Document:

EX-10.3

 Exhibit 10.3 

WPX Energy 
 Executive Severance
Pay Plan 
 Amended and Restated Effective November 9, 2016 

 WPX ENERGY 

EXECUTIVE SEVERANCE PAY PLAN 

(Amended and Restated Effective as of November 9, 2016) 

Article 1 
 Definitions

 The following capitalized words and phrases when used in the text of the Plan shall have the meanings set forth below. Words in the
masculine gender shall connote the feminine gender as well. 
  

	1.1	“Affiliate” means any corporation which is a member of the controlled group of corporations (as defined in Section 414(b) of the Code) which includes the Company; and any trade or business (whether
or not incorporated) which is under common control (as defined in Section 414(c) of the Code) with the Company. 

  

	1.2	“Aggregate Compensation” means Regular Wage Base and an amount, if any, equal to the payout the Employee would have received under the Company’s Annual Bonus program at “target”, as
defined in the Annual Bonus program, for the calendar year of the Employee’s termination as if the Employee has remained employed for the entire year. If Aggregate Compensation is being determined for any company or entity described in
Section 2.2(f), the foregoing definition of Aggregate Compensation shall be applied to equivalent items of compensation to be received from such company or entity, provided that any incentive or bonus compensation to be received from such
company or entity shall be taken into account even if not resulting from a formal annual incentive program. The term Aggregate Compensation shall only be relevant for determining whether a Comparable Offer of Employment has been made, and does not
impact the calculation of severance pay as described in Section 3.1. 

  

	1.3	“Annual Bonus” means the opportunity to receive payment of a cash annual incentive. As of the Effective Date, the term “Annual Bonus” refers to the bonus determined pursuant to the WPX Annual
Incentive Plan. In the event the Annual Incentive Plan is replaced or superseded, the term “Annual Bonus” shall refer to such replacement or successor bonus plan or program. 

 

	1.4	“Average Annual Bonus” means, subject to the requirements described in this Section 1.4, the average of the Annual Bonus payments received by a Participant with respect to the three (3) most
recent fiscal years preceding the Participant’s termination date. 

  

	 	(a)	For purposes of this Section 1.4, the term “Final Employment Classification” means the Participant’s employment classification (Vice President or Senior Vice President, as applicable) on the
Participant’s termination date. 

  
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	 	(b)	Except as provided in Section 1.4(e), to be taken into account for purposes of calculating the Average Annual Bonus, an Annual Bonus payment must reflect employment for the entire fiscal year in the
Participant’s Final Employment Classification. Any Annual Bonus amount that: (i) reflects employment in an employment classification other than the Participant’s Final Employment Classification; or (ii) reflects less than the
entire fiscal year, shall not be taken into account for purposes of calculating the Average Annual Bonus. 

  

	 	(c)	If, as of the Termination Date, the Participant has received only two (2) Annual Bonus payments that reflect employment in the Participant’s Final Employment Classification for the entire fiscal year, Average
Annual Bonus shall mean the average of those two (2) Annual Bonus payments. 

  

	 	(d)	If, as of the Termination Date, the Participant has received only one (1) Annual Bonus payment that reflects employment in the Participant’s Final Employment Classification for the entire fiscal year, Average
Annual Bonus shall mean the amount of such Annual Bonus payment. 

  

	 	(e)	If, as of the Termination Date, the Participant has not received an Annual Bonus payment that reflects employment in the Participant’s Final Employment Classification for the entire fiscal year, Average Annual
Bonus shall mean the greater of: (i) the amount of any Annual Bonus payment received that reflects any employment in the Participant’s Final Employment Classification; or (ii) 50% of the Participant’s Base Salary as of the
Participant’s termination date. 

  

	1.5	“Base Salary” means the amount a Participant is entitled to receive as wages or salary on an annualized basis, including any salary deferral contributions made by the Participant to any qualified or
nonqualified defined contribution plan maintained by the Participating Company and any amounts contributed by a Participant to any cafeteria plan, flexible benefit plan or qualified transportation plan maintained by the Participating Company in
accordance with Sections 125, 132 and related provisions of the Code, but excluding all special pay, bonus, overtime, incentive compensation, commissions, cost of living pay, housing pay, relocation pay, other taxable fringe benefits and all
extraordinary compensation, payable by the Company or any of its Affiliates as consideration for the Participant’s services, as determined on the date immediately preceding termination of employment. 

 

	1.6	“Board of Directors” means the board of directors of the Parent Company. 

  

	1.7	“Cause” means the occurrence of any one (1) or more of the following, as determined in the good faith and reasonable judgment of the Compensation Committee: 

 

	 	(a)	willful failure by an Employee to substantially perform his duties (as they existed immediately prior to the Employee’s termination of employment with the Participating Company), other than any such failure
resulting from a disability as defined in the applicable Participating Company or Affiliate disability program; or 

  
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	 	(b)	an Employee’s conviction of or plea of guilty or nolo contendere to a crime involving fraud, dishonesty or any other act constituting a felony involving moral turpitude or causing material harm, financial or
otherwise, to the Company or an Affiliate; or 

  

	 	(c)	an Employee’s willful or reckless material misconduct in the performance of his duties which results in an adverse effect on the Company or an Affiliate; or 

 

	 	(d)	an Employee’s willful or reckless violation or disregard of the code of business conduct or other published policy of the Company or an Affiliate; or 

 

	 	(e)	an Employee’s habitual or gross neglect of duties. 

  

	1.8	“CEO” means the Chief Executive Officer of the Parent Company. 

  

	1.9	“Code” means the Internal Revenue Code of 1986, as amended from time to time. References to a particular section of the Code include references to regulations and rulings thereunder and to successor
provisions. 

  

	1.10	“Company” means WPX Energy Services Company, LLC, a Delaware limited liability company and any successor or successors thereto that continue this Plan pursuant to Section 5.1 or otherwise.

  

	1.11	“Compensation Committee” means the Committee of the Board of Directors designated as the Compensation Committee. 

  

	1.12	“Comparable Offer of Employment” means an offer of employment for a position with the Company, any of its Affiliates, or any Successor (as defined herein) of the Company or its Affiliates that provides
for Aggregate Compensation equal to or greater than the Eligible Employee’s Aggregate Compensation immediately preceding the Eligible Employee’s termination date. For purposes of this Section 1.12, and such other Sections of the Plan
where the capitalized term “Successor” is used, a Successor of the Company or any of its Affiliates shall include, but shall not be limited to, any entity (or its affiliated entity) involved in or in any way connected with a corporate
rearrangement, total or partial merger, acquisition, sale of stock, sale of assets, operation or service of transferred assets, or any other transaction. A Comparable Offer of Employment includes, without limitation, a position that requires the
Eligible Employee to transfer to a different work location (without the Eligible Employee’s consent), but only so long as the Eligible Employee’s commuting distance to the new work location is not increased more than fifty (50) miles
beyond the commuting distance to his or her current work location (except for travel reasonably required in the performance of the Eligible Employee’s duties). 

 

	1.13	“Effective Date” means November 9, 2016, which is the effective date of this amended and restated Plan. 

  

	1.14	 “Eligible Employee” means an Employee who holds the employment classification of Vice President
or Senior Vice President of the Company or the Parent Company. The 

  
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Chief Executive Officer of the Company or the Parent Company shall not be an Eligible Employee. 
  

	1.15	“Employee” means any regular full-time or part-time employee in the service and on the payroll of a Participating Company as a common law employee with the exception of any employee who is excluded
either by this Section 1.15 or Section 2.2. An employee is considered as full-time if he is regularly scheduled to work the number of hours in the normal workweek established by a Participating Company. An Employee is considered as
part-time if he is not a full-time employee, but is regularly scheduled to work at least fifty percent of the number of hours in the normal workweek established by a Participating Company. A regular employee receiving benefits under a Participating
Company’s short-term disability program or long-term disability program is an Employee for purposes of this Plan, subject to exclusion (if applicable) under Section 2.2. For purposes of this Plan, the term “Employee” shall not
include: 

  

	 	(a)	an employee who is a member of a group of employees represented by a collective bargaining representative under a collective bargaining agreement, unless such agreement expressly provides for coverage of bargaining unit
employees under the Plan; 

  

	 	(b)	an employee who is not a resident of the United States and not a citizen of the United States; 

  

	 	(c)	a nonresident alien; 

  

	 	(d)	a seasonal employee, temporary employee, leased employee, term employee, or an employee not employed on a regularly scheduled basis; 

 

	 	(e)	a person who has a written contract or other contract for services, unless such contract expressly provides that such person is an employee; 

 

	 	(f)	a person who is paid through the payroll of a temporary agency or similar organization regardless of any subsequent reclassification as a common law employee by a court, government agency or any other third party;

  

	 	(g)	a person who is designated, compensated or otherwise treated as an independent contractor by a Participating Company or its Affiliates regardless of any subsequent reclassification as a common law employee by a court,
government agency or any other third party; 

  

	 	(h)	a person who has a written contract with a Participating Company or its Affiliates which states either that such person is not an employee or that such person is not entitled to receive employee benefits from a
Participating Company or its Affiliates for services under such contract; 

  

	 	(i)	 an individual who is not contemporaneously classified as an employee for purposes of the Participating
Company’s payroll system. In the event any such individual is reclassified as an employee for any purpose, including, without 

  
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limitation, as a common law or statutory employee, by any action of any third party, including, without limitation, any government agency, or as a result of any private lawsuit, action or
administrative proceeding, such individual will, notwithstanding such reclassification, remain ineligible for participation hereunder and will not be considered an Eligible Employee. In addition to and not in derogation of the foregoing, the
exclusive means for an individual who is not contemporaneously classified as an employee in the Participating Company’s payroll system to become eligible to participate in this Plan is through an amendment to this Plan which specifically
renders such individual eligible for participation hereunder; or 

  

	 	(j)	any individual retained by a Participating Company or its Affiliates directly or through an agency or other party to perform services for a Participating Company or its Affiliates (for either a definite or indefinite
duration) in the capacity of a fee-for-service worker or independent contractor or any similar capacity including, without limitation, any such individual employed by temporary help firms, technical help firms, staffing firms, employee leasing
firms, professional employer organizations or other staffing firms, whether or not deemed to be a “common law” employee. 

  

	1.16	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. References to a particular section of ERISA include references to regulations and rulings thereunder and
to successor provisions. 

  

	1.17	“Leave of Absence” means an absence, with or without compensation, authorized on a non-discriminatory basis by the Company or any of its Affiliates. For the
purposes of this Plan, Leave of Absence includes any leave of absence other than a Family and Medical Leave of Absence or Military Leave of Absence (as those terms are defined in Company policy governing leaves). 

 

	1.18	“Parent Company” means WPX Energy, Inc., a Delaware corporation, and any successor or successors thereto that continue this Plan pursuant to Section 5.1 or otherwise. 

 

	1.19	“Participant” means an Eligible Employee who has satisfied all of the conditions for participation described in Article 2. 

 

	1.20	“Participating Company” means the Company and any Affiliate of the Company, which has adopted this Plan in accordance with Section 5.11. 

 

	1.21	“Plan” means the WPX Energy Executive Severance Pay Plan. The Plan is maintained by the Company and any other Participating Companies for the purpose of providing benefits for a select group of
management or highly compensated employees. 

  

	1.22	“Plan Year” means the twelve (12) month period from January 1 through December 31. 

  

	1.23	 “Regular Wage Base” means an Eligible Employee’s total weekly base salary or wages,
including any salary deferral contributions made by the Eligible Employee to any qualified or nonqualified defined contribution plan maintained by the Participating 

  
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Company and any amounts contributed by an Eligible Employee to any cafeteria plan, flexible benefit plan or qualified transportation plan maintained by the Participating Company in accordance
with Sections 125, 132 and related provisions of the Code, but excluding any bonuses, overtime, incentive compensation, commissions, cost of living pay, housing pay, relocation pay, other taxable fringe benefits and all other extraordinary
compensation. 

  
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 Article 2 

Eligibility 
  

	2.1	Eligibility. An Eligible Employee, who is not excluded pursuant to Section 2.2, shall be entitled to become a Participant in the Plan only when and only if all of the following conditions of subsections (a),
(b), (c) and (d) are met: 

  

	 	(a)	The CEO, or the CEO’s designee, approves a reduction in force, or a job elimination, or an involuntary termination without Cause affecting the Eligible Employee, and the Eligible Employee is notified in writing
that his employment is being involuntarily terminated due to the same; and 

  

	 	(b)	The Compensation Committee, in the case of an Eligible Employee who is a member of the Parent Company’s Executive Leadership Team, or the CEO, in the case of an Eligible Employee who is not a member of the Parent
Company’s Executive Leadership Team, in his, her or its sole discretion, determines the Eligible Employee is eligible to receive benefits under the Plan, approves the Eligible Employee’s participation in the Plan and notifies the Eligible
Employee in writing of such eligibility. (For purposes of determining benefits under this Plan, the term “Parent Company’s Executive Leadership Team” shall refer to all direct reports of the CEO who are also Employees subject to
Section 16 of the Securities Exchange Act of 1934.) Unless such written notice specifies an amount of severance pay, no severance payment shall be made; and 

  

	 	(c)	The Eligible Employee remains in good standing as an employee of the applicable Participating Company and continues to perform his job in a satisfactory manner, as determined by the Participating Company (in its
employer capacity and not as a function of Plan administration) through, but not beyond, the Eligible Employee’s designated termination date; and 

  

	 	(d)	The Eligible Employee, in accordance with and within the time periods described in Section 3.1 (i) executes a severance and restrictive covenant agreement prepared by the Company which may contain, among other
provisions, prohibitions against (1) competition with a Participating Company or an Affiliate for a six-month period following termination; and (2) solicitation of any Participating Company’s or an Affiliate’s employees for a
twelve-month period following termination, (ii) executes a release of claims agreement prepared by the Company, (iii) returns the executed agreements within the time periods and in the manner required by the Company, and (iv) allows
any applicable revocation period to expire without revoking the Eligible Employee’s acceptance of the agreements. An Eligible Employee must not execute the release of claims agreement described in this Section 2.1(d) before the day
immediately following the Eligible Employee’s termination date. 

 An Eligible Employee shall have no vested right to any
benefits set forth in the Plan until all of the conditions described in this Section 2.1 are satisfied. 

  
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	2.2	Exclusions. Notwithstanding the provisions of Section 2.1, an Eligible Employee will not become a Participant in the Plan if any of the following conditions occur: 

 

	 	(a)	An Eligible Employee is discharged for Cause. 

  

	 	(b)	An Eligible Employee voluntarily resigns for any reason, including retirement. 

  

	 	(c)	An Eligible Employee accepts any benefits from the Participating Company or any Affiliate under any voluntary or any other involuntary separation plan or program or agreement or early retirement incentive plan or
program or agreement. 

  

	 	(d)	An Eligible Employee subject to a reduction in force or job elimination fails to make a bona fide effort to secure employment within a Participating Company or any of its Affiliates, or any successor of the
Company or its Affiliates. 

  

	 	(e)	An Eligible Employee transfers to or receives a Comparable Offer of Employment from a Participating Company or any of its Affiliates. 

 

	 	(f)	An Eligible Employee receives a Comparable Offer of Employment from any purchaser company or resultant entity, or an Affiliate or Successor, as defined in Section 1.12 herein, of such a company or entity, after a
corporate rearrangement, total or partial merger, acquisition, sale of stock, sale of assets or other transaction involving the Company, the Parent Company or an Affiliate. 

 

	 	(g)	An Eligible Employee accepts an offer of employment with a Participating Company or any of its Affiliates, whether or not such offer of employment constitutes a Comparable Offer of Employment. 

 

	 	(h)	An Eligible Employee accepts an offer of employment with any purchaser company or resultant entity, or an Affiliate or Successor, as defined in Section 1.12 herein, of such a company or entity, after a corporate
rearrangement, total or partial merger, acquisition, sale of stock, sale of assets or other transaction involving the Company, the Parent Company or an Affiliate, whether or not such offer of employment constitutes a Comparable Offer of Employment.

  

	 	(i)	An Eligible Employee dies prior to his termination of employment. 

  

	 	(j)	Except as provided in subsection (k), an Eligible Employee is on a Leave of Absence at the time he is notified that his employment is being terminated. 

 

	 	(k)	An Eligible Employee is receiving benefits under a short-term disability program maintained by a Participating Company or an Affiliate. This exclusion may not apply if the Employee would have returned to work within the
initial six-month period of short-term disability had his termination of employment not occurred. 

  
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	 	(l)	An Eligible Employee is receiving benefits under a long-term disability program maintained by a Participating Company or an Affiliate. 

 

	 	(m)	An Eligible Employee has a written employment contract which contains severance provisions. 

  

	 	(n)	An Eligible Employee received or is eligible to receive more favorable severance pay benefits under any other severance pay plan, agreement or arrangement of a Participating Company, any of its Affiliates, or any
successor of a Participating Company. 

  

	 	(o)	An Eligible Employee received or is eligible to receive severance pay benefits under a change of control agreement (or similar agreement) with a Participating Company, any of its Affiliates, or any successor of a
Participating Company. 

 Article 3 

Benefits 
  

	3.1	Severance Pay. Except as provided in Section 3.6, subject to (i) the Participant’s signing and returning to the Company on or before the Participant’s termination date a severance and
restrictive covenant agreement prepared by the Company which may contain, among other provisions, prohibitions against (1) competition with a Participating Company or an Affiliate for a six-month period following termination; and
(2) solicitation of any Participating Company’s or an Affiliate’s employees for a twelve-month period following termination, (ii) the Participant’s signing and returning to the Company during the fifty (50) day period
following the Participant’s termination date a release of claims agreement prepared by the Company, and (iii) expiration of any applicable revocation period associated with such release of claims agreement (which expiration must occur
within the sixty (60) day period following the Participant’s termination date), a Participant will be eligible to receive: 

  

	 	(a)	a severance payment equal to either: 

  

	 	(i)	if the Participant is a member of the Parent Company’s Executive Leadership Team (as such term is defined in Section 2.1(b)), the Participant’s Base Salary multiplied by 1.5; or 

 

	 	(ii)	if the Participant is not a member of the Parent Company’s Executive Leadership Team (as such term is defined in Section 2.1(b)), the Participant’s Base Salary; 

 

	 	(b)	plus an additional severance payment equal to either: 

  

	 	(i)	if the Participant is a member of the Parent Company’s Executive Leadership Team (as such term is defined in Section 2.1(b)), the Participant’s Average Annual Bonus multiplied by 1.5; or

  
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	 	(ii)	if the Participant is not a member of the Parent Company’s Executive Leadership Team (as such term is defined in Section 2.1(b)), the Participant’s Average Annual Bonus. 

 

	3.2	Time and Form of Payment; Forfeiture. Severance benefits payable to a Participant under Sections 3.1 and 3.3(b) shall be paid in a lump sum during the sixty (60) day period following the Participant’s
termination date, subject to (i) the Participant’s signing and returning to the Company the severance and restrictive covenant agreement referred to in Section 3.1 on or before the Participant’s termination date, (ii) the
Participant’s signing and returning to the Company the release of claims agreement referred to in Section 3.1 during the fifty (50) day period following the Participant’s termination date, and (iii) expiration of any
applicable revocation period associated with such release of claims agreement (which expiration must occur within the sixty (60) day period following the Participant’s termination date). If the severance and restrictive covenant agreement
is not signed and returned on or before the Participant’s termination date, the release of claims agreement is not signed and returned during the fifty (50) day period following the Participant’s termination date or if the Participant
revokes such release of claims agreement during an applicable revocation period, all benefits otherwise payable under the Plan will be forfeited. If severance benefits could be paid under this provision in more than one calendar year, they will be
paid in the latest calendar year in which the payment may be made. 

  

	3.3	COBRA Continuation and COBRA Equivalent Payment. 

  

	 	a.	COBRA Continuation. Continued participation in welfare benefit plans maintained by the applicable Participating Company is subject to the terms and conditions of the applicable plan documents or insurance
contracts in effect on the date of the Participant’s termination of employment. Generally, the Participant has the option to elect the currently maintained Participating Company group medical and dental plan in which he is currently enrolled
for up to eighteen (18) months under Consolidated Omnibus Budget Reconciliation Act (“COBRA”) continuation coverage. Participants will be required to pay the full cost for medical and/or dental benefits under COBRA (to the extent the
Participant seeks and is otherwise eligible to continue COBRA coverage). COBRA continuation coverage under the Participating Company group medical and dental plan will generally cease on the date the Participant or his dependents become covered
under any other medical plan or dental plan or on the date applicable under any of the other termination events specified under COBRA. 

  

	 	b.	 COBRA Equivalent Payment. Except as provided in Section 3.6, subject to (i) the
Participant’s signing and returning to the Company the severance and restrictive covenant agreement referred to in Section 3.1 on or before the Participant’s termination date, (ii) the Participant’s signing and returning to
the Company the release of claims agreement referred to in Section 3.1 during the fifty (50) day period following the Participant’s termination date, and (iii) expiration of any applicable revocation period associated with such
release of claims agreement (which expiration must occur within the sixty (60) day period following the 

  
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Participant’s termination date), a Participant enrolled in Participating Company-sponsored medical and prescription coverage on the Participant’s termination date will receive an
additional severance payment equal to the monthly premium for COBRA continuation coverage for the medical and prescription coverage elected by the Participant and in effect on such date multiplied by twelve (12) (which is referred to herein as
the “COBRA Equivalent Payment”). Such amount shall be paid in accordance with and within the time period described in Section 3.2. Dental, vision and health care flexible spending account coverage premiums will not be included in
determining such payment. 

  

	3.4	Paid-Time Off (“PTO”) Program. If applicable, payment for PTO hours earned but not taken prior to the Participant’s employment termination, if any, shall be made in accordance with the
Participating Company’s then-current policy regarding payout of unused PTO. PTO time will not be considered for purposes of continued coverage under any of the other various employee benefit plans maintained by the Participating Company.

  

	3.5	Equity Awards. Any outstanding stock options and restricted stock units shall be governed by the terms of the Parent Company’s applicable equity compensation plans and award agreements pursuant to which such
awards were issued to the Participant. 

  

	3.6	Rehired Participants. This Section 3.6 applies to Participants rehired by a Participating Company or any Affiliate after receipt of severance pay under Section 3.1 and a COBRA Equivalent Payment under
3.3(b). 

  

	 	(a)	Severance Pay and COBRA Equivalent Payment. Following his rehire, the Participant will be entitled to keep a portion of his severance pay and COBRA Equivalent Payment (received pursuant to Sections 3.1 and
3.3(b)) equal to the product of the full amount of severance pay and the COBRA Equivalent Payment received by the Participant, net of any taxes withheld or paid, multiplied by a fraction equal to (i) the number of weeks and/or fraction of weeks
between his termination date and the date of rehire (ii) divided by fifty-two (52). Any remainder must be returned to the Participating Company that paid the severance pay and COBRA Equivalent Payment upon rehire or it will be deducted from the
Participant’s wages paid after rehire. 

 If a Participant is rehired within twelve (12) months of his termination
date and again becomes eligible for severance pay due to a subsequent event within twelve (12) months of rehire, subject to the Participant’s signing a severance and restrictive covenant agreement prepared by the Company on or before the
Participant’s termination date and the Participant’s signing a release of claims agreement prepared by the Company within fifty (50) days of such subsequent termination date and further subject to expiration of any applicable
revocation period associated with such release of claims agreement (which expiration must occur within the sixty (60) day period following the Participant’s termination date), the Participant will be eligible to receive the greater of:

  
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	 	(i)	the sum of any remaining severance not yet received (or received and returned) attributable to the initial termination date in accordance with Section 3.1, plus two (2) weeks of severance pay (based only on
the Participant’s Regular Wage Base); or 

  

	 	(ii)	two (2) weeks of severance pay (based only on the Participant’s Regular Wage Base). 

Severance pay under this Section 3.6 will be paid in accordance with and within the time period described in Section 3.2. 

 

	 	(b)	PTO. If a Participant is rehired within the same calendar year in which his employment was terminated and he received payment for paid-time-off (“PTO”) hours earned but not taken, he may either retain
the payment and forfeit PTO time for which he was eligible prior to his employment termination, or he may return to the Company the amount he received and have PTO time for which he was eligible prior to termination reinstated. 

 

	 	(c)	Equity Awards. If a Participant is rehired by a Participating Company or any Affiliate or successor after receipt of severance pay under Section 3.1, the Participant shall not be eligible for reinstatement
of any forfeited equity awards. 

  

	3.7	No Vesting. An Eligible Employee shall have no vested right to any benefits set forth in the Plan until such time as an Eligible Employee becomes a Participant and becomes entitled to receive benefits under
Article 2. 

  

	3.8	Integration with Plant Closing and Mass Layoff Law(s). If and to the extent that a federal, state or local law, including, but not limited to the Worker Adjustment and Retraining Act, requires a Participating
Company, as an employer, to provide notice and/or make a payment to an Employee because of that Employee’s involuntary termination, or pursuant to a plant closing law, the benefit payable under this Plan shall be reduced by any Regular Wage
Base paid during such notice period and/or by such other required payment. Nothing in this Section 3.8, or any other section of this Plan, shall be used to reduce benefits under this Plan because of payments under state unemployment insurance
laws. 

  

	3.9	Outplacement Services. Any Participant who receives severance pay is eligible for executive outplacement services through a reputable, third party outplacement provider approved by the Company. The Participating
Company who employed the Participant will pay up to $25,000 for such outplacement services for a Participant who is a member of the Parent Company’s Executive Leadership Team (as such term is defined in Section 2.1(b)), or up to $10,000
for such outplacement services for a Participant who is not a member of the Parent Company’s Executive Leadership Team, provided that such expenses must be incurred within nine (9) months after the Participant’s termination, but in
all events no payments for such outplacement services will be made after fifteen (15) months following the Participant’s termination. 

  
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 Article 4 

Administration of the Plan 
  

	4.1	Administration by the Compensation Committee. The Plan shall be administered by the Compensation Committee. 

  

	4.2	Operation of the Compensation Committee. 

  

	 	(a)	The Compensation Committee shall act by a majority of its members constituting a quorum and such action may be taken either by a vote in a meeting or in writing without a meeting. A quorum shall consist of a majority of
the members of the Compensation Committee. No Compensation Committee member shall act upon any question pertaining solely to himself, and with respect to any such question only the other Compensation Committee members shall act. 

 

	 	(b)	The Compensation Committee may allocate responsibility for the performance of any of its duties or powers to one or more Compensation Committee members or employees of the Participating Company. 

 

	 	(c)	The Compensation Committee or its designee shall keep such books of account, records and other data as may be necessary for the proper administration of the Plan. 

 

	4.3	Powers and Duties of the Compensation Committee. The Compensation Committee shall be generally responsible for the operation and administration of the Plan, with all powers and discretionary authority necessary
to enable the Compensation Committee to carry out its duties in that respect. To the extent that powers are not delegated to others pursuant to provisions of this Plan, the Compensation Committee shall have such powers as may be necessary to carry
out the provisions of the Plan and to perform its duties hereunder, including, without limiting the generality of the foregoing, the power: 

  

	 	(a)	To appoint, retain and terminate such persons as it deems necessary or advisable to assist in the administration of the Plan or to render advice with respect to the responsibilities of the Compensation Committee under
the Plan, including accountants, administrators and attorneys. 

  

	 	(b)	To make use of the services of the employees of any Participating Company in administrative matters. 

  

	 	(c)	To obtain and act on the basis of all tables, certificates, opinions, and reports furnished by the persons described in paragraph (a) or (b) above. 

 

	 	(d)	To review the manner in which benefit claims and other aspects of the Plan administration have been handled by the employees of the Participating Companies. 

  
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	 	(e)	To determine all benefits and resolve all questions pertaining to the administration and interpretation of the Plan provisions, either by rules of general applicability or by particular decisions. To the maximum extent
permitted by law, all interpretations of the Plan and other decisions of the Compensation Committee (or its delegates) shall be conclusive and binding on all parties. 

 

	 	(f)	To adopt such forms, rules and regulations as it shall deem necessary or appropriate for the administration of the Plan and the conduct of its affairs, provided that any such forms, rules and regulations shall not be
inconsistent with the provisions of the Plan. 

  

	 	(g)	To remedy any inequity resulting from incorrect information received or communicated or from administrative error. 

  

	 	(h)	To commence or defend any litigation arising from the operation of the Plan in any legal or administrative proceeding. 

  

	4.4	Required Information. Any Eligible Employee and any Participant eligible to receive benefits under the Plan shall furnish to the Compensation Committee or its designee any information or proof requested by the
Compensation Committee and reasonably required for the proper administration of the Plan. Failure on the part of an Eligible Employee or any Participant to comply with any such request within the time permitting for signing and returning the signed
severance and restrictive covenant agreement and signed release of claims agreement as prescribed under Section 3 above shall result in forfeiture of all compensation hereunder. 

 

	4.5	Compensation and Expenses. All expenses incident to the operation and administration of the Plan reasonably incurred, including, without limitation by way of specification, the fees and expenses of attorneys and
advisors, and for such other professional, technical and clerical assistance as may be required, shall be paid by the Participating Companies. Members of the Compensation Committee shall not be entitled to any compensation by virtue of their
services as such nor be required to give any bond or other security; provided, however, that they shall be entitled to reimbursement by the Participating Companies for all reasonable expenses which they may incur in the performance of their duties
hereunder and in taking such action as they deem advisable hereunder within the limits of the authority given them by the Plan and by law. 

  

	4.6	Claims. 

  

	 	(a)	Claims Administrator. For purposes of this Section 4.6, the “Claims Administrator” shall be the person(s), office or committee(s) to whom the Compensation Committee has delegated day-to-day Plan
administration responsibilities and who, pursuant to such delegation, processes Plan benefit claims in the ordinary course. 

  
 14 

	 	(b)	Claims Procedure. Any Participant or Beneficiary may file a written claim with the Claims Administrator setting forth the nature of the benefit claimed, the amount thereof, and the basis for claiming entitlement
to such benefit. A claim under this Plan shall be adjudicated by the Claims Administrator in accordance with this Section 4.6. 

  

	 	(i)	Initial Claim. The claimant initiates a claim by submitting to the Claims Administrator a written claim for benefits. 

  

	 	(ii)	Timing of Response. The Claims Administrator shall respond to such claimant within ninety (90) days after receiving the claim. If the Claims Administrator determines that special circumstances require
additional time for processing the claim, the Claims Administrator can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end of the initial ninety (90) day period, that an
additional period is required. Such notice shall indicate the special circumstances requiring the additional time and the date by which the Claims Administrator expects to respond. If the period of time is extended because the claimant has failed to
provide necessary information to decide the claim, the period for the Claims Administrator to respond shall be tolled from the date on which the notification of the additional period is sent to the claimant, until the date on which the claimant
provides the information. If the claimant fails to provide necessary information to decide the claim within the time period specified by the Claims Administrator, the claim shall be denied. 

 

	 	(iii)	Notice of Decision. If the Claims Administrator denies part or all of the claim, the Claims Administrator shall notify the claimant in writing of such denial. Such notice shall include the specific reason or
reasons for the denial; specific references to the Plan provisions on which the denial is based; a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or
information is necessary; and a description of the Agreement’s review procedure including a statement of the claimant’s rights to bring a civil action under Section 502 of the ERISA following an adverse determination on review.

  

	 	(iv)	Deadline to File Claim. To be considered timely under the Plan’s claim and review procedure, a claim for payment must be filed with the Claims Administrator on or before the last day of the 12th month beginning after the due date for the requested payment or benefit. 

  

	 	(b)	Review Procedure. If the Claims Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Claims Administrator of the denial, as follows:

  
 15 

	 	(i)	Review Request. To initiate the review, the claimant, within sixty (60) days after receiving the Claims Administrator’s notice of denial, must file with the Claims Administrator a written request for
review. 

  

	 	(ii)	Additional Submissions. The claimant shall have the opportunity to submit written comments, documents, records and other information relating to the claim. The claimant shall be provided, upon request and free of
charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. The review of the claim shall take into account all comments, documents, records, and other information submitted by the
claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

  

	 	(iii)	Timing of Response. The Claims Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If the Claims Administrator determines that special
circumstances require additional time for processing the claim, the Claims Administrator can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day
period, that an additional period is required. Such notice shall indicate the special circumstances requiring the additional time and the date by which the Claims Administrator expects to respond. If the period of time is extended because the
claimant has failed to provide necessary information to decide the claim, the period for the Claims Administrator to respond shall be tolled from the date on which the notification of the additional period is sent to the claimant, until the date on
which the claimant provides the information. If the claimant fails to provide necessary information to decide the claim within the time period specified by the Claims Administrator, the claim shall be denied. 

 

	 	(iv)	Notice of Decision. The Claims Administrator shall notify the claimant in writing of its decision on review. In the case of denial, such notice shall include the specific reason or reasons for the denial;
specific references to the Plan provisions on which the denial is based; a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant to the claimant’s claim for benefits; and a statement of the claimant’s right to bring an action under Section 502(a) of ERISA. 

  

	 	(c)	 Exhaustion of Administrative Remedies. No claimant may commence any legal action to recover a benefit
under this Agreement or to enforce or clarify rights under this Plan until the claim and review procedure set forth herein has been exhausted in its entirety. In any such legal action, all explicit and all implicit determinations by the Claims
Administrator and the Compensation Committee, as applicable (including, but not limited to, determinations as to whether the claim, 

  
 16 

	 	
or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law. 

 

	 	(d)	Deadline to File Legal Action. No legal action to recover benefits under this Plan or to enforce or clarify rights under this Plan may be brought by any claimant on any matter pertaining to this Plan unless the
legal action is commenced in the proper forum on or before the last day of the twelfth (12th) month beginning after the date the claimant has received a denial on review following exhaustion
of the claim and review procedure. 

 Article 5 

General Provisions 
  

	5.1	Successor to Company. This Plan shall bind any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of
the Parent Company in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by
operation of law be bound by this Plan, the Parent Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Plan, shall mean the Company and any successor or assignee to the business or assets that by reason hereof becomes bound by
this Plan. 

  

	5.2	Duration. The Plan shall continue indefinitely unless terminated as provided in Section 5.3 hereof. 

  

	5.3	Amendment and Termination. The Compensation Committee, in its settlor capacity, reserves the right at any time to terminate the Plan. The Compensation Committee reserves the right at any time and from time to
time, and retroactively if deemed necessary or appropriate, to modify or amend in whole or in part any or all of the provisions of the Plan. 

Any amendment or modification to the Plan shall be effective at such date as the Compensation Committee may determine with respect to any
amendment adopted by the Compensation Committee. 
 Decisions regarding the design of the Plan (including any decision to amend or terminate,
or to not amend or terminate the Plan) will be made in a settlor capacity and will not be governed by the fiduciary responsibility provisions of ERISA. 
  

	5.4	 Management Rights. Participation in the Plan shall not lessen or otherwise affect the responsibility of an
Employee to perform fully his duties in a satisfactory and workmanlike manner. This Plan shall not be deemed to constitute a contract between a Participating Company and any Employee or other person whether or not in the employ of the Participating
Company, nor shall anything herein contained be deemed to give any 

  
 17 

	 	
Employee or other person whether or not in the employ of a Participating Company any right to be retained in the employ of any Participating Company, or to interfere with the right of any
Participating Company to discharge any Employee at any time and to treat him without any regard to the effect which such treatment might have upon him as an Employee covered by the Plan. 

 

	5.5	Funding. The Plan shall constitute an unfunded and unsecured obligation of the Participating Companies payable from the general funds of such Participating Companies. 

 

	5.6	Withholding of Taxes. Each Participating Company may withhold from any amounts payable under the Plan all federal, state, city and/or other taxes as shall be legally required. 

 

	5.7	Participant’s Responsibility. Each Participant (or personal representative of a deceased Participant’s estate) shall be responsible for providing the Compensation Committee with his current address. Any
notices required or permitted to be given hereunder shall be deemed given if directed to such address and mailed by regular United States mail. The Compensation Committee shall not have any obligation or duty to locate a Participant.

  

	5.8	Indemnification. Each Participating Company shall indemnify and hold harmless each member of the Board of Directors and each officer and employee of a Participating Company to whom are delegated duties,
responsibilities, and authority with respect to this Plan against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him (including, but not limited to reasonable attorney fees) which arise as a
result of his actions or failure to act in connection with the operation and administration of this Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance
purchased or paid for by a Participating Company. Notwithstanding the foregoing, a Participating Company shall not indemnify any person for any such amount incurred through any settlement or compromise of any action unless the Participating Company
consents in writing to such settlement or compromise. 

  

	5.9	Governing Law. The Plan shall be governed by and construed in accordance with applicable Federal laws, including ERISA, governing employee benefit plans and in accordance with the laws of the State of Oklahoma
where such laws are not in conflict with the aforementioned Federal laws. The United States District Court, Northern District of Oklahoma, and the Tulsa County District Court, both sitting in Tulsa, Oklahoma, shall have jurisdiction and be the
exclusive venues for purposes of all proceedings arising out of or relating to this Plan or the transactions contemplated thereby. 

  

	5.10	Right of Recovery. If any Participating Company makes payment(s) in excess of the amount required under the Plan, the Compensation Committee shall have the right to recover the excess payment(s) from any person
who received the excess payment(s). Such recovery shall be returned by the Compensation Committee to such Participating Company. 

  

	5.11	 Adoption by Participating Company. Any Affiliate may adopt or withdraw from this Plan. The adoption
resolution may contain such specific changes and variations in this Plan’s 

  
 18 

	 	
terms and provisions applicable to the employees of the adopting Affiliate as may be acceptable to the Compensation Committee. 

 

	5.12	Code Section 409A. It is intended that this Plan meet the requirements of the short-term deferral exception from Section 409A of the Code, and all regulations and other guidance thereunder
(“Section 409A”) and, if not excepted, comply with Section 409A. Accordingly, the Plan shall be interpreted and administered in accordance with such intent. It is further recognized that it may be necessary to modify this Plan from
time to time to reflect guidance under Section 409A. The Compensation Committee shall have unilateral discretion and authority in: (a) determining (i) whether any modification of the Plan is desirable or appropriate and (ii) the
terms of any such modification; and (b) adopting and implementing any amendment to the Plan or any administrative rules deemed necessary for the Plan to be excepted from Section 409A or to comply therewith. 

Notwithstanding any provision to the contrary in this Plan, no payment or distribution under this Plan which constitutes an item of deferred
compensation under Section 409A and becomes payable by reason of a Participant’s termination of employment with the Company will be made prior to the earlier of: (i) the expiration of the six (6)-month period measured from the date of
his “separation from service” (as such term is defined in Treasury Regulations issued under Section 409A); or (ii) the date of the Participant’s death, if he is deemed at the time of such separation from service to be a
“key employee” within the meaning of that term under Code Section 416(i) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A. Upon the expiration of the applicable
Section 409A deferral period, all payments and benefits deferred pursuant to this Section 5.12 shall be paid or reimbursed to such key employee in a lump sum on the first business day following such expiration. 

IN WITNESS WHEREOF, the Parent Company and the Company have caused this amended and restated Plan to be executed effective as herein provided.

  
 19 

									
	WPX ENERGY SERVICES COMPANY, LLC	 		 	WPX ENERGY, INC.
					
	By:	 	 	 		 	By:	 	 
					
	Title:	 	 	 		 	Title:	 	 

  
 20Exhibit

Exhibit 10.1

CONTRIBUTION AND SUBSCRIPTION AGREEMENT

WHEELER REIT, L.P.

THE UNITS ACQUIRED HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, STATE SECURITIES LAWS OR THE LAWS OF ANY COUNTRY OUTSIDE THE UNITED STATES. ISSUANCE OF THE UNITS IS MADE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION. THE UNITS CANNOT BE SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS THEY ARE REGISTERED IN COMPLIANCE WITH FEDERAL AND STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION THEREFROM.

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY CREATING THE UNITS AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE UNITS BEING OFFERED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Wheeler REIT, L.P.
Riversedge North
2529 Virginia Beach Blvd.
Suite 200
Virginia Beach, VA 23452

Ladies and Gentlemen:

The undersigned (the “Subscriber”) understands and acknowledges that Wheeler REIT, L.P., a Virginia limited partnership (the “Company”), is offering for sale, to certain qualifying subscribers, Partnership Common Units (the “Units”) in the Company pursuant to this Contribution and Subscription Agreement (the “Subscription Agreement”) and the Company’s Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”).

The Subscriber understands and acknowledges that the Company has not retained counsel to represent the interests of the Subscribers, and that each Subscriber should consult with its own legal, tax and investment advisors regarding a potential purchase of Units.

The Subscriber acknowledges that the Subscriber is not acting on the basis of any representations or warranties other than those contained herein and understands that the offering of the Units (the “Offering”) is being made pursuant to one or more exemptions from registration and without registration of the Units under the Securities Act of 1933, as amended (the “Securities Act”), or any securities, “blue sky” or other similar laws of any state (“State Securities Laws”). 

The Subscriber understands that the Company has been formed by Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (“REIT”) which is the general partner of the Company. The Subscriber has been provided a copy of and an opportunity to review the Company’s Confidential Private Placement Memorandum dated October 24, 2016 in connection with the Offering.

1.    Basic Transaction and Consideration. The Company is offering the Units pursuant hereto in consideration for the contribution by Subscriber to the Company of all of its membership interests (“Membership Interests”) in P&W SC/GA Properties I, LLC, a Virginia limited liability company (“Property Owner”). The Property Owner is the owner of certain real property and improvements located in Royston, Georgia and Summerville, South Carolina.
2.    Contribution and Subscription. 

(a)    Subject to the terms and conditions hereof and the provisions of the Partnership Agreement, Subscriber shall contribute, sell, assign and transfer all of its Membership Interests to the Company in consideration for the issuance by the Company to Subscriber of that number of Units equal to (x) Subscriber’s Sale Percentage (as defined below) in the Property Owner multiplied by (y) the Property Owner Valuation (as defined below) divided by (z) the per share closing price of the REIT’s common stock as of the date prior to the date of the “Closing” (defined below). “Sale Percentage” means the percentage of net proceeds that would be distributed to Subscriber as a member of the Property Owner in accordance with the operating agreement of the Property Owner as in effect immediately prior to Closing, upon the sale of all or substantially all of the Property Owner’s assets for an amount equal to the Property Owner Valuation. “Property Owner Valuation” means the aggregate purchase price for 100% of the Membership Interests in the Property Owner, which shall be $2,061,156.00 plus or minus such customary credits, pro rations and other adjustments for operating costs and liabilities as may be agreed by the Company and its manager (the “Manager”) in connection with Closing (as defined below). Notwithstanding the foregoing, in the event that the undersigned has elected Option B pursuant to the Consent and Election in the form attached hereto as Appendix A (“Consent and Election”), the Company shall deliver cash payment to the undersigned in an amount equal to the undersigned’s Sale Percentage multiplied by the Property Owner Valuation, minus any applicable withholding taxes, and the undersigned shall not receive any Units in the Company. The Units issued or cash paid, as applicable, are referred to as the “Transfer Consideration.” 

(b)    The undersigned agrees that this Subscription Agreement shall be irrevocable and shall survive the death, dissolution or legal incapacity of the Subscriber.

(c)    The Company has entered into separate but substantially identical Contribution and Subscription Agreements in connection with this Offering (the “Other Subscription Agreements” and, together with this Subscription Agreement, the “Subscription Agreements”) with other purchasers (the “Other Purchasers”), providing for the issuance to the Other Purchasers of the Company’s securities and the admission of the Other Purchasers to the Company as limited partners. This Subscription Agreement and the Other Subscription Agreements are separate 

agreements, and the sales of the Company’s securities to the Subscriber and the Other Purchasers are to be separate sales.

(d)    The Transfer Consideration described in Section 2 shall be issued or paid, as applicable, at Closing to the Property Owner’s manager or an account designated by the Property Owner’s manager, for further distribution by such manager to the undersigned following Closing. 
3.    General Consent and Waiver. 

(a)    The undersigned consents to the sale and transfer of its Membership Interests on the terms set forth herein and to the sale and transfer of the other membership interests in the Property Owner on substantially the terms described herein, and expressly waives any and all consent rights, rights of first refusal, appraisal rights or other similar rights or restrictions on transfer, including without limitation those set forth in the operating agreement of the Property Owner. The undersigned hereby releases and forever discharges the Company, the Property Owner, and their respective members, partners, directors, officers, managers, agents, attorneys, and representatives, of and from any and all manner of actions, claims, causes of action, suits, debts, demands, sums of money, controversies, damages, judgments, losses, costs, expenses, liabilities and obligations, of any nature whatsoever, including but not limited to those arising from any membership interest in the Property Owner, any rights, title or interest therein, or any distribution, compensation, bonus, options or remuneration of any type or nature whatsoever, whether arising at law, in equity or otherwise, which such person may now or, hereafter can, shall or may have, against any of them, arising on or prior to the date hereof.

(b)    Each Subscriber who has selected Option A pursuant to the attached Consent and Election, upon execution hereof shall be deemed to have executed and delivered the Partnership Agreement of the Company, and upon acceptance of this Subscription Agreement by the Company and Closing (as defined below), Subscriber shall be bound by the Partnership Agreement and subject to all rights and obligations thereof.

4.    Acceptance of Subscription. The Subscriber understands and acknowledges that (a) the Company has the unconditional right, exercisable in its sole and absolute discretion, to accept (in whole or in part) or reject this Subscription Agreement, (b) this Subscription Agreement shall not be valid or binding unless and until accepted by the Company, (c) this Subscription Agreement shall be deemed to be accepted by the Company only when it is signed by an authorized signatory on behalf of the Company, and (d) notwithstanding anything in this Subscription Agreement to the contrary, the Company shall have no obligation to issue any Units under any circumstances that may constitute a violation of the Securities Act or any State Securities Laws or any other statutes, laws, rules or regulations (the “Laws”). The Company will notify the Subscriber promptly after all conditions hereto have been satisfied, at which time the Membership Interests shall be deemed accepted by the Company and the Transfer Consideration shall be issued or paid, as applicable, to the Subscriber (the “Closing”).

5.    Representations and Warranties of the Company. The Company represents and warrants that as of the Closing:

(a)    The Company is duly formed and is validly existing as a limited partnership under the laws of the Commonwealth of Virginia with full power and authority to conduct its business as currently conducted.

(b)    The Units have been duly authorized by the Company and, when issued and paid for in accordance with the terms herein and in the Partnership Agreement, will be validly issued.

6.    Representations and Warranties of the Subscriber. 

(a)    Each Subscriber who has selected Option A pursuant to the attached Consent and Election hereby represents and warrants to and covenants with the Company as follows:

(i)    Accuracy of Information. All of the information provided by the Subscriber pursuant to this Subscription Agreement is true, correct and complete in all respects, and the Company shall be entitled to rely thereon. Any other information the Subscriber has provided to the Company about the Subscriber is correct and complete as of the date of this Subscription Agreement.

(ii)    Disclosure Advice. The Subscriber has either consulted the Subscriber’s own investment adviser, attorney or accountant about the investment and proposed purchase of any Units and its suitability to the Subscriber or chosen not to do so, despite the recommendation of that course of action by the Company. To the extent necessary, the Subscriber has retained, at the Subscriber’s own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits, risks and consequences of this Subscription Agreement and of purchasing and owning the Units. Any special acknowledgment set forth herein shall not be deemed to limit the generality of this representation and warranty.

The Subscriber has received a copy of the form of the Partnership Agreement of the Company, and the Subscriber understands the risks of, and other considerations relating to, a purchase of any Units, including that by its execution hereof, the undersigned shall become a party to, and bound by the Partnership Agreement. The Subscriber has been given access to, and prior to the execution of this Subscription Agreement the Subscriber was provided with an opportunity to ask questions of, and receive answers from, the Company’s officers and directors concerning the terms and conditions of the offering of Units, and to obtain any other information which the Subscriber and the Subscriber’s investment representative and professional advisors requested with respect to the Company and the Subscriber’s investment in the Company in order to evaluate the Subscriber’s investment and verify the accuracy of all information furnished to the Subscriber regarding the Company. All such questions, if asked, were answered satisfactorily and all information or documents provided were found to be satisfactory.

(iii)    Investment Representation and Warranty. The Subscriber is acquiring the Subscriber’s Units for the Subscriber’s own account or for one or more separate accounts maintained by the Subscriber or for the account of one or more pension or trust funds of which the Subscriber is trustee as to which the Subscriber is the sole qualified professional asset manager within the 

meaning of Prohibited Transaction Exemption 84-14 (a “QPAM”) for the assets being committed hereunder, in each case not with a view to or for sale in connection with any distribution of all or any part of such Units. The Subscriber hereby agrees that the Subscriber will not, directly or indirectly, assign, transfer, offer, sell, pledge, hypothecate or otherwise dispose of all or any part of such Units (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any part of the Units) except in accordance with the registration provisions of the Securities Act or an exemption from such registration provisions, with any applicable state or other securities laws, and with the terms of the Partnership Agreement. If the Subscriber is purchasing for the account of one or more pension or trust funds, the Subscriber represents that (except to the extent the Subscriber has otherwise advised the Company in writing prior to the date hereof) the Subscriber is acting as sole trustee or sole QPAM for the assets being committed hereunder and has sole investment discretion with respect to the acquisition of the Units to be purchased by the Subscriber pursuant to this Subscription Agreement, and the determination and decision on the Subscriber’s behalf to purchase such Units for such pension or trust funds is being made by the same individual or group of individuals who customarily pass on such investments, so that the Subscriber’s decision as to purchases for all such funds is the result of such study and conclusion. The Subscriber has not offered or sold any portion of the Units and has no present intention of dividing such Units with others or of reselling or otherwise disposing of any portion of such Units either currently or after the passage of a fixed or determinable period of time or upon the occurrence or nonoccurrence of any predetermined event or circumstance.

(iv)    Representation of Investment Experience and Ability to Bear Risk. The Subscriber (A) is knowledgeable and experienced with respect to the financial, tax and business aspects of the ownership of the Units and the shares of common stock of the REIT into which the Units may be convertible (“REIT Shares”) and of the business contemplated by the Company and the REIT, and is capable of evaluating the risks and merits of purchasing the Units and, in making a decision to proceed with this investment, has not relied upon any representations, warranties or agreements, other than those set forth in this Subscription Agreement and the Partnership Agreement, if any, and (B) can bear the economic risk of an investment in the Company for an indefinite period of time, and can afford to suffer the complete loss thereof.

(v)    Accredited Investor. Except as disclosed in Appendix B hereto, the Subscriber is an accredited investor within the meaning of rule 501(a) of Regulation D promulgated under the Securities Act by reason of the fact that the Subscriber is:

(a)    Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any insurance company as defined in section 2(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit 

of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;
(b)    Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;
(c)    Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
(d)    Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;
(e)    Any natural person whose individual net worth, or joint net worth with that person's spouse, exceeds $1,000,000;
(1)    For purposes of calculating net worth:
(i)    The person's primary residence shall not be included as an asset;
(ii) Indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the investment in the Company, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of such investment exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and
(iv) Indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;
(f)    Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;
(g)    Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 506 of Regulation D; or
(h)    Any entity in which all of the equity owners are accredited investors as defined by Subsections (a) through (g) above.

(vi)    Awareness of Risks; Suitability. Subscriber understands that the Units involve a substantial degree of risk including risk of loss of the Subscriber’s entire investment, and 

that there is no assurance of any income from the Subscriber’s investment. The Subscriber has evaluated the risks involved in investing in the Units and has determined that the Units are a suitable investment for the Subscriber. Specifically, the aggregate amount of the investments the Subscriber has in, and the Subscriber’s commitments to, all similar investments that are illiquid is reasonable in relation to the Subscriber’s net worth, both before and after the subscription for and purchase of the Units pursuant to this Subscription Agreement.

(vii)    Residence. The Subscriber maintains the Subscriber’s domicile at the address shown in the signature page of this Subscription Agreement and the Subscriber is not merely transient or temporarily resident there.

(viii)    No Conflict; No Violation. The execution and delivery of this Subscription Agreement by the Subscriber and the performance of the Subscriber’s duties and obligations hereunder (i) do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under (A) any charter, by-laws, trust agreement, operating agreement, partnership agreement or other governing instrument applicable to the Subscriber, (B) (1) any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement or understanding, or (2) any license, permit, franchise or certificate, in either case to which the Subscriber or the Subscriber’s affiliates is a party or by which the Subscriber or any of them is bound or to which the Subscriber’s or any of their properties are subject; (ii) do not require any authorization or approval under or pursuant to any of the foregoing; or (iii) do not violate any statute, regulation, law, order, writ, injunction or decree to which the Subscriber or any of the Subscriber’s affiliates is subject. 

(ix)    No Default. The Subscriber is not (i) in default (nor has any event occurred which with notice, lapse of time, or both, would constitute a default) in the performance of any obligation, agreement or condition contained in this Subscription Agreement or the Partnership Agreement, or (ii) in violation of any statute, regulation, law, order, writ, injunction, judgment or decree applicable to the Subscriber or any of the Subscriber’s affiliates.

(x)    No Litigation. There is no litigation, investigation or other proceeding pending or, to the Subscriber’s knowledge, threatened against the Subscriber or any of the Subscriber’s affiliates which, if adversely determined, would adversely affect the Subscriber’s business or financial condition or the Subscriber’s ability to perform the Subscriber’s obligations under this Subscription Agreement.

(xi)    OFAC. The Subscriber, and all beneficial owners of Subscriber (if Subscriber is an entity), are in compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”). For purposes of this subsection, “Person” shall mean any corporation, partnership, limited liability company, joint venture, individual, trust, real estate investment trust, banking association, federal or state savings 

and loan institution and any other legal entity, whether or not a party hereto. In addition, neither the Subscriber nor any of the beneficial owners of the Subscriber (if the Subscriber is an entity):
(1)    is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”);
(2)    has been indicted or arrested for money laundering or for predicate crimes to money laundering, convicted or pled nolo contendere to charges involving money laundering or predicate crimes to money laundering;
(3)    has been determined by competent authority to be subject to the prohibitions contained in the Orders;
(4)    is owned or controlled by, nor acts for or on behalf of, any Person on the Lists or any other Person who has been determined by competent authority to be subject to the prohibitions contained in the Orders;
(5)    shall transfer or permit the transfer of any interest in the Subscriber or such parties to any Person who is, or whose beneficial owners are, listed on the Lists; or
(6)    shall assign this Subscription Agreement or any interest herein, to any Person who is listed on the Lists or who is engaged in illegal activities.
If the Subscriber obtains knowledge that the Subscriber, or, if Subscriber is an entity, any of Subscriber’s partners, members, stockholders, managers, directors or beneficial owners, become listed on the Lists or are indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, the Subscriber shall immediately notify the Company.

(xii)    Representations Current. The Subscriber understands that, unless the Subscriber notifies the Company in writing to the contrary before the Closing, all the representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed and confirmed as of the date of the Closing, taking into account all information received by the Subscriber after the date hereof up to the date of the Closing.

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

Company as to the tax consequences of this investment, or as to credits, profits, losses or cash flow which may be received or sustained as a result of this investment. The Subscriber is advised to consult its own tax advisors and counsel regarding the tax consequences of investment in the Company.

(b)    The undersigned, whether having elected Option A or Option B pursuant to the attached Consent and Election, hereby makes the following representations and warranties to the Company as of the Effective Date and as of the Closing as though made again on and as of such date:
(i)    Organization and Authority. If other than a natural person, the undersigned has been duly formed and is validly existing and in good standing under the laws of its jurisdiction of organization. The undersigned has the full right and authority to enter into this Subscription Agreement and to transfer its Membership Interests and to consummate or cause to be consummated the transactions contemplated by this Subscription Agreement. The persons signing this Subscription Agreement on behalf of the undersigned are authorized to do so.
(ii)    Noncontravention. Neither the entry into nor the performance of, or compliance with, this Subscription Agreement by the undersigned has resulted, or will result, in any violation of, or default under, or result in the acceleration of, any obligation under any existing organizational documents or agreements, mortgage, indenture, lien agreement, note, contract, permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to the undersigned (excluding any loan documents to which the Property Owner or its assets may be subject).
(iii)    Agreement Binding. This Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity). All other documents executed by the undersigned at or in connection with the Closing will be duly authorized, executed, and delivered by the undersigned, are or at the Closing will be legal, valid, and binding obligations of the undersigned in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity) and do not violate any provisions of any agreement to which the undersigned is a party or to which it is subject (excluding any loan documents to which the Property Owner or its assets may be subject). 
(iv)    Consents. Each consent, approval, authorization, order, license, certificate, permit, registration, designation, or filing by or with any governmental agency or body necessary for the execution, delivery, and performance of this Subscription Agreement or the transactions contemplated hereby by the undersigned have been obtained or will be obtained on or before the Closing.
(v)    Ownership. The undersigned further represents and warrants to the Company that (A) it is the owner of the Membership Interests to be conveyed hereby, free and clear 

of all liens and encumbrances, and has not pledged, collaterally assigned, hypothecated or otherwise encumbered all or any portion thereof, (B) no understanding, agreement (either express or implied), or reasonable expectancy of agreement with respect to the sale or transfer of such Membership Interests or sale, lease or other transfer of the Property Owner or its assets exists between the undersigned and any third party, (C) there are no (i) outstanding or authorized options, warrants, or convertible securities relating to such Membership Interests or (ii) other rights, agreements, arrangements or commitments of any character relating to such Membership Interests that would be binding on the Company as the successor owner thereof or would encumber such Membership Interests, and (D) the Membership Interests conveyed hereby constitute the undersigned’s entire legal and beneficial interest in the Property Owner.
(vi)    Bankruptcy. The undersigned has not made a general assignment for the benefit of creditors, filed any voluntary petition in bankruptcy or suffered the filing of an involuntary petition by its creditors, suffered the appointment of a receiver to take possession of substantially all of its assets, or suffered the attachment or other judicial seizure of substantially all of its assets.
(vii)    Capacity to Contract. If the undersigned is an individual, he or she represents that he or she is over 21 years of age and has the capacity to execute, deliver and perform this Subscription Agreement. 

(viii)    Power, Authority; Valid Agreement. (i) The undersigned has all requisite power and authority to execute, deliver and perform its obligations under this Subscription Agreement and, if applicable, to subscribe for and acquire the Units; (ii) the undersigned’s execution of this Subscription Agreement has been authorized by all necessary corporate or other action on the undersigned’s behalf; and (iii) this Subscription Agreement is valid, binding and enforceable against the undersigned in accordance with its respective terms.

(ix)    Further Assurances. The undersigned agrees to furnish any additional information requested to assure compliance with the Securities Act, State Securities Laws and any other applicable Laws in connection with the transactions contemplated hereby.

7.    Restrictions on Transfer or Sale of the Units.

(a)    The Subscriber is acquiring the Units solely for the Subscriber’s own beneficial account, for investment purposes, and not with view to, or for resale in connection with, any distribution of the Units. The Subscriber understands that the offer and the sale of the Units has not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of the Subscriber and of the other representations made by the Subscriber in this Subscription Agreement. The Subscriber understands that the Company is relying upon the representations, covenants and agreements contained in this Subscription Agreement (and any supplemental information) for the purposes of determining whether this transaction satisfies the requirements for such exemptions.

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

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

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

(e)    The Units are subject to restrictions on beneficial and constructive ownership and transfer for the purpose of the REIT’s maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the "Code"). Subject to certain further restrictions and except as expressly provided in the REIT’s charter, (i) no person may beneficially or constructively own shares of the REIT’s common stock in excess of 9.9% (in value or number of shares) of the outstanding shares of common stock of the REIT unless such person is an excepted holder (in which case the excepted holder limit shall be applicable); (ii) no person may beneficially or constructively own shares of capital stock of the REIT in excess of 9.9% of the value of the total outstanding shares of capital stock of the REIT, unless such person is an excepted holder (in which case the excepted holder limit shall be applicable); (iii) no person may beneficially or constructively own capital stock that would result in the REIT being "closely held" under section 856(h) of the Code or otherwise cause the REIT to fail to qualify as a real estate investment trust; and (iv) no person may transfer shares of capital stock if such transfer would result in the capital stock of the REIT being owned by fewer than 100 persons. 

8.    Survival and Indemnification. All representations, warranties and covenants contained in this Subscription Agreement and the indemnification contained in this Paragraph shall survive (i) the acceptance of the Subscription Agreement by the Company, (ii) changes in any transactions, documents and instruments, including the Partnership Agreement, which are not material or which are to the benefit of the Subscriber, and (iii) the death, incapacity or disability of the Subscriber. The Subscriber acknowledges that it understands the meaning and legal consequences of the representations, warranties and covenants contained in this Subscription 

Agreement, including this Paragraph hereof, and that the Company has relied upon such representations, warranties and covenants in determining the Subscriber’s qualification and suitability to purchase the Units. The Subscriber hereby agrees to indemnify, defend and hold harmless the Company, and the directors, officers, employees, agents and controlling persons of the Company, from and against any and all losses, claims, damages, liabilities, expenses (including attorneys’ fees and costs), judgments or amounts paid in settlement of actions arising out of or resulting from the untruth of any representation in this Subscription Agreement or the breach of any warranty or covenant contained in this Subscription Agreement. 

9.    Cautionary Statements Regarding Forward Looking Statements.

Subscriber is aware that any informational materials reviewed by Subscriber in connection with the Company may contain forward looking statements. Any forward‐looking statements contained in any such informational materials were based on current expectations involving many risks and uncertainties, especially in light of the nature of the Company and its business. The Company’s actual financial results may differ materially from any results which might be projected, forecast, estimated or budgeted by the Company in forward‐looking statements. Among the many factors that could cause actual results to differ materially are general economic conditions, changes in the capital markets, including changes in interest rates and availability of capital, and competition from businesses engaged in similar enterprises, both those currently in existence as well as those that may arise in the future. 

10.    Consents Regarding Organizational Documents. The undersigned acknowledges that the agreements contained herein and the transactions contemplated hereby and any actions taken in contemplation of the transactions contemplated hereby may conflict with, and may not have been contemplated by, the organizational documents of the Property Owner or the Manager, or other agreements among one or more holders of ownership interests therein, and hereby expressly gives all consents (and any consents necessary to authorize the proper parties in interest to give all consents) and waivers it is entitled to give that are necessary or desirable to facilitate the contribution or sale contemplated hereby.

11.    Conditions to Obligations of the Company. The obligations of the Company to issue and sell the Units are subject to the following conditions:

(a)    The representations and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all respects, with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

(b)    Subscriber shall have duly performed and complied with all agreements and conditions contained in this Subscription Agreement required to be performed or complied with by the Subscriber prior to or at the time of the Closing, including transfer of the Membership Interests to the Company.

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

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

Wheeler REIT, L.P.
Riversedge North
2529 Virginia Beach Blvd., Suite 200
Virginia Beach, VA 23452

(b)    if to the Subscriber, at the address set forth on Appendix A, or

(c)    at such other address as the Company or the Subscriber shall have specified by notice in writing to the other parties.

All notices and communications under this Subscription Agreement shall be deemed to have been duly given: (a) at the time delivered by hand, if personally delivered; (b) ten (10) days during which federal banks are open for business in the United States (“Banking Days”) after being sent postage prepaid by registered or certified air mail; and (c) two (2) Banking Days after delivery to the courier, freight prepaid, if sent by overnight air courier guaranteeing delivery. If a notice or communication is sent in the manner provided above within the time prescribed, it shall be deemed duly given, whether or not the addressee receives it.

13.    Modification or Changes. The undersigned agrees and covenants to notify the Company immediately upon the occurrence of any event prior to the Closing which would cause any representation, warranty, covenant or other statement contained in this Subscription Agreement to be false or incorrect or of any change in any statement made herein occurring prior to the Closing.

14.    Assignability. This Subscription Agreement is not assignable by the Subscriber, and may not be modified, waived or terminated except by an instrument in writing signed by the party against whom enforcement of such modification, waiver or termination is sought.

15.    Binding Effect. Except as otherwise provided herein, this Subscription Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and permitted assigns, and the agreements, representations, warranties and acknowledgments contained herein shall be deemed to be made by and be binding upon such heirs, executors, administrators, successors, legal representatives and permitted assigns. If more than one person or entity subscribes for the Units purchased hereunder, the Subscriber and all other subscribers for the Units purchased hereunder shall be jointly and severally liable with respect to all the agreements, representations, warranties and acknowledgments governed herein, all of which shall be deemed to be made by and be binding upon each such person and their respective heirs, executors, administrators and successors.

16.    Obligations Irrevocable. The obligations of the Subscriber hereunder shall be irrevocable, except with the consent of the Company or termination of the Offering.

17.    Expenses. Each of the Company and Subscriber shall bear its own expenses incurred in connection with this Subscription Agreement and Subscriber’s investment in the Company.

18.    Integration. This Subscription Agreement, together with the Partnership Agreement, constitute the entire agreement of the Subscriber and the Company relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written. Subscriber agrees to comply fully with the terms and conditions of the Partnership Agreement which shall govern the Company and Subscriber’s investment therein.

19.    Governing Law. This Subscription Agreement shall be governed and controlled as to the validity, enforcement, interpretations, construction and effect and in all other aspects by the substantive laws of the Commonwealth of Virginia, without regard to the conflicts of law provisions hereof. The sole venue for any dispute under this Subscription Agreement shall be courts of competent jurisdiction sitting in Norfolk, Virginia. The Subscriber hereby irrevocably and unconditionally submits to the jurisdiction of such courts and waives any objection to inconvenient forum or venue with respect to any dispute arising hereunder.

20.    Severability. If any provision of this Subscription Agreement or the application thereof to the Subscriber shall be held invalid or unenforceable to any extent, the remainder of this Subscription Agreement shall be enforced to the greatest extent permitted by law.

21.    Headings. The headings in this Subscription Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define, or limit the scope, extent or intent of this Subscription Agreement or any provision hereof.

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

APPENDIX A

CONSENT AND ELECTION

[attached]

APPENDIX B

SUBSCRIPTION FOR UNITS IN 
WHEELER REIT, L.P.

TYPE OF OWNERSHIP (Check One):

( )    INDIVIDUAL OWNERSHIP (one signature required)

( )    JOINT TENANTS WITH RIGHT OF SURVIVORSHIP (both parties must sign)

( )    TENANTS IN COMMON (all parties must sign)

( )    CORPORATION (include copies of the documents described in 2 below)

		
	( )
	PARTNERSHIP OR LIMITED LIABILITY COMPANY (include copies of the documents described in 3 below)

( )    TRUST (include copies of the documents described in 4 below)

******************

PLEASE EXECUTE THE FOLLOWING PAGES

WHEELER REIT, L.P.

Please execute this Subscription Agreement by completing the appropriate section below.

INDIVIDUAL:

	
				
	If the subscriber is an INDIVIDUAL, complete the following:

	 
	 
	 
	 

	/s/ Roger L. Frost
	 
	 
	(if applicable)

	Signature of Investor
	 
	Signature of Joint Owner
	 

	 
	 
	or Co-Owner
	 

	 
	 
	 
	 

	Roger L. Frost
	 
	 
	(if applicable)

	Name (Please type or print)
	 
	Name of Joint Owner
	 

	 
	 
	or Co-Owner
	 

	 
	 
	 
	 

PARTNERSHIP OR LIMITED LIABILITY COMPANY:

If the subscriber is a PARTNERSHIP OR LIMITED LIABILITY COMPANY, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned is a general partner of the partnership named below (the “Partnership”) or a manager or authorized member of the limited liability company named below (“LLC”), (ii) the undersigned general partner, manager, or member has been duly authorized by the Partnership, or LLC, to acquire the Units and the general partner, manager, or member has all requisite power and authority to acquire the Units, and (iii) the undersigned general partner, manager, or member is authorized by the Partnership, or LLC, to execute this Subscription Agreement. The undersigned general partner, manager, or member encloses a true copy of the Partnership Agreement of the Partnership, or Operating Agreement of the LLC, each as amended to date, together with a current and complete list of all partners, managers or members and, as necessary, the resolutions of the Partnership, or LLC, authorizing the purchase of the Units.

	
	
	Multiple Holdings, LLC

	Name of Partnership or Limited Liability Company

	(Please type or print)

	
		
	By:
	/s/ Jon S. Wheeler

	Name:
	Jon S. Wheeler

	Title:
	Manager

PARTNERSHIP OR LIMITED LIABILITY COMPANY:

If the subscriber is a PARTNERSHIP OR LIMITED LIABILITY COMPANY, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned is a general partner of the partnership named below (the “Partnership”) or a manager or authorized member of the limited liability company named below (“LLC”), (ii) the undersigned general partner, manager, or member has been duly authorized by the Partnership, or LLC, to acquire the Units and the general partner, manager, or member has all requisite power and authority to acquire the Units, and (iii) the undersigned general partner, manager, or member is authorized by the Partnership, or LLC, to execute this Subscription Agreement. The undersigned general partner, manager, or member encloses a true copy of the Partnership Agreement of the Partnership, or Operating Agreement of the LLC, each as amended to date, together with a current and complete list of all partners, managers or members and, as necessary, the resolutions of the Partnership, or LLC, authorizing the purchase of the Units.

	
	
	Woodside Capital, LLC

	Name of Partnership or Limited Liability Company

	(Please type or print)

	
		
	By:
	/s/ Jon S. Wheeler

	Name:
	Jon S. Wheeler

	Title:
	Manager

PARTNERSHIP OR LIMITED LIABILITY COMPANY:

If the subscriber is a PARTNERSHIP OR LIMITED LIABILITY COMPANY, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned is a general partner of the partnership named below (the “Partnership”) or a manager or authorized member of the limited liability company named below (“LLC”), (ii) the undersigned general partner, manager, or member has been duly authorized by the Partnership, or LLC, to acquire the Units and the general partner, manager, or member has all requisite power and authority to acquire the Units, and (iii) the undersigned general partner, manager, or member is authorized by the Partnership, or LLC, to execute this Subscription Agreement. The undersigned general partner, manager, or member encloses a true copy of the Partnership Agreement of the Partnership, or Operating Agreement of the LLC, each as amended to date, together with a current and complete list of all partners, managers or members and, as necessary, the resolutions of the Partnership, or LLC, authorizing the purchase of the Units.

	
	
	Braque Capital, LLC

	Name of Partnership or Limited Liability Company

	(Please type or print)

	
		
	By:
	/s/ Dagoberto Zapatero

	Name:
	Dagoberto Zapatero

	Title:
	Manager

PARTNERSHIP OR LIMITED LIABILITY COMPANY:

If the subscriber is a PARTNERSHIP OR LIMITED LIABILITY COMPANY, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned is a general partner of the partnership named below (the “Partnership”) or a manager or authorized member of the limited liability company named below (“LLC”), (ii) the undersigned general partner, manager, or member has been duly authorized by the Partnership, or LLC, to acquire the Units and the general partner, manager, or member has all requisite power and authority to acquire the Units, and (iii) the undersigned general partner, manager, or member is authorized by the Partnership, or LLC, to execute this Subscription Agreement. The undersigned general partner, manager, or member encloses a true copy of the Partnership Agreement of the Partnership, or Operating Agreement of the LLC, each as amended to date, together with a current and complete list of all partners, managers or members and, as necessary, the resolutions of the Partnership, or LLC, authorizing the purchase of the Units.

	
	
	Regatta Capital, LLC

	Name of Partnership or Limited Liability Company

	(Please type or print)

	
		
	By:
	/s/ Harrison J. Perrine

	Name:
	Harrison J. Perrine

	Title:
	Manager

PARTNERSHIP OR LIMITED LIABILITY COMPANY:

If the subscriber is a PARTNERSHIP OR LIMITED LIABILITY COMPANY, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned is a general partner of the partnership named below (the “Partnership”) or a manager or authorized member of the limited liability company named below (“LLC”), (ii) the undersigned general partner, manager, or member has been duly authorized by the Partnership, or LLC, to acquire the Units and the general partner, manager, or member has all requisite power and authority to acquire the Units, and (iii) the undersigned general partner, manager, or member is authorized by the Partnership, or LLC, to execute this Subscription Agreement. The undersigned general partner, manager, or member encloses a true copy of the Partnership Agreement of the Partnership, or Operating Agreement of the LLC, each as amended to date, together with a current and complete list of all partners, managers or members and, as necessary, the resolutions of the Partnership, or LLC, authorizing the purchase of the Units.

	
	
	Cavalier Realty, LLC

	Name of Partnership or Limited Liability Company

	(Please type or print)

	
		
	By:
	/s/ Ashby Hackney

	Name:
	Ashby Hackney

	Title:
	Manager

PARTNERSHIP OR LIMITED LIABILITY COMPANY:

If the subscriber is a PARTNERSHIP OR LIMITED LIABILITY COMPANY, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned is a general partner of the partnership named below (the “Partnership”) or a manager or authorized member of the limited liability company named below (“LLC”), (ii) the undersigned general partner, manager, or member has been duly authorized by the Partnership, or LLC, to acquire the Units and the general partner, manager, or member has all requisite power and authority to acquire the Units, and (iii) the undersigned general partner, manager, or member is authorized by the Partnership, or LLC, to execute this Subscription Agreement. The undersigned general partner, manager, or member encloses a true copy of the Partnership Agreement of the Partnership, or Operating Agreement of the LLC, each as amended to date, together with a current and complete list of all partners, managers or members and, as necessary, the resolutions of the Partnership, or LLC, authorizing the purchase of the Units.

	
	
	P&W SC/GA Properties I Management, LLC

	Name of Partnership or Limited Liability Company

	(Please type or print)

	
		
	By:
	/s/ Jon S. Wheeler

	Name:
	Jon S. Wheeler

	Title:
	Manager

TRUST:

If the subscriber is a TRUST, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned trustee is duly authorized by the terms of the trust instrument (“Trust Instrument”) for the trust (“Trust”) set forth below to acquire the Units, (ii) the undersigned, as trustee, has all requisite power and authority to acquire such Units for the Trust, and (iii) the undersigned trustee is authorized by such Trust to execute this Subscription Agreement. The undersigned trustee encloses a true copy of the Trust Instrument of said Trust, as amended to date, and, as necessary, the resolutions of the Trustees authorizing the purchase of the Units.
	
	
	Robert M. Wenger Revocable Trust

	Name of Trust

	(Please type or print)

	
		
	By:
	/s/ Robert M. Wenger

	Name:
	Robert M. Wenger

	Title:
	Trustee

TRUST:

If the subscriber is a TRUST, complete the following:

The undersigned hereby represents, warrants and agrees that (i) the undersigned trustee is duly authorized by the terms of the trust instrument (“Trust Instrument”) for the trust (“Trust”) set forth below to acquire the Units, (ii) the undersigned, as trustee, has all requisite power and authority to acquire such Units for the Trust, and (iii) the undersigned trustee is authorized by such Trust to execute this Subscription Agreement. The undersigned trustee encloses a true copy of the Trust Instrument of said Trust, as amended to date, and, as necessary, the resolutions of the Trustees authorizing the purchase of the Units.
	
	
	David Loewenstein III Revocable Trust

	Name of Trust

	(Please type or print)

	
		
	By:
	/s/ David Loewenstein III 

	Name:
	David Loewenstein III 

	Title:
	Trustee

[THIS PAGE FOR INDIVIDUAL INVESTORS ONLY]

INITIAL EACH BOX TRUE OR FALSE OR COMPLETE, AS APPROPRIATE

Verification of Status as “Accredited Investor” under Regulation D.

		
	1.
	 True  False    You are a natural person (individual) acting for your own personal account and not as an agent or representative of any person or entity (domestic or foreign).

		
	2.
	 True  False    You are a natural person (individual) whose own net worth, taken together with the net worth of your spouse, exceeds $1,000,000. Net worth for this purpose is defined in Section 6(a)(v) above.

		
	3.
	 True  False    You are a natural person (individual) who had an individual income in excess of $200,000 in each of the two previous years, or joint income with your spouse in excess of $300,000 in each of those years, and who reasonably expects to reach the same income level in the current year.

		
	4.
	 True  False    You are a director or executive officer of the Company or the REIT.

		
	5.
	 True  False    You have such knowledge and experience in financial and business matters that you are capable of evaluating the merits and risks of investing in the Units.

Disclosure of Foreign Citizenship.

		
	1.
	 True  False    You are a citizen of a country other than the United States.

[FOR INVESTORS OTHER THAN INDIVIDUALS]

INITIAL EACH BOX TRUE OR FALSE

		
	1.
	 True  False    You are either (i) a bank, or any savings and loan association or other institution acting in its individual or fiduciary capacity; (ii) a broker dealer; (iii) an insurance company; (iv) an investment company or a business development company under the Investment Company Act of 1940; (v) a Small Business Investment Company licensed by the U.S. Small Business Administration; (vi) an employee benefit plan whose investment decision is being made by a plan fiduciary, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan whose total assets are in excess of $5,000,000 or a self-directed employee benefit plan whose investment decisions are made solely by persons that are accredited investors; or (vii) a plan established and maintained by a state of the United States, its political subdivisions, or any agency or instrumentality of a state of the United States or its political subdivisions, for the benefit of its employees that has total assets in excess of $5,000,000.

		
	2.
	 True  False    You are a private business development company.

		
	3.
	 True  False    You are either (i) an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, (ii) a corporation, (iii) a Massachusetts or similar business trust, or (iv) a partnership, in each case not formed for the specific purpose of acquiring the securities offered and in each case with total assets in excess of $5,000,000.

		
	4.
	 True  False    You are an entity as to which all the equity owners are accredited investors.

 
		
	5.
	 True  False    You are a trust, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000 and whose purchase is directed by a sophisticated person.

		
	6.
	 True  False    You (i) were not formed, and (ii) are not being utilized, primarily for the purpose of making an investment in the Company.

		
	7.
	 True  False    You are, or are acting on behalf of, (i) an employee benefit plan within the meaning of Section 3(3) of ERISA, whether or not such plan is subject to ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or (iii) an entity which is deemed to hold the assets of any such employee benefit plan pursuant to 29 C.F.R. § 2510.3-101. For example, a plan which is maintained by a foreign corporation, governmental entity or church, a plan covering no common-law employees and an individual retirement account are employee benefit plans within the meaning of Section 3(3) of ERISA but generally are not subject to ERISA (collectively, “Non-ERISA Plans”). In general, a foreign or U.S. entity which is not an operating company and which is not publicly traded or registered as an investment company under the Investment Company Act and in which 25% or more of the value of any class of equity interests is held by employee pension or welfare plans (including an entity which is deemed to hold the assets of any such plan), would be deemed to hold the assets of one or more employee benefit plans pursuant to 29 C.F.R. § 2510.3‐101. However, if only Non-ERISA Plans were invested in such an entity, the entity generally would not be subject to ERISA. For purposes of determining whether this 25% threshold has been met or exceeded, the value of any equity interests held by a person (other than such a plan or entity) who has discretionary authority or control with respect to the assets of the entity, or any person who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliates of such person, is disregarded.

		
	8.
	 True  False    You are, or are acting on behalf of, such an employee benefit plan, that is subject to ERISA or a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or are an entity deemed to hold the assets of any such plan or plans (i.e., you are subject to ERISA).

		
	9.
	 True  False    You are a U.S. pension trust or governmental plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended or a U.S. tax-exempt organization qualified under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

		
	10.
	 True  False    You are acting on behalf of an insurance company general account and any part of the general account represents interests that may be deemed to be assets of benefit plan investors under applicable law.

		
	11.
	 True  False    Except as described in a letter to the Company dated at least five days prior to the date hereof, no part of the funds used by the Subscriber 

to acquire Units constitutes assets of any “employee benefit plan” within the meaning of Section 3(3) of ERISA, either directly or indirectly through one or more entities whose underlying assets include plan assets by reason of a plan’s investment in such entities (including insurance company separate accounts, insurance company general accounts or bank collective investment funds, in which any such employee benefit plan (or its related trust) has any interest).

		
	12.
	 True  False    If Units are being acquired by or on behalf of any employee benefit

plan, (A) such acquisition has been duly authorized in accordance
 Not Applicable    with the governing documents of such plan and (B) such acquisition and the subsequent holding of the Units do not and will not constitute a “non-exempt prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (i.e., a transaction that is not subject to an exemption contained in ERISA or in the rules and regulations adopted by the U.S. Department of Labor thereunder). 

ACCEPTANCE BY WHEELER REIT, L.P.

ACCEPTED by the Company effective this 10th day of November, 2016.

The Company:     WHEELER REIT, L.P.

By:    Wheeler Real Estate Investment Trust, Inc., its general partner

By:    /s/ Jon S. Wheeler                    
Jon S. Wheeler
Chairman and CEO

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