0001580642-17-001954 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • March 29th, 2017 • Arrow Investments Trust • Delaware

THIS AGREEMENT is made and entered into as of the 15 day of March, 2017, 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 HALYARD ASSET MANAGEMENT LLC, (the “Subadviser”) a limited liability company under the laws of the State of Delaware , and also registered under the Advisers Act with respect to the ArrowShares Reserve Capital Management ETF (the “Fund”), a series of the ARROW INVESTMENTS TRUST, a Delaware statutory trust (the “Trust”).

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ETF DISTRIBUTION AGREEMENT
Etf Distribution Agreement • March 29th, 2017 • Arrow Investments Trust • Nebraska

This ETF Distribution Agreement (this “Agreement”) is effective the 28th day of March , 2017, between Arrow Investments Trust, a Delaware statutory trust (the “Trust”), on behalf of itself and the fund(s) listed on Schedule B, as may be amended from time to time (each, a “Fund”, and collectively, the “Funds”), Archer Distributors, LLC, a Delaware limited liability company (“Archer”), and Northern Lights Distributors, LLC, a Nebraska limited liability company (the “Distributor”).

ARROW INVESTMENTS TRUST INVESTMENT ADVISORY AGREEMENT APPENDIX A FUNDS OF THE TRUST
Investment Advisory Agreement • March 29th, 2017 • Arrow Investments Trust

IN WITNESS WHEREOF, the parties have caused this Appendix A to be signed by their respective officers thereunto duly authorized as of March 21, 2017.

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