Document:

EX-10.1

 Exhibit 10.1 

SUBSCRIPTION AGREEMENT 

WHEELER REIT, L.P. 

THE UNITS ACQUIRED HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, STATE SECURITIES LAWS OR THE LAWS OF
ANY COUNTRY OUTSIDE THE UNITED STATES. ISSUANCE OF THE UNITS IS MADE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION. THE UNITS CANNOT BE SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS THEY ARE REGISTERED IN COMPLIANCE WITH FEDERAL AND STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION THEREFROM. 
 IN MAKING AN INVESTMENT DECISION, THE INVESTOR MUST RELY ON ITS OWN
EXAMINATION OF THE PERSON OR ENTITY CREATING THE UNITS AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE UNITS BEING OFFERED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY
AUTHORITY. FURTHERMORE THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 

Wheeler REIT, L.P. 
 Riversedge North 

2529 Virginia Beach Blvd. 
 Suite 200 

Virginia Beach, VA 23452 
 Ladies and Gentlemen: 

A-C Development Club, LLC, a South Carolina limited liability company (the “Subscriber”), understands and acknowledges that
Wheeler REIT, L.P., a Virginia limited partnership (the “Company”), is offering for issuance to the Subscriber an aggregate of 888,889 partnership common units (each, a “Unit” and, collectively, the
“Units”) in the Company pursuant to this Subscription Agreement (the “Subscription Agreement”) and the Company’s Amended and Restated Agreement of Limited Partnership (the “Partnership
Agreement”). 
 The Subscriber understands and acknowledges that the Company has not retained counsel to represent the interests of
the Subscriber, and that the Subscriber should consult with its own legal, tax and investment advisors regarding a potential purchase of Units. 

The Subscriber acknowledges that the Subscriber is not acting on the basis of any representations or warranties other than those contained
herein and understands that the offering of the Units (the “Offering”) is being made pursuant to one or more exemptions from registration 

 
and without registration of the Units under the Securities Act of 1933, as amended (the “Securities Act”), or any securities, “blue sky” or other similar laws of any
state (“State Securities Laws”). 
 The Subscriber understands that the Company has been formed by Wheeler Real Estate
Investment Trust, Inc., a Maryland corporation (the “REIT”), which is the general partner of the Company. The Offering is being made in connection with the closing of the transactions contemplated by that certain Purchase and Sale
Agreement, of even date herewith (as amended to date, the “Purchase Agreement”), by and among the Subscriber, A-C Financing, LLC, a South Carolina limited liability company, Litchfield Shops Financing, LLC, a South Carolina limited
liability company, Ladson Crossing Financing, LLC, a South Carolina limited liability company, Devine Center Financing, LLC, a South Carolina limited liability company, Shoppes at Myrtle Park, LLC, a South Carolina limited liability company,
WHLR-ACD Acquisition Company, LLC, a Delaware limited liability company, the Company, and the REIT (the “Transaction”) 

1. Basic Transaction and Consideration. Pursuant to the terms of the Purchase Agreement, the Company is offering the Units pursuant
hereto as partial consideration to the Subscriber in connection with the closing of the Transaction. 
 2. Representations and Warranties
of the Company. The Company hereby represents and warrants to and covenants with the Subscriber as follows: 
 (a) The Company is duly
formed and is validly existing as a limited partnership under the laws of the Commonwealth of Virginia with full power and authority to conduct its business as currently conducted. The Company is duly qualified to do business and is in good standing
under the laws of each jurisdiction where such qualification is required. The Company has full limited partnership power and authority to conduct the businesses in which it is engaged, to own and use the properties and assets that it purports to own
or use and to perform its obligations. 
 (b) The issued and outstanding partnership units of the Company consist of 44,826,495 partnership
common units (including 39,963,476 partnership common units held by the general partner of the Company), 529 Series A preferred units and 729,119 Series B preferred units. All outstanding partnership units have been duly authorized by the Company
and are validly issued, fully paid and nonassessable. Upon issuance in accordance with the terms herein and in the Partnership Agreement, the Units will be duly authorized by the Company and will be validly issued, fully paid and nonassessable. 

(c) The Company has provided the Subscriber with a true, correct and complete copy of the Partnership Agreement and the Certificate of Limited
Partnership as filed with the Virginia State Corporation Commission, including any amendment or modification to any of the foregoing (the “Organizational Documents”). The Company is not in material violation of any of its
Organizational Documents. 
 (d) Except such as would not, individually or in the aggregate, have a material adverse effect upon the
Company, neither the execution and delivery of this agreement nor the performance of the transactions contemplated herein will, directly or indirectly, with or without 

 
notice or lapse of time: (a) materially violate any law typically applicable to the Company or any asset owned or used by the Company; (b) violate any Organizational Document; nor
(c) violate, conflict with, result in a breach of, constitute a default under, result in the acceleration of or give any person the right to accelerate the maturity or performance of, or to cancel, terminate, modify or exercise any remedy
under, any contract to which the Company is a party or by which the Company is bound or to which any asset of the Company is subject or under which the Company has any rights or the performance of which is guaranteed by any Company. 

3. Representations and Warranties of the Subscriber. The Subscriber hereby represents and warrants to and covenants with the Company as
follows: 
 (a) Accuracy of Information. All of the information provided by the Subscriber pursuant to this Subscription Agreement is
true, correct and complete in all respects, and the Company shall be entitled to rely thereon. 
 (b) Organization and Authority. The
Subscriber has been duly formed and is validly existing and in good standing under the laws of its jurisdiction of organization. The Subscriber has the full right and authority to enter into this Subscription Agreement. The persons signing this
Subscription Agreement on behalf of the undersigned are authorized to do so. 
 (c) Disclosure Advice. The Subscriber has either
consulted the Subscriber’s own investment adviser, attorney or accountant about the investment and proposed purchase of any Units and its suitability to the Subscriber or chosen not to do so, despite the recommendation of that course of action
by the Company. To the extent necessary, the Subscriber has retained, at the Subscriber’s own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits, risks and consequences of this Subscription
Agreement and of purchasing and owning the Units. Any special acknowledgment set forth herein shall not be deemed to limit the generality of this representation and warranty. The Subscriber has received a copy of the form of the Partnership
Agreement of the Company, a copy of which is attached as Exhibit A hereto, and the Subscriber understands the risks of, and other considerations relating to, a purchase of any Units, including that by its execution hereof, the undersigned
shall become a party to, and bound by the Partnership Agreement. The Subscriber has been given access to, and prior to the execution of this Subscription Agreement the Subscriber was provided with an opportunity to ask questions of, and receive
answers from, the Company’s officers and directors concerning the terms and conditions of the offering of Units, and to obtain any other information which the Subscriber and the Subscriber’s investment representative and professional
advisors requested with respect to the Company and the Subscriber’s investment in the Company in order to evaluate the Subscriber’s investment and verify the accuracy of all information furnished to the Subscriber regarding the Company.
All such questions, if asked, were answered satisfactorily and all information or documents provided were found to be satisfactory. 
 (d)
Investment Representation and Warranty. The Subscriber is acquiring the Subscriber’s Units for the Subscriber’s own account and not with a view to or for sale in connection with any distribution of all or any part of such Units. The
Subscriber hereby agrees that the Subscriber will not, directly or indirectly, assign, transfer, offer, sell, pledge, hypothecate or otherwise dispose of all or any part of such Units (or solicit any offers to buy, purchase or

 
otherwise acquire or take a pledge of all or any part of the Units) except in accordance with the registration provisions of the Securities Act or an exemption from such registration provisions,
with any applicable state or other securities laws, and with the terms of the Partnership Agreement. 
 (e) Representation of Investment
Experience and Ability to Bear Risk. The Subscriber (i) is knowledgeable and experienced with respect to the financial, tax and business aspects of the ownership of the Units and/or the shares of common stock, $0.01 par value per share, of
the REIT underlying the Units (the “REIT Shares”) and of the business contemplated by the Company and the REIT, and is capable of evaluating the risks and merits of purchasing the Units and, in making a decision to proceed with this
investment, has not relied upon any representations, warranties or agreements, other than those set forth in this Subscription Agreement and the Partnership Agreement, if any, and (ii) can bear the economic risk of an investment in the Company
for an indefinite period of time, and can afford to suffer the complete loss thereof. 
 (f) Accredited Investor. The Subscriber is
an accredited investor within the meaning of rule 501(a) of Regulation D promulgated under the Securities Act. The Subscriber shall have fully completed Exhibit B hereto. 

(g) Residence. The Subscriber maintains the Subscriber’s domicile at the address shown in the signature page of this Subscription
Agreement and the Subscriber is not merely transient or temporarily resident there. 
 (h) OFAC. The Subscriber, and all beneficial
owners of Subscriber, are in compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office
of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called
the “Orders”). For purposes of this subsection, “Person” shall mean any corporation, partnership, limited liability company, joint venture, individual, trust, real estate investment trust, banking association,
federal or state savings and loan institution and any other legal entity, whether or not a party hereto. In addition, neither the Subscriber nor any of the beneficial owners of the Subscriber: 

(i) is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other
list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”); 

(ii) has been indicted or arrested for money laundering or for predicate crimes to money laundering, convicted or pled nolo contendere to
charges involving money laundering or predicate crimes to money laundering; 
 (iii) has been determined by competent authority to be
subject to the prohibitions contained in the Orders; 

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

(vi) shall assign this Subscription Agreement or any interest herein, to any Person who is listed on the Lists or who is engaged in illegal
activities. 
 If the Subscriber obtains knowledge that the Subscriber, or any of Subscriber’s members, managers, directors or beneficial owners,
become listed on the Lists or are indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, the Subscriber shall immediately notify the Company. 

(i) No Tax Representations. The Subscriber is aware that any federal and state tax benefits may be limited by rules regarding basis,
amounts at risk, and passive losses, and that any federal and/or state income tax benefits which may be available to the Subscriber may be lost through the adoption of new laws or regulations, to changes to existing laws and regulations and to
changes in the interpretation of existing laws and regulations. The Subscriber further represents that the Subscriber is relying solely on the Subscriber’s own conclusions or the advice of the Subscriber’s own counsel or investment
representative with respect to tax aspects of any investment in the Company and that no representations or warranties have been made to the Subscriber by the Company as to the tax consequences of this investment, or as to credits, profits, losses or
cash flow which may be received or sustained as a result of this investment. The Subscriber is advised to consult its own tax advisors and counsel regarding the tax consequences of investment in the Company. 

(j) Further Assurances. The undersigned agrees to furnish any additional information requested to assure compliance with the Securities
Act, State Securities Laws and any other applicable Laws in connection with the transactions contemplated hereby. 
 4. Restrictions on
Transfer or Sale of the Units. 
 (a) The Subscriber is acquiring the Units solely for the Subscriber’s own beneficial account, for
investment purposes, and not with view to, or for resale in connection with, any distribution of the Units. The Subscriber understands that the offer and the sale of the Units has not been registered under the Securities Act or any State Securities
Laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of the Subscriber and of the other representations made by the Subscriber in this Subscription Agreement. The Subscriber understands
that the Company is relying upon the representations, covenants and agreements contained in this Subscription Agreement (and any supplemental information) for the purposes of determining whether this transaction satisfies the requirements for such
exemptions. 

 (b) The Subscriber understands that the Units are “restricted securities” under
applicable federal securities laws and that the Securities Act and the rules of the Securities and Exchange Commission provide in substance that the Subscriber may dispose of the Units only pursuant to an effective registration statement under the
Securities Act or an exemption therefrom, and the Subscriber understands that the Company shall have no obligation to register any of the Units purchased by the Subscriber hereunder (or the REIT Shares exchangeable for the Units) or to take action
so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder) except as may be set forth in the Partnership Agreement or a separate registration rights agreement. 

(c) The Subscriber agrees that: (i) the Subscriber will not sell, assign, pledge, give, transfer or otherwise dispose of the Units or any
interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Units under the Securities Act and all applicable State Securities Laws or in a transaction which is exempt from the registration
provisions of the Securities Act and all applicable State Securities Laws; and (ii) the Company shall not be required to give effect to any purported transfer of any of the Units except upon compliance with the foregoing restrictions. 

(d) Subscriber acknowledges that (i) the Units are not redeemable or exchangeable for cash or REIT Shares for a minimum of twelve
(12) months after the date of issuance, and (ii) the Units have not been registered under the Securities Act and, therefore, unless registered under the Securities Act or an exemption from registration is available, must be held (and the
Subscriber must continue to bear the economic risk of the investment in the REIT Shares and/or Units) indefinitely and may not be transferred or sold. 

(e) The Units are subject to restrictions on beneficial and constructive ownership and transfer for the purpose of the REIT’s maintenance
of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the REIT’s charter, (i) no
person may beneficially or constructively own shares of the REIT’s common stock in excess of 9.8% (in value or number of shares) of the outstanding shares of common stock of the REIT unless such person is an excepted holder (in which case the
excepted holder limit shall be applicable); (ii) no person may beneficially or constructively own shares of capital stock of the REIT in excess of 9.8% of the value of the total outstanding shares of capital stock of the REIT, unless such
person is an excepted holder (in which case the excepted holder limit shall be applicable); (iii) no person may beneficially or constructively own capital stock that would result in the REIT being “closely held” under section 856(h)
of the Code or otherwise cause the REIT to fail to qualify as a real estate investment trust; and (iv) no person may transfer shares of capital stock if such transfer would result in the capital stock of the REIT being owned by fewer than 100
persons. 
 5. Operating Partnership Agreement. By its signature hereto, the Subscriber will also be deemed to have signed and
delivered, and will become a party to, the Partnership Agreement which is attached as Exhibit B hereto. 

 6. Notices. All notices and other communications provided for herein shall be in writing
and shall be deemed to have been duly given if delivered personally, sent postage prepaid by registered or certified air mail or overnight air courier with guaranteed delivery, as follows: 

(a) if to the Company, at the following address: 

Wheeler REIT, L.P. 
 Riversedge
North 
 2529 Virginia Beach Blvd., Suite 200 

Virginia Beach, VA 23452 
 (b)
if to the Subscriber, at the address set forth on the signature page hereto, or 
 (c) at such other address as the Company or the
Subscriber shall have specified by notice in writing to the other parties. 
 All notices and communications under this Subscription Agreement shall be
deemed to have been duly given: (i) at the time delivered by hand, if personally delivered; (ii) ten (10) days during which federal banks are open for business in the United States (“Banking Days”) after being sent
postage prepaid by registered or certified air mail; and (iii) two (2) Banking Days after delivery to the courier, freight prepaid, if sent by overnight air courier guaranteeing delivery. If a notice or communication is sent in the manner
provided above within the time prescribed, it shall be deemed duly given, whether or not the addressee receives it. 
 7. Modification or
Changes. The undersigned agrees and covenants to notify the Company immediately upon the occurrence of any event prior to the Closing which would cause any representation, warranty, covenant or other statement contained in this Subscription
Agreement to be false or incorrect or of any change in any statement made herein occurring prior to the Closing. 
 8. Governing Law.
This Subscription Agreement shall be governed and controlled as to the validity, enforcement, interpretations, construction and effect and in all other aspects by the substantive laws of the Commonwealth of Virginia, without regard to the conflicts
of law provisions hereof. The sole venue for any dispute under this Subscription Agreement shall be courts of competent jurisdiction sitting in Norfolk, Virginia. The Subscriber hereby irrevocably and unconditionally submits to the jurisdiction of
such courts and waives any objection to inconvenient forum or venue with respect to any dispute arising hereunder. 
 9.
Severability. If any provision of this Subscription Agreement or the application thereof to the Subscriber shall be held invalid or unenforceable to any extent, the remainder of this Subscription Agreement shall be enforced to the greatest
extent permitted by law. 
 10. Headings. The headings in this Subscription Agreement are inserted for convenience and identification
only and are not intended to describe, interpret, define, or limit the scope, extent or intent of this Subscription Agreement or any provision hereof. 

 11. Counterparts. This Subscription Agreement may be executed in any number of
counterparts, whether by original signature or electronic transmission, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same original agreement. 

 

											
	        A-C DEVELOPMENT CLUB, LLC	 		 	
					
	        By:	  	Greenbax Enterprises, Inc., its Managing Member	 		 		 	
						
		  	By:	 	 /s/ David R. Schools
	 		 		 	
		  	Name:	 	David R. Schools	 		 		 	
		  	Title:	 	President	 		 		 	

 ACCEPTED by the Company effective this 12th day of April, 2016. 

 

					
	WHEELER REIT, L.P.
		
	By:	 	Wheeler Real Estate Investment Trust, Inc., its general partner
			
		 	By:	 	         /s/ Jon S. Wheeler

		 		 	        Jon S. Wheeler
		 		 	        Chairman and Chief Executive OfficerEX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT, dated as of April 12, 2016 (this “Agreement”), by and between Wheeler Real
Estate Investment Trust, Inc., a Maryland corporation (the “Company”), and A-C Development Club, LLC, a South Carolina limited liability company (“A-C”). This Agreement is made pursuant to the terms of that certain
Purchase and Sale Agreement, dated November 30, 2015, as amended by that certain First Amendment to Purchase and Sale Agreement dated December 7, 2015, that certain Second Amendment to Purchase and Sale Agreement dated December 29,
2015, that certain Third Amendment to Purchase and Sale Agreement dated January 8, 2016, that certain Fourth Amendment to Purchase and Sale Agreement dated February 5, 2016, that certain Fifth Amendment to Purchase and Sale Agreement dated
February 11, 2016, that certain Sixth Amendment to Purchase and Sale Agreement dated February 29, 2016, that certain Seventh Amendment to Purchase and Sale Agreement dated March 7, 2015, that certain Eighth Amendment to Purchase and
Sale Agreement dated March 16, 2016, and that certain Ninth Amendment to Purchase and Sale Agreement dated March 30, 2016, by and among A-C DEVELOPMENT CLUB, LLC, a South Carolina limited liability company, A-C FINANCING, LLC, a South
Carolina limited liability company, LITCHFIELD SHOPS FINANCING, LLC, a South Carolina limited liability company, LADSON CROSSING FINANCING, LLC, a South Carolina limited liability company, DEVINE CENTER FINANCING, LLC, a South Carolina limited
liability company, and SHOPPES AT MYRTLE PARK, LLC, a South Carolina limited liability company, WHLR-ACD ACQUISITION COMPANY, LLC, a Delaware limited liability company, . WHEELER REIT, L.P., a Virginia limited partnership, and WHEELER REAL ESTATE
INVESTMENT TRUST, INC., a Maryland corporation (the “Purchase Agreement”). 
 WHEREAS, pursuant to the Purchase
Agreement, A-C has agreed to acquire 888,889 partnership common units (the “Units”) of Wheeler REIT, L.P., a Virginia limited partnership (the “Partnership”), all of which may potentially be redeemed or exchanged
for shares of the Company’s common stock, par value $.01 per share (the “REIT Shares”) pursuant to the terms of the Partnership’s Amended and Restated Agreement of Limited Partnership (the “Partnership
Agreement”); and 
 WHEREAS, in connection with the Purchase Agreement, the Company has agreed to register for resale by
A-C, the REIT Shares held by a Holder (as defined below) upon any redemption or exchange of the Units (collectively, the “Registrable Shares”); and 

WHEREAS, the parties hereto desire to enter into this Agreement to evidence the foregoing agreement of the Company and the mutual
covenants of the parties relating thereto. 
 NOW, THEREFORE, in consideration of the foregoing and the covenants of the parties set
forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, on the terms and subject to the conditions set forth herein, the parties hereby agree as follows: 

 Section 1. Definitions. Capitalized terms used and not otherwise defined
herein that are defined in the Purchase Agreement shall have the respective meanings given to such terms in the Purchase Agreement. In this Agreement, the following terms shall have the following respective meanings: 

“Accredited Investor” shall have the meaning set forth in Rule 501 of Regulation D promulgated under the Securities Act. 

“Commission” shall mean the United States Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission thereunder, all as the same shall be in effect at the relevant time. 
 “Filing
Deadline” shall mean June 1, 2016. 
 “Holders” shall mean: (i) A-C, (ii) any subsequent holder of
Units as a result of a permitted transfer or assign to that Person of Units and (iii) each Person that is a holder of Registrable Shares as a result of a permitted transfer or assignment to that Person of Registrable Shares other than pursuant
to an effective registration statement or Rule 144 under the Securities Act. 
 “Indemnified Party” shall have the meaning
ascribed to it in Section 5(c) of this Agreement. 
 “Indemnifying Party” shall have the meaning ascribed to it in
Section 5(c) of this Agreement. 
 “Person” shall mean an individual, corporation, partnership, estate, trust,
association, private foundation, joint stock company or other entity. 
 The terms “Register,”
“Registered” and “Registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act providing for the sale by the Holders of Registrable Shares in
accordance with the method or methods of distribution designated by the Holders, and the declaration or ordering of the effectiveness of such registration statement by the Commission. 

“Registrable Shares” shall have the meaning ascribed to it in the recitals to this Agreement, except that as to any
particular Registrable Shares, once issued such securities shall cease to be Registrable Shares when (i) a registration statement with respect to the resale of such Registrable Shares shall have become effective under the Securities Act, or
(ii) such securities shall have been sold or become eligible for sale, subject to applicable volume and manner of sale limitations, in accordance with Rule 144 (or any successor provision) under the Securities Act. 

“Registration Expenses” shall mean all out-of-pocket expenses (excluding Selling Expenses) incurred by the Company in
complying with Sections 2, 3 and 7 hereof, including, without limitation, the 

  
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following: (i) all registration, filing and listing fees; (ii) fees and expenses of compliance with applicable international, federal and state securities or real estate syndication
laws (including, without limitation, reasonable fees and disbursements of counsel in connection with state securities and real estate syndication qualifications of the Registrable Shares under the laws of such jurisdictions as the Holders may
reasonably designate); (iii) printing (including, without limitation, expenses of printing or engraving certificates for the Registrable Shares in a form eligible for deposit with The Depository Trust Company and otherwise meeting the
requirements of any securities exchange on which they are listed and of printing registration statements and prospectuses), messenger, telephone, shipping and delivery expenses; (iv) fees and disbursements of counsel for the Company;
(v) Securities Act liability insurance, if the Company so desires; (vi) fees and expenses of other Persons reasonably necessary in connection with the registration, including any experts, retained by the Company; (vii) fees and
expenses incurred in connection with the listing of the Registrable Shares on each securities exchange on which securities of the same class or series are then listed; (viii) fees and expenses associated with any filing with FINRA required to
be made in connection with the registration statement; and (ix) reasonable fees and disbursements of one nationally-recognized securities law counsel, reasonably acceptable to the Company, for the Holders not to exceed $5,000 (such counsel,
“Selling Holders’ Counsel”). 
 “Rule 144” shall mean Rule 144 promulgated by the Commission under
the Securities Act. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect at the relevant time. 
 “Selling Expenses” shall mean all
underwriting discounts, selling commissions and stock transfer taxes applicable to any sale of Registrable Shares. 
 Section 2.
Registration. 
 (a) On or prior to the Filing Deadline, the Company shall prepare and file with the Commission a registration
statement on Form S-3 (or, if Form S-3 is not then available to the Company, on such other form of registration statement as is then available to effect a registration for resale of the Registrable Shares) for the purpose of effecting a Registration
of the resale of all of the Registrable Shares by the Holders. The Company shall use its best efforts to (i) effect such Registration as soon as practicable but not later than 120 days after the filing of such registration statement (including,
without limitation, the execution of an undertaking to file post-effective amendments and appropriate qualification under applicable state securities and real estate syndication laws); and (ii) keep such Registration continuously effective
until the earlier of (A) the date on which all Registrable Shares have been sold pursuant to such registration statement or Rule 144 and (B) the date on which all Registrable Shares covered by such Registration Statement may be sold
without restriction pursuant to Rule 144, without any volume and manner of sale limitations or compliance by the Company with any current public information requirements. 

  
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 (b) The Company shall not be required to effect more than one (1) Registration pursuant to
this Section 2. 
 Section 3. Registration Procedures. 

(a) The Company shall promptly notify the Holders of the occurrence of the following events: 

(i) when any registration statement relating to the Registrable Shares or post-effective amendment thereto filed with the Commission has
become effective; 
 (ii) the issuance by the Commission of any stop order suspending the effectiveness of any registration statement
relating to the Registrable Shares; 
 (iii) the Company’s receipt of any notification of the suspension of the qualification of any
Registrable Shares covered by a registration statement for sale in any jurisdiction; and 
 (iv) the existence of any event, fact or
circumstance that results in a registration statement or prospectus relating to Registrable Shares or any document incorporated therein by reference containing an untrue statement of material fact or omitting to state a material fact required to be
stated therein or necessary to make the statements therein not misleading during the distribution of securities. 
 The Company agrees to
use its best efforts to obtain the withdrawal of any order suspending the effectiveness of any such registration statement or any state qualification as promptly as possible. A-C (or the applicable Holder) agrees by acquisition of the Registrable
Shares that upon receipt of any notice from the Company of the occurrence of any event of the type described in Section 3(a)(ii), 3(a)(iii) or 3(a)(iv) to immediately discontinue its disposition of Registrable Shares pursuant to any
registration statement relating to such securities until A-C’s (or the applicable Holder’s) receipt of written notice from the Company that such disposition may be made. 

(b) The Company shall provide to any Holder, if requested by any Holder, at no cost to such Holder, a copy of the registration statement and
any amendment thereto used to effect the Registration of the Registrable Shares, each prospectus contained in such registration statement or post-effective amendment and any amendment or supplement thereto and such other documents as the requesting
Holder may reasonably request in order to facilitate the disposition of the Registrable Shares covered by such registration statement. The Company consents to the use of each such prospectus and any supplement thereto by the Holders in connection
with the offering and sale of the Registrable Shares covered by such registration statement or any amendment thereto. 
 (c) The Company
agrees to use its best efforts to cause the Registrable Shares covered by a registration statement to be registered with or approved by such state securities authorities as may be necessary to enable the Holders to consummate the disposition of such
shares pursuant to the plan of distribution set forth in the registration statement. 

  
 4 

 (d) If any event, fact or circumstance requiring an amendment to a registration statement
relating to the Registrable Shares or supplement to a prospectus relating to the Registrable Shares shall exist, immediately upon becoming aware thereof the Company agrees to notify the Holders and prepare and, if requested by a Holder, furnish to
such Holder a post-effective amendment to the registration statement or supplement to the prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the Holders, the
prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

(e) The Company agrees to use its best efforts (including the payment of any listing fees) to obtain the listing of all Registrable Shares
covered by the registration statement on each securities exchange on which securities of the same class or series are then listed. 
 (f)
The Company agrees to cooperate with the selling Holders to facilitate the timely preparation and delivery of certificates representing Registrable Shares to be sold pursuant to a Registration and not bearing any Securities Act legend; and will
instruct its transfer agent to prepare and deliver certificates for such Registrable Shares to be issued for such numbers of shares and registered in such names as the Holders may reasonably request. A Holder may elect electronic notation in lieu of
certificated securities. 
 Section 4. Expenses of Registration. The Company shall pay all Registration Expenses incurred
in connection with the registration, qualification or compliance pursuant to Sections 2 ,3 and 7 hereof. All Selling Expenses incurred in connection with the sale of Registrable Shares by any of the Holders shall be borne by the
Holder selling such Registrable Shares. Each Holder shall pay the expenses of its own counsel, if any, except that the Company shall pay the Selling Holders’ Counsel as set forth in the definition of Registration Expenses. 

Section 5. Indemnification. 

(a) The Company will indemnify each Holder, each Holder’s officers and directors, and each person controlling such Holder within the
meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages and liabilities (including reasonable legal fees and expenses), arising out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any registration statement or prospectus relating to the Registrable Shares, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue
statement (or alleged untrue statement) or omission (or alleged omission), made in reliance upon and in conformity with information furnished in writing to the Company by such Holder or underwriter for inclusion therein. 

  
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 (b) Each Holder will indemnify the Company, each of its directors and each of its officers who
signs the registration statement, each underwriter, if any, of the Company’s securities covered by such registration statement, and each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities
Act, against all expenses, claims, losses, damages and liabilities (including reasonable legal fees and expenses), arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration
statement or prospectus relating to the Registrable Shares, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission or alleged untrue statement or omission is made in such registration statement or prospectus, or any amendment or supplement thereto,
in reliance upon and in conformity with information furnished in writing to the Company by such Holder or underwriter for inclusion therein. 

(c) Each party entitled to indemnification under this Section 5 (the “Indemnified Party”) shall give written notice to
the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has knowledge of any claim as to which indemnity may be sought, but the omission to so notify the Indemnifying Party
shall not relieve it from any liability which it may have to the Indemnified Party pursuant to the provisions of this Section 5 except to the extent of the actual damages suffered by such delay in notification. The Indemnifying Party shall
assume the defense of such action, including the employment of counsel to be chosen by the Indemnifying Party to be reasonably satisfactory to the Indemnified Party, and payment of expenses. The Indemnified Party shall have the right to employ its
own counsel in any such case, but the legal fees and expenses of such counsel shall be at the expense of the Indemnified Party, unless the employment of such counsel shall have been authorized in writing by the Indemnifying Party in connection with
the defense of such action, or the Indemnifying Party shall not have employed counsel to take charge of the defense of such action or the Indemnified Party shall have reasonably concluded that there may be defenses available to it or them which are
different from or additional to those available to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to direct the defense of such action on behalf of the Indemnified Party), in any of which events such fees and
expenses shall be borne by the Indemnifying Party. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of the Indemnified Party, consent to any of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. If the Indemnifying Party is not entitled to, or elects not to,
assume the defense of a claim, it shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim. 

(d) If the indemnification provided for in this Section 5 is unavailable to a party that would have been an Indemnified Party
under this Section 5 in respect of any expenses, claims, losses, 

  
 6 

 
damages and liabilities referred to herein, then each party that would have been an Indemnifying Party hereunder shall, in lieu of indemnifying such Indemnified Party, contribute to the amount
paid or payable by such Indemnified Party as a result of such expenses, claims, losses, damages and liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and such Indemnified Party
on the other in connection with the statement or omission which resulted in such expenses, claims, losses, damages and liabilities, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or such Indemnified Party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 5(d)
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 5(d). 

(e) No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (f) In no event shall any Holder be liable for any
expenses, claims, losses, damages or liabilities pursuant to this Section 5 in excess of the net proceeds to such holder of any Registrable Shares sold by such Holder. 

Section 6. Information to be Furnished by Holders. Each Holder shall furnish the Company such information as the Company
may reasonably request and as shall be required in connection with the Registration and related proceedings referred to in Section 2 hereof. At least ten business days prior to the first anticipated filing date of any Registration
Statement, the Company shall notify each Holder of the information the Company requires from such Holder if such Holder elects to have any of the Registrable Shares included in the Registration Statement. Each Holder shall provide such information
to the Company at least five business days prior to the first anticipated filing date of such Registration Statement if such Holder elects to have any of the Registrable Shares included in the Registration Statement. If any Holder fails to provide
the Company with such information within five business days of receipt of the Company’s request, the Company’s obligations under Section 2 hereof, as applicable, with respect to such Holder or the Registrable Shares owned by such
Holder shall be suspended until such Holder provides such information; provided, however, if such Holder provides such information 30 or more days after the Company had provided notice and there are additional costs or expenses necessary to be
incurred to include such Holder’s Registrable Shares, such Holder shall be responsible for payment of these costs and expenses. 

  
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 Section 7. Rule 144 Sales. 

(a) The Company covenants that it will file the reports required to be filed by the Company under the Exchange Act, so as to enable any Holder
to sell Registrable Shares pursuant to Rule 144 under the Securities Act. 
 (b) In connection with any sale, transfer or other disposition
by any Holder of any Registrable Shares pursuant to Rule 144 under the Securities Act, the Company shall cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable Shares to be sold and not
bearing any Securities Act legend, and enable certificates for such Registrable Shares to be for such number of shares and registered in such names as the selling Holder may reasonably request. 

Section 8. Miscellaneous. 

(a) Governing Law. This Agreement in all respects shall be governed by, and construed in accordance with, the internal laws of the
Commonwealth of Virginia. 
 (b) Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between
the parties with regard to the subject matter hereof, and supersedes all prior understandings and agreements (whether written or oral). 

(c) Amendment. No supplement, modification, waiver or termination of this Agreement shall be binding unless executed in writing by the
party to be bound thereby. 
 (d) Notices, etc. Each notice, demand, request, request for approval, consent, approval, disapproval,
designation or other communication (each of the foregoing being referred to herein as a notice) required or desired to be given or made under this Agreement shall be in writing (except as otherwise provided in this Agreement), and shall be effective
and shall be deemed to have been duly given and effective upon actual receipt (or refusal of receipt). If the address of a party has changed, then such party promptly shall by Notice to the other parties given in accordance with this
Section 8(d) designate a new address for receipt of Notices hereunder. For the avoidance of doubt, if a Notice given in accordance with this Section 8(d) to a party is returned to the sender as being refused or undeliverable
(or having a similar status), then such Notice to such party shall be deemed to have been duly given and effective on the date that such Notice was originally sent. Notices shall be addressed as follows: (a) if to A-C, at A-C’s address set
forth in the Purchase Agreement, or at such other address or fax number as A-C shall have furnished to the Company in writing, or (b) if to any assignee or transferee of A-C, at such address as such assignee or transferee shall have furnished
the Company in writing, or (c) if to the Company, at the Company’s address set forth in the Purchase Agreement, or at such other address or fax number as the Company shall have furnished to A-C or any assignee or transferee. Any notice or
other communication required to be given hereunder to a Holder in connection with a registration may instead be given to the designated representative of such Holder. 

  
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 (e) Counterparts. This Agreement may be executed with counterpart signature pages or in
two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof. 

(f) Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 
 (g) Section Titles.
Section titles are for descriptive purposes only and shall not control or alter the meaning of this Agreement as set forth in the text. 

(h) Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective successors and assigns,
including, without limitation and without the need for an express assignment or assumption, subsequent Holders permitted in accordance with the terms of the Partnership Agreement. 

(i) Remedies. The Company and A-C acknowledge that there would be no adequate remedy at law if any party fails to perform any of its
obligations hereunder, and accordingly agree that the Company and each Holder, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of another party
under this Agreement in accordance with the terms and conditions of this Agreement in any court of the United States or any State thereof waving jurisdiction. 

(j) Attorneys’ Fees. If the Company or any Holder brings an action to enforce its rights under this Agreement, the prevailing
party in the action shall be entitled to recover its costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred in connection with such action, including any appeal of such action. 

[SIGNATURE PAGE FOLLOWS] 

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

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

		 	Jon S. Wheeler
		 	Chairman and Chief Executive Officer
		 	Date: April 12, 2016

  

					
	A-C DEVELOPMENT CLUB, LLC
		
	By:	 	Greenbax Enterprises, Inc., its Managing Member
			
		 	By:	 	 /s/ David R. Schools

		 	Name:	 	David R. Schools
		 	Title:	 	President
		 	Date:	 	April 12, 2016

  
 10

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