SEC Contract Filing

Filing Date: 2018-05-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>exh_103.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Retail Opportunity Investments Corp.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Common Stock ($0.0001 par value per share)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SALES AGREEMENT</B></P>

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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 5in">May 1, 2018</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">KeyBanc Capital Markets Inc.</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">127 Public Square, 4<SUP>th</SUP> Floor</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">Cleveland, Ohio 44114</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies and Gentlemen:</P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Retail Opportunity Investments Corp., a Maryland corporation (the
&ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions stated herein, to issue and sell from time to time
to or through KeyBanc Capital Markets Inc., as sales agent and/or principal (the &ldquo;<U>Agent</U>&rdquo;), shares (the &ldquo;<U>Shares</U>&rdquo;)
of the Company&rsquo;s common stock, $0.0001 par value per share (the &ldquo;<U>Common Stock</U>&rdquo;), on the terms set forth
in <U>Section&nbsp;2</U> of this Sales Agreement (this &ldquo;<U>Agreement</U>&rdquo;). The Company agrees that whenever it determines
to sell Shares directly to the Agent as principal, it will enter into a separate agreement (each, a &ldquo;<U>Terms Agreement</U>&rdquo;)
in substantially the form of <U>Annex&nbsp;I</U> hereto, relating to such sale in accordance with <U>Section&nbsp;2</U> of this
Agreement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company and Retail Opportunity Investments Partnership, LP, a
Delaware limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), have also entered into sales agreements (the &ldquo;<U>Alternative
Sales Agreements</U>&rdquo;) of even date herewith with each of Capital One Securities, Inc., Jefferies LLC, Raymond James &amp;
Associates, Inc., and Robert W. Baird &amp; Co. Incorporated (the &ldquo;<U>Alternative Agents</U>&rdquo;). The aggregate gross
sales price of the Shares that may be sold pursuant to this Agreement, any Terms Agreement and any Alternative Sales Agreements
shall not exceed $250,000,000 (the &ldquo;<U>Maximum Amount</U>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 1. <U>Representations and Warranties</U>. The Company and
the Operating Partnership, jointly and severally, represent and warrant to the Agent that as of the date of this Agreement, the
date of any Terms Agreement, each Registration Statement Amendment Date (as defined in <U>Section&nbsp;3(i)</U> below), each Company
Periodic Report Date (as defined in <U>Section&nbsp;3(h)</U> below), each Company Earnings Report Date (as defined in <U>Section&nbsp;3(i)</U>
below), each Request Date (as defined in <U>Section&nbsp;3(i)</U> below), each Applicable Time (as defined in <U>Section&nbsp;1(a)</U>
below) and each Settlement Date (as defined in <U>Section 2(h)</U> below); <U>provided</U>, that if such date occurs during a Suspension
Period (as defined in <U>Section 3(r)</U> below), the Company and the Operating Partnership shall not make the representations
and warranties of the Company and the Operating Partnership contained in this <U>Section 1</U> until the next of such dates after
the end of the Suspension Period:</P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Registration
Requirements</U>. The Company and the Operating Partnership have filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
an &ldquo;automatic shelf registration statement,&rdquo; as defined under Rule&nbsp;405 of the rules and regulations (the &ldquo;<U>1933
Act Regulations</U>&rdquo;) of the Commission promulgated under the Securities Act of 1933, as amended (the &ldquo;<U>1933 Act</U>&rdquo;),
on Form S-3ASR (Nos. 333-211521 and 333-211521-01), including the related base prospectus, which registers certain securities of
the Company (including the Shares) and of the Operating Partnership; such registration statement and any post-effective amendment
thereto, became effective upon filing with the Commission in accordance with Rule&nbsp;462(e) of the 1933 Act Regulations (the
base prospectus filed as part of such registration statement, in the form in which it has most recently been filed with the Commission
on or prior to the date of this Agreement, is hereinafter called the &ldquo;<U>Base Prospectus</U>&rdquo;; the various parts of
such registration statement, excluding any Form T-1 but including all other exhibits thereto and any prospectus supplement or prospectus
relating to the Shares that is filed with the Commission and deemed by virtue of Rule&nbsp;430B of the 1933 Act Regulations to
be part of such registration statement, each as amended at the time such part of the registration statement became effective, are
hereinafter collectively called the &ldquo;<U>