0000910472-08-000040 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and JNF ADVISORS, INC.
Investment Advisory Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

AGREEMENT, made as of February 19, 2007 between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and JNF Advisors, Inc., a Delaware corporation (the "Adviser") located at 9920 Corporate Campus Drive, Suite 1000, Louisville, Kentucky 40223.

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FUND PARTICIPATION AGREEMENT
Fund Participation Agreement • February 4th, 2008 • Northern Lights Variable Trust • Texas

THIS AGREEMENT is made as of May 1, 2007, between Northern Lights Variable Trust, an open-end management investment company organized as a Delaware business trust (the "Trust"), and Jefferson National Life Insurance Company , a life insurance company organized under the laws of the State of Texas (the “Company”), on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A, as the parties hereto may amend it from time to time (the "Accounts") (individually, a "Party", and collectively, the "Parties").

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST And
Investment Advisory Agreement • February 4th, 2008 • Northern Lights Variable Trust • Nebraska

AGREEMENT, made as of November 15, 2007, between Northern Lights Variable Trust, a Delaware business trust located at 450 Wireless Boulevard, Hauppauge, NY (the "Trust"), and HS Dent Investment Management, LLC, (the "Advisor") located at 15310 Amberly Drive, Suite 165, Tampa, Florida.

SUBADVISORY AGREEMENT
Subadvisory Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

THIS AGREEMENT is made and entered into as of this 19th day of February, 2007, 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 9920 Corporate Campus Drive, Suite 1000, Louisville, Kentucky 40223, and CHICAGO EQUITY PARTNERS, LLC (the “Subadviser”), a Delaware limited liability company registered under the Advisers Act, located at 180 N. LaSalle Street, Suite 3800, Chicago, Illinois 60601, 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”).

CUSTODY AGREEMENT
Custody Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

AGREEMENT, dated as of December 18, 2006, between the NORTHERN LIGHTS VARIABLE TRUST (the “Trust”), a statutory trust organized and existing under the laws of the State of Delaware having its principal office and place of business at 450 Wireless Boulevard, Hauppauge, New York 11788, and The Bank of New York, a New York corporation authorized to do a banking business having its principal office and place of business at One Wall Street, New York, New York 10286 (“Custodian”).

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AGREEMENT CRITICAL MATH PORTFOLIO
Trust Operating Expenses Limitation Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 6th day of March, 2006, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware business trust (the “Trust”), on behalf of the Critical Math Portfolio (the “Fund”), a series of the Trust and the Advisor of such Fund, Critical Math Advisors, LLC (the “Advisor”).

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AGREEMENT THE ARROW DWA BALANCED VIT FUND
Operating Expenses Limitation Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 18TH day of December, 2006, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”), on behalf of The Arrow DWA Balanced VIT Fund, (the “Fund”) a series of the Trust and the Advisor of such Fund, Arrow Investment Advisors, LLC (the “Advisor”).

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT DENT STRATEGIC PORTFOLIO
And Security Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of the 15th day of November, 2007, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware business trust (the “Trust”), on behalf of its series, Dent Strategic Portfolio (the “Fund”), and H.S. Dent Investment Management, LLC, (the “Advisor”), the Fund’s Advisor.

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT THE SMART PORTFOLIOS Smart Allocation Growth Portfolio Smart Allocation Growth and Income Portfolio Smart Allocation Income Portfolio
And Security Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of the 15th day of November, 2007, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware business trust (the “Trust”), on behalf of its three series, collectively the Smart Portfolios (the “Funds”), and, Smart Portfolios LLC, (the “Advisor”), the Funds’ Advisor.

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AGREEMENT JNF EQUITY PORTFOLIO & JNF BALANCED PORTFOLIO
Expenses Limitation Agreement • February 4th, 2008 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 19th day of February, 2007, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”), on behalf of JNF Equity Portfolio and JNF Balanced Portfolio, (each a “Fund” and collectively the “Funds”) each a series of the Trust and the Advisor of such Funds, JNF Advisors, Inc. (the “Advisor”).

CUSTODY AGREEMENT
Custody Agreement • February 4th, 2008 • Northern Lights Variable Trust

This Agreement is made between FIRST NATIONAL BANK OF OMAHA (“Bank”), a national banking association, and NORTHERN LIGHTS VARIABLE TRUST (“Customer”), a business trust organized and existing under the laws of the State of Delaware (the “Trust”) .

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