Document:

Exhibit
4.5

 

DESCRIPTION
OF SECURITIES 

 

The
following sets forth a summary of the material terms of the securities of Landsea Homes Corporation (“we,” “us,”
“our” or the “Company”), including certain provisions of Delaware law and the material provisions of our
Second Amended and Restated Certificate of Incorporation (the “Certificate”) and Second Amended and Restated Bylaws
(the “Bylaws”). This summary is not intended to be a complete summary of the rights and preferences of such securities
and is qualified entirely by reference to the Certificate, Bylaws and the Warrant Agreement, dated as of June 19, 2018, by and
between the Company and Continental Stock Transfer & Trust Company (the “Warrant Agreement”). You should refer
to our Certificate, Bylaws and the Warrant Agreement, which are included as exhibits to the Annual Report on Form 10-K of which
this exhibit is a part, for a complete description of the rights and preferences of our securities. The summary below is also
qualified by reference to the provisions of the Delaware General Corporation Law (the “DGCL”), as applicable.

 

The
Company, formerly known as LF Capital Acquisition Corp. (“LF Capital”) was originally incorporated on June 29, 2017
for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. On June 22, 2018, LF Capital consummated an initial public offering, after which its
securities began trading on The Nasdaq Capital Market (“Nasdaq”).

 

On
January 7, 2021 (the “Closing Date”), the Company consummated the business combination pursuant to that certain Agreement
and Plan of Merger dated August 31, 2020 (the “Merger Agreement”), by and among LF Capital, LFCA Merger Sub, Inc.,
a Delaware corporation and a direct, wholly-owned subsidiary of LF Capital (“Merger Sub”), Landsea Homes Incorporated,
a Delaware corporation (“Landsea”), and Landsea Holdings Corporation, a Delaware corporation (the “Seller”
or “Landsea Holdings”), which provided for the merger of Merger Sub with and into Landsea, with Landsea continuing
as the surviving corporation (the “Merger” and, together with the other transactions contemplated by the Merger Agreement,
the “Business Combination”). 

 

In
connection with the Business Combination, the registrant changed its name from LF Capital Acquisition Corp. to Landsea Homes Corporation,
and Landsea changed its name from Landsea Homes Incorporated to Landsea Homes US Corporation. Following the Business Combination,
Landsea Holdings Corporation beneficially holds a majority of the voting power of all outstanding shares of the common stock,
par value $0.0001 per share, of Landsea Homes Corporation (“Common Stock”). Following the Closing Date, Landsea Homes
Corporation changed the trading symbols for its Common Stock (formerly Class A common stock) and warrants on Nasdaq from “LFAC”
and “LFAC-W” to “LSEA” and “LSEA-W.”

 

Authorized
and Outstanding Stock 

 

Prior
to the Business Combination, the Amended and Restated Certificate of Incorporation of LF Capital authorized the issuance of 116,000,000
shares, consisting of (a) 115,000,000 shares of common stock, par value of $0.0001 per share, including (i) 100,000,000 shares
of Class A common stock and (ii) 15,000,000 shares of Class B common stock, and (b) 1,000,000 shares of preferred stock, par value
$0.0001 per share. Upon the consummation of the Business Combination, all issued and outstanding shares of Class B common stock
(the “Founder Shares”) converted to shares of Common Stock. Public stockholders were offered the opportunity to redeem,
upon closing of the Business Combination, shares of Class A common stock for cash.

 

Following
the completion of the Business Combination, the Certificate authorizes the issuance of 550,000,000 shares of capital stock, consisting
of (i) 500,000,000 shares of Common Stock, and (ii) 50,000,000 shares of preferred stock, par value $0.0001 per share. All
outstanding shares of Common Stock are validly issued, fully paid and nonassessable.

  

Voting
Power

 

Except
as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, under
our Certificate, the holders of Common Stock possess all voting power for the election of our directors and all other matters
requiring stockholder action and are entitled or will be entitled, as applicable, to one vote per share on matters to be voted
on by stockholders. Subject to certain limited exceptions, the holders of 

    1

     

    

Common Stock shall at all times vote together as one
class on all matters submitted to a vote of the holders of Common Stock under the Certificate.

 

Preemptive
or Other Rights

 

The
Certificate does not provide for any preemptive, subscription or conversion rights, or other similar rights, including any redemption
or sinking fund provisions. There is no liability for further calls or assessments by the Company.

 

Election
of Directors

 

Under
the Certificate, directors are elected annually by a plurality voting standard, whereby each of our stockholders may not give
more than one vote per share towards any one director nominee.

 

Preferred
Stock

 

Our
Certificate provides that shares of preferred stock may be issued from time to time in one or more series.  Our Board of
Directors (the “Board”) is authorized to fix the voting rights, if any, designations, powers, preferences and relative,
participating, optional, special and other rights, if any, and any qualifications, limitations and restrictions thereof, applicable
to the shares of each series.  Our Board is able, without stockholder approval, to issue preferred stock with voting and
other rights that could adversely affect the voting power and other rights of the holders of the Common Stock and could have anti-takeover
effects.  The ability of our Board to issue preferred stock without stockholder approval could have the effect of delaying,
deferring or preventing a change of control of us or the removal of existing management. 

 

Warrants

 

Public
Stockholders’ Warrants

 

Pursuant
to the Warrant Amendment, each of our outstanding public warrants entitle the holder thereof to purchase one-tenth of one share
of our Common Stock at an exercise price of $1.15 per one-tenth share ($11.50 per whole share of Common Stock). A public warrant
holder may not exercise its warrants for fractional shares of Common Stock and therefore only ten warrants (or a number of warrants
evenly divisible by ten) may be exercised at any given time by the public warrant holder. The warrants will expire January 7,
2026, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We
are not obligated to deliver any shares of Common Stock pursuant to the exercise of a warrant and have no obligation to settle
such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying
the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described
below with respect to registration. No warrant is exercisable, and we are not obligated to issue shares of Common Stock upon exercise
of a warrant, unless Common Stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under
the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the
two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant is not entitled to
exercise such warrant and such warrant may have no value and expire worthless.

 

If
our Common Stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies
the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require
holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9)
of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement,
but we will be required to use our best efforts to register or qualify the shares under applicable blue sky laws to the extent
an exemption is not available.

 

We
may call the warrants for redemption:

 

		●	in
                                         whole and not in part;

    2

     

    
		●	at
                                         a price of  $0.01 per warrant;

		●	upon
                                         not less than 30 days’ prior written notice of redemption (the “30-day redemption
                                         period”) to each warrant holder; 

		●	if,
                                         and only if, the reported last sale price of the Common Stock equals or exceeds $18.00
                                         per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
                                         and the like) for any 20 trading days within a 30-trading day period ending three business
                                         days before we send the notice of redemption to the warrant holders; and

		●	if
                                         and when the warrants become redeemable by us, we may exercise our redemption right even
                                         if we are unable to register or qualify the underlying securities for sale under all
                                         applicable state securities laws.

 

We
have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied, and we issue a notice
of redemption of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption
date. However, the price of the Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption
notice is issued.

 

If
we call the warrants for redemption as described above, our management will have the option to require any holder that wishes
to exercise its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise
their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number
of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Common
Stock issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would
pay the exercise price by surrendering their warrants for that number of shares of Common Stock equal to the quotient obtained
by dividing (x) the product of the number of shares of Common Stock underlying the warrants, multiplied by the excess of
the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair market value.
The “fair market value” shall mean the average reported last sale price of the Common Stock for the ten trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our
management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number
of shares of Common Stock to be received upon exercise of the warrants, including the “fair market value” in such
case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a warrant redemption. If we call our warrants for redemption and our management does not take advantage of this option,
Level Field Capital, LLC, a Delaware limited liability company (the “Sponsor”), and its permitted transferees would
still be entitled to exercise their warrants received simultaneously with the Company’s initial public offering (the “Private
Placement Warrants”) for cash or on a cashless basis using the same formula described above that other warrant holders would
have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in
more detail below.

 

A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as
a holder may specify) of the shares of Common Stock outstanding immediately after giving effect to such exercise.

 

If
the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up
of shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of each warrant will be increased in proportion to such increase in
the outstanding shares of Common Stock. A rights offering to holders of Common Stock entitling holders to purchase shares of Common
Stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of Common Stock equal to
the product of  (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for Common Stock) multiplied
by (ii) one minus the quotient of  (x) the price per share of Common Stock paid in such rights offering divided
by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable
for Common Stock, in determining the price payable for Common Stock, there will be taken into account any 

    3

     

    

consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume
weighted average price of Common Stock as reported during the ten trading day period ending on the trading day prior to the first
date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.

 

In
addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of Common Stock on account of such shares of Common Stock (or other shares of our capital
stock into which the warrants are convertible), other than (a) as described above and (b) certain cash dividends, then
the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash
and/or the fair market value of any securities or other assets paid on each share of Common Stock in respect of such event.

 

If
the number of outstanding shares of our Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each warrant will be decreased
in proportion to such decrease in outstanding shares of Common Stock.

 

Whenever
the number of shares of Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant
exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the
numerator of which will be the number of shares of Common Stock purchasable upon the exercise of the warrants immediately prior
to such adjustment, and (y) the denominator of which will be the number of shares of Common Stock so purchasable immediately
thereafter. 

 

In
case of any reclassification or reorganization of the outstanding shares of Common Stock (other than those described above or
that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of us with or
into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result
in any reclassification or reorganization of our outstanding shares of Common Stock), or in the case of any sale or conveyance
to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection
with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in the warrants and in lieu of the shares of our Common Stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised
their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Common Stock
in such a transaction is payable in the form of Common Stock in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately
following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following
public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement based
on the Black-Scholes value (as defined in the Warrant Agreement) of the warrant.

 

The
warrants were issued in registered form under the Warrant Agreement. The Warrant Agreement provides that the terms of the warrants
may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval
by the holders of at least 65% of the then outstanding public warrants to make any change that adversely affects the interests
of the registered holders of public warrants.

 

The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied
by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to
us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Common
Stock or any voting rights until they exercise their warrants and receive shares of Common Stock. After the issuance of shares
of Common Stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record
on all matters to be voted on by stockholders.

    4

     

    

No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Common
Stock to be issued to the warrant holder.

 

As
of March 8, 2021, there were 15,525,000 public warrants and 5,500,000 Private Placement Warrants outstanding.

 

Private
Placement Warrants 

 

The
Private Placement Warrants and the Common Stock issuable upon exercise of the Private Placement Warrants are transferable, assignable
and salable, but they will not be redeemable by us so long as they are held by the Seller, Sponsor or permitted transferees. Each
warrant entitles the registered holder to purchase one share of our Common Stock at a price of $11.50 per share, subject
to adjustment as discussed below. Other than the foregoing, the Private Placement Warrants have terms and provisions that are
identical to those of the public warrants, including as to exercisability and exercise period. If the Private Placement Warrants
are held by holders other than the Seller, Sponsor or permitted transferees, the Private Placement Warrants are redeemable by
us and exercisable by the holders on the same basis as the public warrants.

 

If
holders of the Private Placement Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the
number of shares of Common Stock underlying the warrants, multiplied by the excess of the “fair market value” (defined
below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean
the average reported last sale price of the Common Stock for the ten trading days ending on the third trading day prior to the
date on which the notice of warrant exercise is sent to the warrant agent.   

 

Restrictions
on Sales or Transfers of Common Stock 

 

The
Seller delivered an Investor Representation Letter on the Closing Date, whereby, among other things, the Seller represented to
the Company that the Seller will not transfer any of the Common Stock within 180 days following the Closing Date, on the terms
and subject to the conditions set forth therein.

 

On
the Closing Date, each of the Sponsor and certain other holders of converted Founder Shares entered into an equity lock-up letter
agreement with the Company, which provides that their shares of Common Stock are not transferable or salable until the earlier
of (A) one year after the completion of the Business Combination or (B) subsequent to the Business Combination, (x) if
the last sale price of our Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Business Combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization or other
similar transaction that results in all of our stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property, except (a) to our officers or directors, any affiliates or family members of any of our officers
or directors, any members of the Sponsor, or any affiliates of the Sponsor, (b) in the case of an individual, by gift to a member
of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate
family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue of laws of
descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations
order; (e) by private sales; (f) in the event of our liquidation; (g) by virtue of the laws of Delaware or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; (h) in the event of our liquidation, merger, capital stock
exchange, reorganization or other similar transaction which results in all of our stockholders having the right to exchange their
shares of Common Stock for cash, securities or other property subsequent to the completion of the Business Combination; provided,
however, that in the case of clauses (a) through (e) these permitted transferees must enter into a written agreement agreeing
to be bound by these transfer restrictions.

 

On
the Closing Date, the Seller also entered into an equity lock-up agreement with the Company, which provides that, subject to certain
exceptions, its shares of Common Stock are not transferable or salable until the 

    5

     

    

earlier of (A) one year following the closing
of the Business Combination and (B) subsequent to the closing of the Business Combination, (x) if the last sale price of the Common
Stock equals or exceeds $12.00 per share as quoted on Nasdaq (adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days following the closing of the
Business Combination or (y) the date following the closing of the Business Combination on which the Company completes a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders
having the right to exchange their shares of the Company for cash, securities or other property, as set forth in such letter agreement,
except (a) to the Seller’s officers or directors, any affiliates or family members of any of the Seller’s officers
or directors, any affiliates or family members of the Seller, or any affiliates of the Seller, (b) in the case of an individual,
by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s
immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue
of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic
relations order; (e) by private sales; (f) in the event of our liquidation; (g) by virtue of the laws of Delaware or the Seller’s
limited liability company agreement upon dissolution of the Seller; (h) in the event of our liquidation, merger, capital stock
exchange, reorganization or other similar transaction which results in all of our stockholders having the right to exchange their
shares of Common Stock for cash, securities or other property subsequent to the completion of the Business Combination; provided,
however, that in the case of clauses (a) through (e) these permitted transferees must enter into a written agreement agreeing
to be bound by these transfer restrictions.

 

Dividends

 

The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition. The payment of any cash dividends subsequent to a business combination will be within the discretion of our
Board at such time.

 

Transfer
Agent and Warrant Agent

 

The
Transfer Agent for our Common Stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents
and each of its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable
counsel fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due
to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

 

Certain
Anti-Takeover Provisions of Delaware Law, the Company’s Certificate and Second Amended and Restated Bylaws

 

Our
Certificate and Bylaws contain provisions that may discourage unsolicited takeover proposals that stockholders may consider to
be in their best interests. We are also subject to anti-takeover provisions under Delaware law, which could delay or prevent a
change of control. Together, these provisions may make more difficult the removal of management and may discourage transactions
that otherwise could involve payment of a premium over prevailing market prices for our securities. These provisions include:

  

		●	a
                                         prohibition on stockholder action by written consent once the company is no longer controlled,
                                         which forces stockholder action to be taken at an annual or special meeting of our stockholders;

		●	a
                                         vote of 25% required for stockholders to call a special meeting;

		●	a
                                         “synthetic” anti-takeover provision in lieu of the statutory protections
                                         of Section 203 of the DGCL;

		●	a
                                         vote of 80% required to approve a merger as long as the majority stockholder owns at
                                         least 20% of our stock;

		●	a
                                         vote of 70% required to approve certain amendments to the Certificate and the Bylaws;
                                         

    6

     

    
		●	a
                                         provision allowing the directors to fill any vacancies on the Board, including vacancies
                                         that result from an increase in the number of directors, subject to the rights of the
                                         holders of any outstanding series of preferred stock to elect directors under specified
                                         circumstances; and

		●	the
                                         designation of Delaware as the exclusive forum for certain disputes.

 

Forum
Selection Clause

  

Our
Certificate provides that, unless we select or consent in writing to the selection of an alternative forum, the sole and exclusive
forum, to the fullest extent permitted by law, and subject to applicable jurisdictional requirements, shall be the Court of Chancery
of the State of Delaware (or, if the Court of Chancery does not have or declines to accept jurisdiction, another state court or
a federal court located within the State of Delaware) for any complaint asserting claims, including any derivative action or proceeding
brought on our behalf, based upon a violation of a duty by a current or former director, officer, employee or stockholder in such
capacity, any action as to which the DGCL confers jurisdiction upon the Court of Chancery, or any other action asserting a claim
that is governed by the internal affairs doctrine as interpreted by Delaware state courts.

 

In
addition, our Certificate provides that the sole and exclusive forum for any complaint asserting a cause of action arising under
the Securities Act of 1933 (the “Securities Act”), to the fullest extent permitted by law, shall be the federal district
courts of the United States, but the forum selection provision will not apply to claims brought to enforce a duty or liability
created by the Securities Exchange Act of 1934.

 

Advance
Notice of Director Nominations and New Business

 

Our
Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election
as director. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply
with such advance notice procedures and provide us with certain information. Our Bylaws allow the presiding officer at a meeting
of stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct
of certain business at a meeting if such rules and regulations are not followed.

 

These
provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s
own slate of directors or otherwise attempting to influence or obtain control of us.

 

Stockholder’s
Agreement

 

On
the closing of the Business Combination, the Company and the Seller entered into that certain Stockholder’s Agreement, whereby,
among other things, the parties agreed (i) to certain board composition and nomination requirements, including rights to nominate
directors in accordance with defined ownership thresholds, establish certain committees and their respective duties and allow
for the compensation of directors, (ii) to provide the Seller with certain inspection and visitation rights, access to Company
management, auditors and financial information, (iii) to provide the Seller with veto rights with respect to certain actions of
the Company, (iv) not to, to the extent permitted by applicable law, share confidential information related to the Company, (v)
to waive their right to jury trial and choose Delaware as the choice of law, and (vi) to vote their Common Stock in furtherance
of the aforementioned rights, in each case on terms and subject to the conditions set forth therein. In addition, the Seller also
agreed not to compete with the Company in the “domestic homebuilding business,” as such term is defined therein, so
long as it, together with its affiliates, controls more than 10% of the Company or has a representative serving on the board of
directors.

 

Registration
Rights 

 

Under
the Warrant Agreement, the Company has agreed to register shares of Common Stock underlying its warrants. Holders of our Private
Placement Warrants and their permitted transferees can demand that we register the Private Placement Warrants and the shares of
Common Stock issuable upon exercise of the Private Placement Warrants.

    7

     

    

Pursuant
to that certain Registration Rights Agreement, by and between the Company, dated June 19, 2018, those persons holding Founder
Shares (the “LF Capital Restricted Stockholders”) and their permitted transferees can demand that we register the
shares of Common Stock into which Founder Shares automatically converted at the time of the consummation of the Business Combination.
The LF Capital Restricted Stockholders are entitled to make up to three demands, excluding short form demands, that the Company
register such securities. In addition, the LF Capital Restricted Stockholders have certain “piggy-back” registration
rights with respect to registration statements filed subsequent to the consummation of the Business Combination. The Company will
bear the expenses incurred in connection with the filing of any such registration statements.

 

The
Company also provided the Seller, pursuant to the Merger Agreement, and certain investors, pursuant to those certain Forward Purchase
and Subscription Agreements entered into in connection with the Merger Agreement, with certain customary registration rights.

    8Exhibit 10.10

 

INDEMNIFICATION AGREEMENT

This Indemnification Agreement (this “Agreement”)
is entered into as of January __, 2021 by and between Landsea Homes Corporation, a Delaware corporation (the “Company”),
and _______________________ (the “Indemnitee”) and shall be deemed effective upon the earliest date that the
Indemnitee is duly elected or appointed as a director or officer of the Company.

RECITALS 

WHEREAS, the Board of Directors has determined that the inability
to attract and retain qualified persons as directors and officers is detrimental to the best interests of the Company’s stockholders
and that the Company should act to assure such persons that there shall be adequate certainty of protection through insurance and
indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the
Company;

WHEREAS, the Company has adopted provisions in its Second
Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and Second Amended and
Restated Bylaws (“Bylaws”) providing for indemnification and advancement of expenses of its directors and officers
to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”), and the
Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification
and advancement of expenses;

WHEREAS, in order to induce and encourage highly experienced
and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the Company and in any other
capacity with respect to the Company as the Company may request, and to otherwise promote the desirable end that such persons shall
resist what they consider unjustified lawsuits and claims made against them in connection with the good faith performance of their
duties to the Company, with the knowledge that certain costs, judgments, penalties, fines, liabilities, and expenses incurred by
them in their defense of such litigation are to be borne by the Company and they shall receive the appropriate protection against
such risks and liabilities, the Board of Directors of the Company has determined that the following Agreement is reasonable and
prudent to promote and ensure the best interests of the Company and its stockholders; and

WHEREAS, the Company desires to have the Indemnitee serve
or continue to serve as a director or officer of the Company and in any other capacity with respect to the Company as the Company
may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks and personal
liabilities by reason of the Indemnitee acting in good faith in the performance of the Indemnitee’s duty to the Company;
and the Indemnitee desires to continue so to serve the Company, provided, and on the express condition, that he or she is
furnished with the protections set forth hereinafter.

AGREEMENT 

NOW, THEREFORE, in consideration of the Indemnitee’s
continued service as a director or officer of the Company, the parties hereto agree as follows:

 

1. Definitions. For purposes of this Agreement:

(a) A “Change in Control” will be deemed
to have occurred if, with respect to any particular 24-month period, the individuals who, at the beginning of such 24-month period,
constituted the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent
to the beginning of such 24-month period whose election, or nomination for election by the stockholders of the Company, was approved
by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs
as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors.

     

     

    

(b) “Disinterested Director” means a director
of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought by the Indemnitee.

(c) “Expenses” includes, without limitation,
all expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute resolution
mechanism, inquiry, judicial, administrative, or legislative hearing, investigation, or any other threatened, pending, or completed
proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil,
criminal, administrative, legislative, investigative, or other nature, attorneys’ fees, witness fees and expenses, fees and
expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for, and other
costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right
to indemnification or advancement under this Agreement, but shall not include the amount of judgments, fines, ERISA excise taxes,
or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.

(d) “Independent Counsel” means a law firm
or a member of a law firm that neither is presently nor in the past five years has been retained to represent (i) the Company or
the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement.

(e) “Proceeding” means any action, suit,
arbitration, alternative dispute resolution mechanism, inquiry, judicial, administrative, or legislative hearing, investigation,
or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including
any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee
was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is
or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee
of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation
or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan (such
status, the Indemnitee’s “Corporate Status”), or by reason of anything done or not done by the Indemnitee
in any such capacity, whether or not the Indemnitee is serving in such capacity at the time any expense, liability, or loss is
incurred for which indemnification or advancement can be provided under this Agreement.

2. Service by the Indemnitee. The Indemnitee shall
serve and/or continue to serve as a director or officer of the Company faithfully and to the best of the Indemnitee’s ability
so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee’s successor is elected and qualified
or the Indemnitee is removed as permitted by applicable law or tenders a resignation in writing.

3. Indemnification and Advancement of Expenses. The
Company shall indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of
any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the
DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing
the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided
hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement
of Expenses shall be paid to the Indemnitee:

(a) to the extent expressly prohibited by applicable law or
the Certificate of Incorporation and Bylaws of the Company;

(b) for and to the extent that payment is actually made to
the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, provision of the
certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee
shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee);

    2

     

    

(c) in connection with an action, suit, or proceeding, or
part thereof voluntarily initiated by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted
by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding
or arbitration pursuant to Section 11 to enforce rights under this Agreement, unless (A) the action, suit, or proceeding, or part
thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines that
indemnification or advancement of expenses is appropriate or (B) the Company provides the indemnification, in its sole discretion,
pursuant to the powers vested in the Company under applicable law; or

(d) with respect to any Proceeding brought by or in the right
of the Company against the Indemnitee that is authorized by the Board of Directors of the Company, except as provided in Sections
5, 6, and 7 below.

4. Action or Proceedings Other than an Action by or in
the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights
provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved
in, any Proceeding (other than an action by or in the right of the Company) by reason of the Indemnitee’s Corporate Status,
or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall
be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid
in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee, or on behalf
of the Indemnitee, in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable
cause to believe his or her conduct was unlawful.

5. Indemnity in Proceedings by or in the Right of the Company.
Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if
the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought
by or in the right of the Company to procure a judgment in its favor by reason of the Indemnitee’s Corporate Status, or by
reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by the Indemnitee, or on behalf of the Indemnitee, in connection with such
Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company; provided, however, that no such indemnification shall be made in respect of any
claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any adjudication of liability
of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court
in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of
all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such
court shall deem proper.

6. Indemnification for Costs, Charges, and Expenses of
Successful Party. Notwithstanding any limitations of Sections 3(c), 4, and 5 above, to the extent that the Indemnitee has been
successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or
matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately determined,
by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee
is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and
reasonably incurred by the Indemnitee in connection therewith. For purposes of this Section and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

7. Partial Indemnification. If the Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for some or a portion of the expense, liability, and loss
(including judgments, fines, ERISA excise taxes or penalties, amounts paid in settlement by or on behalf of the Indemnitee, and
Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding or
arbitration pursuant to Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof,
the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably
incurred to which the Indemnitee is entitled.

    3

     

    

 

8. Indemnification for Expenses of a Witness. Notwithstanding
any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification
against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf if the Indemnitee appears
as a witness, responds to a discovery request or otherwise incurs legal expenses as a result of or related to the Indemnitee’s
service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative
dispute resolution mechanism, inquiry, judicial, administrative, or legislative hearing, investigation, or any other threatened,
pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to
which the Indemnitee neither is, nor is threatened to be made, a party.

9. Determination of Entitlement to Indemnification.
To receive indemnification under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company.
Such request shall include documentation or information reasonably available to the Indemnitee that is necessary for such determination.
Notwithstanding the foregoing, any failure of the Indemnitee to provide such a request to the Company, or to provide such a request
in a timely fashion, shall not relieve the Company of any liability that it may have to the Indemnitee unless, and to the extent
that, such failure actually and materially prejudices the interests of the Company. Upon receipt by the Secretary of the Company
of a written request by the Indemnitee for indemnification pursuant to this Agreement, the entitlement of the Indemnitee to indemnification,
to the extent not provided pursuant to the terms of this Agreement, shall be determined by the following person or persons who
shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section 9(e) below):
(a) the Board of Directors by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b)
a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes
a quorum; (c) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a
written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company;
or (e) in the event that a Change in Control has occurred, at the option of the Indemnitee, by Independent Counsel in a written
opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected
by the Board of Directors and approved by the Indemnitee, except that in the event that a Change in Control has occurred, Independent
Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon
failure of the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel
shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall
be made and, unless a contrary determination is made, such indemnification shall be paid in full by the Company not later than
the earlier of (i) 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification and
(ii) 10 calendar days after determination has been made that the Indemnitee is entitled to indemnification pursuant to Section
10 of this Agreement. If the person making such determination shall determine that the Indemnitee is entitled to indemnification
as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification
among the claims, issues, or matters at issue at the time of the determination.

 

10. Presumptions and Effect of Certain Proceedings. The Secretary
of the Company shall, promptly upon receipt of the Indemnitee’s written request for indemnification, advise in writing the
Board of Directors or such other person or persons empowered to make the determination as provided in Section 9 that the Indemnitee
has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be
entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such
presumption. If the person or persons so empowered to make such determination shall have failed to make the requested determination
with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request, a requisite
determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled
to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described in
Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall
not, of itself (a) create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, or with respect to any criminal Proceeding, had reasonable
cause to believe his or her conduct was unlawful or (b) otherwise adversely affect the rights of the Indemnitee to indemnification
except as may be provided herein.

    4

     

    

11. Remedies of the Indemnitee in Cases of Determination
Not to Indemnify or to Advance Expenses; Right to Bring Suit. In the event that a determination is made that the Indemnitee
is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification
pursuant to Sections 9 and 10, or if an advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee may at
any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement
of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware unless, if the Indemnitee is
an employee of the Company, otherwise required by the law of the state in which the Indemnitee primarily resides and works. Alternatively,
the Indemnitee at the Indemnitee’s option may seek an award in an arbitration to be conducted by a single arbitrator in the
State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days
following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee’s right to seek any such
adjudication or award in arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication or
award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but
not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense
that the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL. Further, in any suit
brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled
to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right
to appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the Company (including
the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination
prior to the commencement of such suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because
the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested
Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the
standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described
above, or, in the case of such a suit brought by the Indemnitee, be a defense to such suit or arbitration. In any suit brought
by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to
recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled
to be indemnified, or to such advancement of expenses, under this Section 11 or otherwise shall be on the Company. If a determination
is made or deemed to have been made pursuant to the terms of Section 9 or 10 that the Indemnitee is entitled to indemnification,
the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that
the procedure by which such determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate
in any court or before any arbitrator pursuant to this Section 11 that the Company is bound by all the provisions of this Agreement
and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is
entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably
incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate
proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses
pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee
in connection with such suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part,
in defense of such suit, to the fullest extent permitted by law.

12. Non-Exclusivity of Rights; Survival of Rights; Insurance;
Subrogation.

(a) The rights provided by this Agreement shall not be deemed
exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the certificate of incorporation
or the bylaws of the Company (including the Certificate Incorporation or Bylaws), any agreement, a vote of stockholders, a resolution
of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision of this Agreement
shall limit or restrict any right of the Indemnitee under this Agreement in respect of any action taken or omitted by the Indemnitee
in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether
by statute or judicial decision, permits greater indemnification than would be afforded under the current certificate of incorporation
or bylaws of the Company and this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement
the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right
or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

    5

     

    

(b) To the extent that the Company maintains an insurance
policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or
of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves
at the request of the Company, the Company shall obtain coverage for the Indemnitee under such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any other director (if the Indemnitee is a director),
or officer (if the Indemnitee is not a director but is an officer), of the Company under such policy or policies. If, at the time
of the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company has director and officer liability insurance
in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all commercially reasonable steps to cause such insurers
to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

(c) In the event of any payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute
all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company effectively to bring suit to enforce such rights.

(d) The Company shall not be liable under this Agreement to
make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received
such payment under any insurance policy, contract, agreement or otherwise.

13. Expenses to Enforce Agreement. In the event that
the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability of this Agreement
is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee’s rights under, or to recover damages
for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding,
shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably
incurred by the Indemnitee in connection therewith.

14. Continuation of Indemnity. All agreements and obligations
of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent, or trustee
of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a director,
officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including
service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the
fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at the request of the
Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or
other enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors
and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or operation
of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and administrators.

 

15. Notification and Defense of Proceeding. Promptly after
receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or an advancement
of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement
thereof; but the omission so to notify the Company shall not relieve it from any liability that it may have to the Indemnitee unless,
and to the extent that, such failure actually and materially prejudices the interests of the Company. Notwithstanding any other
provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company:

(a) The Company shall be entitled to participate therein at
its own expense;

(b) Except as otherwise provided in this Section 15(b), to
the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to assume
the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election
so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses of counsel
subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee
shall have the right to employ the Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such counsel
incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless
(i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded
that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding,
or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to
assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel shall be at
the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of
the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and

    6

     

    

(c) Notwithstanding any other provision of this Agreement,
the Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding
effected without the Company’s written consent, or for any judicial or other award, if the Company was not given an opportunity,
in accordance with this Section 15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding
in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that would
directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to the Indemnitee,
without the Indemnitee’s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its consent
to any proposed settlement.

16. Advancement of Expenses. All Expenses incurred
by the Indemnitee in defending any Proceeding described in Section 4 or 5 shall be paid by the Company in advance of the final
disposition of such Proceeding at the request of the Indemnitee. Notwithstanding the foregoing, the Company shall not advance or
continue to advance Expenses to the Indemnitee (except by reason of the fact that the Indemnitee is or was a director of the Company)
if a determination is reasonably made that the facts known at the time such determination is made demonstrate clearly and convincingly
that the Indemnitee acted in bad faith or in a manner that the Indemnitee did not reasonably believe to be in or not opposed to
the best interests of the Company, or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe
his or her conduct was unlawful. Such determination shall be made: (i) by the Board of Directors of the Company by a majority vote
of Disinterested Directors, whether or not such majority constitutes a quorum; (ii) by a committee of Disinterested Directors designated
by a majority vote of such directors, whether or not such majority constitutes a quorum; (iii) if there are no Disinterested Directors,
or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which
shall be delivered to the Indemnitee; or (iv) in the event that a Change in Control has occurred, by Independent Counsel in a written
opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. To receive an advancement of Expenses
under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall reasonably
evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the
Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent
jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses
by the Company as provided by this Agreement or otherwise. The Indemnitee’s undertaking to repay any such amounts is not
required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary
of the Company of such written request. The Indemnitee’s entitlement to Expenses under this Agreement shall include those
incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant
to Section 11 of this Agreement (including the enforcement of this provision) to the extent the court or arbitrator shall determine
that the Indemnitee is entitled to an advancement of Expenses hereunder.

17. Severability; Prior Indemnification Agreements.
If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable as applied to any person
or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a) the validity, legality, and
enforceability of such provision in any other circumstance and of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable,
that are not by themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or entities
or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held
to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as
to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest enforceable extent
set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and
between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.

18. Headings; References; Pronouns. The headings of
the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and any
variations thereof shall be deemed to refer to the singular or plural as appropriate.

    7

     

    

19. Other Provisions.

(a) This Agreement and all disputes or controversies arising
out of or related to this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware,
without regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles of the State
of Delaware, unless, if the Indemnitee is an employee of the Company, otherwise required by the law of the state in which the Indemnitee
primarily resides and works.

 

(b) This Agreement may be executed in two or more counterparts,
all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to the other party.

(c) This Agreement shall not be deemed an employment contract
between the Company and any Indemnitee who is an officer of the Company, and, if the Indemnitee is an officer of the Company, the
Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without cause, and
with or without severance compensation, except as may be otherwise provided in a separate written contract between the Indemnitee
and the Company.

(d) This Agreement may not be amended, modified, or supplemented
in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment
hereto, signed on behalf of each party. No failure or delay of either party in exercising any right or remedy hereunder shall operate
as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment or discontinuance of steps
to enforce such right or power, or any course of conduct, shall preclude any other or further exercise thereof or the exercise
of any other right or power.

[The remainder of this page is intentionally
left blank.]

 

 

    8

     

    

 

IN WITNESS WHEREOF, the Company and the Indemnitee have caused this
Agreement to be executed as of the date first written above.

	 	 	 	 	 
	LANDSEA HOMES CORPORATION
	 	
         

         

	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 

 

 

[Signature
Page to Indemnification Agreement]

 

    9

     

    

 

 

 

	

         

         

        INDEMNITEE

         

 

 

 

 

[Signature
Page to Indemnification Agreement]

 

    10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]