Document:

Exhibit 10.1

 

ADDENDUM TWO

TO EQUIPMENT LEASE AGREEMENT

 

This ADDENDUM TWO TO
EQUIPMENT LEASE AGREEMENT (this “Addendum”) is dated effective as of July 31, 2015, between Mercy Hospital Oklahoma
City, Inc., an Oklahoma not for profit corporation, formerly known as Mercy Health Center, Inc. (“Hospital”), and GK
Financing, LLC, a California limited liability company (“GKF”).

 

Recitals:

 

WHEREAS, GKF and Hospital
are parties to a certain Equipment Lease Agreement dated May 28, 2004, as amended by certain Addendum One dated December 23, 2011
(as amended, the “Lease”), and desire to extend the term of the Lease as set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants, conditions, and agreements set forth herein, and for the other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

Agreement:

 

1.            Defined
Terms. Unless otherwise defined herein, the capitalized terms used herein shall have the same meanings set
forth in the Lease.

 

2.            Extension
of Term.

 

		a.	It is acknowledged that the First Procedure Date under the Lease was August 9, 2005, and with the
inclusion of 24 days of down time due to the cobalt Reload, the Lease is currently set to expire on September 2, 2015.

 

		b.	The Term of the Agreement is hereby extended to September 2, 2016, and cannot be further extended
without the written approval of both parties.

 

3.            Full
Force and Effect. Except as amended by this Addendum, all of the terms and provisions of the Lease shall remain in full
force and effect.

 

IN WITNESS WHEREOF,
the parties have executed this Addendum effective as of the date first written above.

 

	GKF:

	 	Hospital:

	 	 	 	 	 
	GK Financing, LLC	 	Mercy Hospital Oklahoma City, Inc., an Oklahoma not for profit corporation (formerly known as Mercy Health Center, Inc.)
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Ernest A. Bates, M.D.	 	By:	/s/ Jim R. Gebhart
	 	Ernest A. Bates, M.D.	 	Name:	Jim R. Gebhart
	 	Policy Committee Member	 	Title:	PresidentFIRST
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT 

 

THIS FIRST AMENDMENT
TO EXECUTIVE EMPLOYMENT AGREEMENT, effective as of October 21, 2015 (the “Amendment”), to that certain executive employment
agreement effective January 1, 2014 (the “Agreement”) by and between LAPOLLA INDUSTRIES, INC., a Delaware corporation
(the “Company”) and DOUGLAS J. KRAMER (the “Executive”).

 

WHEREAS,
the Company and the Executive are the parties to the Agreement;

 

WHEREAS, the Company
and the Executive wish to modify the Agreement as set forth in this Amendment to change the existing definition of “EBITDA,”
as provided in the annual performance bonus provisions of the Agreement, to the definition of “Adjusted EBITDA” as
contained in all other executive officers’ annual bonus provisions adopted by the Company after the effective date of the
Agreement; and

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is acknowledged by both the Company and the Executive,
the Company and the Executive agree as follows:

 

1.                  
Section 3.2 of the Agreement, Annual Performance Bonus, is hereby amended in its entirety
to read as follows:

 

“3.2Annual
Performance Bonus. Executive shall be entitled to an annual bonus (“Bonus”) equal to One Hundred Twenty Thousand
Dollars ($120,000) (i.e., 30% of $400,000) 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 Adjusted EBITDA for each fiscal year shall be established by the Company in its sole discretion, and approved by the Board
of Directors. The Bonus shall be increased to One Hundred Sixty Thousand Dollars ($160,000) (i.e., 40% of $400,000) if Company
achieves 120% of its Budgeted Adjusted EBITDA and shall be increased to Two Hundred Thousand Dollars ($200,000) (i.e., 50% of $400,000)
if Company achieves 140% of its Budgeted Adjusted EBITDA. 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.”

 

2.                  
Entire Agreement. This Amendment together with the Agreement shall constitute the entire agreement between the parties
hereto with respect to the terms of the Executive’s employment with the Company and together shall supersede all prior agreements,
understandings and arrangements, oral or written, between the parties hereto with respect to such subject matter, and the terms
and conditions of the Executive’s employment with the Company shall be governed solely pursuant to the terms of this Amendment
and the Agreement. In the event of any conflict between the terms of this Amendment and the Agreement, the terms of this Amendment
shall govern.

 

1

     

     

    

3.                  
Effectiveness. Except as modified by this Amendment, the Agreement shall remain in full force and effect and shall
remain binding upon the Company and the Executive; provided, however, that the provisions of this Amendment shall not be a triggering
event or otherwise be deemed to give the Executive any cause to terminate the Agreement and shall not give the Executive any right
to claim that any of the provisions of the Agreement (not otherwise modified pursuant to this Amendment) are invalid, including
without limitation the nonsolicitation and noncompetition provisions of Section 12 and the confidential information provisions
of Section 13 of the Agreement.

 

4.                  
Consultation with Independent Counsel. Executive represents to Company that he has been advised by Company to consult
with independent counsel of his own choosing with respect to this Amendment and that he either has consulted with independent counsel
or has voluntarily chosen not to do so.

 

5.                  
Severability. The invalidity or unenforceability of any particular provision of this Amendment shall not affect its
other provisions, and this Amendment shall be construed in all respects as if such invalid or unenforceable provision had been
omitted.

 

6.                  
Governing Law. This Amendment shall be construed and governed in accordance with the laws of the State of Delaware.

 

7.                  
Counterparts. This Amendment may be executed in counterparts, each of which when so executed shall be deemed to be
an original and both of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of
a signature page to this Amendment by facsimile or PDF shall be as effective as delivery of a manually executed counterpart of
this Amendment.

 

IN WITNESS WHEREOF,
this Amendment has been executed as of the date first written above.

 

 

	 	LAPOLLA INDUSTRIES, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/  Michael T. Adams, EVP	 
	 	Name:	 Michael T. Adams	 
	 	Title: 	 Executive Vice President	 
	 	 	 	 
	 	EXECUTIVE	 
	 	 	 	 
	 	 	 	 
	 	/s/  Douglas J. Kramer	 
	 	Douglas J. Kramer	 
	 	 	 	 

 

 

2Exhibit 10.2

 

Richard J. Kurtz

Nine Duck Pond Road

Alpine, New Jersey 07632

 

November 12, 2015

 

Lapolla Industries, Inc.

15402 Vantage Parkway East

Suite 322

Houston, Texas 77032

 

Re:Lapolla Industries, Inc. (the “Company”) Financial
Commitment (the “Commitment”)

 

Gentlemen:

 

This is in response to your request that I
provide an assurance, effective October 31, 2015, as to funding, on or before August 31, 2016, to pay off the aggregate amount
of $7.2 million, plus any accrued and unpaid interest (including, but not limited to, PIK interest) (the “Obligations”),
outstanding with respect to the subordinated secured promissory notes issued by the Company in favor of Enhanced Jobs for Texas
Fund, LLC and Enhanced Credit Supported Loan Fund, LP (the “Enhanced Notes”) pursuant to that certain Note Purchase
Agreement dated December 10, 2013, as amended, between Enhanced Jobs for Texas Fund, LLC, and Enhanced Credit Supported Loan Fund,
LP (collectively, the “Enhanced Parties”), and the Company, of which $2 million will be
paid on or before April 30, 2016.

 

I hereby confirm that I commit to provide funding
for this Commitment to pay the Obligations in immediately available cash.

 

This Commitment will either be satisfied from
personal funds, or, I will cause the funds to be otherwise provided by an appropriate lending or other institution. Such funding
will take the form as determined by me or such lending or other institution and approved by the Board of Directors of the Company.

 

As consideration for this Commitment, the Company
agrees to grant me an option to purchase 500,000 shares of the Company’s common stock, $0.01 par value per share, with: (i)
an exercise price per share equal to the fair market value of a share of the Company’s common stock on the date of grant,
determined based on the per share closing price on the date of grant, (ii) a term of eight (8) years, and (iii) 100% vesting and
becoming immediately exercisable on the date of grant.

 

I have been further advised and understand
that the aforesaid Commitment and obligation shall be superseded and become null and void in the event and to the extent that,
at or before the time the Commitment is due, the Obligations are repaid in full in immediately available cash on or prior to August
31, 2016.

 

In the event that I, or the lending institution
utilized by me, loan funds for payment of the above Commitment, in whole or part, and subsequent to the full payment of the Obligations
the Company thereafter raises funds through any other available independent means, at my option and sole discretion, such funds
shall be first utilized to repay loans made to satisfy the funding provided in accordance with this Commitment, subject to any
agreement the Company has in effect at the time the funds are raised.

 

Very truly yours,

 

 

/s/ Richard J. Kurtz

 

 

Richard J. Kurtz

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