Document:

Exhibit 10.3

  Exhibit 10.3 

WHEELER REAL ESTATE INVESTMENT TRUST, INC. 
 2012 STOCK INCENTIVE PLAN 
 1. Purpose and Effective Date.

 (a) The purpose of the Wheeler Real Estate Investment Trust, Inc. 2012 Stock Incentive Plan (the
“Plan”) is to further the long term stability and financial success of Wheeler Real Estate Investment Trust, Inc. (the “Company”) by attracting and retaining personnel, including employees, non-employee directors, and
consultants, through the use of stock incentives. It is believed that ownership of Company stock will stimulate the efforts of those employees upon whose judgment, interest and efforts the Company is and will be largely dependent for the successful
conduct of its business. 
 (b) The Plan was adopted by the Board of Directors of the Company on
[            ], 2012 (the “Effective Date”). 
 2.
Definitions. 
 (a) Act. The Securities Exchange Act of 1934, as amended. 

(b) Affiliate. The meaning assigned to the term “affiliate” under Rule 12b-2 of the Act. 

(c) Applicable Withholding Taxes. The aggregate amount of federal, state and local income and payroll taxes that
the Company is required to withhold (based on the minimum applicable statutory withholding rates) in connection with any exercise of an Option or the award, lapse of restrictions or payment with respect to Restricted Stock. 

(d) Award. The award of an Option or Restricted Stock under the Plan. 

(e) Beneficiary. The person or persons entitled to receive a benefit pursuant to an Award upon the death of a
Participant. 
 (f) Board. The Board of Directors of the Company. 

(g) Cause. Dishonesty, fraud, misconduct, gross incompetence, gross negligence, breach of a material fiduciary
duty, material breach of an agreement with the Company, unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations), in each case as determined by
the Committee, which determination shall be binding. Notwithstanding the foregoing, if “Cause” is defined in an employment agreement between a Participant and the Company, “Cause” shall have the meaning assigned to it in such
agreement. 
 (h) Change of Control. 

(i) The acquisition by any unrelated person of beneficial ownership (as that term is used for purposes of the Act) of 50%
or more of the then outstanding common stock of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors. The term “unrelated person” means
any person other than (x) the Company and its subsidiaries, (y) an employee benefit plan or related trust sponsored by the Company or its subsidiaries, and (z) a person who acquires stock of the Company pursuant to an agreement with
the Company that is approved by the Board in advance of the 

 
acquisition. For purposes of this subsection, a “person” means an individual, entity or group, as that term is used for purposes of the Act; 

(ii) Any tender or exchange offer, merger or other business combination, sale of assets or any combination of the
foregoing transactions, and the Company is not the surviving corporation; and 
 (iii) A liquidation of the
Company. 
 (i) Code. The Internal Revenue Code of 1986, as amended. 

(j) Committee. The Compensation Committee of the Board. 

(k) Company. Wheeler Real Estate Investment Trust, Inc. 

(l) Company Stock. The common stock of the Company. In the event of a change in the capital structure of the
Company (as provided in Section 12 below), the stock resulting from such a change shall be deemed to be Company Stock within the meaning of the Plan. 
 (m) Consultant. A person rendering services to the Company who is not an “employee” for purposes of employment tax withholding under the Code. 

(n) Corporate Change. A consolidation, merger, dissolution or liquidation of the Company, or a sale or distribution
of assets or stock (other than in the ordinary course of business) of the Company; provided that, unless the Committee determines otherwise, a Corporate Change shall only be considered to have occurred with respect to Participants whose business
unit is affected by the Corporate Change. 
 (o) Date of Grant. The date as of which an Award is made by
the Committee. 
 (p) Disability or Disabled. As to an Incentive Stock Option, a Disability within the
meaning of Code Section 22(e)(3). As to all other Incentive Awards, the Committee shall determine whether a Disability exists and such determination shall be conclusive. 

(q) Fair Market Value. 
 (i) If Company Stock is traded on a national securities exchange, the average of the highest and lowest registered sales prices of Company Stock on such exchange; 

(ii) If Company Stock is traded in the over-the-counter market, the average between the closing bid and asked prices as
reported by the NASDAQ Stock Market; or 
 (iii) If shares of Company Stock are not publicly traded, the Fair
Market Value shall be determined by the Committee using any reasonable method in good faith. 
 Fair Market Value shall be determined as of the
applicable date specified in the Plan or, if there are no trades on such date, the value shall be determined as of the last preceding day on which Company Stock is traded. 

(r) Incentive Stock Option. An Option intended to meet the requirements of, and qualify for favorable Federal
income tax treatment under, Code Section 422. 
 (s) Nonstatutory Stock Option. An Option that does
not meet the requirements of Code Section 422, or that is otherwise not intended to be an Incentive Stock Option and is so designated. 

 (t) Option. A right to purchase Company Stock granted under the Plan,
at a price determined in accordance with the Plan. 
 (u) Participant. Any individual who receives an
Award under the Plan. 
 (v) Restricted Stock. Company Stock awarded upon the terms and subject to the
restrictions set forth in Section 7 below. 
 (w) Rule 16b-3. Rule 16b-3 of the Act, including any
corresponding subsequent rule or any amendments to Rule 16b-3 enacted after the effective date of the Plan. 

(x) 10% Shareholder. A person who owns, directly or indirectly, stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or an Affiliate. Indirect ownership of stock shall be determined in accordance with Code Section 424(d). 
 3. General. Awards of Options and Restricted Stock may be granted under the Plan. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options. 

4. Stock. Subject to Section 12 of the Plan, there shall be reserved for issuance under the Plan a total of
[            ] unissued shares of Company Stock. Shares allocable to Options granted under the Plan that expire or otherwise terminate unexercised and shares that are forfeited pursuant to
restrictions on Restricted Stock awarded under the Plan may again be subjected to an Award under this Plan. For purposes of determining the number of shares that are available for Awards under the Plan, such number shall, if permissible under Rule
16b-3, include the number of shares surrendered by a Participant or retained by the Company (a) in connection with the exercise of an Option or (b) in payment of Applicable Withholding Taxes. 

5. Eligibility. 
 (a) Any employee of, non-employee director of, or Consultant to the Company or its affiliates, who, in the judgment of the Committee, has contributed or can be expected to contribute to the profits or
growth of the Company is eligible to become a Participant. The Committee shall have the power and complete discretion, as provided in Section 14, to select eligible Participants and to determine for each Participant the terms, conditions and
nature of the Award and the number of shares to be allocated as part of the Award; provided, however, that any award made to a member of the Committee must be approved by the Board. The Committee is expressly authorized to make an Award to a
Participant conditioned on the surrender for cancellation of an existing Award. 
 (b) The grant of an Award
shall not obligate the Company to pay an employee any particular amount of remuneration, to continue the employment of the employee after the grant or to make further grants to the employee at any time thereafter. 

(c) Non-employee directors and Consultants shall not be eligible to receive the Award of an Incentive Stock Option.

 6. Stock Options. 
 (a) Whenever the Committee deems it appropriate to grant Options, notice shall be given to the Participant stating the number of shares for which Options are granted, the Option price per share, whether
the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditions to which the grant and exercise of the Options are 

 
subject. This notice, when duly accepted in writing by the Participant, shall become a stock option agreement between the Company and the Participant. 

(b) The Committee shall establish the exercise price of Options. The exercise price of an Incentive Stock Option shall be
not less than 100% of the Fair Market Value of such shares on the Date of Grant, provided that if the Participant is a 10% Shareholder, the exercise price of an Incentive Stock Option shall be not less than 110% of the Fair Market Value of such
shares on the Date of Grant. The exercise price of a Nonstatutory Stock Option Award shall not be less than 100% of the Fair Market Value of the shares of Company Stock covered by the Option on the Date of Grant. 

(c) Options may be exercised in whole or in part at such times as may be specified by the Committee in the
Participant’s stock option agreement. The Committee may impose such vesting conditions and other requirements as the Committee deems appropriate, and the Committee may include such provisions regarding a Change of Control or Corporate Change as
the Committee deems appropriate. 
 (d) The Committee shall establish the term of each Option in the
Participant’s stock option agreement. The term of an Incentive Stock Option shall not be longer than ten years from the Date of Grant, except that an Incentive Stock Option granted to a 10% Shareholder may not have a term in excess of five
years. No option may be exercised after the expiration of its term or, except as set forth in the Participant’s stock option agreement, after the termination of the Participant’s employment. The Committee shall set forth in the
Participant’s stock option agreement when, and under what circumstances, an Option may be exercised after termination of the Participant’s employment or period of service; provided that no Incentive Stock Option may be exercised after
(i) three months from the Participant’s termination of employment with the Company for reasons other than Disability or death, or (ii) one year from the Participant’s termination of employment on account of Disability or death.
The Committee may, in its sole discretion, amend a previously granted Incentive Stock Option to provide for more liberal exercise provisions, provided however that if the Incentive Stock Option as amended no longer meets the requirements of Code
Section 422, and, as a result the Option no longer qualifies for favorable federal income tax treatment under Code Section 422, the amendment shall not become effective without the written consent of the Participant. 

(e) An Incentive Stock Option, by its terms, shall be exercisable in any calendar year only to the extent that the
aggregate Fair Market Value (determined at the Date of Grant) of Company Stock with respect to which Incentive Stock Options are exercisable by the Participant for the first time during the calendar year does not exceed $100,000 (the
“Limitation Amount”). Incentive Stock Options granted under the Plan and all other plans of the Company and any parent or Subsidiary of the Company shall be aggregated for purposes of determining whether the Limitation Amount has been
exceeded. The Board may impose such conditions as it deems appropriate on an Incentive Stock option to ensure that the foregoing requirement is met. If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation
Amount, the excess Options will be treated as Nonstatutory Stock Options to the extent permitted by law. 
 (f)
If a Participant dies and if the Participant’s stock option agreement provides that part or all of the Option may be exercised after the Participant’s death, then such portion 

 
may be exercised by the personal representative of the Participant’s estate during the time period specified in the stock option agreement. 

(g) If a Participant’s employment or services is terminated by the Company for Cause, the Participant’s Options
shall terminate as of the date of the misconduct. 
 7. Restricted Stock Awards. 

(a) Whenever the Committee deems it appropriate to grant a Restricted Stock Award, notice shall be given to the
Participant stating the number of shares of Restricted Stock for which the Award is granted and the terms and conditions to which the Award is subject. This notice, when accepted in writing by the Participant, shall become an Award agreement between
the Company and the Participant. Certificates representing the shares shall be issued in the name of the Participant, subject to the restrictions imposed by the Plan and the Committee. A Restricted Stock Award may be made by the Committee in its
discretion without cash consideration. 
 (b) The Committee may place such restrictions on the transferability
and vesting of Restricted Stock as the Committee deems appropriate, including restrictions relating to continued employment and financial performance goals. Without limiting the foregoing, the Committee may provide performance or Change of Control
or Corporate Change acceleration parameters under which all, or a portion, of the Restricted Stock will vest on the Company’s achievement of established performance objectives. Restricted Stock may not be sold, assigned, transferred, disposed
of, pledged, hypothecated or otherwise encumbered until the restrictions on such shares shall have lapsed or shall have been removed pursuant to subsection (c) below. 

(c) The Committee may provide in a Restricted Stock Award, or subsequently, that the restrictions will lapse if a Change
of Control or Corporate Change occurs. The Committee may at any time, in its sole discretion, accelerate the time at which any or all restrictions will lapse or may remove restrictions on Restricted Stock as it deems appropriate. 

(d) A Participant shall hold shares of Restricted Stock subject to the restrictions set forth in the Award agreement and
in the Plan. In other respects, the Participant shall have all the rights of a shareholder with respect to the shares of Restricted Stock, including, but not limited to, the right to vote such shares and the right to receive all cash dividends and
other distributions paid thereon. Certificates representing Restricted Stock shall bear a legend referring to the restrictions set forth in the Plan and the Participant’s Award agreement. If stock dividends are declared on Restricted Stock,
such stock dividends or other distributions shall be subject to the same restrictions as the underlying shares of Restricted Stock. 
 8. Method of Exercise of Options. 
 (a) Options may be
exercised by giving written notice of the exercise to the Company, stating the number of shares the Participant has elected to purchase under the Option. Such notice shall be effective only if accompanied by the exercise price in full in cash;
provided that, if the terms of an Option so permit, the Participant may (i) deliver Company Stock that the Participant has owned for at least six months (valued at Fair Market Value on the date of exercise), or (ii) exercise any applicable
net exercise provision contained therein. Unless otherwise specifically provided in the Option, any payment of the exercise price paid by 

 
delivery of Company Stock acquired directly or indirectly from the Company shall be paid only with shares of Company Stock that have been held by the Participant for more than six months (or such
longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). 

(b) Notwithstanding anything herein to the contrary, Awards shall always be granted and exercised in such a manner as to
conform to the provisions of Rule 16b-3. 
 9. Applicable Withholding Taxes. Each Participant shall agree, as a
condition of receiving an Award, to pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all Applicable Withholding Taxes with respect to the Award. Until the Applicable Withholding Taxes have been paid or
arrangements satisfactory to the Company have been made, no stock certificates (or, in the case of Restricted Stock, no stock certificates free of a restrictive legend) shall be issued to the Participant. As an alternative to making a cash payment
to the Company to satisfy Applicable Withholding Tax obligations, the Committee may establish procedures permitting the Participant to elect to (a) deliver shares of already owned Company Stock (subject to such restrictions as the Committee may
establish, including a requirement that any shares of Company Stock so delivered shall have been held by the Participant for not less than six months) or (b) have the Company retain that number of shares of Company Stock that would satisfy all
or a specified portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with procedures established by the Committee and in accordance with Rule 16b-3. 

10. Nontransferability of Awards. 
 (a) In general, Awards, by their terms, shall not be transferable by the Participant except by will or by the laws of descent and distribution or except as described below. Options shall be exercisable,
during the Participant’s lifetime, only by the Participant or by his guardian or legal representative. 

(b) Notwithstanding the provisions of (a) and subject to federal and state securities laws, the Committee may grant
Nonstatutory Stock Options that permit a Participant to transfer the Options to one or more immediate family members, to a trust for the benefit of immediate family members, or to a partnership, limited liability company, or other entity the only
partners, members, or interest-holders of which are among the Participant’s immediate family members. Consideration may not be paid for the transfer of Options. The transferee of an Option shall be subject to all conditions applicable to the
Option prior to its transfer. The agreement granting the Option shall set forth the transfer conditions and restrictions. The Committee may impose on any transferable Option and on stock issued upon the exercise of an Option such limitations and
conditions as the Committee deems appropriate. 
 11. Termination, Modification, Change. If not sooner terminated by
the Board, this Plan shall terminate at the close of business on the tenth anniversary of the Effective Date. No Awards shall be made under the Plan after its termination. The Board may terminate the Plan or may amend the Plan in such respects as it
shall deem advisable; provided that, if and to the extent required by Rule 16b-3, no change shall be made that increases the total number of shares of Company Stock reserved for issuance pursuant to Awards granted under the Plan (except pursuant to
Section 12), expands the class of persons eligible to receive Awards, or materially increases the benefits accruing to Participants under the Plan, unless such change is authorized 

 
by the shareholders of the Company. Notwithstanding the foregoing, the Board may unilaterally amend the Plan and Awards as it deems appropriate to ensure compliance with Rule 16b-3 and to cause
Incentive Stock Options to meet the requirements of the Code and regulations thereunder. Except as provided in the preceding sentence, a termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a
Participant’s rights under an Award previously granted to him. 
 12. Change in Capital Structure. 

(a) In the event of a stock dividend, stock split or combination of shares, spin-off, reclassification, recapitalization,
merger or other change in the Company’s capital stock (including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common stock or preferred stock of the Company), the
number and kind of shares of stock or securities of the Company to be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of options, and other relevant provisions shall be appropriately
adjusted by the Committee, whose determination shall be binding on all persons. If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number of shares covered by the Award so as to
eliminate the fractional shares. 
 (b) In the event the Company distributes to its shareholders a
dividend, or sells or causes to be sold to a person other than the Company or a Subsidiary shares of stock in any corporation (a “Spinoff Company”) which, immediately before the distribution or sale, was a majority owned
Subsidiary of the Company, the Committee shall have the power, in its sole discretion, to make such adjustments as the Committee deems appropriate. The Committee may make adjustments in the number and kind of shares or other securities to be issued
under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of Options, and other relevant provisions, and, without limiting the foregoing, may substitute securities of a Spinoff Company for securities of the
Company. The Committee shall make such adjustments as it determines to be appropriate, considering the economic effect of the distribution or sale on the interests of the Company’s shareholders and the Participants in the businesses operated by
the Spinoff Company, and subject to the proviso that any such adjustments or new options shall not be made or granted, respectively, that would result in subjecting the Plan to variable plan accounting treatment. The Committee’s determination
shall be binding on all persons. If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number of shares covered by the Award so as to eliminate the fractional shares. 

(c) To the extent required to avoid a charge to earnings for financial accounting purposes, adjustments made by the
Committee pursuant to this Section 12 to outstanding Awards shall be made so that both (i) the aggregate intrinsic value of an Award immediately after the adjustment is not greater than or less than the Award’s aggregate intrinsic
value before the adjustment and (ii) the ratio of the exercise price per share to the market value per share is not reduced. 
 (d) Notwithstanding anything in the Plan to the contrary, the Committee may take the foregoing actions without the consent of any Participant, and the Committee’s determination shall be conclusive
and binding on all persons for all purposes. The 

 
Committee shall make its determinations consistent with Rule 16b-3 and the applicable provisions of the Code. 
 13. Change of Control. In the event of a Change of Control or Corporate Change, the Committee may take such actions with respect to Awards as the Committee deems appropriate. These actions may
include, but shall not be limited to, the following: 
 (a) At the time the Award is made, provide for the
acceleration of the vesting schedule relating to the exercise or realization of the Award so that the Award may be exercised or realized in full on or before a date initially fixed by the Committee; 

(b) Provide for the purchase or settlement of any such Award by the Company for any amount of cash equal to the amount
which could have been obtained upon the exercise of such Award or realization of a Participant’s rights had such Award been currently exercisable or payable; 

(c) Make adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change of Control or
Corporate Change; provided, however, that to the extent required to avoid a charge to earnings for financial accounting purposes, such adjustments shall be made so that both (i) the aggregate intrinsic value of an Award immediately after the
adjustment is not greater than or less than the Award’s aggregate intrinsic value before the Award and (ii) the ratio of the exercise price per share to the market value per share is not reduced; or 

(d) Cause any such Award then outstanding to be assumed, or new rights substituted therefore, by the acquiring or
surviving legal entity in such Change of Control or Corporate Change. 
 14. Administration of the Plan. 

(a) The Plan shall be administered by the Committee, who shall be appointed by the Board. The Board may designate the
Compensation Committee of the Board, or a subcommittee of the Compensation Committee, to be the Committee for purposes of the Plan. If and to the extent required by Rule 16b-3, all members of the Committee shall be “Non-Employee Directors”
as that term is defined in Rule 16b-3, and the Committee shall be comprised solely of two or more “outside directors” as that term is defined for purposes of Code section 162(m). If any member of the Committee fails to qualify as an
“outside director” or (to the extent required by Rule 16b-3) a “Non-Employee Director,” such person shall immediately cease to be a member of the Committee and shall not take part in future Committee deliberations. The Board of
Directors may from time to time may appoint members of the Committee and fill vacancies, however caused, in the Committee. 
 (b) The Committee shall have the authority to impose such limitations or conditions upon an Award as the Committee deems appropriate to achieve the objectives of the Award and the Plan. Without limiting
the foregoing and in addition to the powers set forth elsewhere in the Plan, the Committee shall have the power and complete discretion to determine (i) which eligible persons shall receive an Award and the nature of the Award, (ii) the
number of shares of Company Stock to be covered by each Award, (iii) whether Options shall be Incentive Stock options or Nonstatutory Stock Options, (iv) the Fair Market Value of Company Stock, (v) the time or times when an Award
shall be granted, (vi) whether an Award shall become vested over a period of time, according to a 

 
performance-based vesting schedule or otherwise, and when it shall be fully vested, (vii) the terms and conditions under which restrictions imposed upon an Award shall lapse,
(viii) whether a Change of Control or Corporate Change exists, (ix) the terms of incentive programs, performance criteria and other factors relevant to the issuance of Incentive Stock or the lapse of restrictions on Restricted Stock or
Options, (x) when Options may be exercised, (xi) whether to approve a Participant’s election with respect to Applicable Withholding Taxes, (xii) conditions relating to the length of time before disposition of Company Stock
received in connection with an Award is permitted, (xiii) notice provisions relating to the sale of Company Stock acquired under the Plan, and (xiv) any additional requirements relating to Awards that the Committee deems appropriate.
Notwithstanding the foregoing, no “tandem stock options” (where two stock options are issued together and the exercise of one option affects the right to exercise the other option) may be issued in connection with Incentive Stock Options.

 (c) The Committee shall have the power to amend the terms of previously granted Awards so long as the terms as
amended are consistent with the terms of the Plan and, where applicable, consistent with the qualification of an option as an Incentive Stock Option. The consent of the Participant must be obtained with respect to any amendment that would adversely
affect the Participant’s rights under the Award, except that such consent shall not be required if such amendment is for the purpose of complying with Rule 16b-3 or any requirement of the Code applicable to the Award. 

(d) The Committee may adopt rules and regulations for carrying out the Plan. The Committee shall have the express
discretionary authority to construe and interpret the Plan and the Award agreements, to resolve any ambiguities, to define any terms, and to make any other determinations required by the Plan or an Award agreement. The interpretation and
construction of any provisions of the Plan or an Award agreement by the Committee shall be final and conclusive. The Committee may consult with counsel, who may be counsel to the Company, and shall not incur any liability for any action taken in
good faith in reliance upon the advice of counsel. 
 (e) A majority of the members of the Committee shall
constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present. Any action may be taken by a written instrument signed by all of the members, and any action so taken shall be fully effective as if it had
been taken at a meeting. 
 15. Issuance of Company Stock. The Company shall not be required to issue or deliver any
certificate for shares of Company Stock before (i) the admission of such shares to listing on any stock exchange on which Company Stock may then be listed, (ii) receipt of any required registration or other qualification of such shares
under any state or federal securities law or regulation that the Company’s counsel shall determine is necessary or advisable, and (iii) the Company shall have been advised by counsel that all applicable legal requirements have been
complied with. The Company may place on a certificate representing Company Stock any legend required to reflect restrictions pursuant to the Plan, and any legend deemed necessary by the Company’s counsel to comply with federal or state
securities laws. The Company may require a customary written indication of a Participant’s investment intent. Until a Participant has been issued a certificate for the shares of Company Stock acquired, the Participant shall possess no
shareholder rights with respect to the shares. 

 16. Rights Under the Plan. Title to and beneficial ownership of all benefits
described in the Plan shall at all times remain with the Company. Participation in the Plan and the right to receive payments under the Plan shall not give a Participant any proprietary interest in the Company or any Affiliate or any of their
assets. No trust fund shall be created in connection with the Plan, and there shall be no required funding of amounts that may become payable under the Plan. A Participant shall, for all purposes, be a general creditor of the Company. The interest
of a Participant in the Plan cannot be assigned, anticipated, sold, encumbered or pledged and shall not be subject to the claims of his creditors. 
 17. Beneficiary. A Participant may designate, on a form provided by the Committee, one or more beneficiaries to receive any payments under Awards of Restricted Stock or Incentive Stock after
the Participant’s death. If a Participant makes no valid designation, or if the designated beneficiary fails to survive the Participant or otherwise fails to receive the benefits, the Participant’s beneficiary shall be the first of the
following persons who survives the Participant: (a) the Participant’s surviving spouse, (b) the Participant’s surviving descendants, per stirpes, or (c) the personal representative of the Participant’s
estate. 
 18. Notice. All notices and other communications required or permitted to be given under this Plan shall
be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows: (a) if to the Company—at its principal business address to the attention of the Secretary; (b) if to
any Participant—at the last address of the Participant known to the sender at the time the notice or other communication is sent. 
 19. Interpretation. The terms of this Plan and Awards granted pursuant to the Plan are subject to all present and future regulations and rulings of the Secretary of the Treasury relating to
the qualification of Incentive Stock Options under the Code or compliance with Code section 162(m), to the extent applicable, and they are subject to all present and future rulings of the Securities and Exchange Commission with respect to Rule
16b-3. If any provision of the Plan or an Award conflicts with any such regulation or ruling, to the extent applicable, the Committee shall cause the Plan to be amended, and shall modify the Award, so as to comply, or if for any reason amendments
cannot be made, that provision of the Plan and/or the Award shall be void and of no effect.Exhibit 10.5

 EXHIBIT 10.5 
 Form of Lock-Up Agreement 
 [INDIVIDUAL LETTERHEAD] 

[DATE] 
 Wellington
Shields & Co., LLC and 
 Capitol Securities Management, Inc. 
 c/o Wellington Shields & Co., LLC 
 140 Broadway 

New York, NY 10005 
  

	Re:	Public Offering of Wheeler Real Estate Investment Trust, Inc. 

 Ladies and Gentlemen: 
 The undersigned, a holder of common stock, par value $0.01
per share (“Common Stock”), or rights to acquire Common Stock, of Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”), understands that you, as representative of certain firms (the
“Placement Agents”), propose to enter into a Placement Agreement (the “Placement Agreement”) with the Company providing for the public offering (the “Public Offering”) by the several Placement
Agents of shares of Common Stock of the Company (the “Securities”). 
 In connection with the Public Offering,
Wellington Shields is requiring each of the Company’s officers, directors and shareholders owning two percent (2%) or more of the outstanding shares of the Company’s common stock after the offering contemplated hereby to enter into
lock-up agreements designed to prohibit the sale of the Company’s common stock held (nominally or beneficially) by those individuals and entities (in any manner, including pursuant to Rule 144 under the Act) for a period of twelve
(12) months following the effective date of the prospectus (the “Prospectus”) without obtaining the prior written approval of Wellington Shields. These so called lock-ups are intended to induce Placement Agents that may
participate in the Public Offering to continue their efforts in connection with the Public Offering and to allow the Company’s Securities to be traded for a period of time before influential owners may sell their shares. Wellington Shields has
agreed to exempt a total of one hundred thousand (100,000) shares held by non-executive officers to be designated by the Company. 
 For other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees for the benefit of the Company, you and the other Placement Agents
that, without the prior written consent of Wellington Shields on behalf of the Placement Agents, the undersigned will not, during the period commencing on the date hereof and ending twelve (12) months after the effective date of the Prospectus
relating to the Public Offering (the “Lock-Up Period”), directly or indirectly (1) offer, pledge, assign, encumber, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, any shares of Common Stock or any securities directly or indirectly convertible into or exercisable or exchangeable for Common
Stock owned either of record or beneficially (as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) by the undersigned on the date hereof or hereafter acquired or (2) enter

 
into any swap or other agreement or arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any Such transaction described in
clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, or publicly announce an intention to do any of the foregoing. The foregoing sentence shall not apply to: 

(i) the sale of shares of Common Stock pursuant to the Placement Agreement; 

(ii) transactions relating to shares of Common Stock acquired in open market transactions after the completion of the Public Offering, or
the exercise of any stock option to purchase shares of Common Stock pursuant to any benefit plan of the Company; 
 (iii)
transfers of shares of Common Stock or any security directly or indirectly convertible into or exercisable or exchangeable for Common Stock as a bona fide gift or in connection with estate planning, including but not limited to, dispositions to any
trust for the direct or indirect benefit of the undersigned and/or the immediate family of the undersigned and dispositions from any grantor retained annuity trust established for the direct benefit of the undersigned and/or a member of the
immediate family of the undersigned, or by will or intestacy, or 
 (iv) distributions of shares of Common Stock or any security
directly or indirectly convertible into or exercisable or exchangeable for Common Stock to limited partners, members, stockholders or affiliates of the undersigned, or to any partnership, corporation or limited liability company controlled by the
undersigned or by a member of the immediate family of the undersigned; or 
 (v) the establishment of a trading plan pursuant to
Rule 10b 5-1 under the Exchange Act for the transfer of shares of Common Stock, provided that such plan does not provide for the transfer of Common Stock during the Lock-Up Period. 
 provided, however, that (a) in the case of any transfer or distribution pursuant to clause (iii) or (iv), each donee or distributee shall sign and deliver a lock-up letter agreement
substantially in the form of this letter agreement (the “Lock-Up Agreement”) and (b) in the case of any transaction pursuant to clauses (iii), (iv) or (v), such transaction is not required to be reported during the Lock-Up
Period by anyone in any public report or filing with the Securities and Exchange Commission or otherwise (other than a required filing on Form 5, Schedule 13D or Schedule 13G (or 13D-A or 13G-A) and no such filing shall be made voluntarily during
the Lock-Up Period. In addition, the undersigned agrees that, without the prior written consent of Wellington Shields on behalf of the Placement Agents, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect
to, the registration of any shares of Common Stock or any security directly or indirectly convertible into or exercisable or exchangeable for Common Stock. 
 Notwithstanding the foregoing, if (x) during the last 17 days of the Lock-Up Period the Company issues an earnings release or material news or a material event relating to the Company occurs, or
(y) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed in this Lock-Up Agreement shall
continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event, unless Wellington Shields waives, in writing, such extension. 

 The undersigned hereby further agrees that, prior to engaging in any transaction or taking
any other action that is subject to the terms of this Lock-Up Agreement during the period from the date of this Lock-Up Agreement to and including the 34th day following the scheduled expiration of the Lock-Up Period, it will give notice thereof to
the Company and will not consummate such transaction or take such action unless it has received written confirmation from the Company that the Lock-Up Period (as such may have been extended pursuant to the preceding paragraph) has expired.

 In furtherance of the foregoing, (1) the undersigned also agrees and consents to the entry of stop transfer instructions
with any duly appointed transfer agent for the registration or transfer of the securities described herein against the transfer of any such securities except in compliance with the foregoing restrictions, and (2) the Company, and any duly
appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Lock-Up Agreement.

 The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up
Agreement. The undersigned hereby waives any applicable notice requirement concerning the Company’s intention to file the Prospectus and sell Securities thereunder. 
 The undersigned understands that the Company and the Placement Agents are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands
that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors and assigns. 
 Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to a Placement Agreement, the terms of which
are subject to negotiation between the Company and the Placement Agents and there is no assurance that the Company and the Placement Agents will enter into an Placement Agreement with respect to the Public Offering or that the Public Offering will
be consummated. 
 This Lock-Up Agreement shall automatically terminate upon the earliest to occur, if any, of (1) either
Wellington Shields on behalf of the Placement Agents, on the one hand, or the Company, on the other hand, advising the other in writing, prior to the execution of the Placement Agreement, that they have determined not to proceed with the Public
Offering, (2) termination of the Placement Agreement before the sale of any Securities to the Placement Agents, (3) the withdrawal of the registration statement filed with the Securities and Exchange Commission with respect to the Public
Offering, or (4) December 22, 2012, in the event that the Placement Agreement has not been executed by that date. 

[Remainder of Page Intentionally Left Blank] 

 This Lock-Up Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the conflict of laws principles thereof. 
 Very truly yours, 

[STOCKHOLDER] 
 By: 
 Name: 
 Title:

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