Document:

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.

    

    

    
      

      2

      
        

      

    

    

    

    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.

    

    

    
      

      3

      
        

      

    

    

    

    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.

    

    

    
      

      4

      
        

      

    

    

    

    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.

    

    

    
      

      5

      
        

      

    

    

    

    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.

    

    

    
      

      6

      
        

      

    

    

    

    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.

    

    

    
      

      7

      
        

      

    

    

    

    (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.

    

    

    
      

      8

      
        

      

    

    

    

    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]

          	 

    

    

  

  A-2Exhibit 10.5

    

    

    AFC GAMMA, INC.

    STOCK INCENTIVE PLAN

     

    PREFACE

     

    This Plan is divided into two separate equity programs: (1) the option and stock appreciation rights grant program set forth in Section 5 under which Eligible Persons (as defined in Section 3) may, at
      the discretion of the Administrator, be granted Options and/or SARs, and (2) the stock award program set forth in Section 6 under which Eligible Persons may, at the discretion of the Administrator, be awarded restricted or unrestricted shares of
      Common Stock.  Section 2 of this Plan contains the general rules regarding the administration of this Plan.  Section 3 sets forth the requirements for eligibility to receive an Award grant under this Plan.  Section 4 describes the capital stock of
      the Corporation that may be subject to Awards granted under this Plan.  Section 7 contains other provisions applicable to all Awards granted under this Plan.  Section 8 provides definitions for certain capitalized terms used in this Plan and not
      otherwise defined herein.

     

    	1.	
            PURPOSE OF THE PLAN.

          

     

    The purpose of this Plan is to promote the success of the Corporation and the interests of its stockholders by providing a means through which the Corporation may grant equity-based incentives to attract, motivate,
      retain and reward certain officers, employees, directors and other eligible persons and to further link the interests of Award recipients with those of the Corporation’s stockholders generally.

     

    	2.	
            ADMINISTRATION.

          

     

    	

          	2.1	
            Administrator.  This Plan shall be administered
                by and all Awards under this Plan shall be authorized by the Administrator.  The “Administrator” means the Board or one or more committees appointed by the Board or another committee (within its
                delegated authority) to administer all or certain aspects of this Plan.  Any such committee shall be comprised solely of one or more directors or such number of directors as may be required under applicable law.  A committee may delegate
                some or all of its authority to another committee so constituted.  The Board or a committee comprised solely of directors may also delegate, to the extent permitted by applicable law, to one or more officers of the Corporation, its powers
                under this Plan (a) to designate the officers and employees of the Corporation and its Affiliates who will receive grants of Awards under this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions
                of, such Awards.  The Board may delegate different levels of authority to different committees with administrative and grant authority under this Plan.  Unless otherwise provided in the Bylaws of the Corporation or the applicable charter of
                any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members
                of the Administrator shall constitute action by the acting Administrator.

          

      

    

    
      1

      
        

    

    	

          	2.2	
            Plan Awards; Interpretation; Powers of Administrator.  Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection with the authorization of Awards and the administration of this Plan (in the case
                of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including, without limitation, the authority to:

          

     

    	

          	(a)	
            determine eligibility and, from among those persons determined to be eligible, the particular Eligible Persons who will receive Awards;

          

     

    	

          	(b)	
            grant Awards to Eligible Persons, determine the price and number of securities to be offered or awarded to any of such persons, determine the other specific terms and conditions of Awards consistent with the express limits of this Plan,
              establish the installments (if any) in which such Awards will become exercisable or will vest (which may include, without limitation, performance and/or time-based schedules) or determine that no delayed exercisability or vesting is required,
              establish any applicable performance targets, and establish the events of termination or reversion of such Awards;

          

     

    	

          	(c)	
            approve the forms of Award Agreements, which need not be identical either as to type of Award or among Participants;

          

     

    	

          	(d)	
            construe and interpret this Plan and any Award Agreement or other agreements defining the rights and obligations of the Corporation, its Affiliates, and Participants under this Plan, make factual determinations with respect to the
              administration of this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration of this Plan or the Awards;

          

     

    	

          	(e)	
            cancel, modify, or waive the Corporation’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding Awards, subject to any required consent under Section 7.7.4;

          

     

    	

          	(f)	
            accelerate or extend the vesting or exercisability or extend the term of any or all outstanding Awards (within the maximum ten-year term of Awards under Sections 5.4.2 and 6.5) in such circumstances as the Administrator may deem
              appropriate (including, without limitation, in connection with a termination of employment or services or other events of a personal nature);

          

     

    	

          	(g)	
            determine Fair Market Value for purposes of this Plan and Awards;

          

     

    	

          	(h)	
            determine the duration and purposes of leaves of absence that may be granted to Participants without constituting a termination of their employment for purposes of this Plan; and

          

      

    

    
      2

      
        

    

    	

          	(i)	
            determine whether, and the extent to which, adjustments are required pursuant to Section 7.3 hereof and authorize the termination, conversion, substitution or succession of awards upon the occurrence of an event of the type described in
              Section 7.3.

          

     

    	

          	2.3	
            Binding Determinations.  Any action taken by,
                or inaction of, the Corporation, any Affiliate, the Board or the Administrator relating or pursuant to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and
                shall be conclusive and binding upon all persons.  Neither the Board nor the Administrator, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or
                determination made in good faith in connection with this Plan (or any Award), and all such persons shall be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including,
                without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time.

          

     

    	

          	2.4	
            Reliance on Experts.  In making any
                determination or in taking or not taking any action under this Plan, the Administrator may obtain and may rely upon the advice of experts, including employees of and professional advisors to the Corporation.  No director, officer or agent
                of the Corporation or any of its Affiliates shall be liable for any such action or determination taken or made or omitted in good faith.

          

     

    	

          	2.5	
            Delegation. The Administrator may delegate ministerial, non-discretionary functions to individuals who are
                officers or employees of the Corporation or any of its Affiliates or to third parties.

          

     

    
      	
              3.

            	
              ELIGIBILITY.

            

    

     

    Awards may be granted under this Plan only to those persons that the Administrator determines to be Eligible Persons.  An “Eligible Person” means any person who qualifies as one of
      the following at the time of grant of the respective Award:

     

    	

          	(a)	
            an officer (whether or not a director) or employee of the Corporation or any of its Affiliates;

          

     

    	

          	(b)	
            any member of the Board; or

          

     

    	

          	(c)	
            any director of one of the Corporation’s Affiliates, or any individual consultant or advisor who renders bona fide services (other than services in connection with the offering or sale of securities of the Corporation or one of its
              Affiliates, as applicable, in a capital raising transaction or as a market maker or promoter of that entity’s securities) to the Corporation or one of its Affiliates.

          

     

    
      3

      
        

    

    An advisor or consultant may be selected as an Eligible Person pursuant to clause (c) above only if such person’s participation in this Plan would not adversely affect (1) the Corporation’s eligibility to rely on the
      Rule 701 exemption from registration under the Securities Act for the offering of shares issuable under this Plan by the Corporation, or (2) the Corporation’s compliance with any other applicable laws.

     

    An Eligible Person may, but need not, be granted one or more Awards pursuant to Section 5 and/or one or more Awards pursuant to Section 6.  An Eligible Person who has been granted an Award under this Plan may, if
      otherwise eligible, be granted additional Awards under this Plan if the Administrator so determines.  However, a person’s status as an Eligible Person is not a commitment that any Award will be granted to that person under this Plan.  Furthermore, an
      Eligible Person who has been granted an Award under Section 5 is not necessarily entitled to an Award under Section 6, or vice versa, unless otherwise expressly determined by the Administrator.

     

    Each Award granted under this Plan must be approved by the Administrator at or prior to the grant of the Award.

     

    
      	
              4.

            	
              STOCK SUBJECT TO THE PLAN.

            

    

     

    	

          	4.1	
            Shares Available.  Subject to the provisions of
                Section 7.3.1, the capital stock that may be delivered under this Plan will be shares of the Corporation’s authorized but unissued Common Stock.  The shares of Common Stock issued and delivered may be issued and delivered for any lawful
                consideration.

          

     

    	

          	4.2	
            Share Limit.  Subject to the provisions of Section 7.3.1 and further subject to the share counting rules
                of Section 4.3, the maximum number of shares of Common Stock that may be delivered pursuant to Awards granted under this Plan will not exceed 300,000 shares (the “Share Limit”) in the aggregate.  In addition, the Share Limit will automatically increase (A) upon the sale and consummation of any offering of the Corporation’s Common Stock other than, for the avoidance of doubt, the initial public
                offering (each such sale and offering, an “Equity Offering”), in an amount equal to ten percent (10.0%) of the total number of shares of Common Stock sold by the Corporation in connection with such
                Equity Offering and (B) if on the last day of the Corporation’s fiscal year, the Share Limit has not increased during such fiscal year by an aggregate amount equal to or greater than two percent (2.0%) of the total number of shares of
                Common Stock outstanding on the first day of such fiscal year (the “Minimum Annual Increase”), then in an amount equal to the difference between the Minimum Annual Increase and the aggregate amount in
                which the Share Limit increased during such fiscal year, effective as of the last day of such fiscal year. Notwithstanding the foregoing, the Board may act prior to the sale and consummation of the
                applicable Equity Offering or the last day of such fiscal year, as applicable, to provide that an increase in the Share Limit will be a lesser number of shares of Common Stock than would otherwise occur
                  pursuant to the preceding sentence.  As required under Treasury Regulation Section 1.422-2(b)(3)(i), in no event will the number of shares of Common Stock that may be delivered pursuant to Incentive Stock Options granted under
                this Plan exceed the Share Limit.

          

     

    
      4

      
        

    

    	

          	4.3	
            Replenishment and Reissue of Unvested Awards. 
                To the extent that an Award is settled in cash or a form other than shares of Common Stock, the shares that would have been delivered had there been no such cash or other settlement shall not be counted against the shares available for
                issuance under this Plan.  No Award may be granted under this Plan unless, on the date of grant, the sum of (a) the maximum number of shares of Common Stock issuable at any time pursuant to such Award, plus (b) the number of shares of
                Common Stock that have previously been issued pursuant to Awards granted under this Plan, plus (c) the maximum number of shares of Common Stock that may be issued at any time after such date of grant pursuant to Awards that are outstanding
                on such date, does not exceed the Share Limit.  Shares of Common Stock that are subject to or underlie Options or SARs granted under this Plan that expire or for any reason are canceled or terminated without having been exercised (or shares
                of Common Stock subject to or underlying the unexercised portion of such Options or SARs in the case of Options or SARs that were partially exercised), as well as shares of Common Stock that are subject to Stock Awards made under this Plan
                that are forfeited to the Corporation or otherwise repurchased by the Corporation prior to the vesting of such shares for a price not greater than the original purchase or issue price of such shares (as adjusted pursuant to Section 7.3.1)
                will again, except to the extent prohibited by law or applicable listing or regulatory requirements, be available for subsequent Award grants under this Plan.  Shares that are exchanged by a Participant or withheld by the Corporation as
                full or partial payment in connection with any Award under this Plan, as well as any shares exchanged by a Participant or withheld by the Corporation or one of its Affiliates to satisfy the tax withholding obligations related to any Award,
                shall be available for subsequent Awards under this Plan.  In the case of an exercise of a SAR, only the number of shares actually issued in respect of such exercise shall be charged against this Plan’s Share Limit.  Adjustments to the
                Share Limit pursuant to this Section 4.3 are subject to any applicable limitations of the Code in the case of Awards intended to be Incentive Stock Options.

          

     

    	

          	4.4	
            Reservation of Shares.  The Corporation shall at all times reserve a number of shares of Common Stock
                sufficient to cover the Corporation’s obligations and contingent obligations to deliver shares with respect to Awards then outstanding under this Plan.

          

     

    
      	
              5.

            	
              OPTION AND SAR GRANT PROGRAM.

            

    

     

    	

          	5.1	
            Option and SAR Grants in General.  Each Option
                or SAR shall be evidenced by an Award Agreement in the form approved by the Administrator.  The Award Agreement evidencing an Option or SAR shall contain the terms established by the Administrator for that Award, as well as any other terms,
                provisions, or restrictions that the Administrator may impose on the Option or SAR or any shares of Common Stock subject to the Option or SAR; in each case subject to the applicable provisions and limitations of this Section 5 and the other
                applicable provisions and limitations of this Plan.  The Administrator may require that the recipient of an Option or SAR promptly execute and return to the Corporation his or her Award Agreement
                  evidencing the Award.  In addition, the Administrator may require that the spouse of any married recipient of an Option or SAR also promptly execute and return to the Corporation the Award Agreement evidencing the Award granted to the
                  recipient or such other spousal consent form that the Administrator may require in connection with the grant of the Award.

          

     

    
      5

      
        

    

    	

          	5.2	
            Incentive Stock Option Status.  The
                Administrator will designate each Option granted under this Plan as either an Incentive Stock Option or a Nonqualified Stock Option, and such designation shall be set forth in the applicable Award Agreement.  Any Option granted under this
                Plan that is not expressly designated in the applicable Award Agreement as an Incentive Stock Option will be deemed to be designated a Nonqualified Stock Option under this Plan and not an “incentive stock option” within the meaning of
                Section 422 of the Code.  Incentive Stock Options shall be subject to the provisions of Section 5.5 in addition to the provisions of this Plan applicable to Options generally.

          

     

    	

          	5.3	
            Option or SAR Price.

          

     

    	

          	5.3.1	
            Option Pricing Limits.  Subject to the following provisions of this Section
                5.3.1, the Administrator will determine the purchase price per share of the Common Stock covered by each Option (the “exercise price” of the Option) at the time of the grant of the Option, which exercise price will be set forth in the
                applicable Award Agreement.  In no case will the exercise price of an Option be less than the greater of:

          

     

    	

          	(a)	
            the par value of the Common Stock;

          

     

    	

          	(b)	
            subject to clause (c) below, 100% of the Fair Market Value of a share of Common Stock on the date of grant; or

          

     

    	

          	(c)	
            in the case of an Incentive Stock Option granted to a Participant described in Section 5.5.4, 110% of the Fair Market Value of a share of Common Stock on the date of grant.

          

     

    	

          	5.3.2	
            Payment Provisions.  The Corporation will not be obligated to deliver
                certificates for the shares of Common Stock to be purchased on exercise of an Option unless and until it receives full payment of the exercise price therefor, all related withholding obligations under Section 7.6 have been satisfied, and
                all other conditions to the exercise of the Option set forth herein or in the Award Agreement have been satisfied.  The purchase price of any shares of Common Stock purchased on exercise of an Option must be paid in full at the time of each
                purchase in such lawful consideration as may be permitted or required by the Administrator, which may include, without limitation, one or a combination of the following methods:

          

     

    
      6

      
        

    

    	

          	(a)	
            cash, check payable to the order of the Corporation, or electronic funds transfer;

          

     

    	

          	(b)	
            notice and third party payment in such manner as may be authorized by the Administrator;

          

     

    	

          	(c)	
            the delivery of previously owned shares of Common Stock;

          

     

    	

          	(d)	
            by a reduction in the number of shares of Common Stock otherwise deliverable pursuant to the Award;

          

     

    	

          	(e)	
            subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise”; or

          

     

    	

          	(f)	
            if authorized by the Administrator or specified in the applicable Award Agreement, by a promissory note of the Participant consistent with the requirements of Section 5.3.3.

          

     

    In no event shall any shares newly-issued by the Corporation be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable state law. 
      Shares of Common Stock used to satisfy the exercise price of an Option (whether previously-owned shares or shares otherwise deliverable pursuant to the terms of the Option) shall be valued at their Fair Market Value on the date of exercise.  Unless
      otherwise expressly provided in the applicable Award Agreement, the Administrator may eliminate or limit a Participant’s ability to pay the purchase or exercise price of any Award by any method other than cash payment to the Corporation.

     

    	

          	5.3.3	
            Acceptance of Notes to Finance Exercise.  The Corporation may, with the
                Administrator’s approval in each specific case, accept one or more promissory notes from any Eligible Person in connection with the exercise of any Option; provided that any such note shall be subject to the following terms and conditions:

          

     

    	

          	(a)	
            The principal of the note shall not exceed the amount required to be paid to the Corporation upon the exercise, purchase or acquisition of one or more Awards under this Plan and the note shall be delivered directly to the Corporation in
              consideration of such exercise, purchase or acquisition.

          

     

    	

          	(b)	
            The initial term of the note shall be determined by the Administrator; provided that the term of the note, including extensions, shall not exceed a period of five years.

          

     

    	

          	(c)	
            The note shall provide for full recourse to the Participant and shall bear interest at a rate determined by the Administrator, but not less than the interest rate necessary to avoid the imputation of interest under the Code and to avoid
              any adverse accounting consequences in connection with the exercise, purchase or acquisition.

          

     

    
      7

      
        

    

    	

          	(d)	
            If the employment or services of the Participant by or to the Corporation and its Affiliates terminates, the unpaid principal balance of the note shall become due and payable on the 30th business day after such termination; provided,
              however, that if a sale of the shares acquired on exercise of the Option would cause such Participant to incur liability under Section 16(b) of the Exchange Act, the unpaid balance shall become due and payable on the 10th business day after
              the first day on which a sale of such shares could have been made without incurring such liability assuming for these purposes that there are no other transactions (or deemed transactions) in securities of the Corporation by the Participant
              subsequent to such termination.

          

     

    	

          	(e)	
            If required by the Administrator or by applicable law, the note shall be secured by a pledge of any shares or rights financed thereby or other collateral, in compliance with applicable law.

          

     

    The terms, repayment provisions, and collateral release provisions of the note and the pledge securing the note shall conform with all applicable rules and regulations, including those of the Federal Reserve Board and
      any applicable state law, as then in effect.

     

    	

          	5.3.4	
            Base Price of SARs.  The Administrator will determine the base price per share of the Common Stock covered by each SAR at the time of
                grant of the SAR, which base price will be set forth in the applicable Award Agreement and will not be less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of the SAR.

          

     

    	

          	5.4	
            Vesting; Term; Exercise Procedure.

          

     

    	

          	5.4.1	
            Vesting.  Except as provided in Section 5.8, an Option or SAR may be exercised
                only to the extent that it is vested and exercisable.  The Administrator will determine the vesting and/or exercisability provisions of each Option or SAR (which may be based on performance criteria, passage of time or other factors or any
                combination thereof), which provisions will be set forth in the applicable Award Agreement.  Unless the Administrator otherwise expressly provides, once exercisable an Option or SAR will remain exercisable until the expiration or earlier
                termination of the Option or SAR.

          

     

    	

          	5.4.2	
            Term.  Each Option or SAR shall expire not more than 10 years after its date of
                grant.  Each Option or SAR will be subject to earlier termination as provided in or pursuant to Sections 5.6 and 7.3 or the terms of the applicable Award Agreement.

          

     

    
      8

      
        

    

    	

          	5.4.3	
            Exercise Procedure.  Any exercisable Option or SAR will be deemed to be exercised when (a) the applicable exercise procedures in the
                related Award Agreement have been satisfied (or, in the absence of any such procedures in the related Award Agreement, the Corporation has received written notice of such exercise from the Participant ), (b) in the case of an Option, the
                Corporation has received any required payment made in accordance with Section 5.3, (c) in the case of an Option or SAR, all withholding obligations arising in connection with the exercise have been satisfied in accordance with Section 7.6,
                and (d) in the case of an Option or SAR, the Corporation has received any written statement required pursuant to Section 7.5.1.

          

     

    	

          	5.4.4	
            Fractional Shares/Minimum Issue.  Fractional share interests will be
                disregarded, but may be accumulated. The Administrator, however, may determine that cash, other securities, or other property will be paid or transferred in lieu of any fractional share interests.  No Option or SAR may be exercised as to
                fewer than 100 shares (subject to adjustment pursuant to Section 7.3.1) at one time unless the number as to which the Award is exercised is the total number at the time then subject to the vested and
                exercisable portion of the Award.

          

     

    	

          	5.5	
            Limitations on Grant and Terms of Incentive Stock Options.

          

     

    	

          	5.5.1	
            $100,000 Limit.  To the extent that the aggregate Fair Market Value of stock with respect to which incentive stock options (within the
                meaning of Section 422 of the Code) first become exercisable by a Participant in any calendar year exceeds $100,000, taking into account both Common Stock subject to Incentive Stock Options under this Plan and stock subject to incentive
                stock options under all other plans of the Corporation or any of its Affiliates, such options will be treated as nonqualified stock options.  For this purpose, the Fair Market Value of the stock subject to options will be determined as of
                the date the options were awarded.  In reducing the number of options treated as incentive stock options to meet the $100,000 limit, the most recently granted options will be reduced (recharacterized as nonqualified stock options) first. 
                To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares
                acquired pursuant to the exercise of an incentive stock option.

          

     

    	

          	5.5.2	
            Other Code Limits.  Incentive Stock Options may only be granted to individuals
                that are employees of the Corporation or one of its Affiliates and satisfy the other eligibility requirements of the Code.  Any Award Agreement relating to Incentive Stock Options will contain or shall be deemed to contain such other terms
                and conditions as from time to time are required in order that the Option be an “incentive stock option” as that term is defined in Section 422 of the Code.

          

     

    
      9

      
        

    

    	

          	5.5.3	
            ISO Notice of Sale Requirement.  Any Participant who exercises an Incentive Stock Option shall give prompt written notice to the
                Corporation of any sale or other transfer of the shares of Common Stock acquired on such exercise if the sale or other transfer occurs within (a) one year after the exercise date of the Option, or (b) two years after the grant date of the
                Option.

          

     

    	

          	5.5.4	
            Limits on 10% Holders.  No Incentive Stock Option may be granted to any person
                who, at the time the Incentive Stock Option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding stock of the Corporation (or any of its Affiliates) possessing more than 10% of the total combined
                voting power of all classes of stock of the Corporation (or any of its Affiliates), unless the exercise price of such Incentive Stock Option is at least 110% of the Fair Market Value of the stock subject to the Incentive Stock Option and
                the Incentive Stock Option by its terms is not exercisable more than five years after the date the Incentive Stock Option is granted.

          

     

    	

          	5.6	
            Effects of Termination of Employment on Options and SARs.

          

     

    	

          	5.6.1	
            Dismissal for Cause.  Unless otherwise provided in the applicable Award Agreement and subject to earlier termination pursuant to or as
                contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Corporation or any of its Affiliates is terminated by such entity for Cause, the Participant’s Option or SAR will
                terminate on the Participant’s Severance Date, whether or not the Option or SAR is then vested and/or exercisable.

          

     

    	

          	5.6.2	
            Death or Disability.  Unless otherwise provided in the applicable Award Agreement (consistent with applicable securities laws) and subject
                to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Corporation or any of its Affiliates terminates as a result of the Participant’s death or Total Disability:

          

     

    	

          	(a)	
            the Participant (or his or her Personal Representative or Beneficiary, in the case of the Participant’s Total Disability or death, respectively), will have until the date that is twelve (12) months after the Participant’s Severance Date to
              exercise the Participant’s Option or SAR (or portion thereof) to the extent that it was vested and exercisable on the Severance Date;

          

     

    	

          	(b)	
            the Option or SAR, to the extent not vested and exercisable on the Participant’s Severance Date, shall terminate on the Severance Date; and

          

     

    
      10

      
        

    

    	

          	(c)	
            the Option or SAR, to the extent exercisable for the twelve (12)-month period following the Participant’s Severance Date and not exercised during such period, shall terminate at the close of business on the last day of the twelve
              (12)-month period.

          

     

    	

          	5.6.3	
            Other Terminations of Employment.  Unless otherwise provided in the applicable Award Agreement (consistent with applicable securities
                laws) and subject to earlier termination pursuant to or as contemplated by Section 5.4.2 or 7.3, if a Participant’s employment by or service to the Corporation or any of its Affiliates terminates for any reason other than a termination by
                such entity for Cause or because of the Participant’s death or Total Disability:

          

     

    	

          	(a)	
            the Participant will have until the date that is three (3) months after the Participant’s Severance Date to exercise his or her Option or SAR (or portion thereof) to the extent that it was vested and exercisable on the Severance Date;

          

     

    	

          	(b)	
            the Option or SAR, to the extent not vested and exercisable on the Participant’s Severance Date, shall terminate on the Severance Date; and

          

     

    	

          	(c)	
            the Option or SAR, to the extent exercisable for the three (3)-month period following the Participant’s Severance Date and not exercised during such period,
              shall terminate at the close of business on the last day of the three (3)-month period.

          

     

    	

          	5.7	
            Option and SAR Repricing/Cancellation and Regrant/Waiver of Restrictions.  Subject to Section 4 and Section 7.7 and the specific limitations on Options and SARs contained in this Plan, the Administrator from time to time may authorize, generally or in specific cases only, for the benefit
                of any Eligible Person, any adjustment in the exercise or base price, the vesting schedule, the number of shares subject to, or the term of, an Option or SAR granted under this Plan by cancellation of an outstanding Option or SAR and a
                subsequent regranting of the Option or SAR, by amendment, by substitution of an outstanding Option or SAR, by waiver or by other legally valid means.  Such amendment or other action may result in, among other changes, an exercise or base
                price that is higher or lower than the exercise or base price of the original or prior Option or SAR, provide for a greater or lesser number of shares of Common Stock subject to the Option or SAR, or provide for a longer or shorter vesting
                or exercise period.  In no event, however, may any such amendment or other action reduce the exercise or base price of the Option or SAR to less than the Fair Market Value of a share of Common Stock at the time of such change, or extend the
                maximum term of the Option or SAR at a time when the exercise or base price of such Award is less than the Fair Market Value of a share of Common Stock.

          

     

    
      11

      
        

    

    	

          	5.8	
            Early Exercise Options and SARs.  The
                Administrator may, in its discretion, designate any Option or SAR as an “early exercise Option” or “early exercise SAR” which, by express provision in the applicable Award Agreement, may be exercised prior to the date such Option or SAR has
                vested.  If the Participant elects to exercise all or a portion of any early exercise Option or SAR before it is vested, the shares of Common Stock acquired under the Option or SAR which are attributable to the unvested portion of the
                Option or SAR shall be Restricted Shares.  The applicable Award Agreement will specify the extent (if any) to which and the time (if ever) at which the Participant will be entitled to dividends, voting and other rights in respect of such
                Restricted Shares prior to vesting, and the restrictions imposed on such shares and the conditions of release or lapse of such restrictions.  Unless otherwise expressly provided in the applicable Award Agreement, such Restricted Shares
                shall be subject to the provisions of Sections 6.6 through 6.9, below.

          

     

    
      	
              6.

            	
              STOCK AWARD PROGRAM.

            

    

     

    	

          	6.1	
            Stock Awards in General.  Each Stock Award
                shall be evidenced by an Award Agreement in the form approved by the Administrator.  The Award Agreement evidencing a Stock Award shall contain the terms established by the Administrator for that Stock Award, as well as any other terms,
                provisions, or restrictions that the Administrator may impose on the Stock Award; in each case subject to the applicable provisions and limitations of this Section 6 and the other applicable provisions and limitations of this Plan.  The Administrator may require that the recipient of a Stock Award promptly execute and return to the Corporation his or her Award Agreement evidencing the Stock Award.  In addition, the Administrator may
                  require that the spouse of any married recipient of a Stock Award also promptly execute and return to the Corporation the Award Agreement evidencing the Stock Award granted to the recipient or such other spousal consent form that the
                  Administrator may require in connection with the grant of the Stock Award.

          

     

    	

          	6.2	
            Types of Stock Awards.  The Administrator shall designate whether a Stock Award shall be a Restricted
                Stock Award, and such designation shall be set forth in the applicable Award Agreement.

          

     

    	

          	6.3	
            Purchase Price.

          

     

    	

          	6.3.1	
            Pricing Limits.  Subject to the following provisions of this Section 6.3, the Administrator will determine the purchase price per share of
                the Common Stock covered by each Stock Award at the time of grant of the Award.  In no case will such purchase price be less than the par value of the Common Stock.

          

     

    
      12

      
        

    

    	

          	6.3.2	
            Payment Provisions.  The Corporation will not be obligated to issue certificates evidencing shares of Common Stock awarded under this
                Section 6 unless and until it receives full payment of the purchase price therefor and all other conditions to the purchase, as determined by the Administrator, have been satisfied.  The purchase price of any shares subject to a Stock Award
                must be paid in full at the time of the purchase in such lawful consideration as may be permitted or required by the Administrator, which may include, without limitation, one or a combination of the methods set forth in clauses (a) through
                (f) in Section 5.3.2 and/or past services rendered to the Corporation or any of its Affiliates.

          

     

    	

          	6.4	
            Vesting.  The restrictions imposed on the shares of Common Stock subject to a Restricted Stock Award
                (which may be based on performance criteria, passage of time or other factors or any combination thereof) will be set forth in the applicable Award Agreement.

          

     

    	

          	6.5	
            Term; Settlement of Awards.  A Stock Award shall either vest or be forfeited not more than 10 years after
                the date of grant.  Each Stock Award will be subject to earlier termination as provided in or pursuant to Sections 6.8 and 7.3.  Payment of Awards may be in the form of cash, shares of Common Stock, other Awards or combinations thereof as
                the Administrator shall determine, and with such restrictions as it may impose.  The Administrator may also require or permit Participants to elect to defer the issuance of shares or the settlement of Awards in cash under such rules and
                procedures as it may establish under this Plan.  The Administrator may also provide that deferred settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend
                equivalents where the deferred amounts are denominated in shares.

          

     

    	

          	6.6	
            Stock Certificates; Fractional Shares.  Stock
                certificates evidencing Restricted Shares will bear a legend making appropriate reference to the restrictions imposed hereunder and will be held by the Corporation or by a third party designated by the Administrator until the restrictions
                on such shares have lapsed, the shares have vested in accordance with the provisions of the Award Agreement and Section 6.4, and any related loan has been repaid.  Fractional share interests will be disregarded, but may be accumulated.  The
                Administrator, however, may determine that cash, other securities, or other property will be paid or transferred in lieu of any fractional share interests.

          

     

    	

          	6.7	
            Dividend and Voting Rights.  Unless otherwise
                provided in the applicable Award Agreement, a Participant receiving Restricted Shares will be entitled to cash dividend and voting rights for all Restricted Shares issued even though they are not vested, but such rights will terminate
                immediately as to any Restricted Shares which cease to be eligible for vesting.

          

     

    

    
      13

      
        

    

    	

          	6.8	
            Termination of Employment; Return to the Corporation.  Unless the Administrator otherwise expressly provides, Restricted Shares subject to an Award that remain subject to vesting conditions that have not been satisfied by the time specified in the applicable Award Agreement (which may
                include, without limitation, the Participant’s Severance Date), will not vest and will be reacquired by the Corporation in such manner and on such terms as the Administrator provides, which terms shall include, to the extent not prohibited
                by law, return or repayment of the lower of (a) the Fair Market Value of the Restricted Shares at the time of the termination, or (b) the original purchase price of the Restricted Shares, without interest, to the Participant.  The
                Award Agreement shall specify any other terms or conditions of the repurchase if the Award fails to vest.  Any other Stock Award that has not been exercised or paid as of a Participant’s Severance Date shall terminate on that date unless
                otherwise expressly provided by the Administrator in the applicable Award Agreement.

          

     

    	

          	6.9	
            Waiver of Restrictions.  Subject to Sections
                4 and 7.7 and the specific limitations on Stock Awards contained in this Plan, the Administrator from time to time may authorize, generally or in specific cases only, for the benefit of any Eligible Person, any adjustment in the vesting
                schedule, or the restrictions upon or the term of, a Stock Award granted under this Plan by amendment, by substitution of an outstanding Stock Award, by waiver or by other legally valid means.

          

     

    
      	
              7.

            	
              PROVISIONS APPLICABLE TO ALL AWARDS.

            

    

     

    	

          	7.1	
            Rights of Eligible Persons, Participants and Beneficiaries.

          

     

    	

          	7.1.1	
            Employment Status.  No person shall have any claim or rights to be granted an Award (or additional Awards, as the case may be) under this
                Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary.

          

     

    	

          	7.1.2	
            No Employment/Service Contract.  Nothing contained in this Plan (or in any
                other documents under this Plan or related to any Award) shall confer upon any Eligible Person or Participant any right to continue in the employ or other service of the Corporation or any of its Affiliates, constitute any contract or
                agreement of employment or other service or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Corporation or any Affiliate to change such person’s compensation or other benefits, or to
                terminate his or her employment or other service, with or without cause at any time.  Nothing in this Section 7.1.2, or in Section 7.3 or 7.15, however, is intended to adversely affect any express independent right of such person under a
                separate employment or service contract.  An Award Agreement shall not constitute a contract of employment or service.

          

     

    
      14

      
        

    

    	

          	7.1.3	
            Plan Not Funded.  Awards payable under this Plan will be payable in shares of
                Common Stock or from the general assets of the Corporation, and (except as to the share reservation provided in Section 4.4) no special or separate reserve, fund or deposit will be made to assure payment of such Awards.  No Participant,
                Beneficiary or other person will have any right, title or interest in any fund or in any specific asset (including shares of Common Stock, except as expressly provided) of the Corporation or any of its Affiliates by reason of any Award
                hereunder.  Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan will create, or be construed to create, a trust of any
                kind or a fiduciary relationship between the Corporation or any of its Affiliates and any Participant, Beneficiary or other person.  To the extent that a Participant, Beneficiary or other person acquires a right to receive payment pursuant
                to any Award hereunder, such right will be no greater than the right of any unsecured general creditor of the Corporation.

          

     

    	

          	7.1.4	
            Charter Documents.  The Articles of Incorporation and Bylaws of the
                Corporation, as either of them may lawfully be amended from time to time, may provide for additional restrictions and limitations with respect to the Common Stock (including additional restrictions and limitations on the voting or transfer
                of Common Stock) or priorities, rights and preferences as to securities and interests prior in rights to the Common Stock.  These restrictions and limitations are in addition to (and not in lieu of) those set forth in this Plan or any Award
                Agreement, and are incorporated herein by this reference.

          

     

    
      
        
          
            
              	 	
                      7.1.5

                    	
                      REIT Status. The Plan shall be interpreted and construed in a manner consistent with the Corporation’s
                          status as a real estate investment trust under Sections 856 through 860 of the Code (a “REIT”). No Award shall be granted or awarded, and with respect to any Award granted under the Plan,
                          such Award shall not vest, be exercisable or be settled (i) to the extent that the grant, vesting, exercise or settlement of such Award could cause the Participant or any other person to be in violation of Section 7.2.1(a) of the
                          Corporation’s charter; or (ii) if, in the discretion of the Administrator, the grant, vesting, exercise or settlement of such Award could impair the Corporation’s status as a REIT.

                    

            

          

        

      

    

     

    	

          	7.2	
            No Transferability; Limited Exception to Transfer Restrictions.

          

     

    	

          	7.2.1	
            Limit on Exercise and Transfer.  Unless otherwise expressly provided in (or
                pursuant to) this Section 7.2, by applicable law and by the Award Agreement, as the same may be amended:

          

     

    	

          	(a)	
            all Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge;

          

     

    	

          	(b)	
            Awards will be exercised only by the Participant; and

          

     

    	

          	(c)	
            amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of) the Participant.

          

     

    
      15

      
        

    

    In addition, the shares shall be subject to the restrictions set forth in the applicable Award Agreement.

     

    	

          	7.2.2	
            Further Exceptions to Limits on Transfer. The exercise and transfer
                restrictions in Section 7.2.1 will not apply to:

          

     

    	

          	(a)	
            transfers to the Corporation;

          

     

    	

          	(b)	
            transfers by gift or domestic relations order to one or more “family members” (as that term is defined in SEC Rule 701 promulgated under the Securities Act) of the Participant;

          

     

    	

          	(c)	
            the designation of a Beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises by the Participant’s Beneficiary, or, in the absence of a validly designated Beneficiary, transfers by
              will or the laws of descent and distribution; or

          

     

    	

          	(d)	
            if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s duly authorized legal representative.

          

     

    Notwithstanding anything else in this Section 7.2.2 to the contrary, but subject to compliance with all applicable laws, Incentive Stock Options and Restricted Stock Awards will be subject to any and all transfer
      restrictions under the Code applicable to such awards or necessary to maintain the intended tax consequences of such Awards.  Notwithstanding clause (b) above but subject to compliance with all applicable laws, any contemplated transfer by gift or
      domestic relations order to one or more “family members” of a Participant as referenced in clause (b) above is subject to the condition precedent that the transfer be approved by the Administrator in order for it to be effective.  The Administrator
      may, in its sole discretion, withhold its approval of any such proposed transfer.

     

    	

          	7.3	
            Adjustments; Changes in Control.

          

     

    	

          	7.3.1	
            Adjustments.  Subject to Section 7.3.2 below, upon (or, as may be necessary to
                effect the adjustment, immediately prior to):  any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, conversion or other
                reorganization; any split-up, spin-off, or similar extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Corporation, or any similar, unusual or extraordinary
                corporate transaction in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of
                Awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any outstanding Awards,
                (3) the grant, purchase, or exercise or base price of any outstanding Awards, and/or (4) the securities, cash or other property deliverable upon exercise or vesting of any outstanding Awards, in each case to the extent necessary to preserve
                (but not increase) the level of incentives intended by this Plan and the then-outstanding Awards.

          

     

    
      16

      
        

    

    Unless otherwise expressly provided in the applicable Award Agreement, upon (or, as may be necessary to effect the adjustment, immediately prior to) any event or transaction described in the preceding paragraph or a
      sale of all or substantially all of the business or assets of the Corporation as an entirety, the Administrator shall equitably and proportionately adjust the performance standards applicable to any then-outstanding performance-based Awards to the
      extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding performance-based Awards.

     

    It is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable U.S. legal, tax (including, without limitation and as applicable in the
      circumstances, Section 424 of the Code and Section 409A of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements.

     

    Without limiting the generality of Section 2.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.3.1, and the extent and nature of
      any such adjustment, shall be conclusive and binding on all persons.

     

    Unless otherwise expressly provided by the Administrator, in no event shall a conversion of one or more outstanding shares of the Corporation’s preferred stock (if any) or any new issuance of securities by the
      Corporation for consideration be deemed, in and of itself, to require an adjustment pursuant to this Section 7.3.1.

     

    
      17

      
        

    

    	

          	7.3.2	
            Consequences of a Change in Control Event.  Upon the occurrence of a Change in
                Control Event, the Administrator may make provision for a cash payment in settlement of, or for the assumption, substitution or exchange of any or all outstanding Awards (or the cash, securities or other property deliverable to the
                holder(s) of any or all outstanding Awards) based upon, to the extent relevant in the circumstances, the distribution or consideration payable to holders of the Common Stock upon or in respect of such event.

          

     

    The Administrator may, in its sole discretion, provide in the applicable Award Agreement or by an amendment thereto for the accelerated vesting of one or more Awards to the extent such Awards are outstanding upon a
      Change in Control Event or such other events or circumstances as the Administrator may provide.

     

    The Administrator may adopt such valuation methodologies for outstanding Awards as it deems reasonable in the event of a cash, securities or other property settlement.  In the case of Options and SARs, but without
      limitation on other methodologies, the Administrator may base such settlement solely upon the excess (if any) of the amount payable upon or in respect of such event over the exercise or base price of the Option or SAR, as applicable, to the extent of
      the then vested and exercisable shares subject to the Option or SAR.

     

    In any of the events referred to in this Section 7.3.2, the Administrator may take such action contemplated by this Section 7.3.2 prior to such event (as opposed to on the occurrence of such event) to the extent that
      the Administrator deems the action necessary to permit the Participant to realize the benefits intended to be conveyed with respect to the underlying shares.  Without limiting the generality of the foregoing, the Administrator may deem an
      acceleration to occur immediately prior to the applicable event and/or reinstate the original terms of the Award if an event giving rise to an acceleration does not occur.

     

    
      18

      
        

    

    	

          	7.3.3	
            Early Termination of Awards.  Upon the occurrence of a Change in Control Event, each then-outstanding Award (whether or not vested and/or
                exercisable) shall terminate, subject to any provision that has been expressly made by the Administrator, through a plan of reorganization or otherwise, for the survival, substitution, assumption, exchange or other continuation or
                settlement of such Award and provided that, in the case of Options and SARs that will not survive or be substituted for, assumed, exchanged, or otherwise continued or settled in the Change in Control Event, the holder of such Award shall be
                given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding and vested Options and SARs in accordance with their terms before the termination of the Awards (except that in no
                case shall more than ten days’ notice of the impending termination be required).  For purposes of this Section 7.3, an Award shall be deemed to have been “assumed” if (without limiting other circumstances in which an Award is assumed) the
                Award continues after the Change in Control Event, and/or is assumed and continued by a Parent (as such term is defined in the definition of Change in Control Event) following a Change in Control Event, and confers the right to purchase or
                receive, as applicable and subject to vesting and the other terms and conditions of the Award, for each share of Common Stock subject to the Award immediately prior to the Change in Control Event, the consideration (whether cash, shares, or
                other securities or property) received in the Change in Control Event by the stockholders of the Corporation for each share of Common Stock sold or exchanged in such transaction (or the consideration received by a majority of the
                stockholders participating in such transaction if the stockholders were offered a choice of consideration); provided, however, that if the consideration offered for a share of Common Stock in the transaction is not solely the ordinary
                common stock of a successor corporation or a Parent, the Board may provide for the consideration to be received upon exercise or payment of the Award, for each share subject to the Award, to be solely ordinary common stock of the successor
                corporation or a Parent equal in Fair Market Value to the per share consideration received by the stockholders participating in the Change in Control Event.

          

     

    
      19

      
        

    

    	

          	7.3.4	
            Other Acceleration Rules.  The Administrator may override the provisions of this Section 7.3 as to any Award by express provision in the
                applicable Award Agreement and may accord any Participant a right to refuse any acceleration, whether pursuant to the Award Agreement or otherwise, in such circumstances as the Administrator may approve.  The portion of any Incentive Stock
                Option accelerated in connection with a Change in Control Event (or such other circumstances as may trigger accelerated vesting of the Incentive Stock Option) shall remain exercisable as an Incentive Stock Option only to the extent the
                applicable $100,000 limitation on Incentive Stock Options is not exceeded.  To the extent exceeded, the accelerated portion of the Option shall be exercisable as a Nonqualified Stock Option.

          

     

    	

          	7.4	
            Termination of Employment or Services.

          

     

    	

          	7.4.1	
            Events Not Deemed a Termination of Employment.  Unless the Administrator otherwise expressly provides with respect to a particular Award,
                if a Participant’s employment by or service to the Corporation or an Affiliate terminates but immediately thereafter the Participant continues in the employ of or service to another Affiliate or the Corporation, as applicable, the
                Participant shall be deemed to have not had a termination of employment or service for purposes of this Plan and the Participant’s Awards.  Unless the express policy of the Corporation or the Administrator otherwise provides, a
                Participant’s employment relationship with the Corporation or any of its Affiliates shall not be considered terminated solely due to any sick leave, military leave, or any other leave of absence authorized by the Corporation or any
                Affiliate or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period of not more than three months.  In the case of any Participant
                on an approved leave of absence, continued vesting of the Award while on leave from the employ of or service with the Corporation or any of its Affiliates will be suspended until the Participant returns to service, unless the Administrator
                otherwise provides or applicable law otherwise requires.  In no event shall an Award be exercised after the expiration of the term of the Award set forth in the Award Agreement.

          

     

    
      20

      
        

    

    	

          	7.4.2	
            Effect of Change of Affiliate Status.  For purposes of this Plan and any Award, if an entity ceases to be an Affiliate, a termination of
                employment or service will be deemed to have occurred with respect to each Eligible Person in respect of such Affiliate who does not continue as an Eligible Person in respect of another Affiliate that continues as such after giving effect
                to the transaction or other event giving rise to the change in status unless the Affiliate that is sold, spun-off or otherwise divested (or its successor or a direct or indirect parent of such Affiliate or successor) assumes the Eligible
                Person’s award(s) in connection with such transaction.

          

     

    	

          	7.4.3	
            Administrator Discretion.  Notwithstanding the provisions of Section 5.6 or 6.8, in the event of, or in anticipation of, a termination of
                employment or service with the Corporation or any of its Affiliates for any reason, the Administrator may accelerate the vesting and exercisability of all or a portion of the Participant’s Award, and/or, subject to the provisions of
                Sections 5.4.2 and 7.3, extend the exercisability period of the Participant’s Option or SAR upon such terms as the Administrator determines and expressly sets forth in or by amendment to the Award Agreement.

          

     

    	

          	7.4.4	
            Termination of Consulting or Affiliate Services.  If the Participant is an
                Eligible Person solely by reason of clause (c) of Section 3, the Administrator shall be the sole judge of whether the Participant continues to render services to the Corporation or any of its Affiliates, unless a written contract or the
                Award Agreement otherwise provides.

          

     

    	

          	7.5	
            Compliance with Laws.

          

     

    	

          	7.5.1	
            General.  This Plan, the granting and vesting of Awards under this Plan, and the offer, issuance and delivery of shares of Common Stock,
                the acceptance of promissory notes and/or the payment of money under this Plan or under Awards are subject to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state and federal
                securities laws, and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith.  The
                person acquiring any securities under this Plan will, if requested by the Corporation, provide such assurances and representations to the Corporation as the Administrator may deem necessary or desirable to assure compliance with all
                applicable legal and accounting requirements.

          

     

    
      21

      
        

    

    	

          	7.5.2	
            Compliance with Securities Laws.  No Participant shall sell, pledge or
                otherwise transfer shares of Common Stock acquired pursuant to an Award or any interest in such shares except in accordance with the express terms of this Plan and the applicable Award Agreement.  Any attempted transfer in violation of this
                Section 7.5 shall be void and of no effect.  Without in any way limiting the provisions set forth above, no Participant shall make any disposition of all or any portion of shares of Common Stock acquired or to be acquired pursuant to an
                Award, except in compliance with all applicable federal and state securities laws and unless and until:

          

     

    	

          	(a)	
            there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement;

          

     

    	

          	(b)	
            such disposition is made in accordance with Rule 144 under the Securities Act; or

          

     

    	

          	(c)	
            such Participant notifies the Corporation of the proposed disposition and furnishes the Corporation with a statement of the circumstances surrounding the proposed disposition, and, if requested by the Corporation, furnishes to the
              Corporation an opinion of counsel acceptable to the Corporation’s counsel, that such disposition will not require registration under the Securities Act and will be in compliance with all applicable state securities laws.

          

     

    Notwithstanding anything else herein to the contrary, neither the Corporation or any Affiliate has any obligation to register the Common Stock or file any registration statement under either federal or state securities
      laws, nor does the Corporation or any Affiliate make any representation concerning the likelihood of a public offering of the Common Stock or any other securities of the Corporation or any Affiliate.

     

    	

          	7.5.3	
            Share Legends.  All certificates evidencing shares of Common Stock issued or
                delivered under this Plan shall bear the following legends and/or any other appropriate or required legends under applicable laws:

          

     

    “OWNERSHIP OF THIS CERTIFICATE, THE SHARES EVIDENCED BY THIS CERTIFICATE AND ANY INTEREST THEREIN ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER UNDER APPLICABLE LAW AND UNDER AGREEMENTS WITH THE CORPORATION,
      INCLUDING RESTRICTIONS ON SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION.”

     

    
      22

      
        

    

    “THE SHARES ARE SUBJECT TO THE CORPORATION’S RIGHT OF FIRST REFUSAL AND CALL RIGHTS TO REPURCHASE THE SHARES UNDER THE CORPORATION’S STOCK INCENTIVE PLAN AND AGREEMENTS WITH THE CORPORATION THEREUNDER, COPIES OF WHICH
      ARE AVAILABLE FOR REVIEW AT THE OFFICE OF THE SECRETARY OF THE CORPORATION.”

     

    “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE CORPORATION FILED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (“ACT”), AS SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE CORPORATION.  SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE
      SHARES.”

     

    “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE ACT, NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.  NO TRANSFER OF SUCH SECURITIES WILL BE
      PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF COUNSEL TO THE CORPORATION, REGISTRATION UNDER THE ACT IS UNNECESSARY IN
      ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE STATE SECURITIES LAWS.”

     

    	

          	7.5.4	
            Confidential Information.  Any financial or other information relating to the
                Corporation obtained by Participants in connection with or as a result of this Plan or their Awards shall be treated as confidential.

          

     

    	

          	7.6	
            Tax Withholding.  Upon any exercise, vesting,
                or payment of any Award or upon the disposition of shares of Common Stock acquired pursuant to the exercise of an Incentive Stock Option prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any other
                tax withholding event with respect to any Award, the Corporation or any of its Affiliates shall have the right at its option to:

          

     

    
      23

      
        

    

    	

          	(a)	
            require the Participant (or the Participant’s Personal Representative or Beneficiary, as the case may be) to pay or provide for payment of the amount of any taxes which the Corporation or Affiliate may be required to withhold with respect
              to such Award event or payment;

          

     

    	

          	(b)	
            deduct from any amount otherwise payable (in respect of an Award or otherwise) in cash to the Participant (or the Participant’s Personal Representative or Beneficiary, as the case may be) the amount of any taxes which the Corporation or
              Affiliate may be required to withhold with respect to such Award event or payment; or

          

     

    	

          	(c)	
            reduce the number of shares of Common Stock to be delivered by (or otherwise reacquire shares held by the Participant) the appropriate number of shares of Common Stock, valued at their then Fair Market Value, to satisfy the applicable
              withholding obligation.

          

     

    In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 7.5) grant (either at the
      time of the Award or thereafter) to the Participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to have the Corporation reduce the number of shares to be delivered by (or otherwise
      reacquire) the appropriate number of shares, valued in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the applicable withholding obligation on
      exercise, vesting or payment.  The Corporation may, with the Administrator’s approval, accept one or more promissory notes from any Eligible Person in connection with taxes required to be withheld upon the exercise, vesting or payment of any Award
      under this Plan; provided that any such note shall be subject to terms and conditions established by the Administrator and the requirements of applicable law.  Any such note need not otherwise comply with the provisions of Section 5.3.3.

     

    	

          	7.7	
            Plan and Award Amendments, Termination and Suspension.

          

     

    	

          	7.7.1	
            Board Authorization.  The Board may, at any time, terminate or, from time to
                time, amend, modify or suspend this Plan, in whole or in part.  No Awards may be granted during any period that the Board suspends this Plan.

          

     

    	

          	7.7.2	
            Stockholder Approval.  To the extent then required by applicable law or any
                applicable listing agency or required under Sections 162, 422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, any amendment to this Plan shall be subject to
                stockholder approval.

          

     

    
      24

      
        

    

    	

          	7.7.3	
            Amendments to Awards.  Without limiting any other express authority of the
                Administrator under (but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on Awards to Participants that the Administrator in the prior exercise of its
                discretion has imposed, without the consent of a Participant, and (subject to the requirements of Sections 2.2 and 7.7.4) may make other changes to the terms and conditions of Awards.

          

     

    	

          	7.7.4	
            Limitations on Amendments to Plan and Awards.  No amendment, suspension or
                termination of this Plan or amendment of any outstanding Award Agreement shall, without written consent of the Participant, affect in any manner materially adverse to the Participant any rights or benefits of the Participant or obligations
                of the Corporation under any Award granted under this Plan prior to the effective date of such change; provided, however, that an amendment that may cause an Incentive Stock Option to become a Nonqualified Stock Option shall not be treated
                for these purposes as adversely affecting the rights or benefits of the Participant.  Changes, settlements and other actions contemplated by Section 7.3 shall not be deemed to constitute changes or amendments for purposes of this Section
                7.7.

          

     

    	

          	7.8	
            Privileges of Stock Ownership.  Except as
                otherwise expressly authorized by the Administrator, a Participant will not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the Participant.  Except as
                expressly required by Section 7.3.1, no adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery.

          

     

    	

          	7.9	
            Stock-Based Awards in Substitution for Awards Granted by Other Corporation.  Awards may be granted to
                Eligible Persons in substitution for or in connection with an assumption of employee stock options, stock appreciation rights, restricted stock or other stock-based awards granted by other entities to persons who are or who will become
                Eligible Persons in respect of the Corporation or one of its Affiliates, in connection with a distribution, merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Corporation or one
                of its Affiliates, directly or indirectly, of all or a substantial part of the stock or assets of the employing entity.  The Awards so granted need not comply with other specific terms of this Plan, provided the Awards reflect only
                adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security.  Any shares that are delivered and any Awards that
                are granted by, or become obligations of, the Corporation, as a result of the assumption by the Corporation of, or in substitution for, outstanding awards previously granted by an acquired company (or previously granted by a predecessor
                employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or one of its Affiliates in connection with a business or asset acquisition or similar transaction) shall not be counted against
                the Share Limit or other limits on the number of shares available for issuance under this Plan.

          

     

    
      25

      
        

    

    	

          	7.10	
            Effective Date of the Plan.  This Plan is
                effective upon the Effective Date, subject to approval by the stockholders of the Corporation within twelve months after the date the Board approves this Plan.

          

     

    	

          	7.11	
            Term of the Plan.  Unless earlier terminated by the Board, this Plan will terminate at the close of
                business on the day before the 10th anniversary of the Effective Date.  After the termination of this Plan either upon such stated expiration date or its
                earlier termination by the Board, no additional Awards may be granted under this Plan, but previously granted Awards (and the authority of the Administrator with respect thereto, including the authority to amend such Awards) shall remain
                outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan.

          

     

    	

          	7.12	
            Governing Law/Severability/Construction.

          

     

    	

          	7.12.1	
            Choice of Law.  This Plan, the Awards, all documents evidencing Awards and all
                other related documents will be governed by, and construed in accordance with, the laws of the state of Maryland.

          

     

    	

          	7.12.2	
            Severability.  If it is determined that any provision of this Plan or an Award Agreement is invalid and unenforceable, the remaining
                provisions of this Plan and/or the Award Agreement, as applicable, will continue in effect provided that the essential economic terms of this Plan and the Award can still be enforced.

          

     

    	

          	7.12.3	
            Construction.  It is intended that this Plan, and any Award under this Plan, will be exempt from, or comply with, Section 409A of the Code
                so as to not result in any tax, penalty or interest thereunder, and this Plan and each Award shall be construed and interpreted consistent with that intent.

          

     

    	

          	7.13	
            Captions.  Captions and headings are given to
                the sections and subsections of this Plan solely as a convenience to facilitate reference.  Such headings will not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.

          

     

    	

          	7.14	
            Non-Exclusivity of Plan.  Nothing in this Plan
                will limit or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority.

          

     

    	

          	7.15	
            No Restriction on Corporate Powers.  The existence of this Plan, the Award Agreements, and the Awards
                granted hereunder, shall not limit, affect or restrict in any way the right or power of the Board or the stockholders of the Corporation to make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the
                Corporation’s or any Affiliate’s capital structure or its business; (b) any merger, amalgamation, consolidation or change in the ownership of the Corporation or any Affiliate; (c) any issue of bonds, debentures, capital, preferred or prior
                preference stocks ahead of or affecting the Corporation’s capital stock or the rights thereof; (d) any dissolution or liquidation of the Corporation or any Affiliate; (e) any sale or transfer of all or any part of the Corporation or any
                Affiliate’s assets or business; or (f) any other corporate act or proceeding by the Corporation or any Affiliate.  No Participant, Beneficiary or any other person shall have any claim under any Award or Award Agreement against any member of
                the Board or the Administrator, or the Corporation or any employees, officers or agents of the Corporation or any Affiliate, as a result of any such action.

          

     

    
      26

      
        

    

    	

          	7.16	
            Other Company Compensation or Benefit Programs.  Payments and other benefits received by a Participant
                under an Award made pursuant to this Plan shall not be deemed a part of a Participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the
                Corporation or any Affiliate, except where the Administrator or the Board expressly otherwise provides or authorizes in writing.  Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of
                grants, awards or commitments under any other plans or arrangements of the Corporation or any Affiliate.

          

     

    
      	
              8.

            	
              DEFINITIONS.

            

    

     

    “Administrator” has the meaning given to such term in Section 2.1.

     

    “Affiliate” means (a) any corporation or other entity (other than the Corporation) in an unbroken chain of corporations and other entities ending with the Corporation if, at the
      time of the determination, each of the corporations and other entities other than the Corporation owns stock or other equity interests possessing fifty percent (50%) or more of the total combined voting power of all classes of stock or other equity
      interests in one of the other corporations or entities in such chain, or (b) any corporation or other entity (other than the Corporation) in an unbroken chain of corporations and other entities beginning with
      the Corporation if, at the time of the determination, each of the corporations and other entities other than the last corporation or entity in the unbroken chain owns stock or other equity interests possessing fifty percent (50%) or more of the total
      combined voting power of all classes of stock or other equity interests in one of the other corporations or entities in such chain.

     

    “Award” means an award of any Option, SAR or Stock Award, or any combination thereof, whether alternative or cumulative, authorized by and granted under this
      Plan.

     

    “Award Agreement” means any writing, approved by the Administrator, setting forth the terms of an Award that has been duly authorized and approved.

     

    “Award Date” means the date upon which the Administrator took the action granting an Award or such later date as the Administrator designates as the Award Date
      at the time of the grant of the Award.

     

    
      27

      
        

    

    “Beneficiary” means the person, persons, trust or trusts designated by a Participant, or, in the absence of a designation, entitled by will or the laws of
      descent and distribution, to receive the benefits specified in the Award Agreement and under this Plan if the Participant dies, and means the Participant’s executor or administrator if no other Beneficiary is designated and able to act under the
      circumstances.

     

    “Board” means the Board of Directors of the Corporation.

     

    “Cause” with respect to a Participant means (unless otherwise expressly provided in the applicable Award Agreement, or another applicable contract with the Participant that defines
      such term for purposes of determining the effect that a “for cause” termination has on the Participant’s Awards) a termination of employment or service based upon a finding by the Corporation or any of its Affiliates, acting in good faith and based
      on its reasonable belief at the time, that the Participant:

     

    	

          	(a)	
            has been negligent in the discharge of his or her duties to the Corporation or any Affiliate, has refused to perform stated or assigned duties or is incompetent in or (other than by reason of a disability or analogous condition) incapable
              of performing those duties;

          

     

    	

          	(b)	
            has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information;

          

     

    	

          	(c)	
            has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Corporation or any of its Affiliates; or has been convicted of, or pled guilty or nolo contendere to, a felony or
              misdemeanor (other than minor traffic violations or similar offenses);

          

     

    	

          	(d)	
            has materially breached any of the provisions of any agreement with the Corporation or any of its Affiliates;

          

     

    	

          	(e)	
            has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Corporation or any of its Affiliates; or

          

     

    	

          	(f)	
            has improperly induced a vendor or customer to break or terminate any contract with the Corporation or any of its Affiliates or induced a principal for whom the Corporation or any Affiliate acts as agent to terminate such agency
              relationship.

          

     

    A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Administrator) on the date on which the Corporation or any Affiliate first delivers written notice to
      the Participant of a finding of termination for Cause.

     

    
      28

      
        

    

    “Change in Control Event” means any of the following:

     

    	

          	(a)	
            Approval by stockholders of the Corporation (or, if no stockholder approval is required, by the Board alone) of the complete dissolution or liquidation of the Corporation, other than in the context of a Business Combination that does not
              constitute a Change in Control Event under paragraph (c) below;

          

     

    	

          	(b)	
            The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3
              promulgated under the Exchange Act) of 50% or more of either (1) the then-outstanding shares of common stock of the Corporation (the “Outstanding Company Common Stock”) or (2) the combined voting power
              of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes
              of this paragraph (b), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition directly from the Corporation, (B) any acquisition by the Corporation, (C) any acquisition by any employee benefit plan (or
              related trust) sponsored or maintained by the Corporation or any Affiliate or a successor, (D) any acquisition by any entity pursuant to a Business Combination, (E) any acquisition by a Person described in and satisfying the conditions of
              Rule 13d-1(b) promulgated under the Exchange Act, or (F) any acquisition by a Person who is the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the Outstanding Company Common Stock
              and/or the Outstanding Company Voting Securities on the Effective Date (or an affiliate, heir, descendant, or related party of or to such Person);

          

     

    	

          	(c)	
            Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Corporation or any corporation or other entity a majority of whose outstanding voting stock or voting power
              is beneficially owned directly or indirectly by the Corporation (a “Subsidiary”), a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets
              or stock of another entity by the Corporation or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the
              individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than
              50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business
              Combination (including, without limitation, an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the Corporation’s assets directly or through one or more subsidiaries (a “Parent”)), and (2) no Person (excluding any individual or entity described in clauses (C), (E) or (F) of paragraph (b) above) beneficially owns (within the meaning of Rule 13d-3 promulgated under the
              Exchange Act), directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities
              of such entity, except to the extent that the ownership in excess of 50% existed prior to the Business Combination;

          

     

    
      29

      
        

    

    provided, however, that a transaction shall not constitute a Change in Control Event if it is in connection with the underwritten public offering of the Corporation’s securities.

     

    “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     

    “Common Stock” means the shares of the Corporation’s common stock, par value $0.01 per share, and such other securities or property as may become the subject
      of Awards, or become subject to Awards, pursuant to an adjustment made under Section 7.3.1 of this Plan.

     

    “Corporation” means AFC Gamma, Inc., a Maryland corporation, and its successors.

     

    “Effective Date” means the date the Board approved this Plan.

     

    “Eligible Person” has the meaning given to such term in Section 3 of this Plan.

     

    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

     

    “Fair Market Value,” for purposes of this Plan and unless otherwise determined or provided by the Administrator in
      the circumstances, means as follows:

     

    	

          	(a)	
            If the Common Stock is listed or admitted to trade on the New York Stock Exchange or other national securities exchange (the “Exchange”), the Fair Market Value shall equal the closing price of a
              share of Common Stock as reported on the composite tape for securities on the Exchange for the date in question, or, if no sales of Common Stock were made on the Exchange on that date, the closing price of a share of Common Stock as reported
              on said composite tape for the next preceding day on which sales of Common Stock were made on the Exchange.  The Administrator may, however, provide with respect to one or more Awards that the Fair Market Value shall equal the closing price
              of a share of Common Stock as reported on the composite tape for securities listed on the Exchange on the last trading day preceding the date in question or the average of the high and low trading prices of a share of Common Stock as reported
              on the composite tape for securities listed on the Exchange for the date in question or the most recent trading day.

          

     

    	

          	(b)	
            If the Common Stock is not listed or admitted to trade on a national securities exchange, the Fair Market Value shall be the value as reasonably determined by the Administrator for purposes of the Award in the circumstances.

          

     

    
      30

      
        

    

    The Administrator also may adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different methodology is necessary or advisable to secure any intended favorable tax,
      legal or other treatment for the particular Award(s) (for example, and without limitation, the Administrator may provide that Fair Market Value for purposes of one or more Awards will be based on an average of closing prices (or the average of high
      and low daily trading prices) for a specified period preceding the relevant date).

     

    Any determination as to Fair Market Value made pursuant to this Plan shall be made without regard to any restriction other than a restriction which, by its terms, will never lapse, and shall be conclusive and binding on
      all persons with respect to Awards granted under this Plan.

     

    “Incentive Stock Option” means an Option that is designated and intended as an “incentive stock option” within the meaning of Section 422 of the Code, the
      award of which contains such provisions (including but not limited to the receipt of stockholder approval of this Plan, if the award is made prior to such approval) and is made under such circumstances and to such persons as may be necessary to
      comply with that section.

     

    “Nonqualified Stock Option” means an Option that is not an “incentive stock option” within the meaning of Section 422 of the Code and includes any Option
      designated or intended as a Nonqualified Stock Option and any Option designated or intended as an Incentive Stock Option that fails to meet the applicable legal requirements thereof.

     

    “Option” means an option to purchase Common Stock granted under Section 5 of this Plan.  The Administrator will designate any Option granted to an employee of
      the Corporation or an Affiliate as a Nonqualified Stock Option or an Incentive Stock Option.

     

    “Participant” means an Eligible Person who has been granted and holds an Award under this Plan.

     

    “Personal Representative” means the person or persons who, upon the disability or incompetence of a Participant, has acquired on behalf of the Participant, by
      legal proceeding or otherwise, the power to exercise the rights or receive benefits under this Plan by virtue of having become the legal representative of the Participant.

     

    “Plan” means this AFC Gamma, Inc. Stock Incentive Plan, as it may hereafter be amended from time to time.

     

    “Public Offering Date” means the date the Common Stock is first registered under the Exchange Act and listed or
        quoted on a recognized national securities exchange.

     

    “Restricted Shares” or “Restricted Stock” means shares of Common Stock awarded to a Participant
      under this Plan, subject to payment of such consideration and such conditions on vesting (which may include, among others, the passage of time, specified performance objectives or other factors) and such transfer and other restrictions as are
      established in or pursuant to this Plan and the related Award Agreement, to the extent such remain unvested and restricted under the terms of the applicable Award Agreement.

     

    
      31

      
        

    

    
    “Restricted Stock Award” means an award of Restricted Stock.

     

    “SAR” means a share appreciation right, representing the right, subject to the terms and conditions of the Plan and the applicable Award Agreement, to receive a payment, in cash
      and/or Common Stock (as specified in the applicable Award Agreement), equal to the excess of the Fair Market Value of a share of Common Stock on the date the SAR is exercised over the “base price” of the SAR,
      which base price shall be set forth in the applicable Award Agreement.

     

    “Securities Act” means the Securities Act of 1933, as amended from time to time.

     

    “Severance Date” with respect to a particular Participant means, unless otherwise provided in the applicable Award Agreement:

     

    	

          	(a)	
            if the Participant is an Eligible Person under clause (a) of Section 3 and the Participant’s employment by the Corporation or any of its Affiliates terminates (regardless of the reason), the last day that the Participant is actually
              employed by the Corporation or such Affiliate (unless, immediately following such termination of employment, the Participant is a member of the Board or, by express written agreement with the Corporation or any of its Affiliates, continues to
              provide other services to the Corporation or any Affiliate as an Eligible Person under clause (c) of Section 3, in which case the Participant’s Severance Date shall not be the date of such termination of employment but shall be determined in
              accordance with clause (b) or (c) below, as applicable, in connection with the termination of the Participant’s other services);

          

     

    	

          	(b)	
            if the Participant is not an Eligible Person under clause (a) of Section 3 but is an Eligible Person under clause (b) thereof, and the Participant ceases to be a member of the Board (regardless of the reason), the last day that the
              Participant is actually a member of the Board (unless, immediately following such termination, the Participant is an employee of the Corporation or any of its Affiliates or, by express written agreement with the Corporation or any of its
              Affiliates, continues to provide other services to the Corporation or any Affiliate as an Eligible Person under clause (c) of Section 3, in which case the Participant’s Severance Date shall not be the date of such termination but shall be
              determined in accordance with clause (a) above or (c) below, as applicable, in connection with the termination of the Participant’s employment or other services);

          

     

    	

          	(c)	
            if the Participant is not an Eligible Person under clause (a) or clause (b) of Section 3 but is an Eligible Person under clause (c) thereof, and the Participant ceases to provide services to the Corporation or any of its Affiliates as
              determined in accordance with Section 7.4.4 (regardless of the reason), the last day that the Participant actually provides services to the Corporation or such Affiliate as an Eligible Person under clause (c) of Section 3 (unless, immediately
              following such termination, the Participant is an employee of the Corporation or any of its Affiliates or is a member of the Board, in which case the Participant’s Severance Date shall not be the date of such termination of services but shall
              be determined in accordance with clause (a) or (b) above, as applicable, in connection with the termination of the Participant’s employment or membership on the Board).

          

     

    
      32

      
        

    

    “Stock Award” means an award granted under Section 6 of this Plan.  A Stock Award may include: (a) Restricted Stock, stock bonuses, performance stock, stock units, phantom stock,
      dividend equivalents, or similar rights to purchase or acquire shares of Common Stock, whether at a fixed or variable price or ratio related to the Common Stock, upon the passage of time, the occurrence of one or more events, or the satisfaction of
      performance criteria or other conditions, or any combination thereof; or (b) any similar securities with a value derived from the value of or related to the Common Stock and/or returns thereon.

     

    “Total Disability” means a “total and permanent disability” within the meaning of Section 22(e)(3) of the Code and, with respect to Awards other than Incentive
      Stock Options, such other disabilities, infirmities, afflictions, or conditions as the Administrator may include.

     

     33

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]