Document:

Exhibit 10.10

 Exhibit 10.10 
 CONTRIBUTION AGREEMENT 
 BETWEEN 

                    MANAGEMENT, LLC

 AND 
 WHEELER REAL ESTATE INVESTMENT TRUST, L.P., 
 DATE: AS OF
                    , 2012 

 CONTRIBUTION AGREEMENT 

THIS CONTRIBUTION AGREEMENT (this “Agreement”) is made as of the
                    day of                     ,
2012 (the “Effective Date”) by and between                     MANAGEMENT, LLC, a Virginia limited liability company, (the
“Contributor”) and WHEELER REAL ESTATE INVESTMENT TRUST, L.P., a Virginia limited partnership (or its assignee pursuant to Section 9.1) (the “Operating Partnership”). 

RECITALS 
 A. The Operating Partnership has been formed by Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “REIT”), for purposes of acquiring, owning, managing, selling,
financing, leasing and operating real properties and related investments. 
 B. The REIT and the Operating Partnership are
affiliates of the Contributor. 
 C. The REIT and the Operating Partnership desire to acquire, in this transaction and a series
of related transactions occurring contemporaneously with the transactions contemplated by this Agreement (“Related Acquisitions”), approximately nine (9) distinct real properties owned or controlled by affiliates of the
Contributor. 
 D. Contemporaneously with the closing of the transactions contemplated hereby, the REIT intends to consummate an
initial public offering of shares of its common stock, the proceeds of which will be used, in part, to acquire partnership interests in the Operating Partnership, which will then use such proceeds, in part, to satisfy certain obligations of the
Operating Partnership pursuant to this Agreement and the Related Acquisitions. 
 E. Contributor owns [ten percent (10%)] of the
membership interests (the “Membership Interests”) of the limited liability company organized in Virginia and known as
                    , LLC (the “Company”), and is the sole managing member of the Company (in such capacity, the “Company
Manager”). 
 F. The Company is the owner of [a shopping center located at
                    , consisting of the land (the “Land”) described on Exhibit A attached hereto and incorporated herein by
this reference, a one story                     square foot building] (the “Building”), and certain other improvements (the
“Improvements;” the Land, Building, and Improvements are referred to below as the “Real Property”). 
 G. The Building is occupied by certain tenants pursuant to the leases or other occupancy agreements (collectively, the “Leases”), copies of all of which have been delivered to the
Operating Partnership, pursuant to which the Company is holding certain security deposits (the “Security Deposits”) and the tenants are obligated to make payment of rent and other charges (together, the “Rents”).

 H. The Company has entered into certain service contracts and agreements (collectively, the
“Contracts”) copies of which have been delivered to the Operating Partnership, relating to the upkeep, repair, maintenance, leasing, management and operation of the Real Property. 

I. The Company has been issued certain warranties and guaranties (together, the “Warranties”) copies of which have been
delivered to the Operating Partnership. 
 J. There exist certain permits, licenses, approvals and authorizations issued by
governmental authorities and certain trademarks and trade names owned by the Company with respect to the Real Property (the “Intangibles”). The term “Property” shall mean the Real Property, the Leases, the Rents,
the Security Deposits and the Intangibles. 
 K. Contributor has agreed to contribute to the Operating Partnership, and the
Operating Partnership has agreed to acquire, the Membership Interests for the consideration and upon the terms set forth in this Agreement. 
 AGREEMENT 
 ARTICLE 1 

CONTRIBUTION 
 Section 1.1. Contribution. Subject to the terms and conditions hereinafter set forth, on the Closing Date (as defined in Section 4.1), Contributor agrees to contribute, set over, sell,
assign, and transfer to the Operating Partnership, and the Operating Partnership agrees to assume, acquire and accept from Contributor, the Membership Interests comprising [ten percent (10%)] of the ownership interests in the Company representing
all of Contributor’s ownership interests in the Company. 
 Section 1.2. Consideration. In consideration for
the Membership Interests contributed to the Operating Partnership hereunder, the Operating Partnership shall issue to Contributor that number of limited partner interests in the Operating Partnership (“Units”) equal to (x) such
Contributor’s Sale Percentage (as defined below) in the Company multiplied by (y) the Company Valuation (as defined below) divided by (z) the per share issuance price of the REIT’s common stock in its contemplated initial public
offering. “Sale Percentage” means the percentage of net proceeds that would be distributed to Contributor in its capacity as a member of the Company, in accordance with the Company’s operating agreement as in effect immediately prior
to Closing, upon the sale of all or substantially all of the Company’s assets for an amount equal to the Company Valuation. “Company Valuation” means the aggregate purchase price for 100% of the Membership Interests in the Company,
which shall be $            plus or minus the adjustments and pro-rations set forth in this Agreement. The Company Valuation has been determined by dividing the Company’s projected
“Net Operating Income” for the calendar year 2011 by the capitalization rate of     %. For the purposes of this Agreement, “Net Operating Income” means net income before depreciation, amortization, debt
service and nonrecurring items. 
 Section 1.3. Method of Payment. The consideration described in Section 1.2
shall be issued at “Closing” (defined below) to the Contributor. 

  
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 Section 1.4. Other Contributors. The parties acknowledge and agree that the
Operating Partnership intends to acquire, pursuant to separate Contribution and Subscription Agreements, the ownership interests of some or all of the other members of the Company. The obligations of the parties set forth in this Agreement are
separate from such other agreements, and the transactions contemplated by this Agreement are not subject to the acquisition by the Operating Partnership of any or all of the other ownership interests in the Company. The Company Manager consents to
the contribution or sale by the other members of the Company of their ownership interests in the Company to the Operating Partnership on the terms and conditions set forth in the Operating Partnership’s Contribution and Subscription Agreement,
the form of which has been provided to the Company Manager for review. 
 ARTICLE 2 

TITLE AND SURVEY 
 Section 2.1. Title, Survey and Zoning Objections. 
 (a) On or after
the Effective Date, the Operating Partnership may request                     or an agent thereof (the “Title Company”) to issue its
commitment (the “Title Commitment”) to issue an endorsement (the “Endorsement”) to update the Company’s title insurance policy (LTIC Policy No. A82-0368841) (the “Existing Title Policy”) for
the Real Property to the “Closing Date” (defined below) and may engage a licensed surveyor to prepare an ALTA/ACSM survey of the Real Property (the “Survey”). No later than 5:00 p.m. Virginia Beach, Virginia local time on
the                     (            ) day after the Effective Date (the “Approval
Date”) (with the period from the Effective Date to the Approval Date referred to herein as the “Due Diligence Period”), the Operating Partnership shall have the right to notify the Company Manager in writing of its objection to
any matters disclosed by the Title Commitment or the Survey or any other matters of record but excluding any “Permitted Exceptions” (defined below) (collectively, the “Title Objections”). Upon receipt of any such timely
written notice of Title Objections from the Operating Partnership, the Company Manager may, but shall not be obligated to, cure the Title Objections on or before the Closing Date. The Company Manager shall notify the Operating Partnership in writing
within three (3) days of receiving the Title Objections as to its decision to either cure or not cure the Title Objections. In the event the Operating Partnership fails to deliver a notice of any Title Objections by the end of the Due Diligence
Period, the Operating Partnership shall be conclusively deemed to have waived and accepted any and all matters which are of record as of the effective date of the Title Commitment, including exceptions listed in the Title Commitment or the Existing
Policy, and matters that would be disclosed by a physical survey. If the Company Manager fails to respond to the Operating Partnership’s written notice of any Title Objections within the 3-day time frame described above, the Company Manager
shall be conclusively deemed to have elected to cure or satisfy the Title Objections (or have the Company do the same). 
 (i)
If Contributor elects by notice not to cure any Title Objection, then the Operating Partnership’s sole right and remedy shall be, on the terms and conditions set forth below, either: (x) to elect not to purchase the Property, in which
event this Agreement shall be terminated; or (y) to complete the transactions contemplated hereby in accordance with this 

  
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Agreement subject to such Title Objection without reduction in or abatement of the Purchase Price. 
 (ii) The Operating Partnership shall exercise its options pursuant to clause (x) of Section 2.1(a)(i) above by written notice given to and received by the Company Manager within five
(5) business days after the receipt by the Operating Partnership of the Company Manager’s notice that the Company Manager will not cure the Title Objections. If the Operating Partnership shall fail to send a written notice to the Company
Manager exercising the Operating Partnership’s option set forth under clause (x) of Sections 2.1(a)(i) within the applicable period, then the Operating Partnership shall conclusively be deemed to have exercised the option set forth in
clause (y) of Section 2.1(a)(i) above. 
 Section 2.2. Permitted Exceptions. For purposes of this
Agreement, the term “Permitted Exceptions” shall mean all title and survey matters pertaining to the Property which: (i) are of record or would be disclosed by an accurate physical survey as of the date of the Title Commitment
and/or Survey and are not the subject of a Title Objection made by the Operating Partnership pursuant to this ARTICLE 2, or (ii) constitute Title Objections made by the Operating Partnership which the Company Manager has elected not to cure (or
have caused the Title Company to endorse or insure over), and which the Operating Partnership has elected (or is deemed to have elected) to accept pursuant to this ARTICLE II, (iii) are the Leases, (iv) are the Loan Documents, and
(v) are otherwise expressly stated in this Agreement as being Permitted Exceptions. 
 Section 2.3. Transfer of
Membership Interests. At Closing, Contributor shall contribute, set over, assign and transfer to the Operating Partnership, and the Operating Partnership shall accept, the Membership Interests, whether represented by certificates or otherwise,
by execution and delivery of the “Transfer Power” (as defined in Section 4.2 below) from Contributor to the Operating Partnership. 
 ARTICLE 3 
 DUE DILIGENCE INVESTIGATION; ACCESS 

Section 3.1. Delivery of Due Diligence Documents. 
 The Operating Partnership acknowledges that prior to the Effective Date, the Company has delivered to it copies of the documents set forth on Exhibit B (collectively the “Due Diligence
Documents”). In addition to the foregoing, (1) the Operating Partnership shall have the right to interview tenants on the Property upon the giving of notice thereof to the Company Manager who shall have an opportunity to be present,
and (2) the Company Manager hereby agrees to promptly deliver or make available to the Operating Partnership any other documents relating to the Property reasonably requested by the Operating Partnership. 

Section 3.2. Access. Company Manager agrees to cause the Company to provide the Operating Partnership access to the Property
following the Effective Date for the purpose of performing, at the Operating Partnership’s sole cost and expense, studies, appraisals, physical inspections, investigations and any tests on the Property deemed necessary by the Operating
Partnership (the “Tests”) provided that such Tests shall be conducted in a manner so as to not 

  
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disturb or unreasonably interfere with the current use of the Property. Upon completion of such Tests, the Operating Partnership agrees at its sole cost to restore the Property to substantially
the condition it was in immediately prior to such Tests. The Operating Partnership shall indemnify, defend (with counsel reasonably satisfactory to the Company Manager), protect, and hold the Company harmless from and against any and all liability,
loss, cost, damage, or expense (including, without limitation, reasonable, actual attorney’s fees and costs) which the Company may sustain or incur by reason of or in connection with any Tests made by the Operating Partnership or the Operating
Partnership’s agents or contractors relating to or in connection with the Property, or entries by the Operating Partnership or its agents or contractors onto the Property. The Company shall be a third party beneficiary of the Operating
Partnership’s obligations under this Section 3.3. 
 ARTICLE 4 

CLOSING; CLOSING ADJUSTMENTS AND COSTS; CONDITIONS 
 Section 4.1. Time and Place. The consummation of the transactions contemplated hereby (the “Closing”) shall be held at the offices of the Operating Partnership’s counsel
on a date determined by the Operating Partnership not earlier than January 3, 2012, and not later than April 1, 2012 (the “Closing Date”). At the Closing, Contributor, the Company Manager and the Operating Partnership
shall perform the obligations set forth in, respectively, Section 4.2 and Section 4.3, the performance of which obligations shall be concurrent conditions. 
 Section 4.2.(a) Contributor’s Obligations at Closing. At or prior to Closing, Contributor shall execute (or cause the execution of) and deliver the following to the Operating Partnership
(the “Contributor’s Closing Documents”): 
 (i) a duly executed Consent and Election (“Consent
and Election”) in the form attached hereto and made a part hereof as Exhibit C; 
 (ii) a duly executed
Membership Interests Transfer Power (the “Transfer Power”) in the form attached hereto and made a part hereof as Exhibit D; and 
 (iii) a duly executed Subscription Agreement (“Subscription Agreement”) in the form attached hereto and made a part hereof as Exhibit E. 

(b) Company Manager’s Obligations at Closing. At or prior to Closing, the Company Manager shall execute (or consent to the
execution of) and deliver the following to the Operating Partnership (the “Company Manager’s Closing Documents”): 
 (i) a resolution (or other documentation) evidencing the authority of the Company Manager to consummate the transactions contemplated herein and the authority of the signatory to this Agreement and the
Related Documents to enter into this Agreement and the Related Documents by and on behalf of the Company Manager; 
 (ii) such
additional documents as Title Company shall reasonably require to issue the Endorsement; 

  
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 (iii) a certificate, dated as of the Closing Date and duly executed by the Company Manager,
certifying: (i) that all of the representations and warranties of the Company Manager set forth in this Agreement (as modified by any revised Disclosure Schedule delivered by the Company Manager to the Operating Partnership) are true and
accurate in all material respects as of the Closing Date; and (ii) the manner in which the information set forth in the various Schedules attached to this Agreement has changed as of the Closing Date, if applicable; 

(iv) such documents as may be reasonably required by the Lender in issuing its approval to the transfer of the Membership Interests by
Contributor to the Operating Partnership; and 
 (v) the Company’s minute books and records, together with true, correct
and complete copies of the Company’s operating agreement and Articles of Organization certified by the Company Manager (“Organizational Documents”). 
 Section 4.3. The Operating Partnership’s Obligations at Closing. At the Closing, the Operating Partnership shall: 
 (a) Issue to Contributor the consideration described, and in the manner set forth, in Section 1.2, and pay any other fees, costs, expenses and amounts set forth as the Operating Partnership’s
obligations in Section 4.4 and Section 4.5; 
 (b) deliver such additional documents as shall be reasonably required
by the Title Company to issue the Endorsement; and 
 (c) deliver such documents as may be reasonably required by the Lender in
issuing its approval of the Operating Partnership’s acquisition of the Membership Interests, if such approval is issued. 

Section 4.4. Credits and Prorations. The following adjustments to the Purchase Price paid hereunder shall be made between
Contributor and the Operating Partnership and shall be prorated (as applicable) based on the Contributor’s Sale Percentage and on a per diem basis as of 12:01 a.m. on the Closing Date: 

(a) Rent. All rent (excluding tenant reimbursements for Operating Expenses (as defined in Section 4.4(b)) and other collected
income (and any applicable state or local tax on rent) under Leases in effect on the Closing Date shall be prorated as of the Closing. The Operating Partnership shall be credited with any rent and other revenue collected by the Company but
applicable to any period of time after Closing. No adjustment to the Company Valuation shall be made for accounts receivable or promissory notes arising from delinquent rents. 
 (b) Operating Expenses. The Company, as landlord under the Leases, is currently collecting from tenants under the Leases additional rent to cover taxes, insurance, utilities (to the extent not paid
directly by tenants), common area maintenance and other operating costs and expenses (collectively, “Operating Expenses”) in connection with the ownership, operation, maintenance and management of the Real Property. Contributor and
the Operating Partnership shall each receive a debit or credit, as the case may be, for the difference 

  
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between the tenants’ current account balances for Operating Expenses and amount of Operating Expenses reimbursable to the Company. The parties shall reasonably estimate Operating Expenses
for the portion of the calendar year prior to the Closing Date if final bills are not available. Those Operating Expenses being paid directly by any tenant to the obligee shall not be prorated. Operating Expenses that are not payable by tenants
either directly or reimbursable under the Leases shall be prorated between Contributor and the Operating Partnership on an accrual basis. 
 (c) Taxes and Assessments. Real estate taxes and assessments imposed by any governmental authority that are not yet due and payable shall not be prorated. Contributor shall receive a credit for any
taxes and assessments paid by the Company and applicable to any period after the Closing. 
 (d) Final Prorations After
Closing. If final prorations cannot be made at Closing for any item being prorated under this Section 4.4, then the Operating Partnership and Contributor agree to apportion such items in good faith between the Operating Partnership and
Contributor as of Closing, and such determinations shall be final and binding on the parties absent fraud or mutual mistake of fact resulting in manifest error. Each party shall have reasonable access to, and the right to inspect the other
party’s supporting documentation to confirm the prorations. 
 (e) Leasing Commissions and Cost of Tenant Finish.
Except as otherwise expressly set forth herein, any Tenant Inducement Costs (as hereafter defined) and Leasing Commissions (as hereafter defined) (collectively, “Tenant Payment Obligations”) paid or incurred by the Company prior to
the Effective Date shall, to the extent that the total amount exceeds the balance on the Closing Date of the reserve account maintained by the Lender for such costs, be paid by the Company at or prior to Closing or shall be applied to reduce the
Company Valuation. Any Tenant Payment Obligations paid or incurred by the Company after the Effective Date and prior to Closing shall be the Operating Partnership’s obligation, provided the Operating Partnership approved such corresponding
leases to the extent required under Section 5.2(b) hereof. If any Tenant Payment Obligations for which the Company is responsible for periods prior to the Effective Date are not due and payable until after the Closing Date, then, at Closing,
the Operating Partnership shall assume the Tenant Payment Obligations and receive a credit against the Company Valuation in the amount that such Tenant Payment Obligations exceed the balance on the Closing Date of the reserve account maintained by
the Lender for such costs For purposes hereof the term “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a lease to be paid by the landlord thereunder (including the cost of work to be performed by or on
behalf of the landlord) to or for the benefit of the tenant thereunder, which is in the nature of a tenant inducement or concession, including, without limitation, tenant improvement costs, and other work allowances, lease buyout costs, free rental
periods, legal fees and expenses and moving allowances; and the term “Leasing Commissions” shall mean any leasing commission payable to any third party broker or affiliate of Contributor in connection with a lease for the existing
term of any lease in effect on the Effective Date. 
 (f) Tenant Deposits. All tenant security deposits received by the
Company or owing from tenants under the Leases (and interest thereon if required by law or contract to be 

  
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earned thereon) and not theretofore applied to tenant obligations under the Leases shall remain on deposit with the Company. 

(g) Demand Deposit Accounts. No adjustment to the Company Valuation shall be made for any balance in the Company’s demand
deposit account(s), which balance shall be not less than $5,000 in the aggregate in all such accounts. 
 (h) Reserves Held
by Lender. No adjustment to the Company Valuation shall be made on account of any reserves held by the Lender for the benefit of the Company for the payment of real estate taxes, insurance, repairs and maintenance, replacements, tenant
improvements, leasing commissions and the like. 
 Section 4.5. Transaction Taxes and Closing Costs. 

(a) The Company, prior to Closing, shall pay for the following fees, costs and expenses: 

(i) the fees of any counsel representing Contributor or the Company in connection with this transaction; 

(ii) one-half of any escrow charges incurred hereunder; and 
 (iii) all other closing costs incurred by Contributor or the Company on Contributor’s behalf in connection with this transaction. 

(b) The Operating Partnership shall pay the following fees, costs and expenses: 

(i) the fees of any counsel representing the Operating Partnership in connection with this transaction; 

(ii) all of the Lender’s Fees; 
 (iii) (A) the cost of the premium or other charges for the issuance by the Title Company of the Endorsement; 
 (iv) all costs and expenses incurred in connection with the preparation of the Surveys requested by the Operating Partnership; 
 (v) one-half of any escrow charges incurred hereunder; and 
 (vi) all other
closing costs incurred by the Operating Partnership on the Operating Partnership’s behalf in connection with this transaction. 
 Section 4.6. Conditions Precedent to Obligation of the Operating Partnership. The obligation of the Operating Partnership to consummate the transaction hereunder shall be subject to the
fulfillment on or before the Closing Date of all of the conditions set forth in this Section 4.6, any or all of which may be waived by the Operating Partnership, in writing, in its sole 

  
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discretion. In the event any of the conditions set forth in this Section 4.6 are not satisfied on or before Closing and the Operating Partnership does not waive such condition, as provided
in the previous sentence, then this Agreement shall terminate and no party shall have any further obligations to the other parties. In the event that the failure of a condition is due to a default by the Company Manager or Contributor, then the
provisions of Section 6.2 shall apply. 
 (a) The Company Manager and Contributor shall have delivered to the Operating
Partnership all of the items required to be delivered to the Operating Partnership pursuant to the terms of this Agreement, including but not limited to, those provided for in Section 4.2; 

(b) The representations and warranties of the Company Manager and the Contributor contained in this Agreement (as the same may be
modified from time to time as set forth in Section 5.4) shall have been true and correct in all material respects as of the Effective Date and shall be true and correct in all material respects as of the Closing Date; 

(c) The Company Manager and Contributor shall have performed and observed, in all material respects, all covenants and agreements of this
Agreement to be performed and observed by them as of the Closing Date; 
 (d) Title to the Property shall be in a condition as
contemplated by Sections 2.1, 2.2 and 5.1(b)(xvi) hereof; 
 (e) The physical condition of the Real Property shall be
substantially the same on the Closing Date as on the Effective Date, except for changes thereto which result from or are attributable to: (i) reasonable or normal wear and tear, (ii) the exercise by Contributor or the Operating Partnership
of any of their respective rights or obligations under this Agreement, (iii) any acts done, suffered or caused by the Operating Partnership or any affiliate, contractor, officer, director, member, manager, employee, agent, representative,
successor or assign thereof, (iv) any matter covered or addressed under Article 7, (v) any work, remodeling, alterations, improvements or repairs which is/are required or permitted to be done or furnished pursuant to the terms of any Lease
and/or which is/are done in response to or as a result of an emergency situation with respect to the Property, (vi) any work required to be done under or pursuant to, or in any way related or incidental, to any Contract, and/or (vii) any
work, remodeling, alterations, improvements or repairs to which the Operating Partnership has consented in writing, which consent may not be unreasonably withheld or delayed; 
 (f) The commercial lender holding the indebtedness secured by a deed of trust on the Real Property (“Lender”) shall have approved the contribution of the Membership Interests to the
Operating Partnership and all of the conditions to such approval have been satisfied; and 
 (g) The Operating
Partnership’s general partner, Wheeler Real Estate Investment Trust, Inc., shall have completed its public stock offering on terms acceptable to it. 
 Section 4.7. Conditions Precedent to Obligation of Contributor. The obligation of the Company Manager and Contributor to consummate the transaction hereunder shall be subject to

  
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the fulfillment on or before the Closing Date of all of the following conditions, any or all of which may be waived by the Company Manager or Contributor, as applicable, in its sole discretion:

 (a) Company Manager shall have received the Company Valuation as adjusted as provided herein for and on behalf of all members
of the Company tendering their ownership interests, for further distribution thereto; 
 (b) The Operating Partnership shall
have delivered to the Company Manager all of the items required to be delivered pursuant to the terms of this Agreement, including but not limited to, those provided for in Section 4.3; 

(c) All of the representations and warranties of the Operating Partnership contained in this Agreement shall have been true and correct
in all material respects as of the Effective Date and shall be true and correct in all material respects as of the Closing Date; 
 (d) The Operating Partnership shall have performed and observed all covenants and agreements of this Agreement to be performed and observed by the Operating Partnership as of the Closing Date; and

 (e) The Lender shall have approved the transactions contemplated hereby and all of the conditions to such approval shall have
been satisfied. 
 ARTICLE 5 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 5.1.
Representations and Warranties of Contributor. 
 (a) Contributor and the Company Manager hereby make the following
representations and warranties to the Operating Partnership as of the Effective Date each of which representations and warranties is subject to the exceptions thereto (if any) set forth on Schedule 1 attached hereto and made a part hereof (as
the same may be revised and/or updated from time to time pursuant to Section 5.4 the “Disclosure Schedule”), and the other terms and provisions of this Agreement: 

(i) Organization and Authority. Each of Contributor and the Company has been duly formed and is validly existing and in good
standing under the laws of its jurisdiction of organization. Contributor has the full right and authority to enter into this Agreement and to transfer the Membership Interests and to consummate or cause to be consummated the transactions
contemplated by this Agreement. The persons signing this Agreement on behalf of Contributor are authorized to do so. 
 (ii)
Noncontravention. Neither the entry into nor the performance of, or compliance with, this Agreement by Contributor has resulted, or will result, in any violation of, or default under, or result in the acceleration of, any obligation under any
existing organizational documents or agreements, mortgage, indenture, lien agreement, note, contract, permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Contributor or to the Company (excluding the Loan
Documents). 

  
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 (iii) Agreement Binding. This Agreement constitutes a legal, valid and binding
obligation of Contributor enforceable against Contributor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general
principles of equity (whether applied in a proceeding at law or in equity). All Related Documents executed by Contributor at or in connection with the Closing will be duly authorized, executed, and delivered by Contributor, are or at the Closing
will be legal, valid, and binding obligations of Contributor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by
general principles of equity (whether applied in a proceeding at law or in equity) and do not violate any provisions of any agreement to which either Contributor or the Company is a party or to which it is subject (excluding the Loan Documents). The
term “Related Documents” shall mean any document or instrument executed and/or delivered by Contributor or the Company in connection with or pursuant to the Closing of the transaction contemplated by this Agreement including,
without limitation, the Transfer Power. 
 (iv) Consents. Each consent, approval, authorization, order, license,
certificate, permit, registration, designation, or filing by or with any governmental agency or body necessary for the execution, delivery, and performance of this Agreement or the transactions contemplated hereby by Contributor have been obtained
or will be obtained on or before the Closing Date. 
 (v) Ownership. (A) Contributor is the owner of the Membership
Interests to be conveyed hereby, free and clear of all liens and encumbrances, and has not pledged, collaterally assigned, hypothecated or otherwise encumbered all or any portion thereof, (B) no understanding, agreement (either express or
implied), or reasonable expectancy of agreement with respect to the sale or transfer of such Membership Interests or sale, lease or other transfer of the Property exists between Contributor and any third party other than those leases provided to the
Operating Partnership pursuant to Section 3.1 hereof, and (C) there are no (x) outstanding or authorized options, warrants, or convertible securities relating to such Membership Interests or (y) other rights, agreements,
arrangements or commitments of any character relating to such Membership Interests that would be binding on the Operating Partnership as the successor owner thereof or would encumber such Membership Interests. 

(b) Representations and Warranties of the Company Manager. The Company Manager hereby makes the following representations and
warranties with respect to the Company and the Property as of the Effective Date: 
 (i) Leases. There are no Leases at
the Real Property other than those copies of which have been delivered to the Operating Partnership. The Company Manager has heretofore delivered to the Operating Partnership true and complete copies of all of the material documents which comprise
the Leases (and any material amendments thereto). There are no other understandings, oral or written, between the Company or any of the tenants with respect to the Leases. The Company Manager has disclosed to the Operating Partnership all defaults,
if any, under any of the Leases and the existence of any written notice declaring a default by landlord or tenant under any of the Leases (which has not otherwise been cured). Except as set forth in the Leases or as otherwise disclosed to the
Operating Partnership, there are no 

  
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agreements with respect to any leased space allowing the tenant any concession, reduction or abatement of rent, or allowing the payment of any rent other than in cash; the security deposits
thereunder have not been pledged or assigned by the landlord to any third party other than in connection with the Existing Indebtedness; no rentals or other payments for periods in excess of one month have been received under any lease except as
reflected on the rent roll delivered to the Operating Partnership; and there are no tenant leases or any other document or instrument which give any tenant the right to purchase the Property or any part thereof. 

(ii) Contracts. There are no other Contracts other than those copies of which have been delivered to the Operating Partnership.
The Company Manager has heretofore delivered to the Operating Partnership true and complete copies of all of the material documents which comprise the Contracts (and any material amendments thereto). There are no other understandings, oral or
written, between the Company and any of the other parties to the Contracts with respect to the Contracts, except to the extent disclosed to the Operating Partnership. Except as has been disclosed to the Operating Partnership, the Company Manager is
not aware of any default under any of the Contracts and has not received nor delivered a written notice declaring a default under any of the Contracts (which has not otherwise been cured). 

(iii) Oral Agreements. No oral agreement has been entered into with any person or entity relating to or connected with the
ownership, construction, use, operation, maintenance or condition of the Property which would be binding upon the Operating Partnership at or subsequent to the Closing. 
 (iv) Environmental. To the best of the Company Manager’s actual knowledge, (i) the Real Property is not presently being used, or has ever been used, for the storage or disposal of any
hazardous or toxic waste or as a dump site for hazardous or toxic waste, (ii) the Real Property has not been affected by the presence of, and there is not present, oil, hazardous waste, toxic substances or other pollutants or materials in
violation of any local, state or federal law or regulation, (iii) there is no soil condition adversely affecting the Real Property, and (iv) there are no underground storage tanks on or under the Real Property, nor have underground storage
tanks been removed from the Real Property during the Company’s ownership of the Property. 
 (v) No Pending
Actions. Neither the Company Manager nor the Company has received any written notice of: (A) any pending (and to the Company Manager’s knowledge there is no threatened) action, suit, arbitration, unsatisfied order or judgment relating
to the Real Property or the Membership Interests; or (B) any government investigation or proceeding pending against the Company or the Real Property; or (C) any pending (or to the Company Manager’s knowledge, threatened) condemnation,
taking or eminent domain proceedings against the Real Property. 
 (vi) Certificates of Occupancy and Use. All required
certificates of occupancy for the Real Property or any portion thereof have been issued and are in full force and effect. The use being made of the Real Property complies with all such certificates of occupancy. 

  
 12 

 (vii) No Violations. Neither the Company Manager nor the Company has received
written notice of any material violations of any laws enacted by any federal, state, local or other governmental agency or regulatory body with respect to the Real Property which remain uncured and could materially and adversely affect the use and
operation or the value of the Real Property or materially and adversely interfere with the consummation of the transaction contemplated by this Agreement. 
 (viii) Insurance. Neither the Company Manager nor the Company has received any written notice from any insurance company which has issued a policy with respect to the Property requesting
performance of any structural or other major repairs or alterations to any of the Property which has not been complied with. Neither the Company Manager nor the Company has received from any insurance company presently insuring the Property any
notice of cancellation of any policy or of a material increase in the current premium of any policy. The Company Manager agrees to cause the Company to keep present coverages in full force and effect, and to pay the premiums thereon, until the date
of Closing. 
 (ix) Bankruptcy. Neither the Company Manager nor the Company has made a general assignment for the
benefit of creditors, filed any voluntary petition in bankruptcy or suffered the filing of an involuntary petition by its creditors, suffered the appointment of a receiver to take possession of substantially all of its assets, or suffered the
attachment or other judicial seizure of substantially all of its assets. 
 (x) Commitments. Neither the Company Manager
nor the Company has made, and prior to Closing hereunder shall not make, any commitments to any government authority or agency, utility company, or to any other organization, group or person relating to the Real Property that would impose on the
Company or the Real Property (or any future owner thereof) the obligation to make on or after the Closing any contributions of money, dedication of land or grants of easements, rights-of-way or other things, or to construct, install or maintain any
improvements, public or private, on or off the Real Property. 
 (xi) No Termination of Utilities. Neither the Company
Manager nor the Company has received any written notice of the termination or impairment of the furnishing of services to the Property or any component thereof of water, sewer, gas (if any), electric, telephone, drainage and other such utility
services. 
 (xii) Employees. Neither the Company Manager nor the Company has entered into any employment contracts or
labor union contracts and has not established any retirement, health insurance, vacation, pension, profit sharing or other benefit plans relating to the operation or maintenance of the Real Property (or any component thereof) for which the Operating
Partnership shall have any liability or obligation. Neither the Company Manager nor the Company has any employees at the Property or any component thereof. As of the Closing Date, there shall be no employees of the Company Manager or the Company
working at the Property (or any component thereof). 
 (xiii) Existing Indebtedness. The Loan Documents described on
Exhibit F hereto and made a part hereof (i.e., the “Loan Documents” and the funds disbursed thereunder, the “Loan”), are the only documents or agreements relating to the Existing Indebtedness to

  
 13 

 
which the Company or the Property shall be bound after the Closing (subject to such modifications or amendments as may be required by the Lender prior to the closing). There are no amendments or
modifications (written, oral, by course of conduct or otherwise) to the Loan Documents other than as described on Exhibit F. 
 The Loan was originated by Lender. The original principal amount of the Loan to the Company under the Loan Documents was $            . The
current amount of principal outstanding under the Loan Documents as of November 30, 2011 is $            . The annual rate of interest throughout the remaining term of the Loan is
    %. All payments required to be made under the Loan Documents to date have been made and will be made as of the Closing Date. There are no other fees, expenses or other amounts due to the Lender as of the date hereof (other
than fees which may be imposed after the date of execution of this Agreement in connection with the transfer of the Membership Interests to the Operating Partnership and which shall be payable by the Operating Partnership in accordance with
Section 4.5(b) hereof). 
 Neither the Company nor, to the best of the Company Manager’s knowledge, the Lender is in
default under the Loan Documents. There are no other obligations of the Company to the Lender except as set forth in writing in the Loan Documents. No controversy, claim, dispute or disagreement exists between the parties to the Loan Documents. No
event has occurred which, with the giving of notice or the passage of time, or both, would constitute a default under any of the Loan Documents which has not been cured. The Loan Documents are in full force and effect. There are no reserves held by
the Lender, except as set forth on the Disclosure Schedule. 
 The Loan Documents shall not be further extended, modified or
amended prior to Closing (except as may be required by the Lender in connection with the transfer of the Membership Interests to the Operating Partnership). There is no pending or, to the Company Manager’s knowledge, threatened, litigation,
proceeding or investigation relating to the Loan Documents. 
 (xiv) Tax Matters. All Returns required to be filed by or
on behalf of Contributor on or before the Closing Date with respect to the Property have been duly filed on a timely basis, (ii) such Returns are true, complete and correct in all material respects, (iii) all Taxes which were shown to be
due on such Returns or on subsequent assessments with respect thereto have been paid in full on a timely basis, and (iv) no other Taxes are payable by Contributor relating to the Property with respect to items or periods covered by such Returns
(whether or not shown on or reportable on such Returns) or with respect to any period prior to the Closing Date. There are no liens for Taxes (other than for Taxes not yet due and payable) upon the Property. None of the Leases provides for rent
payments that are based on profits or net income of the tenant thereunder of any other person. None of the Leases provides for the rental of personal property that represents more than 15% of the value of the total real property and personal
property leased to such tenant under such Lease. For purposes hereof, (i) “Returns” shall mean all reports, estimates, declarations of estimated tax, information statements and returns relating to, or required to be filed in
connection with, any Taxes, including information returns or reports with respect to backup withholding and other payments to third parties; and (ii) “Taxes” shall mean all taxes and other governmental fees, charges or

  
 14 

 
assessments, however denominated, whether due and payable or not yet due and payable, including any interest, penalties or other additions to tax, whether due and payable or not yet due and
payable in respect thereof, imposed by any governmental entity. 
 (xv) Encumbrances on Property. At Closing, the
Company shall own all of the Property, free of all encumbrances and liens for any “Financial Obligations”, subject only to the Permitted Exceptions. As used herein, “Financial Obligations” means obligations for (i) loans and
borrowed money other than the Existing Indebtedness, (ii) payments or distributions of any kind owed by the Company to the Contributor or any of the Company’s members, (iii) goods and services provided to the Company and other trade
debt relating to same incurred by the Company prior to Closing, (iv) payments due under any contracts to which the Company is a party, (v) judgments against the Company entered prior to Closing, (vi) charges for any work performed on
the Real Property prior to Closing or (vii) tax liens against the Property. 
 (xvi) The Company’s Financial
Obligations. At Closing, the Company will have no Financial Obligations whatsoever, except (i) amounts due for periods after Closing under the Contracts, (ii) routine obligations for operating expenses arising prior to Closing for
which a bill or invoice has not been received, (iii) Financial Obligations being contested in good faith by the Company, and (iv) amounts due under the Contracts or, operating expenses or outstanding trade debt for which the Operating
Partnership has been given a credit for at Closing. 
 (xvii) Organizational Documents. The Organizational Documents are
true, correct and complete copies thereof and are in full force and effect. 
 (xviii) Completeness and Accuracy. To the
Company Manager’s knowledge, the documents delivered by the Company Manager to the Operating Partnership pursuant to Section 3.1 are true, accurate and complete. 
 Section 5.2. Covenants of Contributor. The Company Manager hereby covenants with the Operating Partnership as follows: 
 (a) From the Effective Date hereof until the Closing or earlier termination of this Agreement, the Company Manager shall cause the Company to use commercially reasonable efforts to operate and maintain
the Property in a manner generally consistent with the manner in which the Company has operated and maintained the Property prior to the date hereof. 
 (b) Except as provided below, a copy of any amendment, renewal or expansion of any existing Lease or any new lease (collectively, the “New Leases” and individually “New
Lease”) which the Company intends to execute between the Effective Date and the Closing Date will be submitted to the Operating Partnership. The Operating Partnership shall have the right to approve (in its sole and absolute discretion) any
such New Lease which the Company desires to enter into between the Approval Date and the Closing Date. With respect to any such New Lease which the Operating Partnership has the right to approve, the Operating Partnership shall notify the Company
Manager in writing within five (5) business days (“New Lease Approval Period”) after its receipt thereof (and any additional information reasonably requested by the Operating Partnership from the Company Manager

  
 15 

 
relating to any of the New Leases) of either its approval or disapproval thereof. In the event the Operating Partnership notifies the Company Manager in writing within the New Lease Approval
Period that the Operating Partnership does not approve any such New Lease, then the Company Manager shall cause the Company not to enter into such New Lease. In the event the Operating Partnership fails to notify the Company Manager in writing of
its approval or disapproval within the New Lease Approval Period, the Operating Partnership shall be deemed to have approved any such New Lease. At Closing, unless otherwise provided herein, all Tenant Payment Obligations related to the New Leases
(collectively, the “New Lease Costs”) shall be added to the Company Valuation to the extent such New Lease Costs are incurred and paid by the Company prior to the Closing. At Closing, all unpaid Tenant Payment Obligations incurred
in connection with the Leases (other than the New Lease Costs) which have accrued prior to Closing shall be handled in accordance with the terms of Section 4.4(e) hereof. Notwithstanding the foregoing, nothing contained in this paragraph or
elsewhere in this Agreement shall prohibit the Company from doing any of the following: (i) entering into month-to-month leases with existing tenants of the Property, or (ii) complying with any of the obligations of the landlord under the
Leases. 
 (c) Except as provided below, a copy of any amendment or renewal of any Contract or any new Contract (collectively,
the “New Contracts” and individually “New Contract”) which the Company intends to execute between the Effective Date and the Closing Date will be submitted to the Operating Partnership. The Operating Partnership
shall have the right to approve any such New Contract which the Company intends to enter into between the Approval Date and the Closing Date. With respect to any such New Contract which the Operating Partnership has the right to approve, the
Operating Partnership shall notify the Company Manager in writing within five (5) business days (“New Contract Approval Period”) after its receipt thereof (and any additional information reasonably requested by the Operating
Partnership from the Company Manager relating to any of the New Contracts) of either its approval or disapproval thereof. In the event the Operating Partnership notifies the Company Manager in writing within the New Contract Approval Period that the
Operating Partnership does not approve any such New Contract, then the Company Manager shall cause the Company not to enter into such New Contract. In the event the Operating Partnership fails to notify the Company Manager in writing of its approval
or disapproval within the New Contract Approval Period, the Operating Partnership shall be deemed to have approved any such New Contract. Notwithstanding the foregoing, nothing contained in this Section 5.2(c) or elsewhere this Agreement shall
prohibit the Company from entering into any Contract which either expires on or before the Closing Date or is terminable upon no more than thirty (30) days written notice from the Company Manager to the other party to such Contract. 

(d) From the Effective Date hereof until the Closing Date or earlier termination of this Agreement, the Company Manager shall cause the
Company to not modify or change the zoning classifications of the Real Property without the Operating Partnership’s consent, which consent shall not be unreasonably withheld or delayed. 

Section 5.3. Survival of the Company Manager’s Representations and Warranties. The Company Manager agrees to indemnify,
defend and hold the Operating Partnership harmless against all losses, damages, suits, actions obligations, expenses, reasonable attorneys fees, costs claims or liabilities (collectively, the “Claims”) arising out of a breach of any
representation, 

  
 16 

 
warranty or covenant of the Company Manager contained in Section 5.1(b) of this Agreement and first discovered by or disclosed to the Operating Partnership following the Closing. The
Operating Partnership’s sole remedies with respect to the breach of any representation, warranty or covenant contained in this Agreement discovered by or disclosed to the Operating Partnership prior to Closing shall be those specified in
Section 6.1. The Company Manager’s indemnity obligation relating to a breach of any representation, warranty, or covenant under this Agreement shall survive for a period of twelve (12) months from the Closing Date (the
“Indemnification Period”); provided, however, that in no event shall the Company Manager be liable for any claim or claims made by the Operating Partnership for a breach of any representation, warranty, or covenant under this
Agreement unless the aggregate thereof is equal to or greater than $25,000.00. In no event shall the Company Manager be liable for any consequential damages incurred or suffered by the Operating Partnership and in no event shall the Company Manager
be liable for aggregate amounts in excess of the consideration provided to the Company Manager pursuant to this Agreement (valued, in the case of Partnership Units, at the value assigned to such Partnership Units as of the Closing). 

Section 5.4. Changed Circumstances. The Company Manager shall have the right to revise the Disclosure Schedule from time to
time prior to the Closing Date to reflect any changes that occur after the Effective Date (collectively, “Changed Circumstances”) by delivering a revised Disclosure Schedule to the Operating Partnership at any time prior to Closing;
provided, that the Company Manager shall not have the right to revise the Disclosure Schedule to reflect or incorporate any Changed Circumstances which the Company Manager causes by willfully and intentionally breaching its representations,
warranties or covenants under this Agreement. The Operating Partnership shall have the right to review the revised Disclosure Schedule for a period of seven (7) business days after its receipt thereof (and of such additional reasonable
information which is necessary to evaluate the matters added to Disclosure Schedule, provided that the Operating Partnership has requested such additional information no later than five (5) business days after its receipt of the revised
Disclosure Schedule). If the Company Manager delivers a revised Disclosure Schedule on a day that is less than seven (7) business days prior to the Closing Date, the Closing Date shall be extended for an additional number of days sufficient to
allow the Operating Partnership to utilize the full seven (7) business day-period allotted above. If both (i) prior to the expiration of such seven (7) business day period, the Operating Partnership delivers notice (“Changed
Circumstance Objection Notice”) to the Company Manager that the Operating Partnership objects to the Changed Circumstance(s) set forth in the revised Disclosure Schedule, and (ii) such Changed Circumstance(s) would result in a material
adverse effect on the Operating Partnership’s proposed use and operation of the Property, as determined in the Operating Partnership’s reasonable discretion, then the Operating Partnership shall, as its sole and exclusive remedy, have the
right to terminate this Agreement, in which event this Agreement shall terminate and no party hereto shall thereafter have any further rights against, or obligations or liabilities to, the other by reason of this Agreement. In the event that the
Operating Partnership fails for any reason to deliver a Changed Circumstance Objection Notice within such seven (7) business day period, or such Changed Circumstance(s) do not result in a material adverse effect on the Operating
Partnership’s proposed use and operation of the Property, as determined in the Operating Partnership’s reasonable discretion, then the Operating Partnership shall conclusively be deemed to have accepted such Changed Circumstance(s), such
Changed Circumstance shall be deemed to constitute part of the Disclosure Schedule, and Schedule 6 attached hereto shall be deemed to have been revised to include and incorporate such Changed

  
 17 

 
Circumstance(s) and no breach of representation, warranty or covenant shall thereafter be made with respect to the Changed Circumstance so disclosed. 

Section 5.5. Representations, Warranties and Covenants of the Operating Partnership. The Operating Partnership hereby makes
the following representations and warranties to Contributor and the Company Manager as of the Effective Date and as of the Closing Date: 
 (a) Organization and Authority of the Operating Partnership. The Operating Partnership has been duly formed and is validly existing under the laws of the Commonwealth of Virginia. The Operating
Partnership has the full right and authority to enter into this Agreement, to acquire all of the Membership Interests and to consummate or cause to be consummated the transaction contemplated by this Agreement. This Agreement and all Related
Documents executed by the Operating Partnership at the Closing will be duly authorized, executed, and delivered by the Operating Partnership and do not violate any provisions of any agreement to which the Operating Partnership is a party or to which
it is subject. 
 (b) Agreement Binding. This Agreement and the Related Documents constitute legal, valid and binding
obligations of the Operating Partnership enforceable against the Operating Partnership in accordance with the terms hereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity). 
 (c)
Pending Actions. To the Operating Partnership’s knowledge, there is no action, suit, arbitration, unsatisfied order or judgment, government investigation or proceeding pending against the Operating Partnership which, if adversely
determined, could individually or in the aggregate materially interfere with the consummation of the transaction contemplated by this Agreement. 
 Section 5.6. Survival of the Operating Partnership’s Representations, Warranties and Covenants. The representations, warranties and covenants of the Operating Partnership set forth in
Section 5.5 shall survive any Closing hereunder. 
 Section 5.7. Assumption of Existing Indebtedness.
Commencing on the Effective Date, the Operating Partnership and Contributor shall work actively and in good faith with the Lender to ensure that the Lender will consent to the transfer of the Membership Interests to the Operating Partnership and
will release the Guarantor from liability under his guaranty. The Operating Partnership shall be responsible for the payment of all fees (including attorney’s fees of the Lender’s counsel) which may be imposed by the Lender as a condition
of approving the transfer of the Membership Interests (the “Lender’s Fees”). 
 ARTICLE 6

 DEFAULT 
 Section 6.1. Default by the Operating Partnership. In the event of any default by the Operating Partnership under this Agreement that is not cured within five (5) days after the

  
 18 

 
Operating Partnership’s receipt of notice thereof (but in no event later than the Closing Date), the Company Manager shall be entitled, as its and the Seller’s sole and exclusive
remedy, to terminate this Agreement and receive the reimbursement from the Operating Partnership for all of the Seller’s and the Company Manager’s documented out-of-pocket expenses incurred by Contributor in connection with this Agreement
and its contribution of the Property not to exceed, in the aggregate, the sum of $75,000.00, which receipt shall operate to terminate this Agreement and release the Operating Partnership from any and all liability hereunder except for the
indemnification obligations set forth in Section 3.4 hereof and any unpaid Lender’s Fees. 
 Section 6.2.
Default by Contributor or Company Manager. In the event of any default by the Contributor or Company Manager under this Agreement that is not cured within five (5) days after the Company Manager’s receipt of notice thereof (but in
no event later than the Closing Date), the Operating Partnership shall be entitled, as its sole and exclusive remedy, to either (i) receive the reimbursement from the Company for all of the Operating Partnership’s documented out-of-pocket
expenses incurred by the Operating Partnership in connection with this Agreement and its purchase of the Property (including without limitation, Lender’s Fees) not to exceed, in the aggregate, the sum of $75,000.00, which receipt shall operate
to terminate this Agreement and release the Company, Contributor and the Company Manager from any and all liability hereunder, or (ii) enforce specific performance. 
 ARTICLE 7 
 RISK OF LOSS 

Section 7.1. Casualty. 
 (a) Subject to the provisions of this Section 7.1, the Company shall bear the risk of any damage to the Property between the Effective Date and the Closing Date. From the Effective Date to the
Closing Date, the Company Manager shall cause the Company to keep and maintain all insurance policies necessary for the operation of the Property. If the Property is damaged by fire, storm, flood, or any other casualty between the Effective Date and
Closing Date, the Company Manager and the Operating Partnership shall obtain an estimate of the cost of repairing the damage from an established contractor selected by the Company Manager and reasonably approved by the Operating Partnership.

 (b) If the estimated cost to repair such damage is less than $250,000, then the Closing shall be held in accordance with the
terms of this Agreement. The Company Valuation shall be reduced by the amount of any insurance policy deductible applicable to the damage. If the estimated cost to repair such damage is equal to or more than $250,000, then either the Operating
Partnership or the Company Manager may elect to terminate this Agreement upon written notice to the other given within five (5) business days after receipt of notice of the estimated cost of repair. If this Agreement is terminated by the
Operating Partnership or the Company Manager within such five (5) business day period, neither the Company Manager nor the Operating Partnership shall have any further rights, claims or obligations against one another arising out of this
Agreement except those arising pursuant to Section 3.4. If this Agreement is not so terminated, then the Closing shall be held in accordance with the terms of this Agreement and the Company Valuation shall be reduced by the amount of any
insurance policy deductible applicable to the damage. 

  
 19 

 (c) All repairs to be performed by the Company pursuant to this Section 7.1 shall be
done in a good and workmanlike manner consistent with the original construction of the Property. 
 Section 7.2
Condemnation. 
 (a) If prior to the Closing any part of the Property is condemned or taken pursuant to any governmental
or other power of eminent domain, or if written notice of taking or condemnation is issued with respect to any portion of the Property, or if proceedings are instituted or threatened in writing to be instituted by any governmental or other authority
having the power of eminent domain with respect to any portion of the Property (any such event, a “Taking”), the Company Manager shall immediately notify the Operating Partnership as soon as the Company Manager receives written
notice of any such Taking. If the Taking is of all of the Real Property, or of a portion of the Real Property which would materially and adversely affect the Property or the use or value thereof or access thereto, then either the Company Manager or
the Operating Partnership shall have the right, to be exercised within five (5) business days after receiving such notification, to terminate this Agreement effective upon written notice to the other party. 

(b) If this Agreement is terminated within such five (5) business day period, none of the Company Manager, Contributor nor the
Operating Partnership shall have any further rights, claims or obligations against one another arising out of this Agreement. 

(c) If neither the Company Manager nor the Operating Partnership has right to terminate or, if they have such right, they do not elect to
terminate within the five (5) business day period, then the Operating Partnership shall accept the Property net of the portion taken by the Taking. In such event, if the condemnation award in respect of the Taking is paid to the Company prior
to the Closing, the Company Valuation shall be reduced by an amount equal to the proceeds of the award received by, or on behalf of, the Company net of any legal fees or other costs reasonably incurred by the Company in order to obtain the award. If
the award has not been paid to the Company as of the Closing Date, then there shall be no adjustment in the Company Valuation. 

  
 20 

 ARTICLE 8 
 COMMISSIONS 
 Section 8.1. Brokerage Commissions. With
respect to the transaction contemplated by this Agreement, the Company Manager, Contributor and the Operating Partnership each represent to the other that they have not engaged a broker, licensed or otherwise, in connection with this transaction.
Each party hereto agrees that if any person or entity makes a claim for brokerage commissions or finders fees related to the sale of the Membership Interests by Contributor to the Operating Partnership, and such claim is made by, through or on
account of any acts or alleged acts of said party or its representatives, said party will protect, indemnify, defend and hold the other party free and harmless from and against any and all loss, liability, cost, damage and expense (including
reasonable attorneys’ fees) in connection therewith. The provisions of this Section 8.1 shall survive the Closing or any termination of this Agreement. 
 ARTICLE 9 
 MISCELLANEOUS 

Section 9.1 Assignment. Subject to the provisions of this Section 9.1, the terms and provisions of this Agreement are to
apply to and bind the permitted successors and assigns of the parties hereto. The Operating Partnership may not assign its rights under this Agreement without first obtaining the Company Manager’s written approval, which approval may not be
unreasonably withheld, conditioned or delayed if such transfer is to a wholly-owned affiliate entity; provided, however, the Operating Partnership shall have the right to assign this Agreement to a subsidiary of the Operating Partnership without the
prior written consent of the Company Manager. An assignment by the Operating Partnership of its rights under this Agreement shall not relieve the Operating Partnership of any liability hereunder. 

Section 9.2 Notices. Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery,
(b) reputable overnight delivery service with proof of delivery, or (c) legible facsimile transmission, sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the
addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given upon receipt or refusal to accept delivery, or, in the case of facsimile transmission, as of the date of the facsimile transmission
(if such is received by 5:00 p.m. local time of the recipient) provided that an original of such facsimile is also sent to the intended addressee by means described in clauses (a), or (b) above. Unless changed in accordance with the preceding
sentence, the addresses for notices given pursuant to this Agreement shall be as follows: 

  
 21 

			
	If to Contributor:	  	If to the Operating Partnership:
		
	                    Management, LLC	  	Wheeler Real Estate Investment Trust, LP
	Riversedge North	  	Riversedge North
	2529 Virginia Beach Blvd., Suite 200	  	2529 Virginia Beach Blvd., Suite 200
	Virginia Beach, Virginia 23452	  	Virginia Beach, Virginia 23452
	Tel: 757-627-9088	  	Tel: 757-627-9088
	Fax: 757-627-9081	  	Fax: 757-627-9081

 Section 9.3. Modifications. This Agreement cannot be changed orally, and no executory
agreement shall be effective to waive, change, modify or discharge it in whole or in part unless such executory agreement is in writing and is signed by the parties against whom enforcement of any waiver, change, modification or discharge is sought.

 Section 9.4. Entire Agreement. This Agreement, including the exhibits and schedules hereto, contains the entire
agreement between the parties hereto pertaining to the subject matter hereof and fully supersedes all prior written or oral agreements and understandings between the parties pertaining to such subject matter. 

Section 9.5 Further Assurances. Each party agrees that it will execute and deliver such other documents and take such other
action, whether prior or subsequent to the Closing, as may be reasonably requested by the other party to consummate the transaction contemplated by this Agreement. 
 Section 9.6. Counterparts. This Agreement may be executed in counterparts, all such executed counterparts shall constitute the same agreement, and the signature of any party to any counterpart
shall be deemed a signature to, and may be appended to, any other counterpart. 
 Section 9.7. Severability. If any
provision of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement shall nonetheless remain in full force and effect; provided that the invalidity or unenforceability of
such provision does not materially adversely affect the benefits accruing to any party hereunder. 
 Section 9.8.
Applicable Law. This Agreement and the Related Documents shall be governed by and construed in accordance with the internal laws of the Commonwealth of Virginia without regard to conflicts of law principles. The parties hereto agree that the
provisions of this Section 9.8 shall survive the Closing or any termination of this Agreement. 
 Section 9.9. No
Third-Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered on the Closing Date are and will be for the benefit of the Company, Company Manager, Contributor and the Operating Partnership only and,
subject to the provisions of Section 9.1, are not for the benefit of any third party, and accordingly, no third party shall have the right to enforce the provisions of this Agreement or of the documents to be executed and delivered on the
Closing Date. 

  
 22 

 Section 9.10. Captions. The section headings appearing in this Agreement are for
convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any subsection hereof. 
 Section 9.11. Construction. The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and that any normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto. 
 Section 9.12. Disclosure of Information. Contributor acknowledges that the general partner of the Operating Partnership is, or intends to be prior to Closing, a publicly traded real estate
investment trust. Contributor acknowledges that the rules and regulations promulgated by the United States Securities and Exchange Commission (the “SEC”) may require the Operating Partnership to disclose certain basic information
concerning this Agreement and the transactions contemplated herein in documents to be filed with the SEC. The parties agree that the Operating Partnership shall be permitted to make such disclosures and that such disclosures shall not constitute a
breach or a violation of any confidentiality or non-disclosure agreement executed by the parties prior to the Effective Date. Such confidentiality or non-disclosure agreement, if any, shall be amended and modified to the extent provided in this
Section. 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the
Effective Date. 

									
			
		 		 	BUYER:
		
	  
	 	WHEELER REAL ESTATE
		 		 	INVESTMENT TRUST, L.P.
	  
	 	a Virginia limited partnership
				
		 		 	By:	 	 Wheeler Real Estate Investment

		 		 		 	Trust, Inc., a Maryland corporation,
		 		 		 	its General Partner
					
		 		 		 	By:	 	  

		 		 		 		 	            Jon S. Wheeler, President
		
	COMPANY:	 	COMPANY MANAGER:
		
	                           
                                         
                    , LLC	 	                          
                                         
                             , LLC
					
	By:	 	                             
                                         
            , LLC	 		 	By:	 	  

		 	                Its Manager[Managing Member]	 		 		 	Name:                          
                                         
 
		 		 		 		 	Title:                          
                                         
     
					
	By:	 	  
	 		 		 	
		 	Name:                            
                                         
               	 		 		 	
		 	Title:                           
                                         
                    	 		 		 	

  
 24 

 LIST OF EXHIBITS/SCHEDULES 

 

							
	EXHIBITS	  				  	
			
	 EXHIBIT A
	  	 	—	  	  	Legal Description of the Property
	 EXHIBIT B
	  	 	—	  	  	Due Diligence Documents
	 EXHIBIT C
	  	 	—	  	  	Consent and Election
	 EXHIBIT D
	  				  	Membership Interest Transfer Power
	 EXHIBIT E
	  				  	Subscription Agreement
	 EXHIBIT F
	  	 	—	  	  	List of Loan Documents
			
	SCHEDULES	  				  	
			
	 Schedule 1
	  				  	Disclosure Schedule

 EXHIBIT A 

Legal Description of the Property 

  
 A-1

 EXHIBIT B 

Due Diligence Documents 
 [To be inserted] 
 Estoppel Certificates from
                    ,                     , and
                    . 

  
 B-2

 EXHIBIT C 

Consent and Election 
 [To be Inserted] 

  
 C-1

 EXHIBIT D 

Form of Membership Interest Transfer Power 
 MEMBERSHIP INTEREST TRANSFER POWER 
 For Value Received, the
undersigned hereby sells, assigns and transfers unto Wheeler Real Estate Investment Trust, L.P., a Virginia limited partnership, all of the undersigned’s Membership Interest
in                    , LLC, a Virginia limited liability company (“the Company”), standing in the name of the undersigned on the books of
said Company and constituting 100% of the Membership Interests in the Company held by the undersigned, and does hereby irrevocably constitute and appoint Jon S. Wheeler to transfer said Membership Interest on the books of the within named Company
with full power of substitution in the premises. 
 Dated as of:
                                 

 

			
	By:	 	  

		 	

  
 D-2

 EXHIBIT E 

Subscription Agreement 
 [To be inserted] 

  
 E-1

 EXHIBIT F 

List of Loan Documents 

Note: All documents except for items 1 and 2 are dated
                     

  
 F-1

 SCHEDULE 1 

Disclosure Schedule 

  
 S-1Exhibit 10.11

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

2529 Virginia Beach Blvd. 
 Suite 200 

Virginia Beach, VA 23452 
 Ladies and Gentlemen:

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

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

 1. Basic Transaction and Consideration. The Company is offering the Units pursuant hereto in consideration for the
contribution by Subscriber to the Company of all of its membership interests (“Membership Interests”) in                     , LLC, a
Virginia limited liability company (“Property Owner”). The Property Owner is the owner of certain real property and improvements located in
                    . 
 2.
Contribution and Subscription. 
 (a) Subject to the terms and conditions hereof and the provisions of the Partnership
Agreement, Subscriber shall contribute, sell, assign and transfer all of its Membership Interests to the Company in consideration for the issuance by the Company to Subscriber of that number of Units equal to (x) Subscriber’s Sale
Percentage (as defined below) in the Property Owner multiplied by (y) the Property Owner Valuation (as defined below) divided by (z) the per share issuance price of the REIT’s common stock in its contemplated initial public offering.
“Sale Percentage” means the percentage of net proceeds that would be distributed to Subscriber as a member of the Property Owner, in accordance with the Property Owner’s operating agreement as in effect immediately prior to Closing,
upon the sale of all or substantially all of the Property Owner’s assets for an amount equal to the Property Owner Valuation. “Property Owner Valuation” means the aggregate purchase price for 100% of the Membership Interests in the
Property Owner, which shall be $            plus or minus such customary credits, pro rations and other adjustments for operating costs and liabilities as may be agreed by the Company and
the manager of the Property Owner in connection with Closing (as defined below). Notwithstanding the foregoing, in the event that the undersigned has elected Option B pursuant to the Consent and Election in the form attached hereto as Appendix
A (“Consent and Election”), the Company shall deliver cash payment to the undersigned in an amount equal to the undersigned’s Sale Percentage multiplied by the Property Owner Valuation, minus any applicable withholding taxes. The
Property Owner Valuation has been determined by dividing the Property Owner’s projected “Net Operating Income” for the calendar year 2011 by the capitalization rate of     %. For the purposes of this Agreement,
“Net Operating Income” means net income before depreciation, amortization, debt service and nonrecurring items. The Units issued to Subscriber pursuant to this Agreement shall be subject to a restriction that any

  
 2 

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

(b) The number of Units issued as consideration for the Membership Interests shall be recalculated by determining the Property Owner
Valuation using the formula described in subsection 2(a) above (including the per share issuance price of the REIT’s initial public offering of its common stock) following the end of the calendar year 2012. The recalculation (the
“Recalculation”) shall be based on the Property Owner’s Net Operating Income for such year as reflected in the Company’s audited financial statements for such year. If the number of Units determined by the Recalculation is more
than the number of Units issued to Subscriber pursuant to subsection 2(a) above, then the Company shall issue additional Units to Subscriber equal to the sum of (i) the difference between (A) the number of Units determined by the
Recalculation and (B) the number of Units issued to Subscriber at Closing and (ii) the product determined by multiplying the number of additional Units determined in clause (i) of this sentence by the total distributions per Unit made
by the Company (including dividends the record date for which has occurred but which have not been paid) during the period beginning on the date of the Closing and ending on the day of issuance of the additional Units. Conversely, if the number of
Units determined by the Recalculation is less than the number of Units determined pursuant to subsection (a) above, then Subscriber shall forfeit to the Company the number of Units equal to the sum of (i) the difference between
(A) the number of Units issued to Subscriber at Closing and (B) the number of Units determined by the Recalculation and (ii) the product determined by multiplying the number of Units to be forfeited pursuant to clause (i) of this
sentence by the total distributions per Unit made by the Company (including dividends the record date for which has occurred but which have not been paid) during the period beginning on the date of the Closing and ending on the day of the forfeiture
of such Units. Such issuance or forfeiture, as the case may be, shall occur automatically and without notice or consent of any person, and each officer of the Company shall be authorized to update the books and records of the Company to reflect such
issuance or forfeiture with immediate effect. 
 (c) The undersigned agrees that this Subscription Agreement shall be
irrevocable and shall survive the death, dissolution or legal incapacity of the Subscriber. 
 (d) The Company has entered into
separate but substantially identical Contribution and Subscription Agreements in connection with this Offering (the “Other Subscription Agreements” and, together with this Subscription Agreement, the “Subscription Agreements”)
with other purchasers (the “Other Purchasers”), providing for the issuance to the Other Purchasers of the Company’s securities and the admission of the Other Purchasers to the Company as limited partners. This Subscription Agreement
and the Other Subscription Agreements are separate agreements, and the sales of the Company’s securities to the Subscriber and the Other Purchasers are to be separate sales. 

(e) The consideration described in Section 2 shall be issued or paid, as applicable, at Closing to the Property Owner’s manager
or an account designated by the Property Owner’s manager, for further distribution by such manager to the undersigned following Closing. 

  
 3 

 3. General Consent and Waiver. 

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

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

  
 4 

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

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

  
 5 

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

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

  
 6 

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

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

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

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

  
 7 

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

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

  
 8 

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

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

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

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

  
 9 

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

  
 10 

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

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

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

  
 11 

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

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

  
 12 

 9. Cautionary Statements Regarding Forward Looking Statements. 

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

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

  
 13 

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

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

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

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

  
 14 

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

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

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

  
 15 

	
	  

	Name:
	Title:

  
 16 

 APPENDIX A 

CONSENT AND ELECTION 
 [attached] 

  
 1 

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

 TYPE OF OWNERSHIP (Check One): 
  

	(    )	INDIVIDUAL OWNERSHIP (one signature required) 

  

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

  

	(    )	TENANTS IN COMMON (all parties must sign) 

  

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

  

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

 

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

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

  
 2 

 WHEELER REAL ESTATE INVESTMENT TRUST, L.P. 

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

 

	1.	INDIVIDUAL: 

 If
the subscriber is an INDIVIDUAL, complete the following: 
  

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

			
	  
	  		  	
			
	  
	  		  	
	Check Address	  		  	

  
 3 

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

 

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

		 		 	Telephone Number
		 	  
	 	  

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

  
 4 

 3. PARTNERSHIP OR LIMITED LIABILITY COMPANY: 

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

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

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

		  	Telephone Number
		
	  
	  	  

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

  
 5 

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

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

		 		 		 	Telephone Number
	  
	 		 	  

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

  
 6 

 [THIS PAGE FOR INDIVIDUAL INVESTORS ONLY] 

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

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

 Disclosure of Foreign Citizenship. 
  

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

  
 7 

 [FOR INVESTORS OTHER THAN INDIVIDUALS] 

INITIAL EACH BOX TRUE OR FALSE 
  

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

  
 8 

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

  
 9 

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

  
 10 

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

ACCEPTED by the Company effective this    day
of            , 2012. 
  

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

		 		 		 		 	                        Jon S. Wheeler
		 		 		 		 	                        Chairman

  
 11

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