Document:

Exhibit
4.8

 

 

 

Subscription
Agent Agreement

Between

Wheeler
Real Estate Investment Trust Inc.

And

Computershare
Trust Company, N.A.

And

Computershare
Inc.

 

    

     

    

 

This
SUBSCRIPTION AGENT AGREEMENT (this “Agreement”), dated as of June 18, 2021 (the “Effective Date”),
is by and between Wheeler Real Estate Investment Trust Inc., a Maryland corporation ("Company"), and Computershare Trust
Company, N.A., a federally chartered trust company (“Trust Company”), and Computershare Inc., a Delaware corporation
(“Computershare”, and together with Trust Company, “Agent”).

 

1. Appointment.

 

1.1 Company
is making an offer (the “Subscription Offer”) to issue to holders of record of its outstanding shares of common stock,
par value $0.01 per share (the “Common Stock”), at the close of business on June 1, 2021 (the “Record Date”),
the right to subscribe for and purchase (each, a “Right”, and collectively, the “Rights”) up to
$30 million in aggregate principal amount of the Company’s 7.00% subordinated convertible notes due 2031 (the “Notes”),
in which eligible shareholders will receive one Right for each eight (8) shares of Common Stock owned, with each Right entitling a shareholder
to purchase $25.00 principal amount of Notes (the “Subscription Price”), payable as described on the Subscription
Form (as defined below) sent to eligible shareholders, upon the terms and conditions set forth herein. The term “Subscribed”
shall mean submitted for purchase from Company by a stockholder in accordance with the terms of the Subscription Offer, and the term
“Subscription(s)” shall mean any such submission. Company hereby appoints Agent to act as subscription agent in connection
with the Subscription Offer and Agent hereby accepts such appointment in accordance with and subject to the terms and conditions of this
Agreement.

 

1.2 The
Subscription Offer will expire at 5:00 p.m., Eastern Time, on [●], 2021 (the “Expiration Time”), unless Company shall
have extended the period of time for which the Subscription Offer is open, in which event the term “Expiration Time”
shall mean the latest time and date at which the Subscription Offer, as so extended by Company from time to time, shall expire.

 

1.3 The
Company filed a registration statement relating to the Notes and the Company securities underlying the Notes with the Securities and
Exchange Commission under the Securities Act of 1933, as amended (the “1933 Act”), on June 2, 2021, as amended on
[●], 2021, and such registration statement was declared effective on [●], 2021. The terms of the Notes are more fully described in the
prospectus forming a part of the registration statement as it was declared effective. All terms used and not defined herein shall have
the same meaning(s) as in the prospectus.

 

1.4 Promptly
after the Record Date, Company will furnish Agent with, or will instruct Agent, in its capacity as transfer agent for Company, to prepare,
a certified list in a format acceptable to Agent of holders of record of the Common Stock at the Record Date, including each such holder’s
name, address, taxpayer identification number (“TIN”), share amount with applicable tax lot detail, any certificate
detail and information regarding any applicable account stops or blocks (the “Record Stockholders List”).

 

1.5 No
later than the earlier of (i) forty-five (45) days after the Record Date or (ii) January 15 of the year following the year in which the
Record Date occurs, Company shall deliver to Agent written direction on the adjustment of cost basis for covered securities that arise
from or are affected by the Subscription Offer in accordance with current Internal Revenue Service regulations (see the Tax Instruction/Cost
Basis Information Letter attached hereto as Exhibit B for additional information)

 

2. Subscription
of Rights.

 

2.1 Each
Right entitles the holders to subscribe, upon payment of the Subscription Price, to purchase Notes (the “Basic Subscription
Privilege”). No fractional Notes will be issued.

 

2.2 If
the Rights Offering is not fully subscribed and holders fully exercise thier Rights, then such holders may also exercise an over-subscription
privilege to purchase additional principal amount of Notes that remain unsubscribed as a result of unexercised Rights, such privilege
being referred to as the “oversubscription right.” The Company shall provide Agent with instructions regarding the allocation
to such shareholders of the Notes after the initial allocation thereof.

 

    Page 2

     

    

 

2.3 Except
as otherwise indicated to Agent by Company in writing, all of the Notes delivered hereunder upon the exercise of the Rights. Company
shall, if applicable, inform Agent as soon as possible in advance as to whether any Note issued hereunder is to be issued with restrictive
legend(s) and, if so, Company shall provide the appropriate legend(s) and a list identifying the affected shareholders, certificate numbers
(if applicable) and share amounts for such affected shareholders.

 

3. Duties
of Subscription Agent.

 

3.1 Agent
shall issue the Rights in accordance with this Agreement in the names of the holders of the Common Stock of record on the Record Date,
keep such records as are necessary for the purpose of recording such issuance(s), and furnish a copy of such records to Company.

 

3.2 Promptly
after Agent receives the Record Stockholders List, Agent shall:

 

(a)
mail or cause to be mailed, by first class mail, to each holder of the Common Stock of record on the Record Date whose address of record
is within the United States of America and Canada, (i) a subscription form with respect to the Rights to which such stockholder is entitled
under the Subscription Offer (the “Subscription Form”), a form of which is attached hereto as Exhibit A, (ii) a copy
of the prospectus and (iii) a return envelope addressed to Agent.

 

(b)
At the direction of Company, mail or cause to be mailed, to each holder of the Common Stock of record on the Record Date whose address
of record is outside the United States of America and Canada, or is an A.P.O. or a F.P.O. address, a copy of the prospectus. Agent shall
refrain from mailing the Subscription Form to any holder of the Common Stock of record on the Record Date whose address of record is
outside the United States of America and Canada, or is an A.P.O. or a F.P.O. address, and hold such Subscription Form for the account
of such stockholder subject to such stockholder making satisfactory arrangements with Agent for the exercise or other disposition of
the Rights described therein, and effect the exercise, sale or delivery of such Rights in accordance with the terms of this Agreement
if notice of such arrangements is received at or before 11:00 a.m., Eastern Time, on __________. In the event that a request to exercise
the Rights is received from such a holder, Agent will consult with Company for instructions as to the number of Notes, if any, Agent
is authorized to issue. 

 

(c)
Upon request by Company, Agent shall mail or deliver a copy of the prospectus (i) to each assignee or transferee of the Rights upon receiving
appropriate documentation satisfactory to Agent to register the assignment or transfer thereof and (ii) with Notes when such are issued
to persons other than the registered holder of the Rights.

 

(d)
Agent shall accept Subscriptions upon the due exercise of the Rights (including payment of the Subscription Price) on or prior to the
Expiration Time in accordance with the Subscription Form.

 

(e)Agent
shall accept Subscriptions, without further authorization or direction from Company, without procuring supporting legal papers or other
proof of authority to sign (including, without limitation, proof of appointment of a fiduciary or other person acting in a representative
capacity), and without signatures of co-fiduciaries, co-representatives or any other person:

 

(i)
If the Right is registered in the name of a fiduciary and the Subscription Form is executed by such fiduciary, provided, that the
Notes are to be issued in the name of such fiduciary;

 

    Page 3

     

    

 

(ii)
If the Right is registered in the name of joint tenants and the Subscription Form is executed by one of the joint tenants, provided,
that the Notes are to be issued in the names of such joint tenants; or

 

(iii)
If the Right is registered in the name of a corporation and the Subscription Form is executed by a person in a manner which
appears or purports to be done in the capacity of an officer or agent thereof, provided, that the Notes are to be issued in the name
of such corporation.

 

		(f)	Each
document received by Agent relating to its duties hereunder shall be dated and time stamped when received at the applicable address(es)
as outlined in the offering documents.

 

		(g)	Agent
shall, absent specific and mutually agreed upon instructions between Agent and Company, follow its normal and customary procedures with
respect to the acceptance or rejection of all Subscriptions received after the Expiration Time. Subscriptions not authorized to be accepted
pursuant to this Section 3 and Subscriptions otherwise failing to comply with the terms and conditions of the Subscription Form will
be rejected and returned to the applicable shareholder.

 

		(h)	Company
shall provide an opinion of counsel prior to the Expiration Time to set up a reserve for the Company’s securities underlying the
Notes. The opinion shall state that all of the Company’s securities, or the transactions in which they are being issued, as applicable,
are:

 

		(i)	Registered,
                                            or subject to a valid exemption from registration, under the 1933 Act, and all appropriate
                                            state securities law filings have been made with respect to the Share, or alternatively,
                                            that the Company securities undlying the Notes are “covered securities” under
                                            Section 18 of the 1933 Act; and

 

		(ii)	Validly
                                            issued, fully paid and non-assessable.

 

4. Acceptance
of Subscriptions. 

 

4.1 Following
Agent’s first receipt of Subscriptions, on each business day, or more frequently if reasonably requested as to major tally figures,
forward a report by email to Crystal Plum (cplum@whlr.us) and Daniel Raglan (daniel.raglan@cwt.com) (the “Company Representative”)
as to the following information, based upon a preliminary review (and at all times subject to a final determination by Company) as of
the close of business on the preceding business day or the most recent practicable time prior to such request, as the case may be: (i)
the total number of Notes Subscribed for; (ii) the total number of the Rights sold; (iii) the total number of the Rights partially Subscribed
for; (iv) the amount of funds received; and (v) the cumulative totals in categories (i) through (iv), above.

 

4.2 As
promptly as possible following the Expiration Time, advise the Company Representative by email of (i) the number of Notes Subscribed
for and (ii) the number of Notes unsubscribed for.

 

5. 

 

6. Completion
of Subscription Offer.

 

6.1 Upon
completion of the Subscription Offer, Agent shall request the transfer agent for the Common Stock to issue the appropriate number of
Notes as required in order to effectuate the Subscriptions.

 

6.2 The
Rights shall be issued in registered, book-entry form only. Agent shall keep books and records of the registration, transfer and exchange
of the Rights (the “Rights Register”).

 

    Page 4

     

    

 

6.3 All
of the Rights issued upon any registration of transfer or exchange of the Rights shall be the valid obligations of Company, evidencing
the same obligations and entitled to the same benefits under this Agreement as the Rights surrendered for such registration of transfer
or exchange; provided, that until such transfer or exchange is registered in the Rights Register, Company and Agent may treat the registered
holder thereof as the owner for all purposes.

 

6.4 For
so long as this Agreement shall be in effect, Company will reserve for issuance and keep available free from preemptive rights a sufficient
number of Company securities undelying the Notes to permit the exercise in full of all of the Rights issued pursuant to the Subscription
Offer.

 

6.5 Company
shall take any and all action, including, without limitation, obtaining the authorization, consent, lack of objection, registration or
approval of any governmental authority, or the taking of any other action under the laws of the United States of America or any political
subdivision thereof, to insure that all of the Notes issuable upon the exercise of the Rights (subject to payment of the Subscription
Price) will be duly and validly issued and fully paid and non-assessable Notes, free from all preemptive rights and taxes, liens, charges
and security interests created by or imposed upon Company with respect thereto.

 

6.6 Company
shall, from time to time, take all action necessary or appropriate to obtain and keep effective all registrations, permits, consents
and approvals of the Securities and Exchange Commission and any other governmental agency or authority and make such filings under federal
and state laws, which may be necessary or appropriate in connection with the issuance, sale, transfer and delivery of the Rights or the
Notes issued upon the exercise of the Rights.

 

7. Procedure
for Discrepancies. Agent shall follow its regular procedures to attempt to reconcile any discrepancies between the number of
Notes that any Subscription Form may indicate are to be issued to a stockholder upon the exercise of the Rights and the number that the
Record Stockholders List indicates may be issued to such stockholder. In any instance where Agent cannot reconcile such discrepancies
by following such procedures, Agent will consult with Company for instructions as to the number of Notes, if any, Agent is authorized
to issue. In the absence of such instructions, Agent is authorized not to issue any Notes to such stockholder and will return to the
subscribing stockholder (at Agent’s option by either first class mail under a blanket surety bond or insurance protecting Agent
and Company from losses or liabilities arising out of the non-receipt or non-delivery of the Subscription Form or by registered mail
insured separately for the value of the applicable Rights) to such stockholder’s address as set forth in the Subscription Form,
any Subscription Form delivered to Agent, any other documents delivered therewith and a letter explaining the reason for the return of
such documents.

 

8. Procedure
for Deficient Items.

 

8.1 Agent
shall examine the Subscription Form(s) received by it as agent to ascertain whether they appear to have been completed and executed in
accordance with the Subscription Offer. In the event that Agent determines that any Subscription Form does not appear to have been properly
completed or executed, or to be in proper form, or any other deficiency in connection with the Subscription Form appears to exist, Agent
shall follow, where possible, its regular procedures to attempt to cause such irregularity to be corrected. Agent is not authorized to
waive any deficiency in connection with the Subscription, unless Company provides written authorization to waive such deficiency.

 

8.2 If
a Subscription Form specifies that Notes are to be issued to a person other than the person in whose name a surrendered Right is registered,
Agent will not issue such shares until such Subscription Form has been properly endorsed with the signature guaranteed in a manner acceptable
to Agent (or otherwise put in proper form for transfer).

 

    Page 5

     

    

 

8.3 If
any such deficiency is neither corrected nor waived, Agent will return to the subscribing stockholder (at Agent’s option by either
first class mail under a blanket surety bond or insurance protecting Agent and Company from losses or liabilities arising out of the
non-receipt or non-delivery of the Subscription Form or by registered mail insured separately for the value of the applicable Rights)
to such stockholder’s address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other documents
delivered therewith and a letter explaining the reason for the return of such documents.

 

9.
Tax Reporting.

 

9.1 Agent
shall prepare and file with the appropriate governmental agency and mail to each stockholder, as applicable, all appropriate tax information
forms, including, but not limited to, Forms 1099-B, covering payments or any other distributions made by Agent pursuant to this Agreement
during each calendar year, or any portion thereof, during which Agent performs services hereunder, as described in the attached Exhibit
B. Any cost basis or tax adjustments required after the Effective Time will incur additional fees.

 

9.2
With respect to any surrendering stockholder whose TIN has not been certified as correct, Agent shall deduct and withhold the appropriate
backup withholding tax from any payment made to such stockholder pursuant to the Internal Revenue Code.

 

9.3 Should
any issue arise regarding federal income tax reporting or withholding, Agent shall take such reasonable action as Company may reasonably
request in writing. Such action may be subject to additional fees.

 

10.

 

11. 

 

12. 

 

13 Damages.
Notwithstanding anything in this Agreement to the contrary, neither party shall be liable to the other for any incidental, indirect,
special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by
a breach of any provision of this Agreement even if apprised of the possibility of such damages.

 

14. 

 

15. Compensation
and Expenses.

 

15.1 Company
shall pay to Agent compensation in accordance with the fee schedule attached as Exhibit B hereto, together with reimbursement for reasonable
fees and disbursements of counsel, regardless of whether any Rights are surrendered to Agent, for Agent’s services hereunder.

 

15.2 Company
shall be charged for certain expenses advanced or incurred by Agent in connection with Agent’s performance of its duties hereunder.
Such charges include, but are not limited to, stationery and supplies, such as checks, envelopes and paper stock, as well as any disbursements
for telephone and document creation and delivery. While Agent endeavors to maintain such charges (both internal and external) at competitive
rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use
of Agent’s billing systems.

 

    Page 6

     

    

 

15.3 If
any out-of-proof condition caused by Company or any of its prior agents arises during any terms of this agreement, Company will, promptly
upon Agent’s request, provide Agent with funds or shares sufficient to resolve the out-of-proof condition.

 

15.4 All
amounts owed to Agent hereunder are due within thirty (30) days of the invoice date. Delinquent payments are subject to a late payment
charge of one and one half percent (1.5%) per month commencing forty-five (45) days from the invoice date. Company agrees to reimburse
Agent for any attorney’s fees and any other costs associated with collecting delinquent payments.

 

15.5 Company
is responsible for all taxes, levies, duties, and assessments levied on services purchased under this Agreement (collectively, “Transaction
Taxes”).  Computershare is responsible for collecting and remitting Transaction Taxes in all jurisdictions in which Computershare
is registered to collect such Transaction Taxes.  Computershare shall invoice Company for such Transaction Taxes that Computershare
is obligated to collect upon the furnishing of services provided hereunder.  Company shall pay such Transaction Taxes according
to the terms in Section 15.1, above.  Computershare shall timely remit to the appropriate governmental authorities all such Transaction
Taxes that Computershare collects from Company.  To the extent that Company provides Computershare with valid exemption certificates,
direct pay permits, or other documentation that exempts Computershare from collecting Transaction Taxes from Company, invoices issued
for services hereunder provided after Computershare’s receipt of such certificates, permits, or other documentation will not reflect
exempted Transaction Taxes.  Computershare is solely responsible for the payment of all personal property taxes, franchise taxes,
corporate excise or privilege taxes, property or license taxes, taxes relating to Computershare’s personnel, and taxes based on
Computershare’s net income or gross revenues relating to services provided hereunder.

 

16. Termination.
Either party may terminate this Agreement upon thirty (30) days’ prior written notice to the other party. Unless so terminated,
this Agreement shall continue in effect until ninety (90) days following the Expiration Time. In the event of such early termination,
Company will appoint a successor agent and inform Agent of the name and address of any successor agent so appointed, provided, that no
failure by Company to appoint such a successor agent shall affect the termination of this Agreement or the discharge of Agent as agent
hereunder. Upon any such termination, Agent shall be relieved and discharged of any further responsibilities with respect to its duties
hereunder. Upon payment of all outstanding fees and expenses hereunder, Agent shall promptly forward to Company or its designee any Subscription
Forms or other documents relating to the Subscription Offer that Agent may receive after its appointment has so terminated.

 

17. Assignment.
Neither this Agreement nor any rights or obligations hereunder may be assigned by Company or Agent without the written consent of
the other; provided, however, that Agent may, without further consent of Company, assign any of its rights and obligations hereunder
to any affiliated agent registered under Rule 17Ac2-1 promulgated under the 1934 Act.

 

18. 

 

    Page 7

     

    

 

19.
Miscellaneous.

 

19.1
Notices. All notices, demands and other communications given pursuant to the terms and provisions hereof shall be in writing,
shall be deemed effective on the date of receipt, and may be sent by overnight delivery services, or by certified or registered mail,
return receipt requested to:

 

	If
    to Company:	with
    an additional copy to:

 

	Wheeler
                                            Real Estate Investment Trust Inc.

    2529
    Virginia Beach Blvd., Suite 200

    Virginia
    Beach, Virginia 23452

    Cplum@whlr.us

    Attn:Crystal
    Plum
	Cadwalader,
                                            Wickersham & Taft LLP

    200
    Liberty St.

    New
    York, NY 10281

    Daniel.Raglan@cwt.com

    Attn:
    Daniel Raglan

 

	If
    to Agent:	with an additional
    copy to:

 

	Computershare
                                            Inc.

    480
    Washington Blvd., 29th Floor

    Jersey
    City, NJ 07310

    Attn:
    Corp Actions Relationship Manager
	Computershare
                                            Inc.

    150
    Royall Street

    Canton,
    MA 02021

    Attn:
    Legal Department

Or

Computershare
Inc.

150
Royall Street

Canton,
MA 02021

Attn:
Corp Actions Relationship Manager

19.2 

 

19.3 Publicity.
Neither party hereto shall issue a news release, public announcement, advertisement, or other form of publicity concerning the existence
of this Agreement or the services to be provided hereunder without obtaining the prior written approval of the other party, which may
be withheld in the other party’s sole discretion; provided, that Agent may use Company’s name in its customer lists or otherwise
as required by law or regulation.

 

19.4 Successors.
All the covenants and provisions of this Agreement by or for the benefit of Company or Agent shall bind and inure to the benefit of their
respective successors and assigns hereunder.

 

19.5 Amendments.
This Agreement may be amended or modified by a written amendment executed by the parties hereto and, to the extent required, authorized
by a resolution of the Board of Directors of Company.

 

19.6 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to
be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated.

 

19.7 Governing
Law; Jurisdiction. This Agreement shall be governed by the laws of the State of New York, without regard to principles of conflicts
of law. The parties hereto irrevocably (a) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City
or the United States District Court for the Southern District of New York in any action or proceeding arising out of or relating to this
Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack
of jurisdiction to the maintenance of any such action or proceeding, and (c) waive all right to trial by jury in any action, proceeding
or counterclaim arising out of this Agreement or the transactions contemplated hereby. Agent shall not be required hereunder to comply
with the laws or regulations of any country other than the United States of America or any political subdivision thereof. Agent may consult
with foreign counsel, at Company’s expense, to resolve any foreign law issues that may arise as a result of Company or any other
party being subject to the laws or regulations of any foreign jurisdiction.

 

19.8 Force
Majeure. Agent will not be liable for any delay or failure in performance when such delay or failure arises from circumstances beyond
its reasonable control, including without limitation acts of God, acts of government in its sovereign or contractual capacity, acts of
public enemy or terrorists, acts of civil or military authority, war, riots, civil strife, terrorism, blockades, sabotage, rationing,
embargoes, epidemics, pandemics, outbreaks of infectious diseases or any other public health crises, earthquakes, fire, flood, other
natural disaster, quarantine or any other employee restrictions, power shortages or failures, utility or communication failure or delays,
labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions.

 

    Page 8

     

    

 

19.9 Third
Party Beneficiaries. The provisions of this Agreement are intended to benefit only Agent, Company and their respective permitted
successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third party beneficiaries
hereof.

 

19.10Survival.
All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality and protection
of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.

19.11Priorities. In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in (a)
this Agreement, (b) any exhibits, schedules or attachments hereto, and (c) the Subscription Offer, the terms and conditions contained
in this Agreement shall take precedence.

19.12 Merger of Agreement. This Agreement constitutes the entire agreement between the
parties hereto and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written.

 

19.13 No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event
any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.

 

19.14 Descriptive
Headings. Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

 

19.15 Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement executed
and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

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

 

    Page 9

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers as of the Effective Date hereof.

 

Wheeler
Real Estate Investment Trust Inc. 

 

	By:	/s/
    Daniel Khoshaba	 
	Name: 	Daniel
    Khoshaba	 
	Title:	Chief
    Executive Officer	 

 

 

COMPUTERSHARE
INC. and

COMPUTERSHARE
TRUST COMPANY, N.A.

For
both entities

 

	By:	/s/
    Neda Sheridan	 
	Name: 	Neda
    Sheridan	 
	Title:	Regional
    Manager	 

 

 

Page 10Exhibit
10.44

 

	

     
	Wheeler
    Real Estate Investment Trust, Inc. 

    Riversedge North 

    2529 Virginia Beach Boulevard 

    Virginia Beach, VA 23452

 

 

 

July
8, 2021

 

		TO:	Magnetar
                                            Structured Credit Fund, LP

                                            Magnetar Longhorn Fund LP

                                            Magnetar Lake Credit Fund LLC

                                            Purpose Alternative Credit Fund – F LLC

                                            Purpose Alternative Credit Fund – T LLC

                                            AY2 Capital LLC

 

		Re:	Rights
                                            Offering - Backstop Commitment

 

Ladies and
Gentlemen:

 

Reference
is made to: (i) the Registration Rights Agreement, dated as of March 12, 2021 (the “RRA”), among Wheeler Real Estate
Investment Trust, Inc., a Maryland corporation (the “Company”) and the holders from time to time of the Magnetar/AY2
Warrants (“Investors”); (ii) the Registration Statement on Form S-11, filed with the Securities and Exchange Commission
on July 8, 2021 (the “Form S-11”); (iii) the rights offering notice sent to each of the Backstop Parties (as
defined below) on June 2, 2021 (the “Rights Offering Notice”); and (iv) the election notice to backstop the Rights
Offering (as defined below) that the Backstop Parties sent to the Company on June 16, 2021 whereby the Backstop Parties exercised their
Backstop Right (as defined below) in respect of the Rights Offering (as defined below). Terms used but not defined herein shall have
the meaning ascribed to them in the RRA and Form S-11, as applicable.

 

The
Company delivered the Rights Offering Notice to Magnetar Structured Credit Fund, LP, Magnetar Longhorn Fund LP, Magnetar Lake Credit
Fund LLC, Purpose Alternative Credit Fund – F LLC, Purpose Alternative Credit Fund – T LLC and AY2 Capital LLC (collectively,
the “Backstop Parties” and each individually, a “Backstop Party”) on June 2, 2021, indicating the
Company’s intention to conduct a rights offering (the “Rights Offering”) by issuing to holders of its common
stock (“Common Shareholders”) at 5:00 p.m., New York City time, on June 1, 2021 (the “Record Date”)
on a pro rata basis non-transferable subscription rights (the “Rights”) to purchase up to $30,000,000 in aggregate
principal amount of the Company’s 7.00% Senior Subordinated Convertible Notes due 2031 (the “Notes”), with one
(1) Right issuable for every eight (8) shares of common stock owned (the “Basic Subscription Privilege”). The Form
S-11 further describes the terms of the Rights Offering, the Rights and the Notes.

 

If
the Rights Offering is not fully subscribed, then Common Shareholders who fully exercise their Basic Subscription Privilege will be
eligible to subscribe for an over-subscription privilege, which will allow them to subscribe for an additional principal amount of
the Company’s Notes issuable pursuant to Rights that were not exercised by other Common Shareholders (the
“Over-Subscription Privilege”). The Notes sold through the Over-Subscription Privilege will be sold at the same
subscription price and, if necessary, subject to proration based on relative Common Stock ownership. As indicated in the Form S-11,
we intend to apply to list the Notes for trading on the Nasdaq.

 

    1

     

    

 

The
RRA grants the Backstop Parties the right to elect to subscribe for any unsubscribed amount not fully subscribed for by the Common Shareholders
or by Waterfall. The Company informed the Backstop Parties on June 24, 2021 that Waterfall determined that it would not subscribe for
any such unsubscribed amount.

 

Each
of the Backstop Parties, severally and not jointly, irrevocably commits and agrees as follows:

 

1. Such
Backstop Party irrevocably commits (such commitment a “Backstop Commitment” and collectively with those commitments
of the other Backstop Parties, the “Backstop Commitments”) to purchase any and all Notes that remain unsubscribed
by the Common Shareholders (after any exercises of the Over-Subscription Privilege) upon the expiration of the offer period for the Rights
Offering (the “Offer Period”) in an aggregate principal amount for such Backstop Party equal to (a) its Notes Commitment
Percentage as set forth on Schedule 1 hereto multiplied by (b) the Unsubscribed Notes Amount (as defined below) (the product
of clauses (a) and (b) for such Backstop Party, its “Backstop Commitment Amount”). The term “Unsubscribed
Notes Amount” shall mean such principal amount of Notes equal to the excess, if any, of (i) the aggregate principal amount
of Notes that may be purchased pursuant to all Rights issued by the Company in connection with the Rights Offering, over (ii) the
aggregate principal amount of Notes that are purchased by common shareholders in the Rights Offering.

 

2. Each
of the foregoing Backstop Commitments is subject solely to (a) the receipt by such Backstop Party of written notice from the Company
within six (6) Business Days of expiration of the Offer Period but prior to the termination of the Backstop Commitments pursuant to Section
3 below that each Backstop Party must fund its Backstop Commitment and setting forth the amount of the Backstop Commitment to be
funded, which, for each Backstop Commitment Party, shall not be in excess of the Backstop Commitment Amount, and (b) the receipt
by each Backstop Party of its Notes thereupon purchased. The Company agrees to issue such Notes simultaneously with the receipt by the
Company of the proceeds of such funding. Each Backstop Party agrees to fund its Backstop Commitment within eleven (11) calendar days
following written notice from the Company that such Backstop Party must so fund under this Letter Agreement.

 

3. This
Letter Agreement, including each Backstop Party’s obligation to fund the Backstop Commitment, terminates upon the earliest to occur
of (a) the receipt by the Company of an aggregate of $30,000,000 in proceeds from the sale of Notes to participating Common Shareholders
in the Rights Offering (including the Backstop Parties as a result of their purchase of Notes under this Letter Agreement) (b) fifteen
(15) Business Days after the expiration of the Offer Period if the Company has not provided the Backstop Parties with the written notice
specified in Section (2)(a) prior to such date (provided, however, that such fifteen (15) Business Day period in this clause (b)
can be extended in the sole discretion of the Backstop Parties, (c) the date on which the Backstop Parties have provided the Company
with cash in the amount of the full amount of the Backstop Commitments on the terms set forth in this Letter Agreement (assuming the
Company has simultaneously therewith issued the corresponding Notes to such Backstop Party as required under Section 2 hereof)
and (d) September 15, 2021. Upon any such termination of this Letter Agreement, all obligations of the Backstop Parties hereunder
will terminate (other than the indemnity and expense reimbursement obligations of the Company set forth herein) and none of the parties
hereto shall have any liability under this Letter Agreement whatsoever to any other party, except in regard to the indemnity and expense
reimbursement obligations of the Company set forth herein (which shall survive any such termination).

 

    2

     

    

 

4. The
obligation of any Backstop Party to fund its Backstop Commitment may not be assigned to any other person or entity without the prior
written consent of the Company; provided, however, that any Backstop Party may assign all or a portion of its obligations
hereunder to any other Backstop Party. The Company may not assign or delegate any of its rights or obligations hereunder to any other
person or entity without the prior written consent of the Backstop Parties. For the avoidance of doubt however, this Section 4
shall not restrict the ability of the Backstop Parties to transfer any Notes purchased by them hereunder.

 

5. This
Letter Agreement is binding on and solely for the benefit of and enforceable by the Backstop Parties and the Company, and nothing set
forth in this Letter Agreement is to be construed to confer upon or give to any other person any benefits, rights or remedies under or
by reason of, or any rights to enforce or cause the Company to enforce, the Backstop Commitments or any provisions of this Letter Agreement.

 

6. Notwithstanding
anything to the contrary contained herein, the Company, in accepting the Backstop Commitments hereunder, agrees and acknowledges the
liability and obligations of each Backstop Party hereunder shall not exceed its respective Backstop Commitment Amount. Each Backstop
Party’s commitment herein to contribute or otherwise fund to the Company its respective Backstop Commitment Amount shall be the
sole and exclusive remedy of the Company against such Backstop Party and its Affiliates in respect of this Letter Agreement, and the
Company, on behalf of itself and its Affiliates, hereby waives all other rights and remedies it may have against the Backstop Parties
and their respective Affiliates, whether sounding in contract or tort, or whether at law or in equity, or otherwise, relating to this
Letter Agreement, including, for the avoidance of doubt, any right to seek damages against such Backstop Party in excess of such Backstop
Commitment Amount.

 

7. The
Company agrees to indemnify and hold harmless each Backstop Party and each of their Affiliates and their respective officers, directors,
employees, agents, advisors and other representatives (each an “Indemnified Party”) from and against (and will reimburse
each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities and expenses (including, without
limitation, the reasonable fees, disbursements and other charges of counsel) that may be incurred by or asserted or awarded against any
Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with
any investigation, litigation or proceeding or preparation of a defense in connection therewith) the Backstop Parties agreeing to backstop
the Rights Offering as provided in this Letter Agreement, except to the extent such claim, damage, loss, liability or expense is found
in a judgment by a court of competent jurisdiction to have resulted from (i) such Indemnified Party’s gross negligence or
willful misconduct or (ii) such Indemnified Party’s material breach of its obligations under this Letter Agreement. In the
case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective
whether or not such investigation, litigation or proceeding is brought by the Company, its subsidiaries, its equityholders or creditors
or an Indemnified Party, whether or not an Indemnified Party is otherwise a party thereto and whether or not any aspect of the Rights
Offering is consummated. The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract
or tort, or otherwise) to the Company or the Company’s subsidiaries or Affiliates or their respective equity holders or creditors
arising out of, related to or in connection with any aspect of the Rights Offering, except to the extent of direct, as opposed to special,
indirect, consequential or punitive, damages determined in a judgment by a court of competent jurisdiction to have resulted from such
Indemnified Party’s gross negligence or willful misconduct or material breach of its obligations under this Letter Agreement.

 

    3

     

    

 

8. This
Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed
wholly within the State of New York, without regard to conflicts of laws principles. Any judicial proceeding brought by or against any
party hereto with respect to this Letter Agreement must be brought in any court of competent jurisdiction located in the County and State
of New York, United States of America, and, by execution and delivery of this Letter Agreement, each of the parties hereto accepts for
itself, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any
judgment rendered thereby in connection with this Letter Agreement. THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY
JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) BROUGHT BY ANY OF THEM AGAINST THE
OTHER IN ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LETTER AGREEMENT.

 

9. This
Letter Agreement (together with the Form S-11 and the RRA) constitutes the sole agreement, and supersedes all prior agreements, understandings
and statements, written or oral, between the parties hereto with respect to the Backstop Parties’ election to backstop the Rights
Offering pursuant to Section 4.1 of the RRA. (For the avoidance of doubt, the Accordion Right is a separate right (in addition to the
Backstop Right) that the Investors may later exercise under the RRA.) The terms of this Letter Agreement may not be modified or otherwise
amended, or waived, except pursuant to a written agreement signed by all of the parties hereto. This Letter Agreement may be executed
in any number of counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

[Rest
of Page Left Intentionally Blank]

 

    4

     

    

 

	 	Very
    truly yours,
	 	 	 
	 	WHEELER
    REAL ESTATE INVESTMENT TRUST, INC.
	 	 	 
	 	By:	/s/ M. Andrew Franklin
	 	 	Name: 	M. Andrew Franklin
	 	 	Title:	Interim Chief Executive Officer

 

[Signature
Page to Backstop Commitment Letter]

 

    5

     

    

  

	Acknowledged and agreed as of the date first above written:	 
	 	 	 
	MAGNETAR STRUCTURED CREDIT FUND, LP	 
	By Magnetar Financial LLC, its general partner	 
	 	 	 
	By:	/s/ Michael Turro	 
	 	Name: 	Michael Turro	 
	 	Title:	Chief Compliance Officer	 
	 	 	 
	MAGNETAR LONGHORN FUND LP	 
	By Magnetar Financial LLC, its investment manager	 
	 	 	 
	By:	/s/
Michael Turro	 
	 	Name: 	Michael Turro	 
	 	Title: 	Chief Compliance Officer	 
	 	 	 
	MAGNETAR LAKE CREDIT FUND LLC	 
	By Magnetar Financial LLC, its manager	 
	 	 	 
	By:	/s/ Michael Turro	 
	 	Name: 	Michael Turro	 
	 	Title: 	Chief Compliance Officer	 
	 	 	 
	PURPOSE ALTERNATIVE CREDIT FUND - F LLC	 
	By Magnetar Financial LLC, its investment manager	 
	 	 	 
	By:	/s/ Michael Turro	 
	 	Name: 	Michael Turro	 
	 	Title: 	Chief Compliance Officer	 

 

[Signature Page to Backstop Commitment Letter]

 

    6

     

    

 

	PURPOSE ALTERNATIVE CREDIT FUND-T LLC	 
	By Magnetar Financial LLC, its investment manager	 
	 	 	 
	By:	/s/ Michael Turro	 
	 	Name: 	Michael Turro	 
	 	Title:  	Chief Compliance Officer	 

 

[Signature
Page to Backstop Commitment Letter]

 

    7

     

    

 

	AY2
    CAPITAL LLC	 
	By:
    Never Summer Holdings LLC, its Manager	 
	 	 	 
	By:	/s/ Harrison Wreschner	 
	 	Name:	Harrison Wreschner	 
	 	Title: 	Managing Member	 

 

[Signature
Page to Backstop Commitment Letter]

 

    8

     

    

 

Schedule
1

Backstop Commitments

 

	Backstop
    Party	 	 
    Applicable Percentage 

    Represents Applicable Percentage of Backstop Party on the Record Date.  	 	 
    Notes Commitment Percentage Represents Backstop Party’s pro rata share (i.e., relative to the other Backstop
    Parties) of total commitments hereunder by all Backstop Parties in connection with the Notes Offering.  
	Magnetar
    Structured Credit Fund, LP	 	 
    2.59%	 	 
    27.69%
	 	 	 	 	 
	Magnetar
    Longhorn Fund LP	 	 
    0.40%	 	 
    4.32%
	 	 	 	 	 
	 	 	 	 	 
	Magnetar
    Lake Credit Fund LLC	 	 
    2.79%	 	 
    29.78%
	 	 	 	 	 
	Purpose
    Alternative Credit Fund – F LLC	 	 
    2.61%	 	 
    27.89%
	 	 	 	 	 
	Purpose
    Alternative Credit Fund – T LLC	 	 
    0.87%	 	 
    9.32%
	 	 	 	 	 
	AY2
    Capital LLC	 	 
    0.59%	 	 
    1%1
	 	 	 	 	 
	Total:	 	 
    9.86 %(1)	 	 
    100 %

 

 

		(1)	 Based
                                            on 10,768,713 shares of Common Stock outstanding (on a Fully Diluted Basis (and excluding,
                                            for the avoidance of doubt, the Waterfall warrants)) as of the Record Date and assuming full
                                            (cash) exercise of the Warrants held by the entities listed above on such date.

 

 

		1	AY2
                                            Capital LLC has elected to participate in less than its Applicable Percentage and has no
                                            obligation to fund more than the stated percentage in this column.

 

 

8

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