Document:

Exhibit 10.3

 

WHEELER
REAL ESTATE INVESTMENT TRUST, INC.

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION Rights Agreement (this “Agreement”) is made as of
December 22, 2020, by and among Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”),
and the Persons identified on Schedule A hereto (each, an “Investor,” and collectively, the “Investors”)),
and such other Persons, if any, that from time to time become a party hereto as holders of Registrable Securities (as defined
below).

 

Whereas,
pursuant to the Financing Agreement (as defined below), concurrently with the execution of this Agreement, on the Effective Date
the Company will issue to each Investor a warrant to purchase such number of shares of Common Stock (as defined below) as is set
forth opposite such Investor’s name on Schedule A hereto (as such number may be adjusted pursuant to the terms of such warrant,
each, a “Warrant,” and collectively, the “Warrants”);

 

Whereas,
the Warrants will be exercisable into shares of Common Stock from time to time on or after the Effective Date and before 5:00
p.m., Eastern time, on the 36-month anniversary of the Effective Date, in accordance with the terms thereof;

 

Whereas,
in connection with the execution and delivery of the Financing Agreement and the issuance of the Warrants and the consummation
of the transactions contemplated thereby, the Company has agreed to grant the Holders (as defined below) certain registration
and other rights as set forth below; and

 

Now,
Therefore, in consideration of the mutual promises
and covenants herein contained, and other consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

		1.	Definitions.

 

		1.1	Unless
                                         otherwise defined herein, capitalized terms used in this Agreement have the meanings
                                         ascribed to them in the Financing Agreement. As used in this Agreement, the following
                                         terms shall have the meanings set forth below:

 

		(a)	“Additional
                                         Shares” means any shares of Common Stock issued to the Investors (whether pursuant
                                         to a stock split, stock dividend, or other distribution with respect to, or in exchange
                                         for, or in replacement of, the Underlying Shares, or otherwise in connection with a combination
                                         of shares, distribution, recapitalization, merger, consolidation, other reorganization,
                                         or other similar event).

 

		(b)	“Applicable
                                         Percentage” means, with respect to any Person as of any date of determination,
                                         the quotient, expressed as a percentage, of (i) the number of shares of Common Stock
                                         owned (directly or indirectly) by such Person on a Fully Diluted Basis immediately prior
                                         to such date, divided by (ii) the aggregate number of shares of Common Stock
                                         that are issued and outstanding determined on a Fully Diluted Basis immediately prior
                                         to such date.

 

		(c)	“Board”
                                         means the board of directors of the Company.

 

		(d)	“Common
                                         Stock” means shares of the common stock of the Company, $0.01 par value per
                                         share.

 

     

     

    

 

		(e)	“Controlling
                                         Person” has the meaning ascribed to such term in Section 15 of the Securities
                                         Act or Section 20 of the Exchange Act.

 

		(f)	“Financing
                                         Agreement” means that certain Financing Agreement, dated as of December 22,
                                         2020, by and among the Company as borrower, each Subsidiary of the Company party thereto
                                         as a guarantor, the lenders from time to time party thereto, and Powerscourt Investments
                                         XXII, LP as administrative agent and collateral agent.

 

		(g)	“Fully
                                         Diluted Basis” means the number of shares of Common Stock outstanding or held
                                         (as the case may be) assuming, for the purposes of calculating the number of shares of
                                         Common Stock held by the Investors, the conversion, exchange, or exercise of all securities
                                         or other instruments or rights held by the Investors that are convertible into or exercisable
                                         or exchangeable for Common Stock. For purposes of this definition, all Warrants shall
                                         be deemed exercised on the date of determination in exchange for cash.

 

		(h)	“Holder”
                                         means any Investor and any transferee permitted under Section 3.1, in each case
                                         to the extent holding or beneficially owning Registrable Securities.

 

		(i)	“Majority
                                         Holders” means the Holders of a majority of the Registrable Securities. For
                                         purposes of determining what constitutes Holders of a majority of Registrable Securities, each
                                         Holder of Warrants will be treated as the Holder of the Underlying Shares issuable upon
                                         exercise of such Warrants.

 

		(j)	“Partnership”
                                         means Wheeler REIT, L.P., a Virginia limited partnership.

 

		(k)	“Partnership
                                         Agreement” means the Amended and Restated Agreement of Limited Partnership,
                                         dated as of November 16, 2012, as may be amended from time to time.

 

		(l)	“Prospectus”
                                         means the prospectus or prospectuses (whether preliminary or final) included in any Registration
                                         Statement and relating to Registrable Securities, as amended or supplemented and including
                                         all material incorporated by reference in such prospectus or prospectuses.

 

		(m)	“register,”
                                         “registered,” and “registration” refer to a registration
                                         effected by filing with the SEC a registration statement in compliance with the Securities
                                         Act, and the declaration or ordering by the SEC of the effectiveness of such registration
                                         statement.

 

		(n)	“Registrable
                                         Securities” means (i) the Underlying Shares and (ii) any Additional Shares;
                                         provided, however, that Underlying Shares or Additional Shares shall cease to
                                         be treated as Registrable Securities on the earliest to occur of, (A) the date such security
                                         has been disposed of pursuant to an effective registration statement, (B) the date on
                                         which such security is sold pursuant to Rule 144 or (C) the date on which the Holder
                                         thereof, together with its Affiliates, is able to dispose of all of its Registrable Securities
                                         during any three (3)-month period in compliance with Rule 144 (or any successor rule).

 

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		(o)	“Registration
                                         Expenses” means any and all expenses incident to the Company’s performance of
                                         or compliance with this Agreement, including: (i) all SEC and other registration,
                                         filing, and listing fees (including all fees and expenses associated with (x) filings
                                         to be made with, or the listing of any Registrable Securities on, any securities exchange
                                         or over-the-counter trading market on which the Registrable Securities are to be listed
                                         or quoted and (y) filings to be made with FINRA or any other securities industry
                                         self-regulatory body), (iii) all fees and expenses of compliance with applicable international,
                                         federal, and state securities or “blue sky” laws, and real estate syndication
                                         laws (including fees and disbursements of the Company’s counsel in connection therewith),
                                         (iii) all transfer agent’s and registrar’s fees, (iv) all fees and disbursements
                                         of the Company’s counsel and all customary fees and expenses for independent certified
                                         public accountants retained by the Company, (v) printing, messenger, telephone,
                                         shipping, and delivery expenses, (vi) securities acts liability insurance, if the
                                         Company so desires, (vii) all internal expenses of the Company (including all salaries
                                         and expenses of its officers and employees performing legal or accounting duties), (viii) the
                                         expenses of any annual audit and any audits incident to or required by the registration
                                         of the Registrable Securities, (ix) the fees and expenses of any other Person (including
                                         special experts) retained by the Company, and (x) reasonable fees and disbursements
                                         of one counsel to the Holders (reasonably acceptable to the Company), not to exceed $15,000.
                                         For the avoidance of doubt, “Registration Expenses” shall not include
                                         underwriting discounts or commissions attributable to the sale of the Registrable Securities
                                         or (except as otherwise set forth in this Agreement) any legal fees and expenses of counsel
                                         to the Holders other than those in clause (x).

 

		(p)	“Registration
                                         Statement” means any registration statement of the Company under the Securities
                                         Act which covers any of the Registrable Securities pursuant to the provisions of this
                                         Agreement, including the Prospectus, all amendments and supplements to such Registration
                                         Statement, including post-effective amendments, all exhibits, and all documents incorporated
                                         by reference in such Registration Statement.

 

		(q)	“Rule
                                         144” means Rule 144 under the Securities Act.

 

		(r)	“Trading
                                         Day” means a day on which the Common Stock is traded on a Trading Market or,
                                         if the Common Stock is not traded on a Trading Market, then on the principal securities
                                         exchange or securities market on which the Common Stock is then traded.

 

		(s)	“Trading
                                         Market” means the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
                                         Global Select Market, the New York Stock Exchange, or the NYSE American (or any successors
                                         to any of the foregoing).

 

		(t)	“Underlying
                                         Shares” means any and all shares of Common Stock issued or issuable upon exercise
                                         of the Warrants.

 

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		AS
                                         USED IN THIS AGREEMENT, THE FOLLOWING TERMS SHALL HAVE THE MEANINGS DEFINED IN THE SECTION
                                         INDICATED:

 

	Agreement	Preamble
	Ancillary
    Securities	Section
    4.2
	Backstop
    Amount	Section
    4.2
	Backstop
    Party	Section
    4.1
	Blue
    Sky Filing	Section
    2.4(a)
	Company	Preamble
	Company
    Indemnified Party	Section
    2.4(a)
	Effectiveness
    Deadline	Section
    2.1(b)
	Election
    Period	Section
    4.2
	End
    of Suspension Notice	Section
    2.2(c)
	Holder
    Indemnified Parties	Section
    2.4(a)
	Indemnified
    Party	Section
    2.4(b)
	Losses	Section
    2.4(a)
	Purchaser	Preamble
	Rights	Section
    4.1
	Rights
    Offering	Section
    4.1
	Rights
    Offering Notice	Section
    4.2
	Shelf
    Effectiveness Deadline	Section
    2.1(b)
	Shelf
    Registration	Section
    2.1(a)
	Shelf
    Registration Statement	Section
    2.1(a)
	Subsequent
    Shelf Effectiveness Deadline	Section
    2.1(b)
	Subsequent
    Shelf Registration Statement	Section
    2.1(b)
	Suspension
    Event	Section
    2.2(b)
	Suspension
    Notice	Section
    2.2(c)
	Termination
    Date	Section
    2.1(b)
	Violations	Section
    2.4(a)
	Warrant	Recitals

 

		1.2	Terms
                                         Generally. The definitions of terms herein shall apply equally to the singular and
                                         plural forms of the terms defined. Whenever the context may require, any pronoun shall
                                         include the corresponding masculine, feminine, and neuter forms. The words “include,”
                                         “includes,” and “including” shall be deemed to be followed by the
                                         phrase “without limitation.” The word “will” shall be construed to
                                         have the same meaning and effect as the word “shall.” Unless the context requires
                                         otherwise, (a) any definition of or reference to any agreement, instrument, or other
                                         document herein shall be construed as referring to such agreement, instrument, or other
                                         document as from time to time amended, supplemented, or otherwise modified (subject to
                                         any restrictions on such amendments, supplements or modifications set forth herein),
                                         (b) any reference herein to any Person shall be construed to include such Person’s successors
                                         and assigns, (c) the words “herein,” “hereof,” and “hereunder,”
                                         and words of similar import, shall be construed to refer to this Agreement in its entirety
                                         and not to any particular provision hereof, and (d) all references herein to Sections,
                                         Schedules, and Exhibits shall be construed to refer to Sections of, and Exhibits and
                                         Schedules to, this Agreement.

 

		2.	REGISTRATION
                                         RIGHTS.

 

		2.1	Shelf
                                         Registration.

 

		(a)	Filing.  Following
                                         the date of this Agreement, the Company shall use commercially reasonable efforts to
                                         qualify and to remain qualified to register the resale of the Registrable Securities
                                         on a Registration Statement on Form S-3 after paying all dividends on its outstanding
                                         shares of preferred stock for which it had not been paying such dividends and shall promptly
                                         notify the Holders in writing upon the Company becoming so qualified.  Within sixty
                                         (60) days following the date that the Company first becomes eligible to register the
                                         resale of the Registrable Securities on a Registration Statement on Form S-3, the Company
                                         shall file with the SEC a Registration Statement on Form S-3 for an offering to be made
                                         on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any
                                         successor rule thereto (a “Shelf Registration Statement”) pursuant to
                                         which all of the Registrable Securities shall be included (on the initial filing or by
                                         supplement or amendment thereto) to enable the public resale of the Registrable Securities
                                         on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any
                                         successor rule thereto (a “Shelf Registration”).

 

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		(b)	Effectiveness.  The
                                         Company shall use its commercially reasonable efforts to (i) cause the Shelf Registration
                                         Statement filed pursuant to Section 2.1(a) to be declared effective by the
                                         SEC as soon as reasonably practicable, and in any event by the date that is the earlier
                                         of (A) 120 days following the date of filing and (B) five (5) Trading Days
                                         after the date that the Company receives written notification from the SEC that the Shelf
                                         Registration will not be reviewed (the “Shelf Effectiveness Deadline”),
                                         and (ii) continuously maintain the effectiveness of such Shelf Registration Statement,
                                         including by filing any necessary post-effective amendments and Prospectus supplements
                                         and by filing one or more replacement or renewal Shelf Registration Statements (each,
                                         a “Subsequent Shelf Registration Statement”) upon the expiration of
                                         such Shelf Registration Statement, as required by Rule 415 under the Securities Act,
                                         until such time as there are no Registrable Securities remaining (the “Termination
                                         Date”). If a Subsequent Shelf Registration Statement is filed, the Company shall
                                         use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration
                                         Statement to be declared effective by the SEC as soon as reasonably practicable, and
                                         in any event by the date that is fifty (50) days after such Subsequent Shelf Registration
                                         Statement is filed (the “Subsequent Shelf Effectiveness Deadline,” and
                                         together with the Shelf Effectiveness Deadline, each an “Effectiveness Deadline”),
                                         and (ii) maintain the effectiveness of such Subsequent Shelf Registration Statement
                                         (or another Subsequent Shelf Registration Statement) continuously until the Termination
                                         Date. Any Subsequent Shelf Registration Statement shall be a Shelf Registration Statement.

 

		(c)	Additional
                                         Registrable Securities; Additional Selling Stockholders.  At any time and
                                         from time to time that a Shelf Registration Statement is effective, if a Holder reasonably
                                         requests that such Holder be added as a selling stockholder in such Shelf Registration
                                         Statement, the Company shall as promptly as reasonably practicable amend or supplement
                                         the Shelf Registration Statement to cover such Holder.

 

		2.2	Provisions
                                         Relating to Registration.

 

		(a)	If
                                         and whenever the Company is required to effect the registration of any Registrable Securities
                                         pursuant to this Agreement, the Company shall use its commercially reasonable efforts
                                         to:

 

		(i)	at
                                         least ten (10) Business Days before filing a Registration Statement or any amendments
                                         or supplements thereto, the Company shall furnish to counsel to the Holders participating
                                         in such registration copies of all documents proposed to be filed, which documents shall
                                         be subject to review by counsel to the Holders at the Holder’s expense (except as otherwise
                                         provided in this Agreement), and give the Holders participating in such registration
                                         an opportunity to comment on such documents;

 

		(ii)	furnish
                                         without charge to each Holder participating in the registration such number of copies
                                         of the Prospectus included in such Registration Statement (including each preliminary
                                         Prospectus) and any supplement thereto (in each case including all exhibits thereto and
                                         all documents incorporated by reference therein) and such other documents as such Holder
                                         may request, including in order to facilitate the disposition of the Registrable Securities
                                         owned by such Holder;

 

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		(iii)	use
                                         its commercially reasonable efforts to register or qualify such Registrable Securities
                                         under such other securities or blue sky laws of such jurisdiction(s) or such self-regulatory
                                         bodies as may be necessary or advisable or as any Holder participating in the registration
                                         may reasonably request, and do any and all other acts and things that may be necessary
                                         or advisable to enable such Holder to consummate the disposition of such Holder’s Registrable
                                         Securities in such jurisdiction(s); provided that the Company shall not be required
                                         to qualify generally to do business, subject itself to taxation, or consent to general
                                         service of process in any jurisdiction where it would not otherwise be required to do
                                         so but for its obligations pursuant to this Section 2.2(a)(iii);

 

		(iv)	notwithstanding
                                         any other provision herein to the contrary, cause (A) any Registration Statement (as
                                         of the effective date of the Registration Statement), any amendment thereto (as of the
                                         effective date thereof) or supplement thereto (as of its date), (1) to comply in
                                         all material respects with the applicable requirements of the Securities Act and the
                                         rules and regulations of the SEC and (2) not to contain any untrue statement of
                                         a material fact or omit to state a material fact required to be stated therein or necessary
                                         in order to make the statements therein not misleading and (B) any related Prospectus,
                                         preliminary Prospectus, and any amendment or supplement thereto (in each case of the
                                         foregoing as of its date), (1) to comply in all material respects with the applicable
                                         requirements of the Securities Act and the rules and regulations of the SEC and (2) not
                                         to contain any untrue statement of a material fact or omit to state a material fact necessary
                                         in order to make the statements therein, in the light of the circumstances under which
                                         they were made, not misleading; provided, however, that the Company shall have
                                         no obligations or liabilities in connection with the foregoing with respect to any written
                                         information pertaining to a Holder and furnished to the Company by or on behalf of such
                                         Holder expressly for use in connection with such
                                         Registration Statement; provided further that each Holder, upon receipt
                                         of any notice from the Company of any event of the kind described in this Section 2.2(a)(iv),
                                         shall discontinue disposition of Registrable Securities pursuant to the Registration
                                         Statement covering such Registrable Securities until such Holder is advised in writing
                                         by the Company that the use of the Prospectus may be resumed and is furnished with a
                                         supplemented or amended Prospectus as contemplated by this Section 2.2(a)(iv);

 

		(v)	keep
                                         each Holders reasonably informed as to the registration process, and without limiting
                                         the generality of the foregoing, as promptly as practicable (and in any event within
                                         twenty-four (24) hours) notify the Holders: (A) when the Registration Statement, any
                                         pre-effective amendment thereto, the Prospectus, any Prospectus supplement, or any post-effective
                                         amendment thereto has been filed with the SEC and when the Registration Statement or
                                         any post-effective amendment thereto has become effective, (B) of any oral or written
                                         comments by the SEC or of any request by the SEC for amendments or supplements to such
                                         Registration Statement or Prospectus or for any additional information regarding such
                                         Holder, (C) of the issuance by the SEC of any stop order suspending the effectiveness
                                         of such Registration Statement, the initiation or threatening of any proceeding for that
                                         purpose, or any other action, event, or failure to act that would cause the Registration
                                         Statement not to remain effective, and (D) of the receipt by the Company of any
                                         notification with respect to the suspension of the qualification or exemption from qualification
                                         of any Registrable Securities for sale under the applicable securities or blue sky laws
                                         of any jurisdiction or the initiation of any proceeding for such purpose;

 

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		(vi)	in
                                         the event of the issuance of any stop order suspending the effectiveness of a Registration
                                         Statement, any order suspending or preventing the use of any related Prospectus or any
                                         suspension of the qualification or exemption from qualification of any Registrable Securities
                                         for sale in any jurisdiction, use its commercially reasonable efforts to promptly obtain
                                         the withdrawal or lifting of any such order or suspension, and each Holder, upon receipt
                                         of any notice from the Company of any event of the kind described in this Section 2.2(a)(vi),
                                         shall discontinue disposition of Registrable Securities pursuant to the Registration
                                         Statement covering such Registrable Securities until such Holder is advised in writing
                                         by the Company that the use of the Prospectus may be resumed and, if applicable, is furnished
                                         with a supplemented or amended Prospectus;

 

		(vii)	not
                                         file or make any amendment to any Registration Statement with respect to any Registrable
                                         Securities, or any amendment or supplement to the Prospectus used in connection therewith,
                                         that refers to any Holder covered thereby by name or otherwise identifies such Holder
                                         as the holder of any securities of the Company without the prior written consent of such
                                         Holder, unless and to the extent such disclosure is required by law; provided
                                         that (A) each Holder shall furnish to the Company in writing such information regarding
                                         itself and the distribution proposed by it as the Company may reasonably request for
                                         use in connection with a Registration Statement or Prospectus, and (B) each Holder shall
                                         notify the Company as promptly as reasonably practicable of any inaccuracy or change
                                         in information previously furnished to the Company by such Holder or of the occurrence
                                         of any event that would cause the Prospectus included in such Registration Statement
                                         to contain any untrue statement of a material fact regarding such Holder or the distribution
                                         of such Registrable Securities or to omit to state any material fact regarding such Holder
                                         or the distribution of such Registrable Securities necessary in order to make the statements
                                         made therein, in light of the circumstances under which they were made, not misleading,
                                         and to furnish to the Company, as promptly as reasonably practicable, any additional
                                         information required to correct and update the information previously furnished by such
                                         Holder such that such Prospectus shall not contain any untrue statement of a material
                                         fact regarding such Holder or the distribution of such Registrable Securities or omit
                                         to state a material fact regarding such Holder or the distribution of such Registrable
                                         Securities necessary in order to make the statements therein, in light of the circumstances
                                         under which they were made, not misleading;

 

		(viii)	cause
                                         such Registrable Securities to be listed on each securities exchange on which the Common
                                         Stock is then listed;

 

		(ix)	provide
                                         a transfer agent and registrar (which may be the same Person) for all such Registrable
                                         Securities not later than the effective date of such Registration Statement and, within
                                         a reasonable time prior to any proposed sale of Registrable Shares pursuant to a Registration
                                         Statement, provide the transfer agent (if required or reasonably requested by the transfer
                                         agent) an opinion of counsel as to the effectiveness of the Registration Statement, together
                                         with any other authorizations, certificates, and directions required or reasonably requested
                                         by the transfer agent that authorize and direct the transfer agent to issue such Registrable
                                         Shares without legend upon sale by the Holder of such Registrable Shares under the Registration
                                         Statement, subject to the provisions of Section 3.1;

 

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		(x)	otherwise
                                         use its commercially reasonable efforts to comply with all applicable rules and regulations
                                         of the SEC, and make available to its stockholders, as soon as reasonably practicable,
                                         an earnings statement (in a form that satisfies the provisions of Section 11(a) of the
                                         Securities Act and Rule 158 under the Securities Act or any successor rule thereto) covering
                                         the period of at least 12 months beginning with the first day of the Company’s first
                                         full fiscal quarter after the effective date of the applicable Registration Statement,
                                         which requirement shall be deemed satisfied if the Company timely files complete and
                                         accurate information on Forms 10-K,

                                         10-Q and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities
                                         Act or any successor rule thereto;

 

		(xi)	(A) furnish
                                         to each Holder all legal opinions of outside counsel to the Company required to be included
                                         in the Registration Statement (which provision shall be satisfied by filing with the
                                         SEC any such opinion as an exhibit to the Registration Statement), and (B) obtain
                                         all consents of independent public accountants required to be included in the Registration
                                         Statement;

 

		(xii)	cooperate
                                         with the Holders of the Registrable Securities to facilitate the timely preparation and
                                         delivery of certificates representing the Registrable Securities to be sold pursuant
                                         to such Registration Statement free of any restrictive legends and representing such
                                         number of shares of Common Stock and registered in such names as the Holders of the Registrable
                                         Securities may reasonably request a reasonable period of time prior to sales of Registrable
                                         Securities pursuant to such Registration Statement; provided that the Company
                                         may satisfy its obligations hereunder without issuing physical stock certificates through
                                         the use of The Depository Trust Company’s Direct Registration System; and

 

		(xiii)	otherwise
                                         use its commercially reasonable efforts to take or cause to be taken all other actions
                                         necessary or reasonably advisable to effect the registration of such Registrable Securities
                                         contemplated by this Agreement.

 

		(b)	As
                                         promptly as practicable after becoming aware of the happening of any event as a result
                                         of which the Prospectus included in a Registration Statement as then in effect includes
                                         any untrue statement of a material fact or omits to state a material fact necessary in
                                         order to make the statements therein, in light of the circumstances under which they
                                         were made, not misleading (any such event, a “Suspension Event”), the
                                         Company shall (x) notify the Holders thereof and (y) prepare and file with
                                         the SEC a supplement or amendment to the Registration Statement to correct such untrue
                                         statement or omission, and deliver such number of copies of such supplement or amendment
                                         to the Holders as the Holders may reasonably request so that, as thereafter delivered
                                         to the purchasers of such Registrable Securities, such Prospectus will not contain any
                                         untrue statement of a material fact or omit to state any material fact necessary in order
                                         to make the statements therein, in the light of the circumstances under which they were
                                         made, not misleading; provided, however, that for not more than 45 consecutive
                                         days (or a total of not more than 120 Trading Days in any 12-month period), the Company
                                         may delay or suspend the filing, effectiveness, or use of a Registration Statement or
                                         Prospectus, to the extent permitted by and in a manner not in violation of applicable
                                         securities laws, if the Board determines in good faith, based on the advice of counsel,
                                         that (i) proceeding with the filing, effectiveness, or use of such Registration Statement
                                         or Prospectus would reasonably be expected to require the Company to disclose any information
                                         the disclosure of which would have a material adverse effect on the Company and that
                                         the Company would not otherwise be required to disclose at such time or (ii) the registration
                                         or offering proposed to be delayed or suspended would reasonably be expected to, if not
                                         delayed or suspended, have a material adverse effect on any pending negotiations or plan
                                         of the Company to effect a merger, acquisition, disposition, financing, reorganization,
                                         recapitalization, or similar transaction, in each case that, if consummated, would be
                                         material to the Company.

 

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		(c)	Upon
                                         a Suspension Event, the Company shall promptly give written notice (a “Suspension
                                         Notice”) to the Holders to suspend sales of the affected Registrable Securities,
                                         and such notice shall state that such suspension shall continue for only so long as the
                                         Suspension Event or its effect is continuing and that the Company is pursuing with reasonable
                                         diligence the completion of the matter giving rise to the Suspension Event or otherwise
                                         taking all reasonable steps to terminate such suspension.  In no event shall
                                         the Company, without the prior written consent of the Holders, disclose to the Holders
                                         any of the facts or circumstances giving rise to the Suspension Event.  The
                                         Holders shall not effect any sales of the Registrable Securities pursuant to the Registration
                                         Statement (or such filings) at any time after they have received a Suspension Notice
                                         and prior to receipt of an End of Suspension Notice.  The Holders may resume
                                         effecting sales of the Registrable Securities under the Registration Statement (or such
                                         filings) following further written notice to such effect (an “End of Suspension
                                         Notice”) from the Company.  An End of Suspension Notice shall be given
                                         by the Company to the Holders promptly following the conclusion of any Suspension Event
                                         and its effect.  For the avoidance of doubt, a Suspension Notice shall not
                                         affect or otherwise limit sales of affected Registrable Securities under Rule 144 or
                                         otherwise outside of the Registration Statement;

 

		(d)	Notwithstanding
                                         any provision herein to the contrary, if the Company gives a Suspension Notice pursuant
                                         to Section 2.2(c) with respect to any Registration Statement, the Company
                                         shall extend the period during which the Registration Statement shall be maintained effective
                                         under this Agreement by the number of days during the period from the date of the giving
                                         of the Suspension Notice to and including the date when the Holders shall have received
                                         the End of Suspension Notice and copies of the supplemented or amended Prospectus necessary
                                         to resume sales.

 

		(e)	Notwithstanding
                                         any provision herein to the contrary, the Company shall not be required to include Registrable
                                         Securities in any Registration Statement unless the Holder owning the Registrable Securities
                                         to be registered on the Registration Statement, following reasonable advance written
                                         request by the Company, furnishes to the Company, at least ten (10) Business Days prior
                                         to the scheduled filing date of the Registration Statement, an executed stockholder questionnaire
                                         in the form attached hereto as Exhibit A.

 

		2.3	Registration
                                         Expenses. The Company shall bear and pay all Registration Expenses, irrespective
                                         of whether a registration becomes effective or is withdrawn or suspended; provided
                                         that the Registration Expenses for any Registration Statement withdrawn solely at
                                         the request of one or more Holder(s) (unless withdrawn following commencement of a Suspension
                                         Event) shall be borne by such Holder(s).

 

    - 9 -

     

    

 

		2.4	Indemnification.

 

		(a)	The
                                         Company shall, to the fullest extent permitted by law, indemnify and hold harmless each
                                         Holder, any Person who is or might be deemed to be a Controlling Person of such Holder,
                                         and such Holder’s or any such Person’s respective direct and indirect partners, advisory
                                         board members, directors, officers, trustees, managers, members, employees, agents, Affiliates,
                                         stockholders, and any other Person acting on behalf of or controlling such Holder or
                                         such Controlling Person (collectively, the “Holder Indemnified Parties”),
                                         from and against any losses, claims, damages, liabilities, or expenses (collectively,
                                         “Losses”), joint or several, or any actions in respect thereof,
                                         to which each Holder Indemnified Party may become subject under the Securities Act, the
                                         Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities
                                         laws, or otherwise, insofar as such Losses or actions arise out of or are based upon
                                         (i) any untrue statement or alleged untrue
                                         statement of a material fact in any Registration Statement or any post-effective amendment
                                         thereto or in any filing made in connection with the qualification of the offering under
                                         the securities or other “blue sky” laws of any jurisdiction in which Registrable
                                         Securities are offered (“Blue Sky Filing” ), or any omission or alleged
                                         omission to state a material fact required to be stated therein or necessary to make
                                         the statements therein not misleading, (ii) any untrue statement or alleged untrue
                                         statement of a material fact contained in any preliminary Prospectus if used prior to
                                         the effective date of such Registration Statement, or contained in the final Prospectus
                                         (as amended or supplemented, if the Company files any amendment thereof or supplement
                                         thereto with the SEC), or any omission or alleged omission to state any material fact
                                         necessary to make the statements therein, in the light of the circumstances under which
                                         the statements therein were made, not misleading, (iii) any violation or alleged
                                         violation by the Company of the Securities Act, the Exchange Act, any securities law,
                                         or any rule or regulation thereunder relating to the offer or sale of the Registrable
                                         Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through
                                         (iii), collectively, “Violations”); and the Company shall reimburse,
                                         as incurred, the Holder Indemnified Parties for any documented legal or other expenses
                                         reasonably incurred by them in connection with investigating, defending, or settling
                                         any such loss, claim, damage, liability, expense, or action in respect thereof; provided,
                                         however, that the Company shall not be liable in any such case to the extent that
                                         such Loss or action arises out of or is based upon any
                                         Violation, in each case to the extent, and only to the extent, that such Violation occurs in
                                         reliance upon and in conformity with written information pertaining to a Holder that
                                         was furnished to the Company by or on behalf of such Holder expressly
                                         for use in connection with such Registration Statement.  The indemnity
                                         in this Section 2.4(a) shall be in addition to any liability that the Company
                                         may otherwise have.

 

		(b)	In
                                         connection with any registration in which a Holder is participating, each such Holder
                                         shall furnish to the Company in writing such information as the Company reasonably requests
                                         for use in connection with any such Registration Statement or Prospectus and shall, severally
                                         and not jointly, to the fullest extent permitted by law, indemnify and hold harmless
                                         the Company, its directors, officers who sign such Registration Statement, and any Person
                                         who is or might be deemed to be a Controlling Person of the Company (collectively, the
                                         “Company Indemnified Parties”), from and against any Losses or any actions
                                         in respect thereof, to which a Company Indemnified Party may become subject under the
                                         Securities Act, the Exchange Act, any state blue sky securities laws, any equivalent
                                         non-U.S. securities laws or otherwise, insofar as such Losses or actions arise out of
                                         or are based upon any Violation, in each case to
                                         the extent, and only to the extent, that such Violation occurs in reliance upon
                                         and in conformity with written information pertaining to such Holder that was furnished
                                         to the Company by or on behalf of such Holder expressly
                                         for use in connection with such Registration Statement; and subject to such limitation,
                                         such Holder shall reimburse, as incurred, the Company Indemnified Parties for any documented
                                         legal or other expenses reasonably incurred by them in connection with investigating,
                                         defending, or settling any such Loss or action in respect thereof; provided, however,
                                         that the indemnity obligation shall be several (not joint and several) for each Holder,
                                         and that the indemnity amount contained in this Section 2.4(b) shall in no
                                         event exceed an amount equal to the net proceeds actually received by such Holder in
                                         the sale of Registrable Securities to which such Registration Statement or Prospectus
                                         relates. The indemnity in this Section 2.4(b) shall be in addition to any
                                         liability that such Holder may otherwise have.

 

    - 10 -

     

    

 

		(c)	Promptly
                                         after receipt by a Holder Indemnified Party or a Company Indemnified Party (each, an
                                         “Indemnified Party”) of notice of the commencement of any action or
                                         proceeding (including a governmental investigation), such Indemnified Party will, if
                                         a claim in respect thereof is to be made against the indemnifying party under this Section 2.4,
                                         notify the indemnifying party of the commencement thereof; provided that the failure
                                         to so notify the indemnifying party of such action or proceeding will not relieve the
                                         indemnifying party from liability under Section 2.4(a) or 2.4(b),
                                         unless and to the extent that the indemnifying party did not otherwise learn of such
                                         action or proceeding and the indemnifying party has been materially prejudiced by such
                                         failure to be notified thereof. In the event that any such action is brought against
                                         any Indemnified Party, and such Indemnified Party notifies the indemnifying party of
                                         the commencement thereof, the indemnifying party will be entitled to participate therein
                                         and, to the extent that it may wish, to assume the defense thereof jointly with any other
                                         indemnifying party similarly notified, at the indemnifying party’s or parties’ expense,
                                         with counsel reasonably satisfactory to such Indemnified Party (which counsel shall not,
                                         except with the prior written consent of the Indemnified Party, be counsel to the indemnifying
                                         party); provided that any Indemnified Party shall continue to be entitled to participate
                                         in the defense of such claim or action, with counsel of its own choice, but the indemnifying
                                         party shall not be obligated to reimburse such Indemnified Party for any fees, costs,
                                         and expenses subsequently incurred by the Indemnified Party in connection with such defense
                                         unless (i) the indemnifying party has agreed in writing to pay such fees, costs,
                                         and expenses, (ii) the indemnifying party has failed to assume the defense of such claim
                                         or action within a reasonable time after receipt of notice of such claim or action, (iii) having
                                         assumed the defense of such claim or action, the indemnifying party fails to employ counsel
                                         reasonably satisfactory to the Indemnified Party or to pursue the defense of such claim
                                         or action in a reasonably vigorous manner, (iv) the use of counsel chosen by the
                                         indemnifying party to represent the Indemnified Party would present such counsel with
                                         a conflict of interest, or (v) the Indemnified Party has reasonably concluded that there
                                         may be one or more legal or equitable defenses available to it or to other any other
                                         Indemnified Party that are different from or in addition to those available to the indemnifying
                                         party.  In no event shall the indemnifying party be liable for the fees, costs,
                                         and expenses of more than one counsel (together with appropriate local counsel) at any
                                         time for any Indemnified Party in connection with any one action or separate but substantially
                                         similar or related actions arising in the same jurisdiction out of the same general allegations
                                         or circumstances.  No indemnifying party shall, without the prior written consent
                                         of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned,
                                         or delayed), effect any settlement of any pending or threatened action in respect of
                                         which any Indemnified Party is or could have been a party and indemnity could have been
                                         sought hereunder by such Indemnified Party unless such settlement (i) includes an
                                         unconditional release of such Indemnified Party from all liability in respect of any
                                         claims that are the subject matter of such action, in form and substance reasonably satisfactory
                                         to such Indemnified Party, and (ii) does not include a statement as to or an admission
                                         of fault, culpability, or a failure to act by or on behalf of any Indemnified Party.

 

		(d)	If
                                         the indemnification provided for in this Section 2.4 is unavailable or insufficient
                                         to hold harmless an Indemnified Party under Section 2.4(a) or 2.4(b),
                                         then each indemnifying party shall contribute to the amount paid or payable by such Indemnified
                                         Party as a result of the Losses (or actions in respect thereof) referred to in Section 2.4(a)
                                         or 2.4(b) in such proportion as is appropriate to reflect the relative fault
                                         of the indemnifying party or parties on the one hand and the Indemnified Party on the
                                         other in connection with Violations that resulted in such Losses (or actions in respect
                                         thereof) as well as any other relevant equitable considerations.  The relative
                                         fault of such parties shall be determined by reference to, among other things, whether
                                         the untrue or alleged untrue statement of a material fact or the omission or alleged
                                         omission to state a material fact relates to information supplied by the Company or Company
                                         Indemnified Party on the one hand or a Holder or Holder Indemnified Party on the other
                                         hand, and the parties’ relative intent, knowledge, access to information, and opportunity
                                         to correct or prevent such statement or omission.  The amount paid by an Indemnified
                                         Party as a result of the Losses referred to in the first sentence of this Section 2.4(d)
                                         shall be deemed to include any legal or other expenses reasonably incurred by such
                                         Indemnified Party in connection with investigating or defending any action or claim that
                                         is the subject of this Section 2.4.  The parties hereto agree that
                                         it would not be just and equitable if contributions were determined by pro rata
                                         allocation (even if a Holder was treated as one Person for such purpose) or any other
                                         method of allocation that does not take account of the equitable considerations referred
                                         to herein.  Notwithstanding any other provision of this Section 2.4(d),
                                         no Holder shall be required to contribute any amount in excess of the amount by which
                                         the net proceeds received by such Holder from the sale of the Registrable Securities
                                         pursuant to the Registration Statement exceeds the amount of Losses that such Holder
                                         has otherwise been required to pay by reason of such Violation.  No Person
                                         guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
                                         Securities Act) shall be entitled to contribution from any Person who was not guilty
                                         of such fraudulent misrepresentation.

 

		(e)	The
                                         agreements contained in this Section 2.4 shall survive the sale of Registrable
                                         Securities pursuant to a Registration Statement and shall remain in full force and effect,
                                         regardless of any termination or cancellation of this Agreement or any investigation
                                         made by or on behalf of any Indemnified Party.

 

		2.5	Preservation
                                         of Rights. The Company shall not (A) grant any registration rights to third
                                         parties that are more favorable than or inconsistent with the rights granted hereunder
                                         or (B) enter into any agreement, take any action, or permit any other change to
                                         occur, with respect to its securities that violates or subordinates the rights expressly
                                         granted to the Holders in this Agreement.

 

    - 11 -

     

    

 

		3.	TRANSFER
                                         RESTRICTIONS.

 

		3.1	Restrictive
                                         Legend.  Each Holder acknowledges and agrees that to the extent that at
                                         the time of issuance any Registrable Securities are not covered by an effective Registration
                                         Statement, any stock certificate or book-entry security entitlement evidencing any such
                                         Registrable Securities shall contain a legend in substantially the form set forth below:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED (I) IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES
ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL
RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

This
legend shall be removed by the Company from any certificate or book-entry security entitlement evidencing the Registrable Securities
upon delivery by the holder thereof to the Company of a written request to that effect, if at the time of such written request
(a) a registration statement under the Securities Act is at that time in effect with respect to the legended security or
(b) the legended security can be transferred in a transaction in compliance with Rule 144, and, in the case of clause (b),
upon the request and in the reasonable discretion of the Company’s transfer agent, the holder of such Registrable Securities executes
and delivers a representation letter that includes customary representations regarding the holding requirements and whether such
holder is an “affiliate” for purposes of Rule 144. The Company represents and warrants to the Investors that the Company
is not currently a shell company (as defined in Rule 405 promulgated under the Securities Act).

 

		3.2	Rule
                                         144 Compliance.  With a view to making available to the Holders of Registrable
                                         Securities the benefits of Rule 144 and any other rule or regulation of the SEC that
                                         may at any time permit a Holder to sell securities of the Company to the public without
                                         registration until such date on which the Holders no longer hold any Registrable Securities,
                                         the Company shall:

 

		(a)	make
                                         and keep public information available (as those terms are understood and defined in Rule
                                         144) at all times;

 

		(b)	use
                                         commercially reasonable efforts to file with the SEC in a timely manner all reports and
                                         other documents required of the Company under the Securities Act and the Exchange Act
                                         at any time; and

 

		(c)	furnish
                                         to any Holder of Registrable Securities, promptly upon request, a written statement by
                                         the Company as to its compliance with the reporting requirements of Rule 144 and
                                         of the Securities Act and the Exchange Act.

 

    - 12 -

     

    

 

		4.	RIGHTS
                                         OFFERING BACKSTOP RIGHTS.

 

		4.1	Subject
                                         to the terms and conditions of this Section 4.1 and applicable securities
                                         or blue sky laws, if the Company proposes to issue to all or substantially all holders
                                         of the Common Stock any rights, options or warrants (other than a distribution of rights
                                         pursuant to a stockholder rights plan where such rights have not separated from the Common
                                         Stock) (“Rights”) entitling them to subscribe for or purchase shares
                                         of Common Stock or other securities of the Company (a “Rights Offering”),
                                         the Company shall first offer to the Investors, and the Company hereby grants a separate
                                         right to such Investors, to elect to act as a backstop or standby purchaser for such
                                         Rights Offering (a “Backstop Party”), in accordance with the terms hereof.

 

		4.2	Promptly
                                         after any meeting or action of the Board approving any proposed issuance of Rights (and
                                         in any event within five (5) Business Days), the Company shall give to the Investors
                                         written notice thereof (each, a “Rights Offering Notice”). The Rights
                                         Offering Notice shall state (i) the Company’s bona fide intention to issue Rights
                                         and conduct a Rights Offering, (ii) a description and the number of shares of Common
                                         Stock or other securities of the Company (the “Securities”) to be offered
                                         in the Rights Offering, (iii) the proposed date of issuance of the Rights and the
                                         proposed date or dates when Rights can be exercised and Securities subscribed for, (iv)
                                         all other material terms and conditions upon which the Company proposes to issue, offer,
                                         or sell such Securities, including the proposed offering price, and (v) a description
                                         of any other securities or instruments being issued, offered, or sold as a unit with
                                         the Securities that by the terms of such issuance, offer, or sale must be purchased with
                                         the Securities (the “Ancillary Securities”)). The Rights Offering Notice
                                         shall be accompanied by a current copy of a capitalization table or other stockholders
                                         ledger of the Company indicating the Investors’ holdings in a manner that enables each
                                         Investor to calculate its Applicable Percentage. By giving written notice to the Company
                                         within ten (10) Business Days after receipt of the Rights Offering Notice (such period,
                                         the “Election Period”), each Investor may elect to act as a Backstop
                                         Party to purchase or otherwise acquire in the Rights Offering, on the terms and conditions
                                         specified in the Rights Notice, up to either that portion of unsubscribed Securities
                                         in the Rights Offering that equals the Investor’s Applicable Percentage or such other
                                         lesser amount as may be specified by the Investor (such amount, the “Backstop
                                         Amount”). The failure of an Investor to deliver such written notice within such
                                         time period shall be deemed an election by the Investor not to exercise its rights to
                                         act as a Backstop Party with respect to such Rights Offering.

 

		4.3	If
                                         an Investor elects to act as a Backstop Party for a Rights Offering, the Investor shall
                                         enter into such customary agreements (including, if requested, a standby purchase
                                         agreement in customary form) and take all such other action, if any, as the managing
                                         underwriters for the Rights Offering shall reasonably request in order to facilitate
                                         the Rights Offering.

 

		4.4	The
                                         election by an Investor not to exercise its backstop, participation or other rights under
                                         this Section 4 in any one Rights Offering shall not affect its rights
                                         under this Section 4 as to any subsequent Rights Offering. The provisions
                                         of this Section 4 shall apply equally to any issuance, offer, or sale by
                                         the Company or any of its Subsidiaries of securities or other instruments that would
                                         be deemed Securities if issued by the Company (which issuance or sale, for the avoidance
                                         of doubt, shall not include any issuance of Securities by a wholly owned Subsidiary of
                                         the Company to either the Company or to another wholly owned Subsidiary of the Company).
                                         Subject to the provisions of this Section 4, any sale of Securities by the
                                         Company or any other Person covered by the preceding sentence without first giving the
                                         Investors the rights described in this Section 4 shall be null and void and
                                         of no force and effect.

 

    - 13 -

     

    

 

		5.	MISCELLANEOUS.

 

		5.1	Remedies;
                                         Specific Performance.  In the event of a breach or a threatened breach
                                         by any party to this Agreement of its obligations under this Agreement, any party injured
                                         or threatened to be injured by such breach shall be entitled to specific performance
                                         of its rights under this Agreement or to injunctive relief, in addition to being entitled
                                         to exercise all rights provided in this Agreement and granted by law, it being agreed
                                         by the parties hereto that the remedy at law, including monetary damages, for breach
                                         of any such provision will be inadequate compensation for any applicable loss and that
                                         any defense or objection in any action for specific performance or injunctive relief
                                         for which a remedy at law would be adequate is hereby waived.

 

		5.2	No
                                         Waivers.  No failure or delay by any party hereto in exercising any right,
                                         power, or privilege hereunder shall operate as a waiver thereof, and no single or partial
                                         exercise thereof shall preclude any other or further exercise thereof or the exercise
                                         of any other right, power, or privilege.

 

		5.3	Further
                                         Assurances.  Each party hereto shall do and perform, or cause to be done
                                         and performed, all such further acts and things, and shall execute and deliver all such
                                         other agreements, certificates, instruments, and documents, as any other party hereto
                                         may reasonably request in order to carry out the intent and accomplish the purposes of
                                         this Agreement and the consummation of the transactions contemplated hereby.

 

		5.4	Notices.  

 

		5.4.1	Notices
                                         Generally. All notices and other communications provided for hereunder shall be in
                                         writing and shall be delivered by hand, sent by registered or certified mail (postage
                                         prepaid, return receipt requested), overnight courier, or telecopier. In the case of
                                         notices or other communications to the Company or the Investors, as the case may be,
                                         they shall be sent to the respective address set forth below (or, as to each party, at
                                         such other address as shall be designated by such party in a written notice to the other
                                         parties complying as to delivery with the terms of this Section 5.4):

 

If
to the Company:

 

Wheeler
Real Estate Investment Trust, Inc.

2529
Virginia Beach Boulevard

Virginia
Beach, VA 23452

Attention: Chief Financial Officer

Telephone: (757) 627-9088 

Email: cplum@whlr.us

 

With
a copy (which shall not constitute notice) to:

 

Cadwalader,
Wickersham & Taft LLP

200
Liberty Street, New York, NY 10281

Attention:
Daniel Raglan

Telephone:
212-504-6790

Email:
Daniel.Raglan@cwt.com

 

    - 14 -

     

    

 

If
to an Investor:

 

Powerscourt
Investments XXII, LP

c/o:
Maples Fiduciary Services (Delaware) Inc.

Suite
302, 4001 Kennett Pike

Wilmington,
DE 19807

Attention:
Powerscourt Investments GP, LLC

Telephone:
303-365-0973

Facsimile:
302-300-4063

Email:
delawareservices@maples.com

 

With
a copy (which shall not constitute notice) to:

 

Clifford
Chance US LLP

31
West 52nd Street

New
York, NY 10019

Attention:
James Cotins

Andrew
J. Young

Telephone:
212-878-5000

Email:
James.Cotins@CliffordChance.com

Andrew.Young@CliffordChance.com

 

All
notices or other communications sent in accordance with this Section 5.4, shall be deemed received on the earlier
of the date of actual receipt or three (3) Business Days after the deposit thereof in the mail; provided, that (i) notices sent
by overnight courier service shall be deemed to have been given when received and (ii) notices by facsimile shall be deemed to
have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been
given at the opening of business on the next Business Day for the recipient).

 

		5.4.2	Electronic
                                         Communications.

 

		(a)	Each
                                         of the Company and each Investor may, in its discretion, agree to accept notices and
                                         other communications to it hereunder by electronic communications pursuant to procedures
                                         approved by it; provided, that approval of such procedures may be limited to particular
                                         notices or communications. Notices and other communications to the Investors hereunder
                                         may be delivered or furnished by electronic communication (including e-mail and Internet
                                         or intranet websites) pursuant to procedures approved by the Investors.

 

		(b)	Unless
                                         an Investor otherwise prescribes, (A) notices and other communications sent to an e-mail
                                         address shall be deemed received upon the sender’s receipt of an acknowledgement from
                                         the intended recipient (such as by the “return receipt requested” function,
                                         as available, return e-mail or other written acknowledgement), and (B) notices or
                                         communications posted to an Internet or intranet website shall be deemed received upon
                                         the deemed receipt by the intended recipient, at its e-mail address as described in the
                                         foregoing clause (A), of notification that such notice or communication is available
                                         and identifying the website address therefor; provided, that, for both clauses
                                         (A) and (B) above, if such notice, e-mail or other communication is not sent during the
                                         normal business hours of the recipient, such notice or communication shall be deemed
                                         to have been sent at the opening of business on the next Business Day for the recipient.

 

    - 15 -

     

    

 

		5.5	Headings.  Section
                                         headings herein are included for convenience of reference only and shall not constitute
                                         a part hereof for any other purpose or be given any substantive effect.

 

		5.6	Counterparts.  This
                                         Agreement may be executed in any number of counterparts and by different parties hereto
                                         in separate counterparts, each of which shall be deemed to be an original, but all of
                                         which taken together shall constitute one and the same agreement. Delivery of an executed
                                         counterpart of this Agreement by telecopier or electronic mail shall be equally as effective
                                         as delivery of an original executed counterpart of this Agreement. Any party delivering
                                         an executed counterpart of this Agreement by telecopier or electronic mail also shall
                                         deliver an original executed counterpart of this Agreement but the failure to deliver
                                         an original executed counterpart shall not affect the validity, enforceability, and binding
                                         effect of this Agreement. The words “execution,” “signed,” “signature,”
                                         and words of like import shall be deemed to include electronic signatures or the keeping
                                         of records in electronic form, each of which shall be of the same legal effect, validity
                                         or enforceability as a manually executed signature or the use of a paper-based recordkeeping
                                         system, as the case may be, to the extent and as provided for in any applicable law,
                                         including the Federal Electronic Signatures in Global and National Commerce Act, the
                                         New York State Electronic Signatures and Records Act, or any other similar state laws
                                         based on the Uniform Electronic Transactions Act.

 

		5.7	Governing
                                         Law; Disputes.

 

		(a)	Governing
                                         Law.   This Agreement and any claims, controversy, dispute, or cause of
                                         action (whether in contract or tort or otherwise) based upon, arising out of, or relating
                                         to this Agreement and the transactions contemplated hereby shall be governed by, and
                                         construed in accordance with, the laws of the State of New York.

 

		(b)	Jurisdiction.  
                                         Each party hereto hereby irrevocably and unconditionally agrees that it will not commence
                                         any action, litigation, or proceeding of any kind or description, whether in law or equity,
                                         whether in contract or tort or otherwise, against any other party hereto in any way relating
                                         to this Agreement or the transactions relating hereto or thereto, in any forum other
                                         than the courts of the State of New York sitting in New York County, and of the United
                                         States District Court of the Southern District of New York, and any appellate court thereof,
                                         and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction
                                         of such courts and agrees that all claims in respect of any such action, litigation,
                                         or proceeding may be heard and determined in such New York State court or, to the fullest
                                         extent permitted by applicable Law, in such federal court. Each party hereto agrees that
                                         a final judgment in any such action, litigation, or proceeding shall be conclusive and
                                         may be enforced in other jurisdictions by suit upon judgment or in any other manner provided
                                         by law.

 

		(c)	Waiver
                                         of Venue.   Each party hereto irrevocably waives to the fullest extent
                                         permitted by law any objection that it may now or hereafter have to the laying of the
                                         venue of any suit, action, or proceeding arising out of or relating to this Agreement
                                         and hereby further irrevocably waives to the fullest extent permitted by law any claim
                                         that any such suit, action, or proceeding brought in any such court has been brought
                                         in an inconvenient forum. A final judgment (in respect of which time for all appeals
                                         has elapsed) in any such suit, action, or proceeding shall be conclusive and may be enforced
                                         in any court to the jurisdiction of which such party is or may be subject, by suit upon
                                         judgment.

 

    - 16 -

     

    

 

		(d)	Waiver
                                         of Jury Trial.   EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
                                         THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN
                                         ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
                                         OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE).  EACH
                                         PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PERSON
                                         HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
                                         OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
                                         AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
                                         OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.7.

 

		(e)	Service
                                         of Process.   Each party hereto irrevocably consents to service of process
                                         in the manner provided for notices in Section 5.4.

 

		5.8	Successors
                                         and Assigns.  This Agreement and the rights and obligations provided for
                                         herein shall be binding upon and inure to the benefit of the parties hereto and their
                                         respective successors and permitted assigns.  The Company may not assign this
                                         Agreement or any rights or obligations hereunder without the prior written consent the
                                         Majority Holders. No Investor may assign this Agreement or any rights or obligations
                                         hereunder without the prior written consent of the Company; provided that each
                                         Investor may assign this Agreement and any rights or obligations hereunder to any purchaser
                                         or transferee of Registrable Securities, which purchaser or transferee executes a counterpart
                                         to this Agreement agreeing to be treated as an Investor party hereto.

 

		5.9	Amendments.  No
                                         provision of this Agreement may be amended, waived, or modified other than by an instrument
                                         in writing signed by the Company and by the Majority Holders.

 

		5.10	Severability.  Any
                                         provision of this Agreement held to be invalid, illegal, or unenforceable in any jurisdiction
                                         shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality,
                                         or unenforceability without affecting the validity, legality, and enforceability of the
                                         remaining provisions hereof, and the invalidity of a particular provision in a particular
                                         jurisdiction shall not invalidate such provision in any other jurisdiction.

 

		5.11	Termination.  This
                                         Agreement shall terminate with respect to any Investor upon such time as such Investor
                                         ceases to hold or beneficially own any remaining Registrable Securities; provided
                                         that Sections 2.3, 2.4, and 5 shall survive any termination of
                                         this Agreement.

 

		5.12	No
                                         Third-Party Beneficiaries.  This Agreement is intended for the sole benefit
                                         of the parties hereto and their respective successors and permitted assigns and transferees,
                                         and this Agreement is not for the benefit of, and no provision hereof may be enforced
                                         by, any other Person; provided, however, that the parties hereto hereby acknowledge
                                         that the Persons set forth in Section 2.4 shall be express third-party beneficiaries
                                         of the obligations of the parties hereto set forth in Section 2.4.

 

		5.13	Currency.  All
                                         references to “$” contained in this Agreement shall refer to United States
                                         Dollars unless otherwise stated.

 

[Signature
Page Follows]

 

    - 17 -

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Registration Rights Agreement as of the date first set forth above.

 

	 	WHEELER
    REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation
	 	 	 	 
	 	By:	/s/
    Daniel Khoshaba
	 	 	Name: 	 Daniel Khoshaba
	 	 	Title:	President
    and CEO 

 

[Signature
Page - Registration Rights Agreement] 

 

     

     

    

 

	 	HOLDER:
	 	 	 	 
	 	Powerscourt
    Investments XXII, LP
	 	 	 
	 	By:	Powerscourt
                                         Investments GP, LLC

	 	 	 	 
	 	By:	Maples
                                         Fiduciary Services (Delaware) Inc., its Managing Member

	 	 	 	 
	 	By:	/s/
    Edward Truitt 
	 	 	Name:	Edward Truitt
	 	 	Title:	Authorized Signatory 

 

[Signature
Page - Registration Rights Agreement]Exhibit
10.4

 

AMENDMENT
TO THE AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP OF

WHEELER REIT, L.P.

 

December
22, 2020

 

Pursuant
to the Amended and Restated Agreement of Limited Partnership of Wheeler REIT, L.P., as amended (the “Partnership Agreement”),
the General Partner hereby amends the Partnership Agreement as follows:

 

1.
Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the
Partnership Agreement, including any amendments thereto.

 

2.
Joinder to the Amended and Restated Agreement of Limited Partnership of Wheeler REIT, L.P., as amended. Notwithstanding
anything to the contrary contained herein, so long as any Partner is directly or contingently liable for any Obligations, as defined
in that certain Financing Agreement, dated as of December 22, 2020, by and among Wheeler Real Estate Investment Trust, Inc., the
General Partner, certain subsidiaries of the General Partner the lenders from time to time party thereto and Powerscourt Investments
XXII, LP as collateral and administrative agent for the lenders (as amended, restated, supplemented or otherwise modified from
time to time, the “Financing Agreement”), (i) such Partner may pledge all or any part of its interests in the Operating
Partnership, including, without limitation, all economic rights, control rights, Partnership Interests, and status rights as a
member or partner, as security for such Obligations (collectively, the “Pledged Interests”), and such pledge is permitted
under the Partnership Agreement with no further action or approval required hereunder or by any party, (ii) the Operating Partnership
shall not certificate the Pledged Interests without the consent of the Agent (as defined in the Financing Agreement) or its successor
or assignee, as applicable, and (iii) this Joinder may not be amended or modified without the prior written consent of the Agent
or such successor or assignee that holds such Pledged Interests, with the Agent and such successor or assignee an express third
party beneficiary of this section. Notwithstanding anything to the contrary contained herein, and without complying with any other
procedures set forth in the Partnership Agreement, upon the exercise of remedies in connection with a pledge of the Pledged Interests,
including any foreclosure or disposition, (a) the Agent or the successor, assignee or transferee of such Agent, as the case may
be, automatically becomes a substituted Partner upon the foreclosure or disposition of such interests, without any further action
or consent of the Operating Partnership or any member, partner or manager of the Operating Partnership, and succeeds to all of
the rights and powers, including the right to participate in the management of the business and affairs of the Operating Partnership,
held by the pledging Partner, without any further action by any party, and (b) upon such exercise of remedies, all references
to “Partner” herein will be deemed to refer to such substituted Partner.

 

3.
Full Force and Effect. Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in
full force and effect, which terms and conditions the General Partner hereby ratifies and confirms.

 

IN
WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above.

 

	 	GENERAL
    PARTNER:
	 	 
	 	WHEELER
    REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation
	 	 	 
	 	By:	/s/
    Daniel Khoshaba 
	 	Name: 	Daniel
    Khoshaba
	 	Title:	Chief
    Executive Officer

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