Document:

Exhibit 10.21

Tax Protection Agreement

This TAX PROTECTION
AGREEMENT (this “Agreement”) is entered into as of December 11, 2014, by and among Retail Opportunity Investments
Corp., a Maryland corporation (the “REIT”), Retail Opportunity Investments Partnership, L.P., a Delaware limited
partnership (the “Operating Partnership”), and each Protected Partner identified as a signatory on Schedule
I, as amended from time to time.

RECITALS

WHEREAS, pursuant
to that certain Purchase and Sale Agreement dated July 16, 2014, between the REIT, the Operating Partnership and the “Seller”
signatory thereto (the “Purchase Agreement”), the REIT intends cause the Operating Partnership or its assignee
to purchase the real property and improvements commonly known as the Wilsonville Town Center located at 8235 SW Wilsonville Road,
Wilsonville, Oregon (the “Property”) from the Seller;

WHEREAS, in connection
with the Purchase Agreement, the REIT and the Operating Partnership shall enter into this Agreement with WS Harrison, LLC, sole
owner of the Seller, who is electing to receive common units of partnership interest in the Operating Partnership (“OP
Units”) in exchange for a portion of the purchase price for the Property pursuant to the Purchase Agreement;

NOW, THEREFORE,
in consideration of the promises and mutual agreements contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I - DEFINED TERMS

Capitalized terms
employed herein and not otherwise defined shall have the meanings assigned to them in the Purchase Agreement. Otherwise, for purposes
of this Agreement the following definitions shall apply:

Section 1.1Intentionally
omitted.

Section 1.2“Agreement”
has the meaning set forth in the preamble.

Section 1.3“Closing
Date” means the closing of the Operating Partnership’s or its assignee's purchase of the Property pursuant to the
Purchase Agreement.

Section 1.4“Code”
means the United States Internal Revenue Code of 1986, as amended.

Section 1.5Intentionally
omitted

Section 1.6Intentionally
omitted

     

	

    	 

    

Section 1.7Intentionally
omitted

Section 1.8“Exchange”
has the meaning set forth in Section 2.1(b) of this Agreement.

Section 1.9“Fundamental
Transaction” means a merger, consolidation or other combination of the Operating Partnership with or into any other entity,
a transfer of all or substantially all of the assets of the Operating Partnership, any reclassification, recapitalization or change
of the outstanding equity interests of the Operating Partnership, or a conversion of the Operating Partnership into another form
of entity. Notwithstanding the above, a Fundamental Transaction shall not include any transaction to the extent that a Protected
Party is provided with an opportunity to participate in such transaction in a manner that does not result in the recognition of
taxable income or gain by such Protected Partner under Section 704(c) of the Code, regardless of whether such Protected Partner
elects to participate in such transaction in such manner or otherwise.

Section 1.10“Gross
Up Amount” has the meaning set forth in Section 1.15 under the definition of “Make Whole Amount.”

Section 1.11Intentionally
omitted

Section 1.12Intentionally
omitted

Section 1.13Intentionally
omitted

Section 1.14Intentionally
omitted

Section 1.15“Make
Whole Amount” means, with respect to any Protected Partner that recognizes gain under Section 704(c) of the Code as
a result of a Tax Protection Period Transfer, the sum of (i) the product of (x) the income and gain recognized
by such Protected Partner under Section 704(c) of the Code in respect of such Tax Protection Period Transfer (taking into
account any adjustments under Section 743 of the Code to which such Protected Partner is entitled) multiplied by (y) the
Make Whole Tax Rate, plus (ii) an amount equal to the combined Federal, applicable state and local income taxes (calculated
using the Make Whole Tax Rate) imposed on such Protected Partner as a result of the receipt by such Protected Partner of a payment
under Section 2.2 (the “Gross Up Amount”); provided, however, that the Gross Up Amount shall be
computed without regard to any losses, credit, or other tax attributes that such Protected Partner might have that would reduce
its actual tax liability.

 

For purposes of calculating the amount
of Section 704(c) gain that is allocated to a Protected Partner, any “reverse Section 704(c) gain” allocated
to such partner pursuant to Treasury Regulations § 1.704-3(a)(6) shall not be taken into account; provided that the
total amount of 704(c) gain and income taken into account for purpose of calculating the Make Whole Amount shall not exceed the
initial Section 704(c) gain amount as of the Closing Date (as set forth on Exhibit A).

     

 

	

    	 

    

Section 1.16“Make
Whole Tax Rate” means, with respect to a Protected Partner who is entitled to receive a payment under Section 2.2, the
highest combined statutory Federal, state and local tax rate in respect of the income or gain that gave rise to such payment, taking
into account the character of the income and gain in the hands of such Protected Partner, as applicable (reduced, in the case of
Federal taxes, assuming a full deduction is allowed for income taxes paid to a state or locality), for the taxable year in which
the event that gave rise to such payment under Section 2.2 occurred.

Section 1.17“OP
Agreement” means the Agreement of Limited Partnership of Retail Opportunity Investments Partnership, L.P., as amended
from time to time.

Section 1.18“Partners’
Representative” means WS Harrison, LLC and its executors, administrators or permitted assigns.

Section 1.19“Pass
Through Entity” means a partnership, grantor trust, or S corporation for Federal income tax purposes.

Section 1.20“Permitted
Disposition” means a sale, exchange or other disposition of OP Units (i) by a Protected Partner: (a) to such Protected
Partner’s children, spouse or issue; (b) to a trust for such Protected Partner or such Protected Partner’s children,
spouse or issue; (c) in the case of a trust which is a Protected Partner, to its beneficiaries, or any of them, whether current
or remainder beneficiaries; (d) to a revocable inter vivos trust of which such Protected Partner is a trustee; (e) in the
case of any partnership or limited liability company which is a Protected Partner, to its partners or members; and/or (f) in the
case of any corporation which is a Protected Partner, to its shareholders, and (ii) by a party described in clauses (a), (b), (c)
or (d) to a partnership, limited liability company or corporation of which the only partners, members or shareholders, as applicable,
are parties described in clauses (a), (b), (c) or (d); provided, that for purposes of the definition of Tax Protection Period,
such Protected Partner shall be treated as continuing to own any OP Units which were subject to a Permitted Disposition unless
and until there has been a sale, exchange or other disposition of such OP Units by a permitted transferee which is not another
Permitted Disposition.

Section 1.21“Person”
means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company or
other entity.

Section 1.22“Protected
Partner” means: (i) each signatory on Schedule I attached hereto, as amended from time to time; (ii) any
person who holds OP Units and who acquired such OP Units from another Protected Partner in a transaction in which such person’s
adjusted basis in such OP Units, as determined for Federal income tax purposes, is determined, in whole or in part, by reference
to the adjusted basis of the other Protected Partner in such OP Units; and (iii) with respect to a Protected Partner that
is Pass Through Entity, and solely for purposes of computing the amount to be paid under Section 2.2 with respect to such Protected
Partner, any person who (y) holds an interest in such Protected Partner, either directly or through one or more Pass Through
Entities, and (z) is required to include all or a portion of the income of such Protected Partner in its own gross income.

Section 1.23“Protected
Property” means that certain project commonly known as the Wilsonville Town Center in the City of Wilsonville, County
of Clackamas, State of Oregon, with street address of 8235 SW Wilsonville Road, Wilsonville, Oregon, and related personal property,
and any property acquired in Exchange for the Protected Property as set forth in Section 2.1(b).

    	 

    	 

    

Section 1.24Intentionally
omitted

Section 1.25Intentionally
omitted

Section 1.26Intentionally
omitted

Section 1.27“Tax
Protection Period” means the period beginning on the Closing Date after the Operating Partnership’s or its assignee's
purchase of the Property pursuant to the Purchase Agreement and ending ten (10) years after the Closing Date; provided,
however, that such period shall end with respect to any Protected Partner to the extent that such Partner owns less than
fifty percent (50%) of the OP Units originally owned by the Protected Partner as of the Closing Date, disregarding the sale, exchange
or other disposition of any such OP Units sold, exchanged or otherwise disposed of by the Protected Partner in a Permitted Disposition.

Section 1.28“Tax
Protection Period Transfer” has the meaning set forth in Section 2.1(a) of this Agreement.

Section 1.29“Transfer”
means any direct or indirect sale, exchange, transfer or other disposition, whether voluntary or involuntary.

Section 1.30“Treasury
Regulations” means the income tax regulations under the Code, whether such regulations are in proposed, temporary or
final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

ARTICLE II - TAX PROTECTIONS

Section 2.1Taxable
Transfers.

(a)Unless the
Partners’ Representative expressly consents in writing to a Tax Protection Period Transfer, during the Tax Protection Period,
the Operating Partnership shall indemnify the Protected Partners as set forth in Section 2.2 if the Operating Partnership or any
entity in which the Operating Partnership holds a direct or indirect interest shall cause or permit: (i) any Transfer of all or
any portion of the Protected Property (including any interest in the Protected Property or in any entity owning, directly or indirectly,
an interest in the Protected Property, other than the Operating Partnership) in a transaction that results in the recognition of
taxable income or gain by any Protected Partner under Section 704(c) of the Code with respect to the Protected Property; or
(ii) any Fundamental Transaction that results in the recognition of taxable income or gain by any Protected Partner under Section
704(c) of the Code with respect to the Protected Property (such a Transfer or Fundamental Transaction, a “Tax Protection
Period Transfer”).

(b)Section 2.1(a)
shall not apply to any Tax Protection Period Transfer of the Protected Property (including any interest therein or in the entity
owning, directly or indirectly, the Protected Property): (i) in a transaction in which no gain is required to be recognized by
a Protected Partner (an “Exchange”), including a transaction qualifying under Section 1031 or Section 721
(or any successor statutes) of the Code; provided, however, that any property acquired by the Operating Partnership
in the Exchange shall remain subject to the provisions of this Article II in place of the exchanged Protected Property for the
remainder of the Tax Protection Period; (ii) as a result of the condemnation or other taking of the Protected Property by a governmental
entity in an eminent domain proceeding or otherwise, provided that the Operating Partnership shall use commercially reasonable
efforts to structure such disposition as either a tax-free like-kind exchange under Section 1031 or a tax-free reinvestment of
proceeds under Section 1033, provided that in no event shall the Operating Partnership be obligated to acquire or invest
in any property that it otherwise would not have acquired or invested in.

    	 

    	 

    

Section 2.2Indemnification
for Taxable Transfers.

(a)In the event
of a Tax Protection Period Transfer described in Section 2.1(a), each Protected Partner shall receive from the Operating
Partnership an amount of cash equal to the Make Whole Amount applicable to such Tax Protection Period Transfer. Any Make Whole
Payments required under this Section 2.2(a) shall be made to each Protected Partner on or before April 15 of the year following
the year in which the Tax Protection Period Transfer took place; provided that, if the Protected Partner is required to
make estimated tax payments that would include such gain, the Operating Partnership shall make payment to such Protected Partner
on or before the due date for such estimated tax payment and such payment from the Operating Partnership shall be in an amount
that corresponds to the estimated tax being paid by the Protected Partner at such time.

(b)Notwithstanding
any provision of this Agreement to the contrary, the sole and exclusive rights and remedies of any Protected Partner under Section
2.1(a) shall be a claim against the Operating Partnership for the Make Whole Amount as set forth in this Section 2.2,
and no Protected Partner shall be entitled to pursue a claim for specific performance of the covenants set forth in Section
2.1(a) or bring a claim against any person that acquires the Protected Property from the Operating Partnership in violation
of Section 2.1(a).

(c)The parties
acknowledge that one or more Protected Partners may recognize taxable gain in connection with the transfer of the Protected Property
to the Operating Partnership and the pay off of the Seller Loan (as defined in the Purchase Agreement). The parties acknowledge
that notwithstanding any provision hereof, any such recognized gain, as well as any gain recognized as a result of a transfer of
an interest in the Seller in connection with the transfer of the Protected Property to the Operating Partnership, shall not be
subject to the indemnification provisions of this Agreement and shall not be included in the calculation of Section 704(c) gain.

Section 2.3Section 704(c)
Gains. The initial amount of Section 704(c) gain allocable to each Protected Partner as of the Closing Date is set forth
on Exhibit A hereto. The parties acknowledge that the initial amount of such Section 704(c) gain may be adjusted over
time as required by Section 704(c) of the Code and the Regulations promulgated thereunder.

Section 2.4Intentionally
omitted

Section 2.5Dispute
Resolution. Any controversy, dispute, or claim of any nature arising out of, in connection with, or in relation to the interpretation,
performance, enforcement or breach of this Agreement (and any closing document executed in connection herewith) shall be governed
by Section 18.13 of the Purchase Agreement.

    	 

    	 

    

ARTICLE III - GENERAL PROVISIONS

Section 3.1Notices.
All notices, demands, declarations, consents, directions, approvals, instructions, requests and other communications required or
permitted by the terms of this Agreement shall be given in the same manner as in the OP Agreement.

Section 3.2Titles
and Captions. All Article or Section titles or captions in this Agreement are for convenience only. They shall not be
deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except
as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections
of this Agreement.

Section 3.3Pronouns
and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

Section 3.4Further
Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking action
as may be necessary or appropriate to achieve the purposes of this Agreement.

Section 3.5Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns.

Section 3.6Creditors.
Other than as expressly set forth herein, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable
by, any creditor of the Operating Partnership.

Section 3.7Waiver.
No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or
to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any covenant, duty,
agreement or condition.

Section 3.8Counterparts.
This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all of the parties
hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become
bound by this Agreement immediately upon affixing its signature hereto.

Section 3.9Applicable
Law. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of California,
without regard to the principles of conflicts of law.

Section 3.10Invalidity
of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity,
legality or enforceability of other remaining provisions contained herein shall not be affected thereby.

    	 

    	 

    

Section 3.11Entire
Agreement. This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter
hereof and amends, restates and supersedes the OP Agreement and any other prior written or oral understandings or agreements among
them with respect thereto.

Section 3.12No
Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the OP Units
any rights whatsoever as stockholders of the REIT, including, without limitation, any right to receive dividends or other distributions
made to stockholders of the REIT or to vote or to consent or to receive notice as stockholders in respect of any meeting of stockholders
for the election of directors of the REIT or any other matter.

Section 3.13Tax
Advice and Cooperation. Each party hereto acknowledges and agrees that it has not received and is not relying upon tax advice
from any other party hereto, and that it has and will continue to consult its own tax advisors. Each party hereto agrees to cooperate
to the extent reasonably requested by any other party in connection with the filing of any tax returns or any audit, litigation
or other proceeding related to taxes associated with the matters described herein, such cooperation shall include the retention
and, upon request, provision of records and information that are relevant to such matters, and making employees available on a
mutually convenient basis to provide such additional information as may reasonably be requested.

[Remainder of Page Left Blank Intentionally]

    	 

    	 

    

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

REIT:

RETAIL OPPORTUNITY INVESTMENTS CORP.,

a Maryland corporation

By:/s/ Michael B. Haines                                               

Name: Michael B. Haines

Title: Chief Financial Officer

 

OPERATING PARTNERSHIP:

RETAIL OPPORTUNITY INVESTMENTS

PARTNERSHIP, LP,

a Delaware limited partnership

	 	By:	Retail Opportunity Investments GP,
LLC,

its general partner

	 
	 	 	 	 
	 	 	 	 
	 	 	By: /s/ Michael B. Haines                                   

Name:Michael B. Haines

Title:Authorized Person

	 
	 	 	 	 

 

 

PROTECTED PARTNER:

WS Harrison, LLC

 

By: ___/s/ Derek Harrison__________________________

Derek Harrison, Authorized Member

 

    	 

    	 

    

 

SCHEDULE I 

PROTECTED PARTNERS

WS Harrison, LLC

 

 

 

 

 

 

    	 

    	 

    

 

EXHIBIT A

704(C) GAIN

	WS Harrison, LLC	$11,462,207.72Exhibit 10.22

Registration Rights Agreement

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of December 11, 2014, is made and entered into by and between Retail
Opportunity Investments Corp., a Maryland corporation (the “Company”), and WS Harrison, LLC, an Oregon limited liability
company, in its capacity as a holder of the Registrable Securities (as defined below), the “Holder”).

WITNESSETH:

WHEREAS, the operating
partnership of the Company, Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (“ROIP”),
and the Holder have entered into a Contribution Agreement, dated December 11, 2014 (the “Contribution Agreement”),
pursuant to which the Holder contributed the real property and improvements commonly known as the Wilsonville Town Center located
at 8235 SW Wilsonville Road, Wilsonville, Oregon, to ROIP in exchange for 989,272 operating partnership units of ROIP (such units
in the aggregate, the “OP Units”), which such OP Units upon presentation for redemption by the Holder in accordance
with the provisions of the First Amended and Restated Agreement of Limited Partnership of ROIP, may be redeemed for shares of common
stock, par value $0.0001 per share, of the Company (the “Common Stock”); and

WHEREAS, the Company
desires to enter into this Agreement with the Holder in order to grant the Holder the registration rights contained herein.

NOW, THEREFORE,
in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Definitions.
As used in this Agreement, the following terms shall have the following meanings:

“Affiliate”
shall mean, when used with reference to a specified Person, (i) any Person that directly or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the specified Person; (ii) any Person who, from time to time, is a
member of the Immediate Family of a specified Person; (iii) any Person who, from time to time, is an officer or director or manager
of a specified Person; or (iv) any Person who, directly or indirectly, is the beneficial owner of 50% or more of any class of equity
securities or other ownership interests of the specified Person, or of which the specified Person is directly or indirectly the
owner of 50% or more of any class of equity securities or other ownership interests.

“Agreement”
shall mean this Registration Rights Agreement as originally executed and as amended, supplemented or restated from time to time.

“Board”
shall mean the Board of Directors of the Company.

    	 

    	 

    

“Business
Day” shall mean each day other than a Saturday, a Sunday or any other day on which banking institutions in the State
of California are authorized or obligated by law or executive order to be closed.

“Commission”
shall mean the Securities and Exchange Commission and any successor thereto.

“Common
Stock” shall have the meaning set forth in the Recitals hereof.

“Company”
shall have the meaning set forth in the introductory paragraph hereof.

“Contribution
Agreement” shall have the meaning set forth in the Recitals hereof.

“Control”
(including the terms “Controlling,” “Controlled by” and “under common Control with”) shall
mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person
through the ownership of Voting Power, by contract or otherwise.

“Controlling
Person” shall have the meaning set forth in Section 5 hereof.

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended (or any corresponding provision of succeeding law)
and the rules and regulations thereunder.

“Holder”
shall have the meaning set forth in the introductory paragraph hereof.

“OP
Units” shall have the meaning set forth in the Recitals hereof.

“Person”
shall mean any individual, partnership, corporation, limited liability company, joint venture, association, trust, unincorporated
organization or other governmental or legal entity.

“Registrable
Securities” shall mean the Common Stock that may be acquired by the Holder in connection with the exercise by such
Holder of the redemption rights associated with the OP Units; provided, however, such Registrable Securities shall cease to be
Registrable Securities upon the occurrence of the earliest of the following: (i) the date on which a registration statement with
respect to the sale of such Registrable Securities shall have become effective under the Securities Act and all such Registrable
Securities shall have been sold, transferred, disposed of or exchanged in accordance with such registration statement, (ii) the
date on which such Registrable Securities shall have been sold and all transfer restrictions and restrictive legends with respect
to such Registrable Securities are removed upon the consummation of such sale, (iii) the date on which such Registrable Securities
become eligible to be publicly sold pursuant to Rule 144 (or any successor provision) under the Securities Act, or (iv) such Registrable
Securities have ceased to be outstanding.

“Registration
Expenses” shall mean (i) the fees and disbursements of counsel and independent public accountants for the Company
incurred in connection with the Company’s performance of or compliance with this Agreement, including the expenses of any
special audits or “comfort” letters required by or incident to such performance and compliance, and any premiums and
other costs of policies of insurance obtained by the Company against liabilities arising out of the sale of any securities and
(ii) all registration, filing and stock exchange fees, all fees and expenses of complying with securities or “blue sky”
laws, all fees and expenses of custodians, transfer agents and registrars, and all printing expenses, messenger and delivery expenses;
provided, however, “Registration Expenses” shall not include any out-of-pocket expenses of the Holder, transfer taxes,
underwriting or brokerage commissions or discounts associated with effecting any sales of Registrable Securities that may be offered.

    	 

    	 

    

“ROIP”
shall have the meaning set forth in the Recitals hereof.

“Securities
Act” shall mean the Securities Act of 1933, as amended (or any successor corresponding provision of succeeding law),
and the rules and regulations thereunder.

“Shelf
Registration Statement” shall have the meaning set forth in Section 2(a) hereof.

“Underwritten
Offering” shall mean a sale of securities of the Company to an underwriter or underwriters for reoffering to the
public.

“Voting
Power” shall mean voting securities or other voting interests ordinarily (and apart from rights accruing under special
circumstances) having the right to vote in the election of board members or Persons performing substantially equivalent tasks and
responsibilities with respect to a particular entity.

Section 2.Shelf Registrations.

a.Shelf Registration.
The Company agrees to use commercially reasonable efforts to file with the Commission a registration statement under the Securities
Act for the offering on a continuous or delayed basis in the future covering resales of the Registrable Securities (the “Shelf
Registration Statement”), such filing to be made (subject to Section 3) no later than the date that is one-year after the
date on which the OP Units were issued as provided in the Contribution Agreement. Subject to Section 3, the Company shall use commercially
reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable
thereafter. The Shelf Registration Statement shall be on an appropriate form and the registration statement and any form of prospectus
included therein (or prospectus supplement relating thereto) shall reflect the plan of distribution or method of sale as the Holder
may from time to time notify the Company.

b.Effectiveness. The
Company shall use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective for the period
beginning on the date on which the Shelf Registration Statement is declared effective and ending on the date that all of the Registrable
Securities registered under the Shelf Registration Statement cease to be Registrable Securities. During the period that the Shelf
Registration Statement is effective, the Company shall supplement or make amendments to the Shelf Registration Statement, if required
by the Securities Act or if reasonably requested by the Holder (whether or not required by the form on which the securities are
being registered), including to reflect any specific plan of distribution or method of sale, and shall use commercially reasonable
efforts to have such supplements and amendments declared effective, if required, as soon as practicable after filing.

    	 

    	 

    

Section 3.Black-Out Periods.

Notwithstanding
anything herein to the contrary, the Company shall have the right to postpone the filing of a registration statement and the right,
exercisable from time to time by delivery of a notice authorized by the Board at such times as the Company in its good faith judgment
may reasonably determine is necessary and advisable, to require the Holder not to sell pursuant to a registration statement or
similar document under the Securities Act filed pursuant to Section 2 or to suspend the use or effectiveness thereof if at the
time of the delivery of such notice (i) it has determined that the use of any registration statement or similar document under
the Securities Act filed pursuant to Section 2 would require the disclosure of material information that the Company has a bona
fide business purpose for preserving as confidential or the disclosure of which would impede the Company’s ability to consummate
a significant transaction, and that the Company is not otherwise required by applicable securities laws or regulations to disclose,
(ii) all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date without
regard to any extension, or (iii) the consummation of any business combination by the Company has occurred or is probable for purposes
of Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X under the Securities Act or (iv) the Company is not eligible to use Form
S-3 for purposes of registering the resale of the Registrable Securities. The Company, as soon as practicable, shall (i) give the
Holder prompt written notice in the event that the Company has suspended sales of Registrable Securities pursuant to this Section
3, (ii) give the Holder prompt written notice of the termination of such suspension of sales of the Registrable Securities and
(iii) promptly file any amendment or reports necessary for any registration statement or prospectus of the Holder in connection
with the completion of such event.

The Holder agrees
by acquisition of the Registrable Securities that upon receipt of any notice from the Company of the happening of any event of
the kind described in this Section 3, the Holder will forthwith discontinue its disposition of Registrable Securities pursuant
to the registration statement relating to such Registrable Securities until the Holder’s receipt of the notice of completion
of such event.

Section 4.Registration Procedures.

a.In connection with the filing
of any registration statement as provided in this Agreement, the Company shall use commercially reasonable efforts to, as expeditiously
as reasonably practicable:

(i)prepare and file with the
Commission the requisite registration statement (including a prospectus therein and any supplement thereto) to effect such registration
and use commercially reasonable efforts to cause such registration statement to become effective; provided, however, that before
filing such registration statement or any amendments or supplements thereto, the Company will furnish copies of all such documents
proposed to be filed to counsel for the sellers of Registrable Securities covered by such registration statement and provide reasonable
time for such sellers and their counsel to comment upon such documents if so requested by the Holder;

    	 

    	 

    

(ii)prepare
and file with the Commission such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to maintain the effectiveness of such registration and to comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such registration statement during the
period in which such registration statement is required to be kept effective; (iii)furnish to the Holder, without charge,
such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each
case including all exhibits other than those which are being incorporated into such registration statement by reference),
such number of copies of the prospectus contained in such registration statements (including each complete prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act in conformity with the
requirements of the Securities Act, and such other documents, as the Holder may reasonably request;

(iii)register or qualify all
Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as the Holder and the underwriters
of the securities being registered, if any, shall reasonably request, to keep such registration or qualification in effect for
so long as such registration statement remains in effect, and take any other action which may be reasonably necessary or advisable
to enable the Holder to consummate the disposition in such jurisdiction of the securities owned by the Holder, except that the
Company shall not for any such purpose be required to qualify generally to do business as a foreign company or to register as a
broker or dealer in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(a)(iv), or to consent
to general service of process in any such jurisdiction, or to be subject to any material tax obligation in any such jurisdiction
where it is not then so subject;

(iv)immediately notify the Holder
at any time when the Company becomes aware that a prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary
to make the statements therein not misleading in light of the circumstances under which they were made, and, at the request of
the Holder, promptly prepare and furnish to the Holder a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in the light of the circumstances under which they were made;

(v)comply or continue to comply
in all material respects with the Securities Act and the Exchange Act and with all applicable rules and regulations of the Commission
thereunder so as to enable the Holder to sell its Registrable Securities pursuant to Rule 144 promulgated under the Securities
Act, as further agreed to in Section 6 hereof;

(vi)provide a transfer agent
and registrar for all Registrable Securities covered by such registration statement not later than the effective date of such registration
statement;

(viii)cooperate with the Holder
to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing
any Securities Act legend; and enable certificates for such Registrable Securities to be issued for such number of shares and registered
in such names as the Holder may reasonably request in writing at least three (3) Business Days prior to any sale of Registrable
Securities;

    	 

    	 

    

(vii)list all Registrable Securities
covered by such registration statement on any securities exchange or national quotation system on which any such class of securities
is then listed or quoted and cause to be satisfied all requirements and conditions of such securities exchange or national quotation
system to the listing or quoting of such securities that are reasonably within the control of the Company including, without limitation,
registering the applicable class of Registrable Securities under the Exchange Act, if appropriate, and using commercially reasonable
efforts to cause such registration to become effective pursuant to the rules of the Commission;

(viii)in connection with any
sale, transfer or other disposition by the Holder of any Registrable Securities pursuant to Rule 144 promulgated under the Securities
Act, cooperate with the Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities
to be sold and not bearing any Securities Act legend, and enable certificates for such Registrable Securities to be issued for
such number of shares and registered in such names as the Holder may reasonably request in writing at least three (3) Business
Days prior to any sale of Registrable Securities;

(ix)notify the Holder, promptly
after it shall receive notice thereof, of the time when such registration statement, or any post-effective amendments to the registration
statement, shall have become effective, or a supplement to any prospectus forming part of such registration statement has been
filed;

(x)notify the Holder of any
request by the Commission for the amendment or supplement of such registration statement or prospectus for additional information;
and

(xi)advise the Holder, promptly
after it shall receive notice or obtain knowledge thereof, of (A) the issuance of any stop order, injunction or other order or
requirement by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any
proceeding for such purpose, and use commercially reasonable efforts to prevent the issuance of any stop order, injunction or other
order or requirement or to obtain its withdrawal if such stop order, injunction or other order or requirement should be issued,
(B) the suspension of the registration of the subject shares of the Registrable Securities in any state jurisdiction and (C) the
removal of any such stop order, injunction or other order or requirement or proceeding or the lifting of any such suspension.

b.In connection with the filing
of any registration statement covering Registrable Securities and as a condition to Holder’s participation in the registration,
the Holder shall furnish in writing to the Company such information regarding the Holder (and any of its Affiliates), the Registrable
Securities to be sold, the intended method of distribution of such Registrable Securities and such other information requested
by the Company as is necessary or advisable for inclusion in the registration statement relating to such offering pursuant to the
Securities Act. Such writing shall expressly state that it is being furnished to the Company for use in the preparation of a registration
statement, preliminary prospectus, supplementary prospectus, final prospectus or amendment or supplement thereto, as the case may
be.

    	 

    	 

    

The Holder agrees
by acquisition of the Registrable Securities that (i) upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 4(a)(v), the Holder will forthwith discontinue its disposition of Registrable Securities pursuant
to the registration statement relating to such Registrable Securities until the Holder’s receipt of the copies of the supplemented
or amended prospectus contemplated by Section 4(a)(v); (ii) upon receipt of any notice from the Company of the happening of any
event of the kind described in clause (A) of Section 4(a)(xiii), the Holder will discontinue its disposition of Registrable Securities
pursuant to such registration statement until the Holder’s receipt of the notice described in clause (C) of Section 4(a)(xiii);
and (iii) upon receipt of any notice from the Company of the happening of any event of the kind described in clause (B) of Section
4(a)(xiii), the Holder will discontinue its disposition of Registrable Securities pursuant to such registration statement in the
applicable state jurisdiction(s) until the Holder’s receipt of the notice described in clause (C) of Section 4(a)(xiii).

Section 5.Indemnification.

a.Indemnification by the
Company. The Company agrees to indemnify and hold harmless the Holder, its partners, officers, directors, employees, agents
and representatives, and each Person (a “Controlling Person”), if any, who controls the Holder (within the meaning
of the Section 15 of the Securities Act or Section 20 of the Exchange Act), against any losses, claims, damages, and expenses (including,
without limitation, reasonable attorneys’ fees), arising out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the registration statement under which such Registrable Securities were registered
and sold under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any
amendment or supplement thereto, or arising out of or based upon any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, and the Company will reimburse the Holder for any reasonable legal or any other expenses reasonably incurred
by it in connection with investigating or defending any such loss, claim, liability, action or proceedings; provided, however,
that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or
proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged statement or omission or
alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment
or supplement in reliance upon and in conformity with written information furnished to the Company by the Holder specifically stating
that it is for use in the preparation thereof. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Holder or any such controlling Person and shall survive the transfer of such securities by the Holder.

b.Indemnification by the
Holder. The Holder agrees to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section
5(a)) the Company, each member of the Board, each officer, employee, agent and representative of the Company and each of their
respective Controlling Persons, with respect to any untrue statement or alleged untrue statement of a material fact in or omission
or alleged omission to state a material fact from such registration statement, any preliminary prospectus, final prospectus or
summary prospectus contained therein, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement
or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by
the Holder regarding the Holder giving such indemnification specifically stating that it is for use in the preparation of such
registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of the Company or any such Board member, officer,
employee, agent, representative or Controlling Person and shall survive the transfer of such securities by the Holder.

    	 

    	 

    

c.Notices of Claims, etc.
Promptly as reasonably practicable after receipt by an indemnified party of notice of the commencement of any action or proceeding
involving a claim referred to in the preceding paragraphs of this Section 5, such indemnified party will, if a claim in respect
thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided,
however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of
its obligations under the preceding paragraphs of this Section 5, except to the extent that the indemnifying party is actually
prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect
of such claim, the indemnifying party shall be entitled to assume the defense thereof, for itself, if applicable, together with
any other indemnified party similarly notified, and after notice from the indemnifying party to such indemnified party of its election
so to assume the defense thereof, the indemnifying party shall not be liable to the indemnified party for any legal or other expenses
subsequently incurred by the latter in connection with the defense thereof.

d.Indemnification Payments.
To the extent that the indemnifying party does not assume the defense of an action brought against the indemnified party as provided
in Section(c)(c), the indemnified party (or parties if there is more than one) shall be entitled to the reasonable legal expenses
of common counsel for the indemnified party (or parties). In such event, however, the indemnifying party will not be liable for
any settlement effected without the written consent of such indemnifying party, which consent shall not be unreasonably withheld.
The indemnification required by this Section 5 shall be made by periodic payments of the amount thereof during the course of an
investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. No indemnifying party
shall, without the prior written consent of the indemnified party, consent to entry of judgment or effect any settlement of any
claim or pending or threatened proceeding in respect of which the indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such judgment or settlement includes an unconditional release
of such indemnified party from all liability arising out of such claim or proceeding.

e.Contribution. If, for
any reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified party, then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, damage or liability,
(i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified
party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or omission relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission) or (ii) if the
allocation provided by subclause (i) above is not permitted by applicable law or provides a lesser sum to the indemnified party
than the amount hereinafter calculated, in the proportion as is appropriate to reflect not only the relative fault of the indemnifying
party and the indemnified party, but also the relative benefits received by the indemnifying party on the one hand and the indemnified
party on the other, as well as any other relevant equitable considerations.

    	 

    	 

    

No indemnified party
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any indemnifying party who was not guilty of such fraudulent misrepresentation, and the liability for contribution of the
Holder of Registrable Securities will be in proportion to and limited in all events to the net amount received by the Holder from
the sale of Registrable Securities pursuant to such registration statement.

Section 6.Covenants Relating
To Rule 144. At such times as the Company becomes obligated to file reports in compliance with either Section 13 or 15(d) of
the Exchange Act, the Company covenants that it will file any reports required to be filed by it under the Securities Act and the
Exchange Act and that it will take such further action as the Holder may reasonably request, all to the extent required from time
to time to enable Holder to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be amended from time to time or (b) any similar
rule or regulation hereafter adopted by the Commission.

Section 7.Market Stand-Off
Agreement. The Holder hereby agrees that it shall not, directly or indirectly sell, offer to sell (including without limitation
any short sale), pledge, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant for the sale of or otherwise dispose of or transfer any Registrable Securities or other Common Stock
or any securities convertible into or exchangeable or exercisable for Common Stock then owned by the Holder (other than to permitted
transferees of the Holder who agree to be similarly bound) for up to 180 days following the date of an underwriting agreement with
respect to an underwritten public offering of the Company’s securities; provided, however, that all officers and directors
of the Company then holding Common Stock or securities convertible into or exchangeable or exercisable for Common Stock enter into
similar agreements for not less than the entire time period required of the Holder hereunder.

In order to enforce
the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities
subject to this Section 7 and to impose stop transfer instructions with respect to the Registrable Securities and such other securities
of the Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period.

Section 8.Miscellaneous.

    	 

    	 

    

a.Termination; Survival.
The rights of the Holder under this Agreement shall terminate upon the date that all of the Registrable Securities held by the
Holder may be sold during any three-month period in a single transaction or series of transactions without volume limitations under
Rule 144 (or any successor provision) under the Securities Act. Notwithstanding the foregoing, the obligations of the parties under
Section 5 and paragraphs (d), (e) and (g) of this Section 8 shall survive the termination of this Agreement.

b.Expenses. All Registration
Expenses incurred in connection with any Shelf Registration under Section 2 shall be borne by the Company, whether or not any registration
statement related thereto becomes effective.

c.Counterparts. This
Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more such counterparts have been signed by each of the parties and delivered to each of the other parties.

d.Applicable Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York.

e.Prior Agreement; Construction;
Entire Agreement. This Agreement, including the exhibits and other documents referred to herein (which form a part hereof),
constitutes the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior agreements
and understandings between the parties except the Purchase Agreement, and all such prior agreements and understandings are merged
herein and shall not survive the execution and delivery hereof.

f.Notices. All notices
or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent,
postage prepaid, by registered, certified or express mail or reputable overnight courier service or by telecopier and shall be
deemed given when so delivered by hand or, if mailed, three (3) Business Days after mailing (one Business Day in the case of express
mail or overnight courier service), addressed as follows:

	If to the Holder:	WS Harrison, LLC

33855 Van Duyn Road

Eugene, Oregon 97408

	 
	 	 	 
	

If to the Company:

	Retail Opportunity Investments Corp.

8905 Towne Centre Drive,
Suite 108

San Diego, CA 92122

Attn: Chief Financial
Officer

	 

 

g.Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and
shall inure to the benefit of the Holder. The Company may assign its rights or obligations hereunder to any successor to the Company’s
business or with the prior written consent of the Holder. Notwithstanding the foregoing, no assignee of the Company shall have
any of the rights granted under this Agreement until such assignee shall acknowledge its rights and obligations hereunder by a
signed written agreement pursuant to which such assignee accepts such rights and obligations.

    	 

    	 

    

h.Headings. Headings
are included solely for convenience of reference and if there is any conflict between headings and the text of this Agreement,
the text shall control.

i.Amendments And Waivers.
The provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company and the Holder.
Any waiver, permit, consent or approval of any kind or character on the part of the Holder of any provision or condition of this
Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing. Any amendment or
waiver effected in accordance with this paragraph shall be binding upon the Holder and the Company.

j.Interpretation; Absence Of
Presumption. For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words
of one gender shall be held to include the other gender as the context requires, (ii) the terms “hereof,” “herein,”
and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Section, paragraph or other references are to the Sections,
paragraphs, or other references to this Agreement unless otherwise specified, (iii) the word “including” and words
of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise
requires or unless otherwise specified, (iv) the word “or” shall not be exclusive and (v) provisions shall apply, when
appropriate, to successive events and transactions.

This Agreement shall be construed without
regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instruments
to be drafted.

k.Severability. If any provision
of this Agreement shall be or shall be held or deemed by a final order by a competent authority to be invalid, inoperative or unenforceable,
such circumstance shall not have the effect of rendering any other provision or provisions herein contained invalid, inoperative
or unenforceable, but this Agreement shall be construed as if such invalid, inoperative or unenforceable provision had never been
contained herein so as to give full force and effect to the remaining such terms and provisions.

l.Specific Performance; Other
Rights. The parties recognize that various other rights rendered under this Agreement are unique and, accordingly, the parties
shall, in addition to such other remedies as may be available to them at law or in equity, have the right to enforce the rights
under this Agreement by actions for injunctive relief and specific performance.

m.Further Assurances. In
connection with this Agreement, as well as all transactions and covenants contemplated by this Agreement, each party hereto agrees
to execute and deliver or cause to be executed and delivered such additional documents and instruments and to perform or cause
to be performed such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms,
provisions and conditions of this Agreement and all such transactions and covenants contemplated by this Agreement.

    	 

    	 

    

n.No Waiver. The waiver of
any breach of any term or condition of this Agreement shall not operate as a waiver of any other breach of such term or condition
or of any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision
or of any other provision hereof.

[SIGNATURE PAGE FOLLOWS]

 

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed as of the date first written above.

COMPANY:

RETAIL OPPORTUNITY INVESTMENTS CORP.,

a Maryland corporation

By: /s/ Michael B. Haines                                                   

Name: Michael B. Haines

Title: Chief Financial Officer

 

HOLDER:

WS
Harrison, LLC

 

By: _/s/ Derek Harrison________________________

Derek Harrison, Authorized Member

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