Document:

First Supplemental Indenture

 Exhibit 4.2 
 FIRST SUPPLEMENTAL INDENTURE 
 FIRST SUPPLEMENTAL INDENTURE, dated as of September 29, 2006,
among BlackRock Holdco 2, Inc. (“BR Holdco 2”), a Delaware corporation (as successor to BlackRock, Inc., a Delaware corporation (“BlackRock” or the “Company”)), BlackRock, Inc., a Delaware corporation (formerly New
BlackRock, Inc., “New BlackRock”), and JPMorgan Chase Bank, N.A., a national banking association, as trustee (hereinafter sometimes called the “Trustee”) to the Indenture, dated as of February 23, 2005, between BlackRock and
the Trustee (the “Indenture”). 
 WHEREAS, pursuant to the Transaction Agreement and Plan of Merger, dated as of February 15,
2006 (the “Transaction Agreement”), by and among Merrill Lynch & Co., Inc., BlackRock, New BlackRock, and BlackRock Merger Sub, Inc., a Delaware corporation (“BlackRock Merger Sub”), BlackRock Merger Sub has merged with
and into BlackRock with BlackRock as the surviving entity in such merger; 
 WHEREAS, pursuant to the Transaction Agreement, each share of
Class A Common Stock of BlackRock was converted into one share of common stock of New BlackRock; 
 WHEREAS, pursuant to the Merger
Agreement, dated September 29, 2006 (the “Merger Agreement”), by and between BlackRock and BR Holdco 2, BlackRock merged with and into BR Holdco 2 with BR Holdco 2 as the surviving entity in such merger; 
 WHEREAS, following the transactions contemplated by the Transaction Agreement and the Merger Agreement, the Debentures will become exchangeable into
shares of common stock of New BlackRock; 
 WHEREAS, New BlackRock finds it desirous and in the best interest of its shareholders to become a
co-obligor with respect to all of the obligations of the Company under the Indenture; and 
 WHEREAS, all the requirements set forth in
Article 12 of the Indenture with respect to the execution of this Supplemental Indenture have been satisfied. 
 NOW, THEREFORE, BR Holdco 2,
New BlackRock and the Trustee hereby agree as follows: 
 ARTICLE I 
 Section 1.01 Except as otherwise specified herein, terms used but not defined herein shall have the meanings ascribed to them in the Indenture.

 ARTICLE II 
 Section 2.01 Each
of BR Holdco 2 and New BlackRock hereby expressly assumes the due and punctual payment of the principal of and premium, if any, and interest on 

 
all the Debentures and the performance or observance of every covenant and obligation to be performed or observed under the Indenture on the part of the
Company. 
 Section 2.02 Upon the effectiveness of this Supplemental Indenture, and in accordance with Section 12.02 of the Indenture
and other than as described in Section 2.03 hereof, BR Holdco 2 shall succeed to, and be substituted for, and may exercise every right and power of the Company under the Indenture with the same effect as if BR Holdco 2 had been named as the
Company thereunder. 
 Section 2.03 In accordance with Article 15, upon the surrender of conversion of any of the Debentures, the Holders
thereof shall receive, in lieu of Class A Common Stock of the Company, Common Stock of New BlackRock. 
 ARTICLE III 
 Section 3.01 This Supplemental Indenture shall become effective upon the execution thereof by BR Holdco 2, New BlackRock and the Trustee. 
 Section 3.02 THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF AND EACH OF THE PARTIES HERETO, HEREBY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN RESPECT OF ANY DISPUTE ARISING THEREIN.

 Section 3.03 This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 3.04 The Trustee makes no
representations as to the validity or sufficiency of this Supplemental Indenture. The recitals and statements herein are deemed to be those of BR Holdco 2 and New BlackRock and not of the Trustee. 
 Section 3.05 Any corporation or association into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or
association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or association to which all or substantially all of the corporate trust business of the Trustee may be sold or otherwise
transferred, shall be the successor trustee hereunder without any further act. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed and unconditionally delivered this Supplemental
Indenture as of the 29th day of September, 2006. 
  

					
	 BLACKROCK HOLDCO 2, INC.
(successor to BlackRock, Inc.)

		
	By:	 	/s/ Daniel Waltcher
		 	Name:	 	Daniel Waltcher
		 	Title:	 	Managing Director and Deputy General Counsel

  

					
	 BLACKROCK, INC.
(formerly known as New BlackRock, Inc.)

		
	By:	 	/s/ Daniel Waltcher
		 	Name:	 	Daniel Waltcher
		 	Title:	 	Managing Director and Deputy General Counsel

  

					
	 JPMORGAN CHASE BANK, N.A., as
trustee

		
	By:	 	/s/ Carol Ng
		 	Name:	 	Carol Ng
		 	Title:	 	Vice PresidentForm of Stock Option Agreement

 Exhibit 10.5 
 BLACKROCK, INC. 
 1999 STOCK AWARD AND INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
  

			
	Name of Optionee:	  	
		
	 Number of Shares 
 Subject to
Options:
	  	[            ] shares of Class A Common Stock, $0.01 par value, of BlackRock, Inc. (the “Shares”).
		
	Option Exercise Price:	  	[$                    ]
		
	Grant Date:	  	[                      ]
		
	Vesting Dates:	  	First Installment: [    ] Options, on [            ]
		
		  	Second Installment: [    ] Options, on [            ]
		
		  	Third Installment: [    ] Options, on [            ]
		
	Expiration Date:	  	

 *        *        *        *        *      
  *        * 
 This Stock Option Agreement (this “Agreement”) is executed and
delivered as of the Grant Date set forth above by and between BlackRock, Inc., a Delaware company, and its successors (the “Company”) and the Optionee set forth above. The Optionee and the Company hereby agree as follows: 
  

	1.	Definitions. For all purposes in this Agreement, the following terms shall have the respective meanings set forth in this Section 1. 

  

	 	(a)	“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. 

  

	 	(b)	 “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 Optionee of any written policies of the Company or any Affiliate required by law or established to maintain compliance with applicable law or any breach of
Section 11 of this Agreement; (B) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct by the Optionee 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 Optionee for the commission of a felony that could, in the Company’s reasonable judgment, impair the Optionee’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 Optionee 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 Optionee’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. 

  

	 	(c)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	(d)	“Committee” means the Compensation Committee of the Board of Directors of the Company. 

  

	 	(e)	“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 Optionee’s physical or mental incapacity constituting disability, as determined under the Company’s Long-Term Disability Plan applicable to the Optionee, which, in any event, does or is reasonably expected
to continue for at least twelve months. 

  

	 	(f)	“Fair Market Value” means, as of a particular date, (i) the closing sales price per Share on the national securities exchange on which Shares are principally traded
for the last preceding date on which there was a sale of Shares on such exchange, or (ii) if Shares are then traded in an over-the-counter market, the average of the closing bid and asked per Share in such over-the-counter market for the last
preceding date on which there was a sale of Shares in such market, or (iii) if Shares are not then listed on a national securities exchange or traded in an over-the-counter market, the fair market value of a Share shall be determined by a
nationally recognized investment banking firm selected by the Committee for such purpose. 

  

	 	(g)	“Individual Agreement” means an employment, consulting or similar agreement between the Optionee and the Company or any Subsidiary or Affiliate of the Company.

  

	 	(h)	“Plan” means the 1999 Stock Award and Incentive Plan, as amended. 

  

	 	(i)	“Retirement” means the Optionee’s voluntary Termination of Employment other than for Cause after the Optionee has satisfied the Rule of 65 with at least the age of 55
and a total of at least three years of combined and continuous employment with the Company or any Subsidiary, provided, that the Optionee shall have provided written notice to the Company at least one year prior to such Termination of Employment.

  

	 	(j)	“Rule of 65” means the sum of the Optionee’s age and years of combined and continuous years of employment with the Company or any Subsidiary or Affiliate (including
periods of employment with an entity prior to its becoming a Subsidiary or Affiliate) equals at least sixty-five (65). For purposes of determining Rule of 65, years of age and service equal full years and completed months. 

 

	 	(k)	 “Subsidiary” means any corporation, partnership, joint venture or other 

  

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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.

  

	 	(l)	“Termination of Employment” means the termination of the Optionee’s employment with, or performance of services for, the Company or any Subsidiary or Affiliate. An
individual 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
individual 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. 

 Capitalized terms
not defined herein shall have the meanings ascribed in the Plan. In addition, certain other terms used herein have definitions given to them in the first place in which they are used. 
  

	2.	Grant. The Company, pursuant to the Plan (as modified from time to time in accordance with the terms thereof), which is incorporated herein by reference, and subject to the
terms and conditions thereof, grants to the Optionee as of the Grant Date an option to purchase (the “Option”) the above-mentioned Shares. The Optionee may exercise, on or after the Vesting Dates specified above and on or prior to the
Expiration Date specified above, all or any part of the vested Options, at the Option Exercise Price per Share specified above, subject to the terms and conditions set forth in this Agreement. The Option is not intended to qualify and shall not be
treated as an “incentive stock option” under §422A of the Code. 

  

	3.	Vesting. No portion of the Option may be exercised until the date on which such portion shall have become exercisable in accordance with the vesting schedule set forth above.
Except as set forth below, and subject to the determination of the Company in its sole discretion to accelerate the vesting schedule hereunder, the Option shall become exercisable with respect to the number of Shares specified on the Vesting Dates
set forth above. Once exercisable, the Option shall continue to be exercisable at any time or times prior to the Expiration Date, subject to the provisions hereof and of the Plan. 

  

	4.	Exercise of Option. 

  

	 	(a)	The Option shall be exercised in the following manner: the Optionee, or the person or persons having the right to exercise the Option upon the death or Disability of the Optionee,
shall deliver to the Company a written notice specifying the number of Shares that the Optionee elects to purchase. Until the Company notifies the Optionee to the contrary, the form attached to this Agreement as Annex A shall be used to exercise the
Option granted hereunder. The Optionee must include with the notice full payment for any Shares being purchased under an Option. 

  

	 	(b)	 Payment of the Option Exercise Price for any Shares being purchased must be made (i) in cash or by certified or cashier’s check, (ii) by delivering
to 

  

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the Company a number of Shares (that have been owned without any restrictions by the Optionee for at least six months prior to the date of exercise of the
Option or such other period as may be specified by the Committee) equal in value to the aggregate Option Exercise Price for that portion of the Option then being exercised, or (iii) through a broker’s cashless exercise procedure approved
by the Committee. If the Optionee pays by delivering Shares, the Optionee must include with the notice of exercise the certificates for such Shares either duly endorsed for transfer or accompanied by an appropriately executed stock power in favor of
the Company. The Shares delivered by the Optionee will be valued by the Company at their Fair Market Value on the day preceding the date of exercise of the Option. 

  

	 	(c)	Not less than 100 Shares may be purchased at any time upon the exercise of an Option, unless the number of Shares so purchased constitutes the total number of Shares then
purchasable under the Option. The Option may be exercised only to purchase whole Shares and in no case may a fractional Share be purchased. 

  

	 	(d)	The Company may require the Optionee to pay, prior to the delivery of any Shares to which such Optionee shall be entitled upon exercise of an Option, an amount equal to the federal,
state and local income taxes and other amounts required by law to be withheld by the Company with respect to any Option. Such amount shall be paid (i) in cash or by certified or cashier’s check, (ii) by delivering to the Company a
number of Shares (that have been owned without any restrictions by the Optionee for at least six months prior to the date of exercise of the Option or such other period as may be specified by the Committee) equal in value to the federal, state and
local income taxes and other amounts required by law to be withheld by the Company with respect to any Option, or (iii) through a broker’s cashless exercise procedure approved by the Committee. Alternatively, the Optionee may authorize the
Company to withhold from the number of Shares he or she would otherwise receive upon exercise of an Option that number of Shares having a Fair Market Value equal to the minimum required amount of such tax withholding obligation. Until the Company
notifies the Optionee to the contrary, the form attached to this Agreement as Annex B shall be used to make such election pursuant to this Section 4(d). 

  

	 	(e)	Notwithstanding any other provision hereof or of the Plan, no portion of the Option shall be exercisable (i) after termination of the Option in accordance with the provisions
hereof, (ii) after the Expiration Date hereof, or (iii) at any time unless all necessary regulatory or other approvals have been received. 

  

	5.	Termination of Employment – for Cause. The Option (whether or not exercisable) shall terminate upon the Optionee’s Termination of Employment by the Company for
Cause. 

  

	6.	 Termination of Employment – Other than for Cause. Upon the Optionee’s Termination of Employment by the Company or one of its Affiliates or
Subsidiaries other than for Cause, subject to the Optionee’s continued compliance with 

  

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Section 11 below and the execution and non-revocation of a general release in the Company’s favor, (i) all outstanding Options that were
otherwise exercisable as of the Optionee’s Termination of Employment and (ii) a number of Options equal to the positive difference, if any, between (x) the number of Shares subject to this Agreement multiplied by a fraction, the
numerator of which equals the number of full months, rounded down to the nearest whole month, elapsed from the Grant Date through the Optionee’s Termination of Employment and the denominator of which equals 60 and (y) the number of Shares
subject to this Agreement that have previously vested, shall become exercisable as of the Optionee’s Termination of Employment and, in each case, shall remain exercisable for ninety days following the date of such Termination of Employment (but
in no event later than the Expiration Date) and shall thereafter terminate. Any portion of the Option that had not yet become exercisable as of the Termination of Employment (excluding for this purpose any Options that otherwise become vested
pursuant to clause (ii) of this Section 6) shall terminate immediately effective as of such date, with no payment made in consideration therefor. 

  

	7.	Termination of Employment – Voluntary Termination. If the Optionee voluntarily terminates employment with the Company or an Affiliate (other than due to Retirement or
Disability), subject to the Optionee’s continued compliance with Section 11 below and the execution and non-revocation of a general release in the Company’s favor, all outstanding Options that were otherwise exercisable as of the
Optionee’s Termination of Employment shall remain exercisable for ninety days following the date of such Termination of Employment (but in no event later than the Expiration Date), and shall thereafter terminate. Any portion of the Option that
had not yet become exercisable as of the Termination of Employment shall terminate immediately effective as of such date, with no payment made in consideration therefor. 

  

	8.	Termination of Employment – Death. Upon the Optionee’s Termination of Employment as a result of death, all outstanding Options (whether or not exercisable) shall
vest as of the Optionee’s Termination of Employment and shall remain exercisable through the Expiration Date. 

  

	9.	Termination of Employment – Disability. If the Optionee’s Termination of Employment with the Company or an Affiliate is as a result of Disability, subject to the
Optionee’s continued compliance with Section 11 below and the execution and non-revocation of a general release in the Company’s favor, all outstanding Options that were otherwise exercisable as of the Optionee’s Termination of
Employment shall remain exercisable through the Expiration Date and, on the first anniversary of the Optionee’s Termination of Employment, all unvested Options shall become vested and shall remain exercisable through the Expiration Date.

  

	10.	 Termination of Employment – Retirement. Upon the Optionee’s Termination of Employment as a result of Retirement, subject to the Optionee’s
continued compliance with Section 11 below and the execution and non-revocation of a general release in the Company’s favor, (i) all outstanding Options that were otherwise exercisable as of the Optionee’s Termination of
Employment and (ii) a number of Options equal to the positive difference, if any, between (x) the number of Shares subject to this Agreement multiplied by a fraction, the numerator of which equals the number of full months, rounded down to
the nearest whole month, elapsed from the Grant Date through the Optionee’s Termination of 

  

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Employment and the denominator of which equals 60 and (y) the number of Shares subject to this Agreement that have previously vested, shall become
exercisable as of the Optionee’s Termination of Employment and, in each case, shall remain exercisable through the Expiration Date and shall thereafter terminate. Any portion of the Option that had not yet become exercisable as of the
Termination of Employment (excluding for this purpose any Options that otherwise become vested pursuant to clause (ii) of this Section 10) shall terminate immediately effective as of such date, with no payment made in consideration
therefor. 

  

	11.	Optionee’s Covenants and Acknowledgements. In order to induce the Company to enter into this Agreement, the Optionee hereby covenants and acknowledges to the Company as
follows: 

 (a) Non-Disclosure. The Optionee may not, during or subsequent to the Optionee’s employment with the
Company or any of its Affiliates, without the prior written consent of the Company, use, divulge, disclose, or make accessible to any other person, firm, partnership, corporation or other entity any Confidential Information (as defined below)
pertaining to the business of the Company or any of its Affiliates except (i) while employed by the Company or any of its Affiliates or Subsidiaries, in the business of and for the benefit of the Company or any of its Affiliates or
Subsidiaries, or (ii) when required to do so by a court of competent jurisdiction or regulatory body. In the event that the Optionee becomes compelled by an order of a court to disclose any Confidential Information, the Optionee is required to
provide the Company with prompt, prior written notice and to disclose only that portion of the Confidential Information which is legally required. 
 For purposes of this Agreement, “Confidential Information” shall mean any non-public information (whether oral, written or contained on computer systems) relating to the business or the affairs of the Company and its Affiliates or
of any client of the Company or of any of its Affiliates, whether obtained from the Company or any of its Affiliates, any client of the Company or any of its Affiliates or known by the Optionee as a consequence of or through the Optionee’s
relationship with the Company or any of its Affiliates, whether obtained before or after the Optionee executes this Agreement and whether obtained from an entity which was not a Company Affiliate at the time such information became available but
which is now or later becomes an Affiliate of the Company. Such information includes but is not limited to non-public information concerning the financial data, strategic or financial plans, business plans, proprietary project information, marketing
plans, future transactions (regardless of whether or not such transactions are executed), customer lists, employee lists, employees’ salary and other compensation, partners’ compensation, and other proprietary and confidential information
of the Company, the Company’s Affiliates or any of their clients, that, in any case, is not otherwise available to the public. Confidential Information includes information encompassed in drawings, designs, plans, proposals, reports, research,
marketing and sales plans, financial information, costs, quotations, specification sheets and recording media. Confidential Information also includes information which relates directly or indirectly to the computer systems and computer technology of
the Company and its Affiliates, including but not limited to source codes, object codes, reports, flow charts, screens, algorithms, use manuals, installation and/or operation manuals, computer software, spreadsheets, data computations, formulas,
techniques, databases, and any other form or compilation of computer-related information. 
  

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 It is the policy of the Company not to use or accept any Confidential Information of third parties,
including former employers of the Optionee. The Optionee shall not disclose such Confidential Information of third parties to the Company or any of its Affiliates, their employees, agents, or independent contractors, or to any other third party, and
shall not use such Confidential Information of third parties while employed by the Company or any of its Affiliates, unless the Optionee has obtained and presented to the Company the appropriate authorizations for such use or disclosure from such
third parties and has also obtained the Company’s approval of such use or disclosure. 
 The Company and its Affiliates may, from time to
time, enter into agreements and/or business relationships with third party vendors and/or suppliers of information as a result of which the Optionee may have access to Confidential Information proprietary to such third parties (“Third Party
Confidential Information”). The use and disclosure by the Optionee of Third Party Confidential Information shall be governed by the terms and conditions of this Agreement and shall be in strict compliance with any existing agreement between the
Company or any of its Affiliates and the third parties to hold such information confidential. Prior to using any Third Party Confidential Information, the Optionee is required to inquire whether and to what extent the use of such Third Party
Confidential Information is governed by an existing agreement. 
 The Company and its Affiliates may at times develop appropriate information
barriers to assure that restricted information related to a client of the Company or an Affiliate of the Company is not improperly communicated or disclosed to other employees within the Company and its Affiliates. If the Optionee has reason to
believe that he or she is subject to any information barrier, the Optionee is required to inquire of the human resources or compliance department as to the applicability and terms of any such information barrier. 
 The Optionee agrees that the Company is the exclusive owner of any business-related ideas, products, materials, discoveries, inventions, computer
programs, research, writing or other work products developed by the Optionee that are in the scope of, or otherwise related to the business of the Company or its Affiliates. Whenever requested to do so by the Company, the Optionee shall execute any
and all applications, assignments, or other instruments that the Company deems necessary to apply for and obtain patents or copyrights in the United States or any foreign country or otherwise protect the Company’s interest therein. Such
obligations shall continue beyond the Optionee’s Termination of Employment with the Company with respect to business-related ideas, products, materials, discoveries, inventions, computer programs, research, writing or other work products
developed, conceived or made by the Optionee during the term of the Optionee’s employment with the Company. Further, the Optionee agrees that such obligation will be binding on the Optionee’s assigns, executors, administrators and other
legal representatives. The Optionee is required to return to the Company all Confidential Information (including all reproductions thereof whether on computer diskette or otherwise) furnished to or otherwise in their possession immediately upon
request or their resignation or Termination of Employment. 
 (b) Non-Solicitation of Clients, etc. The Optionee shall not, for a
period of one year immediately following the Termination of Employment, whether on his or her own behalf or on behalf of or in conjunction with any person, company, 

  

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business entity or other organization whatsoever, directly or indirectly, (i) call on, interfere with, solicit or assist in soliciting the business of
any “Client” or “Prospective Client” or (ii) accept business from, or enter into a relationship with, any such “Client” or “Prospective Client”, with whom the Optionee has had personal contact or dealings
on behalf of the Company or its Affiliates during the one year period immediately preceding his or her Termination of Employment or with whom employees reporting to the Optionee has had personal contact or dealings on behalf of the Company or its
Affiliates during the one year period immediately preceding the Termination of Employment. Notwithstanding the foregoing, the Optionee may engage in business activities with “Intermediary Clients”, provided that the Optionee shall not
(x) interact with any Intermediary Client with respect to business placed with or through such Intermediary Client by the Company or (y) engage in any conduct interfering with or damaging the Company’s relationship with any
Intermediary Client. 
 For purposes of this Agreement, the term “Client” shall mean any person, firm, company, or other
organization (including an Intermediary Client) to whom the Company or any of its Affiliates has supplied services, products or professional advice, and “Prospective Client” shall mean any person, firm, company or other organization
(including an Intermediary Client) with whom the Company or any of its Affiliates has had negotiations or discussions regarding the possible supply of products or services, or with respect to whom the Company or any of its Affiliates has expended
significant time, effort or money in developing a bid or proposal for the supply of service, products or advice; and “Intermediary Client” shall mean any person or entity (such as a broker dealer, distributor, financial adviser,
administrator or other marketing or service organization) through which the Company offers, markets, distributes or provides its services, products or advice. 
 (c) Non-Enticement of Employees; No Hire. The Optionee shall not, during his or her employment and for a period of one year immediately following the Optionee’s Termination of Employment, either on his or
her own account or in conjunction with or on behalf of any other person, company, business entity or other organization whatsoever, directly or indirectly (i) induce, solicit, entice or procure any person who is an employee of the Company or
any of its Affiliates to leave such employment or (ii) accept into employment, hire or otherwise engage or use the services of, or actively interfere with the Company’s or any Affiliates’ relationship with, any person who is an
employee of the Company or any of its Affiliates or who was an employee of the Company or any of its Affiliates during the period commencing one year prior to the Termination of Employment. 
 (d) Non-Disparagement; No Conflicts. The Optionee shall not at any time during or subsequent to the Optionee’s employment with the Company or
any of its Affiliates, criticize, speak ill of, disparage or make false statements in respect of the Company, its Affiliates or any of their employees; provided, however, that the Optionee shall not be prohibited from making truthful statements
about the Company or any of its Affiliates. The Optionee also shall not, during the course of employment with the Company or any of its Affiliates take any action which conflicts with (or appears to conflict with) the Company’s or any of its
Affiliates’ business interests except if ordered to do so by a court or government agency. 
 (e) Enforceability; Injunction. The
Company and the Optionee agree that in the event that any one or more of the terms and conditions set forth in this 

  

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Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining terms and conditions will not in any
way be affected or impaired thereby. Moreover, if any one or more of the terms and conditions contained in this Agreement are held to be excessively broad as to duration, scope, activity or subject, such terms and conditions will be construed by
limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. The Optionee acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this
Section 11 would be inadequate and, in recognition of this fact, the Optionee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to
obtain equitable relief in the form of specific performance, temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. 
  

	12.	Forfeiture. In the event of any breach by the Optionee of the Company’s Confidentiality and Employment Policy, as it may be amended from time to time (the
“Confidentiality Policy”), or the provisions of Section 11 by the Optionee, the Company shall have the right, if such conduct or activity occurs within one year following the most recent date upon which Shares are delivered to the
Optionee, to require the Optionee to repay to the Company the positive difference between the Fair Market Value of the Shares and the Option Exercise Price. Such repayment obligation shall be effective as of the date specified by the Committee. Any
repayment obligation may be satisfied in Shares or cash or a combination thereof (based upon the Fair Market Value of Shares on the day of payment), and the Committee may provide for an offset to any future payments owed by the Company or any
Subsidiary or Affiliate to the Optionee, if necessary, to satisfy the repayment obligation. The determination of whether the Optionee has engaged in a breach of the Confidentiality Policy or Section 11 shall be determined by the Committee in
its sole discretion. 

  

	13.	Incorporation by Reference. The obligation of the Company to deliver any Shares upon exercise of an Option under this Agreement is specifically subject to all provisions of
the Plan and all applicable laws, rules, regulations and governmental and stockholder approvals 

  

	14.	Transferability. This Agreement is personal to Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or by
the laws of descent and distribution, and is exercisable, during Optionee’s lifetime, only by Optionee or his or her guardian or legal representative. 

  

	15.	Notice. Any notice by the Optionee to the Company hereunder shall be in writing and shall be deemed duly given only upon receipt thereof by the Company at its principal
offices. Any notice by the Company to the Optionee shall be in writing and shall be deemed duly given if mailed to the Optionee at the address last specified to the Company by the Optionee. 

  

	16.	Amendment. This Agreement may be amended or modified at any time only by an instrument in writing signed by each of the parties hereto. 

  

 9 

	17.	Binding; Successors. This Agreement shall apply to and bind the Optionee and the Company and their respective permitted assignees and transferees, heirs, legatees, executors,
administrators and legal successors. 

  

	18.	Headings. The headings of sections herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions hereof.

  

	19.	Governing Law. The validity and construction of this Agreement shall be governed by the laws of the State of Delaware (excluding any conflict of law, rule or principle of
Delaware law that might refer the governance, construction or interpretation of this Agreement to the laws of another state). 

  

	20.	Notices. Any notice required or permitted to be given under the Agreement shall be in writing and shall be deemed to have been given when delivered personally or by courier,
or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

 If to the Company: 
 BlackRock, Inc. 
 40 E. 52nd Street 
 New York, New York 10022 
 Attn: Robert Connolly, General Counsel 
 If to
the Optionee: 
 To the last address delivered to the Company by the Optionee in the manner set forth herein. 
  

	21.	Entire Agreement. The Agreement and the Plan constitute the entire agreement among the parties relating to the subject matter hereof, and any previous agreement or
understanding among the parties with respect thereto is superseded by this Agreement and the Plan. 

  

	22.	Counterparts. This Agreement may be executed in two counterparts, each of which shall constitute one and the same instrument. 

 *    *    *    *    * 
 This Agreement is made under and subject to the provisions of the Plan, and all of the provisions of the Plan are hereby incorporated herein as provisions of this
Agreement. If there is a conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan will govern. 
  

 10 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
representative and the Optionee has hereunto set his hand as of the Grant Date. 
  

					
	BLACKROCK, INC.
		
	By:	 	  
		 	Name:	 	
		 	Title:	 	
	
	OPTIONEE
	
	  
	Name (Please Print)
	
	  
	Signature
                                        
                    Date

  

 11 

 Annex A 
 BLACKROCK, INC. 
 OPTION EXERCISE NOTICE 
 NOTE: A Tax Election Form (Annex B) must be submitted with this Notice of Exercise. A Separate Annex A must be submitted for each option grant being exercised.

 I, the undersigned Optionee, pursuant to the BlackRock, Inc. (“BlackRock”) 1999 Stock Award and Incentive Plan (the
“Plan”) and the provisions of the Option Agreement dated ________________, after taking into account all prior exercises (if any) and all required adjustments set forth in Section 5 of the Plan, hereby irrevocably elect to exercise
the foregoing option grant as set forth below: 
 If this option exercise is being completed through Brokerage Service/Margin Account pursuant to the
“cashless option exercise” procedure under Regulation T of the Federal Reserve Board, please check here ___. 
 OPTIONS EXERCISED:

  

			
	 Number of options being exercised:
	 	_____________

 Total exercise price (number of options exercised x exercise price of options granted) at $ ___________ per share:
$ _____________ 
 FORM OF PAYMENT: 
 Payment of the total
exercise price must be delivered by you or your broker together with this Annex A at the time of exercise. The options will be considered exercised only upon receipt of the payment of the exercise price by BlackRock. The total exercise
price consists of the following (check all that apply): 
  

	(A)  ̈	Payment by remittance of cash or certified or cashier’s check made payable to “BlackRock, Inc.” in the amount of
$                    . 

  

	(B)  ̈	Payment by broker’s cashless option exercise procedure in the amount of
$                    . 

 Brokerage Firm: _______________________________________________________ 
 Name of Broker
Representative: ___________________________________________ 
 Phone number:
________________________________________________________ 
 Account Number (if known):
_____________________________________________ 
 Wire transfers in immediately available funds of the total exercise price
should be directed to: 
 BlackRock, Inc. 
 Chase Manhattan Bank 
 Account No. 967-980593 
 ABA No. 021-000-021 
 Reference - Stock Option Exercise 
  

	(C)  ̈	Payment by tender of unrestricted shares of BlackRock common stock held by you for at least 6 months following the lapse of any restrictions. 

  

							
	 Certificate Number(s)
	 	 Number of Shares
	 	 Certificate Number(s)
	 	 Number of Shares

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 I acknowledge and agree that I am restricted from purchasing or selling BlackRock securities except during the
window periods stated in the BlackRock Insider Trading Policy as periodically announced by the BlackRock Legal and Compliance Department. In addition, pursuant to the BlackRock Advisory Employee Investment Transaction Policy, I must obtain prior
approval of all purchases and sales of BlackRock securities, including option exercises and tenders of unrestricted BlackRock common stock, in payment for the exercise of options. If you have any questions regarding the BlackRock Insider Trading
Policy or the BlackRock Advisory Employee Investment Transaction Policy, please contact a member of the Legal and Compliance Department. 

 Contact Peter Swetz at (212) 810-3122 before the anticipated exercise date if BlackRock common
stock will be used for payment. An attestation procedure is available which can avoid the need for physical delivery of share certificates. 
  

	 ̈	Please deliver my shares to the brokerage account indicated above. 

 or 

	 ̈	Please register and deliver a physical certificate
                          Requested Denomination of Certificate(s): ___________ 

          from this exercise as follows: 
  

					
			
	Name:                                     
                                        
                     	 		 	Address:                                     
                                        
                 
			
	  	 		 	  
	(if multiple, state legal title: e.g., JTROS)	 		 	

 Remit this Option Exercise Form, along with the Transaction Approval Notification sent via
e-mail by the BlackRock Legal and Compliance Department and the Tax Election Form (Annex B), to Peter Swetz by 5:00 p.m. on the date of exercise. 
  

					
	Name (Print):                                   
                                        
             	 		 	Social Security Number:                                 
                                  
			
	  	 		 	Telephone Number:                                   
                                        
 
	Signature of
Optionee                                       
                     Date	 		 	 
			
		 		 	  
		 		 	Company
Signature                                Receipt Date

 Annex B 
 BLACKROCK, INC. 
 STOCK OPTION 
 TAX ELECTION FORM 
 NOTE: If more than one Annex A is attached, this Annex B will apply to
all option exercises unless you make special arrangements. 
 Withholding and reporting are required on the taxable income resulting from your
exercise of this Option. The taxable income is the excess of the average of the high and low sales prices of the shares acquired pursuant to the option on the date the Option Exercise Notice is accepted by BlackRock, Inc. (“BlackRock”)
over the exercise price. You or your broker will be notified of the taxes due on the exercise of your options after delivery of this Annex B. Settlement proceeds will not be delivered until the withholding amount has been collected from you or your
broker. 
 I. Calculation of Estimated Withholding Tax: 
 Taxes will be calculated by using applicable FICA, state, local and other tax rates based on your bi-weekly payroll tax withholdings. However, please indicate below if you would like to withhold more than the required minimum federal income
tax withholding (currently % in 200 ), not to exceed the maximum marginal tax rate, currently 35.0%; otherwise, you do not need to complete this section. If you elect to satisfy the withholding obligation by having BlackRock withhold the sufficient
number of shares otherwise issuable upon exercise of the options, BlackRock may not withhold more shares than are necessary to satisfy the minimum required federal income tax withholding. (NOTE: If you wish to increase your federal income tax
withholding rate above the minimum rate and you check box III (B), you must also check and complete box III (A) and/or III (D) to satisfy the amount of increased withholding you have chosen.) The calculation of estimated tax withholding
section below is for your use only. 
 FOR YOUR USE ONLY 
 Federal tax              % (between [    ]% and 35.0%)* 
 State tax              % 
 FICA tax              % 
 Medicare tax
             % 
 Local tax
             % 
 Total Tax Rate
             % 
 FOR YOUR USE ONLY

 Estimated Fair Market Value Per Share**
$                     
 (less) Option Exercise
Price Per Share     $                     
 (equals) Taxable Amount Per Share     $                     
 (times) Number of Options Exercised    
$                     
 (equals) Estimated Taxable
Income     $                     

 Estimated Taxable Income
$                     x Total Tax Rate         % = Estimated Tax Withholding
$                    . 
  

	*	IF YOU INCREASE THE WITHHOLDING RATE ABOVE 27% AND PLAN TO CHECK BOX III (B), PLEASE SEE THE IMPORTANT NOTE IMMEDIATELY ABOVE 

  

	**	The closing price of a share of BlackRock common stock on the day prior to exercise. 

 II. Form of Payment of Estimated Withholding Tax You or your broker will be notified of the taxes due on the exercise of your options after delivery of this Annex B. Settlement proceeds will not be
delivered until the withholding amount has been collected from you or your broker. Once notified, payment of the estimated withholding tax will consist of (check all that apply): 
  

	(A)  ̈	Payment by remittance of cash or certified or cashier’s check made payable to “BlackRock, Inc.” in the amount of
$                    . 

  

	(B)  ̈	Payment by withholding of the sufficient number of shares otherwise issuable upon exercise of the options. (NOTE: if you use this method, we may not withhold more
shares than are necessary to satisfy the required minimum federal income tax withholding.) 

  

	(C)  ̈	Payment by broker’s cashless exercise procedure in the amount of
$                    . 

 Brokerage Firm:
                                        
                                        
   
 Name of Broker Representative:
                                        
                 
 Phone number:
                                        
                                        
     
 Account Number (if known):
                                        
                      
 Wire
transfers in immediately available funds of the tax-withholding amount should be directed to: 
 BlackRock, Inc. 
 Chase Manhattan Bank 
 Account No.
967-980593 
 ABA No. 021-000-021 
 Reference - Stock Option Exercise 

	(D)  ̈	Payment by tender of unrestricted shares of BlackRock common stock held by you for at least 6 months following the lapse of any restrictions. 

  

							
	 Certificate Number(s)
	  	 Number of Shares
	  	 Certificate Number(s)
	  	 Number of Shares

	________________	  	________________	  	________________	  	________________
	________________	  	________________	  	________________	  	________________
	________________	  	________________	  	________________	  	________________
	________________	  	________________	  	________________	  	________________

 You are restricted from purchasing or selling BlackRock securities except during the window periods stated in
the BlackRock Insider Trading Policy as periodically announced by the BlackRock Compliance Department. In addition, pursuant to the BlackRock Advisory Employee Investment Transaction Policy, you must obtain prior approval of all purchases and sales
of BlackRock securities, including option exercises and tenders of unrestricted BlackRock common stock, in payment for the exercise of options. If you have any questions regarding the BlackRock Insider Trading Policy or the BlackRock Advisory
Employee Investment Transaction Policy, please contact a member of the Legal and Compliance Department. 
 Contact Peter Swetz at (212) 810-3122
before the anticipated exercise date if BlackRock common stock will be used for payment. An attestation procedure is available which can avoid the need for physical delivery of share certificates. 
 Remit this Tax Election Form, along with the Transaction Approval Notification sent via e-mail by the BlackRock Legal and Compliance Department and the Option
Exercise Form (Annex A), to Peter Swetz by 5:00 p.m. on the date of exercise. 
  

									
					
	Name (Print):	 	  	 		 	Social Security Number:	 	  
			
	  	 		 	  
	Signature of Optionee
                                        
    Date	 		 	Company Signature
                                        Receipt
Date

	

  

 16

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