0000910472-14-000980 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and JNF ADVISORS, INC.
Investment Advisory Agreement • March 3rd, 2014 • Northern Lights Variable Trust • New York

AGREEMENT (the "Agreement"), made as of February 25, 2014 between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and JNF Advisors, Inc., a Delaware corporation (the "Adviser") located at 10350 Ormsby Park Place, Louisville, Kentucky 40223.

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SUBADVISORY AGREEMENT
Subadvisory Agreement • March 3rd, 2014 • Northern Lights Variable Trust • Massachusetts

THIS AGREEMENT is made and entered into as of this 26th day of February, 2014, by and between JNF ADVISORS, INC. (the “Adviser”), a Delaware corporation registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) located at 10350 Ormsby Park Place, Louisville, Kentucky 40223, and SSgA Funds Management, Inc. (the “Subadviser”), a Massachusetts corporation registered under the Advisers Act, located at State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111, with respect to each Fund listed on Schedule A hereto (each, a “Fund”), each a series of the NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”).

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT
And Security Agreement • March 3rd, 2014 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the "Agreement") is effective as of April 12, 2012, as revised on February 25, 2014, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the "Trust"), on behalf of each of its series on Appendix A, (each a “Fund” and collectively the “Funds”) and the Advisor of such Funds, JNF Advisors, Inc. (the “Advisor”).

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