Document:

EX-10.4

	 
	DATED 2 January 2015

	LIONBRIDGE LUXEMBOURG S.à.r.l.

	LIONBRIDGE TECHNOLOGIES, INC.

RORY JOHN COWAN

(as Chargors)

and

HSBC BANK USA, NATIONAL ASSOCIATION

(as Administrative Agent)

	DEED OF CONFIRMATION

Re: Share Charge dated 22 January 2007

1

THIS DEED OF CONFIRMATION (this Deed of Confirmation) is made the 2 January 2015

BETWEEN:

	(1)	 	LIONBRIDGE LUXEMBOURG S.à.r.l. a company incorporated and existing under the laws of
Luxembourg having its address at c/o MAS 1 Rue de Glacis, L-1628 Luxembourg, Grand Duchy of
Luxembourg (hereinafter called the (the First Chargor); LIONBRIDGE TECHNOLOGIES, INC. a
company incorporated under the laws of the State of Delaware United States of America with
registered address at 1050 Winter Street, Suit 2300, Waltham, Massachusetts, United States of
America (hereinafter called the Second Chargor); and RORY JOHN COWAN of 2381 Fairhaven Hill
Road, Concord, Massachusetts 01742 United States of America (hereinafter called the Third
Chargor) (together called the Chargors); and

	(2)	 	HSBC BANK USA, NATIONAL ASSOCIATION a national banking association of the USA (hereinafter
called the Administrative Agent) as security agent for the Lenders.

RECITAL

	A.	 	Pursuant to a Charge on Shares dated 22 January 2007 between the Chargors and the
Administrative Agent, the Chargors charged certain securities and related rights in favour of
the Administrative Agent as security agent for the Lenders as security for the Secured
Obligations (the Share Charge).

	B.	 	The Borrowers have requested and the Administrative Agent has agreed to amend and restate the
Credit Agreement as amended by an Amended and Restated Credit Agreement pursuant to a Second
Amended and Restated Credit Agreement dated on or about the date hereof (the Second Amended
and Restated Credit Agreement)

	C.	 	The parties to this Deed of Confirmation wish to enter into this Deed of Confirmation to
confirm the terms of the Share Charge as continuing security for the Secured Obligations.

NOW THIS DEED OF CONFIRMATION WITNESSES as follows:-

	1.	 	DEFINITIONS AND INTERPRETATION

	1.1.	 	Unless otherwise defined herein, words and expressions used in their capitalised form in this
Deed of Confirmation are taken from and shall have the same meaning as defined in the Share
Charge (whether incorporated by reference or otherwise).

	1.2.	 	The provisions of clause 1.3 of the Share Charge (whether incorporated by reference or
otherwise) shall, where relevant, apply to this Deed of Confirmation as if set out herein in
full mutatis mutandis except that references to “this Agreement” or “this Deed” (as
applicable) shall be construed as references to this Deed of Confirmation.

	2.	 	CONFIRMATION

	2.1.	 	Each Chargor hereby expressly acknowledges, agrees and confirms for the benefit of the
Administrative Agent that, notwithstanding the amendments to the Credit Agreement, on and from
the date on which the Second Amended and Restated Credit Agreement is effective in accordance
with the terms of the Second Amended and Restated Credit Agreement, the security interests
created by it under the Share Charge will:

	 	2.1.1.	 	remain in full force and effect;

	 	2.1.2.	 	continue to secure all of the Secured Obligations as including, for the avoidance of
doubt, its Foreign Credit Party Obligations under the Second Amended and Restated
Credit Agreement; and

	 	2.1.3.	 	continue to constitute its legal, valid and binding obligations.

	3.	 	COUNTERPARTS

This Deed of Confirmation may be executed in counterparts and each such counterpart taken
together shall be deemed to constitute one and the same instrument.

	4.	 	GOVERNING LAW

This Deed of Confirmation and all relationships created by it and arising out of or in
connection with it, together with all disputes, will in all respects be governed by and
construed in accordance with the laws of Ireland.

	5.	 	ENFORCEMENT

Jurisdiction

	5.1.	 	Each Chargor hereby agrees for the exclusive benefit of the Administrative Agent that any
suit, action or proceeding (Proceedings), brought against that Chargor with respect to this
Deed of Confirmation may be brought in the High Court in Ireland or such other competent court
of Ireland as the Administrative Agent may elect, and each Chargor waives any objection to
Proceedings in such courts whether on grounds of venue or on the grounds that Proceedings have
been brought in any inconvenient forum.

	5.2.	 	Nothing contained in this Deed of Confirmation will limit the right of the Administrative
Agent to take Proceedings against a Chargor in any other court of competent jurisdiction, nor
will the taking of any Proceedings in any one or more jurisdictions preclude the taking by the
Administrative Agent of Proceedings in any other jurisdiction whether concurrently or not.

IN WITNESS whereof the parties hereto have caused this Deed of Confirmation to be executed
with the intention that it take effect as a deed (notwithstanding execution by the
Administrative Agent under hand) and it is intended to be and it is hereby delivered on the
date shown at the beginning of this Deed of Confirmation.

2

Execution Page

EXECUTED AS A DEED

By LIONBRIDGE LUXEMBOURG S.à.r.l.

acting by: /s/ Paul Kohout

in the presence of:

Witness’s signature: /s/ Margaret Shukur

Name: Margaret Shukur

Address:

EXECUTED AS A DEED

By LIONBRIDGE TECHNOLOGIES, INC.

acting by: /s/ Tina Wang

in the presence of:

Witness’s signature: /s/ Margaret Shukur

Name: Margaret Shukur

Address:

SIGNED and DELIVERED as a DEED

By RORY JOHN COWAN /s/ Rory John Cowan

in the presence of:

Witness’s signature: /s/ Margaret Shukur

Name: Margaret Shukur

Address:

SIGNED for and on behalf of                  

HSBC BANK USA, NATIONAL ASSOCIATION      /s/ Manuel Burgueno 

in the presence of:

Witness’s signature: /s/ Mary C. Neville

Name: Mary C. Neville

Address:

3Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT is entered into as of January 1, 2015 and effective as of January 1, 2015 (“Effective Date”), by and between
LAPOLLA INDUSTRIES, INC., a Delaware Corporation (“Company”) and Jomarc Marukot (“Executive”).

W I T N E S S E T H:

 

WHEREAS, Company desires
to employ Executive in an executive capacity and Executive desires to accept such employment with Company, subject to the terms
and conditions hereinafter set forth.

NOW THEREFORE, the
parties hereto, in consideration of the premises and mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, agree as follows:

1.EMPLOYMENT TERM. Company
hereby agrees to employ the Executive, and the Executive hereby accepts such employment for a period beginning on the Effective
Date and ending December 31, 2016, unless sooner terminated in accordance with Section 6 hereof (“Employment Term”).

2.POSITION; DUTIES. Executive
shall hold the title and position of Chief Financial Officer and Corporate Treasurer of the Company and shall have the duties and
responsibilities usually vested in such capacities, as determined from time to time by the Chief Executive Officer, Board of Directors
and By-laws.

3.MANNER OF PERFORMANCE.
Executive shall serve the Company and devote all his business time, his best efforts and all his skill and ability in the performance
of his duties hereunder. Executive shall carry out his duties in a competent and professional manner, to the satisfaction of the
Chief Executive Officer and Board of Directors of the Company, shall work with other Executives of the Company and generally promote
the best interests of the Company and its stockholders. Executive shall not, in any capacity engage in any activity which is, or
may be, contrary to the welfare, interest or benefit of the business now or hereafter conducted by the Company.

4.COMPENSATION
AND RELATED MATTERS. Executive’s compensation for his services shall be as follows:

4.1Base Compensation. During
the Employment Term, Executive shall receive an annual base salary of $190,000, payable in accordance with the Company’s
normal payroll practices ("Annual Base Salary").

4.2Annual Bonus. Executive
shall be entitled to an annual bonus (“Bonus”) equal to twenty-five percent (25%) of his Annual Base Salary if Company
achieves its “Budgeted” earnings before interest, taxes, depreciation, amortization, and share based compensation (“Adjusted
EBITDA”) for the Company’s fiscal year. The Company’s Budgeted earnings for each fiscal year shall be established
by the Company, and approved by the Board of Directors or its designee, in its discretion. The Bonus shall be increased to: (a)
thirty percent (30%) of Executive’s Annual Base Salary if Company achieves 110% of its budgeted Adjusted EBITDA; and (b)
thirty-five percent (35%) of Executive’s Annual Base Salary if Company achieves 120% of its budgeted Adjusted EBITDA. If
the Company achieves greater than 120% of its budgeted Adjusted EBITDA, the Chief Executive Officer, in his discretion, may recommend
that the Executive receive a Bonus greater than thirty-five percent of his Annual Base Salary, subject to review and approval by
the Compensation Committee, in its discretion. Any such Bonus to which the Executive is entitled under this Section shall be paid
to him by the Company in a single lump sum within thirty (30) days after the issuance of the Company’s audited financial
statements for such fiscal year and, in all events, by December 31 of the fiscal year following the fiscal year to which the Bonus
applies.

4.3Awards. During the Employment
Term, Executive may be entitled to earn awards under equity or other plans or programs that the Company may from time to time,
in its discretion, determine to put into effect (“Awards”). The administrator of these plans or programs shall determine
the terms, conditions, performance criteria and restrictions of the Awards.

4.4Change in Control Bonus.
During the Employment Term, and provided Executive is still employed by the Company, upon consummation of a Change in Control,
in addition to any other payments or benefits applicable thereto under this Agreement, Executive shall be entitled to a Change
in Control bonus equal to 25% of his Annual Base Salary (“Change in Control Bonus”). The Company may, in its discretion,
pay all or any portion of the bonus in a form of payment other than cash, to the extent such non-cash form of payment is received
by the Company and/or the shareholders of the Company in connection with such Change in Control.

4.5Compensation and Benefit
Programs. During the Employment Term, Executive shall be entitled to participate in the following plans as they may exist from
time to time during the term hereof, to wit, any and all medical, dental, hospitalization, accidental death and dismemberment,
disability, travel and life insurance plans, and any and all other plans as offered by the Company from time to time to its Executives,
including savings, pension, profit-sharing, stock options, and deferred compensation plans, subject to the general eligibility
and participation provisions set forth in such plans.

4.6Vacation Time and Other
Benefits. Executive shall be entitled to three (3) weeks of vacation without loss of compensation each year during the Employment
Term. Vacation will be taken at such times as Executive and the Chief Executive Officer shall mutually determine and provided that
no vacation time shall interfere with the duties required to be rendered by Executive hereunder. Notwithstanding the foregoing,
as an officer of Company, Executive is expected to utilize his vacation time judiciously and so as not to jeopardize the business
of the Company. Unused vacation may be carried forth to the next calendar year to the extent permitted under, and in accordance
with, Company policy as may be in effect from time to time.

4.7Expense Reimbursement.
Company shall provide the Executive reasonable reimbursement of out-of-pocket expenses incurred by him in connection with his duties
hereunder. The Company shall reimburse the Executive for all such expenses upon presentation by the Executive, from time-to-time,
of appropriately itemized and approved (consistent with Company’s policy) accounts of such expenditures. Company shall also
provide the Executive an automobile allowance, which allowance shall not exceed $700 per month. The portion of the allowance allocable
to the business usage of the automobile, as properly documented to the Company in its discretion, shall be excludable from the
Executive’s income.

4.8Withholding Taxes. Company
shall have the right to deduct or withhold from all payments due to Executive hereunder any and all sums required for any and all
federal, social security, state and local taxes, assessments or charges now applicable or that may be enacted and become applicable
in the future.

5.NON-COMPETITION; NON-DISCLOSURE;
AND RELATED MATTERS.

5.1Non-Competition. During
the Employment Term and for a period of twelve (12) months after the termination of Executive’s employment with Company for
any reason (collectively the “Restriction Period”), the Executive shall not, either directly or indirectly, for himself
or any third party, anywhere within or outside the United States (a) engage in or have any interest in any activity that directly
or indirectly competes with the business of the Company or of any of its affiliates (which for purposes hereof shall include all
subsidiaries or parent companies of the Company, now or in the future during the Employment Term), as conducted at any time during
the Employment Term, including without limitation, accepting employment from or providing consulting services to any such competitor,
owning any interest in or being a partner, shareholder or owner of any such competitor, (b) solicit, induce, recruit, or cause
another person in the employ of the Company or its affiliates or who is a consultant or independent contractor for the Company
or its affiliates to terminate his employment, engagement or other relationship with the Company or its affiliates, or (c) solicit
or accept business from any individual or entity which shall have obtained the goods or services of, or purchased goods or services
from, the Company or its affiliates during the one (1) year period immediately prior to the end of the Employment Term or which
otherwise competes with or engages in a business which is competitive with or similar to the business of the Company or any of
its affiliates, (d) call on, solicit or accept any business from any of the actual or targeted prospective customers of the Company
or its affiliates (the identity of and information concerning which constitute trade secrets and Confidential Information of the
Company) on behalf of any person or entity in connection with any business competitive with the business of the Company, nor shall
the Executive make known the names and addresses of such customers or any information relating in any manner to the Company’s
trade or business relationships with such customers, other than in connection with the performance of Executive’s duties
under this Agreement.

5.2Non-Disclosure. The
Executive shall not at any time during the term hereof or thereafter divulge, communicate, or use in any way, any Confidential
Information (as hereinafter defined) pertaining to the business of the Company and any of its subsidiaries or affiliates. Any Confidential
Information or data now or hereafter acquired by the Executive with respect to the business of the Company (which shall include,
but not be limited to information concerning the Company’s financial condition, prospects, technology, customers, suppliers,
sources of leads and methods of doing business) shall be deemed a valuable, special and unique asset of the Company that is received
by the Executive in confidence and as a fiduciary, and Executive shall remain a fiduciary to the Company with respect to all of
such information. For purposes of this Agreement, the term “Confidential Information” includes, but is not limited
to, information disclosed to the Executive or known by the Executive as a consequence of or through his employment by the Company
(including information conceived, originated, discovered or developed by the Executive) prior to or after the date hereof, and
not generally known, about the Company or its business. Notwithstanding the foregoing, nothing herein shall be deemed to restrict
the Executive from disclosing Confidential Information to the extent required by law provided that prior to disclosing any such
information required by law, Executive shall give prior written notice thereof to Company and provide Company with the opportunity
to contest the disclosure. The Executive shall not disclose, without limitation as to time, Confidential Information to any person,
firm, Company, association or other entity for any purpose or reason whatsoever, except (i) to authorized representatives of the
Company, (ii) during the Employment Term, such information may be disclosed by the Executive as is specifically required by Company
in the course of performing his duties for the Company, and (iii) to counsel and other advisers of Company subject to Company’s
prior approval and provided that such advisers agree to the confidentiality provisions of this Section 5.2.

5.3Ownership of Developments.
All copyrights, patents, trade secrets, or other intellectual property rights of a similar nature associated with any ideas, concepts,
techniques, inventions, processes or works of authorship developed or created by Executive during the course of performing work
for the Company or its customers (collectively, the “Work Product”) shall belong exclusively to the Company and shall,
to the extent possible, be considered a work made by the Executive for hire for the Company within the meaning of Title 17 of the
United States Code. To the extent the Work Product may not be considered work made by the Executive for hire for the Company, the
Executive agrees to assign, and automatically assign at the time of creation of the Work Product, without any requirement of further
consideration, any right, title, or interest the Executive may have in such Work Product. Upon the request of the Company, the
Executive shall take such further actions, including execution and delivery of instruments of conveyance, as may be appropriate
to give full and proper effect to such assignment. All of the foregoing shall also be deemed Confidential Information for the purposes
of Section 5.2, above.

5.4Books and Records. All
books, records, and accounts relating in any manner to the Company (i.e., financial information, customer, supplier, vendor identity,
etc.), whether prepared by the Executive or otherwise coming into the Executive’s possession, shall be the exclusive property
of the Company and shall be returned immediately to the Company on termination of the Executive’s employment hereunder or
otherwise on the Company’s request at any time.

5.5Definition of Company.
Solely for purposes of this Section 5, the term “Company” also shall include any existing or future subsidiaries of
the Company that are operating during the time periods described herein and any other entities that directly or indirectly, through
one or more intermediaries, control, are controlled by or are under common control with the Company during the periods described
herein.

5.6Acknowledgment by Executive.
The Executive acknowledges and confirms that (i) the restrictive covenants contained in this Section 5 are reasonably necessary
to protect the legitimate business interests of the Company, and (ii) the restrictions contained in this Section 5 (including without
limitation the geographic area and length of the term of the provisions of this Section 5) are not overbroad, overlong, or unfair
and are not the result of overreaching, duress or coercion of any kind. The Executive acknowledges and confirms that his special
knowledge of the business of the Company is or will be such as would cause the Company serious injury or loss if he were to use
such ability and knowledge to the benefit of a competitor or were to compete with the Company in violation of the terms of this
Section 5. The Executive further acknowledges that the restrictions contained in this Section 5 are intended to be, and shall be,
for the benefit of and shall be enforceable by, the Company’s successors and assigns and shall be enforced to the fullest
extent of the law applicable at the time that Company deems it necessary or advisable to enforce the restrictive covenants and
other provisions of this Section 5.

5.7Injunctive Relief; Damages.
Because of the difficulty of measuring economic losses to the Company as a result of a breach of the foregoing covenants in this
Section 5, and because of the immediate and irreparable damage that could be caused to the Company for which it would have no other
adequate remedy, the Executive agrees that the foregoing covenants may be enforced by the Company in the event of breach by the
Executive, by injunctions and restraining orders. Nothing herein shall be construed as prohibiting the Company from pursuing any
other available remedy for such breach or threatened breach, including the recovery of damages.

5.8Severability; Reformation;
Independent Covenants. The covenants in this Section 5 are severable and separate, and the unenforceability of any specific
covenant shall not affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall
determine that the scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the parties
that such restrictions be enforced to the fullest extent which the court deems reasonable, and the Agreement shall thereby be reformed.
Each covenant and agreement of Executive in this Section 5 shall be construed as an agreement independent of any other provision
in this Agreement, and the existence of any claim or cause of action by the Executive against the Company (including the affiliates
thereof), whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of
such covenants or agreements. It is specifically agreed that the periods of restriction during which the agreements and covenants
of the Executive made in this Section 5 shall be effective, shall be computed by extending such periods by the amount of time during
which the Executive is in violation of any provision of Section 5. The covenants contained in this Section 5 shall not be affected
by any breach of any other provision hereof by any party hereto.

5.9Survival. The obligations
of the parties under Section 5 shall survive the termination of this Agreement.

6.TERMINATION
OF THE AGREEMENT.

6.1Termination
for Cause. The Company may terminate Executive’s employment under this Agreement for “Cause,” at any time,
for any of the following reasons: (i) Executive’s commission of any act of fraud, embezzlement or dishonesty, (ii) Executive’s
unauthorized use or disclosure of any confidential information or trade secrets of the Company, (iii) any intentional misconduct
or violation of the Company’s Code of Business Ethics and Conduct by Executive which has a materially adverse effect upon
the Company’s business or reputation, (iv) Executive’s continued failure to perform the major duties, functions and
responsibilities of Executive’s position after written notice from the Company identifying the deficiencies in Executive’s
performance and a reasonable cure period of not less than ten (10) days or (v) a material breach of Executive’s fiduciary
duties as an officer of the Company.

6.2Effect of
Termination for Cause. In the event of termination of Executive for Cause as set forth in Section 6.1, or a voluntary termination
by Executive, Executive shall have no right to any bonuses, salaries, benefits or entitlements other than those accrued or required
by law or specifically provided under the terms of the applicable agreement, instrument or plan document.

6.3Disability
and Death. If during the Employment Term Executive should die or become disabled as provided in Section 7.2, the Company may,
upon five (5) calendar days written notice to Executive, terminate this Agreement. The determination of the Company that Executive
is incapable of fulfilling his obligations under this Agreement shall be final and binding in the absence of fraud or manifest
error. In the event of termination under this Section 6.3, Executive, or his estate, shall be entitled to an amount equal to four
(4) months’ Annual Base Salary and any other accrued compensation.

6.4Voluntary
Termination by Executive at the End of the Employment Term. In the event of voluntary termination by Executive at the end of
the Employment Term, Executive shall be entitled only to those amounts that have accrued to the effective date of the Executive’s
termination of employment (“Date of Termination”) or are expressly payable under the terms of the Company’s applicable
benefit plans or are required by applicable law.

6.5Termination
by Company during the Employment Term. In the event of termination by the Company other than at the end of the Employment Term,
other than for Cause under Section 6.1, Executive shall be entitled to:

(i) an amount equal
to four (4) months Annual Base Salary paid in equal monthly installments commencing on the date that is sixty (60) days after the
Date of Termination and continuing each month thereafter on the same day of the month as the initial installment payment. Said
amount shall be reduced by the amount of earned income to which Executive shall be entitled for services performed during the severance
pay period for any person or entity other than the Company;

(ii) the product of
(I) any Awards described in Section 4.3 which Executive can show that he reasonably would have received had Executive remained
in such Executive capacity with the Company through the end of the period covered by the Award (“Award Period”), or
four (4) months after the Date of Termination, whichever period is greater, multiplied by (II) a fraction, the numerator of which
is the number of days during the Award Period up to the Date of Termination occurs through the Date of Termination and the denominator
of which is the total number of days in the Award Period, but only to the extent not previously vested, exercised and/or paid;
provided that any payments pursuant to this Section 6.5(ii) shall be made within thirty (30) days following the end of the Award
Period;

(iii) for four (4) months
following the Date of Termination, Company shall continue to provide medical and dental benefits only to Executive on the same
basis, and subject to the same terms and conditions, including but not limited to those requiring contributions by Executive, as
such benefits are provided during such period to the senior executive officers of Company. Any coverage to be provided for Executive
under this paragraph shall be conditioned upon his timely election under COBRA or any other laws providing for continuation of
coverage upon employment termination, effective as of the Date of Termination. If, for any reason, Company’s welfare plans
do not permit such coverage subsequent to termination of employment, Company will, to the extent it is able to do so, provide Executive
with similar medical benefits (with the same after tax effect) outside of such plans;

(iv) an amount equal
to the Change in Control Bonus (as defined in Section 4.4 above) which Executive can show that he reasonably would have received
had Executive remained in such Executive capacity with the Company four (4) months after the Date of Termination; and

(v) to the extent not
theretofore paid or provided, Company shall timely pay or provide to Executive any other amounts or benefits which Executive is
entitled to receive through the Date of Termination under any plan, program, policy or practice or contract or agreement, including
accrued vacation to the extent unpaid (hereinafter referred to as the "Other Benefits").

6.6Termination
Following Change in Control. If the Company or any successor terminates this Agreement, other than for Cause, during the Employment
Term following a Change in Control of the Company: (i) Executive shall be entitled to an amount equal to one times the Annual Base
Salary if such termination occurs within the first twelve (12) months of the Agreement, or the Annual Base Salary which would otherwise
be payable over the remaining term of this Agreement if such termination occurs after the first twelve (12) months of this Agreement,
payable in a lump sum within ninety (90) days after the date of such termination of employment; and (ii) any outstanding Awards
(including substituted shares of the acquiring or surviving Company in the case of a merger or acquisition) held by Executive or
other benefits under any Company plan or program, which have not vested in accordance with their terms will become fully vested
and exercisable at the time of such termination. Notwithstanding any other provision of this Agreement to the contrary, no amount
that constitutes deferred compensation within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section
409A”), shall be paid to Executive on account of a Change in Control, an Ownership Change Event or a Transaction unless such
event constitutes a change in the ownership of the Company or a change in the ownership of a substantial portion of the assets
of the Company within the meaning of Section 409A.

6.7Except as otherwise
provided in this Agreement, all payments required to be paid by the Company to the Executive pursuant to Section 6 are payable
on the date that is sixty (60) days after the Date of Termination. Notwithstanding any other provision of this Agreement to the
contrary, if the Executive is a “specified employee” within the meaning of Section 409A as of the date of his separation
from service with the Company, no amount that constitutes deferred compensation within the meaning of Section 409A shall be paid
to executive on account of his separation from service prior to the date that is six (6) months after the date of such separation
from service (or, if earlier, the date of death of the Executive). Any such payments to which Executive would otherwise be entitled
during the six-month period immediately following the date of his separation from service shall be accumulated and paid on the
first day of the seventh month after separation from service.

6.8Section 409A.
This Agreement is intended to comply with, and shall be administered, interpreted and construed in a manner consistent with Section
409A. It is further intended that any payment or benefit provided pursuant to or under this Agreement that is considered to be
a deferral of compensation within the meaning of Section 409A: (i) shall be paid and provided in a manner, and at such time and
in such form, that complies with the applicable requirements of Section 409A to avoid the imposition of additional taxes or interest
thereunder; and (ii) if payable on account of the Executive’s termination of employment, notwithstanding any other provision
of this Agreement to the contrary, the Executive shall not be entitled to such payment or benefit unless his termination of employment
constitutes a “separation from service” within the meaning of Section 409A. Notwithstanding any other provision of
this Agreement, to the extent any amount payable under this Agreement would cause Executive to be liable for the additional tax
imposed under Section 409A, this Agreement shall be amended, to the extent permitted under Section 409A and applicable law, in
such manner as may be necessary to comply, or to evidence or further evidence required compliance, with Section 409A; provided,
however, that no such amendment shall deprive the Executive of a right accrued under this Agreement prior to the date of the amendment.
The Company does not guarantee any particular tax effect with respect to any payment provided for under this Agreement. The Company
shall not be liable for any payment that is determined to result in an additional tax, penalty, or interest under Section 409A,
nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A.
Executive shall remain liable for all taxes, interest or penalties imposed against him under Section 409A.

6.9Release of
Claims. Upon good and valuable consideration, the receipt of which the Executive and the Company each hereby acknowledge, upon
termination of the Executive’s employment for any reason set forth in Section 6, with the exception of the reasons for termination
provided under Section 6.1 and Section 6.4, the Company and the Executive agree to execute a release of claims, substantially in
the form attached hereto as Exhibit A, with respect to claims that arise on or prior to the date of the execution of the
release. The Executive’s execution of such release and the release becoming effective and irrevocable within the sixty (60)
day period immediately following his termination of employment shall be a condition precedent to the payment of any of the compensation
and benefits referred to in this Section 6.

7.DEFINITIONS.
As used in this Agreement, the following terms shall have the following meanings:

7.1"Change
in Control" means an Ownership Change Event or series of related Ownership Change Events (collectively, a "Transaction")
in which the stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction, direct
or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding voting
securities of the Company or, in the case of an Ownership Change Event, the entity to which the assets of the Company were transferred.
An "Ownership Change Event" shall be deemed to have occurred if any of the following occurs with respect to the
Company: (i) the direct or indirect sale or exchange by the stockholders of the Company of all or substantially all of the
voting stock of the Company; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange,
or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries
of the Company). The sole exception to Change in Control and Ownership Change Event as described above shall be any Change in Control
or Ownership Change Event that may result from the death or incapacity of Richard J. Kurtz wherein his interest is transferred
to his heirs only. In such event for the purposes hereof, no Change in Control or Ownership Change Event shall be deemed to have
occurred.

7.2"Disability" means
Executive’s absence from his duties with Company on a full-time basis for at least 90 days during any consecutive one hundred
and eighty (180) day period as a result of incapacity due to mental or physical illness as determined by a physician selected by
Company and acceptable to Executive. If Company determines in good faith that Executive’s Disability has occurred during
the Employment Term, it may give Executive written notice in accordance with Section 6.3 of this Agreement of its intention to
terminate Executive’s employment. In such event, Executive’s employment shall terminate effective on the thirtieth
(30th) day after Executive’s receipt of such notice (the "Disability Effective Date"), unless, within the thirty
(30) days after such receipt, Executive shall have been cleared by the physician to return to work and has returned to full-time
performance of his duties.

8.ASSIGNMENT.
Executive shall not have the right to assign or delegate his rights or obligations hereunder, or any portion thereof, to any other
person.

9.GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard
to its conflict of laws principles to the extent that such principles would require the application of laws other than the laws
of the State of Delaware. Venue for any action brought hereunder shall be exclusively in Harris County, Texas and the parties hereto
waive any claim that such forum is inconvenient.

10.PREVAILING
PARTY. In the event that Executive or Company elects to incur legal expenses to enforce or interpret any provision of this
Agreement, the prevailing party, as determined by a mediator, arbitrator or court of competent jurisdiction, as applicable, shall
be entitled to receive such reasonable legal expenses including, without limitation, attorney’s fees, costs and necessary
disbursements, in addition to any other relief to which such party shall be entitled.

11.INDEMNIFICATION.
The Company shall indemnify the Executive against all lawsuits, losses, claims, expenses or other liabilities of any nature by
reason of the fact that he (a) is or was an officer, director, employee or agent of the Company or any of its subsidiaries or affiliates,
or (b) while he is or was a director, officer, employee or agent of the Company or any of its subsidiaries or affiliates, or (c)
is or was servicing at the request of the Company as a director, officer, partner, venture, proprietor, trustee, employee, agent
or similar functionary of another corporation, partnership, joint venture, tryst, employee benefit plan or other entity.

12.NON-BINDING
MEDIATION. In the event of a dispute under this Agreement, each party agrees to submit to non-binding mediation prior to the
commencement of any legal or administrative proceeding against each other for any alleged violation of the Agreement. If the parties
are unable to agree upon an individual to serve as mediator, they shall each select an attorney or other individual recognized
as an approved mediator, and those two individuals selected shall jointly agree upon the selection of a third individual who shall
alone serve as mediator. If such parties are also unable to agree upon an individual to serve as mediator, the requirement of each
party to submit to non-binding mediation under this Agreement shall be waived and the provisions contained under Section 13 shall
apply.

13.ARBITRATION.
In the event that the parties are unable to resolve any dispute hereunder in accordance with the non-binding mediation terms of
Section 12, each party agrees to submit itself to binding statutory arbitration. Such dispute shall be submitted to arbitration
in the city of Houston, County of Harris, State of Texas, before a panel of three neutral arbitrators in accordance with the Commercial
Rules of the American Arbitration Association then in effect, and the arbitration determination resulting from any such submission
shall be final and binding upon the parties hereto. Judgment upon any arbitration award may be entered in any court of competent
jurisdiction.

14.ENTIRE AGREEMENT.
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and, upon
its effectiveness, shall supersede all prior agreements, understandings and arrangements, both oral and written, between the Executive
and the Company with respect to such subject matter. This Agreement may not be modified in any way unless by written instrument
signed by both the Company and the Executive. No provision of this Agreement may be modified or waived unless such modification
or waiver is agreed to in writing and signed by Executive and by a duly authorized officer of the Company. No waiver by either
party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at
any prior or subsequent time. Failure by Executive or the Company to insist upon strict compliance with any provision of this Agreement
or to assert any right Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right
or any other provision or right of this Agreement.

15.NOTICES.
All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by courier, sent
by registered or certified mail, return receipt requested addressed as set forth herein. Notices personally delivered, sent by
facsimile or sent by overnight courier shall be deemed given on the date of delivery and notices mailed in accordance with the
foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three
(3) days after deposit in the U.S. mail. Notice shall be sent (i) if to Company, addressed to the Chief Executive Officer, c/o
Lapolla Industries, Inc., 15402 Vantage Parkway East, Suite 322, Houston, Texas 77032, and (ii) if to Executive, to his address
as reflected on the payroll records of the Company, or to such other address as either party hereto may from time to time give
notice of to the other.

16.BENEFITS;
BINDING EFFECT. This Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs,
personal representatives, legal representatives, successors and, where applicable, assigns, including, without limitation, any
successor to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise.

17.SEVERABILITY.
The invalidity of any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall not affect
the enforceability of the remaining portions of this Agreement or any part thereof. If any invalidity is caused by length of time
or size of area, or both, the otherwise invalid provision will be considered to be reduced to a period or area which would cure
such invalidity.

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first above written.

 

 

 

	LAPOLLA INDUSTRIES, INC.	 	 	EXECUTIVE	 	 
	 	 	 	 	 	
	By: /s/ Douglas J. Kramer, CEO	 	 	By: /s/ Jomarc Marukot	 	
	Name:  Douglas J. Kramer	 		Name:  Jomarc Marukot	 	
	Title:  Chief Executive Officer	 	 	 	 	 
	 	 	 	 	 	 
	 Witness:  /s/ Michael T. Adams	 	 	Witness:  /s/ Michael T. Adams 	 	 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

EXHIBIT A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RELEASE

 

(a)Jomarc Marukot (the “Releasor”),
for and in consideration of benefits provided pursuant to the Executive Employment Agreement (the “Agreement”), dated
as of January 1, 2015 by and between the Releasor and Lapolla Industries, Inc. (the “Company”), does for himself and
his heirs, executors, administrators, successors and assigns, hereby now and forever, voluntarily, knowingly and willingly release
and discharge the Company and its parents, subsidiaries and affiliates (collectively, the “Company Group”), together
with their respective present and former partners, officers, directors, employees and agents, and each of their predecessors, heirs,
executors, administrators, successors and assigns (but as to any partner, officer, director, employee or agent, only in connection
with, or in relationship to, his or its capacity as a partner, officer, director, employee or agent of the Company and its subsidiaries
or affiliates and not in connection with, or in relationship to, his or its personal capacity unrelated to the Company or its subsidiaries
or affiliates) (collectively, the “Company Releasees”) from any and all charges, complaints, claims, promises, agreements,
controversies, causes of action and demands of any nature whatsoever, known or unknown, suspected or unsuspected, which against
the Company Releasees, jointly or severally, Releasor or Releasor’s heirs, executors, administrators, successors or assigns
ever had or now have by reason of any matter, cause or thing whatsoever arising from the beginning of time to the time Releasor
executes this release arising out of or relating in any way to Releasor’s employment relationship with the Company, including
but not limited to, any rights or claims arising under any statute or regulation, including the Age Discrimination in Employment
Act of 1967, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities
Act of 1990, or the Family and Medical Leave Act of 1993, each as amended, or any other federal, state or local law, regulation,
ordinance or common law, or under any policy, agreement, understanding or promise, written or oral, formal or informal, between
any Company Releasee and Releasor. Releasor shall not seek or be entitled to any recovery, in any action or proceeding that may
be commenced on Releasor’s behalf in any way arising out of or relating to the matters released under this Release. Notwithstanding
the foregoing, nothing herein shall release any Company Releasee from any claim or damages based on (i) the Releasor’s rights
under the Agreement, (ii) any right or claim that arises after the date the Releasor executes this release, (iii) the Releasor’s
eligibility for indemnification in accordance with applicable laws or the certificate of incorporation or by-laws of the Company
(or any affiliate or subsidiary) or any applicable insurance policy, with respect to any liability the Releasor incurs or incurred
as an officer or employee of the Company or any affiliate or subsidiary (including as a trustee or officer of any employee benefit
plan) or (iv) any right the Releasor may have to obtain contribution as permitted by law in the event of entry of judgment against
the Releasor as a result of any act or failure to act for which the Releasor and the Company or any affiliate or subsidiary are
held jointly liable.

(b)Nothing in this release of
claims prevents Executive from filing a charge or complaint with, or participating in an investigation or proceeding conducted
by, the U.S. Equal Employment Opportunity Commission (EEOC), the National Labor Relations Board (NLRB) or any other federal, state
or local agency charged with the enforcement of any laws. By signing this Release, however, Executive is waiving rights to monetary
damages or other individual relief based on claims asserted in such a charge or complaint, except where such a waiver of monetary
damages or other individual relief is prohibited.

(c)The Releasor
has been advised to consult with an attorney of the Releasor’s choice prior to signing this release, has done so and enters
into this release freely and voluntarily.

(d)The Releasor has had in excess
of twenty-one (21) calendar days to consider the terms of this release. Once the Releasor has signed this release, the Releasor
has seven (7) additional days to revoke the Releasor’s consent and may do so by writing to the Company. The eighth day after
the Releasor shall have executed this release shall be referred to herein as the Revocation Date.

(e)In the event that any one or
more of the provisions of this release shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remainder of this release shall not in any way be affected or impaired thereby.

The law of the State of
Delaware shall govern this release without reference to its choice of law rules.

 

LAPOLLA INDUSTRIES, INC.

 

 

 

 

By: /s/
Douglas J. Kramer, CEO

Name:Douglas
J. Kramer

Title:Chief
Executive Officer

 

JOMARC MARUKOT

 

 

 

 

 

By: /s/
Jomarc Marukot

Name:Jomarc
Marukot

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