Document:

msci-ex10106_183.htm

 

 

Exhibit 10.106

 

*** 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_00156266.0

AMENDMENT

 

Date of Amendment: April 20, 2015

 

AMENDMENT (this “Amendment”) to the Index License Agreement for Funds (MSCI reference number IXF_00040) dated as of March 18, 2000 (as previously amended, the “Agreement” is made 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”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement

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

	
 
	
•
	
MSCI USA Diversified Multi-Factor Index

	
 
	
•
	
MSCI USA Small Cap Diversified Multi-Factor Index

or such other indexes 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 Licensee funds (each, a “USA Multi-Factor ETF” and each USA Multi-Factor ETF shall also be a “Fund” as such term is defined in the Agreement):

	
 
	
•
	
iShares FactorSelect MSCI USA ETF

	
 
	
•
	
iShares FactorSelect MSCI USA Small-Cap ETF

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

The USA Multi-Factor ETFs shall be exchange traded index funds listed on a national securities exchange located in the United States.

	
 
	
3.
	
For each USA Multi-Factor ETF, Licensee shall pay MSCI a *********** license fee based on

******************************************** which fee shall be calculated and payable on a *********** basis. The

*********** license fee for each USA Multi-Factor ETF shall be **********************.

	
 
	
4.
	
Special Conditions:

	
 
	
a.
	
This Amendment is intended to amend and operate in conjunction with the Agreement, and together this Amendment and the 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 this Amendment conflicts with the Agreement, this Amendment shall control. No right or license of any kind is granted to Licensee except as expressly provided in the Agreement and this Amendment.

	
 
	
b.
	
MSCI may terminate this Amendment with respect to any individual Index set forth in Section 1 it within two (2) years of the date on which MSCI first launches any one of the Specified Indexes, Licensee does not list the relevant USA Multi- Factor ETF that is based on such Index. As used herein, “*********** means any one or more of

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

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

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

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

 

 
 

	
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A.N.: 130339 AMD_00156266.0

 

	
 
	
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.

	
 
	
e.
	
MSCI shall not *********** *********** any exchange traded fund listed in *********** that is based on any ********************** based on the same such ***********. Notwithstanding the foregoing, at any time after

******************************************** MSCI may license ********************** that is based on any or all of the ***********.

 

	
ACKNOWLEDGED AND AGREED
	
 
	
 

	
LICENSEE: BlackRock Fund Advisors
	
 
	
MSCI INC.

	
By /s/ Patrick Dunne
	
 
	
By /s/ Alex Gil

	
Name 
	
 
	
Name Alex Gil

	
Title   
	
 
	
Title     Executive Director

	
Date.
	
 
	
Date. May 12, 2015

 

 

 
 

	
2/2msci-ex10110_182.htm

 

Exhibit 10.110

*** 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_00172058.0

AMENDMENT

 

Date of Amendment: June 1, 2015

AMENDMENT to the Amendment dated February 21, 2013 (the “Original Amendment”) to the Index License Agreement for Funds dated as of March 18, 2000 with MSCI internal reference DCF_00040 (as previously amended, the “Agreement”) by and between MSCI Inc. (f/k/a Morgan Stanley Capital International Inc.) (“MSCI”) and Black Rack Fund Advisors, a California corporation (as successor to Barclays Global Investors, NA) (“Licensee”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Original Amendment or the Agreement, as the case may be.

 

WHEREAS, in accordance with the Original Amendment and the Agreement, Licensee launched (i) the iShares MSCI USA Value Factor ETF, tracking the performance of the MSCI USA Value Weighted Index; and (ii) the iShares MSCI USA Quality Factor ETF, tracking the performance of the MSCI USA Quality Index; and

WHEREAS, Licensee now wishes for such ETFs to begin tracking the performance of different MSCI indexes. NOW, THEREFORE, for good and valuable consideration, MSCI and Licensee hereby agree as follows:

1.Effective as of the applicable Transition Date, Section 1 of the Original Amendment shall be amended to (i) delete the “MSCI USA Value Weighted Index” and replace it with the “MSCI USA Enhanced Value Index” and (ii) delete the “MSCI USA Quality Index” and replace it with the “MSCI USA Sector Neutral Quality Index.”

 

2.Effective as of the applicable Transition Date, Section 2 of the Original Amendment shall be amended to (i) delete the second bullet point and replace it with “iShares MSCI USA Value Factor ETF which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Enhanced Value Index” and (ii) delete the fourth bullet point and replace it with “iShares MSCI USA Quality Factor ETF which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Sector Neutral Quality Index.”

 

3.As used herein, the “Transition Date” means, as applicable, either (i) the date on which the iShares MSCI USA Value Factor ETF begins tracking the MSCI USA Enhanced Value Index or (ii) the date on which the iShares MSCI USA Quality Factor ETF begins tracking the MSCI USA Sector Neutral Quality Index. Licensee shall provide MSCI with prompt written notice of each Transition Date. Where necessary, the applicable license fees under this Amendment and the Original Amendment shall be

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

 

4.This Amendment is intended to amend and operate in conjunction with the Original Amendment and the Agreement and, together, this Amendment the Original Amendment and the 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 Original Amendment or the Agreement, the terms of this Amendment shall control. No right or license of any kind is granted to Licensee except as expressly provided in the Agreement, the Original Amendment and this Amendment.

 

5.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.

 

	
LICENSEE: BlackRock Fund Advisors
	
 
	
MSCI INC.

	
 
	
 
	
 

	
By/s/ Paul C. Lohrey
	
 
	
By

	
Name    Paul C. Lohrey
	
 
	
Name

	
Title       Managing Director
	
 
	
Title

	
Date July 28, 2015
	
 
	
 

 

A.N.: 130339 

AMD_00172058.0

 

Signature: /s/ Alex Gil 

Email: alex.gil@msci.com 

Title: Executive Director

 

	
	
1/2msci-ex10111_181.htm

 

Exhibit 10.111

 

*** 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_00172354.0

AMENDMENT

 

Date of Amendment: June 1, 2015

AMENDMENT (this “Amendment”) to the Index License Agreement for Funds (MSCI reference number IXF 00040) dated as of March 18, 2000 (as previously amended, the “Agreement”) is made 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”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement.

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

	
 
	
•
	
MSCI Saudi Arabia IMI 25/50 Index

Or such other index as agreed by Licensee and MSCI in writing,

	
2.
	
Licensee may use the Index set forth in Section 1 above solely with respect to the following Licensee fund (which shall be a “Fund” as such term is defined in the Agreement):

	
 
	
•
	
iShares MSCI Saudi Arabia Capped ETF

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

The Fund shall be an exchange traded index fund listed on a national securities exchange located in the United States.

	
3.
	
Licensee shall pay MSCI a *********** license fee based on the Fund’s ***************************************, which fee shall be calculated and payable on a *********** *****. The *********** license fee shall be calculated as a percentage of the Fund’s AUM during the applicable *********************************, as follows:

 

***********

***********

***********

 

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

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

 

“Expense Ratio” shall mean the *********** obtained when dividing **************************************************************************************************************.

 

Notwithstanding anything to the contrary contained herein, if the Fund does not have an *********** or if a Fund’s ********************** or if a Fund has an ***********, the *********** licensee fee for such Fund shall

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

 

	
4.
	
Special Conditions:

 

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

	
 
	
b.
	
MSCI may terminate this Amendment with respect to the Index set forth in Section 1 if within one (1) year of the date of this Amendment, Licensee does not list the Fund and/or the Fund is not based on the Index.

	
 
	
c.
	
If Licensee delists the Fund or changes the underlying MSCI index for the Fund, then Licensee’s right to use the Index with respect to the Fund 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.

	
 
	
e.
	
On the date hereof this Amendment, this Amendment shall cancel and replace in its entirety that certain Amendment dated September 17, 2014 between MSCI and Licensee with MSCI internal reference AMD_00145052.0.

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ACKNOWLEDGED AND AGREED:
	
 
	
 

	
LICENSEE: BlackRock Fund Advisors
	
 
	
MSCI Inc.

	
By/s/ Paul C. Lohrey

Name   Paul C. Lohrey

Title     Managing Director

Date     July 28, 2015
	
 
	
By/s/ Alex Gil

Name  Alex Gil

Title      Executive Director

Date        Aug 18, 2015

 

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