Sub-Advisory Agreement
This Agreement is made as of the first day of January, 1991, by and
between Lincoln National Investment Management Company ("LNIMC"), an Illinois
corporation, and Modern Portfolio Theory Associates, Inc. ("MPT"), a Delaware
corporation.
In consideration of the mutual promises set forth below, the parties agree
as follows:
1. MPT will furnish to LNIMC such services as LNIMC may request in
connection with LNIMC's performance of its obligations under its contract with
The Lincoln National Life Insurance Company ("LNL") to provide investment
advisory services with respect to LNL's non-registered separate accounts. LNIMC
will continue to have responsibility for all services under its contract with
LNL.
2. For its services hereunder, MPT shall be paid a monthly fee based on
the schedule attached as Exhibit A.
3. This Agreement may be terminated by either party at any time upon not
less than thirty (30) days prior written notice to the other party. This
Agreement will terminate automatically in the event of its assignment. No
termination of this Agreement will affect the terms of the contract between
LNIMC and LNL. In the event of the assignment or termination of LNIMC's advisory
contract with LNL, this Agreement will terminate automatically.
Termination of this Agreement pursuant to this Section 3 shall be without
the payment of any penalty.
4. This Agreement shall remain in effect for one year from the date hereof
and will be automatically extended for additional one year terms on each
anniversary date hereof unless terminated by either of the parties hereto by
written notice to the other given at least thirty days prior to such
termination.
5. MPT represents that it is a registered investment adviser under the
Investment Advisers Act of 1940, as amended. MPT shall promptly notify LNIMC in
writing if it shall fail to be registered as an investment adviser under the
Investment Advisers Act of 1940, as amended, and under the laws of any
jurisdiction in which MPT is required to be registered as an investment adviser
in order to perform its obligations under this Agreement.
6. This Agreement shall supersede and replace any agreement heretofore
made and entered into by and between LNIMC and MPT regarding MPT providing
investment advisory services for LNIMC with respect to LNL's non-registered
separate accounts.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their duly authorized representatives as of the day and year first above
written.
Lincoln National Investment
Management Company
Date: September 12, 1991 By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇ ▇. ▇▇▇▇▇▇
Its: President
Modern Portfolio Theory
Associates, Inc.
Date: 9/13/91 By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Its: President
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Exhibit A
The investment management fee will be .20% per annum applied to the market
value of assets under management of MPT. Assets under management are valued as
of the last business day of each month.