BlackRock adopts Executive Carry Program linking senior exec pay to private markets fund performance

BlackRock, Inc.

ECP provides selected senior executives (excluding CEO) rights to carry distributions from flagship private funds.
Awards are at-risk, performance-based: no value at grant; distributions depend on fund returns over long term.
Vesting: 5-year schedule, no vesting until 3rd anniversary, then 1/3 annually; unvested awards forfeited on termination except for qualified retirement, death, disability.
Participants to be identified and awards granted beginning in 2026; MDCC approves funds and Section 16 officer awards.
CEO already received a carry-based incentive in 2025; ECP extends similar alignment to other senior executives.

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