10th AMENDMENT TO
SUB-ADVISORY AGREEMENT
THIS 10th AMENDMENT TO THE SUB-ADVISORY AGREEMENT, made this 1st day of May 1, 2026 (the “Amendment”), is between Lincoln Financial Investments Corporation (formerly known as Lincoln Investment Advisors Corporation), a Tennessee corporation (“LFI”) and BlackRock Investment Management, LLC (“BlackRock”), a Delaware corporation.
Recitals
| 1. | Effective March 13, 2023, Lincoln Investment Advisors Corporation underwent a name change to “Lincoln Financial Investments Corporation; |
| 2. | LFI currently serves as investment adviser to the Lincoln Variable Insurance Products Trust (the “Trust”); |
| 3. | BlackRock currently sub-advises several series of LVIP pursuant to a written subadvisory agreement dated August 27, 2012, as amended October 1, 2015, February 8, 2016, April 21, 2016, March 10, 2017, January 31, 2019, March 6, 2019, October 21, 2019, and December 17, 2023 (the “Agreement”); |
| 4. | BlackRock serves as sub-adviser to the LVIP BlackRock Dividend Value Managed Volatility Fund, LVIP BlackRock Equity Dividend Fund, LVIP BlackRock Global Allocation Fund, LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund, LVIP BlackRock Global Real Estate Fund, and LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund (the “Funds”), each a series of the Trust; |
| 5. | BlackRock and LFI desire to amend the fee schedule (“Schedule A”) to the Agreement with respect to the Funds; |
Representations
| 1. | LFI represents and warrants that approval of this amendment has been obtained from the Trust’s Board of Trustees at a meeting held March 11, 2026. |
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 of the Agreement. |
| 2. | The Representations are incorporated and made a part of the Agreement. |
| 3. | All references in the Agreement to “Lincoln Investment Advisors Corporation” or “LIAC” are hereby changed to “Lincoln Financial Investments Corporation” or “LFI” respectively. |
| 4. | Schedule A shall be deleted and replaced with the attached amended Schedule A effective as of May 1, 2026, to reflect the amended fee schedule of the Funds. |
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| 5. | All other terms and provisions of the Agreement not amended herein shall remain in full force and effect. |
| 6. | This Amendment may be executed in two or more counterparts which together shall constitute one instrument. |
[signature page to follow]
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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 FINANCIAL INVESTMENTS CORPORATION | BLACKROCK INVESTMENT MANAGEMENT, LLC | |||||||
| By: | /s/ Gordon Huellmantel |
By: | /s/ Sean Baker | |||||
| Name: Gordon Huellmantel | Name: Sean Baker | |||||||
| Title: Senior Vice President: | Title: Managing Director | |||||||
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SCHEDULE A
Fee Schedule
The Adviser shall pay to the Sub-Adviser compensation for services rendered to the Funds at an annual rate as follows:
| Effective Date |
Fund |
Fees payable on assets of the Managed Portion | ||||
| November 22, 2019 | LVIP BlackRock Dividend | Redacted | Redacted | |||
| Value Managed Volatility | ||||||
| Fund (index sleeve) | ||||||
| LVIP BlackRock Dividend | Redacted | Redacted | ||||
| Value Managed Volatility | Redacted | Redacted | ||||
| Fund (active sleeve) | Redacted | Redacted | ||||
| Redacted | Redacted | |||||
| May 1, 2025 | Redacted | Redacted | ||||
| LVIP BlackRock Equity | Redacted | Redacted | ||||
| Dividend Fund | Redacted | Redacted | ||||
| February 11, 2019 | LVIP BlackRock Global Real | Redacted | Redacted | |||
| Estate Fund | Redacted | Redacted | ||||
| Redacted | Redacted | |||||
| LVIP BlackRock Global | Redacted | Redacted | ||||
| January 1, 2022 | Allocation Fund | Redacted | Redacted | |||
| Redacted | Redacted | |||||
| Redacted | Redacted | |||||
| Effective Date |
Funds |
Fees payable on aggregate average daily net assets of the Managed Portions | ||||
| LVIP BlackRock Global | ||||||
| Growth ETF Allocation | ||||||
| Managed Risk Fund | ||||||
| May 1, 2026 | None | |||||
| LVIP BlackRock U.S. Growth | ||||||
| ETF Allocation Managed Risk | ||||||
| Fund | ||||||