Exhibit 10.7

    

    

    DREAM FINDERS HOMES, INC.

    

    

    2021 EQUITY INCENTIVE PLAN

    

    

    FORM OF STOCK OPTION GRANT NOTICE

    

    

    Capitalized terms not specifically defined in this Stock Option Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Equity Incentive
      Plan (as amended from time to time, the “Plan”) of Dream Finders Homes, Inc. (the “Company”).

    

    

    The Company hereby grants to the participant listed below (“Participant”) the stock option described in this Grant Notice (the “Option”), subject to the terms and conditions of the Plan and the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.

    

    

     

    

    	 	
            Participant:

             

          	 	 
	 	
            Grant Date:

             

          	 	 
	 	
            Exercise Price per Share:

             

          	 	 
	 	
            Shares Subject to the Option:

             

          	 	 
	 	
            Final Expiration Date:

             

          	 	 
	 	
            Vesting Commencement Date:

             

          	 	 
	 	
            Vesting Schedule:

             

          	 	
            [To be specified in individual award agreements]

             

          
	 	
            Type of Option

          	 	
            ☐ Incentive Stock Option    ☐ Non-Qualified Stock Option

             

          


    

    

    By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety,
      has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final
      all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.

    

    

     

    

    	
            DREAM FINDERS HOMES, INC.

          	 	
            PARTICIPANT

          
	 	 	 	 
	
            By:

          	 	 	 	
            By:

          	 	 
	
            Print Name:

          	 	 	 	
            Print Name:

          	 	 
	
            Title:

          	 	 	 	 	 	 


    

    

    
      
        


    

    
    Exhibit A

    

    

    STOCK OPTION AGREEMENT

    

    

    Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

    

    

    ARTICLE I.

    GENERAL

    

    

    1.1

    Grant of Option. The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the “Grant Date”).

    

    

    1.2

    Incorporation of Terms of Plan. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In
      the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

    

    

    ARTICLE II.

    PERIOD OF EXERCISABILITY

    

    

    2.1

    Commencement of Exercisability. The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting Schedule”), except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated and will vest and become exercisable only when a whole Share has accumulated. The Option
      shall not be exercisable with respect to fractional Shares. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, unless the Administrator otherwise determines, the Option will immediately expire and be forfeited
      as to any portion that is not vested and exercisable as of Participant’s Termination of Service for any reason.

    

    

    2.2

    Duration of Exercisability. The Vesting Schedule is cumulative. Subject to Section 4.13 of this Agreement, any portion of the Option which vests and becomes exercisable
      will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.

    

    

    2.3

    Expiration of Option. Subject to Section 5.3 of the Plan, the Option may not be exercised to any extent by anyone after, and will expire on, the first of the following
      to occur:

    

    

    (a)

    The final expiration date in the Grant Notice; which shall in no event be more than ten (10) years from the Grant Date;

    

    

    (b)

    If this Option is designated as an Incentive Stock Option and the Participant, at the time the Option was granted, was a Greater Than 10% Stockholder, the expiration of five
      (5) years from the Grant Date;

    

    

    (c)

    Except as the Administrator may otherwise approve, the expiration of three (3) months from the date of Participant’s Termination of Service, unless Participant’s Termination of
      Service is for Cause or by reason of Participant’s death or Disability;

    

    

    (d)

    Except as the Administrator may otherwise approve, the expiration of one (1) year from the date of Participant’s Termination of Service by reason of Participant’s death or
      Disability; and

    

    

    (e)

    Except as the Administrator may otherwise approve, the date of Participant’s Termination of Service for Cause.

    

    

    2.4

    Forfeiture upon Termination for Cause or Restrictive Covenant Breach. If Participant’s Termination of Service is for Cause, or Participant breaches any restrictive
      covenants contained in an agreement between the Company or any Subsidiary, as determined in good faith by the Board, then all Shares (whether vested or unvested) granted pursuant to this Agreement shall thereupon be forfeited immediately and without
      any further action by the Company (the “Clawback Shares”).  Upon the occurrence of such forfeiture, the Company shall become the legal and beneficial owner of the Clawback Shares, and all
      rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Clawback Shares being forfeited by Participant.  To the extent that Participant has sold or otherwise disposed
      of any Clawback Shares prior to the date of such determination, then Participant shall be required to pay to the Company any and all proceeds received by Participant as a result of such sale or other disposition.

    
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    ARTICLE III.

    EXERCISE OF OPTION

    

    

    3.1

    Person Eligible to Exercise. During Participant’s lifetime, only Participant may exercise the Option, unless it has been disposed of, with the consent of the
      Administrator, pursuant to a domestic relations order. After Participant’s death, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 2.3 hereof, be exercised by the Participant’s
      Designated Beneficiary or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution.

    

    

    3.2

    Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in part, according to the
      procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be exercised for whole Shares.

    

    

    3.3

    Tax Withholding.

    

    

    (a)

    The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in accordance with the Plan of any withholding tax
      arising in connection with the Option as Participant’s election to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Option.

    

    

    (b)

    Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action the Company or any
      Subsidiary takes with respect to any tax withholding obligations that arise in connection with the Option. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection
      with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the Option to reduce or eliminate Participant’s tax liability.

    

    

    ARTICLE IV.

    OTHER PROVISIONS

    

    

    4.1

    Adjustments. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and the
      Plan.

    

    

    4.2

    Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Secretary of the Company
      at the Company’s principal office or the Secretary of the Company’s then-current email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if
      Participant is then deceased, to the person entitled to exercise the Option) at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By a notice given pursuant to this Section, either party may
      designate a different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post
      office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.

    
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    4.3

    Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

    

    

    4.4

    Conformity to Securities Laws. The Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all
      Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended to the extent necessary to conform to such Applicable Laws.

    

    

    4.5

    Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of
      the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of
      the parties hereto.

    

    

    4.6

    Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange
      Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements
      for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

    

    

    4.7

    Entire Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and
      agreements of the Company and Participant with respect to the subject matter hereof.

    

    

    4.8

    Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the
      illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

    

    

    4.9

    Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual
      obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured
      creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when
      exercised pursuant to the terms hereof.

    

    

    4.10

    Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the
      Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason
      whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.

    

    

    4.11

    Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which will
      be deemed an original and all of which together will constitute one instrument.

    

    

    4.12

    Incentive Stock Options. If the Option is designated as an Incentive Stock Option:

    

    

    (a)

    Participant acknowledges that to the extent the aggregate fair market value of shares (determined as of the time the option with respect to the shares is granted) with respect
      to which stock options intended to qualify as “incentive stock options” under Section 422 of the Code, including the Option, are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for any other reason such
      stock options do not qualify or cease to qualify for treatment as “incentive stock options” under Section 422 of the Code, such stock options (including the Option) will be treated as non-qualified stock options. Participant further acknowledges that
      the rule set forth in the preceding sentence will be applied by taking the Option and other stock options into account in the order in which they were granted, as determined under Section 422(d) of the Code. Participant acknowledges that amendments
      or modifications made to the Option pursuant to the Plan that would cause the Option to become a Non-Qualified Stock Option will not materially or adversely affect Participant’s rights under the Option, and that any such amendment or modification
      shall not require Participant’s consent. Participant also acknowledges that if the Option is exercised more than three (3) months after Participant’s Termination of Service as an Employee, other than by reason of death or disability, the Option will
      be taxed as a Non-Qualified Stock Option.

    
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    (b)

    Participant will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or other
      transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized, in cash, other
      property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

    

    

    4.13

    Clawback. Compensation paid to the Participant under this Agreement is subject to recoupment in accordance with any compensation recovery or clawback policy of the
      Company in effect from time to time, including any such policy adopted after the date of this Agreement, as well as any similar requirement of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act
      and the Sarbanes-Oxley Act of 2002, and rules adopted by a governmental agency or applicable securities exchange under any such law. The Participant agrees to promptly repay or return any such compensation as directed by the Company under any such
      policy or requirement, including the value received from a disposition of Shares acquired pursuant to this  Agreement.

    

    

    

    

  

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