Exhibit 10.1

 

AMD_00262742.0

 

Certain confidential portions of this Exhibit have been omitted pursuant to Item
601(b) of Regulation S-K because the identified confidential portions (i) are
not material and (ii) would be competitively harmful if publicly disclosed.

AMENDMENT

THIS AMENDMENT (this “Amendment”) dated as of the 30th day of October, 2019 is
made to the Agreements (as defined below) by and between MSCI (as defined below)
and Licensee (as defined below).  Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Agreements, as applicable.

WHEREAS, MSCI Inc. and BlackRock Fund Advisors are parties to the Index License
Agreement for Funds (internal MSCI reference IXF_00040) dated as of March 18,
2000 (the “US ETF Agreement”);

WHEREAS, MSCI Inc. and BlackRock Institutional Trust Company, N.A. (formerly
known as Barclays Global Investors, N.A.) are parties to the Index License
Agreement for Funds (internal MSCI reference IXF_00004) dated as of May 18, 2001
(the “Non‑US ETF Agreement”);

WHEREAS, MSCI Inc. or its affiliate MSCI Limited (as applicable, “MSCI”) and
BlackRock Fund Advisors or BlackRock Institutional Trust Company, N.A. (as
applicable, “Licensee”) entered into various amendments and schedules to the US
ETF Agreement and the Non‑US ETF Agreement (the “Fund Licenses”); and

WHEREAS, the parties hereto now wish to amend the US ETF Agreement, the Non‑US
ETF Agreement and all of the Fund Licenses (collectively, the “Agreements”).

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the
parties hereto agree to amend the Agreements as follows:

1.

The term of each of the US ETF Agreement and the Non‑US ETF Agreement is hereby
extended for the ten (10) year period beginning on March 18, 2020 and ending on
March 17, 2030.  Thereafter, the US ETF Agreement and the Non‑US ETF Agreement
shall each renew for successive three (3) year periods, unless either party
provides written notice to the other of its intent not to renew the applicable
agreement [**********************] prior to the end of the then‑current term of
such agreement.

2.

“Expense Ratio” means the ratio (expressed as a percentage) obtained when
dividing
(i) [***************************************************************************]
by (ii) [********** **************************].

3.

Effective as of the [*****************************] set forth below, for Funds
with [*********** **********************] during any [****************], the
license fees payable to MSCI shall be subject to the following
[***********************]:

 

[******************]

[************************]

[***************]

[*************************************************]

[***************]

[*************************************************]

[***************]

[*************************************************]

[****************]

[*************************************************]

[****************]

[*************************************************]

 

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AMD_00262742.0

 

[*****] shall be determined in accordance with the applicable Fund License.

4.

The [*******] shall be implemented and take effect on
[************************************* ******]:

 

Funds

[*****************]

[*************************]

[*************]

[***************************************]

[**********]

[**********************************]

[************]

[*************************************]

[************]

 

5.

The [*****] shall apply to any Fund [************************************],
regardless of whether any prior agreement between MSCI and Licensee identifies
[************************** *********].

6.

Where license fees for a Fund were determined prior to this Amendment
[******************************], following this Amendment the licensee fees for
any such Fund [*****************************************************] shall be
calculated [*****************].  For example:

 

[***********************

*******************]

[*********************************************]

[************]

[*************************************************

*******************************************]

 

7.

If a Fund’s [***********] changes during any calendar [********], then the
[***********] for such calendar [******] shall be calculated
[**********************] when each [****** ******] was effective.  For example,
if the [************] of a Fund [********** **********].

8.

For any license fee calculation using [***************] and that requires
[************].  For example, [*****************************************].

Notwithstanding Section 7 above, solely for purposes of calculating any such
[**************** ************], any change during a calendar [*******] to a
Fund’s [************] shall become effective at the start of the next calendar
[*******].

9.

For the avoidance of doubt, the [******] do not apply to funds based on any
Bloomberg Barclays MSCI ESG Fixed Income Indexes, which are licensed by MSCI ESG
Research LLC and MSCI ESG Research (UK) Limited.

10.

In order to reduce the complexity and number of amendments, schedules, addenda,
side letters and other exhibits and documents related to the Agreements, the
parties agree to endeavor in good faith to diligently prepare and execute a
simplified, consolidated restatement of the US ETF Agreement and Non‑US ETF
Agreement, as hereby amended, no later than March 1, 2020.

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AMD_00262742.0

11.

This Amendment amends and operates in conjunction with the Agreements.  This
Amendment and the Agreements constitute the complete and exclusive statement of
the agreement between the parties with respect to the subject matter hereof and
supersede in full all prior proposals and understandings, oral or written,
relating to such subject matter.  To the extent that the terms of this Amendment
conflict with the terms of any of the Agreements, the terms of this Amendment
shall control.

12.

This Amendment shall be governed by, and construed in accordance with, the laws
of the State of New York without regard to its conflict or choice of laws
principles.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
as of the date of this Amendment.

 

MSCI Inc.

 

BlackRock Fund Advisors

 

 

 

 

 

 

 

 

By

 

 

/s/ Kevin Czerney

 

By

 

/s/ Ruth Weiss

 

 

 

 

 

 

 

 

Name

 

 

Kevin Czerney

 

Name

 

Ruth Weiss

 

 

 

 

 

 

 

 

Title

 

 

Executive Director

 

Title

 

Managing Director

 

 

 

 

 

 

 

 

 

MSCI Limited

 

BlackRock Institutional Trust Company, N.A.

 

 

 

 

 

 

 

 

By

 

 

/s/ Philippe Ballet

 

By

 

/s/ Ruth Weiss

 

 

 

 

 

 

 

 

Name

 

 

Philippe Ballet

 

Name

 

Ruth Weiss

 

 

 

 

 

 

 

 

Title

 

 

Managing Director

 

Title

 

Managing Director

 

 

 

 

 

 

 

 

 

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