Document:

Exhibit 10.18

 

SECOND AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of August 13, 2020, is entered into by and
between BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (“Borrower”), and FIRST INTERNET BANK OF INDIANA,
an Indiana state bank (“Bank”).

 

W I T N E S E T H T H A T:

 

WHEREAS, Borrower
and Bank entered into certain loan documents, including but not limited to that certain Amended and Restated Credit Agreement dated
December 1, 2019, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated March 27, 2020 (the
 “Loan Agreement”); and

 

WHEREAS, Borrower
has applied to Bank for modifications to the Loan Agreement related to the addition of a certain emergency credit facility from
another lender and other related changes in the terms of Borrower’s credit facilities; and

 

WHEREAS, Bank
is willing to make such modifications to the Loan Agreement on the terms and conditions stated herein.

 

NOW, THEREFORE,
in consideration of these premises and the undertakings of the parties hereto, Borrower and Bank hereby agree as follows:

 

A.              Effect of Amendment. This Amendment shall not change, modify, amend or revise the terms, conditions and provisions
of the Loan Agreement, the terms and provisions of which are incorporated herein by reference, except as expressly provided herein
and agreed upon by the parties hereto. This Amendment is not intended to be nor shall it constitute a novation or accord and satisfaction
of the outstanding instruments by and between the parties hereto. Borrower and Bank agree that, except as expressly provided herein,
all terms and conditions of the Loan Agreement shall remain and continue in full force and effect. Borrower acknowledges and agrees
that the indebtedness under the Loan Agreement remains outstanding and is not extinguished, paid or retired by this Amendment,
or any other agreements between the parties hereto prior to the date hereof, and that Borrower is and continues to be fully liable
for all obligations to Bank contemplated by or arising out of the Loan Agreement. Except as expressly provided otherwise by this
Amendment, the credit facilities contemplated by this Amendment shall be made according to and pursuant to all conditions, covenants,
representations and warranties contained in the Loan Agreement, as amended hereby.

 

B.              Definitions. Terms defined in the Loan Agreement which are used herein shall have the same meaning as set forth
in the Loan Agreement unless otherwise specified herein.

 

C.              Additional Obligations of Borrower. In addition to any fees stated in the Loan Agreement, Borrower shall also
pay: (i) all reasonable costs and expenses incidental to this Amendment, including, but not limited to, reasonable fees and out-of-pocket
expenses of Bank’s counsel; and (ii) a non-refundable modification fee in the amount of Five Thousand and No/100 Dollars
($5,000.00), which fee shall be due and payable concurrently herewith.

 

D.              Reaffirmation of Representations and Warranties. Borrower hereby reaffirms all representations and warranties
contained in Section 3 of the Loan Agreement and within Section 3 of the Loan Agreement, all references to the Loan Agreement shall
be deemed to include this Amendment.

 

    	 	1	 

     

    

 

E.           Reaffirmation
of Covenants. Borrower hereby reaffirms its duty to comply with the covenants contained in Sections 4 and 5 of the Loan
Agreement, as the same are modified herein.

 

F.           Reaffirmation of Events of Default and Rights of Bank. Borrower hereby reaffirms the events of default and rights
of Bank contained in Section 6 of the Loan Agreement, as amended by this Amendment.

 

G.          Amendments.

 

(a)          The
following provisions shall be new definitions in Exhibit 1 of the Loan Agreement:

 

“CARES Act” means the Coronavirus
Aid, Relief, and Economic Security Act, or the CARES Act and applicable rules and regulations, as amended from time to time.

 

“CARES Payroll Costs” means
 "payroll costs" as defined in 15 U.S.C. 636(a)(36)(A)(viii) (as added to the Small Business Act by Section 1102 of the
CARES Act).

 

“CARES Forgivable Uses” means
uses of proceeds of an SBA PPP Loan that are eligible for forgiveness under Section 1106 of the CARES Act.

 

“Small Business Act” means
the Small Business Act (15 U.S. Code Chapter 14A – Aid to Small Business).

 

“SBA”
means the U.S. Small Business Administration.

 

“SBA PPP Loan” means a $5,051,282.00
loan incurred by the Borrower under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the CARES Act)
from The Huntington National Bank.

 

“SBA PPP Loan Date” means
the date on which the Borrower receives the proceeds of the SBA PPP Loan.

 

(b)          The
following provisions in Exhibit 1 of the Loan Agreement shall be amended and replaced with the following:

 

“Total
Funded Debt” means for the applicable Test Period, the sum in total for Bioanalytical Systems, Inc. and its Consolidated
Subsidiaries (without duplication) the aggregate principal amount of indebtedness as of the last day of such applicable test period,
determined in accordance with GAAP, consisting of: (a) indebtedness for borrowed money, (b) unreimbursed obligations in respect
of drawn letters of credit, (c) obligations in respect of capitalized leases, (d) obligations in respect of purchase money debt,
and (e) debt obligations evidenced by bonds, debentures, promissory notes, loan agreements or similar instruments (including subordinated
debt), not including the SBA PPP Loan unless and until the SBA has made a determination that all or a portion of the SBA PPP Loan
will not be forgiven, in which case any SBA PPP Loan balance not forgiven by the SBA will immediately be included in Total Funded
Debt.

 

    	 	2	 

     

    

 

(c)          The
following Section 2.12 is added to the Loan Agreement:

 

2.12        SBA
PPP Loan.

 

(a)       Notwithstanding
anything contained in the Loan Agreement, including any restrictions on the ability of the Borrower to incur Indebtedness, the
Borrower may incur Indebtedness in the form of the SBA PPP Loan.

 

(b)       Mandatory
Prepayment. Notwithstanding anything contained in the Loan Agreement, the incurrence by the Borrower of the SBA PPP Loan shall
not trigger a mandatory prepayment or constitute a prepayment event under the Loan Agreement.

 

(c)       Treatment
of SBA PPP Loan in Loan Covenants. Notwithstanding anything contained in the Loan Agreement, the SBA PPP Loan (other than interest
thereon, to the extent not eligible for forgiveness) shall be disregarded for purposes of calculating financial covenants in the
Loan Agreement, except that if the SBA determines that any portion of the SBA PPP Loan will not be forgiven then, for purposes
of calculating financial covenants in the Loan Agreement, the unforgiven portion (a) will not be disregarded and (b) will be deemed
to have been incurred as of the date of the SBA determination that such portion of the SBA PPP Loan is unforgiven.

 

(d)       Event
of Default. Failure to comply with this Section and the Additional Affirmative Covenants related to the SBA PPP Loan shall
constitute an Event of Default under Section 6 of the Loan Agreement.

 

(d)       The
following Affirmative Covenants shall be added to Section 4 of the Loan Agreement:

 

4.13        Additional
Affirmative Covenants related to the SBA PPP Loan:

 

(a)       The
Borrower shall (i) use all of the proceeds of the SBA PPP Loan exclusively for CARES Forgivable Uses in the manner required under
the CARES Act to obtain forgiveness of the largest possible amount of the SBA PPP Loan, which as of the date hereof requires that
the Borrower use not less than 75% of the SBA PPP Loan proceeds for CARES Payroll Costs and (ii) use commercially reasonable efforts
to conduct its business in a manner that maximizes the amount of the SBA PPP Loan that is forgiven.

 

(b)       Notwithstanding
anything contained in the Loan Agreement, the Borrower shall maintain the proceeds of the SBA PPP Loan in an account that does
not sweep funds and apply them to the Obligations.

(c)       The
Borrower shall (i) maintain all records required to be submitted in connection with the forgiveness of the SBA PPP Loan, (ii)
apply for forgiveness of the SBA PPP Loan in accordance with regulations implementing Section 1106 of the CARES Act and (iii)
provide the Bank with a copy of its application for forgiveness and all supporting documentation required by the SBA or the
SBA PPP Loan lender in connection with the forgiveness of the SBA PPP Loan.

 

    	 	3	 

     

    

 

H.          Covenant Suspension.Lender hereby suspends the calculation of the Fixed Charge Coverage Ratio covenant set
forth in Section 5.10(a) of the Loan Agreement and the Cash Flow Leverage Ratio covenant set forth in Section 5.10(b) of the Loan
Agreement for the period ending June 30, 2020 only. This represents a one-time suspension. No provision hereof shall constitute
a suspension or waiver of any other terms or conditions of the Loan Agreement or the other Loan Documents, other than those terms
or conditions explicitly modified or otherwise affected hereby.

 

I.            Necessary Documents. The obligation of Bank to make the modifications to the Loan Agreement under this Amendment
is subject to the receipt by Bank on or before the date hereof of all of the following, each dated as of the date hereof or another
date acceptable to Bank and each to be in the form and substance approved by Bank on the date on which this Amendment is executed
and delivered by Borrower and Bank:

 

(1)           This Amendment executed by Borrower.

 

(2)           Such other documents, information, opinions, etc., as Bank may reasonably request.

 

J.           Representations and Warranties of Borrower. Borrower hereby represents and warrants, in addition to any other
representations and warranties contained herein, in the Loan Agreement, the Loan Documents (as defined in the Loan Agreement) or
any other document, writing or statement delivered or mailed to Bank or its agent by Borrower, as follows:

 

(1)           This Amendment constitutes a legal, valid and binding obligation of Borrower enforceable in accordance with its terms. Borrower
has taken all necessary and appropriate corporate action for the approval of this Amendment and the authorization of the execution,
delivery and performance thereof.

 

(2)           There is no Event of Default under the Loan Agreement, this Amendment or the Loan Documents.

 

(3)           Borrower hereby specifically confirms and ratifies its obligations, waivers and consents under each of the Loan Documents.

 

(4)           Except as specifically amended herein, all representations, warranties and other assertions of fact contained in the Loan
Agreement and the Loan Documents continue to be true, accurate and complete.

 

(5)           Except as provided in writing to Bank prior to the date hereof, there have been no changes to the Articles of Incorporation,
By-Laws, the identities of the named executive officers of Borrower, or the composition of the board of directors of Borrower since
execution of the Loan Agreement.

 

(6)           Borrower acknowledges that the definition “Loan Documents” shall include this Amendment and all the documents
executed contemporaneously herewith.

 

    	 	4	 

     

    

 

K.           Governing
Law. This Amendment has been executed and delivered and is intended to be performed in the State of Indiana and shall
be governed, construed and enforced in all respects in accordance with the substantive laws of the State of Indiana.

 

L.           Headings. The section headings used in this Amendment are for convenience only and shall not be read or construed
as limiting the substance or generality of this Amendment.

 

M.          Counterparts. This Amendment may be signed in one or more counterparts, each of which shall be considered an
original, with the same effect as if the signatures were upon the same instrument.

 

N.           Modification. This Amendment may be amended, modified, renewed or extended only by written instrument executed
in the manner of its original execution.

 

O.           Waiver of Certain Rights. Borrower waives acceptance or notice of acceptance hereof and agrees that the Loan
Agreement, this Amendment, and all of the other Loan Documents shall be fully valid, binding, effective and enforceable as of the
date hereof, even though this Amendment and any one or more of the other Loan Documents which require the signature of Bank, may
be executed by an on behalf of Bank on other than the date hereof.

 

P.            Waiver of Defenses and Claims. In consideration of the financial accommodations provided to Borrower by Bank
as contemplated by this Amendment, Borrower hereby waives, releases and forever discharges Bank from and against any and all rights,
claims or causes of action against Bank arising under Bank’s actions or inactions with respect to the Loan Documents or any
security interest, lien or collateral in connection therewith as well as any and all rights of set off, defenses, claims, causes
of action and any other bar to the enforcement of the Loan Documents which exist as of the date hereof.

 

Q.           Force and Effect. Except as otherwise modified herein, all other terms and conditions of the Loan Agreement remain
in full force and effect.

 

    	 	5	 

     

    

 

[SIGNATURE PAGE –
SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

IN WITNESS WHEREOF,
the parties hereto have caused this Second Amendment to Amended and Restated Credit Agreement to be executed by their duly authorized
officers as of the day and year first above written.

 

	 	Bioanalytical Systems, Inc.
	 	 	 
	 	By:	/s/ Robert W. Leasure, Jr.
	 	 	Robert Leasure, Jr.,
	 	 	President and Chief Executive Officer

 

	 	FIRST INTERNET BANK OF INDIANA
	 	 	 
	 	By:	/s/
Katrina McWilliams
	 	 	Katrina
McWilliams, Vice President

 

    	 	6Exhibit 10.2

    

     

    

    MEMBERSHIP INTEREST GRANT AGREEMENT

    

    

    This Membership Interest Grant Agreement (the “Agreement”) is effective as of June 15, 2017 (the “Effective Date”), and is made by and between DREAM FINDERS HOLDINGS, LLC (the “Company”)

      and RICK ANTHONY MOYER, an individual (the “Grantee”).

    

    

    Recitals:

    

    

    A.

    The Grantee is an employee of Dream Finders Homes, LLC (“Dream Finders homes”), whose employment is governed by that certain Employment Agreement of even date herewith,
      as may be amended from time to time (the “Employment Agreement”).  Dream Finders Homes is a subsidiary of the Company, and this Agreement is being entered in consideration of the Grantee’s continued employment with Dream Finders Homes.

    

    

    B.

    All Members of the Company are required to execute and agree to be bound to the Company’s Amended and Restated Operating Agreement (the “Amended Operating Agreement”). 
      By accepting the Granted Units (as defined below), the Grantee agrees to be bound by and subject to the terms of the Amended Operating Agreement, which contains the Grantee’s rights and obligations with respect to the Granted Units in the Company. 
      Any terms not defined herein shall have the meaning ascribed in such terms in the Amended Operating Agreement.

    

    

    Agreement:

    

    

    In consideration of the premises, the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
      parties hereby agree as follows:

    

    

    1.

    Grant of Units.  The Company hereby grants to the Grantee 1,020.30405 Non-Voting Common Units of the Company (the “Granted Units”); provided that the Grantee’s
      rights in the Granted Units shall be restricted and subject to divestiture and/or redemption as provided herein and as provided in the Amended Operating Agreement.

    

    

    2.

    Restrictions Pertaining to the Granted Units.  The Grantee shall not have the right to make or permit to exist any
      transfer or hypothecation, whether outright or as security for any obligation, with or without consideration, voluntary or involuntary, of all or any part of any right, title, or interest in or to any Granted Units.  Any such disposition shall be
      deemed null and void.  The Company will not recognize, or have the duty to recognize, any such disposition.  The Grantee may not sell, pledge or otherwise directly or indirectly transfer (whether with or without consideration and whether voluntarily
      or involuntarily or by operation of law) any interest in or any beneficial interest in any Granted Units.  Any sale, pledge, or other transfer (or any attempt to effect the same) of any Granted Units in violation of hereof shall be void, and the
      Company shall not record such transfer, assignment, pledge, or other disposition on its books or treat any purported transferee of such Granted Units as the owner of such Granted Units for any purpose.

    
      
        

    

    The Granted Units shall vest according to the following schedule:

     

    

    	
            Date of Vesting

          	
            Percentage of Granted Units that Become

            Vested Units

          
	
            June 15, 2018

          	
            20%

          
	
            June 15, 2019

          	
            40%

          
	
            June 15, 2020

          	
            60%

          
	
            June 15, 2021

          	
            80%

          
	
            June 15, 2022

          	
            100%

          

    

    

    The Granted Units that shall have become vested pursuant to the above Vesting Schedule are herein referred to as “Vested Units”.  The unvested Granted Units (“Unvested Units”) shall be
      forfeited back to the Company immediately upon the Grantee’s Termination of Service.  Additionally, upon the forfeiture of any Unvested Units, the Capital Account associated with such Unvested Units will likewise be forfeited.  “Termination of
        Service” shall mean the effective date of the Grantee’s termination as an employee of Dream Finders Homes for any reason other than Grantee’s termination For Cause (as defined below).  No portion of the Granted Units shall vest after a
      Termination of Service.  In the event that the Company has a Liquidity Event (as hereafter defined) prior to the first anniversary of the Effective Date, then seventy-five percent (75%) of the Granted Units shall be deemed Vested Units.  If the
      Company has a Liquidity Event on or after the first anniversary of the Effective Date, then one hundred percent (100%) of the Granted Units shall be deemed Vested Units.  The term “Liquidity Event” means any one transaction or a series of
      related transactions in which the Company (i) sells substantially all of its assets to an unrelated third party, (ii) transfers control of the Company along with the majority of the economic rights to a third-party (excluding any transaction where
      the Company incurs debt, which may include certain control and/or approval rights that are provided to the lender in such a transaction), (iii) merges with another entity where the Members of the Company immediately prior to the transaction do not
      retain majority economic or voting control of the successor entity, or (iv) sells common equity securities of not less than $25,000,000 in an aggregate amount through an underwritten public offering where a registration statement is filed pursuant to
      the Securities Act of 1933.  The Grantee expressly acknowledges that the Company may elect not to make any distributions with respect to the Granted Units, but that if distributions are made by the Company,
      then the Company may make distributions, in the Company’s sole discretion, which will be made with respect to Vested Units only (and not with respect to any Unvested Units).  As provided under the Amended Operating Agreement, the Grantee will be
      entitled to receive Tax Distributions both with respect to Vested Units and Unvested Units to the extent that the Grantee may be allocated income from the Company.

    

    

    All of the Granted Units (regardless of whether they are Vested Units or Unvested Units) shall be forfeited back to the Company immediately in the event that the Grantee’s employment with Dream
      Finders Homes is terminated For Cause (as defined below) or in the event that Grantee violates the terms of the Restrictive Covenants set forth in the Employment Agreement (the “Restrictive Covenants”).  In the event that the Granted Units are
      forfeited under this paragraph, then the Capital Account associated with such forfeited Granted Units will likewise be forfeited, and the Grantee will no longer have any rights as a Member of the Company effective upon the date that the Grantee is
      provided with notice of termination For Cause or notice of breach of the Restrictive Covenants (as the case may be).  “For Cause” shall mean a termination by Dream Finders Homes for “Cause” as defined in the Employment Agreement, and/or a
      termination by Dream Finders Homes based upon the Grantee’s:  (i) persistent material failure to perform duties consistent with a commercially reasonable standard of care after the Grantee has been provided with written notice of such failure to
      perform such duty and has not cured such failure within ten (10) days after delivery of such written notice; (ii) willful neglect of duties which is not cured within ten (10) days after written notice is delivered by Dream Finders Homes; (iii)
      conviction of, or pleading nolo contendere to, criminal or other illegal activities involving dishonesty, a felony, or of a crime that Dream Finders Homes, in its reasonable discretion, determines a subject matter which may reflect negatively on
      Dream Finders Homes’ reputation or business; (iv) failure to materially cooperate with or intentionally impeding an investigation authorized by Dream Finders Homes or the Company; (v) committing an act involving fraud, theft, dishonesty, or
      embezzlement with respect to any aspect of Dream Finders Homes’ business, including, but not limited to, stealing or falsification of Dream Finders Homes records; (vi) misappropriation of Dream Finders Homes or Company funds or of any corporate
      opportunity; (vii) use of illegal or abuse of legally prescribed drugs or alcohol; or (viii) conduct which is considered by the Company and/or Dream Finders Homes to be unethical, unlawful or materially adverse to the Company and/or Dream Finders
      Homes applying the reasonable business person standard (that is, would a reasonable business person consider the conduct to be unethical, unlawful, or materially adverse to the Company and/or Dream Finders Homes).

    
      
        

    

    Upon a Termination of Service by Dream Finders Homes other than For Cause or by the Grantee, the Company will redeem any Vested Units for a purchase price that is equal to fifty percent (50%) of the
      Capital Account associated with the Vested Units as of the date of such Termination of Service (the “Vested Units Purchase Price”).  The Vested Units Purchase Price will be paid by delivery of a promissory note from the Company to the Grantee,
      which will provide for (a) quarterly payments of principal and interest over a five-year term, (b) interest at four percent (4%) per annum, (c) venue and jurisdiction in Duval County, Florida, in the event of any dispute arising out of the promissory
      note, and (d) a waiver of any right to a trial by jury.  The effective date for the redemption of any Vested Units will be the date of the Termination of Service, and delivery of the promissory note for the Vested Units Purchase Price will be within
      thirty (30) days after the Termination of Service.  The Grantee expressly acknowledges and agrees that after a Termination of Service that Grantee will have no rights as a Member of the Company, and that Grantee’s sole recourse will be for payment of
      the Vested Units Purchase Price by receiving the promissory note contemplated by this paragraph.

    

    

    There are other events as provided in the Amended Operating Agreement which would create a right of the Company to repurchase the Granted Units on terms provided therein.

    

    

    The Grantee acknowledges that the Granted Units are intended to qualify as “profits interests” within the meaning of Internal Revenue Service Revenue Procedures 93-27 and 2001-43, or any future
      Internal Revenue Service guidance.  Accordingly, the Grantee covenants to execute any and all documentation required by the Company to ensure that the Granted Units are deemed “profits interests,” which may include, but is not limited to, filing an
      election under Section 83(b) of the Internal Revenue Code.  Additionally, so that the Granted Units will be treated as “profits interests” rather than “capital interests”, the Grantee expressly agrees that as of the Effective Date, before Grantee can
      receive any distributions with respect to the Granted Units, all of the other holders of Units as of the Effective Date must first receive distributions in the amount of such Members’ Capital Accounts as of June 15, 2016 (the “Distribution
        Threshold”).  The amount of the Distribution Threshold was determined by the Company in good faith so that if the Company sold its assets at fair market value as of the Effective Date and the proceeds were distributed in a complete liquidation
      of the Company, the Grantee would not receive any distribution with respect to the Granted Units.

    
      
        

    

    3.

    Investment Intent; Disclosure.  The Grantee represents and warrants to the Company that the Grantee is acquiring the Granted Units in the Company under this Agreement
      for investment and not with a view to resale or distribution thereof.  The Grantee further represents and warrants to the Company that the Grantee understands that:  (a) the Granted Units have not been registered under the federal Securities Act of
      1933, as amended (the “Securities Act”) in reliance upon an exemption from registration; (b) the Granted Units must be held indefinitely, unless the Granted Units are later registered under the Securities Act or unless an exemption from
      registration is otherwise available; and (c) the Company has no obligation to register the Granted Units.  The Grantee agrees that the Granted Units will not be offered, sold, transferred, pledged, or otherwise disposed of without registration under
      the Securities Act and applicable state securities laws or an opinion of counsel acceptable to the Manager of the Company that such registration is not required.  The Grantee represents and warrants that it has sufficient experience in investment and
      business matters to recognize and understand the advantages and disadvantages of its acceptance of the Granted Units, and the Grantee represents and warrants that it is able to bear the economic risks related to the Granted Units, including the
      possible total loss of value of the Granted Units, and that the Grantee has no need for liquidity with respect to the value of the Granted Units.  The Grantee acknowledges that it has conducted his own review of the prospects of the Company and has
      reviewed all information it deems necessary regarding the business of the Company, and neither the Company nor any person acting on behalf of the Company has made any representations or warranties regarding the Company or its business that the
      Grantee has relied upon that are important in executing this Agreement and accepting the Granted Units, and the Grantee represents and warrants that he has made the decision to accept the Granted Units based upon his independent business judgment.

    

    

    4.

    Certificates.  In the event that the Granted Units are or become certificated, the Grantee shall receive certificate(s) for the Granted Units designating him as the
      registered owner thereof.  Upon such receipt, the Grantee agrees to deliver the certificate(s) together with a signed and undated power of attorney to the Company or the Company’s designee authorizing the Managing Member to transfer title to the
      certificate(s) representing any Granted Units that are forfeited to the Company under the terms of this Agreement and/or the Amended Operating Agreement.  Such certificate(s), if any, shall be held by the Company in escrow until the Granted Units
      become vested and shall bear the legends required under the Amended Operating Agreement and any other legends that the Managers in their sole discretion deem proper.

    

    

    5.

    83(b) Election.  The Grantee is recommended to make a valid, timely election to include in the Grantee’s current year income, the “fair market value” of the Granted
      Units, pursuant to Code Section 83(b).  Upon making such election, the Grantee shall promptly furnish a copy of the election to the Company and shall file the election with the IRS with in the requisite 30-day period.  For the purposes of such
      election, the Granted Units are not expected to have any “fair market value” as of the Grant Date, as there is a Distribution Threshold so that if all of the Company’s assets were sold at fair market value as of the Grant Date, then the holders of
      all of the other Units, other than the Grantee with respect to the Granted Units, would be the sole Persons to receive Distributions.  THE COMPANY SHALL BEAR NO RESPONSIBILITY OR LIABILITY FOR ANY ADVERSE TAX CONSEQUENCES RESULTING FROM THE GRANTEE’S
      CODE SECTION 83(b) ELECTION OR THE GRANTEE’S FAILURE TO MAKE SUCH ELECTION.  THE GRANTEE ACKNOWLEDGES AND AGREES THAT HE HAS BEEN URGED TO CONSULT WITH HIS PERSONAL TAX ADVISORS REGARDING THE CONSEQUENCES OF MAKING, OR NOT MAKING, A CODE SECTION
      83(b) ELECTION.  Upon making such Code Section 83(b) election, the Grantee must pay to the Company in cash the amount of any federal, state or local income or other taxes determined by the Company to be due in connection with such election, if any. 
      The Grantee agrees that the Company may, except as explicitly prohibited by applicable law, withhold all such legally required amounts from any other payments due, or becoming due, to the Grantee from the Company until such withholding obligation is
      satisfied in full.

    
      
        

    

    6.

    No Right to Continued Employment.  This Agreement shall not confer upon the Grantee any right with respect to continuance of employment by Dream Finders Homes, nor shall
      it interfere in any way with the right of Dream Finders Homes to terminate the Grantee’s employment for any reason, with or without Cause (as defined in the Employment Agreement), or otherwise affect the Grantee’s at-will employment status.

    

    

    7.

    Necessary Documents.  The Grantee agrees to sign any necessary documents to implement this Agreement, including but not limited to an Agreement to be Bound by Operating
      Agreement in the form attached hereto as Exhibit A.  This Agreement will not be effective until the Grantee has delivered a fully executed copy of the Agreement to be Bound by Operating Agreement.

    

    

    8.

    Construction and Interpretation.  This Agreement shall be construed and interpreted in accordance with the substantive laws of the State of Florida, without reference to
      the principles of conflict of laws of any state.

    

    

    9.

    Descriptive Headings.  The descriptive headings of the several articles and sections contained in this Agreement are included for convenience only and shall not control
      or affect the meaning or construction of any of the provisions hereof

    

    

    10.

    Multiple Counterparts; Deliveries by Facsimile or Electronic Mail.  This Agreement may be executed in a number of identical counterparts, each of which, for all
      purposes, is to be deemed as original, and all of which constitute, collectively, one agreement; but in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart.  This Agreement, and any
      amendments hereto, to the extent signed and delivered by means of a facsimile machine or digital imaging or electronic mail, shall be treated in all manner and respects as an original contract and shall be considered to have the same binding legal
      effects as if it were the original signed version thereof delivered in person.  No party hereto or to any such contract shall raise the use of a facsimile machine or digital imaging and electronic mail to deliver a signature or the fact that any
      signature was transmitted or communicated through the use of a facsimile machine or digital imaging and electronic mail as a defense to the information of a contract and each such party forever waives any such defense.

    
      
        

    

    11.

    Administration.  The Managers shall have the authority, in their sole discretion, to interpret and administer this Agreement and to make all determinations they deem
      appropriate hereunder (including, without limitation, determinations regarding the vesting and forfeiture of the Granted Units), and all interpretations and determinations made hereunder and under the Amended Operating Agreement, when made by the
      Managers, shall be final, conclusive and binding on the Grantee and all other Persons.  The Managers may amend the terms of this Agreement to the extent it deems appropriate to carry out the terms of the Amended Operating Agreement, but in no event,
      shall such amendment materially and adversely affect the Grantee’s rights hereunder without the prior written consent of the Grantee.

    

    

    12.

    Cumulative Rights.  Unless otherwise provided herein, all rights, powers and privileges conferred upon the parties by law, this Agreement, or otherwise shall be
      cumulative.

    

    

    13.

    Waiver.  No failure of any party to exercise any power given such party hereunder or to insist upon strict compliance by any party with its obligations hereunder, and no
      custom or practice of the parties in variance with the terms hereof shall constitute a waiver of the party’s right to demand exact compliance with the terms hereof.

    

    

    14.

    Expenses.  Unless otherwise provided herein, each of the parties hereto shall bear and pay all costs and expenses incurred by it or on its behalf in connection with the
      transactions contemplated hereunder, including, but not limited to, the fees of attorneys retained by that party incident to the negotiation, preparation, and execution of this Agreement.

    

    

    15.

    Assignment.  This Agreement shall not be assignable by the Grantee without the written consent of the Company.

    

    

    16.

    Jurisdiction, Venue and Prevailing Party Attorneys’ Fees.  This Agreement will be governed by Florida law.  In the event of any dispute regarding this Agreement, the
      exclusive venue for such dispute will be the appropriate court for Duval County, Florida.  The prevailing party in any litigation will be entitled to recover from the non-prevailing party any attorneys’ fees and costs associated with any dispute
      regarding this Agreement.

    

    

    17.

    Waiver of Jury Trial.  THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ALL OF THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY PROCEEDING
      BROUGHT TO ENFORCE OR DEFEND ANY TERMS OR PROVISIONS OF THIS AGREEMENT.  NO PARTY SHALL SEEK TO CONSOLIDATE ANY PROCEEDING IN WHICH THE RIGHT TO A TRIAL BY JURY HAS BEEN WAIVED WITH ANY OTHER PROCEEDING IN WHICH THE RIGHT TO A TRIAL BY JURY CANNOT
      BE, OR HAS NOT BEEN, WAIVED.  THE TERMS AND PROVISIONS OF THIS SECTION 17 HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO, AND THE TERMS AND PROVISIONS HEREOF SHALL NOT BE SUBJECT TO ANY EXCEPTIONS.  NO PARTY HAS IN ANY WAY AGREED WITH, OR
      REPRESENTED TO, ANY OTHER PARTY THAT THE TERMS AND PROVISIONS OF THIS SECTION 17 WILL NOT BE ENFORCED FULLY IN ALL INSTANCES.

     

    

    [Signatures on the following page]

    
      
        

    

    

    

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

    

    

    
      	 	
              COMPANY:

            
	 	 
	
               

            	
              DREAM FINDERS HOLDINGS, LLC

            
	
               

            	
               

            	
               

            
	
               

            	By:	/s/ Patrick O. Zalupski
	
               

            	Patrick O. Zalupski, Chief Executive Officer
	
               

            	
               

            	
               

            

    

    
      

      

      

      
        	
                 

              	GRANTEE:

              
	
                 

              	
                 

              
	
                 

              	
                /s/ Rick Anthony Moyer          

                

              
	
                 

              	
                Rick Anthony Moyer, individually

              

      

    

    

    

    
      Signature Page — Membership Interest Grant of Rick Anthony Moyer

    

    
      
        

    

    

    

    Exhibit A

    

    

    AGREEMENT TO BE BOUND BY OPERATING AGREEMENT

    

    

    The undersigned hereby agrees to be and is bound by the terms and conditions of that certain Amended and Restated Operating Agreement of Dream Finders Holdings LLC (the “Operating Agreement”)
      as of the Effective Date of that certain Membership Interest Grant Agreement by and between the undersigned and Dream Finders Holdings LLC.

    

    

    
      	
               

            	/s/ RICK ANTHONY MOYER
	
               

            	RICK ANTHONY MOYER

    

    

    

    1

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