April 12, 2005
Delaware Management Company,
a series of Delaware Management Business Trust
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re: Advisory Fee Waiver Agreement/Equity-Income Fund, a series of
Lincoln Variable Insurance Products Trust
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the Equity-Income Fund (the "Fund"), a series of Lincoln Variable
Insurance Products Trust (the "Trust"), and Delaware Management Company, a
series of Delaware Management Business Trust (the "Adviser") with respect to the
portfolio management of the Equity-Income 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 April 30, 2003 ("Investment Management Agreement"),
between the Fund and the Adviser, as set forth in the attached Schedule
A.
2. Term and Termination. This Agreement shall become effective on May 1,
2005 and shall continue for one year. The Agreement shall renew
automatically for one-year terms unless the Trust or the Adviser
provides written notice of the termination of the Agreement within 30
days of the end of the then current term. In addition, this Agreement
will terminate automatically in the event of the termination of the
Investment Management Agreement or the termination of or amendment to
the fee schedule in the Sub-Advisory Agreement, dated as of April 30,
2003, between the Adviser and Fidelity Management & Research Company.
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,
EQUITY-INCOME FUND, a series of Lincoln
Variable Insurance Products Trust
By: /s/ Rise X.X. Xxxxxx
---------------------------------------
Name: Rise X.X. Xxxxxx
Title: Vice President
Agreed to:
DELAWARE MANAGEMENT COMPANY, a
series of Delaware Management Business Trust
By: /s/ Xxxx X. Xxxxxxxx
Name: Xxxx X. Xxxxxxxx
Title: President and Chief Investment Officer
Schedule A
Avg. Daily Net Assets of the Fund Xxxxxx Xxxxxx*
--------------------------------- --------------
First $250,000,000 0 basis points
Next $500,000,000 5 basis points
Over $750,000,000 10 basis points
* These amounts are stated on an annual basis.
