Exhibit 10.11



 Exhibit 10.11 
 CONTRIBUTION AND SUBSCRIPTION AGREEMENT 
 WHEELER REAL ESTATE INVESTMENT
TRUST, L.P. 
 THE UNITS ACQUIRED HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, STATE SECURITIES LAWS OR THE LAWS
OF ANY COUNTRY OUTSIDE THE UNITED STATES. ISSUANCE OF THE UNITS IS MADE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION. THE UNITS CANNOT BE SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS THEY ARE REGISTERED IN COMPLIANCE WITH FEDERAL AND STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION THEREFROM. 
 IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION
OF THE PERSON OR ENTITY CREATING THE UNITS AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE UNITS BEING OFFERED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY.
FURTHERMORE THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 
 Wheeler Real Estate Investment Trust, L.P. 
 Riversedge North 

2529 Virginia Beach Blvd. 
 Suite 200 

Virginia Beach, VA 23452 
 Ladies and Gentlemen:

 The undersigned (the “Subscriber”) understands and acknowledges that Wheeler Real Estate Investment Trust, L.P., a
Virginia limited partnership (the “Company”), is offering for sale, to certain qualifying subscribers, Partnership Common Units (the “Units”) in the Company pursuant to this Contribution and Subscription Agreement (the
“Subscription Agreement”) and the Company’s Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”). 
 The Subscriber understands and acknowledges that the Company has not retained counsel to represent the interests of the Subscribers, and that each Subscriber should consult with its own legal, tax and
investment advisors regarding a potential purchase of Units. 
 The Subscriber acknowledges that the Subscriber is not acting on
the basis of any representations or warranties other than those contained herein and understands that the offering of the Units (the “Offering”) is being made pursuant to one or more exemptions from registration








 
and without registration of the Units under the Securities Act of 1933, as amended (the “Securities Act”), or any securities, “blue sky” or other similar laws of any state
(“State Securities Laws”). 
 The Subscriber understands that the Company has been formed by Wheeler Real Estate
Investment Trust, Inc., a Maryland corporation (“REIT”) which is the general partner of the Company. The Offering is being made in contemplation of the initial public offering of shares of the common stock of the REIT (“REIT
Shares”) and the contemporaneous acquisition by the Company in a series of related transactions (the “Related Acquisitions”) of multiple real properties or entities that own real properties. The Subscriber has been provided a copy of
and an opportunity to review the Company’s Private Placement Memorandum dated                     , 2012 in connection with the Offering.

 1. Basic Transaction and Consideration. The Company is offering the Units pursuant hereto in consideration for the
contribution by Subscriber to the Company of all of its membership interests (“Membership Interests”) in                     , LLC, a
Virginia limited liability company (“Property Owner”). The Property Owner is the owner of certain real property and improvements located in
                    . 
 2.
Contribution and Subscription. 
  (a) Subject to the terms and conditions hereof and the provisions of the
Partnership Agreement, Subscriber shall contribute, sell, assign and transfer all of its Membership Interests to the Company in consideration for the issuance by the Company to Subscriber of that number of Units equal to (x) Subscriber’s
Sale Percentage (as defined below) in the Property Owner multiplied by (y) the Property Owner Valuation (as defined below) divided by (z) the per share issuance price of the REIT’s common stock in its contemplated initial public
offering. “Sale Percentage” means the percentage of net proceeds that would be distributed to Subscriber as a member of the Property Owner, in accordance with the Property Owner’s operating agreement as in effect immediately prior to
Closing, upon the sale of all or substantially all of the Property Owner’s assets for an amount equal to the Property Owner Valuation. “Property Owner Valuation” means the aggregate purchase price for 100% of the Membership Interests
in the Property Owner, which shall be $            plus or minus such customary credits, pro rations and other adjustments for operating costs and liabilities as may be agreed by the
Company and the manager of the Property Owner in connection with Closing (as defined below). Notwithstanding the foregoing, in the event that the undersigned has elected Option B pursuant to the Consent and Election in the form attached hereto as
Appendix A (“Consent and Election”), the Company shall deliver cash payment to the undersigned in an amount equal to the undersigned’s Sale Percentage multiplied by the Property Owner Valuation, minus any applicable withholding
taxes and after withholding of twenty-five percent (25%) of the total amount of such cash payment (without giving effect to withholding taxes) to be held in escrow by the manager of the Property Owner (“Escrow”). The Property Owner
Valuation has been determined by dividing the Property Owner’s projected “Net Operating Income” for the calendar year 2011 by the capitalization rate of     %. For the purposes of this Agreement, “Net
Operating Income” means net income before depreciation, amortization, debt service and nonrecurring items. The Units issued to Subscriber pursuant to this Agreement shall be subject to a restriction that any


  
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common stock in the REIT for which the Units may be exchanged may not be sold or otherwise transferred until after the adjustment pursuant to subsection 2(b), if any, is made. 

(b) The number of Units issued as consideration for the Membership Interests shall be recalculated by determining the Property Owner
Valuation using the formula described in subsection 2(a) above (including the per share issuance price of the REIT’s initial public offering of its common stock) following the end of the calendar year 2012. The recalculation (the
“Recalculation”) shall be based on the Property Owner’s Net Operating Income for such year as reflected in the Company’s audited financial statements for such year. If the number of Units determined by the Recalculation is more
than the number of Units issued to Subscriber pursuant to subsection 2(a) above, then the Company shall issue additional Units to Subscriber equal to the sum of (i) the difference between (A) the number of Units determined by the
Recalculation and (B) the number of Units issued to Subscriber at Closing and (ii) the product determined by multiplying the number of additional Units determined in clause (i) of this sentence by the total distributions per Unit made
by the Company (including dividends the record date for which has occurred but which have not been paid) during the period beginning on the date of the Closing and ending on the day of issuance of the additional Units. Conversely, if the number of
Units determined by the Recalculation is less than the number of Units determined pursuant to subsection (a) above, then Subscriber shall forfeit to the Company the number of Units equal to the sum of (i) the difference between
(A) the number of Units issued to Subscriber at Closing and (B) the number of Units determined by the Recalculation and (ii) the product determined by multiplying the number of Units to be forfeited pursuant to clause (i) of this
sentence by the total distributions per Unit made by the Company (including dividends the record date for which has occurred but which have not been paid) during the period beginning on the date of the Closing and ending on the day of the forfeiture
of such Units. Such issuance or forfeiture, as the case may be, shall occur automatically and without notice or consent of any person, and each officer of the Company shall be authorized to update the books and records of the Company to reflect such
issuance or forfeiture with immediate effect. In the event that the Subscriber has elected to receive a cash payment pursuant to Option B of the Consent and Election, any Recalculation resulting in a downward adjustment to the Property Owner
Valuation, the Manager shall cause to be paid to the Company that amount of the Subscriber’s Escrow as represents the difference between the initial determination of the cash proceeds payable to Subscriber and the amount determined pursuant to
the Recalculation, and any remaining Escrow shall be remitted to Subscriber. In the event that the Recalculation results in an upward adjustment to the Property Owner Valuation, the Company shall pay to Subscriber the difference between the initial
determination of the cash proceeds payable to Subscriber and the amount determined pursuant to the Recalculation, and any remaining Escrow shall be remitted to Subscriber. 

(c) The undersigned agrees that this Subscription Agreement shall be irrevocable and shall survive the death, dissolution or legal
incapacity of the Subscriber. 
 (d) The Company has entered into separate but substantially identical Contribution and
Subscription Agreements in connection with this Offering (the “Other Subscription Agreements” and, together with this Subscription Agreement, the “Subscription Agreements”) with other purchasers (the “Other
Purchasers”), providing for the issuance to the Other Purchasers of the Company’s securities and the admission of the Other Purchasers to the Company as limited partners. This Subscription Agreement and the Other Subscription Agreements
are separate agreements, and the sales of the Company’s securities to the Subscriber and the Other Purchasers are to be separate sales. 
 (e) The consideration described in Section 2 shall be issued or paid, as applicable, at Closing to the Property Owner’s manager or an account designated by the Property Owner’s manager, for
further distribution by such manager to the undersigned following Closing. 

  
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 3. General Consent and Waiver. 

(a) The undersigned consents to the sale and transfer of its Membership Interests on the terms set forth herein and to the sale and
transfer of the other membership interests in the Property Owner on substantially the terms described herein, and expressly waives any and all consent rights, rights of first refusal, appraisal rights or other similar rights or restrictions on
transfer, including without limitation those set forth in the operating agreement of the Property Owner. The undersigned hereby releases and forever discharges the Company, the Property Owner, and their respective members, partners, directors,
officers, managers, agents, attorneys, and representatives, of and from any and all manner of actions, claims, causes of action, suits, debts, demands, sums of money, controversies, damages, judgments, losses, costs, expenses, liabilities and
obligations, of any nature whatsoever, including but not limited to those arising from any membership interest in the Property Owner, any rights, title or interest therein, or any distribution, compensation, bonus, options or remuneration of any
type or nature whatsoever, whether arising at law, in equity or otherwise, which such person may now or, hereafter can, shall or may have, against any of them, arising on or prior to the date hereof. 

(b) Each Subscriber who has selected Option A pursuant to the attached Consent and Election, upon execution hereof shall be deemed to
have executed and delivered the Partnership Agreement of the Company, and upon acceptance of this Subscription Agreement by the Company and Closing (as defined below), Subscriber shall be bound by the Partnership Agreement and subject to all rights
and obligations thereof. 
 4. Acceptance of Subscription. The Subscriber understands and acknowledges that (a) the
Company has the unconditional right, exercisable in its sole and absolute discretion, to accept (in whole or in part) or reject this Subscription Agreement, (b) this Subscription Agreement shall not be valid or binding unless and until accepted
by the Company, (c) this Subscription Agreement shall be deemed to be accepted by the Company only when it is signed by an authorized signatory on behalf of the Company, and (d) notwithstanding anything in this Subscription Agreement to
the contrary, the Company shall have no obligation to issue any Units under any circumstances that may constitute a violation of the Securities Act or any State Securities Laws or any other statutes, laws, rules or regulations (the
“Laws”). The Company will notify the Subscriber promptly after all conditions hereto have been satisfied, at which time the Purchase Price shall be deemed accepted by the Company and the Units shall be issued to the Subscriber (the
“Closing”). 
 5. Representations and Warranties of the Company. The Company represents and warrants that as of
the Closing: 
 (a) The Company is duly formed and is validly existing as a limited partnership under the laws of the
Commonwealth of Virginia with full power and authority to conduct its business as currently conducted. 

  
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 (b) The Units have been duly authorized by the Company and, when issued and paid for in
accordance with the terms herein and in the Partnership Agreement, will be validly issued. 
 6. Representations and
Warranties of the Subscriber. 
 (a) Each Subscriber who has selected Option A pursuant to the attached Consent and Election
hereby represents and warrants to and covenants with the Company as follows: 
 (i) Accuracy of Information. All of the
information provided by the Subscriber pursuant to this Subscription Agreement is true, correct and complete in all respects, and the Company shall be entitled to rely thereon. Any other information the Subscriber has provided to the Company about
the Subscriber is correct and complete as of the date of this Subscription Agreement. 
 (ii) Disclosure Advice. The
Subscriber has either consulted the Subscriber’s own investment adviser, attorney or accountant about the investment and proposed purchase of any Units and its suitability to the Subscriber or chosen not to do so, despite the recommendation of
that course of action by the Company. To the extent necessary, the Subscriber has retained, at the Subscriber’s own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits, risks and consequences
of this Subscription Agreement and of purchasing and owning the Units. Any special acknowledgment set forth herein shall not be deemed to limit the generality of this representation and warranty. 

The Subscriber has received a copy of the form of the Partnership Agreement of the Company, and the Subscriber understands the risks of,
and other considerations relating to, a purchase of any Units, including that by its execution hereof, the undersigned shall become a party to, and bound by the Partnership Agreement. The Subscriber has been given access to, and prior to the
execution of this Subscription Agreement the Subscriber was provided with an opportunity to ask questions of, and receive answers from, the Company’s officers and directors concerning the terms and conditions of the offering of Units, and to
obtain any other information which the Subscriber and the Subscriber’s investment representative and professional advisors requested with respect to the Company and the Subscriber’s investment in the Company in order to evaluate the
Subscriber’s investment and verify the accuracy of all information furnished to the Subscriber regarding the Company. All such questions, if asked, were answered satisfactorily and all information or documents provided were found to be
satisfactory. 
 (iii) Investment Representation and Warranty. The Subscriber is acquiring the Subscriber’s Units
for the Subscriber’s own account or for one or more separate accounts maintained by the Subscriber or for the account of one or more pension or trust funds of which the Subscriber is trustee as to which the Subscriber is the sole qualified
professional asset manager within the meaning of Prohibited Transaction Exemption 84-14 (a “QPAM”) for the assets being committed hereunder, in each case not with a view to or for sale in connection with any distribution of all or any part
of such Units. The Subscriber hereby agrees that the Subscriber will not, directly or indirectly, assign, transfer, offer, sell, pledge, hypothecate or otherwise 

  
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dispose of all or any part of such Units (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any part of the Units) except in accordance with the registration
provisions of the Securities Act or an exemption from such registration provisions, with any applicable state or other securities laws, and with the terms of the Partnership Agreement. If the Subscriber is purchasing for the account of one or more
pension or trust funds, the Subscriber represents that (except to the extent the Subscriber has otherwise advised the Company in writing prior to the date hereof) the Subscriber is acting as sole trustee or sole QPAM for the assets being committed
hereunder and has sole investment discretion with respect to the acquisition of the Units to be purchased by the Subscriber pursuant to this Subscription Agreement, and the determination and decision on the Subscriber’s behalf to purchase such
Units for such pension or trust funds is being made by the same individual or group of individuals who customarily pass on such investments, so that the Subscriber’s decision as to purchases for all such funds is the result of such study and
conclusion. The Subscriber has not offered or sold any portion of the Units and has no present intention of dividing such Units with others or of reselling or otherwise disposing of any portion of such Units either currently or after the passage of
a fixed or determinable period of time or upon the occurrence or nonoccurrence of any predetermined event or circumstance. 

(iv) Representation of Investment Experience and Ability to Bear Risk. The Subscriber (A) is knowledgeable and experienced
with respect to the financial, tax and business aspects of the ownership of the Units and/or the REIT Shares and of the business contemplated by the Company and the REIT, and is capable of evaluating the risks and merits of purchasing the Units and,
in making a decision to proceed with this investment, has not relied upon any representations, warranties or agreements, other than those set forth in this Subscription Agreement and the Partnership Agreement, if any, and (B) can bear the
economic risk of an investment in the Company for an indefinite period of time, and can afford to suffer the complete loss thereof. 
 (v) Accredited Investor. Except as disclosed in Appendix B hereto, the Subscriber is an accredited investor within the meaning of rule 501(a) of Regulation D promulgated under the Securities
Act by reason of the fact that the Subscriber is: 
 (a) a natural person and the Subscriber’s individual net worth, or
joint net worth with the Subscriber’s spouse, at the time of this purchase exceeds $1,000,000 (excluding the value of Subscriber’s primary residence) or a natural person who had an individual income in excess of $200,000 in each of the two
previous years, or joint income with the Subscriber’s spouse in excess of $300,000 in each of those years, and reasonably expects to reach the same income level in the current year. Further, the Subscriber has adequate means of providing all
the Subscriber’s current and foreseeable needs and personal contingencies and has no need for liquidity in this investment; 
 (b) an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the
specific purpose of acquiring the Subscriber’s Units, with total assets in excess of $5,000,000; 

  
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 (c) a trust, with total assets in excess of $5,000,000, not formed for the specific purpose
of acquiring the Subscriber’s Units in the Company, and this purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D promulgated under the Securities Act; 

(d) any director, executive officer or general partner of the Company; 

(e) a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as
defined in Section 3(a)(5)(A) of the Securities Act whether acting in an individual or fiduciary capacity; a broker dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; an insurance company as defined in
Section 2(13) of the Securities Act; an investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of that Act; a Small Business Investment Company licensed by the U.S.
Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; a plan established and maintained by a state of the United States of America, its political subdivisions, or any agency or
instrumentality of a state of the United States of America or its political subdivisions, for the benefit of its employees that has total assets in excess of $5,000,000; an employee benefit plan within the meaning of Section 3(3) of ERISA
whereby the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser; an employee benefit plan that has total
assets in excess of $5,000,000; or an employee benefit plan that is a self-directed plan, with investment decisions made solely by persons that are accredited investors; 
 (f) a private business development company as defined in Section 202(a)(22) of the Advisers Act; or 
 (g) an entity of which all of the equity owners are accredited investors as defined by any of the above Subsections (a) through (f). 

(vi) Awareness of Risks; Suitability. The Subscriber represents and warrants that the Subscriber is aware that the Company has no
operating history and currently owns no assets other than certain real properties to be acquired in connection herewith and in the Related Acquisitions. Subscriber understands that the Units involve a substantial degree of risk of loss of the
Subscriber’s entire investment, including without limitation, risks associated generally with start-up businesses and risks associated with investments in the capital markets, and that there is no assurance of any income from the
Subscriber’s investment. The Subscriber has evaluated the risks involved in investing in the Units and has determined that the Units are a suitable investment for the Subscriber. Specifically, the aggregate amount of the investments the
Subscriber has in, and the Subscriber’s commitments to, all similar investments that are illiquid is reasonable in relation to the Subscriber’s net worth, both before and after the subscription for and purchase of the Units pursuant to
this Subscription Agreement. 

  
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 (vii) Residence. The Subscriber maintains the Subscriber’s domicile at the
address shown in the signature page of this Subscription Agreement and the Subscriber is not merely transient or temporarily resident there. 
 (viii) No Conflict; No Violation. The execution and delivery of this Subscription Agreement by the Subscriber and the performance of the Subscriber’s duties and obligations hereunder
(i) do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under (A) any charter, by-laws, trust agreement, operating agreement, partnership agreement or other governing instrument
applicable to the Subscriber, (B) (1) any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement or understanding, or (2) any license, permit, franchise or
certificate, in either case to which the Subscriber or the Subscriber’s affiliates is a party or by which the Subscriber or any of them is bound or to which the Subscriber’s or any of their properties are subject; (ii) do not require
any authorization or approval under or pursuant to any of the foregoing; or (iii) do not violate any statute, regulation, law, order, writ, injunction or decree to which the Subscriber or any of the Subscriber’s affiliates is subject.

 (ix) No Default. The Subscriber is not (i) in default (nor has any event occurred which with notice, lapse of
time, or both, would constitute a default) in the performance of any obligation, agreement or condition contained in this Subscription Agreement or the Partnership Agreement, or (ii) in violation of any statute, regulation, law, order, writ,
injunction, judgment or decree applicable to the Subscriber or any of the Subscriber’s affiliates. 
 (x) No
Litigation. There is no litigation, investigation or other proceeding pending or, to the Subscriber’s knowledge, threatened against the Subscriber or any of the Subscriber’s affiliates which, if adversely determined, would adversely
affect the Subscriber’s business or financial condition or the Subscriber’s ability to perform the Subscriber’s obligations under this Subscription Agreement. 
 (xi) OFAC. The Subscriber, and all beneficial owners of Subscriber (if Subscriber is an entity), are in compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept.
25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders
in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”). For purposes of this subsection, “Person” shall mean any corporation, partnership, limited liability
company, joint venture, individual, trust, real estate investment trust, banking association, federal or state savings and loan institution and any other legal entity, whether or not a party hereto. In addition, neither the Subscriber nor any of the
beneficial owners of the Subscriber (if the Subscriber is an entity): 
 (1) is listed on the Specially Designated Nationals
and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such
lists are collectively referred to as the “Lists”); 

  
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 (2) has been indicted or arrested for money laundering or for predicate crimes to money
laundering, convicted or pled nolo contendere to charges involving money laundering or predicate crimes to money laundering; 

(3) has been determined by competent authority to be subject to the prohibitions contained in the Orders; 

(4) is owned or controlled by, nor acts for or on behalf of, any Person on the Lists or any other Person who has been determined by
competent authority to be subject to the prohibitions contained in the Orders; 
 (5) shall transfer or permit the transfer of
any interest in the Subscriber or such parties to any Person who is, or whose beneficial owners are, listed on the Lists; or 

(6) shall assign this Subscription Agreement or any interest herein, to any Person who is listed on the Lists or who is engaged in
illegal activities. 
 If the Subscriber obtains knowledge that the Subscriber, or, if Subscriber is an entity, any of Subscriber’s
partners, members, stockholders, managers, directors or beneficial owners, become listed on the Lists or are indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, the Subscriber
shall immediately notify the Company. 
 (xii) Representations Current. The Subscriber understands that, unless the
Subscriber notifies the Company in writing to the contrary before the Closing, all the representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed and confirmed as of the date of the Closing, taking
into account all information received by the Subscriber after the date hereof up to the date of the Closing. 
 (xiii) No Tax
Representations. The Subscriber is aware that any federal and state tax benefits may be limited by rules regarding basis, amounts at risk, and passive losses, and that any federal and/or state income tax benefits which may be available to the
Subscriber may be lost through the adoption of new laws or regulations, to changes to existing laws and regulations and to changes in the interpretation of existing laws and regulations. The Subscriber further represents that the Subscriber is
relying solely on the Subscriber’s own conclusions or the advice of the Subscriber’s own counsel or investment representative with respect to tax aspects of any investment in the Company and that no representations or warranties have been
made to the Subscriber by the Company as to the tax consequences of this investment, or as to credits, profits, losses or cash flow which may be received or sustained as a result of this investment. The Subscriber is advised to consult its own tax
advisors and counsel regarding the tax consequences of investment in the Company. 
 (b) The undersigned, whether having elected
Option A or Option B pursuant to the attached Consent and Election, hereby makes the following representations and warranties 

  
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to the Company as of the Effective Date and as of the Closing as though made again on and as of such date: 
 (i) Organization and Authority. If other than a natural person, the undersigned has been duly formed and is validly existing and in good standing under the laws of its jurisdiction of organization.
The undersigned has the full right and authority to enter into this Subscription Agreement and to transfer its Membership Interests and to consummate or cause to be consummated the transactions contemplated by this Subscription Agreement. The
persons signing this Subscription Agreement on behalf of the undersigned are authorized to do so. 
 (ii)
Noncontravention. Neither the entry into nor the performance of, or compliance with, this Subscription Agreement by the undersigned has resulted, or will result, in any violation of, or default under, or result in the acceleration of, any
obligation under any existing organizational documents or agreements, mortgage, indenture, lien agreement, note, contract, permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to the undersigned (excluding
any loan documents to which the Property Owner or its assets may be subject). 
 (iii) Agreement Binding. This Agreement
constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity). All other documents executed by the undersigned at or in connection with the Closing will be duly authorized, executed, and
delivered by the undersigned, are or at the Closing will be legal, valid, and binding obligations of the undersigned in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity) and do not violate any provisions of any agreement to which the undersigned is a party or to which it is subject
(excluding any loan documents to which the Property Owner or its assets may be subject). 
 (iv) Consents. Each consent,
approval, authorization, order, license, certificate, permit, registration, designation, or filing by or with any governmental agency or body necessary for the execution, delivery, and performance of this Subscription Agreement or the transactions
contemplated hereby by the undersigned have been obtained or will be obtained on or before the Closing. 
 (v)
Ownership. The undersigned further represents and warrants to the Company that (A) it is the owner of the Membership Interests to be conveyed hereby, free and clear of all liens and encumbrances, and has not pledged, collaterally
assigned, hypothecated or otherwise encumbered all or any portion thereof, (B) no understanding, agreement (either express or implied), or reasonable expectancy of agreement with respect to the sale or transfer of such Membership Interests or
sale, lease or other transfer of the Property Owner or its assets exists between the undersigned and any third party, and (C) there are no (i) outstanding or authorized options, warrants, or convertible securities relating to such
Membership Interests or (ii) other rights, agreements, arrangements or commitments of any character relating to such Membership 

  
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Interests that would be binding on the Company as the successor owner thereof or would encumber such Membership Interests. 

(vi) Bankruptcy. The undersigned has not made a general assignment for the benefit of creditors, filed any voluntary petition in
bankruptcy or suffered the filing of an involuntary petition by its creditors, suffered the appointment of a receiver to take possession of substantially all of its assets, or suffered the attachment or other judicial seizure of substantially all of
its assets. 
 (vii) Capacity to Contract. If the undersigned is an individual, he or she represents that he or she is
over 21 years of age and has the capacity to execute, deliver and perform this Subscription Agreement. 
 (viii) Power,
Authority; Valid Agreement. (i) The undersigned has all requisite power and authority to execute, deliver and perform its obligations under this Subscription Agreement and, if applicable, to subscribe for and acquire the Units;
(ii) the undersigned’s execution of this Subscription Agreement has been authorized by all necessary corporate or other action on the undersigned’s behalf; and (iii) this Subscription Agreement is valid, binding and enforceable
against the undersigned in accordance with its respective terms. 
 (ix) Further Assurances. The undersigned agrees to
furnish any additional information requested to assure compliance with the Securities Act, State Securities Laws and any other applicable Laws in connection with the transactions contemplated hereby. 

7. Restrictions on Transfer or Sale of the Units. 
 (a) The Subscriber is acquiring the Units solely for the Subscriber’s own beneficial account, for investment purposes, and not with view to, or for resale in connection with, any distribution of the
Units. The Subscriber understands that the offer and the sale of the Units has not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof which depend in part upon the
investment intent of the Subscriber and of the other representations made by the Subscriber in this Subscription Agreement. The Subscriber understands that the Company is relying upon the representations, covenants and agreements contained in this
Subscription Agreement (and any supplemental information) for the purposes of determining whether this transaction satisfies the requirements for such exemptions. 
 (b) The Subscriber understands that the Units are “restricted securities” under applicable federal securities laws and that the Securities Act and the rules of the SEC provide in substance that
the Subscriber may dispose of the Units only pursuant to an effective registration statement under the Securities Act or an exemption therefrom, and the Subscriber understands that the Company shall have no obligation to register any of the Units
purchased by the Subscriber hereunder (or the shares of the REIT’s common stock exchangeable for the Units) or to take action so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder) except as may be set forth in the
Company’s Partnership Agreement. 

  
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 (c) The Subscriber agrees that: (A) the Subscriber will not sell, assign, pledge, give,
transfer or otherwise dispose of the Units or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Units under the Securities Act and all applicable State Securities Laws or in a
transaction which is exempt from the registration provisions of the Securities Act and all applicable State Securities Laws; and (B) the Company shall not be required to give effect to any purported transfer of any of the Units except upon
compliance with the foregoing restrictions. 
 (d) Subscriber acknowledges that (i) the Units are not redeemable or
exchangeable for cash or REIT Shares for a minimum of twelve (12) months after the date of issuance, and (ii) the Units have not been registered under the Securities Act and, therefore, unless registered under the Securities Act or an
exemption from registration is available, must be held (and the Subscriber must continue to bear the economic risk of the investment in the REIT Shares and/or Units) indefinitely and may not be transferred or sold. 

(e) The Units are subject to restrictions on beneficial and constructive ownership and transfer for the purpose of the REIT’s
maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the REIT’s charter, (i) no
person may beneficially or constructively own shares of the REIT’s common stock in excess of 9.9% (in value or number of shares) of the outstanding shares of common stock of the REIT unless such person is an excepted holder (in which case the
excepted holder limit shall be applicable); (ii) no person may beneficially or constructively own shares of capital stock of the REIT in excess of 9.9% of the value of the total outstanding shares of capital stock of the REIT, unless such
person is an excepted holder (in which case the excepted holder limit shall be applicable); (iii) no person may beneficially or constructively own capital stock that would result in the REIT being “closely held” under section 856(h)
of the Code or otherwise cause the REIT to fail to qualify as a real estate investment trust; and (iv) no person may transfer shares of capital stock if such transfer would result in the capital stock of the REIT being owned by fewer than 100
persons. 
 8. Survival and Indemnification. All representations, warranties and covenants contained in this Subscription
Agreement and the indemnification contained in this Paragraph shall survive (i) the acceptance of the Subscription Agreement by the Company, (ii) changes in any transactions, documents and instruments, including the Partnership Agreement,
which are not material or which are to the benefit of the Subscriber, and (iii) the death, incapacity or disability of the Subscriber. The Subscriber acknowledges that it understands the meaning and legal consequences of the representations,
warranties and covenants contained in this Subscription Agreement, including this Paragraph hereof, and that the Company has relied upon such representations, warranties and covenants in determining the Subscriber’s qualification and
suitability to purchase the Units. The Subscriber hereby agrees to indemnify, defend and hold harmless the Company, and the directors, officers, employees, agents and controlling persons of the Company, from and against any and all losses, claims,
damages, liabilities, expenses (including attorneys’ fees and costs), judgments or amounts paid in settlement of actions arising out of or resulting from the untruth of any representation in this Subscription Agreement or the breach of any
warranty or covenant contained in this Subscription Agreement. 

  
 12 









 9. Cautionary Statements Regarding Forward Looking Statements. 

Subscriber is aware that any informational materials reviewed by Subscriber in connection with the Company may contain forward looking
statements. Any forward-looking statements contained in any such informational materials were based on current expectations involving many risks and uncertainties, especially in light of the nature of the Company and its business. The Company’s
actual financial results may differ materially from any results which might be projected, forecast, estimated or budgeted by the Company in forward-looking statements. Among the many factors that could cause actual results to differ materially are
general economic conditions, changes in the capital markets, including changes in interest rates and availability of capital, and competition from businesses engaged in similar enterprises, both those currently in existence as well as those that may
arise in the future. 
 10. Consents Regarding Organizational Documents. The undersigned acknowledges that the agreements
contained herein and the transactions contemplated hereby and any actions taken in contemplation of the transactions contemplated hereby may conflict with, and may not have been contemplated by, the organizational documents of the Property Owner or
other agreements among one or more holders of ownership interests therein expressly gives all consents (and any consents necessary to authorize the proper parties in interest to give all consents) and waivers it is entitled to give that are
necessary or desirable to facilitate the contribution or contemplated hereby, or other Related Acquisitions. In addition, if the transactions contemplated hereby occur, this Agreement shall be deemed to be an amendment to the organizational
documents of the Property Owner to the extent the terms herein conflict with the terms thereof, including without limitation, terms with respect to allocations, distributions and the like. In the event the transactions contemplated by this Agreement
do not occur, nothing in this Agreement shall be deemed to be or construed as an amendment or modification of, or commitment of any kind to amend or modify, the organizational documents of the Property Owner, which shall remain in full force and
effect without modification. 
 11. Conditions to Obligations of the Company. The obligations of the Company to issue and
sell the Units are subject to the following conditions: 
 (a) The representations and warranties of the Subscriber contained in
this Subscription Agreement shall be true and correct in all respects, with the same effect as though such representations and warranties had been made on and as of the date of the Closing. 

(b) Subscriber shall have duly performed and complied with all agreements and conditions contained in this Subscription Agreement
required to be performed or complied with by the Subscriber prior to or at the time of the Closing, including payment of the Purchase Price. 
 (c) The REIT shall have closed or shall close contemporaneously on the initial public offering of its stock on such terms and conditions as are acceptable to it in its sole discretion. 

  
 13 









 (d) The Company shall have closed or shall close contemporaneously on the transactions
contemplated by that certain Contribution Agreement dated on or about the date hereof between the Company, and             Management, LLC, as Contributor, pursuant to which such
Contributor has contributed its ownership interest in the Property Owner to the Company. 
 12. Notices. All notices and
other communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally, sent postage prepaid by registered or certified air mail or overnight air courier with guaranteed delivery, as follows:

 (a) if to the Company, at the following address: 
 Wheeler Real Estate Investment Trust, L.P. 
 Riversedge North 

2529 Virginia Beach Blvd., Suite 200 
 Virginia Beach, VA 23452 
 (b) if to the Subscriber, at the address set forth on
Appendix A, or 
 (c) at such other address as the Company or the Subscriber shall have specified by notice in writing to
the other parties. 
 All notices and communications under this Subscription Agreement shall be deemed to have been duly given:
(a) at the time delivered by hand, if personally delivered; (b) ten (10) days during which federal banks are open for business in the United States (“Banking Days”) after being sent postage prepaid by registered or certified
air mail; and (c) two (2) Banking Days after delivery to the courier, freight prepaid, if sent by overnight air courier guaranteeing delivery. If a notice or communication is sent in the manner provided above within the time prescribed, it
shall be deemed duly given, whether or not the addressee receives it. 
 13. Modification or Changes. The undersigned
agrees and covenants to notify the Company immediately upon the occurrence of any event prior to the Closing which would cause any representation, warranty, covenant or other statement contained in this Subscription Agreement to be false or
incorrect or of any change in any statement made herein occurring prior to the Closing. 
 14. Assignability. This
Subscription Agreement is not assignable by the Subscriber, and may not be modified, waived or terminated except by an instrument in writing signed by the party against whom enforcement of such modification, waiver or termination is sought.

 15. Binding Effect. Except as otherwise provided herein, this Subscription Agreement shall be binding upon and inure
to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and permitted assigns, and the agreements, representations, warranties and acknowledgments contained herein shall be deemed to be made


  
 14 









 
by and be binding upon such heirs, executors, administrators, successors, legal representatives and permitted assigns. If more than one person or entity subscribes for the Units purchased
hereunder, the Subscriber and all other subscribers for the Units purchased hereunder shall be jointly and severally liable with respect to all the agreements, representations, warranties and acknowledgments governed herein, all of which shall be
deemed to be made by and be binding upon each such person and their respective heirs, executors, administrators and successors. 

16. Obligations Irrevocable. The obligations of the Subscriber hereunder shall be irrevocable, except with the consent of the
Company or termination of the Offering. 
 17. Expenses. Each of the Company and Subscriber shall bear its own expenses
incurred in connection with this Subscription Agreement and Subscriber’s investment in the Company. 
 18.
Integration. This Subscription Agreement, together with the Partnership Agreement, constitute the entire agreement of the Subscriber and the Company relating to the matters contained herein, superseding all prior contracts or agreements,
whether oral or written. Subscriber agrees to comply fully with the terms and conditions of the Partnership Agreement which shall govern the Company and Subscriber’s investment therein. 

19. Governing Law. This Subscription Agreement shall be governed and controlled as to the validity, enforcement, interpretations,
construction and effect and in all other aspects by the substantive laws of the Commonwealth of Virginia, without regard to the conflicts of law provisions hereof. The sole venue for any dispute under this Subscription Agreement shall be courts of
competent jurisdiction sitting in Norfolk, Virginia. The Subscriber hereby irrevocably and unconditionally submits to the jurisdiction of such courts and waives any objection to inconvenient forum or venue with respect to any dispute arising
hereunder. 
 20. Severability. If any provision of this Subscription Agreement or the application thereof to the
Subscriber shall be held invalid or unenforceable to any extent, the remainder of this Subscription Agreement shall be enforced to the greatest extent permitted by law. 
 21. Headings. The headings in this Subscription Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define, or limit the scope, extent or
intent of this Subscription Agreement or any provision hereof. 
 22. Counterparts. This Subscription Agreement may be
executed in any number of counterparts, whether by original signature or electronic transmission, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same
original agreement. 
 Executed and Delivered as of the date first above written by the undersigned. 

  
 15 










	
	  

	Name:
	Title:


  
 16 









 APPENDIX A 

CONSENT AND ELECTION 
 [attached] 

  
 1 








 APPENDIX B 
 SUBSCRIPTION FOR UNITS IN 
 WHEELER REAL ESTATE INVESTMENT TRUST, L.P.

 TYPE OF OWNERSHIP (Check One): 
  

	(    )	INDIVIDUAL OWNERSHIP (one signature required) 

  

	(    )	JOINT TENANTS WITH RIGHT OF SURVIVORSHIP (both parties must sign) 

  

	(    )	TENANTS IN COMMON (all parties must sign) 

  

	(    )	CORPORATION (include copies of the documents described in 2 below) 

  

	(    )	PARTNERSHIP OR LIMITED LIABILITY COMPANY (include copies of the documents described in 3 below) 


 

	(    )	TRUST (include copies of the documents described in 4 below) 

 ****************** 
 PLEASE EXECUTE THE FOLLOWING PAGES 

  
 2 








 WHEELER REAL ESTATE INVESTMENT TRUST, L.P. 

Please execute this Subscription Agreement by completing the appropriate section below. 

 

	1.	INDIVIDUAL: 

 If
the subscriber is an INDIVIDUAL, complete the following: 
  

					
	  
	  	  
	  	(if applicable)
	        Signature of Investor	  	 Signature of Joint Owner
 or
Co-Owner
	  	
			
	  
	  	  
	  	(if applicable)
	        Name (Please type or print)	  	 Name of Joint Owner
 or
Co-Owner
	  	
			
	  
	  	  
	  	
		  	Telephone Number	  	
			
	  
	  	  
	  	
	Mailing Address	  	Fax Number	  	
			
	  
	  		  	
	Email Address	  		  	
			
	  
	  		  	
	Social Security Number/Tax Identification Number (Required for tax purposes)
			
	  
	  		  	
	Tax domicile (Required for tax purposes)	  		  	
			
	  
	  		  	
	Date	  		  	
	
	 If Check is to be sent to a different address please indicate below:

			
	  
	  		  	
			
	  
	  		  	
	Check Address	  		  	


  
 3 








 2. CORPORATION: 
 If the subscriber is a CORPORATION, complete the following: 
 The undersigned hereby represents,
warrants and agrees that (i) the undersigned has been duly authorized by all requisite action on the part of the corporation listed below (the “Corporation”) to acquire the Units, (ii) the Corporation has all requisite power and
authority to acquire the Units, and (iii) the undersigned officer of the Corporation has authority under the Articles of Incorporation, Bylaws, and resolutions of the Board of Directors of the Corporation to execute this Subscription Agreement.
The undersigned officer encloses a true copy of the Articles of Incorporation, the Bylaws and, as necessary, the resolutions of the Board of Directors authorizing a purchase of the Units, in each case as amended to date. 

 

							
	 	 	  
	 	 
	 	 	Name of Corporation (Please type or print)	 	 
		 	By:	 	  
	 	
		 	Name:	 	  
	 	
		 	Title:	 	  
	 	
			
		 	  
	 	
		 	Country of Formation
			
		 	  
	 	  

		 		 	Telephone Number
		 	  
	 	  

		 	Mailing Address	 	Fax Number
			
		 	  
	 	
		 	Tax Identification Number (Required for tax purposes)	 	
			
		 	  
	 	
		 	Tax domicile (Required for tax purposes)
			
		 	  
	 	
		 	Date
		
		 	If Check is to be sent to a different address please indicate below:
			
		 	  
	 	
			
		 	  
	 	
		 	Check Address	 	


  
 4 








 3. PARTNERSHIP OR LIMITED LIABILITY COMPANY: 

If the subscriber is a PARTNERSHIP OR LIMITED LIABILITY COMPANY, complete the following: 

The undersigned hereby represents, warrants and agrees that (i) the undersigned is a general partner of the partnership named below
(the “Partnership”) or a manager or authorized member of the limited liability company named below (“LLC”), (ii) the undersigned general partner, manager, or member has been duly authorized by the Partnership, or LLC, to
acquire the Units and the general partner, manager, or member has all requisite power and authority to acquire the Units, and (iii) the undersigned general partner, manager, or member is authorized by the Partnership, or LLC, to execute this
Subscription Agreement. The undersigned general partner, manager, or member encloses a true copy of the Partnership Agreement of the Partnership, or Operating Agreement of the LLC, each as amended to date, together with a current and complete list
of all partners, managers or members and, as necessary, the resolutions of the Partnership, or LLC, authorizing the purchase of the Units. 
  

			
	  
	  	 
	Name of Partnership or Limited Liability Company	  	 
	(Please type or print)	  	
		
	By:                             
                                         
          	  	
		
	Name:                             
                                         
     	  	
	Title: General Partner/Manager/Authorized Member (circle one)	  	
		
	  
	  	
	Country of Formation	  	
		
	  
	  	  

		  	Telephone Number
		
	  
	  	  

	Mailing Address	  	Fax Number
		
	  
	  	
	Tax Identification Number (Required for tax purposes)	  	
		
	  
	  	
	Tax domicile (Required for tax purposes)	  	
		
	  
	  	
	Date	  	
		
	If Check is to be sent to a different address please indicate below:	  	
		
	  
	  	
		
	  
	  	
	Check Address	  	


  
 5 








 4. TRUST: 
 If the subscriber is a TRUST, complete the following: 
 The undersigned hereby
represents, warrants and agrees that (i) the undersigned trustee is duly authorized by the terms of the trust instrument (“Trust Instrument”) for the trust (“Trust”) set forth below to acquire the Units, (ii) the
undersigned, as trustee, has all requisite power and authority to acquire such Units for the Trust, and (iii) the undersigned trustee is authorized by such Trust to execute this Subscription Agreement. The undersigned trustee encloses a true
copy of the Trust Instrument of said Trust, as amended to date, and, as necessary, the resolutions of the Trustees authorizing the purchase of the Units. 
  

									
	  
	  	
	Name of Trust (Please type or print)	  	
		
	By:                           
                                         
        	  	
		
	Name:                           
                                         
   	  	
		
	Title: Trustee	  	
		
	  
 Country of
Formation
	  	
	  
	 		 	  

		 		 		 	Telephone Number
	  
	 		 	  

	Mailing Address	 		 		 	Fax Number
		
	  
	  	
	Tax Identification Number (Required for tax purposes)
		
	  
	  	
	Tax domicile (Required for tax purposes)
		
	  
	  	
	Date	  	
	
	If Check is to be sent to a different address please indicate below:
		
	  
	  	
		
	  
	  	
	Check Address	  	


  
 6 








 [THIS PAGE FOR INDIVIDUAL INVESTORS ONLY] 

INITIAL EACH BOX TRUE OR FALSE OR COMPLETE, AS APPROPRIATE 
 Verification of Status as “Accredited Investor” under Regulation D. 
  

					
	1.	  	 ̈ True  ̈ False	    	You are a natural person (individual) acting for your own personal account and not as an agent or representative of any person or entity (domestic or foreign).
			
	2.	  	 ̈ True  ̈ False	    	You are a natural person (individual) whose own net worth, taken together with the net worth of your spouse, exceeds $1,000,000. Net worth for this purpose means total assets
(excluding primary residence but including personal property and other assets) in excess of total liabilities.
			
	3.	  	 ̈ True  ̈ False	    	You are a natural person (individual) who had an individual income in excess of $200,000 in each of the two previous years, or joint income with your spouse in excess of $300,000
in each of those years, and who reasonably expects to reach the same income level in the current year.
			
	4.	  	 ̈ True  ̈ False	    	You are a director or executive officer of the Company.
			
	5.	  	 ̈ True  ̈ False	    	You have such knowledge and experience in financial and business matters that you are capable of evaluating the merits and risks of investing in the Units.

 Disclosure of Foreign Citizenship. 
  

					
	1.	  	 ̈ True  ̈ False	  	You are a citizen of a country other than the United States.


  
 7 








 [FOR INVESTORS OTHER THAN INDIVIDUALS] 

INITIAL EACH BOX TRUE OR FALSE 
  

							
	 1.
	  	 ̈ True	  	 ̈ False	    	You are either (i) a bank, or any savings and loan association or other institution acting in its individual or fiduciary capacity; (ii) a broker dealer; (iii) an
insurance company; (iv) an investment company or a business development company under the Investment Company Act of 1940; (v) a Small Business Investment Company licensed by the U.S. Small Business Administration; (vi) an employee
benefit plan whose investment decision is being made by a plan fiduciary, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan whose total assets are in excess of
$5,000,000 or a self-directed employee benefit plan whose investment decisions are made solely by persons that are accredited investors; or (vii) a plan established and maintained by a state of the United States, its political subdivisions, or
any agency or instrumentality of a state of the United States or its political subdivisions, for the benefit of its employees that has total assets in excess of $5,000,000.
				
	2.	  	  ̈ True
	  	  ̈ False
	    	You are a private business development company.
				
	 3.
	  	 ̈ True	  	 ̈ False	    	You are either (i) an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, (ii) a corporation, (iii) a Massachusetts or
similar business trust, or (iv) a partnership, in each case not formed for the specific purpose of acquiring the securities offered and in each case with total assets in excess of $5,000,000.
				
	 4.
	  	 ̈ True	  	 ̈ False	    	You are an entity as to which all the equity owners are accredited investors.
				
	 5.
	  	 ̈ True	  	 ̈ False	    	You are a trust, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000 and whose purchase is directed by a
sophisticated person.
				
	 6.
	  	 ̈ True	  	 ̈ False	    	You (i) were not formed, and (ii) are not being utilized, primarily for the purpose of making an investment in the
Company.


  
 8 









							
				
	 7.
	  	 ̈ True	  	 ̈ False	    	You are, or are acting on behalf of, (i) an employee benefit plan within the meaning of Section 3(3) of ERISA, whether or not such plan is subject to ERISA, (ii) a plan
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or (iii) an entity which is deemed to hold the assets of any such employee benefit plan pursuant to 29 C.F.R. § 2510.3-101. For example, a plan which is
maintained by a foreign corporation, governmental entity or church, a plan covering no common-law employees and an individual retirement account are employee benefit plans within the meaning of Section 3(3) of ERISA but generally are not subject to
ERISA (collectively, “Non-ERISA Plans”). In general, a foreign or U.S. entity which is not an operating company and which is not publicly traded or registered as an investment company under the Investment Company Act and in which
25% or more of the value of any class of equity interests is held by employee pension or welfare plans (including an entity which is deemed to hold the assets of any such plan), would be deemed to hold the assets of one or more employee benefit
plans pursuant to 29 C.F.R. § 2510.3-101. However, if only Non-ERISA Plans were invested in such an entity, the entity generally would not be subject to ERISA. For purposes of determining whether this 25% threshold has been met or
exceeded, the value of any equity interests held by a person (other than such a plan or entity) who has discretionary authority or control with respect to the assets of the entity, or any person who provides investment advice for a fee (direct or
indirect) with respect to such assets, or any affiliates of such person, is disregarded.
				
	 8.
	  	 ̈ True	  	 ̈ False	    	You are, or are acting on behalf of, such an employee benefit plan, that is subject to ERISA or a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended, or are an entity deemed to hold the assets of any such plan or plans (i.e., you are subject to ERISA).
				
	 9.
	  	 ̈ True	  	 ̈ False	    	You are a U.S. pension trust or governmental plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended or a U.S. tax-exempt organization qualified
under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.
				
	 10.
	  	 ̈ True	  	 ̈ False	    	You are acting on behalf of an insurance company general account and any part of the general account represents interests that may be deemed to be assets of benefit plan
investors under applicable law.


  
 9 









							
				
	 11.
	  	 ̈ True	  	 ̈ False	    	Except as described in a letter to the Company dated at least five days prior to the date hereof, no part of the funds used by the Subscriber to acquire Units constitutes assets
of any “employee benefit plan” within the meaning of Section 3(3) of ERISA, either directly or indirectly through one or more entities whose underlying assets include plan assets by reason of a plan’s investment in such entities
(including insurance company separate accounts, insurance company general accounts or bank collective investment funds, in which any such employee benefit plan (or its related trust) has any interest).
				
	 12.
	  	 ̈ True	  	 ̈ False	    	If Units are being acquired by or on behalf of any employee benefit plan (any such purchaser being referred to herein as an
		  	 ̈ Not Applicable	    	“ERISA Member”), (A) such acquisition has been duly authorized in accordance with the governing documents of such plan and (B) such acquisition and the
subsequent holding of the Units do not and will not constitute a “non-exempt prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (i.e., a transaction that is
not subject to an exemption contained in ERISA or in the rules and regulations adopted by the U.S. Department of Labor (the “DOL”) thereunder).


  
 10 









 ACCEPTANCE BY WHEELER REAL ESTATE INVESTMENT TRUST, L.P. 

ACCEPTED by the Company effective this    day
of            , 2012. 
  
  

									
	The Company:	 		 	WHEELER REAL ESTATE INVESTMENT TRUST, L.P.
				
		 		 	By:	 	Wheeler Real Estate Investment Trust, Inc.,
		 		 		 	its general partner
					
		 		 		 	By:	 	  

		 		 		 		 	                        Jon S. Wheeler
		 		 		 		 	                        Chairman


  
 11