Exhibit 23(d)(1)(b)
April 30, 2007
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
RE: Advisory Fee Waiver Agreement - XXXX Xxxxx & Steers Global Real Estate Fund
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the XXXX Xxxxx & Steers Global Real Estate Fund (the "Fund"), a series
of Lincoln Variable Insurance Products Trust (the "Trust"), and Jefferson Pilot
Investment Advisory 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 ("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 April 30,
2007 and shall continue for a period of one (1) year, ending on
April 29, 2008. 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 the Sub-Advisory Agreement, executed as of
April 30, 2007, between the Adviser and Xxxxx & Steers Capital
Management.
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,
XXXX XXXXX & STEERS GLOBAL
REAL ESTATE FUND, a series of
Lincoln Variable Insurance Products Trust
/s/ Xxxxx X. Xxxxxxxxx
------------------------------
Name: Xxxxx X. Xxxxxxxxx
Title: President
Agreed to:
LINCOLN INVESTMENT ADVISORS CORPORATION
/s/ Xxxxx X. Xxxxxxx
------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Second Vice President
Schedule A
Avg. Daily Net Assets of the Fund Waiver Amount*
--------------------------------- ---------------
First $250,000,000 22 basis points
Over $250,000,000 32 basis points
* These amounts are stated on an annual basis.
