0000910472-09-000016 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • January 8th, 2009 • Northern Lights Variable Trust • Delaware

THIS AGREEMENT is made and entered into as of the 18th day of December, 2006, 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, INC., a corporation organized under the laws of the Commonwealth of Virginia (the “Subadviser”) and also registered under the Advisers Act, with respect to the Arrow DWA Balanced VIT Fund (the “Fund”), a series of the NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”).

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PARTICIPATION AGREEMENT Among Security Benefit Life Insurance Company, Northern Lights Variable Trust, and HS Dent Investment Management, LLC
Participation Agreement • January 8th, 2009 • Northern Lights Variable Trust • New York

THIS AGREEMENT, dated as of the 3rd day of March, 2008, by and among Security Benefit Life Insurance Company, (the "Company"), a stock life insurance company organized under the laws of the State of Kansas, on its own behalf and on behalf of each segregated asset account of the Company that purchases shares in a Designated Portfolio (as “Designated Portfolio” is defined below; each such segregated asset account an “Account”), the Northern Lights Variable Trust, a Delaware statutory trust (the “Fund”), on behalf of the Designated Portfolios (as defined below), and HS Dent Investment Management, LLC (the "Adviser"), a Texas Limited Liability Corporation.

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and ARROW INVESTMENT ADVISORS, LLC
Investment Advisory Agreement • January 8th, 2009 • Northern Lights Variable Trust • Nebraska

AGREEMENT, made as of December 18, 2006, between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and Arrow Investment Advisors, LLC, (the "Advisor") located at 2943 Olney-Sandy Spring Road, Suite A, Olney, MD 20832.

SUBADVISORY AGREEMENT
Subadvisory Agreement • January 8th, 2009 • Northern Lights Variable Trust • New York

THIS AGREEMENT is made and entered into as of this 7th day of April, 2008, 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 A I M ADVISORS, INC. (the “Subadviser”), a Delaware corporation registered under the Advisers Act, located at 11 Greenway Plaza, Suite 100, Houston, Texas, 77046-1173, 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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