Exhibit 10.3

    

    

    [FORM OF] INVESTMENT COMMITTEE

    

    

    INDEMNIFICATION AGREEMENT

    

    

    THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered
      into as of _________________, 20__, by and between AFC Gamma, Inc., a Maryland corporation (the “Company”), and ____________________ (“Indemnitee”).

    

    

    WHEREAS, Indemnitee is serving as a member of the Investment Committee (the “Committee”)




      of AFC Management, LLC, a Delaware limited liability company (the “Manager”), which will provide investment advisory and management services to the Company pursuant to a Management Agreement between the Manager
      and the Company (the “Management Agreement”);

    

    

    WHEREAS, Indemnitee may be subjected to claims, suits or proceedings arising as a result of his or her service as
      a member of the Committee; and

    

    

    WHEREAS, as an inducement to the Manager to serve as the Company’s investment advisor and manager and to
      Indemnitee to serve as a member of the Committee, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and

    

    

    WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance
      of expenses.

    

    

    NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee
      do hereby covenant and agree as follows:

    

    

    Section 1.          

    Definitions.  For purposes of this Agreement:

    

    

    (a)          

    “Change in Control” means a change in control of the Company occurring
        after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act
        of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such
        a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than any stockholder of the Company (and its affiliates) owning 10% or
        more of the Company’s voting stock on the Effective Date, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting
        power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such
        person’s attaining such percentage interest; (ii) there occurs a proxy/contest, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of
        the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time,
        a majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the
        affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective Date or whose election or nomination for election was previously so approved.

    

    

    
      

      
        


      

    

    
    

    

    (b)          

    “Corporate Status” means the status of a person who presently provides
        or who formerly provided investment advisory and management services to the Company pursuant to the Management Agreement in his or her capacity as a member of the Committee.

    

    

    (c)          

    “Disinterested Director” means a director of the Company who is not and
        was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.

    

    

    (d)          

    “Effective Date” means the date set forth in the first paragraph of
        this Agreement.

    

    

    (e)          

    “Expenses” means any and all reasonable and out-of-pocket attorneys’
        fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal,
        state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting,
        defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding.  Expenses shall also include Expenses incurred in connection with any appeal resulting from any
        Proceeding, including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

    

    

    (f)          

    “Independent Counsel” means a law firm, or a member of a law firm, that
        is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning
        Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder. 
        Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
        representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

    

    

    (g)          

    “Proceeding” means any threatened, pending or completed action, suit,
        arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or
        otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective
        Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.  If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a
        Proceeding.

    

    

    Section 2.          

    Services by Indemnitee.  Indemnitee will provide investment advisory and management services to the Company
        pursuant to the Management Agreement in his or her capacity as a member of the Committee.  However, this Agreement shall not impose any independent obligation on Indemnitee or on the Company or the Manager to continue Indemnitee’s service to the
        Company or the Manager beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.  This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee

    

    

    Section 3.          

    General.  Subject to the limitations in Section 5, the Company shall indemnify, and advance Expenses
        to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that
        no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided
        in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the “MGCL”), including, without limitation, Section 2-418 of the MGCL.

    

    

    
      

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    Section 4.          

    Standard for Indemnification.  Subject to the limitations in Section 5, if, by reason of
        Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement (if such settlement is approved in
        advance by the Company, which approval shall not be unreasonably withheld or delayed) and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear
        and convincing evidence that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually
        received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

    

    

    Section 5.          

    Certain Limits on Indemnification.  Notwithstanding any other provision of this Agreement (other than Section




          6), Indemnitee shall not be entitled to:

    

    

    (a)          

    indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is
        adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company;

    

    

    (b)          

    indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to
        further appeal, to be liable on the basis that personal benefit in money, property or services was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Corporate
        Status;

    

    

    (c)          

    indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee against the
        Company, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only (A) to the extent in accordance with and as authorized by Section 12 of this Agreement and (B) if a court of competent
        jurisdiction has not determined that any of the material assertions made by Indemnitee in such Proceeding were not made in good faith or were frivolous, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote
        generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise;

    

    

    (d)          

    indemnification or advance of Expenses hereunder for amounts which have been paid to or on behalf of the
        Indemnitee under an insurance policy, or under a valid and enforceable indemnity clause, bylaw or other agreement; or

    

    

    (e)          

    indemnification or advance of Expenses hereunder to the extent it shall be determined by final judgment by a
        court having jurisdiction on the matter that such indemnification is not lawful.

    

    

    Section 6.          

    Court-Ordered Indemnification.  Notwithstanding any other provision of this Agreement, a court of
        appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:

    

    

    (a)          

    if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL,
        the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

    

    

    (b)          

    if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all
        the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL,
        the court may order such indemnification as the court shall deem proper.  However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in
        Section 2-418(c) of the MGCL shall be limited to Expenses.

    

    

    
      

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    Section 7.          

    Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful.  Notwithstanding any
        other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is
        successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is
        not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all
        Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis.  For purposes of this Section 7 and,
        without limitation, the termination, withdrawal or dismissal, with or without prejudice, of any claim, issue or matter in such a Proceeding without any express finding of liability or guilt against Indemnitee, shall be deemed to be a successful
        result as to such claim, issue or matter.

    

    

    Section 8.          

    Advance of Expenses for Indemnitee.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is
        threatened to be, made a party to (or otherwise becomes a participant in) any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all Expenses
        incurred by or on behalf of Indemnitee in connection with such Proceeding. Such advance or advances shall be made within ten days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time,
        whether prior to or after final disposition of such Proceeding, and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b)
        advancement to Indemnitee of funds in an amount sufficient to pay such Expenses, or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses.  Such statement or statements shall reasonably evidence the Expenses incurred by
        Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement
        has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to
        reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear and convincing evidence, that the standard of conduct has not been met by
        Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement.  To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses
        shall be allocated on a reasonable and proportionate basis.  The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial
        ability to repay such advanced Expenses and without any requirement to post security therefor.

    

    

    Section 9.          

    Indemnification and Advance of Expenses as a Witness or Other Participant.  Notwithstanding any other
        provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other person, and to
        which Indemnitee is not a party, Indemnitee shall be advanced all Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by
        the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred
        by Indemnitee.  In connection with any such advance of Expenses, the Company may require Indemnitee to provide an undertaking and affirmation substantially in the form attached hereto as Exhibit A or in such form as may be required under
        applicable law as in effect at the time of execution thereof.

    

    

    
      

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    Section 10.          

    Procedure for Determination of Entitlement to Indemnification.

    

    

    (a)          

    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request,
        including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification.  Indemnitee may
        submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a
        request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

    

    

    (b)          

    Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a
        determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel, in a written opinion to the Board of
        Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be
        unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by the Board of Directors acting in good faith by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a
        majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of
        the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a
        majority of the members of the Board of Directors, by the stockholders of the Company.  If it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination. 
        Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any
        documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Directors or
        Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b).  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
        (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

    

    

    (c)          

    The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

    

    

    Section 11.          

    Presumptions and Effect of Certain Proceedings.

    

    

    (a)          

    In making any determination with respect to entitlement to indemnification hereunder, the person or persons
        (including any court having jurisdiction over the matter) making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section




          10(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption.

    

    

    (b)          

    The termination of any Proceeding or of any claim, issue or matter therein, (i) by judgment, order or
        settlement does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification and (ii) by conviction, upon a plea of nolo contendere or its
        equivalent, or by entry of an order of probation prior to judgment, creates a rebuttable presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

    

    

    (c)          

    The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the
        Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture,
        trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

    

    

    
      

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    Section 12.          

    Remedies of Indemnitee.

    

    

    (a)          

    If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not
        entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section




          10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by
        the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is
        entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advance
        of Expenses.  Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  Indemnitee shall
        commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement.  Except as set forth herein, the provisions of Maryland
        law (without regard to its conflicts of laws rules) shall apply to any such arbitration.  The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

    

    

    (b)          

    In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be
        presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may
        be.  If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final
        determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).  The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any
        judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that
        the Company is bound by all of the provisions of this Agreement.

    

    

    (c)          

    If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is
        entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a
        material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

    

    

    (d)          

    In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial
        adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all
        Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration.  If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the
        indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

    

    

    (e)          

    Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments
        under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested
        to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the
        determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company.

    

    

    
      

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    Section 13.          

    Defense of the Underlying Proceeding.

    

    

    (a)          

    Indemnitee shall notify the Company promptly in writing upon being served with or receiving any summons,
        citation, subpoena, complaint, indictment, notice request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the
        nature of the Proceeding and a summary of the facts underlying the Proceeding.  The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the
        advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby
        actually so prejudiced.

    

    

    (b)          

    Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c)
        below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such
        decision to defend within 15 days following receipt of notice of any such Proceeding under Section 13(a) above.  The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed,
        consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise of a claim against Indemnitee which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the
        full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. 
        This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

    

    

    (c)          

    Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a
        party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate
        defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall
        not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely
        manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company.  In
        addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or
        to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be
        unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

    

    

    Section 14.          

    Non-Exclusivity; Survival of Rights; Subrogation.

    

    

    (a)          

    The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed
        exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or
        of the Board of Directors, or otherwise.  Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of any provision hereof shall limit or restrict any right of
        Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is
        raised prior or subsequent to such amendment, alteration or repeal.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other
        right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

    

    

    
      

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    (b)          

    In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment
        to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
        rights.

    

    

    
      

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    Section 15.          

    Coordination of Payments.  The Company shall not be liable under this Agreement to make any payment of
        amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

    

    

    Section 16.          

    Contribution.  If the indemnification provided in this Agreement is unavailable in whole or in part and may
        not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement or due to the provisions of Section 5, then, with
        respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless
        Indemnitee, shall contribute to the amounts paid or payable by Indemnitee as a result of such Expenses in the Proceeding in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and Indemnitee on the other
        in connection with such action or inaction, or alleged action or inaction, as well as any other relevant equitable considerations. For purposes of this Section 16, the relative fault shall be determined by reference to, among other things,
        the fault of the Company and all of its directors, officers, employees and agents (other than Indemnitee), as a group and treated as one entity, and such group’s relative intent, knowledge, access to information and opportunity to have altered or
        prevented the action or inaction, or alleged action or inaction, forming the basis for the threatened, pending or contemplated Proceeding, and Indemnitee’s relative fault in light of such factors on the other hand.

    

    

    Section 17.          

    Reports to Stockholders.  To the extent required by the MGCL, the Company shall report in writing to its
        stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company
        next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.

    

    

    Section 18.          

    Duration of Agreement; Binding Effect.

    

    

    (a)          

    This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have
        ceased to serve as a member of the Committee and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12
        of this Agreement).

    

    

    (b)          

    The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be
        binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
        the Company), shall continue as to an Indemnitee who has ceased to be a member of the Committee, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal
        representatives.

    

    

    (c)          

    The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
        consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this
        Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

    

    

    (d)          

    The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may
        be inadequate, impracticable and difficult to ascertain, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or
        specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which
        Indemnitee may be entitled.  Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds
        or other undertakings in connection therewith.  The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or
        undertaking.

    

    

    
      

      9

      
        


      

    

    

    

    Section 19.          

    Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or
        unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing any
        such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such
        provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement
        (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be
        construed so as to give effect to the intent manifested thereby.

    

    

    Section 20.          

    Identical Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for
        all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this
        Agreement.

    

    

    Section 21.          

    Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not
        be deemed to constitute part of this Agreement or to affect the construction thereof.

    

    

    Section 22.          

    Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless
        executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated,
        shall such waiver constitute a continuing waiver.

    

    

    Section 23.          

    Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be
        deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage
        prepaid, on the third business day after the date on which it is so mailed:

    

    

    (a)          

    If to Indemnitee, to the address set forth on the signature page hereto.

    

    

    (b)          

    If to the Company, to:

    

    

    AFC Gamma, Inc.

    525 Okeechobee Blvd, Suite 1770

    West Palm Beach, FL 33401

    Attn: James Castro-Blanco, General Counsel

    Email: Jim@AdvancedFlowerCapital.com

    

    

    or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

    

    

    Section 24.          

    Nondisclosure of Payments.  Except as expressly required by federal securities laws or other applicable laws
        or regulations or by judicial process, Indemnitee shall not disclose any payments made under this Agreement, whether indemnification or advancement of Expenses, unless prior written approval of the Company is obtained.

    

    

    Section 25.          

    Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws
        of the State of Maryland, without regard to its conflicts of laws rules.

    

    

    
      

      10

      
        


      

    

    

    

    Section 26.          

    Mutual Acknowledgement.  Both the Company and Indemnitee acknowledge that in certain instances federal law
        or public policy may override applicable state law and prohibit the Company from indemnifying Indemnitee under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the Securities and Exchange Commission has taken
        the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain violations of the Employee Retirement Income Security Act. Indemnitee
        understands and acknowledges that the Company shall not be required to provide indemnification or advance Expenses in violation of any law or public policy.

    

    

    [SIGNATURE PAGE FOLLOWS]

    
      

      11

      
        


      

    

    

    

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

    

    

    	 	
            AFC GAMMA, INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            [INDEMNITEE]

          
	 	 	 
	 	 
	 	
            Name:

          	 
	 	
            Address:

          	 


    

    

    
      SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT

      
        


      

    

    EXHIBIT A

    

    

    FORM OF

    AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

    

    

    To: The Board of Directors of AFC Gamma, Inc.

    

    

    Re:  Affirmation and Undertaking

    

    

    Ladies and Gentlemen:

    

    

    This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the day of ____________________, 20___, by
      and between AFC Gamma, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to
      advance of Expenses in connection with [Insert Description of Proceeding] (the “Proceeding”).

    

    

    Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

    

    

    I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.  I hereby affirm my
      good faith belief that at all times, insofar as I was involved as a member of the Investment Committee of AFC Management, LLC, a Delaware limited liability company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with
      bad faith or active and deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was
      unlawful.

    

    

    In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the
      Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and
      (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to
      believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

    

    

    
      

      
        


      

    

    
    

    

    IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on ____ day of __________________, 20____.

    

    

    	 	 	 
	 	
            [Name]

          	 


    

    

  

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