0000910472-12-000420 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between ARROW INVESTMENTS TRUST and ARROW INVESTMENT ADVISORS, LLC
Investment Advisory Agreement • February 23rd, 2012 • Arrow Investments Trust • New York

AGREEMENT, made as of Janurary 18, 2012 between ARROW INVESTMENTS TRUST, a Delaware statutory trust (the "Trust"), and ARROW INVESTMENT ADVISORS, LLC a Maryland corporation (the "Adviser"), located at 2943 Olney-Sandy Spring Road, Suite A, Olney, MD 20832.

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UNDERWRITING AGREEMENT Between ARROW INVESTMENTS TRUST and NORTHERN LIGHTS DISTRIBUTORS, LLC
Underwriting Agreement • February 23rd, 2012 • Arrow Investments Trust • Nebraska

THIS UNDERWRITING AGREEMENT made the 22nd day of September 2011 by and between ARROW INVESTMENTS TRUST, a Delaware statutory trust, having its principal office and place of business at 2943 Olney-Sandy Spring Road, Suite A, Olney, Maryland 20832 (the “Trust”), and NORTHERN LIGHTS DISTRIBUTORS, LLC, a Nebraska limited liability company having its principal office and place of business at 4020 South 147th Street, Omaha, Nebraska 68137 (“NLD”).

FUND SERVICES AGREEMENT between ARROW INVESTMENTS TRUST and
Fund Services Agreement • February 23rd, 2012 • Arrow Investments Trust • New York

THIS FUND SERVICES AGREEMENT (the “Agreement”) made as of the 18th day of January, 2012, by and between ARROW INVESTMENTS TRUST, a Delaware statutory trust having its principal office and place of business at 2943 Olney Sandy Springs Road, Suite A, Olney, Maryland 20832 (the "Trust") and GEMINI FUND SERVICES, LLC, a Nebraska limited liability company having its principal office and place of business at 4020 South 147th Street, Omaha, Nebraska 68137 (“GFS”). This Agreement replaces and supersedes all prior understandings and agreements between the parties hereto for the services described below.

SUBADVISORY AGREEMENT
Subadvisory Agreement • February 23rd, 2012 • Arrow Investments Trust • Delaware

THIS AGREEMENT is made and entered into as of the 8th day of February, 2012, by and between ARROW INVESTMENT ADVISORS, LLC (the “Adviser”), a Delaware limited liability company registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and DORSEY, WRIGHT AND ASSOCIATES, LLC, a limited liability company under the laws of the Commonwealth of Virginia (the “Subadviser”), and also registered under the Advisers Act with respect to the Arrow DWA Balanced Fund and the Arrow DWA Tactical Fund, (each a “Fund” and collectively the “Funds”), each series of the ARROW INVESTMENTS TRUST, a Delaware statutory trust (the “Trust”).

Contract
Global Custody Agreement • February 23rd, 2012 • Arrow Investments Trust • California

This Custodian Agreement ("Agreement") is made as of January 18, 2012 and between Arrow Investments Trust ("Principal") Union Bank, N.A. ("Custodian").

ARROW INVESTMENTS TRUST OPERATING EXPENSES LIMITATION AGREEMENT ARROW INVESTMENT ADVISORS, LLC
Arrow Investments Trust Operating Expenses Limitation Agreement • February 23rd, 2012 • Arrow Investments Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 18TH day of January, 2012, by and between ARROW INVESTMENTS TRUST, a Delaware statutory trust (the “Trust”), on behalf of the Arrow Commodity Strategy Fund, (the “Fund”) a series of the Trust, and the Advisor of the Fund, Arrow Investment Advisors, LLC (the “Advisor”).

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