Exhibit 28(d)(1)(b)
July 30, 2010
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
RE: Advisory Fee Waiver Agreement - LVIP American Balanced Allocation Fund,
LVIP American Growth Allocation Fund, and LVIP American Income Allocation
Fund
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver between
the LVIP American Balanced Allocation Fund, LVIP American Growth Allocation
Fund, and LVIP American Income Allocation Fund (collectively, the "Funds" and
each a "Fund"), a series of Lincoln Variable Insurance Products Trust (the
"Trust"), and Lincoln Investment Advisors Corporation (the "Adviser") with
respect to the portfolio management of the Funds.
1. Advisory Expense Waiver. The Adviser has agreed to waive a portion of
the advisory fee payable to the Adviser under the Investment
Management Agreement, dated as of April 30, 2007, as amended
("Investment Management Agreement"), between the Funds and the
Adviser, as set forth in the attached Schedule A.
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2. Term and Termination. This Agreement shall become effective on July
30, 2010 and shall continue for an initial term ending April 30, 2012.
The Agreement shall renew automatically for one-year terms unless the
Trust or the Adviser provides written notice of the termination of the
Agreement at least 10 days prior to the end of the then current term.
3. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware, provided that
nothing in this Agreement shall be construed in a manner inconsistent
with the Investment Company Act of 1940, as amended, or the Investment
Advisers Act of 1940, as amended.
LVIP American Fund of Funds
Please indicate your approval of this Agreement by signing and returning a copy
of this letter to the Funds.
Very truly yours,
LVIP AMERICAN BALANCED ALLOCATION FUND,
LVIP AMERICAN GROWTH ALLOCATION FUND,
AND LVIP AMERICAN INCOME ALLOCATION FUND
each a series of Lincoln Variable Insurance Products Trust
/s/ Xxxxxxx X. Xxxxx, Xx.
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Name: Xxxxxxx X. Xxxxx, Xx.
Title: Second Vice President and Chief Accounting Officer
Agreed to:
LINCOLN INVESTMENT ADVISORS CORPORATION
/s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Second Vice President
LVIP American Fund of Funds
SCHEDULE A
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FUND AVG. DAILY NET ASSETS OF THE FUND WAIVER AMOUNT*
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LVIP American Balanced All assets of the Fund 0.05%
Allocation Fund
LVIP American Growth All assets of the Fund 0.05%
Allocation Fund
LVIP American Income All assets of the Fund 0.05%
Allocation Fund
* These amounts are stated on an annual basis.
LVIP American Fund of Funds
