I have this all sorted now, Blackrock have benefit from the...

I have this all sorted now, Blackrock have benefit from the growth of 5 m shares
The maximum is capped at $5m, which can be earned if the share price reaches or exceeds $2/share. Payment is made by issue of shares at the prevailing market price

Between a share price of $1.01 and $2.0 its proportional eg if the share goes up to $1.01 Blackrock earn 1 cent/share times the 5m shares ($50000), at $1.02 its 2c/share times 5m shares ($100000)

The maximum share issue as payment and so shareholder dilution occurs at $2/share where 2.5 m shares will be issued to pay the earned $5m
Interestingly a share price of $1.50 and $3.00 result in the same number of shares issued at 1.66m,
$0.50 x 5m = $2.5m divided by share price of $1.50 = 1.66m shares
$2.00 x 5m is $10m, but is capped at $5m divided by share price of $3.00 = 1.66m shares.
In effect the higher the share price is above $2.00 the less shares issued, which suits me just fine, as dilution is not a shareholders friend.