Document:

Exhibit 10.56

 

AMENDMENT NO.1 TO

LA ROSA HOLDINGS CORP.

2022 AGENT INCENTIVE PLAN

 

This Amendment No.1
(this “Amendment”) to La Rosa Holdings Corp. 2022 Agent Incentive Plan (as may be amended from time to time,
the “Agent Plan”) is made as of April 26, 2022. Capitalized terms used herein without definition shall have
the meanings ascribed to such terms in the Plan.

 

WHEREAS, the Board
of Directors of the Company (“Board”) is authorized to administer the Agent Plan;

 

WHEREAS, the Board
desires to amend the Plan to change the description of eligibility criteria;

 

WHEREAS, this Amendment
shall be submitted to the Company’s stockholders for approval, and shall become effective as of the date on which the Company’s
stockholders approve such Amendment (the “Effective Date”);

 

NOW, THEREFORE, the
Agent Plan is hereby amended as follows, effective as of the Effective Date:

 

		1.	Section “Eligibility” of the Agent Plan is hereby amended and restated in its entirety
to read as follows:

 

“Eligibility:
All agents and brokers in good standing with the Company and each of the Company’s majority owned subsidiaries are eligible
to participate in any of the Programs unless they are i) licensed brokers, holding an equity interest in brokerage businesses,
in which the Company also holds an equity interest, and/or ii) employees or independent contractors hired by the Company as team
leaders and whose job description specifically includes recruitment.”

 

		2.	Except as expressly amended by this Amendment, all terms and conditions of the Agent Plan shall
remain in full force and effect. This Amendment shall be governed by and construed in accordance with the laws of the State of
Nevada, without giving effect to the principles of conflicts of laws.

 

[Signature Page Follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company, by its duly authorized officer, has executed this Amendment No. 1 to the La Rosa Holdings Corp. 2022 Agent Incentive
Plan, as of the date first indicated above.

 

LA ROSA HOLDINGS CORP.

 

	By: 	/s/ Joseph La Rosa	 
	Name: 	Joseph La Rosa	 
	Title: 	Chief Executive OfficerExhibit 10.57

 

Employment Agreement

 

This Amended Employment Agreement (the
“Agreement”) is made and entered into as of April 29, 2022, by and between Joe LaRosa (the “Executive”)
and LaRosa Holding Company, a Nevada corporation (the “Company”). This Agreement shall supersede and replace
all prior agreements and understandings, oral or written, between the Company and the Executive concerning his Employment Agreement.

 

WHEREAS, the Company desires to employ the
Executive on the terms and conditions set forth herein; and

 

WHEREAS, the Executive desires to be employed
by the Company on such terms and conditions.

 

NOW, THEREFORE, in consideration of the
mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

 

1.             Term.
Subject to Section 5 of this Agreement, the Executive’s initial term of employment hereunder shall be from the period beginning
on January 1, 2022 (the “Effective Date”) through December 31, 2022 (the “Initial Term”). Thereafter, the
Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one year,
unless either party provides written notice of its intention not to extend the term at least 90 days prior to the end of the Initial
Term or one-year extension thereof. The period during which the Executive is employed by the Company hereunder is hereinafter referred
to as the “Employment Term.”

 

2.             Position
and Duties.

 

2.1           Position.
During the Employment Term, the Executive shall serve as the Chief Executive Officer and the Chairman of the Company, reporting
to Board of Directors. In such position, the Executive shall have such duties, authority, and responsibilities as are consistent
with the Executive’s position.

 

2.2           Duties.
During the Employment Term, the Executive shall devote substantially all of his business time and attention to the performance
of the Executive’s duties hereunder and will not engage in any other business, profession, or occupation for compensation
or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without the
prior written consent of the Board.

 

3.             Place
of Performance. The principal place of Executive’s employment shall be the Company’s principal executive office
currently located in Celebration, Florida; provided that, the Executive may be required to travel on Company business during the
Employment Term.

 

4.             Compensation.

 

4.1           Base
Salary. The Company shall pay the Executive an annual rate of base salary of $500,000 in periodic installments in accordance
with the Company’s customary payroll practices and applicable wage payment laws, but no less frequently than monthly.

 

    	 	 	 

     

    

 

The Executive’s base salary shall be reviewed
at least annually by the Board and the Board may increase but not decrease the Executive’s base salary during the Employment
Term. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary.”

 

4.2           Annual
Bonus.

 

(a)           For
each complete calendar year of the Employment Term, the Executive shall be eligible to receive an annual bonus (the “Annual
Bonus”). As of the Effective Date, the Executive’s annual target bonus opportunity shall be equal to 100% of Base
Salary and Stock Options of 1% of outstanding shares (the “Target Bonus”), based on the achievement of Company
performance goals established by the Compensation Committee of the Board (the “Compensation Committee”); provided
that the maximum Annual Bonus that may be paid to the Executive is 100% of Base Salary. The Annual Bonus for the 2022 calendar
year shall be pro-rated based on the number of days employed during the year.

 

(b)           The
Annual Bonus, if any, will be paid within two and a half (2 1/2) months after the end of the applicable calendar year.

 

(c)           Except
as otherwise provided in Section 5, in order to be eligible to receive an Annual Bonus, the Executive must be employed by the Company
on the date that Annual Bonuses are paid.

 

4.3           Equity
Awards.

 

(a)           Annual
Equity Awards. With respect to each calendar year of the Company ending during the Employment Term, the Executive shall be
eligible to receive an annual long-term incentive award of at least 1% of outstanding shares each year vested over twelve (12)
months. All terms and conditions applicable to each such award shall be determined by the Compensation Committee of the Company.

 

(b)           Milestone
Equity Awards. Executive shall receive certain equity awards based on achieving the following milestones. Each award will be
granted in common stock or options with a cashless exercise provision at the discretion of the Executive:

 

(i)       250,000
shares upon the completion of the Company’s initial public offering (“IPO”);

(ii)       100,000
shares upon the closing of each acquisition post the Company’s IPO;

(iii)       250,000
shares upon the Company achieving a first time total market valuation of $100 Million;

(iv)       250,000
shares upon the Company achieving a first time total market valuation of $250 Million;

(v)       100,000
shares upon the Company achieving a positive EBITDA for the first time in any full calendar year; and

(vi)       250,000
shares upon the Company achieving a positive EBITDA of $10 Million for the first time in any calendar year.

 

    	 	 	 

     

    

 

4.4           Fringe
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent
with those provided to similarly situated executives of the Company. This includes a corporate car, cellular telephone, health
and disability insurance benefits and 401K as it is made available to other employees.

 

4.5           Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices,
and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”)on
a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent
with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or terminate
any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable
law.

 

4.6           Vacation;
Paid Time Off. During the Employment Term, the Executive shall be entitled to 40 days of paid vacation days per calendar year
(prorated for partial years) in accordance with the Company’s vacation policies, as in effect from time to time. The Executive
shall receive other paid time off in accordance with the Company’s policies for executive officers as such policies may exist
from time to time and as required by applicable law.

 

4.7           Business
Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment,
and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in accordance
with the Company’s expense reimbursement policies and procedures.

 

4.8           Legal
Fees Incurred in Negotiating the Agreement. The Company shall pay or the Executive shall be reimbursed for the Executive’s
reasonable legal fees incurred in negotiating and drafting this Agreement up to a maximum of $10,000, provided that any such payment
shall be made on or before March 15 of the calendar year immediately following the Effective Date.

 

4.9           Indemnification.
The Company shall indemnify and hold the Executive harmless to the maximum extent permitted under applicable law and the Company’s
bylaws for acts and omissions in the Executive’s capacity as an officer, director, or employee of the Company.

 

4.10         Clawback
Provisions. Any amounts payable under this Agreement are subject to any policy (whether in existence as of the Effective Date
or later adopted) established by the Company providing for clawback or recovery of amounts that were paid to the Executive. The
Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or
regulation.

 

    	 	 	 

     

    

 

5.             Termination
of Employment. The Employment Term and the Executive’s employment hereunder may be terminated by either the Company or
the Executive at any time and for any reason or for no particular reason; provided that, unless otherwise provided herein, either
party shall be required to give the other party at least 90 days advance written notice of any termination of the Executive’s
employment. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to
the compensation and benefits described in this Section 5 and shall have no further rights to any compensation or any other benefits
from the Company or any of its affiliates.

 

5.1           Non-Renewal
by the Executive, For Cause, or Without Good Reason.

 

(a)           The
Executive’s employment hereunder may be terminated upon the Executive’s failure to renew the Agreement in accordance
with Section 1, by the Company for Cause, or by the Executive without Good Reason and the Executive shall be entitled to receive:

 

(i)       any
accrued but unpaid Base Salary and accrued but unused paid time off which shall be paid within one (1) week following the date
of the Executive’s termination;

 

(ii)       reimbursement
for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the
Company’s expense reimbursement policy; and

 

(iii)       such
employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company’s employee
benefit plans as of the date of the Executive’s termination; provided that, in no event shall the Executive be entitled to
any payments in the nature of severance or termination payments except as specifically provided herein.

 

Items 5.1(a)(i) through 5.1(a)(iv)
are referred to herein collectively as the “Accrued Amounts.”

 

(b)           For
purposes of this Agreement, “Cause” shall mean:

 

(i)       the
Executive’s willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case, materially injurious
to the Company or its affiliates;

 

(ii)       the
Executive’s embezzlement, misappropriation, or fraud, whether or not related to the Executive’s employment with the
Company;

 

(iii)       the
Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent)
or a crime that constitutes a misdemeanor involving moral turpitude; or

 

(iv)       the
Executive’s material breach of any material obligation under this Agreement or any other written agreement between the Executive
and the Company.

 

    	 	 	 

     

    

 

For purposes of this provision, none
of the Executive’s acts or failures to act shall be considered “willful” unless the Executive acts, or fails
to act, in bad faith or without reasonable belief that the action or failure to act was in the best interests of the Company. The
Executive’s actions, or failures to act, based upon authority given pursuant to a resolution duly adopted by the Board or
upon the advice of counsel for the Company shall be conclusively presumed to be in good faith and in the best interests of the
Company.

 

Except for a failure, breach, or refusal
which, by its nature, cannot reasonably be expected to be cured, the Executive shall have 10 business days from the delivery of
written notice by the Company within which to cure any acts constituting Cause.

 

(c)           For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without the Executive’s prior written consent:

 

(i)       any
material breach by the Company of any material provision of this Agreement; or

 

(ii)       the
Company’s failure to obtain an agreement from any successor to the Company 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 succession had taken place, except
where such assumption occurs by operation of law.

 

To terminate his employment for Good
Reason, the Executive must provide written notice to the Company of the existence of the circumstances providing grounds for termination
for Good Reason within 30 days of the initial existence of such grounds and the Company must have at least 30 days from the date
on which such notice is provided to cure such circumstances. If the Executive does not terminate his employment for Good Reason
within 30 days after the first occurrence of the applicable grounds, then the Executive will be deemed to have waived his right
to terminate for Good Reason with respect to such grounds.

 

5.2           Non-Renewal
by the Company, Without Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder may be
terminated by the Executive for Good Reason or by the Company without Cause or on account of the Company’s failure to renew
the Agreement in accordance with Section 1. In the event of such termination, the Executive shall be entitled to receive the Accrued
Amounts and subject to the Executive’s compliance with Section 6 of this Agreement and the agreements referenced therein
and his execution, within 21 days following receipt, of a release of claims in favor of the Company, its affiliates and their respective
officers and directors in a form provided by the Company (the “Release”) (such 21-day period, the “Release
Execution Period”), and the Release becoming effective according to its terms, the Executive shall be entitled to receive
the following:

 

    	 	 	 

     

    

 

(a)           a
lump sum payment of two million five hundred thousand dollars ($2,500,000);

 

(b)           a
payment equal to the product of (i) the Target Bonus and (ii) a fraction, the numerator of which is the number of days the Executive
was employed by the Company during the year of termination and the denominator of which is the number of days in such year (the
“Pro Rata Bonus”). This amount shall be paid on the date that annual bonuses are paid to similarly situated
executives, but in no event later than two-and-a-half (2 1/2) months following the end of the calendar year that includes the date
of the Executive’s termination;

 

(c)           If
the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act
of 1985 (“COBRA”), the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive
for himself and his dependents. Such reimbursement shall be paid to the Executive on the first of the month immediately following
the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement
until the earliest of: (i) the eighteen-month anniversary of the date of the Executive’s termination; (ii) the date the
Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive receives substantially
similar coverage from another employer or other source. Notwithstanding the foregoing, if the Company’s making payments under
this Section 5.2(c) would violate the nondiscrimination rules applicable to non-grandfathered, insured group health plans under
the Affordable Care Act (the “ACA”), or result in the imposition of penalties under the ACA and the related
regulations and guidance promulgated thereunder, the parties agree to reform this Section 5.2(c) in a manner as is necessary to
comply with the ACA.

 

(d)           The
treatment of any outstanding equity awards shall be determined in accordance with the terms of the 2019 Stock Incentive Plan and
2021 Stock Incentive Plan and the applicable award agreements.

 

5.3           Death
or Disability.

 

(a)           The
Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term,
and the Company may terminate the Executive’s employment on account of the Executive’s Disability.

 

(b)           If
the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability,
the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i)            the
Accrued Amounts; and

 

(ii)           a
lump sum payment equal to the Pro-Rata Bonus, which shall be payable on the date that annual bonuses are paid to the Company’s
similarly situated executives, but in no event later than two-and-a-half (2 1/2) months following the end of the calendar year
that includes the date of the Executive’s termination.

 

    	 	 	 

     

    

 

Notwithstanding any other provision
contained herein, all payments made in connection with the Executive’s Disability shall be provided in a manner which is
consistent with federal and state law.

 

(c)           For
purposes of this Agreement, “Disability” shall mean the Executive is entitled to receive long-term disability
benefits under the Company’s long-term disability plan. Any question as to the existence of the Executive’s Disability
as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually
acceptable to the Executive and the Company. The determination of Disability made in writing to the Company and the Executive shall
be final and conclusive for all purposes of this Agreement.

 

5.4           Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the
Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated
by written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section
15. The Notice of Termination shall specify:

 

(a)           the
termination provision of this Agreement relied upon;

 

(b)           to
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated; and

 

(c)           the
applicable date of termination, which shall be no less than 30 days following the date on which the Notice of Termination is delivered
if the Company terminates the Executive’s employment without Cause, or no less than 90 days following the date on which the
Notice of Termination is delivered if the Executive terminates his employment with or without Good Reason.

 

6.             Confidential
Information and Restrictive Covenants. As a condition of the Executive’s employment with the Company, the Executive shall
enter into and abide by the Company’s Employee Non-Compete Agreement.

 

7.             Governing
Law, Jurisdiction, and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Nevada without
regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought
only in a state or federal court located in the State of Florida, County of Osceola. The parties hereby irrevocably submit to the
exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding
in such venue.

 

8.             Entire
Agreement. Unless specifically provided herein, this Agreement, together with the Employee Non-Compete Agreement, contains
all of the understandings and representations between the Executive and the Company pertaining to the subject matter hereof and
supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with
respect to such subject matter.

 

    	 	 	 

     

    

 

9.             Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by the Executive and by the Compensation Committee of the Board of Directors of the Company. No waiver by either
of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other
party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent
time.

 

10.           Severability.
Should any provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality,
or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided
above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

 

11.           Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

12.           Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

13.           Section
409A.

 

13.1         General
Compliance. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered
in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may
only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any nonqualified deferred
compensation payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary
separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes
of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to
be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under
Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under
this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

 

    	 	 	 

     

    

 

13.2         Specified
Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection
with his termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning
of Section 409A and the Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i),
then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the
date of the Executive’s termination or, if earlier, on the Executive’s death (the “Specified Employee Payment
Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date
shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall
be paid without delay in accordance with their original schedule.

 

13.3         Reimbursements.
To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in
accordance with the following:

 

(a)           the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)           any
reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the
calendar year in which the expense was incurred; and

 

(c)           any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

14.           Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment
by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement
to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors
and assigns.

 

15.           Notice.
Notices and all other communications provided for in this Agreement shall be given in writing by personal delivery, electronic
delivery, or by registered mail to the parties at the addresses set forth below (or such other addresses as specified by the parties
by like notice):

 

If to the Company:

 

1420 Celebration Blvd., 2nd Floor

Celebration, Florida 34747

 

If to the Executive:

 

		ADDRESS	1420 Celebration Blvd., 2nd Flr

Celebration, FL 34747

 

16.           Representations
of the Executive. The Executive represents and warrants to the Company that:

 

    	 	 	 

     

    

 

The Executive’s acceptance of employment
with the Company and the performance of his duties hereunder will not conflict with or result in a violation of, a breach of, or
a default under any contract, agreement, or understanding to which he is a party or is otherwise bound.

 

The Executive’s acceptance of employment
with the Company and the performance of his duties hereunder will not violate any non-solicitation, non-competition, or other similar
covenant or agreement of a prior employer or third-party.

 

17.           Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

18.           Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

19.           Acknowledgement
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	 	 

     

    

 

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

 

	 	 	 	By	/s/ Joseph La Rosa
	 	 	 	Name:	Joseph La Rosa
	 	 	 	Title: 	CEO
	 	 	 	 	 
	EXECUTIVE	 	 	 	 
	 	 	 	 	 
	Signature: 	/s/ Joseph LaRosa	 	 	 
	Print Name: 	Joe LaRosa

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]