0000910472-10-000195 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and CHARIOT ADVISORS, LLC
Investment Advisory Agreement • March 3rd, 2010 • Northern Lights Variable Trust • New York

AGREEMENT, made as of December 15, 2008, as revised on June 30, 2009 between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and Chariot Advisors, LLC, a limited liability company organized and existing under the laws of the State of North Carolina (the "Adviser") located at 8010 Arco Corporate Drive, Suite 175, Raleigh, NC 27617.

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NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AGREEMENT CHARIOT ABSOLUTE RETURN CURRENCY PORTFOLIO
Operating Expenses Limitation Agreement • March 3rd, 2010 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 15th day of December, 2008, as revised on June 30, 2009 by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”), on behalf of CHARIOT ABSOLUTE RETURN CURRENCY PORTFOLIO (the “Fund”) a series of the Trust, and the advisor of the Fund, Chariot Advisors, LLC (the “Advisor”).

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