EX-10.3

展品10.3

第二次修訂和重訂

黑石集團股份有限公司

員工股票購買計畫

第一條

計畫目的和範圍

1.1 目的

修訂版第二次修訂後的黑石集團股份有限公司員工股票購買計畫（以下簡稱“計畫”）旨在鼓勵員工參與公司的所有權和經濟進步。該計畫是對修訂版黑石集團股份有限公司員工股票購買計畫的繼續、修訂和重述。

1.2 資格

根據第八條，公司的意圖是計劃將符合稅收法典第423條（或任何後繼條文）下的“僱員股票購買計劃”的資格，以及相關的財政部法規。計劃的條款應該被解釋為限制計劃的運作和參與，以確保符合稅收法典第423條或適用的財政部法規的要求。

第二條

定義

在計劃中使用的大寫術語若未另有定義，應具有以下含義：

董事指的是公司的董事會。

編碼應指1986年內部稅收法典，並隨時修訂。

普通股 應表示每股面值為$0.01的公司普通股。

A類應指公司或指定子公司支付給具資格員工的定期酬金（扣除具資格員工對任何貢獻的扣除）此討論不涉及符合美國聯邦所得稅資格的退休計劃。他們都應該諮詢獨立的稅務顧問，以確定信託收入申報表，納稅義務，文件和其他責任的詳細資訊。或非合格的逆向儲蓄計劃），包括接受佣金收入的具資格員工的基本薪資、工資和佣金，在任何其他具資格員工的情況下，包括基本薪資和工資（澄清，減除任何獎金支付、激勵薪酬、超時支付或退款）。

公司指BlackRock, Inc.，一家根據特拉華州法律組織的公司，或任何後繼公司。

指定子公司 指在生效日期前參與計劃的任何子公司，或在生效日期後由MDCC或計劃經理指定參與計劃的任何子公司。 MDCC或計劃經理可以終止將子公司指定為指定子公司。

“合格的雇員”指參與僱主之一的常規非暫時雇員，其符合公司確定的股權激勵計劃或任何類似計劃之下可接受年度限制股票單位或其他年度股票為基礎的獎勵資格，或其按照稅法第401(a)(17)條的定義，其年薪超過該法規允許的最大金額。儘管計劃中的任何規定相反，可符合資格的雇員不應包括（i）被參與僱主或任何附屬公司歸類為獨立承包商或其他非參與僱主的實體雇員的人 (ii)任何根據集體談判協議的規定而受雇的人，(iii)在任何股權激勵計劃或任何類似計劃下接受一次性限制性股票單位獎勵或其他股票為基礎獎勵的人，但不符合最近採用的股權激勵計劃或任何類似計劃之下享有定期、年度限制股票單位獎勵資格的人，(iv)在公司擔任董事長但不同時擔任公司首席執行官的任何人，(v)居住和工作於美國以外國家的任何人。指在公司或指定子公司的全職或兼職員工，對於特定期權期間，根據《代碼》第423(b)(3)條的規定，在該期權期間的發行日期後不久，被認為沒有占有公司或子公司所有股類的總表決權或價值5％或更多的員工。

行使日期 指每個計劃年度的3月31日、6月30日、9月30日和12月31日（或如果該日期不是工作日，則為該日期前最接近的第一個工作日）。

公平市值 在特定日期的普通股份的收盤價指的是當天的普通股票收盤價，如果當天沒有該價格報告，則指的是最後一個報告了該價格的前一天，或者計劃經理將採取的其他合理方法來確定公平市場價值。

MDCC 指董事會的管理發展與薪酬委員會，或任何其後繼的委員會。

募集日期 每個計劃年度的1月1日、4月1日、7月1日和10月1日。

“Option Period” 指從執行日期開始到 (a) 許可生效日期、(b) 數據發布日期後的 [...***...]午夜以及 (c) [...***...] 中最先發生的一個日期終止的期間；但如果諾華未在[...***...] 或之前行使選擇權，則選擇權期限將自動延長至[...***...]，延長的此部分以“選擇權行使費用增加的方式” 按照 8.1.2 條款的規定進行；但雙方可以通過書面協議再進一步延長選擇權期限。指從發行日期開始到下一個行使日期結束的期間。

期權價格 應表示根據本章節5.1條所提供的普通股購買價格。

參與者 應表示根據計劃條款選擇參與的任何合格員工。

或者為法定目的而成立的人士，其業務或活動（“法定機構”）包括對各種公共機構的員工福利計劃、養老金計劃、保險計劃開展投資基金管理； 應表示此第二次修訂和重訂的黑石集團股份有限公司員工股票購入計劃，並不時經修訂。

計劃賬戶 應表示在參與者名下設立並維護的帳戶（可以是虛擬或簿面帳戶）。

計劃經理 指的是公司最高級的全球人力資源專家。

計畫年度 應指的是每個以1月1日開始並在隨後的12月31日結束的十二個月期間。

子公司 應指一家公司，本國或外國的，其選票股份不少於百分之五十（50%）為公司或公司附屬公司所持有，無論該公司現在是否存在或將由公司或公司的附屬公司組織或收購。在所有情況下，應根據《稅法》第424(f)條的規定來確定實體是否為附屬公司。

第三條文章

管理

在董事會或管理開發和報酬委員會（MDCC）的監督下，計劃經理有權管理計劃，制定和採納與計劃運作相關的規則和程序，只要不與計劃或該法典的規定相抵觸。計劃經理有權根據其認為適當的條件，將其權責中的任何事項委託給其代表人（包括但不限於根據計劃分配和收集參加者通知和選擇以及建立保管賬戶）。除非否定，計劃經理關於計劃的解讀和決定（包括但不限於關於計劃的任何條款或根據計劃授予的任何期權的解讀或決定）應屬最終且具有決定性。

无

參與

4.1 參與

每位合格僱員均可通過填寫由公司所要求的（可為電子形式）登記表格和薪資扣除授權，於計劃經理設定之截止日期前提交，此日期應早於下一期權期的發行日期。每位參與者被視為繼續參與該計劃，直至計劃終止或參與者根據第七條終止參與。

4.2 薪資扣除

參與者按照第 4.1 條的規定參與計劃後，根據參與者根據本第 IV 章所收到的指示，由每次薪資支付中的授薪扣除支付購買本條款下的普通股款項。該扣除應表示薪酬的全數百分比，最低為 1%，但不得超過 10%。對於參與者的薪資扣除將從參與者的薪資扣除授權生效後的次一期發行日期開始，並根據參與者的選擇繼續進行，直至計劃終止或參與者提前終止參與該計劃。

參與者在某期選擇期間內不得增加或減少所得扣減百分比。參與者可通過向計劃經理提交由公司提供（可能是電子的）的表格來增加或減少未來選擇期間的薪資扣減（須遵循計劃經理自行裁量建立的規則和時間限制）。對於未來薪資扣減的任何增加或減少的生效日期將為公司收到修改表格的下一個選擇期的第一天，如果公司在該選擇期的發行日期之前及時收到該修改表格，或為計劃經理自行決定的較早日期，或者與參與者按照第 7.1 節停止參與計劃有關的日期相應。根據本條款第 4.2 節從參與者的薪資中扣除的金額將記入該參與者的計劃賬戶。

第V條

購買股份

5.1 選擇價格

銷售給參與者的普通股每一期選擇期的選擇價格應等於（i）該選擇期的行使日期當日每股的公平市值的 95％，或（ii）普通股每股的面值，以此二者中較高者。

5.2 購買股份

根據第 9.6 節，除非參與者依照第 7.1 節規定退出計劃或以其他方式變得無資格參加計劃，否則每位參與者在任何選擇期內進行的薪資扣減的購買普通股的選項將自動在適用的行使日期行使，以便用該參與者的計劃賬戶中累積的薪資扣減購買相對應選擇價格的整股和碎股普通股。由於計劃或法定限制而在適用的行使日期未用於購買普通股的任何金額將以無利息方式退還給參與者。

5.3 購買的限制儘管計劃的任何規定相反，如果在授予後，參加者根據公司及任何附屬公司員工股票購買計劃（如《代碼》第 423 條所述）對購買股份的權利將在任何日歷年度中以超過 25,000 美元的公允市值（在適用行使日確定）的速度增加，則參加者將不會在任何時候獲得計劃下的期權。

儘管計劃的任何規定相反，如果在授予後，參加者根據公司及任何附屬公司員工股票購買計劃（如《代碼》第 423 條所述）對購買股份的權利將在任何日歷年度中以超過 25,000 美元的公允市值（在適用行使日確定）的速度增加，則參加者將不會在任何時候獲得計劃下的期權。

To the extent necessary to comply with Section 423(b)(8) of the Code and the limitations on purchase in this Section 5.3, a Participant’s payroll deductions may be decreased to 0% during any Option Period which is scheduled to end during any calendar year, such that the aggregate of all payroll deductions accumulated with respect to such Option Period and any other Option Period ending within the same calendar year is no greater than twenty three thousand seven hundred fifty dollars ($23,750). Payroll deductions shall re-commence at the rate provided in such Participant’s then-effective election form at the beginning of the first Option Period which is scheduled to end in the following calendar year, unless suspended by the Participant pursuant to Section 7.1 of the Plan.

5.4 Transferability of Rights

Rights to purchase shares hereunder shall be exercisable only by the Participant. Such rights shall not be transferable. Amounts credited to a Participant’s Plan Account may not be assigned, transferred, pledged or otherwise disposed of in any way by the Participant other than by will or the laws of descent and distribution. Any such attempted assignment, transfer, pledge or other disposition shall be without effect, except that the Corporation may, in its discretion, treat such act as an election to withdraw from participation in the Plan in accordance with Section 7.1.

ARTICLE VI

PROVISIONS RELATING TO COMMON STOCK

6.1 Common Stock Reserved

Subject to adjustment in accordance with Section 6.2, there shall be 1,250,000 authorized and unissued shares of Common Stock reserved for the Plan measured from the Plan’s initial inception date, which shares may be authorized but unissued shares of Common Stock or treasury shares (including, without limitation, shares acquired in the open market). The aggregate number of shares which may be purchased under the Plan shall not exceed the number of shares reserved for the Plan.

6.2 Adjustment for Changes in Common Stock

In the event that the MDCC shall determine that any dividend or other distribution (whether in the form of cash, Common Stock, or other property), recapitalization, stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, reclassification, repurchase, or share exchange, or other similar corporate transaction or event affects the Common Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the MDCC shall make such equitable changes or adjustments as it deems necessary or appropriate to any or all of (i) the number and class of shares or other securities that may be reserved for purchase, or purchased, hereunder, and (ii) the Option Price. Any such adjustment shall be made (i) only to the extent permitted by Sections 423 and 424 of the Code and (ii) in a manner intended not to constitute a modification as defined in Section 424(h)(3) of the Code. All such adjustments shall be made in the sole discretion of the MDCC, and its decision shall be binding and conclusive.

6.3 Insufficient Shares

If the aggregate funds available for purchase of Common Stock on any Exercise Date would cause an issuance of shares in excess of the number of shares remaining for issuance pursuant to Section 6.1, (i) the Plan Manager shall proportionately reduce the number of shares which would otherwise be purchased by each Participant in order to eliminate such excess, (ii) any amounts credited to the Participants’ Plan Accounts, to the extent not used to purchase shares, shall be refunded to the Participant without interest in the currency originally collected and (iii) the Plan shall automatically terminate immediately after such Exercise Date.

6.4 Confirmation

Each purchase of Common Stock hereunder shall be confirmed in writing to the Participant (which confirmation may be via e-mail or other electronic medium). A record of purchases under the Plan shall be maintained by appropriate entries on the books of the Corporation.

6.5 Rights as Shareholders

The shares of Common Stock purchased by a Participant on an Exercise Date shall, for all purposes, be deemed to have been issued and sold as of the close of business on such Exercise Date. Prior to that time, a Participant shall have none of the rights or privileges of a shareholder of the Corporation with respect to such shares.

ARTICLE VII

TERMINATION OF PARTICIPATION

7.1 Voluntary Withdrawal

A Participant may withdraw from the Plan at any time prior to the deadline established by the Plan Manager before an Exercise Date by filing notice of withdrawal in the form prescribed by the Plan Manager (which form may be electronic). Upon withdrawal, the entire amount, if any, in a Participant’s Plan Account shall be refunded to the Participant without interest. Notwithstanding the foregoing, with respect to the Option Period in which a Participant withdraws from the Plan, the Participant may elect to have the payroll deductions previously made during that Option Period remain in the Participant’s Plan Account to purchase Common Stock on the next Exercise Date, provided, that, he or she is an Eligible Employee as of that Exercise Date. Any Participant who discontinues payroll deductions during an Option Period may again become a Participant for a subsequent Option Period by enrolling for such subsequent Option Period in accordance with Article IV.

7.2 Termination of Eligibility

If a Participant ceases to be an Eligible Employee for any reason, including as a result of the termination of the Participant’s employment with the Corporation or any Designated Subsidiary for any reason, unless otherwise determined by the Plan Manager or if it would be administratively impractical, the dollar amount and the number of unissued shares (if any) in such Participant’s Plan Account will be refunded or distributed to the Participant without interest, or in the case of death, the Participant’s designated beneficiary or estate, or otherwise disposed of in accordance with policies and procedures prescribed by the Plan Manager in cases where such a refund or distribution may not be possible.

ARTICLE VIII

FOREIGN JURISDICTIONS

Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Corporation or any Subsidiary operate or have Participants, the Corporation, in its sole discretion, shall have the power and authority at any time to (i) modify the terms and conditions of the Plan as applicable to individuals outside the United States to comply with applicable foreign laws; (ii) establish sub-plans and modify administrative procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to this Plan as appendices) and (iii) take any action that they deem advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Corporation may not take any actions hereunder that would violate any securities law, tax law or any other applicable law or cause the Plan not to comply with Section 423 of the Code.

ARTICLE IX

GENERAL PROVISIONS

9.1 Notices

Any notice which a Participant files pursuant to the Plan shall be made on forms prescribed by the Plan Manager (which may include electronic forms).

9.2 Condition of Employment

Neither the creation of the Plan nor participation therein shall be deemed to create any right of continued employment or in any way affect the right of the Corporation or a Designated Subsidiary to terminate an Eligible Employee.

9.3 Withholding of Taxes

Each Participant shall, no later than the date as of which the value of an option under the Plan and/or shares of Common Stock first becomes includible in the income of the Participant for income tax purposes, pay to the Corporation, or make arrangements satisfactory to the Plan Manager regarding payment of, any taxes of any kind required by law to be withheld with respect to such option or shares of Common Stock. The obligations of the Corporation under the Plan shall be conditional on the making of such payments or arrangements, and the Corporation shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

In particular, to the extent a Participant is subject to taxation under U.S. Federal income tax law, if the Participant makes a disposition, within the meaning of Section 424(c) of the Code of any share or shares of Common Stock issued to Participant pursuant to Participant’s exercise of an option, and such disposition occurs within the two (2)-year period commencing on the day after the Offering Date or within the one (1)-year period commencing on the day after the Exercise Date, Participant shall, within ten (10) days of such disposition, notify the Corporation thereof and thereafter immediately deliver to the Corporation any amount of federal, state or local income taxes and other amounts which the Corporation informs the Participant the Corporation may be required to withhold.

9.4 Term of the Plan; Amendment of the Plan

The Plan shall continue in effect until the earlier of (i) the purchase of all shares of Common Stock reserved for issuance under the Plan, subject to adjustment in accordance with Section 6.2 hereof, or (ii) termination of the Plan by the Board or the MDCC, each of which shall have the right to terminate the Plan at any time. Upon any such termination, the cash balance, if any, in each Participant’s Plan Account shall be refunded to the Participant, or otherwise disposed of in accordance with policies and procedures prescribed by the Plan Manager in cases where such a refund may not be possible.

The Board or MDCC may at any time, or from time to time, amend the Plan in any respect, except that, without approval of the shareholders, no amendment may increase the aggregate number of shares reserved under the Plan other than as provided in Section 6.2 hereof, materially increase the benefits accruing to Participants or materially modify the requirements as to eligibility for participation in the Plan. Any amendment of the Plan must be made in accordance with applicable provisions of the Code and/or any Treasury Regulations issued thereunder, any other applicable law or regulations, and the requirements of the principal exchange upon which the Common Stock is listed.

9.5 Application of Funds

All funds received by the Corporation by reason of purchases of Common Stock hereunder may be used for any corporate purpose.

9.6 Legal Restrictions

The Corporation shall not be obligated to sell shares of Common Stock hereunder if counsel to the Corporation determines that such sale would violate any applicable law or regulation, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder and the requirements of any stock exchange upon which the Common Stock may then be listed.

9.7 Equal Rights and Privileges

Notwithstanding any provision of the Plan to the contrary, other than provisions or sub-plans adopted pursuant to Article VIII, and in accordance with Section 423 of the Code, all Participants who are granted options under the Plan shall have the same rights and privileges.

9.8 Severability

If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted.

9.9 Entire Plan

This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect to the subject matter hereof.

9.10 Gender

Whenever used herein, use of any gender shall be applicable to both genders.

9.11 Governing Law

The Plan and all rights and obligations thereunder shall be constructed and enforced in accordance with the laws of the State of Delaware and any applicable provisions of the Code and the related regulations.

9.12 Effective Date

The Effective Date of the Plan, as amended and restated herein, shall be October 1, 2015.

9.13 Headings

The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan.