Document:

Exhibit 10.2

 

FORM
OF FOUNDER’S WAIVER AGREEMENT

 

This
FOUNDER’S WAIVER AGREEMENT (the “Founder’s Waiver Agreement”), dated as of August 31, 2020, is
entered into by and between LF Capital Acquisition Corp., a Delaware corporation (“Parent”), Landsea Holdings
Corporation, a Delaware corporation (“Seller”) and Landsea Homes Incorporated, a Delaware corporation (the
“Company”) and [·].

W
I T N E S S E T H:

WHEREAS,
concurrently with the execution of this Founder’s Waiver Agreement, Parent, LFCA Merger Sub, Inc., a Delaware corporation,
the Company and the Seller will enter into that certain Agreement and Plan of Merger, dated as of the date hereof (the “Merger
Agreement”);

 

WHEREAS,
pursuant to the Merger Agreement, [·] (the “Waiving Party”) has agreed to waive certain of their anti-dilution
and conversion rights; and

 

WHEREAS,
pursuant to the Merger Agreement, the Waiving Party has agreed to waive certain of its redemption rights.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Definitions.
                                         Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
                                         to such terms in the Merger Agreement.

 

		2.	Surrender
                                         and Waiver.

 

		(a)	Immediately
                                         prior to, and conditioned upon, the Effective Time, the Waiving Party shall, automatically
                                         and without any further action by the Waiving Party or Parent, irrevocably waive its
                                         respective rights under the anti-dilution and conversion provisions of Section 4.3(b)(ii)
                                         of the Parent Charter with respect to each of its shares of Parent Class B Stock held
                                         as of the date hereof and such Parent Class B Stock shall be converted to Parent Class
                                         A Stock on a one-for-one basis as provided in Section 4.3(b)(i) of the Parent Charter
                                         at the Effective Time. For the avoidance of doubt, the preceding sentence shall include
                                         a waiver of any anti-dilution rights of the Waiving Party in connection with the transactions
                                         contemplated by the Merger Agreement, including the issuance of Parent Class A Stock
                                         to the Seller and any issuance of Parent Class A Stock in connection with those certain
                                         Forward Purchase and Subscription Agreements entered into with certain investors, Parent
                                         and Level Field Capital, LLC as of August 31, 2020.

 

		(b)	The
                                         Waiving Party shall, automatically and without any further action by the Waiving Party
                                         or Parent, irrevocably waive its redemption rights under redemption provisions of Section
                                         9.2 of the Parent Charter with respect to its Parent Class A Stock held as of the date
                                         hereof.

 

    	 	 	 

     

    

  

		3.	Waiving
                                         Party Representations and Warranties. The Waiving Party, in its individual capacity,
                                         hereby represents and warrants as of the date hereof as follows:

 

		(a)	The
                                         Waiving Party has all requisite power and authority to execute and deliver this Founder’s
                                         Waiver Agreement and to perform all of its respective obligations hereunder. The execution
                                         and delivery of this Founder’s Waiver Agreement has been, and the consummation
                                         of the transactions contemplated hereby have been, duly authorized by all requisite action,
                                         as applicable. This Founder’s Waiver Agreement has been duly and validly executed
                                         and delivered and, assuming this Founder’s Waiver Agreement has been duly authorized,
                                         executed and delivered by the other parties hereto, this Founder’s Waiver Agreement
                                         constitutes, and upon its execution will constitute, a legal, valid and binding obligation
                                         of the parties enforceable against it in accordance with its terms.

 

		4.	Successors
                                         and Assigns. The Waiving Party acknowledges and agrees that the terms of this Founder’s
                                         Waiver Agreement are binding on and shall inure to the benefit of its respective beneficiaries,
                                         heirs, legatees and other statutorily designated representatives. The Waiving Party also
                                         understands that this Founder’s Waiver Agreement, once executed, is irrevocable
                                         and binding, and if the Waiving Party Transfers any shares of Parent Class B Stock or
                                         Parent Class A Stock held by the Waiving Party as of the date of this Agreement or held
                                         by it after giving effect to the conversion pursuant to Paragraph 2 above, the
                                         transferee shall execute a joinder to this agreement in the form reasonably acceptable
                                         to the Parent. As used herein, “Transfer” shall mean the (a) sale
                                         or assignment of, offer to sell, contract or agreement to sell, grant of any option to
                                         purchase or otherwise dispose of or agreement to dispose of, directly or indirectly,
                                         or establishment or increase of a put equivalent position or liquidation with respect
                                         to or decrease of a call equivalent position within the meaning of Section 16 of the
                                         Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
                                         promulgated thereunder with respect to, any security, (b) entry into any swap or other
                                         arrangement that transfers to another, in whole or in part, any of the economic consequences
                                         of ownership of any security, whether any such transaction is to be settled by delivery
                                         of such securities, in cash or otherwise or (c) public announcement of any intention
                                         to effect any transaction specified in clause (a) or (b); provided, however, that nothing
                                         in this Paragraph 4 shall prevent (i) a pledge or hypothecation of any Parent
                                         Class A Stock as collateral to a third party loan or (ii) a Transfer to an Affiliate
                                         provided that such transferee (x) agrees to be bound to the terms and conditions of this
                                         Letter Agreement and (y) executes a joinder to this Letter Agreement in a form reasonably
                                         acceptable to the Parent. “Transferred” or “Transferring” shall
                                         have a correlative meaning.

 

		5.	Termination.
                                         This Founder’s Waiver Agreement shall terminate, and have no further force and
                                         effect, as of the earlier to occur of (a) Closing and (b) the termination of the Merger
                                         Agreement in accordance with its terms prior to the Effective Time. This Founder’s
                                         Waiver Agreement may be executed in counterparts (including by electronic means), all
                                         of which shall be considered one and the same agreement and shall become effective when
                                         signed by each of the parties and delivered to the other parties, it being understood
                                         that all parties need not sign the same counterpart.

 

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		6.	Governing
                                         Law. All issues and questions concerning the construction, validity, interpretation
                                         and enforceability of this Founder’s Waiver Agreement shall be governed by and
                                         construed in accordance with the laws of the State of Delaware, without giving effect
                                         to any choice of law or conflict of law rules or provisions (whether of the State of
                                         Delaware or any other jurisdiction) that would cause the application of the laws of any
                                         jurisdiction other than the State of Delaware. The parties hereto (i) all agree that
                                         any action, proceeding, claim or dispute arising out of, or relating in any way to, this
                                         Letter Agreement shall be brought and enforced in the courts of the State of Delaware
                                         or the federal courts located in the State of Delaware, and irrevocably submit to such
                                         jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive
                                         any objection to such exclusive jurisdiction and venue or that such courts represent
                                         an inconvenient forum.

 

		7.	Waiver
                                         of Jury Trial. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
                                         WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES,
                                         AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
                                         SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING DIRECTLY OR INDIRECTLY
                                         ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
                                         AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR
                                         ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
                                         PARTY WOULD NOT, IN THE EVENT OF A PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER,
                                         (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)
                                         EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY HAS BEEN INDUCED
                                         TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
                                         IN THIS PARAGRAPH 7.

 

[signature page follows]

 

    	 	3	 

     

    

 

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

 

	 	LF CAPITAL ACQUISITION CORP.
	 	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 

  

	 	LANDSEA HOLDINGS CORPORATION
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 
	 	 	 
	 	LANDSEA HOMES INCORPORATED
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 		 
	 	 	 
	 	By:	 
	 	Name:	
	 	Title:	 

 

 

[Signature
Page to Founder’s Waiver Agreement]

 

    	 	4Exhibit 10.3

 

FORM OF FOUNDERS SHARE WAIVER AGREEMENT

 

This FOUNDERS SHARE WAIVER AGREEMENT (the “Founders’
Waiver Agreement”), dated as of [·], is entered into by and between LF
Capital Acquisition Corp., a Delaware corporation (“Parent”) and each of [·]
and [·] (collectively, the “BlackRock Holders”).

 

WITNESSETH:

 

WHEREAS, concurrently with the execution
of this Founders’ Waiver Agreement, Parent, LFCA Merger Sub, Inc., a Delaware corporation, Landsea Homes Incorporated, a
Delaware corporation (the “Company”) and Landsea Holdings Corporation, a Delaware corporation (the “Seller”)
will enter into that certain Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”);

 

WHEREAS, as of the date hereof, (i) [·]
owns [·] shares of Parent Class B Stock and (ii) [·]
owns [·] shares of Parent Class B Stock; and

 

WHEREAS, the BlackRock Holders (the
“Waiving Parties”) have agreed to waive certain of their anti-dilution rights.

 

NOW, THEREFORE, in consideration of
the premises and the mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Definitions. Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in the Merger Agreement.

 

		2.	Waiver. Immediately prior to, and conditioned upon, the Effective Time, each Waiving Party
in its individual capacity, severally and not jointly, shall, automatically and without any further action by such Waiving Party
or Parent, irrevocably waive its respective rights under the anti-dilution and conversion provisions of Section 4.3(b)(ii) of the
Parent Charter with respect to each of its shares of Parent Class B Stock held as of the date hereof and each Waiving Party understands
that, pursuant to the terms of the Parent Charter, such Parent Class B Stock shall be converted to Parent Class A Stock on a one-for-one
basis at the Effective Time. For the avoidance of doubt, the preceding sentence shall include a waiver of any anti-dilution rights
of each Waiving Party in connection with the transactions contemplated by the Merger Agreement, including the issuance of Parent
Class A Stock to the Seller and any issuance of Parent Class A Stock in connection with those certain Forward Purchase and Subscription
Agreements.

 

		3.	Waiving Parties Representations and Warranties. Each Waiving Party in its individual capacity,
severally and not jointly, hereby represents and warrants as of the date hereof as follows:

 

    	 	 	 

     

    

  

		(a)	It has all requisite power and authority to execute and deliver this Founders Share Waiver Agreement
and to perform all of their respective obligations hereunder. The execution and delivery of this Founders Share Waiver Agreement
has been, and the consummation of the transactions contemplated hereby have been, duly authorized by all requisite action, as applicable.
This Founders Share Waiver Agreement has been duly and validly executed and delivered and, assuming this Founders Share Waiver
Agreement has been duly authorized, executed and delivered by the other parties hereto, this Founders Share Waiver Agreement constitutes,
and upon its execution will constitute, a legal, valid and binding obligation of the parties enforceable against it in accordance
with its terms; and

 

		(b)	The amount of shares of Parent Class B Stock owned, as set forth next to its name in the recitals
hereto, is true and accurate as of the date hereof.

 

		4.	Successors and Assigns. The Waiving Parties each acknowledge and agree that the terms of
this Founders Share Waiver Agreement are binding on and shall inure to the benefit of their respective successors and assigns;
provided, that that any transfer of Parent Class B Stock by a Waiving Party to a third-party shall require such third-party to
execute a joinder in a form reasonably acceptable to the Parent prior to any such transfer of Parent Class B Stock and that any
transfer in contravention of this Section 4 shall be void ab initio. The Waiving Parties shall provide the Parent with prompt
written notice of any transfer of such Parent Class B Stock.

 

		5.	Termination. This Founders Share Waiver Agreement shall terminate, and have no further force
and effect, as of the earlier to occur of (a) Closing and (b) the termination of the Merger Agreement in accordance with its terms
prior to the Effective Time. This Founders Share Waiver Agreement may be executed in counterparts (including by electronic means),
all of which shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered
to the other parties, it being understood that all parties need not sign the same counterpart.

 

		6.	Governing Law. All issues and questions concerning the construction, validity, interpretation
and enforceability of this Founders Share Waiver Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. The
parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter
Agreement shall be brought and enforced in the courts of the State of Delaware or the federal courts located in the State of Delaware,
and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection
to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

		7.	Waiver of Jury Trial. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF A PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH
7.

 

[signature page follows]

 

    	 	2	 

     

    

 

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

 

	 	LF CAPITAL ACQUISITION CORP.
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 

 

    	 	 	 

     

    

 

	 	[·]	 
	 	 	 
	 	By:	     
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[·]	 
	 	 	 
	 	By:	   
	 	Name:	 
	 	Title:

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