Document:

Exhibit 4.4

 

AMENDMENT OF 

WARRANT AGREEMENT

 

THIS AMENDMENT OF
WARRANT AGREEMENT (this “Agreement”), made as of January 7, 2021, is made by and between LF Capital
Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS, the Company
and the Warrant Agent are parties to that certain Warrant Agreement, dated as of June 19, 2018 (the “Existing Warrant
Agreement”), pursuant to which the Company has issued 15,525,000 warrants (the “Public Warrants”)
in its initial public offering and 7,760,000 private placement warrants (the “Private Placement Warrants,”
together with the Public Warrants, the “Warrants”), each representing the right to purchase one share of Class
A common stock of the Company, par value $0.0001 per share (“Common Stock”), for $11.50 per share, subject
to adjustments as described in the Existing Warrant Agreement;

 

WHEREAS, capitalized
terms used herein, but not otherwise defined, shall have the meanings given to such terms in the Existing Warrant Agreement;

 

WHEREAS, effective
as of August 31, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with
LFCA Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company, Landsea Homes Incorporated,
a Delaware corporation, and Landsea Holdings Corporation, a Delaware corporation;

 

WHEREAS, pursuant
to Section 6.6 of the Merger Agreement, the Company agreed to take commercially reasonable efforts to seek approval by the holders
of at least 65% of the then outstanding Public Warrants to amend the Existing Warrant Agreement such that, among other things,
at the effective time of the Merger (as defined in the Merger Agreement) (the “Effective Time”) (i) each Public
Warrant shall entitle the holder thereof to purchase one-tenth of one share of Common Stock instead of entitling the holder thereof
to purchase one share of Common Stock and (ii) each holder of Public Warrants issued and outstanding immediately prior to the
Effective Time shall be entitled to receive from the Company a one-time payment of $1.85 per Public Warrant as soon as reasonably
practicable following the Effective Time (the “Amendments”);

 

WHEREAS, Section 9.8
of the Existing Warrant Agreement provides that the Existing Warrant Agreement may be amended with by the vote or written consent
of the registered holders of 65% of the then outstanding Public Warrants; and

 

WHEREAS, at a meeting
of the holders of the Warrants, holders of at least 65% of the Public Warrants approved the Amendments, effective as of the Effective
Time.

 

WHEREAS, the Company
and Warrant Agent desire to enter into the Agreement.

 

NOW, THEREFORE, in
consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

    1

     

    

 

ARTICLE I

 

AMENDMENT OF THE EXISTING WARRANT AGREEMENT

 

The Company and the Warrant Agent hereby
agree to amend the Existing Warrant Agreement as provided in this Article I, effective as of the Effective Time.

 

		1.1	Private Placement Warrant Amendments.

 

1.1.1       The
following clause of Section 2.6.1 of the Existing Warrant Agreement, “The Private Placement Warrants shall be identical
to the Public Warrants, except that so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below)
the Private Placement Warrants:,” is hereby deleted in its entirety and replaced as follows:

 

“The
Private Placement Warrants shall be identical to the Public Warrants, except that (x) the Private Placement Warrants shall be
exercisable for one fully paid and non-assessable share of Common Stock at an exercise price per share of Common Stock of $11.50,
as set forth in Exhibit A hereto and subject to the adjustments provided in Section 4 and in the last sentence of Section 3.1
hereof and (y) so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below) the Private Placement
Warrants:”

 

1.1.2       The
last sentence of Section 6.4 of the Existing Warrant Agreement is hereby deleted in its entirety and replaced as follows:

 

“Private
Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer be treated as Public
Warrants under this Agreement, except (i) that such Private Placement Warrants shall continue to be exercisable for one fully
paid and non-assessable share of Common Stock at an exercise price per share of Common Stock of $11.50, as set forth in Exhibit
A hereto and subject to the adjustments provided in Section 4 and in the last sentence of Section 3.1 hereof,
and (ii) such Private Placement Warrants shall not be treated as Public Warrants for purposes of Section 2.3.1 of this
Agreement.”

 

1.2       Warrant
Price. Section 3.1 of the Existing Warrant Agreement is hereby deleted in its entirety and replaced
as follows:

 

“3.1.
Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject
to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock, at
such price equal to the Exercise Price described in Exhibit A for such Public Warrants and Private Placement Warrants,
as applicable (each subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section
3.1); provided, however, that a Public Warrant may not be exercised for a fractional share, so that only a multiple of ten
Public Warrants may be exercised at a given time. The term “Warrant Price” as used in this Agreement at and after
the Effective Time shall mean the Exercise Price (as specified in Exhibit A hereto) at which shares of Common Stock may
be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior
to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company
shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants; provided,
further, that any such reduction shall be identical among all of the Warrants.”

 

    2

     

    

 

1.3       The
Warrant Cash Payment. A new Section 7.5 is hereby inserted in to the Existing Warrant Agreement and shall read as follows:

 

“7.5
Mandatory Cash Distribution. Notwithstanding anything contained in this Agreement to the contrary, at the Effective
Time, each Public Warrant issued and outstanding immediately prior to the Effective Time, automatically and without any action
by the Registered Holder thereof, shall become entitled to receive a cash distribution payable by or at the direction of the Company
as soon as reasonably practicable following the Effective Time, upon receipt of any documents as may reasonably be required by
the Warrant Agent, in the amount of $1.85.”

 

1.4       Form
of Warrant Certificate. The second and third paragraphs of Exhibit A to the Existing Warrant Agreement are hereby deleted
and replaced as follows:

 

“Each
Public Warrant is exercisable for one-tenth of one fully paid and non-assessable share of Common Stock and the Exercise Price
per share of Common Stock for any Public Warrant is equal to $1.15 per one-tenth share ($11.50 per whole share); provided, however,
that a Public Warrant may not be exercised for a fractional share, so that only a multiple of ten Public Warrants may be exercised
at a given time.

 

Each
Private Placement Warrant is exercisable for one fully paid and non-assessable share of Common Stock and the Exercise Price per
share of Common Stock for any Private Placement Warrant is equal to $11.50 per share.

 

No fractional
shares will be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a
fractional interest in a share of Common Stock, the Company will, upon exercise, round down to the nearest whole number. The number
of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement.”

 

Article
II

 

MISCELLANEOUS

 

2.1       Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

2.2       Further
Assurances; Legal Prohibitions. Each party hereto shall (a) furnish such information, (b) execute and deliver such documents,
and (c) do all other such acts and things, in each case, if and as reasonably requested by the Company for the purpose of
carrying out the intents and purposes of this Agreement. If the performance by the Company of any obligation(s) of the Company
under this Agreement may be prohibited or otherwise limited by applicable law, the Company and the Warrant Agent shall
use commercially reasonable efforts to enable the Company to fully satisfy, fulfill, and perform such obligation(s) or satisfy,
fulfill, and perform such obligation(s) to the extent not prohibited by applicable law.

 

    3

     

    

 

2.3       Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

 

2.4       Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

2.5       Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

 

2.6       Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

2.7       Entire
Agreement; Modification. The Existing Warrant Agreement, as modified by this Agreement, together with each other document
contemplated by this Agreement, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings,
arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and
all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated. This Agreement
may not be amended or otherwise modified except by a written agreement executed by all parties to be charged with or otherwise
affected by any such amendment or modification.

 

[Signature Page Follows]

 

    4

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first above written.

 

	 	LF CAPITAL ACQUISITION CORP.
	 	 
	 	By:  	/s/ Scott Reed
	 	 	Name:	Scott Reed
	 	 	Title:	Chief Executive Officer and President
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 	 
	 	By:  	/s/ Ana Gois
	 	 	Name:	Ana Gois
	 	 	Title:	Vice President

  

[Signature page
to Amendment of Warrant Agreement]

 

    5Exhibit 10.1

 

STOCKHOLDER’S
AGREEMENT

This
Stockholder’s Agreement, dated as of January 7, 2021 (this “Agreement”), by and between LF Capital Acquisition
Corp. (which, immediately following the Closing, will change its name to Landsea Homes Corporation), a Delaware corporation (the
“Company”), and Landsea Holdings Corporation, a Delaware corporation (“Stockholder”).

WHEREAS,
on August 31, 2020, the Company entered into that certain Agreement and Plan of Merger Agreement (the “Merger Agreement”),
with LFCA Merger Sub, Inc., a Delaware corporation and wholly owned direct subsidiary of the Company (“LFCA Merger Sub”),
Landsea Holdings Corporation, a Delaware corporation (“LHC”), and Landsea Homes Incorporated, a Delaware corporation
a wholly owned direct subsidiary of LHC (“Landsea”), whereby Landsea will merger with and into LFCA Merger
Sub, and in consideration thereof, the Company will issue to Landsea certain amounts of Class A common stock, par value $0.0001
per share, of the Company (“Class A Common Stock”); and

WHEREAS,
upon consummation of the transactions contemplated by the Merger Agreement, Stockholder will be the record and “beneficial
owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of Class A Common Stock
as set forth on Schedule I hereto.

NOW,
THEREFORE, in consideration of the foregoing and the agreements contained in this Agreement, and intending to be legally bound
by this Agreement, the Company and Stockholder agree as follows:

1.                  
Definitions. Capitalized terms used and
not otherwise defined in this Agreement that are defined in the Merger Agreement shall have the meanings given such terms in the
Merger Agreement. As used in this Agreement, the following terms shall have the respective meanings set forth in this Section
1:

“Affiliate”
means affiliate as such term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.

“Closing”
has the meaning given in that certain Agreement and Plan of Merger, dated as of August 31, 2020, by and among the Company, LFCA
Merger Sub, Landsea Homes Incorporated, and Landsea Holdings Corporation.

“Combined
Ownership Percentage” means the sum of the aggregate Ownership Percentage of Stockholder and its Affiliates.

“Company
Stock” means the shares of capital stock of the Company from time to time outstanding.

“Family
Member” means, with respect to any Person, such Person’s grandparents, parents, mother-in-law, father-in-law,
husband, wife, brothers, sisters, brother-in-law, sisters-in-law, sons-in-law, children, grandchildren, aunts, uncles, nieces,
nephews and first cousins.

“Governing
Documents” with respect to the Company and any of its Subsidiaries, means, collectively, such Person’s certificate
of incorporation, certificate of formation, bylaws, operating agreement or similar governing documents.

“Indebtedness”
means (i) indebtedness for borrowed money whether or not evidenced by bonds, notes, debentures or other similar instruments, including
purchase money obligations or other obligations relating to the deferred purchase price of property, (ii) obligations as lessee
under leases which have been recorded as capital leases and (iii) obligations under guaranties in respect of indebtedness or obligations
of others of the kind referred to in clauses (i) through (ii) above, as reported in accordance with U.S. Generally Accepted Accounting
Principles, provided that Indebtedness shall not include (A) trade payables and accrued expenses arising in the ordinary course
of business and (B) indebtedness, obligations under guaranties and other liabilities owed by the Company to its Subsidiaries or
among the Company’s Subsidiaries.

    1

     

    

“Necessary
Action” means, with respect to a specified result, all actions, to the fullest extent permitted by applicable law, necessary
to cause such result, including, without limitation: (a) voting or providing a written consent or proxy with respect to the Company
Stock; (b) causing the adoption of amendments to the Governing Documents; (c) executing agreements and instruments; and (d) making,
or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions
that are required to achieve such result.

“Ownership
Percentage” means, as of any date, the percentage of shares of Class A Common Stock outstanding deemed beneficially
owned by a stockholder of the Company, within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended;
provided, however, that for purposes of determining the beneficial ownership of any stockholder under this Agreement,
such stockholder shall be deemed to be the beneficial owner of any equity securities of the Company which may be acquired by such
stockholder, whether within 60 days or thereafter, upon the conversion, exchange, or exercise of any warrants, options, rights
or other securities issued by the Company or of its Subsidiaries, provided further that no Person shall be deemed to beneficially
own any security solely as a result of such Person’s execution of this Agreement.

“Person”
means any individual, partnership, limited liability company, corporation, trust, association, estate, unincorporated organization
or a government or any agency or political subdivision thereof.

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants,
actuaries, consultants, financing partners or financial advisors or other Person associated with, or acting on behalf of, such
Person.

“Subsidiary”
means, with respect to any Person, any corporation of which a majority of the total voting power of shares of stock entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination
thereof, or any partnership, limited liability company, association or other business entity of which a majority of the partnership,
limited liability company or other similar ownership interest is at the time owned or controlled, directly or indirectly, by such
Person or one or more Subsidiaries of such Person or a combination thereof. For purposes of this definition, a Person is deemed
to have a majority ownership interest in a partnership, limited liability company, association or other business entity if such
Person is allocated a majority of the gains or losses of such partnership, limited liability company, association or other business
entity or is or controls the managing member or general partner or similar position of such partnership, limited liability company,
association or other business entity.

2.                  
Governance Matters.

2.1               
Board Composition.

(a)                
The Company and Stockholder shall take all Necessary
Action to ensure that the authorized number of directors on the Board of Directors of the Company (the “Board”)
be nine (9). Stockholder shall, subject to Section 2.2, initially have the right to nominate seven (7) directors to serve
on the Board, two (2) of whom shall satisfy the independent director requirements under Nasdaq Equity Rule 5605(c)(2)(A) (such
Person, an “Independent Director”).

2.2               
Board Nomination

    2

     

    

(a)                
For so long as the Combined Ownership Percentage
is equal to or greater than the percentage indicated in the left hand column of the table below, Stockholder shall have the right
to nominate for election to the Board that number of directors indicated in the right hand column of the table below (each a “Director
Designee”) or such higher number of directors to the extent permitted under applicable Law and under the rules of any
stock exchange on which the Class A Common Stock is then listed.

 

	Combined
                                         Ownership Percentage

         
	Director
    Designees
	50%
    plus one share	7
	39%	4
	28%	3
	17%	2
	6%	1

(b)               
In the event of a decrease in the Combined Ownership
Percentage reduces the number of Director Designees that Stockholder is entitled to nominate herein, the parties hereto agree
that the reduction in the number of Director Designees of shall first be reduced by Stockholder’s right to nominate an Independent
Director, then shall be reduced in number in accordance with Section 2.2(a). For the avoidance of doubt, in the event
that there is a vacancy on the Board and Stockholder is not entitled to nominate a Director Designee for such vacancy, such nomination
shall be made in accordance with the policies and procedures of the Nominating and Governance Committee (as defined below).

(c)                
The Company shall take all Necessary Action to
ensure that, at any annual or special meeting of stockholders of the Company at which directors are to be elected, subject to
the fulfillment of the requirements set forth in Sections 2.2(a), Director Designees are included in the slate of
nominees recommended by the Board for election as directors. 

(d)               
Any Director Designee (i) shall be reasonably
acceptable to the Board’s Nominating and Governance Committee (as defined below), (ii) shall comply in all respects with
the Company’s corporate governance guidelines as in effect from time to time, and (iii) with respect to the Independent
Directors, shall qualify as “independent” pursuant to Nasdaq Stock Market listing standards. Stockholder shall notify
the Company of any proposed Director Designee in writing no later than the latest date on which stockholders of the Company may
make nominations to the Board in accordance with the Company’s bylaws, together with all information concerning such nominee
required to be delivered to the Company by its bylaws and such other information reasonably requested by the Company; provided
that in each such case, all such information is generally required to be delivered to the Company by the other outside directors
of the Company (the “Nominee Disclosure Information”); provided further that in the event that Stockholder
fails to provide any such notice, the Director Designee(s) shall be the Person(s) then serving as the Director Designee(s), as
applicable, as long as Stockholder provides the Nominee Disclosure Information to the Company promptly upon request by the Company.

(e)                
In the event of the death, disability, resignation
or removal of a Director Designee, the Board will take all Necessary Action to elect to the Board a replacement director designated
by Stockholder, subject to the fulfillment of the requirements set forth in Section 2.2(d), to fill the resulting vacancy,
and such individual shall then be deemed a Director Designee for all purposes under this Agreement.

2.3               
Chairman; Lead Independent Director; Committee
Membership. 

(a)                
Chairman. The
Company and Stockholder shall take all Necessary Action to cause the Company to initially designate Mr. Tian Ming as Chairman
of the Board. The Chairman shall be elected by the majority of the directors then currently serving on the Board. The Chairman
shall not be required to be an Independent Director. 

(b)               
Lead Independent Director. For so long
as the Chairman of the Board is not an Independent Director, the Company and Stockholder shall
take all Necessary Action to cause the Company to designate a Lead Independent Director from the available Independent
Directors then currently serving as a director of the Board.

(c)                
Compensation Committee. The
Company and Stockholder shall take all Necessary Action to cause the Company to establish and maintain a compensation committee
of the Board (the “Compensation Committee”) comprising at least five (5) directors, with at least two (2) Independent
Directors (and shall include any applicable NASDAQ Stock Market committee independence standards). Upon the Combined Ownership
Percentage becoming less than or equal to 50%, the Company and Stockholder shall comply with Nasdaq Listing Rule 5605(d) with
respect to the composition of the Compensation Committee.

    3

     

    

(d)               
Nominating and Governance Committee. The
Company and Stockholder shall take all Necessary Action to cause the Company to establish and maintain a nominating and
governance committee of the Board (the “Nominating and Governance Committee”) comprising at least five (5)
directors, with at least two (2) Independent Directors (and shall include any applicable NASDAQ committee standards). Upon the
Combined Ownership Percentage becoming less than or equal to 50%, the Company and Stockholder shall comply with Nasdaq Listing
Rule 5605(e) with respect to the composition of the Nominating and Governance Committee. 

(e)                
Audit Committee. The Company and
Stockholder shall take all Necessary Action to cause the Company to establish and maintain an audit committee of the Board
(the “Audit Committee”) comprised of three (3) Independent Directors (including any applicable NASDAQ audit
committee independence standards). The Audit Committee shall also be responsible for the review of any proposed related persons
transactions by or with the Company or its subsidiaries. 

(f)                 
For so long as the Combined Ownership Percentage
is equal to or greater than 15%, the Company and Stockholder shall take all Necessary Action to
cause at least one Director Designee (or more than one, at the discretion of Stockholder, if Stockholder is entitled to designate
more than one Director Designee) to be appointed by the Board to sit on each standing committee of directors of the Board, subject
to such Director Designee satisfying applicable qualifications under applicable Law, regulation or stock exchange rules and regulations.
If any Director Designee fails to satisfy the applicable qualifications under law or stock exchange rule to sit on any committee
of the Board, then the Board shall permit such Director Designee to attend (but not vote) at the meetings of such committee as
an observer. 

2.4               
Compensation and Benefits. Each of the
Director Designees shall be entitled to receive compensation, benefits, reimbursement, indemnification and insurance coverage
for their service as directors in such amounts as is typical for directors of similar publicly traded companies. For so long as
the Company maintains directors and officers liability insurance, the Company shall take all Necessary Action to include each
Director Designee as an “insured” for all purposes under such insurance policy for so long as such Director Designee
is a director of the Company and for the same period as for other former directors of the Company when such Director Designee
ceases to be a director of the Company. 

2.5               
Information Rights. 

(a)                
For so long as the Combined Ownership Percentage
is equal to or greater than 20%, the Company shall be considered a non-wholly owned subsidiary of Stockholder and as such, the
Company shall permit representatives designated by Stockholder (“Stockholder Representatives”), at reasonable
times and upon reasonable notice to (i) visit and inspect any of the properties of the Company and its Subsidiaries, (ii) examine
the corporate and financial records of the Company and its subsidiaries and make copies thereof or extracts therefrom, and (iii) discuss
the affairs, finances and accounts of any such corporations with the directors, officers, key employees and independent accountants
of the Company and its Subsidiaries. The presentation of an executed copy of this Agreement by Stockholder to the Company’s
independent accountants shall constitute the Company’s permission to its independent accountants to participate in discussions
with and provide all reasonably required information to the Stockholder Representatives.

(b)               
For so long as the Combined Ownership Percentage
is equal to or greater than 20%, Stockholder Representatives shall be entitled to meet with the chief executive officer and the
chief financial officer of the Company from time to time at reasonable times and upon reasonable notice to discuss the annual
business plan and operating budget. The Company shall take all Necessary Action to ensure that the business plan and operating
budget shall be provided to the Board in advance of a formal approval meeting so that the Board has sufficient time to review
and ask questions of management. 

(c)                
For so long as the Combined Ownership Percentage
is equal to or greater than 20%, the Company shall deliver the following to Stockholder:

(i)                 
as soon as available but in any event within
thirty (30) days after the end of each monthly accounting period in each fiscal year (provided that with respect to the
third (3rd) month of each fiscal quarter, such monthly report shall be delivered within forty-five (45) days after
the end of such applicable fiscal quarter (or such earlier time, to the extent made available to the Board of Directors)), unaudited
consolidated statements of income and cash flows for the Company for such monthly period and for the period from the beginning
of the fiscal year to the end of such month, and unaudited consolidated balance sheets of the Company as of the end of such monthly
period, which shall also set forth in each case (unless expressly waived by the Investors) comparisons to the corresponding period
in the preceding fiscal year and, if applicable, to budgeted amounts, all prepared in accordance with U.S. GAAP, consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes;

    4

     

    

(ii)               
as soon as available but in any event (A) within
thirty (30) days after the end of each quarterly accounting period of the Company in each fiscal year, internally prepared draft
quarterly financial statements, and (B) within forty-five (45) days after the end of each quarterly accounting period of the Company
in each fiscal year, (x) the quarterly financial statements required to be filed by the Company pursuant to the Exchange
Act, or (y) unaudited consolidated statements of income and cash flows of the Company for such quarterly period and for the
period from the beginning of the fiscal year to the end of such quarter and  unaudited consolidated balance sheets of the
Company as of the end of such quarterly period, which shall also set forth in each case (unless expressly waived by the Investors)
comparisons to the corresponding period in the preceding fiscal year and, if applicable, to budgeted amounts, all prepared in
accordance with U.S. GAAP, consistently applied, subject to normal year-end audit adjustments and the absence of footnotes, and
shall be certified by a senior executive officer of the Company; 

(iii)             
 as soon as available but in any event (A) within
forty-five (45) days after the end of each fiscal year of the Company, internally prepared draft annual financial statements,
and (B) within sixty (60) days after the end of each fiscal year of the Company, (x) the annual financial statements required
to be filed by the Company pursuant to the Exchange Act or (y) a consolidated balance sheet of the Company as of the end
of such fiscal year, and consolidated statements of income and cash flows of the Company for such year, which shall also set forth
in each case (unless expressly waived by the Investors) comparisons to the preceding fiscal year and, if applicable, to budgeted
amounts, all prepared in accordance with U.S. GAAP, consistently applied, subject to normal year-end audit adjustments and the
absence of footnotes, and audited in accordance with the auditing standards of the Public Company Accounting Oversight Board;

(iv)              
 not later than forty-five (45) days after the
start of each fiscal year, an annual budget prepared on a monthly basis for the Company for such fiscal year, and promptly upon
preparation thereof any other significant budgets prepared by the Company and any revisions of such annual or other budgets; and

(v)               
with reasonable promptness, such other information
and financial data concerning the Company and its Subsidiaries as any Investor entitled to receive information under this Section 2.5(c)
may reasonably request by written inquiry or otherwise, in order to prepare financial or other reports required by applicable
law or as otherwise required in connection with the operation of the business of such Investor or its Affiliates.

(d)               
For so long as the Combined Ownership Percentage
is equal to or greater than 50%, the Company shall promptly provide Stockholder with such information as reasonably required for
the purpose of its compliance with the disclosure and/or shareholders’ approval requirements under The Rules Governing The
Listing of Securities on The Stock Exchange of Hong Kong, the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong), the Companies Ordinance (Chapter 32 of the Laws of Hong Kong), and other statutory obligations that regulate the activities
of Stockholder as a listed company on The Stock Exchange of Hong Kong Limited. Stockholder shall provide to the Company a compliance
manual on the information required for the purpose.

2.6               
Other Directors. Pursuant to the terms
of the Merger Agreement, the Company shall have the initial right to nominate up to two (2) directors to serve on the Board upon
the Closing (the “Sponsor Directors”). Stockholder agrees that it shall not take any action to remove such
Sponsor Directors from the Board during their initial term other than for cause. Stockholder further agrees to take reasonable
efforts to nominate Elias Farhat as a member of the Audit Committee, provided that Mr. Farhat (i) is nominated as a Sponsor Director
and (ii) satisfies applicable NASDAQ audit committee independence standards. 

3.                  
Termination. Other than the termination
provisions that are specifically provided elsewhere in this Agreement, this Agreement shall terminate (except for Section 4 and
Section 5.4, in each case as governed by the provisions therein) (a) upon the mutual written agreement of the Company and
Stockholder or (b) at such time as the Combined Ownership Percentage is less than 5%.

 

    5

     

    

4.                  
Sharing of Information.

4.1        To
the extent permitted by antitrust, competition or any other applicable law, each party to this Agreement agrees and acknowledges
that the directors designated by the parties hereto may share confidential, non-public information (“Confidential Information”)
about the Company and its Subsidiaries with such party and its representatives. Stockholder recognizes that it, or its Affiliates
and Representatives, has acquired or will acquire Confidential Information, the use or disclosure of which could cause the Company
substantial loss and damages that could not be readily calculated and for which no remedy at law would be adequate. Accordingly,
Stockholder covenants and agrees with the Company that it will not (and will cause its respective Affiliates and Representatives
not to) at any time, except with the prior written consent of the Company, directly or indirectly, disclose any Confidential Information
known to it, unless (i) such information becomes known to the public through no fault of Stockholder or Subsidiaries, Affiliates,
or Representatives, (ii) disclosure is required by applicable law or court of competent jurisdiction or requested by a governmental
agency, provided that Stockholder promptly notifies the Company of such disclosure so the Company may seek a protective order
and takes reasonable steps to minimize the extent of any such required disclosure, provided, further, that if in the absence of
the Company securing a protective order and if Stockholder is, based on the advice of counsel, compelled to disclose Confidential
Information to any tribunal or else stand liable for contempt or suffer other censure or penalty, Stockholder may disclose to
such tribunal only that portion of such information as is legally required, or (iii) such information was available or becomes
available to Stockholder or its Representatives before, on or after the date hereof, without restriction, from a source (other
than the Company, its Affiliates, or Representatives) without any breach of duty to the Company, or (iv) such information
was independently developed by Stockholder or its Representatives without the use of the Confidential Information. Notwithstanding
anything herein to the contrary, nothing in this Agreement shall prohibit Stockholder from disclosing Confidential Information
to any Affiliate or Representative; provided that Stockholder, shall be responsible for any breach of this Section 4.1 by any
such Person.

4.2               
This Agreement shall supersede
any confidentiality agreement that Stockholder has with the Company and, as of the date of this Agreement, any such confidentiality
agreement shall be terminated and of no further effect.

5.                  
Miscellaneous.

5.1               
Governing Law. This Agreement shall be
governed in all respects by the laws of the State of Delaware without regard to any choice of laws or conflict of laws provisions
that would require the application of the laws of any other jurisdiction.

5.2               
Jurisdiction; Enforcement. The parties
agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that each of the parties shall be entitled (in addition to
any other remedy that may be available to it, including monetary damages) to an injunction or injunctions to prevent breaches
of this Agreement and to enforce specifically the terms and provisions of this Agreement exclusively in the Delaware Court of
Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines
to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware). In addition, each of
the parties irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations
arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations
arising hereunder brought by the other party or its successors or assigns, shall be brought and determined exclusively in the
Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of
Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware). The
parties further agree that no party to this Agreement shall be required to obtain, furnish or post any bond or similar instrument
in connection with or as a condition to obtaining any remedy referred to in this Section 5.2 and each party waives any objection
to the imposition of such relief or any right it may have to require the obtaining, furnishing or posting of any such bond or
similar instrument. Each of the parties hereby irrevocably submits with regard to any such action or proceeding for itself and
in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that
it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court
other than the aforesaid courts. Each of the parties hereby irrevocably waives, and agrees not to assert, by way of motion, as
a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim that it is not
personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance
with this Section 5.2, (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from
any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by the applicable Law, any
claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit,
action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.
Each party hereby consents to service being made through the notice procedures set forth in Section 5.6 and agrees that service
of any process, summons, notice or document by registered mail (return receipt requested and first-class postage prepaid) to the
respective addresses set forth in Section 5.6 shall be effective service of process for any suit or proceeding in connection
with this Agreement or the transactions contemplated by this Agreement. EACH OF THE PARTIES KNOWINGLY, INTENTIONALLY AND VOLUNTARILY
WITH AND UPON THE ADVICE OF COMPETENT COUNSEL IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

    6

     

    

5.3               
Successors and Assigns. Except as otherwise
provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors, and administrators of the parties. For the avoidance of doubt, Stockholder may assign this Agreement
to any of its Affiliates without the prior written consent of the Company; provided, each such assignment shall require prompt
written notice to the Company after any such assignment.

5.4               
Waiver of Fiduciary Duties; Corporate Opportunities.

(a)                
Other than as set forth in this Section 5.4,
this Agreement is not intended to, and does not, create or impose any fiduciary duty on Stockholder or its respective Affiliates
to the Company or to any other stockholder of the Company.

(b)               
To the fullest extent permitted by applicable
law, Stockholder agrees that at any time when: (i) the Combined Ownership Percentage exceeds 10%, or (ii) Stockholder (or a representative
thereof) serves as a director on the Board (collectively, the “Restrictive Thresholds”), except for the Urban
Development Project, Stockholder and its affiliates will not engage in, or propose to engage in, the “domestic homebuilding
business.” For purposes of this Section 5.4, “domestic homebuilding business” shall mean a business (i)
engaged in constructing single and/or multi-family residential properties that operates in the United States or (ii) with a business
unit dedicated to constructing single and/or multi-family residential properties in the United States. For purposes of this Section
5.4, “Urban Development Project” shall mean that certain 14 story luxury residential condominium development on
the upper west side of Manhattan, New York in the United States, which was transferred to LHC by Landsea as part of an internal
reorganization on June 29, 2020.

(c)                
Notwithstanding anything to the contrary herein
(including the provisions of Section 3 and Section 5.9), this Section 5.4 (i) may only be amended, modified,
waived or otherwise altered with (x) the written consent of the Stockholder and the Company and (y) approval by stockholders of
the Company in accordance with Article X of the Second Amended and Restated Certificate of Incorporation of the Company, dated
as of January 7, 2021, as amended from time to time, and (ii) may only be terminated at such time that the Restrictive Thresholds
no longer apply to Stockholder and at such time this Section 5.4 shall be automatically terminated by the Company. For
the avoidance of doubt, if this Agreement is terminated in accordance with Section 3, and at such time of termination,
the Restrictive Thresholds continue to apply to Stockholder, this Section 5.4 shall remain in effect until terminated in
accordance with the terms set forth herein.

5.5               
No Third-Party Beneficiaries. Notwithstanding
anything contained in this Agreement to the contrary, nothing in this Agreement, expressed or implied, is intended to confer on
any Person other than the parties any rights, remedies, obligations or liabilities under or by reason of this Agreement, and no
Person that is not a party to this Agreement (including any partner, member, shareholder, director, officer, employee or other
beneficial owner of any party, in its own capacity as such or in bringing a derivative action on behalf of a party) shall have
any standing as third-party beneficiary with respect to this Agreement or the transactions contemplated by this Agreement; provided,
however, that Scott Reed and Elias Farhat are express third-party beneficiaries of Section 2.6 of this Agreement, and shall have
the right to enforce the provisions of Section 2.6 of this Agreement as if it were a party hereto. 

    7

     

    

5.6               
Entire Agreement. This Agreement constitutes
the full and entire understanding and agreement among the parties with regard to the subjects of this Agreement and such other
agreements and documents.

5.7               
Notices. Except as otherwise provided
in this Agreement, all notices, requests, claims, demands, waivers and other communications required or permitted under this Agreement
shall be in writing and shall be mailed by reliable overnight delivery service or delivered by hand, facsimile, email or messenger
as follows:

if
to the Company:

Landsea
Homes Corporation (f/k/a LF Capital Acquisition Corp.)

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Attention: Franco Tenerelli

Email: ftenerelli@landsea.us

with
a copy (which shall not constitute notice) to:

Gibson,
Dunn & Crutcher LLP

200
Park Ave,

New
York, NY 10166

Attention: Dennis Friedman; Michael Flynn; Evan D’Amico

Email: dfriedman@gibsondunn.com; mflynn@gibsondunn.com; edamico@gibsondunn.com

if
to Stockholder:

Landsea
Holdings Corporation

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Attention: Joanna Zhou

Email: zhouqin@landsea.cn

with
a copy (which shall not constitute notice) to:

Squire
Patton Boggs LLP

555 South Flower Street, 31st Floor

Los Angeles, CA 90071

Attention: James Hsu; Charlotte Westfall

Email: james.hsu@squirepb.com; charlotte.westfall@squirepb.com

or
in any such case to such other address, facsimile number, or email address as any party may, from time to time, designate in a
written notice given in a like manner. Notices shall be deemed given when actually delivered by overnight delivery service, hand
or messenger, or when transmitted by facsimile or email.

5.8               
Delays or Omissions. No delay or omission
to exercise any right, power, or remedy accruing to any party under this Agreement shall impair any such right, power, or remedy
of such party, nor shall it be construed to be a waiver of or acquiescence to any breach or default, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or
default. All remedies, either under this Agreement or by law or otherwise afforded to any holder, shall be cumulative and not
alternative.

5.9               
Amendments and Waivers. Other than Section
5.4 (as governed pursuant to the terms therein), any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only if such
amendment or waiver is in writing and signed, in the case of an amendment, by the Company and Stockholder. Any amendment or waiver
effected in accordance with this paragraph shall be binding upon each holder of any securities purchased under this Agreement
at the time outstanding (including securities into which such securities are convertible), each future holder of all such securities,
and the Company.

    8

     

    

5.10            
Counterparts. This Agreement may be executed
in any number of counterparts and signatures may be delivered by facsimile or in electronic format, each of which may be executed
by less than all the parties, each of which shall be enforceable against the parties actually executing such counterparts and
all of which together shall constitute one instrument.

5.11            
Severability. If any provision of this
Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, portions of such
provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement and the balance of
this Agreement shall be enforceable in accordance with its terms.

5.12            
No Recourse. Notwithstanding anything
that may be expressed or implied in this Agreement, the Company and Stockholder covenants, agrees and acknowledges that no recourse
under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current
or future director, officer, employee, general or limited partner or equity holder of Stockholder or of any Affiliate or assignee
thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation
or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be
imposed on or otherwise be incurred by any current or future officer, agent or employee of Stockholder or any current or future
member of Stockholder or any current or future director, officer, employee, partner or member of Stockholder or of any Affiliate
or assignee thereof, as such for any obligation of Stockholder under this Agreement or any documents or instruments delivered
in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation, except
to the extent any such losses, expenses, claims, actions, damages or liabilities incurred resulted from gross negligence, fraud
or willful misconduct.

5.13            
Titles and Subtitles; Interpretation.
The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement. When a reference is made in this Agreement to a Section, Schedule or Annex, such reference shall be to a Section,
Schedule or Annex of this Agreement unless otherwise indicated. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”
The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the
masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred
to in this Agreement means such agreement, instrument or statute as from time to time amended, modified or supplemented, including
(in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor
statutes. Each of the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as if it is drafted by each of the parties, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

 

[The
remainder of this page is intentionally left blank.]

 

    9

     

    

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

LF
CAPITAL ACQUISITION CORP.

/s/
Scott Reed

By: Scott Reed

Title:President and Chief Executive Officer

Date:January 7, 2021

 

LANDSEA
HOLDINGS CORPORATION

/s/
John Ho

By: John Ho

Title:CEO

Date:12/29/2020

    10

     

    

Schedule
I

 

	 	Shares
    of Class A Common Stock
	Landsea
    Holdings Corporation	33,057,303

 

    11

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"}]]