0001580642-15-000437 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT Between NORTHERN LIGHTS FUND TRUST III and Raylor Investments, LLC
Investment Advisory Agreement • February 2nd, 2015 • Northern Lights Fund Trust Iii • New York

This AGREEMENT is made as of January 30, 2015 between NORTHERN LIGHTS FUND TRUST III, a Delaware statutory trust (the “Trust”), and Raylor Investments, LLC a Delaware Limited Liabiltiy Company (the “Adviser”) located at 35 Mason Street, 4th Floor, Greenwich, CT 06830.

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NORTHERN LIGHTS FUND TRUST III FORM OF OPERATING EXPENSES LIMITATION AGREEMENT RAYLOR MANAGED FUTURES STRATEGY FUND
Operating Expenses Limitation Agreement • February 2nd, 2015 • Northern Lights Fund Trust Iii • New York

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 30th day of January, 2015, by and between NORTHERN LIGHTS FUND TRUST III, a Delaware statutory trust (the “Trust”), on behalf of the Raylor Managed Futures Strategy Fund (the “Fund”) a series of the Trust, and the Advisor of the Fund, Raylor Investments, LLC, (the “Advisor”).

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