Document:

EX-10.2

 Exhibit 10.2 

TAX PROTECTION AGREEMENT 

THIS TAX PROTECTION AGREEMENT (this “Agreement”) is made and entered into as of October 24, 2014 by and among WHEELER
REIT, L.P., a Virginia limited partnership (the “Partnership”), WHEELER REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation (the “REIT”), and JON S. WHEELER, a resident of the Commonwealth of Virginia (the
“Contributor”). 
 WHEREAS, pursuant to those certain Contribution and Subscription Agreements, dated as of
October 24, 2014 (the “Contribution Agreements”), the Contributor is contributing (the “Contribution”), as applicable, his membership interests in WHLR Management, LLC, a Virginia limited liability company, and
Wheeler Interests, LLC, a Virginia limited liability company, to the Partnership in exchange for common partnership units of the Partnership (the “Units”); 

WHEREAS, it is intended for federal income tax purposes that the Contribution for Units will be treated as a tax-deferred contribution of
assets to the Partnership for Units under Section 721 of the Internal Revenue Code of 1986, as amended (the “Code”); 

WHEREAS, in consideration for the agreement of the Contributor to make the Contribution, the parties desire to enter into this Agreement
regarding certain tax matters as set forth herein; and 
 WHEREAS, the REIT and the Partnership desire to evidence their agreement regarding
amounts that may be payable in the event of certain actions being taken by the Partnership regarding the disposition of certain of the contributed assets and regarding certain minimum debt obligations of the Partnership and its subsidiaries. 

NOW, THEREFORE, in consideration of the promises and the mutual representations, warranties, covenants and agreements contained herein and in
the Contribution Agreements, the parties hereto hereby agree as follows: 
 ARTICLE 1

DEFINITIONS 
 To the extent
not otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in the Partnership Agreement (as defined below). 

“Accounting Firm” has the meaning set forth in the Section 3.2. 

“Agreement” has the meaning set forth in the Preamble. 

“Closing Date” means the date of this Agreement. 

“Code” has the meaning set forth in the Preamble. 

  
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 “Gain Limitation Property” means (i) each of the properties and assets
identified on Schedule 2.1(a) hereto as a Gain Limitation Property; (ii) any direct or indirect interest owned by the Partnership in any entity that owns an interest in a Gain Limitation Property, if the disposition of that interest
would result in the recognition of Protected Gain by a Protected Partner; and (iii) any other property that the Partnership directly or indirectly receives that is in whole or in part a “substituted basis property” as defined in
Section 7701(a)(42) of the Code with respect to a Gain Limitation Property. 
 “Partnership” has the meaning set forth
in the Preamble. 
 “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the
Partnership, dated as of November 16, 2012, as amended, and as the same may be further amended in accordance with the terms thereof. 

“Partnership Interest Consideration” has the meaning set forth in Section 2.1(a). 

“Protected Gain” shall mean the gain that would be allocable to and recognized by the Protected Partner for federal income
tax purposes under Section 704(c) of the Code in the event of the sale of a Gain Limitation Property in a fully taxable transaction. The initial amount of Protected Gain with respect to the Protected Partner shall be determined as if the
Partnership sold each Gain Limitation Property in a fully taxable transaction on the Closing Date for consideration equal to the Section 704(c) Value of such Gain Limitation Property on the Closing Date, and is set forth on Schedule
2.1(a) hereto. Gain that would be allocated to the Protected Partner upon a sale of a Gain Limitation Property that is “book gain” (for example, any gain attributable to appreciation in the actual value of the Gain Limitation Property
following the Closing Date or any gain resulting from reductions in the “book value” of the Gain Limitation Property following the Closing Date) shall not be considered Protected Gain. As used in this definition, “book gain” is
any gain that would not be required under Section 704(c) of the Code and the applicable regulations to be specially allocated to the Protected Partner for federal income tax purposes. 

“Protected Partner” means the Contributor and any person who (i) acquires Units from the Protected Partner in a
transaction in which gain or loss is not recognized in whole or in part and in which such transferee’s adjusted basis for federal income tax purposes is determined in whole or in part by reference to the adjusted basis of the Protected Partner
in such Units, (ii) has notified the Partnership of its status as the Protected Partner and (iii) provides all documentation reasonably requested by the Partnership to verify such status, but excludes any person that ceases to be the
Protected Partner pursuant to this Agreement. 
 “Section 704(c) Value” means the fair market value of any Gain Limitation
Property as of the Closing Date, as determined by the Partnership and as set forth next to each Gain Limitation Property on Schedule 2.1(b) hereto. Notwithstanding the preceding sentence, with respect to each Gain Limitation Property, the
Section 704(c) Value shall not exceed the “Maximum Agreed Value” set forth next to each Gain Limitation Property on Schedule 2.1(b) hereto. 

“Subsidiary” means any entity in which the Partnership owns a direct or indirect interest that owns a Gain Limitation
Property on the Closing Date or that thereafter is a successor to the Partnership’s direct or indirect interests in a Gain Limitation Property. 

  
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 “Successor Corporation” has the meaning set forth in Section 2.1(b).

 “Tax Protection Period” means the period commencing on the Closing Date and ending at 12:01 AM on October 25, 2021.

 “Units” has the meaning set forth in the Recitals. 

ARTICLE 2 
 RESTRICTIONS
ON DISPOSITIONS OF
 GAIN LIMITATION PROPERTIES 

2.1 Restrictions on Disposition of Gain Limitation Properties. 

(a) The Partnership agrees for the benefit of the Protected Partner, for the term of the Tax Protection Period, not to directly or indirectly
sell, exchange, transfer, or otherwise dispose of a Gain Limitation Property or any interest therein, without regard to whether such disposition is voluntary or involuntary, in a transaction that would cause the Protected Partner to recognize any
Protected Gain. 
 Without limiting the foregoing, the term “sale, exchange, transfer or disposition” by the Partnership shall be
deemed to include, and the prohibition shall extend to: 
  

	 	(i)	any direct or indirect disposition by any direct or indirect Subsidiary of any Gain Limitation Property or any interest therein; 

  

	 	(ii)	any direct or indirect disposition by the Partnership of any Gain Limitation Property (or any direct or indirect interest therein) that is subject to Section 704(c)(1)(B) of the Code and the Treasury Regulations
thereunder; and 

  

	 	(iii)	any distribution by the Partnership to a Protected Partner that is subject to Section 737 of the Code and the Treasury Regulations thereunder. 

Without limiting the foregoing, a disposition shall include any transfer, voluntary or involuntary, by the Partnership or any Subsidiary in a
foreclosure proceeding, pursuant to a deed in lieu of foreclosure, or in a bankruptcy proceeding. 
 Notwithstanding the foregoing, this
Section 2.1 shall not apply to a voluntary, actual disposition by the Protected Partner of Units in connection with a merger or consolidation of the Partnership pursuant to which (1) the Protected Partner is offered as consideration
for the Units either cash or property treated as cash pursuant to Section 731 of the Code (“Cash Consideration”) or partnership interests and the receipt of such partnership interests would not result in the recognition of gain
for federal income tax purposes by the Protected Partner (“Partnership Interest Consideration”); (2) the Protected Partner has the right to elect to receive solely Partnership Interest Consideration in exchange for his Units,
and the continuing 

  
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partnership has agreed in writing to assume the obligations of the Partnership under this Agreement; (3) no Protected Gain is recognized by the Partnership as a result of any partner of the
Partnership receiving Cash Consideration; and (4) the Protected Partner elects or is deemed to elect to receive solely Cash Consideration. 

(b) Notwithstanding the restriction set forth in this Section 2.1, the Partnership and any Subsidiary may dispose of any Gain
Limitation Property (or any interest therein) if such disposition qualifies as a “like-kind exchange” under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including,
but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity (a
“Successor Corporation”)) that, as to each of the foregoing, does not result in the recognition of any taxable income or gain to the Protected Partner with respect to any of the Units; provided, however, that in the
case of a “like-kind exchange” under Section 1031 of the Code, if such exchange is with a “related party” within the meaning of Section 1031(f)(3) of the Code, any direct or indirect disposition by such related party of
the Gain Limitation Property or any other transaction prior to the expiration of the two (2) year period following such exchange that would cause Section 1031(f)(1) of the Code to apply with respect to such Gain Limitation Property
(including by reason of the application of Section 1031(f)(4) of the Code) shall be considered a violation of this Section 2.1 by the Partnership. 

ARTICLE 3 
 REMEDIES FOR
BREACH 
 3.1 Monetary Damages. In the event that the Partnership breaches its obligations set forth in Article 2, with respect
to the Protected Partner, the Protected Partner’s sole remedy shall be to receive from the Partnership, and the Partnership shall pay to the Protected Partner as damages, an amount equal to: (i) the aggregate federal, state, and local
income taxes incurred by the Protected Partner with respect to the Protected Gain that is allocable to such Protected Partner under the Partnership Agreement as a result of the disposition of the Gain Limitation Property, plus (ii) an amount
equal to the aggregate federal, state, and local income taxes payable by the Protected Partner as a result of the receipt of any payment required under this Section 3.1. 

For purposes of computing the amount of federal, state, and local income taxes required to be paid by the Protected Partner, (i) any
deduction for state income taxes payable as a result thereof actually allowed in computing federal income taxes shall be taken into account, and (ii) the Protected Partner’s tax liability shall be computed using the highest federal, state
and local marginal income tax rates that would be applicable to the Protected Partner’s taxable income (taking into account the character and type of such income or gain), including, if applicable, the net investment income tax, for the year
with respect to which the taxes must be paid, without regard to any deductions, losses or credits that may be available to the Protected Partner that would reduce or offset its actual taxable income or actual tax liability if such deductions, losses
or credits could be utilized by the Protected Partner to offset other income, gain or taxes of the Protected Partner, either in the current year, in earlier years, or in later years. 

  
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 3.2 Process for Determining Damages. If the Partnership has breached or violated any of
the covenants set forth in Article 2 (or the Protected Partner asserts that the Partnership has breached or violated any of the covenants set forth in Article 2), the Partnership and the Protected Partner agree to negotiate in good faith to resolve
any disagreements regarding any such breach or violation and the amount of damages, if any, payable to the Protected Partner under Section 3.1. If any such disagreement cannot be resolved by the Partnership and the Protected Partner
within sixty (60) days after the receipt of notice from the Partnership of such breach and the amount of income to be recognized by reason thereof (or, if applicable, receipt by the Partnership of an assertion by the Protected Partner that the
Partnership has breached or violated any of the covenants set forth in Article 2), the Partnership and the Protected Partner shall jointly retain a regionally recognized independent public accounting firm (“an Accounting Firm”) to
act as an arbitrator to resolve as expeditiously as possible all points of any such disagreement (including, without limitation, whether a breach of any of the covenants set forth in Article 2, has occurred and, if so, the amount of damages to which
the Protected Partner is entitled as a result thereof, determined as set forth in Section 3.1). All determinations made by the Accounting Firm with respect to the resolution of any breach or violation of any of the covenants set forth in
Article 2 and the amount of damages payable to the Protected Partner under Section 3.1 shall be final, conclusive and binding on the Partnership and the Protected Partner. The fees and expenses of any Accounting Firm incurred in
connection with any such determination shall be shared equally by the Partnership and the Protected Partner, provided that if the amount determined by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than
five percent (5%) higher than the amount proposed by the Partnership to be owed to the Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in
connection with any such determination shall be paid by the Partnership and if the amount determined by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than five percent (5%) less than the amount proposed by
the Partnership to be owed to the Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses of any Accounting Firm incurred in connection with any such determination shall be paid by the
Protected Partner. 
 3.3 Required Notices; Time for Payment. In the event that there has been a breach of Article 2, the Partnership
shall provide to the Protected Partner notice of the transaction or event giving rise to such breach not later than at such time as the Partnership provides to the Protected Partner the IRS Schedule K-1 to the Partnership’s federal income tax
return for the year of such transaction. All payments required to be made under this Article 3 to the Protected Partner shall be made to the Protected Partner on or before April 15 of the year following the year in which the gain recognition
event giving rise to such payment took place; provided that, if the Protected Partner is required to make estimated tax payments that would include such gain (taking into account all available safe harbors), the Partnership shall make a
payment to the Protected Partner on or before the due date for such estimated tax payment and such payment from the Partnership shall be in an amount that corresponds to the amount of the estimated tax being paid by the Protected Partner at such
time as a result of the gain recognition event. In the event of a payment made after the date required pursuant to this Section 3.3, interest shall accrue on the aggregate amount required to be paid from such date to the date of actual
payment at a rate equal to the “prime rate” of interest, as published in the Wall Street Journal (or if no longer published there, as announced by Citibank) effective as of the date the payment is required to be made. 

  
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 ARTICLE 4 

SECTION 704(C) METHOD AND ALLOCATIONS 

Notwithstanding any provision of the Partnership Agreement, the Partnership shall use the “traditional method” under Treasury
Regulations Section 1.704-3(b) for purposes of making all allocations under Section 704(c) of the Code with respect to any Gain Limitation Property. 

ARTICLE 5 
 AMENDMENT OF
THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS 
 5.1 Amendment. This Agreement may not be amended, directly or indirectly
(including by reason of a merger between either the Partnership or the REIT and another entity) except by a written instrument signed by the REIT, the Partnership, and the Protected Partner to be subject to such amendment. 

5.2 Waiver. Notwithstanding the foregoing, upon written request by the Partnership, each Protected Partner, in its sole discretion, may
waive the payment of any damages that are otherwise payable to the Protected Partner pursuant to Article 3 hereof. Such a waiver shall be effective only if obtained in writing from the Protected Partner. 

ARTICLE 6 
 MISCELLANEOUS

 6.1 Additional Actions and Documents. Each of the parties hereto hereby agrees to take or cause to be taken such further
actions, to execute, deliver, and file or cause to be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably requested in order to fully effectuate the purposes, terms and
conditions of this Agreement. 
 6.2 Assignment. No party hereto shall assign its or his rights or obligations under this Agreement,
in whole or in part, except by operation of law, without the prior written consent of the other parties hereto, and any such assignment contrary to the terms hereof shall be null and void and of no force and effect. 

6.3 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Protected Partner and his
successors and permitted assigns, whether so expressed or not. This Agreement shall be binding upon the REIT, the Partnership, and any entity that is a direct or indirect successor, whether by merger, transfer, spin-off or otherwise, to all or
substantially all of the assets of either the REIT or the Partnership (or any prior successor thereto as set forth in the preceding portion of this sentence), provided that none of the foregoing shall result in the release of liability of the
REIT and the Partnership hereunder. The REIT and the Partnership covenant with and for the benefit of the Protected Partner not to undertake any transfer of all or substantially all of the assets of either entity (whether by merger, transfer,
spin-off or otherwise) unless the transferee has acknowledged in writing and agreed in writing to be bound by this Agreement, provided that the foregoing shall not be deemed to permit any transaction otherwise prohibited by this Agreement.

  
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 6.4 Modification; Waiver. No failure or delay on the part of any party hereto in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and not exclusive of any rights or remedies which they would otherwise have. No modification or waiver of any
provision of this Agreement, nor consent to any departure by any party therefrom, shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

6.5 Representations and Warranties Regarding Authority; Noncontravention. Each of the REIT and the Partnership has the requisite
corporate or other (as the case may be) power and authority to enter into this Agreement and to perform its respective obligations hereunder. The execution and delivery of this Agreement by each of the REIT and the Partnership and the performance of
each of its respective obligations hereunder have been duly authorized by all necessary trust, partnership, or other (as the case may be) action on the part of each of the REIT and the Partnership. This Agreement has been duly executed and delivered
by each of the REIT and the Partnership and constitutes a valid and binding obligation of each of the REIT and the Partnership, enforceable against each of the REIT and the Partnership in accordance with its terms, except as such enforcement may be
limited by (i) applicable bankruptcy or insolvency laws (or other laws affecting creditors’ rights generally) or (ii) general principles of equity. The execution and delivery of this Agreement by each of the REIT and the Partnership
do not, and the performance by each of its respective obligations hereunder will not, conflict with, or result in any violation of (i) the Partnership Agreement or (ii) any other agreement applicable to the REIT and/or the Partnership,
other than, in the case of clause (ii), any such conflicts or violations that would not materially adversely affect the performance by the Partnership and the REIT of their obligations hereunder. 

6.6 Captions. The Article and Section headings contained in this Agreement are inserted for convenience of reference only, shall not be
deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

  
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 6.7 Notices. All notices and other communications given or made pursuant hereto shall be
in writing, shall be deemed to have been duly given or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt
requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like changes of address) or sent by electronic transmission to the telecopier number specified below: 

 

	 	(i)	if to the Partnership or the REIT, to: 

 Wheeler Real Estate Investment Trust, Inc. 

Riversedge North 
 2529 Virginia
Beach Blvd. 
 Virginia Beach, VA 23452 

With a copy to: 
 Haneberg, PLC

 310 Granite Ave. 

Richmond, Virginia 23226 
 Attn:
Bradley A. Haneberg, Esq. 
  

	 	(ii)	if to the Protected Partner, to: 

 Jon S. Wheeler 

Riversedge North 
 2529 Virginia
Beach Blvd. 
 Virginia Beach, VA 23452 

With a copy to: 
 Haneberg, PLC

 310 Granite Ave. 

Richmond, Virginia 23226 
 Attn:
Bradley A. Haneberg, Esq. 
 Each party may designate by notice in writing a new address to which any notice, demand, request or
communication may thereafter be so given, served or sent. Each notice, demand, request, or communication which shall be hand delivered, sent, mailed, telecopied or telexed in the manner described above, or which shall be delivered to a telegraph
company, shall be deemed sufficiently given, served, sent, received or delivered for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, or (with respect to a telecopy or telex) the
answerback being deemed conclusive, but not exclusive, evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation. 

6.8 Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same
agreement and each of which shall be deemed an original. 
 6.9 Governing Law. The interpretation and construction of this Agreement,
and all matters relating thereto, shall be governed by the laws of the Commonwealth of Virginia, without regard to the choice of law provisions thereof. 

  
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 6.10 Consent to Jurisdiction; Enforceability. 

(a) This Agreement and the duties and obligations of the parties hereunder shall be enforceable against any of the parties in the courts of
the Commonwealth of Virginia. For such purpose, each party hereto and the Protected Partner hereby irrevocably submits to the nonexclusive jurisdiction of such courts and agrees that all claims in respect of this Agreement may be heard and
determined in any of such courts. 
 (b) Each party hereto hereby irrevocably agrees that a final judgment of any of the courts specified
above in any action or proceeding relating to this Agreement shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

6.11 Severability. If any part of any provision of this Agreement shall be invalid or unenforceable in any respect, such part shall be
ineffective to the extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Agreement. 

6.12 Costs of Disputes. Except as otherwise expressly set forth in this Agreement, the nonprevailing party in any dispute arising
hereunder shall bear and pay the costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the prevailing party or parties in connection with resolving such dispute. 

6.13 Enforcement by Protected Partners. The Protected Partner is the beneficiary of this Agreement and shall be able to enforce this
Agreement as if they were parties to this Agreement. 
 [Signatures appear on following page] 

  
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 IN WITNESS WHEREOF, the REIT, the Partnership and the Contributor have caused this Agreement to
be signed by their respective officers, general partners, or delegates thereunto duly authorized all as of the date first written above. 
  

					
	 WHEELER REAL ESTATE INVESTMENT

TRUST., a Maryland corporation

		
	By:	 	 /s/ Jon S. Wheeler

		 	Name:  Jon S. Wheeler
		 	Title:    Chairman & CEO
	
	 WHEELER REIT, L.P.,
 a Virginia
limited partnership

			
		 	By:	 	Wheeler Real Estate Investment Trust,
		 		 	Inc., a Maryland corporation
		
	By:	 	 /s/ Jon S. Wheeler

		 	Name:  Jon S. Wheeler
		 	Title:    Chairman & CEO
		
	By:	 	 /s/ Jon S. Wheeler

		 	Jon S. Wheeler

  
 10EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made as of October 24, 2014 between Wheeler Real Estate Investment Trust, Inc.
(“Employer”), and Jon S. Wheeler (“Employee”). 
 WHEREAS, Employer wishes to employ Employee to serve as its Chairman
of the Board of Directors and Chief Executive Officer (“Chair and CEO”), and Employee is willing to undertake such employment in accordance with the terms of this Agreement; and 

WHEREAS, Employee recognizes the importance to Employer, and its investors, and to the public of maintaining the high standards and quality
associated with Employer’s name and reputation, and is willing to maintain such high standards and quality; and 
 WHEREAS, Employer is
engaged in the business of acquisition, disposition, and property management of commercial real estate; 
 NOW, THEREFORE, it is agreed as
follows: 
 1. TERM OF EMPLOYMENT: Subject to the provisions of this Agreement, Employer will employ Employee as its Chair and CEO beginning
on October 24, 2014, and continuing for a period of one year (“Initial Term”). 
 1.1 This Agreement shall automatically
renew for successive one-year periods (“Renewal Term”), under and subject to the terms herein, unless either party gives sixty days written notice prior to the expiration of any Renewal Term on Initial Term (“Notice of
Non-Renewal”). 
 1.2 Employer, in its sole discretion, shall have the option but not the obligation of relieving Employee of actually
performing any services following the giving of a Notice of Non-Renewal. Employee shall nonetheless be paid for twelve months from the date of notice provided he does not violate any provision of this Agreement while receiving such compensation.

 2. DUTIES: During the period of employment hereunder, Employee will devote his best efforts to
the business and affairs of Employer, perform such services consistent with his position as are designated by Employer, and use his best efforts to promote the interest of Employer. Employee’s duties shall include (a) being the senior
officer responsible for administering day-to-day business operations, (b) identifying and acquiring targeted real estate investments, (c) overseeing the
management of investments, (d) handling the disposition of real estate investments, and (e) finding sources of new equity capital from time to time. Employee pledges that during the term of this Agreement, Employee shall not, directly or
indirectly, engage in any other business that could reasonably be expected to detract from Employee’s ability to apply his best efforts to the performance of his duties hereunder but may perform other duties in support of and be compensated by
one or more companies affiliated with Employer when reasonably requested to do so. Employee further agrees to comply with all rules, regulations and policies established or issued by and made applicable to Employer’s employees generally. 

3. COMPENSATION: Employer will pay Employee a regular base salary commensurate with his position and performance, such salary to be determined
from time to time by Employer, but to be not less than $475,000 per annum upon the initiation of this Agreement. Such salary will be payable in periodic installments on the same basis as that of other employees of Employer. At least annually, a
possible increase in salary will be considered, but an increase shall not automatically occur. Employee will be eligible to participate in any current or future bonus, long-term incentive and other compensation plans available to Employer’s
executives. Adjustments to base salary and other amounts paid or granted under these plans are at the discretion of the Board of Directors, based on recommendations of the Compensation Committee. 

3.1 Employee shall receive reimbursements for reasonable and necessary business expenses, including but not limited to, cell phone, mileage,
toll and travel expenses, including costs incurred to attend conferences and events to enhance Employee’s skills and/or visibility in Employer’s industry, incurred by Employee in performance of his duties hereunder. 

  
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 4. BENEFITS: Employee and his family shall be entitled to participate in, and receive benefits
from, on a basis comparable to other senior executives, any insurance, medical, disability, or other employee benefit plans of Employer. 

5. DEATH: If Employee should die during the Initial Term or any Renewal Term of this Agreement, Employer will, in lieu of payments due under
other provisions of this Agreement, pay to Employee’s estate for a period of twelve months, Employee’s regular base salary at the time of the Employee’s death plus any previously accrued and unpaid base salary. Thereafter, Employer
will have no further obligation to Employee or his estate under this Agreement. 
 6. DISABILITY: In the event that Employee, by reason of
physical or mental incapacity is unable, with or without reasonable accommodation, to perform his duties and responsibilities under this Agreement for 120 consecutive days or longer (“Disability”), then Employer will pay to Employee his
regular base salary for a twelve month period following the date on which the Disability first begins. Thereafter, Employer will have no obligation to pay Employee any compensation under this Agreement. 

  
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 7. TERMINATION WITHOUT CAUSE; SEVERANCE PAY: 

7.1 At any point during the Initial Term or during any Renewal Term hereof, Employer may terminate Employee’s employment immediately and
without cause. However, if Employer terminates employee’s employment pursuant to this paragraph 7.1, Employer shall pay to Employee his regular base salary payable in periodic installments on the same schedule as other executive employees
of Employer for twelve months following the date on which employment is terminated (“Severance Pay”). 
 7.2 Employee agrees that
while receiving Severance Pay, in the event he violates any provision of this Agreement, he will forfeit all Severance Pay from the first date of payment and shall be obligated to return all such pay within ten days of demand for return of such pay
by Employer. 
 8. TERMINATION FOR CAUSE: 

8.1 The Employee’s employment may be terminated at any time by Employer for “Cause.” As used in this Agreement, the term Cause
means (i) disloyalty or dishonesty towards Employer; (ii) gross or intentional neglect in performance of duties; (iii) incompetence or willful misconduct in performance of duties; (iv) substance abuse affecting Employee’s
performance of duties; (v) discrimination against or harassment of other employees; (vi) willful violation of any law, rule, or regulation (other than minor traffic violations) related to Employee’s duties; (vii) material breach
of any provision of this Agreement; or (viii) any other act or omission which harms or may reasonably be expected to harm the reputation and/or business interests of Employer. If the employment is so terminated, Employee will be entitled to
receive any base salary earned and employee benefits accrued as of the date of such termination, but Employer will have no further obligation to Employee hereunder from and after such date. 

8.2 Any vote concerning Employee’s termination shall be taken at a regular meeting or specially called meeting of the Board of Directors.
Termination shall require a majority vote of those directors in attendance and voting at the meeting. 

  
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 9. TERMINATION BY EMPLOYEE: 

9.1 Employee may resign from the employment of Employer at any time upon 60 days’ prior written notice. Upon such resignation, Employee
shall have no rights to any further compensation or benefits after the 60-day notice period has expired. Employer reserves the option but not the obligation to relieve Employee from performance of work during all of or any portion of this period,
but absent mutual agreement or subsequent breach hereof, Employer shall be obligated to pay Employee the Employee’s regular base salary for the entire 60-day notice period. 

9.2 Employee may resign from Employer without giving 60 days’ notice but still be entitled 60 days’ pay if such resignation is
a Resignation with Good Reason. A Resignation with Good Reason may occur if Employee is not compensated as provided herein for a period exceeding four weeks or is otherwise materially and adversely affected by Employer’s breach hereof as to the
terms and conditions of his employment. Provided further, that a Resignation with Good Reason along with the reasons on which it is based shall be given to Employer, which shall then have ten calendar days to address and cure such reasons. 

10. NONDISCLOSURE: 
 10.1
Employee agrees to hold and safeguard any information about Employer and/or its shareholders and investors gained by Employee during the course of Employee’s employment. Employee shall not, without the prior written consent of Employer,
disclose or make available to anyone for use outside Employer’s organization at any time, either during his employment or 

  
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subsequent to any termination of his employment, however such termination is effected, whether by Employee or Employer, with or without cause or Good Reason, or expiration or nonrenewal of this
Agreement, any information about Employer or its shareholders or investors, whether or not such information was developed by Employee, except as required in the performance of Employee’s duties for Employer or required by law. 

10.2 Employee understands and agrees that any information about Employer is the property of Employer and is essential to the protection of
Employer’s goodwill and to the maintenance of Employer’s competitive position and accordingly should be kept secret. Such information shall include, but not be limited to, information containing Employer’s business plans, investment
strategies, investors, and prospective investors, key elements of specific properties, computer programs, system documentation, manuals, ideas, or any other records or information belonging to Employer or relating to Employer’s business. 

10.3 Notwithstanding anything in paragraph 10.1 or paragraph 10.2 to the contrary, Employer agrees that the obligations of Employee set forth
in paragraphs 10.1 and 10.2 shall not apply to any information which (i) becomes known generally to the public through no fault of the Employee; (ii) is required by applicable law, legal process or any order or mandate of a court or other
governmental authority to be disclosed; or (iii) is reasonably believed by Employee, based upon the advice of legal counsel, to be required to be disclosed in defense of a lawsuit or other legal or administrative action brought against
Employee; provided, that in the case of clauses (ii) or (iii) Employee shall give Employer reasonable advance written notice of the information intended to be disclosed and the reasons and circumstances surrounding such disclosure in order
to permit Employer to seek a protective order or other appropriate request for confidential treatment of the applicable information. 

  
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 11. COVENANT NOT TO COMPETE: Employee acknowledges that during the course of Employee’s
employment, Employee will acquire proprietary and confidential information about Employer’s business its investors, customers, vendors, prices, sales strategies and other information, some of which may be of independent economic value, is not
available to the public, and is protected by specific efforts of Employer. Such proprietary and confidential information may be regarded by Employer as trade secrets. Employee further acknowledges that he will be responsible for contacting and
developing relationships with Employer’s customers. In order to protect Employer’s critical interest in these relationships and information, Employee covenants as follows: 

11.1 Employee agrees that upon a termination for Cause or a resignation but not a Resignation for Good Reason, for a period of twelve months
following the last day of Employee’s employment, Employee will not compete with Employer by engaging, in a competitive capacity, in any activity competitive with Employer, within a 30-mile radius of any
of Employer’s offices at which Employee worked within the one-year period preceding the last day of his employment. 
 11.2 Employee
agrees that competition shall include engaging, in a competitive capacity, in competitive activity, either as an individual, as a partner, as a joint venturer with any other person or entity, or as an employee, agent, representative, or contractor
of any other person or entity, or otherwise being associated in a competitive capacity with any entity or person who or which competes with Employer. 

11.3 If any provision of this paragraph 11 relating to the time period or scope of the restrictive covenants shall be declared by a court of
competent jurisdiction to exceed the maximum time period or scope, as applicable, that such court deems reasonable and enforceable, said time period or scope shall be deemed to be, and thereafter shall become, the maximum time period or greatest
scope that such court deems reasonable and enforceable and this Agreement shall automatically be considered to have been amended and revised to reflect such determination. 

11.4 Employer and Employee have examined this Covenant Not to Compete and agree that the restraint imposed upon Employee is reasonable in
light of the legitimate interests of Employer and it is not unduly harsh upon Employee’s ability to earn a livelihood. 

  
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 12. COVENANT NOT TO SOLICIT OR BE EMPLOYED BY CUSTOMERS: In addition to the covenant not to
compete set forth in paragraph 11 Employee further covenants and agrees as follows: 
 12.1 That upon a termination for Cause or a
resignation but not a Resignation with Good Reason, for a period of twelve months following the last day of Employee’s employment, Employee will not, compete with Employer by soliciting or accepting competing business from or providing
competing services to: 
 12.1.1 Any person or entity who or which was a customer or investor of Employer at any time within the
twelve-month period prior to Employee’s last day of employment, from whom or which Employee solicited or accepted business on behalf of Employer or to whom Employee provided services during Employee’s employment with Employer; or 

12.1.2 Any person or entity who or which was a customer or investor of Employer at any time within the twelve-month period prior to
Employee’s last day of employment about whom or which Employee acquired proprietary and/or confidential information while employed by Employer; or 

12.1.3 Any person or entity from whom or which Employee had solicited competing business during the six-month period preceding the last day of
Employee’s employment, even though such solicitation had not yet been acted upon; or 

  
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 12.2 That for a period of twelve months following the last day of Employee’s employment,
Employee will not become employed in a capacity competitive to Employer by any person or entity who or which was a customer of Employer at any time within the twelve-month period prior to Employee’s last day of employment and to whom or which
Employee provided services during his employment with Employer, for purposes of providing the same or similar services to such person or entity as Employee provided while employed by Employer. 

12.2.1 Employee agrees that competition shall include engaging, in a competitive capacity, in competitive activity as defined above, either as
an individual, as a partner, as a joint venturer with any other person or entity, or as an employee, agent, representative or contractor of any other person or entity, or otherwise being associated in a competitive capacity with any person or entity
who or which competes with Employer. 
 12.2.2 If any provision of this paragraph 12 relating to the time period or scope of the restrictive
covenants shall be declared by a court of competent jurisdiction to exceed the maximum time period or scope, as applicable, that such court deems reasonable and enforceable, said time period or scope shall be deemed to be, and thereafter shall
become, the maximum time period or greatest scope that such court deems reasonable and enforceable and this Agreement shall automatically be considered to have been amended and revised to reflect such determination. 

12.2.3 Employer and Employee have examined in detail this restrictive covenant and agree that the restraint imposed upon Employee is
reasonable in light of the legitimate interests of Employer, and it is not unduly harsh upon Employee’s ability to earn a livelihood. 

  
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 13. NON-SOLICITATION OF EMPLOYEES: Employee
agrees that during his employment with Employer and for a period of eighteen months following the last day of Employee’s employment, Employee shall not, directly, or indirectly through another, solicit or induce, or attempt to solicit or
induce, any employee of Employer to leave Employer to go to work for, or to consult or contract work with a competitor of Employer, or recommend to a competitor of Employer the hiring of any individual employed by Employer on Employee’s last
day of employment or at any time during the six-month period immediately prior thereto. 
 14. OPPORTUNITY FOR REVIEW: Employee
understands the nature of the burdens imposed by the restrictive covenants contained in this Agreement. Employee acknowledges that he is entering into this Agreement on his own volition, and that he has been given the opportunity to have this
Agreement reviewed by the person(s) of his choosing. Employee represents that upon careful review, he knows of no reason why any restrictive covenant contained in this Agreement is not reasonable and enforceable. 

15. RESTRICTIVE COVENANTS OF THE ESSENCE: The restrictive covenants upon the Employee set forth herein are of the essence
of this Agreement; they shall be construed as independent of any other provision in this Agreement. The existence of any claim or cause of action of the Employee against the Employer, whether predicated on this Agreement or not, shall not constitute
a defense to the enforcement by the Employer of the restrictive covenants contained herein. 

  
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 16. INJUNCTIVE RELIEF: 

16.1 Employer and Employee agree that irreparable injury will result to Employer in the event Employee violates any restrictive covenant or
affirmative obligation contained in paragraphs 10-13 of this Agreement, and Employee acknowledges that the remedies at law for any breach by Employee of such provisions will be inadequate and that Employer shall be entitled to injunctive relief
against Employee, in addition to any other remedy that is available, at law or in equity. 
 16.2 Employee agrees that unless this Agreement
is terminated by Employer without cause or by Employee as a Resignation with Good Reason, the non-competition, non-solicitation of or hiring by customers,
non-disclosure, and non-solicitation of employees obligations contained herein shall survive the end of the employment created herein and shall be extended by the length
of time which Employee shall have been in breach of any of said provisions. Accordingly, Employee recognizes that the time periods included in the restrictive covenants contained herein shall begin on the date a court of competent jurisdiction
enters an order enjoining Employee from violating such provisions unless good cause can be shown as to why the periods described should not begin at that time. 

17. SUCCESSION AND ASSIGNABILITY: The obligations of Employee under paragraphs 10-13 of this Agreement shall continue after the termination of
his employment and shall be binding on Employee’s heirs, executors, legal representatives and assigns. Such obligations shall inure to the benefit of any successors or assigns of Employer. Employee specifically acknowledges that in the event of
a sale of all or substantially all of the assets or stock of Employer, or any other event or transaction resulting in a change of ownership or control of Employer’s business, the rights and obligations of the parties hereunder shall inure to
the benefit of any transferee, purchaser, or future owner of Employer’s business. This Agreement may be assigned only by Employer. 

  
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 18. SEVERABILITY: It is the intention of the parties that the provisions of the restrictive
covenants herein shall be enforceable to the fullest extent permissible under the applicable law. If any clause or provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term
hereof, then the remainder of this Agreement shall not be affected thereby, and in lieu of each clause or provision of this Agreement which is illegal, invalid or unenforceable, there shall be added, as part of this Agreement, a clause or provision
as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and as may be legal, valid and enforceable. 

19. ATTORNEYS’ FEES: Employee shall pay, indemnify and hold Employer harmless against all costs and expenses (including reasonable
attorneys’ fees) incurred by Employer with respect to successful enforcement of its rights under this Agreement. 
 20. EQUITABLE
RELIEF: JURISDICTION AND VENUE: Employee hereby irrevocably submits to the jurisdiction and venue of the Circuit Court of the City of Norfolk, Virginia, in any action or proceeding brought by Employer arising out of, or relating to, the restrictive
covenants in paragraphs 10-13 of this Agreement. Employee hereby irrevocably agrees that any such action or proceeding shall, at Employer’s option, be heard and determined in such Court. Employee agrees that a final order or judgment in any
such action or proceeding shall, to the extent permitted by applicable law, be conclusive and may be enforced in other jurisdictions by suit on the order or judgment, or in any other manner provided by applicable law related to the enforcement of
judgments. 

  
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 21. ENTIRE AGREEMENT: This Agreement supersedes any and all other agreements, either oral or in
writing, between the parties hereto with respect to the employment of Employee by Employer and contains all agreements between the parties with respect to such employment. Each party to this Agreement acknowledges that no representations,
inducements, promises or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement or promise not contained in this Agreement will be
valid or binding. Any modification of this Agreement will be effective only if it is in writing signed by the party to be charged. 
 22.
BINDING EFFECT: This Agreement will be binding upon and inure to the benefit of each of the parties and their successors, heirs or assigns. 

23. LAW GOVERNING AGREEMENT: This Agreement will be governed and construed in accordance with the laws of the Commonwealth of Virginia. 

24. PARTIAL INVALIDITY: If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remaining provisions will nevertheless continue in full force and effect. 
 25. COUNTERPARTS: This Agreement may be executed in
counterparts, together which shall constitute one and the same instrument. 

  
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 IN WITNESS WHEREOF, Employer has caused this Agreement to be executed in its name and behalf by
its proper officer, thereunto duly authorized, and Employee has set his hand as of the date first above written. 
  

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

	Signature	 		 		 	Jon S. Wheeler
				
	 Jon S. Wheeler
	 		 	Its:	 	Chairman & Chief Executive Officer
	Printed Name	 		 		 	
				
	Date: October 24, 2014	 		 	Date:	 	October 24, 2014

  
 14

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