SUBADVISORY AGREEMENT
This Agreement is between The Lincoln National Life Insurance Company (the
"Company"), an Indiana corporation, and Delaware Lincoln Investment Advisers, a
series of Delaware Management Business Trust ("DLIA") with respect to Lincoln
National Variable Annuity Fund A (the "Fund"). This Agreement is effective as of
January 1, 2001.
In consideration of the mutual promises set forth below, the parties agree
as follows:
1. DLIA shall furnish to the Company such services as the Company may
request in connection with the Company's performance of its obligations under
its contract with the Fund. The Company will continue to have responsibility for
all services under its contract with the Fund.
2. The Company shall reimburse DLIA for costs and expenses incurred by
DLIA, determined in a manner acceptable to the Company, in furnishing the
services described in paragraph 1 above.
3. This Agreement may be terminated by either party at any time upon not
less than thirty (30) days prior written notice to the other party. This
Agreement will terminate automatically in the event of its assignment. No
termination of this Agreement will affect the terms of contracts between the
Company and the Fund. In the event of the assignment or termination of the
Company's advisory contracts with the Fund, this Agreement will terminate
automatically.
4. This Agreement shall continue in effect for a period of more than two
years from its execution only so long as such continuance is specifically
approved at least annually in accordance with the requirements of the Investment
Company Act of 1940 applicable to continuation of advisory contracts.
THE LINCOLN NATIONAL DELAWARE LINCOLN INVESTMENT
LIFE INSURANCE COMPANY ADVISERS, a series of Delaware
Management Business Trust
By: ______________________________ By: ________________________________
Name: Name:
Title: Title:
Attest: Attest:
__________________________________ ____________________________________
