0000910472-10-000577 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST and TOEWS CORPORATION
Investment Advisory Agreement • June 4th, 2010 • Northern Lights Fund Trust • New York

AGREEMENT, made as of May 1, 2009, as amended on December 14, 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 AGREEMENT
Operating Expenses Limitation Agreement • June 4th, 2010 • Northern Lights Fund Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 14th day of December, 2009, by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”), on behalf of Toews Hedged International Developed Markets Fund, Toews Hedged High Yield Bond Fund, Toews Hedged Large-Cap Fund and Toews Hedged Small & Mid Cap Fund (each a “Fund” and collectively the “Funds”), each a series of the Trust, and the Advisor of such Funds, Toews Corporation (the “Advisor”).

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