0001999371-24-005785 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • May 8th, 2024 • New Age Alpha Variable Funds Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (this “Agreement”) is made as of this [ , 2024], and between New Age Alpha Variable Funds Trust, a Delaware statutory trust (the “Trust”) registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and New Age Alpha Advisors, LLC, a Delaware limited liability company.

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EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • May 8th, 2024 • New Age Alpha Variable Funds Trust

This Expense Limitation Agreement is made by and between New Age Alpha Advisors, LLC (the “Adviser”) and New Age Alpha Variable Funds Trust (the “Trust”) (this “Agreement”), on behalf of the series of the Trust set forth in the set of schedules to this Agreement identified as “Schedule A” and then numerically designated (e.g., Schedule A-1) attached hereto (each a “Fund,” and collectively, the “Funds”) as of the “Effective Date” noted on Schedule A with respect to each Fund.

AGREEMENT AND DECLARATION OF TRUST OF New Age ALPHA VARIABLE FUNDS Trust
Trust Agreement • May 8th, 2024 • New Age Alpha Variable Funds Trust

WHEREAS, THIS AGREEMENT AND DECLARATION OF TRUST is made and entered into as of the date set forth below by the sole initial Trustee named hereunder for the purpose of forming a Delaware statutory trust in accordance with the provisions hereinafter set forth, to be effective upon the filing of the executed Certificate of Trust with the state of Delaware.

BY-LAWS OF New Age Alpha Variable Funds Trust
By-Laws • May 8th, 2024 • New Age Alpha Variable Funds Trust
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