Document:

Form of Directors' Restricted Stock Unit Agreement

 Exhibit 10.8 
 BLACKROCK, INC. 
 1999 STOCK AWARD AND INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
  
  

			
	Name of Grantee:	 	
		
	Restricted Stock Units:	 	Covering [            ] shares of Class A Common Stock, $0.01 par value, of BlackRock, Inc. (the
“Shares”).
		
	Pricing Date:	 	[                    ]
		
	Price:	 	$
		
	Vesting Date:	 	The earlier to occur of (i) March 31, 2009 and (ii) the date the Grantee ceases to serve as a member of the Board

 Except as noted below, the Restricted Stock Units granted pursuant to this Agreement (the
“RSUs”) will be converted into Shares on the Vesting Date or the next following Business Day if the Vesting Date is not a Business Day. Once an RSU vests, it shall be nonforfeitable. 
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      * 
 This Restricted Stock Unit Agreement (this “Agreement”) is executed and delivered as of
the date hereof set forth above by and between BlackRock, Inc., a Delaware company, and its successors (the “Company”) and the Grantee set forth above. The Grantee 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. Capitalized terms used
herein without definitions shall have the meanings assigned to them in the Plan. 

  

	 	(a)	“Business Day” means any day other than Saturday, Sunday or any other day on which banks in the State of New York are required by law to be closed.

  

	 	(b)	“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. 

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

 In addition, certain other terms used herein have definitions given to them in the first place in which they are used. 
  

	2.	Grant; Dividend Equivalents.  The Company, pursuant to the Plan, which is incorporated herein by reference, and subject to the terms and conditions thereof, grants
to the Grantee as of the date of this Agreement the above-mentioned RSUs. In addition, as of each ordinary cash dividend payment date declared with respect to Shares, the Company shall make a cash payment to the Grantee equal to the cash payment
that the Grantee would have received if each RSU then held by the Grantee was a Share. Further, as of each dividend payment date (other than with respect to an ordinary cash dividend) declared with respect to Shares, the Company shall credit to an
account established for the Grantee the property or cash the Grantee would have received if each RSU then held by the Grantee was a Share. Payment and vesting of amounts credited to a Grantee’s account shall occur at the same time as vesting
and payment of the RSUs in respect of which such amounts were credited. 

  

	3.	Withholding and Other Taxes.  Payment of withholding taxes and other tax obligations relating to the Shares and any amounts or property paid with respect to RSUs
shall be made by the Company retaining or not issuing such number of Shares as have a Fair Market Value at the time the Grantee becomes subject to income tax equal to the minimum necessary amount of tax to be withheld, unless the Grantee informs the
Company in writing of the Grantee’s intention to satisfy such requirements in cash. 

  

	4.	Vesting and Conversion.  Upon the Vesting Date, the RSUs which shall have then vested shall be converted to Shares and promptly delivered to the Grantee in either
certificate or book entry form. If a Vesting Date is not a Business Day, the conversion and delivery shall occur on the first Business Day following the Vesting Date. Notwithstanding the foregoing, if the delivery of Shares upon vesting would
subject the Grantee to additional taxes imposed under Section 409A of the Code, then the RSUs shall not be converted to Shares (and there shall be no delivery of Shares) until the earliest date at which such conversion and delivery would not
subject the Grantee to additional taxes under Section 409A of the Code. 

  

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

  

	6.	Notice.  Any notice by the Grantee 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 Grantee shall be in writing and shall be deemed duly given if mailed to the Grantee at the address last specified to the Company by the Grantee. 

  

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

 

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

  

	9.	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. 

  

	10.	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). 

  

	11.	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 Grantee: 
 To the last address delivered to the Company by the Grantee in the manner set forth herein. 
  

	12.	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. 

  

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

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          * 
 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. 
  

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

			
	BLACKROCK, INC.
		
	By:	 	  
		 	 Name:
 Title:

	
	 GRANTEE

	
	  
	 Name (PleasePrint)

	
	  
	 Signature

 Dated as of 
  

 4Letter to Robert C. Doll

 Exhibit 10.9 
 May 17, 2006 
 Robert C. Doll 
 513 Christopher Drive 
 Princeton, NJ 08540 
 Dear Bob: 
 As you know, BlackRock, Inc. and Merrill Lynch Investment Managers (“MLIM”) have entered into an
agreement to merge under the name BlackRock, with an expected closing date of the transaction (the “Closing”) on or about September 30, 2006. 
 We are pleased to offer you an opportunity to join BlackRock, effective as of the Closing, as Vice Chairman, Chief Investment Officer (CIO) for Equities, Chairman of the Private Client Operating Committee and a member of BlackRock’s
Board of Directors. This position will be located primarily in New Jersey. Your base salary will be $400,000 (pro-rated for the number of weeks you work), less all applicable tax withholding. 
 Upon joining BlackRock, you will be eligible to participate in our employee benefits program. The details of the benefits programs will be available in the coming months
but we expect that your health coverage will continue at the same level of benefits through the end of 2006 and that you will be eligible immediately to enroll in BlackRock’s 401(k) plan. 
 For 2006, your total compensation will be at least $10,750,000, including base salary earned at MLIM and BlackRock and any form of incentive compensation. Your bonus
will be determined taking into consideration the Growth Enhancement Plan associated with the Large Cap Series, your role as CIO of Equities and Chairman of the Private Client Operating Committee, other management responsibilities as well as the
performance of the Firm. Please refer to the attachment as confirmation of our discussions. 
 For 2007, your total compensation will be at least
$10,750,000, including base salary and any form of discretionary bonus and incentive compensation. Thereafter you will be eligible for an annual discretionary bonus reflecting your performance, your team’s performance, and the firm’s
performance. In 2007 and beyond, your bonus will also be determined taking into consideration the Growth Enhancement Plan associated with the Large Cap Series, your role as CIO of Equities and Chairman of the Private Client Operating Committee,
other management responsibilities as well as the performance of the Firm. 
 Any bonus will be paid in conjunction with BlackRock’s annual schedule for
bonus payments in the year following the year for which it was earned. Any bonus is contingent upon your continued employment with BlackRock at the time of payment or your not having given notice of resignation prior to the time of payment. Bonus
payments are subject to all applicable tax withholding and may be paid in cash and deferred cash or BlackRock equity under the terms of any long term incentive or deferred compensation plans as determined by management and the Compensation Committee
of BlackRock’s Board of Directors from time to time. The mix of cash and non-cash or equity and the terms of any award will be consistent with the terms generally applicable to other similarly situated employees. 

 Subject to approval by the Compensation Committee of the Board of Directors, you will be granted an award of BlackRock
equity with an initial value of $15,000,000. Your grant is expected to be awarded in the form of restricted stock units and dividend equivalents will be paid until vesting. Vesting will be determined prior to closing and will be consistent with the
vesting schedule of awards to other similarly situated MLIM executives. We expect the Compensation Committee to approve five-year “cliff” vesting (100% at the end of five years) from the date of the closing of the merger. 
 At all times, you will be considered an employee-at-will, which means that you may terminate your employment at any time and BlackRock may terminate your employment at
any time for any lawful reason. However, in the event of your involuntary termination of employment without cause, you will be entitled to receive your minimum stated total compensation for 2006 and 2007, subject to execution (and non-revocation) of
and compliance with an Agreement and General Release. BlackRock may, in certain circumstances, require advance notice from you of voluntary termination of employment, as set forth in the attached Confidentiality and Employment Policy under section
D. 
 Please note that your employment with BlackRock is contingent upon the completion of the above referenced transaction well as execution of the enclosed
Confidentiality and Employment Policy. 
 To accept this offer, please sign and return the attached duplicate copy of this letter (along with the enclosed
Confidentiality and Employment Policy) to Susan Mink in Human Resources no later than ten business days after the date hereof. 
 If you have any questions, please contact Susan Mink at (212) 810-3140. We look forward to your joining us! 
  

	
	Sincerely,
	
	 /s/

	Laurence D. Fink
	Chief Executive Officer
	
	 /s/ Robert C. Doll

	Agreed & Accepted
	
	 5-19-06

	Date

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