Document:

msci-ex10119_175.htm

 

Exhibit 10.119

 

*** INDICATES CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT THAT 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.

A.N.: 130339 

AMD_00178569.0

AMENDMENT

Date of Amendment: August 3, 2015

AMENDMENT (this “Amendment”) to the Index License Agreement for Funds (internal MSCI reference: IXF_00040) dated as of March 18, 2000 (the “Agreement”) by and between MSCI Inc. (formerly known as Morgan Stanley Capital International Inc.) (“MSCI”) and BlackRock Fund Advisors, a California corporation (as successor to Barclays Global Investors, NA.) (“Licensee”).

The parties acknowledge that the Agreement was previously amended by, among other amendments, that certain Amendment (internal MSCI reference: AMD_00135107.0) dated as of August 15, 2014 (the “Previous Amendment”). This Amendment shall supplement and operate in conjunction with the Previous Amendment. Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Agreement or the Previous Amendment, as the case may be.

	
1.
	
Exhibit A of the Agreement is hereby amended to add the following Indexes:

	
 
	
•
	
MSCI Europe Small Cap 100% Hedged to USD Index

Or such other names as agreed by Licensee and MSCI in writing.

	
2.
	
Licensee may use the Indexes set forth in Section 1 above solely with respect to the following Funds (each, a “Hedged ETF” and each Hedged ETF shall also be a “Fund” as such term is defined in the Agreement):

	
 
	
•
	
iShares Currency Hedged MSCI Europe Small-Cap ETF

Or such other names as agreed by Licensee and MSCI in writing.

The Hedged ETFs shall be exchange traded index funds listed on a national securities exchange located in the United States.

	
3.
	
Fees payable with respect to the Hedged ETFs:

	
a.
	
D efinitions:

As used in this Amendment, the following terms shall have the meanings set forth below:

“Un-Hedged ETF” means, for each ***********, the *********************************************** set forth in the following table:

**************************

**************************

“Expense Ratio” means the ***********. obtained when dividing *************************************

*********************************** *****************************************************************

************************************************************************************************

****************************.

“AUM” means the ******************************************************* *********************************. 

“Reinvested AUM” means, for each ***************************************

******************************************************************************************************.

 

 

 

	
	
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A.N.: 130339

AMD_00178569.0

“Unreinvested AUM” means, for each ***********************************************

*********************************************************************************************.

For the avoidance of doubt, the total of the *********** and the *********** of any *********** during any relevant period must equal the total *****************************************.

	
b.
	
C alculation of Fees:

Each *********** during the term, and for each ***********, Licensee shall pay to MSCI the *********** set forth to the table below ******************* *********************************************************.

*****************************

*****************************

*****************************

*****************************

For the avoidance of doubt, the *********** shall be calculated ***********. For example,

********************************************************************************************

********************************************************************************************

********************************************************************************************

********************************************************************************************

********************************************************************************************

***********************************************************.

For the avoidance of doubt, there shall be no *********** fees due or payable under the ***********with respect to the

***********or the ***********.

	
c.
	
R eporting:

Within *********** days of the end of each *********** Licensee shall report to MSCI (i) the AUM, the

*******************************************************************************************

********************************************************************************************

********************************************************************************************

********************************************************************************************

********************************************************************************************

*******************************************************************************************.

	
4.
	
Special Conditions:

	
 
	
a.
	
To the extent that this Amendment conflicts with the Agreement or the Previous Amendment, this Amendment shall control. No right or license of any kind is granted to Licensee except as expressly provided in the Agreement, the Previous Amendment and this Amendment.

	
 
	
b.
	
MSCI may terminate this Amendment with respect to any Index set forth in Section 1 if, within one (1) year of the date of this Amendment, Licensee does not list a Hedged ETF that is based on such Index.

	
 
	
c.
	
If Licensee delists any Hedged ETF or changes the underlying Index for such Hedged ETF, Licensee’s right to use the relevant Index set forth in Section 1 with respect to such Hedged ETF shall automatically and immediately terminate.

	
 
	
d.
	
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.

 

	
	
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A.N.: 130339

AMD_00178569.0

 

	
ACKNOWLEDGED AND AGREED
	
 
	
 
	
 

	
LICENSEE: BlackRock Fund Advisors
	
 
	
MSCI INC.

	
 
	
 
	
 
	
 
	
 

	
By:
	
/s/ Manish Mehta
	
 
	
By:
	
/s/ Alex Gil

	
Name:
	
Manish Mehta
	
 
	
Name:
	
Alex Gil

	
Title:
	
Managing Director
	
 
	
Title:
	
Executive Director

	
Date:
	
September 25, 2015
	
 
	
Date:
	
Nov 12, 2015

	
 
	
 
	
 
	
 
	
 

 

 

	
	
3/3msci-ex10120_174.htm

 

Exhibit 10.120

*** INDICATES CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT THAT 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.

A.N.: 130339 

AMD_00178932.0

BlackRock Fund Advisors Attention: Jenni Lee

400 Howard Street

San Francisco, California 94105

August 3, 2015

Dear Jenni:

Reference is hereby made to the Amendment (MSCI reference: AMD_00135107.0) dated August 15, 2014 (the “Amendment”) to the Index License Agreement for Funds (MSCI reference number IXF_00040) dated March 18, 2000 (the “Agreement”) by and between MSCI Inc. (formerly known as Morgan Stanley Capital International Inc.) (“MSCI”) and BlackRock Fund Advisors, a California corporation (as successor to Barclays Global Investors, N.A.) (“Licensee”). All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Amendment or the Agreement, as the case may be.

MSCI and Licensee hereby agree as follows:

	
1.
	
Effective commencing on August 3, 2015, the definition of “Expanded AUM” set forth in the Amendment shall be deleted and replaced with the following:

“Expanded AUM” means, for any applicable period, the amount (if any) by which

************************************************************************************.

	
2.
	
Effective commencing on August 3, 2015, the following two definitions shall be added to Section 3 of the Amendment:

“Qualified AUM” means, for any applicable period, an amount equal to

************************************************.

“Reinvested AUM” means, for any applicable period, that *********** which is directly or indirectly

*************************************************************************************************

************************************.

	
3.
	
Effective commencing on August 3, 2015, the following paragraph shall be added to Section 3 of the Amendment:

Within *********** days of the end of each *********** Licensee shall provide to MSCI a

******************************************************************************************************

******************************************************************************************************

******************************************************************************************************

***************************************************************************.

This letter modifies and operates in conjunction with the Amendment. Together this letter, the Amendment and the Agreement 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 any terms of this letter conflict with any terms of the Amendment or the Agreement, the terms of this letter shall control. This letter 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.

 

 

 

	
	
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A.N.: 130339 AMD_00178932.0

Please indicate your agreement with the foregoing by countersigning and returning a copy of this letter. 

Very truly yours,

 

	
MSCI Inc.

	
 
	
 
	
 

	
By:
	
 
	
/s/ Alex Gil

	
Name
	
 
	
Alex Gil

	
Title:
	
 
	
Executive Director

	
 
	
 
	
 

	
ACCEPTED AND AGREED:

 

	
BlackRock Fund Advisors

	
 
	
 
	
 

	
By:
	
 
	
/s/ Manish Mehta

	
Name
	
 
	
Manish Mehta

	
Title:
	
 
	
Managing Director

 

 

	
	
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