0001580642-18-000066 Sample Contracts

SARATOGA ADVANTAGE TRUST INVESTMENT MANAGEMENT AGREEMENT JAMES ALPHA MOMENTUM PORTFOLIO
Investment Management Agreement • January 3rd, 2018 • Saratoga Advantage Trust • Delaware

THIS INVESTMENT MANAGEMENT AGREEMENT is made as of the [ ] day of [ ], by and between Saratoga Advantage Trust (the “Trust”), on behalf of the James Alpha Momentum Portfolio, a series of the Trust (the “Fund”), and James Alpha Advisors, LLC (the “Manager”).

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INVESTMENT SUB-ADVISORY AGREEMENT BETWEEN James Alpha Advisors, LLC AND NWM Fund group, LLC REGARDING THE SARATOGA ADVANTAGE TRUST
Investment Sub-Advisory Agreement • January 3rd, 2018 • Saratoga Advantage Trust • New York

AGREEMENT made this [ ] day of [ ] between James Alpha Advisors, LLC, a New York limited liability company (the “Manager”), and NWM Fund Group, LLC, a California limited liability company (the “Sub-Advisor”).

SARATOGA ADVANTAGE TRUST OPERATING EXPENSE LIMITATION AGREEMENT FOR CLASS A, I, C SHARES
Saratoga Advantage Trust Operating Expense Limitation Agreement • January 3rd, 2018 • Saratoga Advantage Trust • Delaware

THIS OPERATING EXPENSE LIMITATION AGREEMENT FOR CLASS A, I, AND C SHARES (the “Agreement”) is effective as of the [ ] day of [ ], by and between Saratoga Advantage Trust, (the “Trust”), on behalf of the James Alpha Momentum Portfolio, a series of the Trust (the “Fund”), and James Alpha Advisors, LLC, the investment adviser to the Fund (the “Manager”).

SARATOGA ADVANTAGE TRUST FEE WAIVER AND OPERATING EXPENSE LIMITATION AGREEMENT FOR CLASS S SHARES
Expense Limitation Agreement • January 3rd, 2018 • Saratoga Advantage Trust • Delaware

THIS FEE WAIVER AND OPERATING EXPENSE LIMITATION AGREEMENT FOR CLASS S SHARES (the “Agreement”) is effective as of the [ ] day of [ ], by and between Saratoga Advantage Trust (the “Trust”), on behalf of the James Alpha Momentum Portfolio, a series of the Trust (the “Fund”), and James Alpha Advisors, LLC, the investment adviser to the Fund (the “Manager”).

SUB-EXPENSE LIMITATION AGREEMENT
Sub-Expense Limitation Agreement • January 3rd, 2018 • Saratoga Advantage Trust • Delaware

THIS SUB-EXPENSE LIMITATION AGREEMENT (the “Agreement”) is effective as of the [ ] day of [ ], by and between James Alpha Advisors, LLC (the “Manager”), the investment adviser to the James Alpha Momentum Portfolio (the “Portfolio”), a series of The Saratoga Advantage Trust (the “Trust”), and NWM Fund Group, LLC (the “Advisor”), the investment sub-advisor to the Portfolio.

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