Joseph Wolfe - 31 Jan 2022 Form 4 Insider Report for BLACKROCK ENHANCED CAPITAL & INCOME FUND, INC. (CII)

Role: Portfolio Manager
Signature: /s/ Gladys Chang as Attorney-in-Fact
Issuer symbol: CII
Transactions as of: 31 Jan 2022
Transactions value $: $35,603
Form type: 4
Filing time: 02 Feb 2022, 20:48:38 UTC
Next filing: 02 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CII	Common Stock	Options Exercise		+400			400	31 Jan 2022	Direct	F1, F2
transaction	CII	Common Stock	Disposed to Issuer	-$8.12K	-400	-100%	$20.30	0	31 Jan 2022	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CII	Phantom Shares	Award	$43.7K	+2.15K		$20.30	2.15K	31 Jan 2022	Common Stock	2.15K		Direct	F1, F3
transaction	CII	Phantom Shares	Options Exercise		-400	-33.33%		800	31 Jan 2022	Common Stock	400		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
F2	As previously reported on a Form 4 dated February 2, 2021, the Reporting Person was granted phantom shares on January 29, 2021 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
F3	These phantom shares vest in equal installments on each of the first three anniversaries of the award.