EXHIBIT 28(D)(1)(L)
December 8, 2010
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
RE: Advisory Fee Waiver Agreement - LVIP MFS Value Fund
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the LVIP MFS Value Fund (the "Fund"), a series of Lincoln Variable
Insurance Products Trust (the "Trust"), and Lincoln Investment Advisors
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
December 8, 2010 and shall continue for an initial term ending April 30,
2012. The Agreement shall renew automatically for one-year terms unless
the Trust or the Adviser provides written notice of the termination of
the Agreement at least 10 days prior to the end of the then current term.
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 MFS VALUE FUND,
A SERIES OF LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
/s/ Xxxxxxx X. Xxxxx, Xx.
Name: Xxxxxxx X. Xxxxx, Xx.
Title: Second Vice President and Chief Accounting Officer
Agreed to:
LINCOLN INVESTMENT ADVISORS CORPORATION
/s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: Second Vice President
SCHEDULE A
AVERAGE DAILY NET ASSETS OF THE FUND WAIVER AMOUNT*
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First $500 million n/a
Next $1 billion 0.0125%
Excess of $1.5 billion 0.0375%
* These amounts are stated on an annual basis.
