Document:

Exhibit 10.6

restrictive
covenant AGREEMENT

THIS RESTRICTIVE COVENANT
AGREEMENT (this “Agreement”) is made and entered into as of                                
by and between Elk Creek Resources Corporation, a Nebraska corporation, with its principal place of business located at 386 Broadway,
P.O. Box 506, Tecumseh, NE 68450, and any successor entity thereto (the “Company”), and                 
(“Executive”). This Agreement shall become effective upon the closing of the transactions contemplated by that certain
Business Combination Agreement (the “Business Combination Agreement”), dated September 25, 2022, by and among GX Acquisition
Corp. II, a Delaware corporation (“GX”), NioCorp Developments Ltd., a company organized under the laws of the Province
of British Columbia (“NioCorp”), and Big Red Merger Sub Ltd, a Delaware corporation and a direct wholly owned subsidiary
of NioCorp.

In consideration of the
mutual covenants contained herein and other good and valuable consideration (including as set forth in the Employment Agreement between
the Company and Executive dated as of September 25, 2022 (the “Employment Agreement”)), the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

		1.	Competitive Activity; Confidentiality; Nonsolicitation.

(a)       Acknowledgements
and Agreements. Executive hereby acknowledges and agrees that in the performance of Executive’s duties to the Company during
the Employment Period (as defined in the Employment Agreement), Executive shall be brought into frequent contact with existing and potential
customers of the Company throughout the world. Executive also agrees that trade secrets and confidential information of the Company, more
fully described in Section 1(h) gained by Executive during Executive’s association with the Company, have been developed
by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company.
Executive further understands and agrees that the foregoing makes it necessary for the protection of the Company’s business that
Executive not compete with the Company during Executive’s employment with the Company and not compete with the Company for a reasonable
period thereafter, as further provided in the following sections.

(b)       Covenants.

		(i)	Covenants During Employment. Except for permitted activities
expressly approved by the Board, while employed by the Company, Executive will not compete with the Company anywhere in the world. In
accordance with this restriction, but without limiting its terms, while employed by the Company, Executive will not:

 

		(A)	enter into or engage in any business which competes with the Company’s
business;

 

		(B)	solicit customers, business, patronage or orders for, or sell, any products
or services in competition with, or for any business that competes with, the Company’s business;

 

     

     

    

		(C)	divert, entice or otherwise take away any customers, business, patronage
or orders of the Company or attempt to do so; or

		(D)	promote or assist, financially or otherwise, any person, firm, association,
partnership, corporation or other entity engaged in any business which competes with the Company’s business. 

 

		(ii)	Covenants Following Termination. For a period of (x) one (1)
year following the date of termination of Executive’s employment with the Company for any reason other than a Change in Control
Termination (as such term is defined in the Employment Agreement) or (y) two (2) years following the date of termination of Executive’s
employment with the Company in the event of a Change in Control Termination (such period of time, the “Post-Termination Restricted
Period”), Executive will not:

 

		(A)	enter into or engage in any business which competes with the Company’s
Business within the Restricted Territory (as hereinafter defined);

 

		(B)	solicit customers, business, patronage or orders for, or sell, any products
or services in competition with, or for any business, wherever located, that competes with, the Company’s Business within the Restricted
Territory;

 

		(C)	divert, entice or otherwise take away any customers, business, patronage
or orders of the Company within the Restricted Territory, or attempt to do so; or

 

		(D)	promote or assist, financially or otherwise, any person, firm, association,
partnership, corporation or other entity engaged in any business which competes with the Company’s Business within the Restricted
Territory.

 

		(iii)	Indirect Competition. For the purposes of Sections 1(a) and (b)
above, inclusive, but without limitation thereof, Executive will be in violation thereof if Executive engages in any or all of the activities
set forth therein directly as an individual on Executive’s own account, or indirectly as a partner, joint venturer, employee, agent,
salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity, or as a stockholder
of any corporation in which Executive or Executive’s spouse, child or parent owns, directly or indirectly, individually or in the
aggregate, more than 5% of the outstanding stock.

 

(c)       The
“Company.” For purposes of this Section 1, the “Company” shall include any and all direct and indirect
subsidiaries, parents, and affiliated, or related companies of the Company for which Executive worked or had responsibility, or with respect
to which Executive

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had access to trade secrets or confidential
information at the time of termination of Executive’s employment and at any time during the two (2) year period prior to such termination.

(d)       The
Company’s “Business.” For the purposes of this Section 1, the Company’s “Business” is defined
to be the acquisition, exploration, and development of mineral properties, as further described in any and all manufacturing, marketing
and sales manuals and materials of the Company as the same may be altered, amended, supplemented or otherwise changed from time to time,
or of any other products or services substantially similar to or readily substitutable for any such described products and services.

(e)       “Restricted
Territory.” For purposes of Section 1, the Restricted Territory shall be defined as and limited to:

		(i)	the geographic area(s) within a 100 mile radius of any and all of the
Company’s location(s) in, to, or for which Executive worked, to which Executive was assigned or had any responsibility (either direct
or supervisory) at the time of termination of Executive’s employment and at any time during the two-year period prior to such termination;

 

		(ii)	the United States; and

 

		(iii)	all of the specific customer accounts, whether within or outside of
the geographic area described in (i) and (ii) above, with which Executive had any contact or for which Executive had any responsibility
(either direct or supervisory) at the time of termination of Executive’s employment and at any time during the two-year period prior
to such termination.

 

(f)       Extension.
If it shall be judicially determined that Executive has violated any of Executive’s obligations under Section 1(b), then
the period applicable to each obligation that Executive shall have been determined to have violated shall automatically be extended by
a period of time equal in length to the period during which such violation(s) occurred.

(g)       Non-Solicitation.
Executive will not directly or indirectly at any time during the period of Executive’s employment or thereafter, attempt to disrupt,
damage, impair or interfere with the Company’s business by raiding any of the Company’s employees or soliciting any of them
to resign from their employment with the Company, or by disrupting the relationship between the Company and any of its consultants, agents
or representatives. Executive acknowledges that this covenant is necessary to enable the Company to maintain a stable workforce and remain
in business.

		(h)	Further Covenants.

		(i)	Executive will keep in strict confidence and shall not, directly or
indirectly, at any time during or after Executive’s employment with the Company, disclose, furnish, disseminate, make available
or, except in the course of performing Executive’s duties of employment, use any trade secrets or confidential business and technical
information of the Company or its

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customers or vendors, without limitation
as to when or how Executive may have acquired such information. Such confidential information shall include, without limitation, the
Company’s unique selling, manufacturing and servicing methods and business techniques, training, service and business manuals,
promotional materials, training courses and other training and instructional materials, vendor and product information, customer and
prospective customer lists, other customer and prospective customer information, employee evaluation and employee performance information,
and other business information. Executive specifically acknowledges that all such confidential information, whether reduced to writing,
maintained on any form of electronic media, or maintained in Executive’s mind or memory and whether compiled by the Company, and/or
Executive, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain
economic value from its disclosure or use, that reasonable efforts have been made by the Company to maintain the secrecy of such information,
that such information is the sole property of the Company and that any retention and use of such information by Executive during Executive’s
employment with the Company (except in the course of performing Executive’s duties and obligations to the Company) or after the
termination of Executive’s employment shall constitute a misappropriation of the Company’s trade secrets. The restrictions
set forth in this Section 1(h) shall be perpetual for all confidential information that is a trade secret, or for so long as the
information remains a trade secret under applicable law. The restrictions set forth in this Section 1(h) shall last for ten (10)
years after termination, for all other forms of confidential information.

 

		(ii)	Executive agrees that upon termination of Executive’s employment
with the Company for any reason, Executive shall return to the Company, in good condition, all property of the Company, including without
limitation, the originals and all copies of any materials which contain, reflect, summarize, describe, analyze or refer or relate to any
items of information listed in this Section 1(h) of this Agreement. In the event that such items are not so returned, the Company
will have the right to charge Executive for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching
for, taking, removing and/or recovering such property. 

 

		(iii)	The U.S. Defend Trade Secrets Act of 2016 (“DTSA”)
provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that (A) is made in confidence to a federal, state or local government official, either directly or indirectly, or to
an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, the DTSA provides that an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of

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law may disclose the trade secret to the
attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing
the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

 

		(i)	Discoveries and Inventions; Work Made for Hire.

		(i)	During the period of Executive’s employment Executive agrees that
upon conception and/or development of any idea, discovery, invention, improvement, software, writing or other material or design that
(A) relates to the business of the Company, or (B) relates to the Company’s actual or demonstrably anticipated research or development,
or (C) results from any work performed by Executive for the Company, Executive hereby assigns to the Company the entire right, title and
interest in and to any such idea, discovery, invention, improvement, software, writing or other material or design. Executive has no obligation
to assign any idea, discovery, invention, improvement, software, writing or other material or design that Executive conceives and/or develops
entirely on Executive’s own time without using the Company’s equipment, supplies, facilities, or trade secret information
unless the idea, discovery, invention, improvement, software, writing or other material or design either: (x) relates to the business
of the Company, or (y) relates to the Company’s actual or demonstrably anticipated research or development, or (z) results from
any work performed by Executive for the Company. Executive agrees that any idea, discovery, invention, improvement, software, writing
or other material or design that relates to the business of the Company or relates to the Company’s actual or demonstrably anticipated
research or development which is conceived or suggested by Executive, either solely or jointly with others, within one (1) year following
termination of Executive’s employment shall be presumed to have been so made, conceived or suggested in the course of such employment
with the use of the Company’s equipment, supplies, facilities, and/or trade secrets.

 

		(ii)	In order to determine the rights of Executive and the Company in any
idea, discovery, invention, improvement, software, writing or other material, and to insure the protection of the same, Executive agrees
that during Executive’s employment, and for one (1) year after termination of Executive’s employment Executive will disclose
immediately and fully to the Company any idea, discovery, invention, improvement, software, writing or other material or design conceived,
made or developed by Executive solely or jointly with others. The Company agrees to keep any such disclosures confidential. Executive
also agrees to record descriptions of all work in the manner directed by the Company and agrees that all such records and copies, samples
and experimental materials will be the exclusive property of the Company. Executive agrees that at the request of and without charge to
the Company, but at the Company’s expense, Executive will execute a written assignment of the idea, discovery,

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invention, improvement, software, writing
or other material or design to the Company and will assign to the Company any application for letters patent or for trademark registration
made thereon, and to any common-law or statutory copyright therein; and that Executive will do whatever may be necessary or desirable
to enable the Company to secure any patent, trademark, copyright, or other property right therein in the United States and in any foreign
country, and any division, renewal, continuation, or continuation in part thereof, or for any reissue of any patent issued thereon. In
the event the Company is unable, after reasonable effort, and in any event after ten (10) business days, to secure Executive’s
signature on a written assignment to the Company of any application for letters patent or to any common-law or statutory copyright or
other property right therein, whether because of Executive’s physical or mental incapacity or for any other reason whatsoever,
Executive irrevocably designates and appoints the Corporate Secretary of the Company as Executive’s attorney-in-fact to act on
Executive’s behalf to execute and file any such application and to do all other lawfully permitted acts to further the prosecution
and issuance of such letters patent, copyright or trademark.

 

		(iii)	Executive acknowledges that, to the extent permitted by law, all work
papers, reports, documentation, drawings, photographs, negatives, tapes and masters therefor, prototypes and other materials (hereinafter,
“items”), including without limitation, any and all such items generated and maintained on any form of electronic media, generated
by Executive during Executive’s employment with the Company will be considered a “work made for hire” and that ownership
of any and all copyrights in any and all such items will belong to the Company. The item shall recognize the Company as the copyright
owner, will contain all proper copyright notices, e.g., “(creation date) NioCorp Developments Ltd., All Rights Reserved,”
and shall be in condition to be registered or otherwise placed in compliance with registration or other statutory requirements throughout
the world.

 

		(j)	Non-Disparagement.

(i)       Throughout
Executive’s employment with the Company and during the Post-Termination Restricted Period, outside the ordinary course of business
on behalf of the Company, Executive will not make or issue, or procure any person, firm, or entity to make or issue, any statement in
any form, including written, oral and electronic communications of any kind, which conveys negative or adverse information concerning
the Company or its subsidiaries or affiliates, or any of their legal predecessors, successors, assigns, parents, subsidiaries, divisions
or other affiliates, or any of the foregoing’s respective past, present or future directors, officers, employees or representatives
(collectively, the “Non-Disparagement Parties”), or any Non-Disparagement Party’s business, or its actions, to
any person or entity, regardless of the truth or falsity of such statement.

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(ii)       Throughout
Executive’s employment with the Company and during the Post-Termination Restricted Period, the Company will reasonably direct the
executive officers and directors of the Company not make or issue, or procure any person, firm, or entity to make or issue, any statement
in any form, including written, oral and electronic communications of any kind, which conveys negative or adverse information concerning
Executive or any of Executive’s legal successors, assigns, or other affiliates, or any of the foregoing’s respective past,
present or future directors, officers, employees or representatives (collectively, the “Executive Non-Disparagement Parties”),
or any Executive Non-Disparagement Party’s business, or its actions, to any person or entity, regardless of the truth or falsity
of such statement.

(iii)       This
Section 1(j) does not apply to truthful testimony or disclosure compelled or required by applicable law or legal process.  Notwithstanding
anything in this Agreement to the contrary, Executive is not prohibited from providing information voluntarily to the Securities and Exchange
Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended.

(k)       Communication
of Contents of Agreement. While employed by the Company and for two (2) years thereafter, Executive will communicate the contents
of Section 1 of this Agreement to any person, firm, association, partnership, corporation or other entity that Executive intends
to be employed by, associated with, or represent.

(l)       Confidentiality
Agreements. Executive agrees that Executive shall not disclose to the Company or induce the Company to use any secret or confidential
information belonging to Executive’s former employers. Executive warrants that Executive is not bound by the terms of a confidentiality
agreement or other agreement with a third party that would preclude or limit Executive’s right to work for the Company and/or to
disclose to the Company any ideas, inventions, discoveries, improvements or designs or other information that may be conceived during
employment with the Company. Executive agrees to provide the Company with a copy of any and all agreements with a third party that preclude
or limit Executive’s right to make disclosures or to engage in any other activities contemplated by Executive’s employment
with the Company.

(m)       Remedies.
The parties acknowledge and agree that any breach by Executive of the terms of this Agreement may cause the Company irreparable harm and
injury for which money damages would be inadequate. Accordingly, the Company, in addition to any other remedies available at law or equity,
shall be entitled, as a matter of right, to injunctive relief in any court of competent jurisdiction. The parties agree that such injunctive
relief may be granted without the necessity of proving actual damages. Nothing in this Agreement shall limit the Company’s remedies
under state for federal law or elsewhere.

(n)       Reasonableness.
Executive acknowledges and agrees that Executive received the notice required by Colo. Rev. Stat. Ann. § 8-2-113. Executive acknowledges
that Executive’s obligations under this Section 1 are reasonable in the context of the nature of the Company’s
business and the competitive injuries likely to be sustained by the Company if Executive were to violate such obligations and that these
obligations do not place an undue burden on Executive. Executive further acknowledges that this Agreement is made in consideration of,
and is adequately

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supported by the agreement of the Company to
perform its obligations under this Agreement and by other consideration, including Executive’s continued employment with the Company,
which Executive acknowledges constitutes good, valuable and sufficient consideration. It is the desire and intent of the parties hereto
that the provisions of this Agreement shall be enforced to the fullest extent legally-permissible. Accordingly, if any particular provision(s)
of this Agreement shall be adjudicated to be invalid or unenforceable, the court may modify or sever such provision(s), such modification
or deletion to apply only with respect to the operation of such provision(s) in the particular jurisdiction in which such adjudication
is made. In addition, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively
broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable
to the extent compatible with the applicable law as it shall then appear. The remaining provisions of this Agreement shall remain in full
force and effect.

2.       Choice
of Law. This Agreement shall be governed by, and construed in accordance with, the internal, substantive laws of the State of Colorado.
Executive agrees that the state and federal courts located in the State of Colorado shall have jurisdiction in any action, suit or proceeding
against Executive based on or arising out of this Agreement and Executive hereby: (a) submits to the personal jurisdiction of such
courts; (b) consents to service of process in connection with any action, suit or proceeding against Executive; and (c) waives
any other requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction, venue or service
of process.

3.       Notices.
Any notice provided to the Company provided for in this Agreement shall be in writing to the Company, marked Attention: Corporate Secretary,
and any notice to Executive shall be addressed to said Executive at Executive’s address on file with the Company. Except as otherwise
provided herein, any written notice shall be deemed to be duly given if and when delivered personally or deposited in the United States
mail, first class registered mail, postage and fees prepaid, and addressed as aforesaid. Any party may change the address to which notices
are to be given hereunder by written notice to the other party as herein specified (provided that for this purpose any mailed notice shall
be deemed given on the third business day following deposit of the same in the United States mail).

4.       Headings.
The headings herein have been inserted for convenience only and shall not be deemed to limit or otherwise affect any of the provisions
of this Agreement.

5.       Counterparts;
Effectiveness. This Agreement may be executed in one or more counterparts (including counterparts transmitted by facsimile or Adobe
PDF attached to an email), each of which shall be deemed an original and all of which shall constitute one and the same agreement. The
exchange of copies of this Agreement and executed signature pages hereto by facsimile or in Adobe PDF attached to an email shall constitute
effective execution and delivery of this Agreement and may be used in lieu of the original Agreement for all purposes.

6.       Amendment
and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Executive,
and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement.

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7.       Complete
Agreement. This Agreement and the Employment Agreement embody the complete agreement and understanding between the parties with respect
to the subject matter hereof and shall supersede all other agreements or arrangements between the parties with regard to the subject matter
hereof and effective as of their dates supersede and preempt any prior understandings, agreements or representations by or between the
parties, written or oral, which may have related to the subject matter hereof in any way. Notwithstanding the foregoing, this Agreement
does not supersede or in any way limit or otherwise affect any restrictive covenants to which Executive may be bound, pursuant to another
agreement or otherwise. Those restrictive covenants would be enforceable separately in accordance with their terms.

8.       Prevailing
Party’s Litigation Expenses. In the event of litigation between the Company and Executive related to this Agreement, the non-prevailing
party shall reimburse the prevailing party for any costs and expenses (including, without limitation, attorneys’ fees) reasonably
incurred by the prevailing party in connection therewith.

9.       Successors
and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Executive, the Company and their respective
heirs, executors, personal representatives, successors and assigns by merger or consolidation, except that Executive may not assign any
rights or delegate any obligations hereunder without the prior written consent of the Company. As set forth in the preamble, as used in
this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to the Company by merger or consolidation
or purchase of all or substantially all of the Company’s assets which assumes the liabilities of the Company hereunder. Executive
hereby consents to the assignment by the Company of all of its rights and obligations hereunder to any successor to the Company by merger
or consolidation or purchase of all or substantially all of the Company’s assets, provided such transferee or successor assumes
the liabilities of the Company hereunder.

10.       Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under any applicable law, such invalidity
or unenforceability shall not affect any other provision, but this Agreement shall be reformed, construed and enforced as if such invalid
or unenforceable provision had never been contained herein.

11.       Other
Acknowledgements. Nothing in this Agreement prevents Executive from providing, without prior notice to the Company, information to
governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding
by any governmental authorities regarding possible legal violations.

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, Executive and the Company
have executed this Agreement on the date first above written.

EXECUTIVE

 

 

_______________________________________

 

Elk Creek Resources
Corporation

 

By____________________________________

Name: _________________________________

Title: _________________________________Document

Exhibit 10.1
M.D.C. HOLDINGS, INC.
2021 EQUITY INCENTIVE PLAN

FORM OF 2022 SENIOR EXECUTIVE OFFICER
STOCK OPTION AGREEMENT
M.D.C. Holdings, Inc., a Delaware corporation (the “Company”), grants an option under the M.D.C. Holdings, Inc. 2021 Equity Incentive Plan (the “Plan”) to purchase shares of common stock, $0.01 par value per share, of the Company (“Stock”) to the Optionee named below. This Stock Option Agreement (the “Agreement”) evidences the terms of the Company’s grant of an Option to Optionee.
A.NOTICE OF GRANT
Name of Optionee:  
Number of Shares of Stock Covered by the Option:  
Exercise Price per Share:  
Grant Date:  
Expiration Date: 
Type of Option: Non-Qualified Stock Option
Vesting Schedule: Optionee’s right to purchase shares of Stock under this Option is fully vested as of the Grant Date.  
This Option is also subject to the terms of any employment agreement or change in control agreement the Optionee may have with the Company (as such agreement(s) may be amended from time to time). Notwithstanding anything in this Agreement to the contrary, to the extent the provisions of this Agreement may conflict with provisions in the Optionee’s employment agreement with the Company (if any), the terms of the employment agreement shall control. 
B.STOCK OPTION AGREEMENT
1.Grant of Option. Subject to the terms and conditions of this Agreement and the Plan, the Company grants to Optionee, an Option to purchase the number of shares of Stock, at the Exercise Price (each as set forth in the Notice of Grant on the cover page of this Agreement), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. All capitalized terms in this Agreement shall have the meaning assigned to them in this Agreement or in the Plan.
2.Type of Option. This Option is a Non-Qualified Stock Option.
3.Certificates; Book Entry. The Company may elect to satisfy any requirement for the delivery of shares of stock through the use of electronic or other forms of book-entry including, but not limited to, uncertificated shares maintained electronically.
4.Fully Vested Option; Exercise Schedule. The Option, which is fully vested as of the Grant Date, is only exercisable, in whole or in part, before it expires and then only with respect to the following amounts: (a) the Option may be exercised for the first 33.34% of the 
55340915.1

shares on or after ___________________, (b) the Option may be exercised for an additional 33.33% of the shares (66.67% cumulative) on or after _____________, and (c) the Option may be exercised for the remaining 33.33% of the shares (100% cumulative) on or after ____________ (the “Exercise Schedule”). Subject to the preceding sentence, Optionee may exercise this Option, by following the procedures set forth in this Agreement. If at any time the number of shares of Stock that are covered by the exercisable portion of the Option includes a fractional share, the number of shares of Stock as to which the Option shall be actually exercisable shall be rounded down to the next whole share of Stock.
Except as provided otherwise in this Agreement, the Plan, or any employment agreement or change in control agreement Employee may have with the Company (as such agreement(s) may be amended from time to time), which may provide for accelerated exercisability upon certain terminations in connection with a Change of Control), Optionee’s right to exercise this Option and purchase shares of Stock hereunder is subject to the Exercise Schedule. Upon a Change of Control, the Committee in its discretion may take such actions, if any, as it deems necessary or desirable with respect to this Option, including, without limitation, providing that such Option be fully or partially exercisable.
5.Option Term; Expiration Date. This Option shall have a maximum term of ten (10) years, measured from the original Grant Date (set forth in the Notice of Grant), and shall accordingly expire at the close of business at Company headquarters on the tenth anniversary of the Grant Date, unless sooner terminated in accordance with Section 6 of this Agreement (the “Expiration Date”).
6.Termination of Service. In the event of the Employee’s Retirement (as defined in Section 4(a)(v) of the Employment Agreement dated October 26, 2020, between Employee and the Company (as amended from time to time, the “Employment Agreement”)), death, presumed death, the Employee becoming Totally Disabled (as defined in Section 3(f)(i) of the Employment Agreement), termination of the Employee’s employment by the Company without Cause (as defined in Section 4(a)(ii) of the Employment Agreement) (which includes a non-renewal by the Company of the Employment Agreement for each Additional Term, as defined in Section 2 of the Employment Agreement) or termination by the Employee for Good Reason (as defined in Section 4(a)(iv) of the Employment Agreement), or in the event of a Change of Control following which the employment of the Employee is terminated by the Company, in each case prior to the Expiration Date, then the unexercised portion of this Option shall become exercisable as of the date of termination, death, presumed death, or becoming Totally Disabled, as applicable, and the Option will expire at the close of business at Company headquarters on the Expiration Date. If the Optionee’s Service is terminated by the Company or an Affiliate for Cause, then Optionee shall immediately forfeit all then existing rights to the Option and the Option shall immediately expire on the date of termination of Service.
7.Leave of Absence.  For purposes of the Option, Service does not terminate when Optionee goes on a leave of absence that was approved by the Company or an Affiliate in writing.  Service terminates in any event when the approved leave ends unless Optionee immediately returns to active Service.  The Committee determines, in its sole discretion, which leaves of absence count for this purpose, and when Service terminates for all purposes under the Plan.
8.Option Exercise. 
(a)Right to Exercise. The Option shall be exercisable on or before the Expiration Date in accordance with the Exercise Schedule set forth in Section 4 or as earlier provided in accordance with Section 6. The Option shall not be exercisable after the Expiration Date.
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(b)Notice of Exercise. The Option shall be exercised by delivery of written or electronic notice to a representative of the Company designated by the Committee on any business day, on the form specified by the Company. The notice shall specify the number of shares of Stock to be purchased (which may be identified at the end of the exercise day) and be accompanied by full payment of the Exercise Price for the shares being purchased. The notice must also specify how the shares should be registered (in the name of Optionee or in both the names of Optionee and Optionee’s spouse as joint tenants with right of survivorship). The notice of exercise will be effective when it is received by the Company. Anyone exercising the Option after the death of Optionee must provide appropriate documentation to the satisfaction of the Company that the individual is entitled to exercise the Option.
(c)Payment of Exercise Price. Payment of the Exercise Price for the number of shares of Stock being purchased in full shall be made in one (or a combination) of the following forms: 
(i)Cash or cash equivalents acceptable to the Company;
(ii)Unrestricted shares of Stock which have already been owned by Optionee (for at least six months or such other period designated by the Committee) which are surrendered to the Company. The Fair Market Value of the shares, determined as of the date of surrender, must equal the aggregate Exercise Price to be applied to the Exercise Price; or
(iii)Any other method approved or accepted by the Committee in its sole discretion, including, but limited to a cashless (broker-assisted) exercise, if permitted, in which the sale proceeds are delivered to the Company in payment of the aggregate Exercise Price and any withholding taxes.
9.Tax Withholding. The Company shall have the right to require payment of, or deduction from payments of any kind otherwise due to Optionee, any federal, state, local or foreign taxes of any kind required by law to be withheld upon the issuance, vesting or delivery of any shares of Stock, dividends or payments of any kind. The Company may withhold taxes from any payments due to Optionee or Optionee may deliver a check to the Company. Subject to the prior approval of the Committee, which may be withheld by the Committee, in its sole discretion, Optionee may elect to satisfy the minimum statutory withholding obligations, in whole or in part, (i) by having the Company withhold shares of Stock otherwise issuable to Optionee or (ii) by delivering to the Company shares of Stock already owned by Optionee (for at least six months or any other minimum period required by the Company). The shares delivered or withheld shall have an aggregate Fair Market Value sufficient to satisfy the minimum statutory total tax withholding obligations. The Fair Market Value of the shares used to satisfy the withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined (“Tax Date”). Shares used to satisfy any tax withholding obligation must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. Any election must be made prior to the Tax Date, shall be irrevocable, made in writing and signed by Optionee, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.
10.Transfer of Option. Except as hereinafter provided, during Optionee’s lifetime, only Optionee (or, in the event of Optionee’s legal incapacity or incompetency, Optionee’s guardian or legal representative) may exercise the Option. Except as provided in the paragraph below, Optionee cannot transfer or assign the Option other than by will or the laws of descent and distribution. Upon any attempt to otherwise transfer or assign the Option, the Option will immediately become invalid. Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from Optionee’s spouse, nor is the Company obligated to recognize Optionee’s spouse’s interest in the Option in any other way.
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Optionee may transfer, not for value, all or part of the Option to any Family Member; provided, however, such a transfer must be accompanied by an executed tax agreement prepared by the Company. For the purposes of this paragraph, and subject to Section 6.7 of the Plan, a “not for value” transfer is a transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless applicable law does not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (or the Optionee) in exchange for an interest in that entity. Following a transfer to a Family Member, the Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer. Subsequent transfers of transferred Options are prohibited except to Family Members of the original Optionee in accordance with this Section, or by will or the laws of descent and distribution. The events of termination of Service under an Option shall continue to be applied with respect to the original Optionee, following which the Option shall be exercisable by the transferee only to the extent, and for the periods specified in the applicable Award Agreement. Also, subject to an amendment to the Plan authorizing such transfers, Optionee may transfer all or part of the Option to (1) a tax-exempt, non-profit organization qualified under I.R.C. Section 501(c), or (2) a trust in which any one or more Family Members (or the Optionee) hold a beneficial interest.
11.Investment Representations. The Committee may require Optionee (or Optionee’s estate or heirs) to represent and warrant in writing that the individual is acquiring the shares of Stock for investment and without any present intention to sell or distribute such shares and to make such other representations as are deemed necessary or appropriate by the Company and its counsel.
12.Continued Service. Neither the grant of the Option nor this Agreement gives Optionee the right to continue Service with the Company or its Affiliates in any capacity. The Company and its Affiliates reserve the right to terminate Optionee’s Service at any time and for any reason not prohibited by law. 
13.Shareholder Rights. Optionee and Optionee’s estate or heirs shall not have any rights as a shareholder of the Company until Optionee becomes the holder of record of such shares of Stock, and no adjustments shall be made for dividends or other distributions or other rights as to which there is a record date prior to the date Optionee becomes the holder of record of such shares, except as provided in Section 14 of the Plan.
14.Adjustments. The number of shares of Stock covered under this Option shall be proportionately increased or decreased for any increase or decrease in the number of shares of Stock on account of any Corporate Event. Any such adjustment in the Option shall not increase the aggregate Exercise Price payable with respect to shares that are subject to the unexercised portion of the outstanding Option and the adjustment shall comply with or be exempt from the requirements under Section 409A of the Code. The conversion of any convertible securities of the Company shall not be treated as an increase in shares effected without receipt of consideration. In the event of any distribution to the Company’s shareholders of an extraordinary cash dividend or securities of any other entity or other assets (other than ordinary dividends payable in cash or shares of Stock) without receipt of consideration by the Company, the Company shall proportionately adjust (a) the number and kind of shares subject to this Option and/or (b) the Exercise Price of this Option to reflect such distribution. 
15.Additional Requirements. Optionee acknowledges that shares of Stock acquired upon exercise of the Option may bear such legends, as the Company deems appropriate to comply with applicable federal or state laws. No shares shall be issued or delivered pursuant to this Agreement unless there shall have been compliance with all applicable requirements of federal, state and other securities laws, all applicable listing requirements of the New York Stock Exchange, if applicable, and all other requirements of law or of any regulatory bodies having 
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jurisdiction over such issuance and delivery. In connection therewith and prior to the issuance of the shares, Optionee may be required to deliver to the Company such other documents as may be reasonably necessary to ensure compliance with applicable laws and regulations.
16.Forfeiture. Optionee acknowledges that the Option is subject to any clawback policy as may be adopted or amended by the Company, an Affiliate, and/or Subsidiary, from time to time, such as the Clawback Policy adopted by the Company’s Corporate Governance/Nominating Committee on January 14, 2015.  Without limiting the generality of the foregoing sentence, and subject to Section 3.1 of the Plan, Optionee further acknowledges the Committee has the right, at its discretion, to required Optionee to return the Option to the Company as a condition to receiving a subsequent Award.
17.Governing Law. The validity and construction of this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and this Agreement to the substantive laws of any other jurisdiction. 
18.Binding Effect; Entire Agreement. This Agreement shall be binding upon and inure to the benefit of the Company and Optionee and their respective heirs, executors, administrators, legal representatives, successors and assigns. This Agreement constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof.
19.Tax Treatment; Section 409A. Optionee may incur tax liability as a result of the exercise of the Option or the disposition of shares of Stock. Optionee should consult his or her own tax adviser before exercising the Option or disposing of the shares. 
Optionee acknowledges that the Committee, in the exercise of its sole discretion and without Optionee’s consent, may (but is not obligated to) amend or modify the Option and this Agreement in any manner and delay the payment of any amounts payable pursuant to this Agreement to comply with changes in applicable law or exchange listing requirements or to the minimum extent necessary to satisfy the requirements of Section 409A of the Code. The Company will provide Optionee with notice of any such amendment or modification.
20.Amendment. The terms and conditions set forth in this Agreement may only be amended by the written consent of the Company and Optionee, except to the extent set forth in Section 19 hereof and any other provision set forth in the Plan.
21.2021 Equity Incentive Plan. The Option and shares of Stock acquired upon exercise of the Option granted hereunder shall be subject to such additional terms and conditions as may be imposed under the terms of the Plan, a copy of which has been provided to Optionee electronically.
22.Headings; Construction. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
23.Other Employee Benefits. The amount of any compensation deemed to be received by Optionee under this Agreement as a result of the exercise of the Option or the sale of shares of Stock received upon such exercise, shall not constitute “earnings” or “compensation” with respect to which any other employee benefits of Optionee are determined, including without 
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limitation benefits under any pension, profit sharing, 401(k), bonus, life insurance or salary continuation plan, except to the extent specifically provided in such separate plan or agreement.
24.Interpretation; Administration. The Committee shall have the full power and authority to administer the terms and conditions of this Agreement, to adopt any procedures, make any determinations, correct any defect, supply any omission or reconcile any inconsistency with respect to the terms and conditions of this Agreement in the manner and to the extent it shall deem expedient and it shall be the sole and final judge of such expediency. No member of the Committee shall be liable for any action or determination made in good faith. The determinations, interpretations and other actions of the Committee with respect to this Agreement and the Option shall be binding and conclusive for all purposes and on all persons.
25.Acceptance. This Agreement is voidable by the Company if the Optionee does not accept this Agreement within 30 days after the Agreement is made available, electronically or otherwise, to the Optionee by the Company.
Dated: as of the Grant Date set forth above.
M.D.C. HOLDINGS, INC.               

By:                            

Its                                
OPTIONEE
[If handwritten signature:] 
Signed:                      
 
[If electronic signature:] 
I, the Optionee, understand that clicking “ACCEPT” below constitutes my electronic signature and intend that it shall have the same legally binding effect as my handwritten signature. 
[ACCEPT]         I accept this stock option agreement. 
[REJECT]          I reject this stock option agreement.

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