Document:

EXHIBIT 10.21

 

Registration Rights
Agreement

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of December 4, 2015, is made and entered into by and among Retail Opportunity Investments Corp., a Maryland corporation
(the “Company”), and certain persons listed on Schedule 1 hereto (such persons, in their capacity as a holders
of Registrable Securities, the “Holders” and each a “Holder”).

WITNESSETH

WHEREAS, the operating partnership
of the Company, Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (“ROIP”), and
the Holders have entered into a Contribution Agreement, dated December 4, 2015 (the “Contribution Agreement”),
pursuant to which the Holders contributed a portion of the purchase price for the real property and improvements commonly known
as The Iron Horse Plaza located at 345 Railroad Avenue, Danville, Contra Costa County, California, to ROIP in exchange for 1,232,394
operating partnership units of ROIP (such units in the aggregate, the “OP Units”), which such OP Units upon
presentation for redemption by the Holders in accordance with the provisions of the First Amended and Restated Agreement of Limited
Partnership of ROIP, may be redeemed for shares of common stock, par value $0.0001 per share, of the Company (the “Common
Stock”); and

WHEREAS, the Company desires to enter
into this Agreement with the Holders in order to grant the Holders the registration rights contained herein.

NOW, THEREFORE, in consideration of
the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Definitions. As used
in this Agreement, the following terms shall have the following meanings:

“Affiliate” shall mean, when used
with reference to a specified Person, (i) any Person that directly or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the specified Person; (ii) any Person who, from time to time, is a member of the
Immediate Family of a specified Person; (iii) any Person who, from time to time, is an officer or director or manager of a specified
Person; or (iv) any Person who, directly or indirectly, is the beneficial owner of 50% or more of any class of equity securities
or other ownership interests of the specified Person, or of which the specified Person is directly or indirectly the owner of 50%
or more of any class of equity securities or other ownership interests.

“Agreement” shall mean
this Registration Rights Agreement as originally executed and as amended, supplemented or restated from time to time.

“Board” shall mean the
Board of Directors of the Company.

    	1 - REGISTRATION RIGHTS AGREEMENT

    	 

    

“Business Day” shall
mean each day other than a Saturday, a Sunday or any other day on which banking institutions in the State of California are authorized
or obligated by law or executive order to be closed.

“Commission” shall mean
the Securities and Exchange Commission and any successor thereto.

“Common Stock” shall
have the meaning set forth in the Recitals hereof.

“Company” shall have
the meaning set forth in the introductory paragraph hereof.

“Contribution Agreement”
shall have the meaning set forth in the Recitals hereof.

“Control” (including
the terms “Controlling,” “Controlled by” and “under common Control with”) shall mean the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person through the ownership
of Voting Power, by contract or otherwise.

“Controlling Person”
shall have the meaning set forth in Section 5 hereof.

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended (or any corresponding provision of succeeding law) and the rules and regulations
thereunder.

“Holder” shall have
the meaning set forth in the introductory paragraph hereof.

“OP Units” shall have
the meaning set forth in the Recitals hereof.

“Person” shall mean
any individual, partnership, corporation, limited liability company, joint venture, association, trust, unincorporated organization
or other governmental or legal entity.

“Registrable Securities”
shall mean the Common Stock that may be acquired by the Holders in connection with the exercise by such Holders of the redemption
rights associated with the OP Units; provided, however, such Registrable Securities shall cease to be Registrable Securities upon
the occurrence of the earliest of the following: (i) the date on which a registration statement with respect to the sale of such
Registrable Securities shall have become effective under the Securities Act and all such Registrable Securities shall have been
sold, transferred, disposed of or exchanged in accordance with such registration statement, (ii) the date on which such Registrable
Securities shall have been sold and all transfer restrictions and restrictive legends with respect to such Registrable Securities
are removed upon the consummation of such sale, (iii) the date on which such Registrable Securities become eligible to be publicly
sold pursuant to Rule 144 (or any successor provision) under the Securities Act, or (iv) such Registrable Securities have ceased
to be outstanding.

    	2 - REGISTRATION RIGHTS AGREEMENT

    	 

    

“Registration Expenses”
shall mean (i) the fees and disbursements of counsel and independent public accountants for the Company incurred in connection
with the Company’s performance of or compliance with this Agreement, including the expenses of any special audits or “comfort”
letters required by or incident to such performance and compliance, and any premiums and other costs of policies of insurance obtained
by the Company against liabilities arising out of the sale of any securities and (ii) all registration, filing and stock exchange
fees, all fees and expenses of complying with securities or “blue sky” laws, all fees and expenses of custodians, transfer
agents and registrars, and all printing expenses, messenger and delivery expenses; provided, however, “Registration Expenses”
shall not include any out-of-pocket expenses of the Holders, transfer taxes, underwriting or brokerage commissions or discounts
associated with effecting any sales of Registrable Securities that may be offered, which expenses shall be borne by each Holder
of Registrable Securities on a pro rata basis with respect to the Registrable Securities so sold.

“ROIP” shall have the
meaning set forth in the Recitals hereof.

“Securities Act” shall
mean the Securities Act of 1933, as amended (or any successor corresponding provision of succeeding law), and the rules and regulations
thereunder.

“Shelf Registration Statement”
shall have the meaning set forth in Section 2(a) hereof.

“Underwritten Offering”
shall mean a sale of securities of the Company to an underwriter or underwriters for reoffering to the public.

“Voting Power” shall
mean voting securities or other voting interests ordinarily (and apart from rights accruing under special circumstances) having
the right to vote in the election of board members or Persons performing substantially equivalent tasks and responsibilities with
respect to a particular entity.

Section 2.Shelf Registrations.

a.Shelf Registration. The Company
agrees to use commercially reasonable efforts to file with the Commission a registration statement under the Securities Act for
the offering on a continuous or delayed basis in the future covering resales of the Registrable Securities (the “Shelf
Registration Statement”), such filing to be made (subject to Section 3) on the date that is not more than one year after
the date on which the OP Units were issued as provided in the Contribution Agreement. Subject to Section 3, the Company shall use
commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as
practicable thereafter. The Shelf Registration Statement shall be on an appropriate form and the registration statement and any
form of prospectus included therein (or prospectus supplement relating thereto) shall reflect the plan of distribution or method
of sale as the Holders may from time to time notify the Company.

b.Effectiveness. The Company
shall use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective for the period beginning
on the date on which the Shelf Registration Statement is declared effective and ending on the date that all of the Registrable
Securities registered under the Shelf Registration Statement cease to be Registrable Securities. During the period that the Shelf
Registration Statement is effective, the Company shall supplement or make amendments to the Shelf Registration Statement, if required
by the Securities Act or if reasonably requested by the Holders (whether or not required by the form on which the securities are
being registered), including to reflect any specific plan of distribution or method of sale, and shall use commercially reasonable
efforts to have such supplements and amendments declared effective, if required, as soon as practicable after filing.

    	3 - REGISTRATION RIGHTS AGREEMENT

    	 

    

Section 3.Black-Out Periods.

Notwithstanding anything herein to the
contrary, the Company shall have the right to postpone the filing of a registration statement and the right, exercisable from time
to time by delivery of a notice authorized by the Board at such times as the Company in its good faith judgment may reasonably
determine is necessary and advisable, to require the Holders not to sell pursuant to a registration statement or similar document
under the Securities Act filed pursuant to Section 2 or to suspend the use or effectiveness thereof if at the time of the delivery
of such notice (i) it has determined that the use of any registration statement or similar document under the Securities Act filed
pursuant to Section 2 would require the disclosure of material information that the Company has a bona fide business purpose for
preserving as confidential or the disclosure of which would impede the Company’s ability to consummate a significant transaction,
and that the Company is not otherwise required by applicable securities laws or regulations to disclose, (ii) all reports required
to be filed by the Company pursuant to the Exchange Act have not been filed by the required date without regard to any extension,
or (iii) the consummation of any business combination by the Company has occurred or is probable for purposes of Rule 3-05, Rule
3-14 or Article 11 of Regulation S-X under the Securities Act or (iv) the Company is not eligible to use Form S-3 for purposes
of registering the resale of the Registrable Securities. The Company, as soon as practicable, shall (i) give the Holders prompt
written notice in the event that the Company has suspended sales of Registrable Securities pursuant to this Section 3, (ii) give
the Holders prompt written notice of the termination of such suspension of sales of the Registrable Securities and (iii) promptly
file any amendment or reports necessary for any registration statement or prospectus of the Holders in connection with the completion
of such event.

Each Holder agrees by acquisition of the
Registrable Securities that upon receipt of any notice from the Company of the happening of any event of the kind described in
this Section 3, such Holder will forthwith discontinue its disposition of Registrable Securities pursuant to the registration statement
relating to such Registrable Securities until such Holder’s receipt of the notice of completion of such event.

Section 4.Registration Procedures.

a.In connection with the filing of
any registration statement as provided in this Agreement, the Company shall use commercially reasonable efforts to, as expeditiously
as reasonably practicable:

(i)prepare and file with the Commission
the requisite registration statement (including a prospectus therein and any supplement thereto) to effect such registration and
use commercially reasonable efforts to cause such registration statement to become effective; provided, however, that before filing
such registration statement or any amendments or supplements thereto, the Company will furnish copies of all such documents proposed
to be filed to counsel for the sellers of Registrable Securities covered by such registration statement and provide reasonable
time for such sellers and their counsel to comment upon such documents if so requested by a Holder;

    	4 - REGISTRATION RIGHTS AGREEMENT

    	 

    

(ii)prepare and file with the Commission
such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary
to maintain the effectiveness of such registration and to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement during the period in which such registration statement is
required to be kept effective;

(iii)furnish to each Holder of the Registrable
Securities, without charge, such number of conformed copies of such registration statement and of each such amendment and supplement
thereto (in each case including all exhibits other than those which are being incorporated into such registration statement by
reference), such number of copies of the prospectus contained in such registration statements (including each complete prospectus
and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act in conformity with the requirements
of the Securities Act, and such other documents, as the Holders may reasonably request;

(iv)register or qualify all Registrable
Securities under such other securities or “blue sky” laws of such jurisdictions as the Holders and the underwriters
of the securities being registered, if any, shall reasonably request, to keep such registration or qualification in effect for
so long as such registration statement remains in effect, and take any other action which may be reasonably necessary or advisable
to enable the Holders to consummate the disposition in such jurisdiction of the securities owned by the Holders, except that the
Company shall not for any such purpose be required to qualify generally to do business as a foreign company or to register as a
broker or dealer in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(a)(iv), or to consent
to general service of process in any such jurisdiction, or to be subject to any material tax obligation in any such jurisdiction
where it is not then so subject;

(v)immediately notify the Holders at
any time when the Company becomes aware that a prospectus relating thereto is required to be delivered under the Securities Act,
of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances under which they were made, and, at the request of the Holders,
promptly prepare and furnish to the Holders a reasonable number of copies of a supplement to or an amendment of such prospectus
as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances under which they were made;

    	5 - REGISTRATION RIGHTS AGREEMENT

    	 

    

(vi)comply or continue to comply in
all material respects with the Securities Act and the Exchange Act and with all applicable rules and regulations of the Commission
thereunder so as to enable any Holder to sell its Registrable Securities pursuant to Rule 144 promulgated under the Securities
Act, as further agreed to in Section 6 hereof;

(vii)provide a transfer agent and registrar
for all Registrable Securities covered by such registration statement not later than the effective date of such registration statement;

(viii)cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any
Securities Act legend; and enable certificates for such Registrable Securities to be issued for such number of shares and registered
in such names as the Holders may reasonably request in writing at least three (3) Business Days prior to any sale of Registrable
Securities;

(ix)list all Registrable Securities
covered by such registration statement on any securities exchange or national quotation system on which any such class of securities
is then listed or quoted and cause to be satisfied all requirements and conditions of such securities exchange or national quotation
system to the listing or quoting of such securities that are reasonably within the control of the Company including, without limitation,
registering the applicable class of Registrable Securities under the Exchange Act, if appropriate, and using commercially reasonable
efforts to cause such registration to become effective pursuant to the rules of the Commission;

(x)in connection with any sale, transfer
or other disposition by any Holder of any Registrable Securities pursuant to Rule 144 promulgated under the Securities Act, cooperate
with such Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be
sold and not bearing any Securities Act legend, and enable certificates for such Registrable Securities to be issued for such number
of shares and registered in such names as the Holders may reasonably request in writing at least three (3) Business Days prior
to any sale of Registrable Securities;

(xi)notify each Holder, promptly after
it shall receive notice thereof, of the time when such registration statement, or any post-effective amendments to the registration
statement, shall have become effective, or a supplement to any prospectus forming part of such registration statement has been
filed;

(xii)notify each Holder of any request
by the Commission for the amendment or supplement of such registration statement or prospectus for additional information; and

(xiii)advise each Holder, promptly after
it shall receive notice or obtain knowledge thereof, of (A) the issuance of any stop order, injunction or other order or requirement
by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding
for such purpose, and use commercially reasonable efforts to prevent the issuance of any stop order, injunction or other order
or requirement or to obtain its withdrawal if such stop order, injunction or other order or requirement should be issued, (B) the
suspension of the registration of the subject shares of the Registrable Securities in any state jurisdiction and (C) the removal
of any such stop order, injunction or other order or requirement or proceeding or the lifting of any such suspension.

    	6 - REGISTRATION RIGHTS AGREEMENT

    	 

    

b.In connection with the filing of
any registration statement covering Registrable Securities and as a condition to Holder’s participation in the registration,
each Holder shall furnish in writing to the Company such information regarding such Holder (and any of its Affiliates), the Registrable
Securities to be sold, the intended method of distribution of such Registrable Securities and such other information requested
by the Company as is necessary or advisable for inclusion in the registration statement relating to such offering pursuant to the
Securities Act. Such writing shall expressly state that it is being furnished to the Company for use in the preparation of a registration
statement, preliminary prospectus, supplementary prospectus, final prospectus or amendment or supplement thereto, as the case may
be.

Each Holder agrees by acquisition of the
Registrable Securities that (i) upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 4(a)(v), such Holder will forthwith discontinue its disposition of Registrable Securities pursuant to the registration
statement relating to such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 4(a)(v); (ii) upon receipt of any notice from the Company of the happening of any event of the
kind described in clause (A) of Section 4(a)(xiii), such Holder will discontinue its disposition of Registrable Securities pursuant
to such registration statement until such Holder’s receipt of the notice described in clause (C) of Section 4(a)(xiii); and
(iii) upon receipt of any notice from the Company of the happening of any event of the kind described in clause (B) of Section
4(a)(xiii), such Holder will discontinue its disposition of Registrable Securities pursuant to such registration statement in the
applicable state jurisdiction(s) until such Holder’s receipt of the notice described in clause (C) of Section 4(a)(xiii).

Section 5.Indemnification.

a.Indemnification by the Company.
The Company agrees to indemnify and hold harmless each Holder, its partners, officers, directors, employees, agents and representatives,
and each Person (a “Controlling Person”), if any, who controls such Holder (within the meaning of the Section
15 of the Securities Act or Section 20 of the Exchange Act), against any losses, claims, damages, and expenses (including, without
limitation, reasonable attorneys’ fees), arising out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in the registration statement under which such Registrable Securities were registered and sold under
the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement
thereto, or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
and the Company will reimburse each Holder for any reasonable legal or any other expenses reasonably incurred by it in connection
with investigating or defending any such loss, claim, liability, action or proceedings; provided, however, that the Company shall
not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof)
or expense arises out of or is based upon an untrue statement or alleged statement or omission or alleged omission made in such
registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance
upon and in conformity with written information furnished to the Company by any Holder specifically stating that it is for use
in the preparation thereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on
behalf of the Holders or any such controlling Person and shall survive the transfer of such securities by the Holders.

    	7 - REGISTRATION RIGHTS AGREEMENT

    	 

    

b.Indemnification by the Holders.
Each Holder agrees to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 5(a)) the
Company, each member of the Board, each officer, employee, agent and representative of the Company and each of their respective
Controlling Persons, with respect to any untrue statement or alleged untrue statement of a material fact in or omission or alleged
omission to state a material fact from such registration statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement or omission or
alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Holder regarding
such Holder giving such indemnification specifically stating that it is for use in the preparation of such registration statement,
preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of the Company or any such Board member, officer, employee, agent,
representative or Controlling Person and shall survive the transfer of such securities by any Holder. The obligation of a Holder
to indemnify will be several and not joint among the Holders of Registrable Securities and the liability of each such Holder of
Registrable Securities will be in proportion to and limited in all events to the net amount received by such Holder from the sale
of Registrable Securities pursuant to such registration statement.

c.Notices of Claims, etc. Promptly
as reasonably practicable after receipt by an indemnified party of notice of the commencement of any action or proceeding involving
a claim referred to in the preceding paragraphs of this Section 5, such indemnified party will, if a claim in respect thereof is
to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided, however,
that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
under the preceding paragraphs of this Section 5, except to the extent that the indemnifying party is actually prejudiced by such
failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim,
the indemnifying party shall be entitled to assume the defense thereof, for itself, if applicable, together with any other indemnified
party similarly notified, and after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party shall not be liable to the indemnified party for any legal or other expenses subsequently
incurred by the latter in connection with the defense thereof.

    	8 - REGISTRATION RIGHTS AGREEMENT

    	 

    

d.Indemnification Payments.
To the extent that the indemnifying party does not assume the defense of an action brought against the indemnified party as provided
in Section(c)(c), the indemnified party (or parties if there is more than one) shall be entitled to the reasonable legal expenses
of common counsel for the indemnified party (or parties). In such event, however, the indemnifying party will not be liable for
any settlement effected without the written consent of such indemnifying party, which consent shall not be unreasonably withheld.
The indemnification required by this Section 5 shall be made by periodic payments of the amount thereof during the course of an
investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. No indemnifying party
shall, without the prior written consent of the indemnified party, consent to entry of judgment or effect any settlement of any
claim or pending or threatened proceeding in respect of which the indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such judgment or settlement includes an unconditional release
of such indemnified party from all liability arising out of such claim or proceeding.

e.Contribution. If, for any
reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified party, then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, damage or liability,
(i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified
party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or omission relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission) or (ii) if the
allocation provided by subclause (i) above is not permitted by applicable law or provides a lesser sum to the indemnified party
than the amount hereinafter calculated, in the proportion as is appropriate to reflect not only the relative fault of the indemnifying
party and the indemnified party, but also the relative benefits received by the indemnifying party on the one hand and the indemnified
party on the other, as well as any other relevant equitable considerations.

No indemnified party guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any indemnifying
party who was not guilty of such fraudulent misrepresentation, and the liability for contribution of each Holder of Registrable
Securities will be in proportion to and limited in all events to the net amount received by such Holder from the sale of Registrable
Securities pursuant to such registration statement.

Section 6.Covenants Relating To
Rule 144. At such times as the Company becomes obligated to file reports in compliance with either Section 13 or 15(d) of the
Exchange Act, the Company covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange
Act and that it will take such further action as any Holder may reasonably request, all to the extent required from time to time
to enable Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by (a) Rule 144 under the Securities Act, as such rule may be amended from time to time or (b) any similar rule or regulation
hereafter adopted by the Commission.

    	9 - REGISTRATION RIGHTS AGREEMENT

    	 

    

Section 7.Market Stand-Off Agreement.
Each Holder hereby agrees that it shall not, directly or indirectly sell, offer to sell (including without limitation any short
sale), pledge, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant for the sale of or otherwise dispose of or transfer any Registrable Securities or other Common Stock or any securities
convertible into or exchangeable or exercisable for Common Stock then owned by such Holder (other than to permitted transferees
of the Holders who agree to be similarly bound) for up to 180 days following the date of an underwriting agreement with respect
to an underwritten public offering of the Company’s securities; provided, however, that all officers and directors of the
Company then holding Common Stock or securities convertible into or exchangeable or exercisable for Common Stock enter into similar
agreements for not less than the entire time period required of the Holders hereunder.

In order to enforce the foregoing covenant,
the Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section
7 and to impose stop transfer instructions with respect to the Registrable Securities and such other securities of each Holder
(and the securities of every other Person subject to the foregoing restriction) until the end of such period.

Section 8.Miscellaneous.

a.Termination; Survival. The
rights of each Holder under this Agreement shall terminate upon the date that all of the Registrable Securities held by such Holder
may be sold during any three-month period in a single transaction or series of transactions without volume limitations under Rule
144 (or any successor provision) under the Securities Act. Notwithstanding the foregoing, the obligations of the parties under
Section 5 and paragraphs (d), (e) and (g) of this Section 8 shall survive the termination of this Agreement.

b.Expenses. All Registration
Expenses incurred in connection with any Shelf Registration under Section 2 shall be borne by the Company, whether or not any registration
statement related thereto becomes effective.

c.Counterparts. This Agreement
may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective
when one or more such counterparts have been signed by each of the parties and delivered to each of the other parties.

d.Applicable Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York.

e.Prior Agreement; Construction;
Entire Agreement. This Agreement, including the exhibits and other documents referred to herein (which form a part hereof),
constitutes the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior agreements
and understandings between the parties except the Purchase Agreement, and all such prior agreements and understandings are merged
herein and shall not survive the execution and delivery hereof.

    	10 - REGISTRATION RIGHTS AGREEMENT

    	 

    

f.Notices. All notices or other
communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent, postage
prepaid, by registered, certified or express mail or reputable overnight courier service or by telecopier and shall be deemed
given when so delivered by hand or, if mailed, three (3) Business Days after mailing (one Business Day in the case of express
mail or overnight courier service), addressed as follows: 

	If to the Holder:	To each address indicated for the Holders in Schedule 1 hereto.
	 	 
	If to the Company:	Retail Opportunity Investments Corp.
	 	8905 Towne Centre Drive, Suite 108
	 	San Diego, CA 92122
	 	Attn: Chief Financial Officer

 

g.Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall
inure to the benefit of each Holder. The Company may assign its rights or obligations hereunder to any successor to the Company’s
business or with the prior written consent of Holders of a majority of the then outstanding Registrable Securities. Notwithstanding
the foregoing, no assignee of the Company shall have any of the rights granted under this Agreement until such assignee shall acknowledge
its rights and obligations hereunder by a signed written agreement pursuant to which such assignee accepts such rights and obligations.

h.Headings. Headings are included
solely for convenience of reference and if there is any conflict between headings and the text of this Agreement, the text shall
control.

i.Amendments And Waivers. The
provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company and the Holders
of a majority of the Registrable Securities. Any waiver, permit, consent or approval of any kind or character on the part of any
such Holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the extent
specifically set forth in writing. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each
Holder of Registrable Securities and the Company.

j.Interpretation; Absence Of Presumption.
For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall
be held to include the other gender as the context requires, (ii) the terms “hereof,” “herein,” and “herewith”
and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section, paragraph or other references are to the Sections, paragraphs, or other references to
this Agreement unless otherwise specified, (iii) the word “including” and words of similar import when used in this
Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified,
(iv) the word “or” shall not be exclusive and (v) provisions shall apply, when appropriate, to successive events and
transactions.

    	11 - REGISTRATION RIGHTS AGREEMENT

    	 

    

This Agreement shall be construed without
regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instruments
to be drafted.

k.Severability. If any provision
of this Agreement shall be or shall be held or deemed by a final order by a competent authority to be invalid, inoperative or unenforceable,
such circumstance shall not have the effect of rendering any other provision or provisions herein contained invalid, inoperative
or unenforceable, but this Agreement shall be construed as if such invalid, inoperative or unenforceable provision had never been
contained herein so as to give full force and effect to the remaining such terms and provisions.

l.Specific Performance; Other Rights.
The parties recognize that various other rights rendered under this Agreement are unique and, accordingly, the parties shall, in
addition to such other remedies as may be available to them at law or in equity, have the right to enforce the rights under this
Agreement by actions for injunctive relief and specific performance.

m.Further Assurances. In connection
with this Agreement, as well as all transactions and covenants contemplated by this Agreement, each party hereto agrees to execute
and deliver or cause to be executed and delivered such additional documents and instruments and to perform or cause to be performed
such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions
of this Agreement and all such transactions and covenants contemplated by this Agreement.

n.No Waiver. The waiver of any
breach of any term or condition of this Agreement shall not operate as a waiver of any other breach of such term or condition or
of any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or
of any other provision hereof.

 

[The remainder of this page has been intentionally left blank.]

 

 

 

    	12 - REGISTRATION RIGHTS AGREEMENT

    	 

    

IN WITNESS WHEREOF, the parties have caused this Agreement to
be duly executed as of the date first written above.

COMPANY:

RETAIL OPPORTUNITY INVESTMENTS CORP.,

a Maryland corporation

 

 

 

By: /s/ Michael B. Haines

Name:Michael B. Haines

Title:  Chief Financial Officer

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Donald F. Gaube

Donald F. Gaube

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Suzanne Baumgartner                                                       

Suzanne Baumgartner, Trustee of the Frank K. Boscow

and Sue C. Boscow Revocable Trust U/A dated

December 12, 1996

 

[signatures continue on the following page]

 

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Janie S. Gaube                                                         

Janie S. Gaube, Trustee of the 2015 JSG Separate

Property Trust dated as of November 24, 2015

 

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Tom Boscow

Tom Boscow

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Leonard LaFrance                                                                    

Leonard LaFrance, Trustee of the LaFrance Family Trust

dated January 6, 1993

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Deborah DeDomenico

Deborah DeDomenico

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Dennis T. DeDomenico

Dennis T. DeDomenico

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Claudia DeDomenico

Claudia DeDomenico

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Lois DeDomenico                                              

Lois DeDomenico, Trustee of the Lois M.

DeDemenico QTIP Trust dated April 28, 1988

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Donna Holpainen

Donna Holpainen

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

CDD&D MANAGEMENT, LLC

 

 

 

By: /s/ Dennis T. DeDomenico

Name: Dennis T. DeDomenico

Title: Member/Manager

 

By: /s/ Claudia DeDomenico

Name: Claudia DeDomenico

Title: Member/Manager

 

By: /s/ Donna Holpainen

Name: Donna Holpainen

Title: Member/Manager

 

By: /s/ Deborah DeDomenico

Name: Deborah DeDomenico

Title: Member/Manager

 

[signatures continue on the following page]

 

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

Cesped 1992 Family Trust Dated February 26, 1992

 

 

 

By: /s/ Ricardo E. Cesped

Name: Ricardo E. Cesped

Title: Trustee

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ David E. Cesped

David E. Cesped

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

VIDANO 2005 FAMILY TRUST

 

 

 

By: /s/ Charles A. Vidano

Name: Charles A. Vidano

Title: Trustee

 

By: /s/ Michelle Vidano

Name: Michelle Vidano

Title: Trustee

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

HOLPAINEN HOLDINGS, LLC

 

 

 

By: /s/ Dale Holpainen

Name: Dale Holpainen

Title: Manager/Member

 

 

[signatures continue on the following page]

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

/s/ Sean Rhatigan

Sean Rhatigan

 

 

 

/s/ Ellen Rhatigan

Ellen Rhatigan

 

 

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

 

/s/ Mark Engstrom                                                                

Mark Engstrom and Anne Engstrom, as co- trustees

of the Engstrom Family Trust dated May 21,2004

 

/s/ Anne Engstrom                                                               

Mark Engstrom and Anne Engstrom, as co- trustees

of the Engstrom Family Trust dated May 21,2004

 

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

 

/s/ James G. Engstrom                                                                  

James G. Engstrom and Marsha Engstrom, as trustees

of the Jim And Marsha Engstrom Family 2006 Revocable

Trust established May 1, 2006

 

/s/ Marsha Engstrom                                                                    

James G. Engstrom and Marsha Engstrom, as trustees

of the Jim And Marsha Engstrom Family 2006 Revocable

Trust established May 1, 2006

 

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

 

/s/ Eric A. Engstrom

Eric A. Engstrom

 

 

 

/s/ Sheila Engstrom

Sheila Engstrom

 

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

 

/s/ Matthew K. Engstrom

Matthew K. Engstrom

 

 

 

/s/ Jennifer Engstrom

Jennifer Engstrom

 

 

 

Registration Rights Agreement

    	 

    	 

    

HOLDERS:

 

 

/s/ Richard A. Bruzzone

Richard A. Bruzzone

 

 

 

 

 

 

 

 

 

Registration Rights Agreement

    	 

    	 

    

Schedule 1

THE HOLDERS

List of holders of the OP Units:

	Name of the Holder	Number of OP Units Held	Address of the Holder
	Donald F. Gaube	377,788	
        287 Cross Road

        Alamo, CA 94507

	Frank K. Boscow and Sue C. Boscow Revocable Trust U/A dated December 12, 1996	113,657	
        287 Cross Road

        Alamo, CA 94507

	2015 JSG Separate Property Trust dated as of November 24, 2015	20,254	
        287 Cross Road

        Alamo, CA 94507

	Thomas Boscow	20,254	
        3411 Gold Nugget Way

        Placerville, CA 95667

	LaFrance Family Trust dated January 6, 1993	150,503	
        500 Fairview Blvd.

        Incline Village, NV 89451

	Deborah DeDomenico	32,210	
        13424 Chalk Hill Road

        Healdsburg, CA 95448

	Dennis T. DeDomenico	32,210	
        650 Alvarado Road

        Berkeley, CA 94705

	Claudia DeDomenico	32,210	
        82 Beach St.

        Belvedere, CA 94920

	Lois M. DeDomenico QTIP Trust dated April 28, 1988	32,210	
        2 Requa Place

        Piedmont, CA 94611

	Donna Holpainen	32,210	
        4727 W. Roberts Way

        Seattle, WA 98199

	CDD&D Management, LLC	1,627	
        650 Alvarado Road

        Berkeley, CA 94705

	Cesped 1992 Family Trust dated February 26, 1992	65,065	
        970 Wedge Court

        Incline Village, NV 89451

	David E. Cesped	16,271	
        13148 Freemanville Rd

        Milton, GA 30004

	Vidano 2005 Family Trust	16,271	
        784 Cordilleras Ave

        San Carlos, CA 94070

	Holpainen Holdings, LLC	32,533	
        4727 W. Roberts Way

        Seattle, WA 98199

	Sean Rhatigan & Ellen Rhatigan	16,267	
        1347 Court St.

        Alameda, CA 94501

	Engstrom Family Trust dated May 21, 2004	32,556	
        837 Jefferson Blvd.

        West Sacramento, CA 95691

	Jim and Marsha Engstrom Family Revocable Trust Established May 1,2006	40,685	
        837 Jefferson Blvd.

        West Sacramento, CA 95691

	Eric A. Engstrom and Sheila Engstrom	40,685	
        837 Jefferson Blvd.

        West Sacramento, CA 95691

	Matthew K. Engstrom and Jennifer Engstrom	8,141	
        837 Jefferson Blvd.

        West Sacramento, CA 95691

	Richard A. Bruzzone	118,787	
        892 Broadmoor Court

        Lafayette, CA 94549

	TOTAL:	1,232,394EXHIBIT 10.22

 

Tax Protection Agreement

This TAX PROTECTION AGREEMENT (this “Agreement”)
is entered into as of December 10, 2015, by and among Retail Opportunity Investments Corp., a Maryland corporation (the “REIT”),
Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Operating Partnership”),
and each Protected Partner identified as a signatory on Schedule I, as amended from time to time.

RECITALS

WHEREAS, pursuant to that certain Contribution
Agreement dated December 1, 2015 between the REIT, the Operating Partnership and the “Owner” signatory thereto (the
“Acquisition Agreement”), the REIT intends cause the Operating Partnership to acquire the real property and
improvements commonly known as Sternco Shopping Center located at 14625 NE 20th St., Bellevue, WA (the “Property”)
from the Owner in exchange for OP Units (as defined below); and

WHEREAS, in connection with the Contribution
Agreement, the REIT and the Operating Partnership shall enter into this Agreement with Owner and each Protected Partner, who is
receiving units of partnership interest in the Operating Partnership (“OP Units”) by distribution from Owner
following the transactions effected pursuant to the Contribution Agreement.

NOW, THEREFORE, in consideration of
the promises and mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I - DEFINED TERMS

Capitalized terms employed herein and not
otherwise defined shall have the meanings assigned to them in the Acquisition Agreement. Otherwise, for purposes of this Agreement
the following definitions shall apply:

Section 1.1Intentionally omitted.

Section 1.2“Agreement”
has the meaning set forth in the preamble.

Section 1.3“Closing Date”
means the closing of the contribution of the Property to the Operating Partnership pursuant to the Contribution Agreement.

Section 1.4“Code” means
the United States Internal Revenue Code of 1986, as amended.

Section 1.5Intentionally omitted

Section 1.6Intentionally omitted

    	1 - TAX PROTECTION AGREEMENT

    	 

    

Section 1.7Intentionally omitted

Section 1.8“Exchange”
has the meaning set forth in Section 2.1(b) of this Agreement.

Section 1.9“Fundamental Transaction”
means a merger, consolidation or other combination of the Operating Partnership with or into any other entity, a transfer of all
or substantially all of the assets of the Operating Partnership, any reclassification, recapitalization or change of the outstanding
equity interests of the Operating Partnership, or a conversion of the Operating Partnership into another form of entity. Notwithstanding
the above, a Fundamental Transaction shall not include any transaction to the extent that a Protected Partner is offered (whether
or not such offer is accepted) the opportunity to participate in such transaction in a manner such that (i) the Protected Partner
receives any one or more of the following: (A) consideration approved by a majority of the Notice Partners, or (B) consideration
having a value (as determined in good faith by the Board of Directors of the REIT, including a majority of its independent directors,
in reliance on written advice or analysis of an independent financial advisor selected by such Board of Directors) that is substantially
equivalent to the value of the OP Units held by such Protected Partner immediately prior to such transaction (but excluding from
the analysis the impact of any customary lock-ups or transfer restrictions) and (ii) if such offer is accepted, the receipt of
such consideration would not result in the recognition of taxable income or gain by such Protected Partner.

Section 1.10“Gross Up Amount”
has the meaning set forth in Section 1.15 under the definition of “Make Whole Amount.”

Section 1.11Intentionally omitted

Section 1.12Intentionally omitted

Section 1.13Intentionally omitted

Section 1.14Intentionally omitted

Section 1.15“Make Whole Amount”
means, with respect to any Protected Partner that recognizes gain under Section 704(c) of the Code as a result of a Tax Protection
Period Transfer, the sum of (i) the product of (x) the income and gain recognized by such Protected Partner
under Section 704(c) of the Code in respect of such Tax Protection Period Transfer (taking into account any adjustments under
Section 743 or 734 of the Code which such Protected Partner is entitled to offset against such income and gain) multiplied
by (y) the Make Whole Tax Rate, plus (ii) an amount equal to the combined Federal, applicable state and local
income taxes (calculated using the Make Whole Tax Rate) imposed on such Protected Partner as a result of the receipt by such Protected
Partner of a payment under Section 2.2 (the “Gross Up Amount”); provided, however, that
the Make Whole Amount shall be computed without regard to any losses, credit, or other tax attributes that such Protected Partner
might have that would reduce its actual tax liability.

 

    	2 - TAX PROTECTION AGREEMENT

    	 

    

For purposes of calculating the amount of Section 704(c)
gain that is allocated to a Protected Partner, any “reverse Section 704(c) gain” allocated to such partner pursuant
to Treasury Regulations § 1.704-3(a)(6) shall not be taken into account; furthermore, the total amount of 704(c) gain and
income taken into account for purpose of calculating the Make Whole Amount shall not exceed the initial Section 704(c) gain amount
as of the Closing Date (as set forth on Schedule I).

Section 1.16“Make Whole Tax Rate”
means, with respect to a Protected Partner who is entitled to receive a payment under Section 2.2, the highest combined
statutory Federal, state and local tax rate in respect of the income or gain that gave rise to such payment, taking into account
the character of the income and gain in the hands of such Protected Partner, as applicable (reduced, in the case of Federal taxes
by the deduction for state or local income taxes, but assuming limitation on full deductibility of such income taxes due
to adjusted gross income levels), for the taxable year in which the event that gave rise to such payment under Section 2.2
or Section 2.4 occurred. Notwithstanding the foregoing, if a Protected Partner demonstrates to the reasonable satisfaction
of the Operating Partnership that such Protected Partner’s allocation of the income or gain that gave rise to such payment
will be subject to the alternative minimum tax, then the Make Whole Tax Rate for such Protected Partner shall be the highest combined
statutory Federal, state and local alternative minimum tax rate (not reduced by any deduction for state or local income taxes).

Section 1.17“Notice Partner”
means, with respect to each separate Protected Partner (including its successors), (i) a single representative designated as the
“Notice Partner” in a written notice from the initial Protected Partner to the Operating Partnership or (ii) if no
such designation has been made, such initial Protected Partner. There shall be only one Notice Partner at any given time for each
Protected Partner (including all of its successors) and in no event shall there be more than five Notice Partners. In no event
may two or more Protected Partners designate the same Notice Partner. Except as provided below, in the event that a Notice Partner
is unable or unwilling to continue to serve as a Notice Partner, the initial Protected Partner who designated such Notice Partner
may designate a replacement Notice Partner in a written notice to the Operating Partnership. In the event that an initial Protected
Partner has transferred any OP Units issued pursuant to the Contribution Agreement, then a majority of the holders of the OP Units
issued to such initial Protected Partner may designate a new Notice Partner or, in the event that a Notice Partner is unable or
unwilling to continue to serve as a Notice Partner, a replacement Notice Partner, in each case in a written notice to the Operating
Partnership.

Section 1.18“OP Agreement”
means the Second Amended and Restated Agreement of Limited Partnership of Retail Opportunity Investments Partnership, L.P., as
amended from time to time.

Section 1.19“Pass Through Entity”
means a partnership, disregarded entity, grantor trust, or S corporation for Federal income tax purposes.

    	3 - TAX PROTECTION AGREEMENT

    	 

    

Section 1.20“Permitted Disposition”
means a sale, exchange or other disposition of OP Units (i) by a Protected Partner: (a) to such Protected Partner’s children,
spouse or issue; (b) to a trust for such Protected Partner or such Protected Partner’s children, spouse or issue; (c) in
the case of a trust which is a Protected Partner, to its beneficiaries, or any of them, whether current or remainder beneficiaries;
(d) to a revocable inter vivos trust of which such Protected Partner is a trustee; (e) in the case of any partnership or
limited liability company which is a Protected Partner, to its partners or members; and/or (f) in the case of any corporation which
is a Protected Partner, to its shareholders, and (ii) by a party described in clauses (a), (b), (c) or (d) to a partnership, limited
liability company or corporation of which the only partners, members or shareholders, as applicable, are parties described in clauses
(a), (b), (c) or (d); provided, that for purposes of the definition of Tax Protection Period, such Protected Partner shall
be treated as continuing to own any OP Units which were subject to a Permitted Disposition unless and until there has been a sale,
exchange or other disposition of such OP Units by a permitted transferee which is not another Permitted Disposition.

Section 1.21“Person”
means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company or
other entity.

Section 1.22“Protected Partner”
means: (i) each signatory on Schedule I attached hereto, as amended from time to time; who holds OP Units on or after
February 1, 2016; (ii) any person who holds OP Units on or after February 1, 2016, and who acquired such OP Units from another
Protected Partner in a transaction in which such person’s adjusted basis in such OP Units, as determined for Federal income
tax purposes, is determined, in whole or in part, by reference to the adjusted basis of the other Protected Partner in such OP
Units; and (iii) with respect to a Protected Partner that is Pass Through Entity, and solely for purposes of computing the
amount to be paid under Section 2.2 with respect to such Protected Partner, any person who (y) holds an interest in
such Protected Partner, either directly or through one or more Pass Through Entities, and (z) is required to include all or
a portion of the income of such Protected Partner in its own gross income.

Section 1.23“Protected Property”
means that certain project commonly known as Sternco Shopping Center in the City of Bellevue, County of King, State of Washington,
with street address of 14625 NE 20th Street, and related personal property, and any property acquired in Exchange for the Protected
Property as set forth in Section 2.1(b).

Section 1.24Intentionally omitted

Section 1.25Intentionally omitted

Section 1.26Intentionally omitted

Section 1.27“Tax Protection Period”
means the ten-year period beginning on the Closing Date and ending on the tenth anniversary of the Closing Date; provided,
however, that such period shall end prior to the tenth anniversary of the Closing Date with respect to any Protected Partner
to the extent that, on any date after the Closing Date and prior to the tenth anniversary of the Closing Date, such Partner owns
less than thirty five percent (35%) of the Common OP Units and SC Limited Participation OP Units that were originally owned by
the Protected Partner as of February 1, 2016, disregarding the sale, exchange or other disposition of any such OP Units sold, exchanged
or otherwise disposed of by the Protected Partner in a Permitted Disposition.

    	4 - TAX PROTECTION AGREEMENT

    	 

    

Section 1.28“Tax Protection Period
Transfer” has the meaning set forth in Section 2.1(a) of this Agreement.

Section 1.29“Transfer”
means any direct or indirect sale, exchange, transfer or other disposition, whether voluntary or involuntary.

Section 1.30“Treasury Regulations”
means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final form, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).

ARTICLE II - TAX PROTECTIONS

Section 2.1Taxable Transfers.

(a)Unless the applicable Notice Partner(s)
expressly consent in writing to a Tax Protection Period Transfer, during the Tax Protection Period, the Operating Partnership shall
indemnify each Protected Partner as set forth in Section 2.2 if the Operating Partnership or any entity in which the Operating
Partnership holds a direct or indirect interest shall cause or permit: (i) any Transfer of all or any portion of the Protected
Property (including any interest in the Protected Property or in any entity owning, directly or indirectly, an interest in the
Protected Property, other than a transfer of an OP Unit by a Protected Partner) in a transaction that results in the recognition
of taxable income or gain by any Protected Partner under Section 704(c) of the Code with respect to the Protected Property;
or (ii) any Fundamental Transaction that results in the recognition of taxable income or gain by any Protected Partner under Section
704(c) of the Code with respect to the Protected Property (such a Transfer or Fundamental Transaction taking place during the Tax
Protection Period, a “Tax Protection Period Transfer”).

(b)Section 2.1(a) shall not apply
to any Tax Protection Period Transfer of the Protected Property (including any interest therein or in the entity owning, directly
or indirectly, the Protected Property): (i) in a transaction in which no gain is required to be recognized by a Protected Partner
(an “Exchange”), including a transaction qualifying under Section 1031 or Section 721 (or any successor
statutes) of the Code; provided, however, that any property acquired by the Operating Partnership in the Exchange
shall remain subject to the provisions of this Article II in place of the exchanged Protected Property for the remainder of the
Tax Protection Period (and, in the case of any Exchange involving a contribution of Protected Property to a partnership, such Protected
Property and the partnership interest received by the Operating Partnership in such Exchange (unless such partnership interest
is an interest in a successor partnership to the Operating Partnership or to the extent the Protected Partner otherwise holds an
interest in such partnership) shall both be treated as Protected Property following the Exchange); (ii) as a result of the condemnation
or other taking of the Protected Property by a governmental entity in an eminent domain proceeding or otherwise, provided
that the Operating Partnership shall use commercially reasonable efforts to structure such disposition as either a tax-free like-kind
exchange under Section 1031 or a tax-free reinvestment of proceeds under Section 1033, provided that in no event shall the
Operating Partnership be obligated to acquire or invest in any property that it otherwise would not have acquired or invested in.

    	5 - TAX PROTECTION AGREEMENT

    	 

    

Section 2.2Indemnification for Taxable
Transfers.

(a)In the event of a Tax Protection Period
Transfer described in Section 2.1(a), each Protected Partner shall receive from the Operating Partnership an amount of cash
equal to the Make Whole Amount applicable to such Tax Protection Period Transfer. Any Make Whole Amounts required to be paid under
this Section 2.2(a) shall be paid to each Protected Partner at least 5 days before April 15 of the year following the year
in which the Tax Protection Period Transfer took place; provided that, if the Protected Partner is required to make estimated
tax payments that would include such gain, the Operating Partnership shall make payment to such Protected Partner at least 5 days
before the due date for such estimated tax payment and such payment from the Operating Partnership shall be in an amount that corresponds
to the estimated tax being paid by the Protected Partner at such time, with the remaining portion of the Make Whole Amount payable
at least 5 days before April 15 of the year following the year in which the Tax Protection Period Transfer took place.

(b)Notwithstanding any provision of this
Agreement to the contrary, the sole and exclusive rights and remedies of any Protected Partner under Section 2.1(a) shall
be a claim against the Operating Partnership for the Make Whole Amount as set forth in this
section, and no Protected Partner shall be entitled to pursue a claim for specific performance of the covenants set forth in Section
2.1(a) or bring a claim against any person that acquires the Protected Property from the Operating Partnership in violation
of Section 2.1(a).

(c)In the event that there has been a
Tax Protection Period Transfer, the Operating Partnership shall provide to each person who is a Notice Partner) notice of the transaction
or event giving rise to such Tax Protection Period Transfer not later than thirty (30) days after such Tax Protection Period Transfer.
As soon as reasonably practicable after giving notice described in the preceding sentence, but in no event more than sixty (60)
days after the Tax Protection Period Transfer, the Operating Partnership shall be obligated to (i) provide each Notice Partner
with a detailed calculation of the amount of such Notice Partner’s Make Whole Amount for the Protected Partners represented
by such Notice Partner, and (ii) provide each such Notice Partner with such evidence or verification as such Notice Partner may
reasonably require as to the items necessary to confirm the calculation of such amount. In the event a Protected Partner disagrees
with the Operating Partnership’s determination of a Make Whole Amount, the Operating Partnership and the Protected Partner
will work in good faith to resolve such disagreement. If such disagreement cannot be resolved within fifteen (15) days after notice
of such calculation was provided to the Protected Partner, then the Operating Partnership and the Protected Partner shall jointly
retain a nationally recognized independent public accounting firm, other than the REIT’s accounting firm which is currently
Ernst & Young (an “Accounting Firm”) to act as an arbitrator to resolve as expeditiously as possible all computational
points of any such disagreement. All determinations made by the Accounting Firm with respect to the amount of the Make Whole Amount
payable to the Protected Partner shall be final, conclusive and binding on the Operating Partnership and the Protected Partner.
The fees and expenses of any Accounting Firm incurred in connection with any such determination shall be shared equally by the
Operating Partnership and the Protected Partner, provided that if the amount determined by the Accounting Firm to be owed by the
Operating Partnership to the Protected Partner is more than ten percent (10%) higher than the amount proposed by the Operating
Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the
fees and expenses of any Accounting Firm incurred in connection with any such determination shall be paid by the Operating Partnership
and if the amount determined by the Accounting Firm to be owed by the Operating Partnership to the Protected Partner is more than
ten percent (10%) less than the amount proposed by the Operating Partnership to be owed to such Protected Partner prior to the
submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in connection
with any such determination shall be paid by the Protected Partner. The Operating Partnership shall pay any amounts finally determined
under this Section 2.2(c) within the later of the time period provided in Section 2.2(a) or five (5) business days
following the earlier of the date on which the parties agree to the Make Whole Amount or the date on which the Accounting Firm
provides notice to the Operating Partnership and the Notice Partner of its determination as to the disputed items.

    	6 - TAX PROTECTION AGREEMENT

    	 

    

(d)In the event a required payment is
made after the date required pursuant to Section 2.2, interest shall accrue on the aggregate amount required to be paid
from such date to the date of actual payment at a rate equal to the “prime rate” of interest plus 4%, with the prime
rate as published in the Wall Street Journal (or if no longer published there, as announced by Citibank) effective as of the date
the payment is required to be made. In addition, if such late payment results in late tax
payment penalties (excluding interest) for such Protected Partner, the payment shall include reimbursement for such penalties plus
) an amount equal to the combined Federal, applicable state and local income taxes (calculated using the Make Whole Tax Rate) payable
by the Protected Partner as a result of the receipt of any payment under this sentence.

Section 2.3Section 704(c) Gains.
The estimated amount of Section 704(c) gain allocable to each Protected Partner as of the Closing Date is set forth on Schedule
I hereto. Each Protected Partner has provided the Operating Partnership with an accurate computation of such Protected Partners
allocable Section 704(c) gain based on information provided to the Protected Partner by his or her tax accountant. The parties
acknowledge that the initial amount of Section 704(c) gain allocated to any Protected Partner may be reduced over time as required
by Section 704(c) of the Internal Revenue Code and the regulations promulgated thereunder. For purposes of this Agreement, references
to Section 704(c) shall include gain recognized upon the disposition of OP Units in a Fundamental Transaction which is indemnified
under Section 2.1(a)(ii) to the extent attributable to the gain which would have been recognized under Section 704(c) and
subject to indemnification under Section 2.1(a)(i) upon the sale of the Protected Property.

Section 2.4Intentionally omitted

Section 2.5Dispute Resolution.
Any controversy, dispute, or claim of any nature arising out of, in connection with, or in relation to the interpretation, performance,
enforcement or breach of this Agreement (and any closing document executed in connection herewith) shall be governed by Section
16.11 of the Contribution Agreement, except as otherwise provided in Section 2.2(c) hereof.

 

    	7 - TAX PROTECTION AGREEMENT

    	 

    

ARTICLE III - GENERAL PROVISIONS

Section 3.1Notices. Except as specifically
set forth in this Agreement, all notices, demands, declarations, consents, directions, approvals, instructions, requests and other
communications required or permitted by the terms of this Agreement shall be given in the same manner as in the OP Agreement.

Section 3.2Titles and Captions.
All Article or Section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this
Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically
provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement.

Section 3.3Pronouns and Plurals.
Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

Section 3.4Further Action. The
parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary
or appropriate to achieve the purposes of this Agreement.

Section 3.5Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors,
legal representatives and permitted assigns.

Section 3.6Creditors. Other than
as expressly set forth herein, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by,
any creditor of the Operating Partnership.

Section 3.7Waiver. No failure by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise
any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any covenant, duty, agreement
or condition.

Section 3.8Counterparts. This Agreement
may be executed in counterparts, all of which together shall constitute one agreement binding on all of the parties hereto, notwithstanding
that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement
immediately upon affixing its signature hereto.

Section 3.9Applicable Law. This
Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Washington, without regard
to the principles of conflicts of law.

Section 3.10Invalidity of Provisions.
If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality or enforceability
of other remaining provisions contained herein shall not be affected thereby.

    	8 - TAX PROTECTION AGREEMENT

    	 

    

Section 3.11Entire Agreement. This
Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and amends,
restates and supersedes the OP Agreement and any other prior written or oral understandings or agreements among them with respect
thereto. This Agreement may not be amended except by a written instrument signed by the REIT, the Operating Partnership and a majority
of the Notice Partners.

Section 3.12No Rights as Stockholders.
Nothing contained in this Agreement shall be construed as conferring upon the holders of the OP Units any rights whatsoever as
stockholders of the REIT, including, without limitation, any right to receive dividends or other distributions made to stockholders
of the REIT or to vote or to consent or to receive notice as stockholders in respect of any meeting of stockholders for the election
of directors of the REIT or any other matter.

Section 3.13Tax Advice and Cooperation.
Each party hereto acknowledges and agrees that it has not received and is not relying upon tax advice from any other party hereto,
and that it has and will continue to consult its own tax advisors. Each party hereto agrees to cooperate to the extent reasonably
requested by any other party in connection with the filing of any tax returns or any audit, litigation or other proceeding related
to taxes associated with the matters described herein, such cooperation shall include the retention and, upon request, provision
of records and information that are relevant to such matters, as may reasonably be requested.

[The remainder of this page has been intentionally left blank.]

 

 

    	9 - TAX PROTECTION AGREEMENT

    	 

    

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date first above written.

REIT:

RETAIL OPPORTUNITY INVESTMENTS CORP.,

a Maryland corporation

 

By: /s/ Michael B. Haines

Name:Michael B. Haines

Title:  Chief Financial Officer

OPERATING PARTNERSHIP:

RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP,

a Delaware limited partnership

	By:	Retail Opportunity Investments GP, LLC,
	 	a Delaware limited liability company,
	 	its general partner
	 	 	 
	 	By:	Retail Opportunity Investments Corp.,
	 	 	a Maryland corporation
	 	 	its sole member
	 	 	 
	 	 	 
	 	 	By: /s/ Michael B. Haines
	 	 	Name: Michael B. Haines
	 	 	Title:   Chief Financial Officer

 

Tax Protection Agreement

    	 

    	 

    

PROTECTED PARTNERS:

ACSW, LLC, a Washington limited liability company

 

 

 

By: /s/ Allan Sternoff

Name:Allan Sternoff

Title:Member

 

 

ELLEN BURT LLC, a Washington limited liability company

 

 

 

By: /s/ Burton Sternoff

Name:Burton Sternoff

Title:Member

 

 

 

By: /s/ Jay Sternoff

Name:Jay Sternoff

Title:Holder

 

 

 

By: /s/ Nancy Sternoff

Name:Nancy Sternoff

Title:Holder

 

 

 

By: /s/ Richard Sternoff

Name:Richard Sternoff

Title:Holder

 

 

 

 

Tax Protection Agreement

    	 

    	 

    

SCHEDULE I 

PROTECTED PARTNERS AND SECTION 704(c) AMOUNTS

 

	Partner	704(c) Amount
	ACSW, LLC	$9,500,000
	Ellen Burt LLC	$9,500,000
	Richard Sternoff	$6,500,000
	Jay Sternoff	$6,500,000
	Nancy Sternoff	$4,600,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}]]