April 5, 2005
Delaware Management Company,
a series of Delaware Management Business Trust
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re: Advisory Fee Waiver Agreement/Capital Appreciation Fund, a
series of Lincoln Variable Insurance Products Trust
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the Capital Appreciation Fund (the "Fund"), a series of Lincoln Variable
Insurance Products Trust (the "Trust"), and Delaware Management Company, a
series of Delaware Management Business Trust (the "Adviser") with respect to the
portfolio management of the Capital Appreciation 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, 2003 ("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,
2005 and shall continue for one year. 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 or amendment to
the fee schedule of the Sub-Investment Management Agreement, dated as of
April 30, 2003, 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,
CAPITAL APPRECIATION FUND, a series of
Lincoln Variable Insurance Products Trust
By: /s/ Rise X.X. Xxxxxx
----------------------------------
Name: Rise X.X. Xxxxxx
Title: Vice President
Agreed to:
DELAWARE MANAGEMENT COMPANY,
a series of Delaware
Management Business Trust
By: /s/ Xxxx X. Xxxxxxxx
-----------------------------------
Name: Xxxx X. Xxxxxxxx
Title: President & Chief Executive Officer
Schedule A
Avg. Daily Net Assets of the Fund Waiver Amount*
--------------------------------- -----------------
First $250,000,000 5 basis points
Next $250,000,000 10 basis points
Next $250,000,000 7.5 basis points
Next $250,000,000 12.5 basis points
Next $500,000,000 10 basis points
Over $1,500,000,000 10 basis points
*These amounts are stated on an annual basis.
In the event that the Advisory Fee Waiver Agreement, effective November 1, 2004,
between the Fund and the Adviser is terminated at the end of that Agreement's
initial one-year term (October 31, 2005), the Adviser agrees to waive the
following amounts commencing on November 1, 2005 through the remainder of the
term of this Agreement:
Avg. Daily Net Assets of the Fund Waiver Amount*
--------------------------------- -----------------
First $100,000,000 15 basis points
Next $150,000,000 10 basis points
Next $250,000,000 15 basis points
Next $250,000,000 10 basis points
Next $750,000,000 15 basis points
Over $1,500,000,000 20 basis points
*These amounts are stated on an annual basis.
