0000910472-09-000360 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and TOEWS CORPORATION
Investment Advisory Agreement • May 14th, 2009 • Northern Lights Fund Trust • New York

AGREEMENT, made as of May 1, 2009 between Northern Lights Fund Trust, a Delaware statutory trust (the "Trust"), and Toews Corporation, a corporation organized and existing under the laws of the State of New Jersey (the "Adviser") located at Cornerstone Commerce Center, 1201 New Road, Suite 111, Linwood, NJ 08221.

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NORTHERN LIGHTS FUND TRUST OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT TOEWS HEDGED EMERGING MARKETS FUND
And Security Agreement • May 14th, 2009 • Northern Lights Fund Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of the 1st day of May 2009, by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”), on behalf of Toews Hedged Emerging Markets Fund (the “Fund”) a series of the Trust, and the advisor of the Fund, Toews Corporation (the “Advisor”).

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