0001162044-07-000023 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS VARIABLE TRUST and ARROW INVESTMENT ADVISORS, LLC
Investment Advisory Agreement • January 11th, 2007 • Northern Lights Variable Trust • Nebraska

AGREEMENT, made as of December 31, 2006, between Northern Lights Variable Trust, a Delaware statutory trust (the "Trust"), and Arrow Investment Advisors, LLC, (the "Advisor") located at 2943 Olney-Sandy Spring Road, Suite A, Olney, MD 20832.

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FUND ACCOUNTING SERVICE AGREEMENT between NORTHERN LIGHTS VARIABLE TRUST and
Fund Accounting Service Agreement • January 11th, 2007 • Northern Lights Variable Trust • Nebraska

AGREEMENT made as of the 20th day of February 2007, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust, having its principal office and place of business at 450 Wireless Blvd., Hauppauge, New York 11788 (the "Trust") and Gemini Fund Services, LLC, a Nebraska limited liability company having its principal office and place of business at the Hauppauge Corporate Center, 450 Wireless Blvd., Hauppauge, New York 11788 (“GFS”).

TRANSFER AGENCY SERVICE AGREEMENT
Transfer Agency Service Agreement • January 11th, 2007 • Northern Lights Variable Trust • Nebraska
ADMINISTRATION SERVICE AGREEMENT between
Administration Service Agreement • January 11th, 2007 • Northern Lights Variable Trust • Nebraska

AGREEMENT made as of the 6th day of March 2006, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust, having its principal office and place of business at 450 Wireless Blvd., Hauppauge, New York 11788 (the "Trust") and Gemini Fund Services, LLC, a Nebraska limited liability company having its principal office and place of business at the Hauppauge Corporate Center, 450 Wireless Blvd., Hauppauge, New York 11788 (“GFS”).

SUBADVISORY AGREEMENT
Subadvisory Agreement • January 11th, 2007 • Northern Lights Variable Trust • Delaware

THIS AGREEMENT is made and entered into as of the 31st day of December, 2006, by and between ARROW INVESTMENT ADVISORS, LLC (the “Adviser”), a Delaware limited liability company registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and DORSEY WRIGHT AND ASSOCIATES, INC., a corporation organized under the laws of the Commonwealth of Virginia (the “Subadviser”) and also registered under the Advisers Act, with respect to the Arrow DWA Balanced VIT Fund (the “Fund”), a series of the NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”).

CUSTODY AGREEMENT
Custody Agreement • January 11th, 2007 • Northern Lights Variable Trust • New York

AGREEMENT, dated as of December 18, 2006, between the NORTHERN LIGHTS VARIABLE TRUST (the “Trust”), a statutory trust organized and existing under the laws of the State of Delaware having its principal office and place of business at 450 Wireless Boulevard, Hauppauge, New York 11788, and The Bank of New York, a New York corporation authorized to do a banking business having its principal office and place of business at One Wall Street, New York, New York 10286 (“Custodian”).

NORTHERN LIGHTS VARIABLE TRUST OPERATING EXPENSES LIMITATION AGREEMENT THE ARROW DWA BALANCED VIT FUND
Operating Expenses Limitation Agreement • January 11th, 2007 • Northern Lights Variable Trust • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 18TH day of December, 2006, by and between NORTHERN LIGHTS VARIABLE TRUST, a Delaware statutory trust (the “Trust”), on behalf of The Arrow DWA Balanced VIT Fund, (the “Fund”) a series of the Trust and the Advisor of such Fund, Arrow Investment Advisors, LLC (the “Advisor”).

SUBSCRIPTION AGREEMENT BETWEEN THE TRUST AND THE INVESTORS ARROW DWA BALANCED VIT FUND A SERIES OF THE NORTHERN LIGHTS VARIABLE TRUST LETTER OF INVESTMENT INTENT
Subscription Agreement • January 11th, 2007 • Northern Lights Variable Trust

The undersigned (the “Purchaser”) hereby subscribes to purchase a beneficial interest (the “Interest”) of the Arrow DWA Balanced VIT Fund, a series of the Northern Lights Variable Trust, in the amount of $100,000 for 10,000 shares at net asset value of $10.00 per share, in consideration for which the Purchaser agrees to transfer to you upon demand cash in the amount of $100,000.

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