EXPENSE LIMITATION AGREEMENT
Exhibit 28(h)(24)
This EXPENSE LIMITATION AGREEMENT, effective as of the dates indicated on Schedule A, shall be between LINCOLN INVESTMENT ADVISORS CORPORATION (“LIA”) and LINCOLN VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), on behalf of each series (each, a “Fund”) set forth in Schedule A to this Expense Limitation Agreement.
WHEREAS, the Trust’s Board of Trustees has determined that it is in the best interests of each Fund to enter into an Expense Limitation Agreement.
NOW THEREFORE, the parties hereto agree as follows:
| 1. | Expense Limitation. |
(a) Applicable Expense Limit. To the extent that the ordinary operating expenses (“Fund Operating Expenses”) incurred by a Fund in any fiscal year, including, but not limited to, investment management fees of LIA and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940 Act (the “1940 Act”), but excluding interest, taxes, brokerage commissions, underlying fund fees and expenses, extraordinary expenses such as litigation, and other expenses not incurred in the ordinary course of such Fund’s business, exceed the Operating Expense Limit, as defined below, such excess amount (the “Excess Amount”) shall be the liability of LIA.
(b) Operating Expense Limit. The Operating Expense Limit in any year with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the average daily net assets of each Fund.
(c) Method of Computation. To determine LIA’s obligation with respect to the Excess Amount, each day the Fund Operating Expenses for each Fund shall be estimated and accrued. Each day, a Fund shall also calculate an Operating Expense Limit Amount, based on each Fund’s average net assets and its Annual Expense Limit. If the total expenses exceed the Operating Expense Limit Amount, a Fund shall record a receivable from LIA in an amount equal to the Excess Amount less any such receivables previously recorded for the fiscal period. Shortly after the end of each month, each Fund shall deliver to LIA a statement indicating the Excess Amount owed to that Fund for the month and LIA will remit to that Fund an amount that is sufficient to pay that monthly Excess Amount. LIA’s method of notification and payment to each Fund shall be as mutually agreed upon by LIA and the Fund.
(d) Adjustment Payments. At least annually, and more frequently throughout the year if mutually agreed to by the parties, an adjustment payment shall be made by the appropriate party in order that the payments remitted by LIA to each Fund with respect to the previous fiscal year shall equal the Excess Amount for that Fund.
| 2. | Term and Termination of Agreement. |
This Agreement will continue with respect to each Fund in accordance with the dates indicated on Schedule A, and renew automatically for one year terms unless LIA provides written notice of termination of the Agreement to each such Fund at least ten (10) days prior to the end of the then current term.
| 3. | Miscellaneous. |
(a) Nothing herein contained shall be deemed to require the Trust or a Fund to take any action contrary to the Trust’s Declaration of Trust or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of Trustees of the Trust of its responsibility regarding the affairs of the Trust or a Fund.
(b) Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment management fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Investment Management Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Investment Management Agreement or the 0000 Xxx.
The parties hereto have caused this EXPENSE LIMITATION AGREEMENT to be signed by their duly authorized officers as of the 7th day of March 2013.
| LINCOLN INVESTMENT ADVISORS CORPORATION |
LINCOLN VARIABLE INSURANCE PRODUCTS TRUST, on behalf of each of its Funds listed on Schedule A | |
| /s/ Xxxxx Xxxxxxx Name: Xxxxx X. Xxxxxxx Title: Vice President |
/s/ Xxxxxxx Xxxxx Name: Xxxxxxx X. Xxxxx, Xx. Title: Vice President & Chief Accounting Officer | |
SCHEDULE A
THIS SCHEDULE A lists the Funds and the Expense Limitation Amounts which are established pursuant to this Expense Limitation Agreement:
| LVIP FUND NAME | STANDARD |
SERVICE EXPENSE |
TERMINATION DATE | |||
| LVIP American Preservation Fund
|
0.25% | 0.60% | April 30, 2014 | |||
| LVIP Baron Growth Opportunities Fund
|
1.04% | 1.29% | April 30, 2014 | |||
| LVIP BlackRock Emerging Markets RPM Fund
|
0.80% | 1.05% | April 30, 2014 | |||
| LVIP Delaware Foundation Aggressive Allocation Fund |
0.73% | 0.98% | April 30, 2014 | |||
| LVIP Delaware Foundation Moderate Allocation Fund |
0.73% | 0.98% | April 30, 2014 | |||
| LVIP Delaware Foundation Conservative Allocation Fund |
0.73% | 0.98% | April 30, 2014 | |||
| LVIP Dimensional U.S. Equity RPM Fund* |
0.30% 0.35% |
0.55% 0.60% |
April 30, 2013 April 30, 2014
| |||
| LVIP Dimensional Non-U.S. Equity RPM Fund* |
0.30% 0.35% |
0.55% 0.60% |
April 30, 2013 April 30, 2014
| |||
| LVIP Dimensional/Vanguard Total Bond Fund |
0.30% 0% |
0.55% 0% |
April 30, 2013 April 30, 2014
| |||
| LVIP Mid-Cap Value Fund |
1.04% 0% |
1.29% 0% |
April 30, 2013 April 30, 2014
| |||
| LVIP MFS International Growth RPM Fund | 0.20% | 0.45% |
April 30, 2014
| |||
| LVIP Protected Profile 2010 Fund | 0.30% | 0.55% |
April 30, 2014
| |||
| LVIP Protected Profile 2020 Fund | 0.30% | 0.55% |
April 30, 2014
| |||
| LVIP Protected Profile 2030 Fund | 0.30% | 0.55% |
April 30, 2014
| |||
| LVIP Protected Profile 2040 Fund | 0.30% | 0.55% |
April 30, 2014
| |||
| LVIP Protected Profile 2050 Fund | 0.30% | 0.55% |
April 30, 2014
| |||
| LVIP Protected Profile Conservative Fund | 0.30% 0%
|
0.55% 0% |
April 30, 2013 April 30, 2014 |
| LVIP Protected Profile Moderate Fund |
0.30% 0% |
0.55% 0% |
April 30, 2013 April 30, 2014
| |||
| LVIP Protected Profile Growth Fund |
0.30% 0% |
0.55% 0% |
April 30, 2013 April 30, 2014
| |||
| LVIP RPM Fidelity® VIP Contrafund® Portfolio
|
0.10% | 0.45% | April 30, 2014 | |||
| LVIP RPM BlackRock Global Allocation V.I. Fund | 0.10% | 0.45% | April 30, 2014 | |||
| LVIP SSgA Conservative Index Allocation Fund | 0.20% | 0.45% | April 30, 2014 | |||
| LVIP SSgA Conservative Structured Allocation Fund
|
0.20% | 0.45% | April 30, 2014 | |||
| LVIP SSgA Moderate Index Allocation Fund
|
0.20% | 0.45% | April 30, 2014 | |||
| LVIP SSgA Moderate Structured Allocation Fund
|
0.20% 0% |
0.45% 0% |
April 30, 2013 April 30, 2014 | |||
| LVIP SSgA Moderately Aggressive Index Allocation Fund
|
0.20% | 0.45% | April 30, 2014 | |||
| LVIP SSgA Moderately Aggressive Structured Allocation Fund
|
0.20% 0% |
0.45% 0% |
April 30, 2013 April 30, 2014 | |||
| LVIP SSgA Large Cap RPM Fund
|
0.25% | 0.50% | April 30, 2014 | |||
| LVIP SSgA Small Cap RPM Fund
|
0.25% | 0.50% | April 30, 2014 | |||
| LVIP Vanguard Domestic Equity ETF Fund
|
0.30% | 0.55% | April 30, 2014 | |||
| LVIP Vanguard International Equity ETF Fund
|
0.30% | 0.55% | April 30, 2014 | |||
| MASTER-FEEDER FUNDS | ||||||
| LVIP American Global Growth Fund | 0.10% Service II Class
|
N/A | April 30, 2014 | |||
| LVIP American Global Small Capitalization Fund | 0.10% Service II Class
|
N/A | April 30, 2014 | |||
| LVIP American International Fund | 0.10% Service II Class
|
N/A | April 30, 2014 |
| LVIP American Growth Fund | 0.10% Service II Class 0%
|
N/A |
April 30, 2013
April 30, 2014 | |||
| LVIP American Growth-Income Fund |
0.10% Service II Class 0% |
N/A |
April 30, 2013
April 30, 2014 |
* The addition of “RPM” to the Fund’s name was approved March 6, 2013 to be effective April 30, 2013.
The parties hereto have caused this SCHEDULE A to be signed by their duly authorized officers as of the 7th day of March 2013, to be effective in accordance with the dates noted above.
| LINCOLN INVESTMENT ADVISORS CORPORATION |
LINCOLN VARIABLE INSURANCE PRODUCTS TRUST, on behalf of each of its Funds listed on Schedule A | |
| /s/ Xxxxx Xxxxxxx Name: Xxxxx X. Xxxxxxx Title: Vice President |
/s/ Xxxxxxx Xxxxx Name: Xxxxxxx X. Xxxxx, Xx. Title: Vice President & Chief Accounting Officer | |
