Document:

CC Filed by Filing Services Canada Inc. 403-717-3898

CONSULTING  AGREEMENT

THIS AGREEMENT made effective the 4th day of August, 2006.

BETWEEN:

	
	Twin Mining Corporation

	a company continued under the laws of Ontario

	(hereinafter called the "Company")

	 

AND

	
	Bill Baird,

	of the City of Toronto

	(hereinafter called the “Executive”)

In consideration of the mutual covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which being acknowledged by the parties hereto), the Company and the Executive agree as follows:

1.

Consultant Services

Effective August 4, 2006, the Company hereby agrees to retain the Executive as its Chief Executive Officer on an interim basis and the Executive hereby accepts such retainer with the Company, on the terms and conditions set forth in this Agreement.  

2.

Duties

The Executive shall perform such duties for the Company and its subsidiaries as are customary for the office of Chief Executive Officer and as may from time to time, be determined by the Board of Directors of the Company.  The Executive agrees that he shall exercise the powers and authorities and fulfill the responsibilities hereby conferred honestly and in good faith with a view to the best interests of the Company, and shall exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.  The Executive shall refrain from engaging in any business activity or occupation in conflict or competition with the Company.  Notwithstanding the foregoing, it is acknowledged that the Executive may continue to provide services as a consultant to other companies.  

3.

Remuneration

(a)

The Executive shall be paid for his services hereunder $20,000 (Cdn.) per month plus GST, payable monthly in arrears.

(b)

Subject to the availability of funds, unpaid fees for services rendered by the Executive to the Company prior to the effective date hereof in the approximate amount of $82,849 (Cdn.) will be paid by the Company as follows:

2

(i)

$15,000 on or about August 11, 2006

(ii)

The remainder of approximately $67,849 in two equal installments on or about September 5th and October 5th, 2006.

(c)

As soon as reasonably practicable following the execution hereof, the Company shall grant to the Executive an option to purchase 750,000 common shares of the Company exercisable for five years from the date of grant at a price per share equal to the closing market price of the Company’s common shares on the Toronto Stock Exchange on the day prior to grant, and otherwise in accordance with the terms of the Company’s Stock Option Plan.   

 

(d)

Upon the Executive ceasing to act as Chief Executive Officer hereunder but provided the Executive agrees to continue to provide ongoing management consulting services to the Company, the Company shall grant to the Executive a further option to purchase 750,000 common shares of the Company exercisable for five years from the date of grant at a price per share equal to the closing market price of the Company’s common shares on the Toronto Stock Exchange on the day prior to grant, and otherwise in accordance with the terms of the Company’s Stock Option Plan.  

(e)

The Company agrees to take such reasonable actions as may be necessary to maintain the term of the option grants referred to in subsections 3(c) and (d). 

4.

Expenses

The Company shall reimburse the Executive for all reasonable travel or other expenses incurred in the performance of his duties under this Agreement.  The Executive shall furnish the Company with such statements, vouchers or receipts as may be required, and the Company shall pay the Executive such reimbursement forthwith after submission of required documentation.  

5.

Term and Termination of Contract

This Agreement shall commence effective August 4, 2006 and continue for an initial term of two months. Thereafter it will automatically renew on a month to month basis unless notice of termination by either party is provided to the other not less than 30 days prior to the renewal date.  Following the completion of the Executive’s services as interim Chief Executive Officer of the Company, the Executive will provide the Company with such ongoing management consulting services as may be reasonably requested by the Company, subject to the Executive being granted the stock option referred to in subsection 3(d) hereof and otherwise on such terms as the parties in good faith may determine.

6.

Confidential Information

The Executive acknowledges that, prior to the date hereof he has been and thereafter during the term of this Agreement he may, from time to time, become privy to 

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confidential or proprietary information of the Company and its subsidiaries (the "Protected Information"), including trade secrets and confidential or proprietary information, knowledge, documents or materials owned, developed or possessed by the Company, whether in tangible or intangible form, which is not publicly disseminated information.  Protected Information includes, but is not limited to, information, data, records, notes, reports, drill hole logs, calculations, opinions, maps, charts, drawings, sketches, plans, documents, applications, reports, studies and other information in written, oral or electronic form and whether or not noted thereon to be confidential pertaining to the properties held by or worked on by the Company, financial information or measures, financial results, business methods, future business plans, databases, matters of a technical nature, including know-how, data, formulae, secret processes and designs, models, operating procedures, knowledge of the organization, confidential or proprietary information received from third parties subject to a duty on the Company’s part to maintain the confidentiality of the third party information and to use it only for certain limited purposes, and other information of any nature whatsoever owned, developed or possessed by the Company.  The Executive hereby agrees to hold all Protected Information in confidence both during the term of this Agreement and afterwards.  The Executive also agrees that he will not, except as required in the conduct of the business of the Company or, as otherwise required by law, publish, disclose or make use of any of the Protected Information.  The Executive agrees to turn over to the Company all originals and copies of any such material in his possession or under his control, forthwith, at the request of the Company. The Executive agrees that the provisions of section 6 shall survive the termination of this Agreement regardless of the reason for such termination.

7.

Intellectual Property

The Executive acknowledges and agrees that all rights, title and interest in and to all intellectual property including inventions, discoveries and improvements, whether patentable or not, trade marks, copyright works, or designs which the Executive may make either alone or with others while he is employed with the Company are the sole and exclusive property of the Company, including all inventions, discoveries and Protected Information that may be developed by the Executive for the projects of the Company during the term of this Agreement, and the Executive agrees to waive all moral and legal rights to any copyright works he creates or assists in creating while he is employed with the Company.  The Executive agrees that whenever requested by the Company he shall provide the Company with information as it requires regarding such intellectual property, and shall execute any and all assignments, applications and other documents which the Company shall deem necessary in order for the Company to set up or preserve its intellectual property rights.  The Executive agrees that the provisions of section 7 survive the termination of this Agreement regardless of the reason for such termination.

8. 

Independent Contractor

The Executive is not an employee of the Company but is an independent contractor to the Company. The Company shall not withhold or remit federal or provincial taxes, which shall be the sole responsibility of the Executive.

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9.

Severable Clauses 

A determination that any provision of this Agreement is unenforceable, in whole or in part, shall not affect the validity of any other provision.

 10.

Notice

Any notice in writing required to or permitted to be given by either party hereunder shall be sufficiently given if delivered to the other party personally, by telecopy or by electronic mail addressed to:

the Company at:

	
	Twin Mining Corporation

Suite 1250, 155 University Avenue

Toronto, Ontario

M5H 3B7 

Attention:  Chairman

Telecopier No. 416-777-0014 

or to the Executive at:

	
	Bill Baird

301-675 Roselawn Avenue

Toronto, Ontario

M5N 1L2

E-mail: bill.baird@gmail.com

Any such notice which is delivered, telecopied or sent by electronic mail before 5:00 p.m. on any business day shall be deemed to have been delivered on that day.  Any notices delivered, telecopied or sent by electronic mail after that time on a business day or on a day that is not a business day, shall be deemed received on the next following business day.  In this Agreement, "business day" means a day that is not a Saturday, Sunday or statutory holiday in Toronto, Ontario.  Any address for the giving of notices hereunder may be changed by notice in writing to the other party.

11.

Governing Law and Survival

The provisions of this Agreement shall be governed by, interpreted, and enforced in accordance with the laws in force in the Province of Ontario and the laws of Canada applicable therein.  This Agreement shall extend and enure to the benefit of the personal representatives, successors and assigns of each of the parties.

12.

Entire Agreement

This Agreement and the Company’s Stock Option Plan constitute the entire agreement between the parties hereto relating to the subject matter of this Agreement.  No 

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modification, waiver, amendment or replacement of this Agreement shall be effective unless made in writing and signed by the Executive and the Company.

 13.

Counterparts

This Agreement may be executed in one or more counterparts and may be executed and delivered by facsimile and each of which when executed and delivered shall be deemed an original and all of which counterparts and facsimiles together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF this agreement has been executed by the parties hereto.

TWIN MINING CORPORATION

By: _/s/ James K. Gray_______________

James Gray

Chairman

___________________                    

By: _/s/ Bill Baird        _______________

Witness

       

Bill Baird

Interim CEOex10_7.htm

    
      

    

     

    
      Exhibit
        10.7

      

      SECURITIES
        PURCHASE AGREEMENT

      

      THIS
        SECURITIES PURCHASE AGREEMENT (the "AGREEMENT"), dated as of December 31,
        2006,
        is by and between LaPolla Industries Inc., a Delaware corporation, with its
        principal place of business at 15402 Vantage Parkway East, Suite 322, Houston,
        Texas 77032 (the "COMPANY"), and Richard J. Kurtz, with a residence at Nine
        Duck
        Pond Road, Alpine, New Jersey 07620 (the "BUYER").

      

      WHEREAS,
        the Company and the Buyer are executing and delivering this Agreement in
        reliance upon the exemption from securities registration afforded by Section
        4(2) of the Securities Act of 1933, as amended (the "ACT");

      

      WHEREAS,
        the Company has authorized the following new series of its preferred stock,
        $1.00 par value per share: the Series D Preferred Stock (the "SERIES D PREFERRED
        STOCK"), with a stated value per share of Series D Preferred Stock of $1,000,
        which includes a $1.00 par value per share (The Series D Preferred Stock
        is
        referred to in this Agreement as the "SECURITIES"); and

      

      WHEREAS,
        the Buyer wishes to purchase and the Company desires to sell an aggregate
        of
        1,076 shares of Series D Preferred Stock for a total of $1,076,000, upon
        the
        terms and conditions stated in this Agreement.

      

      NOW,
        THEREFORE, in consideration of the premises and covenants herein contained,
        the
        Company and the Buyer hereby agree as follows:

      

      1.           PURCHASE
        AND SALE OF SERIES D PREFERRED STOCK.

       

                                    a.           PURCHASE
        OF SERIES D PREFERRED STOCK. Subject to the satisfaction (or waiver) of the
        conditions set forth in Sections 6 and 7(a) below, the Company shall issue
        and
        sell to the Buyer and the Buyer shall purchase from the Company, for an
        aggregate of $1,076,000 an aggregate of 1,076 shares of Series D Preferred
        Stock
        (the "CLOSING").  On the Closing Date, subject to receipt of the
        agreed upon consideration, the Company shall cause to be delivered to Buyer
        a
        stock certificate representing the number of shares of Series D Preferred
        Stock
        that Buyer is then purchasing, duly executed on behalf of the Company and
        registered in the name of the Buyer or his designee (the "STOCK
        CERTIFICATE").

       

                                   
        b.           CLOSING
        DATE. The Closing (the "CLOSING DATE") shall be on December 31, 2006, subject
        to
        satisfaction (or waiver) of the conditions to the Closing set forth in Sections
        6 and 7(a) below (or such later date as is mutually agreed to by the Company
        and
        the Buyer).

      

                                    c.           FORM
        OF PAYMENT. On the Closing Date, Buyer shall cancel indebtedness in the form
        of
        loans bearing interest owed by Company to Buyer as payment of the applicable
        purchase price for the Series D Preferred Stock to be issued and sold to
        Buyer
        at the Closing.

      

      2.           BUYER'S
        REPRESENTATIONS AND WARRANTIES.  Buyer represents and warrants with
        respect to only himself that:

      

                                   
        a.           INVESTMENT
        PURPOSE. Such Buyer is acquiring the Series D Preferred Stock for his own
        account for investment only and not with a view towards, or for resale in
        connection with, the unlawful public sale or distribution thereof, except
        pursuant to sales of such shares which are the subject of an effective
        registration statement duly filed under the Act or otherwise exempted under
        the
        Act and all applicable state blue sky laws; provided, however, that by making
        the representations herein, such Buyer does not agree to hold any Securities
        for
        any minimum period or other specific term and reserves the right to dispose
        of
        the Securities at any time in accordance with or pursuant to a registration
        statement or an exemption under the Act and all applicable state blue sky
        laws.

       

                                   
        b.           ACCREDITED
        INVESTOR STATUS.  Buyer is an "accredited investor" as that term is
        defined in Rule 501(a) of Regulation D promulgated by the United States
        Securities and Exchange Commission (the "SEC") under the Act ("REGULATION
        D").

      

                                   
        c.           RELIANCE ON
        EXEMPTIONS.  Buyer understands that the Series D Preferred Stock is
        being offered and sold to him in reliance on specific exemptions from the
        registration requirements of United States federal and state securities laws
        and
        that the Company is relying in part upon the truth and accuracy of, and Buyer's
        compliance with, the representations, warranties, agreements, acknowledgments
        and understandings of Buyer set forth herein in order to determine the
        availability of such exemptions and the eligibility of Buyer to acquire the
        Series D Preferred Stock.

      

                                   
        d.           INFORMATION.  Buyer
        acknowledges that he is the Chairman of the Board of Directors of the Company
        and as such has been furnished with all materials relating to the business,
        finances and operations of the Company and materials relating to the offer
        and
        sale of the Series D Preferred Stock that have been requested by Buyer. No
        independent due diligence investigations conducted by Buyer shall modify,
        amend
        or affect Buyer's right to rely on the Company's representations and warranties
        contained in Section 3 below.

      

                                   
        e.           NO
        GOVERNMENTAL REVIEW.  Buyer understands that no United States federal
        or state agency or any other government or governmental agency has passed
        on or
        made any recommendation or endorsement of the Series D Preferred Stock and
        the
        Warrants or the fairness or suitability of the investment in the Securities
        nor
        have such authorities passed upon or endorsed the merits of the offering
        of the
        Series D Preferred Stock.

      

                                   
        f.           TRANSFER OR
        RESALE.  Buyer understands that the: (i) Securities have not been and
        are not being registered under the Act or any state securities laws, and
        may not
        be offered for sale, sold, assigned or transferred unless (A) (i) they have
        been
        subsequently registered thereunder and (ii) they are offered for sale, sold,
        assigned and transferred in compliance with the prospectus delivery requirements
        of the Act; or (B) Buyer shall have delivered to the Company an opinion of
        counsel, in a generally acceptable form, to the effect that such securities
        to
        be sold, assigned or transferred may be sold, assigned or transferred pursuant
        to an exemption from such registration.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

                                   
        g.           LEGENDS.

      

      (i)           Buyer
        understands that the certificates or other instruments representing the Series
        D
        Preferred Stock shall bear a restrictive legend in substantially the following
        form (and a stop-transfer order may be placed against transfer of such stock
        certificates):

      

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS. THE
        SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
        SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
        STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
        OR
        APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY
        ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
        STATE SECURITIES LAWS.

      

      (ii)           Each
        certificate for Series D Preferred Stock shall also bear the following
        legend:

      

      ANY
        TRANSFEREE OF THIS CERTIFICATE SHOULD CAREFULLY REVIEW THE TERMS OF THE
        COMPANY'S CERTIFICATE OF DESIGNATIONS RELATING TO THE SERIES D PREFERRED
        SHARES
        REPRESENTED BY THIS CERTIFICATE. THE NUMBER OF SERIES D PREFERRED SHARES
        REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SUCH SHARES
        STATED ON THE FACE HEREOF.

      

      3.           REPRESENTATIONS
        AND WARRANTIES OF THE COMPANY.  The Company represents and warrants to
        Buyer as set forth in this Section 3.

      

                                   
        a.           ORGANIZATION
        AND QUALIFICATION.  The Company is duly organized and validly existing
        in good standing under the laws of the jurisdiction in which it is organized,
        and has the requisite corporate power to own its properties and to carry
        on its
        business as now being conducted. The Company is duly qualified to do business
        and is in good standing in every jurisdiction in which the nature of the
        business conducted by it makes such qualification necessary, except to the
        extent that the failure to be so qualified or be in good standing would not
        have
        a Material Adverse Effect. "MATERIAL ADVERSE EFFECT" means any material adverse
        effect on (i) the business, properties, operations, condition (financial
        or
        otherwise), results of operations or objective prospects of the Company taken
        as
        a whole, (ii) on the ability of the Company to perform its obligations
        hereunder, under the Certificate of Designation or under the agreements or
        instruments to be entered into or filed in connection herewith or therewith,
        or
        (iii) the Securities.

      

                                   
        b.           AUTHORIZATION;
        ENFORCEMENT; COMPLIANCE WITH OTHER INSTRUMENTS.  (i) The Company has
        the requisite corporate power and authority to enter into and perform its
        obligations under this Agreement, to issue, sell and perform its obligations
        with respect to the Series D Preferred Stock in accordance with the terms
        hereof
        and the Certificate of Designation, (ii) the execution and delivery of this
        Agreement by the Company and the consummation by it of the transactions
        contemplated hereby and thereby, including without limitation the issuance
        of
        the Series D Preferred Stock, have been duly authorized by the Company's
        Board
        of Directors and no further consent or authorization is required by the Company,
        its Board of Directors or its shareholders, (iii) this Agreement and the
        certificates for the Series D Preferred Stock have been duly executed and
        delivered by the Company, (iv) this Agreement and the certificates for the
        Series D Preferred Stock constitute the valid and binding obligations of
        the
        Company enforceable against the Company in accordance with their terms, except
        as such enforceability may be limited by general principles of equity or
        applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
        or
        similar laws relating to, or affecting generally, the enforcement of creditors'
        rights and remedies, and (v) the Certificate of Designation will have been
        filed
        with the Secretary of State of the State of Delaware within sixty (60) days
        after the Closing date hereof and will be in full force and effect, enforceable
        against the Company in accordance with its terms.

      

                                   
        c.           CAPITALIZATION.  As
        of December 31, 2006, the authorized capital stock of the Company consists
        of
        sixty seven million (67,000,000) shares, of which sixty five million
        (65,000,000) are for common stock and two million (2,000,000) for preferred
        stock. No shares of common stock or preferred stock are subject to preemptive
        rights or any other similar rights or any liens or encumbrances suffered
        or
        permitted by the Company. There are no securities or instruments containing
        anti-dilution or similar provisions that will be triggered by the issuance
        of
        any of the Securities as described in this Agreement.  The Company has
        furnished to the Buyer copies of the Company's Restated Certificate of
        Incorporation, as amended, and as in effect on the date hereof (the "RESTATED
        CERTIFICATE OF INCORPORATION"), and the Company's Bylaws, as in effect on
        the
        date hereof (the "BYLAWS"), and the terms of all securities including the
        material rights of the holders thereof in respect thereto.

      

                                   
        d.           ISSUANCE OF
        SECURITIES.  The Securities are duly authorized and, upon issuance in
        accordance with the terms hereof, shall be (i) validly issued, fully paid
        and
        non-assessable, (ii) free from all taxes, liens and charges with respect
        to the
        issue thereof and (iii) entitled to the rights and preferences set forth
        in the
        Certificate of Designation.

      

                                   
        e.           NO
        CONFLICTS.  Except as otherwise expressly stated herein, the
        execution, delivery and performance of this Agreement, the performance by
        the
        Company of its obligations under the Certificate of Designation and the
        consummation by the Company of the transactions contemplated hereby will
        not (i)
        result in a violation of the Restated Certificate of Incorporation, as amended,
        any Certificate of Designation, Preferences and Rights of any outstanding
        series
        of preferred stock of the Company or Bylaws or (ii) conflict with, or constitute
        a default (or an event which with notice or lapse of time or both would become
        a
        default) under, or give to others any rights of termination, amendment,
        acceleration or cancellation of, any material agreement, indenture or instrument
        to which the Company or any of its subsidiaries is a party, or result in
        a
        violation of any law, rule, regulation, order, judgment or decree (including
        federal and state securities laws and regulations and the rules and regulations
        of the principal market or exchange on which the common stock is traded or
        listed) applicable to the Company or by which any property or asset of the
        Company is bound or affected. The Company is not in violation of any term
        of or
        in default under its Restated Certificate of Incorporation or Bylaws, as
        applicable, any Certificate of Designation, Preferences and Rights of any
        outstanding series of preferred stock of the Company, or any material contract,
        agreement, indebtedness, indenture, instrument, judgment, decree or order
        (collectively referred to as the "MATERIAL CONTRACTS") or any statute, rule
        or
        regulation applicable to the Company. The business of the Company is not
        being
        conducted, and shall not be conducted, in violation of any material law,
        ordinance or regulation of any governmental entity. Except as specifically
        contemplated by this Agreement and as required under the Act and applicable
        blue
        sky laws, the Company is not required to obtain any consent, authorization
        or
        order of, or make any filing or registration with, any court or governmental
        or
        regulatory or self-regulatory agency in order for it to execute, deliver
        or
        perform any of its obligations under or contemplated by this Agreement or
        perform its obligations under the Certificate of Designation in accordance
        with
        the terms hereof or thereof.

      
        
          
          

        

        
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        f.           SEC
        DOCUMENTS; FINANCIAL STATEMENTS. The Company has filed all reports, schedules,
        forms, statements and other documents required to be filed by it with the
        SEC
        pursuant to the reporting requirements of the Securities Exchange Act of
        1934,
        as amended (the "EXCHANGE ACT") (all of the foregoing filed prior to the
        date
        hereof and all exhibits included therein and financial statements and schedules
        thereto and documents incorporated by reference therein being hereinafter
        referred to as the "SEC DOCUMENTS"). As of their respective dates, the SEC
        Documents complied in all material respects with the requirements of the
        Exchange Act and the rules and regulations of the SEC promulgated thereunder
        applicable to the SEC Documents. As of their respective dates, the financial
        statements of the Company included in the SEC Documents complied as to form
        in
        all material respects with applicable accounting requirements and the published
        rules and regulations of the SEC with respect thereto. Such financial statements
        have been prepared in accordance with generally accepted accounting principles,
        consistently applied during the periods involved (except (i) as may be otherwise
        indicated in such financial statements or the notes thereto, or (ii) in the
        case
        of unaudited interim statements, to the extent they may exclude footnotes
        or may
        be condensed or summary statements) and fairly present in all material respects
        the financial position of the Company as of the dates thereof and the results
        of
        its operations and cash flows for the periods then ended (subject, in the
        case
        of unaudited statements, to normal year-end audit adjustments).

      

                                   
        g.           ACKNOWLEDGMENT
        REGARDING BUYERS' PURCHASE OF THE SERIES D PREFERRED
        STOCK.  Purchaser's status as Chairman of the Board of Directors and
        holder of more than ten percent (10%) of the Company's outstanding shares,
        the
        Company acknowledges and agrees that for purposes hereof, Buyer is acting
        in the
        capacity of an arm's length purchaser with respect to this Agreement and
        the
        Certificate of Designation and the transactions contemplated hereby and thereby.
        The Company further acknowledges that for the purposes hereof, Buyer is not
        acting as a financial advisor or fiduciary of the Company (or in any similar
        capacity) with respect to this Agreement and the Certificate of Designation
        and
        the transactions contemplated hereby and thereby and any advice given by
        Buyer
        or any of his representatives or agents in connection with this Agreement
        and
        the Certificate of Designation and the transactions contemplated hereby and
        thereby is merely incidental to Buyer's purchase of the Series D Preferred
        Stock. The Company further represents to Buyer that the Company's decision
        to
        enter into this Agreement has been based solely on the independent evaluation
        by
        the Company and its representatives.

      

                                    h.           NO
        GENERAL SOLICITATION.  Neither the Company, nor any of its affiliates,
        nor any person acting on its or their behalf, has engaged in any form of
        general
        solicitation or general advertising (within the meaning of Regulation D under
        the Act) in connection with the offer or sale of any of the Securities offered
        hereby.

      

                                   
        i.           NO
        INTEGRATED OFFERING.  Neither the Company, nor any of its affiliates,
        nor any person acting on its or their behalf has, directly or indirectly,
        made
        any offers or sales of any security or solicited any offers to buy any security,
        under circumstances that would require registration of any of the Securities
        under the Act or cause the offering of any of the Securities to be integrated
        with prior offerings by the Company for purposes of the Act or any applicable
        stockholder approval provisions, including, without limitation, under the
        rules
        and regulations of any exchange or automated quotation system on which any
        of
        the securities of the Company are listed or designated, nor will the Company
        take any action or steps that would require registration of the issuance
        by the
        Company of any of the Securities under the Act or cause the offering of the
        Securities to be integrated with other offerings.

      

                                   
        j.           INTELLECTUAL
        PROPERTY RIGHTS.  The Company owns or possesses adequate rights or
        licenses to use all trademarks, trade names, service marks, service mark
        registrations, service names, patents, patent rights, copyrights, inventions,
        licenses, approvals, governmental authorizations, trade secrets and rights
        (collectively "INTELLECTUAL PROPERTY RIGHTS") necessary to conduct their
        respective businesses as now conducted and as presently contemplated to be
        operated in the future except for Intellectual Property Rights that,
        individually or in the aggregate, would not be reasonably likely to have
        a
        Material Adverse Effect.

      

                                    k.           LEASES.  Any
        real property and facilities held under lease by the Company are held under
        valid, subsisting and enforceable leases.

      

                                   
        l.           INSURANCE.  The
        Company is insured by insurers of recognized financial responsibility against
        such losses and risks and in such amounts as is prudent and customary in
        the
        businesses in which the Company is engaged.  The Company does not have
        any reason to believe that it will not be able to renew its existing insurance
        coverage as and when such coverage expires or to obtain similar coverage
        from
        similar insurers as may be necessary to continue its business at a cost that
        would not individually or in the aggregate have a Material Adverse
        Effect.

      

                                   
        m.           INTERNAL
        ACCOUNTING CONTROLS.  The Company maintains a system of internal
        accounting controls sufficient to provide reasonable assurance that (i)
        transactions are executed in accordance with management's general or specific
        authorizations, (ii) transactions are recorded as necessary to permit
        preparation of financial statements in conformity with generally accepted
        accounting principles and to maintain asset accountability, (iii) access
        to
        assets is permitted only in accordance with management's general or specific
        authorization and (iv) the recorded accountability for assets is compared
        with
        the existing assets at reasonable intervals and appropriate action is taken
        with
        respect to any differences.

      

                                   
        n.           TAX STATUS.
        The Company has made all federal and state income and all other tax returns,
        reports and declarations required by any jurisdiction to which it is subject
        (unless and only to the extent that the Company has set aside on its books
        provisions reasonably adequate for the payment of all unpaid and unreported
        taxes) and has paid all taxes and other governmental assessments and charges
        that are material in amount, shown or determined to be due on such returns,
        reports and declarations.  There are no unpaid taxes in any material
        amount claimed to be due by the taxing authority of any jurisdiction, and
        the
        officers of the Company know of no basis for any such claim.  The
        Company has not been notified that any of its tax returns is currently being
        audited by any taxing authority.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      4.           COVENANTS
        AND AGREEMENTS.

      

                                   
        a.           BEST
        EFFORTS.  Each party shall use its best efforts timely to satisfy each
        of the conditions to be satisfied by it as provided in Sections 6 and 7 of
        this
        Agreement.

      

                                    b.           BLUE
        SKY.  The Company shall take such action as the Company shall
        reasonably determine is necessary in order to obtain an exemption for or
        to
        qualify the Securities for, or obtain exemption for the Securities for, sale
        to
        Buyer pursuant to this Agreement under applicable securities or "Blue Sky"
        laws
        of the State of New Jersey.  The Company shall make all filings and
        reports relating to the offer and sale of the Securities required under
        applicable securities or "Blue Sky" laws of the State of New Jersey wherein
        the
        Buyer resides.

      

                                   
        c.           FINANCIAL
        INFORMATION.  The Company agrees to file all reports, schedules,
        forms, statements and other documents required to be filed by it with the
        SEC
        pursuant to the reporting requirements of the Exchange Act so long as the
        Series
        D Preferred Stock shall be outstanding. The financial statements of the Company
        will be prepared in accordance with generally accepted accounting principles,
        consistently applied, and will fairly present in all material respects the
        consolidated financial position of the Company and results of its operations
        and
        cash flows for the periods then ended (subject, in the case of unaudited
        statements, to normal year-end audit adjustments).

      

                                    d.           CORPORATE
        EXISTENCE.  So long as any Buyer beneficially owns any Securities
        pursuant to this Agreement, the Company shall maintain its corporate existence
        in good standing under the laws of the jurisdiction in which it is incorporated
        and shall not sell all or substantially all of the Company's assets, except
        in
        the event of a merger or consolidation or sale of all or substantially all
        of
        the Company's assets for cash, or, if for securities, where the surviving
        or
        successor entity in such transaction either (i) redeems all of the then
        outstanding Series D Preferred Stock in accordance with and subject to the
        terms
        of the Certificate of Designation applicable to such transactions, or (ii)
        assumes the Company's obligations hereunder and under the agreements and
        instruments entered into in connection herewith.

      

                                   
        e.           INSURANCE.  The
        Company shall maintain liability, casualty and other insurance (subject to
        customary deductions and retentions) with responsible insurance companies
        against such risk of the types and in the amounts customarily maintained
        by
        companies of comparable size to the Company.

      

      6.           CONDITIONS
        TO THE COMPANY'S OBLIGATION TO SELL. The obligation of the Company hereunder
        to
        issue and sell the Series D Preferred Stock to Buyer at the Closing is subject
        to the satisfaction of each of the following conditions, provided that these
        conditions are for the Company's sole benefit and may be waived by the Company
        at any time in its sole discretion:

      

                                    a.           Buyer
        shall have executed this Agreement and delivered the same to the
        Company.

      

                                   
        b.           Buyer shall
        have delivered to the Company the applicable purchase price for the Series
        D
        Preferred Stock being purchased by Buyer at Closing.

      

                                   
        c.           The
        representations and warranties of Buyer shall be true and correct in all
        material respects as of the Closing Date as though made at that time (except
        for
        representations and warranties that speak as of a specific date), and Buyer
        shall have performed, satisfied and complied in all material respects with
        the
        covenants, agreements and conditions required by this Agreement to be performed,
        satisfied, or complied with by Buyer at or prior to the Closing
        Date.

      

      7.           CONDITIONS
        TO EACH BUYER'S OBLIGATION TO PURCHASE.

      

                                   
        a.           CLOSING
        DATE.  The obligation of Buyer hereunder to purchase the Series D
        Preferred Stock at the Closing is subject to the satisfaction, at or before
        the
        Closing Date, of each of the following conditions, provided that these
        conditions are for Buyer's sole benefit and may be waived by such Buyer at
        any
        time in his sole discretion:

      

                                               
          
i.           The Company
        shall have executed this Agreement and delivered the same to such
        Buyer.

      

                                                 
        ii.           The
        Certificate of Designation shall have been executed by the Company and filed
        with the Secretary of the State of Delaware, and a copy marked as filed shall
        have been delivered to such Buyer.

      

                                                  iii.           The
        representations and warranties of the Company shall be true and correct in
        all
        material respects (except to the extent that any of such representations
        and
        warranties is already qualified as to materiality in Section 3 above, in
        which
        case such representations and warranties shall be true and correct without
        further qualification) as of the Closing Date as though made at that time
        (except for representations and warranties that speak as of a specific date)
        and
        the Company shall have performed, satisfied and complied in all material
        respects with the covenants, agreements and conditions required by this
        Agreement to be performed, satisfied or complied with by the Company at or
        prior
        to the Closing Date.  Buyer shall have received a certificate,
        executed by an authorized officer of the Company, dated as of the Closing
        Date,
        to the foregoing effect and as to such other matters as may be reasonably
        requested by Buyer.

      

                                                 
        iv.           The Company
        shall have executed and delivered to Buyer the Stock Certificates (in such
        denominations as such Buyer shall request) for the Series D Preferred Stock
        being purchased by Buyer being given at the Closing.

      

                                                 
        v.           The Company
        shall have delivered to Buyer such other documents relating to the transactions
        contemplated by this Agreement as Buyer may reasonably request.

      

                                                 
        vi.           The
        transactions contemplated hereby shall not violate any law, regulation or
        order
        then in effect and applicable to Buyer or the Company.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      8.           INDEMNIFICATION.
        In consideration of each Buyer's execution and delivery of this Agreement
        and
        acquiring the Securities hereunder and in addition to all of the Company's
        other
        obligations under this Agreement, the Company shall defend, protect, indemnify
        and hold harmless Buyer and each other holder of Securities from and against
        any
        and all actions, causes of action, suits, claims, losses, costs, penalties,
        fees, liabilities and damages, and expenses in connection therewith
        (irrespective of whether Buyer is a party to the action for which
        indemnification hereunder is sought), and including reasonable attorneys'
        fees
        and disbursements (the "BUYER INDEMNIFIED LIABILITIES"), incurred by Buyer
        (and
        shall advance the same) as a result of,  or arising out of, or
        relating to (a) any misrepresentation or breach of any representation or
        warranty made by the Company in this Agreement, the Certificate of Designation
        or any other certificate, instrument or document contemplated hereby or thereby,
        (b) any breach of any covenant, agreement or obligation of the Company contained
        in this Agreement, the Certificate of Designation or any other certificate,
        instrument or document contemplated hereby or thereby, or (c) any cause of
        action, suit or claim brought or made against Buyer and arising out of or
        resulting from the execution, delivery, performance or enforcement of this
        Agreement or any other instrument, document or agreement executed pursuant
        hereto by the Buyer. Promptly after receipt by Buyer of notice of the
        commencement of any action or proceeding (including any governmental action
        or
        proceeding) involving the Buyer Indemnified Liabilities, Buyer shall deliver
        to
        the Company a written notice of the commencement thereof, and the Company
        shall
        have the right to participate in, and, to the extent it so desires, jointly
        with
        any other indemnifying party similarly noticed, to assume control of the
        defense
        thereof with counsel selected by the Company and reasonably satisfactory
        to
        Buyer; provided, however, that Buyer shall have the right to retain its own
        counsel with the fees and expenses to be paid by the Company, if, in the
        reasonable opinion of counsel retained by the Company, the representation
        by
        such counsel of the Buyer and the Company would be inappropriate due to actual
        differing interests between Buyer and any other party represented by such
        counsel in such proceeding. The Buyer shall cooperate fully with the Company
        in
        connection with any negotiation or defense of any such action or claim by
        the
        Company and shall furnish to the Company all information reasonably available
        to
        the Buyer which relates to such action or claim.  The Company shall
        keep the Buyer fully apprised at all times as to the status of the defense
        or
        any settlement negotiations with respect thereto. The Company shall not be
        liable for any settlement of any action, claim or proceeding affected without
        its written consent, provided, however, that the Company shall not unreasonably
        withhold, delay or condition its consent. The Company shall not, without
        the
        consent of the Buyer, consent to entry of any judgment or enter into any
        settlement or other compromise which does not include as an unconditional
        term
        thereof the giving by the claimant or plaintiff to such Buyer of a release
        from
        all liability in respect to such claim or litigation. Following indemnification
        as provided for hereunder, the Company shall be subrogated to all rights
        of the
        Buyer with respect to all third parties, firms or corporations relating to
        the
        matter for which indemnification has been made. The failure to deliver written
        notice to the Company within a reasonable time of the commencement of any
        such
        action shall not relieve it of any liability to the Buyer, except to the
        extent
        that the Company is prejudiced in its ability to defend such action. To the
        extent that the foregoing undertaking by the Company may be unenforceable
        for
        any reason, the Company shall make the maximum contribution to the payment
        and
        satisfaction of each of the Buyer Indemnified Liabilities which is permissible
        under applicable law.

      

      9.           MISCELLANEOUS.

      

                                    a.           COUNTERPARTS.  This
        Agreement may be executed in two or more identical counterparts, all of which
        shall be considered one and the same agreement and shall become effective
        when
        counterparts have been signed by each party and delivered to the other party,
        PROVIDED THAT a facsimile signature shall be considered due execution and
        shall
        be binding upon the signatory thereto with the same force and effect as if
        the
        signature were an original, not a facsimile signature.

      

                                   
        b.           HEADINGS.  The
        headings of this Agreement are for convenience of reference and shall not
        form
        part of, or affect the interpretation of, this Agreement.

      

                                   
        c.           SEVERABILITY.  If
        any provision of this Agreement shall be invalid or unenforceable in any
        jurisdiction, such invalidity or unenforceability shall not affect the validity
        or enforceability of the remainder of this Agreement in that jurisdiction
        or the
        validity or enforceability of any provision of this Agreement in any other
        jurisdiction.

      

                                   
        d.           ENTIRE
        AGREEMENT; AMENDMENTS.  This Agreement and the documents referred to
        herein, supersede all other prior or contemporaneous oral or written agreements
        between or among the Buyer, the Company, their affiliates and persons acting
        on
        their behalf with respect to the matters discussed herein, and this Agreement
        and the instruments referenced herein contain the entire understanding of
        the
        parties with respect to the matters covered herein and therein and, except
        as
        specifically set forth herein or therein, neither the Company nor Buyer makes
        any representation, warranty, covenant or undertaking with respect to such
        matters.  No provision of this Agreement may be waived or amended
        other than by an instrument in writing signed by the Company and the holders
        of
        at least 2/3 of the then outstanding Series D Preferred Stock, but any such
        waiver or amendment shall bind all Buyers and holders.

      

                                   
        e.           NOTICES.  Any
        notices, consents, waivers or other communications required or permitted
        to be
        given under the terms of this Agreement must be in writing and will be deemed
        to
        have been delivered (i) upon receipt, when delivered personally; (ii) upon
        receipt, when sent by facsimile, provided a copy is mailed by U.S. certified
        mail, return receipt requested; (iii) three (3) business days after being
        sent
        by U.S. certified mail, return receipt requested, or (iv) one (1) business
        day
        after deposit with a nationally recognized overnight delivery service, in
        each
        case properly addressed to the party to receive the same. The addresses and
        facsimile numbers for such communications shall be:

      

      
        	
                 

              	
                if
                  to the Company:

              	
                LaPolla
                  Industries, Inc.

              

      

      15402
        Vantage Parkway East

      Suite
        322

      Houston,
        Texas 77032

      Telephone:  (281)
        219-4700

      Attention:  Michael
        T. Adams, Corporate Secretary

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      with
        a
        copy to:

      

      Sierchio
        Greco & Greco, LLP

      720
        Fifth
        Avenue

      Suite
        1301

      New
        York,
        New York 10019

      Telephone:  (212)
        246-3030

      Attention:  Alfred
        V. Greco, Esquire

      

        
          	
                   

                	
                  if
                    to the Buyer:

                

        

      

      

      Richard
        J. Kurtz

      Nine
        Duck
        Pond Road

      Alpine,
        New Jersey 07620

      Telephone:  (212)
        768-3154

      

                                   
        f.           SUCCESSORS
        AND ASSIGNS.  This Agreement shall be binding upon and inure to the
        benefit of the parties and their respective successors and assigns, including
        any purchasers of the Securities. The Company shall not assign this Agreement
        or
        any rights or obligations hereunder without the prior written consent of
        the
        holders of two thirds (2/3) of the Series D Preferred Stock then outstanding.
        A
        Buyer may assign some or all of its rights hereunder without the consent
        of the
        Company, PROVIDED, HOWEVER, that (i) any such assignment shall not release
        such
        Buyer from its obligations hereunder unless such obligations are assumed
        by such
        assignee and the Company has consented to such assignment and assumption,
        which
        consent shall not be unreasonably withheld; (ii) Buyer may not assign his
        purchase or other rights hereunder in a manner that would cause the offering
        of
        Securities hereunder to be required to be registered under the Act; (iii)
        Buyer
        may not assign his purchase or other rights with respect to the Series D
        Preferred Stock; and (iv) Buyer may not assign his rights hereunder to an
        entity
        that in the good faith judgment of the Board of Directors of the Company
        is
        competitive with a core business of the Company.

      

                                   
        g.           NO THIRD
        PARTY BENEFICIARIES.  This Agreement is intended for the benefit of
        the parties hereto and their respective permitted successors and assigns,
        and is
        not for the benefit of, nor may any provision hereof be enforced by, any
        other
        person.

      

                                   
        h.           SURVIVAL.  The
        representations and warranties of the Company and the Buyer contained in
        Sections 3 and 2, respectively, shall survive the Closing until three years
        after the Closing Date, including, without limitation, all financial statements
        thereto. The agreements and covenants set forth in Sections 4, 5 and 9, and
        the
        indemnification provisions set forth in Section 8, shall survive the
        Closing.  Buyer shall be responsible only for his own representations,
        warranties, agreements and covenants hereunder.

      

                                    i.           FURTHER
        ASSURANCES. Each party shall do and perform, or cause to be done and performed,
        all such further acts and things, and shall execute and deliver all such
        other
        agreements, certificates, instruments and documents, as the other party may
        reasonably request in order to carry out the intent and accomplish the purposes
        of this Agreement and the consummation of the transactions contemplated
        hereby.

      

                                   
        j.           NO STRICT
        CONSTRUCTION.  The language used in this Agreement will be deemed to
        be the language chosen by the parties to express their mutual intent, and
        no
        rules of strict construction will be applied against any party.

      

                                    k.           GOVERNING
        LAW; JURISDICTION; JURY TRIAL. All questions concerning the construction,
        validity, enforcement and interpretation of this Agreement shall be governed
        by
        the internal laws of the State of New York, without giving effect to any
        choice
        of law or conflict of law provision or rule that would cause the application
        of
        the laws of any jurisdiction other than the State of New York. Each party
        hereby
        irrevocably submits to the non-exclusive jurisdiction of the state and federal
        courts sitting in The City of New York, borough of Manhattan, for the
        adjudication of any dispute hereunder or in connection herewith or with any
        transaction contemplated hereby or discussed herein, and hereby irrevocably
        waives, and agrees not to assert in any suit, action or proceeding, any claim
        that it is not personally subject to the jurisdiction of any such court,
        that
        such suit, action or proceeding is brought in an inconvenient forum or that
        the
        venue of such suit, action or proceeding is improper. Each party hereby
        irrevocably waives personal service of process and consents to process being
        served in any such suit, action or proceeding by mailing a copy thereof to
        such
        party at the address for such notices to it under this Agreement and agrees
        that
        such service shall constitute good and sufficient service of process and
        notice
        thereof. Nothing contained herein shall be deemed to limit in any way any
        right
        to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
        WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
        THE
        ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING
        OUT
        OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

      

                                   
        l.           REMEDIES.  Buyer
        and each holder of the Securities shall have all rights and remedies set
        forth
        in this Agreement and the Certificate of Designation and all rights and remedies
        which such holders have been granted at any time under any other agreement
        or
        contract and all of the rights which such holders have under any
        law.  Any person having any rights under any provision of this
        Agreement shall be entitled to enforce such rights specifically (without
        posting
        a bond or other security), to recover damages by reason of any breach of
        any
        provision of this Agreement and to exercise all other rights granted by
        law.

      

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

      

      
        
          	
                  LAPOLLA
                    INDUSTRIES, INC. 

                	 	
                  RICHARD
                    J. KURTZ 

                	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
                  By:

                	
                  /s/  Michael
                    T. Adams, EVP

                	 	
                  By:

                	
                  /s/  Richard
                    J. Kurtz

                	 
	
                  Name:

                	
                  Michael
                    T. Adams

                	 	Name:	
                  Richard
                    J. Kurtz

                	 
	
                  Title:

                	
                  Executive
                    Vice President

                	 	 	 	 

        

      

    

     

     

    6

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