Exhibit 23(d)(1)(e)
April 30, 2007
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
RE: Advisory Fee Waiver Agreement - LVIP X. Xxxx Price Structured Mid-Cap
Growth Fund (formerly Aggressive Growth Fund)
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the LVIP X. Xxxx Price Structured Mid-Cap Growth 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 LVIP X. Xxxx Price Structured Mid-Cap Growth 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 April 30,
2007 and shall continue for an initial 12-month term ending 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 January 1,
2004, as amended, between the Adviser and X. Xxxx Price Associates, Inc.
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 X. XXXX PRICE STRUCTURED
MID-CAP GROWTH FUND, a series of
Lincoln Variable Insurance Products Trust
/s/ Xxxxx X. Xxxxxxxxx
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Name: Xxxxx X. Xxxxxxxxx
Title: President
Date:
Agreed to:
LINCOLN INVESTMENT ADVISORS CORPORATION
/s/ Xxxxx Xxxxxxx
------------------------------
Name: Xxxxx Xxxxxxx
Title: Second Vice President
Date:
Schedule A
Avg. Daily Net Assets of the Fund Waiver Amount*
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Excess over $750,000,000 Fees greater than .60 of 1%
* These amounts are stated on an annual basis.
