Exhibit 23(d)(23)
SUB-ADVISORY AGREEMENT
AGREEMENT made by and between LINCOLN INVESTMENT ADVISORS CORPORATION (the
"Investment Manager") and MONDRIAN INVESTMENT PARTNERS LIMITED (the
"Sub-Adviser").
WITNESSETH:
WHEREAS, Lincoln Variable Insurance Products Trust (the "Trust") is an
investment company registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), and is organized as a statutory trust under the laws
of the State of Delaware; and
WHEREAS, the LVIP Global Income Fund (the "Fund") is a series of the Trust;
and
WHEREAS, the Investment Manager and the Trust, on behalf of the Fund, have
entered into an agreement (the "Investment Management Agreement") whereby the
Investment Manager will provide investment advisory services to the Trust with
respect to the Fund; and
WHEREAS, the Investment Manager has the authority under the Investment
Management Agreement to retain one or more sub-advisers to assist the
Investment Manager in providing investment advisory services to the Trust with
respect to the Fund; and
WHEREAS, the Investment Manager and the Sub-Adviser are registered
investment advisers under the Investment Advisers Act of 1940, as amended (the
"Advisers Act"), and engage in the business of providing investment advisory
services; and
WHEREAS, the Board of Trustees (the "Board" or the "Trustees") of the Trust
and the Investment Manager desire that the Investment Manager retain the
Sub-Adviser to render investment advisory and other services with respect to
that portion of the Fund as the Investment Manager shall from time to time
allocate to the Sub-Adviser (the "Managed Portion") in the manner, for the
period, and on the terms hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and each of the parties hereto intending to be legally bound, it is agreed as
follows:
1.(a) The Sub-Adviser will supervise and direct the investments of the
assets of the Managed Portion of the Fund in accordance with the Fund's
investment objectives, policies, and restrictions as provided in the Fund's
Prospectus and Statement of Additional Information, as currently in effect and
as amended or supplemented from time to time (hereinafter referred to as the
"Prospectus"), and such other limitations as the Fund may impose by notice in
writing to the Sub-Adviser, subject always to the supervision and control of
the Investment Manager and the Board.
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(b) As part of the services it will provide hereunder, the Sub-Adviser is
authorized, in its discretion and without prior consultation with the Fund
or the Investment Manager to:
(i) obtain and evaluate information relating to investment
recommendations, asset allocation advice, industries, businesses,
securities markets, research, economic analysis, and other investment
services with respect to the securities that are included in the Managed
Portion or that are under consideration for inclusion in the Managed
Portion and invest the Managed Portion in accordance with the Investment
Manager's and the Board's written direction as more fully set forth
herein and as otherwise directed;
(ii) regularly make decisions as to what securities to purchase and
sell on behalf of the Fund with respect to the Managed Portion, effect
the purchase and sale of such investments in furtherance of the Fund's
objectives and policies, and furnish the Board with such information and
reports regarding the Sub-Adviser's activities in the performance of its
duties and obligations under this Agreement as the Investment Manager
deems appropriate or as the Board may reasonably request, including such
reports, information, and certifications as the officers of the Trust
may reasonably require in order to comply with applicable international,
federal and state laws and regulations;
(iii) provide any and all material composite or other performance
information, records and supporting documentation about accounts or
funds the Sub-Adviser manages, if appropriate, that are relevant to the
Managed Portion and that have investment objectives, policies, and
strategies substantially similar to those employed by the Sub-Adviser in
managing the Managed Portion that may be reasonably necessary, under
applicable laws, to allow the Fund or its agent to present information
concerning the Sub-Adviser's prior performance in the Fund's currently
effective Prospectus, as the same may be hereafter modified, amended,
and/or supplemented from time to time, and in any permissible reports
and materials prepared by the Fund or its agent;
(iv) provide information as reasonably requested by the Investment
Manager or the Board to assist them or their agents in the determination
of the fair value of certain portfolio securities held in the Managed
Portion when market quotations are not readily available for the purpose
of calculating the Fund's net asset value in accordance with procedures
and methods established by the Board;
(v) vote proxies, exercise conversion or subscription rights, and
respond to tender offers and other consent solicitations ("Corporate
Actions") with respect to the issuers of securities held in the Managed
Portion, provided materials relating to such Corporate Actions have been
timely received by the Sub-Adviser, and to submit reports regarding such
Corporate Actions, including a copy of any policies regarding such
Corporate Actions, in a form reasonably satisfactory to the Investment
Manager and the Fund in order to comply with any applicable federal or
state reporting requirements;
(vi) provide performance and other information as reasonably
requested by the Investment Manager or the Board to assist them or their
agent in conducting ongoing due diligence and performance monitoring; and
(vii) maintain all accounts, books, and records with respect to the
Managed Portion as are required of an investment adviser of a registered
investment company pursuant to the 1940 Act and the Advisers Act and the
rules thereunder and preserve for the
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periods prescribed by Rule 31a-2 under the 1940 Act any accounts, books
and records that it maintains for the Fund and that are required to be
maintained by Rule 31a-1 under the 1940 Act. The Sub-Adviser shall
furnish to the Investment Manager copies of all such accounts, books,
and records as the Investment Manager may reasonably request. The
Sub-Adviser agrees that such accounts, books, and records are the
property of the Trust, and will be surrendered to the Trust promptly
upon request, with the understanding that the Sub-Adviser may retain its
own copy of all records. The Sub-Adviser agrees that all accounts, books
and other records maintained and preserved by it as required hereby will
be subject to special and other examinations by the Securities and
Exchange Commission and any governmental agency or other instrumentality
having regulatory authority over the Fund. The Sub-Adviser further
agrees that all accounts, books and other records maintained and
preserved by it as required hereby will be subject to such reasonable
periodic examinations upon reasonable notice by the Fund, the Fund's
auditors or any representative of the Fund; provided that such
examinations shall be conducted in a manner so as not to unreasonably
disrupt the conduct of the business of the Sub-Adviser.
(c) The Sub-Adviser shall not consult with any other sub-adviser of the
Fund or of any fund that is an "affiliated person" of the Fund concerning
transactions for the Fund in securities or other assets, except as such
consultations may be reasonably necessary in order to ensure compliance with
Rule 12d3-1 under the 1940 Act.
(d) In furnishing services hereunder, the Sub-Adviser shall be subject
to, and shall perform in accordance with, the following: (i) provisions of
the Trust's Agreement and Declaration of Trust, as the same may be hereafter
modified, amended, and/or supplemented from time to time, that are
applicable to the Managed Portion; (ii) provisions of the Trust's By-Laws,
as the same may be hereafter modified, amended, and/or supplemented from
time to time; that are applicable to the Managed Portion; (iii) the Fund's
Prospectus; (iv) the 1940 Act and the Advisers Act and the rules under each
and all other international, federal and state securities laws or
regulations applicable to the Trust and the Fund; (v) the Trust's compliance
procedures and other policies and procedures adopted from time to time by
the Board applicable to the Managed Portion; and (vi) the written
instructions of the Investment Manager.
(e) The Investment Manager agrees to provide the Sub-Adviser with current
copies of the documents mentioned in paragraph 1(d)(i), (ii), (iii) and
(v) above and all changes made to such documents at, or if practicable,
before the time such changes become effective, and the Investment Manager
acknowledges and agrees that the Sub-Adviser shall not be responsible for
compliance with such documents or amendments unless and until they are
received by the Sub-Adviser. The Sub-Adviser shall be fully protected in
acting upon any proper instructions reasonably believed by it to be genuine
and signed or communicated by or on behalf of the Investment Manager or the
Fund.
(f) The Sub-Adviser hereby agrees during the period hereinafter set forth
to render the services and assume the obligations herein set forth for the
compensation herein provided. The Sub-Adviser shall for all purposes herein
be deemed to be an independent contractor, and shall, unless otherwise
expressly provided and authorized, have no authority to act for or represent
the Trust, the Fund or the Investment Manager in any way, or in any way be
deemed an agent of the Trust, the Fund or the Investment Manager.
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(g) The Sub-Adviser may perform its services through its employees,
officers or agents, and the Investment Manager shall not be entitled to the
advice, recommendation or judgment of any specific person; provided,
however, that the persons identified in the Fund's Prospectus shall perform
the portfolio management duties described therein until the Sub-Adviser
notifies the Investment Manager that one or more other affiliates,
employees, officers or agents identified in such notice shall assume such
duties as of a specific date.
(h) The Investment Manager shall provide (or use its best efforts to
cause to be provided) timely information to the Sub-Adviser regarding such
matters as the cash requirements and cash available for investment in the
Managed Portion, and all other information as may be reasonably necessary
for the Sub-Adviser to perform its responsibilities under this Agreement.
2.(a) Under the terms of the Investment Management Agreement, the Trust
shall conduct its own business and affairs and shall bear the expenses and
salaries necessary and incidental thereto including, but not in limitation of
the foregoing, the costs incurred in: the maintenance of its existence as a
statutory trust organized under the laws of the State of Delaware; the
maintenance of its own books, records, and procedures; dealing with its own
shareholders; the payment of dividends; transfer of shares, including issuance
and repurchase of shares; preparation of share certificates, if any; reports
and notices to shareholders; calling and holding of shareholders' meetings;
miscellaneous office expenses; brokerage commissions; custodian fees; legal and
accounting fees; taxes; interest and federal and state registration fees.
(b) Directors, officers and employees of the Sub-Adviser may be
directors, officers and employees of other funds that have employed the
Sub-Adviser as sub-adviser or investment manager. Directors, officers and
employees of the Sub-Adviser who are Trustees, officers and/or employees of
the Trust, shall not receive any compensation from the Trust for acting in
such dual capacity.
3.(a) The Sub-Adviser will select brokers and dealers to effect all Fund
transactions with respect to the Managed Portion subject to the conditions set
forth herein. The Sub-Adviser may combine orders for the Managed Portion with
orders for other accounts or funds under management. Transactions involving
combined orders are allocated in a manner deemed equitable to each account. The
Sub-Adviser will place all necessary orders with brokers, dealers, or issuers,
and will negotiate brokerage commissions, if applicable. The Sub-Adviser is
directed at all times to seek to execute transactions for the Managed Portion
(i) in accordance with any written policies, practices or procedures that may
be established by the Board or the Investment Manager from time to time and
provided to the Sub-Adviser, and (ii) as described in the Fund's Prospectus and
SAI. In placing any orders for the purchase or sale of investments for the
Fund, with respect to the Managed Portion, the Sub-Adviser shall use its best
efforts to obtain for the Managed Portion "best execution," considering all of
the circumstances, and shall maintain records adequate to demonstrate
compliance with this requirement.
(b) Subject to the appropriate policies and procedures approved by the
Board and provided to the Sub-Adviser in writing, the Sub-Adviser may, to
the extent authorized by Section 28(e) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), cause the Managed Portion to pay a
broker or dealer that provides brokerage and research services to
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the Investment Manager, the Sub-Adviser and the Managed Portion an amount of
commission for effecting a Fund transaction in excess of the amount of
commission another broker or dealer would have charged for effecting that
transaction if the Sub-Adviser determines, in good faith, that such amount
of commission is reasonable in relation to the value of such brokerage and
research services provided viewed in terms of that particular transaction or
the Sub-Adviser's overall responsibilities to its clients for which the
Investment Manager or the Sub-Adviser exercises investment discretion. To
the extent authorized by Section 28(e) and the Board, the Sub-Adviser shall
not be deemed to have acted unlawfully or to have breached any duty created
by this Agreement or otherwise solely by reason of such action. In addition,
subject to seeking best execution and compliance with applicable federal and
state securities laws and regulations, the Investment Manager or the
Sub-Adviser also may consider sales of shares of the Fund as a factor in the
selection of brokers and dealers. Subject to seeking best execution and
compliance with applicable federal and state securities laws and
regulations, the Board or the Investment Manager may direct the Sub-Adviser
to effect transactions in Fund securities with respect to the Managed
Portion through broker-dealers in a manner that will help generate resources
to: (i) pay the cost of certain expenses that the Fund is required to pay or
for which the Fund is required to arrange payment; or (ii) recognize
broker-dealers for the sale of Fund shares.
(c) Subject to applicable law and regulations, including Section 17(e) of
the 1940 Act and Rule 17e-1 thereunder, the Sub-Adviser is authorized to
place orders for the purchase and sale of securities for the Managed Portion
with brokers or dealers that are affiliated with the Sub-Adviser. Any entity
or person associated with the Investment Manager or the Sub-Adviser that is
a member of a national securities exchange is authorized to effect any
transaction on such exchange for the account of the Fund to the extent and
as permitted by Section 11(a)(1)(H) of the Exchange Act and Rule 11a2-2(T)
thereunder.
4. As compensation for the services to be rendered to the Trust for the
benefit of the Fund by the Sub-Adviser under the provisions of this Agreement,
the Investment Manager shall pay to the Sub-Adviser a fee as provided in
Schedule A attached hereto.
5. The services to be rendered by the Sub-Adviser to the Trust for the
benefit of the Fund under the provisions of this Agreement are not to be deemed
to be exclusive, and the Sub-Adviser shall be free to render similar or
different services to others so long as its ability to render the services
provided for in this Agreement shall not be materially impaired thereby.
6.(a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser,
its directors, officers, employees, agents, and shareholders may engage in
other businesses, may render investment advisory services to other investment
companies, or to any other corporation, association, firm or individual, and
may render underwriting services to the Trust or to any other investment
company, corporation, association, firm or individual.
(b) Neither the Investment Manager, the Trust nor the Fund shall use the
Sub-Adviser's actual or fictitious name(s), xxxx(s), derivative(s) and/or
logo(s) (or that of any affiliate of the Sub-Adviser, other than that of the
Fund, the Trust, or any affiliate of the Investment Manager that is an
affiliate of the Sub-Adviser solely by reason of the Sub-Adviser's provision
of services pursuant to this Agreement) or otherwise refer to the
Sub-Adviser in any materials related to the Trust or the Fund distributed to
third parties, including the Fund's
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shareholders, without prior review and written approval by or on behalf of
the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon
termination of this Agreement, the Investment Manager, the Trust and the
Fund, shall, to the extent applicable and as soon as is reasonably possible,
cease to use the Sub-Adviser's actual or fictitious name(s), xxxx(s),
derivative(s) and/or logo(s) in materials related to the Fund.
(c) The Sub-Adviser shall not use the name of the Trust, the Fund, or the
Investment Manager (or that of any affiliate of the Investment Manager,
other than that of any affiliate of the Sub-Adviser that is an affiliate of
the Investment Manager solely by reason of the Sub-Adviser's provision of
services pursuant to this Agreement) or otherwise refer to the Trust, the
Fund or the Investment Manager in any materials related to the Trust or the
Fund distributed to third parties, including the Fund's shareholders,
without prior review and written approval by the Trust, the Fund or the
Investment Manager, as applicable, which may not be unreasonably withheld or
delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the
extent applicable and as soon as is reasonably possible, cease to use the
actual or fictitious name(s), xxxx(s), derivative(s) and/or logo(s) of the
Trust, the Fund and the Investment Manager.
(d) This Section 6 applies solely to materials related to the Fund and
the Trust only, and not to other products or relationships between the
Sub-Adviser and the Investment Manager.
7.(a) In the absence of willful misfeasance, bad faith, gross negligence, or
reckless disregard in the performance of its duties as Sub-Adviser to the Trust
on behalf of the Fund, neither the Sub-Adviser nor any of its officers,
directors or employees (collectively, "Sub-Adviser Related Persons") shall be
liable to the Trust, the Fund, the Investment Manager or any shareholder of the
Trust for any action or omission in the course of, or connected with, rendering
services hereunder or for any losses that may be sustained in the purchase,
holding or sale of any security, or otherwise. The Sub-Adviser makes no
representation or warranty, express or implied, that any level of performance
or investment results will be achieved by the Managed Portion or the Fund, or
that the Managed Portion or the Fund will perform comparably with any standard
or index, including other clients of the Sub-Adviser, whether public or
private. Subject to the first sentence of this Section 7(a), the Sub-Adviser
shall not be responsible for any loss incurred by any reason of any act or
omission of any bank, broker, the custodian bank or any administrator or
trustee whether appointed on behalf of the Investment Manager, the Fund or the
Trust. Nothing contained herein shall be deemed to waive any liability which
cannot be waived under applicable law, including applicable U.S. state and
federal securities laws, ERISA and the Financial Services and Markets Xxx 0000
of the United Kingdom ("FSMA") or any rules or regulations adopted under any of
those laws.
(b) The Sub-Adviser agrees to indemnify the Investment Manager and the
Fund for, and hold them harmless against, any and all losses, claims,
damages, liabilities (including amounts paid in settlement with the written
consent of Sub-Adviser) or litigation (including legal and other expenses)
to which the Investment Manager or the Fund may become subject under any
statute, at common law or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions in respect thereof) or
settlements arise as a result of any failure by the Sub-Adviser to
adequately diversify the investment program of the Fund pursuant to the
requirements of Section 817(h) of the Internal Revenue Code, and the
regulations issued thereunder (including, but not by way of limitation, Reg.
Sec. 1.817-5, March 2, 1989, 54 F.R. 8730), relating to the diversification
requirements for separate accounts, endowment, and life insurance contracts.
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(c) The Investment Manager shall indemnify Sub-Adviser Related Persons to
the fullest extent permitted by law against any and all losses, damages,
judgments, fines, amounts paid in settlement and reasonable expenses,
including attorneys' fees, (collectively "Losses") incurred by the
Sub-Adviser or Sub-Adviser Related Persons relating to this Agreement or the
performance by the Sub-Adviser or Sub-Adviser Related Persons of its or
their duties hereunder, including, without limitation, such Losses arising
under any applicable law or that may be based upon any untrue statement of a
material fact contained in the Trust's Registration Statement, or any
amendment thereof or any supplement thereto, or the omission to state
therein a material fact that was known or that should have been known and
was required to be stated therein or necessary to make the statements
therein not misleading, unless such statement or omission was made in
reasonable reliance upon information furnished to the Investment Manager or
the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically
for inclusion in the Registration Statement or any amendment thereof or
supplement thereto, except to the extent any such Losses referred to in this
paragraph (c) result from willful misfeasance, bad faith, gross negligence
or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser
Related Person in the performance of any of its duties under, or in
connection with, this Agreement.
(d) The Sub-Adviser shall indemnify the Investment Manager and its
affiliates and its officers, directors and employees (collectively,
"Investment Manager Related Persons") to the fullest extent permitted by law
against any and all Losses incurred by the Investment Manager or Investment
Manager Related Persons relating to this Agreement or the performance by the
Investment Manager or Investment Manager Related Persons of its or their
duties hereunder, including, without limitation, such Losses arising under
any applicable law or that may be based upon any untrue statement of a
material fact contained in the Trust's Registration Statement, or any
amendment thereof or any supplement thereto, or the omission to state
therein a material fact that was known or that should have been known and
was required to be stated therein or necessary to make the statements
therein not misleading, if such statement or omission was made in reasonable
reliance upon information furnished to the Investment Manager or the Trust
by the Sub-Adviser or a Sub-Adviser Related Person specifically for
inclusion in the Registration Statement or any amendment thereof or
supplement thereto, except to the extent any such Losses referred to in this
paragraph (d) result from willful misfeasance, bad faith, gross negligence
or reckless disregard on the part of the Investment Manager or an Investment
Manager Related Person in the performance of any of its duties under, or in
connection with, this Agreement.
8.(a) This Agreement shall be executed and become effective as of the date
written below; provided, however, that this Agreement shall not become
effective with respect to the Fund unless it has first been approved in the
manner required by the 1940 Act and the rules thereunder or in accordance with
exemptive or other relief granted by the Securities and Exchange Commission
(the "SEC") or its staff. This Agreement shall continue in effect for a period
of two (2) years and may be renewed thereafter only so long as such renewal and
continuance is specifically approved at least annually by the Board or by the
vote of a majority of the outstanding voting securities of the Fund and only if
the terms and the renewal hereof have been approved by the vote of a majority
of those Trustees of the Trust who are not parties hereto or "interested
persons" of the Trust, the Fund, or any party hereto, cast in person at a
meeting called for the purpose of voting on such approval.
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(b) No amendment to this Agreement shall be effective unless approved in
the manner required by the 1940 Act and the rules thereunder or in
accordance with exemptive or other relief granted by the SEC or its staff.
(c) This Agreement may be terminated (i) by the Investment Manager at any
time, without the payment of a penalty, on ninety (90) days' written notice
to the Sub-Adviser of the Investment Manager's intention to do so and
(ii) by the Trust at any time, without the payment of a penalty, on sixty
(60) days' written notice to the Sub-Adviser of the Trust's intention to do
so pursuant to action by the Board or pursuant to the vote of a majority of
the outstanding voting securities of the Fund. The Sub-Adviser may terminate
this Agreement at any time, without the payment of a penalty, on ninety
(90) days' written notice to the Investment Manager and the Trust of its
intention to do so. Upon termination of this Agreement, the obligations of
all the parties hereunder shall cease and terminate as of the date of such
termination, except for (i) any obligation arising out of or relating to a
breach of this Agreement committed prior to such termination, (ii) the
obligation of the Investment Manager to pay to the Sub-Adviser the fee
provided in Paragraph 4 hereof, prorated to the date of termination, and
(iii) any indemnification obligation provided in Paragraph 7 hereof. This
Agreement shall automatically terminate in the event of its assignment or
upon the termination of the Investment Management Agreement.
9. Any information and advice furnished by either party to this Agreement to
the other party shall be treated as confidential and shall not be disclosed to
third parties without the consent of the other party hereto. Notwithstanding
the foregoing, information shall not be subject to such confidentiality
obligations if it:
(i) is already known to the receiving party at the time it is obtained
(other than through previous disclosure by the protected party or by
a party known by the receiving party to be bound by a confidentiality
obligation to the protected party);
(ii) is or becomes publicly known or available through no wrongful act of
the receiving party;
(iii) is rightfully received from a third party who, to the best of the
receiving party's knowledge, is not under a duty of confidentiality;
(iv) is required to be disclosed by the receiving party pursuant to a
requirement of a court order, subpoena, governmental or regulatory
agency or law (provided the receiving party provides the protected
party written notice of such requirement, to the extent such notice
is permitted);
(v) is relevant to the defense of any claim or cause of action asserted
against the receiving party (provided the receiving party provides
the protected party with sixty (60) days' written notice of any
disclosure if practicable or such lesser amount as may be necessary
and provided such notice does not prejudice the receiving party); or
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(vi) has been or is independently developed or obtained by the receiving
party.
The Sub-Adviser shall not disclose any "nonpublic personal information" (as
such term is defined in Regulation S-P, including any amendments thereto)
pertaining to the customers of the Trust or a client of the Investment Manager
to any third party or use such information other than for the purpose of
providing the services contemplated by this Agreement.
10. The Sub-Adviser represents, warrants and agrees that:
(a) The Sub-Adviser: (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this
Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the
Advisers Act or other law, regulation or order from performing the services
contemplated by this Agreement; (iii) to the best of its knowledge, has met
and will seek to continue to meet for so long as this Agreement remains in
effect, any other applicable federal or state requirements, or the
applicable requirements of any regulatory or industry self-regulatory agency
necessary to be met in order to perform the services contemplated by this
Agreement; (iv) has the authority to enter into and perform the services
contemplated by this Agreement; and (v) will promptly notify the Investment
Manager of the occurrence of any event that would disqualify the Sub-Adviser
from serving as an investment adviser of an investment company pursuant to
Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also
promptly notify the Fund and the Investment Manager if it is served or
otherwise receives notice of any action, suit, proceeding, inquiry or
investigation, at law or in equity, before or by any court, public board or
body, involving the affairs of the Fund, provided, however, that routine
regulatory examinations that do not specifically relate to the Managed
Portion or the Fund shall not be required to be reported by this provision.
(b) The Sub-Adviser has adopted a written code of ethics complying with
the requirements of Rule 17j-1 under the 1940 Act and will provide the
Investment Manager and the Board with a copy of such code of ethics,
together with evidence of its adoption. In accordance with the requirements
of Rule 17j-1, the Sub-Adviser shall certify to the Investment Manager that
the Sub-Adviser has complied in all material respects with the requirements
of Rule 17j-1 during the previous year and that there has been no material
violation of the Sub-Adviser's code of ethics relating to the services the
Sub-Adviser performs under this Agreement or, if such a material violation
has occurred, that appropriate action was taken in response to such
violation. Upon the written request of the Investment Manager, the
Sub-Adviser shall provide to the Investment Manager, its employees or its
agents all information required by Rule 17j-1(c)(1) relating to the approval
by the Fund's Board of Trustees of the Sub-Adviser's code of ethics relating
to the services the Sub-Adviser performs under this Agreement.
(c) The Sub-Adviser has provided the Investment Manager with a copy of
its Form ADV at least forty-eight (48) hours prior to execution of this
Agreement, which as of the date of this Agreement is its Form ADV as most
recently filed with the SEC, and promptly will furnish a copy of all
amendments to the Investment Manager at least annually. Such amendments
shall reflect all changes in the Sub-Adviser's organizational structure,
professional staff or other significant developments affecting the
Sub-Adviser, as required by the Advisers Act.
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(d) The Sub-Adviser will notify the Trust and the Investment Manager of
any event that would be deemed an assignment of this Agreement, with the
exception of any assignment by or with respect to the Investment Manager, or
change of control of the Sub-Adviser, as applicable, or any change in the
senior management personnel of the Sub-Adviser or any change in the
portfolio manager(s) of the Managed Portion, prior to or promptly after such
change. The Investment Manager will notify the Sub-Adviser of any event that
would be deemed an assignment of this Agreement, with the exception of any
assignment by or with respect to the Sub-Adviser, or change of control of
the Investment Manager, as applicable. The Sub-Adviser agrees to bear all
reasonable expenses of the Fund, if any, arising out of an assignment of
this Agreement or change in control of the Sub-Adviser so long as the
assignment is not by or with respect to the Investment Manager.
(e) The Sub-Adviser agrees to maintain an appropriate level of errors and
omissions or professional liability insurance coverage as shall be
reasonably necessary in light of its obligations under this Agreement.
11. This Agreement shall extend to and bind the successors of the parties
hereto. Nothing in this Agreement, express or implied, is intended to or shall
(a) confer on any person other than the parties hereto and their respective
successors or permitted assigns any rights (including third party beneficiary
rights), remedies, obligations or liabilities under or by reason of this
Agreement, or (b) constitute the parties hereto as partners or as participants
in a joint venture.
12. For the purposes of this Agreement, the terms "vote of a majority of the
outstanding voting securities," "interested person," "affiliated person," and
"assignment" shall have the meanings given them in the 1940 Act, subject,
however to such exemptions as may be granted by the SEC and its staff under the
1940 Act.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed by their duly authorized officers and duly attested as of the 30/th/ day
of April, 2007.
MONDRIAN INVESTMENT PARTNERS LIMITED LINCOLN INVESTMENT ADVISORS
CORPORATION
By: By:
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Name: Name:
Title: Title:
Attest: Attest:
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Name: Name:
Title: Title:
Agreed to and accepted as of the day and year above written:
LVIP MONDRIAN INTERNATIONAL
VALUE FUND, a series of Lincoln
Variable Insurance Products Trust
By:
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Name:
Title:
Attest:
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Name:
Title:
11
SCHEDULE A
Fee Schedule
The Investment Manager will pay to the Sub-Adviser a fee each month based on
the average daily net assets of the Managed Portion of the Fund during the
month. The Investment Manager shall pay to the Sub-Adviser compensation at an
annual rate as follows:
.30% of the average daily net assets of the Managed Portion of the Fund
