Document:

EX-10.1

			
	

	  	 Exhibit 10.1
  

 
 Key Energy Services

1301 McKinney
 Suite 1800

Houston, Texas 77010

 April 6, 2016 

Robert Drummond 
 3027 Preakness Ct 

Richmond, TX 77406 
 Re: Promotion Bonus 

Dear Mr. Drummond: 
 Key
Energy Services, Inc., a Maryland corporation (the “Company”) considers your service and dedication to the Company essential to our success. To induce you to remain employed with the Company following your recent promotion to
Chief Executive Officer of the Company, the Company is pleased to offer you (“you” or “Employee”) a promotion bonus, as described in this letter agreement. 

In recognition of your service with the Company from March 5, 2016 until March 5, 2018 (the “Retention
Period”), the Company is offering you a promotion bonus in the amount (or value, as applicable) of $750,000, less all applicable withholdings and deductions withheld from the amount by the Company as required by law (the
“Promotion Bonus”), subject to the satisfaction of the terms and conditions of this letter agreement. 
  

	Section 1.	Eligibility Criteria 

 You will be eligible to receive this Promotion Bonus if all
of the following criteria are satisfied: 
 1. You are continually employed by the Company from the date of this letter agreement through
the end of the Retention Period, and are employed by the Company on the last day of the Retention Period. The Company will have the sole discretion to determine whether any leave of absence during the Retention Period constitutes a forfeiture of the
Promotion Bonus. 
 2. You have not given notice of your intent to resign from employment on or before the last day of the Retention Period.

 

 

 

	Section 2.	Change in Control or Certain Terminations of Employment 

 In the event that a
Change in Control (as defined below) occurs at the Company, and you are terminated by the Company for any reason, except for Cause (as defined below) on or within twelve (12) months following such a Change in Control, your Promotion Bonus will
vest in full and you will be entitled to receive a settlement of your Promotion Bonus pursuant to Section 3 below. 
 For purposes of
this letter agreement only, the term “Change in Control” shall be defined as a merger of the Company with another entity, a consolidation involving the Company, or the sale of all or substantially all of the assets of the Company to
another entity if, in any such case, the holders of equity securities of the Company immediately prior to such transaction or event do not beneficially own immediately after such transaction or event equity securities of the resulting entity
entitled to 50% or more of the votes then eligible to be case in the election of directors generally (or comparable governing body) of the resulting entity in substantially the same proportions that they owned the equity securities of the Company
immediately prior to such transaction or event. For purposes of this letter agreement only, the term “Cause” shall mean (1) the willful and continued failure by Employee to substantially perform Employee’s duties hereunder,
(2) repeated substandard work performance or repeated unreliability that has not been cured to the Company’s satisfaction after notice of the same as has been provided to Employee; (3) serious workplace misconduct,
(4) Employee’s engagement in misconduct that Employee knows or should know reasonably could be injurious to the Company, monetarily or otherwise (including injurious to the reputation of the Company); (5) Employee’s conviction of
a felony by a court of competent jurisdiction or a plea of no contest to a felony charge, (6) fraud or other material dishonesty against the Company or any of the Company’s subsidiaries, (7) the breach of any of the provisions hereof,
or (8) the violation by Employee of any of the Company’s policies, rules or guidelines as in effect from time to time, including without limitation, the Code of Business Conduct, securities trading policy or anti-trust policy. 

 

	Section 3.	Payment of Promotion Bonus 

 If you are eligible to receive the Promotion Bonus
pursuant to Section 1, the Promotion Bonus will be paid to you in one lump sum cash payment on the first regularly scheduled pay date after the end of the Retention Period, but in no event later than thirty (30) days following the end of
the Retention Period. 
 In the event that you become eligible to receive the Promotion Bonus pursuant to Section 2, the Promotion
Bonus will be paid to you in one lump sum cash payment within thirty (30) days of the consummation of the Change in Control event or your separation from service with the Company, as applicable. 

Notwithstanding anything to the contrary in this Section 3 or this letter agreement, the Company shall retain the sole discretion to
settle your Promotion Bonus in the form of the 

 
Company’s common stock (the “Stock”). In the event that the Company determines to settle your Promotion Bonus in the form of fully vested Stock, the Stock will be
granted to you under the Key Energy Services, Inc. 2014 Equity and Cash Incentive Plan, as amended. The number of shares of Stock to be granted to you as settlement of your Promotion Bonus shall be determined by dividing the cash amount of the
applicable Promotion Bonus (or any applicable portion thereof) by the closing price of the Stock on the date immediately prior to the date that the Promotion Bonus becomes vested and nonforfeitable to you (less any applicable withholding or
deduction amounts). 
 ARTICLE I 
  

	Section 4.	Miscellaneous Terms 

 Your employment remains at-will, meaning that you or the
Company may terminate the employment relationship at any time, with or without cause. 
 The Company shall oversee all aspects of the
administration of the Promotion Bonus and this letter agreement. The Company shall have complete control and authority to determine your rights with respect to the Promotion Bonus or the rights of any other person having or claiming to have any
interest to the Promotion Bonus through you. The Company shall have complete discretion to interpret the provisions of this letter agreement and to decide all matters under this letter agreement, including, without limitation, the right to modify a
vesting or forfeiture schedule applicable to the Promotion Bonus. Such interpretation and decision shall be final, conclusive and binding on you and any person claiming under or through you, in the absence of clear and convincing evidence that the
Company acted arbitrarily and capriciously. When making a determination or calculation, the Company shall be entitled to rely on information furnished by you or any Company representative. The Company may correct any defect, supply any omission, or
reconcile any inconsistency in this letter agreement in the manner and to the extent it deems necessary or desirable to carry out the intent of this letter agreement, and the Company shall be the sole and final judge of that necessity or
desirability. 
 This letter agreement is intended to comply with, or be exempt from, Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and shall be construed and administered in accordance with Section 409A of the Code and all regulations thereunder. All rights under this letter agreement shall at all times
be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company for payment of any amounts due hereunder.  

This letter agreement contains all of the understandings and representations between the Company and you relating to the Promotion Bonus and
supersedes all prior and contemporaneous understandings, discussions, agreements, representations and warranties, both written and oral, with respect to any promotion or retention bonus; provided, however, that this letter agreement shall not
prevent the Company from entering into subsequent agreements with you that could modify or amend this letter agreement. 

 Any payment of cash or Stock under this letter agreement to you, or to your legal representative,
heir, legatee or distributee, in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such persons hereunder. The Company may require you or your legal representative, heir, legatee or
distributee, as a condition precedent to such payment, to execute a release and receipt therefor in such form as it shall determine. 
 As
partial consideration for the granting of the Promotion Bonus, you hereby agree to keep confidential all information and knowledge, except that which has been disclosed in any public filings required by law, that you have relating to the terms and
conditions of this letter agreement; provided, however, that such information may be disclosed as required by law and may be given in confidence to your spouse and tax and financial advisors. 

This letter agreement, for all purposes, shall be construed in accordance with the laws of Texas without regard to conflicts-of-law
principles. 
 The provisions this letter agreement shall bind and inure to the benefit of the Company and the successors and assigns of the
Company, whether as a result of a Change in Control (as defined above) or otherwise. All references to the “Company within this letter agreement shall refer to the Company and any such successor or assignee of the Company. 

If this letter agreement accurately sets forth our understandings and agreements with respect to the subject matter hereof, please execute
this letter agreement in the space provided below and send a fully executed copy of this letter agreement to Katherine I. Hargis in the enclosed confidential envelope by April 1, 2016. The remaining copy is for your files. If Katherine I.
Hargis does not receive a signed copy of this letter agreement on or before April 1, 2016, the terms of this letter agreement will expire and neither Company nor any of its subsidiaries or affiliates will have any obligations hereunder. Should
you have any questions, please call Katherine I. Hargis at (713) 651 - 4446. We look forward to your continued employment with us. 

 
			
	Very truly yours,
	
	KEY ENERGY SERVICES, INC.
		
	By:	 	  

	SCOTT P. MILLER
	Sr. Vice President Operational Services and Chief Administrative Officer

  

	
	Agreed to and accepted:
	
	  

	ROBERT DRUMMOND
	
	  

	Date

 Cc: Carrie MillerEX-4.1

 Exhibit 4.1 

WHEELER REAL ESTATE INVESTMENT TRUST, INC. 

WARRANT AGREEMENT 
 April 8,
2016 
 In connection with the closing of the transaction contemplated by that certain Term Loan and Security Agreement, dated of even date
herewith (the “Loan Agreement”), by and among Wheeler REIT, L.P., a Virginia limited liability company (the “Partnership”), Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the
“Company”), and Revere High Yield Fund, LP, a Delaware limited partnership (the “Lender”), the Company agrees to issue the Lender a warrant to purchase an aggregate of 6,000,000 shares of the common stock, $0.01 par
value per share, of the Company (“Common Stock”) set forth herein, solely in the event of an Event of Default (as such term is defined in the Loan Agreement) and subject to the terms and conditions contained herein (the
“Warrant”). Unless otherwise separately defined herein, all capitalized terms in this agreement shall have the same meaning as is set forth in the Loan Agreement. 

1. Issuance of Warrant; Exercise Price. The Warrant, which shall be in the form attached hereto as Exhibit A, shall be
issued to the Lender concurrently with the execution hereof for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. The Warrant shall provide that solely in the event of an Event of Default, if any, under
the Loan Agreement, the Lender and such other holder(s) of the Warrant, as such may be assigned in accordance herewith, shall have the right to purchase an aggregate of up to 6,000,000 shares of Common Stock for an exercise price equal to $0.0001
per share, as described more fully herein. The number, character and Exercise Price of such shares are subject to adjustment as hereinafter provided, and the term “shares” shall mean, unless the context otherwise requires, the shares of
Common Stock and other securities and property receivable upon exercise of the Warrant. The term “Exercise Price” shall mean, unless the context otherwise requires, the price per share purchasable under the Warrant as set forth in
this Section 1. 
 2. No Impairment. The Company shall not, by amendment of its organizational documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other action, avoid or seek to avoid the observance or performance of any other action, avoid or seek to avoid the observance or performance
of any of the terms of this Agreement or of the Warrant, but will at all times in good faith take any and all action as may be necessary in order to protect the rights of the holder(s) of the Warrant against impairment. Without limiting the
generality of the foregoing, the Company (a) will at all times reserve and keep available, solely for issuance and delivery upon exercise of the Warrant, shares issuable from time to time upon exercise of the Warrant, (b) will not increase
the par value of the shares receivable upon exercise of the Warrant above the amount payable in respect thereof upon such exercise, and (c) will take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and non-assessable shares upon the exercise of the Warrant, or any portion of it. 

 3. Exercise of Warrant. 

(a) Exercise for Cash. At any time and from time to time during the period starting on the date hereof and expiring on the date
upon which the Partnership has satisfied all of its financial obligations under the Loan Agreement at 11:59 p.m., Virginia Beach, Virginia time (the “Exercise Period”), and solely in the event of an Event of Default, the holder of
the Warrant may exercise the Warrant as to all or any portion of the whole number of shares covered by the Warrant by surrender of the Warrant, accompanied by a subscription for shares to be purchased in the form attached hereto as Exhibit B
and by a check payable to the order of the Company in the amount required for purchase of the shares as to which the Warrant is being exercised, delivered to the Company at its principal office at 2529 Virginia Beach Boulevard, Suite 200, Virginia
Beach, Virginia 23452. To the extent an Event of Default does not exist under the Loan Agreement, the Warrant shall not be exercisable. 

(b) Issuance of Certificates. Upon the exercise of a Warrant in whole or in part, the Company will, within fifteen
(15) days thereafter, at its expense (including the payment by the Company of any applicable issue or transfer taxes), cause to be issued in the name of and delivered to the Warrant holder a certificate or certificates for the number of fully
paid and non-assessable shares to which such holder is entitled upon exercise of the Warrant. In the event such holder is entitled to a fractional share, in lieu thereof such holder shall be paid a cash amount equal to such fraction, multiplied by
the Current Value of one full share on the date of exercise. Certificates for shares issuable by reason of the exercise of the Warrant shall be dated and shall be effective as of the date of the surrendering of the Warrant for exercise,
notwithstanding any delays in the actual execution, issuance or delivery of the certificates for the shares so purchased. In the event the Warrant is exercised as to less than the aggregate amount of all shares issuable upon exercise of the Warrant
held by such person, the Company shall issue a new Warrant to the holder of the Warrant so exercised covering the aggregate number of shares as to which the Warrant remains unexercised. 

(c) Current Value. For purposes of this section, “Current Value” is defined (i) in the case for which a
public market exists for the shares at the time of such exercise, at a price per share equal to (A) the average of the means between the closing bid and asked prices of the shares in the over-the-counter market for 20 consecutive business days
commencing 30 business days before the date of notice of exercise of the Warrant, (B) if the shares are quoted on the Nasdaq Capital Market, at the average of the means of the daily closing bid and asked prices of the shares for 20 consecutive
business days commencing 30 business days before the date of such notice, or (C) if the shares are listed on any other national securities exchange, at the average of the daily closing prices of the shares for 20 consecutive business days
commencing 30 business days before the date of such notice, and (ii) in the case no public market exists at the time of such exercise, at the Appraised Value. For the purposes of this Agreement, “Appraised Value” is the value
determined in accordance with the following procedures. For a period of five (5) days after the date of an event (a “Valuation Event”) requiring determination of Current Value at a time when no public market exists for the
shares (the “Negotiation Period”), each party to this Agreement agrees to negotiate in good faith to reach agreement upon the Appraised Value of the securities or property at issue, as of the date of the Valuation Event, which will
be the fair market value of such securities or property, without premium for control or discount for 

 
minority interests, illiquidity or restrictions on transfer. In the event that the parties are unable to agree upon the Appraised Value of such securities or other property by the end of the
Negotiation Period, then the Appraised Value of such securities or property will be determined for purposes of this Agreement by a recognized appraisal or investment banking firm mutually agreeable to the holder(s) of the Warrant and the Company
(the “Appraiser”). If the holder(s) of the Warrant and the Company cannot agree on an Appraiser within two (2) business days after the end of the Negotiation Period, the Company, on the one hand, and the holder(s) of the
Warrant, on the other hand, will each select an Appraiser within ten (10) business days after the end of the Negotiation Period and those Appraisers will determine the fair market value of such securities or property, without premium for
control or discount for minority interests, illiquidity or restrictions on transfer. Such independent Appraiser(s) will be directed to determine fair market value of such securities or property as soon as practicable, but in no event later than
thirty (30) days from the date of its selection. The determination by Appraiser(s) of the fair market value will be conclusive and binding on all parties to this Agreement. If there are two Appraisers, and they do not agree as to fair market
value, then fair market value shall be determined to be the average of the fair market values as determined by each Appraiser. Appraised Value of each share at a time when (i) the Company is not a reporting company under the Securities Exchange
Act of 1934 and (ii) the shares are not traded in the organized securities markets, will, in all cases, be calculated by determining the Appraised Value of the entire Company taken as a whole and dividing that value by the number of shares then
outstanding, without premium for control or discount for minority interests, illiquidity or restrictions on transfer. The costs of the Appraiser(s) will be borne by the Company. 

4. Restrictive Legend. Executed copies of this Agreement shall be filed in the principal office of the Company. Instruments
evidencing all or part of the Warrant shall contain the legends included in Exhibit A. 
 5. Successors and Assigns; Binding
Effect. This Agreement shall be binding upon and inure to the benefit of you and the Company and their respective successors and permitted assigns. 

6. Notices. Any notice hereunder shall be given by registered or certified mail, if to the Company, at its principal office
referred to in Section 3(a) and, if to a holder, to the holder’s address shown in the Warrant ledger of the Company, provided that any holder may at any time on three (3) days’ written notice to the Company designate or
substitute another address where notice is to be given. Notice shall be deemed given and received after a certified or registered letter, properly addressed with postage prepaid, is deposited in the U.S. mail. 

7. Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or
invalid for any reason whatsoever, such illegality or invalidity shall not affect the remainder of this Agreement. 
 8. Assignment;
Replacement of Warrant. Subject to the terms of the Securities Act of 1933, as amended, relevant state securities law and the terms of this Agreement, this Agreement is assignable. Any assignment shall be effected in accordance with the Form
of Assignment attached hereto as Exhibit C. If the Warrant is assigned, in whole or in part, the 

 
Warrant shall be surrendered at the principal office of the Company, and thereupon, in the case of a partial assignment, a new Warrant shall be issued to the holder thereof covering the number of
shares not assigned, and the assignee shall be entitled to receive a new Warrant covering the number of shares so assigned. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Warrant
and appropriate bond or indemnification protection, the Company shall issue a new Warrant of like tenor. 
 9. Resale
Registration. In connection with the execution of this Warrant, the Company and the Lender shall enter into that certain Registration Rights Agreement, of even date herewith, the form of which is attached as Exhibit D hereto, by which
the Company shall agree to register the resale of the Common Stock underlying this Warrant. 
 10. Rights of Shareholders.
Until exercised, the Warrant shall not entitle the holder thereof to any of the rights of a shareholder of the Company. 
 11.
Governing Law. This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Virginia without giving effect to the principles of choice of laws thereof. 

12. Headings. The headings herein are for purposes of reference only and shall not limit or otherwise affect the meaning of any
of the provisions hereof. 
 [SIGNATURE PAGE FOLLOWS] 

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

	Name:	 	Jon S. Wheeler
	Title:	 	Chairman and Chief Executive Officer
		
	Date:	 	 April 8, 2016

 Accepted as of the 11 day of April, 2016. 
  

			
	 REVERE HIGH YIELD FUND, LP

    a Delaware Limited Partnership

		
	By:	 	Revere GP, LP
	Its:	 	General Partner
		
	By:	 	Revere Capital Corp.
	Its:	 	General Partner
		
	By:	 	 /s/ Clark Briner

	Name:	 	Clark Briner
	Its:	 	Sole Shareholder

 EXHIBIT A 

6,000,000 Shares 
 of Common Stock

 (as may be 
 adjusted pursuant

 to the terms of the 
 Warrant

 Agreement) 
 Warrant No. R-1

 WHEELER REAL ESTATE INVESTMENT TRUST, INC. 

COMMON STOCK PURCHASE WARRANT 

THIS IS TO CERTIFY that Revere High Yield Fund, LP, a Delaware limited partnership, or its assigns as permitted in that certain Warrant
Agreement (“Holder”) dated April 8, 2016 between Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”), and Holder, is entitled to purchase, at any time or from time to time on or after
the date hereof and before April 30, 2017, up to 6,000,000 shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), for an exercise price per share and under further conditions as set forth in the
Warrant Agreement referred to herein. The holder of this Warrant and the shares issuable upon the exercise hereof shall be entitled to the benefits, rights and privileges and subject to the obligations, duties and liabilities provided in the Warrant
Agreement. 
 THE SHARES UNDERLYING THIS WARRANT ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER
SUBJECT TO CERTAIN FURTHER RESTRICTIONS, AND EXCEPT AS EXPRESSLY PROVIDED IN THE COMPANY’S CHARTER, (I) NO INDIVIDUAL HOLDER MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF ANY CLASS OR SERIES OF THE CAPITAL STOCK OF THE COMPANY IN EXCESS
OF NINE AND EIGHT-TENTHS PERCENT (9.8%) IN VALUE OR IN NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE, OF ANY CLASS OR SERIES OF CAPITAL STOCK OF THE COMPANY UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT
SHALL BE APPLICABLE); (II) NO PERSON SHALL BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK THAT WOULD RESULT IN THE COMPANY BEING “CLOSELY HELD” UNDER SECTION 856 (H) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”); (III) NO PERSON MAY TRANSFER SHARES OF CAPITAL STOCK THAT WOULD RESULT IN THE CAPITAL STOCK OF THE COMPANY BEING BENEFICIALLY OWNED BY LESS THAN ONE HUNDRED (100) PERSONS (DETERMINED WITHOUT REFERENCE TO ANY RULES OF
ATTRIBUTION); (IV) NO PERSON MAY BENEFICIALLY OWN SHARES OF CAPITAL STOCK THAT WOULD RESULT IN 25% OR MORE OF ANY CLASS OF CAPITAL STOCK BEING BENEFICIALLY OWNED BY ONE OR MORE BENEFIT PLAN INVESTORS, DISREGARDING CAPITAL STOCK OWNED BY CONTROLLING

 
PERSONS (OTHER THAN CONTROLLING PERSONS WHICH ARE BENEFIT PLAN INVESTORS); AND (V) NO PERSON MAY TRANSFER SHARES OF CAPITAL STOCK WITHOUT OBTAINING FROM ITS TRANSFEREE A REPRESENTATION AND
AGREEMENT THAT (A) ITS TRANSFEREE IS NOT (AND WILL NOT BE), AND IS NOT ACTING ON THE BEHALF OF, A BENEFIT PLAN INVESTOR OR A CONTROLLING PERSON AND (B) SUCH TRANSFEREE WILL OBTAIN FROM ITS TRANSFEREE THE REPRESENTATION AND AGREEMENT SET
FORTH IN THIS CLAUSE (V) (INCLUDING WITHOUT LIMITATION CLAUSES (A) AND (B). ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK WHICH CAUSES OR WILL CAUSE A PERSON TO
BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK IN EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE COMPANY IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP ABOVE ARE VIOLATED IN (I), (II) OR (III), THE
SHARES OF CAPITAL STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY TRANSFERRED TO A TRUSTEE OF A CHARITABLE TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES. IF, NOTWITHSTANDING THE FOREGOING SENTENCE, A TRANSFER TO THE CHARITABLE TRUST
IS NOT EFFECTIVE FOR ANY REASON TO PREVENT A VIOLATION OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP (I), (II), OR (III) ABOVE, THEN THE ATTEMPTED TRANSFER OF THAT NUMBER OF SHARES OF CAPITAL STOCK THAT OTHERWISE WOULD CAUSE ANY PERSON TO VIOLATE
SUCH RESTRICTIONS SHALL BE VOID AB INITIO. IF ANY OF THE RESTRICTIONS ON TRANSFER AND OWNERSHIP IN (IV) AND (V) ABOVE ARE VIOLATED, THEN THE ATTEMPTED TRANSFER OR THAT NUMBER OF SHARES OF CAPITAL STOCK THAT OTHERWISE WOULD CAUSE ANY PERSON TO
VIOLATE SUCH RESTRICTIONS SHALL BE VOID AB INITIO. IF, NOTWITHSTANDING THE FOREGOING SENTENCE, A PURPORTED TRANSFER IS NOT TREATED AS BEING VOID AB INITIO FOR ANY REASON, THEN THE SHARES TRANSFERRED IN SUCH VIOLATION SHALL AUTOMATICALLY BE
TRANSFERRED TO A CHARITABLE TRUST FOR THE BENEFIT OF A CHARITABLE BENEFICIARY, AND THE PURPORTED OWNER OF TRANSFEREE WILL ACQUIRE NO RIGHTS IN SUCH SHARES. IN ADDITION, THE COMPANY MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE
BOARD OF DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. ALL CAPITALIZED TERMS IN THIS LEGEND HAVE THE MEANINGS DEFINED IN THE CHARTER OF
THE COMPANY, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED UPON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE
COMPANY AT ITS PRINCIPLE OFFICE. 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE 

 
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.
NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

Subject to the provisions of the Securities Act of 1933, the Warrant Agreement and this Warrant, this Warrant and all rights hereunder are
transferable, in whole or in part, only to the extent expressly permitted in such documents and then only at the office of the Company at Wheeler Real Estate Investment Trust, Inc., Riversedge North, 2529 Virginia Beach Boulevard Virginia Beach, VA
23452, Attention: Robin Hanisch, Secretary, by the holder hereof or by a duly authorized attorney-in-fact, upon surrender of this Warrant duly endorsed, together with the Assignment hereof duly endorsed. Until transfer hereof on the books of the
Company, the Company may treat the registered holder hereof as the owner hereof for all purposes. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed and its corporate
seal to be hereunto affixed by its proper corporate officers thereunto duly authorized. 
  

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

		 	Jon S. Wheeler, Chairman and Chief Executive Officer

  

	
	ATTEST:
	
	 /s/ Robin Hanisch

	Robin Hanisch, Secretary

 EXHIBIT B 

FORM OF SUBSCRIPTION 
 To Wheeler Real
Estate Investment Trust, Inc. 
 The undersigned, the holder of Warrant Number R-1, hereby irrevocably elects to exercise the purchase right
represented by such Warrant, and to purchase thereunder                     * shares of common stock, $0.01 par value per share, of Wheeler Real
Estate Investment Trust, Inc., a Maryland corporation. 
 As payment therefor, the undersigned herewith makes a payment in cash or by check
of U.S. $                    . 

Further, the undersigned requests that the certificate or certificates for such shares be issued in the name of and delivered to the
undersigned. The undersigned acknowledges and agrees that shares to be received by the undersigned are subject to the restrictions on transfer set forth in the Warrant. 

 

	
	  

	(Signature)
	
	  

	
	  

	(Address)

 Dated:
                                        

  

	*	Insert here the number of shares set forth on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment
(which adjustment will be made in the issuance of such shares, other stock, securities, property, or cash) for additional shares or any other stock or other securities or property or cash that, pursuant to the adjustment provisions of the Warrant,
is deliverable upon exercise. 

 EXHIBIT C 

FORM OF ASSIGNMENT 
 (To
be signed only upon transfer of Warrant) 
 For value received, the undersigned hereby sells, assigns and transfers unto
                    the right represented by Warrant Number R-1 to purchase
                    shares of common stock, $0.01 par value per share, of Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
(“WHLR”), to which the attached Warrant relates, and appoints Jon S. Wheeler as Attorney-in-Fact to transfer such right on the books of WHLR with the full power of substitution in the premises. 

The undersigned represents and warrants that the transfer of the attached Warrant is permitted by the terms of the Warrant Agreement pursuant
to which the attached Warrant has been issued, and the transferee hereof, by acceptance of this Assignment, agrees to be bound by the terms of the Warrant Agreement with the same force and effect as if a signatory thereto. 

 

	
	  

	(Signature)
	
	  

	
	  

	(Address)
	

 Dated:

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