Document:

EX-10.5

 Exhibit 10.5 

WHEELER REAL ESTATE INVESTMENT TRUST, INC. 

Riversedge North 
 2529
Virginia Beach Boulevard 
 Virginia Beach, VA 23452 

March 19, 2015 
 MFP Partners, L.P. 

667 Madison Avenue 
 25th Floor 
 New York, New York 10065 

 

	 	Re:	Board Observer Rights 

 Dear Sirs: 

This letter is to confirm that, so long as MFP Partners, L.P. or any of its affiliates (collectively, the “Investor”)
holds in the aggregate no less than 50% of the number of shares of the Series C Mandatorily Convertible Cumulative Perpetual Preferred Stock (the “Series C Preferred Stock”) (or shares of common stock, par value $0.01 per
share (the “Common Stock”), issued upon conversion of shares of Series C Preferred Stock) (in each case as such number of shares may be adjusted for subsequent stock dividends, combinations, stock splits, recapitalizations
and the like) of Wheeler Real Estate Investment Trust, Inc. (the “Company”) purchased by Investor pursuant to the Securities Purchase Agreement dated the date hereof (collectively referred to as the
“Shares”), the Company hereby grants Investor the right to designate one (1) individual (the “Observer”) who shall be a representative of Investor, to attend all meetings (whether in person,
telephonic or otherwise) of the Company’s Board of Directors (the “Board”) and committees of the Board in a non-voting, observer capacity, and, in this respect, shall provide to the Observer copies of all notes, minutes,
consents and other materials that it provides to its directors at the same time and in the same manner as provided to such directors with respect to such Board and committee meetings; provided, however, the Board (or the committee, as
applicable) can exclude the observers from the proceedings at the good faith discretion of the Board (or the committee, as applicable) to the extent it deems necessary in satisfaction of its fiduciary duties to the Company’s stockholders. If
the Board (or committee, as applicable) determines that any information access restriction applies to the Observer, the Board shall so inform the Observer in advance of the meeting to which such restricted information relates and, to the extent
possible under such restriction, shall indicate the reason for not providing the Observer with access to such information. 

Confidential Information. Investor acknowledges that if it elects to exercise its right to designate an Observer, it and the Observer
may receive or otherwise become privy to Confidential Information (as defined below) in connection with the observation rights provided for pursuant to this letter. Investor and the Observer will keep confidential and will not disclose or divulge to
any third party any Confidential Information obtained from the Company pursuant to the terms of this Agreement (a) other than to any of Investor’s or the Observer’s attorneys, accountants, consultants, and other professionals, in
connection with their provision of services 

 
to Investor or the Observer; or (b) except to the extent required by law, rule, regulation or legal process or requested by any governmental, regulatory or self-regulatory authority. In
addition, Investor acknowledges that while in possession of Confidential Information, it will comply with United States securities laws with respect to trading in Company securities to the extent the Investor is in possession of material nonpublic
information of the Company, as that term is used in Regulation FD. 
 As used in this letter, “Confidential
Information” means all confidential information and materials that Investor and the Observer receive, or are given access to, in connection with meetings of the Board pursuant to this letter. However, Confidential Information will not
include any information that: (i) was or becomes legally in the possession of Investor or the Observer or publicly available without any violation of this Agreement by Investor or the Observer (including, without limitation, information that
becomes available to Investor without reliance on information, knowledge or data provided by the Company that has not become publicly known or been made available in the public domain); (ii) has been acquired by Investor or the Observer without
any obligation of confidentiality before receipt of such information from the Company; (iii) has been furnished to Investor or the Observer by a third party without any obligation of confidentiality; (iv) information that is independently
acquired or developed by Investor or the Observer; or (v) information that is explicitly approved in writing for release by the Company prior to any disclosure or use by Investor or the Observer. 

The rights of Investor described in this letter will terminate when the Investor no longer holds at least 50% of the Shares. 

 

			
	 Very truly yours,

	
	WHEELER REAL ESTATE INVESTMENT TRUST, INC.
		
	By:		 /s/ Jon S. Wheeler

			Jon Wheeler, Chief Executive Officer

 [Acceptance page follows] 

 Acceptance 

We hereby accept the rights and obligations set forth in the Board Observer Rights letter to which this Acceptance is attached, and we agree
to the terms set forth therein as of March 19, 2015. 
  

			
	MFP PARTNERS, L.P.
		
	By:		 /s/ Timothy E. Ladin

	Name:		Timothy E. Ladin
	Title:		General Counsel, Vice PresidentEX-10.6

 Exhibit 10.6 

AMENDMENT TO THE 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP OF 

WHEELER REIT, L.P. 

DESIGNATION OF SERIES C 

MANDITORILY CONVERTIBLE PREFERRED UNITS 

March 19, 2015 

Pursuant to the Amended and Restated Agreement of Limited Partnership of Wheeler REIT, L.P. (the “Partnership Agreement”), the
General Partner hereby amends the Partnership Agreement as follows in connection with the issuance of the Series C Manditorily Convertible Cumulative Perpetual Preferred Stock, without par value per share (the “Series C Preferred
Stock”), of Wheeler Real Estate Investment Trust, Inc., a Maryland corporation, and the issuance to the General Partner of Series C Preferred Units (as defined below) in exchange for the contribution by the General Partner of the net proceeds
from the issuance and sale of the Series C Preferred Stock to the Partnership: 
 1. Designation and Number. A series of Preferred Units (as defined
below), designated the “Series C Mandatorily Convertible Preferred Units” (the “Series C Preferred Units”), is hereby established. The number of authorized Series C Preferred Units shall be 90,000. 

2. 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. The following defined terms used in this Amendment to the Partnership Agreement shall have the meanings specified below: 

“Articles Supplementary” means the Articles Supplementary of the General Partner filed with the State Department of Assessments and
Taxation of the State of Maryland on March 17, 2015, designating the terms, rights and preferences of the Series C Preferred Shares. 

“Base Liquidation Preference” shall have the meaning provided in Section 6(a). 

“Common Stock” means one share of common stock of beneficial interest of the General Partner. 

“Distribution Record Date” shall have the meaning provided in Section 5(a). 

“Junior Units” shall have the meaning provided in Section 4. 

“Maturity Date” shall have the meaning provided in Section 7. 

“Maturity Date Redemption Price” shall have the meaning provided in Section 7. 

“Parity Units” shall have the meaning provided in Section 4. 

“Partnership” shall mean Wheeler REIT, L.P., a Virginia Partnership. 

 “Partnership Agreement” shall have the meaning provided in the recital above. 

“Preferred Units” means all Partnership Interests designated as preferred units by the General Partner from time to time in
accordance with Section 7.1 of the Partnership Agreement. 
 “Senior Units” shall have the meaning provided in
Section 4. 
 “Series C Preferred Return” shall have the meaning provided in Section 5(a). 

“Series C Preferred Stock” shall have the meaning provided in the recital above. 

“Series C Preferred Unit Distribution Payment Date” shall have the meaning provided in Section 5(a). 

“Series C Preferred Units” shall have the meaning provided in Section 1. 

3. Maturity. The Series C Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory redemption. 

4. Rank. The Series C Preferred Units will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of the
Partnership, rank (a) senior to the Partnership Common Units and to all Partnership Units the terms of which specifically provide that such Partnership Units shall rank junior to such Series C Preferred Units (the “Junior Units”);
(b) on a parity with any Preferred Units that are issued to the General Partner with terms that are substantially similar to the currently outstanding Series A Preferred Stock and the Series B Preferred Stock of the General Partner of the
Partnership (the “Parity Units”); and (c) junior to all Partnership Units issued by the Partnership the terms of which specifically provide that such Partnership Units shall rank senior to the Series C Preferred Units (the
“Senior Units”). 
 5. Distributions. 

(a) As of the date hereof, the Series C Preferred Units shall be entitled to receive, when and as authorized by the General Partner, and
declared by the Partnership out of funds of the Partnership legally available for payment, preferential cumulative cash distributions equal to any distributions paid by the Partnership on the Partnership Common Units (other than dividends or other
distributions payable in Partnership Common Units or other Junior Units). On and after June 19, 2015, the Series C Preferred Units, to the extent outstanding, shall be entitled to receive when and as authorized by the General Partner, and
declared by the Partnership out of funds of the Partnership legally available for payment, preferential cumulative cash distributions equal to (i) 15.0% per annum, minus (ii) any distribution payable pursuant to the immediately
preceding sentence (the “Series C Preferred Return”). The Series C Preferred Return shall be payable quarterly, in equal amounts, on or about the 15th day of January, April, July and
October of each year (or, if not a business day, the next succeeding business day, each a “Series C Preferred Unit Distribution Payment Date’’) for the period ending on such Series C Preferred Unit Distribution Payment Date,
commencing on April 15, 2015. “Business day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York are authorized or required by law,
regulation or executive order to close. Any quarterly distribution payable on the Series C Preferred Units for any partial distribution period 

  
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will be computed on the basis of twelve 30-day months and a 360-day year. Distributions will be payable in arrears to holders of record of the Series C Preferred Units as they appear on the
records of the Partnership at the close of business on the applicable record date, which shall be the first day of the calendar month in which the applicable Series C Preferred Unit Distribution Payment Date occurs or such other date designated by
the General Partner of the Partnership for the payment of distributions that is not more than 90 nor less than 10 days prior to such Series C Preferred Unit Distribution Payment Date (each, a “Distribution Record Date”). 

(b) No distribution on the Series C Preferred Units shall be authorized by the General Partner or declared or paid or set apart for payment by
the Partnership at such time as the terms and provisions of any agreement of the General Partner or the Partnership, including any agreement relating to the indebtedness of either of them, prohibits such declaration, payment or setting apart for
payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law. 

(c) Notwithstanding the foregoing, distributions on the Series C Preferred Units will accrue whether or not the Partnership has earnings,
whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are declared and whether or not such is prohibited by agreement. Accumulated but unpaid distributions on the Series C
Preferred Units will accumulate as of the Series C Preferred Unit Distribution Payment Date on which they become payable or on the date of redemption, as the case may be. Accrued but unpaid distributions on the Series C Preferred Units will not bear
interest and holders of the Series C Preferred Units will not be entitled to any distributions in excess of full cumulative distributions described above. Except as set forth in the next sentence, no distributions will be declared or paid or set
apart for payment on any Junior Units or Parity Units of the Partnership (other than a distribution in Partnership Common Units or other Junior Units) for any period unless full cumulative distributions have been or contemporaneously are declared
and paid or declared and a sum sufficient for the payment thereof is set apart for such payment on the Series C Preferred Units for all past distribution periods and the then current distribution period. When distributions are not paid in full (or a
sum sufficient for such full payment is not so set apart) upon the Series C Preferred Units and any Parity Units, all distributions declared upon the Series C Preferred Units and any Parity Units shall be declared pro rata so that the amount of
distributions declared per Series C Preferred Unit and such Parity Units shall in all cases bear to each other the same ratio that accrued distributions per Series C Preferred Unit and such Parity Units (which shall not include any accrual in
respect of unpaid distributions for prior distribution periods if such Parity Units do not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment
or payments on Series C Preferred Units which may be in arrears. 
 (d) Except as provided in the immediately preceding paragraph, unless
full cumulative distributions on the Series C Preferred Units have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past distribution periods and the current
distribution period, no distributions (other than in Partnership Common Units or other Junior Units of the Partnership) shall be declared or paid or set aside for payment nor shall any other distribution be declared or made upon the Junior Units or
the Parity Units, nor shall any Junior Units or Parity Units be redeemed, 

  
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purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Partnership (except (i) by
conversion into or exchange for Partnership Common Units or other Junior Units of the Partnership, (ii) in connection with the redemption, purchase or acquisition of equity securities under incentive, benefit or share purchase plans of the
General Partner for officers, trustees or employees or others performing or providing similar services, or (iii) by other redemption, purchase or acquisition of such equity securities by the General Partner for the purpose of preserving the
General Partner’s status as a REIT). Holders of Series C Preferred Units shall not be entitled to any distribution, whether payable in cash, property or stock, in excess of full cumulative distributions on the Series C Preferred Units as
provided above. Any distribution made on the Series C Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such shares which remains payable. 

(e) In determining whether a distribution (other than upon voluntary or involuntary liquidation) by distribution, redemption or other
acquisition of the Partnership Units or otherwise is permitted under Virginia law, no effect shall be given to the amounts that would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy the preferential
rights upon distribution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution. 
 6. Liquidation
Preference. 
 (a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the
holders of the Series C Preferred Units are entitled to be paid out of the assets of the Partnership legally available for distribution to its Partners a liquidation preference of (x) $1,000 per Series C Preferred Unit (the “Base
Liquidation Preference”), plus an amount equal to all accumulated and unpaid distributions to, but not including, the date of payment, in cash or property at its fair market value as determined by the General Partner before any distribution of
assets is made to the Partnership Common Units or other Junior Units. 
 (b) If upon any liquidation, dissolution or winding up of the
Partnership, the assets of the Partnership, or proceeds thereof, distributable among the holders of Series C Preferred Units shall be insufficient to pay in full the above described preferential amount and liquidating payments on any other class or
series of Parity Units, then such assets, or the proceeds thereof, shall be distributed among the holders of Series C Preferred Units and any such other Parity Units ratably in the same proportion as the respective amounts that would be payable on
such Series C Preferred Units and any such other Parity Units if all amounts payable thereon were paid in full. 
 (c) Upon any liquidation,
dissolution or winding up of the Partnership, after payment shall have been made in full to the holders of the Series C Preferred Units and any Parity Units, any other series or class or classes of Junior Units shall be entitled to receive any and
all assets remaining to be paid or distributed, and the holders of the Series C Preferred Units and any Parity Units shall not be entitled to share therein. 

(d) None of a consolidation or merger of the Partnership with or into another entity, a merger of another entity with or into the Partnership,
or a sale, lease or conveyance of all or substantially all of the Partnership’s property or business shall be considered a liquidation, dissolution or winding up of the affairs of the Partnership. 

  
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 7. Redemption. 

If any Series C Units remain outstanding on March 19, 2018 (the “Maturity Date”), the Partnership shall redeem all such
Series C Units in cash in an amount equal to the Base Liquidation Preference, plus an amount equal to all accumulated and unpaid distributions to and including the Maturity Date for each such unit (the “Maturity Date Redemption
Price”). The Partnership shall pay the Maturity Date Redemption Price on the Maturity Date by wire transfer of immediately available funds to an account designated in writing by such holder of Series C Unit. If the Partnership fails to
redeem all of the Series C Units outstanding on the Maturity Date by payment of the Maturity Date Redemption Price for each such Series C Unit, then in addition to any remedy such holder of Series C Preferred Unit may have, in addition to
the distributions due under Section 5(a), the applicable Maturity Date Redemption Price payable in respect of such unredeemed Series C Preferred Units shall bear interest at the rate of one percent (1.0%) per month, prorated for partial
months, compounded monthly, until paid in full. 
 8. Conversion. The Series C Preferred Units are not convertible or exchangeable for any other
property or securities, except as provided herein. 
 (a) In the event that the Series C Preferred Stock of the General Partner is converted
into Common Stock of the General Partner in accordance with the terms of the Articles Supplementary, then, concurrently therewith, an equivalent number of Series C Preferred Units of the Partnership held by the General Partner shall be automatically
converted into a number of Partnership Common Units equal to the number of Common Stock issued upon conversion of such Series C Preferred Stock. Any such conversion will be effective at the same time the conversion of Series C Preferred Shares into
Common Shares is effective. 
 (b) No fractional units will be issued in connection with the conversion of Series C Preferred Units into
Partnership Common Units. In lieu of fractional Partnership Common Units, the General Partner shall be entitled to receive a cash payment in respect of any fractional unit in an amount equal to the fractional interest multiplied by the closing price
of a Common Stock on the date the Series C Preferred Stock is surrendered for conversion by a holder thereof. 
 9. Priority Allocation. 

Section 6.2 of the Partnership Agreement is hereby amended to include Section 6.2.D as follows: 

D. Priority Allocation. After giving effect to the allocations set forth in Sections 6.4 hereof, but before giving effect to the
allocations set forth in Section 6.2.A, Net Operating Income shall be allocated to the General Partner until the aggregate amount of Net Operating Income allocated to the General Partner under this Section 6.2.D for the current and all
prior Partnership Years equals the aggregate amount of the Series C Preferred Return paid to or accrued by the General Partner for the current and all prior Partnership Years; provided, however, that the General Partner may, in its discretion,
allocate Net Operating Income based on 

  
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accrued Series C Preferred Return with respect to Series C Preferred Unit Distribution Payment Date occurring in January if the General Partner sets the Distribution Record Date for such Series C
Preferred Unit Distribution Payment Date on or prior to December 31 of the previous Partnership Year. For purposes of this Section 6.2.D, “Net Operating Income” means the excess, if any, of the Partnership’s gross income
over its expenses (but not taking into account depreciation, amortization, or any other noncash expenses of the Partnership), calculated in accordance with the principles of the definition of “Net Income” herein. 

10. 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. 

  
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 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 real estate investment trust
		
	By:		 /s/ Jon S. Wheeler

	Name:		Jon S. Wheeler
	Title:		President

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