Document:

Exhibit 10.2

 

This
warrant and the securities issuable upon exercise of this warrant 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.

 

	Warrant No. [__]	 	Date of Issuance: March
[__], 2021

 

WHEELER REAL ESTATE INVESTMENT TRUST,
INC.

 

COMMON STOCK PURCHASE WARRANT

 

FOR VALUE RECEIVED, Wheeler Real Estate
Investment Trust, Inc., a Maryland corporation (the “Company”), hereby certifies that [_____] (together with
its successors and assigns, the “Holder”), is entitled to purchase from the Company, at any time or from time
to time on or after the date hereof and before 5:00 p.m., Eastern time, on the 60-month anniversary of the date of issuance hereof
(such date, the “Expiration Date,” and such period, the “Exercise Period”), all or any portion
of an aggregate amount equal to [____] shares (subject to adjustment as provided herein, the “Warrant Shares,”
and together with this Warrant, the “Securities”) of the Company’s common stock, $0.01 par value per share
(“Common Stock”), for $[__] per share (subject to adjustment as provided herein, the “Exercise Price”),
upon the terms and subject to the conditions set forth herein.

 

This Warrant is hereby issued in connection
with, and is a condition precedent to, the Financing Agreement, dated as of March [__], 2021 (the “Financing Agreement”),
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 Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. Unless otherwise separately
defined herein, all capitalized terms used in this Warrant shall have the respective meanings ascribed to them in the Financing
Agreement. For the avoidance of doubt, this Warrant will survive the repayment in full of the loans under the Financing Agreement
and/or the termination of the Financing Agreement or any other document entered into in connection therewith.

 

		1.	REGISTER.  The Company
shall properly maintain books for the registration and any transfer of this Warrant.  Upon the initial issuance of this Warrant,
the Company shall issue and register this Warrant in the name of the Holder.

 

		2.	No Impairment.

 

		2.1	The Company shall not, by amendment of its organizational documents or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant but will at all times in good faith take any and all action as
may be necessary, appropriate, or reasonably requested by the Holder, in order to protect the rights of the Holder against dilution
or other impairment.

 

    

     

    

 

		2.2	Without limiting the generality of the foregoing, the Company (a) will at all times reserve
and keep available, solely for issuance and delivery upon exercise of this Warrant, the maximum number of authorized but unissued
Warrant Shares issuable from time to time upon the exercise of this Warrant; (b) will not increase the par value of the shares
receivable upon exercise of this Warrant above the amount payable in respect thereof upon such exercise; (c) will take all
such action as may be necessary or appropriate to ensure that upon the exercise of this Warrant (or any portion of it), the Company
duly authorizes, and validly and legally issues, fully paid and nonassessable Warrant Shares, owned of record and beneficially
by the Holder (or its designee), free and clear of all liens, charges, encumbrances, or other adverse claims or restrictions on
title or transfer of any nature whatsoever, and without violation of any preemptive or similar rights; and (d) will use its
commercially reasonable efforts to obtain any authorization, consent, order or exemption of or from any governmental authority
as may be necessary to enable the Company to perform its obligations hereunder.

 

		3.	Exercise of Warrant.

 

		3.1	Exercise for Cash. At any time and from time
to time during the Exercise Period, the Holder may exercise this Warrant as to all or any portion of the whole number of unexercised
Warrant Shares by: (a) surrender of this Warrant (in whole or in part) (or, in the event of its loss, theft, destruction,
or mutilation, evidence thereof), accompanied by an executed exercise notice, in the form attached hereto as Exhibit A
(an “Exercise Notice”), to the Company at its principal office at 2529 Virginia Beach Boulevard, Suite 200,
Virginia Beach, Virginia 23452; and (b) payment, in the amount of the aggregate Exercise Price in respect of the Warrant Shares
as to which this Warrant is being exercised, made by (solely at the Holder’s option) cash, check payable to the order of
the Company, or wire transfer of funds to an account designated in writing by the Company) (each date of delivery of such Exercise
Notice, a “Cash Exercise Date”).

 

		3.2	CASHLESS EXERCISE. Notwithstanding any other provision hereof to the contrary, the Holder
may elect to receive, without payment by the Holder of the aggregate Exercise Price in respect of the shares of Common Stock to
be acquired, shares of Common Stock in accordance with the formula in the following sentence by surrender of this Warrant (in whole
or in part) (or, in the event of its loss, theft, destruction, or mutilation, evidence thereof), accompanied by an executed Exercise
Notice, to the Company at its principal office at 2529 Virginia Beach Boulevard, Suite 200, Virginia Beach, Virginia 23452 (each
date of delivery of such Exercise Notice, a “Cashless Exercise Date,” and together with any “Cash Exercise
Date,” an “Exercise Date”).  Upon delivery thereof, the Company shall issue to the Holder the
number of fully paid, validly and legally issued and nonassessable shares of Common Stock, as is computed using the following formula:

 

 

 

where

 

X = the number of shares of Common
Stock that the Holder is entitled to acquire;

 

Y = the total number of shares
of Common Stock for which the Holder has elected to exercise this Warrant on the applicable Cashless Exercise Date (including,
for the avoidance of doubt, shares to be issued to the Holder and shares as to which the purchase rights are to be canceled as
payment therefor);

 

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A = the volume-weighted average
price per share (“VWAP”) of Common Stock on the Nasdaq Capital
Market (or any other national securities exchange on which the shares of Common Stock are then listed) reported by Bloomberg L.P.
for the fifteen (15) trading days immediately prior to (but not including) the applicable Cashless Exercise Date (or,
if such volume-weighted average price per share of Common Stock during such fifteen (15)-trading day period is unavailable, the
market value of one (1) share of Common Stock during such fifteen (15)-trading day period as determined in good faith by the Company’s
Board of Directors and the Holder, using a volume-weighted average price method; provided that if the Company’s
Board of Directors and the Holder are unable to agree upon such market value, then the Company and the Holder shall jointly select
an appraiser who is experienced in such matters, and the decision of such appraiser shall be final and conclusive, with the cost
of such appraiser to be borne equally by the Company and the Holder); and

 

B = the Exercise Price in effect
under this Warrant on the applicable Cashless Exercise Date.

 

		3.3	Issuance VIA BOOK-ENTRY OR CertificateD FORM; dELIVERY
OF NEW WARRANT. Upon the exercise of this Warrant (in whole or in part), the Company will, as promptly as practicable
(and in any event within ten (10) days after the applicable Exercise Date), at its expense (including the payment by the Company
of any applicable issue or transfer taxes), issue in book-entry form and deliver (or cause to be issued and delivered) to the Holder
(or the Holder’s designee, as specified in the Exercise Notice) the number of duly authorized, validly and legally issued,
fully paid and nonassessable Warrant Shares to which the Holder is entitled upon such exercise of this Warrant; provided, however,
that (solely at the Holder’s option) the Company will execute, issue, and deliver (or cause to be executed, issued, and delivered)
to the Holder a certificate or certificates for such Warrant Shares. This Warrant shall be deemed to have been so exercised, and
the Warrant Shares so purchased shall be deemed to have been issued to the Holder (or the Holder’s designee, as specified
in the Exercise Notice) as the record owner of such shares, each as of the close of business on the applicable Exercise Date. The
Warrant Shares (and, if applicable, certificate(s) representing the Warrant Shares) so delivered shall be in such denomination(s)
as may be requested by the Holder and shall be registered in the name of the Holder (or such other name as may be designated by
the Holder, as specified in the Exercise Notice).  Any such certificate(s) shall be dated and shall be deemed to be effective
as of the applicable Exercise Date, notwithstanding any delays in the actual execution, issuance, or delivery of the certificate(s).
In the event that this Warrant is exercised as to less than the aggregate amount of all shares issuable upon exercise of this Warrant
held by the Holder, the Company shall, at its expense, concurrently with the delivery of the exercised Warrant Shares (and, if
applicable, certificate(s) representing such Warrant Shares) issue and deliver a new Warrant to the Holder evidencing the right
to purchase the aggregate number of shares as to which this Warrant remains unexercised.

 

		3.4	FRACTIONAL SHARES. In respect of any fractional Warrant Share, upon the Holder’s exercise
of this Warrant (in whole or in part), the Company shall pay the Holder an amount in cash equal to the product of such fraction,
multiplied by the Market Price (as defined below in Section 3.5) of one (1) full share of Common Stock on the applicable
Exercise Date, in lieu of issuance of any share of Common Stock.

 

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		3.5	ADJUSTMENTS. Pursuant to the provisions of this Section 3.5, the Exercise Price and
number of Warrant Shares subject to this Warrant shall be subject to adjustment from time to time as set forth herein.

 

		3.5.1	If the Company, at any time or from time to time while this Warrant is outstanding, pays a dividend
or makes a distribution on its Common Stock in shares of Common Stock, subdivides its outstanding shares of Common Stock into a
greater number of shares, combines its outstanding shares of Common Stock into a smaller number of shares, or issues by reclassification
of its outstanding shares of Common Stock any shares of its capital stock (including in connection with a consolidation or merger
in which the Company is the continuing corporation), then: (i) the Exercise Price in effect immediately prior to (but not including)
the date on which such change becomes effective shall be reduced (and in no event increased) to an Exercise Price equal to the
product of (x) such Exercise Price and (y) a fraction, (A) the numerator of which is the number of shares of Common
Stock outstanding immediately prior to such change and (B) the denominator of which is the number of shares of Common Stock
outstanding immediately after giving effect to such change; and (ii) the number of Warrant Shares purchasable upon exercise
of this Warrant shall be increased to a number equal to the product of (x) the number of Warrant Shares purchasable upon exercise
immediately prior to (but not including) the date on which such change becomes effective and (y) a fraction, (A) the numerator
of which is the Exercise Price in effect immediately prior to the date on which such change becomes effective and (B) the
denominator of which is the Exercise Price in effect immediately after giving effect to such change, calculated in accordance with
clause (i) above.  Such adjustments shall be made successively whenever any event described in this subsection occurs.

 

		3.5.2	In the event of any (i) capital reorganization or reclassification of the capital stock of
the Company, or any winding up or liquidation of the Company, (ii) consolidation or merger of the Company with another entity
in which the Company is not the survivor, (iii) sale, transfer, or other disposition of all or substantially all of the Company’s
assets to another entity, or (iv) purchase offer, tender offer, or exchange offer pursuant to which holders of Common Stock
are permitted to sell, tender, or exchange their shares for other securities or assets, and such offer has been accepted by the
holders of fifty percent (50%) or more of the outstanding shares of Common Stock (each, a “Fundamental Transaction”),
then as a condition of such Fundamental Transaction, lawful and adequate provision shall be made whereby the Holder shall thereafter
have the right to purchase and receive upon the terms applicable thereto, and upon the terms and conditions specified herein, and
in lieu of the Warrant Shares immediately issuable upon exercise of this Warrant, the aggregate amount of such securities or assets
as would have been issuable or payable with respect to or in exchange for a number of Warrant Shares equal to the number of Warrant
Shares immediately theretofore issuable upon exercise of this Warrant, had such Fundamental Transaction not taken place, and in
any such case appropriate provision shall be made with respect to the rights and interests of the Holder such that the provisions
hereof shall thereafter be applicable, as nearly equivalent as may be practicable in relation to any securities or assets thereafter
deliverable upon the exercise hereof.  The Company shall not effect any Fundamental Transaction unless, prior to or simultaneously
with the consummation thereof, the survivor (if not the Company) resulting from such consolidation or merger, the corporation acquiring
such assets, or another appropriate entity, shall assume the obligation to deliver to the Holder, at the last address of the Holder
appearing on the books of the Company, such securities and assets as, in accordance with the foregoing, the Holder may be entitled
to purchase, and the other obligations under this Warrant.  The provisions of this subsection shall similarly apply to any
successive Fundamental Transactions.  Notwithstanding the foregoing, in the event of a Fundamental Transaction, at the request
of the Holder before the ninetieth (90th) day after such Fundamental Transaction, the Company (or the survivor) shall purchase
this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such request (or, if later, on the effective
date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value (as defined below in subsection 3.5.10)
of the remaining unexercised portion of this Warrant on the date of such Fundamental Transaction; provided that the foregoing
sentence shall not apply to a Fundamental Transaction in which a successor entity (a “Public Successor”) whose
common stock is quoted or listed for trading on an Eligible Market (as defined below in subsection 3.5.10) assumes this Warrant
and the Warrant Shares immediately issuable upon exercise of this Warrant are exercisable in full for cash and/or for publicly
traded and unrestricted common stock of such Public Successor.

 

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		3.5.3	In the event that the Company fixes a payment date for making a distribution to all holders of
Common Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the surviving
entity) of evidences of indebtedness, cash (other than (I) regularly scheduled cash dividends or distributions in amounts consistent
with past practice and (II) dividends or distributions referred to in subsection 3.5.1) or other assets, or subscription rights,
warrants or any other securities or rights convertible, exercisable or exchangeable for shares of Common Stock, then the Exercise
Price to be in effect after such payment date shall be an amount equal to the product of (x) the Exercise Price in effect
immediately prior to (but not including) such payment date and (y) a fraction, (A) the numerator of which is the total
number of shares of Common Stock outstanding, multiplied by the Market Price (as defined below in subsection 3.5.10) per
share of Common Stock immediately prior to (but not including) such payment date, less the aggregate amount of cash (if
applicable) or the fair market value (as determined in good faith by the Company’s Board of Directors) of such evidences
of indebtedness or other assets so distributed, or of such subscription rights, warrants or other securities or rights (if applicable),
and (B) the denominator of which is the total number of shares of Common Stock outstanding, multiplied by such Market
Price per share of Common Stock immediately prior to (but not including) such payment date.  Such adjustment shall be made
successively whenever such a payment date is fixed.

 

		3.5.4	If, after the date of issuance of this Warrant, the Company issues and sells in a public offering
or a private placement shares of Common Stock or other securities convertible into or exchangeable for Common Stock for cash at
a net price per share (i.e., after the deduction of any underwriting discounts or commissions or placement agent fees, as
applicable, and any other expenses incurred by the Company that are attributable to the offering) that is less than: (i) in
the case of a public offering, the most recently reported closing price of the Common Stock prior to the announcement of such public
offering, or (ii) in the case of a private placement, the most recently reported closing price of the Common Stock prior to
the execution of the purchase agreement for such private placement (in either case, a “Secondary Capital Raise”),
the Exercise Price in effect immediately after the Secondary Capital Raise shall be adjusted to equal the product of (x) the
Exercise Price in effect immediately prior to announcement of the Secondary Capital Raise and (y) a fraction, (A) the numerator
of which is the net cash proceeds received by the Company per share in such Secondary Capital Raise (i.e., after the deduction
of any underwriting discounts or commissions or placement agent fees, as applicable, and any other expenses incurred by the Company
that are attributable to the offering) and (B) the denominator of which is the last reported closing price of the Common Stock
prior to either (i) the announcement of the Secondary Capital Raise in the case of a public offering or (ii) the execution
of the applicable purchase agreement in the case of a private placement.  This subsection 3.5.4 does not apply to (i) any
of the transactions described in subsections 3.5.1–3.5.3 hereof, (ii) the exercise of this Warrant, or the conversion
or exchange of other securities convertible or exchangeable for Common Stock, or the issuance of Common Stock upon the exercise
of this Warrant or other securities convertible or exchangeable for Common Stock, or (iii) Common Stock (and options exercisable
therefor) issued to the Company’s employees, officers, directors, consultants, or advisors (regardless of whether in such capacity
on the date of exercise) under bona fide employee benefit plans or stock option plans adopted by the Company’s Board of Directors
and approved by the holders of Common Stock when required by law, if such Common Stock would otherwise be covered by this subsection 3.5.4. 
For any shares of Common Stock that may be issued pursuant to any at-the-market offering, controlled equity or similar programs
(an “ATM Program”), this subsection 3.5.4 shall apply but the Exercise Price shall be adjusted solely by
the percentage sales commission payable to the sales agent pursuant to the sales or other similar agreement entered into by and
between the Company and such agent in connection with the establishment of such ATM Program and only as a one-time adjustment made
as of the date of execution of any such agreement.  For the avoidance of doubt, any offering of securities by a party unaffiliated
to the Company and for which the Company does not receive any proceeds will not be subject to an adjustment as described in this
subsection 3.5.4.

 

		3.5.5	If, after the date of issuance of this Warrant, there is an Additional Issuance (as defined in
subsection 3.5.10 below) (or series of related Additional Issuances) (i) for cash or other consideration (the value of which will
be determined by the Company’s Board of Directors in good faith) at a net price per share (i.e., after the deduction
of any underwriting discounts or commissions or placement agent fees, as applicable, and any other expenses incurred by the Company
that are attributable to such Additional Issuance) that is less than $6.00 (or, in the case of an Additional Issuance of securities
or instruments convertible for Common Stock, at a conversion price per security or instrument that is less than $6.00) (as adjusted
for the same events triggering an Exercise Price adjustment in this Section 3.5), and (ii) that results or would result (assuming
the full conversion, exchange, or exercise (in exchange for cash payment of any exercise price, if applicable) of all securities
or other instruments or rights issued in that Additional Issuance (or series of related Additional Issuances)) in an increase in
the number of outstanding shares of Common Stock by more than 2,425,968 shares (subject to appropriate adjustment in the event
of any stock dividend, stock split, combination or other similar recapitalization), then the number of Warrant Shares purchasable
upon exercise of this Warrant shall be increased to a number equal to the product of (x) the number of Warrant Shares purchasable
upon exercise of this Warrant immediately prior to such Additional Issuance and (y) a fraction, (A) the numerator of which is the
Baseline Outstanding Share Number plus the number of shares of Common Stock issued in to such Additional Issuance (or series
of related Additional Issuances) (assuming the full conversion, exchange, or exercise (in exchange for cash payment of any exercise
price, if applicable) of all securities or other instruments or rights issued in that Additional Issuance (or series of related
Additional Issuances)) and (B) the denominator of which is the Baseline Outstanding Share Number. For purposes here, the “Baseline
Outstanding Share Number” means 9,703,874 (subject to appropriate adjustment in the event of any stock dividend, stock
split, combination or other similar recapitalization). For avoidance of doubt, an adjustment may be made under both subsection
3.5.4 and under this subsection 3.5.5 with respect to the same Secondary Capital Raise.

 

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		3.5.6	If, at any time(s) on or after the third (3rd) anniversary of the date of issuance of
this Warrant, the VWAP of the Common Stock is less than $1.50 (as adjusted for the same events triggering an Exercise Price adjustment
in this Section 3.5), then the Exercise Price will be automatically reset to an amount equal to the product of (x) such VWAP, multiplied
by (y) [1.25/1.5/2.5]. Notwithstanding the foregoing,
in no event will any reset pursuant to this subsection 3.5.6 increase the Exercise Price to an amount higher than the Exercise
Price then in effect.

 

		3.5.7	An adjustment to the Exercise Price shall become effective immediately after the payment date in
the case of each dividend or distribution and immediately after the effective date of each other event that requires an adjustment.

 

		3.5.8	In the event that as a result of an adjustment made pursuant to this Section 3.5, the Holder
becomes entitled to receive any shares of capital stock of the Company other than shares of Common Stock, the number of such other
shares so receivable upon exercise of this Warrant shall be subject thereafter to adjustment from time to time in a manner and
on terms as nearly equivalent as practicable to the provisions with respect to the Warrant Shares contained in this Warrant.

 

		3.5.9	Not less than ten (10) Business Days prior to the record date or effective date, as the case may
be, of any event that requires or might require an adjustment pursuant to this Section 3.5, the Company shall give to the
Holder written notice of such event, describing such event in reasonable detail and specifying the record date or effective date,
as the case may be. Such notice shall include the Company’s certification of the computations, which shall have been made
by the Company in good faith, of the required adjustment and the computation thereof (provided that if the required adjustment
is not determinable at the time of the notice, the Company shall give such notice to the Holder promptly after such adjustment
becomes determinable).

 

		3.5.10	Certain Definitions.

 

		(a)	“Additional Issuance” means the issuance by the Company in a public offering
or a private placement of shares of Common Stock or other securities or instruments convertible, exercisable or exchangeable for
Common Stock, other than (i) as a result of the exercise of this Warrant, or of the conversion or exchange of other then outstanding
securities convertible or exchangeable for Common Stock, or the issuance of Common Stock upon the exercise of this Warrant or of
other then outstanding securities convertible or exchangeable for Common Stock (but, for avoidance of doubt, the original issuance
of any such convertible or exchangeable security will constitute an Additional Issuance hereunder), or (ii) Common Stock (and options
exercisable therefor) issued to the Company’s employees, officers, directors, consultants, or advisors (regardless of whether
in such capacity on the date of exercise) under bona fide employee benefit plans or stock option plans adopted by the Company’s
Board of Directors and approved by the holders of Common Stock when required by law.

 

		(b)	“Black Scholes Value” means the value of this Warrant based on the Black and
Scholes Option Pricing Model obtained from the “OV” function on Bloomberg using (i) a price per share of Common
Stock equal to the weighted average price per share of the Common Stock for the trading day immediately preceding the date of consummation
of the applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period
equal to the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction, and (iii) an
expected volatility equal to the greater of thirty percent (30%) and the 100-day volatility obtained from the HVT function on Bloomberg
determined as of the trading day next following the date of the public announcement of the applicable Fundamental Transaction.

 

		(c)	“Eligible 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).

 

		(d)	“Market Price” as of a particular date means:  (i) if the Common Stock
is then listed on the Nasdaq Capital Market or any other national securities exchange, the closing sale price of one (1) share
of Common Stock on such exchange on the last trading day prior to such date; (ii) if the Common Stock is then quoted on the
Over-the-Counter Bulletin Board (the “Bulletin Board”) or any similar quotation system or association, the closing
sale price of one (1) share of Common Stock on the Bulletin Board or such other quotation system or association on the last trading
day prior to the such date or, if no such closing sale price is available, the average of the high bid and the low asked price
quoted thereon on the last trading day prior to such date; or (iii) if the Common Stock is not then listed on a national securities
exchange or quoted on the Bulletin Board or such other quotation system or association, the fair market value of one (1) share
of Common Stock as of such date, as determined in good faith by the Company’s Board of Directors and the Holder.  If
the Common Stock is not then listed on a national securities exchange, the Bulletin Board, or any other quotation system or association,
the Company’s Board of Directors shall respond promptly in writing to an inquiry by the Holder prior to the exercise hereunder
as to the fair market value of a share of Common Stock as determined by the Company’s Board of Directors.  In the event
that the Company’s Board of Directors and the Holder are unable to agree upon the fair market value in respect of subpart (iii) of
this subsection, the Company and the Holder shall jointly select an appraiser who is experienced in such matters.  The decision
of such appraiser shall be final and conclusive, and the cost of such appraiser shall be borne equally by the Company and the Holder.

 

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		4.	LIMITATIONS ON EXERCISE. Notwithstanding
any other provision hereof to the contrary, the number of Warrant Shares that may be acquired by the Holder upon any exercise of
this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that following such exercise (or
other issuance) the total number of shares of Common Stock then beneficially owned by such Holder and any other persons whose beneficial
ownership of Common Stock would be aggregated with the Holder’s ownership thereof pursuant to Sections 542(a)(2) and
544 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) (as those sections are used in Section 856(h)
of the Code), does not exceed 9.8% of the total number of issued and outstanding shares of Common Stock (including for such purpose
the shares of Common Stock issuable upon such exercise) unless the Company’s Board of Directors has, in its sole discretion,
granted the Holder a waiver from the stock ownership limitations set forth in the Company’s Governing Documents. This Section
shall not restrict the number of shares of Common Stock that the Holder may receive or beneficially own in order to determine the
amount of securities or other consideration that such Holder may receive in the event of a transaction contemplated by Section 3.5
hereof.  This restriction may not be waived.

 

		5.	CONDITIONAL EXERCISE.  Notwithstanding
any other provision hereof to the contrary, if an exercise of any portion of this Warrant is to be made in connection with a public
offering or a sale of the Company (pursuant to a merger, sale of securities, or otherwise), such exercise may (at the Holder’s
election) be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective
until immediately prior to the consummation of such transaction.

 

		6.	Payment of Taxes.  The Company will
pay all expenses in connection with, and all taxes attributable to, the issuance or delivery of Warrant Shares issuable upon the
exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax that may be payable in
respect of any transfer involved in the issuance or delivery of any certificates for Warrant Shares in a name other than that of
the Holder in respect of which such shares are issued, and in such case, the Company shall not be required to issue or deliver
any certificate for Warrant Shares until the person requesting such issuance or delivery has paid to the Company the amount of
such tax or has established that such tax has been paid.

 

		7.	REPRESENTATIONS AND WARRANTIES oF THE COMPANY. The
Company hereby represents and warrants to the Holder as follows:

 

		7.1.1	The Company is a corporation duly incorporated, validly existing, and in good standing under the
laws of the State of Maryland. The Company has all requisite power and authority to own and operate its assets and properties and
to conduct its business as now conducted and as presently contemplated, and it is duly qualified to do business and is in good
standing (in each case to the extent that such concepts are recognized) in each jurisdiction where such qualification or good standing
is required. The Company has all requisite power and authority to execute and deliver this Warrant and that certain Registration
Rights Agreement, of even date herewith, the form of which is attached as Exhibit C hereto (the “Registration Rights
Agreement” and together with this Warrant, the “Transaction Documents”), to perform its obligations
hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby, including the issuance of the Warrant
Shares. Assuming the due authorization, execution, and delivery of this Warrant and each other Transaction Document (and any Warrant
issued in substitution for or replacement of this Warrant) by the Holder and any other parties thereto, this Warrant and each other
Transaction Document constitutes (and any such substitute or replacement Warrant will constitute), respectively, a valid, legal,
and binding obligation of the Company, enforceable against the Company in accordance with its or their terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally and by general principles of equity.

 

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		7.1.2	The Company’s execution and delivery of the Transaction Documents, its performance of its
obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby and thereby: (a) have been
duly authorized by all requisite action of the Company and of Wheeler REIT, L.P., a Virginia limited partnership (the “Partnership”),
and no other action on the part of the Company or the Partnership is required with respect thereto; (b) do not and will not contravene,
conflict with, result in a breach or violation of, constitute a default (with or without notice, the lapse of time, or both, would
constitute a default) under, or permit any termination, amendment, or acceleration of the provisions of, in each case as applicable:
(i) any material Requirements of Law or any rules or regulations of the Nasdaq
Capital Market applicable to the Company, its Subsidiaries, the Partnership, or their properties or assets, (ii) the Governing
Documents of the Company or the Partnership, or (iii) any material Contractual Obligation to which the Company or the Partnership
is party or by which their properties or assets are bound or affected; and (c) do not and will not result in the creation
of any Lien upon or with respect to any of its properties or assets.

 

		7.1.3	Neither the Company nor any of its Subsidiaries is required
to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency or any
regulatory commission, board, body, authority, or self-regulatory agency, or any other Person in order for the Company to execute,
deliver, or perform any of its obligations under or contemplated by the Transaction Documents, in each case in accordance with
the terms hereof or thereof (other than (x) any consent, authorization, or order that has been obtained as of the date hereof,
(y) any filing or registration that has been made as of the date hereof, or (z) any filings which may be required to
be made by the Company with the Securities and Exchange Commission (the “SEC”), state securities administrators,
or the Nasdaq Capital Market pursuant to the Registration Rights Agreement; provided
that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the representations
and warranties of the Holder herein). The Company is unaware of any facts or circumstances that might prevent the Company from
obtaining or effecting any registration, application, or filing pursuant to the preceding sentence. The Company is not in violation
of the listing requirements of the Nasdaq Capital Market and has no knowledge of any
facts that would reasonably be expected to lead to delisting or suspension of the shares of Common Stock in the foreseeable future.

 

		7.1.4	This Warrant is (and any Warrant issued in substitution for or replacement of this Warrant will
be) duly authorized and validly and legally issued. All Warrant Shares issuable upon the exercise of this Warrant, when issued
in accordance with the terms hereof, will be duly authorized, validly and legally issued, fully paid, and nonassessable, without
violation of any preemptive or similar rights, and free and clear of all liens, charges, encumbrances, or other adverse claims
or restrictions on title or transfer of any nature whatsoever.

 

		7.1.5	The Company has reserved, solely for issuance and delivery upon exercise of this Warrant, the maximum
number of authorized but unissued Warrant Shares issuable from time to time upon the exercise of this Warrant.

 

		7.1.6	None of the Company, its Subsidiaries, its or their Affiliates,
or, to the Company’s knowledge, any Person acting on its or their behalf, has engaged or will engage in any form of general
solicitation or general advertising (within the meaning of Regulation D under the Securities Act (“Regulation D”))
in connection with the offer or sale of the Securities. Neither the Company nor any of its Subsidiaries has engaged any placement
agent or other agent in connection with the sale of the Securities.

 

    -8-

     

    

 

		7.1.7	None of the Company, its Subsidiaries, its or their Affiliates,
or, to the Company’s knowledge, any Person acting on its or their behalf, has directly or indirectly made any offer or sale
of any security or solicited any offer to buy any security, under circumstances that would require registration of the issuance
of any of the Securities under the Securities Act, whether through integration with prior offerings or otherwise, or caused this
offering of the Securities to require approval of the stockholders of the Company for purposes of any applicable stockholder approval
provisions, including under the rules and regulations of the Nasdaq Capital Market.
None of the Company, its Subsidiaries, its or their Affiliates or, to the Company’s knowledge, any Person acting on its or
their behalf, will take directly or indirectly any action or step referred to in the preceding sentence that would require registration
of the issuance of any of the Securities under the Securities Act or cause the offering of the Securities to be integrated with
other offerings for purposes of any such applicable stockholder approval provisions.

 

		7.1.8	The Company has timely filed or furnished all reports, schedules,
forms, statements, and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Securities
Exchange Act of 1934, as amended (the “Securities Exchange Act”) (all of the foregoing filed or furnished prior
to the date hereof, all exhibits included therein, and all financial statements, notes, and schedules thereto and documents incorporated
by reference therein, collectively, the “SEC Documents”). As of their respective filing or furnishing dates,
the SEC Documents conformed in all material respects with the requirements of the Securities Exchange Act and the rules and regulations
of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time that they were filed
or furnished with the SEC, contained any untrue statement of a material fact or omitted 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.

 

		8.	REPRESENTATIONS AND WARRANTIES OF THE HOLDER. The
Holder hereby represents and warrants to the Company that, as of the date hereof, the Holder is an “accredited investor”
(as defined in Regulation D). The Holder is acquiring this Warrant, and the Warrant Shares issuable upon the exercise hereof, for
its own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or
distribution thereof, except pursuant to sales registered or exempted under the Securities Act; provided, however, that
by making the representations herein, the Holder does not agree to hold any of the Securities for any minimum or other specific
term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement
or an exemption under the Securities Act and pursuant to the applicable terms of the Transaction Documents.

 

    -9-

     

    

 

		9.	Restrictive Legend. Executed copies of
this Warrant shall be filed in the principal office of the Company. Instruments evidencing all or part of this Warrant shall contain
a legend in substantially the form set forth on the first page of this Warrant.

 

		10.	Successors and Assigns; Binding Effect. This
Warrant shall be binding upon and inure to the benefit of the Holder and the Company and their respective successors and permitted
assigns.

 

		11.	Notices.

 

		11.1	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 Holder, 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 11.1):

 

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 P.
Raglan

Telephone: 212-504-6790

Email: Daniel.Raglan@cwt.com

 

If to the Holder:

 

[____]

 

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

 

DLA Piper LLP (US)

2000 Avenue of the Stars

North Tower, Suite 400

Los Angeles, CA 90067

Attention: Stephen Ballas and
Melainie Mansfield

Telephone: (310) 595-3000

Email: stephen.ballas@us.dlapiper.com

melainie.mansfield@us.dlapiper.com

 

    -10-

     

    

 

All notices or other communications
sent in accordance with this Section 11.1, 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).

 

		11.2	Electronic Communications.

 

		11.2.1	The Company and the Holder 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 Holder hereunder may be delivered
or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by
the Holder.

 

		11.2.2	Unless the Holder 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.

 

		11.3	Notices of Certain Transactions. In addition to and without limiting any other notice required
hereunder, in the event the Company proposes to (i) issue any dividend or other distribution to holders of its Common Stock or
to issue rights to holders of its Common Stock to receive such dividend or distribution, (ii) offer to holders of its Common Stock
rights to subscribe for or to purchase any securities convertible into shares of Common Stock, (iii) effect any capital reorganization,
reclassification, consolidation or merger, (iv) effect the voluntary or involuntary dissolution, liquidation or winding-up of the
Company, (v) make a tender offer or exchange offer with respect to the Common Stock or (vi) undertake any action that has the effect
of increasing the percentage of outstanding equity securities held of record or beneficially (directly or indirectly) by the Holder
(other than the Company’s tender offer that is in effect as of the date of issuance hereof), then the Company shall promptly
send to the Holder a notice of such proposed action or offer at its address as it appears on the register of the Company, which
shall specify the record date for the purposes of such dividend or distribution, or the date such issuance, event or action is
to take place and/or the election date of participation therein by the holders of Common Stock, if any such date is to be fixed.
Such notice shall be given as promptly as possible and, in any case, at least fourteen (14) days prior to the date of the taking
of such action, or election date for participation therein by the holders of Common Stock.

 

    -11-

     

    

 

		12.	Severability. Every provision of this Warrant
is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or
invalidity shall not affect the remainder of this Warrant.

 

		13.	Assignment OR TRANSFER; Replacement of Warrant. Subject
to the restrictions of the Securities Act, and relevant state securities law, and the terms of this Warrant, this Warrant is assignable
and all rights hereunder are transferable, in whole or part, by the Holder (or by a duly authorized attorney-in-fact) from time
to time without charge to the Holder, upon surrender of this Warrant duly endorsed, accompanied by and effected in accordance with
the form of Assignment attached hereto as Exhibit B,
to the Company at its principal office. Upon such surrender, the Company shall transfer this Warrant on the books maintained by
the Company for that purpose; execute and deliver a new Warrant(s) in the name of the assignee(s) and in the denominations specified
in such instrument of assignment; issue to the assignor a new Warrant evidencing the portion of this Warrant (if any) not so assigned;
and promptly cancel the surrendered Warrant. If this Warrant is assigned, in whole or in part, this Warrant shall be surrendered
at the principal office of the Company, and thereupon, in the case of a partial assignment, a new Warrant shall be issued to the
holder thereof covering the number of shares not assigned, and the assignee shall be entitled to receive a new Warrant covering
the number of shares so assigned. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant and appropriate bond or indemnification protection, the Company shall, at its expense, issue a new
Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as this Warrant so lost, stolen, mutilated, or
destroyed.

 

		14.	Resale Registration. In connection with
the execution of this Warrant, the Company and the Holder shall enter into the Registration Rights Agreement by which the Company
shall agree, among other things, to register the resale of the shares of Common Stock underlying this Warrant.

 

		15.	Rights of STOCKholders; LIMITATIONS ON LIABILITY. Until
this Warrant is exercised, this Warrant shall not entitle the Holder to any of the rights of a stockholder of the Company, except
as otherwise specifically provided herein. Nothing contained in this Warrant shall be construed as imposing any liabilities on
the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether
such liabilities are asserted by the Company or by creditors thereof. Notwithstanding this Section 15 or any other provision
hereof to the contrary, the Company shall contemporaneously provide the Holder with copies of the same notices and other information
given to the stockholders of the Company generally.

 

		16.	Amendment.
Any term of this Warrant may be amended or waived with the written
consent of the Company and the Holder.

 

    -12-

     

    

 

		17.	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.

 

		(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 (I) 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 (II) 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 17(d).

 

		(e)	Service of Process.  Each party hereto irrevocably consents to service of process in
the manner provided for notices in Section 11.1.

 

		18.	Headings. The headings herein are for purposes
of reference only and shall not limit or otherwise affect the meaning of any of the provisions hereof.

 

		19.	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 and Exhibits shall be construed to refer to Sections
of and Exhibits to this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    -13-

     

    

 

IN
WITNESS WHEREOF, the Company has duly executed this Warrant as of the date of issuance first set forth above.

 

	 	Wheeler Real Estate Investment Trust, Inc.,

a Maryland corporation
	 	 	 
	 	By: 	 
	 	 	Name:  	Daniel Khoshaba
	 	 	Title:	President and CEO

 

	Accepted and agreed as of the date of issuance:	 
	 	 
	HOLDER:	 
	 	 
	[_____]	 
	 	 
	By:  		 
	 	Name:	 	 
	 	Title:	 	 

 

    [Warrant]Exhibit 10.3

 

WHEELER REAL ESTATE INVESTMENT TRUST,
INC.

 

REGISTRATION RIGHTS AGREEMENT

 

THIS RegiSTRATION
Rights Agreement (this “Agreement”) is made as of March 12, 2021, 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 60-month anniversary of the Effective Date, in accordance with the terms thereof; and

 

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.

 

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 March
12, 2021, 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 Wilmington Savings Fund Society, FSB, 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 the cash payment by the Investors of the exercise price thereof.

 

		(h)	“Holder” means any Investor and any transferee permitted under Section 5.8,
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)	“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.

 

		(k)	“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.

 

		(l)	“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).

 

    - 2 -

     

    

 

		(m)	“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). 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).

 

		(n)	“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.

 

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

 

		(p)	“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.

 

		(q)	“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).

 

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

 

		1.2	As used in this Agreement, the following terms shall have the meanings defined in the Section indicated:

 

	Agreement	Preamble
	Accordion Right	Section 4.4
	Backstop Amount	Section 4.2
	Backstop Right	Section 4.1
	Company	Preamble
	Company Indemnified Parties	Section 2.4(b)
	Effectiveness Deadline	Section 2.1(b)
	End of Suspension Notice	Section 2.2(c)
	First Priority Backstop Party	Section 4.1
	Holder Indemnified Parties	Section 2.4(a)
	Indemnified Party	Section 2.4(c)
	Investor(s)	Preamble
	Losses	Section 2.4(a)
	Powerscourt	Section 2.5
	Powerscourt Registration Rights Agreement	Section 2.5
	Rights	Section 4.1
	Rights Offering	Section 4.1
	Rights Offering Notice	Section 4.2
	Rights Offering Securities	Section 4.2
	Securities Act	Section 3.1
	Shelf Effectiveness Deadline	Section 2.1(b)
	Shelf Registration	Section 2.1(a)
	Shelf Registration Statement	Section 2.1(a)
	Subordinated Notes	Section 4.4
	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)
	Unsubscribed Allocation	Section 4.1
	Violations	Section 2.4(a)
	Warrant(s)	Recitals

 

    - 3 -

     

    

 

		1.3	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.   Within sixty (60) days following the date hereof, the Company shall
file with the SEC a Registration Statement on Form S-3 (or if the Company is then ineligible for Form S-3, on Form S-11) to register
the resale of the Registrable Securities, 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”); provided, however, that the Investors understand and agree
that any such Shelf Registration Statement on Form S-3 or Form S-11 shall also register for resale thereunder securities held by
holders of registration rights under the Powerscourt Registration Rights Agreement.

 

		(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 Statement
will not be reviewed or that all comments related to the Shelf Registration have been cleared (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.

 

    - 4 -

     

    

 

		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, 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;

 

		(iii)	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 Holder 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;

 

    - 5 -

     

    

 

		(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;

 

    - 6 -

     

    

 

		(x)	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)	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.

 

    - 7 -

     

    

 

		(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 (as defined below).  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).

 

    - 8 -

     

    

 

		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, 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.

 

    - 9 -

     

    

 

		(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.

 

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		2.5	Preservation of Rights. From and after the date hereof, 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. Further, the Company
                                                           will compensate, reimburse and otherwise make-whole the Holders and their Affiliates for any damages, losses, costs or
                                                           expenses (in each case, economic or otherwise) incurred by the Holders and their Affiliates in connection with any challenge
                                                           by Powerscourt Investments XXII, LP (“Powerscourt”) (or transferees of its securities) to the validity or
                                                           enforceability of this Agreement or any of the terms hereof or that this Agreement or any term hereof conflicts with or
                                                           violates any provision of the Registration Rights Agreement dated as of December 22, 2020 (the “Powerscourt
                                                           Registration Rights Agreement”) by and among the Company and Powerscourt, including, without limitation, Sections
                                                           2.5 and 4 thereof.

 

		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.

 

    - 11 -

     

    

 

		4.	BACKSTOP and ACCORDION 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
or instruments of the Company (a “Rights Offering”), the Company shall (i) for so long as Powerscourt continues
to have its backstop rights under Section 4.1 of the Powerscourt Registration Rights Agreement, first offer to the investors under
the Powerscourt Registration Rights Agreement (each a “First Priority Backstop Party”) the right to elect to
act as a backstop or standby purchaser for such Rights Offering in accordance with the terms of the Powerscourt Registration Rights
Agreement, and (ii) to the extent the Rights Offering is not fully subscribed for by holders of the Common Stock and, if applicable,
any First Priority Backstop Party (any such unsubscribed portion, the “Unsubscribed Allocation”), thereafter
offer to the Investors, and the Company hereby grants a separate right to such Investors, the right to elect to act as a backstop
or standby purchaser for such Unsubscribed Allocation in accordance with Section 4.2 hereof. The right in this Section
4.1 (the “Backstop Right”) and the Accordion Right (as defined below) are separate “unstapled”
rights, and the Investors (or any of them) may elect to exercise one or both of such rights (including in the same Rights Offering)
from time to time.

 

		4.2	Promptly after any meeting or action of the Board approving any proposed issuance of Rights (and
in any event (A) within five (5) Business Days of such meeting or action and (B) not less than fourteen (14) Business Days prior
to the issuance of the Rights in the Rights Offering), 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 to be offered in the Rights Offering (the “Rights Offering Securities”), (iii) the proposed
date of issuance of the Rights and the proposed date or dates when Rights can be exercised and the Rights Offering Securities subscribed
for, (iv) all other material terms and conditions upon which the Company proposes to issue, offer, or sell such Rights Offering
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 Rights Offering Securities that by the terms of such issuance, offer, or sale must be purchased with
the Rights Offering 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, and the Company shall promptly deliver to each Investor any other information that that Investor may
reasonably request to evaluate the proposed issuance. By giving written notice to the Company within ten (10) Business Days after
receipt of the Rights Offering Notice, each Investor may elect to purchase or otherwise acquire in the Rights Offering (in accordance
with their priority relative to the First Priority Backstop Parties in Section 4.1 hereof, if applicable), on the terms
and conditions specified in the Rights Offering Notice, up to the full Unsubscribed Allocation or such other lesser amount as may
be specified by the Investor. 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 Backstop Right with respect to such Rights Offering.

 

		4.3	If an Investor elects to exercise its Backstop Right 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	In addition to the foregoing Backstop Right, if the Rights Offering entitles holders of Common
Stock to subscribe for subordinated convertible pay-in-kind notes of the Company (“Subordinated Notes”), then,
during the sixty (60) days following the consummation of such Rights Offering, the Company shall offer to the Investors, and the
Company hereby grants a separate right to such Investors, to purchase an additional amount of Subordinated Notes (on the same terms
as those offered in such Rights Offering) in an aggregate principal amount of up to 10% of the aggregate principal amount of the
Subordinated Notes offered in such Rights Offering (the “Accordion Right”).

 

		4.5	The election by an Investor not to exercise its 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 Rights Offering Securities if issued by the Company (which issuance or
sale, for the avoidance of doubt, shall not include any issuance of Rights Offering 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 Rights Offering 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.

 

    - 12 -

     

    

 

		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
P. Raglan

Telephone: 212-504-6790

Email: Daniel.Raglan@cwt.com

 

If to an Investor:

 

To the address
set forth beneath its name on Schedule A hereto

 

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

 

DLA Piper LLP (US)

2000 Avenue of the Stars

North Tower, Suite 400

Los Angeles, CA 90067

Attention: Stephen Ballas and
Melainie Mansfield

Telephone: (310) 595-3000

Email: stephen.ballas@us.dlapiper.com

           melainie.mansfield@us.dlapiper.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).

 

    - 13 -

     

    

 

		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, (i) 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 (ii) 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 (i), of notification that such notice or communication is available
and identifying the website address therefor; provided, that, for both clauses (i) and (ii) 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.

 

		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.

 

    - 14 -

     

    

 

		(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.

 

		(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 (I) 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 (II) 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(d).

 

		(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 of 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 (and its permitted assignees or transferees) ceases to hold or beneficially own any remaining Registrable
Securities, but for the avoidance of doubt shall not so terminate with respect to any other Investor (or its permitted assignees
or transferees) who continues to hold or beneficially own any Registrable Securities; provided that Sections 2.3
(Registration Expenses) and 2.4 (Indemnification) and this Section 5 shall survive any termination of this Agreement.
For the avoidance of doubt, this Agreement will survive the repayment in full of the loans under the Financing Agreement and/or
the termination of the Financing Agreement or any other document entered into in connection therewith.

 

		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]

 

    - 15 -

     

    

 

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

 

[Registration Rights Agreement]

 

     

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	MAGNETAR STRUCTURED CREDIT FUND, LP
	 	By: Magnetar Financial LLC, its general partner

 

	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

	 	MAGNETAR LONGHORN FUND LP
	 	By: Magnetar Financial LLC, its investment manager

 

	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

	 	MAGNETAR LAKE CREDIT FUND LLC
	 	By: Magnetar Financial LLC, its manager

 

	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

	 	PURPOSE ALTERNATIVE CREDIT FUND – F LLC
	 	By Magnetar Financial LLC, its investment manager

 

	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

	 	PURPOSE ALTERNATIVE CREDIT FUND – T LLC
	 	By Magnetar Financial LLC, its investment manager

 

	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

	 	AY2 CAPITAL LLC
	 	By: Never Summer Holdings LLC, its manager

 

	 	By:	/s/ Harrison Wreschner
	 	 	Name: Harrison Wreschner
	 	 	Title: Manager

 

 

[Registration
Rights Agreement]

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