Document:

Exhibit 10.11

    

    

    FORM OF EMPLOYMENT AGREEMENT

    

    

    THIS EMPLOYMENT AGREEMENT (this “Agreement”) is by and between Dream Finders Homes, Inc., a Delaware corporation (the “Company”), and Douglas Moran (“Executive”), to be effective as of the Agreement Effective Date. The “Agreement Effective Date” shall mean the date the Company completes the sale of Class A common stock of the Company through an underwritten initial public offering where a registration statement is filed pursuant to the
      Securities Act of 1933 (the “IPO”).

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, Executive is currently employed by, and serves as the Chief Operating Officer of, Dream Finders Homes, LLC, a Florida limited liability company (“OpCo”) pursuant to the terms of an Amended and Restated Employment Agreement dated as of January 1, 2017 (the “Prior Agreement”); and

    

    

    WHEREAS, prior to the IPO, OpCo will become an indirect wholly-owned subsidiary of the Company; and

    

    

    WHEREAS, the Company and Executive desire that Executive continue to be employed by the Company or one of its Affiliates (as defined below), and serve as the Chief Operating Officer of the Company,
      on the terms and conditions of this Agreement; and

    

    

    WHEREAS, as of the Agreement Effective Date, the Prior Agreement shall terminate and be superseded by this Agreement.

    

    

    NOW THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, the Company and Executive agree as follows:

    

    

    1.          

    Employment.

    

    

    (a)          

    The Company agrees to employ Executive (including where an Affiliate is the technical employer), and Executive agrees to be employed by the Company, pursuant to the terms and
      conditions of this Agreement beginning as of the Agreement Effective Date and continuing for the period of time set forth in Section 3 of this Agreement.

    

    

    (b)

    From and after the Agreement Effective Date, Executive shall serve in the position of the Chief Operating Officer of the Company and shall report to the Chief Executive Officer of the Company.

    

    

    2.

    Duties and Responsibilities. Executive agrees to serve in the position referred to in Section 1(b) hereof and to perform
      diligently and to the best of Executive’s abilities the usual and customary duties and services appertaining to such position, as well as such additional duties and services appropriate to such position which the Company and Executive mutually may
      agree upon from time to time. Executive’s employment shall also be subject to the policies maintained and established by the Company that are of general applicability to the Company’s executives, as such policies may be amended from time to time.
      Executive agrees, during the period of Executive’s employment by the Company, to devote substantially all of Executive’s business time, energy and best efforts to the business and affairs of the Company and, to the extent requested by the Company,
      any other entity controlled by, or under common control with, the Company (each, an “Affiliate”).

    
      
        

    

    
    

    

    3.

    Term. Executive’s employment pursuant to this Agreement begins on the Agreement Effective Date and continues thereafter until
      terminated by either party pursuant to Section 5 of this Agreement (the “Employment Term”).

    

    

    4.

    Compensation.

    

    

    (a)

    Salary.  Executive shall receive an annualized base salary of $650,000 (the “Base
        Salary”) payable in accordance with the Company’s normal payroll practices or upon such other periodic basis as may be mutually agreed. The Base Salary may be reviewed by the Board (or a committee thereof) and may from time to time be
      increased as approved by the Board (or a committee thereof) (any such increase shall then be referred to as “Base Salary” for the purposes of this Agreement).

    

    

    (b)

    Bonus.  Executive shall be eligible to participate in the Company’s annual bonus arrangement(s) or plan(s) as in effect from time to
      time for similarly situated Executives and earn compensation thereunder (a “Bonus” or collectively, “Bonuses”), subject to the
      terms and conditions for such Bonuses. With respect to an annual performance-based Bonus, the Board (or a committee thereof) shall approve the applicable performance goals under such annual bonus arrangements as well as the target level for
      Executive. Any non-performance-based Bonus is discretionary and is subject to the approval of the Board (or a committee thereof) in its discretion. For calendar year 2021, Executive will be eligible to receive a performance bonus with a target value
      of $3.5 million (the “2021 Bonus”).  The actual amount of the 2021 Bonus shall be determined by the Board (or a committee thereof) in its discretion, based on the achievement of the
      applicable performance goals as approved by the Board (or a committee thereof) for such calendar year.  Further, 50% of each of the 2021 Bonus will be paid in cash, and the remainder shall be payable in the form of a restricted stock award covering a
      number of shares of the Company’s Class A Common Stock (the “Common Stock”) with an aggregate grant date fair market value equal to 50% of such bonus (each, a “Bonus RSA”), which shall be granted under and pursuant to the terms and conditions of the Company’s 2021 Equity Incentive Plan and standard form of restricted stock award agreement. The Bonus RSAs shall vest in
      three equal annual installments on each anniversary of the date of grant, subject to Executive’s continued service with the Company through each such date. For calendar year 2022, Executive’s target bonus and structure will be determined by the Board
      (or a committee thereof) following benchmarking against peer companies.  The parties agree that at least 40% of any actual Bonus earned for calendar year 2022 will be paid in cash.

    

    

    (c)

    Profit Share Amounts Under the Prior Agreement.  The parties acknowledge and agree that:

    

    

    	

          	(i)	
            An aggregate of $42,865 has been accrued by OpCo in connection with Executive’s Profit Share (as defined in the Prior Agreement) for calendar year 2018 (the “2018 Accrued Profit Share
                Amount”), which shall be paid in cash on or before March 15, 2021, subject to Executive’s continued service with the Company through the payment date, except as provided in Section 6(b) below;

          

    

    

    	

          	(ii)	
            An aggregate of $253,863 has been accrued by OpCo in connection with Executive’s Profit Share for calendar year 2019 (the “2019 Accrued Profit Share Amount”), which shall be paid
              in cash as follows: (A) $152,317 shall be paid in cash on or before March 15, 2021; and (B) $101,546 shall be paid in cash in calendar year 2022 and on or before March 15, 2022; in each case subject to Executive’s continued service with the
              Company through the applicable payment date, except as provided in Section 6(b) below.

          

    

    

    
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          	(iii)	
            Executive will remain entitled to receive a Profit Share bonus for calendar year 2020 that will be calculated based on the actual Pre-Tax Net Profits (as defined in the Prior Agreement) for Dream Finders Holdings, LLC for calendar year
              2020 (the “2020 Profit Share Amount”) (which the parties currently anticipate would be approximately $1,875,000 assuming an estimated Pre-Tax Net Profits of $75 million), subject to
              his continued employment with the Company through the date that the Board (or a committee thereof) finally determines the amount of such bonus.  The parties agree that the 2020 Profit Share Amount, as finally determined, shall be paid to
              Executive as follows: (A) 50% in cash, payable on or before March 15, 2021, and (B) a restricted stock award with an aggregate grant date value equal to 50% of the 2020 Profit Share Amount (the “2020 Profit Share RSA”), with the number of shares underlying the award determined in reference to the IPO price. The 2020 Profit Share RSA shall be granted within 90 days after the IPO under and pursuant to the terms and
              conditions of the Company’s 2021 Equity Incentive Plan and standard form of restricted stock award agreement, and shall vest in three equal annual installments on each anniversary of the Agreement Effective Date, subject to Executive’s
              continued service with the Company or an Affiliate through each such date.

          

    

    

    (d)

    Executive Benefits.  Executive shall be entitled to participate in all benefit plans generally available to the Company’s other
      similarly situated executives when and as such plans, if any, become available and Executive becomes eligible for them.  Executive shall be eligible for up to four (4) weeks of paid vacation for each calendar year during the Employment Term, to be
      accrued in accordance with normal Company policy. Vacation shall be subject to, and must be taken in accordance with, applicable Company policies in effect from time to time or as otherwise determined by mutual agreement by the Company and Executive.
      The Company shall not, however, by reason of this Section 4(c), be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan or policy, so long as such changes are similarly applicable to similarly situated
      Company executives generally.

    

    

    (e)

    Equity Compensation Awards.

    

    

    	

          	(i)	
            Prior to the IPO, Executive was granted 1,010.10101 non-voting common units of Dream Finders Holdings LLC pursuant to the terms of a Membership Interest Grant Agreement dated January 1, 2017 (the “MIGA”), which  converted, effective prior to the Agreement Effective Date, into shares of the Company’s Class A common stock (the “Converted Shares”).
              The parties agree and acknowledge that the Converted Shares became fully vested in connection with the IPO and are no longer subject to the restrictions on transfer or forfeiture conditions contained in the MIGA.

          

    

    

    	

          	(ii)	
            Executive shall be eligible to participate in the Company’s incentive plans, as in effect from time to time, including, but not limited to, the Company’s 2021 Equity Incentive Plan as may be amended, restated or otherwise modified from
              time to time (or any successor plan), as determined by the Board (or committee thereof) in its sole discretion.  Such eligibility and any awards granted under such plans shall be subject in all respects to, and governed by, the terms and
              conditions set forth in the applicable equity incentive plans as in effect from time to time and the award agreement(s) evidencing any such awards.

          

    

    

    (f)

    Reimbursement of Expenses.  The Company agrees to promptly reimburse Executive for all appropriately documented, reasonable travel and other business expenses incurred
      by Executive in the course of providing services requested by the Company or otherwise incurred in his capacity as Executive, in accordance with the reimbursement policy (if any) adopted by the Company.

    

    

    
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    (g)

    Fringe Benefits. In addition to the foregoing compensation, the Executive shall be entitled to the benefits generally available to
      Company executives pursuant to Company programs, including, without limitation: 401(k), disability, dental, vision, group sickness, accident and/or health insurance programs of the Company which may now or, if not terminated, shall hereafter be in
      effect, as well as any other fringe benefit programs which may be established by the Company for which Executive is eligible. Nothing herein shall affect the Company's ability to modify, alter, terminate or otherwise change any benefit plan it has in
      effect, at any time, to the extent permitted by law.

    

    

    4.

    Termination of Employment.

    

    

    (a)

    By the Company. The Company may terminate Executive’s employment under this Agreement at any time for Cause (as defined below), or
      for any other reason whatsoever or for no reason at all, in the sole discretion of the Company. The Company may terminate Executive’s employment under this Agreement at any time for Cause, by delivering to Executive written notice describing the
      cause of termination and Executive’s date of termination of employment with the Company and all Affiliates (“Termination Date”) shall be the date of such written notice; provided, however, that in the case of clause (i) below, unless the Board determines such event is uncurable by Executive, Executive shall have 30 days to cure the Cause and if the Board determines in good faith
      such Cause is not cured at the end of the 30-day cure period, Executive’s Termination Date shall be as of such 30th date.

    

    

    “Cause” for purposes of this Agreement shall be limited to the occurrence of the following events:

    

    

    	

          	(i)	
            Executive’s material breach of this Agreement. Material breach shall mean failure to perform Executive's lawful duties hereunder, including material failure to adhere to material distributed policies and procedures of the Company;

          

    

    

    	

          	(ii)	
            the commission of fraud, embezzlement, theft or other dishonesty by Executive;

          

    

    

    	

          	(iii)	
            the indictment or conviction of Executive by proper legal authority or plea of nolo contendere for commission of (a) any crime constituting a felony in the jurisdiction in which committed, (b) any crime involving moral turpitude (whether
              or not a felony), or (c) any other criminal act involving dishonesty (whether or not a felony);

          

    

    

    	

          	(iv)	
            willful malfeasance or knowing misconduct by Executive which causes material damage to the Company or any of its respective businesses, officers, directors, employees; or

          

    

    

    	

          	(v)	
            Executive engaging in any breach of fiduciary duty in connection with Executive’s employment for the Company.

          

    

    

    (b)

    By Executive. Executive may terminate Executive’s employment under this Agreement at any time for any reason.

    

    

    (c)

    Death or Disability. Executive’s employment under this Agreement shall terminate automatically upon the date of Executive’s death or
      Disability. For purposes of this Agreement, Executive shall be deemed to be terminated due to “Disability” if Executive has become unable (as determined by the Board in good faith) to
      effectively perform his duties or any of his essential functions or duties by reason of illness or incapacity, for a period of more than one hundred eight (180) days. The Company may terminate Executive’s employment due to Disability by delivering to
      Executive written notice of termination of employment for Disability, with the Termination Date being the date of such notice.

    

    

    
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    6.

    Effect of Termination of Employment on Compensation.

    

    

    (a)

    Benefit Obligation and Accrued Obligation Defined.  For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment to Executive (or his designated beneficiary or legal representative, as applicable), in accordance with the terms of the applicable plan document, of all vested benefits to which
      Executive is entitled under the terms of the benefit plans and compensation arrangements in which Executive is a participant as of the Termination Date.  “Accrued Obligation” means the sum
      of (x) Executive’s Base Salary through the Termination Date, and (y) any incurred but unreimbursed expenses for which Executive is entitled to reimbursement, in each case, to the extent not theretofore paid.

    

    

    (b)

    By the Company Without Cause.  If during the Employment Term, Executive’s employment is terminated by the Company other than for Cause and not as a result of Executive’s
      death or Disability, then Executive shall receive the following benefits and compensation from the Company, subject to the Release requirement under Section 6(e) below and compliance with the obligations under Sections 9, 10, 11, 12 and 13 of this
      Agreement:

    

    

    	

          	(i)	
            the Company shall pay Executive the Accrued Obligation within 30 days following Executive’s Termination Date or such earlier date as may be required by law;

          

    

    

    	

          	(ii)	
            the Company shall pay Executive a severance payment equal to one (1) times the Executive’s Base Salary at the rate in effect on the Termination Date or, if the Executive’s Termination Date is within
              the 24-month period beginning on the occurrence of a Change in Control (the “Protected Period”), two (2) times the Executive’s Base Salary at the rate
                in effect on the Termination Date, payable in equal installments over a twelve- (12-) month period or twenty-four- (24-) month period, respectively, commencing on
                the 60th day following the Termination Date in accordance with the Company’s standard payroll cycle;

          

    

    

    	

          	(iii)	
            the Company shall reimburse Executive for the portion of the premium cost paid by Executive for continuation coverage under the Company’s group health plan (“COBRA Coverage”) that
              is above the premium cost paid by similarly situated active executives for coverage under the Company’s group health plan for a period of three (12) months or, if the Executive’s Termination Date is within
              the Protected Period, for a period of  twenty-four (24) months, or if earlier, until the date such COBRA Coverage terminates, provided that Executive properly and timely elects COBRA Coverage and timely
              pays all required premiums;

          

    

    

    	

          	(iv)	
            to the extent not yet paid, Executive shall remain eligible to receive the 2018 Profit Share Amount and the 2019 Profit Share Amount, payable in accordance with Sections 4(c)(i) and 4(c)(ii); and

          

    

    

    	

          	(v)	
            the Benefit Obligation shall be paid to Executive at the times specified in and in accordance with the terms of the applicable benefit plans and compensation arrangements.

          

    

    

    
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    For the avoidance of doubt, if Executive voluntarily resigns his employment for any reason, he will not be entitled to receive the severance benefits described
      in clauses (ii) and (iii) above.

    

    

    For purposes of this Section 6(b), “Change in Control” has the meaning ascribed to it in the Company’s 2021 Equity Incentive Plan, as
      amended from time to time; provided that a transaction in which Patrick Zalupski retains control of the acquiror or successor entity (within the meaning of Rule 12b-2 of the Securities Exchange Act of 1934)
      will not be deemed to be a Change in Control hereunder.

    

    

    (c)

    By the Company for Cause or by Executive.  If during the Employment Term, Executive’s employment is terminated (1) by the Company for Cause or (2) by Executive, the
      Company shall pay to Executive the Accrued Obligation within 30 days following the Termination Date or such earlier date as may be required by law.  Executive (or his designated beneficiary or legal representative, if applicable) shall be paid the
      Benefit Obligation at the times specified in and in accordance with the terms of the applicable benefit plans and compensation arrangements.  Following such payments, the Company shall have no further obligations to Executive other than as may be
      required by law.

    

    

    (d)

    Disability or Death. If during
      the Employment Term, Executive’s employment is terminated due to the death or Disability, then the Company shall pay Executive (or his designated beneficiary or legal representative, if applicable) the Accrued Obligation within 30 days following the
      date of Executive’s Termination Date or such earlier date as may be required by law.  Executive (or his designated beneficiary or legal representative, if applicable) shall be paid the Benefit Obligation at the times specified in and in accordance
      with the terms of the applicable Executive benefit plans and compensation arrangements.  All equity-based awards, previously granted to Executive, shall be administered in accordance with the terms of the applicable award agreement and plan document.

    

    

    (e)

    General Release of Claims.  Payments to and benefits for Executive under Section 6(b), other than the Accrued Obligation and Benefit
      Obligation, are contingent upon Executive’s execution of a waiver and release (“Release”) in substantially the form attached hereto as Exhibit A, within 50 days of Executive’s
      Termination Date that is not revoked by Executive during any applicable seven (7)-day revocation period provided in the Release (which shall release and discharge the Company and its Affiliates, and their officers, directors, managers, executives and
      agents from any and all claims or causes of action of any kind or character, including but not limited to all claims or causes of action arising out of Executive’s employment with the Company or its Affiliates or the termination of such employment).

    

    

    7.

    Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if Executive is a
      “disqualified individual” (as defined in Code Section 280G(c)), and the payments and benefits provided for under this Agreement, together with any other payments and benefits which Executive has the right to receive from the Company or any of its
      Affiliates, would constitute a “parachute payment” (as defined in Code Section 280G(b)(2)), then the payments and benefits provided for under this Agreement shall be either (a) reduced (but not below zero) so that no portion of such amounts and
      benefits received by Executive shall be subject to the excise tax imposed by Code Section 4999 or (b) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under Code Section
      4999 and any other applicable taxes).  The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or
      provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in kind
      hereunder in a similar order.  The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by a nationally recognized public accounting firm or other nationally
      recognized firm that has expertise in the area of Code Section 280G selected by the Company in good faith and approved by Executive, which approval shall not be unreasonably withheld.  If a reduced payment or benefit is made or provided and through
      error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company (or its Affiliates) used in determining if a parachute payment exists, would subject Executive to the excise tax imposed by Code Section
      4999, then Executive shall immediately repay any excess to the Company upon notification that an overpayment has been made.

    

    

    
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    8.

    Compliance with Section 409A.

    

    

    (a)

    The payments and benefits provided under this Agreement are intended to comply with or be exempt from the requirements of Code Section 409A
      and the regulations and guidance issued by the Internal Revenue Service (“IRS”) thereunder (“Section 409A”) and shall be construed
      and interpreted in accordance with such intent. To the extent any payment or benefit provided under this Agreement is subject to Section 409A, such benefit shall be provided in a manner that complies with Section 409A; provided, however, in no event
      shall any action to comply with Section 409A reduce the aggregate amount payable to Executive hereunder unless expressly agreed in writing by Executive.  Any payments under this Agreement that may be excluded from Section 409A either as separation
      pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible.

    

    

    (b)

    All reimbursements or provision of in-kind benefits pursuant to this Agreement shall be made in accordance with Treasury Regulation §
      1.409A-3(i)(1)(iv) such that the reimbursement or provision will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event.  Specifically, the amount reimbursed or in-kind benefits provided under this
      Agreement during Executive’s taxable year may not affect the amounts reimbursed or provided in any other taxable year (except that total reimbursements may be limited by a lifetime maximum under a group health plan), the reimbursement of an eligible
      expense shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense was incurred, and the right to reimbursement or provision of in-kind benefit is not subject to liquidation or exchange for
      another benefit.

    

    

    (c)

    To the extent required to comply with Section 409A (as determined by the Company), if Executive is a “specified employee,” as determined by
      the Company, as of his Termination Date, then all amounts due under this Agreement that constitute a “deferral of compensation” within the meaning of Section 409A, that are provided as a result of a “separation from service” within the meaning of
      Section 409A, and that would otherwise be paid or provided during the first six months following Executive’s date of termination, shall be accumulated through and paid or provided on the first business day that is more than six months after
      Executive’s date of termination (or, if Executive dies during such six month period, within 90 days after Executive’s death).  Each payment under this Agreement, including each payment in a series of installment payments, is intended to be a separate
      payment for purposes of Treasury Regulation § 1.409A-2(b). Any payments subject to Section 409A that are contingent upon execution of a release that may be executed and/or revoked in a calendar year following the calendar year in which the payment
      event (such as termination of employment) occurs shall commence payment only as soon as possible in the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A.
      Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall the Company or any Affiliate be liable for all or
      any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

    

    

    9.

    Company Property. All correspondence, records, documents, software, promotional materials,
      and other Company property, including all copies, which come into the Executive's possession by, through or in the course his employment, regardless of the source and whether created by the Executive, are the sole and exclusive property of the
      Company, and upon the termination of the Executive's employment, with or without Cause, and on the Company's request, Executive shall return to the Company all such property of the Company so requested by the Company, without retaining any copies,
      summaries or excerpts of any kind or in any format whatsoever.

    

    

    
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    10.

    Restrictive Covenants. Executive acknowledges through Executive's employment with the
      Company that Executive will: (i) learn and understand certain valuable confidential business information and business relationships of the Company and its Affiliates; (ii) benefit from the Company's and its Affiliates' goodwill associated with their
      ongoing operations, geographic location, and marketing; and (iii) learn and benefit from the Company's and its Affiliates' other legitimate business interests referenced in Section 542.335, Florida Statutes, as amended from time to time. Executive
      acknowledges that this information and relationships, if used improperly, could cause serious detrimental harm to the Company and its Affiliates. As an inducement to the Company to enter into this Agreement, Executive agrees as follows:

    

    

    (a)

    Non-Compete. For so long as Executive is employed by the Company or an Affiliate, and for a period of eighteen (18) months
      thereafter, Executive shall not, directly or indirectly, provide any services, or enter into, engage in, be employed by, or consult with any business, regardless of form (e.g., partnership, joint venture, professional association or other type of
      corporation, limited liability corporation, sole proprietorship or otherwise), that is involved in the development, lease, sale, and/or purchase of residential subdivisions and/or the construction and sale of residential dwellings (the “Business”), or is otherwise in competition with the Company and its Affiliates, within the Restricted Area (as defined below).

    

    

    (b)

    Restricted Area. The Restricted Area shall mean any county or parish in any state, and/or any county or parish contiguous to any
      such county or parish where the Company and its Affiliates: (1) has its principal place of business or registered office in any state, (2) owns real property used or intended to be used in connection with the Business; (3) has an ongoing real estate
      development project related to the Business; and/or (4) is actively pursuing the Business.

    

    

    (c)

    Prohibition Against Solicitation. For so long as Executive is employed by the Company or an Affiliate, and for a period of
      twenty-four (24) months thereafter, Executive shall not, directly or indirectly, solicit or otherwise communicate with any of the Company's and its Affiliates' current, former or prospective customers, investors, consultants and/or vendors (“Prohibited Person”) on Executive's behalf or on behalf of any other person or entity for any Prohibited Purpose. The term "Prohibited Purpose" means the purpose of (1) causing such Prohibited
      Person(s) to terminate their professional or payment relationship with the Company and/or its Affiliates, and/or (2) engaging in any direct or indirect business transaction with a Prohibited Person other than in furtherance of the Company's and/or
      its Affiliates' Business purposes. A prospective customer, investor, consultant, or vendor is defined as any person or entity which the Company and/or its Affiliates have actively solicited or provided services to or which the Company and/or its
      Affiliates have utilized to seek investment, business expansion or growth, advise or assistance, or otherwise to expand or develop the Company's and/or its Affiliates' operations or resources during the twenty-four (24) months prior to termination of
      this Agreement. If any such Prohibited Person contacts Executive  or Executive  contacts a Prohibited Person for any Prohibited Purpose, Executive  shall notify the Prohibited Person of the existence of this Agreement and shall notify the Company of
      such contact immediately.

    

    

    (d)

    Prohibition Against Solicitation of Executives. For so long as Executive is employed by the Company or an Affiliate, and for a
      period of twenty-four (24) months thereafter, Executive shall not, directly or indirectly, solicit, induce, or attempt to induce any of the Company's and/or its Affiliates' (1) then-current executives and/or independent contractors to leave the
      employment of the Company and/or its Affiliates or otherwise curtail their relationship with the Company and/or its Affiliates to work for a business which competes with the Company and/or its Affiliates, or (2) former Executives and/or independent
      contractors to work for a business which competes with the Company and/or its Affiliates. A former executive  and/or independent contractor is defined as any person or entity with which the Company has employed or had an independent contractor
      relationship with, as the case may be, during the twenty-four (24) month period prior to the solicitation.

    

    

    (e)

    Automatic Extension of Restricted Time Period. The period of time during which Executive  is prohibited from engaging in certain
      business practices pursuant to this Section 10 shall be extended by the length of time during which Executive  is in breach of such covenants.

    

    

    
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    (f)

    Restrictive Covenants as Essential Elements of this Agreement. It is understood by Executive  that the restrictive covenants set
      forth in this Section 10 are essential elements of this Agreement, and that, but for the agreement of Executive  to comply with such covenants, the Company would not have agreed to enter into this Agreement. Executive  acknowledges that the
      provisions of this Section 10 are reasonable and necessary for the protection of the Company's and its Affiliates' legitimate business interests, and that the enforcement of the provisions of this Section 10 shall not result in an unreasonable
      deprivation of the right of Executive  to earn a living. The existence of any claim or cause of action of Executive  against the Company, whether predicated on this Agreement, or otherwise, shall not constitute a defense to the enforcement by the
      Company of such covenants.

    

    

    (g)

    Divisibility of Covenants. If any portion of the covenants set forth in this Section 10 are held to be invalid, unreasonable,
      arbitrary, or against public policy, then such portion of such covenants shall be considered divisible both as to time and geographical area. If any aspect of the restrictive covenants contained in this Section 10 is deemed by a court of competent
      jurisdiction to be too broad as to time, area or restricted activity, then such defective aspect shall be reduced to such scope as is reasonable and enforceable, and the restrictive covenant as so modified shall be enforceable by injunction or any
      other legal or equitable remedy.

    

    

    (h)

    Survival of Restrictive Covenants. The restrictive covenants and the duties, obligations and responsibilities of Executive  herein
      shall be deemed independent and separable from the rest of this Agreement and shall survive the execution and any termination or expiration hereof, and in the event of termination or expiration hereof shall continue to bind the parties hereto and
      continue in full force and effect until each and every obligation herein shall have been fully performed.

    

    

    (i)

    Assignability of Restrictive Covenants.  Executive hereby acknowledges and agrees that the restrictive covenants and the duties,
      obligations and responsibilities of Executive in this Section 10 and the Company's rights provided in this Section 10 are assignable by the Company and shall be enforceable by the Company's successors and/or assigns.

    

    

    (j)

    Affiliates as an Express Third Party Beneficiary. With respect to the restrictive covenants contained within this Section 10, the
      Affiliates are the express third party beneficiaries of these provisions, and they are expressly authorized to bring a lawsuit hereunder in the event that Executive breaches the terms of this Agreement.

    

    

    11.

    Protection of Confidential Information. Executive agrees that all information, whether or
      not in writing, relating to the business, technical or financial affairs of the Company, and/or its Affiliates and that is generally understood in the industry as being confidential and/or proprietary information is the sole and exclusive property of
      the Company, and/or its Affiliates as the case may be. Executive  agrees to hold in a fiduciary capacity for the sole benefit of the Company all secret, confidential or proprietary information, knowledge, data, or trade secret (“Confidential Information”) relating to the Company or its Affiliates or their respective customers, which Confidential Information shall have been obtained during his employment with the
      Company. This Confidential Information shall include, but not be limited to, information regarding the Company's and/or its Affiliates' trade secrets, inventions, patent, trademark and copyright applications, cost and pricing data, customer and
      supplier lists, specifications, financial data, schematics, and prototypes. Executive  agrees that he will not, at any time, either during the Employment Term or after its termination, disclose to anyone any Confidential Information, or utilize such
      Confidential Information for his own benefit, or for the benefit of third parties without written approval by an officer of the Company. Executive further agrees that all memoranda, notes, records, data, schematics, sketches, computer programs,
      prototypes or written, photographic, magnetic or other documents or tangible objects compiled by him or made available to him during the Term of his employment concerning the business of the Company and/or its clients, including any copies of such
      materials, shall be the sole and exclusive property of the Company and shall be delivered to the Company on the termination of his employment, or at any other time upon the Company's request. Nothing in this Section 11 prohibits Executive from
      reporting possible violations of law or regulation to any governmental agency or entity (or of making any other protected disclosures). Pursuant to the Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under
      any Federal or state trade secret law for the disclosure of any Confidential Information that (i) is made (A) in confidence to a Federal, state or local government official, either directly or indirectly, or to an attorney and (B) solely for the
      purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (a) such filing is made under seal, and (B) Executive does not disclose the Confidential
      Information, except pursuant to court order.

    

    

    
      9

      
        

    

    

    

    12.

    Assignment of Inventions. All processes, inventions, patents, copyrights, trademarks, and
      other intangible rights (collectively the “Inventions”) that may be conceived or developed by Executive , either alone or with others, during the Term of Executive 's employment, whether or
      not conceived or developed during Executive 's working hours, and with respect to which the equipment, supplies, facilities, or trade secret information of Company was used, or that relate at the time of conception or reduction to practice of the
      Invention to the business of the Company or to Company's actual or demonstrably anticipated research and development, or that result from any work performed by Executive  for Company, will be the sole property of Company, and Executive  hereby
      assigns to the Company all of Executive 's right, title and interest in and to such Inventions. Executive  must disclose to Company all inventions conceived during the term of employment, whether or not the invention constitutes property of Company
      under the terms of the preceding sentence, but such disclosure will be received by Company in confidence. Executive  must execute all documents, including patent applications and assignments, required by Company to establish Company's rights under
      this Section.

    

    

    13.

    Non-disparagement.  Executive agrees that at no time during the Executive’s employment by the Company or an Affiliate or
      thereafter shall the Executive make, or cause or assist any other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, the reputation, business or character of the Company, or
      its Affiliates or any of its respective directors, officers or employees. The Company agrees that it will instruct its Board and its Chief Executive Officer not to make, or cause or assist any other person to
      make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, the reputation, business or character of the Executive, whether during the Executive’s employment by the Company or thereafter. 
      Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive or the Company from making truthful statements that are required by applicable law, regulation or legal process.

    

    

    14.

    Injunctive Relief. Executive  understands that, in the event he breaches this Agreement, the Company may suffer irreparable harm
      and will, therefore, be entitled to injunctive relief without the posting of a bond or other guarantee, to enforce this Agreement. This provision is not a waiver of any other rights which the Company may have under this Agreement, including the right
      to recover attorneys' fees and costs to cover the expenses it incurs in seeking to enforce this Agreement, as well as to any other remedies available to it, including money damages.

    

    

    15.

    Binding Agreement. This Agreement represents the entire understanding among the parties
      with respect to the subject matter of this Agreement, and this Agreement supersedes any and all prior understandings, agreements, plans, and negotiations, whether written or oral, with respect to the subject matter hereof, including without
      limitation, any understandings, agreements, or obligations respecting any past or future compensation, bonuses, reimbursements, or other payments to Executive from the Company. Executive understands that he will not be entitled to any payments,
      benefits, damages, awards or compensation other than as contemplated in this Agreement. All modifications to the Agreement must be in writing and signed by the party against whom enforcement of such modification is sought. This Agreement shall be
      binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives, successors, and assigns. In the event the Company is acquired, is a non-surviving party in a merger, or transfers substantially all of its assets,
      this Agreement shall not be terminated and the transferee or surviving company shall be bound at the election of the surviving company, by the provisions of this Agreement. The parties understand that the obligations of Executive  are personal and
      may not be assigned by him.

    

    

    16.

    Waiver. The waiver of any breach of any provision of this Agreement will not operate or be
      construed as a waiver of any subsequent breach of the same or other provision of this Agreement.

    

    

    17.

    Headings. The Section headings of this Agreement are intended for reference and may not by
      themselves determine the construction or interpretation of this Agreement.

    

    

    
      10

      
        

    

    

    

    18.

    Jurisdiction, Venue and Prevailing Party Attorneys' Fees.  This Agreement and any dispute arising out of Executive 's employment with the Company will be governed by Florida law, without giving effect to any choice of law or conflict of law rules or
      provisions. In the event of any dispute arising out of Executive 's employment with the Company, the exclusive venue for such dispute will be the appropriate state or federal court in and for Duval County, Florida, and the parties submit to the sole,
      exclusive personal jurisdiction of such court. The parties hereby irrevocably waive any objection to venue, personal jurisdiction, or forum non conveniens for any action commenced in such courts. The
      prevailing party in any litigation will be entitled to recover from the non-prevailing party any attorneys' fees and costs associated with any dispute regarding this Agreement, whether incurred in preparation of trial, at trial, or on appeal.

    

    

    19.

    Waiver of Jury Trial. THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
      WAIVE ALL OF THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY TERMS OR PROVISIONS OF THIS AGREEMENT. NO PARTY SHALL SEEK TO CONSOLIDATE ANY PROCEEDING IN WHICH THE RIGHT TO A TRIAL BY JURY HAS BEEN WAIVED
      WITH ANY OTHER PROCEEDING IN WHICH THE RIGHT TO A TRIAL BY JURY CANNOT BE, OR HAS NOT BEEN, WAIVED. THE TERMS AND PROVISIONS OF THIS SECTION 18 HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO, AND THE TERMS AND PROVISIONS HEREOF SHALL NOT BE SUBJECT
      TO ANY EXCEPTIONS. NO PARTY HAS IN ANY WAY AGREED WITH, OR REPRESENTED TO, ANY OTHER PARTY THAT THE TERMS AND PROVISIONS OF THIS SECTION 18 WILL NOT BE ENFORCED FULLY IN ALL INSTANCES.

    

    

    20.

    Notices. Any notice or other communication that one party desires to give to the other
      under this Agreement shall be in writing, and shall be deemed effectively given upon (i) personal delivery; (ii) the next business day following deposit in any United States mail box, by overnight U.S. express mail, postage prepaid, return receipt
      requested, addressed to the other party at the address set forth below or at such other address as a party may designate by 15 days' advance notice to the other party pursuant to the provisions of this Section; or (iii) delivery by any express
      service which results in personal delivery to the other party; or (iv) the date sent if such notice or communication is sent via e-mail, provided that the parties are able to establish that such e-mail that was intended as notice under this Agreement
      was received by the intended recipient.

    

    

    	
            If to Executive:

             

            If to Company:

          	
            at Executive’s most recent address on the records of the Company

             

            Dream Finders Homes, Inc.

            1470 Philips Highway, Suite 300

            Jacksonville, Florida 32256

            Attn: General Counsel

          

    

    

    21.

    Counterparts and Facsimile Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed
      an original, but all of which together shall constitute one and the same instrument. This Agreement, and any amendments hereto, to the extent signed and delivered by means of a facsimile machine or digital imaging or electronic mail, shall be treated
      in all manner and respects as an original contract and shall be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. No party hereto or to any such contract shall raise the use of a
      facsimile machine or digital imaging and electronic mail to deliver a signature or the fact that any signature was transmitted or communicated through the use of a facsimile machine or digital imaging and electronic mail as a defense to the formation
      of a contract and each such party forever waives any such defense.

    

    

    22.

    Review of Agreement. Executive  acknowledges that
      Executive  (a) has carefully read and understands all of the provisions of this document and has had the opportunity for this Agreement to be reviewed by counsel, (b) is voluntarily entering into this Agreement, and (c) has not relied upon any
      representation or statement made by Company (or its Affiliates, equity holders, agents, representatives, executives, and attorneys) with regard to the subject matter or effect of this Agreement that is not expressly stated herein.

    

    

    23.

    Counterparts. This Agreement may be executed in one or more counterparts, each of which
      shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

    

    

    [SIGNATURES ON FOLLOWING PAGE]

    

    

    
      11

      
        

    

    

    

    IN WITNESS WHEREOF, the parties have caused this Agreement to be entered into on January ___, 2021, to be effective as of the Agreement Effective Date.

    

    

    	 	
            DREAM FINDERS HOMES, INC.

          
	 	
            a Delaware corporation

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            EXECUTIVE

          	 
	 	 	 
	 	
            By:

          	 
	 	 	
            Douglas Moran

          

    

    

    
      12

      
        

    

    

    

    EXHIBIT A

    

    

    RELEASE

    

    

    This Release (this “Release”) constitutes the waiver and release referred to in that certain Employment Agreement (the “Agreement”) entered into on [Month/Day], 20__, between Douglas Moran (“Executive”), and Dream Finders Homes, Inc., a Delaware
      corporation (the “Company”).

    

    

    	

          	1.	
            General Release.

          

    

    

    (a)

    For good and valuable consideration, including the additional rights and privileges listed in Section 6(b) of the Agreement, to which Executive would not otherwise be
      entitled, Executive hereby releases, discharges and forever acquits the Company, its affiliates and subsidiaries, the past, present and future stockholders, members, partners, directors, managers, employees, agents, attorneys, heirs, legal
      representatives, successors and assigns of the foregoing, as well as all employee benefit plans maintained by the Company or any of its affiliates or subsidiaries and all fiduciaries and administrators of any such plan, in their personal and
      representative capacities (collectively, the “Company Parties”), from liability for, and hereby waives, any and all claims, rights, damages, or causes of action of any kind related to
      Executive’s employment with any Company Party, the termination of such employment, and any other acts or omissions related to any matter on or prior to the date of this Release (collectively, the “Released
        Claims”).

    

    

    (b)

    The Released Claims include without limitation those arising under or related to: (i) the Age Discrimination in Employment Act of 1967, including the Older Workers Benefit
      Protection Act; (ii) Title VII of the Civil Rights Act of 1964; (iii) the Civil Rights Act of 1991; (iv) sections 1981 through 1988 of Title 42 of the United States Code; (v) the Employee Retirement Income Security Act of 1974, including, but not
      limited to, sections 502(a)(1)(A), 502(a)(1)(B), 502(a)(2), and 502(a)(3) to the extent the release of such claims is not prohibited by applicable law; (vi) the Immigration Reform Control Act; (vii) the Americans with Disabilities Act of 1990; (viii)
      the National Labor Relations Act; (ix) the Occupational Safety and Health Act; (x) the Family and Medical Leave Act of 1993; (xi) the Equal Pay Act of 1963; (xii) the Genetic Information Nondiscrimination Act; (xiii) the Pregnancy Discrimination Act;
      (xiv) the Fair Labor Standards Act; (xv) the Worker Adjustment Retraining and Notification Act; (xvi) any state or federal anti-discrimination law; (xvii) any state or federal wage and hour law; (xviii) any other local, state or federal law,
      regulation or ordinance; (xix) any public policy, contract, tort, or common law; (xx) costs, fees, or other expenses including attorneys’ fees incurred in these matters; (xxi) any employment contract, incentive compensation plan or equity
      compensation plan with any Company Party or to any ownership interest in any Company Party except as expressly provided in the Agreement and any equity compensation agreement between Executive and the Company; and (xxii) compensation or benefits of
      any kind not expressly set forth in the Agreement or any such equity compensation agreement.

    

    

    (c)

    In no event will the Released Claims include (i) any claim which arises after the date of this Release, (ii) any rights of defense or
        indemnification which would be otherwise afforded to Executive under the certificate of incorporation, by-laws or similar governing documents of the Company or its subsidiaries, or any indemnity agreement entered into with Executive, (iii) any
        rights of defense or indemnification which would be otherwise afforded to Executive under any director or officer liability or other insurance policy maintained by the Company or its subsidiaries, (iv) any rights of Executive to benefits accrued
        under any employee benefit plan or arrangement, (v) any rights under the Agreement; or (vi) any claims which cannot be waived by an employee under applicable law.

    

    

    
      13

      
        

    

    

    

    (d)

    By signing this Release, Executive acknowledges and agrees that nothing in this Release prevents Executive from filing any non-legally waivable claim (including a challenge to
      the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agency or participating in any investigation or proceeding conducted by
      the EEOC or comparable state or local agency. However, Executive hereby waives Executive’s right to receive any relief (legal or equitable) from a Company Party based on any such claim, investigation or proceeding.

    

    

    (e)

    By signing this Release, Executive acknowledges and agrees that nothing in this Release prohibits Executive from reporting possible violations of law or regulation to any
      governmental agency or entity (or of making any other protected disclosures) or from recovering a whistleblower award. Pursuant to the Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any federal or
      state trade secret law for the disclosure of any Confidential Information (as defined in the Agreement) that (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (B)
      solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (a) such filing is made under seal, and (B) Executive does not disclose the
      Confidential Information, except pursuant to court order.

    

    

    (f)

    This Release is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious.  Rather, Executive is simply agreeing that, in exchange
      for the consideration recited in the first sentence of Section 1(a) of this Release, any and all potential claims of this nature that Executive may have against the Company Parties, regardless of whether they actually exist, are expressly settled,
      compromised and waived.

    

    

    (g)

    By signing this Release, Executive is bound by it.  Anyone who succeeds to Executive’s rights and responsibilities, such as heirs or the executor of Executive’s estate, is
      also bound by this Release.  This Release also applies to any claims brought by any person or agency or class action under which Executive may have a right or benefit.  THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO
        THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

    

    

    2.          Covenant Not to Sue; Executive’s Representation.  Executive agrees not to bring or join any lawsuit against any of the Company Parties in
      any court relating to any of the Released Claims, except to enforce any terms of the Agreement or this Release.  Executive represents that Executive has not brought or joined any claim, lawsuit or arbitration against any of the Company Parties in any
      court or before any administrative agency or arbitral authority and has made no assignment of any rights Executive has asserted or may have against any of the Company Parties to any person or entity, in each case, with respect to any Released
      Claims.  Executive expressly represents that, as of the date Executive executes this Release, Executive has been paid all wages and compensation owed to Executive by the Company Parties with the exception of all payments owed as a condition of
      Executive’s executing (and not revoking) this Release.

    

    

    3.          Acknowledgments.  By executing and delivering this Release, Executive acknowledges that:

    

    

    (a)

    Executive has carefully read this Release;

    

    

    (b)

    Executive has had at least twenty-one (21) days to consider this Release before the execution and delivery hereof to the Company;

    

    

    
      14

      
        

    

    

    

    (c)

    Executive has been and hereby is advised in writing that Executive may, at Executive’s option, discuss this Release with an attorney of Executive’s choice and that Executive
      has had adequate opportunity to do so; and

    

    

    (d)

    Executive fully understands the final and binding effect of this Release; the only promises made to Executive to sign this Release are those stated in the Agreement and
      herein; and Executive is signing this Release voluntarily and of Executive’s own free will, and that Executive understands and agrees to each of the terms of this Release.

    

    

    4.          Revocation Right.  Executive may revoke this Release within the seven day period beginning on the date Executive signs this Release (such
      seven day period being referred to herein as the “Release Revocation Period”).  To be effective, such revocation must be in writing signed by Executive and must be delivered to the Chief
      Executive Officer of the Company before 11:59 p.m., Jacksonville, Florida time, on the last day of the Release Revocation Period.  This Release is not effective, and no further consideration will be provided to Executive, unless the expiration of the
      Release Revocation Period expires without Executive’s revocation.  If an effective revocation is delivered in the foregoing manner and timeframe, this Release will be of no force or effect and will be null and void ab
        initio.

    

    

    Executed on this ____ day of _______, 20__.

    

    

    	 	 
	 	
            Douglas Moran

          

    

    

  

  15Exhibit 10.12

    

    

    DREAM FINDERS HOMES, INC.

    

    

    FORM OF RESTRICTED STOCK GRANT NOTICE

    (Class B Common Stock)

    

    

    Dream Finders Homes, Inc. (the “Company”) hereby grants to Participant the number of shares of the Company’s Class B Common Stock (referred to herein as “Shares”) set forth below. This Restricted Stock award (this “Award”) is subject to all of the terms and conditions as set forth herein
      and in the Restricted Stock Agreement attached hereto as Exhibit A (the “Agreement”), which is incorporated in this Restricted Stock Grant Notice (“Grant Notice”) by reference. For purposes of clarity, the Shares granted pursuant to this Award are not being granted under the Dream Finders Homes, Inc. 2021 Equity Incentive Plan or any other equity plan of the
      Company.

    

    

    	
            Participant:

          	
            Patrick Zalupski

          
	 	 
	
            Grant Date:

          	
            [To insert grant date within 90 days of the IPO]

          
	 	 
	
            Vesting Commencement Date:

          	
            [Insert date of IPO completion]

          
	 	 
	
            Total Number of Shares of Restricted Stock:

          	
            [To insert number of Shares with an aggregate value of $6.0 million (based on the IPO price)]

          
	 	 
	
            Vesting Schedule:

          	
            The Shares shall vest and be released from the “Forfeiture Restriction” (as defined in Section 2(a) of the Agreement) as follows:

             

            One-third (33 1/3%) of the Shares shall vest and be released from the Forfeiture Restriction on each of the first, second and third anniversary of the Vesting Commencement Date, so that all of the Shares shall
              be vested and released from the Forfeiture Restriction on the 3rd anniversary of the Vesting Commencement Date.

          

    

    

    By his signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Agreement and this Grant Notice. Participant has reviewed the Agreement and this Grant Notice in
      their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and
      final all decisions or interpretations of the Company’s Board of Directors (or committee thereof) upon any questions arising under the Agreement. Participant shall also execute and deliver to the Company the stock assignment duly endorsed in blank,
      attached to this Grant Notice as Exhibit B (the “Stock Assignment”). If Participant is married, his spouse has signed the Consent of Spouse attached to this Grant Notice as Exhibit

        C.

    

    

    	
            DREAM FINDERS HOMES, INC.

          	 	
            PARTICIPANT

          
	 	 	 	 	 	 
	
            By:

          	 	 	
            By:

          	 	 
	 	 	 	 	 	 
	
            Print Name:

          	 	 	
            Print Name:

          	 	 
	 	 	 	 	 	 
	
            Title:

          	 	 	
            State of Residence:

          	 

    

    

    
      
        

    

    
    

    

    EXHIBIT A

    

    

    TO RESTRICTED STOCK GRANT NOTICE

    

    

    RESTRICTED STOCK AGREEMENT

    

    

    Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of Shares indicated in the Grant Notice.

    

    

    1.    Grant of Restricted Stock.

    

    

    (a)    Grant of Restricted Stock. In consideration of Participant’s past and/or continued employment with or service to the Company or a parent or subsidiary of the Company and
      for other good and valuable consideration, which the Administrator has determined exceeds the par value per Share, effective as of the Grant Date set forth in the Grant Notice, the Company grants to Participant the Shares set forth in the Grant
      Notice, upon the terms and conditions set forth in this Agreement.

    

    

    (b)    Issuance of Shares. On the Grant Date, the Company shall issue the Shares to Participant and shall (i) cause a share certificate or certificates representing the Shares
      to be registered in the name of Participant, or (ii) cause such Shares to be held in book entry form. If a share certificate is issued, it shall be delivered to and held in custody by the Company and shall bear the restrictive legends required by
      Section 4(a) below. If the Shares are held in book entry form, then such entry will reflect that the Shares are subject to the restrictions of this Agreement.

    

    

    (c)    Rights as a Stockholder. Except as otherwise provided herein, upon issuance of the Shares by the Company to Participant (as evidenced by the appropriate entry on the
      books of the Company or of a duly authorized transfer agent of the Company), Participant shall have all the rights of a stockholder with respect to said Shares, including the right to receive any cash or stock dividends or other distributions paid to
      or made with respect to the Shares, subject to the restrictions described in the following sentence, which restrictions shall lapse when the Unreleased Shares are released from the Forfeiture Restriction as set forth in Section 2. Unless otherwise
      provided by the Administrator, if any dividends or distributions are paid in cash or shares, or consist of a dividend or distribution to holders of Common Stock of property, the cash, shares or other property paid or made with respect to Unreleased
      Shares will be retained in custody by the Company (without interest) (the “Retained Distributions”) and subject to the same forfeiture and transferability restrictions as the Unreleased
      Shares with respect to which they were paid or made and shall automatically be forfeited to the Company for no consideration in the event of the forfeiture of the Unreleased Shares with respect to which they were paid pursuant to the Forfeiture
      Restriction. Any Retained Distributions held by the Company that were paid on those Unreleased Shares as to which the Forfeiture Restriction and transfer restrictions lapse or are removed shall also be released to Participant at the time of such
      lapse or removal. In no event shall a Retained Distribution be paid with respect to Unreleased Shares later than the end of the calendar year in which the corresponding dividends or distributions are paid to holders of Common Stock or, if later, the
      15th day of the third month following the later of (a) the date the dividends or distributions are paid to holders of Common Stock and (b) the date the Unreleased Shares with respect to which the Retained Distributions are paid vest. When Unreleased
      Shares are released from the Forfeiture Restrictions, Participant shall enjoy rights as a stockholder with respect to such Shares until such time as Participant disposes of such Shares.

    

    

    2.    Restrictions on Shares.

    

    

    (a)    Forfeiture Restriction. Subject to the provisions of Section 2(b) below, in the event of Participant’s Termination of Service for any reason, all of the Shares which,
      from time to time, have not yet vested in accordance with the vesting schedule set forth in the Grant Notice (together with and any Retained Distributions paid thereon pursuant to Section 1(c) and held by the Company, the “Unreleased Shares”) shall be subject to forfeiture immediately and without any further action by the Company (the “Forfeiture Restriction”). Upon the
      occurrence of such forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares, and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the
      number of Unreleased Shares being forfeited by Participant. The Unreleased Shares shall be held by the Company in accordance with Section 3 until the Shares are forfeited as provided in this Section 2(a), until such Unreleased Shares are fully
      released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect. Participant hereby authorizes and directs the Secretary of the Company, or such other person designated by the Administrator, to transfer the
      Unreleased Shares which have been forfeited pursuant to this Section 2(a) from Participant to the Company.

    
      A-1

      
        

    

    

    

    (b)    Release of Shares from Forfeiture Restriction. The Shares shall be released from the Forfeiture Restriction in accordance with the vesting schedule set forth in the
      Grant Notice. As soon as administratively practicable following the release of any Shares from the Forfeiture Restriction, the Company shall, as applicable, either deliver to Participant the certificate or certificates representing such Shares in the
      Company’s possession belonging to Participant, or, if the Shares are held in book entry form, then the Company shall remove the notations on the book form. Participant (or the beneficiary or personal representative of Participant in the event of
      Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances as the Company or its representatives deem necessary or advisable in connection with any such delivery.

    

    

    (c)    Transferability. Except as otherwise permitted by the Administrator, the Unreleased Shares shall not be sold, assigned, transferred, pledged or otherwise encumbered by
      Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution.

    

    

    (d)    Forfeiture upon Termination for Cause or Restrictive Covenant Breach.  If Participant’s Termination of Service is for Cause, or Participant breaches any restrictive
      covenants contained in an agreement between the Company or any Subsidiary, as determined in good faith by the Board, then all Shares (whether vested or unvested) granted pursuant to this Agreement shall thereupon be forfeited immediately and without
      any further action by the Company (the “Clawback Shares”).  Upon the occurrence of such forfeiture, the Company shall become the legal and beneficial owner of the Clawback Shares, and all
      rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Clawback Shares being forfeited by Participant.  To the extent that Participant has sold or otherwise disposed
      of any Clawback Shares prior to the date of such determination, then Participant shall be required to pay to the Company any and all proceeds received by Participant as a result of such sale or other disposition.

    

    

    3.    Escrow. To insure the availability for delivery of the Unreleased Shares in the event of the application of the Forfeiture Restriction, Participant
      appoints the Secretary of the Company, or such other person designated by the Administrator from time to time as escrow agent, as its attorney-in-fact to sell, assign and transfer unto the Company, such Unreleased Shares, if any, forfeited pursuant
      to the Forfeiture Restriction, together with any Retained Distributions paid thereon pursuant to Section 1(c) and held by the Company, and shall deliver and deposit with the Secretary of the Company, or such other person designated by the
      Administrator from time to time, the share certificate(s) representing the Shares, together with the Stock Assignment. The Unreleased Shares and Stock Assignment (and any Retained Distributions) shall be held by the Secretary of the Company, or such
      other person designated by the Administrator from time to time, in escrow, until the Shares are forfeited as provided in Section 2(a), until such Shares are fully released from the Forfeiture Restriction or until such time as this Agreement no longer
      is in effect. Upon release of the Unreleased Shares from the Forfeiture Restriction, the escrow agent shall as soon as reasonably practicable deliver to Participant the certificate or certificates representing such Shares in the escrow agent’s
      possession belonging to Participant, and the escrow agent shall be discharged of all further obligations hereunder. The Company, or its designee, shall not be liable for any act it may do or omit to do with respect to holding the Shares (or any
      Retained Distributions) in escrow and while acting in good faith and in the exercise of its judgment.

    

    

    4.    Restrictive Legends and Stop-Transfer Orders.

    

    

    (a)    Legends. Participant understands and agrees that the Company shall cause any certificates issued evidencing the Shares to have the legends set forth below or legends
      substantially equivalent thereto, together with any other legends that may be required by Applicable Laws:

    

    

    THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE. NO TRANSFER OF SUCH
      SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF COUNSEL (WHICH MAY BE COUNSEL FOR THE COMPANY)
      REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE STATE SECURITIES LAWS.

    

    

    THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE SUBJECT TO FORFEITURE PURSUANT TO, AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH, THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS
      ON FILE WITH THE SECRETARY OF THE COMPANY. SUCH FORFEITURE AND/OR TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.

    
      A-2

      
        

    

    

    

    (b)    Stop Transfer Orders. Participant agrees that, in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop
      transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

    

    

    (c)    Impermissible Transfers Void. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any
      of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. Any transfer or attempted transfer
      of the Shares not in accordance with the terms of this Agreement shall be void.

    

    

    5.    Taxes.

    

    

    (a)    Tax Consequences of Award. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s receipt of, vesting in or
      disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the receipt of the Shares and that Participant is not relying on the Company for any tax advice.
      Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Participant understands that Participant (and not the Company) shall be responsible for Participant’s tax liability that
      may arise as a result of the transactions contemplated by this Agreement.

    

    

    (b)    Section 83(b) Election for Unreleased Shares. Participant acknowledges that, unless an election is filed by Participant with the Internal Revenue Service and, if
      necessary, the proper state taxing authorities, within thirty days of the receipt of the Unreleased Shares, electing pursuant to Section 83(b) of the Code (and similar state tax provisions if applicable) to be taxed currently on their Fair Market
      Value on the date of issuance, there will be a recognition of taxable income to the Participant equal to the Fair Market Value of the Unreleased Shares at the time the Forfeiture Restriction lapses. Participant represents that Participant has
      consulted any tax consultant(s) Participant deems advisable in connection with the purchase of the Shares or the filing of the election under Section 83(b) of the Code and similar tax provisions.

    

    

    PARTICIPANT ACKNOWLEDGES THAT IT IS PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO TIMELY FILE THE ELECTION UNDER SECTION 83(B) OF THE CODE, AND THE COMPANY AND ITS REPRESENTATIVES SHALL HAVE NO OBLIGATION
      OR AUTHORITY TO MAKE THIS FILING ON PARTICIPANT’S BEHALF.

    

    

    (c)    Tax Withholding. The Company shall have the authority and the right to deduct or withhold, or require Participant to remit to the Company, an amount sufficient to
      satisfy federal, state, local and foreign taxes (including Participant’s employment tax obligation) required by Applicable Law to be withheld with respect to any taxable event concerning Participant arising as a result of the grant or vesting of the
      Shares or otherwise under this Agreement, including, without limitation, the authority to deduct such amounts from other compensation payable to Participant by the Company.

    

    

    6.    Participant Representations. Participant hereby makes the following certifications and representations with respect to the Shares listed above:

    

    

    (a)    Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares.
      Participant is acquiring these Shares for investment for Participant’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.

    

    

    (b)     Participant acknowledges and understands that the Shares constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption
      therefrom, which exemption depends upon, among other things, the bona fide nature of Participant’s investment intent as expressed herein. Participant understands that the Shares must be held indefinitely unless they are subsequently registered under
      the Securities Act or an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Shares. Participant understands that the certificate evidencing the
      Shares will be imprinted with a legend which prohibits the transfer of the Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company and any other legend required under Applicable
      Laws.

    
      A-3

      
        

    

    

    

    7.    Miscellaneous.

    

    

    (a)    No Right To Employment or Other Status.    No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving
      Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with Participant free from any liability or claim under
      this Agreement.

    

    

    (b)    Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the
      Company’s principal executive offices, and any notice to be given to Participant shall be addressed to Participant at the most-recent physical or email address for Participant listed in the Company’s personnel records. By a notice given pursuant to
      this Section 7(b), either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with
      postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

    

    

    (c)    Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of
      the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Participant and his heirs, executors, administrators, successors and assigns.

    

    

    (d)    Severability. In the event any portion of  this Agreement or any action taken pursuant hereto shall be held illegal or invalid for any reason, the illegality or
      invalidity shall not affect the remaining parts of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provisions had not been included, and the illegal or invalid action shall be null and void.

    

    

    (e)    Entire Agreement; Governing Documents. The Grant Notice and this Agreement (including all Exhibits thereto) constitute the entire agreement of the parties and supersede
      in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. In the event of any contradiction between this Agreement or any other written agreement between a Participant and the
      Company that has been approved by the Administrator, the terms of the Agreement shall govern. The Award of the number of Shares set forth in the Grant Notice is in satisfaction of the Company’s obligation to grant the “IPO Bonus” set forth in Section
      4(c) of the Employment Agreement. Participant hereby agrees to execute such further instruments and to take such further action as the Company requests to carry out the purposes and intent of this Agreement, including, without limitation,
      restrictions on the transferability of shares of Common Stock.

    

    

    (f)    Governing Law. The provisions of this Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, disregarding choice-of-law
      principles of the law of any state that would require the application of the laws of a jurisdiction other than such state.

    

    

    (g)    Titles and Headings. The titles and headings of the Sections in this Agreement are for convenience of reference only and, in the event of any conflict, the text of this
      Agreement, rather than such titles or headings, shall control.

    

    

    (h)    Clawback. Compensation paid to the Participant under this Agreement is subject to recoupment in accordance with any compensation recovery or clawback policy of the
      Company in effect from time to time, including any such policy adopted after the date of this Agreement, as well as any similar requirement of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act
      and the Sarbanes-Oxley Act of 2002, and rules adopted by a governmental agency or applicable securities exchange under any such law. The Participant agrees to promptly repay or return any such compensation as directed by the Company under any such
      policy or requirement, including the value received from a disposition of Shares acquired pursuant to this  Agreement.

    
      A-4

      
        

    

    

    

    (i)     Adjustments. In the event of any change in the Common Stock by reason of any a non-reciprocal transaction between the Company and its stockholders, such as a stock
      dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, or other large, nonrecurring cash dividend, that affects the Shares (or other securities of the Company) or the share price of Common Stock (or other
      securities of the Company) and causes a change in the per share value of the Common Stock, then the Administrator will equitably adjust the Award, as the Administrator deems necessary or appropriate, in order to prevent dilution or enlargement of the
      benefits or potential benefits intended to be made available under this Agreement.

    

    

    (j)    Effect of Non-Assumption in a Change in Control. If a Change in Control occurs and this Award is not continued, converted, assumed, or replaced with a substantially
      similar award by (a) the Company, or (b) a successor entity or its parent or subsidiary (an “Assumption”), and provided that the Participant has not had a Termination of Service, then,
      immediately prior to the Change in Control, this Award shall become fully vested and all forfeiture, repurchase and other restrictions on this Award, including the Forfeiture Restriction, shall lapse. The Administrator shall determine whether an
      Assumption of this Award has occurred in connection with a Change in Control.

    

    

    8.    Definitions. As used herein, the following definitions shall apply:

    

    

    	(a)	
            “2021 Equity Incentive Plan” means the Dream Finders Homes, Inc. 2021 Equity Incentive Plan, as may be amended from time to time.

          

    

    

    	(b)	
            “Administrator” means the Board of Directors of the Company (the “Board”) or a committee thereof to the extent that the
              Board’s powers or authority under this Agreement has been delegated to such committee.

          

    

    

    	(c)	
            “Cause” shall have the meaning provided in the Employment Agreement.

          

    

    

    	(d)	
            “Change in Control” shall have the same meaning as provided in the 2021 Equity Incentive Plan.

          

    

    

    	(e)	
            “Common Stock” means the Class B Common Stock.

          

    

    

    	(f)	
            “Employment Agreement” means the Employment between the Company and Participant dated January __, 2021, as may be amended.

          

    

    

    	(g)	
            “Fair Market Value” shall have the same meaning as provided in the 2021 Equity Incentive Plan.

          

    

    

    	(h)	
            “Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than
              the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other
              entities in such chain.

          

    

    

    	(i)	
            “Termination of Service” means the date the Participant ceases to be an employee, consultant or Director of the Company or a Subsidiary (as defined in the 2021 Equity Incentive
              Plan).

          

    
      A-5

      
        

    

    
    

    

    EXHIBIT B

    

    

    TO RESTRICTED STOCK GRANT NOTICE

    

    

    STOCK ASSIGNMENT

    

    

    [See instructions below]

    

    

    FOR VALUE RECEIVED I, Patrick Zalupski, hereby sell, assign and transfer unto                                 the shares of the Common Stock of Dream Finders Homes, Inc. registered in my name on the books of
      said corporation represented by Certificate No.                   and do hereby irrevocably constitute and appoint                                 to transfer the said stock on the books of the within named corporation with full power
      of substitution in the premises.

    

    

    This Assignment Separate from Certificate may be used only in accordance with the Restricted Stock Grant Notice and Restricted Stock Agreement between Dream Finders Homes, Inc. and the undersigned dated            
                                                                         .

    

    

    Dated:                                 ,                      

      

    

    

    

    

    	 	
            Signature:

          	 
	 	 	
            Patrick Zalupski

          

    

    

    INSTRUCTIONS:  Please do not fill in any blanks other than the signature line. The purpose of this assignment is to enable the Company to enforce the Forfeiture
        Restriction, as set forth in the Restricted Stock Grant Notice and Restricted Stock Agreement, without requiring additional signatures on the part of Participant.

    
      B-1

      
        

    

    
     

    

    EXHIBIT C

    

    

    TO RESTRICTED STOCK GRANT NOTICE

    

    

    CONSENT OF SPOUSE

    

    

    I,                                 , spouse of  Patrick Zalupski, have read and approve the foregoing Restricted Stock Grant Notice and Restricted Stock Agreement dated                                 ,
                      , between my spouse and Dream Finders Homes, Inc. In consideration of issuing to my spouse the shares of the Common Stock of Dream Finders Homes, Inc. set forth in the Restricted Stock Grant Notice and Restricted Stock
      Agreement, I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Restricted Stock Grant Notice and Restricted Stock Agreement and agree to be bound by the provisions of the Restricted Stock Grant Notice
      and Restricted Stock Agreement insofar as I may have any rights in said Agreement or any shares issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our residence as of the
      date of the signing of the Restricted Stock Grant Notice and Restricted Stock Agreement.

    

    

    Dated:                                 ,                 

    

    

    
      	
              Signature of Spouse: 

            	 	
               

            

    

     

  

   

    

  C-1

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