EXHIBIT 99.77Q1(2)
AMENDMENT TO
SUB-ADVISORY AGREEMENT
THIS AMENDMENT, made as of October 1, 2005, to the Sub-Advisory Agreement
made as of January 1, 2004 (the "Agreement"), is by and between DELAWARE
MANAGEMENT COMPANY, a series of Delaware Management Business Trust, a Delaware
statutory trust (the "Adviser") and X. XXXX PRICE ASSOCIATES, INC., a Maryland
corporation (the "Sub-Adviser").
WHEREAS, the Adviser and the Sub-Adviser have entered into the Agreement
with respect to the Aggressive Growth Fund (the "Fund"); and
WHEREAS, the Adviser and the Sub-Adviser desire to amend the Agreement to
modify the sub-advisory fee.
NOW, THEREFORE, in consideration of the foregoing premises and other good
and valuable consideration, the parties agree as follows:
1. The Sub-Adviser represents that it will not reduce the quality or quantity
of its services to the Fund under the Agreement as a result of the reduced
fee schedule contained in this Amendment, however, Sub-Adviser makes no
representation or warranty, express or implied, that any level of
performance or investment results will be achieved by the Fund or that the
Fund will perform comparably with any standard or index, including other
clients of Sub-Adviser.
2. The Adviser represents that: (a) it will not reduce the quality or quantity
of its services to the Fund under the Agreement as a result of the reduced
fee schedule contained in this Amendment; and (b) in accordance with
current positions of the Division of Investment Management of the
Securities and Exchange Commission, as articulated in its no-action letter
dated August 5, 1997 (INVESCO, SEC Ref. No. 97-198-CC, 1997 SEC No-Act.
LEXIS 787), and Sub-Adviser's representations above, this Amendment
complies with the requirements of such letter.
3. Schedule A to the Agreement is hereby deleted in its entirety and Schedule
A attached hereto is substituted in its place.
4. Except as expressly amended hereby, all provisions of the Agreement remain
in full force and effect and are unchanged in all other respects.
5. This Amendment may be executed in one or more counterparts, each of which
shall be deemed to be an original and, all of which, when taken together,
shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties hereto intending to be legally bound have
caused this Amendment to be executed by their duly authorized officers as of the
day and year first above written.
DELAWARE MANAGEMENT
COMPANY, a series of Delaware
Management Business Trust
/s/ Xxxx X. Xxxxxxxx
Name: Xxxx X. Xxxxxxxx
Title: President & CEO
X. XXXX PRICE ASSOCIATES, INC.
/s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
Accepted and agreed to
as of the date first above written:
AGGRESSIVE GROWTH FUND, a series of
Lincoln Variable Insurance Products Trust
/s/ Rise X.X. Xxxxxx
Name: Rise X.X. Xxxxxx
Title: Vice President
SCHEDULE A
Fee Schedule
------------
The Adviser shall pay to the Sub-Adviser compensation at an annual rate as
follows:
.50% of the first $250,000,000 of average daily net assets of the Fund;
.45% of the next $500,000,000 of average daily net assets of the Fund; and
.40% of the excess of average daily net assets of the Fund over
$750,000,000.
