Exhibit 23(d)(1)(c)
April 8, 2009
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
RE: Advisory Fee Waiver Agreement - LVIP Janus Capital Appreciation Fund
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the LVIP Janus Capital Appreciation 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 May 1,
2009 and shall continue for an initial term ending April 30, 2010. 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-Investment Management Agreement, dated April 30,
2007 between the Adviser and Janus Capital Management LLC.
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 Janus Capital Appreciation Fund, a series of Lincoln Variable Insurance
Products Trust
/s/ Xxxxxxx X. Xxxxx, Xx.
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Name Xxxxxxx X. Xxxxx, Xx.
Title: Second Vice 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 Xxxxxx Xxxxxx*
--------------------------------- --------------
First $100 million......... 0.15%
Next $150 million.......... 0.10%
* These amounts are stated on an annual basis.
