Document:

Letter Agreement To Amend MSCI-BGI Fund Index License Agreement

 Exhibit 10.3 
 MSCI 
  

							
	ADL_00074	 		 		 	
		 		 		 	 1221 Avenue of the Americas
 New York, New
York 10020
 (212) 762-5800

				
		 		 		 	June 21, 2001

 Barclays Global Investors, N.A. 
 45 Fremont Street 
 San Francisco, California 94105  
 Attn: Fund Administration 
  

	 	Re:	Letter Agreement To Amend MSCI-BGI Fund Index License Agreement 

 Dear Sir: 
 This letter agreement (“Letter Agreement”) will amend the Index License Agreement For Funds, between Morgan
Stanley Capital International Inc. (“MSCI”) and Barlcays Global Investors, N.A. (“Licensee”), dated March, 18, 2000 (the “License Agreement” or “Agreement”), as follows: 
  

	 	1.	In Exhibit A to the License Agreement, add the following MSCI Indexes: 

 **** 
 MSCI Pacific Free ex-Japan 
 **** 
  

	 	2.	The parties acknowledge that MSCI is in the process of revising its calculation methodology for these indexes and has published new Provisional Indexes for the entire MSCI index
family. This Letter Agreement shall apply to the MSCI indexes using both the current calculation methodology and any revised methodology, including without limitation, a free-float calculation methodology. 

  

	 	3.	The License Agreement will remain in full force and effect as expressly amended herein. This Letter Agreement along with the License Agreement, as amended, constitutes the entire
agreement and understanding of the parties with respect to the subject matter thereof. 

 [****] Represents material which has been redacted
and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 

 Barclays Global Investors, N.A. 
 May 29, 2001 
 Page 2 
 Please indicate your acceptance of this Letter Agreement by signing below. 
  

	
	Sincerely,
	
	/s/ Simon Midgen
	Simon Midgen

  

			
	BARCLAYS GLOBAL INVESTORS, N.A.
		
	By:	 	/s/ Bruce Lavine
	Print Name/Title:	 	Bruce Lavine, CFO Individual Investor
	Date Signed:	 	6/28/01
	
	BARCLAYS GLOBAL INVESTORS, N.A.
		
	By:	 	/s/ James G. Polisson
	Print Name/Title:	 	James G. Polisson, Managing Director
	Date Signed:	 	June 28, 2001Addendum to the Index License Agreement for Funds, dated September 18, 2002

 Exhibit 10.4 
 ADDENDUM 
 TO THE INDEX LICENSE AGREEMENT FOR FUNDS 
 BY AND BETWEEN 
 MORGAN STANLEY
CAPITAL INTERNATIONAL INC. 
 AND 
 BARCLAYS GLOBAL INVESTORS, N.A. 
 This Addendum, effective as of 9/18/02, 2002 (“Effective Date”),
supplements and amends the Index License Agreement For Funds between Morgan Stanley Capital International Inc. (“MSCI”) and Barclays Global Investors, N.A. (“BGI”) dated March 18, 2000 (the
“Agreement”). Capitalized terms not otherwise defined herein shall have the meaning set forth in the Agreement. 
  

	1.	Grant of License 

 BGI hereby grants MSCI a
worldwide license to license third parties: on a non-exclusive basis (a) to sponsor option contracts or other derivative securities products written on, linked to or otherwise based on the Funds (“Options”); (b) to use and refer
to the iShares Mark as part of the Composite Mark to promote, market, sell and otherwise sponsor the Options; and (c) to make such disclosures about the Options as necessary under any applicable law, rules and regulations. 
  

	2.	Fee Splitting/Payment 

 In the event that
MSCI receives **** for the granting of a license ****, MSCI shall, within sixty (60) days following the close of each calendar quarter **** of all such **** in such calendar quarter. 
  

	3.	Full Disclosure 

 MSCI shall disclose to BGI
the terms of any agreement with any third party granted pursuant to this Addendum. The foregoing obligation shall be met by MSCI providing BGI with a fully executed copy of any such agreement. 
  

	4.	Confidentiality 

 MSCI agrees to keep
confidential the terms of this Addendum, including the fact that it is being negotiated and the substance of the negotiations, except that MSCI may disclose verbally to its third party licensees only the existence of ****. 
  

	5.	Ownership and Protection of Composite Marks 

 The provisions of Section 9 of the Agreement are hereby incorporated herein by reference. 
 [****] Represents material which has been redacted
and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended.Amendment to the Index License Agreement for funds, dated December 3, 2004

 Exhibit 10.5 
 Client Code/Reference No:             
 AMENDMENT 
 Date of Amendment: December 3, 2004 
 AMENDMENT to the Index License Agreement for Funds, by and between Morgan Stanley Capital International Inc. (“MSCI”) and Barclays Global Investors, N.A. (“Licensee”), dated as of
March 18, 2000 (the “US ETF Agreement”). Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed in the US ETF Agreement. 
 In consideration of the promises and the mutual covenants and agreements contained herein, MSCI and Licensee hereby agree to amend the US ETF Agreement as follows: 
  

	1.	Term. The term of the US ETF Agreement is hereby renewed for an additional **** commencing on March 18, 2005. Thereafter, the US ETF Agreement shall renew for
successive **** unless either party provides written notice to the other of its intent not to renew ninety days prior to the end of the then-current term. 

  

	2.	License Fees. The license fees shall be calculated as set forth herein commencing on January 1, 2005, notwithstanding anything to the contrary in the Agreement or
any Schedule or Exhibit thereto. Section 3 of the US ETF Agreement is hereby deleted in its entirety and replaced as follows: 

 (a) Licensee shall pay MSCI a **** license fee with respect to the use of each Index (as listed on Exhibit A) as the basis for, or a component of, a Fund (described on Exhibit B). The **** license fee shall be **** during the
applicable ****, subject to a **** as follows: 
  

			
	 ****
	  	 ****

		
	 First ****
	  	 ****

		
	 From ****
	  	 ****

		
	 From ****
	  	 ****

		
	 From ****
	  	 ****

		
	 Greater than ****
	  	 ****

 (b) **** 
 (c) The license fee shall be paid in arrears to MSCI by the fifteenth day of the following **** and shall be accompanied by a statement from Licensee stating that such fees are accurate. Any license fees or any
other amounts due hereunder that are not timely paid shall accrue interest at the rate of **** per month or the maximum amount permitted by law, whichever is less, which interest charges shall begin accruing on the relevant due date and shall
continue to accrue until such license fees and all other amounts due hereunder are paid in full. 
 [****] Represents material which has been redacted and
filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 

 (d) Licensee shall maintain detailed and accurate records with respect to the assets of the Funds and any
of Licensee’s payments to MSCI hereunder. During the term of the US ETF Agreement and for a period of three (3) years after its termination, Licensee, upon written request by MSCI, shall provide access to such records during normal
business hours to MSCI and/or an independent accounting organization chosen and compensated by MSCI. Licensee shall promptly pay any underreported license fees and all other amounts due hereunder determined by such audit ****, or the **** whichever
is less, for the period of time during which such amount was owed and unpaid. If such audit reveals an underpayment in excess of **** of the amount due hereunder, then Licensee shall also pay for the reasonable cost of such audit. 

(e) Licensee will promptly pay **** arising as a result of the Agreement, other than ****. 
 (f) For the avoidance of doubt, the **** license fees that are **** be calculated progressively. For example, the **** would be subject to the ****
license fee formula set forth above and the **** license fee formula set forth above. 
 (g) Notwithstanding anything to the contrary
contained herein, if any Fund does not have ****, the licensee fee for such Fund shall equal ****. 
  

	3.	Disclosure. 

 (a) Licensee **** the following
information at the following frequencies on its web sites, **** and in its printed publications regarding ****, provided that (i) each **** containing such information prominently indicates or contains a prominent link to a page that
indicates and (ii) each **** containing such information prominently indicates, that no reader of such information may use such information to manage or sponsor a fund or other security, investment vehicle or financial product: 
 Information regarding ****: 
  

			
	 INFORMATION
	  	 FREQUENCY

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

	 Number of ****
	  	 ****

	 Financial ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	 ****

 Information regarding ****: 
  

			
	 INFORMATION
	  	 FREQUENCY

	 ****
	  	 ****

	 ****
	  	 ****

	 Number of ****
	  	 ****

	 Financial ****
	  	 ****

	 ****
	  	 ****

	 ****
	  	**** shall distribute such **** only if they are accompanied by **** prohibition on redistribution and certain uses in a form agreed ****

 [****] Represents material which has been redacted and filed separately with the Securities and Exchange
Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 

	 	*	**** 

  

	 	**	**** 

 (b) Licensee **** on Licensee’s websites, ****,
or through ****, the **** for Licensee’s Funds; provided that (i) the data is published in a format that may not ****, (ii) all persons accessing such data via **** must affirmatively assent ****, and (iii) MSCI may
terminate this right on reasonable prior written notice to Licensee if MSCI determines in its good faith reasonable discretion that ****. 
 (c) Notwithstanding anything to the contrary in the Agreement or any Schedule or Exhibit thereto, Licensee may also distribute ****; provided that Licensee has **** pursuant to which each **** expressly agrees ****, (ii) not to
redistribute **** and (iii) to disclosure of its name to MSCI. MSCI may withdraw any such distribution approval with respect **** at any time on written notice to Licensee. 
  

	4.	Derivatives. For the avoidance of doubt, the Agreement or any Schedule or Exhibit thereto (i) does not give Licensee the right to create any futures, options or
other derivatives based on any Index and (ii) does not give MSCI or Licensee the right to create any futures, options or other derivatives of any Fund without the prior written consent of the other party hereto. Notwithstanding the foregoing,
Licensee may hold futures, options or other derivative securities as constituent holdings of any Fund. 

  

	5.	Miscellaneous. This Amendment is intended to amend and operate in conjunction with the US ETF Agreement and together this Amendment and the US ETF Agreement constitute
the complete and exclusive statement of the agreement between the parties and supersede in full all prior proposals and understandings, oral or written, relating to the subject matter hereof. To the extent that any terms of this Amendment conflict
with any terms of the US ETF Agreement, the terms of this Amendment will control. No right or license of any kind is granted to Licensee except as expressly provided in the US ETF Agreement and this Amendment 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. 

  

									
	BARCLAYS GLOBAL INVESTORS, N.A.	 		 	MORGAN STANLEY CAPITAL INTERNATIONAL INC.
					
	By	 	/s/ Francis Enderle	 		 	By	 	/s/ Allen Heery
	Name	 	Francis Enderle	 		 	Name	 	Allen Heery
	Title	 	Managing Director	 		 	Title	 	Executive Director

  

			
	BARCLAYS GLOBAL INVESTORS, N.A.
		
	By	 	/s/ Michael Latham
	Name	 	Michael Latham
	Title	 	Managing Director

 [****] Represents material which has been redacted and filed separately with the Securities and Exchange
Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 
  

 EXHIBIT 1 
 **** 
 The MSCI Index names are trademarks of Morgan Stanley Capital International and have been licensed for use by Barclays Global
Investors. The product is not sponsored, endorsed, sold, or promoted by Morgan Stanley Capital International and Morgan Stanley Capital International makes no representation regarding this product, the information provided herein or the advisability
of investing in any product or security. Neither SEI nor BGI, nor any of their affiliates, are affiliated with Morgan Stanley Capital International. This information is provided for internal informational purposes only and may not be redistributed
or reproduced, used in connection with any non-MSCI indices or used in connection with managing or sponsoring any fund or other security, investment vehicle or financial product. 
 [****] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of
1933, as amended.

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