Document:

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                                                                  EXHIBIT 10.10

                              M.D.C. HOLDINGS, INC.
                           2001 EQUITY INCENTIVE PLAN

                     NON-QUALIFIED STOCK OPTION CERTIFICATE

This Non-Qualified Stock Option Certificate (the "Option Certificate") is made
as of this _____ day of __________, ____, between M.D.C. Holdings, Inc., a
Delaware corporation (the "Company"), and ___________________ (the "Option
Holder").

WHEREAS, pursuant to the M.D.C. Holdings, Inc. 2001 Equity Incentive Plan,
established effective March 26, 2001 (the "Plan"), the Company wishes to grant
the Option Holder an option to purchase shares of the $0.01 par value common
stock of the Company (the "Stock") on the terms and conditions set forth in this
Option Certificate.

NOW, THEREFORE, in connection with the mutual covenants hereinafter set forth
and for other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, the parties hereto agree as follows:

1.    DEFINITIONS AND CONFLICTS.

Capitalized terms used and not otherwise defined herein shall have the meanings
given thereto in the Plan. The terms and provisions of the Plan are incorporated
herein by reference. Except as specifically otherwise provided herein, in the
event of a conflict or inconsistency between the terms and provisions of the
Plan and the terms and provisions of this Option Certificate, the terms and
provisions of the Plan shall govern and control.

2.    GRANT OF OPTION.

The Company hereby grants to the Option Holder the right and option (the
"Option") to purchase up to ______ shares of Stock, subject to the terms and
conditions of this Option Certificate and subject to adjustment from time to
time to reflect changes in the Stock (through merger, consolidation,
reorganization, recapitalization, stock split, liquidating dividend, combination
of shares, exchange of shares, changes in corporate structure or otherwise), as
provided in Article IV of the Plan.

3.    OPTION PRICE AND GRANT DATE.

The purchase price of each share of Stock covered by the Option shall be $_____
(the "Option Price"). The date of the grant of the Option is ______________,
____ (the "Date of Grant").

4.    VESTING OF OPTIONS.

Subject to the terms and conditions hereof and the terms of the Plan, the Option
shall vest and become exercisable in increments, if the Option Holder is still
in the employ of the Company, on the dates indicated in the following schedule:

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<TABLE>
<CAPTION>
                               PERCENTAGE OF OPTION
                             THAT SHALL BECOME VESTED
       EMPLOYMENT            AND EXERCISABLE ON EACH
      VESTING DATE                      DATE
------------------------   ---------------------------
<S>                        <C>
------------------------   ---------------------------
------------------------   ---------------------------
------------------------   ---------------------------
------------------------   ---------------------------
</TABLE>

      Except as set forth in Section 8 hereof, the Option shall not be
exercisable as to any shares of Stock as to which the vesting requirements of
this Section 4 shall not be satisfied, regardless of the circumstances under
which the Option Holder's employment by the Company shall be terminated. The
number of shares of Stock as to which the Option may be exercised shall be
cumulative, so that once the Option shall become vested and exercisable as to
any shares of Stock it shall continue to be vested and exercisable as to such
shares, until expiration and termination of the Option as provided in Section 5
hereof. If at any time the number of shares of Stock that are covered by the
vested and exercisable portion of the Option includes a fractional share, the
number of shares of Stock as to which the Option shall be actually vested and
exercisable shall be rounded down to the next whole share of Stock.

5.    EXPIRATION AND TERMINATION OF THE OPTION.

The Option shall expire on the tenth (10th) anniversary of the Date of Grant
(the period from the Date of Grant to the expiration date is the "Option
Period") or prior to such time as follows:

      (a)   If the employment of the Option Holder is terminated within the
            Option Period for "cause", as determined by the Committee, the
            Option shall thereafter be void for all purposes. "Cause" shall mean
            willful misconduct, a willful failure to perform the Option Holder's
            duties, insubordination, theft, dishonesty, conviction of a felony
            or any other willful conduct that is materially detrimental to the
            Company or such other cause as the Committee in good faith
            reasonably determines provides cause for the discharge of the Option
            Holder.

      (b)   If the Option Holder becomes Disabled, the Option may be exercised
            by the Option Holder within one year following the Option Holder's
            termination of employment on account of Disability (provided that
            such exercise must occur within the Option Period), but not
            thereafter. In any such case, the Option may be exercised only as to
            the shares as to which the Option had become exercisable on or
            before the date of the Option Holder's termination of employment
            because of Disability.

      (c)   If the Option Holder dies during the Option Period while still
            employed by the Company or within the one year period referred to in
            subsection (b) above or within the one year period referred to in
            subsection (d) below, the Option may be exercised by those entitled
            to do so under the Option Holder's will or by the laws of descent
            and distribution within one year following the Option Holder's death
            (provided that such exercise must occur within the Option Period),
            but not

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            thereafter. In any such case, the Option may be exercised only as to
            the shares as to which the Option had become exercisable on or
            before the date of the Option Holder's death.

      (d)   If the employment of the Option Holder with the Company is
            terminated within the Option Period for any reason other than cause,
            Disability, or death, the Option may be exercised by the Option
            Holder within one year following the date of such termination
            (provided that such exercise must occur within the Option Period),
            but not thereafter. In any such case, the Option may be exercised
            only as to the shares as to which the Option had become exercisable
            on or before the date of termination of employment.

6.    METHOD OF EXERCISING OPTION.

Subject to the terms and conditions of this Option Certificate, the Option may
be exercised by written notice to the Company, Attention: General Counsel. Such
notice shall state the election to exercise the Option, the number of shares of
Stock with respect to which the Option is being exercised, and shall be signed
by the person or persons exercising the Option. If the Option is exercised by
any person or persons other than the employee to whom the Option was originally
granted, appropriate proof of the right of such person or persons to exercise
the Option or portion thereof shall be provided. The purchase of the Stock
pursuant to the Option shall take place at the principal office of the Company
within 3 days following delivery of such notice, at which time the Option Price
of the Stock shall be paid in full.

Payment of the Option Price may be made in any of the following methods or in
any combination of such methods, at the election of the Option Holder, or by any
other method approved by the Committee upon the request of the Option Holder:
(a) cash; (b) certified check, cashier's check, or other check acceptable to the
Company, payable to the order of the Company; (c) delivery to the Company of
certificates representing the number of shares of Stock then owned by the Option
Holder, the Fair Market Value of which (determined as of the date of the
delivery of the certificates for the Stock to be used as payment for the Option
Price) equals the price of the Stock to be purchased pursuant to the Option,
properly endorsed for transfer to the Company; provided, however that no Option
may be exercised by delivery to the Company of certificates representing Stock
unless such Stock has been held by the Option Holder for more than six months;
or (d) delivery to the Company of irrevocable instructions to a broker (to the
extent permissible under applicable law) to deliver promptly to the Company the
amount of sale or loan proceeds required to pay the Option Price of the Stock (a
"cashless exercise" or "same-day sale" transaction).

Upon notice to the Company of exercise of the Option and payment of the Option
Price, the exercise of the Option shall be deemed to be effective, and a
properly executed certificate or certificates representing the Stock so
purchased shall be issued by the Company and delivered to the Option Holder.

7.    TRANSFERABILITY OF OPTIONS.

In general, an Option Holder may not voluntarily or involuntarily pledge,
hypothecate, assign, sell or otherwise transfer the Option except by will or the
laws of descent and distribution, and during the Option Holder's lifetime, the
Option is exercisable only by the Option Holder (or in

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the event of Disability or incapacity, by his or her guardian or legal
representative). Notwithstanding the preceding sentence, the Committee may
provide at the time of grant of an Option or thereafter that the Option Holder
may transfer an Option to a member of the Option Holder's immediate family, a
trust of which members of the Option Holder's immediate family are the only
beneficiaries, a partnership of which members of the Option Holder's immediate
family or trusts for the sole benefit of the Option Holder's immediate family
are the only partners, a corporation in which members of the Option Holder's
immediate family are the only shareholders, a limited liability company in which
members of the Option Holder's immediate family are the only members, or any
other entity which is solely owned by members of the Option Holder's immediate
family (the "InterVivos Transferee"). Immediate family member means the Option
Holder and the Option Holder's spouse, children (by birth or adoption),
stepchild, grandchild, parents, stepparents, grandparents, siblings, nieces,
nephews, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in - law. No transfer shall be effective unless the
Option Holder has notified the Company of the transfer in writing and has
furnished a copy of the documents that effect the transfer to the Company. The
InterVivos Transferee will be subject to all of the terms of the Plan and the
Stock Option Certificate, including but not limited to the vesting schedule,
termination provisions, and the manner in which the Option may be exercised. The
Committee may require the Option Holder and the InterVivos Transferee to enter
into an agreement with the Company providing for, among other things, the
satisfaction of required tax withholding with respect to the exercise of the
transferred Option.

8.    CORPORATE TRANSACTION/CHANGE OF CONTROL.

      (a)   In the event of a Corporate Transaction, as defined in Section 5.3
            of the Plan, the Committee may take certain actions in connection
            with outstanding Options, including but not limited to: (1)
            providing that any or all Options shall become fully exercisable
            regardless of whether all conditions of exercise relating to length
            of service or otherwise have been satisfied; (2) providing for the
            assumption of the outstanding Options or the substitution of new
            options for the outstanding Options on terms comparable to the
            outstanding Options; (3) providing that any Options outstanding at
            the time the Corporate Transaction is closed will be canceled, and
            the Option Holder holding such cancelled Option shall receive in
            exchange therefor a cash payment equal to the greater of (i) the
            Fair Market Value (as determined under Section 2.1(k) of the Plan)
            of a share of Stock measured on the date immediately prior to such
            Corporate Transaction less the per share exercise price set forth in
            the Option Holder's Option Certificate, multiplied by the number of
            shares of Stock purchasable under the Option; or (ii) the fair
            market value, as determined by the Board of Directors of the
            Company, of the cash, securities or other consideration into which a
            share of Stock is to be exchanged pursuant to the Corporate
            Transaction, less the exercise price set forth in the Option
            Holder's Option Certificate, multiplied by the number of shares of
            Stock purchasable under the Option; or (4) making any other
            provision for outstanding Options as the Committee deems
            appropriate.

      (b)   Notwithstanding the foregoing, except as otherwise provided under a
            contract or agreement existing between the Option Holder and the
            Company, Options that are not otherwise exercisable at the time of a
            Corporate Transaction shall only

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            become exercisable or canceled and settled for cash or other
            consideration as described subsection (a) hereof to the extent that
            such exercise and issuance of shares of Stock or payment with
            respect to the Option Holder continues to be deductible by the
            Company under Section 280G of the Internal Revenue Code of 1986, as
            amended (the "Code").

9.    NO RIGHTS AS A STOCKHOLDER.

No Option Holder shall have any rights as a stockholder with respect to any
shares of Stock covered by an Option until the Option Holder becomes the holder
of record of such Stock, and no adjustments shall be made for dividends or other
distributions or other rights as to which there is a record date preceding the
date such Option Holder becomes the holder of record of such Stock, except as
provided in Article IV of the Plan.

10.   CONDITIONS TO ISSUANCE OF STOCK CERTIFICATES.

      (a)   Stock will not be issued with respect to the Option granted
            hereunder unless the exercise of the Option and the issuance and
            delivery of the shares of Stock pursuant thereto complies with all
            applicable provisions of law, including the laws of the Company's
            state of incorporation, the Securities Act of 1933, the Securities
            Exchange Act of 1934, the rules and regulations thereunder and the
            requirements of any stock exchange upon which the Stock may then be
            listed, and shall be further subject to the approval of the
            Company's counsel with respect to such compliance.

      (b)   The Plan, this Option Certificate and the grant and exercise of the
            Option to purchase shares of Stock hereunder, and the Company's
            obligation to sell and deliver shares upon the exercise of rights to
            purchase shares, shall be subject to all applicable federal and
            state laws, rules and regulations, and to such approvals by any
            regulatory or governmental agency which may, in the opinion of the
            counsel for the Company, be required.

11.   INCOME TAX WITHHOLDING.

The Company's obligation to deliver shares of Stock upon the exercise of any
Option shall be subject to the Option Holder's satisfaction of all applicable
federal, state and local income and other tax withholding requirements.

12.   NO RIGHT TO CONTINUED EMPLOYMENT.

Nothing in this Option Certificate or in the Plan confers upon the Option Holder
any right to continue his or her employment with the Company or, subject to the
terms of any separate employment agreement or other contract to the contrary,
shall interfere with or restrict in any way the right of the Company to
terminate the Option Holder's employment.

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13.   NON-QUALIFIED STOCK OPTION.

The Option granted hereunder is not intended to be an "incentive stock option"
within the meaning of Section 422 of the Code.

14.   ADMINISTRATION.

The Committee which administers the Plan has the power to interpret the Plan and
this Option Certificate, including the power to correct any defect, supply any
omission or reconcile any inconsistency in the Plan or in this Option
Certificate, and to determine the rights of all Option Holders and other
interested persons hereunder. All actions taken and interpretations and
determinations made by the Committee in connection with the Plan and this Option
Certificate shall be final and binding on the Option Holder, the Company, and
all other interested persons.

15.   BINDING EFFECT.

This Option Certificate shall be binding upon the heirs, executors,
administrators and successors of the parties hereto.

16.   GOVERNING LAW.

This Option Certificate shall be construed and interpreted in accordance with
the laws of the State of Delaware.

17.   HEADINGS.

Headings are for the convenience of the parties and are not deemed to be part of
this Option Certificate.

18.   EXECUTION.

This Option Certificate is voidable by the Company if the Option Holder does not
execute the Option Certificate within 30 days of execution by the Company.

IN WITNESS WHEREOF, the parties hereto have executed this Option Certificate as
of the date and year first written above.

M.D.C. HOLDINGS, INC.

By:    _________________________________________

Title: _________________________________________

OPTION HOLDER:

________________________________________________

                                        6<PAGE>

                                                                   EXHIBIT 10.11

                              M.D.C. HOLDINGS, INC.
                           2001 EQUITY INCENTIVE PLAN

                           RESTRICTED STOCK AGREEMENT

      THIS AGREEMENT, made as of the ______ day of ______________, ______, is
between M.D.C. HOLDINGS, INC., a Delaware corporation (the "Company") and
____________________________ ("Employee").

      1. AWARD.

            (a) NUMBER OF SHARES. Pursuant to the M.D.C. Holdings, Inc. 2001
Equity Incentive Plan (the "Plan"), the Company hereby grants to the Employee
(_________ number of shares) shares (the "Restricted Shares") of the Company's
$0.01 par value common stock (the "Stock"), effective as of _________________
the ("Effective Date"). As of the Effective Date, the Stock had a value of
$_______ per share, subject to the restrictions described in this Agreement.

            (b) ISSUANCE OF RESTRICTED SHARES. The Restricted Shares shall be
issued upon the Employee's acceptance of this Agreement and upon satisfaction of
the conditions of this Agreement and the Plan.

            (c) INCORPORATION OF PLAN. The Employee acknowledges receipt of a
copy of the Plan and agrees that this award of Restricted Stock shall be subject
to all of the terms and conditions of the Plan, which is incorporated in this
Agreement by reference. Except as specifically otherwise provided herein, in the
event of a conflict or inconsistency between the terms and provisions of the
Plan and the terms and provisions of this Agreement, the terms and provisions of
the Plan shall govern and control. Terms that are capitalized but not defined
herein shall have the meanings assigned to such terms in the Plan.

      2. RESTRICTIONS.

            (a) FORFEITURE RESTRICTIONS. The prohibition against transfer and
the obligation to surrender and forfeit the Restricted Shares upon termination
of employment described below are referred to in this Agreement as "Forfeiture
Restrictions." The Restricted Shares may not be sold, assigned, pledged,
exchanged, hypothecated, or otherwise transferred, encumbered or disposed of to
the extent then subject to Forfeiture Restrictions. If, prior to the lapse of
the Forfeiture Restrictions the Employee resigns or is terminated for "cause" as
defined in subsection 7.2(d) of the Plan, the Employee shall, for no
consideration, forfeit to the Company the Restricted Shares that at that time
remain subject to the Forfeiture Restrictions. The immediately preceding
sentence shall not apply in the event of termination of employment on account of
death Disability or retirement, as described in Section 2(b). The Forfeiture
Restrictions shall be binding upon and enforceable against any transferee of the
Restricted Shares.

<PAGE>

            (b) VESTING: LAPSE OF FORFEITURE RESTRICTIONS. The Forfeiture
Restrictions shall not begin to lapse until _____________ of the Effective Date
and shall lapse as to the Restricted Shares in accordance with the following
schedule, provided that the Employee has been continuously employed by the
Company from the Effective Date through the date of incremental vesting:

<TABLE>
<CAPTION>
Anniversary of the          Lapse of               Cumulative
  Effective Date     Forfeiture Restriction    Unrestricted Stock
------------------   ----------------------   -------------------
<S>                  <C>                      <C>
</TABLE>

Notwithstanding the foregoing vesting schedule, the Forfeiture Restrictions
shall lapse as to a portion of the Restricted Shares in the event of the
Employee's termination of employment on account of death, Disability or
retirement pursuant to the Company's then-current retirement policy, if any. In
such event, the Forfeiture Restrictions shall lapse with respect to a pro rata
part of the Restricted Shares based on the ratio between the number of full
months of employment completed at the time of termination of employment from the
grant of the Restricted Shares to the total number of months of employment
required for such Restricted Shares to be fully nonforfeitable and free from the
Forfeiture Restrictions. Also, the Forfeiture Restrictions shall lapse as to all
of the Restricted Shares in the event Employee's employment is terminated by the
Company other than for "cause" as defined in subsection 7.2(d) of the Plan.

      Notwithstanding the foregoing provisions of this Agreement, if the
Forfeiture Restrictions would lapse because of a Corporate Transaction upon a
determination of the Committee in accordance with Article V of the Plan, such
Forfeiture Restrictions shall lapse only if the income that would be recognized
by the Employee upon such lapse, including any "parachute payments" (within the
meaning of section 280G of the Code), continues to be deductible by the Company,
taking into account only the income resulting from the lapse of the Forfeiture
Restrictions under this Agreement, as it may be modified by the Committee and
excluding income from any other source that may be treated as a "parachute
payment".

      3. CERTIFICATE. A certificate evidencing the Restricted Shares shall be
issued in the name of the Employee. The Employee shall have the right to vote
the Restricted Shares and to receive dividends with respect to the Restricted
Shares unless and until the Restricted Shares are forfeited pursuant to the
terms of this Agreement. The certificate shall bear a legend evidencing the
nature of the restrictions and the Company shall cause the certificate to be
delivered to the Secretary of the Company, or such other escrow agent as the
Company may appoint, who shall retain physical custody of such certificate until
the Forfeiture Restrictions lapse or the Restricted Shares are forfeited
pursuant to this Agreement. Upon the request of the Company, the Employee shall
deliver to the Company a stock power, endorsed in blank, relating to the
Restricted Shares then subject to the Forfeiture Restrictions. Upon the lapse of
the Forfeiture Restrictions prior to the forfeiture of the affected Restricted
Shares, the Company shall cause a new certificate or certificates to be issued
in the name of the Employee that shall not bear a legend representing the number
of shares as to which the Forfeiture Restrictions have then

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lapsed. Notwithstanding any other provisions of this Agreement, the issuance or
delivery of any shares of Stock, whether or not restricted, may be postponed
until any required withholding taxes have been paid to the Company and for such
period as may be required to comply with any applicable requirements of any
national securities exchange or any requirements under any law or regulation
applicable to the issuance or delivery of such shares. The Company shall not be
obligated to issue or deliver any shares of Stock if the issuance or delivery
thereof shall constitute a violation of any provision of any law or of any
regulation of any governmental authority or any national securities exchange.

      4. TAX WITHHOLDING. To the extent that the receipt of the Restricted
Shares or the lapse of any Forfeiture Restrictions results in income to the
Employee for federal, state, or local income or employment tax purposes, the
Employee shall make arrangements with the Company, including but not limited to
the delivery of the amount of money or number of unrestricted shares of Stock,
as the Company may require to meet its withholding obligations under applicable
tax laws and regulations. Any election by the Employee to have shares of Stock
withheld shall be subject to the sole discretion of the Company, and shall
otherwise be made in accordance with Section 17.2 of the Plan. If the Employee
fails to do so, the Company is authorized to withhold from any cash or Stock
remuneration then or thereafter payable to the Employee any tax required to be
withheld by reason of such income.

      5. SECURITIES LAWS. The Employee agrees that the Restricted Shares are not
to be sold or otherwise disposed of in any manner that would constitute a
violation of any applicable federal or state securities laws. Employee also
agrees (i) that the certificates representing the Restricted Shares may bear
such legend or legends as the Company deems appropriate in order to assure
compliance with applicable securities laws, (ii) that the Company may refuse to
register the transfer of the Restricted Shares on the stock transfer records of
the Company if, in the opinion of counsel satisfactory to the Company, such
proposed transfer would constitute a violation of any applicable securities law,
and (iii) that the Company may give related instructions to its transfer agent,
if any, to stop registration of the Restricted Shares.

      6. EMPLOYMENT.

            (a) EMPLOYMENT RELATIONSHIP. For purposes of this Agreement, the
Employee shall be considered to be in the employment of the Company as long as
the Employee remains either an employee of the Company, any successor
corporation, or a parent or subsidiary corporation (as defined in section 424 of
the Code).

            (b) NO GUARANTEE. Nothing contained in this Agreement shall confer
upon the Employee any rights with respect to the continuation of his employment
by the Company, or interfere with or restrict in any way the right of the
Company at any time to terminate such employment (subject to the other terms of
this Agreement and the terms of any other agreement between the Company and the
Employee).

      7. COMMITTEE'S POWERS. No provision contained in this Agreement shall in
any way terminate, modify or alter, or be construed or interpreted as
terminating, modifying, or altering any of the powers, rights, or authority
vested in the Company's Board of Directors or the Committee or, to the extent
delegated, in its delegate pursuant to the terms of the Plan, including

                                       3
<PAGE>

without limitation, the right to make certain determinations and elections with
respect to the Restricted Shares. The Committee has the power to interpret the
Plan and this Agreement, including the power to correct any defect, supply any
omission or reconcile any inconsistency in the Plan or in this Agreement, and to
determine the rights of the Employee hereunder. All actions taken and
interpretations and determinations made by the Committee in connection with the
Plan and this Agreement shall be final and binding on the Employee, the Company,
and all other interested parties.

      8. GENERAL.

            (a) NOTICES. All notices under this Agreement shall be given by
certified mail or personal delivery and shall be effective when delivered or, on
the third day after deposit in the United States mails with adequate postage,
addressed as follows:

                  (i) If intended for the Employee, to the Employee's home
      address as listed in the records of the Company.

                  (ii) If intended for the Company, to the address of the
      principal business office of the Company, at 3600 South Yosemite Street,
      Suite 900, Denver, Colorado 80237, Attention: Chief Financial Officer.

            (b) ENTIRE AGREEMENT; AMENDMENTS. This document sets forth the
entire agreement between the parties. No provision of this Agreement may be
altered, amended, or revoked except by an instrument signed by the Employee and
the Company.

            (c) BINDING EFFECT. This Agreement shall extend to and be binding
upon and inure to the benefit of the heirs, personal representatives, and
successors of the parties.

            (d) COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which
together shall constitute but one and the same instrument.

            (e) GOVERNING LAW. This Agreement shall be governed by the laws of
the State of Colorado.

      IN WITNESS WHEREOF, the parties have executed this Agreement to be
effective as set forth above.

                                         M.D.C.HOLDINGS, INC.

                                         By:____________________________________

                                         THE EMPLOYEE

                                         _______________________________________

                                         _______________________________________
                                              [PRINT NAME]

                                       4

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