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SLV > SEC Filings for SLV > Form 8-K on 22-Dec-2016All Recent SEC Filings

Show all filings for ISHARES SILVER TRUST

Form 8-K for ISHARES SILVER TRUST


22-Dec-2016

Entry into a Material Definitive Agreement, Material Modification to Rights


Item 1.01. Entry into a Material Definitive Agreement

iShares Silver Trust (the "Registrant") issues and redeems units of beneficial interest (or "Shares") representing fractional undivided beneficial interests in its net assets only in exchange for silver, only in aggregations of 50,000 Shares or integral multiples thereof (each, a "Basket"), and only in transactions with registered broker-dealers that have previously entered into an agreement with the Registrant governing the terms and conditions of such issuance (such broker-dealers, the "Authorized Participants"). The Trust is administered by The Bank of New York Mellon (the "Trustee") and JPMorgan Chase Bank N.A., London branch (the "Custodian") is responsible for the safekeeping of silver owned by the Registrant.

The Registrant entered into the following amendments and restatements of its operating agreements to make certain operational updates to the agreements, including most significantly to allow Authorized Participants to order, or surrender for redemption, Baskets using the electronic order system of the Trustee:

? Second Amended and Restated Depositary Trust Agreement, dated as of December 22, 2016, by and between iShares Delaware Trust Sponsor LLC and The Bank of New York Mellon (the "Trust Agreement");

? Standard Terms for Authorized Participant Agreements, dated as of December 22, 2016, by and between iShares Delaware Trust Sponsor LLC and The Bank of New York Mellon (the "Standard Terms for Authorized Participant Agreements"); and

? First Amended and Restated Custodian Agreement, dated as of December 22, 2016, by and between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch (the "Custodian Agreement", together with the Trust Agreement and the Standard Terms for Authorized Participant Agreements, the "Agreements").

The Registrant's affiliates have engaged in, and may in the future engage in, various commercial dealings in the ordinary course of business with the parties to the Agreements. Such parties have received, or may in the future receive, customary fees and commissions for these transactions.

The foregoing description of the amendments to the Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreements, which have been filed with this Current Report on Form 8-K as Exhibit 4.1, Exhibit 4.2 and Exhibit 10.1.



Item 3.03. Material Modification to the Rights of Security Holders

The information set forth in Item 1.01 relating to the Trust Agreement is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits

Exhibit 4.1 Second Amended and Restated Depositary Trust Agreement, dated as of December 22, 2016, by and between iShares Delaware Trust Sponsor LLC and The Bank of New York Mellon.

Exhibit 4.2 Standard Terms for Authorized Participant Agreements, dated as of December 22, 2016, by and between iShares Delaware Trust Sponsor LLC and The Bank of New York Mellon.

Exhibit 10.1 First Amended and Restated Custodian Agreement, dated as of December 22, 2016, by and between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch.


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