0000910472-12-001282 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and RJO INVESTMENT MANAGEMENT, LLC
Investment Advisory Agreement • May 1st, 2012 • Northern Lights Variable Trust • New York

AGREEMENT, made as of February 22, 2012 between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and RJO Investment Management, LLC, a limited liability company organized and existing under the laws of the State of Illinois (the "Adviser") located at 222 South Riverside Plaza, Suite 900, Chicago, IL 60606.

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NORTHERN LIGHTS VARIABLE TRUST FORM OF OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT RJO INVESTMENT MANAGEMENT, LLC
And Security Agreement • May 1st, 2012 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of the 22ND day of February, 2012, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”), on behalf of Mariner Hyman Beck Portfolio (the “Fund”) a series of the Trust, and the Advisor of the Fund, RJO Investment Management, LLC (the “Advisor”).

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