Exhibit 23(d)(1)(k)
February 20, 2009
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
Lincoln Financial Distributors, Inc.
000 X. Xxxxxx Xxxxxxx Xx.
Radnor, PA 19807
Re: Money Market Fee Waiver Agreement
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the fee waiver between
the LVIP Money Market Fund (the "Fund"), a series of Lincoln Variable Insurance
Products Trust (the "Trust"), Lincoln Investment Advisors Corporation (LIAC),
and Lincoln Financial Distributors, Inc. (LFD).
1. Fee Waiver. To maintain a positive net yield for the Fund, LIAC and LFD
may temporarily and voluntarily waive, reduce or reimburse all or any
portion of: (i) the 12b-1 fees on the Service Class shares, (ii) the
management fees, and (iii) other expenses of the Fund in an amount and
for a period of time as LIAC and LFD may determine. LIAC or LFD will
notify the Trust of any waiver, reduction or reimbursement, including
any subsequent change or elimination of any waiver, reduction or
reimbursement, of any fee or expense made pursuant to this Agreement.
2. Reimbursement. LIAC and LFD shall be entitled to reimbursement by the
Fund of any fee or expense waived, reduced or reimbursed pursuant to
this Agreement (the "Reimbursement Amount") during the previous
thirty-six (36) months, provided that such amounts paid to LIAC and LFD
will not: (i) exceed the total Reimbursement Amount; (ii) include any
amounts previously reimbursed to LIAC or LFD; or (iii) cause any Class
of the Fund to maintain a net negative yield. No reimbursement
shall be paid until the net yield for each Class of the Fund exceeds
0.10% ("Minimum Yield"), and reimbursement shall be limited to no more
than 50% of excess return above the Minimum Yield. LIAC shall have
priority over LFD in the event both entities are due reimbursement for
fees waived on the Service Class shares.
3. Term and Termination. This Agreement shall become effective as of the
date of this Agreement and shall continue on a month-to-month basis
thereafter until terminated. Any party may terminate this Agreement at
the end of a particular month by giving at least thirty (30) days'
advance written notice to the other party.
4. 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, or the Investment Advisers Act
of 1940.
Please indicate your approval of this Agreement by signing and returning a
copy of this letter to the Fund.
Very truly yours,
LVIP MONEY MARKET FUND, a
series of Lincoln Variable Insurance
Products Trust
By: /s/ Xxxxx X. Xxxxxxxxx
Name: Xxxxx X. Xxxxxxxxx
Date: 03/10/09
Agreed to:
LINCOLN INVESTMENT ADVISORS CORPORATION
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X Xxxxx
Date: 3/9/09
Agreed to:
LINCOLN FINANCIAL DISTRIBUTORS, INC.
By: /s/ Xxxx Xxxxxxxx
Name: Xxxx Xxxxxxxx
Date: 3/18/09
