AMENDMENT TO SUB-ADVISORY AGREEMENT
This Amendment to the Sub-Advisory Agreement ("Amendment") dated April
30, 2003, entered into as of May 1, 2005, is by and between Delaware Management
Company, a series of Delaware Management Business Trust, a Delaware statutory
trust (the "Adviser") and Fidelity Management & Research Company, a
Massachusetts corporation (the "Sub-Adviser").
WHEREAS, Adviser and Sub-Adviser have entered into the Sub-Advisory
Agreement ("Agreement") with respect to the Equity-Income Fund ("Fund"), a
series of Lincoln Variable Insurance Products Trust; and
WHEREAS, Adviser and Sub-Adviser desire to amend the Agreement to modify
the investment sub-advisory fee; and
WHEREAS, the Sub-Adviser does not intend to reduce the quality or
quantity of its services to the Fund under the Agreement as a result of the
reduced fee schedule contained in this Amendment; and
WHEREAS, the Adviser does not intend to reduce the quality or quantity
of its services to the Fund under the Agreement as a result of the reduced fee
schedule contained in this Amendment and has obtained approval of the revised
fee schedule from the Board of Trustees of the Fund.
NOW THEREFORE, in consideration of the foregoing premises, the mutual
promises set forth below, and other good and valuable consideration, the parties
agree as follows:
1. Section 3 of the Agreement is hereby deleted in its entirety and the
following is substituted in its place:
3. COMPENSATION TO BE PAID BY THE ADVISER TO THE SUB-ADVISER
The Adviser will pay to the Sub-Adviser as compensation for the
Sub-Adviser's services rendered and for the expenses born by the
Sub-Adviser pursuant to Section 1, a fee, computed and paid at the
annual rate of:
0.48% on the first $250,000,000
0.43% on the next $500,000,000
0.38% on the excess over $750,000,000
Such fee shall be paid by the Adviser, and not by the Fund, and without
regard to any reduction in the fees paid by the Fund to the Adviser
under its management contract as a result of any statutory or regulatory
limitation on investment company expenses or voluntary fee reduction
assumed by the Adviser. Such fee
shall be payable for each month within ten (10) business days after the
end of such month."
2. Except as expressly amended hereby, all provisions of the Agreement remain in
full force and effect and are unchanged in all other respects.
3. This Amendment may be executed in one or more counterparts, each of which
shall be deemed to be an original and, all of which, when taken together, shall
consist of one and the same instrument.
IN WITNESS WHEREOF, this Amendment has been executed by a duly
authorized representative of each of the parties hereto as of the date set forth
above.
DELAWARE MANAGEMENT COMPANY, a series of
Delaware Management Business Trust
By: /s/ Xxxx X. Xxxxxxxx
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Name: Xxxx X. Xxxxxxxx
Title: President & Chief Executive Officer
FIDELITY MANAGEMENT & RESEARCH COMPANY
By: /s/ Xxxxxx Xxxxxx
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Name: Xxxxxx Xxxxxx
Title: Senior Vice President
Accepted and Agreed to By:
EQUITY-INCOME FUND,
a series of Lincoln Variable Insurance
Products Trust
By: /s/ Rise X. X. Xxxxxx
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Name: Rise X. X. Xxxxxx
Title: Vice President
