Document:

EX-10.6

 Exhibit 10.6 

FORM OF INDEMNIFICATION AGREEMENT 

This INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of
[—], 2015, by and among JERNIGAN CAPITAL, INC., a Maryland corporation (the “Company” or the “Indemnitor”) and
[                    ] (the “Indemnitee”).  

WHEREAS, the Indemnitee is an officer [or][and] a member of the Board of Directors of the Company and in such [capacity][capacities] is
performing a valuable service for the Company; 
 WHEREAS, Maryland law permits the Company to enter into contracts with its officers or
members of its Board of Directors with respect to indemnification of, and advancement of expenses to, such persons; 
 WHEREAS, the
Articles of Amendment and Restatement of the Company (the “Charter”) provide that the Company shall indemnify and advance expenses to its directors and officers to the maximum extent permitted by Maryland law in effect from time to
time;  
 WHEREAS, the Amended and Restated Bylaws of the Company (the “Bylaws”) provide that each director
and officer of the Company shall be indemnified by the Company to the maximum extent permitted by Maryland law in effect from time to time and shall be entitled to advancement of expenses consistent with Maryland law; and  

WHEREAS, to induce the Indemnitee to provide services to the Company as an officer [or][and] a member of the Board of Directors, and to
provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or revocation of the Charter or the Bylaws, or any acquisition transaction
relating to the Company, the Indemnitor desires to provide the Indemnitee with protection against personal liability as set forth herein. 

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

	1.	DEFINITIONS. 

 For purposes of this Agreement: 

 

	 	(a)	“Change in Control” shall have the meaning ascribed to it by the Company’s 2015 Equity Incentive Plan or any equity incentive or stock compensation plan adopted by the Board of Directors and
approved by the stockholders of the Company that may later replace the Company’s 2015 Equity Incentive Plan. 

  

	 	(b)	 “Corporate Status” describes the status of a person who is or was a director or officer of the Company or is or was serving at the
request of the Company as a director, officer, partner (limited or general), member, director, employee or agent 

	 	
of any other foreign or domestic corporation, partnership, joint venture, limited liability company, trust, other enterprise (whether conducted for profit or not for profit) or employee benefit
plan. The Company shall be deemed to have requested the Indemnitee to serve an employee benefit plan where the performance of the Indemnitee’s duties to the Company also imposes or imposed duties on, or otherwise involves or involved services
by, the Indemnitee to the plan or participants or beneficiaries of the plan. 

  

	 	(c)	“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to
be a witness in a Proceeding. 

  

	 	(d)	“Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any internal investigation), administrative hearing, or any other proceeding,
including appeals therefrom, whether civil, criminal, administrative, or investigative, except one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement to enforce such Indemnitee’s rights under this Agreement.

  

	 	(e)	“Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, or in the past two years has been, retained to represent
(i) the Indemnitor or the Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 

 

	2.	INDEMNIFICATION. 

 The Indemnitee shall be entitled to the rights of indemnification
provided in this paragraph 2 and under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders or resolution of the Board of Directors or otherwise if, by reason of such Indemnitee’s Corporate Status, such
Indemnitee is, or is threatened to be made, a party to any threatened, pending, or completed Proceeding, including a Proceeding by or in the right of the Company. Unless prohibited by paragraph 13 hereof and subject to the other provisions of this
Agreement, the Indemnitee shall be indemnified hereunder, to the maximum extent permitted by Maryland law in effect from time to time, against judgments, penalties, fines, liabilities, and settlements and reasonable Expenses actually incurred by or
on behalf of such Indemnitee in connection with such Proceeding or any claim, issue or matter therein; provided, however, that if such Proceeding was initiated by or in the right of the Company, indemnification may not be made in respect of such
Proceeding if the Indemnitee shall have been finally adjudged to be liable to the Company. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an employee benefit plan pursuant to applicable law shall be deemed
fines. 
  

	3.	EXPENSES OF A SUCCESSFUL PARTY. 

  
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 Without limiting the effect of any other provision of this Agreement, including the rights
provided for in paragraphs 2 and 4 hereof, and without regard to the provisions of paragraph 6 hereof, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate Status, a party to and is successful, on the merits or
otherwise, in any Proceeding pursuant to a final non-appealable order, such Indemnitee shall be indemnified against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection therewith. If the Indemnitee is not wholly
successful in such Proceeding pursuant to a final non-appealable order but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding pursuant to a final non-appealable order, the
Indemnitor shall indemnify the Indemnitee against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with each successfully resolved claim, issue or matter. For purposes of this paragraph and without
limitation, the termination of any claim, issue or matter in such Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

 

	4.	ADVANCEMENT OF EXPENSES. 

 Notwithstanding anything in this Agreement to the contrary,
but subject to paragraph 13 hereof, if the Indemnitee is or was or becomes a party to or is otherwise involved in any Proceeding (including as a witness), or is or was threatened to be made a party to or a participant (including as a witness) in any
such Proceeding, by reason of the Indemnitee’s Corporate Status, or by reason of (or arising in part out of) any actual or alleged event or occurrence related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act
or omission on the part of the Indemnitee taken or omitted in or relating to the Indemnitee’s Corporate Status, then the Indemnitor shall advance all reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within
twenty (20) days after the receipt by the Indemnitor of a statement from the Indemnitee requesting such advance from time to time, whether prior to or after final disposition of such Proceeding; provided that, such statement shall reasonably
evidence the Expenses incurred or to be incurred by the Indemnitee and shall include or be preceded or accompanied by (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Indemnitor as authorized by this Agreement has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts advanced if it should ultimately be determined that the standard of conduct
has not been met. The undertaking required by clause (ii) of the immediately preceding sentence shall be an unlimited general obligation of the Indemnitee but need not be secured and may be accepted without reference to financial ability to
make the repayment. 
  

	5.	WITNESS EXPENSES. 

 Notwithstanding any other provision of this Agreement, to the extent
that the Indemnitee is, by reason of such Indemnitee’s Corporate Status, a witness for any reason in any Proceeding to which such Indemnitee is not a named defendant or respondent, such Indemnitee shall be indemnified by the Indemnitor against
all Expenses actually incurred by or on behalf of such Indemnitee in connection therewith. 
  

	6.	DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION. 

  
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	 	(a)	To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written request, including therewith such documentation and information reasonably necessary to determine whether and to
what extent the Indemnitee is entitled to indemnification. 

  

	 	(b)	 Indemnification under this Agreement may not be made unless authorized for a specific Proceeding after a determination has been made in accordance
with this paragraph 6(b) that indemnification of the Indemnitee is permissible in the circumstances because the Indemnitee has met the following standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of
paragraph 2 hereof, unless it is established that: (a) the act or omission of the Indemnitee was material to the matter giving rise to the Proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate
dishonesty; (b) the Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was
unlawful. Upon receipt by the Indemnitor of the Indemnitee’s written request for indemnification pursuant to subparagraph 6(a), a determination as to whether the applicable standard of conduct has been met shall be made within the period
specified in paragraph 6(e): (i) if a Change in Control shall have occurred, by Special Legal Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee, with Special Legal Counsel selected by
the Indemnitee (the Indemnitee shall give prompt written notice to the Indemnitor advising the Indemnitor of the identity of the Special Legal Counsel so selected); or (ii) if a Change in Control shall not have occurred, (A) by the Board
of Directors by a majority vote of a quorum consisting of directors not, at the time, parties to the Proceeding, or, if such quorum cannot be obtained, then by a majority vote of a committee of the Board of Directors consisting solely of two or more
directors not, at the time, parties to such Proceeding and who were duly designated to act in the matter by a majority vote of the full Board of Directors in which the designated directors who are parties may participate, (B) if the requisite
quorum of the full Board of Directors cannot be obtained therefor and the committee cannot be established (or, even if such quorum is obtainable or such committee can be established, if such quorum or committee so directs), by Special Legal Counsel
in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, with Special Legal Counsel selected by the Board of Directors or a committee of the Board of Directors by vote as set forth in clause (ii)(A) of this
paragraph 6(b) (or, if the requisite quorum of the full Board of Directors cannot be obtained therefor and the committee cannot be established, by a majority of the full Board of Directors in which directors who are parties to the Proceeding may
participate) (if the Indemnitor selects Special Legal Counsel to make the determination under this clause (ii), the Indemnitor shall give prompt written notice to the Indemnitee advising him or her of the identity of the Special Legal Counsel so
selected) 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 the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made
within ten (10) days after such determination. Authorization of 

  
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indemnification and determination as to reasonableness of Expenses shall be made in the same manner as the determination that indemnification is permissible. However, if the determination that
indemnification is permissible is made by Special Legal Counsel under clause (ii)(B) above, authorization of indemnification and determination as to reasonableness of Expenses shall be made in the manner specified under clause (ii)(B) above for the
selection of such Special Legal Counsel. 

  

	 	(c)	The Indemnitee shall cooperate with the person or entity making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any reasonable costs or expenses (including reasonable
attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Indemnitor hereby
indemnifies and agrees to hold the Indemnitee harmless therefrom. 

  

	 	(d)	In the event the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(b) hereof, the Indemnitee, or the Indemnitor, as the case may be, may, within seven days
after such written notice of selection shall have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a written objection to such selection. Such objection may be asserted only on the grounds that the Special Legal
Counsel so selected does not meet the requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If such written objection is made, the Special Legal Counsel so selected may not serve as Special Legal Counsel
until a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to paragraph 6(a) hereof, no Special Legal Counsel shall have
been selected or, if selected, shall have been objected to, either the Indemnitor or the Indemnitee may petition a court for resolution of any objection which shall have been made by the Indemnitor or the Indemnitee to the other’s selection of
Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is so resolved or the person so
appointed shall act as Special Legal Counsel under paragraph 6(b) hereof. The Indemnitor shall pay all reasonable fees and expenses of Special Legal Counsel incurred in connection with acting pursuant to paragraph 6(b) hereof, and all reasonable
fees and expenses incident to the selection of such Special Legal Counsel pursuant to this paragraph 6(d). In the event that a determination of entitlement to indemnification is to be made by Special Legal Counsel and such determination shall not
have been made and delivered in a written opinion within ninety (90) days after the receipt by the Indemnitor of the Indemnitee’s request in accordance with paragraph 6(a), upon the due commencement of any judicial proceeding in accordance
with paragraph 8(a) of this Agreement, Special Legal Counsel shall be discharged and relieved of any further responsibility in such capacity. 

  
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	 	(e)	If the person or entity making the determination whether the Indemnitee is entitled to indemnification shall not have made a determination within forty-five (45) days after receipt by the Indemnitor of the request
therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent: (i) a misstatement by the Indemnitee of a material fact, or an
omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. Such 45-day period
may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person or entity making said determination in good faith requires additional time for the obtaining or evaluating of documentation and/or information
relating thereto. The foregoing provisions of this paragraph 6(e) shall not apply: (i) if the determination of entitlement to indemnification is to be made by the stockholders and if within fifteen (15) days after receipt by the Indemnitor
of the request for such determination the Board of Directors resolves to submit such determination to the stockholders for consideration at an annual or special meeting thereof to be held within seventy-five (75) days after such receipt and
such determination is made at such meeting, or (ii) if the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(b) of this Agreement. 

 

	7.	PRESUMPTIONS. 

  

	 	(a)	In making a determination with respect to entitlement or authorization of indemnification hereunder, the person or entity making such determination shall presume that the Indemnitee is entitled to indemnification under
this Agreement and the Indemnitor shall have the burden of proof to overcome such presumption. 

  

	 	(b)	The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee did not
meet the requisite standard of conduct described herein for indemnification. 

  

	8.	REMEDIES. 

  

	 	(a)	In the event that: (i) a determination is made in accordance with the provisions of paragraph 6 that the Indemnitee is not entitled to indemnification under this Agreement, or (ii) advancement of reasonable
Expenses is not timely made pursuant to this Agreement, or (iii) payment of indemnification due the Indemnitee under this Agreement is not timely made, the Indemnitee shall be entitled to an adjudication in an appropriate court of competent
jurisdiction of such Indemnitee’s entitlement to such indemnification or advancement of Expenses. 

  
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	 	(b)	In the event that a determination shall have been made pursuant to paragraph 6 of this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this paragraph 8
shall be conducted in all respects as a de novo trial on the merits. The fact that a determination had been made earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not entitled to indemnification shall not be taken into
account in any judicial proceeding commenced pursuant to this paragraph 8 and the Indemnitee shall not be prejudiced in any way by reason of that adverse determination. In any judicial proceeding commenced pursuant to this paragraph 8, the
Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

  

	 	(c)	If a determination shall have been made or deemed to have been made pursuant to this Agreement that the Indemnitee is entitled to indemnification, the Indemnitor shall be bound by such determination in any judicial
proceeding commenced pursuant to this paragraph 8, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  

	 	(d)	The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this paragraph 8 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court that the Indemnitor is bound by all the provisions of this Agreement. 

  

	 	(e)	In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s rights under, or to recover damages for breach of, this Agreement, if successful on the merits or
otherwise as to all or less than all claims, issues or matters in such judicial adjudication, the Indemnitee shall be entitled to recover from the Indemnitor, and shall be indemnified by the Indemnitor against, any and all reasonable Expenses
actually incurred by such Indemnitee in connection with each successfully resolved claim, issue or matter. 

  

	9.	NOTIFICATION AND DEFENSE OF CLAIMS. 

 The Indemnitee agrees promptly to notify the
Indemnitor in writing upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered
hereunder, but the failure so to notify the Indemnitor will not relieve the Indemnitor from any liability that the Indemnitor may have to Indemnitee under this Agreement unless the Indemnitor is materially prejudiced thereby. With respect to any
such Proceeding as to which Indemnitee notifies the Indemnitor of the commencement thereof: 
  

	 	(a)	The Indemnitor will be entitled to participate therein at its own expense. 

  
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	 	(b)	Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice from the Indemnitor to Indemnitee of the
Indemnitor’s election so to assume the defense thereof, the Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than
reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and disbursements of such counsel incurred after notice from the Indemnitor of
the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless (a) the employment of counsel by Indemnitee has been authorized by the Indemnitor, (b) the Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) such Proceeding seeks penalties or other relief against the Indemnitee with respect to which the Indemnitor could
not provide monetary indemnification to the Indemnitee (such as injunctive relief or incarceration) or (d) the Indemnitor shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and
disbursements of counsel shall be at the expense of the Indemnitor. The Indemnitor shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Indemnitor, or as to which Indemnitee shall have reached the conclusion
specified in clause (b) above, or which involves penalties or other relief against Indemnitee of the type referred to in clause (c) above. 

  

	 	(c)	The Indemnitor shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without the Indemnitor’s written consent. The Indemnitor shall not
settle any action or claim in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Indemnitor nor Indemnitee will unreasonably withhold or delay consent to any proposed
settlement. 

  

	10.	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION. 

  

	 	(a)	The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under
applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders, a resolution of the Board of Directors or otherwise, except that any payments otherwise required to be made by the Indemnitor hereunder shall be offset by any and
all amounts received by the Indemnitee from any other indemnitor or under one or more liability insurance policies maintained by an indemnitor or otherwise and shall not be duplicative of any other payments received by an Indemnitee from the
Indemnitor in respect of the matter giving rise to the indemnity hereunder. No amendment, alteration or repeal of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect to any action taken or omitted by the
Indemnitee prior to such amendment, alteration or repeal. 

  
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	 	(b)	To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors and officers of the Company, the Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available and upon any Change in Control the Company shall use commercially reasonable efforts to obtain or arrange for continuation and/or “tail” coverage for the Indemnitee to
the maximum extent obtainable at such time. 

  

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

  

	 	(d)	The Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any
insurance policy, contract, agreement, or otherwise. 

  

	11.	CONTINUATION OF INDEMNITY. 

  

	 	(a)	All agreements and obligations of the Indemnitor contained herein shall continue during the period the Indemnitee is an officer or a member of the Board of Directors of the Company and shall continue thereafter so long
as the Indemnitee shall be subject to any threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate Status and during the period of statute of limitations for any act or omission occurring during the Indemnitee’s
term of Corporate Status. This Agreement shall be binding upon the Indemnitor and its respective successors and assigns and shall inure to the benefit of the Indemnitee and such Indemnitee’s heirs, executors and administrators.

  

	 	(b)	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 reasonably satisfactory to the 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. 

  

	12.	SEVERABILITY. 

 If any provision or provisions of this Agreement shall be held to be
invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any paragraph 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 (ii) to the fullest extent possible, the provisions of this
Agreement 

  
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(including, without limitation, each portion of any paragraph 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 by the provisions held invalid, illegal or unenforceable. 
  

	13.	EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES. 

 Notwithstanding any
other provisions of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of reasonable Expenses under this Agreement with respect to (i) any Proceeding initiated by such Indemnitee against the Indemnitor other
than a proceeding commenced pursuant to paragraph 8 hereof, or (ii) any Proceeding for an accounting of profits arising from the purchase and sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Securities
Exchange Act of 1934, as amended, rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute. 
  

	14.	NOTICE TO THE COMPANY STOCKHOLDERS. 

 Any indemnification of, or advancement of
reasonable Expenses, to an Indemnitee in accordance with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall be reported in writing to the stockholders of the Company with the notice of the next Company
stockholders’ meeting or prior to the meeting. 
  

	15.	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. 
  

	16.	MODIFICATION AND WAIVER. 

 No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by each 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 shall such
waiver constitute a continuing waiver. 
  

	17.	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, 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, if so delivered or mailed, as the case may be, to the following addresses: 

If to the Indemnitee, to the address set forth in the records of the Company. 

If to the Indemnitor, to: 

Jernigan Capital, Inc. 

  
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 1395 Brickell Avenue 

Miami, FL 33131 
 Attention: Chief
Executive Officer 
 with a copy (which shall not constitute notice) to: 

Morrison & Foerster LLP 

2000 Pennsylvania Avenue 
 Suite
6000 
 Washington, DC 20006 

Attention: John A. Good, Esq. 

Fax: 202-887-0763 
 Email:
JGood@mofo.com 
 or to such other address as may have been furnished to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the
case may be. 
  

	18.	GOVERNING LAW. 

 The parties agree that this Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of Maryland, without application of the conflict of laws principles thereof. 
  

	19.	NO ASSIGNMENTS. 

 The Indemnitee may not assign its rights or delegate obligations under
this Agreement without the prior written consent of the Indemnitor. Any assignment or delegation in violation of this paragraph 19 shall be null and void. 
  

	20.	NO THIRD-PARTY RIGHTS. 

 Nothing expressed or referred to in this Agreement will be
construed to give any person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions are for the sole
and exclusive benefit of the parties to this Agreement and their successors and permitted assigns. 
  

	21.	COUNTERPARTS. 

 This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together constitute an agreement binding on all of the parties hereto. 
 [Signature page
follows.] 

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

By:_____________________________ 

Name: 

Title: 

INDEMNITEE: 

By:_____________________________ 

Name: 

Title: 
  

 
  
  

 
  
  

 
  
  

Signature Page to Indemnification AgreementExhibit 10.9

 

MBT Financial Corp.

Executive Officer Annual Incentive
Pay Plan

Policy Document

Updated 2014

 

General Purpose of Plan

The purpose of
this Plan is to enable MBT Financial Corp. to: (i) Attract and retain key executive leadership talent; (ii) deliver competitive
total direct compensation; and (iii) reward Executive Officers for both the Company’s annual financial performance and individual
performance relating to strategic goals that drive financial performance and growth.

 

Effective
Date

This plan is effective
beginning with the 2015 Performance Period, and will remain in effect until modified or terminated by the Board.

 

Certain
Plan Definitions

Unless the context
otherwise indicates, the following words used herein shall have the following meanings whenever used in this policy document:

 

		(a)	"Award" means a cash award paid to a Plan Participant in accordance with the terms and
conditions of this Plan

 

		(b)	"Board" means the Board of Directors of the Company

 

		(c)	"Committee" means the Compensation Committee of the Board

 

		(d)	"Company" means MBT Financial Corp., a corporation organized under the laws of the State
of Michigan.

 

		(e)	"Director" means a member of the Board of Directors.

 

		(f)	“Executive Officer” means a named executive officer as defined under SEC disclosure
rules, and any other management employee of the Company designated as a participant by the CEO and the Committee.

 

		(g)	“Funding Factor” means the percent of target awards that is payable under the plan
based on Net Operating Income results. The Funding Factor may be represented by a formula or funding schedule as set forth in Appendix
A of this Plan. The funding formula or schedule is subject to modification by the Committee for each Performance Period, and
is to be defined no later than 60 days after the beginning of the Performance Period.

 

		(h)	“Net Operating Income” means before tax operating income, excluding bonus accrual for
executive officers and officers.

 

		(i)	"Participant" means an employee of the Company who is designated as a Plan Participant
by the Committee.

 

    	1

    	 

    

  

		(j)	"Performance Period" means the fiscal year of the Company over which Awards may be earned
contingent on satisfying specified performance conditions.

 

		(k)	"Plan" means this MBT Financial Corp. Executive Officer Annual Incentive Pay Plan.

 

		(l)	“Target Award %” means a defined percent of a Participant’s annual base salary
for the applicable Performance Period, as set forth on Appendix B hereto.

 

Plan Administration

The Plan shall
be administered jointly by the Compensation Committee and the CEO of the Company

 

The Committee
has the authority and responsibility for:

 

		(a)	Establishing the design structure and terms and conditions of Awards made under the Plan in collaboration
with the CEO
	 	 	 

		(b)	Referring matters or decisions relating to the Plan to the Board as deemed appropriate by the Committee.
	 	 	 

		(c)	Seeking outside advice from legal counsel or consultants on matters relating to the design and
administration of the Plan
	 	 	 

		(d)	Setting annual Target Award levels for all Plan Participants
	 	 	 

		(e)	Establishing and approving the annual formula and/or schedule that defines the level of Awards
funded under the plan based upon the financial performance of the Company
	 	 	 

		(f)	Determining and approving the level of annual Awards funded each Performance Period in accordance
with the established funding formula or schedule
	 	 	 

		(g)	Reviewing individual performance goals set by the CEO for Participants to assure alignment with
the financial and strategic goals of the Company
	 	 	 

		(h)	Interpreting and applying the terms and conditions of the Plan

 

The CEO of the
Company has the authority and responsibility for:

 

		(a)	Establishing individual performance goals for each Executive Officer and informing the Committee
of such goals
	 	 	 

		(b)	Evaluating individual performance
	 	 	 

		(c)	Providing feedback and recommendations to the Committee on the design structure of the Plan; level
of annual Target Awards; and the specific terms and conditions for earning an Award under the Plan

 

    	2

    	 

    

  

Plan Participation

Executive Officers
of the Company are eligible to participate in this Plan upon the recommendation of the CEO and approval of the Committee.

 

Incentive Award structure and Determination

General Structure

This Plan is structured
to deliver an objectively defined incentive pay opportunity based on both Company financial performance and individual performance
for the Performance Period. The two principal components or award factors that determine Awards payable under the plan are:

 

		·	The Funding Factor; and
	 	 	 

		·	Participant’s Target Award %

 

Setting Annual
Target Award %

Before the beginning
of each Performance Period, Target Awards are to be established for each Plan Participant by the Committee. Such Target Awards
will be expressed as a percent of the Participant’s annual base salary for the Performance Period, and will be set at levels
consistent with the executive compensation philosophies and objectives of the Board. Target Award % for 2015 is set forth on Appendix
B hereto.

 

Determination
of Awards

At the end of
each Performance Period, the Award paid under the Plan for the Performance Period shall be determined as follows:

 

Step 1: The Compensation
Committee, in its absolute discretion, sets the aggregate size of the award pool.

 

Step 2: Determine
the Funding Factor based upon Net Operation Income performance (refer to the funding schedule under Appendix A)

 

Step 3: The Award
will be calculated as follows:

 

(Funding
Factor) X (Participant’s Target Award %) X (Base Salary)

  

The Committee
reserves the sole discretion to adjust the total Award pool resulting from the above process to reconcile to the total Award pool
funded.

 

Adjustment
of Performance Conditions

The Committee
may modify or adjust the determination of corporate financial performance under the Plan to account for unusual or extraordinary
events that occur during the Performance Period such as:

 

		·	Corporate reorganizations, acquisitions, including spin-offs and other distributions of property;
or
	 	 	 

		·	Changes in applicable laws or regulations that impact financial performance; or
	 	 	 

		·	Accounting changes mandated by FASB that affect financial performance; or
	 	 	 

		·	Material financial transactions that result in performance that in the judgment of the Committee
does not fairly reflect outcomes normally expected to be under the control of management.

 

    	3

    	 

    

  

Payment of Awards

Payment of
Awards

Awards earned
and payable as determined by the Committee shall be paid to the Participant in cash no later than March 15 of the year immediately
following the Performance Period. In the event of a Participant’s death after the end of the Performance Period, but before
payment of the Award, such Award shall be paid to the beneficiary or beneficiaries designated in writing by the Participant and
filed with the Company or, in the absence of and such designation, or if no such designated beneficiary survives the Participant,
to the Participant’s estate.

 

Termination
of Employment 

A Participant
must be employed in an Executive Officer capacity at the end of the Performance Period to receive payment of Awards earned under
this Plan for such Performance Period.

 

General Provisions

Amendment or
Discontinuation of this Plan 

The Board may
amend, alter, or discontinue this Plan at any time, provided that no amendment, alteration, or discontinuance may be made, which
would materially and adversely affect the rights of a Participant under any Award opportunity in effect for the Performance Period
during which such Board action is taken. Notwithstanding the foregoing, this Plan may be amended at any time to: (i) comply with
any law; (ii) preserve any intended favorable tax effects for the Company, the Plan or Participants; or (iii) avoid any unintended
unfavorable tax effects for the Company, the Plan or Participants.

 

Tax Withholding

 

The Company shall
withhold any taxes which the Committee determines the Company is required by law or by the terms of this Plan to withhold in connection
with any Awards made under the Plan. The Company may withhold cash, in an amount equal to the amount which the Committee determines
is necessary to satisfy the obligation of the Company to withhold federal, state and local income taxes.

 

No Implied
Rights to Employment 

 

Neither this Plan
nor any award hereunder shall be construed as giving any individual any right to continued employment with the Company. The Plan
does not constitute a contract of employment, and the Company expressly reserves the right at any time to terminate employees free
from liability, or any claim, under this Plan, except as may be specifically provided for under this Plan.

 

    	4

    	 

    

  

Appendix A

2015
Bonus Funding Schedule 

 

This funding schedule
is intended as an illustration of how the Funding Factor is determined for any given Plan Year, subject to modification by the
Committee.

 

	Percentage of MBT 
2015 NOI 
performance against 
the 2015 MBT NOI 
budget goal	 	 	Award pool will 
be funded at:	 	 	Size of 2015 
award pool	 
	 	120	%	 	 	150	%	 	 	1,623,600	 
	 	118	%	 	 	145	%	 	 	1,569,480	 
	 	116	%	 	 	140	%	 	 	1,515,360	 
	 	114	%	 	 	135	%	 	 	1,461,240	 
	 	112	%	 	 	130	%	 	 	1,407,120	 
	 	110	%	 	 	125	%	 	 	1,353,000	 
	 	108	%	 	 	120	%	 	 	1,298,880	 
	 	106	%	 	 	115	%	 	 	1,244,760	 
	 	104	%	 	 	110	%	 	 	1,190,640	 
	 	102	%	 	 	105	%	 	 	1,136,520	 
	 	100	%	 	 	100	%	 	 	1,082,400	 
	 	98	%	 	 	97	%	 	 	1,049,928	 
	 	96	%	 	 	94	%	 	 	1,017,456	 
	 	94	%	 	 	91	%	 	 	984,984	 
	 	92	%	 	 	88	%	 	 	952,512	 
	 	90	%	 	 	85	%	 	 	920,040	 
	 	88	%	 	 	82	%	 	 	887,568	 
	 	86	%	 	 	79	%	 	 	855,096	 
	 	84	%	 	 	76	%	 	 	822,624	 
	 	82	%	 	 	73	%	 	 	790,152	 
	 	80	%	 	 	70	%	 	 	757,680	 
	 	78	%	 	 	67	%	 	 	725,208	 
	 	76	%	 	 	64	%	 	 	692,736	 
	 	74	%	 	 	61	%	 	 	660,264	 
	 	72	%	 	 	58	%	 	 	627,792	 
	 	70	%	 	 	55	%	 	 	595,320	 
	 	68	%	 	 	52	%	 	 	562,848	 
	 	66.7	%	 	 	50	%	 	 	541,200	 

 

    	5

    	 

    

  

Appendix B

2015 MBT Officer’s
Incentive Plan 

STRUCTURE AND GUIDELINES

 

Officer’s Incentive Plan (OIP)

 

Officer Bonus Target Award Percentage
Structure

 

	Level	Possible Payout
	14	35%
	13	25%
	12	18%
	11	18%
	10	12%
	9	12%
	8	8%
	7	8%
	6	8%
	5	5%
	4	5%
	3	3%
	2	3%

 

Guidelines for 2015

		§	We have also established the minimum earnings threshold for non-executive officer payout to equal 66.7%. Please refer to the
funding table in the Officer Bonus Template.

		§	The upper limit is 120% of the net operating income budget, which will result in a maximum incentive payout of
150%, as indicated by the attached schedule.

	 	 	 

		§	The minimum threshold for the Executive Officer Group will remain at the traditional 85% of budget as in the past.

 

    	6

    	 

    

  

Appendix C

Award
Determination

2015
Performance Period

 

Assumptions applied:

 

	Base Salary	 	$	150,000	 
	Target Award %	 	 	25	%
	Target Award	 	$	37,500	 
	Actual NOI performance as a percent of NOI Goal	 	 	90	%
	Funding Factor	 	 	85	%

 

	Incentive Award Equals
	(Funding Factor)  X  (Participant’s Target Award %) X (Base Salary)

 

	Incentive Award Equals
	(85%)  X (25%) X ($150,000) = $31,875
	Award = $31,875

 

    	7

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