EXHIBIT 28(d)(21)
September 15, 2010
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
RE: Advisory Fee Waiver Agreement - LVIP Columbia Value Opportunities Fund
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver between
the LVIP Columbia Value Opportunities Fund (the "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
Fund.
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 Fund 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
September 15, 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.
Please indicate your approval of this Agreement by signing and returning a copy
of this letter to the Fund.
Very truly yours,
LVIP COLUMBIA VALUE OPPORTUNITIES FUND,
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
SCHEDULE A
AVG. DAILY NET
FUND ASSETS OF THE FUND WAIVER AMOUNT*
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LVIP Columbia Value Opportunities Fund First $60 million 0.09%
* These amounts are stated on an annual basis.
