0001580642-22-002157 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and VALMARK ADVISERS, INC.
Investment Advisory Agreement • April 20th, 2022 • Northern Lights Variable Trust • New York

AGREEMENT, made as of February 23, 2011, as revised on March 27, 2013, and June 24, 2021 between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and ValMark Advisers, Inc., a Corporation organized and existing under the laws of the State of Ohio (the "Adviser") located at 130 Springside Drive, Akron, OH 44333.

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SUBADVISORY AGREEMENT
Subadvisory Agreement • April 20th, 2022 • Northern Lights Variable Trust • New York

THIS AGREEMENT is made and entered into as of this 24th day of June, 2021, by and between VALMARK ADVISERS, INC. (the "Adviser"), an Ohio corporation registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act") located at 130 Springside Drive, Akron, OH 44333, and Milliman Financial Risk Management LLC (the "Subadviser"), a Delaware limited liability company registered under the Advisers Act, with an office at 71 S. Wacker Drive, 31st Floor, Chicago, IL 60606, 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").

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