Document:

Third Amended and Restated Stockholder Agreement

 Exhibit 10.22 
 Execution Version 
 THIRD AMENDED AND RESTATED 

STOCKHOLDER AGREEMENT 
 AMONG 
 BLACKROCK, INC. 

MERRILL LYNCH & CO., INC. 
 AND 
 MERRILL LYNCH GROUP, INC. 

DATED AS OF NOVEMBER 15, 2010 

 Table of Contents 

 

							
	 	 	 	  	 Page
	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	Section 1.1	 	Certain Defined Terms	  	 	4	  
	Section 1.2	 	Other Defined Terms	  	 	9	  
	Section 1.3	 	Other Definitional Provisions	  	 	10	  
	Section 1.4	 	Methodology for Calculations	  	 	10	  
	
	ARTICLE II	  
	
	SHARE OWNERSHIP	  
			
	Section 2.1	 	Acquisition of Additional BlackRock Capital Stock	  	 	10	  
	Section 2.2	 	Prohibition of Certain Communications and Actions	  	 	12	  
	Section 2.3	 	Purchases of Additional Securities	  	 	13	  
	Section 2.4	 	BlackRock Share Repurchases	  	 	14	  
	
	ARTICLE III	  
	
	TRANSFER RESTRICTIONS	  
			
	Section 3.1	 	General Transfer Restrictions	  	 	14	  
	Section 3.2	 	Restrictions on Transfer	  	 	14	  
	Section 3.3	 	Right of Last Refusal	  	 	16	  
	Section 3.4	 	Legend on Securities	  	 	17	  
	Section 3.5	 	Change of Control	  	 	15	  
	
	ARTICLE IV	  
	
	CORPORATE GOVERNANCE	  
			
	Section 4.1	 	Composition of the Board	  	 	18	  
	Section 4.2	 	Vote Required for Board Action; Board Quorum	  	 	18	  
	Section 4.3	 	Committees	  	 	19	  
	Section 4.4	 	Certificate of Incorporation and Bylaws to be Consistent	  	 	20	  
	Section 4.5	 	Information Rights	  	 	20	  
	Section 4.6	 	Voting Agreements	  	 	21	  
	Section 4.7	 	Related Party Transactions	  	 	22	  
	Section 4.8	 	Bank Holding Company Act	  	 	22	  

							
	ARTICLE V	  
	
	NON-COMPETITION	  
			
	Section 5.1	 	Non-Competition	  	 	23	  
	
	ARTICLE VI	  
	
	MISCELLANEOUS	  
			
	Section 6.1	 	Conflicting Agreements	  	 	28	  
	Section 6.2	 	Termination	  	 	28	  
	Section 6.3	 	Ownership Information	  	 	28	  
	Section 6.4	 	Savings Clause	  	 	29	  
	Section 6.5	 	Amendment and Waiver	  	 	29	  
	Section 6.6	 	Severability	  	 	29	  
	Section 6.7	 	Entire Agreement	  	 	29	  
	Section 6.8	 	Successors and Assigns	  	 	29	  
	Section 6.9	 	Counterparts	  	 	30	  
	Section 6.10	 	Remedies	  	 	30	  
	Section 6.11	 	Notices	  	 	30	  
	Section 6.12	 	Governing Law; Consent to Jurisdiction	  	 	31	  
	Section 6.13	 	Interpretation	  	 	32	  

 THIRD AMENDED AND RESTATED STOCKHOLDER AGREEMENT 

THIRD AMENDED AND RESTATED STOCKHOLDER AGREEMENT dated as of November 15, 2010, by and among BlackRock, Inc., a Delaware corporation
(“BlackRock”), Merrill Lynch & Co., Inc., a Delaware corporation (“Merrill Lynch”), and Merrill Lynch Group, Inc., a Delaware corporation. 
 WHEREAS, BlackRock and Merrill Lynch are parties to a Second Amended and Restated Stockholder Agreement, dated as of February 27, 2009 (as amended by the Amendment No. 1 dated as of
June 11, 2009, the “Original Agreement”); 
 WHEREAS, the parties hereto wish to amend and restate the Original
Agreement in its entirety; 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations
hereinafter set forth, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1 Certain Defined Terms. As used herein, the following terms shall have the following meanings: 
 “Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such
specified Person; provided, however, that solely for purposes of this Agreement, notwithstanding anything to the contrary set forth herein, neither BlackRock nor any of its Controlled Affiliates shall be deemed to be a Subsidiary or
Affiliate of Merrill Lynch or Bank of America Corporation solely by virtue of the Beneficial Ownership by Merrill Lynch of BlackRock Capital Stock, the election of Directors nominated by Merrill Lynch to the Board, the election of any other
Directors nominated by the Board or any other action taken by Merrill Lynch in accordance with the terms and conditions of, and subject to the limitations and restrictions set forth on such Person in, this Agreement (and irrespective of the
characteristics of the aforesaid relationships and actions under applicable law or accounting principles). 

“Agreement” means this Third Amended and Restated Stockholder Agreement as it may be amended, supplemented, restated or
modified from time to time. 
 “Beneficial Ownership” by a Person of any securities includes ownership by any Person
who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares (i) voting power which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment
power which includes the power to dispose, or to direct the disposition, of such security; and shall otherwise be interpreted in accordance with the term “beneficial ownership” as defined in Rule 13d-3 adopted by the Commission under the

 
Exchange Act; provided that for purposes of determining Beneficial Ownership, a Person shall be deemed to be the Beneficial Owner of any securities which may be acquired by such Person
pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise (irrespective of whether the right to acquire such securities is exercisable immediately or only
after the passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing), except that in no event will Merrill Lynch be deemed to Beneficially
Own any securities which it has the right to acquire pursuant to Section 2.3 unless, and then only to the extent that, it shall have actually exercised such right. For purposes of this Agreement, a Person shall be deemed to Beneficially Own any
securities Beneficially Owned by its Affiliates (including as Affiliates for this purpose its officers and directors only to the extent they would be Affiliates solely by reason of their equity interest) or any Group of which such Person or any such
Affiliate is or becomes a member; provided, however, that securities Beneficially Owned by Merrill Lynch shall not include, for any purpose under this Agreement, any Voting Securities or other securities held by such Person and its
Affiliates in trust, managed, brokerage, custodial, nominee or other customer accounts; in trading, inventory, lending or similar accounts of such Person and Affiliates of such Person which are broker-dealers or otherwise engaged in the securities
business; or in pooled investment vehicles sponsored, managed and/or advised or subadvised by such Person and its Affiliates except, if they Beneficially Own more than 25% of the ownership interests in a pooled investment vehicle, to the extent of
their ownership interests therein; provided that in each case, such securities were acquired in the ordinary course of business of their securities business and not with the intent or purpose of influencing control of BlackRock or avoiding
the provisions of this Agreement. The term “Beneficially Own” shall have a correlative meaning. 
 “Board”
means the Board of Directors of BlackRock. 
 “Business Day” shall mean any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by law to be closed in New York, New York. 
 “By Laws” means the
By-Laws of BlackRock, as amended or supplemented from time to time. 
 “Capital Stock” means, with respect to any
Person at any time, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of capital stock, partnership interests (whether general or limited) or equivalent ownership interests in or
issued by such Person. 
 “Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the shares of Common Stock, par value $0.01 per share, of BlackRock and any securities issued in respect
thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 

“control” (including the terms “controlled by” and “under common control with”), with respect to the
relationship between or among two or more Persons, means the possession, 

  
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directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor, by
contract or any other means, or otherwise to control such Person within the meaning of such term as used in Rule 405 under the Securities Act. For purposes of this definition, a general partner or managing member of a Person shall always be
considered to control such Person provided, however, that a Person shall not be treated as having any control over any collective investment vehicle to which it provides services unless it and its Affiliates collectively have a
proprietary economic interest exceeding 25% of the equity interest in such collective investment vehicle. 
 “Controlled
Affiliate” of any Person means a Person that is directly or indirectly controlled by such other Person. 

“Director” means any member of the Board (other than any advisory, honorary or other non-voting member of the Board).

 “Equivalent Securities” means at any time shares of any class of Capital Stock or other securities or interests of
a Person which are substantially equivalent to the Voting Securities of such Person other than by reason of not having voting rights, including, for the avoidance of doubt, the Series A Participating Preferred Stock, Series B Participating Preferred
Stock and Series C Participating Preferred Stock. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated by the Commission from time to time thereunder (or under any successor statute). 
 “Fair Market Value” means, as to any securities or other property, the cash price at which a willing seller would sell and a willing buyer would buy such securities or property in an arm’s
length negotiated transaction without time constraints. With respect to any securities that are traded on a national securities exchange, Fair Market Value shall mean the arithmetic average of the closing prices of such securities on their principal
market for the ten consecutive trading days immediately preceding the applicable date of determination and with respect to shares of Participating Preferred Stock of any series shall be the same price per share as the Fair Market Value per share of
the Common Stock. The Fair Market Value of any property or assets, other than securities described in the preceding sentence, with an estimated value of less than 1% of the Fair Market Value of all of the issued and outstanding BlackRock Capital
Stock shall be determined by the Board (acting through a majority of the Independent Directors) in its good faith judgment. The Fair Market Value of all other property or assets shall be determined by an Independent Investment Banking Firm, selected
by a majority of the Independent Directors, whose determination shall be final and binding on the parties hereto. The fees and expenses of such Independent Investment Banking Firm shall be paid by BlackRock. 

“Group” shall have the meaning assigned to it in Section 13(d)(3) of the Exchange Act. 

“Independent Director” means any Director who (i) is or would be an “independent director” with respect to
BlackRock pursuant to Section 303A.02 of the New York Stock Exchange Listed Company Manual (or any successor provision) and (ii) was not nominated or 

  
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proposed for nomination by or on behalf of, Merrill Lynch, any Significant Stockholder, or any Affiliates or Designated Directors of Merrill Lynch or a Significant Stockholder. 

“Independent Investment Banking Firm” means an investment banking firm of nationally recognized standing that in the reasonable
judgment of the Person or Persons engaging such firm, taking into account any prior relationship with Merrill Lynch, any Significant Stockholder or BlackRock, is independent of such Person or Persons. 

“Merrill Lynch Alternative Manager” means any asset management business formed or acquired, either in whole or in part, after
July 16, 2008 by Merrill Lynch, substantially all of the business of which is the management of collective investment funds and/or separately managed accounts that primarily utilize (i) non-traditional investment techniques, including but
not limited to short selling, leverage, arbitrage, specialty finance, and quantitatively-driven structured trades and (ii) other activities that are not a Merrill Lynch Restricted Activity. 

“Ownership Cap” means, at any time of determination, with respect to Merrill Lynch and its Affiliates, each of (i) 4.9
percent of the Total Voting Power of the Voting Securities of BlackRock issued and outstanding at such time (the “Voting Ownership Cap”) and (ii) 9.9 percent of the sum of the Voting Securities and the Participating Preferred Stock of
BlackRock issued and outstanding at such time and issuable upon the exercise of any options or other rights outstanding at that time which, if exercised, would result in the issuance of additional Voting Securities or Participating Preferred Stock
(the “Total Ownership Cap”). 
 “Ownership Percentage” means, with respect to any Person, at any time, the
quotient, expressed as a percentage, of (i) with respect to the Voting Ownership Cap (A) the Total Voting Power of all Voting Securities of another Person Beneficially Owned by such Person and its Affiliates divided by (B) the Total
Voting Power of all Voting Securities of such other Person issued and outstanding at that time and (ii) with respect to the Total Ownership Cap, (A) the Total Voting Power of all Voting Securities and the total number of Equivalent
Securities of another Person Beneficially Owned by such Person and its Affiliates divided by (B) the Total Voting Power of all Voting Securities and the total number of Equivalent Securities of such other Person issued and outstanding at that
time and issuable upon the exercise of any options or other rights outstanding at that time which, if exercised, would result in the issuance of additional Voting Securities or Equivalent Securities. 

“Participating Preferred Stock” means Series A Participating Preferred Stock, Series B Participating Preferred Stock and Series
C Participating Preferred Stock. 
 “Person” means any individual, corporation, limited liability company, limited or
general partnership, joint venture, association, joint-stock company, trust, unincorporated organization, other entity, government or any agency or political subdivision thereof or any Group comprised of two or more of the foregoing. 

“Restricted Person” means each of the entities (and their successors) set forth in that certain letter to be delivered by
Merrill Lynch prior to the fifth anniversary of the Closing who Merrill Lynch considers to be the nine organizations most competitive with its overall business; provided, that not more than once in any 12 month period thereafter, Merrill
Lynch may, with the 

  
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consent of a majority of the Independent Directors, which consent, subject to applicable fiduciary duties, shall not be unreasonably withheld, amend such letter; provided, further,
that at no time may more than nine entities (together with their Affiliates) be Restricted Persons. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission from time to time thereunder (or under any successor statute). 

“Series A Participating Preferred Stock” means the Series A Participating Preferred Stock, par value $.01 per share, of
BlackRock and any securities issued in respect thereof, or in substitution therefor, or in substitution therefor in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange
or other similar reorganization. 
 “Series B Participating Preferred Stock” means the Series B Convertible
Participating Preferred Stock, par value $.01 per share, of BlackRock and any securities issued in respect thereof, or in substitution therefor, or in substitution therefor in connection with any stock split, dividend or combination, or any
reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 
 “Series C
Participating Preferred Stock” means the Series C Convertible Participating Preferred Stock, par value $.01 per share, of BlackRock and any securities issued in respect thereof, or in substitution therefor, or in substitution therefor in
connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 
 “Significant Stockholder” means, at any time of determination, any Person other than Merrill Lynch and its Affiliates that Beneficially Owns 20 percent or more of the BlackRock Capital Stock
issued and outstanding at such time. 
 “Subsidiary” means, with respect to any Person, any corporation or other
organization, whether incorporated or unincorporated, (i) of which such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests of which held by such Person or any Subsidiary
of such Person do not have a majority of the voting or similar interests in such partnership), or (ii) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the
board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or
more of its Subsidiaries. 
 “Total Voting Power” means the total number of votes entitled to be cast by the holders
of the outstanding Capital Stock and any other securities entitled, in the ordinary course, to vote on matters put before the holders of the Capital Stock generally. 
 “Transfer” means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of (by operation of law or otherwise) for any purpose whatsoever
(including hedging), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, 

  
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encumbrance, hypothecation or similar disposition of (by operation of law or otherwise), any Capital Stock or any interest in any Capital Stock; provided, however, that a merger,
amalgamation, plan of arrangement or consolidation or similar business combination transaction in which Merrill Lynch is a constituent corporation (or otherwise a party including, for the avoidance of doubt, a transaction pursuant to which a Person
acquires all or a portion of Merrill Lynch’s outstanding Capital Stock, whether by tender or exchange offer, by share exchange, or otherwise) shall not be deemed to be the Transfer of any BlackRock Capital Stock Beneficially Owned by Merrill
Lynch, provided that the primary purpose of any such transaction is not to avoid the provisions of this Agreement and that the successor or surviving person to such a merger, amalgamation, plan of arrangement or consolidation or similar
business combination transaction, if not Merrill Lynch, expressly assumes all obligations of Merrill Lynch under this Agreement. For purposes of this Agreement, the term Transfer shall include the sale of an Affiliate of Merrill Lynch or Merrill
Lynch’s interest in an Affiliate which Beneficially Owns BlackRock Capital Stock unless such Transfer is in connection with a merger, amalgamation, plan of arrangement or consolidation or similar business combination transaction referred to in
the first proviso of the previous sentence. For the avoidance of doubt, any transactions entered into solely for the purposes of hedging shares of BlackRock Capital Stock for financial purposes that do not involve a Transfer of BlackRock Capital
Stock are permitted. 
 “Voting Securities” means at any time shares of any class of Capital Stock or other securities
or interests of a Person which are then entitled to vote generally, and not solely upon the occurrence and during the continuation of certain specified events, in the election of Directors or Persons performing a similar function with respect to
such Person, and any securities convertible into or exercisable or exchangeable at the option of the holder thereof for such shares of Capital Stock. 
 Section 1.2 Other Defined Terms. The following terms shall have the meanings defined for such terms in the Sections set forth below: 

 

			
	TERM	  	SECTION
	Additional BlackRock Stock Purchase	  	Section 2.3
	BlackRock	  	Preamble
	BlackRock Party	  	Section 3.3(a)
	BlackRock Restricted Activities	  	Section 5.1(a)
	Closing	  	Section 2.1(d)
	DGCL	  	Section 1.4
	Exchange Transactions	  	Preamble
	Federal Reserve	  	Section 4.8(a)
	Final Transfer Notice	  	Section 3.2(b)
	Initial Transfer Notice	  	Section 3.2(b)
	Last Look Price	  	Section 3.2(b)
	Litigation	  	Section 6.11(a)
	Management Designee	  	Section 4.1(a)
	Merrill Lynch	  	Preamble
	Merrill Lynch Designee	  	Section 4.1(a)

  
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	Merrill Lynch Public Filings	  	Section 4.5(b)
	Merrill Lynch Restricted Activities	  	Section 5.1(a)
	Prohibited Actions	  	Section 2.2(h)
	Related Person	  	Section 4.7
	Significant Stockholder Designee	  	Section 4.1(a)
	Stock Issuance	  	Section 2.3
	Transaction Agreement	  	Section 2.1(d)
	Transferring Party	  	Section 3.2(b)

 Section 1.3 Other
Definitional Provisions. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Article and Section references are to this Agreement unless otherwise specified. 
 The meanings given to terms
defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 Section 1.4
Methodology for Calculations. For purposes of calculating the number of outstanding shares of BlackRock Capital Stock or Voting Securities and the number of shares of BlackRock Capital Stock or Voting Securities Beneficially Owned by any
Person as of any date, any shares of BlackRock Capital Stock or Voting Securities held in BlackRock’s treasury or belonging to any Subsidiaries of BlackRock which are not entitled to be voted or counted for purposes of determining the presence
of a quorum pursuant to Section 160(c) of the Delaware General Corporation Law (or any successor statute (the “DGCL”)) shall be disregarded. 
 ARTICLE II 
 SHARE OWNERSHIP 

Section 2.1 Acquisition of Additional BlackRock Capital Stock. 

(a) Except as provided in paragraph (b) below Merrill Lynch covenants and agrees with BlackRock that it shall not, and shall not
permit any of its Affiliates to, directly or indirectly, acquire, offer or propose to acquire or agree to acquire, whether by purchase, tender or exchange offer, through the acquisition of control of another Person (whether by way of merger,
consolidation or otherwise), by joining a partnership, syndicate or other Group or otherwise, the Beneficial Ownership of any additional BlackRock Capital Stock, if after giving effect to such acquisition or action, it would Beneficially Own
BlackRock Capital Stock representing more than its Voting Ownership Cap or Total Ownership Cap. 

  
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 (b) Notwithstanding the foregoing, the acquisition (whether by merger, consolidation,
exchange of equity interests, purchase of all or part of the equity interests or assets or otherwise) by Merrill Lynch or an Affiliate thereof of any Person that Beneficially Owns BlackRock Capital Stock, or the acquisition of BlackRock Capital
Stock in connection with securing or collecting a debt previously contracted in good faith in the ordinary course of Merrill Lynch’s or such Affiliate’s banking, brokerage or securities business, shall not constitute a violation of its
Ownership Cap; provided that (i) the primary purpose of any such transaction is not to avoid the provisions of this Agreement, including its Ownership Cap, and (ii) in the case of an acquisition of another Person, it uses reasonable
best efforts to negotiate terms in connection with the relevant acquisition agreement requiring such other Person to divest itself of sufficient BlackRock Capital Stock it Beneficially Owns so that its Voting Ownership Cap and its Total Ownership
Cap would not be exceeded pro forma for the acquisition, with such divestiture to be effected concurrently with, or as promptly as practicable following, the consummation of such acquisition (but in no event more than 120 days following such
consummation, or such longer period not in excess of 243 days following such consummation as may be necessary due to the possession of material non-public information or so that neither it nor any of its Affiliates incurs any liability under
Section 16(b) of the Exchange Act if, for purposes of Section 16(b), they have not acquired Beneficial Ownership of any other shares of BlackRock Capital Stock or derivatives thereof after the date of the transaction that resulted in
Merrill Lynch exceeding its Ownership Cap) and the successor or surviving Person to such transaction, if not Merrill Lynch or such Affiliate, expressly assumes all obligations of Merrill Lynch or such Affiliate, as the case may be, under this
Agreement; and provided, further, that the provisions of paragraph (c) below are complied with. 
 (c) (i) If
at any time Merrill Lynch and any of its Affiliates Beneficially Own in the aggregate BlackRock Capital Stock representing more than its Voting Ownership Cap or Total Ownership Cap, then Merrill Lynch shall, as soon as is reasonably practicable (but
in no event longer than 120 days after its Ownership Percentage first exceeds its Voting Ownership Cap or Total Ownership Cap or such longer period not in excess of 243 days following such consummation as may be necessary due to the possession of
material non-public information or so that neither it nor any of its Affiliates incurs any liability under Section 16(b) of the Exchange Act if, for purposes of Section 16(b), they have not acquired Beneficial Ownership of any other shares
of BlackRock Capital Stock or derivatives thereof after the date of the transaction that resulted in Merrill Lynch exceeding its Ownership Cap) Transfer (in any manner that would be permitted by Section 3.2(b) after the lapse of any minimum
holding period) a number of shares of BlackRock Capital Stock sufficient to reduce the amount of BlackRock Capital Stock Beneficially Owned by it and its Affiliates to an amount representing not greater than its Ownership Cap. 

(ii) Notwithstanding any other provision of this Agreement, in no event may Merrill Lynch or any of its Affiliates, directly or
indirectly, including through any agreement or arrangement, exercise any voting rights, during the term of this Agreement, in respect of any BlackRock Capital Stock Beneficially Owned by it and its Affiliates representing in excess of its Voting
Ownership Cap. 
 (d) Any additional BlackRock Capital Stock acquired and Beneficially Owned by Merrill Lynch or any of its
Affiliates following the Closing (the “Closing”) of the transactions contemplated by the Transaction Agreement and Plan of Merger, dated as of February 15, 2006 

  
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(the “Transaction Agreement”) shall be subject to the restrictions contained in this Agreement as fully as if such shares of BlackRock Capital Stock were acquired by it at or prior to
the Closing. 
 (e) Notwithstanding Section 2.1(a), Merrill Lynch shall not and shall cause its Affiliates not to acquire
Beneficial Ownership of any shares of BlackRock Capital Stock from any Person other than BlackRock or a Significant Stockholder (other than pursuant to an acquisition effected in a manner contemplated by Section 2.1(b)) if after giving effect
to such acquisition Merrill Lynch, together with its Affiliates, would Beneficially Own BlackRock Capital Stock representing more than 90 percent of its Voting Ownership Cap. 
 Section 2.2 Prohibition of Certain Communications and Actions. Merrill Lynch shall not and shall cause its Affiliates and its and their directors officers and other agents not to
(w) solicit, seek or offer to effect, or effect, (x) negotiate with or provide any information to the Board, any director or officer of BlackRock, any stockholder of BlackRock, any employee or union or other labor organization representing
employees of BlackRock or any other Person with respect to, (y) make any statement or proposal, whether written or oral, either alone or in concert with others, to the Board, any director or officer of BlackRock or any stockholder of, any
employee or union or other labor organization representing employees of BlackRock or any other Person with respect to, or (z) make any public announcement (except as required by law in respect of actions permitted hereby) or proposal or offer
whatsoever (including, but not limited to, any “solicitation” of “proxies” as such terms are defined or used in Regulation 14A under the Exchange Act) with respect to: 

(a) any acquisition, offer to acquire, or agreement to acquire, directly or indirectly, by purchase or any other action the purpose or
result of which would be to Beneficially Own (i) BlackRock Capital Stock or Voting Stock of any successor to or person in control of BlackRock in an amount which, when added to any other BlackRock Capital Stock then Beneficially Owned by
Merrill Lynch and any of its Affiliates would cause the total amount of BlackRock Voting Securities Beneficially Owned by Merrill Lynch to exceed its Voting Ownership Cap or Total Ownership Cap, (ii) any equity securities of any Controlled
Affiliate of BlackRock, (in each case except to the extent such acquisition, offer or agreement would be permissible under Section 2.1), 
 (b) any form of business combination or similar or other extraordinary transaction involving BlackRock or any Controlled Affiliate thereof, including, without limitation, a merger, tender or exchange
offer or sale of any substantial portion of the assets of BlackRock or any Controlled Affiliate of BlackRock, 
 (c) any form of
restructuring, recapitalization or similar transaction with respect to BlackRock or any Controlled Affiliate of BlackRock, 

(d) any purchase of any assets, or any right to acquire any asset (through purchase, exchange, conversion or otherwise), of BlackRock or
any Controlled Affiliate of BlackRock, other than investment assets of BlackRock or any Controlled Affiliate of BlackRock in the ordinary course of its banking, brokerage or securities business and other than an insubstantial portion of such assets
in the ordinary course of business, 

  
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 (e) being a member of a Group for the purpose of acquiring, holding or disposing of any
shares of BlackRock Capital Stock or any Controlled Affiliate of BlackRock, 
 (f) selling any share of BlackRock Capital Stock
in an unsolicited tender offer that is opposed by the Board, 
 (g) any proposal to seek representation on the Board except as
contemplated by this Agreement or, other than as permitted by the proviso to Section 4.6(a) of this Agreement, any proposal to seek to control or influence the management, Board or policies of BlackRock or any Controlled Affiliate of BlackRock,
or 
 (h) encourage, join, act in concert with or assist (including, but not limited to, providing or assisting in any way in
the obtaining of financing for, or acting as a joint or co-bidder with) any third party to do any of the foregoing (the actions referred to in the foregoing provisions of this sentence being referred to as “Prohibited Actions”). If at any
time Merrill Lynch or any Affiliate thereof is approached by any Person requesting Merrill Lynch or any Affiliate to instigate, encourage, join, act in concert with or assist any Person in a Prohibited Action involving the assets, businesses or
securities of BlackRock or any of its Controlled Affiliates or any other Prohibited Actions, Merrill Lynch will promptly inform BlackRock of the nature of such contact and the parties thereto. 

Nothing in this Section 2.2 shall limit the ability of any Director, including any Merrill Lynch Designee, to vote in his or her
capacity as a Director in such manner as he or she sees fit. 
 Section 2.3 Purchases of Additional Securities. At
any time that BlackRock effects an issuance (a “Stock Issuance”) of additional Voting Securities or Equivalent Securities other than in connection with any employee restricted stock, stock option, incentive or other benefit plan to any
Person or Persons other than Merrill Lynch or any Affiliate thereof, but not later than 10 Business Days following such Stock Issuance, Merrill Lynch shall, subject to Section 2.1, have the right to purchase from BlackRock (in each instance, an
“Additional BlackRock Stock Purchase”) (i) additional shares of Participating Preferred Stock such that following such Stock Issuance and such purchase Merrill Lynch and its Affiliates will Beneficially Own shares and/or other
securities representing the lesser of (A) the lesser of Merrill Lynch’s Voting Ownership Cap and its Total Ownership Cap and (B) the same Ownership Percentage of Merrill Lynch’s Voting Ownership Cap and Total Ownership Cap as
they Beneficially Owned immediately prior to such Stock Issuance and (ii) if the total of all Stock Issuances including the Stock Issuance in question since the Closing has the effect, after taking into account any repurchases of BlackRock
Capital Stock by BlackRock since the Closing and any Transfers of BlackRock Capital Stock by Merrill Lynch and its Affiliates in accordance with Section 3.2(b)(i) or (ii), of decreasing the Total Voting Power of BlackRock Capital Stock issued
and outstanding after giving effect to such Stock Issuance Beneficially Owned by Merrill Lynch and its Affiliates to 90% or less of Merrill Lynch’s Voting Ownership Cap, additional Voting Securities of the same class or series issued in the
Stock Issuance such that following such Stock Issuance and such purchase Merrill Lynch and its Affiliates will Beneficially Own shares and/or other securities representing the lesser of (x) Merrill Lynch’s Voting Ownership Cap and
(y) the 

  
 13 

 
same Ownership Percentage of Merrill Lynch’s Voting Ownership Cap as Merrill Lynch’s and its Affiliates Beneficially Owned immediately prior to such Stock Issuance. If Merrill Lynch
exercises such right within 30 days after the pricing date of such Stock Issuance and if the purchaser or purchasers of Voting Securities in such Stock Issuance pays cash in consideration for such securities, Merrill Lynch shall pay an equal per
security amount of cash consideration in the Additional BlackRock Stock Purchase following such Stock Issuance. In all other cases, the price that Merrill Lynch shall pay to purchase the additional securities shall be the Fair Market Value per unit
of the class or series of securities. BlackRock shall give Merrill Lynch written notice of any Stock Issuance as far in advance as practicable and on the date of completion. 
 Section 2.4 BlackRock Share Repurchases. If BlackRock engages in any share repurchase program or self-tender that has the effect of causing Merrill Lynch’s Beneficial Ownership of
BlackRock Capital Stock to exceed its Voting Ownership Cap or Total Ownership Cap, subject to any restrictions in the Exchange Act, (a) in the event the Voting Ownership Cap is exceeded, BlackRock and Merrill Lynch shall each have the right, to
cause the other to exchange a number of shares of BlackRock Common Stock for Series B Preferred Stock so that the amount of Voting Securities Beneficially Owned by Merrill Lynch and its Affiliates, following such exchange, shall be reduced to an
amount representing not greater than the Voting Ownership Cap; and (b) in the event the Total Ownership Cap is exceeded, BlackRock and Merrill Lynch shall each have the right to make a written notice to the other to require BlackRock to
purchase, and Merrill Lynch to sell, such number of shares of BlackRock Capital Stock as shall cause Merrill Lynch’s Beneficial Ownership of BlackRock Capital Stock not to exceed the Total Ownership Cap. Notwithstanding anything in this
Section 2.4 to the contrary, Merrill Lynch shall not be obligated to sell any shares of BlackRock Capital Stock pursuant to this Section 2.4 if such sale is capable of being exempted under Rule 16b-3 under the Exchange Act (or any
successor rule), until BlackRock has taken all necessary action to exempt such sale thereunder. 
 ARTICLE III 

TRANSFER RESTRICTIONS 
 Section 3.1 General Transfer Restrictions. The right of Merrill Lynch and its Affiliates to Transfer any BlackRock Capital Stock is subject to the restrictions set forth in this Article III,
and no Transfer of BlackRock Capital Stock by Merrill Lynch or any of its Affiliates may be effected except in compliance with this Article III. Any attempted Transfer in violation of this Agreement shall be of no effect and null and void,
regardless of whether the purported transferee has any actual or constructive knowledge of the Transfer restrictions set forth in this Agreement, and shall not be recorded on the stock transfer books of BlackRock. 

Section 3.2 Restrictions on Transfer. 

  
 14 

 (a) Without the prior written consent of BlackRock (acting through a majority of the
Independent Directors), until the first anniversary of the date of this Agreement, Merrill Lynch shall not, and shall not permit its Affiliates to, Transfer any Beneficially Owned BlackRock Capital Stock or agree to Transfer, directly or indirectly,
any Beneficially Owned BlackRock Capital Stock; provided that the foregoing restriction shall not prohibit Merrill Lynch or any of its Affiliates from Transferring any Beneficially Owned BlackRock Capital Stock (i) to BlackRock pursuant
to Section 2.4 or (ii) to an Affiliate of Merrill Lynch that agrees in writing with BlackRock to be bound by this Agreement as fully as if it were an initial signatory hereto. 

(b) Following the first anniversary of the date of this Agreement, Merrill Lynch shall not, and shall not permit its Affiliates to,
Transfer any Beneficially Owned BlackRock Capital Stock or agree to Transfer, directly or indirectly, any Beneficially Owned BlackRock Capital Stock; provided that the foregoing restriction shall not be applicable to Transfers: 

(i) to an Affiliate of Merrill Lynch which agrees in writing with BlackRock to be bound by this Agreement as fully as if it were an
initial signatory hereto; 
 (ii) pursuant to the restrictions of Rule 144 under the Securities Act applicable to sales of
securities by Affiliates of an issuer (regardless of whether Merrill Lynch is deemed at such time to be an Affiliate of BlackRock) to any Person who after giving effect to such Transfer would not Beneficially Own BlackRock Capital Stock representing
in the aggregate more than 5% of the Total Voting Power of BlackRock Capital Stock issued and outstanding; 
 (iii) pursuant to
privately negotiated transactions, in each calendar quarter in an amount not in excess (together with Transfers pursuant to Section 3.2(b)(ii) and (iv) during such calendar quarter) of 4.5% of the Total Voting Power of BlackRock Capital
Stock issued and outstanding to any Person who after giving effect to such Transfer would not Beneficially Own BlackRock Capital Stock representing in the aggregate more than 5% of the Total Voting Power of BlackRock Capital Stock issued and
outstanding; provided, that Merrill Lynch or the Affiliate proposing to Transfer pursuant to this Section 3.2(b)(iii) (the “Transferring Party”) promptly provide to BlackRock written notice (an “Initial Transfer
Notice”), stating such Transferring Party’s intention to effect such a Transfer, and stating that Merrill Lynch will comply with the provisions of Section 3.3 and prior to making any Transfer or entering into any definitive agreement
to do so shall provide to BlackRock a further written notice (a “Final Transfer Notice”) stating such Transferring Party’s intention to effect the specific transfer described therein (including price and terms (the “Last Look
Price”)); 
 (iv) in each calendar quarter, in an amount not in excess (together with Transfers pursuant to
Section 3.2(b)(ii) and (iii)) of 4.5% of the Total Voting Power of BlackRock Capital Stock issued and outstanding, pursuant to a distribution to the public, registered under the Securities Act, in which Merrill Lynch uses its commercially
reasonable efforts to (A) effect as wide a distribution of such BlackRock Capital Stock as is reasonably practicable, and (B) not knowingly sell BlackRock Capital Stock to any Person who after consummation of such offering would have
Beneficial Ownership of BlackRock Capital Stock representing in the aggregate more than 5% of the Total Voting Power of BlackRock Capital Stock; or 

  
 15 

 (v) with the prior written consent of a majority of the Independent Directors. 

(c) Subject to Section 3.2(b), if Merrill Lynch wishes or is required to Transfer an amount of BlackRock Capital Stock constituting
more than 10% of the Total Voting Power of BlackRock Capital Stock, Merrill Lynch shall coordinate with BlackRock regarding optimizing the manner of distribution and sale of such shares, including whether such sale should occur through an
underwritten offering and shall cooperate in the marketing of any such offering. 
 (d) Merrill Lynch shall reimburse BlackRock
for any fees and expenses incurred in connection with any Transfer by Merrill Lynch pursuant to this Section 3.2 (other than any Transfer pursuant to Section 3.3(a)). 

Section 3.3 Right of Last Refusal. 
 (a) Upon receipt of a Final Transfer Notice, unless the proposed Transfer described therein is being made in a tax-free Transfer to a charitable organization or foundation, BlackRock will have an
irrevocable and transferable option to purchase all of the BlackRock Capital Stock subject to such Final Transfer Notice at the Last Look Price and otherwise on the terms and conditions described in the Final Transfer Notice. BlackRock and/or its
transferees (collectively and/or separately, the “BlackRock Party”) shall, within 10 Business Days from receipt of the Final Transfer Notice, indicate if it intends to exercise such option by sending irrevocable written notice of any such
exercise to the Transferring Party, and such BlackRock Party shall then be obligated to purchase all such BlackRock Capital Stock on terms and conditions no less favorable (other than date of closing) to Transferring Party than those set forth in
the Final Transfer Notice. 
 (b) If a BlackRock Party elects to purchase all of such BlackRock Capital Stock, the BlackRock
Party and the Transferring Party shall be legally obligated to consummate such transaction and shall use their commercially reasonable efforts to consummate such transaction as promptly as practicable but in any event within 10 Business Days
following the delivery of such election notice or, if later, 5 Business Days after receipt of all required regulatory approvals (but in no event more than 60 days after the delivery of such election notice). 

(c) If a BlackRock Party does not elect to purchase all of such BlackRock Capital Stock pursuant to this Section 3.3 (or if, having
made such election, does not complete such purchase within the applicable time period specified in Section 3.3(b)), then the Transferring Party shall be free for a period of 30 days from the date the election notice was due to be received from
a BlackRock Party to enter into definitive agreements to Transfer such BlackRock Capital Stock in accordance with Section 3.2(b)(ii) for not less than the Last Look Price; provided that any such definitive agreement provides for the
consummation of such Transfer to take place within nine months from the date of such definitive agreement and is otherwise on terms not more favorable to the transferee in any material respect than were contained in the Final Transfer Notice. In the
event that the Transferring Party has not entered into such a definitive agreement with such 30-day period, or has so entered into such an agreement but has not consummated the sale of such 

  
 16 

 
BlackRock Capital Stock within nine months from the date of such definitive agreement, then the provisions of this Section 3.3 shall again apply, and such Transferring Party shall not
Transfer or offer to Transfer such BlackRock Capital Stock not so Transferred without again complying with this Section 3.3, to the extent applicable. 
 (d) Each of the time periods set forth in Section 3.3(a)-(c) above shall be doubled if the number of shares Merrill Lynch seeks to Transfer (as set forth in the Final Transfer Notice) exceeds
4.5% of the Total Voting Power of the BlackRock Capital Stock, or shares of Series B Preferred Stock convertible upon transfer into in excess of 4.5% of the Total Voting Power of the BlackRock Capital Stock, issued and outstanding at that time.

 Section 3.4 Legend on Securities. 
 (a) Each certificate representing shares of BlackRock Capital Stock Beneficially Owned by Merrill Lynch or its Affiliates and subject to the terms of this Agreement shall bear the following legend on the
face thereof: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND CERTAIN OTHER
LIMITATIONS SET FORTH IN A CERTAIN THIRD AMENDED AND RESTATED STOCKHOLDER AGREEMENT DATED AS OF NOVEMBER 15, 2010, BETWEEN BLACKROCK, INC. (THE “COMPANY”), MERRILL LYNCH & CO, INC. AND MERRILL LYNCH GROUP, INC., AS THE SAME MAY BE
AMENDED FROM TIME TO TIME (THE “AGREEMENT”), COPIES OF WHICH AGREEMENT ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.” 
 (b) Upon any acquisition by Merrill Lynch or any of its Affiliates of additional shares of BlackRock Capital Stock, Merrill Lynch shall, or shall cause such Affiliate to, submit the certificates
representing such shares of BlackRock Capital Stock to BlackRock so that the legend required by this Section 3.4 may be placed thereon (if not so endorsed upon issuance). 
 (c) BlackRock may make a notation on its records or give instructions to any transfer agents or registrars for BlackRock Capital Stock in order to implement the restrictions on Transfer set forth in this
Agreement. 
 (d) In connection with any Transfer of shares of Beneficially Owned BlackRock Capital Stock, the transferor shall
provide BlackRock with such customary certificates, opinions and other documents as BlackRock may reasonably request to assure that such Transfer complies fully with this Agreement and with applicable securities and other laws. In connection with
any Transfer pursuant to Section 3.2(b)(ii), (iii) or (iv), BlackRock shall remove such portion of the foregoing legend as is appropriate in the circumstances. 

  
 17 

 ARTICLE IV 
 CORPORATE GOVERNANCE 
 Section 4.1 Composition of the
Board. 
 (a) Following the Closing, BlackRock and Merrill Lynch shall each use its best efforts to cause the election at
each meeting of stockholders of BlackRock of such nominees reasonably acceptable to the Board such that (i) there are no more than 19 Directors; (ii) there are not less than two and not more than four Directors who are members of BlackRock
management (each a “Management Designee”); (iii) there are two Directors, each in a different class, who are individuals designated in writing to BlackRock by Merrill Lynch (each, a “Merrill Lynch Designee”); provided,
however, that if for any period greater than 90 consecutive days Merrill Lynch and its Affiliates shall Beneficially Own less than 10% of the BlackRock Capital Stock issued and outstanding, Merrill Lynch shall promptly cause one of such Merrill
Lynch Designees to resign and the number of Merrill Lynch Designees permissible hereunder shall be reduced to one and; provided, further, that if for any period greater than 90 consecutive days Merrill Lynch and its Affiliates shall Beneficially Own
less than 5% of the BlackRock Capital Stock issued and outstanding, Merrill Lynch shall promptly cause a second Merrill Lynch Designee to resign and the number of Merrill Lynch Designees permissible hereunder shall be reduced to zero;
(iv) there are no more than two Directors, each in a different class, who are individuals designated in writing to BlackRock by a Person who is a Significant Stockholder and has held such status since prior to the date of the Transaction
Agreement (each, a “Significant Stockholder Designee”); (v) there are no more than two Directors, each in a different class, who are individuals designated in writing to BlackRock by Barclays Bank PLC; and (vi) the remaining
Directors are Independent Directors. 
 (b) Following the Closing, upon the resignation, retirement or other removal from office
of any Management Designee or Merrill Lynch Designee (i) BlackRock or Merrill Lynch, as the case may be, shall be entitled promptly to designate a replacement Management Designee or Merrill Lynch Designee, as the case may be, who meets the
qualifications of a Director and is reasonably acceptable to the Board and (ii) BlackRock and Merrill Lynch shall each use its best efforts to cause the appointment or election of such replacement designee as a Director by the other Directors
or by the stockholders of BlackRock. 
 Section 4.2 Vote Required for Board Action; Board Quorum. 

(a) Except as provided in this Section 4.2 and in Section 4.7, any determination or other action of or by the Board (other than
action by unanimous written consent in lieu of a meeting) shall require the affirmative vote or consent, at a meeting at which a quorum is present, of a majority of directors present at such meeting. 

  
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 (b) In addition to the requirements of Section 4.2(a), BlackRock shall not enter into
any agreement providing for, or effectuate any of the following transactions without the prior written approval of Merrill Lynch: 
 (i) any acquisition, whether by merger, consolidation, exchange of equity interests, purchase of equity interests or assets or similar transaction of any Person or business which would be reasonably
likely in the opinion of counsel to Merrill Lynch require Merrill Lynch to register with the Board of Governors of the Federal Reserve System as a bank holding company or become subject to regulation, supervision or restrictions under the Bank
Holding Company Act of 1956, the Change of Bank Control Act or Section 10 of the Homeowners Loan Act; 
 (ii) any
amendment, modification, repeal or waiver of Section 3.2 of BlackRock’s By-Laws or of BlackRock’s Certificate of Incorporation or By-Laws that would be viewed by a reasonable Person as being adverse to the rights of Merrill Lynch or
more favorable to the rights of a Significant Stockholder than to the rights of Merrill Lynch; 
 (iii) any settlement or
consent in a regulatory enforcement matter that would be reasonably likely, in the opinion of counsel to Merrill Lynch, to cause Merrill Lynch or any of its Affiliates to suffer (A) any regulatory disqualification, (B) suspension of
registration or license or (C) other material adverse regulatory consequence (which approval may not be unreasonably withheld in the case of this clause (C)); 
 (iv) any amendment, modification or waiver (as distinct from a consent or approval provided for therein) of any provision of a stockholders agreement between BlackRock and a Significant Stockholder that
would be viewed by a reasonable Person as being adverse to Merrill Lynch or materially more favorable to the rights of such Significant Stockholder thereunder than to the rights of Merrill Lynch hereunder; or 

(v) any voluntary bankruptcy or similar filing or declaration by BlackRock. 

(c) A quorum for any meeting of the Board shall require the presence of a majority of the total number of Directors then in office.

 Section 4.3 Committees. To the extent permitted by applicable laws, rules and regulations (including any
requirements under the Exchange Act or the rules of the New York Stock Exchange or any other applicable securities exchange on which the Common Stock is then listed) and except as otherwise determined by the Board (in accordance with
Section 4.2) each committee of the Board shall consist of a majority of Independent Directors, the Audit Committee, the Compensation Committee and, to the extent required by applicable laws, rules and regulations and self-regulatory
organization requirements, the Nominating Committee shall consist entirely of Independent Directors and the Executive Committee shall consist of not less than five members of which one shall be a Merrill Lynch Designee. Subject to Sections 4.2 and
4.7 all decisions of such committees shall require the affirmative vote of a majority of the Directors then serving on such committee. 

  
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 Section 4.4 Certificate of Incorporation and Bylaws to be Consistent. Each of
BlackRock and Merrill Lynch shall use its best efforts to take or cause to be taken all lawful action necessary or appropriate to ensure that at all times the Certificate of Incorporation and the Bylaws of BlackRock contain provisions consistent
with the terms of this Agreement (including without limitation this Article IV) and none of the Certificate of Incorporation or the Bylaws of BlackRock or any of the corresponding constituent documents of BlackRock’s Subsidiaries contain any
provisions inconsistent therewith or which would in any way nullify or impair the terms of this Agreement or the rights of BlackRock or Merrill Lynch hereunder. Neither BlackRock nor Merrill Lynch shall take or cause to be taken any action
inconsistent with the terms of this Agreement (including without limitation this Article IV) or the rights of BlackRock or Merrill Lynch hereunder. 
 Section 4.5 Information Rights. 
 (a) BlackRock acknowledges that the
investments of Merrill Lynch in BlackRock are material and strategic to it. Accordingly, BlackRock shall provide to Merrill Lynch, on an ongoing and current basis, such access to and information with respect to BlackRock’s business, operations,
plans and prospects as either of them may from time to time reasonably determine it requires in order to appropriately manage and evaluate its investment in BlackRock. 
 (b) Without limiting the generality of the foregoing, for so long as Merrill Lynch is required (the “Equity Accounting Period”) to account for its investment in BlackRock under the equity method
of accounting (determined in accordance with GAAP as applicable to Merrill Lynch), BlackRock agrees that: 
 (i) BlackRock
shall provide Merrill Lynch with (A) consolidated financial results for the latest available period of the BlackRock consolidated group (the “BlackRock Group”) in order to allow Merrill Lynch to prepare its US regulatory filings under
the Securities Exchange Act of 1934 (“Merrill Lynch Public Filings”), including Merrill Lynch’s quarterly financial statements and annual audited financial statements and (B) such financial information or documents in the
possession of BlackRock and any of its Subsidiaries as Merrill Lynch may reasonably request; and 
 (ii) BlackRock shall
cooperate, and use its reasonable best efforts to cause BlackRock’s independent certified public accounts (“BlackRock’s Auditors”) to cooperate, with Merrill Lynch to the extent reasonably requested by Merrill Lynch in the
preparation of Merrill Lynch’s public earnings releases or other press releases, Current Reports on Form 8-K, Annual Reports to Shareholders, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any other proxy, information and
registration statements, reports, notices, prospectuses and any other filings made by Merrill Lynch with the Commission, or any other Governmental Authority or otherwise made publicly available (collectively, the “Merrill Lynch Public
Filings”). BlackRock agrees to provide to Merrill Lynch all information that Merrill Lynch reasonably requests in connection with any Merrill Lynch Public Filings or that, in the reasonable judgment of Merrill Lynch or its legal counsel, is
required to be disclosed or incorporated by reference therein 

  
 20 

 
under any applicable law. BlackRock shall provide such information to enable Merrill Lynch to prepare, print and release all Merrill Lynch Public Filings on a timely basis. BlackRock shall use
its reasonable best efforts to cause BlackRock’s Auditors to consent to any reference to them as experts in any Merrill Lynch Public Filings required under applicable law. 

(c) To the extent required in order for any Party to comply with applicable law, BlackRock and Merrill Lynch will work together in good
faith to develop appropriate protocols for each to share with the other aggregate security position information for use in their respective compliance programs. For so long as BlackRock shall be deemed a subsidiary of Merrill Lynch for purposes of
the Home Owners Loan Act or Change in Bank Control Act, Merrill Lynch shall have appropriate coordination rights with respect to holdings of voting shares of savings and loan holdings companies, savings associations, banks and bank holding
companies. 
 (d) With respect to any information provided by BlackRock: 

(i) Subject to the requirements of law, Merrill Lynch shall keep confidential, and shall cause its representatives to keep confidential,
all information and documents obtained pursuant to this Section 4.5 unless such information (w) is or becomes publicly available other than as a result of a breach of this Section 4.5(d) by it or its representatives; (x) was
within its possession prior to being furnished to it by or on behalf of BlackRock, provided that the source of such information was not known by it to be bound by a confidentiality agreement with, or other contractual or legal obligation of
confidentiality to, BlackRock with respect to such information; (y) is or becomes available to such Person or any of its representatives on a non-confidential basis from a source other than BlackRock or any of its representatives;
provided that such source was not known to it to be bound by a confidentiality agreement with, or other contractual or legal obligation of confidentiality to, BlackRock with respect to such information; or (z) is independently developed
by or on its behalf without violating any of its obligations under this Section 4.5(d). 
 (ii) In the event Merrill Lynch
believes that it is legally required to disclose any information or documents contemplated by this Section 4.5(d), it shall to the extent possible under the circumstances provide reasonable prior notice to BlackRock so that BlackRock may, at
its own expense, seek a protective order or otherwise take reasonable steps to protect the confidentiality of such information. 
 (iii) Notwithstanding the foregoing, Merrill Lynch may disclose any information or documents contemplated by this Section 4.5(d) in a filing with a governmental authority to the extent required by
applicable law, provided that it shall to the extent practicable under the circumstances provide prior notice to BlackRock. 
 (iv) The rights of Merrill Lynch and the obligations of BlackRock hereunder shall be subject to applicable laws relating to the exchange of information and other applicable laws. The provisions of this
Section 4.5(d) shall survive any termination of this Agreement. 
 Section 4.6 Voting Agreements. 

  
 21 

 (a) Merrill Lynch shall, and shall cause any of its Affiliates, to vote or act by written
consent all of the shares of BlackRock Capital Stock Beneficially Owned by it (i) in favor of each matter required to effectuate any provision of this Agreement and against any matter the approval of which would be inconsistent with any
provision of this Agreement and (ii) to the extent consistent with clause (i) above, in accordance with the recommendation of the Board on all matters approved by the Board in accordance with the provisions of Article IV, including
elections of Directors; provided, however, that if the Board shall either fail to nominate for election as a Director either or both of two individuals designated by Merrill Lynch who are reasonably acceptable to the Board, or shall
unreasonably reject one or more Merrill Lynch designees who is otherwise eligible to serve, then, so long as such individuals otherwise meet the requirements for serving as a Director of BlackRock, Merrill Lynch and its Affiliates shall have the
right to nominate such individuals at the applicable meeting of stockholders and to solicit proxies for the election of such individuals and, if such individuals are nominated at such meeting, may vote all of their shares of BlackRock Capital Stock
entitled to vote on such matter in favor of the election of such individuals. 
 (b) Merrill Lynch shall, and shall cause each
of its Affiliates who hold BlackRock Capital Stock entitled to vote on any matter, be present in person or represented by proxy at all meetings of securityholders of BlackRock to the extent necessary so that all Voting Securities Beneficially Owned
by Merrill Lynch and its Affiliates shall be counted as present for the purpose of determining the presence of a quorum at such meeting and to vote such shares in accordance with this Section 4.6. 

Section 4.7 Related Party Transactions. Neither BlackRock nor any of its Controlled Affiliates shall enter into or effectuate
any transaction or agreement with Merrill Lynch or any Affiliate of Merrill Lynch or any director, officer or employee of Merrill Lynch or any such Affiliate (each a “Related Person”) that is material to BlackRock, unless such transaction
or agreement is in effect at the time of the Closing, relates to transactions by or on behalf of clients of BlackRock and its Controlled Affiliates in the ordinary course of business or has been approved by or is consistent with or pursuant to the
terms of a policy, transaction or agreement (or form of agreement) approved by, the affirmative vote or consent of a majority of the Directors, excluding the Merrill Lynch Designees, present at a meeting at which a quorum is present. 

Section 4.8 Bank Holding Company Act. 
 (a) In the event that, and for so long as, BlackRock is deemed by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to be “controlled” by Bank of America
Corporation for purposes of the Bank Holding Company Act, pursuant to regulations and interpretations of the Federal Reserve, Bank of America Corporation shall have appropriate access and input regarding regulatory compliance and risk management
practices at BlackRock as needed to satisfy bank holding company regulatory safety and soundness requirements. 

  
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 (b) Provided that Bank of America Corporation’s ownership of voting and nonvoting
equity of BlackRock is beneath the threshold for controlling investments as specified under the Federal Reserve’s Regulation Y (12 CFR Part 225) and its interpretations thereunder, Merrill Lynch and its Affiliates will cooperate with BlackRock
in seeking to prevent BlackRock from being deemed by the federal reserve to be “controlled” by Bank of America Corporation for purposes of the Bank Holding Company Act. 

ARTICLE V 

NON-COMPETITION 
 Section 5.1 Non-Competition. 
 (a) Subject to subsection (b) of
this Section 5.1, from and after the Closing, Merrill Lynch agrees that it shall not, and that it shall cause its Controlled Affiliates (other than BlackRock and BlackRock’s Controlled Affiliates should they at any time be Controlled
Affiliates of Merrill Lynch) not to engage in Merrill Lynch Restricted Activities anywhere in the World (other than India to the extent required by the asset management joint venture to which Merrill Lynch and its Affiliates are party in that
country) except on the terms and conditions set forth herein, and BlackRock agrees that it shall not, and that it shall cause its Controlled Affiliates not to engage in BlackRock Restricted Activities anywhere in the World except on the terms and
conditions set forth herein. 
 (i) As used in this Section 5.1, the term “Merrill Lynch Restricted Activities”
means (i) acting as an Asset Manager (as defined below) to a Fund (as defined below), or (ii) acting as an Asset Manager to a Separately Managed Account (as defined below). Notwithstanding the previous sentence, the parties agree to
establish a committee composed of two BlackRock managers and one Merrill Lynch manager to consider cases in which it would be acceptable and appropriate to allow Merrill Lynch and its Affiliates to engage on a limited, case-by-case basis, in Merrill
Lynch Restricted Activities. In particular, if Merrill Lynch or its Affiliates determine that (1) there is customer demand for a product that BlackRock does not provide, or desire to provide on commercially reasonable terms, and
(2) Merrill Lynch and/or its Affiliates has made a reasonable exploration for alternative providers, then the committee will consider and decide in good faith, in the discretion of a majority of the committee members, whether to permit Merrill
Lynch or an Affiliate to provide such product notwithstanding that to do so Merrill Lynch or such Affiliate would be engaged in Merrill Lynch Restricted Activities. 
 Furthermore, Merrill Lynch hereby agrees, notwithstanding anything herein to the contrary other than as an incidental effect of the exceptions to the definitions of Fund and Separately Managed Account set
forth below, that neither IQ Investment Advisors nor any other investment advisor controlled by Merrill Lynch during the term of this Agreement will (i) directly or through one or more sub-advisers create a family of open-end funds for the
purpose of replicating that portion of the asset management business of BlackRock or establishing a direct competitive threat to BlackRock, or (ii) create an open-end fund or family of open-end funds for

  
 23 

 
the purpose of replicating the MLIM FDP platform or establishing a direct competitive threat to MLIM FDP. 
 For purposes of this provision, “acting as an Asset Manager” means acting as a discretionary investment adviser or sub-adviser primarily responsible for making the day-to-day investment
decisions with respect to which underlying securities or other assets will be purchased and sold by a Fund or a Separately Managed Account; provided, however, that neither Merrill Lynch nor any Affiliate will be deemed to be acting as
an Asset Manager in instances where it serves as an investment adviser with responsibilities for manager selection and asset allocation (or other overlay functions) that delegates primary day-to-day selection of underlying securities or other assets
to a sub-adviser that is not under the control of Merrill Lynch (it being agreed that BlackRock is not under the control of Merrill Lynch for this purpose) and provided further, that Merrill Lynch will not be deemed to be acting as an Asset Manager
to new financial technology, the primary purpose of which is not to provide active asset management services to third party investors. 
 For purposes of this section, “Fund” shall mean any collective investment fund, wherever domiciled. 
 For purposes of this provision, “Separately Managed Account” shall mean an account established in the name of and for the exclusive benefit of any person that is not a Fund pursuant to which
such person receives investment advisory services; provided, however, Separately Managed Account shall not include an account of a customer or client of a retail broker, retail financial advisor, private wealth advisor or other retail sales person
(“Retail Sales Person”) for which (1) a Retail Salesperson acts as portfolio manager, or (2) a Merrill Lynch affiliated bank or trust company acts as trustee or investment advisor but qualifies for exclusion from acting as an
Asset Manager pursuant to the first proviso to the definition thereof or supervises asset management services by the Retail Sales Person or an unaffiliated third party manager. 

The term “Fund” shall not include any collective investment vehicle that, and the term “Separately Managed Account”
shall not include any account that is not a Fund that: 
  

	(1)	invests primarily in collective investment vehicles such as hedge funds, private equity funds, ETFs, and/or mutual funds that are not Restricted Merrill Lynch
Activities or that are managed by an unaffiliated third party manager, a Merrill Lynch Alternative Manager or a manager acquired by Merrill Lynch in conformity with Section 5.1(b)(i)(C) or (D), 

 

	(2)	invests substantially all of its assets in Real Estate. 

 For purposes of this Section 5.1, “Real Estate” shall include, but not be limited to, any direct or indirect, public or private, wholly-owned, joint venture, TIC interest, partnership,
total return swap, and/or participation or other interests (including, without limitation, debt, equity, hybrid security interests (e.g. preferred equity and convertible securities), and options) in and acquisitions, sales, and direct and indirect
syndications of: 

  
 24 

	 	(i)	real estate properties, including licenses, space and ground leases, and sub-leases for such properties and any interests therein and all rights and interests
appurtenant thereto (e.g., air rights, riparian rights, etc.), 

  

	 	(ii)	real estate operating, asset management, property management, loan servicing and special servicing, Section 1031 vehicle and/or holding companies,

  

	 	(iii)	any entity or structure primarily representing interests in, or backed by, real estate-related credit instruments, real estate equity interests, real estate
derivatives, CDO instruments or real estate properties, 

  

	 	(iv)	instruments, assets, or operating enterprises whose values are primarily driven or supported by real property or tangible assets attached to real property including,
but not limited to, hotels, homebuilding, commercial and residential real estate, land development, cell towers, real estate credit instruments, lease claims, lien (including tax lien) claims, timber, timeshare units, and fractional interests,

  

	 	(v)	investment vehicles whose target investments include primarily Real Estate (e.g., partnerships, limited liability companies, hedge funds, private equity funds and REITs
and their foreign counterparts), 

  

	 	(vi)	secured and unsecured performing and non-performing loans and obligations backed primarily by Real Estate (including Commercial Mortgage Backed Securities), or pools of
such loans and obligations, and 

  

	 	(vii)	non-investment grade or high yield loans, bonds, mezzanine loans, B-notes, and preferred equity secured or backed primarily by Real Estate. 

 

	(3)	invests primarily in commodities, collateralized debt obligations (broadly defined), collateralized loan obligations (broadly defined), any types of residual equity
interests of structured assets or infrastructure products, 

  

	(4)	is a “Structured Fund” or an “Enhanced Index Fund,” 

  

	 	(i)	For purposes of this section, a “Structured Fund” is defined to mean any collective investment vehicle or other account that reshapes, repackages, and/or
reproduces traditional cash flows or risk-return profiles through derivatives or other financial instruments and is operated in a passive and mechanistic manner in accordance with a predetermined set of trading and investment rules that do not seek
to replicate the active asset management techniques or performance of a particular investment product or manager, and 

  

	 	(ii)	For purposes of this section, an “Enhanced Index Fund” is defined to mean any collective investment vehicle or account that (1) seeks to replicate the
performance of an index that is constructed in a customized manner to provide greater returns than those provided by traditional indexes, or replicate the performance of a proprietary index that is developed, co-developed, or exclusively licensed by
Merrill Lynch or any of its Affiliates and (2) is operated in a passive and mechanistic manner in accordance with a predetermined set of trading and investment rules that do not seek to replicate active asset management techniques,

  

	(5)	is a “Structured Finance Vehicle,” 

  
 25 

 For purposes of this section, a “Structured Finance Vehicle” is any collective
investment vehicle that relies on a trust, commodity pool, depositary facility or other collective investment entity that has the primary purpose of aggregating securities, commodities or other financial instruments for the purpose of
(i) repackaging illiquid instruments or derivatives, or (ii) tranching or aggregating financial instruments to change their tax, cost, accounting, yield, credit, leverage, ERISA or risk characteristics, 

 

	(6)	is otherwise ancillary or incidental to any non Fund or non Separately Managed Account business of Merrill Lynch or its Affiliates, or 

 

	(7)	has the primary purpose of seeding funds and/or raising additional third-party capital to facilitate, support or assist in capitalizing current or future Merrill
Lynch’s proprietary trading and investing activities, including, but not limited to, equity and equity-linked products, fixed income and fixed income-linked products, loans, and distressed credit, Real Estate, private equity, venture capital,
infrastructure, timber, foreign exchange and commodities assets or commodities products. 

 Nothing herein shall
prohibit Merrill Lynch or any of its Affiliates from engaging in any business activities of any kind or nature currently engaged in by Merrill Lynch or any of its Affiliates as of the date of the Transaction Agreement or July 16, 2008;
provided, however, that the acquisition and holding of an Affiliate pursuant to Section 5.1(b)(i)(C) or (D) after the date of the Transaction Agreement shall not give rise to any rights on the part of Merrill Lynch or any other Affiliate
of Merrill Lynch to engage in any business activities under this sentence. 
 (ii) As used in this Section 5.1, the term
“BlackRock Restricted Activities” means engaging, whether directly or indirectly through ownership of any interest in or consensual arrangements relating to another Person that is directly or indirectly engaged, in the retail securities
brokerage business; provided, however, that the term “BlackRock Restricted Activities” shall in no event include acting as the distributor of publicly offered Funds primarily through third party sales forces or acting as a
placement agent for privately offered Funds. 
 (b) Notwithstanding Section 5.1(a) above, Merrill Lynch and any Controlled
Affiliates restricted thereby may, with respect to Merrill Lynch Restricted Activities, and BlackRock and any Controlled Affiliate restricted thereby may, with respect to BlackRock Restricted Activities: 

(i) acquire or hold any interest (whether by way of a purchase, merger, consolidation or other transaction) in any Person or business
unit engaged directly or indirectly in any Merrill Lynch Restricted Activities or BlackRock Restricted Activities, as applicable, if (and only if) (A) the direct and indirect interest Beneficially Owned by Merrill Lynch and its Controlled
Affiliates (other than BlackRock and its Controlled Affiliates should they at any time be Controlled Affiliates of Merrill Lynch), in the case of Merrill Lynch Restricted Activities, or by BlackRock and its Controlled Affiliates, in the case of
BlackRock Restricted Activities, represents less than 10 percent of the voting interests and less than 10 percent of the ownership, revenue and profits interests in such Person or business unit, assuming the exercise of all rights of Merrill Lynch
and its Controlled Affiliates ((other than BlackRock and its Controlled Affiliates should 

  
 26 

 
they at any time be Controlled Affiliates of Merrill Lynch), or BlackRock and its Controlled Affiliates, as applicable, to acquire any such interests, (B) such Person or business unit is at
all times a Merrill Lynch Alternative Manager (C) in connection with the bona fide third party venture capital business of Merrill Lynch or its Affiliates or (D) in connection with the bona fide third party merchant banking line of
business of Merrill Lynch or its Affiliates (the term “third party” being intended to exclude any vehicle or arrangement in which Merrill Lynch or its Affiliates both have a 50% or greater ownership or economic interest and are not in the
process of seeking to reduce such interest below 50%); or 
 (ii) acquire or hold any interest in any Person in excess of the
amount set forth in clause (i) above if (and only if) either (A) both (x) the consolidated revenues of such Person from Merrill Lynch Restricted Activities or BlackRock Restricted Activities, as applicable, in the previous four fiscal
quarters are less than 33.3% of such Person’s consolidated revenues during such period and (y) the sum of the aggregate consolidated revenues of such Person and its Subsidiaries in the preceding four fiscal quarters from Merrill Lynch
Restricted Activities or BlackRock Restricted Activities, as applicable, multiplied times the direct or indirect percentage economic interest of Merrill Lynch and its restricted Controlled Affiliates or BlackRock and its restricted Controlled
Affiliates, as applicable, in such Person is, in the case of Merrill Lynch Restricted Activities, less than 10% of the consolidated revenues of BlackRock for such period and, in the case of BlackRock Restricted Activities, less than 10% of the
consolidated revenues of Merrill Lynch derived from BlackRock Restricted Activities, Merrill Lynch or BlackRock, as applicable, shall, or shall cause such Affiliate to, take commercially reasonable actions necessary to cease and terminate such
Restricted Activities or to sell such Person or business to a third party that is not an Affiliate, as soon as reasonably practicable, and BlackRock or Merrill Lynch, as applicable, shall have a right to participate as a bidder in respect of any
such sale transaction, or (B) if such acquisition or holding satisfies Section 5.1(b)(ii)(A)(x) above but not Section 5.1(b)(ii)(A)(y) above, then Merrill Lynch or BlackRock may continue to own such Person and operate its Merrill
Lynch Restricted Activities or BlackRock Restricted Activities, as applicable (the “Continuing Business”); provided that, (1) for so long as the restrictions of Section 5.1(a) continue to apply to Merrill Lynch or BlackRock, as
applicable, the Continuing Business shall not use the “Merrill Lynch” name or the “BlackRock” name, or any derivation thereof, and (2) for so long as the Distribution Agreement in the Transaction Agreement remains in effect,
Merrill Lynch and its Affiliates or BlackRock and its Affiliates (in each case, other than the acquired Person and its Affiliates as of the time of acquisition) shall not enter into any agreement similar to the Distribution Agreement with the
acquired Person and its Affiliates; or 
 (iii) in the case of Merrill Lynch, merge, consolidate or otherwise engage in a
business combination with, or sell all or substantially all of its assets or businesses to, any Person that is not an Affiliate of Merrill Lynch and that has an existing business engaged in Merrill Lynch Restricted Activities which such Person
continues to operate; provided that members of the Merrill Lynch board of directors do not constitute a majority of the board of directors of the surviving entity of such transaction (or of the board of directors of its ultimate parent company) and
that the Merrill Lynch shareholders immediately prior to consummation of such transaction do not immediately after consummation of such transaction own 60% or more of the outstanding capital stock or other equity interests of the surviving entity of
such transaction (or of its ultimate parent company); the restrictions of Section 5.1(a) shall not apply to the activities of such surviving entity and its Affiliates (other than (x) Merrill Lynch, (y) the Subsidiaries and

  
 27 

 
Controlled Affiliates of Merrill Lynch as of the closing of the transaction, and (z) any Subsidiary or Controlled Affiliate of Merrill Lynch or of such ultimate parent company which,
following the closing, holds or operates the business that had been held or operated prior to such closing by Merrill Lynch and its Subsidiaries and Controlled Affiliates or all or substantially all of the assets of such business); or 

(iv) engage in Merrill Lynch Restricted Activities or BlackRock Restricted Activities, as applicable, (including through an acquisition
or holding in excess of that permitted by Section 5.1(b)(i) or (ii) above) if and to the extent that, prior to engaging therein, (A) Merrill Lynch discloses to the Board of Directors of BlackRock, or BlackRock discloses to the Board
of Directors of Merrill Lynch, as applicable, in reasonable detail and with reasonable particularity, including by responding to the inquiries and questions of such Board of Directors, the nature, extent and duration of the proposed Merrill Lynch
Restricted Activities or BlackRock Restricted Activities; and (B) a majority of the Independent Directors on such Board of Directors approves the proposed Merrill Lynch Restricted Activities by Merrill Lynch or such Controlled Affiliate or
BlackRock Restricted Activities by BlackRock or such Controlled Affiliate, as applicable. 
 ARTICLE VI 

MISCELLANEOUS 
 Section 6.1 Conflicting Agreements. Each party represents and warrants that it has not granted and is not a party to any proxy, voting trust or other agreement that is inconsistent with or
conflicts with any provision of this Agreement. 
 Section 6.2 Termination. Except as otherwise provided in this
Agreement, this Agreement shall terminate on July 31, 2013. Nothing in this Section 6.2 shall be deemed to release any party from any liability for any willful and material breach of this Agreement occurring prior to the termination hereof
or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement. 

Section 6.3 Ownership Information. 
 (a) For purposes of this Agreement, all determinations of the amount of outstanding BlackRock Capital Stock shall be based on information set forth in the most recent quarterly or annual report, and any
current report subsequent thereto, filed by BlackRock with the Commission, unless BlackRock shall have updated such information by delivery of written notice to Merrill Lynch. 
 (b) If at any time or from time to time BlackRock becomes aware of any event that has caused, or which could reasonably be expected to cause, Beneficial Ownership by Merrill

  
 28 

 
Lynch and its Affiliates of BlackRock Capital Stock to increase above its Ownership Cap, BlackRock shall promptly (but in no event more than five Business Days thereafter) notify Merrill Lynch
thereof. 
 Section 6.4 Savings Clause. No provision of this Agreement shall be construed to require any party or
its Controlled Affiliates to take any action that would violate any applicable law (whether statutory or common), rule or regulation. 
 Section 6.5 Amendment and Waiver. Except as otherwise provided herein, this Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto.
Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement, and no giving of any consent provided for hereunder, shall be effective unless such modification, amendment, waiver or consent is approved
by a majority of the Independent Directors. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce
each and every provision of this Agreement in accordance with its terms. 
 Section 6.6 Severability. If any
provision of this Agreement shall be declared by any court of competent jurisdiction to be illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect. 

Section 6.7 Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the several
agreements and other documents and instruments referred to herein or therein or annexed hereto, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior
understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. Without limiting the generality of the foregoing, to the extent that any of the terms hereof are
inconsistent with the rights or obligations of Merrill Lynch under any other agreement with BlackRock, the terms of this Agreement shall govern. 
 Section 6.8 Successors and Assigns. Neither this Agreement nor any of the rights or obligations of any party under this Agreement shall be assigned, in whole or in part (except by operation of
law pursuant to a merger or similar business combination transaction), by any party without the prior written consent of the other parties (approved, in the case of BlackRock, by a majority of the Independent Directors), provided, that
Merrill Lynch may assign its rights and obligations hereunder (in whole or in part) to an Affiliate that agrees in writing with BlackRock to be bound by this Agreement as fully as if it were an initial signatory hereto, and any such transferee may
thereafter make corresponding assignments in accordance with this proviso; provided, further, that BlackRock may assign all or a 

  
 29 

 
portion of its rights under Sections 3.3 and 5.1(b)(ii) in connection with any particular transaction subject thereto so long as BlackRock remains, obligated in respect of any purchase
obligations arising thereunder. Subject to the foregoing, this Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. 

Section 6.9 Counterparts. This Agreement may be executed in separate counterparts each of which shall be an original and all
of which taken together shall constitute one and the same agreement. 
 Section 6.10 Remedies. 

(a) Each party hereto acknowledges that monetary damages would not be an adequate remedy in the event that each and every one of the
covenants or agreements in this Agreement are not performed in accordance with their terms, and it is therefore agreed that, in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an
injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically each and every one of the terms and provisions hereof. Each party hereto agrees not to
oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. 

(b) All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be
cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 

Section 6.11 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if
delivered personally, telecopied (upon telephonic confirmation of receipt), on the first Business Day following the date of dispatch if delivered by a recognized next day courier service, or on the third Business Day following the date of mailing if
delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such
notice. 
 If to BlackRock: 
 c/o BlackRock, Inc. 
 40 East 52nd Street 

New York, NY 10022 
 Facsimile: 212-810-8760 
 Attn:   Laurence D. Fink 

  
 30 

 with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, NY 10036 

Facsimile: 212-735-2000 

			
	Attention:	  	 Franklin M. Gittes, Esq.

Richard T. Prins, Esq.

 If to Merrill Lynch: 
 Merrill Lynch & Co., Inc. 

c/o Bank of America Corporation 
 100 North Tyron Street 
 Charlotte, NC 28255 

			
	Facsimile:	 	   980-386-9990
	Attention:	 	   Michael Lyons

 with
copies (which shall not constitute notice) to: 
 Bank of America Corporation 

MA5-100-32-01 

100 Federal Street 
 Boston, MA 02110 

			
	Facsimile:	 	   617-434-6093
	Attention:	 	   Lauren Mogensen, Esq.

Wachtell, Lipton, Rosen & Katz 
 51 West 52nd
Street 
 New York, NY 10019 

			
	Facsimile:	 	   212-403-2000
	Attention:	 	   Nicholas G. Demmo, Esq.

Section 6.12 Governing Law; Consent to Jurisdiction. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the
principles of conflicts of law. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction in the Court of Chancery of the State of Delaware or any court of the United States located in the
State of Delaware, for any action, proceeding or investigation in any court or before any governmental authority (“Litigation”) arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties
hereto hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Litigation, the defense of sovereign immunity, any claim that it is not personally subject to the
jurisdiction of the aforesaid courts for any reason other than the failure to 

  
 31 

 
serve process in accordance with this Section 6.12, that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts
(whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and to the fullest extent permitted by applicable law, that the Litigation in any such court is
brought in an inconvenient forum, that the venue of such Litigation is improper, or that this Agreement, or the subject matter hereof, may not be enforced in or by such courts and further irrevocably waives, to the fullest extent permitted by
applicable law, the benefit of any defense that would hinder, fetter or delay the levy, execution or collection of any amount to which the party is entitled pursuant to the final judgment of any court having jurisdiction. Each of the parties
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Litigation arising out of or relating to this Agreement or the transactions contemplated hereby.

 (b) Each of the parties expressly acknowledges that the foregoing waiver is intended to be irrevocable under the laws of the
State of Delaware and of the United States of America; provided that consent by Merrill Lynch and BlackRock to jurisdiction and service contained in this Section 6.12 is solely for the purpose referred to in this Section 6.12 and
shall not be deemed to be a general submission to said courts or in the State of Delaware other than for such purpose. 

Section 6.13 Interpretation. The table of contents and headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”. 

  
 32 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amended and Restated
Stockholder Agreement as of the date first written above. 
  

			
	BLACKROCK, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	MERRILL LYNCH & CO., INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Pursuant to Section 3.2(b) of this Agreement, the undersigned hereby undertakes and
agrees with BlackRock that the undersigned shall be bound by this Agreement as fully as if it were an initial signatory hereto, effective as of the date hereof. 

 

			
	MERRILL LYNCH GROUP, INC.
		
	By:	 	  

		 	Name
		 	Title:Sunoco, Inc. - Special Executive Severance Plan

 Exhibit 10.9 
 SUNOCO, INC. 
 SPECIAL EXECUTIVE SEVERANCE PLAN 

(Amended and Restated as of December 1, 2010 ) 
  

 
  

  

					
		  		  	

 ARTICLE I 
 DEFINITIONS  
 Section 1.1 “Accounting Firm” shall
have the meaning provided herein at Section 4.7(b). 
 Section 1.2 “Annual Compensation” shall mean a
Participant’s annual base salary as in effect immediately prior to the Change in Control, or, if greater, immediately prior to the Employment Termination Date, plus the greater of (x) the Participant’s annual guideline (target) bonus
as in effect immediately before the Change in Control or, if higher, the Employment Termination Date, or (y) the average annual bonus awarded to the Participant with respect to the three years ending before the Change in Control or, if higher,
with respect to the three years ending before the Employment Termination Date. 
 Section 1.3 “Affiliate” shall
mean any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with Sunoco, Inc. 
 Section 1.4 “Benefit” or “Benefits” shall mean any or all of the benefits that a Participant is entitled to receive pursuant to Article IV of the Plan. 

Section 1.5 “Benefit Extension Period” shall mean: 

(a) for a Participant in Grade 18 or above, three years; and 

(b) for each other Participant, two years. 
 Section 1.6 “Board of Directors” shall mean the Board of Directors of Sunoco, Inc. 
 Section 1.7 “Business Combination” shall have the meaning provided herein at Section 1.8(c). 
 Section 1.8 “Change in Control” shall mean the occurrence of any of the following events: 
 (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then-outstanding shares of common stock of Sunoco, Inc. (the “Outstanding Company Common Stock”) or (2) the combined voting power of the
then-outstanding voting securities of Sunoco, Inc. entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 1.8(a), the
following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from Sunoco, Inc., (B) any acquisition by Sunoco, Inc., (C) any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by Sunoco, Inc. or any company controlled by, controlling or under common control with Sunoco, Inc., or (D) any acquisition by any entity pursuant to a transaction that complies with Sections 1.8(c)(1), (c)(2) and (c)(3) of this
definition; 
 (b) Individuals who, as of September 6, 2001, constitute the Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election
by the shareholders of Sunoco, Inc., was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board of Directors; 
 (c) Consummation of a reorganization, merger,
statutory share exchange or consolidation or similar corporate transaction involving Sunoco, Inc. or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of Sunoco, Inc., or the acquisition of assets or
stock of another entity by Sunoco, Inc. or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the
beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common
stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a
corporation that, as a result of such transaction, owns Sunoco, Inc. or all or substantially all of the assets of Sunoco, Inc., either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately
prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Business Combination or any employee
benefit plan (or related trust) of Sunoco, Inc. or such corporation resulting from such Business Combination or any of their respective subsidiaries) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding
shares of common stock of the corporation resulting from such Business Combination or the combined 

  

					
		  	1	  	

 
voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (3) at least a majority of
the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board of Directors providing for such
Business Combination; or 
 (d) Approval by the shareholders of Sunoco, Inc. of a complete liquidation or
dissolution of Sunoco, Inc. 
 Section 1.9 “Chief Executive Officer” shall mean the individual serving as the
Chief Executive Officer of Sunoco, Inc. as of the date of reference. 
 Section 1.10 “Code” shall mean the
Internal Revenue Code of 1986, as amended. 
 Section 1.11 “Committee” shall mean the administrative committee
designated pursuant to Article VI of the Plan to administer the Plan in accordance with its terms. 
 Section 1.12
“Company” shall mean Sunoco, Inc., and any Affiliate. 
 Section 1.13 “Company Service” shall mean, for
purposes of determining Benefits available to any Participant in this Plan, the total aggregate recorded length of such Participant’s service with Sunoco, Inc. or any Affiliate (while it is an Affiliate). 

Company Service shall commence with the Participant’s initial date of employment with the Company, and shall end with such
Participant’s death, retirement, or termination for any reason. Company Service also shall include: 
 (a)
all periods of approved leave of absence (civil, family, medical, military, or Olympic); provided, however, that the Participant returns to work within the prescribed time following the leave; 

(b) any break in service of thirty (30) days or less; and 

(c) any service credited under applicable Company policies with respect to the length of a Participant’s employment
by any non-affiliated entity that subsequently becomes an Affiliate or part of the operations of the Company. 

Section 1.14 “Disability” shall mean any illness, injury or incapacity of such duration and type as to render a
Participant eligible to receive long-term disability benefits under the applicable broad-based long-term disability program of the Company. 
 Section 1.15 “Compensation Committee” shall mean the compensation committee of the Board of Directors. 
 Section 1.16 “Employment Termination Date” shall mean the date on which a Participant separates from service as defined in Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and the regulations issued thereunder. 
 Section 1.17 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended. 
 Section 1.18 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended. 
 Section 1.19 “Excise Tax” shall have the meaning provided herein at
Section 4.7(f). 
 Section 1.20 “Executive Resource Employee” shall mean any individual employed by the
Company who is a Grade 14 or above. 
 Section 1.21 “Gross-Up Payment” shall have the meaning provided herein at
Section 4.7(a). 
 Section 1.22 “Incumbent Board” shall have the meaning provided herein at
Section 1.8(b). 
 Section 1.23 “Involuntary Plan” shall mean the Sunoco, Inc. Executive Involuntary
Severance Plan. 
 Section 1.24 “Just Cause” shall mean: 

(a) the willful and continued failure of the Participant to perform substantially the Participant’s duties with the
Company (other than any such failure resulting from incapacity due to physical or mental illness or following notice of employment termination by the Participant pursuant to Section 1.32(b) or (c)), after a written demand for substantial
performance is delivered to the Participant by the Board of Directors or the Chief Executive Officer that specifically identifies the manner in which the Board of Directors or the Chief Executive Officer believes that the Participant has not
substantially performed the Participant’s duties, or 
 (b) the willful engaging by the Participant in
illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company. 

  

					
		  	2	  	

 For purposes of this Section 1.24, no act, or failure to act, on the part of the
Participant shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the Company
shall be conclusively presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of the Company. The cessation of employment of the Participant shall not be deemed to be for Just Cause unless and until
there shall have been delivered to the Participant a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board of Directors (excluding the Participant, if the Participant is a
member of the Board of Directors) at a meeting of the Board of Directors (after reasonable notice is provided to the Participant and the Participant is given an opportunity, together with counsel for the Participant, to be heard before the Board of
Directors), finding that, in the good faith opinion of the Board of Directors, the Participant is guilty of the conduct described in Section 1.24(a) or 1.24(b), and specifying the particulars thereof in detail. 

Section 1.25 “Outstanding Company Common Stock” shall have the meaning provided herein at Section 1.8(a). 

Section 1.26 “Outstanding Company Voting Stock” shall have the meaning provided herein at Section 1.8(a). 

Section 1.27 “Parachute Value” shall have the meaning provided herein at Section 4.7(f). 

Section 1.28 “Participant” shall mean: 

(a) any employee who is an Executive Resource Employee on December 1, 2010; and 

(b) any employee who is an Executive Resource Employee after December 1, 2010 who is designated as a Participant
after that date by the Chief Executive Officer, and in the case of a new chief executive officer, designated as a Participant by the Compensation Committee, who is employed by the Company on or before the occurrence of any Change in Control. In
addition, for purposes of Sections 4.6 and 4.7 of this Plan, each such former Executive Resource Employee shall be a Participant, as applicable. 
 Section 1.29 “Payment” shall have the meaning provided herein at Section 4.7(f) 
 Section 1.30 “Person” shall have the meaning provided herein at Section 1.8(a). 
 Section 1.31 “Plan” shall mean the Sunoco, Inc. Special Executive Severance Plan, as set forth herein, and as the same may from time to time be amended. 

Section 1.32 “Qualifying Termination” of the employment of a Participant shall mean any of the following: 

(a) a termination of employment by the Company within two (2) years after a Change in Control, other than for Just
Cause, death or Disability; 
 (b) a termination of employment by the Participant within two (2) years after
a Change in Control for one or more of the following reasons: 
 (1) the assignment to such Participant of any
duties inconsistent in a way adverse to such Participant, with such Participant’s positions, duties, responsibilities and status with the Company immediately prior to the Change in Control, or a reduction in the duties and responsibilities held
by the Participant immediately prior to the Change in Control; or a change in the Participant’s reporting responsibilities, title or offices as in effect immediately prior to the Change in Control that is adverse to the Participant; in each
case except in connection with such Participant’s termination of employment by the Company for Just Cause; or 
 (2) with respect to any Participant who is a member of the Board of Directors immediately prior to the Change in Control, any failure of the shareholders of Sunoco, Inc. to elect or reelect, or of Sunoco,
Inc. to appoint or reappoint, the Participant as a member of the Board of Directors; 
 (3) a reduction by the
Company in either the Participant’s annual base salary or guideline (target) bonus as in effect immediately prior to the Change in Control; the failure of the Company to provide the Participant with employee benefits and incentive compensation
opportunities that (i) are not less favorable than those provided to other executives who occupy the same grade level at the Company as the Participant, or if the Company’s grade levels are no longer applicable, to a similar peer group of
the executives of the Company, and (ii) provide the Participant with benefits that are at least as favorable, measured separately for (A) incentive compensation opportunities, (B) savings and retirement benefits, (C) welfare
benefits, and (D) fringe benefits and vacation, as the most favorable of each such category of benefit in effect for the Participant at any time during the 120-day period immediately preceding the Change in Control; or 

(4) The Company requires the Participant to be based anywhere other than the Participant’s present work location or
a location within thirty-five (35) miles from the present location; or the Company requires 

  

					
		  	3	  	

 
the Participant to travel on Company business to an extent substantially more burdensome than such Participant’s travel obligations during the period of twelve (12) consecutive months
immediately preceding the Change in Control;  
 provided, however, that in the case of any such termination of
employment by the Participant under this subparagraph (b), such termination shall not be deemed to be a Qualifying Termination unless the termination occurs within 120 days after the occurrence of the event or events constituting the reason for the
termination; or 
 (c) before a Change in Control, a termination of employment by the Company (other than a
termination for Just Cause) or a termination of employment by the Participant for one of the reasons set forth in (b) above, if the affected Participant can demonstrate that such termination or circumstance in (b) above leading to the
termination: 
 (1) was at the request of a third party with which the Company had entered into negotiations or
an agreement with regard to a Change in Control; or 
 (2) otherwise occurred in connection with a Change in
Control. 
 Any good faith determination made by the Participant that the Participant has experienced a Qualifying Termination pursuant to
Section 1.32(b) shall be conclusive. A Participant’s mental or physical incapacity following the occurrence of an event described above in (b) above shall not affect the Participant’s ability to have a Qualifying
Termination. As used in this Section 1.32, a “termination of employment” means a separation from service as defined in Code Section 409A and the regulations issued thereunder. 

Section 1.33 “Retirement Plan” shall have the meaning provided herein at Section 4.1(c). 

Section 1.34 “SERP” shall have the meaning provided herein at Section 4.1(c). 

Section 1.35 “Sunoco, Inc.” shall mean Sunoco, Inc., a Pennsylvania corporation, and any successor thereto by merger,
consolidation, liquidation or purchase of assets or stock or similar transaction. 
 Section 1.36 “Underpayment”
shall have the meaning provided herein at Section 4.7(b). 
 ARTICLE II 

BACKGROUND, PURPOSE AND TERM OF PLAN 
 Section 2.1 Background. Sunoco, Inc. maintains this Plan for the purpose of providing severance allowances to Participants whose employment is terminated in connection with or following a
Change in Control. The Plan has been amended and restated as of September 6, 2001, February 6, 2003, November 1, 2007 and December 1, 2010. The Plan, as amended and restated herein, shall be effective as of
December 1, 2010. 
 Section 2.2 Purpose of the Plan. The Plan, as set forth herein, has been adopted by the
Board of Directors, or a committee thereof, delegated such responsibility, acting in its sole discretion, in recognition that the possibility of a major transaction or a Change in Control exists and that such possibility, and the uncertainty and
questions which it may raise among management, may result in the departure or distraction of key management personnel to the detriment of the Company. The Board of Directors has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of Participants, as key members of Company’s management, to their assigned duties without distraction. The Plan is not intended to be included in the definitions of “employee pension benefit
plan” and “pension plan” set forth under Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Rather, this Plan is intended to meet the descriptive requirements of a plan
constituting a “severance pay plan” within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, § 2510.3-2(b). 

Section 2.3 Term of the Plan. The Plan will continue until such time as the Board of Directors, or a committee thereof,
delegated such responsibility, acting in its sole discretion, elects to modify, supersede or terminate it; provided, however, that no such action taken after a Change in Control, or before, but in connection with, a Change in Control, may
terminate or reduce the benefits or prospective benefits of any individual who is a Participant on the date of the action without the express written consent of the Participant. 

ARTICLE III 
 PARTICIPATION AND ELIGIBILITY FOR BENEFITS 
 Section 3.1
General Requirements. Participants shall be designated in accordance with Section 1.28. Except with respect to the benefits and payments under Sections 4.7 and 4.8, in order to receive a Benefit under this Plan, a Participant’s
employment must have been terminated as a result of a Qualifying Termination. 

  

					
		  	4	  	

 Section 3.2 Qualifying Termination. The Committee shall determine whether any
termination of a Participant is a Qualifying Termination. The Participant shall follow the procedures described in Article IX for presenting his or her claim for Benefits under this Plan. 

ARTICLE IV 

BENEFITS 
 Section 4.1 Amount of Immediate Cash Benefit; Qualifying Termination. In the event of a termination of employment that would qualify the Participant for Benefits that is a Qualifying
Termination, the cash amount to be paid to a Participant eligible to receive Benefits under Section 3.1 hereof shall be paid as provided in Section 5.1 hereof and shall equal the sum of the following: 

(a) An amount equal to the Participant’s earned vacation (as determined under the Company’s applicable vacation
policy as in effect at the time of the Change in Control) through his or her Employment Termination Date; 

(b)(1) for a Participant in Grade 18 or above, Annual Compensation multiplied by three (3); 

(2) for each other Participant, Annual Compensation multiplied by two (2); 

(c) An amount equal to the excess of (x) the actuarial equivalent of the benefit under the Sunoco, Inc. Retirement
Plan or any successor defined benefit pension plan (the “Retirement Plan”) (utilizing actuarial assumptions no less favorable to the Participant than those in effect under the Retirement Plan immediately prior to the Change in Control) and
any excess or supplemental retirement plan, including, without limitation, the Sunoco, Inc. Executive Retirement Plan and the Sunoco, Inc. Pension Restoration Plan, in which the Participant participates (collectively, the “SERP”) that the
Participant would receive if the Participant’s employment continued throughout his/her Benefit Extension Period, assuming for this purpose that all accrued benefits are fully vested and assuming that the Participant’s compensation in each
year of his/her Benefit Extension Period is the Annual Compensation, over (y) the actuarial equivalent of the Participant’s actual benefit (paid or payable), if any, under the Retirement Plan and the SERP as of the Employment Termination
Date (including any additional benefit to which the Participant is entitled under the Retirement Plan or the SERP in connection with the Change in Control). 
 Section 4.2 Executive Severance Benefits. In the event that Benefits are paid under Section 4.1, the Participant shall continue to be entitled, through the end of his/her Benefit
Extension Period, to those employee benefits, based upon the amount of coverage or benefits provided at the Change in Control, listed below: 
 (a) Death benefits in an amount equal to one (1) times the Participant’s annual base salary at the Employment Termination Date (provided, however, that any supplemental coverages elected under
the Sunoco, Inc. Death Benefits Plan (or any similar plan of any of the following: a subsidiary or affiliate which has adopted this Plan; a corporation succeeding to the business of Sunoco, Inc.; and/or any subsidiary or affiliate, by merger,
consolidation or liquidation or purchase of assets or stock or similar transaction) will be discontinued under the terms of such plan or plans); and 
 (b) Medical plan benefits (including dental coverage), with COBRA continuation eligibility beginning as of the end of the Benefit Extension Period, except as provided hereinbelow at Section 4.3.

 In each case, when contributions are required of all Executive Resource Employees at the time of the Participant’s
Employment Termination Date, or thereafter, if required of all other active Executive Resource Employees, the Participant shall continue to be responsible for making the required contributions during the Benefit Extension Period in order to be
eligible for the coverage. The Participant also shall be entitled to reasonable outplacement services during the Benefit Extension Period, at no cost to the Participant (but only to the extent such services are provided no later than the end of the
second calendar year following the year of the Participant’s Employment Termination Date and are paid for directly by the Company no later than the end of the third calendar year following the year of the Participant’s Employment
Termination Date), from an experienced third-party vendor selected by the Committee and consistent with vendors used in connection with the Sunoco, Inc. Involuntary Termination Plan immediately before the Change in Control. 

Section 4.3 Special Medical Benefit. In the event Benefits are paid to the Participant under Section 4.1: 

(a) A Participant who was employed by the Company on January 1, 2008, and who was fifty (50) or more years of
age on January 1, 2008, with a minimum of ten (10) years of Company Service on the Employment Termination Date, shall have medical (but not dental) benefits available under the same terms and conditions as other employees not yet eligible
for Medicare coverage who retire under the terms of a Company retirement plan. 
 (b) Participant who
(i) was fifty (50) or more years of age on the Employment Termination Date, and (ii) was not employed by the Company on January 1, 2008, or was not fifty (50) or more years of age on January 1, 2008, or has fewer than
ten (10) years of Company Service on the Employment Termination Date, shall be eligible to receive 

  

					
		  	5	  	

 
Company medical plan benefits (excluding dental coverage) following the Benefit Extension Period, at a cost to any such Participant that is equal to the full premium cost of such coverage.

 Subject to modification or termination of such medical benefits as generally provided to other employees not yet eligible for Medicare
coverage who retire under the terms of the Company’s retirement plan(s), such benefits shall continue until such time as the Participant becomes first eligible for Medicare, or the Participant voluntarily cancels coverage, whichever is earlier.

 Section 4.4 Retirement and Savings Plans. This Plan shall not govern and shall in no way affect the
Participant’s interest in, or entitlement to benefits under, any of the Company’s “qualified” or supplemental retirement plans, and, except to the extent specifically provided in Section 4.1(c), payments received under any
such plans shall not affect a Participant’s right to any Benefit hereunder. 
 Section 4.5 Relationship to
Involuntary Plan. If a Participant becomes entitled to receive severance benefits under this Plan, Participant shall not be entitled to any benefits under the Involuntary Plan. 

Section 4.6 Effect on Other Benefits. There shall not be drawn from the continued provision by the Company of any of the
aforementioned Benefits any implication of continued employment or of continued right to accrual of retirement benefits under the Company’s qualified or supplemental retirement plans, nor shall a terminated employee, except as otherwise
provided under the terms of the Plan, accrue vacation days, paid holidays, paid sick days or other similar benefits normally associated with employment for any part of the Benefit Extension Period during which benefits are payable under this Plan. A
Participant shall have no duty to mitigate with respect to Benefits under this Plan by seeking or accepting alternative employment. Further, the amount of any payment or benefit provided for in this Plan shall not be reduced by any compensation
earned by the Participant as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Participant to the Company, or otherwise. 

Section 4.7 Parachute Payments. The following provisions apply to a Participant who was a Participant on or before
November 25, 2008. 
 (a) Anything in this Plan 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, then the Participant shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the
Participant of all taxes (including 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, but excluding any income taxes and penalties imposed pursuant to Section 409A of the Code, the Participant retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing
provisions of this Section 4.7(a), if it shall be determined that any Participant is entitled to a Gross-Up Payment, but that the Parachute Value of all Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be
made to the Participant and the amounts payable under this Plan shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be
made by reducing the payments and benefits under the following sections in the following order: (i) Section 4.1(b) and 4.1(c). For purposes of reducing the Payments to the Safe Harbor Amount, only amounts payable under this Plan (and no
other Payments) shall be reduced. If the reduction of the amount payable under this Plan would not result in a reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the Plan shall be reduced pursuant to
this Section 4.7(a). Sunoco, Inc.’s obligation to make Gross-Up Payments under this Section 4.7 shall not be conditioned upon the Participant’s termination of employment. 

(b) Subject to the provisions of Section 4.7(c), all determinations required to be made under this Section 4.7,
including whether and when a Gross-Up Payment is required and 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
certified public accounting firm as may be designated by the Participant (the “Accounting Firm”) which shall provide detailed supporting calculations both to Sunoco, Inc. and the Participant within 15 business days of the receipt of notice
from the Participant that there has been a Payment, or such earlier time as is requested by Sunoco, Inc. All fees and expenses of the Accounting Firm shall be borne solely by Sunoco, Inc. Any determination by the Accounting Firm shall be binding
upon Sunoco, Inc. and the Participant. 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 which will not
have been made by Sunoco, Inc. should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that Sunoco, Inc. exhausts its remedies pursuant to Section 4.7(c) and the Participant
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 Sunoco, Inc. to or for the benefit of the
Participant. 

  

					
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 (c) The Participant shall notify Sunoco, Inc. in writing of any claim by the
Internal Revenue Service that, if successful, would require the payment by Sunoco, Inc. of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Participant is informed in writing
of such claim and shall apprise Sunoco, Inc. of the nature of such claim and the date on which such claim is requested to be paid. The Participant shall not pay such claim prior to the expiration of the 30-day period following the date on which it
gives such notice to Sunoco, Inc. (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If Sunoco, Inc. notifies the Participant in writing prior to the expiration of such period that it desires to
contest such claim, the Participant shall: 
 (i) give Sunoco, Inc. any information reasonably requested by
Sunoco, Inc. relating to such claim, 
 (ii) take such action in connection with contesting such claim as
Sunoco, Inc. 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 Sunoco, Inc., 

(iii) cooperate with Sunoco, Inc. in good faith in order effectively to contest such claim, and 

(iv) permit Sunoco, Inc. to participate in any proceedings relating to such claim; 

provided, however, that Sunoco, Inc. shall bear and pay directly all costs and expenses (including additional interest and
penalties) incurred in connection with such contest and shall indemnify and hold the Participant harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such
representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 4.7(c), Sunoco, Inc. shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or
forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either pay the tax claimed to the appropriate taxing authority on behalf of the
Participant and direct the Participant to sue for a refund or contest the claim in any permissible manner, and the Participant 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 Sunoco, Inc. shall determine; provided, however, that if Sunoco, Inc. pays such claim and directs the Participant to sue for a refund, Sunoco, Inc. shall indemnify and hold the Participant
harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such payment or with respect to any imputed income in connection with such payment; and further
provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Participant with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore,
Sunoco, Inc.’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Participant 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 Participant of a
Gross-Up Payment or payment by Sunoco, Inc. of an amount on any Participant’s behalf pursuant to Section 4.7(c), the Participant 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 Participant shall (subject to Sunoco, Inc.’s complying with the requirements of Section 4.7(c) to the extent applicable) promptly pay to Sunoco, Inc. the amount of such refund (together with any interest
paid or credited thereon after taxes applicable thereto). If, after payment by Sunoco, Inc. of an amount on any Participant’s behalf pursuant to Section 4.7(c), a determination is made that the Participant shall not be entitled to any
refund with respect to such claim and Sunoco, Inc. does not notify the Participant in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then the amount of such payment shall offset,
to the extent thereof, the amount of any Gross-Up Payment required to be paid. 
 (e) Any Gross-Up Payment, as
determined pursuant to this Section 4.7, shall be paid by Sunoco, Inc. to a Participant within five days of the receipt of the Accounting Firm’s determination; provided that, the Gross-Up Payment shall in all events be paid no later
than the end of a Participant’s taxable year next following the Participant’s taxable year in which the Excise Tax (and any income or other related taxes or interest or penalties thereon) on a Payment are remitted to the Internal Revenue
Service or any other applicable taxing authority or, in the case of amounts relating to a claim described in Section 4.7(c) that does not result in the remittance of any federal, state, local and foreign income, excise, social security and
other taxes, the calendar year in which the claim is finally settled or otherwise resolved. Notwithstanding any other provision of this Section 4.7, Sunoco, Inc. may withhold and pay over to the Internal Revenue Service or any other applicable
taxing authority for the benefit of the Participant all or any portion of the Gross-Up Payment that it determines in good faith that it is or may be in the future required to withhold, and the Participant hereby consents to such withholding.

 (f) Definitions. The following terms shall have the following meanings for purposes of this Section 4.7.

  

					
		  	7	  	

 (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) “Parachute Value” of a Payment shall mean the present value as of the date of the change of control for
purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the
Excise Tax will apply to such Payment. 
 (iii) 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 Participant, whether paid or payable pursuant to this Plan or otherwise. 

(iv) The “Safe Harbor Amount” means 2.99 times the Participant’s “base amount,” within the
meaning of Section 280G(b)(3) of the Code. (v) “Value” of a Payment shall mean the economic present value of a Payment as of the date of the change of control for purposes of Section 280G of the Code, as determined by the
Accounting Firm using the discount rate required by Section 280G(d)(4) of the Code. 
 Section 4.8 Legal Fees and
Expenses. The Company also shall pay to the Participant (or the Participant’s representative) all legal fees and expenses incurred by or with respect to the Participant during his lifetime or within ten (ten) years after his death:

 (a) in disputing in good faith any issue relating to the termination of the Participant’s employment in
connection with a Change in Control as a result of a Qualifying Termination entitling the Participant to Benefits under this Plan (including a termination of employment if the Participant alleges in good faith that such termination will be or is a
Qualifying Termination pursuant to Section 1.31(c)); or 
 (b) in seeking in good faith to obtain or enforce
any benefit or right provided by this Plan (or the payment of any Benefits through any trust established to fund Benefits under this Plan). 
 Such payments shall be made as such fees and expenses are incurred by the Participant (or the Participant’s representative), but in no event later than five (5) business days after delivery of
the Participant’s (or Participant’s representative’s) written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require. Notwithstanding the forgoing sentence, all such
payments shall be made on or before the close of the calendar year following the calendar year in which the expense was incurred. The amount of expenses eligible for reimbursement under this provision in one calendar year may not affect the amount
of expenses eligible for reimbursement under this provision in any other calendar year. The Participant (or Participant’s representative) shall reimburse the Company for such fees and expenses at such time as a court of competent jurisdiction,
or another independent third party having similar authority, determines that the Participant’s claim was frivolously brought without reasonable expectation of success on the merits thereof. 

ARTICLE V 

METHOD AND DURATION OF BENEFIT PAYMENTS 
 Section 5.1 Method of Payment. Subject to the last sentence of Section 5.1, the cash Benefits to which a Participant is entitled, as determined pursuant to Article IV hereof, shall be
paid in a lump sum. Payment shall be made by mailing to the last address provided by the Participant to the Company. In general, subject to the last sentence of this Section 5.1, payment shall be made within fifteen (15) days after the
Participant’s Employment Termination Date but in no event later than thirty (30) days thereafter; provided, however, that payment of any Benefits under any provision of the Plan that are deferred compensation for purposes of Code
Section 409A to any Participant who is a specified employee (specified employees being those Participants who are Executive Resource Employees, pursuant to the election of an alternative method specified in Treasury Regulation Sections
1.409A-1(i)(5) and 1.409A-1(i)(8)) (a “Specified Employee”) shall be paid in a lump sum on the later of the date such payments are due or the date six months after the Participant’s Employee Termination Date. In the event the Company
should fail to pay when due the amounts described in Article IV (determined without regard to the payment delay to Specified Employees required by Code Section 409A), the Participant shall also be entitled to receive from the Company an amount
representing interest on any unpaid or untimely amounts from the due date (determined without regard to the payment delay to Specified Employees required by Code Section 409A) to the date of payment at a rate equal to the prime rate of
Citibank, N.A. as in effect from time to time after such due date. Notwithstanding anything to the contrary contained in this Plan, if (x) a Participant also participates in the Involuntary Plan and (y) (1) the Change in Control does
not constitute a “change in the ownership of the corporation,” a “change in effective control of the corporation” or a “change in the ownership of a substantial portion of the assets of the corporation” within the
meaning of Section 409A(a)(2)(A)(v) of the Code, or (2) the Qualifying Termination occurs prior to a Change in Control, then payment of the cash Benefits provided under Section 4.1(b) of the Plan shall be made in equal monthly

  

					
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installments in accordance with Section 5.1 of the Involuntary Plan and during a number of months equal to the number of months that would apply to such Participant based on
Section 1.16(b) of the Involuntary Plan. 
 Section 5.2 Payments to Beneficiary(ies). Each Participant shall
designate a beneficiary(ies) to receive any Benefits due hereunder in the event of the Participant’s death prior to the receipt of all such Benefits. Such beneficiary designation shall be made in the manner, and at the time, prescribed by the
Company in its sole discretion. In the absence of an effective beneficiary designation hereunder, the Participant’s estate shall be deemed to be his or her designated beneficiary. 

ARTICLE VI 

ADMINISTRATION  
 Section 6.1 Appointment of the Committee. The Committee shall consist of three (3) or more persons appointed by the Compensation Committee. Committee members may be, but need not be,
employees of Sunoco, Inc. Following a Change in Control, the individuals most recently so appointed to serve as members of the Committee before the Change in Control, or successors whom they approve, shall continue to serve as the Committee.

 Section 6.2 Tenure of the Committee. Before a Change in Control, Committee members shall serve at the pleasure of
the Compensation Committee and may be discharged, with or without cause, by the Compensation Committee. Committee members may resign at any time on ten (10) days’ written notice. 

Section 6.3 Authority and Duties. It shall be the duty of the Committee, on the basis of information supplied to it by the
Company, to determine the eligibility of each Participant for Benefits under the Plan, to determine the amount of Benefit to which each such Participant may be entitled, and to determine the manner and time of payment of the Benefit consistent with
the provisions hereof. In addition, the exercise of discretion by the Committee need not be uniformly applied to similarly situated Participants. The Company shall make such payments as are certified to it by the Committee to be due to Participants.
The Committee shall have the full power and authority to construe, interpret and administer the Plan, to correct deficiencies therein, and to supply omissions. Except as provided in Section 9.2, all decisions, actions and interpretations of the
Committee shall be final, binding and conclusive upon the parties. 
 Section 6.4 Action by the Committee. A
majority of the members of the Committee shall constitute a quorum for the transaction of business at a meeting of the Committee. Any action of the Committee may be taken upon the affirmative vote of a majority of the members of the Committee at a
meeting, or at the direction of the chairperson, without a meeting by mail, telegraph, telephone or electronic communication device; provided that all of the members of the Committee are informed of their right to vote on the matter before the
Committee and of the outcome of the vote thereon. 
 Section 6.5 Officers of the Committee. The Compensation
Committee shall designate one of the members of the Committee to serve as chairperson thereof. The Compensation Committee shall also designate a person to serve as Secretary of the Committee, which person may be, but need not be, a member of the
Committee. 
 Section 6.6 Compensation of the Committee. Members of the Committee shall receive no compensation for
their services as such. However, all reasonable expenses of the Committee shall be paid or reimbursed by the Company upon proper documentation. The Company shall indemnify members of the Committee against personal liability for actions taken in good
faith in the discharge of their respective duties as members of the Committee and shall provide coverage to them under the Company’s Liability Insurance program(s). 
 Section 6.7 Records, Reporting and Disclosure. The Committee shall keep all individual and group records relating to Participants and former Participants and all other records necessary for
the proper operation of the Plan. Such records shall be made available to the Company and to each Participant for examination during business hours except that a Participant shall examine only such records as pertain exclusively to the examining
Participant and to the Plan. The Committee shall prepare and shall file as required by law or regulation all reports, forms, documents and other items required by ERISA, the Internal Revenue Code, and every other relevant statute, each as amended,
and all regulations thereunder (except that the Company, as payor of the Benefits, shall prepare and distribute to the proper recipients all forms relating to withholding of income or wage taxes, Social Security taxes, and other amounts which may be
similarly reportable). 
 Section 6.8 Actions of the Chief Executive Officer. Whenever a determination is required
of the Chief Executive Officer under the Plan, such determination shall be made solely at the discretion of the Chief Executive Officer. In addition, the exercise of discretion by the Chief Executive Officer need not be uniformly applied to
similarly situated Participants and shall be final and binding on each Participant or beneficiary(ies) to whom the determination is directed. 
 Section 6.9 Bonding. The Committee shall arrange any bonding that may be required by law, but no amount in excess of the amount required by law (if any) shall be required by the Plan.

  

					
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 ARTICLE VII 
 AMENDMENT AND TERMINATION  
 Section 7.1 Amendment,
Suspension and Termination. The Company, acting through the Board of Directors, retains the right, at any time and from time to time, to amend, suspend or terminate the Plan in whole or in part, for any reason, and without either the consent of
or the prior notification to any Participant. Notwithstanding the foregoing, no such action that is taken after a Change in Control or before, but in connection with, a Change in Control, may terminate or reduce the benefits or prospective benefits
of any Participant on the date of such action without the express written consent of the Participant. No amendment, suspension or termination shall give the Company the right to recover any amount paid to a Participant prior to the date of such
action or to cause the cessation and discontinuance of payments of Benefits to any person or persons under the Plan already receiving Benefits. The Board of Directors shall have the right to delegate its authority and powers hereunder, or any
portion thereof, to any committee of the Board of Directors, and shall have the right to rescind any such delegation in whole or in part. 
 ARTICLE VIII 
 DUTIES OF THE COMPANY 

Section 8.1 Records. The Company shall supply to the Committee all records and information necessary to the performance of
the Committee’s duties. 
 Section 8.2 Payment. The Company shall make payments from its general assets to
Participants and shall provide the Benefits described in Article IV hereof in accordance with the terms of the Plan, as directed by the Committee. 
 ARTICLE IX 
 CLAIMS PROCEDURES  

Section 9.1 Application for Benefits. Benefits shall be paid by the Company following an event that qualifies the Participant
for Benefits. In the event a Participant believes himself/herself eligible for Benefits under this Plan and Benefit payments have not been initiated by the Company, the Participant may apply for such Benefits by requesting payment of Benefits in
writing from the Committee. 
 Section 9.2 Appeals of Denied Claims for Benefits. In the event that any claim for
benefits is denied in whole or in part, the Participant (or beneficiary, if applicable) whose claim has been so denied shall be notified of such denial in writing by the Committee, within thirty (30) days following submission by the Participant
(or beneficiary, if applicable) of such claim to the Committee. The notice advising of the denial shall specify the reason or reasons for denial, make specific reference to pertinent Plan provisions, describe any additional material or information
necessary for the claimant to perfect the claim (explaining why such material or information is needed), and shall advise the Participant of the procedure for the appeal of such denial. All appeals shall be made by the following procedure:

 (a) The Participant whose claim has been denied shall file with the Committee a notice of desire to appeal the
denial. Such notice shall be filed within sixty (60) days of notification by the Committee of the claim denial, shall be made in writing, and shall set forth all of the facts upon which the appeal is based. Appeals not timely filed shall be
barred. 
 (b) The Committee shall, within thirty (30) days of receipt of the Participant’s notice of
appeal, establish a hearing date on which the Participant may make an oral presentation to the Committee in support of his/her appeal. The Participant shall be given not less than ten (10) days’ notice of the date set for the hearing.

 (c) The Committee shall consider the merits of the claimant’s written and oral presentations, the merits
of any facts or evidence in support of the denial of benefits, and such other facts and circumstances as the Committee shall deem relevant. If the claimant elects not to make an oral presentation, such election shall not be deemed adverse to his/her
interest, and the Committee shall proceed as set forth below as though an oral presentation of the contents of the claimant’s written presentation had been made. 

(d) The Committee shall render a determination upon the appealed claim, within sixty (60) days of the hearing date,
which determination shall be accompanied by a written statement as to the reasons therefor. 
 ARTICLE X 

MISCELLANEOUS  
 Section 10.1 Nonalienation of Benefits. None of the payments, benefits or rights of any Participant shall be subject to any claim of any creditor, and, in particular, to the fullest extent
permitted by law, all such payments, benefits and rights shall be free from attachment, garnishment, trustee’s process, or any other legal or equitable process available to any 

  

					
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creditor of such Participant. No Participant shall have the right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments which he/she may expect to receive,
contingently or otherwise, under this Plan. 
 Section 10.2 No Contract of Employment. Neither the establishment of
the Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Participant, or any person whosoever, the right to be retained in the service of the Company,
and all Participants shall remain subject to discharge to the same extent as if the Plan had never been adopted. 

Section 10.3 Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. 
 Section 10.4 Successors, Heirs, Assigns, and Personal Representatives. This Plan shall be binding upon the heirs, executors, administrators, successors and assigns of the parties, including
each Participant, present and future. 
 Section 10.5 Headings and Captions. The headings and captions herein are
provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 
 Section 10.6 Gender and Number. Except where otherwise clearly indicated by context, the masculine and the neuter shall include the feminine and the neuter, the singular shall include the
plural, and vice-versa. 
 Section 10.7 Unfunded Plan. The Plan shall not be funded. A Participant’s right to
receive payment of Benefits hereunder shall be no greater than the right of any unsecured creditor of the Company. The Company may, but shall not be required to, set aside or earmark an amount necessary to provide the Benefits specified herein
(including the establishment of trusts). In any event, no Participant shall have any right to, or interest in, any assets of the Company which may be applied by the Company to the payment of Benefits except as may be provided pursuant to the terms
of any trust established by the Company to provide Benefits. 
 Section 10.8 Payments to Incompetent Persons, Etc.
Any Benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide
for the care of such person, and such payment shall fully discharge the Company, the Committee and all other parties with respect thereto. 
 Section 10.9 Lost Payees. A Benefit shall be deemed forfeited if the Committee is unable to locate a Participant to whom a Benefit is due. Such Benefit shall be reinstated if application is
made by the Participant for the forfeited Benefit while this Plan is in operation. 
 Section 10.10 Controlling Law.
This Plan shall be construed and enforced according to the laws of the Commonwealth of Pennsylvania to the extent not preempted by federal law. 
 Section 10.11 Successor Employer. The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all
the business or assets of the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would be required to perform if no such
succession or assignment had taken place. In such event, the term “Company” shall mean the Company and any successor or assignee to the business or assets which by reason hereof becomes bound by the terms and provisions of this Plan.

 Section 10.12 In-Kind Benefits and Reimbursements. Notwithstanding anything to the contrary in this Plan, all
reimbursements and in-kind benefits provided under this Plan shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses
incurred during the Participant’s lifetime (or during a shorter period of time specified in this Plan); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, except, if such benefits consist of the reimbursement of expenses referred to in Section 105(b) of the Code, a maximum, if provided under the
terms of the plan providing such medical benefit, may be imposed on the amount of such reimbursements over some or all of the period in which such benefit is to be provided to the Participant as described in Treasury Regulation
Section 1.409A-3(i)(iv)(B); (c) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, provided that the Participant shall have submitted
an invoice for such fees and expenses at least ten (10) days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; and (d) the right to reimbursement or in-kind benefits is not
subject to liquidation or exchange for another benefit. 

  

					
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