Exhibit 23(d)(1)(b)
April __, 2007
Jefferson Pilot Investment Advisory Corporation
Xxx Xxxxxxx Xxxxx
Xxxxxxx, XX 00000
Re: Advisory Fee Waiver Agreement
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the LVIP 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 May 1, 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 May 1,
2007 and shall continue for a period of one (1) year, ending on
April 30, 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 May 1,
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,
LVIP XXXXX & STEERS GLOBAL REAL ESTATE
FUND, a series of Lincoln
Variable Insurance Products Trust
By:
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Name: Xxxxx X. Xxxxxxxxx
Title: President
Agreed to:
JEFFERSON PILOT INVESTMENT
ADVISORY CORPORATION
By:
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Name:
-------------------------
Title:
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Schedule A
Avg. Daily Net Assets of the Fund Waiver Amount*
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First $250,000,000 22 basis points
Over $250,000,000 32 basis points
* These amounts are stated on an annual basis.
