INVESTMENT MANAGEMENT AGREEMENT



   THIS AGREEMENT is made by and between the LINCOLN VARIABLE INSURANCE

PRODUCTS TRUST (the "Trust"), a Delaware statutory trust, on behalf of each of

its series (the "Funds"), which are listed in Schedule A to this Agreement, and

LINCOLN INVESTMENT ADVISORS CORPORATION (the "Investment Manager"), a Tennessee

corporation.



                                  WITNESSETH:

   WHEREAS, the Trust has been organized and operates as a series investment

company registered under the Investment Company Act of 1940, as amended (the

"1940 Act"); and



   WHEREAS, each Fund engages in the business of investing and reinvesting its

assets in securities; and



   WHEREAS, the Investment Manager is registered under the Investment Advisers

Act of 1940 as an investment adviser and engages in the business of providing

investment management services; and



   WHEREAS, each Fund and the Investment Manager desire to enter into this

Agreement.



   NOW, THEREFORE, in consideration of the mutual covenants herein contained,

and each of the parties hereto intending to be legally bound, it is agreed as

follows:



   1. The Trust hereby employs the Investment Manager to manage the investment

and reinvestment of each Fund's assets and to administer its affairs, subject

to the direction of the Trust's Board of Trustees and officers for the period

and on the terms hereinafter set forth. The Investment Manager hereby accepts

such employment and agrees during such period to render the services and assume

the obligations herein set forth for the compensation herein provided. The

Investment Manager shall for all purposes herein be deemed to be an independent

contractor, and shall, unless otherwise expressly provided and authorized, have

no authority to act for or represent the Funds in any way, or in any way be

deemed an agent of the Funds. The Investment Manager shall regularly make

decisions as to what securities and other instruments to purchase and sell on

behalf of each Fund and shall effect the purchase and sale of such investments

in furtherance of each Fund's objectives and policies. The Investment Manager

shall furnish the Board of Trustees with such information and reports regarding

each Fund's investments as the Investment Manager deems appropriate or as the

Board of Trustees may reasonably request.



   2. The Trust shall conduct its own business and affairs and shall bear the

expenses and salaries necessary and incidental thereto, including, but not in

limitation of the foregoing, the costs incurred in: the maintenance of its

corporate existence; the maintenance of its own books, records and procedures;

dealing with each Fund's shareholders; the payment of dividends; transfer of

shares, including issuance, redemption and repurchase of shares; preparation of

share certificates; reports and notices to shareholders; calling and holding of

shareholders' meetings; miscellaneous office expenses; brokerage commissions;

custodian fees; legal and accounting



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fees; taxes; and federal and state registration fees. In conducting its own

business and affairs, the Trust may utilize its trustees, officers and

employees; may utilize the facilities and personnel of the Investment Manager

and its affiliates; and may enter into agreements with third parties, either

affiliated or non-affiliated, to perform any of these functions. In the conduct

of the respective businesses of the parties hereto and in the performance of

this Agreement, the Trust, the Investment Manager and its affiliates may share

facilities common to each, which may include, without limitation, legal and

accounting personnel, with appropriate proration of expenses between them.

Directors, officers and employees of the Investment Manager or its affiliates

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