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Exhibit 10.10
 
June 30, 2008
 
 
LaPolla Industries, Inc.
15402 Vantage Parkway East, Suite 322
Houston, TX  77032
 
Re:           Warrant Amendments
 
Dear Sirs:
 
Reference is made to (a) the Amended and Restated Revolving Credit and Term Loan
Agreement of even date herewith (the “Loan Agreement”) by and between ComVest
Capital, LLC (the “Lender”) and LaPolla Industries, Inc. (the “Borrower”), and
(b) Warrants Nos. CV-1 through CV-3 (the “Initial Warrants”) issued by the
Borrower to the Lender pursuant to the Original Agreement.  All capitalized
terms used herein without definition have the respective meanings ascribed to
them in the Loan Agreement.
 
In connection with the execution and delivery of the Loan Agreement, the funding
of the incremental additional Term Loan thereunder, and the increase in the
Revolving Credit Commitment, the Lender and the Borrower have agreed to the
following amendments with respect to the Initial Warrants:
 
1.           The Exercise Price (as such term is defined in each of the Initial
Warrants) per share under each of the Initial Warrants is hereby reduced to
$0.60 per share (subject to adjustment hereafter from time to time as provided
in the Initial Warrants).
 
2.           The Expiration Date (as such term is defined in each of the Initial
Warrants) under each of the Initial Warrants is hereby extended to June 30,
2013.
 
3.           In clause (i) of the definition of “Additional Shares of Common
Stock” contained in Section 3.7 of each of the Initial Warrants, the reference
to “the date hereof” shall henceforth refer to the date of this letter
agreement, and in clause (ii) of such definition, the reference to “900,000” is
hereby amended to say “1,000,000”.
 
4.           Except as expressly set forth herein, all of the terms and
conditions of the Initial Warrants shall remain unmodified and in full force and
effect.
 
5.           The foregoing amendments shall not become effective unless and
until the additional incremental Term Loan under the Loan Agreement is funded to
the Borrower or at the Borrower’s direction.
 
 
 

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6.           At any time and from time to time following the funding of the
additional incremental Term Loan, the Borrower shall issue to the Lender, upon
request therefor, replacement Warrants for the existing Initial Warrants Nos.
CV-1, CV-2 and CV-3, reflecting the foregoing amendments; provided, that at all
times prior to the delivery of any such replacement Warrant, the holder of the
original Warrant may attach a photocopy of this agreement to the original
Warrant to evidence the amendments effected hereunder.
 
7.           This agreement may not be amended or modified except pursuant to a
written agreement signed by the Lender and the Borrower.
 
Kindly confirm your agreement to the foregoing by countersigning a counterpart
copy of this letter in the space provided below.
 

 
Very truly yours,
     
COMVEST CAPITAL, LLC
     
By:
ComVest Management LLC, its Manager
                   
By:
/s/  Gary E. Jaggard
     
Gary E. Jaggard, Managing Director

Acknowledged, Confirmed
and Agreed To:

LAPOLLA INDUSTRIES, INC.

By: /s/  Michael T. Adams, EVP
Name:  Michael T. Adams
Title:    Executive Vice President

 
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