0001193125-17-144382 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

THIS AGREEMENT, dated as of July 29, 2016, is entered into by and between Ivy Investment Management Company, a Delaware corporation, registered as an Investment Adviser under the Investment Advisers Act of 1940 (the “Adviser”) and Advantus Capital Management, Inc., a Minnesota corporation, registered as an Investment Adviser under the Investment Advisers Act of 1940 (the “Sub-Adviser”).

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INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

THIS AGREEMENT, dated as of July 29, 2016, is entered into by and among Ivy Investment Management Company, a Delaware corporation, registered as an investment adviser under the Investment Advisers Act of 1940 (the “Adviser”), Advantus Capital Management, Inc., a Minnesota corporation, registered as an investment adviser under the Investment Advisers Act of 1940 (the “Sub-Adviser”), with respect to each series of Ivy Variable Insurance Portfolios f/k/a Ivy Funds Variable Insurance Portfolios (the “Trust”) listed in Appendix A attached hereto, as such may be amended from time to time by written agreement of the parties (hereinafter, each a “Fund”).

EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Investment Management Company (“IICO”), Ivy Distributors, Inc. (“IDI”), Waddell & Reed Services Company doing business as WI Services Company (“WISC”), and Ivy Variable Insurance Portfolios (the “Trust”) on behalf of each series of the Trust set forth below (each a “Portfolio” and collectively, the “Portfolios”).

INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

THIS AGREEMENT, dated as of July 29, 2016, is entered into by and between Ivy Variable Insurance Portfolios f/k/a Ivy Funds Variable Insurance Portfolios (the “Trust”) and Ivy Investment Management Company (“IICO”), with respect to each series of the Trust listed in Appendix A (each, a “Fund”).

EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Investment Management Company (“IICO”), Waddell & Reed Services Company doing business as WI Services Company (“WISC”), and Ivy Variable Insurance Portfolios (the “Trust”) on behalf of its series of designated Ivy VIP Mid Cap Growth (the “Portfolio”).

EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Investment Management Company (“IICO”), Ivy Distributors, Inc. (“IDI”), Waddell & Reed Services Company doing business as WI Services Company (“WISC”), and Ivy Variable Insurance Portfolios (the “Trust”) on behalf of its series of designated Ivy VIP Mid Cap Growth (the “Portfolio”).

INVESTMENT MANAGEMENT FEE REDUCTION AGREEMENT
Investment Management • April 28th, 2017 • Ivy Variable Insurance Portfolios

INVESTMENT MANAGEMENT FEE REDUCTION AGREEMENT, effective as of May 1, 2017, by and between Ivy Investment Management Company (“IICO”) and Ivy Variable Insurance Portfolios (the “Trust”), a Delaware statutory trust, on behalf of its series designated Ivy Advantus VIP Real Estate Securities (the “Fund”).

UNDERWRITING AGREEMENT
Underwriting Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios • Kansas

THIS AGREEMENT, dated as of October 1, 2016, as amended February 22, 2017, is entered into by and between Ivy Variable Insurance Portfolios f/k/a Ivy Funds Variable Insurance Portfolios (hereinafter the “Trust”), a Delaware statutory trust, and Ivy Distributors, Inc. (hereinafter “IDI”), a Florida corporation.

INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

THIS AGREEMENT, dated as of July 29, 2016, is entered into by and between Ivy Variable Insurance Portfolios f/k/a Ivy Funds Variable Insurance Portfolios (the “Trust”) and Ivy Investment Management Company (“IICO”), with respect to each series of the Trust listed in Appendix A (each, a “Fund”).

EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • April 28th, 2017 • Ivy Variable Insurance Portfolios

EXPENSE REIMBURSEMENT AGREEMENT, by and between Waddell & Reed Services Company, doing business as WI Services Company (“WISC”), and Ivy Variable Insurance Portfolios (the “Trust”), on behalf of the series indicated in Appendix A hereto (each, a “Fund,” and, collectively, the “Funds”).

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