EXHIBIT 28(D)(15)(B)
AMENDMENT TO
SUB-ADVISORY AGREEMENT
THIS AMENDMENT TO SUB-ADVISORY AGREEMENT, dated as of October 1, 2010 (the
"Amendment"), is between Lincoln Investment Advisors Corporation, a Tennessee
corporation ("LIAC") and SSgA Funds Management, Inc., a Massachusetts
corporation ("SSgA").
RECITALS
1. LIAC currently serves as investment adviser to the Lincoln Variable
Insurance Products Trust (the "Trust");
2. LIAC has contracted with SSgA to serve as sub-adviser to the LVIP SSgA
International Index Fund, the LVIP SSgA Developed International 150 Fund, and
the LVIP SSgA Small-Mid Cap 200 Fund (the "Funds") pursuant to a Sub-Advisory
Agreement dated April 30, 2008 (the "Agreement");
3. SSgA and LIAC have agreed to reduce the sub-advisory fee on the Funds and
desire to amend the fee schedule (Schedule A) to the Agreement.
REPRESENTATIONS
1. SSgA represents that it will not reduce the quality or quantity of its
services to the Funds under the Agreement as a result of the reduced fee
schedule contained in this Amendment, however SSgA makes no representation or
warranty, express or implied, that any level of performance or investment
results will be achieved by the Funds or that the Funds will perform comparably
with any standard or index, including other clients of SSgA.
2. LIAC represents and warrants that: (i) it will not reduce the quality or
quantity of its services to the Funds under the Agreement as a result of the
reduced fee schedule contained in this Amendment; and (ii) approval of this
revised fee schedule has been obtained from the Trust's Board of Trustees at an
in-person meeting held September 13, 2010.
AMENDMENT
Now therefore, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:
1. The Recitals are incorporated herein and made a part hereof.
2. The Representations made herein are incorporated and made a part hereof.
3. Schedule A shall be deleted and replaced with the attached amended
Schedule A effective October 1, 2010, to reflect a reduction in the
sub-advisory fee for the Funds paid by LIAC to SSgA.
4. All other terms and provisions of the Agreement not amended herein shall
remain in full force and effect.
5. This Amendment may be executed in two or more counterparts which together
shall constitute one instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers as of the day and year first written
above.
LINCOLN INVESTMENT ADVISORS CORPORATION SSGA FUNDS MANAGEMENT, INC.
By: /s/ Xxxxx X. Xxxxxxx By: /s/ Xxxxx Xxxx
Name: Xxxxx X. Xxxxxxx Name: Xxxxx Xxxx
Title: Second Vice President Title: President
ACCEPTED AND AGREED TO AS OF THE DAY
AND YEAR FIRST ABOVE WRITTEN:
LINCOLN VARIABLE INSURANCE
PRODUCTS TRUST, ON BEHALF OF THE
FUNDS
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: President
SCHEDULE A
Fee Schedule
Pursuant to Section 3 of the attached Sub-Advisory Agreement between Lincoln
Investment Advisors Corporation (the "Adviser") and SSgA Funds Management, Inc.
(the "Sub-Adviser") with respect to multiple Funds of the Lincoln Variable
Insurance Products Trust (the "Trust"), the Adviser shall pay the Sub-Adviser a
fee each month based on the average daily net assets of the Fund during the
month. The Adviser shall pay to the Sub-Adviser compensation at an annual rate
as follows:
ANNUAL FEE AS A PERCENTAGE OF AVERAGE
NAME OF FUND DAILY NET ASSETS
-------------------------------------------- -------------------------------------
LVIP SSgA Large Cap 100 Fund* 0.18% of first $50 million
0.10% of next $50 million
0.05% of next $400 million
0.02% over $500 million
LVIP SSgA Small-Mid Cap 200 Fund* 0.18% first $50 million
0.05% next $450 million
0.02% excess $500 million
LVIP SSgA Developed International 150 Fund* 0.18% first $50 million
0.06% next $450 million
0.04% excess $500 million
LVIP SSgA Emerging Markets 100 Fund* 0.18% of first $50 million
0.10% of next $50 million
0.06% of next $400 million
0.05% over $500 million
LVIP SSgA International Index Fund** 0.10% first $50 million
0.06% next $450 million
0.04% excess $500 million
LVIP SSgA Bond Index Fund** 0.06% of first $100 million
0.03% of next $400 million
0.02% over $500 million
LVIP SSgA Small-Cap Index Fund** 0.030% of first $500 million
0.020% over $500 million
LVIP SSgA S & P 500 Index Fund** 0.015% of first $1 billion
0.010% over $1 billion
* Subject to a minimum annual fee of $50,000
** Subject to a minimum annual fee of $100,000
