackRock; and
provided further that, as soon as practicable following PAM’s Election Notification to sell its BlackRock Voting Stock pursuant to this Section 3.3(b)(1)(x), any shares of Class B Common Stock held by the Voting Trust shall be converted, in
accordance with paragraph C(6) of Article Fourth of BlackRock’s Amended and Restated Certificate of Incorporation, into shares of Class A Common Stock;
 
	  
 	  
 
	  
 	             (y)     proceed as expeditiously as is commercially reasonable to offer to purchase
all the outstanding BlackRock Capital Securities not owned by PNC or PAM (and use commercially reasonable efforts to consummate such purchases as soon as practicable) at the applicable Change of Control Price (as defined below), and agree that,

 

 4

  

	  
 	 simultaneously upon making such offer, all employee awards granted under BlackRock’s 2002 Long-Term Retention and Incentive Plan (the “2002 Plan”) shall fully
vest and be immediately payable as if the termination date of the 2002 Plan had occurred and any applicable performance goals had been fully achieved and any stock options granted under BlackRock’s 1999 Stock Award and Incentive Plan (the
“1999 Plan”) shall vest and become fully exercisable as if all holding or employment period requirements and any applicable performance goals had been fully achieved; or
 
	  
 	  
 
	  
 	             (z)     proceed as expeditiously as is commercially reasonable to enter into an
agreement (and use commercially reasonable efforts to consummate the transactions contemplated by such agreement as soon as practicable after execution of such agreement) with a third party purchaser to dispose of its ownership interest in BlackRock
Capital Securities (such that neither PNC (together with any PNC Affiliates) nor PAM (together with its affiliates) is the Beneficial Owner of more than 4.9% of any class of Voting Stock of BlackRock) to such third party purchaser (the “Third
Party Purchase”) that has made or has agreed to make an offer to purchase all the outstanding BlackRock Capital Securities of which none of PNC, any PNC Affiliate and PAM is the Beneficial Owner, as the case may be, (the “Third Party
Offer”), for a price per share that is not less than the price per share to be offered to PAM with respect to each class of BlackRock Capital Securities (provided that the Independent Directors shall have received an opinion from a
nationally recognized investment banking or business appraisal firm, selected by the Independent Directors, that such price is fair, from a financial point of view, to the public stockholders of BlackRock), and agree that, simultaneously with
consummation of the Third Party Purchase, all employee awards granted under the 2002 Plan (“2002 Plan Awards”) shall fully vest and be immediately payable as if the termination date of the 2002 Plan had occurred and any applicable
performance goals had been fully achieved and any stock options granted under the 1999 Plan (“1999 Plan Options”) shall vest and become fully exercisable as if all holding or employment period requirements and any applicable
performance goals had been fully achieved (provided, however, that in the event the consummation of the Third Party Purchase occurs on or after the day upon which the Third Party Offer would otherwise be scheduled to expire, the Third Party Offer
shall be extended for such reasonable period of time as shall be necessary to permit recipients of 2002 Plan Awards and 1999 Plan Options to participate in such offer).
 
	  
 	  
 
	      (2)               Following (A) a Change of Control of PNC or
(B) a Change of Control of BlackRock resulting from a transaction in which PAM sells BlackRock Capital Securities and not all public stockholders and employees of BlackRock holding shares of BlackRock Common Stock are given an opportunity to
participate in
 

 5

  

	  
 	 such transaction on substantially the same terms, PAM shall not dispose of any BlackRock Capital Securities to any person or entity in a transaction, other than as contemplated by
Section 3.3(b)(1) after a determination of a Material Effect following delivery of a Failed Cure Notification, that would result in another Change of Control of BlackRock unless (x) the BlackRock public shareholders and any employees of BlackRock
holding shares of BlackRock Common Stock are given a reasonable opportunity to participate in such transaction on substantially the same terms and (y) a majority of the Independent Directors approve such transactions resulting in the Change of
Control of BlackRock.
 
	  
 	  
 
	  
 	 (3)     (i)     For purposes of this Section 3.3(b), the term “Change of Control Price” means, with respect to
each class of BlackRock Capital Securities, the average of the closing sale price (or, if no closing sale price is reported, the average of the average bid and average ask prices) (as reported in composite transactions for the principal securities
exchange or trading system on which such shares of BlackRock Capital Securities are then listed or traded) with respect to such class of BlackRock Capital Securities during the 30 trading day period immediately preceding the earlier of the date on
which the Change of Control was first announced or the date on which, in the determination of the majority of the Independent Directors, the Change of Control was determined to have occurred, provided that a nationally recognized investment banking
or business appraisal firm, mutually agreed upon by PAM, and the Independent Directors, shall provide a written opinion to the Independent Directors that the applicable Change of Control Price as determined in accordance with this sentence is fair,
from a financial point of view, to the holders of the applicable class of outstanding BlackRock Capital Securities.  
 
	  
 	  
 
	  
 	           (ii)     If any such class of BlackRock Capital Securities was not listed or traded on a
securities exchange or trading system during such 30 trading day period or if the investment banking or business appraisal firm selected by PAM, as the case may be, and the Independent Directors is unable to deliver the fairness opinion required by
Section 3.3(b)(3)(i), the Change of Control Price shall be determined through good faith negotiations between PAM and a special committee of the BlackRock Board of Directors, which shall not include any director of BlackRock who was nominated by
PAM, PNC or any PNC Affiliate, their respective successors, if any, as the case may be (the “BlackRock Special Committee”).  If PAM and the BlackRock Special Committee are unable to agree on a Change of Control Price after
reasonable efforts, PAM and the BlackRock Special Committee each shall select a nationally recognized investment banking or business appraisal firm (together, the “Initial Investment Banks”) which shall determine the Change of
Control Price.  If the Initial Investment Banks are unable to agree on the Change of Control Price within 30 days of their selection, they shall jointly select a third nationally recognized investment banking or business appraisal firm (the
“Arbitrating Investment Bank”) within 10 days following the expiration of such 30-day period.  Within 30 days following its selection, the Arbitrating Investment Bank shall determine the Change of Control Price;

 6

  

	  
 	 provided, that the Change of Control Price determined by the Arbitrating Investment Bank may not be outside the range for the Change of Control Price determined by the Initial
Investment Banks.  The fees and expenses of the Initial Investment Banks and the Arbitrating Investment Bank (if applicable) shall be borne one-half by PNC, and one-half by BlackRock.  The Change of Control Price shall be determined by
reference to, among other factors, the trading value of the BlackRock Class A Common Stock prior to any public announcement of the Change in Control; provided, however, that actions taken by the acquiror in connection with such Change in Control,
including, without limitation, a substantial change in management of BlackRock, which have had an adverse impact on the trading value of the BlackRock Class A Common Stock shall be excluded from any determination of the Change of Control
Price.
 
	  
 	  
 

                                    (c) 
          Section 3.3(c) of the IPO Agreement is hereby deleted in its entirety and replaced with the following:

	  
 	  
 
	  
 	 “(c)     A “Change of Control of PNC” shall be deemed to occur when the Board of Directors of PNC determines that a Change in Control
of PNC has occurred, as a Change in Control of PNC may be defined from time to time by the Board of Directors of PNC.  Provided, however, that at a minimum, a Change in Control of PNC shall, without any action by the Board of Directors of PNC,
be deemed to occur if:
 
	  
 	  
 
	  
 	 (i)  any person, excluding employee benefit plans of PNC, is or becomes the beneficial owner (as defined in Rules 13d 3 and 13d 5 under the Exchange Act or any successor
provisions thereto), directly or indirectly, of securities of PNC representing twenty percent (20%) or more of the combined voting power of PNC’s then outstanding securities;  provided, however, that such an acquisition of beneficial
ownership representing between twenty percent (20%) and forty percent (40%), inclusive, of such voting power shall not be considered a Change in Control if the Board of Directors of PNC approves such acquisition either prior to or immediately after
its occurrence;
 
	  
 	  
 
	  
 	 (ii)  PNC consummates a merger, consolidation, share exchange, division or other reorganization or transaction of PNC (a ”Fundamental Transaction”) with any other
corporation, other than a Fundamental Transaction that results in the voting securities of PNC outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) at least sixty percent (60%) of the combined voting power immediately after such Fundamental Transaction of (i) PNC’s outstanding securities, (ii) the surviving entity’s outstanding securities, or (iii) in the case of a
division, the outstanding securities of each entity resulting from the division;
 

 7

  

	  
 	 (iii)  the shareholders of PNC approve a plan of complete liquidation or winding-up of PNC or an agreement for the sale or disposition (in one transaction or a series of
transactions) of all or substantially all PNC’s assets;
 
	  
 	  
 
	  
 	 (iv)  as a result of a proxy contest, individuals who prior to the conclusion thereof constituted the Board of Directors of PNC (including for this purpose any new director
whose election or nomination for election by PNC’s shareholders in connection with such proxy contest was approved by a vote of at least two thirds of the directors then still in office who were directors prior to such proxy contest) cease to
constitute at least a majority of the Board of Directors of PNC (excluding any Board seat that is vacant or otherwise unoccupied); or
 
	  
 	  
 
	  
 	 (v)  during any period of twenty-four (24) consecutive months, individuals who at the beginning of such period constituted the Board of Directors of PNC (including for this
purpose any new director whose election or nomination for election by PNC’s shareholders was approved by a vote of at least two thirds of the directors then still in office who were directors at the beginning of such period) cease for any
reason to constitute at least a majority of the Board of Directors of PNC (excluding any Board seat that is vacant or otherwise unoccupied).”
 
	  
 	  
 

                                     (d)
       Section 3.3(d) of the IPO Agreement is hereby deleted in its entirety and replaced with the following:

	  
 	  
 
	  
 	 “(d)     A “Change of Control of BlackRock” shall be deemed to occur if (i) due to a transfer of any shares of BlackRock Voting
Stock, a person other than PNC or the PNC Affiliates holds a majority of the voting power of BlackRock’s Voting Stock; or (ii) whether by virtue of an actual or threatened proxy contest (including a consent solicitation) or any merger,
reorganization, consolidation or similar transaction, persons who are directors of BlackRock immediately prior to such proxy contest or the execution of the agreement pursuant to which such transaction is consummated (other than a director whose
initial assumption of office was in connection with a prior actual or threatened proxy contest) cease to constitute a majority of the Board of Directors of BlackRock or any successor entity immediately following such proxy contest or the
consummation of such transaction.  Notwithstanding the foregoing, no transaction or series of transactions (x) that is approved by a majority of the Independent Directors and (y) pursuant to which all public shareholders and employees of
BlackRock holding shares of BlackRock Common Stock are given an opportunity to participate in such transaction on substantially the same terms as PAM, shall be deemed to constitute a Change of Control of BlackRock.”
 
	  
 	  
 

                                     (e)
       Section 3.3(e) of the IPO Agreement is hereby deleted in its entirety and replaced with the following:

	  
 	  
 
	  
 	 “(e)     BlackRock shall pay (i) the fees and expenses of any financial advisors, legal counsel or other advisors deemed necessary or advisable by the
Independent
 

 8

  

	  
 	 Directors in connection with determining the impact of the Change in Control on the business of BlackRock pursuant to Section 3.2(d) and this Section 3.3; and (ii) all reasonable
expenses of the Independent Directors and BlackRock Special Committee incidental to the determination of the Change of Control Price including, but not limited to, expenses of and reasonable compensation for the members of the Independent Directors
and the BlackRock Special Committee.  Members of the Independent Directors and the BlackRock Special Committee shall be entitled to the benefit of indemnification from BlackRock, including, but not limited to, the indemnification provided by
BlackRock’s Certificate of Incorporation and Bylaws, and BlackRock shall maintain, to the extent practicable, directors and officers liability insurance for such members at least as favorable as in that which was in effect on the day prior to
the effective date of the applicable Change in Control and any additional directors and officers liability insurance reasonably requested and available at a reasonable cost by the Independent Directors and BlackRock Special Committee in connection
with their services to be rendered under Section 3.2(d) and this Section 3.3.”
 
	  
 	  
 
	  
 	 (f)       Section 3.3(f) is hereby added to the IPO Agreement as follows:
 
	  
 	  
 
	  
 	 “(f)     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 reasonable request as being necessary or advisable to effect or evidence the transactions
contemplated by the IPO Agreement as amended hereby, including the filing of a registration statement with the Securities and Exchange Commission with respect to shares of BlackRock Common Stock to be granted under the 2002 Plan.”

	  
 	  
 
	  
 	 (g)       Section 3.3(g) is hereby added to the IPO Agreement as follows:
 
	  
 	  
 
	  
 	 “(g)     Termination.  
 
	  
 	  
 
	  
 	 Sections 3.2 (d) and (e) and Section 3.3 of this Agreement shall immediately terminate and be of no further force or effect if:
 
	  
 	  
 
	  
 	 (i)  following delivery of an Election Notification, if either the option contemplated by Section 3.3(b)(1)(y) or Section 3.3(b)(1)(z) hereof has been elected, all the
transactions contemplated thereby have been consummated;
 
	  
 	  
 
	  
 	 (ii)  clauses (x) and (y) of Section 3.3(d) have occurred with respect to a transaction or series of related transactions and any such transaction or series of transactions
has been consummated; or
 

 9

  

	  
 	 (iii)  clauses (x) and (y) in Section 3.3(b)(2) have occurred with respect to any Change of Control of BlackRock and the transaction contemplated thereby shall have been
consummated.”
 

 SECTION 4.     Ratification.
                 Except as expressly affected by the provisions hereof, the IPO Agreement as amended shall remain in full force and effect in
accordance with its terms and ratified and confirmed by the parties hereto.  On and after the date hereof, each reference in the IPO Agreement to “the Agreement,” “hereunder,” “herein” or words of like import shall
mean and be a reference to the IPO Agreement as amended by this Amendment.
 SECTION 5.       Effect of Headings.
                 The Section headings herein are for convenience of reference only and shall not effect the construction hereof.

SECTION 6.       Governing Law.
                 This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to
conflicts of laws principles thereof.  
 SECTION 7.       Counterparts.
                 This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.
 10

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

	  
 	 THE PNC FINANCIAL SERVICES GROUP, INC.
 
	  
 	  
 	  
 
	  
 	  
 	  
 
	  
 	 By:
 	 /s/ JAMES E. ROHR
 
	  
 	  
 	 
 
	  
 	 Name:
 	 James E. Rohr
 
	  
 	 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
 
	  
 	  
 	  
 
	  
 	  
 	  
 
	  
 	 BLACKROCK, INC.
 
	  
 	  
 	  
 
	  
 	  
 	  
 
	  
 	 By:
 	 /s/ LAURENCE D. FINK
 
	  
 	  
 	 
 
	  
 	 Name:
 	 Laurence D. Fink
 
	  
 	 Title:
 	 Chairman and Chief Executive
 Officer
 
				

 11

  
 Schedule I
 TERM SHEET
 VOTING TRUST AGREEMENT
                     In accordance with Section 3.3(a)(2) of the Initial Public Offering Agreement, dated as of September 30,
1999, as amended October 10, 2002 (the “IPO Agreement”), by and among BlackRock, Inc., a Delaware corporation (together with any successors, the “Company”), PNC Asset Management, Inc., a Delaware corporation (together with any
successors, “PAM”), and The PNC Financial Services Group, Inc. (formerly PNC Bank Corp.), PAM has agreed that under certain circumstances following a change in control of PNC or the Company PAM will deposit all shares of class A common
stock, par value $.01 per share (the “Class A Common Stock”) and class B common stock, par value $.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) of the Company
then owned and held by PAM (such shares being hereinafter referred to as the “Shares”) in a voting trust pursuant to a Voting Trust Agreement (the “Voting Trust Agreement”) meeting the requirements of Section 218 of the General
Corporation Law of the State of Delaware and having substantially the terms summarized below.

	  
 	 Parties
 	 The Company, PAM and an institutional trustee (the “Voting Trustee”) selected by the Company and reasonably agreed to by PAM.
 
	  
 	  
 	  
 
	  
 	 Deposit of Shares
 	 On the date of execution of the Voting Trust Agreement, PAM will deposit all the Shares with the Voting Trustee which will have the Shares registered in its name and will issue one
or more voting trust certificates to PAM.
 
	  
 	  
 	  
 
	  
 	  
 	 Upon an Election Notification by PAM to sell its Shares pursuant to Section 3.3(b)(1)(x) of the IPO Agreement, the Voting Trustee will convert all of the Shares held in the Voting
Trustee that are shares of Class B Common Stock to shares of Class A Common Stock in accordance with the optional conversion provisions of the Company’s Amended and Restated Certificate of Incorporation.
 
	  
 	  
 	  
 
	  
 	 Transfer
 Restrictions
 	 The Voting Trust Certificates will not be registered under the Securities Act of 1933, as amended, and may not be sold or transferred in the absence of such registration or an
exemption therefrom under such Act.
 

 12

  

	  
 	 Voting
 	 The Voting Trustee shall vote the Shares on all matters submitted to a vote of holders of Common Stock (whether separately as a class or together with any other class of voting
securities of the Company), whether at a meeting of stockholders or by written consent, in the same proportion as the votes cast by the holders of Common Stock that are not employees of the Company; provided that PAM shall retain the right to direct
the voting of the Shares with respect to any transaction that would constitute a Change of Control of BlackRock until such time that PAM is no longer entitled to the benefits of Section 3.3(b)(1)(y) or Section 3.3(b)(1)(z) of the IPO
Agreement.
 
	  
 	  
 	  
 
	  
 	 Dividends and
 Distributions
 	 All dividends or other distributions, if any (other than dividends or distributions paid in shares of Common Stock) in respect of the Shares shall be paid directly to
PAM.
 
	  
 	  
 	  
 
	  
 	  
 	 Dividends or other distributions, if any, paid in shares of Common Stock shall be held by the Voting Trustee as “Shares” subject to the Voting Trust Agreement and such
securities shall become subject to all the terms and conditions thereof
 
	  
 	  
 	  
 
	  
 	 Voting Trustee
 	 PAM and the Company shall, jointly and severally pay the fees and expenses of the Voting Trustee and shall indemnify the Voting Trustee for any losses arising out of or in
connection with the acceptance or administration of the Voting Trust, except to the extent that such loss, damage, claim, liability or expense is due to its own gross negligence, willful misconduct or bad faith.
 

 13

  

	  
 	 Termination
 	 The Voting Trust Agreement and the Voting Trust shall remain in force until such time that (i) PAM ceases to be the Beneficial Owner, directly or indirectly, of securities of the
Company representing 4.9 percent or more of any class of the Company’s Voting Stock; or (ii) PAM purchases all of the outstanding BlackRock Capital Securities not owned by PAM that are validly tendered pursuant to an offer to purchase such
BlackRock Capital Securities made by PAM in accordance with Section 3.3(b)(1)(y) of the IPO Agreement.
 
	  
 	  
 	  
 
	  
 	  
 	 In the event that prior to the termination of the Voting Trust, PAM transfers any of its Shares in accordance with and pursuant to Sections 3.3(b)(1)(x) or 3.3(b)(1)(z) of the IPO
Agreement, the Voting Trustee shall cause such Shares to be transferred in accordance with instructions received from PAM and, upon consummation of such transfer, the Voting Trust Agreement and the Voting Trust shall immediately terminate and be of
no further force and effect with respect to such transferred Shares.
 
	  
 	  
 	  
 
	  
 	 Amendment
 	 The Voting Trust Agreement and the Voting Trust Certificates may be amended upon the consent in writing of the Company and PAM.
 
	  
 	  
 	  
 
	  
 	 Governing Law
 	 Delaware
 

 14

  
 Exhibit A
 Independent Directors
 Murry Gerber
 James Grosfeld
 Frank Nickell
 Lawrence Wagner
  
 15

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