Exhibit 23(d)(1)(e)
October 1, 2009
Lincoln Investment Advisors Corporation
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
RE: Advisory Fee Waiver Agreement - LVIP Xxxxx Fargo Intrinsic Value Fund
Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver between
the LVIP Xxxxx Fargo Intrinsic Value 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
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 October
1, 2009 and shall continue for an initial term ending April 30, 2010.
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, dated October 1, 2009,
between the Adviser and Metropolitan West 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,
LVIP XXXXX FARGO INTRINSIC VALUE FUND, A SERIES OF
LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
/s/ Xxxxxxx X. Xxxxx, Xx.
----------------------------------------------------------
Name: Xxxxxxx X. Xxxxx, Xx.
Title: Second Vice President and Chief Accounting Officer
Date: October 1, 2009
Agreed to:
LINCOLN INVESTMENT ADVISORS CORPORATION
/s/ Xxxxx X. Xxxxxxx
----------------------------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Second Vice President
Date: October 1, 2009
SCHEDULE A
AVG. DAILY NET ASSETS OF THE FUND WAIVER AMOUNT*
--------------------------------- --------------
First $250,000,000 3 basis points
Next $500,000,000 8 basis points
Over $750,000,000 13 basis points
* These amounts are stated on an annual basis.
