0001104659-16-105884 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT between VICTORY VARIABLE INSURANCE FUNDS and VICTORY CAPITAL MANAGEMENT INC.
Investment Advisory Agreement • March 17th, 2016 • Victory Variable Insurance Funds • Delaware

AGREEMENT made as of the [•] day of [•], 2016, by and between Victory Variable Insurance Funds (the “Trust”), a Delaware statutory trust which may issue one or more series of shares of beneficial interest, and Victory Capital Management Inc., a New York corporation (the “Adviser”).

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FORM OF INVESTMENT SUB-ADVISORY AGREEMENT between VICTORY CAPITAL MANAGEMENT INC. and PARK AVENUE INSTITUTIONAL ADVISERS LLC
Investment Sub-Advisory Agreement • March 17th, 2016 • Victory Variable Insurance Funds • New York

AGREEMENT made effective as of the [•] day of [•], 2016, by and between Park Avenue Institutional Advisers LLC, a Delaware limited liability company (the “Sub-Adviser”), and Victory Capital Management Inc., a New York corporation (the “Adviser”), on behalf of each Fund listed on Annex A (each a “Fund”), a separate series of Victory Variable Insurance Funds (the “Trust”), a Delaware statutory trust, individually and not jointly. This Agreement applies to each Fund as if it is the subject of a separate agreement.

FORM OF NOVATION AGREEMENT
Novation Agreement • March 17th, 2016 • Victory Variable Insurance Funds • Massachusetts

This Agreement, dated as of [·], 2016, is entered into by and among State Street Bank and Trust Company, a Massachusetts trust company (“State Street”), each RS management investment company identified on Appendix A hereto (each, an “RS Fund”), and each Victory registered investment company identified on Appendix A hereto (each, a “Victory Fund”), and is to become effective as of [·], 2016 (the “Effective Date”).

EXPENSE LIMITATION AGREEMENT VICTORY VARIABLE INSURANCE FUNDS
Expense Limitation Agreement • March 17th, 2016 • Victory Variable Insurance Funds • Delaware

THIS AGREEMENT, effective as of February 17, 2016, by and between Victory Capital Management Inc. (the “Investment Adviser”) and Victory Variable Insurance Funds, a Delaware statutory trust (the “Trust”), on behalf of each series portfolio listed on Schedule A hereto, (each a “Fund” and collectively the “Funds”) individually, and not jointly;

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