0000910472-14-003148 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • July 28th, 2014 • Northern Lights Fund Trust • Pennsylvania

THIS AGREEMENT is made and entered into as of this 24th day of September, 2013, by and between DEARBORN CAPITAL MANAGEMENT (the "Adviser"), a corporation registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) located at 626 West Jackson Street, Chicago, IL 60611 and EMC CAPITAL MANAGEMENT (the “Subadviser”), a limited liability company registered under the Advisers Act, located at 626 West Jackson, Suite 600, Chicago, Illinois 60661, with respect to each Fund listed on Schedule A hereto (each, a “Fund”), each a series of the NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”).

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NORTHERN LIGHTS FUND TRUST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • July 28th, 2014 • Northern Lights Fund Trust • New York

THIS AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of June 25, 2014 by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the “Trust”), on behalf of Altegris Macro Strategy Fund and Altegris Equity Long Short Fund (the “Funds”) each a series of the Trust, and the adviser of the Funds, Altegris Advisors, LLC (the “Adviser”).

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