EXHIBIT 28(D)(7)(C)
AMENDMENT TO
------------
SUB-ADVISORY AGREEMENT
-----------------------
THIS AMENDMENT TO SUB-ADVISORY AGREEMENT, dated as of September 15, 2010
(the "Amendment"), is between Lincoln Investment Advisors Corporation, a
Tennessee corporation ("LIAC") and Delaware Management Company, a series of
Delaware Management Business Trust, a Delaware statutory trust ("Delaware").
RECITALS
1. LIAC currently serves as investment adviser to the Lincoln Variable
Insurance Products Trust (the "Trust");
2. LIAC has contracted with Delaware to serve as sub-adviser to, among
others, the LVIP Delaware Bond Fund (the "Fund"), a series of the Trust,
pursuant to a Sub-Advisory Agreement executed as of January 4, 2010 (the
"Agreement");
3. On March 9, 2010, LIAC and Delaware amended the Agreement to provide for
a decrease in the sub-advisory fee for the LVIP Money Market Fund;
4. Delaware and LIAC have agreed to reduce the sub-advisory fee on the Fund
and desire to amend the fee schedule (Schedule A) to the Agreement.
REPRESENTATIONS
A. Delaware represents that it will not 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; however, Delaware makes no representation
or warranty, express or implied, that any level of performance or investment
results will be achieved by the Fund or that the Fund will perform comparably
with any standard or index, including other clients of Delaware.
B. LIAC represents and warrants that: (i) it will not 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 (ii) approval of the
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:
910031/4 1 LVIP Delaware Bond Fund
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 September 15, 2010, to reflect a reduction in the
sub-advisory fee for the Fund paid by LIAC to Delaware.
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 above
written.
LINCOLN INVESTMENT ADVISORS DELAWARE MANAGEMENT
CORPORATION COMPANY, A SERIES OF DELAWARE
MANAGEMENT BUSINESS TRUST
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: President Title: President
ACCEPTED AND AGREED TO AS OF THE DAY
AND YEAR FIRST ABOVE WRITTEN:
LVIP DELAWARE BOND FUND,
A SERIES OF LINCOLN VARIABLE INSURANCE
PRODUCTS TRUST
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Chairman, President, and Trustee
910031/4 2 LVIP Delaware Bond Fund
SCHEDULE A
Fee Schedule
------------
The Adviser shall pay to the Sub-Adviser compensation at an annual rate as
follows:
FUND ANNUAL RATE AS A PERCENT OF
AVERAGE DAILY NET ASSETS
--------------------------------------------------------------------------------
LVIP Delaware Bond Fund 0.18% of the first $2 billion;
0.15% of the next $1 billion; and
0.09% of the excess over $3 billion
LVIP Delaware Growth and 0.20%
Income Fund
LVIP Money Market Fund 0.08% of first $500 million;
0.07% of next $500 million; and
0.06% of excess over $1 billion
LVIP Delaware Social 0.20%
Awareness Fund
LVIP Delaware Special 0.20%
Opportunities Fund
910031/4 3 LVIP Delaware Bond Fund